Document:

Form of Long-Term Incentive Plan

 Exhibit 10.2 
 WELLS REAL ESTATE INVESTMENT TRUST III, INC. 
 FORM
OF 2010 LONG-TERM INCENTIVE PLAN 

 WELLS REAL ESTATE INVESTMENT TRUST III, INC. 
 FORM OF 2010 LONG-TERM INCENTIVE PLAN 
  

							
	ARTICLE 1 PURPOSE	  	1
				
		  	1.1	  	General	  	1
		
	ARTICLE 2 DEFINITIONS	  	1
				
		  	2.1	  	Definitions	  	1
		
	ARTICLE 3 EFFECTIVE TERM OF PLAN	  	3
				
		  	3.1	  	Effective Date	  	3
				
		  	3.2	  	Term of Plan	  	3
		
	ARTICLE 4 ADMINISTRATION	  	3
				
		  	4.1	  	Committee	  	3
				
		  	4.2	  	Actions and Interpretations by the Committee	  	3
				
		  	4.3	  	Authority of Committee	  	3
				
		  	4.4	  	Award Certificates	  	4
		
	ARTICLE 5 SHARES SUBJECT TO THE PLAN	  	4
				
		  	5.1	  	Number of Shares	  	4
				
		  	5.2	  	Share Counting	  	4
				
		  	5.3	  	Stock Distributed	  	4
		
	ARTICLE 6 ELIGIBILITY	  	4
				
		  	6.1	  	General	  	4
		
	ARTICLE 7 STOCK OPTIONS	  	4
				
		  	7.1	  	General	  	4
				
		  	7.2	  	Incentive Stock Options	  	4
		
	ARTICLE 8 STOCK APPRECIATION RIGHTS	  	5
				
		  	8.1	  	Grant of Stock Appreciation Rights	  	5
		
	ARTICLE 9 PERFORMANCE AWARDS	  	5
				
		  	9.1	  	Grant of Performance Awards	  	5
				
		  	9.2	  	Performance Goals	  	5
				
		  	9.3	  	Right to Payment	  	5
				
		  	9.4	  	Other Terms	  	5
		
	ARTICLE 10 RESTRICTED STOCK AND RESTRICTED STOCK UNIT AWARDS	  	5
				
		  	10.1	  	Grant of Restricted Stock and Restricted Stock Units	  	5
				
		  	10.2	  	Issuance and Restrictions	  	6

  

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		  	10.3	  	Forfeiture	  	6
				
		  	10.4	  	Delivery of Restricted Stock	  	6
		
	ARTICLE 11 DEFERRED STOCK UNITS	  	6
				
		  	11.1	  	Grant of Deferred Stock Units	  	6
		
	ARTICLE 12 DIVIDEND EQUIVALENTS	  	6
				
		  	12.1	  	Grant of Dividend Equivalents	  	6
		
	ARTICLE 13 STOCK OR OTHER STOCK-BASED AWARDS	  	6
				
		  	13.1	  	Grant of Stock or Other Stock-Based Awards	  	6
		
	ARTICLE 14 PROVISIONS APPLICABLE TO AWARDS	  	6
				
		  	14.1	  	Stand-Alone and Tandem Awards	  	6
				
		  	14.2	  	Term of Awards	  	6
				
		  	14.3	  	Form of Payment of Awards	  	6
				
		  	14.4	  	Limits on Transfer	  	7
				
		  	14.5	  	Beneficiaries	  	7
				
		  	14.6	  	Stock Certificates	  	7
				
		  	14.7	  	Acceleration Upon Death or Disability	  	7
				
		  	14.8	  	Treatment upon a Change in Control	  	7
				
		  	14.9	  	Acceleration For Any Reason	  	7
				
		  	14.10	  	Termination of Employment	  	7
				
		  	14.11	  	Forfeiture Events	  	8
				
		  	14.12	  	Substitute Awards	  	8
		
	ARTICLE 15 CHANGES IN CAPITAL STRUCTURE	  	8
				
		  	15.1	  	Mandatory Adjustments	  	8
				
		  	15.2	  	Discretionary Adjustments	  	8
				
		  	15.3	  	General	  	8
		
	ARTICLE 16 AMENDMENT, MODIFICATION AND TERMINATION	  	8
				
		  	16.1	  	Amendment, Modification and Termination	  	8
				
		  	16.2	  	Awards Previously Granted	  	8
		
	ARTICLE 17 GENERAL PROVISIONS	  	9
				
		  	17.1	  	No Rights to Awards; Non-Uniform Determinations	  	9
				
		  	17.2	  	No Shareholder Rights	  	9
				
		  	17.3	  	Withholding	  	9
				
		  	17.4	  	No Right to Continued Service	  	9

  

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		  	17.5	  	Unfunded Status of Awards	  	9
				
		  	17.6	  	Relationship to Other Benefits	  	9
				
		  	17.7	  	Expenses	  	9
				
		  	17.8	  	Titles and Headings	  	9
				
		  	17.9	  	Gender and Number	  	9
				
		  	17.10	  	Fractional Shares	  	9
				
		  	17.11	  	Government and Other Regulations	  	9
				
		  	17.12	  	Governing Law	  	9
				
		  	17.13	  	Additional Provisions	  	9
				
		  	17.14	  	No Limitations on Rights of Company	  	9
				
		  	17.15	  	Indemnification	  	10
				
		  	17.16	  	Special Provisions Related to Section 409A of the Code	  	10

  

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 WELLS REAL ESTATE INVESTMENT TRUST III, INC. 
 FORM OF 2010 LONG-TERM INCENTIVE PLAN 
 ARTICLE 1 
 PURPOSE 
 1.1. GENERAL. The purpose of the Wells Real Estate Investment Trust III, Inc. 2010 Long-Term Incentive Plan (the
“Plan”) is to promote the success, and enhance the value, of Wells Real Estate Investment Trust III, Inc. (the “Company”), by linking the personal interests of employees, officers, directors and consultants of the
Company or any Affiliate (as defined below) to those of Company stockholders and by providing such persons with an incentive for outstanding performance. The Plan is further intended to provide flexibility to the Company in its ability to motivate,
attract, and retain the services of employees, officers, directors and consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. Accordingly, the Plan permits the grant
of incentive awards from time to time to selected employees, officers, directors and consultants of the Company and its Affiliates. 
 ARTICLE 2 
 DEFINITIONS 
 2.1. DEFINITIONS. When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not commence a sentence, the word or phrase shall generally be given
the meaning ascribed to it in this Section or in Section 1.1 unless a clearly different meaning is required by the context. The following words and phrases shall have the following meanings: 
 (a) “Affiliate” means (i) any Subsidiary or Parent, or (ii) an entity that directly or through one
or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Committee. 
 (b) “Award” means any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Deferred Stock Unit Award, Performance Award, Dividend Equivalent Award, Other
Stock-Based Award, Performance-Based Cash Awards, or any other right or interest relating to Stock or cash, granted to a Participant under the Plan. 
 (c) “Award Certificate” means a written document, in such form as the Committee prescribes from time to time, setting forth the terms and conditions of an Award. Award Certificates may be
in the form of individual award agreements or certificates or a program document describing the terms and provisions of an Awards or series of Awards under the Plan. 
 (d) “Board” means the Board of Directors of the Company. 
 (e) “Cause” as a reason for a Participant’s termination of employment shall have the meaning assigned
such term in the employment, severance or similar agreement, if any, between such Participant and the Company or an Affiliate, provided, however that if there is no such employment, severance or similar agreement in which such term is defined, and
unless otherwise defined in the applicable Award Certificate, “Cause” shall mean any of the following acts by the Participant, as determined by the Committee or the Board: (i) the willful and continued failure of the
Participant to perform his or her required duties as an officer or employee of the Company or any Affiliate, (ii) any action by the Participant that involves willful misfeasance or gross negligence, (iii) the requirement of or direction by
a federal or state regulatory agency that has jurisdiction over the Company or any Affiliate to terminate the employment of the Participant, (iv) the conviction of the Participant of the commission of any criminal offense that involves
dishonesty or breach of trust, or (v) any intentional breach by the Participant of a material term, condition or covenant of any agreement between the Participant and the Company or any Affiliate. 
 (f) “Change in Control” means and includes the occurrence of any one of the following events but shall
specifically exclude a Public Offering: 
 (i) individuals who, on the Effective Date, constitute the Board (the
“Incumbent Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming a director after the Effective Date and whose election or nomination for election was approved by a vote
of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or
threatened election contest with respect to the election or removal of directors ( “Election Contest” ) or other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board (
“Proxy Contest” ), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or 
 (ii) any person becomes a “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly,
of either (A) 25% or more of the then-outstanding shares of common stock of the Company ( “Company Common Stock” ) or (B) securities of the Company representing 25% or more of the combined voting power of the
Company’s then outstanding securities eligible to vote for the election of directors (the “Company Voting Securities” ); provided, however, that for purposes of this subsection (ii), the following acquisitions of
Company Common Stock or Company Voting Securities shall not constitute a Change in Control: (w) an acquisition directly from the Company, (x) an acquisition by the Company or a Subsidiary of the Company, (y) an acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary of the Company, or (z) an acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or 
 (iii) the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate
transaction involving the Company or a Subsidiary (a “Reorganization” ), or the sale or other disposition of all or substantially all of the Company’s assets (a “Sale” ) or the acquisition of assets or stock of
another corporation (an “Acquisition” ), unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the
outstanding Company Common Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common
stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Reorganization, Sale or Acquisition (including, without
limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets or stock either directly or through one or more subsidiaries, the “Surviving Corporation” ) in
substantially the same proportions as their ownership, immediately prior to such Reorganization, Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (B) no person
(other than (x) the Company or any Subsidiary of the Company, (y) the Surviving Corporation or its ultimate parent corporation, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing is the
beneficial owner, directly or indirectly, of 25% or more of the total common stock or 25% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Surviving Corporation, and (C) at least a
majority of the members of the board of directors of the Surviving Corporation were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization, Sale or Acquisition (any
Reorganization, Sale or Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction” ); or 
 (iv) approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

 (g) “Code” means the Internal Revenue Code of 1986, as
amended from time to time, and includes a reference to the underlying final regulations. 
 (h)
“Committee” means the committee of the Board described in Article 4. 
 (i)
“Company” means Wells Real Estate Investment Trust III, Inc., a Maryland corporation, or any successor corporation. 
 (j) “Continuous Status as a Participant” means the absence of any interruption or termination of service as an employee, officer, consultant or director of the Company or any Affiliate,
as applicable; provided, however, that for purposes of an Incentive Stock Option, or a Stock Appreciation Right issued in tandem with an Incentive Stock Option, “Continuous Status as a Participant” means the absence of any
interruption or termination of service as an employee of the Company or any Parent or Subsidiary, as applicable, pursuant to applicable tax regulations. Continuous Status as a Participant shall continue to the extent provided in a written severance
or employment agreement during any period for which severance compensation payments are made to an employee, officer, consultant or director and shall not be considered interrupted in the case of any short-term disability or leave of absence
authorized in writing by the Company prior to its commencement; provided, however, that for purposes of Incentive Stock Options, no such leave may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or
contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, on the 91st day of such leave any Incentive Stock Option held by the Participant shall cease to be treated as an Incentive Stock Option and
shall be treated for tax purposes as a Nonstatutory Stock Option. 
 (k) “Deferred Stock Unit”
means a right granted to a Participant under Article 11. 
 (l) “Disability” or
“Disabled” has the same meaning as provided in the long-term disability plan or policy maintained by the Company or if applicable, most recently maintained, by the Company or if applicable, an Affiliate, for the Participant, whether
or not such Participant actually receives disability benefits under such plan or policy. If no long-term disability plan or policy was ever maintained on behalf of Participant or if the determination of Disability relates to an Incentive Stock
Option, or a Stock Appreciation Right issued in tandem with an Incentive Stock Option, Disability means Permanent and Total Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the determination whether a
Participant is Disabled will be made by the Committee and may be supported by the advice of a physician competent in the area to which such Disability relates. 
 (m) “Dividend Equivalent” means a right granted to a Participant under Article 12. 
 (n) “Effective Date” has the meaning assigned such term in Section 3.1. 
 (o) “Eligible Participant” means an employee, officer, consultant or director of the Company or any
Affiliate. 
 (p) “Fair Market Value”, on any date, means(i) if the Stock is listed on a
national securities exchange or is traded on a national market system, the closing sales price on such exchange or over such system on such date or, in the absence of reported sales on such date, the closing sales price on the immediately preceding
date on which sales were reported, or (ii) if the Stock is not listed on a national securities exchange or traded on a national market system, the mean between the bid and offered prices as quoted by NASDAQ for such date, provided that if it is
determined that the fair market value is not properly reflected by such NASDAQ quotations or bid and offered prices for the Shares are not quoted by NASDAQ, Fair Market Value will be determined by such other method as the Committee determines in
good faith to be reasonable. 
 (q) “Full Value Award” means an Award other than in the form of
an Option or SAR, and which is settled by the issuance of Stock. 
 (r) “Grant Date” of an Award
means the first date on which all necessary corporate action has been taken to approve the grant of the Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the grant shall
be provided to the grantee within a reasonable time after the Grant Date. 
 (s) “Incentive Stock
Option” means an Option that is intended to be an incentive stock option and meets the requirements of Section 422 of the Code or any successor provision thereto. 
 (t) “Independent Director” means a director of the Company who is not a common law employee of the Company
or an Affiliate. 
 (u) “Nonstatutory Stock Option” means an Option that is not an Incentive
Stock Option. 
 (v) “Option” means a right granted to a Participant under Article 7 of the Plan
to purchase Stock at a specified price during specified time periods. An Option may be either an Incentive Stock Option or a Nonstatutory Stock Option. 
 (w) “Other Stock-Based Award” means a right, granted to a Participant under Article 13, that relates to or is valued by reference to Stock or other Awards relating to Stock. 

(x) “Parent” means a corporation, limited liability company, partnership or other entity which owns or
beneficially owns a majority of the outstanding voting stock or voting power of the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Parent shall have the meaning set forth in Section 424(e) of the Code.

         (y) “Participant” means a person who, as an employee,
officer, director or consultant of the Company or any Affiliate, has been granted an Award under the Plan; provided that in the case of the death of a Participant, the term “Participant” refers to a beneficiary designated pursuant
to Section 14.5 or the legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court supervision. 
 (z) “Performance Award” means Performance Shares or Performance Units or Performance-Based Cash Awards
granted pursuant to Article 9. 
 (aa) “Performance-Based Cash Award” means a right granted to a
Participant under Article 9 to a cash award to be paid upon achievement of such performance goals as the Committee establishes with regard to such Award. 
 (bb) “Performance Share” means any right granted to a Participant under Article 9 to a unit to be valued by reference to a designated number of Shares to be paid upon achievement of such
performance goals as the Committee establishes with regard to such Performance Share. 
 (cc)
“Performance Unit” means a right granted to a Participant under Article 9 to a unit valued by reference to a designated amount of cash or property other than Shares to be paid to the Participant upon achievement of such performance
goals as the Committee establishes with regard to such Performance Unit. 
 (dd) “Person” means
any individual, entity or group, within the meaning of Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) or 14(d)(2) of the 1934 Act. 
 (ee) “Plan” means the Wells Real Estate Investment Trust III, Inc. 2010 Long-Term Incentive Plan, as amended
from time to time. 
 (ff) “Public Offering” shall occur on the closing date of a firm
commitment underwritten public offering of any class or series of the Company’s equity securities pursuant to a registration statement filed by the Company under the 1933 Act. 
 (gg) “Restricted Stock Award” means Stock granted to a Participant under Article 10 that is subject to
certain restrictions and to risk of forfeiture. 
 (hh) “Restricted Stock Unit Award” means the
right granted to a Participant under Article 10 to receive shares of Stock (or the equivalent value in cash or other property if the Committee so provides) in the future, which right is subject to certain restrictions and to risk of forfeiture.

 (ii) “Shares” means shares of the Company’s Stock. If there has been an adjustment or
substitution pursuant to Section 15.1, the term “Shares” shall also

  

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include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted pursuant to Section 15.1. 
 (jj) “Stock” means the $.01 par value common stock of the Company and such other securities of the Company
as may be substituted for Stock pursuant to Article 15. 
 (kk) “Stock Appreciation Right” or
“SAR” means a right granted to a Participant under Article 8 to receive a payment equal to the difference between the Fair Market Value of a Share as of the date of exercise of the SAR over the grant price of the SAR, all as
determined pursuant to Article 8. 
 (ll) “Subsidiary” means any corporation, limited liability
company, partnership or other entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Subsidiary
shall have the meaning set forth in Section 424(f) of the Code. 
 (mm) “1933 Act” means
the Securities Act of 1933, as amended from time to time. 
 (nn) “1934 Act” means the
Securities Exchange Act of 1934, as amended from time to time. 
 ARTICLE 3 
 EFFECTIVE TERM OF PLAN 
 3.1. EFFECTIVE DATE. The Plan shall be effective as of the date it is approved by the stockholders of the Company (the “Effective Date”). 
 3.2. TERMINATION OF PLAN. The Plan shall terminate on the tenth anniversary of the Effective Date unless earlier terminated as
provided herein. The termination of the Plan on such date shall not affect the validity of any Award outstanding on the date of termination. 
 ARTICLE 4 
 ADMINISTRATION 
 4.1. COMMITTEE. The Plan shall be administered by a Committee appointed by the Board (which Committee shall consist of at least two
directors) or, at the discretion of the Board from time to time, the Plan may be administered by the Board. It is intended that at least two of the directors appointed to serve on the Committee shall be “non-employee directors” (within the
meaning of Rule 16b-3 promulgated under the 1934 Act) and that any such members of the Committee who do not so qualify shall abstain from participating in any decision to make or administer Awards that are made to Eligible Participants who at the
time of consideration for such Award are persons subject to the short-swing profit rules of Section 16 of the 1934 Act. However, the mere fact that a Committee member shall fail to qualify under the foregoing requirement or shall fail to
abstain from such action shall not invalidate any Award made by the Committee which Award is otherwise validly made under the Plan. The members of the Committee shall be appointed by, and may be changed at any time and from time to time in the
discretion of, the Board. The Board may reserve to itself any or all of the authority and responsibility of the Committee under the Plan or may act as administrator of the Plan for any and all purposes. To the extent the Board has reserved any
authority and responsibility or during any time that the Board is acting as administrator of the Plan, it shall have all the powers of the Committee hereunder, and any reference herein to the Committee (other than in this Section 4.1) shall
include the Board. To the extent any action of the Board under the Plan conflicts with actions taken by the Committee, the actions of the Board shall control. 
 4.2. ACTION AND INTERPRETATIONS BY THE COMMITTEE. For purposes of administering the Plan, the Committee may from time to time adopt rules, regulations, guidelines and procedures for carrying out
the provisions and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the Committee may deem appropriate. The Committee’s interpretation of the Plan, any Awards granted under the Plan, any Award
Certificate and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other
information furnished to that member by any officer or other employee of the Company or any Affiliate, the Company’s or an Affiliate’s independent certified public accountants, Company counsel or any executive compensation consultant or
other professional retained by the Company to assist in the administration of the Plan. 
 4.3. AUTHORITY OF COMMITTEE.
Except as provided below, the Committee has the exclusive power, authority and discretion to: 
 (a) Grant
Awards; 
 (b) Designate Participants; 
 (c) Determine the type or types of Awards to be granted to each Participant; 
 (d) Determine the number of Awards to be granted and the number of Shares or dollar amount to which an Award will relate;

 (e) Determine the terms and conditions of any Award, not inconsistent with the provisions of the Plan, granted
under the Plan, including but not limited to, the exercise price, grant price, or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and
accelerations or waivers thereof, based in each case on such considerations as the Committee in its sole discretion determines; 
 (f) Determine whether, to what extent, and under what circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Stock, other Awards, or other property, or an Award
may be canceled, forfeited, or surrendered; 
 (g) Prescribe the form of each Award Certificate, which need not
be identical for each Participant; 
 (h) Decide all other matters that must be determined in connection with an
Award; 
 (i) Establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem
necessary or advisable to administer the Plan; 
 (j) Make all other decisions and determinations that may be
required under the Plan or as the Committee deems necessary or advisable to administer the Plan; 
 (k) Amend the
Plan or any Award Certificate as provided herein; and 
 (l) Adopt such modifications, procedures, and subplans
as may be necessary or desirable to comply with provisions of the laws of non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the benefits of Awards granted to participants located in such
other jurisdictions and to meet the objectives of the Plan. 
 Notwithstanding the foregoing, grants of Awards to Independent
Directors hereunder shall be made only in accordance with the terms, conditions and parameters of a plan, program or policy for the compensation of Independent Directors as in effect from time to time, and the Committee may not make discretionary
grants hereunder to Independent Directors. 
  

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 Notwithstanding the above, the Board or the Committee may, by resolution, expressly delegate
to a special committee, consisting of one or more directors who are also officers of the Company, the authority, within specified parameters, to (i) designate officers, employees and/or consultants of the Company or any of its Affiliates to be
recipients of Awards under the Plan, and (ii) to determine the number of such Awards to be granted to any such Participants; provided that a limit on the total number or dollar value of Awards to be granted to any such Participants shall be
approved in advance by the Board or the Committee and provided further that such delegation of duties and responsibilities to such special committee may not be made with respect to the grant of Awards to eligible participants who are subject to
Section 16(a) of the 1934 Act at the Grant Date. The acts of such delegates shall be treated hereunder as acts of the Board and such delegates shall report regularly to the Board and the Committee regarding the delegated duties and
responsibilities and any Awards so granted. 
 4.4. AWARD CERTIFICATES. Each Award shall be evidenced by an Award
Certificate. Each Award Certificate shall include such provisions, not inconsistent with the Plan, as may be specified by the Committee. 
 ARTICLE 5 
 SHARES SUBJECT TO THE PLAN 
 5.1. NUMBER OF SHARES. Subject to adjustment as provided in Sections 5.2 and 15.1, the aggregate number of Shares reserved and
available for issuance pursuant to Awards granted under the Plan shall be 500,000. The maximum number of Shares that may be issued upon exercise of Incentive Stock Options granted under the Plan shall be 500,000. The maximum number of Shares that
may be issued upon the exercise or grant of an Award granted under the Plan shall not exceed in the aggregate an amount equal to 10% of the outstanding Shares on the Grant Date. 
 5.2. SHARE COUNTING. 
 (a) To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued Shares from such Award will again be available for issuance pursuant to Awards granted
under the Plan. 
 (b) Shares subject to Awards settled in cash will again be available for issuance pursuant to
Awards granted under the Plan. 
 (c) Shares withheld from an Award to satisfy minimum tax withholding
requirements will again be available for issuance pursuant to Awards granted under the Plan, but Shares delivered by a Participant (by either actual delivery or attestation) to satisfy tax withholding requirements shall not be added back to
the number of Shares available for issuance under the Plan. 
 (d) If the exercise price of an Option is
satisfied by delivering Shares to the Company (by either actual delivery or attestation), only the net number of Shares actually issued by the Company shall be considered for purposes of determining the number of Shares remaining available for
issuance pursuant to Awards granted under the Plan. 
 (e) To the extent that the full number of Shares subject
to an Award is not issued for any reason, only the number of Shares issued and delivered shall be considered for purposes of determining the number of Shares remaining available for issuance pursuant to Awards granted under the Plan. Nothing in this
subsection shall imply that any particular type of cashless exercise of an Option is permitted under the Plan, that decision being reserved to the Committee or other provisions of the Plan. 
 5.3. STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued
Stock, treasury Stock or Stock purchased on the open market. 
 ARTICLE 6 
 ELIGIBILITY 
 6.1. GENERAL. Awards may be granted only to Eligible Participants; except that Incentive Stock Options may be granted to only to Eligible Participants who are employees of the Company or a Parent or Subsidiary as defined in
Section 424(e) and (f) of the Code. 
 ARTICLE 7 
 STOCK OPTIONS 
 7.1. GENERAL. The Committee is
authorized to grant Options to Participants subject to terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall establish, including the following: 
 (a) EXERCISE PRICE. The exercise price per Share under an Option shall be determined by the Committee; provided,
however, that the exercise price of an Option shall not be less than the Fair Market Value as of the Grant Date. 
 (b) TIME AND CONDITIONS OF EXERCISE. The Committee shall determine the time or times at which an Option may be exercised in whole or in part, subject to Section 7.1(d). The Committee shall also determine the performance or other
conditions, if any, that must be satisfied before all or part of an Option may be exercised or vested. Except under certain circumstances contemplated by Section 14.8 or 14.9 or as may be set forth in an Award Certificate with respect to death
or Disability of a Participant, Options will not be exercisable before the expiration of one year from the Grant Date. 
 (c) PAYMENT. The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including, without limitation, cash, Shares, or other property (including “cashless exercise”
arrangements), and the methods by which Shares shall be delivered or deemed to be delivered to Participants; provided, however, that if Shares are used to pay the exercise price of an Option, such Shares must have been held by the Participant for at
least such period of time, if any, as necessary to avoid the recognition of an expense under generally accepted accounting principles as a result of the exercise of the Option. 
 (d) EXERCISE TERM. In no event may any Option be exercisable for more than ten years from the Grant Date. 

7.2. INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock Options granted under the Plan must comply with the following
additional rules: 
 (a) EXERCISE PRICE. The exercise price of an Incentive Stock Option shall not be less
than the Fair Market Value as of the Grant Date. 
 (b) LAPSE OF OPTION. Subject to any earlier
termination provision contained in the Award Certificate, an Incentive Stock Option shall lapse upon the earliest of the following circumstances: 
 (1) The expiration date set forth in the Award Certificate. 
 (2)
The tenth anniversary of the Grant Date. 
  

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 (3) Three months after termination of the Participant’s Continuous
Status as a Participant for any reason other than the Participant’s Disability or death. 
 (4) One year
after the Participant’s Continuous Status as a Participant by reason of the Participant’s Disability. 
 (5) Two years after the Participant’s death if the Participant dies while employed, or during the three-month period described in paragraph (3) or during the one-year period described in paragraph (4) and before the Option
otherwise lapses. 
 Unless the exercisability of the Incentive Stock Option is accelerated as provided in
Article 14, if a Participant exercises an Option after termination of employment, the Option may be exercised only with respect to the Shares that were otherwise vested on the Participant’s termination of employment. Upon the Participant’s
death, any exercisable Incentive Stock Options may be exercised by the Participant’s beneficiary, determined in accordance with Section 14.5. 
 (c) INDIVIDUAL DOLLAR LIMITATION. The aggregate Fair Market Value (determined as of the Grant Date) of all Shares with respect to which Incentive Stock Options are first exercisable by a
Participant in any calendar year may not exceed $100,000.00. 
 (d) TEN PERCENT OWNERS. No Incentive Stock
Option shall be granted to any individual who, at the Grant Date, owns stock possessing more than ten percent of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary unless the exercise price per share
of such Option is at least 110% of the Fair Market Value per Share at the Grant Date and the Option expires no later than five years after the Grant Date. 
 (e) EXPIRATION OF AUTHORITY TO GRANT INCENTIVE STOCK OPTIONS. No Incentive Stock Option may be granted pursuant to the Plan after the day immediately prior to the tenth anniversary of the Effective
Date of the Plan, or the termination of the Plan, if earlier. 
 (f) RIGHT TO EXERCISE. During a
Participant’s lifetime, an Incentive Stock Option may be exercised only by the Participant or, in the case of the Participant’s Disability, by the Participant’s guardian or legal representative. 
 (g) ELIGIBLE GRANTEES. The Committee may not grant an Incentive Stock Option to a person who is not at the Grant Date
an employee of the Company or a Parent or Subsidiary. 
 ARTICLE 8 
 STOCK APPRECIATION RIGHTS 
 8.1. GRANT OF STOCK
APPRECIATION RIGHTS. The Committee is authorized to grant Stock Appreciation Rights to Participants on the following terms and conditions: 
 (a) RIGHT TO PAYMENT. Upon the exercise of a Stock Appreciation Right, the Participant to whom it is granted has the right to receive the excess, if any, of: 
 (1) The Fair Market Value of one Share on the date of exercise; over 
 (2) The base price of the Stock Appreciation Right as determined by the Committee, which shall not be less than the Fair
Market Value of one Share on the Grant Date. 
 (b) OTHER TERMS. All awards of Stock Appreciation Rights
shall be evidenced by an Award Certificate. The terms, methods of exercise, methods of settlement, form of consideration payable in settlement, and any other terms and conditions of any Stock Appreciation Right shall be determined by the Committee
at the time of the grant of the Award and shall be reflected in the Award Certificate. 
 ARTICLE 9 
 PERFORMANCE AWARDS 
 9.1. GRANT OF PERFORMANCE AWARDS. The Committee is authorized to grant Performance Shares, Performance Units or Performance-Based Cash Awards to Participants on such terms and conditions as may be selected by the Committee. The
Committee shall have the complete discretion to determine the number of Performance Awards granted to each Participant and to designate the provisions of such Performance Awards as provided in Section 4.3. All Performance Awards shall be
evidenced by an Award Certificate or a written program established by the Committee, pursuant to which Performance Awards are awarded under the Plan under uniform terms, conditions and restrictions set forth in such written program. 
 9.2. PERFORMANCE GOALS. The Committee may establish performance goals for Performance Awards which may be based on any performance
criteria selected by the Committee. Such performance criteria may be described in terms of Company-wide objectives or in terms of objectives that relate to the performance of the Participant, an Affiliate or a division, region, department or
function within the Company or an Affiliate. The length of a performance period shall be determined by the Committee; provided, however, that a performance period shall not be shorter than 12 months. 
 9.3. RIGHT TO PAYMENT. The grant of a Performance Share to a Participant will entitle the Participant to receive at a specified later
time a specified number of Shares, or the equivalent cash value, if the performance goals established by the Committee are achieved and the other terms and conditions thereof are satisfied. The grant of a Performance Unit to a Participant will
entitle the Participant to receive at a specified later time a specified dollar value, which may be settled in cash or other property, including Shares, variable under conditions specified in the Award, if the performance goals in the Award are
achieved and the other terms and conditions thereof are satisfied. The grant of a Performance-Based Cash Award to a Participant will entitle the Participant to receive at a specified later time a specified dollar value in cash variable under
conditions specified in the Award, if the performance goals in the Award are achieved and the other terms and conditions thereof are satisfied. The Committee shall set performance goals and other terms or conditions to payment of the Performance
Awards in its discretion which, depending on the extent to which they are met, will determine the value of the Performance Awards that will be paid to the Participant. 
 9.4. OTHER TERMS. Performance Awards may be payable in cash, Stock or other property, and have such other terms and conditions as determined by the Committee and reflected in the Award Certificate.
For purposes of determining the number of Shares to be used in payment of a Performance Award denominated in cash but payable in whole or in part in Shares or Restricted Stock, the number of Shares to be so paid will be determined by dividing the
cash value of the Award to be so paid by the Fair Market Value of a Share on the date of determination by the Committee of the amount of the payment under the Award, or, if the Committee so directs, the date immediately preceding the date the Award
is paid. 
 ARTICLE 10 
 RESTRICTED STOCK AND RESTRICTED STOCK UNIT AWARDS 
 10.1. GRANT OF
RESTRICTED STOCK AND RESTRICTED STOCK UNITS. The Committee is authorized to make Awards of Restricted Stock or

  

 5 

 
Restricted Stock Units to Participants in such amounts and subject to such terms and conditions as may be selected by the Committee. An Award of Restricted Stock or Restricted Stock Units shall
be evidenced by an Award Certificate setting forth the terms, conditions, and restrictions applicable to the Award. 
 10.2.
ISSUANCE AND RESTRICTIONS. Restricted Stock or Restricted Stock Units shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote
Restricted Stock or the right to receive dividends on the Restricted Stock or dividend equivalents on the Restricted Stock Units) covering a period of time specified by the Committee (the “Restriction Period”). These restrictions
may lapse separately or in combination at such times, under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. Except as
otherwise provided in an Award Certificate or any special Plan document governing an Award, the Participant shall have all of the rights of a stockholder with respect to the Restricted Stock, and the Participant shall have none of the rights of a
stockholder with respect to Restricted Stock Units until such time as Shares of Stock are paid in settlement of the Restricted Stock Units. 
 10.3. FORFEITURE. Except for certain limited situations (including the death or Disability of the Participant or a Change in Control referred to in Section 14.8), Restricted Stock Awards and
Restricted Stock Unit Awards subject solely to continued employment restrictions shall have a Restriction Period of not less than three years from the Grant Date (but permitting pro-rata vesting over such time). Except as otherwise determined by the
Committee at the time of the grant of the Award or thereafter, immediately after termination of Continuous Status as a Participant during the applicable restriction period or upon failure to satisfy a performance goal during the applicable
restriction period, Restricted Stock or Restricted Stock Units that are at that time subject to restrictions shall be forfeited. 
 10.4. DELIVERY OF RESTRICTED STOCK. Shares of Restricted Stock shall be delivered to the Participant at the time of grant either by book-entry registration or by delivering to the Participant, or a custodian or escrow agent
(including, without limitation, the Company or one or more of its employees) designated by the Committee, a stock certificate or certificates registered in the name of the Participant. If physical certificates representing shares of Restricted Stock
are registered in the name of the Participant, such certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 
 ARTICLE 11 
 DEFERRED STOCK UNITS 
 11.1. GRANT OF DEFERRED STOCK UNITS. The Committee is authorized to grant Deferred Stock Units to Participants subject to such terms
and conditions as may be selected by the Committee. Deferred Stock Units shall entitle the Participant to receive Shares of Stock (or the equivalent value in cash or other property if so determined by the Committee) at a future time as determined by
the Committee, or as determined by the Participant within guidelines established by the Committee in the case of voluntary deferral elections. An Award of Deferred Stock Units shall be evidenced by an Award Certificate setting forth the terms and
conditions applicable to the Award. 
 ARTICLE 12 
 DIVIDEND EQUIVALENTS 
 12.1. GRANT OF DIVIDEND
EQUIVALENTS. The Committee is authorized to grant Dividend Equivalents to Participants, in connection with other Awards or on a freestanding basis, subject to such terms and conditions as may be selected by the Committee. Dividend Equivalents
shall entitle the Participant to receive payments equal to dividends with respect to all or a portion of the number of Shares subject to any Award, as determined by the Committee. The Committee may provide that Dividend Equivalents be paid or
distributed when accrued or be deemed to have been reinvested in additional Shares or units equivalent to Shares, or otherwise reinvested. 
 ARTICLE 13 
 STOCK OR OTHER STOCK-BASED AWARDS 
         13.1. GRANT OF STOCK OR OTHER STOCK-BASED AWARDS. The Committee is authorized, subject to limitations
under applicable law, to grant to Participants such other Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares or other property, as deemed by the Committee to be consistent with the
purposes of the Plan, including without limitation Shares awarded purely as a “bonus” and not subject to any restrictions or conditions, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, and
Awards valued by reference to book value of Shares or the value of securities of or the performance of specified Parents or Affiliates ( “Other Stock-Based Awards” ). Such Other Stock-Based Awards shall also be available as a form
of payment in the settlement of other Awards granted under the Plan. The Committee shall determine the terms and conditions of such Other Stock-Based Awards. Except for certain limited situations (including the death or Disability of the Participant
or a Change in Control referred to in Section 14.8), Other Stock-Based Awards subject solely to continued employment restrictions shall be subject to restrictions imposed by the Committee for a period of not less than three years from the Grant
Date (but permitting pro-rata vesting over such time); provided that such restrictions shall not be applicable to any substitute awards granted under Section 14.12, grants of Other Stock-Based Awards in payment of Performance Awards pursuant to
Article 9, grants of Other Stock-Based Awards granted in lieu of cash or other compensation, or grants of Other Stock-Based Awards on a deferred basis. 
 ARTICLE 14 
 PROVISIONS APPLICABLE TO AWARDS 
 14.1. STAND-ALONE AND TANDEM AWARDS. Awards granted under the Plan may, in the discretion of the Committee, be granted either alone
or in addition to, in tandem with, any other Award granted under the Plan. Subject to Section 16.2, awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of
such other Awards. 
 14.2. TERM OF AWARD. The term of each Award shall be for the period as determined by the Committee,
provided that in no event shall the term of any Incentive Stock Option or a Stock Appreciation Right granted in tandem with the Incentive Stock Option exceed a period of ten years from its Grant Date (or, if Section 7.2(d) applies, five years
from its Grant Date). 
 14.3. FORM OF PAYMENT FOR AWARDS. Subject to the terms of the Plan and any applicable law or
Award Certificate, payments or transfers to be made by the Company or an Affiliate on the grant or exercise of an Award may be made in such form as the Committee determines at or after the Grant Date, including without limitation, cash, Stock, other
Awards, or other property, or any combination, and may be made in a single payment or transfer or in installments, in each case

  

 6 

 
determined in accordance with rules adopted by, and at the discretion of, the Committee. 
 14.4. LIMITS ON TRANSFER. No right or interest of a Participant in any unexercised or restricted Award may be pledged, encumbered, or hypothecated to or in favor of any party other than the Company
or an Affiliate, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or an Affiliate. No unexercised or restricted Award shall be assignable or transferable by a Participant other
than by will or the laws of descent and distribution or, except in the case of an Incentive Stock Option, pursuant to a domestic relations order that would satisfy Section 414(p)(1)(A) of the Code if such Section applied to an Award under the
Plan; provided, however, that the Committee may (but need not) permit other transfers where the Committee concludes that such transferability (i) does not result in accelerated taxation, (ii) does not cause any Option intended to be an
Incentive Stock Option to fail to be described in Code Section 422(b), and (iii) is otherwise appropriate and desirable, taking into account any factors deemed relevant, including without limitation, state or federal tax or securities laws
applicable to transferable Awards. 
 14.5. BENEFICIARIES. Notwithstanding Section 14.4, a Participant may, in the
manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative,
or other person claiming any rights under the Plan is subject to all terms and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate otherwise provide, and to any
additional restrictions deemed necessary or appropriate by the Committee. If no beneficiary has been designated or survives the Participant, payment shall be made to the Participant’s estate. Subject to the foregoing, a beneficiary designation
may be changed or revoked by a Participant at any time provided the change or revocation is filed with the Company. 
 14.6.
STOCK CERTIFICATES. All Stock issuable under the Plan is subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the
rules of any national securities exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends on any Stock certificate or issue instructions to the transfer agent to reference restrictions
applicable to the Stock. 
 14.7. ACCELERATION UPON DEATH OR DISABILITY. Except as otherwise provided in the Award
Certificate or any special Plan document governing an Award, upon the Participant’ s death or Disability during his or her Continuous Status as a Participant, (i) all of such Participant’s outstanding Options, SARs, and other Awards
in the nature of rights that may be exercised shall become fully exercisable, (ii) all time-based vesting restrictions on the Participant’s outstanding Awards shall lapse, and (iii) the target payout opportunities attainable under all
of such Participant’s outstanding performance-based Awards shall be deemed to have been fully earned as of the date of termination based upon (A) an assumed achievement of all relevant performance goals at the “target” level if
the date of termination occurs during the first half of the applicable performance period, or (B) the actual level of achievement of all relevant performance goals against target, if the date of termination occurs during the second half of the
applicable performance period, and, in either such case, there shall be a prorata payout to the Participant or his or her estate within thirty (30) days following the date of termination (unless a later date is required by Section 17.16
hereof) based upon the length of time within the performance period that has elapsed prior to the date of termination. Any Awards shall thereafter continue or lapse in accordance with the other provisions of the Plan and the Award Certificate. To
the extent that this provision causes Incentive Stock Options to exceed the dollar limitation set forth in Section 7.2(c), the excess Options shall be deemed to be Nonstatutory Stock Options. 
 14.8. TREATMENT UPON A CHANGE IN CONTROL. The provisions of this Section 14.8 shall apply in the case of a Change in Control,
unless otherwise provided in the Award Certificate or any special Plan document or separate agreement with a Participant governing an Award. 
 (a) Awards not Assumed or Substituted by Surviving Entity. Upon the occurrence of a Change in Control, and except with respect to any Awards assumed by the Surviving Entity or otherwise equitably
converted or substituted in connection with the Change in Control in a manner approved by the Committee or the Board: (i) outstanding Options, SARs, and other Awards in the nature of rights that may be exercised shall become fully exercisable,
(ii) time-based vesting restrictions on outstanding Awards shall lapse, and (iii) the target payout opportunities attainable under outstanding performance-based Awards shall be deemed to have been fully earned as of the effective date of
the Change in Control based upon (A) an assumed achievement of all relevant performance goals at the “target” level if the Change in Control occurs during the first half of the applicable performance period, or (B) the actual
level of achievement of all relevant performance goals against target, if the Change in Control occurs during the second half of the applicable performance period, and, in either such case, there shall be prorata payout to Participants within thirty
(30) days following the Change in Control (unless a later date is required by Section 17.16 hereof) based upon the length of time within the performance period that has elapsed prior to the Change in Control. Any Awards shall thereafter
continue or lapse in accordance with the other provisions of the Plan and the Award Certificate. To the extent that this provision causes Incentive Stock Options to exceed the dollar limitation set forth in Section 7.2(b), the excess Options
shall be deemed to be Nonstatutory Stock Options. 
         (b) Awards Assumed or Substituted by
Surviving Entity. With respect to Awards assumed by the Surviving Entity or otherwise equitably converted or substituted in connection with a Change in Control: if within two years after the effective date of the Change in Control, a
Participant’s employment is terminated without Cause or the Participant resigns for Good Reason, then (i) all of that Participant’s outstanding Options, SARs and other Awards in the nature of rights that may be exercised shall become
fully exercisable, (ii) all time-based vesting restrictions on the his or her outstanding Awards shall lapse, and (iii) the target payout opportunities attainable under all outstanding of that Participant’s performance-based Awards
shall be deemed to have been fully earned as of the date of termination based upon (A) an assumed achievement of all relevant performance goals at the “target” level if the date of termination occurs during the first half of the
applicable performance period, or (B) the actual level of achievement of all relevant performance goals against target, if the date of termination occurs during the second half of the applicable performance period, and, in either such case,
there shall be prorata payout to such Participant within thirty (30) days following the date of termination of employment (unless a later date is required by Section 17.16 hereof) based upon the length of time within the performance period
that has elapsed prior to the date of termination of employment. With regard to each Award, a Participant shall not be considered to have resigned for Good Reason unless either (i) the Award Certificate includes such provision or (ii) the
Participant is party to an employment, severance or similar agreement with the Company or an Affiliate that includes provisions in which the Participant is permitted to resign for Good Reason. Any Awards shall thereafter continue or lapse in
accordance with the other provisions of the Plan and the Award Certificate. To the extent that this provision causes Incentive Stock Options to exceed the dollar limitation set forth in Section 7.2(b), the excess Options shall be deemed to be
Nonstatutory Stock Options. 
 14.9. ACCELERATION FOR ANY REASON. Regardless of whether an event has occurred as
described in Section 14.7 or 14.8 above, the Committee may in its sole discretion at any time determine that all or a portion of a Participant’s Options, SARs, and other Awards in the nature of rights that may be exercised shall become
fully or partially exercisable, that all or a part of the time-based vesting restrictions on all or a portion of the outstanding Awards shall lapse, and/or that any performance-based criteria with respect to any Awards shall be deemed to be wholly
or partially satisfied, in each case, as of such date as the Committee may, in its sole discretion, declare. The Committee may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this
Section 14.9. Notwithstanding anything in the Plan, including this Section 14.9, the Committee may not accelerate the payment of any Award if such acceleration would violate Section 409A(a)(3) of the Code. 
 14.10. TERMINATION OF EMPLOYMENT. Whether military, government or other service or other leave of absence shall constitute a
termination of employment shall be determined in each case by the Committee at its discretion, and any determination by the Committee shall be final and conclusive. A Participant’s

  

 7 

 
Continuous Status as a Participant shall not be deemed to terminate (i) in a circumstance in which a Participant transfers from the Company to an Affiliate, transfers from an Affiliate to
the Company, or transfers from one Affiliate to another Affiliate, or (ii) in the discretion of the Committee as specified at or prior to such occurrence, in the case of a spin-off, sale or disposition of the Participant’s employer from
the Company or any Affiliate. To the extent that this provision causes Incentive Stock Options to extend beyond three months from the date a Participant is deemed to be an employee of the Company, a Parent or Subsidiary for purposes of Sections
424(e) and 424(f) of the Code, the Options held by such Participant shall be deemed to be Nonstatutory Stock Options. 
 14.11.
FORFEITURE EVENTS. The Committee may specify in an Award Certificate that the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence
of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events shall include, but shall not be limited to, termination of employment for cause, violation of material Company or
Affiliate policies, breach of non-competition, confidentiality or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company or any Affiliate.

 14.12. SUBSTITUTE AWARDS. The Committee may grant Awards under the Plan in substitution for stock and stock-based
awards held by employees of another entity who become employees of the Company or an Affiliate as a result of a merger or consolidation of the former employing entity with the Company or an Affiliate or the acquisition by the Company or an Affiliate
of property or stock of the former employing corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the Committee considers appropriate in the circumstances. 
 ARTICLE 15 
 CHANGES IN CAPITAL STRUCTURE 
 15.1. MANDATORY ADJUSTMENTS. In the event of a nonreciprocal transaction
between the Company and its shareholders that causes the per-share value of the Stock to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering, or large nonrecurring cash dividend), the authorization
limits under Section 5.1 shall be adjusted proportionately, and the Committee shall make such adjustments to the Plan and Awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting
from such transaction. Action by the Committee may include: (i) adjustment of the number and kind of shares that may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards;
(iii) adjustment of the exercise price of outstanding Awards or the measure to be used to determine the amount of the benefit payable on an Award; and (iv) any other adjustments that the Committee determines to be equitable.
Notwithstanding the foregoing, the Committee shall not make any adjustments to outstanding Options or SARs that would constitute a modification or substitution of the stock right under Treas. Reg. Sections 1.409A-1(b)(5)(v) that would be treated as
the grant of a new stock right or change in the form of payment for purposes of Code Section 409A. Without limiting the foregoing, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in
Shares, or a combination or consolidation of the outstanding Stock into a lesser number of Shares, the authorization limits under Section 5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award shall
automatically, without the necessity for any additional action by the Committee, be adjusted proportionately without any change in the aggregate purchase price therefor. 
 15.2 DISCRETIONARY ADJUSTMENTS. Upon the occurrence or in anticipation of any corporate event or transaction involving the Company (including, without limitation, any merger, reorganization,
recapitalization, combination or exchange of shares, or any transaction described in Section 15.1), the Committee may, in its sole discretion, provide (i) that Awards will be settled in cash rather than Stock, (ii) that Awards will
become immediately vested and exercisable and will expire after a designated period of time to the extent not then exercised, (iii) that Awards will be assumed by another party to a transaction or otherwise be equitably converted or substituted
in connection with such transaction, (iv) that outstanding Awards may be settled by payment in cash or cash equivalents equal to the excess of the Fair Market Value of the underlying Stock, as of a specified date associated with the
transaction, over the exercise price of the Award, (v) that performance targets and performance periods for Performance Awards will be modified or (vi) any combination of the foregoing. The Committee’s determination need not be
uniform and may be different for different Participants whether or not such Participants are similarly situated. 
 15.3
GENERAL. Any discretionary adjustments made pursuant to this Article 15 shall be subject to the provisions of Section 16.2. To the extent that any adjustments made pursuant to this Article 15 cause Incentive Stock Options to cease to
qualify as Incentive Stock Options, such Options shall be deemed to be Nonstatutory Stock Options. 
 ARTICLE 16

 AMENDMENT, MODIFICATION AND TERMINATION 
 16.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board or the Committee may, at any time and from time to time, amend, modify or
terminate the Plan without stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board or the Committee, either (i) materially increase the number of Shares available under the Plan,
(ii) expand the types of awards under the Plan, (iii) materially expand the class of participants eligible to participate in the Plan, (iv) materially extend the term of the Plan, or (v) otherwise constitute a material change
requiring stockholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of an exchange, then such amendment shall be subject to stockholder approval; and provided, further, that the Board or
Committee may condition any other amendment or modification on the approval of stockholders of the Company for any reason, including by reason of such approval being necessary or deemed advisable to (i) permit Awards made hereunder to be exempt
from liability under Section 16(b) of the 1934 Act, (ii) to comply with the listing or other requirements of an exchange, or (iii) to satisfy any other tax, securities or other applicable laws, policies or regulations. 
 16.2. AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the Committee may amend, modify or terminate any outstanding
Award without approval of the Participant; provided, however: 
 (a) Subject to the terms of the applicable Award
Certificate, such amendment, modification or termination shall not, without the Participant’s consent, reduce or diminish the value of such Award; 
 (b) The original term of an Option may not be extended without the prior approval of the stockholders of the Company; 
 (c) Except as otherwise provided in Article 15, the Committee shall not be permitted to (i) lower the exercise price per
Share of an Option after it is granted, (b) cancel an Option when the exercise price per Share exceeds the Fair Market Value of the underlying Shares in exchange for another Award, or (c) take any other action with respect to an Option
that may be treated as a repricing under the rules and regulations of an exchange, without the prior approval of the stockholders of the Company; and 
 (d) No termination, amendment, or modification of the Plan shall adversely affect any Award previously granted under the Plan, without the written consent of the Participant affected thereby. 

 

 8 

 ARTICLE 17 
 GENERAL PROVISIONS 
 17.1. NO RIGHTS TO AWARDS;
NON-UNIFORM DETERMINATIONS. No Participant or any Eligible Participant shall have any claim to be granted any Award under the Plan. Neither the Company, its Affiliates nor the Committee is obligated to treat Participants or Eligible Participants
uniformly, and determinations made under the Plan may be made by the Committee selectively among Eligible Participants who receive, or are eligible to receive, Awards (whether or not such Eligible Participants are similarly situated). 
 17.2. NO SHAREHOLDER RIGHTS. No Award gives a Participant any of the rights of a stockholder of the Company unless and until Shares
are in fact issued to such person in connection with such Award. 
 17.3. WITHHOLDING. The Company or any Affiliate shall
have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be
withheld with respect to any exercise, lapse of restriction or other taxable event arising as a result of the Plan. If Shares are surrendered to the Company to satisfy withholding obligations in excess of the minimum withholding obligation, such
Shares must have been held by the Participant as fully vested shares for such period of time, if any, as necessary to avoid the recognition of an expense under generally accepted accounting principles. The Company shall have the authority to require
a Participant to remit cash to the Company in lieu of the surrender of Shares for tax withholding obligations if the surrender of Shares in satisfaction of such withholding obligations would result in the Company’s recognition of expense under
generally accepted accounting principles. With respect to withholding required upon any taxable event under the Plan, the Committee may, at the time the Award is granted or thereafter, require or permit that any such withholding requirement be
satisfied, in whole or in part, by withholding from the Award Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in accordance with such
procedures as the Committee establishes. 
 17.4. NO RIGHT TO CONTINUED SERVICE. Nothing in the Plan, any Award
Certificate or any other document or statement made with respect to the Plan, shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant’s employment or status as an officer, director or
consultant at any time, nor confer upon any Participant any right to continue as an employee, officer, director or consultant of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise. 
 17.5. UNFUNDED STATUS OF AWARDS. The Plan is intended to be an “unfunded” plan for incentive and deferred compensation.
With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Certificate shall give the Participant any rights that are greater than those of a general creditor of the Company or any
Affiliate. This Plan is not intended to be subject to ERISA. 
 17.6. RELATIONSHIP TO OTHER BENEFITS. No payment under
the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or benefit plan of the Company or any Affiliate unless provided otherwise in such other plan.

 17.7. EXPENSES. The expenses of administering the Plan shall be borne by the Company and, if applicable, its
Affiliates. The allocation of expenses among the Company and its Affiliates shall be as agreed to by the Company and the applicable Affiliates. 
 17.8. TITLES AND HEADINGS. The titles and headings of the Sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles
or headings, shall control. 
 17.9. GENDER AND NUMBER. Except where otherwise indicated by the context, any masculine
term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural. 
 17.10. FRACTIONAL SHARES. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by
rounding up or down. 
 17.11. GOVERNMENT AND OTHER REGULATIONS. 
 (a) Notwithstanding any other provision of the Plan, no Participant who acquires Shares pursuant to the Plan may, during any
period of time that such Participant is an affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission under the 1933 Act), sell such Shares, unless such offer and sale is made
(i) pursuant to an effective registration statement under the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration requirement of the 1933 Act, such as that set
forth in Rule 144 promulgated under the 1933 Act. 
         (b) Notwithstanding any
other provision of the Plan, if at any time the Committee shall determine that the registration, listing or qualification of the Shares covered by an Award upon any exchange or under any foreign, federal, state or local law or practice, or the
consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or
received pursuant to such Award unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any condition not acceptable to the Committee. Any Participant receiving or purchasing
Shares pursuant to an Award shall make such representations and agreements and furnish such information as the Committee may request to assure compliance with the foregoing or any other applicable legal requirements. The Company shall not be
required to issue or deliver any certificate or certificates for Shares under the Plan prior to the Committee’s determination that all related requirements have been fulfilled. The Company shall in no event be obligated to register any
securities pursuant to the 1933 Act or applicable state or foreign law or to take any other action in order to cause the issuance and delivery of such certificates to comply with any such law, regulation or requirement. 
 17.12. GOVERNING LAW. To the extent not governed by federal law, the Plan and all Award Certificates shall be construed in accordance
with and governed by the laws of the State of Maryland. 
 17.13. ADDITIONAL PROVISIONS. Each Award Certificate may
contain such other terms and conditions as the Committee may determine; provided that such other terms and conditions are not inconsistent with the provisions of the Plan. 
 17.14. NO LIMITATIONS ON RIGHTS OF COMPANY. The grant of any Award shall not in any way affect the right or power of the Company to
make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. The Plan shall not restrict the authority of the Company,
for proper corporate purposes, to draft or assume awards, other than under the Plan, to or with respect to

  

 9 

 
any person. If the Committee so directs, the Company may issue or transfer Shares to an Affiliate, for such lawful consideration as the Committee may specify, upon the condition or understanding
that the Affiliate will transfer such Shares to a Participant in accordance with the terms of an Award granted to such Participant and specified by the Committee pursuant to the provisions of the Plan. 
 17.15. INDEMNIFICATION. Each person who is or shall have been a member of the Committee, or of the Board, or an officer of the
Company to whom authority was delegated in accordance with Article 4 shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in
connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts
paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity,
at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf, unless such loss, cost, liability, or expense is a result of his or her own willful misconduct or except as expressly
provided by statute. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law, or
otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 17.16. SPECIAL PROVISIONS
RELATED TO SECTION 409A OF THE CODE. 
 (a) General. It is intended that the payments and benefits provided under the Plan
and any Award shall either be exempt from the application of, or comply with, the requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner that effects such intent. Nevertheless, the tax
treatment of the benefits provided under the Plan or any Award is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers shall be held liable for any taxes, interest,
penalties or other monetary amounts owed by any Participant or other taxpayer as a result of the Plan or any Award. 
 (b)
Definitional Restrictions. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, to the extent that any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of
Section 409A of the Code would otherwise be payable or distributable, or a different form of payment (e.g., lump sum or installment) would be effected, under the Plan or any Award Certificate by reason of the occurrence of a Change in Control,
or the Participant’s Disability or separation from service, such amount or benefit will not be payable or distributable to the Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless the
circumstances giving rise to such Change in Control, Disability or separation from service meet any description or definition of “change in control event”, “disability” or “separation from service”, as the case may be,
in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition). This provision does not prohibit the vesting of any Award upon a Change in Control,
Disability or separation from service, however defined. If this provision prevents the payment or distribution of any amount or benefit, such payment or distribution shall be made on the next earliest payment or distribution date or event specified
in the Award Certificate that is permissible under Section 409A of the Code. If this provision prevents the application of a different form of payment of any amount or benefit, such payment shall be made in the same form as would have applied
absent such designated event or circumstance. 
 (c) Allocation among Possible Exemptions. If any one or more Awards granted
under the Plan to a Participant could qualify for any separation pay exemption described in Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation pay exemptions, the Company
(acting through the Committee) shall determine which Awards or portions thereof will be subject to such exemptions. 
 (d)
Six-Month Delay in Certain Circumstances. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, if any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A
of the Code would otherwise be payable or distributable under this Plan or any Award Certificate by reason of a Participant’s separation from service during a period in which the Participant is a Specified Employee (as defined below), then,
subject to any permissible acceleration of payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 
 (i) the amount of such non-exempt deferred compensation that would otherwise be payable during the six-month period immediately following
the Participant’s separation from service will be accumulated through and paid or provided on the first day of the seventh month following the Participant’s separation from service (or, if the Participant dies during such period, within 30
days after the Participant’s death) (in either case, the “Required Delay Period”), and 
 (ii) the normal payment
or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay Period. 
         For purposes of this Plan, the term “Specified Employee” has the meaning given such term in Section 409A of the Code and the final regulations thereunder, provided, however,
that, as permitted in such final regulations, the Company’s Specified Employees and its application of the six-month delay rule of 409A(a)(2)(B)(i) of the Code shall be determined in accordance with rules adopted by the Board or any committee
of the Board, which shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company, including this Plan. 
 (e) Grants to Employees of Affiliates. Eligible Participants who are service providers to an Affiliate may be granted Options or SARs under this Plan only if the Affiliate qualifies as an “eligible
issuer of service recipient stock” within the meaning of §1.409A-1(b)(5)(iii)(E) of the final regulations under Section 409A of the Code. 
 (f) Fair Market Value of Unlisted Stock. If the Stock is not listed on a securities exchange, the Fair Market Value of the Stock as of any given date shall, for purposes of the Plan and any Award, be
determined by such method as the Committee determines in good faith to be reasonable and in compliance with Section 409A of the Code. 
 (g) Design Limits on Options and SARs. Notwithstanding anything in this Plan or any Award Certificate, no Option or SAR granted under this Plan shall (i) provide for Dividend Equivalents or
(ii) have any feature for the deferral of compensation other than the deferral of recognition of income until the exercise or disposition of the Option or SAR. 
 (h) Timing of Distribution of Dividend Equivalents. Unless otherwise provided in the applicable Award Certificate, and Dividend Equivalents granted with respect to an Award hereunder will be paid or
distributed no later than the 15th day of the 3rd month following the later of (i) the calendar year in which the corresponding dividends were paid to shareholders, or (ii) the first calendar year in which the Participant’s right to
such Dividends Equivalents is no longer subject to a substantial risk of forfeiture. 
  

 10 

 The foregoing is hereby acknowledged as being the Wells Real Estate Investment Trust III,
Inc. 2010 Long-Term Incentive Plan as adopted by the Board on                     , 2010, approved by the sole stockholder on
                    , 2010. 
  

			
	WELLS REAL ESTATE INVESTMENT TRUST III, INC.
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	Executive Vice President

  

 11 

 WELLS REAL ESTATE INVESTMENT TRUST III, INC. 
 FORM OF 2010 INDEPENDENT DIRECTORS COMPENSATION PLAN 

 WELLS REAL ESTATE INVESTMENT TRUST III, INC. 
 FORM OF 2010 INDEPENDENT DIRECTORS COMPENSATION PLAN 
  

							
	ARTICLE 1 PURPOSE	  	1
				
		  	1.1	  	Purpose	  	1
				
		  	1.2	  	Eligibility	  	1
	ARTICLE 2 DEFINITIONS	  	1
				
		  	2.1	  	Definitions	  	1
	ARTICLE 3 ADMINISTRATION	  	1
				
		  	3.1	  	Administration	  	1
				
		  	3.2	  	Reliance	  	2
				
		  	3.3	  	Indemnification	  	2
	ARTICLE 4 SHARES	  	2
				
		  	4.1	  	Source of Shares for the Plan	  	2
	ARTICLE 5 BASE RETAINER, MEETING FEES AND EXPENSES	  	2
				
		  	5.1	  	Base Annual Retainer	  	2
				
		  	5.2	  	Meeting Fees	  	2
				
		  	5.3	  	Travel Expense Reimbursement	  	2
	ARTICLE 6 EQUITY COMPENSATION	  	2
				
		  	6.1	  	Terms and Conditions of Options	  	2
				
		  	6.2	  	Restrictions on Transfer	  	3
	ARTICLE 7 ALTERNATIVE FORMS OF PAYMENT FOR BASE RETAINER AND MEETING FEES	  	3
				
		  	7.1	  	Payment of Base Retainer	  	3
				
		  	7.2	  	Payment of Meeting Fees	  	3
				
		  	7.3	  	Timing and Manner of Payment Election	  	3
	ARTICLE 8 AMENDMENT, MODIFICATION AND TERMINATION	  	3
				
		  	8.1	  	Amendment, Modification and Termination	  	3
	ARTICLE 9 GENERAL PROVISIONS	  	3
				
		  	9.1	  	Adjustments	  	3
				
		  	9.2	  	Duration of the Plan	  	3
				
		  	9.3	  	Expenses of the Plan	  	3
				
		  	9.4	  	Status of the Plan	  	3
				
		  	9.5	  	Effective Date	  	3

  

 i 

 WELLS REAL ESTATE INVESTMENT TRUST III, INC. 
 FORM OF 2010 INDEPENDENT DIRECTORS COMPENSATION PLAN 
 ARTICLE 1 
 PURPOSE 
 1.1. PURPOSE. The purpose of the Wells Real Estate Investment Trust III, Inc. 2010 Independent Directors Compensation Plan is to
attract, retain and compensate highly-qualified individuals who are not employees of Wells Real Estate Investment Trust III, Inc. or any of its Affiliates for service as members of the Board by providing them with competitive compensation and an
ownership interest in the Stock of the Company. The Company intends that the Plan will benefit the Company and its stockholders by allowing Independent Directors to have a personal financial stake in the Company through an ownership interest in the
Stock and will closely associate the interests of Independent Directors with that of the Company’s stockholders. 
 1.2.
ELIGIBILITY. Independent Directors of the Company who are Eligible Participants, as defined below, shall automatically be participants in the Plan. 
 ARTICLE 2 
 DEFINITIONS 
 2.1. DEFINITIONS. Unless the context clearly indicates otherwise, the following terms shall have the following meanings: 

“Affiliate” has the meaning given such term in the Equity Incentive Plan. 
 “Base Retainer” means the retainer (excluding meeting fees and expenses) payable by the Company to an Independent Director
pursuant to Section 5.1 hereof for service as a director of the Company, as such amount may be changed from time to time. 
 “Board” means the Board of Directors of the Company. 
 “Change in Control” has the
meaning given such term in the Equity Incentive Plan. 
 “Charter” means the articles of incorporation of the
Company, as such articles of incorporation may be amended from time to time. 
 “Code” means the Internal
Revenue Code of 1986, as amended. 
 “Committee” has the meaning given such term in the Equity Incentive Plan.

 “Company” means Wells Real Estate Investment Trust III, Inc., a Maryland corporation. 
 “Director Disability” means any illness or other physical or mental condition of an Independent Director that renders him
or her incapable of performing as a director of the Company, or any medically determinable illness or other physical or mental condition resulting from a bodily injury, disease or mental disorder which, in the judgment of the Board, is permanent and
continuous in nature. The Board may require such medical or other evidence as it deems necessary to judge the nature and permanency of an Independent Director’s condition. 
 “Effective Date” of the Plan means
                    , 2010. 
 “Eligible Participant” means any person who is an Independent Director on the Effective Date or becomes an Independent Director while this Plan is in effect; except that during any period a director is prohibited from
participating in the Plan by his or her employer or otherwise waives participation in the Plan, such director shall not be an Eligible Participant. 
 “Equity Incentive Plan” means the Wells Real Estate Investment Trust III, Inc. 2010 Long-Term Incentive Plan, or any subsequent equity compensation plan approved by the Company’s
stockholders and designated as the Equity Incentive Plan for purposes of this Plan. 
 “Fair Market Value” has
the meaning given such term in the Equity Incentive Plan. 
 “Independent Director” has the meaning given to
such term in the Charter. 
 “Plan” means this Wells Real Estate Investment Trust III, Inc. 2010 Independent
Directors Compensation Plan, as amended from time to time. 
 “Plan Year” means the approximate 12-month period
beginning with the annual stockholders meeting and ending at the next annual stockholders meeting; provided that the first Plan Year shall begin on the Effective Date and extend until the first annual stockholders meeting. 
 “Shares” has the meaning given such term in the Equity Incentive Plan. 
 “Stock” has the meaning given such term in the Equity Incentive Plan. 
 ARTICLE 3 
 ADMINISTRATION 
 3.1. ADMINISTRATION. The Plan shall be administered by the Board. Subject to the
provisions of the Plan, the Board shall be authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make all other determinations necessary or advisable for the administration of the
Plan. The Board’s interpretation of the Plan, and all actions taken and determinations made by the Board pursuant to the powers vested in it hereunder, shall be conclusive and binding upon all parties concerned including the Company, its
stockholders and persons granted awards under the Plan. The Board may appoint a plan administrator to carry out the ministerial functions of the Plan, but the administrator shall have no other authority or powers of the Board. 

 3.2. RELIANCE. In administering the Plan, the Board may rely upon any information
furnished by the Company, its public accountants and other experts. No individual will have personal liability by reason of anything done or omitted to be done by the Company or the Board in connection with the Plan. This limitation of liability
shall not be exclusive of any other limitation of liability to which any such person may be entitled under the Company’s certificate of incorporation or otherwise. 
 3.3. INDEMNIFICATION. Each person who is or has been a member of the Board or who otherwise participates in the administration or operation of this Plan shall be indemnified by the Company against,
and held harmless from, any loss, cost, liability or expense that may be imposed upon or incurred by him or her in connection with or resulting from any claim, action, suit or proceeding in which such person may be involved by reason of any action
taken or failure to act under the Plan and shall be fully reimbursed by the Company for any and all amounts paid by such person in satisfaction of judgment against him or her in any such action, suit or proceeding, provided he or she will give the
Company an opportunity, by written notice to the Board, to defend the same at the Company’s own expense before he or she undertakes to defend it on his or her own behalf. This right of indemnification shall not be exclusive of any other rights
of indemnification to which any such person may be entitled under the Company’s Charter, Bylaws, contract or Maryland law. 
 ARTICLE 4 
 SHARES 
 4.1. SOURCE OF SHARES FOR THE PLAN. The Options, Shares or other equity awards that may be issued pursuant to the Plan shall be issued under the Equity Incentive Plan, subject to all of the terms
and conditions of the Equity Incentive Plan. The terms contained in the Equity Incentive Plan are incorporated into and made a part of this Plan with respect to Options, Shares or other equity awards granted pursuant hereto and any such awards shall
be governed by and construed in accordance with the Equity Incentive Plan. In the event of any actual or alleged conflict between the provisions of the Equity Incentive Plan and the provisions of this Plan, the provisions of the Equity Incentive
Plan shall be controlling and determinative. This Plan does not constitute a separate source of shares for the grant of the equity awards described herein. 
 ARTICLE 5 
 BASE RETAINER, MEETING FEES AND EXPENSES 
 5.1. BASE RETAINER. Each Eligible Participant shall be paid a Base Retainer for service as a director during each Plan Year, payable
in such form as shall be elected by the Eligible Participant in accordance with Section 7.1. The amount of the Base Retainer shall be established from time to time by the Board. Until changed by the Board, the Base Retainer for a full Plan Year
shall be $18,000. The Base Annual Retainer shall be payable in approximately equal quarterly installments in advance, beginning on the date of the annual shareholders meeting; provided, however, that for the first Plan Year, the first installment
shall begin on the Effective Date and be prorated based on the number of full months in such quarter after the Effective Date. 
 Each person who first becomes an Eligible Participant on a date other than the Effective Date or an annual meeting date shall be paid a retainer equal to the quarterly installment of the Base Annual Retainer for the first quarter of
eligibility, based on the number of full months he or she serves as an Independent Director during such quarter. Payment of such prorated Base Annual Retainer shall begin on the date that the person first becomes an Eligible Participant. 

5.2. MEETING FEES. Each Independent Director shall be paid a meeting fee for each meeting of the Board he or she attends, payable
in such form as shall be elected by the Eligible Participant in accordance with Section 7.2. The amount of the meeting fees shall be established from time to time by the Board. Until changed by the Board, the meeting fee for attending a meeting
of the Board, or a committee thereof, whether telephonically or in person, shall be as follows: 
  

				
	 Meeting Type
	  	Fee
	 Board Meeting, Non-Telephonic
	  	$	2,500
	 Audit Committee Meeting, Non-Telephonic
	  	$	2,500
	 Committee Meeting, Non-Telephonic
	  	$	1,500
	 Special Board or Committee Meeting, Non-Telephonic or Telephonic
	  	$	250
	 Committee Chair, Non-Telephonic Committee Meeting
	  	$	500

 Meeting fees shall be payable within
thirty (30) days following the date of the applicable meeting to which they relate. 
         5.3.
TRAVEL EXPENSE REIMBURSEMENT. All Independent Directors shall be reimbursed for reasonable travel expenses (including spouse’s expenses to attend events to which spouses are invited) in connection with attendance at meetings of the Board
and its committees, or other Company functions at which the Chair of the Board or the Chief Executive Officer requests the Independent Director to participate. Notwithstanding the foregoing, the Company’s reimbursement obligations pursuant to
this Section 5.3 shall be limited to expenses incurred while the Independent Director serves on the Board in the capacity as an Independent Director. Such payments will be made within thirty (30) days after delivery of the Independent
Director’s written requests for payment, accompanied by such evidence of expenses incurred as the Company may reasonably require, but in no event later than the December 31 following the year in which the expense was incurred. The amount
reimbursable in any one tax year shall not affect the amount reimbursable in any other tax year. Independent Directors’ right to reimbursement pursuant to this Section 5.3 shall not be subject to liquidation or exchange for another
benefit. 
 ARTICLE 6 
 EQUITY COMPENSATION 
 6.1. GENERAL. As provided for in
Section 4.3 of the Equity Incentive Plan, the Committee is provided all necessary authority to grant Awards to Participants subject to terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall establish.

 6.2. TERMS AND CONDITIONS OF OPTIONS. Options granted under this Article 6 shall be evidenced by a written Award
Certificate, and shall be subject to the terms and conditions described below and of the Equity Incentive Plan. 
 (i) EXERCISE
PRICE. The exercise price per share under an Option shall be the Fair Market Value on the date of grant of the Option. 
 (ii)
OPTION TERM. Subject to earlier termination as provided herein, the Option shall expire on the tenth anniversary of the date of grant. 
  

 2 

 (iii) VESTING. Each Option granted pursuant to this Article 6 shall, unless earlier
terminated as provided herein, vest and become exercisable as to one-third (1/3) of the shares on the Grant Date and as to one-third (1/3) of the shares on each of the first two (2) anniversaries of the date of grant. Notwithstanding
the foregoing, all Options granted under this Article 6 shall become fully vested and exercisable on the earlier occurrence of (i) the termination of the optionee’s service as a director of the Company due to his or her death, Director
Disability or termination without Cause (as defined in the Equity Incentive Plan), or (ii) a Change in Control of the Company (as defined in the Equity Incentive Plan). If the optionee’s service as a director of the Company (whether or not
in an Independent Director capacity) terminates for Cause, then the optionee shall forfeit all of his or her right, title and interest in and to any unvested Options as of the date of such termination from the Board. 
 6.3. RESTRICTIONS ON TRANSFER. The limitations on transfer provision of the Equity Incentive Plan shall apply with respect to equity
awards outstanding or to be granted pursuant to this Plan. 
 ARTICLE 7 
 ALTERNATIVE FORMS OF PAYMENT FOR BASE RETAINER AND MEETING FEES 
 7.1 PAYMENT OF BASE RETAINER. At the election of each Eligible Participant, the Base Retainer for a given Plan Year shall be either
(i) payable in cash, in equal quarterly payments payable on the date of the annual stockholders meeting (i.e., the first day of the Plan Year) and on the three, six and nine month anniversaries thereof, or (ii) subject to share
availability under the Equity Incentive Plan, payable by a grant on the day following the annual stockholders meeting (the “Annual Retainer Stock Grant Date”) of a number of Shares determined by dividing the Base Retainer by a price
determined by the Committee from time to time. Any Shares granted under the Plan as the Base Retainer under clause (ii) above will be 100% vested and nonforfeitable as of the Annual Retainer Stock Grant Date, and the Eligible Participant
receiving such Shares (or his or her custodian, if any) will have immediate rights of ownership in the Shares, including the right to vote the Shares and the right to receive dividends or other distributions thereon. 
 7.2 PAYMENT OF MEETING FEES. At the election of each Eligible Participant, the Meeting Fees to be earned during a Plan Year shall be
either (i) payable in cash at each meeting date or such other date(s) on which such fees are normally paid, or (ii) subject to share availability under the Equity Incentive Plan, payable by a grant on the day following each meeting date
(the “Meeting Fee Stock Grant Date”) of that number of Shares determined by dividing the Meeting Fees otherwise payable on the meeting date by a price determined by the Committee from time to time. Any Shares granted under the Plan as
Meeting Fees under clause (ii) above will be 100% vested and nonforfeitable as of the Meeting Fee Stock Grant Date, and the Eligible Participant receiving such Shares (or his or her custodian, if any) will have immediate rights of ownership in
the Shares, including the right to vote the Shares and the right to receive dividends or other distributions thereon. 
 7.3
TIMING AND MANNER OF PAYMENT ELECTION. Each Eligible Participant shall elect the form of payment desired for his or her Base Retainer and Meeting Fees for a Plan Year by delivering a valid Election Form to the Board or the plan administrator
prior to the beginning of such Plan Year, which will be effective as of the first day of the Plan Year beginning after the Board or the plan administrator receives the Eligible Participant’s Election Form. The Election Form signed by the
Eligible Participant prior to the Plan Year will be irrevocable for the coming Plan Year. However, prior to the commencement of the following Plan Year, an Eligible Participant may change his or her election for future Plan Years by executing and
delivering a new Election Form indicating different choices. If an Eligible Participant fails to deliver a new Election Form prior to the commencement of the new Plan Year, his or her Election Form in effect during the previous Plan Year shall
continue in effect during the new Plan Year. If no Election Form is filed or effective, the Base Retainer and Meeting Fees will be paid in cash. 
 ARTICLE 8 
 AMENDMENT, MODIFICATION AND TERMINATION 
 8.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board may terminate or suspend the Plan at any time, without stockholder approval.
The Board may amend the Plan at any time and for any reason without stockholder approval; provided, however, that the Board may condition any amendment on the approval of stockholders of the Company if such approval is necessary or deemed advisable
with respect to tax, securities or other applicable laws, policies or regulations. No termination, modification or amendment of the Plan may, without the consent of an Independent Director, adversely affect an Independent Director’s rights
under an award granted prior thereto. 
 ARTICLE 9 
 GENERAL PROVISIONS 
 9.1. ADJUSTMENTS. The
adjustment provisions of the Equity Incentive Plan shall apply with respect to equity awards outstanding or to be granted pursuant to this Plan. 
         9.2. DURATION OF THE PLAN. The Plan shall remain in effect until the tenth anniversary of the Effective Date, unless terminated earlier by the Board. 
 9.3. EXPENSES OF THE PLAN. The expenses of administering the Plan shall be borne by the Company. 
 9.4. STATUS OF THE PLAN. The Plan is intended to be a nonqualified, unfunded plan of deferred compensation under the Code. Plan
benefits shall be paid from the general assets of the Company or as otherwise directed by the Company. A participant shall have the status of a general unsecured creditor of the Company with respect to his or her right to receive Common Stock or
other payment upon settlement of equity awards under the Plan. No right or interest in the Options shall be subject to the claims of creditors of the Independent Director or to liability for the debts, contracts or engagements of the Independent
Director, or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment,
garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that nothing in this Plan shall prevent transfers by will or by the
applicable laws of descent and distribution. To the extent that any participant acquires the right to receive payments under the Plan (from whatever source), such right shall be no greater than that of an unsecured general creditor of the Company.
Participants and their beneficiaries shall not have any preference or security interest in the assets of the Company other than as a general unsecured creditor. 
 9.5. EFFECTIVE DATE. The Plan was adopted by the Board and became effective on
                    , 2010. 
  

 3 

 The foregoing is hereby acknowledged as being the Wells Real Estate Investment Trust III,
Inc. 2010 Independent Directors Compensation Plan as adopted by the Board on                     , 2010, approved by the sole stockholder on
                    , 2010. 
  

			
	WELLS REAL ESTATE INVESTMENT TRUST III, INC.
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	Executive Vice President

  

 4Amended, Restated and Consolidated Credit Agreement

 Exhibit 10.1 
 EXECUTION COPY 
  
  
 AMENDED, RESTATED AND CONSOLIDATED
CREDIT AGREEMENT 
 Dated as of March 11, 2010 
 by and among 
 PREIT ASSOCIATES, L.P., 
 and 
 PREIT-RUBIN,
INC., 
 as Borrower, 
 PREIT ASSOCIATES, L.P., 
 PREIT-RUBIN, INC., 
 PR GALLERY I LIMITED PARTNERSHIP, 
 and 
 KEYSTONE PHILADELPHIA PROPERTIES, L.P., 
 as Gallery Borrower, 
 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, 
 as Parent,

 THE FINANCIAL INSTITUTIONS PARTY HERETO 
 AND THEIR ASSIGNEES UNDER SECTION 11.6.(c), 
 as Lenders,

 each of 
 EUROHYPO AG, NEW YORK BRANCH 
 and 
 U.S. BANK NATIONAL ASSOCIATION, 
 as a Syndication Agent,

 each of 
 BANK OF AMERICA, N.A. 
 and 
 MANUFACTURERS AND TRADERS TRUST COMPANY, 
 as a Documentation
Agent, 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent, 
 and 
 WELLS FARGO SECURITIES, LLC, 
 as Lead Arranger and Sole Bookrunner 
  
  

 TABLE OF CONTENTS 
  

					
	 Article I. Definitions
	  	2
		
	 Section 1.1. Definitions
	  	2
	 Section 1.2. General; References to Times
	  	41
		
	 Article II. Credit Facilities
	  	42
		
	 Section 2.1. Revolving Loans
	  	42
	 Section 2.2. Term Loans
	  	43
	 Section 2.3. Letters of Credit
	  	45
	 Section 2.4. Rates and Payment of Interest on Loans
	  	49
	 Section 2.5. Number of Interest Periods
	  	50
	 Section 2.6. Repayment of Loans
	  	51
	 Section 2.7. Late Charges
	  	51
	 Section 2.8. Prepayments
	  	51
	 Section 2.9. Continuation
	  	55
	 Section 2.10. Conversion
	  	56
	 Section 2.11. Notes
	  	57
	 Section 2.12. Expiration or Maturity Date of Letters of Credit Past Termination
	  	58
	 Section 2.13. Extension of Termination Date
	  	58
	 Section 2.14. Voluntary Reduction of the Revolving Commitments
	  	59
	 Section 2.15. Mandatory Reduction of Commitments
	  	59
	 Section 2.16. Joint and Several Liability of the Borrower
	  	60
	 Section 2.17. Joint and Several Liability of the Gallery Borrower
	  	61
	 Section 2.18. Actions of the Borrower and the Gallery Borrower
	  	63
	 Section 2.19. Amount Limitations
	  	63
	 Section 2.20. Funds Transfer Disbursements
	  	63
		
	 Article III. Payments, Fees and Other General Provisions
	  	65
		
	 Section 3.1. Payments
	  	65
	 Section 3.2. Pro Rata Treatment
	  	66
	 Section 3.3. Sharing of Payments, Etc.
	  	66
	 Section 3.4. Several Obligations
	  	67
	 Section 3.5. Fees
	  	67
	 Section 3.6. Computations
	  	68
	 Section 3.7. Usury
	  	68
	 Section 3.8. Statements of Account
	  	69
	 Section 3.9. Defaulting Lenders
	  	69
	 Section 3.10. Taxes
	  	72
	 Section 3.11. Substitution of a Collateral Property
	  	74
	 Section 3.12. Release of a Property
	  	75
	 Section 3.13. Redetermination of Appraised Value; Appraisals
	  	78

  

 - i - 

					
	 Article IV. Yield Protection, Etc.
	  	79
		
	 Section 4.1. Additional Costs; Capital Adequacy
	  	79
	 Section 4.2. Suspension of LIBOR Loans
	  	81
	 Section 4.3. Illegality
	  	81
	 Section 4.4. Compensation
	  	82
	 Section 4.5. Treatment of Affected Loans
	  	82
	 Section 4.6. Affected Lenders
	  	83
	 Section 4.7. Assumptions Concerning Funding of LIBOR Loans
	  	83
	 Section 4.8. Change of Lending Office
	  	84
		
	 Article V. Conditions Precedent
	  	84
		
	 Section 5.1. Initial Conditions Precedent
	  	84
	 Section 5.2. Conditions Precedent to All Credit Events
	  	91
		
	 Article VI. Representations and Warranties
	  	91
		
	 Section 6.1. Representations and Warranties
	  	91
	 Section 6.2. Survival of Representations and Warranties, Etc.
	  	99
		
	 Article VII. Affirmative Covenants
	  	100
		
	 Section 7.1. Financial Reporting and Other Information
	  	100
	 Section 7.2. Preservation of Existence and Similar Matters
	  	107
	 Section 7.3. Compliance with Applicable Law
	  	107
	 Section 7.4. Maintenance of Property
	  	107
	 Section 7.5. Conduct of Business
	  	107
	 Section 7.6. Insurance
	  	107
	 Section 7.7. Payment of Taxes and Claims
	  	109
	 Section 7.8. Books and Records; Visits and Inspections
	  	109
	 Section 7.9. Use of Proceeds
	  	110
	 Section 7.10. Environmental Matters
	  	111
	 Section 7.11. Further Assurances
	  	111
	 Section 7.12. Material Contracts
	  	111
	 Section 7.13. REIT Status
	  	111
	 Section 7.14. Exchange Listing
	  	112
	 Section 7.15. Guarantors; Release of Guarantors and Pledgors
	  	112
	 Section 7.16. Release of PREIT-RUBIN, Inc. as Borrower and Gallery Borrower; Release of a Gallery
Borrower
	  	113
	 Section 7.17. Cash Management
	  	114
		
	 Article VIII. Negative Covenants
	  	115
		
	 Section 8.1. Financial Covenants
	  	115
	 Section 8.2. 1Restricted Payments
	  	117
	 Section 8.3. Liens
	  	118
	 Section 8.4. Restrictions on Intercompany Transfers
	  	119
	 Section 8.5. Mergers, Acquisitions and Sales of Assets
	  	119
	 Section 8.6. Fiscal Year
	  	120

  

 - ii - 

			
	 Section 8.7. Modifications of Organizational Documents and Material Contracts
	  	120
	 Section 8.8. Transactions with Affiliates
	  	121
	 Section 8.9. Environmental Matters
	  	121
	 Section 8.10. ERISA Exemptions
	  	121
	 Section 8.11. Approval of Tenant Leases
	  	121
	 Section 8.12. Derivatives Contracts
	  	122
		
	 Article IX. Default
	  	122
		
	 Section 9.1. Events of Default
	  	122
	 Section 9.2. Remedies Upon Event of Default
	  	126
	 Section 9.3. Remedies Upon Default
	  	128
	 Section 9.4. Marshaling; Payments Set Aside
	  	128
	 Section 9.5. Allocation of Proceeds
	  	128
	 Section 9.6. Letter of Credit Collateral Account
	  	130
	 Section 9.7. Performance by Administrative Agent
	  	131
	 Section 9.8. Rescission of Acceleration by Requisite Lenders
	  	131
	 Section 9.9. Rights Cumulative
	  	132
		
	 Article X. The Administrative Agent
	  	132
		
	 Section 10.1. Appointment and Authorization
	  	132
	 Section 10.2. Administrative Agent’s Reliance, Etc.
	  	133
	 Section 10.3. Notice of Defaults
	  	134
	 Section 10.4. Wells Fargo as Lender or Specified Derivatives Provider
	  	134
	 Section 10.5. Collateral Matters; Protective Advances
	  	135
	 Section 10.6. Post-Foreclosure Plans
	  	136
	 Section 10.7. Approvals of Lenders
	  	137
	 Section 10.8. Lender Credit Decision, Etc.
	  	138
	 Section 10.9. Indemnification of Administrative Agent
	  	139
	 Section 10.10. Successor Administrative Agent
	  	140
	 Section 10.11. Titled Agents
	  	140
		
	 Article XI. Miscellaneous
	  	141
		
	 Section 11.1. Notices
	  	141
	 Section 11.2. Expenses
	  	143
	 Section 11.3. Stamp, Intangible and Recording Taxes
	  	144
	 Section 11.4. Setoff
	  	144
	 Section 11.5. Litigation; Jurisdiction; Other Matters; Waivers
	  	144
	 Section 11.6. Successors and Assigns
	  	145
	 Section 11.7. Amendments and Waivers
	  	148
	 Section 11.8. Nonliability of Administrative Agent and Lenders
	  	150
	 Section 11.9. Confidentiality
	  	150
	 Section 11.10. Indemnification
	  	151
	 Section 11.11. Termination; Survival
	  	153
	 Section 11.12. Severability of Provisions
	  	153
	 Section 11.13. GOVERNING LAW
	  	154

  

 - iii - 

					
	 Section 11.14. Counterparts
	  	154
	 Section 11.15. Independence of Covenants
	  	154
	 Section 11.16. Obligations with Respect to Loan Parties
	  	154
	 Section 11.17. Limitation of Liability
	  	154
	 Section 11.18. Entire Agreement
	  	155
	 Section 11.19. Construction
	  	155
	 Section 11.20. Intercreditor Agreement
	  	155
	 Section 11.21. Effect of Existing Agreements
	  	155
	 Section 11.22. Time of the Essence
	  	156

  

			
	 SCHEDULE 1
	  	Commitments
	 SCHEDULE 1.1.(A)
	  	Collateral Properties
	 SCHEDULE 1.1.(B)
	  	Existing Letter of Credit
	 SCHEDULE 1.1.(C)
	  	List of Loan Parties
	 SCHEDULE 3.12(c)
	  	Option Parcels
	 SCHEDULE 6.1.(b)
	  	Ownership Structure
	 SCHEDULE 6.1.(f)
	  	Title to Properties
	 SCHEDULE 6.1.(g)
	  	Indebtedness
	 SCHEDULE 6.1.(h)
	  	Material Contracts
	 SCHEDULE 6.1.(i)
	  	Litigation
	 SCHEDULE 6.1.(x)
	  	Non-Guarantor Subsidiaries
	 SCHEDULE 7.9
	  	Properties under Development or Redevelopment
		
	 EXHIBIT A
	  	Form of Assignment and Assumption Agreement
	 EXHIBIT B-1
	  	Form of Environmental Indemnity Agreement
	 EXHIBIT B-2
	  	Form of Gallery Environmental Indemnity Agreement
	 EXHIBIT C
	  	Form of Guaranty
	 EXHIBIT D
	  	Form of Notice of Continuation
	 EXHIBIT E
	  	Form of Notice of Conversion
	 EXHBIT F
	  	Form of Notice of Gallery Term Loan Borrowing
	 EXHIBIT G
	  	Form of Notice of Revolving Loan Borrowing
	 EXHIBIT H
	  	Form of Notice of Term Loan A Borrowing
	 EXHIBIT I
	  	Form of Pledge Agreement
	 EXHIBIT J
	  	Form of Security Agreement
	 EXHIBIT K
	  	Form of Security Instrument
	 EXHIBIT L
	  	Form of Transfer Authorizer Designation
	 EXHIBIT M
	  	Form of Revolving Note
	 EXHIBIT N
	  	Form of Term Loan A Note
	 EXHIBIT O
	  	Form of Gallery Term Loan Note
	 EXHIBIT P
	  	Form of Rent Roll Certification
	 EXHIBIT Q
	  	Form of Opinion
	 EXHIBIT R
	  	Form of Compliance Certificate
	 EXHIBIT S
	  	Form of Pricing Certificate

  

 - iv - 

 THIS AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT (this “Agreement”) dated
as of March 11, 2010, by and among PREIT ASSOCIATES, L.P., a Delaware limited partnership (“PREIT”) and PREIT-RUBIN, INC., a Pennsylvania corporation (“PREIT-RUBIN”; together with PREIT, each individually, a
“Borrower” and collectively, the “Borrower”), PR GALLERY I LIMITED PARTNERSHIP, a Pennsylvania limited partnership (“PR Gallery”), KEYSTONE PHILADELPHIA PROPERTIES, L.P., a Pennsylvania limited partnership
(“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the “Gallery Borrower”), PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania business trust
(the “Parent”), each of the financial institutions initially a signatory hereto together with their assignees pursuant to Section 11.6.(c), each of EUROHYPO AG, NEW YORK BRANCH and U.S. BANK NATIONAL ASSOCIATION, as a Syndication
Agent (each a “Syndication Agent”), each of BANK OF AMERICA, N.A. and MANUFACTURERS AND TRADERS TRUST COMPANY, as a Documentation Agent (each a “Documentation Agent”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative
Agent, and WELLS FARGO SECURITIES, LLC, as sole Lead Arranger (the “Arranger”) and as sole Bookrunner. 
 WHEREAS,
certain of the Lenders and other financial institutions have made available to the Borrower (a) a $500,000,000 revolving credit facility on the terms and conditions contained in that certain Credit Agreement dated as of
November 20, 2003 (as amended and in effect immediately prior to the date hereof, the “Existing Revolving Credit Agreement”) by and among the Borrower, the Parent, such Lenders, certain other financial institutions and the
Administrative Agent and (b) a $170,000,000 term loan facility on the terms and conditions contained in that certain Term Loan Agreement dated as of September 3, 2008 (as in effect immediately prior to the date hereof, the “Existing
Term Loan Agreement”; together with the Existing Revolving Credit Agreement, the “Existing Agreements”), by and among the Borrower, the Parent, such Lenders, certain other financial institutions and the Administrative Agent; and

 WHEREAS, each of PR Gallery and Keystone guarantied the obligations of the Borrower under the Existing Agreements pursuant to
the Guaranty (as such term is defined in each of the Existing Agreements); 
 WHEREAS, the Administrative Agent and the Lenders
desire to amend and restate the terms of, and to consolidate the Indebtedness owing by the Borrower and the Gallery Borrower under and in connection with, the Existing Agreements to make available to the Borrower and the Gallery Borrower a credit
facility in the amount $670,000,000, which will include a revolving credit facility available to the Borrower in the amount of $150,000,000, a term loan facility available to the Borrower in the amount of $436,025,000 and a term loan facility
available to the Gallery Borrower in the amount of $83,975,000, all on the terms and conditions contained herein. 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree that the Existing Agreements are amended, restated and consolidated as follows: 

 ARTICLE I. DEFINITIONS 
 Section 1.1. Definitions. 
 In addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement: 
 “801-Gallery Subsidiary” means each of 801-Gallery Office Associates, L.P., 801-Gallery C-3 Associates, L.P., 801-Gallery Office GP, LLC, 801 Gallery C-3 GP, LLC and PR Fin Delaware, LLC.

 “Accession Agreement” means an Accession Agreement substantially in the form of Annex I to the
Guaranty. 
 “Additional Costs” has the meaning given that term in Section 4.1.(b). 
 “Adjusted EBITDA” means, with respect to any Person and for any given period, (a) the EBITDA of such Person and its
Wholly Owned Subsidiaries determined on a consolidated basis for such period, plus (b) rent payments made during such period by such Person and its Wholly Owned Subsidiaries in respect of ground leases minus (c) the Reserve
for Replacements for all Properties owned by such Person and its Wholly Owned Subsidiaries. Adjusted EBITDA shall be (i) increased by the greater of a Person’s Ownership Share or Recourse Share of rent payments made during such period by
any Consolidation Exempt Entity of such Person in respect of ground leases and (ii) decreased by the greater of a Person’s Investment Share or Recourse Share of the Reserve for Replacements for all Properties owned by the Consolidation
Exempt Entities of such Person. 
 “Adjusted NOI” means, with respect to any Property and for a given period
and without duplication, the amount equal to: (a) rents and other revenues received in the ordinary course from such Property (including proceeds of rent loss insurance but excluding pre-paid rents and revenues and security deposits except to
the extent applied in satisfaction of tenants’ obligations for rent) minus (b) all expenses paid or accrued related to the ownership, operation or maintenance of such Property, including but not limited to taxes, assessments and
other similar charges, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing
and other expenses incurred in connection with such Property, but specifically excluding general overhead expenses of the Borrower and the Parent) minus (c) the Reserve for Replacements for such Property as of the end of such period
minus (d) the greater of (i) the actual property management fee paid during such period and (ii) an imputed management fee in the amount of three percent (3.0%) of the base rent revenues for such Property for such period.

 “Administrative Agent” means Wells Fargo, as contractual representative for the Lenders under the terms of
this Agreement, or any successor Administrative Agent appointed pursuant to Section 10.10. 
  

 - 2 - 

 “Administrative Questionnaire” means the Administrative Questionnaire
completed by each Lender and delivered to the Administrative Agent in a form supplied by the Administrative Agent to the Lenders from time to time. 
 “Affected Lender” has the meaning given that term in Section 4.6. 
 “Affiliate” means with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. In no
event shall the Administrative Agent or any Lender be deemed to be an Affiliate of the Parent or the Borrower. 
 “Agreement” has the meaning set forth in the introductory paragraph hereof. 
 “Agreement
Date” means the date as of which this Agreement is dated. 
 “Applicable Law” means all applicable
provisions of constitutions, statutes, rules, regulations and orders of all governmental bodies and all orders of all courts, tribunals and arbitrators. 
 “Applicable Margin” means the percentage rate set forth below corresponding to the ratio of Total Liabilities to Gross Asset Value as determined from time to time in accordance with
Section 8.1.(b) in effect at such time: 
  

						
	 Level
	  	 Ratio of Total Liabilities to Gross Asset
Value
	  	Applicable Margin	 
	 1
	  	Less than 0.550 to 1.00	  	4.00	% 
	 2
	  	Equal to or greater than 0.550 to 1.00 but less than 0.650 to 1.00	  	4.50	% 
	 3
	  	Equal to or greater than 0.650	  	4.90	% 

 The Applicable Margin for
Loans shall be determined by the Administrative Agent from time to time, based on the ratio of Total Liabilities to Gross Asset Value as set forth in the Compliance Certificate most recently delivered by the Borrower pursuant to
Section 7.1.(a)(iii). Any adjustment to the Applicable Margin shall be effective as of the first day of the calendar month immediately following the month during which the Parent delivers to the Administrative Agent the applicable Compliance
Certificate pursuant to Section 7.1.(a)(iii). If the Parent fails to deliver a Compliance Certificate pursuant to Section 7.1.(a)(iii), the Applicable Margin shall equal the percentage corresponding to Level 3 until the first day of the
calendar month immediately following the month that the required Compliance Certificate is delivered. Notwithstanding the foregoing, for the period from the Effective Date through but excluding the date on which the Administrative Agent first
determines the Applicable Margin for Loans as set forth above, the Applicable Margin shall be determined based on Level 3. Thereafter, such Applicable Margin shall be adjusted from time to time as set forth in this definition. The provisions of
this definition shall be subject to Section 2.4.(c). 
  

 - 3 - 

 “Appraisal” means, with respect to any Property, an M.A.I. appraisal
commissioned by and addressed to the Administrative Agent (acceptable to the Administrative Agent as to form, substance and appraisal date), prepared by a professional appraiser acceptable to the Administrative Agent, having at least the minimum
qualifications required under Applicable Law governing the Administrative Agent and the Lenders, including without limitation, FIRREA, and determining both the “as is” market value of such Property as between a willing buyer and a willing
seller under no duress and the “stabilized value” of such Property. 
 “Appraised Value” means, with
respect to any Property, the “as is” market value of such Property as reflected in the most recent Appraisal of such Property as the same may have been reasonably adjusted by the Administrative Agent based upon its internal review of such
Appraisal which is based on criteria and factors then generally used and considered by the Administrative Agent in determining the value of similar real estate Properties, which review shall be conducted prior to acceptance of such Appraisal by the
Administrative Agent. 
 “Approved Fund” means any Fund that is administered or managed by (a) a Lender,
(b) an Affiliate of a Lender, or (c) an entity or an Affiliate of any entity that administers or manages a Lender. 
 “Approved Title Insurance Company” means any of (a) Fidelity National Title Insurance Company or any of its affiliates, (b) First American Title Insurance Company, (c) Stewart Title Guaranty Company, or
(d) any other title insurance company reasonably acceptable to the Administrative Agent. 
 “Arranger” has
the meaning given that term in the first paragraph of this Agreement. 
 “Assignee” has the meaning given that
term in Section 11.6.(c). 
 “Assignment and Assumption Agreement” means an Assignment and Assumption
Agreement among a Lender, an Assignee and the Administrative Agent, substantially in the form of Exhibit A. 
 “Bankruptcy Event” means with respect to a Person, any of the events of the type described or referred to in Section 9.1.(e) or (f). 
 “Base Rate” means the LIBOR Market Index Rate; provided, that if for any reason the LIBOR Market Index Rate is unavailable, Base Rate shall mean the per annum rate of interest equal to
the Federal Funds Rate plus one and one-half of one percent (1.50%). 
 “Base Rate Loan” means a Loan, or any
portion thereof, bearing interest at a rate based on the Base Rate. 
 “Base Value” means, with respect to each
Collateral Property (and any pad, outparcel or other portion thereof), the amount set forth in an attachment to the Base Value Agreement

  

 - 4 - 

 
corresponding to such Collateral Property (or any pad, outparcel or other portion thereof) as such attachment is updated pursuant to Section 3.11.(b) in connection with any Substitution. For
purposes of this definition, if a pad, outparcel or other portion of any Collateral Property is released in accordance with Section 3.12., the Base Value of such Collateral Property will be reduced by the Release Price paid in connection with
the release of such pad, outparcel or other portion. 
 “Base Value Agreement” means that certain letter
agreement dated as of the Agreement Date among the Administrative Agent, the Borrower and the Gallery Borrower providing the Base Values. 
 “Base Value Proportionate Share” means (a) with respect to a Collateral Property (other than the New River Valley Mall Property), the ratio (expressed as a percentage) of
(i) the Base Value of such Collateral Property to (ii) the aggregate amount of the Base Values of all Collateral Properties (other than the New River Valley Mall Property) and (b) with respect to the New River Valley Mall Property,
the ratio (expressed as a percentage) of (i) the Base Value of the New River Valley Mall Property to (ii) the aggregate amount of the Base Values of all Collateral Properties. 
 “Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is
not a Benefit Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group. 
 “Benefit Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal
Revenue Code and either (i) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or (ii) has at any time within the preceding six years been maintained, or contributed to, by any
Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group. 
 “Borrower” means, subject to Section 7.16.(a) hereof, PREIT and PREIT-RUBIN, individually and collectively, and shall include their respective successors and permitted assigns, but
shall not include PREIT and PREIT-RUBIN in their respective capacities as “Gallery Borrower”. 
 “Borrower
Information” has the meaning given that term in Section 2.4.(c). 
 “Business Day” means
(i) a day of the week (but not a Saturday, Sunday or holiday) on which the offices of the Administrative Agent in San Francisco, California are open to the public for carrying on substantially all of the Administrative Agent’s business
functions, and (ii) if such day relates to a LIBOR Loan, any such day that is also a day on which dealings in Dollars are transacted in the London interbank market. Unless specifically referenced in this Agreement as a Business Day, all
references to “days” shall be to calendar days. 
  

 - 5 - 

 “Capital Event” means (a) a Disposition, (b) a Recovery Event,
(c) an Equity Issuance by the Parent, the Borrower, any Loan Party or any other Subsidiary, (d) the incurrence by the Parent, the Borrower, any other Loan Party or any other Subsidiary of any Indebtedness (excluding Excluded Indebtedness
or any incurrence of Indebtedness that constitutes a Refinance Event) and (e) any other event by which the Parent, the Borrower, any other Loan Party or any other Subsidiary raises capital. The contribution of Property, other than a Collateral
Property, to a Consolidation Exempt Entity shall constitute a Capital Event only to the extent, and at each time, such contribution results in the Parent, the Borrower, any other Loan Party or any other Subsidiary receiving cash (including without
limitation, all cash payments received by way of deferred payment of principal or interest pursuant to a note or installment receivable or otherwise, but only as and when received). Further, the occurrence of any of the events described in the first
sentence of this definition with respect to a Consolidation Exempt Entity in existence as of the Agreement Date, and the contribution of unimproved real estate to a Consolidation Exempt Entity, shall not constitute a Capital Event to the extent that
the organization documents of such Consolidation Exempt Entity require that any proceeds resulting from any such event be retained by such Consolidation Exempt Entity. The incurrence of Indebtedness by a Consolidation Exempt Entity, the proceeds of
which are used to finance construction of improvements on any Property owned by such Consolidation Exempt Entity, shall not constitute a Capital Event. In addition, capital contributions in the form of cash or Cash Equivalents made to a
Consolidation Exempt Entity by a Person other than the Parent, the Borrower, any other Loan Party or any other Subsidiary shall not constitute a Capital Event. 
 “Capital Event Tax Distributions” has the meaning given that term in Section 2.8.(b)(iii). 
 “Capitalized Lease Obligation” means obligations under a lease that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized
Lease Obligation is the capitalized amount of such obligation determined in accordance with GAAP. 
 “Cash
Equivalents” means: (a) securities issued, guaranteed or insured by the United States of America or any of its agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities
of not more than one year from the date acquired issued by a United States federal or state chartered commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organisation
for Economic Cooperation and Development, or a political subdivision of any such country, acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a
short-term commercial paper rating of at least A-2 or the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from the date acquired, for securities
of the type described in clause (a) above and entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States
of America or any State thereof and rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, in each case with maturities of not more than one year from the date

  

 - 6 - 

 
acquired; and (e) investments in money market funds registered under the Investment Company Act of 1940, as amended, which have net assets of at least $500,000,000 and at least 85% of whose
assets consist of securities and other obligations of the type described in clauses (a) through (d) above. 
 “Cherry Hill Mall Property” means the Property owned by Cherry Hill Center, LLC, a Maryland limited liability company, that is known as Cherry Hill Mall and located in Cherry Hill, New Jersey. 
 “CIP Adjustment” means, at any time of determination, the sum of (i) 75% of Construction in Progress attributable to
Properties (or portions thereof) that were Placed in Service in the fiscal quarter of the Parent most recently ended plus, (ii) 50% of Construction in Progress attributable to Properties (or portions thereof) that were Placed in Service in the
fiscal quarter of the Parent prior to the immediately preceding fiscal quarter of the Parent most recently ended plus, (iii) 25% of Construction in Progress attributable to Properties (or portions thereof) that were Placed in Service two fiscal
quarters of the Parent prior to the immediately preceding fiscal quarter of the Parent most recently ended. For purposes of this definition, if portions of a Property are considered to have been Placed in Service although other portions of such
Property have not, the portions Placed in Service and the portions not considered Placed in Service shall each be accounted for as a separate Property. 
 “Collateral” means any real or personal property directly or indirectly securing any of the Obligations or any other obligation of a Person under or in respect of any Loan Document or
Specified Derivatives Contract to which it is a party, and includes, without limitation, all “Mortgaged Property” under and as defined in any Security Instrument, all “Management Contracts” as defined in any Property Management
Contract Assignment, and all other property subject to a Lien created by a Security Document. 
 “Collateral
Property” means each of the Properties identified on Schedule 1.1(A) and any Property that is designated as a Collateral Property pursuant to Section 3.11. but excluding any such Properties that are subsequently released pursuant
to Section 3.12. 
 “Commitment” means, as to each Lender, such Lender’s Revolving Commitment, such
Lender’s Term Loan A Commitment or such Lender’s Gallery Term Loan Commitment. 
 “Commitment
Percentage” means, as to each Lender, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Revolving Commitment to (b) the aggregate amount of the Revolving Commitments of all Lenders; provided, however
that if at the time of determination the Revolving Commitments have terminated or been reduced to zero, the “Commitment Percentage” of each Lender shall be the Commitment Percentage of such Lender in effect immediately prior to such
termination or reduction. 
 “Compliance Certificate” has the meaning given that term in
Section 7.1.(a)(iii). 
  

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 “Consolidated Affiliate” means (a) any Variable Interest Entity, or
(b) with respect to a Person (the “Minority Investor”), any other Person (other than a Subsidiary or an Unconsolidated Affiliate of the Minority Investor) in whom the Minority Investor directly or indirectly holds an ownership
interest which is less than a majority of the ownership interests in such Person, but by reason of the structure or contracts binding on such Person, the financial results of such Person are consolidated in accordance with GAAP with those of the
Minority Investor. 
 “Consolidation Exempt Entities” means, with respect to any Person, such Person’s
Consolidated Affiliates, Unconsolidated Affiliates and Non-Wholly Owned Subsidiaries. 
 “Construction in
Progress” means, at any time of determination, an amount equal to the aggregate costs incurred to date with respect to Projects Under Development. For the avoidance of doubt, the aggregate costs associated with any Property (or portion
thereof) that is considered to have been Placed in Service (including in accordance with the second sentence of the definition of CIP Adjustment) shall be excluded from Construction in Progress. 
 “Contingent Obligation” as applied to any Person, means (a) any direct or indirect liability, contingent or otherwise,
of that Person with respect to any Indebtedness, lease, dividend or other payment obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the
obligee of such liability that such liability will be paid or discharged, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto or (b) any obligation of such Person with respect to any
total return swap entered into by such Person. Contingent Obligations shall include (i) any Guaranty of the Indebtedness of another (other than of such Person for liabilities arising from Nonrecourse Exceptions), (ii) the obligation to
make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement, and (iii) any liability of such Person for the Indebtedness of another through any agreement to purchase, repurchase or
otherwise acquire such obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the solvency, financial condition or any balance sheet item or level of income of
another. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount, the maximum amount so guaranteed or otherwise supported. 
 “Continue”, “Continuation” and “Continued” each refers to the continuation of a LIBOR
Loan from one Interest Period to another Interest Period pursuant to Section 2.9. 
 “Control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto. 
 “Convert”, “Conversion” and
“Converted” each refers to the conversion of a Loan of one Type into a Loan of another Type pursuant to Section 2.10. 
  

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 “Corporate Debt Yield” means, at the time of determination, the ratio
(expressed as a percentage) of (a) EBITDA of the Parent and its Wholly Owned Subsidiaries determined on a consolidated basis for the period of four consecutive fiscal quarters most recently ended for which internal consolidated financial
statements for the Parent and its Wholly Owned Subsidiaries are available divided by (b) the sum of (without duplication) (i) the aggregate outstanding principal amount of all Indebtedness of the Parent and its Wholly Owned
Subsidiaries plus (ii) the greater of the Parent’s Investment Share or Recourse Share of the aggregate outstanding principal amount of all Indebtedness of its Consolidation Exempt Entities, in the case of each of the foregoing clauses
(i) and (ii), as of the last day of such period. For purposes of determining Corporate Debt Yield, if a Property has been acquired during the past four quarters, the amount of EBITDA attributable to such Property and to be included in the ratio
shall be determined as follows: (x) if the Property was acquired more than 30 days prior to the date of determination of the ratio, the EBITDA for the Property since the date such Property was acquired by the Parent, the Borrower, any other
Subsidiary, a Consolidated Affiliate or an Unconsolidated Affiliate, as the case may be, shall be appropriately annualized and (y) otherwise, the amount of EBITDA for such Property shall be the actual EBITDA attributable to the Property during
the last four consecutive fiscal quarters most recently ended. Any certification by the Parent or the Borrower of EBITDA included under the immediately preceding clause (y) shall be limited to its knowledge. 
 “Credit Event” means any of the following: (a) the making (or deemed making) of any Loan, (b) the continuation of
a LIBOR Loan, (c) the Conversion of a Base Rate Loan into a LIBOR Loan and (d) the issuance of a Letter of Credit. 
 “Default” means any of the events specified in Section 9.1., whether or not there has been satisfied any requirement for the giving of notice, the lapse of time, or both. 
 “Defaulting Lender” means any Lender, as determined by the Administrative Agent in good faith, that (a) has failed to
fund (or has failed, within 3 Business Days after request by the Administrative Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund) any portion of a Loan or participations in Letter of Credit
Liabilities under Section 2.3.(j) required to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder, (b) has otherwise failed to pay to the Administrative Agent or any other Lender any other
amount required to be paid by it hereunder within one Business Day of the date when due, unless such amount is the subject of a good faith dispute, (c) has notified the Borrower, the Administrative Agent or any other Lender in writing that, or
has made a public statement to the effect that, it does not intend to comply with any of its funding obligations under this Agreement, or (d) has become or is (i) insolvent or (ii) the subject of a bankruptcy or insolvency proceeding,
or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. 
 “Defaulting Lender Excess” means, with respect to any Defaulting Lender, the excess, if any, of such Defaulting
Lender’s Commitment Percentage of the aggregate outstanding principal amount of Revolving Loans of all Lenders (calculated as if all Defaulting Lenders other than

  

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such Defaulting Lender had funded all of their respective Revolving Loans) over the aggregate outstanding principal amount of all Revolving Loans of such Defaulting Lender. 
 “Deposit Account Control Agreement” means a letter agreement, in form and substance satisfactory to the Administrative
Agent, executed by the holder of a Tenant Deposit Account, the Administrative Agent and the financial institution or securities intermediary (as defined in the UCC), as applicable, with which such Tenant Deposit Account is maintained, granting the
Administrative Agent, for its benefit and the benefit of the Issuing Bank, each Lender and each Specified Derivatives Provider, “control” (within the meaning of such term under Article 9-104 and 8-106, as applicable, of the UCC) over such
Tenant Deposit Account. 
 “Derivatives Contract” means (a) any transaction (including any master
agreement, confirmation or other agreement with respect to any such transaction) now existing or hereafter entered into by the Borrower or any of its Subsidiaries (i) which is a rate swap transaction, swap option, basis swap, forward rate
transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap
transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase
transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these
transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and
conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt
instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, and (b) any combination of these transactions. 
 “Derivatives Support Document” means, (i) any Credit Support Annex comprising part of (and as defined in) any
Specified Derivatives Contract, and (ii) any document or agreement, other than a Security Document, pursuant to which cash, deposit accounts, securities accounts or similar financial asset collateral are pledged to or made available for set-off
by, a Specified Derivatives Provider, including any banker’s lien or similar right, securing or supporting Specified Derivatives Obligation. 
 “Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts, after taking into account the effect of any legally enforceable netting agreement or provision
relating thereto, (a) for any date on or after the date such Derivatives Contracts have been terminated or closed out, the termination amount or value determined in accordance therewith, and (b) for any date prior to the date such
Derivatives Contracts have been terminated or closed out, the then-current mark-to-market value for such Derivatives Contracts, determined based upon one or more mid-market quotations or estimates provided by any recognized dealer in

  

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Derivatives Contracts (which may include the Administrative Agent, any Lender, any Specified Derivatives Provider or any Affiliate of any thereof). 
 “Disposition” means (a) any sale, lease, assignment, transfer or other disposition by the Parent, the Borrower, any
other Loan Party, any other Subsidiary, any Consolidated Affiliate or any Unconsolidated Affiliate of any Property or any interest therein or any parcel of undeveloped real property, and in each case, any Rent or other interest therein, including
any contribution or other transfer of the foregoing to a Consolidation Exempt Entity but excluding leases of Property in the ordinary course of business, and (b) any sale, lease, assignment, transfer or other disposition by the Parent, the
Borrower, any other Loan Party, any other Subsidiary, any Consolidated Affiliate or any Unconsolidated Affiliate of the Equity Interests in a Subsidiary, a Consolidated Affiliate or an Unconsolidated Affiliate. 
 “Dollars” or “$” means the lawful currency of the United States of America. 
 “EBITDA” means, with respect to any Person for any period and without duplication, net earnings (loss) of such Person and
its Wholly Owned Subsidiaries for such period plus the sum of the following amounts (but only to the extent included in determining net earnings (loss) for such period): (a) depreciation and amortization expense and other non-cash
charges of such Person and its Wholly Owned Subsidiaries for such period, including without limitation, non-cash compensation expense recorded under Financial Accounting Standards Board Statement No. 123 (Revised 2004), Accounting for Stock
Based Compensation of such Person for such period, plus (b) severance and restructuring charges of such Person and its Wholly Owned Subsidiaries for such period, plus (c) interest expense of such Person and its Wholly Owned
Subsidiaries for such period, plus (d) all provisions for any federal, state or other income tax of such Person and its Wholly Owned Subsidiaries in respect of such period, plus (e) acquisition related costs of such Person
and its Wholly Owned Subsidiaries expensed pursuant to Topic 805 for such period, that would otherwise have been capitalized under GAAP immediately prior to the effectiveness of Topic 805 minus (plus) (f) extraordinary gains
(losses) of such Person and its Wholly Owned Subsidiaries for such period. In addition, EBITDA shall include the greater of such Person’s Ownership Share or Recourse Share of the EBITDA of the Consolidation Exempt Entities of such Person for
such period. 
 “Effective Date” means the later of (a) the Agreement Date and (b) the date on which
all of the conditions precedent set forth in Section 5.1. shall have been fulfilled or waived in accordance with the provisions of Section 11.7. 
 “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (other than a natural person) approved by
(i) the Administrative Agent and (ii) unless a Default or Event of Default exists, the Borrower (each such approval not to be unreasonably withheld or delayed); provided, that notwithstanding the foregoing, “Eligible Assignee”
shall not include (A) the Parent or the Borrower or any of their respective Affiliates or Subsidiaries, or (B) an Affiliate of a Lender or an Approved Fund that (1) if organized under the laws of the United States of America, any
state thereof or the District of Columbia, does not have total assets in excess of $5,000,000,000, or if organized under the laws of any other country or a

  

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political subdivision thereof, is not organized in such a country that is a member of the Organization for Economic Co-operation and Development, does not have total assets in excess of
$10,000,000,000, or does not act through a branch or agency located in the United States or (2) does not have a rating of BBB or higher by S&P, Baa2 or higher by Moody’s or the equivalent or higher of either such rating by another
rating agency acceptable to the Administrative Agent with respect to such Affiliate of a Lender or Approved Fund’s (or if such Affiliate or Approved Fund is a Subsidiary, such Affiliate’s or Approved Fund’s Parent’s) senior
unsecured long term indebtedness. 
 “Environmental Indemnity Agreement” means an Environmental Indemnity
Agreement executed by the Borrower, the Parent and each Property Owner (other than PR Gallery and Keystone) in favor of the Administrative Agent for its benefit and the benefit of the Issuing Bank, the Lenders and the Specified Derivatives
Providers, in substantially the form of Exhibit B-1. 
 “Environmental Laws” means any Applicable Law relating
to protection of human health or the environment, relating to Hazardous Materials, relating to liability for or costs of other actual or threatened danger to human health or the environment. The term “Environmental Law” includes, but is
not limited to, the following statutes, as amended, any successor thereto, and any regulations promulgated pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive
Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Substances Transportation Act; the Resource Conservation and Recovery Act (including but not limited to Subtitle I relating
to underground storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act to the extent the same relates to Hazardous
Materials; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; and the River and Harbors Appropriation Act. The term “Environmental
Law” also includes, but is not limited to, any Applicable Law: conditioning transfer of a property upon a negative declaration or other approval of a governmental authority of the environmental condition of such property; requiring notification
or disclosure of any release, deposit, discharge, emission, leaking, leaching, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Materials or other environmental
condition of a property to any Governmental Authority or other Person, whether or not in connection with transfer of title to or interest in such property; imposing conditions or requirements in connection with related permits or other authorization
for lawful activity; relating to nuisance, trespass or other causes of action relating to Hazardous Materials related to any property; and relating to wrongful death, personal injury, or property or other damage relating to Hazardous Materials in
connection with any physical condition or use of any property. 
 “Equity Interest” means, with respect to any
Person, any share of capital stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit
interests in) such Person whether or not certificated, any security convertible

  

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into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person
of such shares (or such other interests), and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant,
option, right or other interest is authorized or otherwise existing on any date of determination. 
 “Equity
Issuance” means any issuance or sale by a Person of any Equity Interest. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as in effect from time to time. 
 “ERISA Event” means, with respect to
the ERISA Group, (a) any “reportable event” as defined in Section 4043 of ERISA with respect to a Benefit Plan (other than an event for which the 30-day notice period is waived); (b) the withdrawal of a member of the ERISA
Group from a Benefit Plan subject to Section 4063 of ERISA during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal
under Section 4062(e) of ERISA; (c) the incurrence by a member of the ERISA Group of any liability with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (d) the incurrence by any member of the ERISA Group
of any liability under Title IV of ERISA with respect to the termination of any Benefit Plan or Multiemployer Plan; (e) the institution of proceedings to terminate a Benefit Plan or Multiemployer Plan by the PBGC; (f) the failure by
any member of the ERISA Group to make when due required contributions to a Multiemployer Plan or Benefit Plan unless such failure is cured within 30 days or the filing pursuant to Section 412(c) of the Internal Revenue Code or
Section 302(c) of ERISA of an application for a waiver of the minimum funding standard; (g) the termination of, or the appointment of a trustee to administer, any Benefit Plan or Multiemployer Plan under Section 4042 of ERISA or the
imposition of liability under Section 4069 or 4212(c) of ERISA; (h) the receipt by any member of the ERISA Group of any notice or the receipt by any Multiemployer Plan from any member of the ERISA Group of any notice, concerning the
imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent (within the meaning of Section 4245 of ERISA), in reorganization (within the meaning of Section 4241 of ERISA), or in
“critical” status (within the meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA); (i) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not
delinquent under Section 4007 of ERISA, upon any member of the ERISA Group or the imposition of a Lien in favor of the PBGC under Title IV of ERISA upon any member of the ERISA Group; or (j) a determination that a Benefit Plan is in
“at risk” status (within the meaning of Section 430 of the Internal Revenue Code or Section 303 of ERISA). 
 “ERISA Group” means the Parent, the Borrower, the other Subsidiaries and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control that, together with
the Borrower, are treated as a single employer under Section 414 of the Internal Revenue Code. 
  

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 “Event of Default” means any of the events specified in Section 9.1.,
provided that any requirement for notice or lapse of time or any other condition has been satisfied. 
 “Exchangeable
Note Indenture” means that certain Indenture dated as of May 8, 2007 by and among PREIT, as Issuer, the Parent, as Guarantor, and U.S. Bank National Association, as Trustee. 
 “Excluded Indebtedness” means, with respect to the Parent, the Borrower, any other Loan Party or any other Subsidiary,
Secured Indebtedness incurred after the Effective Date and secured by a Lien on the Property known as 801 Market Street located in Philadelphia, Pennsylvania. 
 “Excluded Subsidiary” means any (a) Subsidiary (i) which holds title to assets which are or are to become collateral for any Secured Indebtedness of such Subsidiary, is an owner
of the Equity Interests of a Subsidiary holding title to such assets (but has no assets other than such Equity Interests and other assets of nominal value incidental thereto), or is required to be a single purpose entity in connection with any
Secured Indebtedness and (ii) which is prohibited from Guarantying the Indebtedness of any other Person pursuant to (A) any document, instrument or agreement evidencing such Secured Indebtedness, (B) a provision of such
Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as a condition to the extension of such Secured Indebtedness or (C) any fiduciary obligation owing to the holders of an
Equity Interest in such Subsidiary and imposed under Applicable Law or (b) Non-Wholly Owned Subsidiary that is prohibited from Guarantying the Indebtedness of any Person other than a Wholly Owned Subsidiary of such Non-Wholly Owned Subsidiary
pursuant to (i) such Non-Wholly Owned Subsidiary’s organizational documents as a condition to the negotiated business arrangement with the holder of an Equity Interest in such Non-Wholly Owned Subsidiary or (ii) any fiduciary
obligation owing to the holders of an Equity Interest in such Non-Wholly Owned Subsidiary and imposed under Applicable Law. 
 “Excluded Tenant Lease” means (a) with respect to any Collateral Property that is a mall, a Tenant Lease (including any Temporary Lease) for less than 25,000 square feet of the gross leasable area of such Collateral
Property, (b) with respect to any Collateral Property that is not a mall, a Tenant Lease (other than a Temporary Lease) for less than 10,000 square feet of gross leasable area of such Collateral Property and a Temporary Lease for less than
25,000 square feet of gross leasable area of such Collateral Property, or (c) a Tenant Lease with a combined tenant improvement and tenant allowance budget in an amount less than $2,000,000. Notwithstanding the foregoing, a Tenant Lease
(including a Temporary Lease) under which the tenant is an Affiliate of the Parent, the Borrower or any other Subsidiary shall not be an Excluded Tenant Lease. 
 “Existing Letters of Credit” means each of the letters of credit issued under the Existing Revolving Credit Agreement and identified on Schedule 1.1(B). 
 “Extension Request” has that meaning set forth in Section 2.13. 
  

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 “Existing Agreements” has the meaning given that term in the first WHEREAS
clause of this Agreement. 
 “Existing Revolving Credit Agreement” has the meaning given that term in the first
WHEREAS clause of this Agreement. 
 “Existing Term Loan Agreement” has the meaning given that term in the
first WHEREAS clause of this Agreement. 
 “Facility Debt Yield” means, at any time of determination, the ratio
(expressed as a percentage) of (a) the aggregate NOI of the Collateral Properties (other than the New River Valley Mall Property) for the period of 4 consecutive fiscal quarters most recently ended for which internal financial statements for
the Collateral Properties are available divided by (b) the sum of (i) the aggregate amount of the Revolving Commitments as of the last day of such period plus (ii) the aggregate outstanding principal amount of the Term Loans as of the
last day of such period, or, if all Revolving Commitments have been terminated or reduced to zero, the aggregate outstanding principal amount of the Loans and Letter of Credit Liabilities as of the last day of such period less the amount on deposit
in the Letter of Credit Collateral Account. 
 “Fair Market Value” means, with respect to any asset, the price
which could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction. Fair Market Value shall be determined by
the Board of Directors of the Parent acting in good faith conclusively evidenced by a board resolution thereof delivered to the Administrative Agent or, with respect to any asset valued at up to $5,000,000, such determination may be made by the
chief financial officer of the Parent evidenced by an officer’s certificate delivered to the Administrative Agent. 
 “Federal Funds Rate” means, for any day, the rate per annum (rounded upward to the nearest 1/100th of 1%) 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 by the Federal Reserve Bank of New York on the Business Day next succeeding such day, provided that (a) if such day is not a Business Day, the Federal Funds Rate for
such day shall be such rate on such transactions on the next preceding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to the
Administrative Agent by federal funds dealers selected by the Administrative Agent on such day on such transaction as determined by the Administrative Agent. 
 “Fee Letter” means that certain fee letter dated as of October 27, 2009, by and among the Borrower, Wells Fargo and the Arranger. 
 “Fees” means the fees and commissions provided for or referred to in Section 3.5. and any other fees payable by the
Parent or the Borrower hereunder or under any Loan Document or under the Fee Letter. 
  

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 “FIRREA” means the Financial Institutions Recovery, Reform and Enforcement
Act of 1989, as amended. 
 “Fixed Charges” means, with respect to a Person and for a given period,
(a) such Person’s Interest Expense for such period, plus (b) regularly scheduled principal payments on Indebtedness of such Person and its Wholly Owned Subsidiaries made during such period, other than any balloon, bullet or
similar principal payment payable on any Indebtedness of such Person which repays such Indebtedness in full, plus (c) Preferred Dividends paid by such Person and its Wholly Owned Subsidiaries during such period, plus (d) rent
payments made during such period by such Person and its Subsidiaries in respect of ground leases. Fixed Charges shall include the greater of such Person’s Investment Share or Recourse Share of the amount of any of the items described in the
immediately preceding clause (b) through (d) of such Person’s Consolidation Exempt Entities. 
 “Floating
Rate Indebtedness” means any Indebtedness of a Person which bears interest at a variable rate during the scheduled life of such Indebtedness to the extent that such Person has not entered into an interest rate swap agreement, interest rate
“cap” or “collar” agreement or other similar Derivatives Contract with a Person not an Affiliate of such Person and which, as of the date of determination, effectively limits such interest rate exposure in respect of such
Indebtedness to a rate less than or equal to 10.0% per annum. 
 “Fund” means any Person (other than a
natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “Funds From Operations” means, with respect to a Person and for a given period, (a) net income (loss) of such Person
determined on a consolidated basis for such period minus (or plus) (b) gains (or losses) from debt restructuring and sales of operating property during such period plus (c) depreciation with respect to such
Person’s real estate assets and amortization (other than amortization of deferred financing costs) of such Person for such period, all after adjustment for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated entities
will be calculated to reflect funds from operations on the same basis. For purposes of this Agreement, Funds From Operations shall be calculated consistent with the White Paper on Funds from Operations dated April 2002 issued by National Association
of Real Estate Investment Trusts, Inc., but without giving effect to any supplements, amendments or other modifications promulgated after the Agreement Date. Notwithstanding the foregoing, Funds From Operations shall exclude (i) non-cash
impairment charges, (ii) acquisition related costs expensed pursuant to Topic 805 that would have otherwise been capitalized under GAAP immediately prior to the effectiveness of Topic 805, and (iii) severance and restructuring charges. For
the purpose of the foregoing, sales of operating properties shall not include parcels of land, leased pads or developed building parcels sold within one year from the respective opening date thereof. 
  

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 “GAAP” means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity
as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 
 “Gallery Borrower” means, subject to Section 7.16.(b), PR Gallery, Keystone, PREIT and PREIT-RUBIN, individually and collectively, and shall include their respective successors and
permitted assigns, but shall not include PREIT and PREIT-RUBIN in their respective capacities as “Borrower” or PR Gallery and Keystone in their respective capacities as a “Guarantor”. 
 “Gallery Environmental Indemnity Agreement” means an Environmental Indemnity Agreement executed by the Gallery Borrower and
the Parent in favor of the Administrative Agent for its benefit and the benefit of the Lenders, in substantially the form of Exhibit B-2. 
 “Gallery Obligations” means, individually and collectively: (a)(i) the aggregate principal balance of, and all accrued and unpaid interest on, the Gallery Term Loans, (ii) all Fees
owing by the Gallery Borrower under Section 3.5.(d)(y) with respect to the Gallery Term Loans, (iii) any amounts owing by the Gallery Borrower under Section 3.10.(b) with respect to the Gallery Term Loans, and (iv) amounts due in
respect of Protective Advances made in respect of the Gallery Properties and Collateral related thereto; and (b) all other indebtedness, liabilities, obligations, covenants and duties of the Gallery Borrower owing to the Administrative Agent or
any Lender of every kind, nature and description under or in respect of this Agreement and any of the other Loan Documents (other than the Guaranty) to which the Gallery Borrower is a party to the extent such indebtedness, obligations, and covenants
relate only to the Gallery Properties. “Gallery Obligations” shall refer only to, and the Gallery Mortgage shall only secure, obligations relating to the Gallery Properties. Indebtedness, liabilities, obligations, covenants and duties of
the Gallery Borrower described in the immediately preceding clauses (a) and (b) are obligations relating only to the Gallery Properties. The term “Gallery Obligations” shall not include (i) any obligations relating to other
Collateral Properties, (ii) any indebtedness, liabilities, obligations, covenants and duties of any Loan Party other than the Gallery Borrower owing to the Administrative Agent or any Lender under this Agreement or any other Loan Document,
(iii) any “Obligations” or (iv) any Specified Derivatives Obligations. 
 “Gallery
Properties” means the Collateral Property owned by PR Gallery I Limited Partnership known as Gallery at Market East I and located in Philadelphia, Pennsylvania and the Collateral Property owned by Keystone Philadelphia Properties, L.P.
known as Gallery at Market East II and located in Philadelphia, Pennsylvania. 
 “Gallery Term Loan” means a
loan made by a Lender to the Gallery Borrower pursuant to Section 2.2.(a)(ii). 
  

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 “Gallery Term Loan Commitment” means, as to a Lender, such Lender’s
obligation to make a Gallery Term Loan pursuant to Section 2.2.(a)(ii) in an amount equal to the amount set forth for such Lender on Schedule 1 as such Lender’s Gallery Term Loan Commitment. 
 “Gallery Term Loan Note” has the meaning given that term in Section 2.11.(b)(ii). 
 “Governmental Approvals” means all authorizations, consents, approvals, permits, licenses and exemptions of, registrations
and filings with, and reports to, all Governmental Authorities. 
 “Governmental Authority” means any national,
state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi-governmental, judicial, administrative, public or statutory instrumentality, authority, body, agency, bureau, commission,
board, department or other entity (including, without limitation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority
to bind a party at law. 
 “Grantor” means the Borrower and any Person that is not a Property Owner, in either
case, that holds in its name a Tenant Deposit Account. 
 “Gross Asset Value” means, at a given time, the sum
(without duplication) of (a) Operating Real Estate Value at such time, plus (b) all cash and Cash Equivalents (excluding cash and Cash Equivalents the disposition of which is restricted (other than restrictions on cash held in an
exchange account by a “qualified intermediary” in connection with the sale of a property pursuant to and qualifying for tax treatment under Section 1031 of the Internal Revenue Code)), and all accounts receivable net of reserves, of
the Parent and its Wholly Owned Subsidiaries at such time, plus (c) the current book value of all land held for future development owned in whole or in part by the Parent and its Wholly Owned Subsidiaries, plus
(d) predevelopment costs associated with land referred to in the immediately preceding clause (c) and, subject to the immediately following sentence, refundable deposits associated with land that is not owned by the Parent and its Wholly
Owned Subsidiaries, to the extent such predevelopment costs and refundable deposits are included in the Parent’s publicly filed financial statements, plus (e) the amount of Construction in Progress of the Parent and its Wholly Owned
Subsidiaries, plus (f) the CIP Adjustment of the Parent and its Wholly Owned Subsidiaries plus (g) the purchase price paid by the Parent or any Wholly Owned Subsidiary (less any amounts paid to the Parent or such Subsidiary
as a purchase price adjustment, held in escrow, retained as a contingency reserve, or in connection with other similar arrangements) for any Property acquired by the Parent or such Subsidiary during the immediately preceding four fiscal quarters of
the Parent, plus (h) with respect to each Consolidation Exempt Entity of the Parent, the greater of the Parent’s Ownership Share or Recourse Share of (v) all cash and Cash Equivalents of such Consolidation Exempt Entity
(excluding cash and Cash Equivalents the disposition of which is restricted (other than restrictions on cash held in an exchange account by a “qualified intermediary” in connection with the sale of a property pursuant to and qualifying for
tax treatment under Section 1031 of the Internal Revenue Code)), (w) current book value of all land

  

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held for future development owned in whole or part by such Consolidation Exempt Entity and predevelopment costs associated with such land, (x) Construction in Progress of such Consolidation
Exempt Entity as of the end of the Parent’s fiscal quarter most recently ended, (y) such Consolidation Exempt Entity’s Operating Real Estate Value, and (z) such Consolidation Exempt Entity’s CIP Adjustment, plus
(i) the contractual purchase price of Properties of the Parent and its Subsidiaries subject to purchase obligations, repurchase obligations, forward commitments and unfunded obligations to the extent such obligations and commitments are
included in determinations of Total Liabilities. If obligations under a contract to purchase or otherwise acquire unimproved or fully developed real property are included when determining Total Liabilities and the seller under such contract does not
have the right to specifically enforce such contract, then only an amount equal to the aggregate amount of due diligence deposits, earnest money payments and other similar payments made under the contract which, at such time, would be subject to
forfeiture upon termination of the contract, shall be included in Gross Asset Value. If obligations under a contract to purchase or otherwise acquire real property being renovated or developed by a third party are included when determining Total
Liabilities and such real property is not owned or leased by the Borrower or any of its Subsidiaries, then only the amount equal to the maximum amount reasonably estimated to be payable by such Person to such third party under a contract between
such Person and such third party during the remaining term of such contract, shall be included in Gross Asset Value. To the extent that the current book value of land held for development plus predevelopment costs included pursuant to clause
(d) above exceeds 5.0% of Gross Asset Value (determined without giving effect to this sentence), such excess shall be excluded in determining Gross Asset Value. 
 “Guarantor” means any Person that is party to the Guaranty as a “Guarantor” and shall in any event include the Parent. 
 “Guaranty”, “Guaranteed” or to “Guarantee” as applied to any obligation means and
includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or (b) an agreement, direct or
indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of such obligation whether
by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to
make any payment or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or in any
other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit (including Letters of Credit), or (v) the supplying of funds to or investing in a Person on
account of all or any part of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. As the context requires, “Guaranty”
shall also mean the guaranty executed and delivered pursuant to Section 5.1. and substantially in the form of Exhibit C. 
  

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 “Hazardous Materials” includes but is not limited to any and all substances
(whether solid, liquid or gas) defined, listed, or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes, or words of similar meaning or regulatory effect under any present or
future Environmental Laws or that may have a negative impact on human health or the environment, including but not limited to Microbial Matter, petroleum and petroleum products, asbestos and asbestos-containing materials, polychlorinated biphenyls,
lead, radon, radioactive materials, flammables and explosives, but excluding substances of kinds and in amounts ordinarily and customarily used or stored in similar properties for the purposes of cleaning or other maintenance or operations or held
for sale in a retail shopping mall and otherwise in compliance with all Environmental Laws. 
 “Indebtedness”
means, with respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) obligations of such Person in respect of money borrowed or for the deferred purchase price of property or services (other than
trade debt incurred in the ordinary course of business); (b) obligations of such Person, whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit,
(ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges
are customarily paid or that are issued or assumed as full or partial payment for property; (c) all master lease obligations; (d) Capitalized Lease Obligations of such Person; (e) all reimbursement obligations of such Person under and
in respect of any letters of credit or acceptances that have been presented for payment net of any cash collateral provided therefor; (f) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in
respect of any Mandatorily Redeemable Stock issued by such Person or any other Person; (g) all Indebtedness of other Persons which (i) such Person has Guaranteed (other than Guarantees which are solely Guarantees of performance and not of
payment and other Guarantees of such Person for liabilities arising from Nonrecourse Exceptions) or is otherwise recourse to such Person or (ii) is secured by a Lien on any property of such Person; provided, that such Indebtedness shall be
limited to the value of such property so encumbered; and (h) the Recourse Share of all Indebtedness of any partnership of which such Person is a general partner. For purposes of this definition preferred equity (other than Mandatorily
Redeemable Stock) of a Person shall not be considered to be Indebtedness. 
 “Intellectual Property” has the
meaning given that term in Section 6.1.(t). 
 “Intercreditor Agreement” means the intercreditor agreement
entered into by the Administrative Agent and Wells Fargo, as administrative agent under the New River Valley Mall Credit Agreement. 
 “Interest Expense” means, with respect to a Person and for any period, (a) all paid, accrued or capitalized interest expense (including, without limitation, interest expense attributable to Capitalized Lease
Obligations but excluding capitalized interest funded from an interest reserve in a construction loan) of such Person and in any event shall include all letter of credit fees and all interest expense with respect to any Indebtedness in respect of
which such

  

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Person is wholly or partially liable whether pursuant to any repayment, interest carry, performance Guarantee or otherwise, plus (b) to the extent not already included in the
foregoing clause (a) the greater of such Person’s Investment Share or Recourse Share of all paid, accrued or capitalized interest expense (as limited above) for such period of Consolidation Exempt Entities of such Person. 
 “Interest Period” means with respect to any LIBOR Loan, the period commencing on the date of the borrowing, Conversion or
Continuation of such LIBOR Loan and ending on the last day of the period selected by the Borrower pursuant to the provisions below. The duration of each Interest Period shall be one, three or six months as the Borrower may, in the Notice of Term
Loan Borrowing, a Notice of Revolving Loan Borrowing, a Notice of Continuation or a Notice of Conversion, select. In no event shall an Interest Period of a Loan extend beyond the Termination Date. Whenever the last day of any Interest Period would
otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day; provided, however, that if such extension would cause the last day of such
Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. 
 “Investment” means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by such Person, whether by means of any of the following:
(a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital contribution to, Guaranty of Indebtedness of, or purchase or other acquisition of any Indebtedness of,
another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute the business or a
division or operating unit of another Person. Any commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall constitute an Investment. Except as expressly provided
otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such
Investment. The foregoing shall not include advances and allowances to tenants of a Person in the ordinary course of business. 
 “Investment Share” means, with respect to any Consolidation Exempt Entity of the Parent or any of its Subsidiaries, the ratio (expressed as a percentage) of (a) the aggregate amount of the Investment by the Parent or
such Subsidiary in such Consolidation Exempt Entity to (b) the aggregate amount of all Investments by all Persons in such Consolidation Exempt Entity, subject to review of calculation of such ratio by the Administrative Agent. 
 “Issuing Bank” means Wells Fargo in its capacity as the issuer of Letters of Credit pursuant to Section 2.3.

  

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 “Keystone” has the meaning set forth in the introductory paragraph hereof
and shall include Keystone’s successors and permitted assigns. 
 “L/C Commitment Amount” has the meaning
given that term in Section 2.3.(a). 
 “Lender” means each financial institution from time to time party
hereto as a “Lender” together with its respective successors and permitted assigns. 
 “Lending
Office” means, for each Lender and for each Type of Loan, the office of such Lender specified in such Lender’s Administrative Questionnaire or in the applicable Assignment and Assumption Agreement, or such other office of such Lender
as such Lender may notify the Administrative Agent in writing from time to time. 
 “Letter of Credit” has the
meaning given that term in Section 2.3.(a). 
 “Letter of Credit Collateral Account” means a special
deposit account maintained pursuant to Section 9.6. by the Administrative Agent and under its sole dominion and control. 
 “Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any application therefor, any certificate or other document presented in connection with a drawing under such Letter of Credit and any
other agreement, instrument or other document governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations.

 “Letter of Credit Liabilities” means, without duplication, at any time and in respect of any Letter of
Credit, the sum of (a) the Stated Amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of the Borrower at such time due and payable in respect of all drawings made under such
Letter of Credit. For purposes of this Agreement, a Lender (other than the Lender then acting as Issuing Bank) shall be deemed to hold a Letter of Credit Liability in an amount equal to its participation interest under Section 2.3. in the
related Letter of Credit, and the Lender then acting as the Issuing Bank shall be deemed to hold a Letter of Credit Liability in an amount equal to its retained interest in the related Letter of Credit after giving effect to the acquisition by the
Lenders (other than the Lender then acting as the Issuing Bank) of their participation interests under such Section. 
 “Level” has the meaning given that term in the definition of “Applicable Margin”. 
 “LIBOR” means, for the Interest Period for any LIBOR Loan, the rate of interest, rounded up to the nearest whole multiple of one-hundredth of one percent (.01%), obtained by dividing (i) the rate of interest, rounded
upward to the nearest whole multiple of one-sixteenth of one percent (0.0625%) referred to as the BBA (British Bankers’ Association) LIBOR rate as set forth by any service selected by the Administrative Agent that has been nominated by the
British Bankers’ Association as an authorized information vendor for the purpose of displaying such rate for deposits in U.S. Dollars at approximately 11:00 a.m. Central time, 2 Business Days prior to the date of commencement of such
Interest Period for purposes of calculating effective rates of

  

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interest for loans or obligations making reference thereto, for an amount approximately equal to the applicable LIBOR Loan and for a period of time approximately equal to such Interest Period
by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency
liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Loans is determined or any
applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America). Any change in such maximum rate shall result in a change in LIBOR on the date on which such change
in such maximum rate becomes effective. 
 “LIBOR Loan” means a Revolving Loan or a Term Loan (in each case,
other than a Base Rate Loan) bearing interest at a rate based on LIBOR. 
 “LIBOR Market Index Rate” means, for
any day, LIBOR as of that day that would be applicable for a LIBOR Loan having a one month Interest Period determined at approximately 11:00 a.m. Central time for such day (or if such day is not a Business Day, the immediately preceding Business
Day). The LIBOR Market Index Rate shall be determined on a daily basis. 
 “Lien” as applied to the
property of any Person means: (a) any security interest, encumbrance, mortgage, deed to secure debt, deed of trust, pledge, lien, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement,
or other security title or encumbrance of any kind in respect of any property of such Person, or upon the income or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered
or otherwise identified for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; (c) the filing of any financing
statement under the Uniform Commercial Code or its equivalent in any jurisdiction, excluding any financing statement filed to give notice of the existence of an operating lease; and (d) any agreement by such Person to grant, give or otherwise
convey any of the foregoing. 
 “Loan” means a Revolving Loan or a Term Loan. 
 “Loan Document” means this Agreement, each Note, each Security Document, the Guaranty, and each other document or
instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement (other than the Fee Letter and any Specified Derivatives Contract). 
 “Loan Party” means each of the Borrower, the Gallery Borrower, the Parent, each other Guarantor, each Grantor, each Pledgor
and each other Person who pledges any Collateral to secure all or a portion of the Obligations. Schedule 1.1.(C) sets forth the Loan Parties in addition to the Borrower and the Parent as of the Agreement Date. 
 “Mandatorily Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms of
such Equity Interest (or by the terms of any security

  

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into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (a) matures or is mandatorily redeemable, pursuant to a sinking
fund obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests at the option of the issuer of such Equity Interest or any Person controlling such issuer),
(b) is convertible into or exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or part (other than an Equity Interest which is redeemable solely
in exchange for common stock or other equivalent common Equity Interests), in each case on or prior to the date on which all Loans are scheduled to be due and payable in full. 
 “Material Adverse Effect” means a materially adverse effect on (a) the business, assets, liabilities, financial
condition, results of operations or business prospects of the Borrower and its Subsidiaries taken as a whole, or the Parent and its Subsidiaries taken as a whole, (b) the legal ability of the Borrower, the Gallery Borrower or any other Loan
Party that is a Material Subsidiary to perform its obligations under any Loan Document to which it is a party, (c) the validity or enforceability of any of the Loan Documents, (d) the rights and remedies of the Lenders and the
Administrative Agent under any of such Loan Documents; (e) the timely payment of the principal of or interest on the Loans or other amounts payable in connection therewith or (f) the Collateral Properties, taken as a whole. 
 “Material Contract” means any contract or other arrangement (other than Loan Documents and Specified Derivatives
Contracts), whether written or oral, to which the Parent, the Borrower, any other Loan Party or any other Subsidiary is a party as to which the breach, nonperformance, cancellation or failure to renew by any party to such contract or other
arrangement could reasonably be expected to have a Material Adverse Effect. 
 “Material Subsidiary” means one
or more Subsidiaries (other than the Borrower) to which more than $25,000,000 of Gross Asset Value is directly or indirectly attributable. 
 “Maximum Revolving Credit Availability” means, on any date of determination, (a) the aggregate amount of the Revolving Commitments, minus (b) the aggregate amount of
Capital Event Tax Distributions for which the Administrative Agent has received a certificate referred to in Section 2.8.(b)(iii) and for which the Administrative Agent has not received evidence reasonably satisfactory to the Administrative
Agent that such Capital Event Tax Distributions have been made. 
 “Microbial Matter” means fungi or bacterial
matter which reproduces through the release of spores or the splitting of cells, including, but not limited to, mold, mildew, and viruses, whether or not such Microbial Matter is living. 
 “Minimum Release Price” means, on any date of determination (a) with respect to the Release of a Collateral Property,
the product derived by multiplying (i) 110% (or 120% if following such Release, there will be fewer than 10 Collateral Properties) times (ii) the Base Value Proportionate Share of such Collateral Property times (iii) an
amount equal to the Revolving Commitments plus the aggregate outstanding principal amount of the Term Loans,

  

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and (b) with respect to a Release of a pad, outparcel or other portion (other than an Option Parcel) at a Collateral Property, the product derived by multiplying (i) the Minimum Release
Price of such Collateral Property times (ii) the ratio, expressed as a percentage, of the Pad Value of such pad, outparcel or other portion to the Base Value of the associated Collateral Property. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Mortgage” means a mortgage, deed of trust, deed to secure debt or similar security instrument made or to be made by a
Person owning an interest in real estate granting a Lien on such interest in real estate as security for the payment of Indebtedness. 
 “Multiemployer Plan” means at any time a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has
within the preceding six plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such six year period. 
 “Net Cash Proceeds” means, with respect to a Person, in the case of: 
 (a) a Disposition or Recovery Event, the aggregate amount of all cash received (including without limitation, all cash payments received by
way of deferred payment of principal or interest pursuant to a note or installment receivable or otherwise, but only as and when received) by such Person in connection with such Disposition or Recovery Event net of (i) the amount of any
out-of-pocket legal fees, title and recording tax expenses, commissions and other customary fees and expenses actually incurred by or on behalf of such Person in connection therewith and paid or payable to a Person other than an Affiliate of such
Person, (ii) any income taxes reasonably estimated in good faith by such Person to be payable by such Person in connection with such Disposition or Recovery Event (after taking into account any available tax credits or deductions and any tax
sharing arrangements) and other taxes thereon to the extent such other taxes are actually paid by such Person, in any event, without duplication of any Capital Event Tax Distributions, (iii) any repayments by such Person of Secured Indebtedness
(other than Indebtedness under any of the Loan Documents but in the case of a Collateral Property, or pad, outparcel or other portion thereof (other than an Option Parcel), net of the Release Price paid under Section 3.12.) to the extent that
such Secured Indebtedness is secured by a Lien on the Property or any parcel of undeveloped real estate that is the subject of such Disposition or Recovery Event and (iv) in the case of a Recovery Event only, any amounts applied to repair or
restore the Property that is the subject of such Recovery Event; 
 (b) an incurrence of Indebtedness (including a Refinancing
of Indebtedness), the aggregate amount of all cash received by such Person from such incurrence, net of (i) in the case of a Refinancing, any repayments by such Person of the Indebtedness being Refinanced (other than Indebtedness under any of
the Loan Documents but in the case of a Collateral Property, net of the Release Price paid under Section 3.12.) and (ii) the amount of any out-of-pocket legal fees, title and recording tax expenses, investment banking fees, underwriting
discounts, commissions

  

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and other customary fees and expenses actually incurred by or on behalf of such Person in connection therewith and paid or payable to a Person other than an Affiliate of such Person; 

(c) an Equity Issuance (other than in the case of the Parent, an Equity Issuance in connection with the Parent Stock Plans), the
aggregate amount of all cash received (including without limitation, all cash payments received by way of deferred payment of principal or interest pursuant to a note or installment receivable or otherwise, but only as and when received), directly
or indirectly, by such Person in respect of such Equity Issuance net of investment banking fees, legal fees, accountants fees, underwriting discounts and commissions and other customary fees and expenses actually incurred by or on behalf of such
Person in connection with such Equity Issuance and paid or payable to a Person other than an Affiliate of such Person; and 
 (d) any other event by which such Person raises capital, the aggregate amount of all cash received (including without limitation, all cash payments received by way of deferred payment of principal or interest pursuant to a note or
installment receivable or otherwise, but only as and when received), directly or indirectly, by such Person as a result of such event, net of investment banking fees, finders fees or brokerage commissions, legal fees, accountants fees, underwriting
discounts and commissions and other customary fees and expenses actually incurred by or on behalf of such Person in connection with such event and paid or payable to a Person other than an Affiliate of such Person. 
 “Net Proceeds” means with respect to an Equity Issuance by a Person, the aggregate amount of all cash or the Fair Market
Value of all other property received by such Person in respect of such Equity Issuance net of investment banking fees, legal fees, accountants fees, underwriting discounts and commissions and other customary fees and expenses actually incurred by or
on behalf of such Person in connection with such Equity Issuance and paid or payable to a Person other than an Affiliate of such Person. 
 “New River Valley Mall Credit Agreement” means that certain Term Loan Agreement dated as of January 25, 2010, by and among the Borrower and PR Financing Limited Partnership, as
borrowers, the financial institutions party thereto as lenders, and Wells Fargo, as Administrative Agent. 
 “New River
Valley Mall Liabilities” means all indebtedness, obligations, liabilities, covenants, and duties owing by the Borrower and PR Financing Limited Partnership under and in respect of the New River Valley Mall Credit Agreement and any other
Loan Documents (as defined in the New River Valley Mall Credit Agreement). 
 “New River Valley Mall Property”
means the Collateral Property owned by PR Financing Limited Partnership known as New River Valley Mall located in Christiansburg, Virginia. 
 “NOI” means, with respect to any Collateral Property and for a given period and without duplication, the amount equal to: (a) rents and other revenues received or accrued in the
ordinary course from such Property (including proceeds of rent loss insurance but excluding pre-paid rents

  

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and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent and without giving effect to acceleration of straight line rents, allowances,
and lease intangibles as required by GAAP) minus (b) all expenses paid or accrued related to the ownership, operation or maintenance of such Property, including but not limited to taxes, assessments and other similar charges, insurance,
utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in
connection with such Property, but specifically excluding general overhead expenses of Borrower and the Parent). 
 “Nonrecourse Exceptions” means, with respect to Nonrecourse Indebtedness, reasonable and customary exceptions for fraud, willful misrepresentation, misapplication of funds (including misappropriation of security deposits
and failure to apply rents to operating expenses or debt service), indemnities relating to environmental matters and waste of property constituting security for such Nonrecourse Indebtedness, post-default interest, attorney’s fees and other
costs of collection to the extent not covered by the value of the property constituting security for such Nonrecourse Indebtedness and other similar exceptions to nonrecourse liability. Nonrecourse Exceptions shall also include the contingent
liability of a Person in respect of Nonrecourse Indebtedness of another Person providing for liability arising upon the occurrence of a Bankruptcy Event with respect to such other Person or the occurrence of other contingent events such as a
violation of a due on sale clause or a due on finance clause or a violation of special purpose entity covenants (whether such liability arises under a Guaranty of such Nonrecourse Indebtedness enforceable only upon the occurrence of such Bankruptcy
Event or such other contingent event, as an obligation to pay to the holder of such Nonrecourse Indebtedness damages resulting from the occurrence of such Bankruptcy Event or other contingent event, or otherwise); provided, however, upon the
occurrence of any Bankruptcy Event or other contingent event with respect to such other Person, or once such liability shall otherwise cease to be contingent, then such liability shall no longer be considered to be Nonrecourse Indebtedness.

 “Nonrecourse Indebtedness” means, with respect to a Person, (a) Indebtedness for borrowed money in
respect of which recourse for payment (except for obligations in respect to Nonrecourse Exceptions) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness or (b) if such Person is a Single
Asset Entity, any Indebtedness for borrowed money of such Person. Liability of a Person under (i) a Guaranty of Nonrecourse Exceptions or (ii) completion guarantees for Projects Under Development, to the extent relating to the Nonrecourse
Indebtedness of another Person, shall not, in and of itself, prevent such liability from being characterized as Nonrecourse Indebtedness. 
 “Non-Wholly Owned Subsidiary” means any Subsidiary of a Person that is not a Wholly Owned Subsidiary. 
 “Note” means a Revolving Note, a Term Loan A Note or a Gallery Term Loan Note. 
  

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 “Notice of Continuation” means a notice in the form of Exhibit D to be
delivered to the Administrative Agent pursuant to Section 2.9. evidencing the Borrower’s or the Gallery Borrower’s request for the Continuation of a LIBOR Loan owing by it. 
 “Notice of Conversion” means a notice in the form of Exhibit E to be delivered to the Administrative Agent pursuant to
Section 2.10. evidencing the Borrower’s or the Gallery Borrower’s request for the Conversion of a Loan owing by it from one Type to another Type. 
 “Notice of Gallery Term Loan Borrowing” means a notice in the form of Exhibit F to be delivered to the Administrative Agent evidencing the Gallery Borrower’s request for the
borrowing of the Gallery Term Loans. 
 “Notice of Revolving Loan Borrowing” means a notice in the form of
Exhibit G to be delivered to the Administrative Agent evidencing the Borrower’s request for the borrowing of the Revolving Loans. 
 “Notice of Term Loan A Borrowing” means a notice in the form of Exhibit H to be delivered to the Administrative Agent evidencing the Borrower’s request for the borrowing of the
Term Loans A. 
 “Obligations” means, individually and collectively: (a) the aggregate principal balance
of, and all accrued and unpaid interest on, the Revolving Loans and the Term Loans A; (b) all Reimbursement Obligations and all other Letter of Credit Liabilities; and (c) all other indebtedness, liabilities, obligations, covenants and
duties of the Borrower and the other Loan Parties (other than the Gallery Borrower) owing to the Administrative Agent or any Lender of every kind, nature and description, under or in respect of this Agreement, any of the other Loan Documents,
including, without limitation, the Fees, any other fees payable under any Loan Document and indemnification obligations, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and
whether or not evidenced by any promissory note. “Obligations” shall not include Specified Derivatives Obligations. 
 “Occupancy Rate” means, with respect to a Property at any time, the ratio, expressed as a percentage, of (a) the net rentable square footage of such Property actually occupied by tenants paying rent (including each
tenant in occupancy during a free rent period negotiated under the terms of its lease and space provided to and accepted by a tenant for performance by the tenant of fit-up work) pursuant to binding leases as to which no monetary default has
occurred and is continuing to (b) the aggregate net rentable square footage of such Property. When determining the Occupancy Rate of a Property, a tenant will be deemed to be in occupancy provided such tenant (A) is paying rent to the
extent required under the lease, (B) has taken physical possession of its leased space, and (C) if not already open for business, the Borrower reasonably anticipates that such tenant will be open for business within 90 days of the date
such tenant first took possession of such space. 
 “Off-Balance Sheet Obligations” means liabilities and
obligations of the Parent, the Borrower, any Subsidiary or any other Person in respect of “off-balance sheet arrangements” (as

  

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defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act) which the Parent would be required to disclose in the “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” section of the Parent’s report on Form 10-Q or Form 10-K (or their equivalents) which the Parent is required to file with the Securities and Exchange Commission (or any Governmental Authority
substituted therefor). 
 “Operating Real Estate Value” means, as of a given date, the Adjusted NOI for all
Properties of the Parent, its Subsidiaries, its Consolidated Affiliates and its Unconsolidated Affiliates for the four fiscal-quarter period most recently ended divided by 8.00%. For purposes of determining Operating Real Estate Value
(a) Adjusted NOI from Properties acquired by the Parent, any Subsidiary, any Consolidated Affiliate or any Unconsolidated Affiliate during the immediately preceding four fiscal quarters of the Parent or disposed of by any such Person during the
immediately preceding fiscal quarter of the Parent, shall be excluded and (b) with respect to a Property owned by a Consolidation Exempt Entity, only the greater of the Parent’s Ownership Share or Recourse Share of the Adjusted NOI, as
applicable, of such Property shall be used when determining Operating Real Estate Value. If the Parent, the Borrower or their Subsidiaries own Equity Interests in a Consolidated Affiliate or an Unconsolidated Affiliate which owns a Property the
Adjusted NOI of which has not been excluded from determinations of Operating Real Estate Value by virtue of the immediately preceding clause (a), and such Consolidated Affiliate or Unconsolidated Affiliate then becomes a Subsidiary as a result
of the acquisition by the Parent, the Borrower or their Subsidiaries of additional Equity Interests or otherwise, the Adjusted NOI for Properties owned by such Consolidated Affiliate or Unconsolidated Affiliate which has become a Subsidiary shall
continue to be included in determinations of Operating Real Estate Value and not be excluded by virtue of the immediately preceding clause (a). 
 “Option Agreements” has the meaning given that term in Section 3.12.(c). 
 “Option Parcels” has the meaning given that term in Section 3.12.(c). 
 “Ownership Share” means, with respect to any Consolidation Exempt Entity of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest
(expressed as a percentage) in such Consolidation Exempt Entity or (b) such Person’s relative direct and indirect economic interest (calculated as a percentage) in such Consolidation Exempt Entity determined in accordance with the
applicable provisions of the declaration of trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Consolidation Exempt Entity,
subject to review of the calculation of such Ownership Share by the Administrative Agent. 
 “Pad Value” means,
(a) with respect to a pad, outparcel or other portion of a Collateral Property for which a Base Value exists, the Base Value for such pad, outparcel, or other portion and (b) with respect to any other pad, outparcel or other portion of a
Collateral Property (other than an Option Parcel) the value of such pad, outparcel or other portion as determined in accordance with Section 3.12.(b). 
  

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 “Parent” has the meaning set forth in the introductory paragraph hereof and
shall include the Parent’s successors and permitted assigns. 
 “Parent Stock Plans” means the
Parent’s Dividend Reinvestment and Share Purchase Plan, as amended, as described in Registration Statement Number 333-155722 filed with the Securities and Exchange Commission and the Parent’s Employee Share Purchase Plan, as amended, as
described in Registration Statements Number 333-69877 and 333-70157, filed with the Securities and Exchange Commission, or pursuant to any amendment to or successor of such plans. 
 “Participant” has the meaning given that term in Section 11.6.(b). 
 “Participation” has the meaning given that term in Section 11.6.(b). 
 “Partnership Agreement” means that certain First Amended and Restated Agreement of Limited Partnership Agreement of PREIT
Associates, L.P. dated as of September 30, 1997, by and among Pennsylvania Real Estate Investment Trust, as the general partner and the limited partners whose names are set forth therein, as amended and in effect on the Effective Date.

 “PBGC” means the Pension Benefit Guaranty Corporation and any successor agency. 
 “Permitted Liens” means, with respect to any asset or property of a Person, (a)(i) Liens securing taxes, assessments
and other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental Laws) or (ii) the claims of materialmen, mechanics, carriers, warehousemen
or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which, in the case of both clauses (i) and (ii), are not at the time required to be paid or discharged under Section 7.7.; (b) Liens
consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar Applicable Laws; (c) Liens consisting of
encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of such property or impair the intended use thereof in the business of
such Person; (d) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; (e) Liens in favor of the Administrative Agent for its benefit and the benefit of the Issuing Bank, the
Lenders and each Specified Derivatives Provider, (f) in the case of any Collateral encumbered by a Security Document, other Liens expressly permitted by such Security Document, (g) all liens, encumbrances and other matters disclosed in the
title insurance policies delivered in connection with the Collateral Properties, and (h) Liens securing judgments so long as the judgment it secures does not give rise to an Event of Default under Section 9.1.(h). 
 “Person” means any natural person, corporation, limited partnership, general partnership, joint stock company, limited
liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization,

  

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whether or not a legal entity, or any other nongovernmental entity, or any Governmental Authority. 
 “Placed in Service” means for each Project Under Development (or portion thereof), the time, determined in accordance with GAAP, at which the ground-up construction, redevelopment and/or
expansion of such Property is considered substantially completed and such Property is held available for occupancy subject only to completion of tenant improvements but in any event shall be deemed to have occurred no later than one year from
cessation of major construction activity (as distinguished from activities such as routine maintenance, punch list items and cleanup). 
 “Pledge Agreement” means the Pledge Agreement executed by the Pledgors in favor of the Administrative Agent for its benefit and the benefit of the Lenders, the Issuing Bank and the Specified Derivatives Providers, and
substantially in the form of Exhibit I. 
 “Pledgor” means each of PREIT, PR Gallery I LLC, PR Gallery II
Limited Partnership, and Keystone Philadelphia Properties, LLC, and each of their respective successors and assigns. 
 “Post-Default Rate” means a rate per annum equal to 4.0% plus the rate applicable to Base Rate Loans under Section 2.4.(a). 
 “Preferred Dividends” means, for any period and without duplication, all Restricted Payments paid during such period on Preferred Stock issued by the Parent or a Subsidiary. Preferred
Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than Equity Interests redeemable at the option of the holder) payable to holders of such class of Equity Interests; (b) paid or
payable to the Parent, the Borrower or another Subsidiary; or (c) constituting balloon, bullet or similar redemptions resulting in the redemption of Preferred Stock. 
 “Preferred Stock” means, with respect to any Person, shares of capital stock of, or other Equity Interests in, such Person which are entitled to preference or priority over any other
capital stock of, or other Equity Interest in, such Person in respect of the payment of dividends or distribution of assets upon liquidation or both. 
 “PREIT” has the meaning set forth in the introductory paragraph hereof and shall include PREIT’s successors and permitted assigns. 
 “PREIT-RUBIN” has the meaning set forth in the introductory paragraph hereof and shall include PREIT-RUBIN’s
successors and permitted assigns. 
 “PR Gallery” has the meaning set forth in the introductory paragraph
hereof and shall include PR Gallery’s successors and permitted assigns. 
 “Principal
Office” means the office of the Administrative Agent located at 733 Marquette Avenue, 10th Floor, Minneapolis, Minnesota 55402, or any other subsequent office

  

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that the Administrative Agent shall have specified by written notice to the Borrower and the Lenders as the Principal Office referred to herein, to which payments due are to be made and at which
Loans will be disbursed. 
 “Principal Officer” means each of Ronald Rubin, George Rubin, Robert McCadden,
Joseph Coradino and Edward Glickman. 
 “Project Under Development” means a Property owned by the Parent, any
Subsidiary, any Consolidated Affiliate or any Unconsolidated Affiliate on which ground-up construction, redevelopment, and/or expansion has commenced. A Property undergoing ordinary course capital improvements which would qualify as recurring
capital expenditures or incurring costs due to ordinary course turnover of non-anchor tenant space, shall not be considered to be a Project Under Development. A Property or portions of that Property shall no longer be considered a Project Under
Development after the earlier of (i) the time it is Placed in Service, and (ii) the Borrower’s election (which election shall be irrevocable without the Administrative Agent’s consent) to no longer treat such Property (or portion
thereof) as a Project Under Development. 
 “Property” means a parcel (or group of related parcels) of real
property developed (or which is to be developed) principally for retail, office, industrial or residential multi-family use. 
 “Property Management Agreements” means, collectively, all agreements entered into by the Borrower or any other Loan Party pursuant to which the Borrower or such other Loan Party engages a Person to manage a Collateral
Property. 
 “Property Management Contract Assignment” means a Property Management Contract Assignment and
Subordination Agreement executed by PREIT and all of the Property Owners in favor of the Administrative Agent for its benefit and the benefit of the Issuing Bank, the Lenders and each Specified Derivatives Provider, in form and substance
satisfactory to the Administrative Agent. 
 “Property Owner” means any of the Parent, the Borrower or any
Subsidiary that owns or leases a Collateral Property. 
 “Protective Advance” means all sums expended as
reasonably determined by the Administrative Agent to be necessary or appropriate after the Borrower or the Gallery Borrower, as applicable, fails to do so when required: (a) to protect the validity, enforceability, perfection or priority of the
Liens in any of the Collateral and the instruments evidencing the Obligations or Gallery Obligations; (b) to prevent the value of any Collateral from being materially diminished (assuming the lack of such a payment within the necessary time
frame could potentially cause such Collateral to lose value); or (c) to protect any of the Collateral from being materially damaged, impaired, mismanaged or taken, including, without limitation, any amounts expended in connection therewith in
accordance with Section 10.5. 
  

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 “Qualified Plan” shall mean a Benefit Arrangement that is intended to be
tax-qualified under Section 401(a) of the Internal Revenue Code. 
 “Recourse Share” means, with respect
to any Person, the portion (calculated as a percentage) of the total Indebtedness of another Person guaranteed by such Person, or which is otherwise recourse to such Person (other than Indebtedness consisting of Guarantees which are solely
Guarantees of performance and not of payment and other Guarantees of such Person for liabilities arising from Nonrecourse Exceptions), subject to review of the calculation of such portion by the Administrative Agent. 
 “Recovery Event” means any settlement of or payment in respect of any property or casualty insurance claim or any
condemnation proceeding relating to any Property or any parcel of undeveloped real property, and in each case, any interest therein, of the Parent, the Borrower, any other Loan Party, any other Subsidiary, any Consolidated Affiliate or any
Unconsolidated Affiliate. 
 “Refinance” means, in respect of any Indebtedness, to refinance, extend, renew,
refund, repay, prepay, purchase, redeem, defease or retire, or to issue other Indebtedness in exchange or replacement for, such Indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings. 
 “Refinance Event” means (a) the Refinancing of any Secured Indebtedness (other than Excluded Indebtedness, any of the
Obligations, or any of the Gallery Obligations) of the Parent, the Borrower, any other Loan Party, any other Subsidiary, any Consolidated Affiliate or any Unconsolidated Affiliate and (b) the incurrence of any Secured Indebtedness of the
Parent, the Borrower, any other Loan Party or any other Subsidiary that is secured by a Lien on a Property previously encumbered by a Lien securing Secured Indebtedness paid in full with proceeds of Revolving Loans. 
 “Register” has the meaning given that term in Section 11.6.(d). 
 “Regulatory Change” means, with respect to any Lender, any change effective after the Agreement Date (or with respect to
any Lender that becomes a party to this Agreement after the Agreement Date, any change effective after the date on which such Lender becomes a party hereto) in Applicable Law (including without limitation, Regulation D of the Board of Governors of
the Federal Reserve System) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force of law and whether
or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender with any request or directive regarding capital adequacy.

 “Reimbursement Obligation” means the obligation of the Borrower to reimburse the Issuing Bank for any
drawing honored by the Issuing Bank under a Letter of Credit. 
  

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 “REIT” means a Person qualifying for treatment as a “real estate
investment trust” under the Internal Revenue Code. 
 “REIT Taxable Income” means, with respect to a
Person for any taxable year, the taxable income of such Person determined in accordance with Section 857(b)(2) of the Internal Revenue Code before deduction for dividends paid. 
 “Release” has the meaning given that term in Section 3.12.(a). 
 “Release Price” means (a) with respect to a Release of a Collateral Property (or a pad, outparcel or other portion
thereof (other than an Option Parcel)) (i) an amount equal to the Minimum Release Price plus, (ii) if the Facility Debt Yield would be less than 11.00% after giving pro forma effect to any reduction in the aggregate NOI of the
Collateral Properties occurring in connection with such Release and the reduction in the amount of the aggregate outstanding principal balance of the Term Loans after application of the Minimum Release Price to the repayment of the Term Loans, an
amount equal to the lesser of (A) the amount that when paid and applied to the Term Loans would result in a Facility Debt Yield equal to 11.00% and (B) the amount by which the greater of (1) 100.0% of Net Cash Proceeds to be received
by the Parent, the Borrower, any other Loan Party or any other Subsidiary in connection with such Release and (2) 90.0% of the gross proceeds to be received by the Parent, the Borrower, any other Loan Party or any other Subsidiary in connection
with such Release, exceeds the Minimum Release Price, and (b) with respect to a Release of an Option Parcel, an amount equal to the Net Cash Proceeds received in connection with the Disposition of such Option Parcel. 
 “Remaining Capital Event Proceeds” has the meaning given that term in Section 2.8.(b)(iii). 
 “Rents” means the rents, income, receipts, revenues, issues and profits now due or that may become due or to which any
Property Owner is now or hereafter may become entitled or that such Property Owner may demand or claim, arising or issuing from or out of any Tenant Lease, or from or out of any Collateral Property or any part thereof or any Collateral related
thereto, including, without limiting the generality of the foregoing, minimum rents, additional rents, percentage rents, parking maintenance charges or fees, tax and insurance contributions, proceeds of sale of electricity, gas, chilled and heated
water and other utilities and services, deficiency rents, security deposits and other liquidated damages following default, premiums payable by any tenant upon the exercise of a cancellation privilege provided for in any Tenant Lease and all
proceeds payable under any policy of insurance covering loss of rents resulting from untenantability caused by destruction or damage to such Collateral Property or Collateral related thereto, together with any and all rights and claims of any kind
that the Property Owner may have against any tenant under any Tenant Lease or against any subtenants or occupants of such Collateral Property. 
 “Requisite Lenders” means, as of any date, Lenders (which shall include the Lender then acting as Administrative Agent) holding at least 66- 2/3% of the aggregate amount of the Commitments, or, if all Commitments
have been terminated or reduced to zero, Lenders holding

  

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at least 66- 2/3% of the aggregate principal amount of the outstanding Loans and Letter of Credit Liabilities; provided that (a) in determining such percentage at any given time, all then existing Defaulting Lenders
will be disregarded and excluded, and the Commitment Percentages of the Lenders shall be redetermined, for voting purposes only, to exclude the Commitments, Loans and Letter of Credit Liabilities of such Defaulting Lenders, and (b) at all times
when two or more Lenders are party to this Agreement, the term “Requisite Lenders” shall in no event mean less than two Lenders. 
 “Reserve for Replacements” means, for any period and with respect to any Property, an amount equal to (a)(i) the aggregate square footage of all completed space of such Property
times (ii) $0.15 times (b) the number of days in such period divided by (c) 365. The Properties included in the calculation of Reserve for Replacements shall not include those Properties or portions thereof with
respect to which or to the extent that a third party (x) owns the improvements thereon, (y) is a party to a ground lease with the Parent, the Borrower or a Subsidiary with respect to the land therein and (z) is contractually obligated
to make all repairs and capital improvements and replacements thereof. 
 “Responsible Officer” means with
respect to the Parent, the Borrower, or any Subsidiary, the chief executive officer, president and/or chief financial officer of the Parent and/or the Borrower, or the corresponding officer of each such Subsidiary, or if any of the foregoing is a
partnership, such officer of its general partner. 
 “Restricted Payment” means: (a) any dividend or other
distribution, direct or indirect, on account of any Equity Interest of the Parent or any of its Subsidiaries now or hereafter outstanding, except a dividend payable to holders of Equity Interests solely in the form of Equity Interests of the Parent
or any such Subsidiary, as the case may be; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares or similar units of any class of stock
or other equity interest of the Parent or any of its Subsidiaries now or hereafter outstanding; and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares or similar
units of any class of stock or other equity interest of the Parent or any of its Subsidiaries now or hereafter outstanding. 
 “Revolving Loan Availability” means, on any date of determination (a) the amount of the Maximum Revolving Credit Availability minus the (b) sum of (i) the aggregate outstanding principal amount of the
Revolving Loans and (ii) the Letter of Credit Liabilities. 
 “Revolving Commitment” means, as to each
Lender, such Lender’s obligation (a) to make Revolving Loans pursuant to Section 2.1.(a); (b) to issue (in the case of the Lender then acting as Issuing Bank) or to participate in (in the case of the other Lenders) Letters of
Credit pursuant to Section 2.3.(a) and Section 2.3.(i), respectively (but in the case of the Lender acting as the Issuing Bank excluding the aggregate amount of participations in the Letters of Credit held by the other Lenders), in each
case, in an amount up to, but not excluding, the amount set forth for such Lender on Schedule 1 as such Lender’s “Revolving Commitment Amount” or as set forth in the applicable Assignment and Assumption Agreement, as the same may be
reduced

  

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from time to time pursuant to Section 2.14. or as appropriate to reflect any assignments to or by such Lender effected in accordance with Section 11.6. 
 “Revolving Loan” means a loan made by a Lender to the Borrower pursuant to Section 2.1.(a). 
 “Revolving Note” has the meaning given that term in Section 2.11.(a). 
 “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. 

“Secured Indebtedness” means Indebtedness that is secured in any manner by a Lien. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, together with all rules and regulations
issued thereunder. 
 “Security Agreement” means the Security Agreement executed by the Borrower and the
Grantors in favor of the Administrative Agent for its benefit and the benefit of the Lenders, the Issuing Bank and the Specified Derivatives Providers, and substantially in the form of Exhibit J. 
 “Security Document” means any Security Instrument, any Property Management Contract Assignment, the Pledge Agreement, the
Security Agreement, and any security agreement, pledge agreement, financing statement, or other document, instrument or agreement creating, evidencing or perfecting the Administrative Agent’s Liens for its benefit and the benefit of the Lenders
and for the benefit of the Issuing Bank and the Specified Derivatives Providers, as applicable, in any of the Collateral. 
 “Security Instrument” means a mortgage, deed of trust, deed to secure debt, or similar security instrument executed by the Borrower or a Subsidiary of the Borrower in favor of the Administrative Agent for its benefit and
the benefit of the Issuing Bank, the Lenders and each Specified Derivatives Provider, in substantially the form attached hereto as Exhibit K. 
 “Single Asset Entity” means a Person (other than an individual) that (a) only owns a single Property; (b) is engaged only in the business of owning, developing and/or leasing
such Property; and (c) receives substantially all of its gross revenues from such Property. In addition, if the assets of a Person consist solely of (i) Equity Interests in one other Single Asset Entity and (ii) cash and other assets
of nominal value incidental to such Person’s ownership of the other Single Asset Entity, such Person shall also be deemed to be a Single Asset Entity for purposes of this Agreement. 
 “Solvent” means, when used with respect to any Person, that (a) the fair value and the fair salable value of its
assets (excluding any Indebtedness due from any Affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities); and (b) such Person is able to pay its debts or other
obligations in the ordinary course as they mature

  

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and (c) that the Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. 
 “Specified Derivatives Contract” means any Derivatives Contract, together with any Derivatives Support Document relating
thereto, that is made or entered into at any time, or in effect at any time now or hereafter, whether as a result of an assignment or transfer or otherwise, in each case, with respect to the Loans, between the Borrower and a Specified Derivatives
Provider. 
 “Specified Derivatives Obligations” means all indebtedness, liabilities, obligations, covenants
and duties of the Borrower under or in respect of any Specified Derivatives Contract, whether direct or indirect, absolute or contingent, due or not due, liquidated or unliquidated, and whether or not evidenced by any written confirmation.

 “Specified Derivatives Provider” means any Lender, or any Affiliate of a Lender, that is a party to a
Derivatives Contract at the time the Derivatives Contract is entered into. 
 “Stated Amount” means the amount
available to be drawn by a beneficiary of a Letter of Credit from time to time, as such amount may be increased or reduced from time to time in accordance with the terms of such Letter of Credit. 
 “Subsidiary” means, for any Person, any corporation, partnership or other entity (other than a condominium association) of
which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership
or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person.

 “Substantial Amount” means, at the time of determination thereof, an amount in excess of 30.0% of total
consolidated assets (exclusive of depreciation) at such time of the Parent and its Subsidiaries determined on a consolidated basis. 
 “Substitution” has the meaning given that term in Section 3.11.(a). 
 “Tangible Net
Worth” means, for any Person and as of a given date, such Person’s total consolidated stockholder’s equity (including equity attributable to any non-controlling ownership interests of PREIT consistent with the Statement of
Financial Accounting Standards No. 160) plus (a) (to the extent reflected in determining stockholders’ equity of such Person) the sum of (i) increases in accumulated depreciation and amortization occurring after
September 30, 2009, plus (ii) any unrealized losses recorded pursuant to Topic 815, minus (b) (to the extent reflected in determining stockholders’ equity of such Person): (i) the amount of any write-up in the
book value of any assets reflected in any balance sheet resulting from revaluation thereof or any write-up in excess of the cost of such assets acquired, (ii) the aggregate of all amounts appearing on the assets side of any such balance sheet
for patents, patent applications, copyrights,

  

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trademarks, trade names, goodwill and other like assets which would be classified as intangible assets under GAAP, all determined on a consolidated basis and (iii) any unrealized gains
recorded pursuant to Topic 815. 
 “Taxes” has the meaning given that term in Section 3.10. 
 “Temporary Lease” means any Tenant Lease entered into for seasonal or temporary uses, carts, kiosks, directory and other
advertising or marketing agreements with a term of 1 year or less that cannot be automatically extended at the option of the tenant party thereto. 
 “Tie-In Jurisdiction” means a jurisdiction in which a “tie-in” endorsement may be obtained for a title insurance policy covering a Collateral Property located in such
jurisdiction which endorsement effectively ties coverage to other title insurance policies covering Collateral Properties located in such jurisdiction and/or other jurisdictions, as applicable. 
 “Tenant Deposit Account” means each Deposit Account (as defined in the UCC) or Securities Account (as defined in the UCC)
into which Rents are deposited. 
 “Tenant Lease” means any lease or license agreement entered into by a
Property Owner with respect to all or any portion of any Collateral Property owned or leased by such Property Owner, including any Temporary Lease or Tower Lease. 
 “Term Loan” means a Term Loan A or a Gallery Term Loan. 
 “Term Loan A Commitment” means, as to a Lender, such Lender’s obligation to make a Term Loan A pursuant to Section 2.2.(a)(i) in an amount equal to the amount set forth for such Lender on Schedule 1 as such
Lender’s Term Loan A Commitment. 
 “Term Loan A” means a loan made by a Lender to the Borrower pursuant
to Section 2.2.(a)(i). 
 “Term Loan A Note” has the meaning given that term in Section 2.11.(b)(i).

 “Termination Date” means March 11, 2013 or such later date to which such date may be extended in
accordance with Section 2.13. 
 “Topic 805” means Topic 805 as described in the Financial Accounting
Standards Board (FASB) Accounting Standards of CodificationTM. 
 “Topic 810” means Topic 810 as described
in the Financial Accounting Standards Board (FASB) Accounting Standards of CodificationTM. 
 “Topic 815”
means Topic 815 as described in the Financial Accounting Standards Board (FASB) Accounting Standards of CodificationTM. 
  

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 “Total Budgeted Cost Until Stabilization” means, with respect to a Project
Under Development, and at any time, the aggregate amount of all costs budgeted to be paid, incurred or otherwise expended or accrued by the Parent, the Borrower, a Subsidiary, a Consolidated Affiliate or an Unconsolidated Affiliate with respect to
such Property to achieve an Occupancy Rate of 100%, including without limitation, all amounts budgeted with respect to all of the following: (a) acquisition of land and any related site improvements, demolition costs, architecture, engineering,
construction/project management and development fees, legal fees and entitlement fees; (b) a reasonable and appropriate reserve for construction interest; (c) tenant improvements; (d) leasing commissions and other leasing costs,
(e) infrastructure costs and (f) other hard and soft costs associated with the development or redevelopment of such Property. With respect to any Property that is a redevelopment involving the addition of gross leasable area, the Total
Budgeted Cost Until Stabilization shall include all budgeted costs for expansions of the Property associated with the additional gross leasable area and all budgeted costs for renovations and other expenditures. With respect to any Property to be
developed from the ground up in more than one phase, the Total Budgeted Cost Until Stabilization shall exclude budgeted costs (other than costs relating to acquisition of land and related site improvements, demolition costs, architecture,
engineering, construction/project management and development fees, legal fees and entitlement fees) to the extent relating to any phase for which (i) construction has not yet commenced and (ii) a binding construction contract or lease
agreement has not been entered into by the Parent, the Borrower, any other Subsidiary, any Consolidated Affiliate or any Unconsolidated Affiliate, as the case may be. The calculation of Total Budgeted Cost Until Stabilization herein shall be net of
(x) any amount of budgeted costs attributable to portions of any Property that have been Placed in Service and (y) the aggregate sale proceeds of a sale of a pad site within a Project under Development that are payable pursuant to a
binding sale contract with a third party approved by the Administrative Agent. 
 “Total Liabilities” means, as
to any Person as of a given date, all liabilities which would, in conformity with GAAP, be properly classified as a liability on the consolidated balance sheet of such Person as of such date, and in any event shall include (without duplication):
(a) all Indebtedness of such Person (whether or not Nonrecourse Indebtedness and whether or not secured by a Lien), including without limitation, Capitalized Lease Obligations and the full stated amount of undrawn letters of credit issued for
the account of such Person, but excluding (i) letters of credit secured with cash collateral, (ii) letters of credit issued solely in lieu of a non-payment performance obligation and (iii) letters of credit securing a refundable
obligation under a binding contract; (b) all accounts payable (including tenant deposits accounted for as payables but excluding tenant deposits held as restricted cash and not included in the calculation of Gross Asset Value pursuant to clause
(b) of the definition of such term) and accrued expenses of such Person; (c) all purchase and repurchase obligations and forward commitments of such Person to the extent such obligations or commitments are evidenced by a binding purchase
agreement (forward commitments shall include without limitation forward equity commitments and commitments to purchase properties); (d) all unfunded obligations of such Person; (e) all lease obligations of such Person (including ground
leases) to the extent required under GAAP to be classified as a liability on the balance sheet of such Person; (f) all Contingent Obligations and Off-Balance Sheet Obligations of such Person; (g) all liabilities of any Consolidation Exempt
Entity of such Person, which liabilities such Person has Guaranteed or is otherwise obligated on a

  

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recourse basis; and (h) the greater of such Person’s Investment Share or Recourse Share of the Indebtedness of any Consolidation Exempt Entity of such Person, including Nonrecourse
Indebtedness of such Person. For purposes of clauses (c) and (d) of this definition, the amount of Total Liabilities of a Person at any given time in respect of a contract to purchase or otherwise acquire unimproved or fully developed real
property shall be equal to (i) the total purchase price payable by such Person under the contract if, at such time, the seller of such real property would be entitled to specifically enforce the contract against such Person, otherwise and
(ii) the aggregate amount of due diligence deposits, earnest money payments and other similar payments made by such Person under the contract which, at such time, would be subject to forfeiture upon termination of the contract. For purposes of
clause (c) of this definition, the amount of Total Liabilities of a Person at any given time in respect of a contract to purchase or otherwise acquire real property being renovated or developed by a third party shall be equal to the maximum
amount reasonably estimated to be payable by such Person to such third party under a contract between such Person and such third party during the remaining term of such contract. For purposes of this definition, if the assets of a Subsidiary of a
Person consist solely of Equity Interests in one Consolidation Exempt Entity of such Person and such Person is not otherwise obligated in respect of the Indebtedness of such Consolidation Exempt Entity, then only such Person’s Investment Share
of the Indebtedness of such Consolidation Exempt Entity shall be included as Total Liabilities of such Person. For purposes of determining the Total Liabilities of the Parent and the Subsidiaries, (i) the amount of any Indebtedness assumed by
the Parent or any Subsidiary at the time of an acquisition which the Parent is required under GAAP to reflect at fair value on a balance sheet, shall be equal to outstanding principal balance of such Indebtedness and not the fair value of such
Indebtedness as would be reflected on the Parent’s balance sheet and (ii) liabilities recorded in connection with derivative accounting pursuant to Topic 815 and liabilities relating to intangible items recorded pursuant to Topic 805 shall
be excluded. 
 “Tower Lease” means any Tenant Lease entered into for a wireless communication, broadcast or
other transmission tower. 
 “Transfer Authorizer Designation” means a form substantially in the form of
Exhibit L to be delivered to the Administrative Agent pursuant to Section 5.1. 
 “Trust Agreement”
means that certain Pennsylvania Real Estate Investment Trust Agreement, as amended and restated as of December 16, 1997, among the trustees a party thereto, as amended and in effect on the Effective Date. 
 “Type” with respect to any Loan, or any portion of a Loan, refers to whether such Loan or portion is a LIBOR Loan or a Base
Rate Loan. 
 “UCC” means the Uniform Commercial Code as in effect in any applicable jurisdiction. 

“Unconsolidated Affiliate” means, with respect to any Person, any other Person in whom such Person directly or
indirectly holds an Investment, which Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial

  

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results would not be consolidated in accordance with GAAP with the financial results of such Person on the consolidated financial statements of such Person. 
 “Variable Interest Entities” means those Persons who (a) are neither Guarantors or Subsidiaries of the Parent and
(b) who are consolidated with the Parent in the financial statements of the Parent solely by reason of the application of Topic 810. 
 “Wells Fargo” means Wells Fargo Bank, National Association, and its successors and permitted assigns. 
 “Wholly Owned Subsidiary” means any Subsidiary of a Person all of the equity securities or other ownership interests (other than, in the case of a corporation, directors’ qualifying
shares) of which are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one or more other Subsidiaries of such Person. In the case of the Parent, the term
“Wholly Owned Subsidiary” shall also include PREIT. With respect to clause (b) of the term “Excluded Subsidiary”, the term “Wholly Owned Subsidiary” shall include any Subsidiary of a Person, (a) of which such
Person owns or controls, directly or indirectly through one or more other Subsidiaries, substantially all of the Equity Interests and (b) over which such Person possesses sufficient control to warrant treating such Subsidiary as if it were a
Wholly Owned Subsidiary. 
 “Withdrawal Liability” shall mean any liability as a result of a complete or
partial withdrawal from a Multiemployer Plan as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 Section 1.2. General; References to Times. 
 Unless otherwise indicated, all accounting terms, ratios and
measurements shall be interpreted or determined in accordance with GAAP as in effect as of the Agreement Date. Notwithstanding the foregoing, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set
forth in any Loan Document, and either the Borrower or the Requisite Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent
thereof in light of such change in GAAP (subject to the approval of the Requisite Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and
(ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such
ratio or requirement made before and after giving effect to such change in GAAP. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and
ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other financial accounting standard promulgated by the Financial Accounting Standards Board having a similar
result or effect) to value any Indebtedness or other liabilities of the Parent, the Borrower or any Subsidiary at “fair value”, as

  

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defined therein. References in this Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules
herein and hereto unless otherwise indicated. References in this Agreement to any document, instrument or agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include, unless otherwise indicated, all
documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean, unless otherwise indicated, such document, instrument or agreement, or replacement thereto, as amended,
supplemented, restated or otherwise modified from time to time to the extent permitted hereby and in effect at any given time. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the
singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Unless explicitly set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of
the Parent or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a reference to an Affiliate of the Borrower. Titles and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience
only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all 
 references to time are references to
Central time. Certifications as to the matters contained in any certificate delivered by an officer of the Parent, the Borrower or the Gallery Borrower to the Administrative Agent, the Lenders or the both the Administrative Agent and the Lenders
under the terms of this Agreement or any other Loan Document are made in such officer’s capacity as an officer of the Parent, the Borrower, or the Gallery Borrower, as applicable, and not in such officer’s individual capacity. 

ARTICLE II. CREDIT FACILITIES 
 Section 2.1. Revolving Loans. 
 (a) Making of Revolving Loans. Subject to the terms and conditions set forth in this Agreement, including without limitation, Section 2.19. below, each Lender severally and not jointly agrees to make Revolving Loans to the
Borrower during the period from and including the Effective Date to but excluding the Termination Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding, such Lender’s Revolving Commitment. Each borrowing of
Base Rate Loans under this subsection shall be in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess thereof. Notwithstanding the immediately preceding sentence, a borrowing of Revolving Loans may be in the
aggregate amount of the unused Revolving Commitments. Within the foregoing limits and subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Revolving Loans. 
 (b) Requests for Revolving Loans. Not later than 11:00 a.m. Central time at least 1 Business Day prior to a borrowing of Base Rate
Loans and not later than 11:00 a.m. Central time at least 3 Business Days prior to a borrowing of LIBOR Loans, the Borrower shall deliver to the Administrative Agent a Notice of Revolving Loan Borrowing. Each Notice of Revolving Loan Borrowing shall
specify the aggregate principal amount of the Revolving Loans to be borrowed, the date such Revolving Loans are to be borrowed (which must be a Business Day), the use of the proceeds of such Revolving Loans, the Type of the requested Revolving
Loans, and if such Revolving Loans are to be LIBOR Loans, the initial Interest Period for such Revolving Loans. Each Notice of Revolving Loan Borrowing shall be irrevocable once given and binding on the

  

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Borrower. Prior to delivering a Notice of Revolving Loan Borrowing, the Borrower may (without specifying whether a Revolving Loan will be a Base Rate Loan or a LIBOR Loan) request that the
Administrative Agent provide the Borrower with the most recent LIBOR available to the Administrative Agent. The Administrative Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as possible thereafter.

 (c) Funding of Revolving Loans. Promptly after receipt of a Notice of Revolving Loan Borrowing under the immediately
preceding subsection (b), the Administrative Agent shall notify each Lender of the proposed borrowing. Each Lender shall deposit an amount equal to the Revolving Loan to be made by such Lender to the Borrower with the Administrative Agent at the
Principal Office, in immediately available funds not later than 11:00 a.m. Central time on the date of such proposed Revolving Loans. Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent shall make available
to the Borrower, not later than 2:00 p.m. Central time on the date of the requested borrowing of Revolving Loans, the proceeds of such amounts received by the Administrative Agent. 
 (d) Assumptions Regarding Funding by Lenders. With respect to Revolving Loans to be made after the Effective Date, unless the
Administrative Agent shall have been notified by any Lender that such Lender will not make available to the Administrative Agent a Revolving Loan to be made by such Lender in connection with any borrowing, the Administrative Agent may assume that
such Lender will make the proceeds of such Revolving Loan available to the Administrative Agent in accordance with this Section, and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available to
the Borrower the amount of such Revolving Loan to be provided by such Lender. In such event, if such Lender does not make available to the Administrative Agent the proceeds of such Revolving Loan, then such Lender and the Borrower severally agree to
pay to the Administrative Agent on demand the amount of such Revolving Loan with interest thereon, for each day from and including the date such Revolving Loan is made available to the Borrower but excluding the date of payment to the Administrative
Agent, at (i) in the case of a payment to be made by such Lender, the Federal Funds Rate and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall
pay the amount of such interest to the Administrative Agent for the same or overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays to
the Administrative Agent the amount of such Revolving Loan, the amount so paid shall constitute such Lender’s Revolving Loan included in the borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have
against a Lender that shall have failed to make available the proceeds of a Revolving Loan to be made by such Lender. 
 Section 2.2.
Term Loans. 
 (a) Making of Term Loans. 
 (i) Term Loans A. Subject to the terms and conditions set forth in this Agreement, each Lender severally and not
jointly agrees to make a Term Loan A to the

  

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Borrower on the Effective Date in a principal amount equal to the amount of such Lender’s Term Loan A Commitment. Each Base Rate Loan that is a Term Loan A shall be in an aggregate minimum
amount of $500,000 and such amounts in excess thereof as the Administrative Agent and the Borrower may reasonably determine. Each LIBOR Loan that is a Term Loan A shall be in an aggregate minimum amount of $1,000,000 and such amounts in excess
thereof as the Administrative Agent and the Borrower may reasonably determine. Upon funding of the Term Loans A, the Term Loan A Commitments shall terminate. Once repaid, the principal amount of any Term Loan A may not be reborrowed. 
 (ii) Gallery Term Loans. Subject to the terms and conditions set forth in this Agreement, each Lender severally and
not jointly agrees to make a Gallery Term Loan to the Gallery Borrower on the Effective Date in a principal amount equal to the amount of such Lender’s Gallery Term Loan Commitment. Each Base Rate Loan that is a Gallery Term Loan shall be in an
aggregate minimum amount of $500,000 and such amounts in 
 excess thereof as the Administrative Agent and the
Gallery Borrower may reasonably determine. Each LIBOR Loan that is a Gallery Term Loan shall be in an aggregate minimum amount of $1,000,000 and such amounts in excess thereof as the Administrative Agent and the Gallery Borrower may reasonably
determine. Upon funding of the Gallery Term Loans, the Gallery Term Loan Commitments shall terminate. Once repaid, the principal amount of any Gallery Term Loan may not be reborrowed. 
 (b) Requests for Term Loans. 
 (i) Not later than 11:00 a.m. Central time at least 3 Business Days prior to the anticipated Effective Date, the Borrower shall deliver to the Administrative Agent the Notice of Term Loan A Borrowing. The
Notice of Term Loan A Borrowing shall be irrevocable once given and binding on the Borrower. Prior to delivering the Notice of Term Loan A Borrowing, the Borrower may (without specifying whether a Term Loan A will be a Base Rate Loan or a LIBOR
Loan) request that the Administrative Agent provide the Borrower with the most recent LIBOR available to the Administrative Agent. The Administrative Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as
possible thereafter. 
 (ii) Not later than 11:00 a.m. Central time at least 3 Business Days prior to the
anticipated Effective Date, the Gallery Borrower shall deliver to the Administrative Agent the Notice of Gallery Term Loan Borrowing. The Notice of Gallery Term Loan Borrowing shall be irrevocable once given and binding on the Gallery Borrower.
Prior to delivering the Notice of Gallery Term Loan Borrowing, the Gallery Borrower may (without specifying whether a Gallery Term Loan will be a Base Rate Loan or a LIBOR Loan) request that the Administrative Agent provide the Gallery Borrower with
the most recent LIBOR available to the Administrative Agent. The Administrative Agent shall provide such quoted rate to the Gallery Borrower on the date of such request or as soon as possible thereafter. 
  

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 (c) Funding of Term Loans. Each Lender shall deposit an amount equal to the Term Loan
A to be made by such Lender to the Borrower and an amount equal to the Gallery Term Loan to be made by such Lender to the Gallery Borrower with the Administrative Agent at the Principal Office, in immediately available funds not later than 11:00
a.m. Central time on the anticipated Effective Date. Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent shall make available to the Borrower or to the Gallery Borrower, as applicable, not later than 2:00
p.m. Central time on the Effective Date, the proceeds of such amounts received by the Administrative Agent. 
 Section 2.3. Letters of
Credit. 
 (a) Letters of Credit. Subject to the terms and conditions of this Agreement, including without limitation,
Section 2.19. and the third sentence of Section 7.9., the Issuing Bank, on behalf of the Lenders, agrees to issue for the account of the Borrower during the period from and including the Effective Date to, but excluding, the date 30 days
prior to the Termination Date, one or more standby letters of credit (each a “Letter of Credit”) up to a maximum aggregate Stated Amount at any one time outstanding not to exceed $30,000,000 (as such amount may be reduced from time to time
in accordance with the terms hereof) (the “L/C Commitment Amount”). The parties hereto agree that the Existing Letters of Credit shall be deemed Letters of Credit issued hereunder. 
 (b) Terms of Letters of Credit. At the time of issuance, the amount, form, terms and conditions of each Letter of Credit, and of any
drafts or acceptances thereunder, shall be subject to approval by the Issuing Bank and the Borrower. Notwithstanding the foregoing, in no event may (i) the expiration date of any Letter of Credit extend beyond 30 days prior to the Termination
Date, or (ii) any Letter of Credit have an initial duration in excess of one year; provided, however, a Letter of Credit may contain a provision providing for the automatic extension of the expiration date in the absence of a notice of
non-renewal from the Issuing Bank but in no event shall any such provision permit the extension of the expiration date of such Letter of Credit beyond the date that is 30 days prior to the Termination Date. The initial Stated Amount of each Letter
of Credit shall be at least $10,000. 
 (c) Requests for Issuance of Letters of Credit. The Borrower shall give the
Issuing Bank and the Administrative Agent written notice at least 5 Business Days prior to the requested date of issuance of a Letter of Credit, such notice to describe in reasonable detail the proposed terms of such Letter of Credit and the nature
of the transactions or obligations proposed to be supported by such Letter of Credit, and in any event shall set forth with respect to such Letter of Credit the proposed (i) initial Stated Amount, (ii) beneficiary, and
(iii) expiration date. The Borrower shall also execute and deliver such customary applications and agreements for standby letters of credit, and other forms as requested from time to time by the Issuing Bank. Provided the Borrower has given the
notice prescribed by the first sentence of this subsection and delivered such application and agreements referred to in the preceding sentence, subject to the other terms and conditions of this Agreement, including the satisfaction of any applicable
conditions precedent set forth in Article V. and payment of the fees then payable under Section 3.5.(c), the Issuing Bank shall issue the requested Letter of Credit on the requested date

  

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of issuance for the benefit of the stipulated beneficiary but in no event prior to the date 5 Business Days following the date after which the Issuing Bank has received all of the items required
to be delivered to it under this subsection. Upon the written request of the Borrower, the Issuing Bank shall deliver to the Borrower a copy of (i) any Letter of Credit proposed to be issued hereunder prior to the issuance thereof and
(ii) each issued Letter of Credit within a reasonable time after the date of issuance thereof. To the extent any term of a Letter of Credit Document is inconsistent with a term of any Loan Document, the term of such Loan Document shall control.

 (d) Reimbursement Obligations. Upon receipt by the Issuing Bank from the beneficiary of a Letter of Credit of any
demand for payment under such Letter of Credit, the Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by the Issuing Bank as a result of such demand and the date on which payment is to be made by
the Issuing Bank to such beneficiary in respect of such demand; provided, however, that the Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement
Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse the Issuing Bank for the amount of each demand for payment under such Letter of Credit at or prior to the date on which payment is to be made by
the Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by the Issuing Bank of any payment in respect of any Reimbursement Obligation, the Issuing Bank shall promptly pay to
each Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) of this Section such Lender’s Commitment Percentage of such payment. 
 (e) Manner of Reimbursement. Upon its receipt of a notice referred to in the immediately preceding subsection (d), the Borrower
shall be deemed to have requested a borrowing of Revolving Loans (which shall be LIBOR Loans with an Interest Period of one month) hereunder to finance its obligation to reimburse the Agent for the amount of the related demand for payment, then
(i) if the applicable conditions contained in Article V. would permit the making of Revolving Loans, the requested Revolving Loans will be made in an amount equal to the unpaid Reimbursement Obligation and the Agent shall give each Lender
prompt notice of the amount of the Revolving Loan to be made available to the Agent not later than 1:00 p.m. Central time and (ii) if such conditions would not permit the making of Revolving Loans, the provisions of subsection (j) of
this Section shall apply. 
 (f) Effect of Letters of Credit on Revolving Commitments. Upon the issuance by the Issuing
Bank of any Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Commitment of each Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of
(i) such Lender’s Commitment Percentage and (ii) without duplication, the sum of (A) the Stated Amount of such Letter of Credit plus (B) any related Reimbursement Obligations then outstanding. 
 (g) Issuing Bank’s Duties Regarding Letters of Credit; Unconditional Nature of Reimbursement Obligations. In examining documents
presented in connection with drawings

  

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under Letters of Credit and making payments under such Letters of Credit against such documents, the Issuing Bank shall only be required to use the same standard of care as it uses in connection
with examining documents presented in connection with drawings under letters of credit in which it has not sold participations and making payments under such letters of credit. The Borrower assumes all risks of the acts and omissions of, or misuse
of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, none of the Issuing Bank, Administrative Agent or any of the Lenders shall be responsible for (i) the
form, validity, sufficiency, accuracy, genuineness or legal effects of any document submitted by any party in connection with the application for and issuance of or any drawing honored under any Letter of Credit even if such document should in fact
prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit, or the rights or
benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any Letter of Credit to comply fully with conditions required in order to draw upon
such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, facsimile, electronic mail, telecopy or otherwise, whether or not they be in cipher; (v) errors in
interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the misapplication by the
beneficiary of any Letter of Credit, or of the proceeds of any drawing under any Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Issuing Bank, Administrative Agent or the Lenders. None of the above
shall affect, impair or prevent the vesting of any of the Issuing Bank’s or Administrative Agent’s rights or powers hereunder. Any action taken or omitted to be taken by the Issuing Bank under or in connection with any Letter of Credit, if
taken or omitted in the absence of gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final, non-appealable judgment), shall not create against the Issuing Bank any liability to the Borrower, the
Administrative Agent or any Lender. In this connection, the obligation of the Borrower to reimburse the Issuing Bank for any drawing made under any Letter of Credit shall be absolute, unconditional and irrevocable and shall be paid strictly in
accordance with the terms of this Agreement or any other applicable Letter of Credit Document under all circumstances whatsoever, including without limitation, the following circumstances: (A) any lack of validity or enforceability of any
Letter of Credit Document or any term or provisions therein; (B) any amendment or waiver of or any consent to departure from all or any of the Letter of Credit Documents; (C) the existence of any claim, setoff, defense or other right which
the Borrower may have at any time against the Issuing Bank, the Administrative Agent or any Lender, any beneficiary of a Letter of Credit or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or in the
Letter of Credit Documents or any unrelated transaction; (D) any breach of contract or dispute between the Borrower, the Issuing Bank, the Administrative Agent, any Lender or any other Person; (E) any demand, statement or any other
document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein or made in connection therewith being untrue or inaccurate in any respect whatsoever; (F) any
non-application or misapplication by the beneficiary of a Letter of Credit or of the proceeds of any drawing under such Letter of Credit; (G) payment by the Issuing Bank under the Letter of Credit against presentation of a draft or 

 

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certificate which does not strictly comply with the terms of the Letter of Credit; and (H) any other act, omission to act, delay or circumstance whatsoever that might, but for the provisions
of this Section, constitute a legal or equitable defense to or discharge of the Borrower’s Reimbursement Obligations. 
 (h) Amendments, Etc. The issuance by the Issuing Bank of any amendment, supplement or other modification to any Letter of Credit shall be subject to the same conditions applicable under this Agreement to the issuance of new Letters
of Credit (including, without limitation, that the request therefor be made through the Issuing Bank), and no such amendment, supplement or other modification shall be issued unless either (i) the respective Letter of Credit affected thereby
would have complied with such conditions had it originally been issued hereunder in such amended, supplemented or modified form or (ii) the Administrative Agent and Requisite Lenders shall have consented thereto. In connection with any such
amendment, supplement or other modification, the Borrower shall pay the fees, if any, payable under the last sentence of Section 3.5.(c). 
 (i) Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and
unconditionally purchased and received from the Issuing Bank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Bank with respect to such
Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Bank to pay and discharge when due, such Lender’s
Commitment Percentage of the Issuing Bank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Bank in respect of any Letter of Credit
pursuant to the immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Issuing Bank, Administrative Agent or such Lender, acquire (i) a participation in an amount equal to
such payment in the Reimbursement Obligation owing to the Issuing Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other
amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Bank pursuant to the third and the last sentences of Section 3.5.(c)). 
 (j) Payment Obligation of Lenders. Each Lender severally agrees to pay to the Administrative Agent, for the account of the Issuing
Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the Issuing Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower
pursuant to the immediately preceding subsection (d) of this Section; provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as
a participation, shall not exceed such Lender’s Commitment Percentage of such drawing. Each Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive
the same for the account of the Issuing Bank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance

  

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whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other Loan
Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 9.1.(e) or (f) or (iv) the termination of the Revolving Commitments. Each such payment to the Administrative Agent
for the account of the Issuing Bank shall be made without any offset, abatement, withholding or deduction whatsoever. 
 (k)
Information to Lenders. Promptly following any change in Letters of Credit outstanding, the Issuing Bank shall deliver to the Administrative Agent, each Lender and the Borrower a notice describing the aggregate amount of all Letters of Credit
outstanding at such time. Upon the request of any Lender from time to time, the Issuing Bank shall deliver any other information reasonably requested by such Lender with respect to each Letter of Credit then outstanding. Other than as set forth in
this subsection, the Issuing Bank shall have no duty to notify the Lenders regarding the issuance or other matters regarding Letters of Credit issued hereunder. The failure of the Issuing Bank to perform its requirements under this subsection shall
not relieve any Lender from its obligations under the immediately preceding subsection (j). 
 (l) Defaulting Lenders.
Upon demand by the Issuing Bank at any time while a Lender is a Defaulting Lender, the Borrower shall deliver to the Administrative Agent, for the benefit of the Issuing Bank, within one Business Day of such demand, cash collateral or other credit
support satisfactory to the Issuing Bank in its sole discretion in an amount equal to such Defaulting Lender’s Commitment Percentage of the Letter of Credit Liabilities then outstanding. 
 Section 2.4. Rates and Payment of Interest on Loans. 
 (a) Rates. The Borrower promises to pay to the Administrative Agent for the account of each Lender interest on the unpaid principal amount of each Revolving Loan and Term Loan A made by such
Lender, and the Gallery Borrower promises to pay to the Administrative Agent for the account of each Lender on the unpaid principal amount of each Gallery Term Loan, for the period from and including the date of the making of such Loan to but
excluding the date such Loan shall be paid in full, at the following per annum rates: 
 (i) during such periods
as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus the Applicable Margin; and 
 (ii) during such periods as such Loan is a LIBOR Loan, at LIBOR for such Loan for the Interest Period therefor (from the first day to, but excluding, the last day of such Interest Period), plus the Applicable Margin. 
 Notwithstanding the foregoing, during the continuance of an Event of Default specified in Section 9.1.(a), Section 9.1.(e) or
Section 9.1.(f), or if as a result of the occurrence of any other Event of Default the Obligations and the Gallery Obligations have been accelerated pursuant to Section 9.2., (x), the Borrower shall pay to the Administrative Agent for the
account of each Lender and the Issuing Bank, as the case may be, interest at the Post-Default Rate on the outstanding principal amount of each Revolving Loan and the Term Loan A made by such

  

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Lender, on all Reimbursement Obligations and on any other amount payable by the Borrower hereunder or under the Revolving Notes and Term Loan A Notes held by such Lender to or for the account of
such Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law), and (y) the Gallery Borrower shall pay to the Administrative Agent for the account of each Lender interest at the Post-Default
Rate on the outstanding principal amount of the Gallery Term Loan made by such Lender and on any other amount payable by the Gallery Borrower hereunder or under the Gallery Term Notes held by such Lender to or for the account of such Lender
(including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law). 
 (b) Payment of
Interest. All accrued and unpaid interest on the outstanding principal amount of each Loan shall be payable (i) monthly in arrears on the first day of each month, commencing with the first full month occurring after the Effective Date and
(ii) on any date on which the principal balance of such Loan is due and payable in full (whether at maturity, due to acceleration or otherwise). Interest payable at the Post-Default Rate shall be payable from time to time on demand. All
determinations by the Administrative Agent of an interest rate hereunder shall be conclusive and binding on the Lenders, the Borrower and the Gallery Borrower for all purposes, absent manifest error. 
 (c) Borrower Information Used to Determine Applicable Interest Rates. The parties understand that the applicable interest rate for
the Obligations and the Gallery Obligations and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or other information to be provided or certified to the Lenders by the Parent
or the Borrower (the “Borrower Information”). If it is subsequently determined that any such Borrower Information was incorrect (for whatever reason, including without limitation because of a subsequent restatement of earnings by the
Borrower or the Parent) at the time it was delivered to the Administrative Agent, and if the applicable interest rate or fees calculated for any period were lower than they should have been had the correct information been timely provided, then,
such interest rate and such fees for such period shall be automatically recalculated using correct Borrower Information. The Administrative Agent shall promptly notify the Borrower and the Gallery Borrower in writing of any additional interest and
fees due because of such recalculation, and the Borrower and the Gallery Borrower shall pay such additional interest or fees due to the Administrative Agent, for the account of each Lender, within 5 Business Days of receipt of such written notice.
Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement, and this provision shall not in any way limit any of the Administrative Agent’s, the Issuing Bank’s, or any Lender’s
other rights under this Agreement. 
 Section 2.5. Number of Interest Periods. 
 There may be no more than (a) 6 different Interest Periods for LIBOR Loans that are Revolving Loans, (b) 2 Interest Periods for
LIBOR Loans that are Term Loans A and (c) 2 Interest Periods for LIBOR Loans that are Gallery Term Loans, in each case, outstanding at the same time with respect to the Loans. 
  

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 Section 2.6. Repayment of Loans. 
 The Borrower shall repay the entire outstanding principal amount of, and all accrued and unpaid interest on, the Revolving Loans and the Term
Loans A on the Termination Date. The Gallery Borrower shall repay the entire outstanding principal amount of, and all accrued and unpaid interest on, the Gallery Term Loans on the Termination Date. 
 Section 2.7. Late Charges. 
 If any payment required by the Borrower under this Agreement is not paid within 10 days after it becomes due and payable, the Requisite Lenders may, by notice to the Borrower, require that the Borrower pay a late charge for late payment,
and if any payment required by the Gallery Borrower under this Agreement is not paid within 10 days after it becomes due and payable, the Requisite Lenders, may by notice to the Gallery Borrower, require that the Gallery Borrower pay a late charge
for late payment, in each case, to compensate the Lenders for the loss of use of funds and for the expenses of handling the delinquent payment, in an amount not to exceed four percent (4.0%) of such delinquent payment. Such late charge shall be
paid in any event not later than the due date of the next subsequent installment of principal and/or interest. In the event the maturity of the Obligations and the Gallery Obligations hereunder occurs or is accelerated pursuant to Section 9.2.,
this Section shall apply only to payments overdue prior to the time of such acceleration. This Section shall not be deemed to be a waiver of the Lenders’ right to accelerate payment of any of the Obligations or the Gallery Obligations as
permitted under the terms of this Agreement. 
 Section 2.8. Prepayments. 
 (a) Optional Prepayments. Subject to Section 4.4., the Borrower may prepay any Revolving Loan or Term Loan A, in whole or part,
at any time without premium or penalty, and, except for any repayment under Section 3.12., the Gallery Borrower may prepay any Gallery Term Loan, in whole or part, at any time after the Borrower has repaid the Term Loans A in full, without
premium or penalty; provided, however, that if at any time both of the Gallery Properties have been released in accordance with Section 3.12. in connection with a Release and/or in accordance with Section 3.11. in connection with a
Substitution, then the Gallery Borrower may prepay any Gallery Term Loan, in whole or part, at any time without premium or penalty. The Borrower or the Gallery Borrower, as applicable, shall give the Administrative Agent at least 3 Business Days
prior written notice of the prepayment of any Loan. Each voluntary prepayment of Loans by the Borrower or the Gallery Borrower shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof or, if the
Revolving Loans, the Term Loans A or the Gallery Term Loans are being prepaid in full at such time, the prepayment may be in such other amount of the Revolving Loans, the Term Loans A or the Gallery Term Loans, as applicable, that are then
outstanding. 
  

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 (b) Mandatory Prepayments. 
 (i) Commitment Overadvance. If at any time the aggregate principal amount of all outstanding Revolving Loans, together
with the aggregate amount of all Letter of Credit Liabilities, exceeds the Maximum Revolving Credit Availability, the Borrower shall immediately pay to the Administrative Agent for the account of the Lenders the amount of such excess. Such payment
shall be applied to pay the principal outstanding on the Revolving Loans and any unpaid Reimbursement Obligations pro rata in accordance with Section 3.2. and if any Letters of Credit are outstanding at such time the remainder, if any, shall be
deposited into the Letter of Credit Collateral Account for application to any Reimbursement Obligations as and when due. 
 (ii) Refinance Events. Within 2 Business Days of the receipt by the Parent, the Borrower, any other Loan Party or any other Subsidiary of Net Cash Proceeds from a Refinance Event, the Borrower
shall pay the following amounts, in the indicated priority, by an amount equal to the lesser of (x) such amount of Net Cash Proceeds and (y) the aggregate amount of the following amounts: (A) first, all accrued, invoiced and
unpaid fees and expenses due to the Administrative Agent and the Lenders pursuant to the terms of this Agreement and the other Loan Documents; (B) second, all accrued, invoiced and unpaid interest on the Loans and Reimbursement
Obligations; and (C) third, the outstanding principal balance of the Revolving Loans and any unpaid Reimbursement Obligations. 
 (iii) Capital Events. Within 2 Business Days of the receipt by the Parent, the Borrower, any other Loan Party or any other Subsidiary of Net Cash Proceeds from a Capital Event (other than a
Disposition of an Option Parcel or a Capital Event related to a Gallery Property), the Borrower shall pay the following amounts, in the indicated priority, by an amount equal to the lesser of (w) such amount of Net Cash Proceeds and
(x) the aggregate amount of the following amounts: (A) first, all accrued, invoiced and unpaid fees and expenses due to the Administrative Agent and the Lenders pursuant to the terms of this Agreement and the other Loan Documents
and (B) second, all accrued, invoiced and unpaid interest on the Loans and Reimbursement Obligations. Within 2 Business Days of the receipt by the Parent, the Borrower, any other Loan Party or any other Subsidiary of Net Cash Proceeds
from a Capital Event related to a Gallery Property, the Gallery Borrower shall pay the following amounts, in the indicated priority, by an amount equal to the lesser of (y) such amount of Net Cash Proceeds received from such Capital Event and
(z) the aggregate amount of the following amounts: (A) first, all accrued, invoiced and unpaid fees and expenses due to the Administrative Agent and the Lenders from the Gallery Borrower pursuant to the terms of this Agreement and
the other Loan Documents (other than the Guaranty) and (B) second, all accrued, invoiced and unpaid interest on the Gallery Term Loans. After payments of the amounts specified in clauses (A) and (B) of the first or second
sentence of this Section 8.2.(c), as applicable, and subject to the limitations of Section 8.2., the Parent, the Borrower or Gallery Borrower, as applicable, and their Subsidiaries may make Restricted Payments of the types permitted under
Section 8.2.(c) (“Capital Event Tax Distributions”) to the extent necessary to avoid

  

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any liability for taxes described in such Section 8.2.(c) as a result of each such Capital Event so long as on or prior to the date any cash is received in connection with each such Capital
Event, the Parent has delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, from the Parent’s chief financial officer (x) stating that Capital Event Tax
Distributions are payable in connection with such Capital Event, (y) setting forth a reasonably detailed calculation of the amount of such Capital Event Tax Distributions reasonably estimated in good faith to be payable in connection with such
Capital Event and (z) setting forth the date on which such Capital Event Tax Distributions are to be made. If the amount of Net Cash Proceeds received in connection with a Capital Event (excluding any Capital Event related to the Cherry Hill
Mall Property or a Gallery Property) exceeds the amount of payments required under clauses (A) and (B) of the first sentence of this Section 2.8.(b)(iii) and the amount of any related Capital Event Tax Distributions for which the
Parent has complied with the provisions of this subsection (such excess being referred to as the “Remaining Capital Event Proceeds”), then the Borrower shall make the following payments: 
 (W) If the Facility Debt Yield is less than 11.00% or the Corporate Debt Yield is less than 10.00%, then the Borrower shall
repay (1) the outstanding principal amount of the Revolving Loans and unpaid Reimbursement Obligations by an amount equal to 25.0% of the Remaining Capital Event Proceeds and (2) the outstanding principal amount of the Term Loans by an
amount equal to 75.0% of the Remaining Capital Event Proceeds; provided, however, if the aggregate outstanding balance of the Revolving Loans and unpaid Reimbursement Obligations is less than 25.0% of such Remaining Capital Event
Proceeds, then the Borrower shall pay the outstanding principal amount of the Term Loans by an amount equal to the portion of such 25.0% of the Remaining Capital Event Proceeds exceeding the amount required to pay down the principal of the
outstanding Revolving Loans and unpaid Reimbursement Obligations to zero. Notwithstanding the foregoing, the amount payable by the Borrower under this clause (W) shall not exceed the amount that would cause the Facility Debt Yield and the
Corporate Debt Yield, determined giving pro forma effect to such payments, to fall within the percentages specified in the following clause (X). The amount of Remaining Net Capital Proceeds shall be reduced by the amount payable by the Borrower
under this clause (W), and the Borrower shall make the payments required under the immediately following clause (X) to the extent of the reduced amount of such Remaining Net Capital Proceeds. 
 (X) If the Facility Debt Yield is equal to or greater than 11.00% and the Corporate Debt Yield is equal to or greater than
10.00% and each of the Facility Debt Yield and Corporate Debt Yield will remain equal to or greater than 11.00% and 10.00%, respectively, immediately following the Capital Event giving rise to such Net Cash Proceeds, but either the Facility Debt
Yield is less than 12.00% or the Corporate Debt Yield is less than 10.25%, then the Borrower shall repay (1) the outstanding principal amount of the Revolving Loans and unpaid Reimbursement Obligations by an amount equal to 75.0% of the
Remaining

  

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Capital Event Proceeds and (2) the outstanding principal amount of the Term Loans by an amount equal to 25.0% of the Remaining Capital Event Proceeds; provided, however, if the
aggregate outstanding balance of the Revolving Loans and unpaid Reimbursement Obligations is less than 75.0% of such Remaining Capital Event Proceeds, then, subject to the following sentence, the Borrower shall repay the Revolving Loans and
outstanding Reimbursement Obligations in full. Notwithstanding the foregoing, the amount payable by the Borrower under this clause (X) shall not exceed the amount that would cause the Facility Debt Yield and the Corporate Debt Yield, determined
giving pro forma effect to such payments, to fall within the percentages specified in the following clause (Y). The amount of Remaining Net Capital Proceeds shall be reduced by the amount payable by the Borrower under this clause (X), and the
Borrower shall make the payments required under the immediately following clause (Y) by the reduced amount of such Remaining Net Capital Proceeds. 
 (Y) If the Facility Debt Yield is equal to or greater than 12.00% and the Corporate Debt Yield is equal to or greater than 10.25% and each of the Facility Debt Yield and Corporate Debt Yield will remain
equal to or greater than 12.00% and 10.25%, respectively, immediately following the Capital Event giving rise to such Remaining Capital Event Proceeds, then the Borrower shall repay the outstanding principal amount of the Revolving Loans and unpaid
Reimbursement Obligations by an amount equal to 100.0% of the Remaining Capital Event Proceeds; provided, however, if the aggregate outstanding balance of the Revolving Loans and unpaid Reimbursement Obligations is less than 100.0% of
such Remaining Capital Event Proceeds, then the Borrower shall repay the Revolving Loans and outstanding Reimbursement Obligations in full. 
 All payments of principal of the Term Loans under the immediately preceding clauses (W) and (X) made with Remaining Capital Event Proceeds shall be applied first to the principal of the Term
Loans A until the outstanding principal amount of all Term Loans A has been paid in full, after which such payments shall be applied to the principal of the Gallery Term Loans. Accordingly, to the extent the immediately preceding clauses
(W) and (X) require the Borrower at any time to make a payment using the Remaining Capital Event Proceeds in respect of the principal of the Term Loans and the Term Loans A have been paid in full at such time, the Borrower shall not be
required to make such payment, and instead the Gallery Borrower shall be required to make a payment in respect of the principal of the Gallery Term Loans in the amount otherwise payable by the Borrower in respect of the Gallery Term Loans.

 If the amount of Net Cash Proceeds received in connection with a Capital Event related to a Gallery Property exceeds the
amount of payments required under clauses (A) and (B) of the second sentence of this Section 2.8.(b)(iii) and the amount of any related Capital Event Tax Distributions for which the Parent has complied with the provisions of this
subsection (such excess being referred to as the “Remaining Gallery Property Capital Event Proceeds”), then the Gallery Borrower shall repay the outstanding principal amount

  

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of the Gallery Term Loans by an amount equal to 100.0% of the Remaining Gallery Property Capital Event Proceeds; provided, however, if the aggregate outstanding balance of the
Gallery Term Loans is less than 100.0% of such Remaining Gallery Property Capital Event Proceeds, then the Borrower shall make the payments provided under the clauses (W), (X) and (Y) of this Section 2.8.(b)(iii), as applicable, by an
amount equal to the lesser of (x) the Remaining Gallery Property Capital Event Proceeds and (y) the aggregate amount of such the amounts required to be paid in the immediately preceding clauses (W), (X) and (Y) of this
Section 2.8.(b)(iii). 
 If the amount of Net Cash Proceeds received in connection with a Capital Event related to the
Cherry Hill Mall Property exceeds the amount of payments required under the immediately preceding clauses (A) and (B) of this Section 2.8.(b)(iii) and the amount of any related Capital Event Tax Distributions for which the Parent has
complied with the provisions of this subsection (such excess being referred to as the “Remaining Cherry Hill Capital Event Proceeds”), then the Borrower shall repay the outstanding principal amount of the Revolving Loans and unpaid
Reimbursement Obligations by an amount equal to 100.0% of the Remaining Cherry Hill Capital Event Proceeds; provided, however, if the aggregate outstanding balance of the Revolving Loans and unpaid Reimbursement Obligations is less
than 100.0% of such Remaining Cherry Hill Capital Event Proceeds, then the Borrower shall repay the Revolving Loans and unpaid Reimbursement Obligations in full. 
 If the amount of the estimated Capital Event Tax Distributions set forth in the certificate delivered to the Administrative Agent pursuant to this Section 2.8.(b)(iii) exceeds the amount of Capital
Event Tax Distributions made, the Borrower shall make the payments provided under the clauses (W), (X) and (Y) of this Section 2.8.(b)(iii), as applicable, by an amount equal to the lesser of (x) such excess and (y) the
aggregate amount of such the amounts required to be paid in clauses (W), (X) and (Y) of this Section 2.8.(b)(iii). 
 (iv) Breakage Costs. If the Borrower is required to pay any outstanding LIBOR Loans by reason of this Section 2.8.(b) prior to the end of the applicable Interest Period therefor, the Borrower
shall pay all amounts due under Section 4.4. Notwithstanding the foregoing, the Borrower shall have the right to have the Administrative Agent hold the funds received for the required payment of any such LIBOR Loans in an interest bearing
deposit account under the control of the Administrative Agent until the earlier of (A) the end of the applicable Interest Period and (B) the date that is 45 days after such required payment, after which the Administrative Agent shall apply
the funds to the payment to such LIBOR Loans, and with respect to any such LIBOR Loans that are at that time paid prior to the applicable Interest Period therefor, the Borrower shall pay all amounts due under Section 4.4. 
 Section 2.9. Continuation. 
 So long as no Event of Default exists, the Borrower or the Gallery Borrower may on any Business Day, with respect to any LIBOR Loan owing by it, elect to maintain such LIBOR Loan

  

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or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan or any portion thereof. Each Continuation of LIBOR Loans that are Revolving Loans owing by the
Borrower shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount, and each Continuation of LIBOR Loans that are Term Loans owing by the Borrower or Gallery Borrower, as applicable, shall be
in an aggregate minimum amount of $1,000,000 and such amounts in excess thereof as the Administrative Agent and the Borrower or Gallery Borrower, as applicable, may reasonably determine. Each new Interest Period selected under this Section shall
commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower or Gallery Borrower, as applicable, giving to the Administrative Agent a Notice of Continuation not later
than 11:00 a.m. (Central time) on the third Business Day prior to the date of any such Continuation. Such notice of a Continuation shall be by telephone (confirmed immediately in writing), telecopy, electronic mail or other similar form of
communication, confirmed immediately in writing if by telephone, in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loan and portion thereof subject to such Continuation and
(c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. Each Notice of Continuation shall be irrevocable by and binding on
the Borrower or Gallery Borrower, as applicable, once given. Promptly after receipt of a Notice of Continuation, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission of the proposed Continuation. If
the Borrower or the Gallery Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR Loan owing by it in accordance with this Section, such Loan will automatically, on the last day of the current Interest Period therefor,
Continue as a LIBOR Loan having an Interest Period of one month; provided, however, that if a Default or Event of Default exists, such Loan will automatically, on the last day of the current Interest Period therefor, Convert into a Base Rate Loan
notwithstanding the first sentence of Section 2.10. or the Borrower’s failure to comply with any terms of this Section. 
 Section 2.10. Conversion. 
 So long as no Event of Default exists, the Borrower or the Gallery Borrower may
on any Business Day, upon the Borrower’s or the Gallery Borrower’s giving of a Notice of Conversion to the Administrative Agent, Convert all or a portion of a Loan owing by it of one Type into a Loan of another Type. Any Conversion of a
LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each Conversion of Base Rate Loans that are Revolving Loans owing by the Borrower into LIBOR Loans shall be in an aggregate
minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount, and each Conversion of Base Rate Loans that are Term Loans owing by the Borrower or Gallery Borrower, as applicable, shall be in an aggregate minimum amount of
$1,000,000 and such amounts in excess thereof as the Administrative Agent and the Borrower or Gallery Borrower, as applicable, may reasonably determine. Each such Notice of Conversion shall be given not later than 11:00 a.m. (Central time) one
Business Day prior to the date of any proposed Conversion into Base Rate Loans and three Business Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall
notify each Lender by telecopy, or other similar form of transmission

  

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of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone (confirmed immediately in writing), telecopy, electronic mail or other
similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of
Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower or Gallery
Borrower, as applicable, once given. 
 Section 2.11. Notes. 
 (a) Revolving Notes. The Revolving Loans made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory
note substantially in the form of Exhibit M (each a “Revolving Note”), payable to the order of such Lender in a principal amount equal to the amount of its Revolving Commitment as originally in effect and otherwise duly completed.

 (b) Term Notes. 
 (i) The Term Loan A made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory note substantially in the form of Exhibit N (each a “Term Loan A Note”), payable
to the order of such Lender in a principal amount equal to the amount of its Term Loan A Commitment as originally in effect and otherwise duly completed. 
 (ii) The Gallery Term Loan made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory note substantially in the form of Exhibit O (each a “Gallery Term Loan
Note”), payable to the order of such Lender in a principal amount equal to the amount of its Gallery Term Loan Commitment as originally in effect and otherwise duly completed. 
 (b) Records. The date, amount, interest rate, Type and duration of Interest Periods (if applicable) of each Loan made by each Lender
to the Borrower and to the Gallery Borrower and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrower and the Gallery Borrower absent manifest error;
provided, however, that (i) the failure of a Lender to make any such record shall not affect the obligations of the Borrower under any of the Loan Documents to which it is a party or the obligations of the Gallery Borrower under any of the Loan
Documents to which it is a party and (ii) if there is a discrepancy between such records of a Lender and the statements of accounts maintained by the Administrative Agent pursuant to Section 3.8., in the absence of manifest error, the
statements of account maintained by the Administrative Agent pursuant to Section 3.8. shall be controlling. 
 (c) Lost,
Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower or the Gallery Borrower, as applicable, of (i) written notice from a Lender that a Note of such Lender has been lost, stolen, destroyed or mutilated, and (ii)(A) in the
case of loss, theft or destruction,

  

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an unsecured agreement of indemnity from such Lender in form reasonably satisfactory to the Borrower or Gallery Borrower, as applicable, or (B) in the case of mutilation, upon surrender and
cancellation of such Note, the Borrower or the Gallery Borrower, as applicable, shall at its own expense execute and deliver to such Lender a new Note dated the date of such lost, stolen, destroyed or mutilated Note. 
 Section 2.12. Expiration or Maturity Date of Letters of Credit Past Termination. 
 If on the date the Revolving Commitments are terminated (whether voluntarily, by reason of the occurrence of an Event of Default or
otherwise), there are any Letters of Credit outstanding hereunder, the Borrower shall, on such date, pay to the Administrative Agent, for its benefit and the benefit of the Lenders and the Issuing Bank, an amount of money equal to the Stated Amount
of such Letter(s) of Credit for deposit into the Letter of Credit Collateral Account. If a drawing pursuant to any such Letter of Credit occurs on or prior to the expiration date of such Letter of Credit, the Borrower authorizes the Administrative
Agent to use the monies deposited in the Letter of Credit Collateral Account to reimburse the Issuing Bank for the payment made by the Issuing Bank to the beneficiary with respect to such drawing or the payee with respect to such presentment. If no
drawing occurs on or prior to the expiration date of such Letter of Credit, the Administrative Agent shall pay to the Borrower (or to whomever else may be legally entitled thereto) the monies deposited in the Letter of Credit Collateral Account with
respect to such outstanding Letter of Credit on or before the date 30 days after the expiration date of such Letter of Credit. 
 Section 2.13. Extension of Termination Date. 
 The Borrower and the Gallery Borrower shall have the right,
exercisable one time, to extend the Termination Date by one year. The Borrower and the Gallery Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the
current Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall forward to each Lender a copy of the Extension Request received by the Administrative Agent promptly upon receipt
thereof. Subject to satisfaction of the following conditions, the Termination Date shall be extended for one year: 
 (a) on the
date of delivery of the Extension Request and on the date that would otherwise be the Termination Date, (i) no Default or Event of Default shall exist, and (ii) the representations and warranties made or deemed made by the Parent, the
Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects on and as of the date of such extension with the same force and effect as if made on and as of such date
(except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier date)) and except for changes in
factual circumstances not prohibited under the Loan Documents, 
 (b) on the date that would otherwise be the Termination Date,
(i) the Facility Debt Yield shall equal or exceed 11.0%, and (ii) the Corporate Debt Yield shall equal or exceed 10.0%; 
  

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 (c) the Borrower shall have delivered to the Administrative Agent a certificate of the chief
financial officer of the Parent certifying in his or her capacity as chief financial officer the matters referred to in the immediately preceding clauses (a)(i) and (ii) and accompanied by reasonably detailed calculations establishing
satisfaction of the conditions set forth in the immediately preceding clauses (a)(iii) and (iv); 
 (d) the Borrower and the
Gallery Borrower shall have paid the Fees payable under Section 3.5.(d); and 
 (e) the Borrower shall be in compliance
with Section 2.15. 
 Subject to Section 2.8.(a), the Borrower may repay the aggregate principal amount of the Revolving Loans and
Term Loans A (or the Gallery Term Loans if the Term Loans A have been paid in full) in an amount sufficient to satisfy the conditions set forth in subsection (b) of this Section 2.13. 
 Section 2.14. Voluntary Reduction of the Revolving Commitments. 
 The Borrower may terminate or reduce the amount of the Revolving Commitments (for which purpose use of the Revolving Commitments shall be deemed to include the aggregate amount of all Letter of Credit
Liabilities) at any time and from time to time without penalty or premium upon not less than 5 Business Days prior written notice to the Administrative Agent of each such termination or reduction, which notice shall specify the effective date
thereof and the amount of any such reduction (which in the case of any partial reduction of the Revolving Commitments shall not be less than $10,000,000 and integral multiples of $5,000,000 in excess of that amount in the aggregate) and shall be
irrevocable once given and effective only upon receipt by the Administrative Agent (such notice, a “Commitment Reduction Notice”); provided, however, that if the Borrower seeks to reduce the aggregate amount of the Revolving Commitments
below $50,000,000 then unless the Administrative Agent and all of the Lenders have previously agreed in writing, the Revolving Commitments shall be reduced to zero. Promptly after receipt of a Commitment Reduction Notice, the Administrative Agent
shall notify each Lender of the proposed termination or Revolving Commitment reduction. The Revolving Commitments, once reduced or terminated pursuant to this Section, may not be increased. The Borrower shall pay all interest and fees, on the Loans
accrued to the date of such reduction or termination of the Revolving Commitments to the Administrative Agent for the account of the Lenders, including but not limited to any applicable compensation due to each Lender in accordance with
Section 4.4. 
 Section 2.15. Mandatory Reduction of Commitments. 
 On or before each date set forth below, the Borrower shall permanently reduce the amount of the Revolving Commitments under
Section 2.14. and/or prepay (or cause to be prepaid) the Term Loans A either voluntarily or pursuant to Section 2.8.(b) (but not as a result of prepayment effected by the application of a Release Price to the principal balance of the Term
Loans pursuant to Section 3.12.) so that on each date set forth below the aggregate cumulative amount of such reductions in the Revolving Commitments and such prepayments of the Term

  

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Loans A made since the Agreement Date equals or exceeds the amount corresponding to such date. 
  

				
	 Date
	  	Total Reduction in
Revolving Commitments
and/or Prepayment
of Term Loans A
	March 11, 2011	  	$	33,000,000
	March 12, 2012	  	$	66,000,000
	If, pursuant to Section 2.13., the Borrower exercises its right to extend the Termination Date, the date that would otherwise be the Termination Date	  	$	100,000,000

 Section 2.16. Joint and
Several Liability of the Borrower. 
 (a) The obligations of each Borrower hereunder and under the other Loan Documents to
which either Borrower is a party shall be joint and several, and accordingly, each Borrower confirms that it is liable for the full amount of the Obligations, regardless of whether incurred by such Borrower or the other Borrower. 
 (b) Each Borrower represents and warrants to the Administrative Agent and the Lenders that each Borrower, though separate legal entities,
are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Lenders through their collective efforts.

 (c) Neither the Administrative Agent nor any Lender shall be obligated or required before enforcing any Loan Document against
a Borrower: (a) to pursue any right or remedy any of them may have against the other Borrower, any Guarantor or any other Person or commence any suit or other proceeding against any other Borrower, any Guarantor or any other Person in any court
or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the other Borrower, any Guarantor or any other Person; or (c) to make demand of the other Borrower, any Guarantor or any other Person or to enforce or seek to
enforce or realize upon any collateral security held by the Administrative Agent or any Lender which may secure any of the Obligations. 
 (d) It is the intent of each Borrower, the Administrative Agent and the Lenders that in any proceeding of the types described in Sections 9.1.(e) or 9.1.(f), a Borrower’s maximum obligation
hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Borrower hereunder to be avoidable or unenforceable against such Borrower in such proceeding as a result of Applicable Law, including
without limitation, (i) Section 548 of the Bankruptcy Code of 1978, as amended and (ii) any state fraudulent transfer or fraudulent conveyance act or statute applied in such proceeding, whether by virtue of Section 544 of the
Bankruptcy Code of 1978, as amended, or otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the obligations of such Borrower hereunder shall be determined in any such proceeding are referred to as the

  

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“Avoidance Provisions”. Accordingly, to the extent that the obligations of either Borrower hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum
Obligations for which such Borrower shall be liable hereunder shall be reduced to that amount which, as of the time any of the Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of such
Borrower hereunder, to be subject to avoidance under the Avoidance Provisions. This subsection is intended solely to preserve the rights of the Administrative Agent and the Lenders hereunder to the maximum extent that would not cause the obligations
of either Borrower hereunder to be subject to avoidance under the Avoidance Provisions, and no Borrower or any other Person shall have any right or claim under this Section that would not otherwise be available to such Person under the Avoidance
Provisions. 
 (e) To the extent that either Borrower shall be required hereunder to pay any portion of the Obligations
exceeding the greater of (a) the amount of the value actually received by such Borrower and its Subsidiaries from the Loans and other Obligations and (b) the amount such Borrower would otherwise have paid if such Borrower had paid the
aggregate amount of Obligations in the same proportion as such Borrower’s net worth on the date enforcement is sought hereunder bears to the aggregate net worth of both of the Borrowers on such date, then such Borrower shall be reimbursed by
such other Borrower for the amount of such excess. 
 (f) Each Borrower assumes all responsibility for being and keeping itself
informed of the financial condition of the other Borrower, and of all other circumstances bearing upon the risk of nonpayment of any of the Obligations and the nature, scope and extent of the risks that such Borrower assumes and incurs hereunder,
and agrees that neither the Administrative Agent nor any Lender shall have any duty whatsoever to advise either Borrower of information regarding such circumstances or risks. 
 Section 2.17. Joint and Several Liability of the Gallery Borrower. 
 (a) The obligations of each Gallery Borrower hereunder and under the other Loan Documents to which any Gallery Borrower is a party shall be joint and several, and accordingly, each Gallery Borrower confirms that it is liable for the full
amount of the Gallery Obligations, regardless of whether incurred by such Gallery Borrower or any other Gallery Borrower. 
 (b)
Each Gallery Borrower represents and warrants to the Administrative Agent and the Lenders that each of the Gallery Borrowers, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an
integrated operation and have determined it to be in their mutual best interests to obtain financing from the Lenders through their collective efforts. 
 (c) Neither the Administrative Agent nor any Lender shall be obligated or required before enforcing any Loan Document to which a Gallery Borrower is a party against such Gallery Borrower: (a) to
pursue any right or remedy any of them may have against other Gallery Borrower, any Guarantor or any other Person or commence any suit or other proceeding against any other Gallery Borrower, any Guarantor or any other Person in any court or other
tribunal;

  

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(b) to make any claim in a liquidation or bankruptcy of any other Gallery Borrower, any Guarantor or any other Person; or (c) to make demand of any other Gallery Borrower, any Guarantor
or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Administrative Agent or any Lender which may secure any of the Gallery Obligations. 
 (d) It is the intent of each Gallery Borrower, the Administrative Agent and the Lenders that in any proceeding of the types described in
Sections 9.1.(e) or 9.1.(f), a Gallery Borrower’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Gallery Borrower hereunder to be avoidable or
unenforceable against such Gallery Borrower in such proceeding as a result of Applicable Law, including without limitation, (i) Section 548 of the Bankruptcy Code of 1978, as amended and (ii) any state fraudulent transfer or
fraudulent conveyance act or statute applied in such proceeding, whether by virtue of Section 544 of the Bankruptcy Code of 1978, as amended, or otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the
obligations of such Gallery Borrower hereunder shall be determined in any such proceeding are referred to as the “Avoidance Provisions”. Accordingly, to the extent that the obligations of any Gallery Borrower hereunder would otherwise be
subject to avoidance under the Avoidance Provisions, the maximum Obligations for which such Gallery Borrower shall be liable hereunder shall be reduced to that amount which, as of the time any of the Gallery Obligations are deemed to have been
incurred under the Avoidance Provisions, would not cause the obligations of such Gallery Borrower hereunder, to be subject to avoidance under the Avoidance Provisions. This subsection is intended solely to preserve the rights of the Administrative
Agent and the Lenders hereunder to the maximum extent that would not cause the obligations of any Gallery Borrower hereunder to be subject to avoidance under the Avoidance Provisions, and no Gallery Borrower or any other Person shall have any right
or claim under this Section that would not otherwise be available to such Person under the Avoidance Provisions. 
 (e) To the
extent that any Gallery Borrower shall be required hereunder to pay any portion of the Gallery Obligations exceeding the greater of (a) the amount of the value actually received by such Gallery Borrower and its Subsidiaries from the Gallery
Term Loans and other Gallery Obligations and (b) the amount such Gallery Borrower would otherwise have paid if such Gallery Borrower had paid the aggregate amount of Gallery Obligations in the same proportion as such Gallery Borrower’s net
worth on the date enforcement is sought hereunder bears to the aggregate net worth of all of the Gallery Borrowers on such date, then such Gallery Borrower shall be reimbursed by the other Gallery Borrowers for the amount of such excess, pro rata,
based on the respective net worth of such other Gallery Borrowers on such date. . 
 (f) Each Gallery Borrower assumes all
responsibility for being and keeping itself informed of the financial condition of the other Gallery Borrowers, and of all other circumstances bearing upon the risk of nonpayment of any of the Gallery Obligations and the nature, scope and extent of
the risks that such Gallery Borrower assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any Lender shall have any duty whatsoever to advise any Gallery Borrower of information regarding such circumstances or risks.

  

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 Section 2.18. Actions of the Borrower and the Gallery Borrower. 
 (a) Each Borrower hereby appoints the other Borrower to act as its agent for all purposes under the Loan Documents (including, without
limitation, with respect to all matters related to the borrowing and repayment of Loans and the issuance of Letters of Credit). Each Borrower acknowledges and agrees that (i) one Borrower may execute such documents as such Borrower deems
appropriate in its sole discretion, and with respect to any such document executed by only one Borrower, each Borrower shall be bound by and obligated by all of the terms of any such document, (ii) any notice or other communication delivered by
the Administrative Agent or any Lender hereunder to either Borrower shall be deemed to have been delivered to each Borrower and (iii) the Administrative Agent and the Lenders shall accept (and shall be permitted to rely on) any document or
agreement executed by both Borrowers or either Borrower individually. Each Borrower agrees that any action taken by one Borrower without the consent of, or notice to, the other Borrower shall not release or discharge either Borrower from its
obligations hereunder. 
 (b) Each Gallery Borrower hereby appoints PREIT to act as its agent for all purposes under the Loan
Documents (including, without limitation, with respect to all matters related to the borrowing and repayment of Gallery Term Loans). Each Gallery Borrower acknowledges and agrees that (a) PREIT may execute such documents as PREIT deems
appropriate in its sole discretion, and with respect to any such document executed by PREIT, each Gallery Borrower shall be bound by and obligated by all of the terms of any such document, (b) any notice or other communication delivered by the
Administrative Agent or any Lender hereunder to PREIT shall be deemed to have been delivered to each Gallery Borrower and (c) the Administrative Agent and the Lenders shall accept (and shall be permitted to rely on) any document or agreement
executed by PREIT. Each Gallery Borrower agrees that any action taken by PREIT without the consent of, or notice to, the other Gallery Borrowers shall not release or discharge such Gallery Borrower from its obligations hereunder. 
 Section 2.19. Amount Limitations. 
 Notwithstanding any other term of this Agreement or any other Loan Document, (a) no Lender shall be required to make any Revolving Loan, and the Issuing Bank shall not be required to issue a Letter
of Credit, and no reduction of the Revolving Commitments pursuant to Section 2.14. shall take effect, if immediately after the making of such Revolving Loan or issuance of such Letter of Credit or such reduction of the Revolving Commitments the
aggregate principal amount of all outstanding Revolving Loans, together with the aggregate amount of all Letter of Credit Liabilities, would exceed the Maximum Revolving Credit Availability. 
 Section 2.20. Funds Transfer Disbursements. 
 (a) Generally. Each of the Borrower and the Gallery Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders pursuant to the Loan Documents as
requested by an authorized representative of PREIT to any of the accounts designated in the Transfer Authorizer Designation Form. Each of the Borrower and the Gallery Borrower agrees to be bound by any transfer request: (i) authorized or
transmitted by PREIT or

  

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(ii) made in PREIT’s name and accepted by the Administrative Agent in good faith and in compliance with these transfer instructions, even if not properly authorized by PREIT. Each of the
Borrower and the Gallery Borrower further agrees and acknowledges that the Administrative Agent may rely solely on any bank routing number or identifying bank account number or name provided by PREIT to effect a wire or funds transfer even if the
information provided by PREIT identifies a different bank or account holder than named by PREIT. The Administrative Agent is not obligated or required in any way to take any actions to detect errors in information provided by PREIT. If the
Administrative Agent takes any actions in an attempt to detect errors in the transmission or content of transfer or requests or takes any actions in an attempt to detect unauthorized funds transfer requests, the Borrower and the Gallery Borrower
agrees that no matter how many times the Administrative Agent takes these actions the Administrative Agent will not in any situation be liable for failing to take or correctly perform these actions in the future and such actions shall not become any
part of the transfer disbursement procedures authorized under this provision, the Loan Documents, or any agreement between the Administrative Agent and the Borrower or between the Administrative Agent and the Gallery Borrower. Each of the Borrower
and the Gallery Borrower agrees to notify the Administrative Agent of any errors in the transfer of any funds or of any unauthorized or improperly authorized transfer requests within fourteen (14) days after the Administrative Agent’s
confirmation to the Borrower and the Gallery Borrower of such transfer. 
 (b) Funds Transfer. The Administrative Agent
will, in its sole discretion, determine the funds transfer system and the means by which each transfer will be made. The Administrative Agent may delay or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of
this authorization (ii) require use of a bank unacceptable to the Administrative Agent or any Lender or prohibited by any Governmental Authority; (iii) cause the Administrative Agent or any Lender to violate any Federal Reserve or other
regulatory risk control program or guideline, or (iv) otherwise cause the Administrative Agent or any Lender to violate any Applicable Law or regulation. 
 (c) Limitation of Liability. None of the Administrative Agent, the Issuing Bank, or any Lender shall be liable to the Borrower, the Gallery Borrower or any other parties for (i) errors, acts
or failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which the Borrower’s or the Gallery Borrower’s transfers, as applicable, may be made or information received or transmitted,
and no such entity shall be deemed an agent of the Administrative Agent, the Issuing Bank or any Lender, (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of government,
labor disputes, failures in communications networks, legal constraints or other events beyond the Administrative Agent’s, Issuing Bank’s or any Lender’s control, or (iii) any special, consequential, indirect or punitive damages,
whether or not (x) any claim for these damages is based on tort or contract or (y) the Administrative Agent, the Issuing Bank, any Lender, the Borrower or the Gallery Borrower knew or should have known the likelihood of these damages in
any situation. None of the Administrative Agent, the Issuing Bank or any Lender makes any representations or warranties other than those expressly made in this Agreement. 
  

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 ARTICLE III. PAYMENTS, FEES
AND OTHER GENERAL PROVISIONS 
 Section 3.1. Payments. 

(a) Payments by Borrower and the Gallery Borrower. Except to the extent otherwise provided herein, all payments of principal,
interest and other amounts to be made by the Borrower or the Gallery Borrower under this Agreement, the Notes or any other Loan Document shall be made in Dollars, in immediately available funds, without setoff, deduction or counterclaim, to the
Administrative Agent at the Principal Office, not later than 1:00 p.m. Central time on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding
Business Day). Subject to Section 9.5., the Borrower or the Gallery Borrower, as applicable, shall, at the time of making each payment under this Agreement or any other Loan Document, specify to the Administrative Agent the amounts payable by
the Borrower or the Gallery Borrower, as applicable, hereunder to which such payment is to be applied. Each payment received by the Administrative Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender by
wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the Administrative Agent from time to time, for the account of such Lender at the applicable Lending Office of such Lender. Each
payment received by the Administrative Agent for the account of the Issuing Bank under this Agreement shall be paid to the Issuing Bank by wire transfer of immediately available funds in accordance with the wiring instructions provided by the
Issuing bank to the Administrative Agent from time to time, for the account of the Issuing Bank. In the event the Administrative Agent fails to pay such amounts to such Lender or the Issuing Bank, as the case may be, within one Business Day of
receipt of such amounts, the Administrative Agent shall pay interest on such amount at a rate per annum equal to the Federal Funds Rate from time to time in effect. If the due date of any payment under this Agreement or any other Loan Document would
otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest shall continue to accrue at the rate, if any, applicable to such payment for the period of such extension. 

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

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 Section 3.2. Pro Rata Treatment. 
 Except to the extent otherwise provided herein: (a) each borrowing from the Lenders under Section 2.1.(a) and 2.3.(e) shall be made
from the Lenders, each payment of the Fees under Section 3.5.(a) and under the first sentence of Section 3.5.(b) shall be made for the account of the Lenders, and each termination or reduction of the amount of the Revolving Commitments
under Sections 2.14. shall be applied to the respective Revolving Commitments of the Lenders, pro rata according to the amounts of their respective Revolving Commitments; (b) each payment or prepayment of principal of Revolving Loans by
the Borrower shall be made for the account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans held by them; (c) each payment of interest on Revolving Loans by the Borrower shall be made for
the account of the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Lenders; (d) the making of Term Loans A under Section 2.2.(a)(i) shall be made from the applicable Lenders,
pro rata according to the amounts of their respective Term Loan A Commitments, and the making of the Gallery Term Loans under Section 2.2.(a)(ii) shall be made from the applicable Lenders, pro rata according to the amounts of their respective
Gallery Term Loan Commitments; (e) each payment or prepayment of principal of Term Loans A by the Borrower and of principal of the Gallery Term Loans by the Gallery Borrower shall be made for the account of the Lenders pro rata in accordance
with the respective unpaid principal amounts of the Term Loans A or Gallery Term Loans, as applicable, held by them; (f) each payment of interest on Term Loans A by the Borrower and on the Gallery Term Loans by the Gallery Borrower shall be
made for the account of the Lenders pro rata in accordance with the amounts of interest on the Term Loans A or Gallery Term Loans, as applicable, then due and payable to the respective applicable Lenders; (g) the Conversion and Continuation of
Revolving Loans or Term Loans of a particular Type (other than Conversions provided for by Section 4.5.) shall be made pro rata among the Lenders according to the amounts of their respective Revolving Loans or Term Loans, as applicable, and the
then current Interest Period for each Lender’s portion of each such Loan of such Type shall be coterminous; and (h) the Lenders’ participation in, and payment obligations in respect of, Letters of Credit under Section 2.3., shall
be pro rata in accordance with their respective Revolving Commitments. Any payment or prepayment of principal or interest made during the existence of an Event of Default shall be made for the account of the Lenders in accordance with the order set
forth in Section 9.5. 
 Section 3.3. Sharing of Payments, Etc. 
 If a Lender shall obtain payment of any principal of, or interest on, any Loan under this Agreement or shall obtain payment on any other
Obligation or other Gallery Obligation owing by any Loan Party through the exercise of any right of set-off, banker’s lien or counterclaim or similar right or otherwise or through voluntary prepayments directly to a Lender (other than any
payment made in respect of Specified Derivatives Obligations) or other payments made by the Borrower, the Gallery Borrower or any other Loan Party to a Lender not in accordance with the terms of this Agreement and such payment should be distributed
to the Lenders in accordance with Section 3.2. or Section 9.5., such Lender shall promptly purchase from such other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Loans made by the
other Lenders or other Obligations or other Gallery Obligations owed to such other

  

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Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the Lenders shall share the benefit of such payment (net of any reasonable
expenses which may actually be incurred by such Lender in obtaining or preserving such benefit) in accordance with the requirements of Section 3.2. or Section 9.5., as applicable. To such end, all the Lenders shall make appropriate
adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Each of the Borrower and the Gallery Borrower agrees that any Lender so purchasing a participation (or
direct interest) in the Loans, other Obligations or other Gallery Obligations owed to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights with respect to such participation as fully as if such
Lender were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise and retain the benefits of exercising, any
such right with respect to any other indebtedness or obligation of the Borrower or the Gallery Borrower. 
 Section 3.4. Several
Obligations. 
 No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other
obligation to be made or performed by such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make
any Loan or to perform any other obligation to be made or performed by such other Lender. 
 Section 3.5. Fees. 
 (a) Loan Fees. On the Effective Date, the Borrower agrees to pay to the Administrative Agent all loan fees as have been agreed to in
writing by the Borrower and the Administrative Agent and as have been agreed to in writing by the Borrower and any Lender. 
 (b) Facility Fees. During the period from the Effective Date to but excluding the Termination Date, the Borrower agrees to pay to the Administrative Agent for the account of the Lenders an unused facility fee equal to the sum of the
daily amount by which the aggregate amount of the Revolving Commitments exceeds the aggregate outstanding principal balance of Revolving Loans and Letter of Credit Liabilities multiplied by a per annum rate equal to 0.40%. Such fee shall be computed
on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Termination Date or any earlier date of termination of the Revolving Commitments or reduction of
the Revolving Commitments to zero. 
 (c) Letter of Credit Fees. The Borrower agrees to pay to the Administrative Agent
for the account of each Lender a letter of credit fee at a rate per annum equal to the Applicable Margin times the daily average Stated Amount of each Letter of Credit for the period from and including the date of issuance of such Letter of Credit
(x) to and including the date such Letter of Credit expires or is cancelled or (y) to but excluding the date such Letter of Credit is drawn in full. The fees provided for in the immediately preceding sentence shall be nonrefundable and
payable in arrears (i) quarterly on the first day of January, April, July and October, (ii) on the

  

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Termination Date, (iii) on the date the Revolving Commitments are terminated or reduced to zero and (iv) thereafter from time to time on demand of the Administrative Agent. In addition
to such fees, the Borrower shall pay to the Issuing Bank solely for its own account, a fronting fee in respect of each Letter of Credit in an amount equal to the greater of (i) one-quarter of one percent (0.25%) on the Stated Amount of such
Letter of Credit and (ii) $2,500. The fee provided for in the immediately preceding sentence shall be nonrefundable and payable upon issuance. The Borrower shall pay directly to the Issuing Bank from time to time on demand all commissions,
charges, costs and expenses in the amounts customarily charged by the Issuing Bank from time to time in like circumstances with respect to the issuance of each Letter of Credit, drawings, amendments and other transactions relating thereto.

 (d) Extension Fee. If, pursuant to Section 2.13., the Borrower and the Gallery Borrower exercise their right to
extend the Termination Date, (x) the Borrower agrees to pay to the Administrative Agent for the account of each Lender an extension fee equal to 0.50% of the sum of (i) the amount of such Lender’s Revolving Commitment at the time of
the Administrative Agent’s receipt of the Extension Request plus (ii) the outstanding principal balance of such Lender’s Term Loan A at such time (after giving effect to any reduction in the Revolving Commitments and/or prepayment of
the Term Loans A made on the date of such Extension Request) and (y) the Gallery Borrower agrees to pay to the Administrative Agent for the account of each Lender an extension fee equal to 0.50% of the outstanding principal balance of such
Lender’s Gallery Term Loan at such time. Such fee shall be paid to the Administrative Agent for the account of the Lenders at the time the Borrower delivers the Extension Request. 
 (e) Substitution Fee. In connection with the approval of a Substitution by the Requisite Lenders in accordance with
Section 3.11.(b), the Borrower agrees to pay to the Administrative Agent for the account of each Lender approving such Substitution a substitution fee equal to $2,500 per each such Lender. 
 (f) Administrative Agent’s Fees. The Borrower agrees to pay the administrative and other fees of the Administrative Agent as
provided in the Fee Letter and as may be agreed to in writing from time to time. 
 Section 3.6. Computations. 
 Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or other Obligations due hereunder shall be computed
on the basis of a year of 360 days and the actual number of days elapsed. 
 Section 3.7. Usury. 
 In no event shall the amount of interest due or payable on the Loans, the other Obligations or the Gallery Obligations exceed the maximum
rate of interest allowed by Applicable Law and, if any such payment is paid by the Borrower or the Gallery Borrower or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower or the Gallery
Borrower, as applicable, shall notify the respective Lender in writing that the Borrower or the Gallery Borrower, as applicable, elects to have such excess sum returned

  

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to it forthwith. It is the express intent of the parties hereto that neither the Borrower nor the Gallery Borrower pay and that the Lenders not receive, directly or indirectly, in any manner
whatsoever, interest in excess of that which may be lawfully paid by the Borrower and the Gallery Borrower under Applicable Law. The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower and the Gallery Borrower
for the use of money in connection with this Agreement is and shall be the interest described in Sections 2.4.(a)(i) and (ii). Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees,
loan fees, letter of credit fees, facility fees, underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the
Administrative Agent or any Lender to third parties or for damages incurred by the Administrative Agent or any Lender, are charges made to compensate the Administrative Agent or any such Lender for underwriting or administrative services and costs
or losses performed or incurred, and to be performed or incurred, by the Administrative Agent and the Lenders in connection with this Agreement and under no circumstances shall be deemed to be charges for the use of money. Unless otherwise expressly
provided herein, all fees and all charges, other than charges for the use of money, shall be fully earned and nonrefundable when due. 
 Section 3.8. Statements of Account. 
 The Administrative Agent will account to the Borrower and the Gallery
Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made pursuant to this Agreement and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive upon the
Borrower and the Gallery Borrower absent manifest error. The Agent will account to the Borrower on changes in Letters of Credit in accordance with Section 2.3.(k). The failure of the Administrative Agent to deliver such a statement of accounts
shall not relieve or discharge the Borrower or the Gallery Borrower from any of their respective obligations hereunder. 
 Section 3.9.
Defaulting Lenders. 
 (a) Generally. If any Lender shall become a Defaulting Lender, then such Defaulting
Lender’s right to participate in the administration of the Loans, this Agreement and the other Loan Documents, including without limitation, any right to vote in respect of any amendment, consent or waiver of the terms of this Agreement or any
other Loan Document, or to direct any action or inaction of the Administrative Agent or to be taken into account in the calculation of the Requisite Lenders, shall be suspended while such Lender remains a Defaulting Lender; provided, however, that
the foregoing shall not permit an increase in such Lender’s Commitments or an extension of the maturity date of such Lender’s Loans or other Obligations owing to such Lender (other than as contemplated by Section 2.13.), in each case,
without such Lender’s consent. If a Lender is a Defaulting Lender because it has failed to make timely payment to the Administrative Agent of any amount required to be paid to the Administrative Agent hereunder (without giving effect to any
notice or cure periods), then the Administrative Agent shall be entitled (i) to collect interest from such Defaulting Lender on such delinquent payment for the period from the date on which the payment was due until the date on which the
payment is made at the Federal Funds Rate, (ii) to withhold or setoff and to apply in satisfaction

  

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of the defaulted payment and any related interest, any amounts otherwise payable to such Defaulting Lender under this Agreement or any other Loan Document and (iii) to bring an action or
suit against such Defaulting Lender in a court of competent jurisdiction to recover the defaulted amount and any related interest. No Commitment of any Lender shall be increased or otherwise affected, and except as otherwise expressly provided in
this Section, performance by the Borrower and the Gallery Borrower of their respective obligations hereunder and the other Loan Documents shall not be excused or otherwise modified, as a result of the operation of this Section. The rights and
remedies of the Borrower, the Gallery Borrower, the Administrative Agent, the Issuing Bank and the Lenders against a Defaulting Lender under this Section are in addition to any other rights and remedies the Borrower, the Gallery Borrower, the
Administrative Agent, the Issuing Bank and the Lenders may have against such Defaulting Lender under this Agreement, any of the other Loan Documents, Applicable Law or otherwise. 
 (b) Treatment of Payments. Notwithstanding Section 3.2., until the Defaulting Lender Excess of a Defaulting Lender has been
reduced to zero, any payment of the principal of the Revolving Loans or Term Loans shall, unless the Requisite Lenders agree otherwise, be applied to the outstanding principal balance of the Revolving Loans and Term Loans of the applicable Lenders
that are not Defaulting Lenders. Notwithstanding the terms of Section 3.3., no Defaulting Lender shall be entitled to any share in any payment obtained by any of the other Lenders on any Obligation or Gallery Obligation owing by any Loan Party.
Any amount paid by the Borrower or the Gallery Borrower, whether through the exercise of any Lender’s right of set-off, banker’s lien or counterclaim or similar right or otherwise or through voluntary prepayments, for the account of a
Defaulting Lender under this Agreement or any other Loan Document will not be paid or distributed to such Defaulting Lender, but will instead be retained by the Administrative Agent in a segregated non-interest bearing account until such Defaulting
Lender has ceased to be a Defaulting Lender in accordance with subsection (f) below, and, subject to any applicable requirements of law, such amount may be applied at such time or times as may be determined by the Administrative Agent in its
sole discretion, first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent under this Agreement; second, if determined by the Administrative Agent, held in such account as cash collateral for such
Defaulting Lender’s Commitment Percentage of the Letter of Credit Liabilities then outstanding; third, to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this
Agreement, as determined by the Administrative Agent; and fourth, if so determined by the Administrative Agent and the Borrower, held in such account as cash collateral for future funding obligations of the Defaulting Lender in respect of any
Loans under this Agreement. If such Lender is still a Defaulting Lender and any amounts remain in such account on the date that the Commitments are terminated and all Obligations of the Borrower and all Gallery Obligations of the Gallery Borrower
hereunder and under the other Loan Documents are paid in full such amounts will be applied by the Administrative Agent to the making of payments from time to time in the following order of priority: first, to the payment of any amounts owing
by such Defaulting Lender to the Administrative Agent under this Agreement; second, to the payment of interest then due and payable to the Lenders hereunder other than Defaulting Lenders, ratably among them in accordance with the amounts of
such interest then due and payable to them; third, to the payment of Fees then due and payable to the Lenders other than Defaulting Lenders, ratably among them 
  

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in accordance with the amounts of such Fees then due and payable to them; fourth, to pay principal of all Loans, Reimbursement Obligations and other Letter of Credit Liabilities then due
and payable to the Lenders other than Defaulting Lenders hereunder ratably in accordance with the amounts thereof then due and payable to them; fifth, to the ratable payment of all other Obligations and other Gallery Obligations then due and
payable to the Lenders other than Defaulting Lenders; and sixth, after the termination of the Commitments and payment in full of all obligations of the Borrower and the Gallery Borrower hereunder, to pay amounts owing under this Agreement to
such Defaulting Lender or as a court of competent jurisdiction may otherwise direct. 
 (c) Fees. During any period that
a Lender is a Defaulting Lender, such Defaulting Lender’s Commitments and outstanding Loans shall be excluded for purposes of calculating any Fee payable to the Lenders under Sections 3.5.(b), (c) and (d) and during such period
the Borrower shall not be required to pay, and such Defaulting Lender shall not be entitled to receive, any such Fees otherwise payable to such Defaulting Lender under such Sections. 
 (d) Borrowing Requests. While any Lender is a Defaulting Lender, the Borrower authorizes each of the Administrative Agent and the
Issuing Bank (which authorization is irrevocable and coupled with an interest) to give, in such Person’s discretion, Notices of Revolving Loan Borrowing pursuant to Section 2.1. in such amounts and at such times as may be required to
(i) reimburse any Reimbursement Obligation that has become due and payable or (ii) cash collateralize the Obligations of the Borrower in respect of outstanding Letters of Credit in an amount equal to the aggregate amount of the obligations
(contingent or otherwise) of such Defaulting Lender in respect of such Letters of Credit. 
 (e) Purchase of Defaulting
Lender’s Commitment. During any period that a Lender is a Defaulting Lender, the Borrower may, by giving written notice thereof to the Administrative Agent, such Defaulting Lender and the other Lenders, demand that such Defaulting Lender
assign its Revolving Commitment and Term Loan A to an Eligible Assignee, in which case the Gallery Borrower shall be deemed to have also demanded that such Defaulting Lender assign its Gallery Term Loan to such Eligible Assignee, in each case,
subject to and in accordance with the provisions of Section 11.6.(b). No party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. In addition, any Lender who is not a
Defaulting Lender may, but shall not be obligated, in its sole discretion, to acquire the face amount of all or a portion of such Defaulting Lender’s Revolving Commitment, Term Loan A and Gallery Term Loan via an assignment subject to and in
accordance with the provisions of Section 11.6.(b). In connection with any assignment initiated by the Borrower or any Lender who is not a Defaulting Lender, such Defaulting Lender shall promptly execute all documents reasonably requested to
effect such assignment, including an appropriate Assignment and Acceptance and, notwithstanding Section 11.6.(b), shall pay to the Administrative Agent an assignment fee in the amount of $10,000. 
 (f) Cure. If the Borrower, the Administrative Agent and the Issuing Bank agree in writing in their discretion exercised in good faith
that a Lender that is a Defaulting Lender should no longer be deemed to be a Defaulting Lender, as the case may be, the Administrative Agent

  

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will so notify the Lenders, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, such Lender will, to the extent applicable, purchase such
portion of outstanding Loans of the other Lenders and make such other adjustments as the Administrative Agent may determine to be necessary to cause the interest of the Lenders in the Loans and Letter of Credit Liabilities to be on a pro rata basis
in accordance with their respective Commitment Percentages, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of
the Borrower while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no cure by a Lender under this subsection of its status as a Defaulting Lender will
constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender. 
 Section 3.10. Taxes. 
 (a) Taxes Generally. All payments by the Borrower and the Gallery Borrower of
principal of, and interest on, the Loans, all other Obligations and all other Gallery Obligations shall be made free and clear of and without deduction for any present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges,
deductions, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding (i) franchise taxes, (ii) any taxes (other than withholding taxes) that would not be imposed but for a connection between the
Administrative Agent, the Issuing Bank or a Lender and the jurisdiction imposing such taxes (other than a connection arising solely by virtue of the activities of the Administrative Agent, the Issuing Bank or such Lender pursuant to or in respect of
this Agreement or any other Loan Document), (iii) any taxes imposed on or measured by any the Issuing Bank’s or any Lender’s assets, net income, receipts or branch profits and (iv) any taxes arising after the Agreement Date
solely as a result of or attributable to a Lender changing its designated Lending Office after the date such Lender becomes a party hereto (such non-excluded items being collectively called “Taxes”). If any withholding or deduction from
any payment to be made by the Borrower or the Gallery Borrower hereunder is required in respect of any Taxes pursuant to any Applicable Law, then the Borrower or the Gallery Borrower, as applicable, will: 
 (i) pay directly to the relevant Governmental Authority the full amount required to be so withheld or deducted; 

(ii) promptly forward to the Administrative Agent an official receipt or other documentation satisfactory to the
Administrative Agent evidencing such payment to such Governmental Authority; and 
 (iii) pay to the
Administrative Agent for its account or the account of the applicable Lender or the Issuing Bank, as the case may be, such additional amount or amounts as is necessary to ensure that the net amount actually received by the Administrative Agent, the
Issuing Bank or such Lender will equal the full amount that the Administrative Agent, the Issuing Bank or such Lender would have received had no such withholding or deduction been required. 
  

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 (b) Tax Indemnification. If the Borrower or the Gallery Borrower, as applicable,
fails to pay any Taxes when due to the appropriate Governmental Authority or fails to remit to the Administrative Agent, for its account or the account of the Issuing Bank or respective Lender, as the case may be, the required receipts or other
required documentary evidence, the Borrower and the Gallery Borrower shall indemnify the Administrative Agent, the Issuing Bank and the Lenders for any incremental Taxes, interest or penalties that may become payable by the Administrative Agent, the
Issuing Bank or any Lender as a result of any such failure. For purposes of this Section, a distribution hereunder by the Administrative Agent or any Lender to or for the account of any Lender shall be deemed a payment by the Borrower or the Gallery
Borrower, as applicable. 
 (c) Tax Forms. Prior to the date that any Lender or Participant organized under the laws of a
jurisdiction outside the United States of America becomes a party hereto, such Person shall deliver to the Borrower and the Administrative Agent such certificates, documents or other evidence, as required by the Internal Revenue Code or Treasury
Regulations issued pursuant thereto (including Internal Revenue Service Forms W-8ECI and W-8BEN, as applicable, or appropriate successor forms), properly completed, currently effective and duly executed by such Lender or Participant
establishing that payments to it hereunder and under the Notes are (i) not subject to United States Federal backup withholding tax and (ii) not subject to United States Federal withholding tax under the Internal Revenue Code. Each such
Lender or Participant shall (x) deliver further copies of such forms or other appropriate certifications on or before the date that any such forms expire or become obsolete and after the occurrence of any event requiring a change in the most
recent form delivered to the Borrower and (y) obtain such extensions of the time for filing, and renew such forms and certifications thereof, as may be reasonably requested by the Borrower or the Administrative Agent. Neither the Borrower nor
the Gallery Borrower shall be required to pay any amount pursuant to last sentence of subsection (a) above to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United States of America or the
Administrative Agent, if it is organized under the laws of a jurisdiction outside of the United States of America, if such Lender, Participant or the Administrative Agent, as applicable, fails to comply with the requirements of this subsection. If
any such Lender or Participant fails to deliver the above forms or other documentation, then the Administrative Agent may withhold from such payment to such Lender such amounts as are required by the Internal Revenue Code. If any Governmental
Authority asserts that the Administrative Agent did not properly withhold or backup withhold, as the case may be, any tax or other amount from payments made to or for the account of any Lender, such Lender shall indemnify the Administrative Agent
therefor, including all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the Administrative Agent under this Section, and costs and expenses (including all fees and disbursements of any law firm or other
external counsel and the allocated cost of internal legal services and all disbursements of internal counsel) of the Administrative Agent. The obligation of the Lenders under this Section shall survive termination of the Commitments, repayment of
all Obligations and the resignation or replacement of the Administrative Agent. 
  

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

 Section 3.11. Substitution of a Collateral Property. 
 (a) Evaluation of Property. If, after the Effective Date, the Borrower desires to substitute another Property of similar or greater
quality and value for a Collateral Property (other than the New River Valley Mall Property), the Borrower shall notify the Administrative Agent in writing, which notice shall specify the existing Collateral Property with respect to which the
Borrower desires to effect such substitution (the “Substitution”) and shall deliver to the Administrative Agent, with respect to the Property proposed for the Substitution, each of the following, in form and substance reasonably
satisfactory to the Administrative Agent: 
 (i) A description of such Property, such description to include the
age, location and size of such Property; 
 (ii) An operating statement for such Property audited or certified by
a representative of the Borrower as being true and correct in all material respects and prepared in accordance with GAAP for the previous three fiscal years, provided that, with respect to any period such Property was not owned by the Borrower or a
Subsidiary, such information shall only be required to be delivered to the extent reasonably available to the Borrower and such certification may be based upon the best of the Borrower’s knowledge; 
 (iii) A current rent roll in substantially the form attached hereto as Exhibit P and a one-year occupancy history of such
Property each certified by a representative of the Borrower to be true and correct, provided that, with respect to any period such Property was not owned by the Borrower or a Subsidiary, the occupancy history shall only be required to be delivered
to the extent reasonably available to the Borrower and such certification may be based upon the best of the Borrower’s knowledge; 
 (iv) Such projections and other information concerning the anticipated operation of such Property as the Administrative Agent may reasonably request; 
 (v) Budgets with respect to any capital expenditures to be made with respect to such Property within the next twelve months;
and 
 (vi) Such other information the Administrative Agent may reasonably request in order to evaluate the
Property which information is readily available to the Borrower or can be obtained by the Borrower without unreasonable expense. 
  

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 (b) Approval by Administrative Agent and Lenders; Appraisals. Upon receipt of all of
the items in the immediately preceding subsection (a), the Administrative Agent shall order an Appraisal of such Property in order to determine the Appraised Value thereof. If, after receipt and review of all of the above items (other than the
Appraisal), the Administrative Agent is prepared to proceed with acceptance of such Property, the Administrative Agent will so notify the Borrower and each Lender within 10 Business Days after receipt of all of the items in the immediately preceding
subsection (a) (other than the Appraisal) and will submit all such items to the Lenders. After obtaining the Appraisal of such Property, the Administrative Agent will promptly submit the Appraisal and the Appraised Value to the Lenders, for
approval by the Requisite Lenders. Each Lender shall notify the Administrative Agent whether it approves of the designation of such Property as a substitute for an existing Collateral Property within 30 Business Days of the submission by the
Administrative Agent of the Appraisal and the Appraised Value for such Property, and if a Lender fails to so notify the Administrative Agent within 30 Business Days, such Lender shall be deemed to have conclusively approved of such Property as a
substitute. Upon (i) approval of such Property by the Requisite Lenders, (ii) execution and delivery of all of the documents that would have been required pursuant to Section 5.1.(a)(xviii)(A) through (I) and (K) through
(W) and Sections 5.1.(xix) and (xxii) had such Property been a Collateral Property on the Effective Date, (iii) if any Tenant Deposit Accounts into which the Rents of such Property are deposited are not held by the Property Owner
of such Property, delivery of a supplement to the Security Agreement, executed by each Person that holds any such Tenant Deposit Accounts, (iv) if such Property is located in a Tie-In Jurisdiction and a “tie-in” endorsement is
available, delivery of endorsements to all other existing title insurance policies issued to the Administrative Agent with respect to all other Collateral Properties located in that Tie-In Jurisdiction and/or other Tie-In Jurisdictions, as
applicable, reflecting an increase in the aggregate insured amount under the “tie-in” endorsements to an amount equal to the aggregate amount of the Appraised Values of all such Collateral Properties subject to such “tie-in”
endorsement (including the Property to become a Collateral Property but excluding the value of any personal property located at such Property) but in no event in an amount in excess of the aggregate amount of the Revolving Commitments and the
outstanding principal balance of the Term Loans; and (v) payment of the fee set forth in Section 3.5.(e), such Property shall be designated as a Collateral Property, and the Administrative Agent shall release the existing Collateral
Property and related Collateral for which such new Collateral Property has been provided in substitution from all Liens created by the Security Documents applicable thereto. The Administrative Agent, in consultation with the Borrower, shall
establish a value for such Property, not less than the Appraised Value, to be provided on the schedule attached to the Base Value Agreement as the “Base Value” of such Property and shall update such schedule accordingly. The Security
Instrument encumbering any such Property that is provided as a substitute for a Gallery Property shall secure all Obligations and all Gallery Obligations. 
 Section 3.12. Release of a Property. 
 (a) Release of a Collateral
Property. From time to time upon not less than 30 Business Days’ prior written notice to the Administrative Agent, the Borrower (or in the case of the Gallery Properties, the Gallery Borrower) may request that a Collateral Property, or any
pad,

  

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outparcel or other portion thereof (other than an Option Parcel), and related Collateral be released from all Liens created by the Security Documents applicable thereto, which release (the
“Release”) shall be effected by the Administrative Agent if the following conditions are satisfied or waived as of the date of such Release: 
 (i) no Default or Event of Default exists or would exist immediately after giving effect to such Release, except in the case of the Release of a Gallery Property; 
 (ii) after giving pro forma effect to such Release (including the repayment of any Obligations or Gallery Obligations to be
made in connection with such Release), the Facility Debt Yield will be equal to or greater than the Facility Debt Yield prior to giving pro forma effect to such Release; 
 (iii) the Parent shall have delivered to the Administrative Agent a certificate from the chief financial officer of the
Parent certifying the matters referred to in the immediately preceding clauses (i) and (ii) and providing reasonably detailed calculations establishing satisfaction of the condition set forth in the immediately preceding clause (ii);

 (iv) the Borrower or the Gallery Borrower, as applicable, shall have delivered to the Administrative Agent all
documents and instruments reasonably requested by the Administrative Agent in connection with such Release including, without limitation, the following: 
 (A) all documents being requested by the Borrower or the Gallery Borrower, as applicable, to effect such Release, including releases of applicable Security Documents; and 
 (B) if the Release Price is not being paid with available cash of the Borrower or the Gallery Borrower, as applicable, a
certificate of a Responsible Officer of the Borrower or the Gallery Borrower, as applicable, certifying that the Release is required in connection with a Disposition or in connection with the Borrower or its applicable Subsidiary or with the Gallery
Borrower or its applicable Subsidiary obtaining Indebtedness that will be secured by such Collateral Property; and 
 (C) in the case of a Release of any pad, outparcel or other portion of a Collateral Property (other than an Option Parcel) (1) all necessary zoning and subdivision approvals and cross-easement agreements required for the separate
ownership of such pad, outparcel or other portion and an updated survey of the relevant Collateral Property and the pad, outparcel or other portion thereof, (2) such amendments or modifications to the Loan Documents, in form and substance
satisfactory to the Administrative Agent, as the Administrative Agent may reasonably require to reflect the release of the pad, outparcel or other portion (including, without limitation, an amendment to the Security Instrument

  

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encumbering the relevant Collateral Property and the Collateral related thereto) substituting a revised legal description reflecting the release of the pad, outparcel or other portion thereof,
(3) evidence that (a) the relevant Collateral Property remaining encumbered by the Lien of the Security Instrument encumbering such Collateral Property and the other Collateral related thereto shall constitute a separate tax lot for tax
and assessment purposes by no later than the earliest date permitted under Applicable Law, (b) the release of such pad, outparcel or portion thereof does not adversely affect ingress or egress to or from the Collateral Property, and
(c) the documents with respect to such release (other than cross-easement agreements, if any) do not impose any obligations or otherwise burden the Collateral Property in any way; and 
 (v) in the case of: 
 (A) a Release of any Collateral Property other than a Gallery Property or any pad, outparcel or other portion thereof (other than an Option Parcel), the Borrower shall have paid (1) all accrued and
unpaid expenses owing to the Administrative Agent as of the date of such Release, (2) all accrued Fees owing as of the date of such Release, (3) all accrued interest owing on the Loans and the Reimbursement Obligations as of the date of
such Release, and (4) the applicable Release Price which shall be applied first, to payment of the outstanding principal balance of the Term Loans A until paid in full, and then to the payment of the outstanding principal balance of the Gallery
Term Loans; and 
 (B) a Release of a Gallery Property or any pad, outparcel or other portion thereof,
(1) the Borrower or the Gallery Borrower, as applicable, shall have paid all accrued and unpaid expenses owing by the Borrower or the Gallery Borrower to the Administrative Agent as of the date of such Release, (2) the Borrower or the
Gallery Borrower, as applicable, shall have paid all accrued Fees owing by the Borrower or the Gallery Borrower as of the date of such Release, (3) the Gallery Borrower, shall have paid all interest owing on the Gallery Loans as of the date of
such Release, and (4) the Gallery Borrower shall have paid the applicable Release Price which shall be applied to payment of the outstanding principal balance of the Gallery Term Loans; and 
 Notwithstanding the foregoing, if the condition set forth in the immediately preceding clause (ii) cannot be satisfied at the time of such requested
Release, satisfaction of such condition may be waived by the Administrative Agent in its sole discretion so long as after giving pro forma effect to such Release the Facility Debt Yield will be equal to or greater than 11.00% and otherwise by the
Requisite Lenders so long as after giving pro forma effect to such Release the Facility Debt Yield will be equal to or greater than 10.0%. In no event shall a Collateral Property be released if after giving pro forma effect to such Release the
Facility Debt Yield would be less than 10.0%. 
 (b) Determination of the Pad Value. If the Borrower requests the Release
of a pad, outparcel or other portion (other than an Option Parcel) of a Collateral Property for which a Base

  

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Value does not exist, the Pad Value shall be an amount that is determined by the Administrative Agent in its reasonable discretion unless the Borrower objects to such determination in accordance
with this Section 3.12.(c). The Administrative Agent shall notify the Borrower in writing of its determination of the amount that shall be the Pad Value (the “Determination Notice”) within 10 Business Days after receipt by the
Administrative Agent from the Borrower of all information requested by the Administrative Agent to determine such Pad Value. If the Borrower disagrees with the Administrative Agent’s determination of the Pad Value, the Borrower shall, within 3
Business Days after receipt of the Determination Notice, request in writing that the Administrative Agent obtain an Appraisal of such pad or outparcel at the Borrower’s expense, in which case the Pad Value of such pad or outparcel shall be the
Appraised Value of such pad or outparcel. 
 (c) Release of Option Parcels. The relevant Property Owner may dispose of
portions of the Collateral Properties (each an “Option Parcel”) subject to the options to purchase (each an “Option Agreement”) described on Schedule 3.12.(c) and the other Collateral related thereto (and the Administrative
Agent shall release any such Option Parcel from the Lien of any applicable Security Instrument) provided (i) the Property Owner obtains and delivers to the Administrative Agent all necessary zoning and subdivision approvals and cross-easement
agreements required for the separate ownership of such Option Parcel and an updated survey of the relevant Collateral Property and the Option Parcel, (ii) the Administrative Agent shall have received, in form and substance satisfactory to the
Administrative Agent, such amendments or modifications to the Loan Documents as the Administrative Agent may reasonably require to reflect the release of the Option Parcel (including, without limitation, an amendment to the Security Instrument
encumbering the relevant Collateral Property and the Collateral related thereto) substituting a revised legal description reflecting the release of the Option Parcel, (iii) the Property Owner shall have delivered to the Administrative Agent
evidence that (A) the relevant Collateral Property remaining encumbered by the Lien of the Security Instrument encumbering such Collateral Property and the other Collateral related thereto shall constitute a separate tax lot for tax and
assessment purposes by no later than the earliest date permitted under Applicable Law, (B) the release of such Option Parcel does not adversely affect ingress or egress to or from the Collateral Property, and (C) the documents with respect
to such release (other than cross-easement agreements, if any) do not impose any obligations or otherwise burden the Collateral Property in any way, and (iv) the Property Owner pays the applicable Release Price to the Administrative Agent,
which in the case of the Release of any Option Parcel at a Collateral Property other than a Gallery Property shall be applied to first to payment of the outstanding principal balance of the Term Loans A until paid in full and then to the payment of
the outstanding principal balance of the Gallery Term Loans. 
 Section 3.13. Redetermination of Appraised Value; Appraisals.

 (a) The Appraised Value of each Collateral Property (based on a new Appraisal obtained by the Administrative Agent) shall
be redetermined under each of the following circumstances: 
  

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 (i) At any time while a Default or an Event of Default exists, the
Administrative Agent may redetermine the Appraised Value of any Collateral Property at the Borrower’s expense; or 
 (ii) if under FIRREA or any other Applicable Law, a Lender is required to obtain an Appraisal of any Collateral Property in addition to any other Appraisal previously obtained with respect to such Collateral Property pursuant to this
Agreement, the Administrative Agent shall have the right to cause such an Appraisal to be obtained at the Borrower’s cost and expense. 
 (b) During the period between March 11, 2011 and March 11, 2012, the Administrative Agent shall obtain an Appraisal for each of the Collateral Properties, at the Borrower’s cost and
expense. 
 ARTICLE IV. YIELD PROTECTION, ETC. 
 Section 4.1. Additional Costs; Capital Adequacy. 
 (a) Capital Adequacy. If any Lender reasonably determines that compliance with any law or regulation or with any guideline or request from any central bank or other Governmental Authority (whether
or not having the force of law) affects or would affect the amount of capital required or expected to be maintained by such Lender, or any corporation controlling such Lender, as a consequence of, or with reference to, such Lender’s Commitment
or its making or maintaining Loans below the rate which such Lender or such corporation controlling such Lender could have achieved but for such compliance (taking into account the policies of such Lender or such corporation with regard to capital),
then the Borrower shall, from time to time, within 30 calendar days after written demand by such Lender, pay to such Lender additional amounts sufficient to compensate such Lender or such corporation controlling such Lender to the extent that such
Lender determines such increase in capital is allocable to such Lender’s obligations hereunder. 
 (b) Additional
Costs. In addition to, and not in limitation of the immediately preceding clause (a), the Borrower shall promptly pay to the Administrative Agent for the account of a Lender from time to time such amounts as such Lender may reasonably determine
to be necessary to compensate such Lender for any costs incurred by such Lender that it reasonably determines are attributable to its making or maintaining of any LIBOR Loans or its obligation to make any LIBOR Loans hereunder, any reduction in any
amount receivable by such Lender under this Agreement or any of the other Loan Documents in respect of any of such LIBOR Loans or such obligation or the maintenance by such Lender of capital in respect of its LIBOR Loans or its Commitments (such
increases in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such Lender under this Agreement
or any of the other Loan Documents in respect of any of such LIBOR Loans or its Commitments (other than taxes imposed on or measured by the overall net income of such Lender or of its Lending Office for any of such LIBOR Loans by the jurisdiction in
which such Lender has its principal office or such Lending Office), or (ii) imposes or modifies any reserve, special deposit or similar

  

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requirements (excluding Regulation D of the Board of Governors of the Federal Reserve System or other similar reserve requirement applicable to any other category of liabilities or category
of extensions of credit or other assets by reference to which the interest rate on LIBOR Loans is determined) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, or other credit extended by, or any
other acquisition of funds by such Lender (or its parent corporation), or any commitment of such Lender (including without limitation, the Commitments of such Lender hereunder) or (iii) has or would have the effect of reducing the rate of
return on capital of such Lender to a level below that which such Lender could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with respect to capital adequacy). 
 (c) Lender’s Suspension of LIBOR Loans. Without limiting the effect of the provisions of the immediately preceding subsections
(a) and (b), if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities of such Lender that
includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR Loans or (ii) becomes subject to
restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrower and the Gallery Borrower (with a copy to the Administrative Agent), the obligation of such Lender to
make or Continue, or to Convert Base Rate Loans into, LIBOR Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 4.5. shall apply). 
 (d) Additional Costs in Respect of Letters of Credit. Without limiting the obligations of the Borrower under the preceding
subsections of this Section (but without duplication), if as a result of any Regulatory Change or any risk-based capital guideline or other requirement heretofore or hereafter issued by any Governmental Authority there shall be imposed, modified or
deemed applicable any tax, reserve, special deposit, capital adequacy or similar requirement against or with respect to or measured by reference to Letters of Credit and the result shall be to increase the cost to the Issuing Bank of issuing (or any
Lender of purchasing participations in) or maintaining its obligation hereunder to issue (or purchase participations in) any Letter of Credit or reduce any amount receivable by the Issuing Bank or any Lender hereunder in respect of any Letter of
Credit, then, upon demand by the Issuing Bank or such Lender, the Borrower shall pay immediately to the Issuing Bank or, in the case of such Lender, to the Administrative Agent for the account of such Lender, from time to time such additional
amounts as shall be reasonably determined by the Issuing Bank or such Lender to be sufficient to compensate the Issuing Bank or such Lender for such increased costs or reductions in amount. 
 (e) Notification and Determination of Additional Costs. Each of the Administrative Agent, the Issuing Bank, and each Lender, as the
case may be, agrees to notify the Borrower of any event occurring after the Agreement Date entitling the Administrative Agent, the Issuing Bank, or such Lender, as the case may be, to compensation under any of the preceding subsections of this
Section as promptly as practicable; provided, however, that the failure of the Administrative Agent, the Issuing Bank, or any Lender to give such notice shall not release the

  

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Borrower from any of its obligations hereunder. The Administrative Agent, the Issuing Bank, and each Lender, as the case may be, agrees to furnish to the Borrower (and in the case of the Issuing
Bank, or a Lender, to the Administrative Agent as well) a certificate setting forth the basis and amount of each request for compensation under this Section. Determinations by the Administrative Agent, the Issuing Bank, or such Lender, as the case
may be, of the effect of any Regulatory Change shall be conclusive, absent manifest error, provided that such determinations are made on a reasonable basis and in good faith. 
 Section 4.2. Suspension of LIBOR Loans. 
 Anything herein to the
contrary notwithstanding, if, on or prior to the determination of LIBOR for any Interest Period: 
 (a) the
Administrative Agent reasonably determines (which determination shall be conclusive, absent manifest error) that quotations of interest rates for the relevant deposits referred to in the definition of LIBOR are not being provided in the relevant
amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Loans as provided herein or is otherwise unable to determine LIBOR, or 
 (b) the Administrative Agent reasonably determines (which determination shall be conclusive) that the relevant rates of
interest referred to in the definition of LIBOR upon the basis of which the rate of interest for LIBOR Loans for such Interest Period is to be determined are not likely to adequately cover the cost to any Lender of making or maintaining LIBOR Loans
for such Interest Period; 
 then the Administrative Agent shall give the Borrower, the Gallery Borrower and each Lender prompt notice thereof
and, so long as such condition remains in effect, the Lenders shall be under no obligation to, and shall not, make additional or maintain LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrower and the Gallery Borrower,
as applicable, shall, on the last day of each current Interest Period for each outstanding LIBOR Loan, either prepay such Loan or Convert such Loan into a Base Rate Loan. 
 Section 4.3. Illegality. 
 Notwithstanding any other provision of this
Agreement, if any Lender shall determine (which determination shall be conclusive and binding) that it is unlawful for such Lender to honor its obligation to make or maintain LIBOR Loans hereunder, then such Lender shall promptly notify the Borrower
and the Gallery Borrower thereof (with a copy of such notice to the Administrative Agent) and such Lender’s obligation to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended until such time as such Lender may
again make and maintain LIBOR Loans (in which case the provisions of Section 4.5. shall be applicable). 
  

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 Section 4.4. Compensation. 
 The Borrower shall pay to the Administrative Agent for the account of each Lender, upon the request of such Lender through the Administrative
Agent, such amount or amounts as shall be sufficient to compensate such Lender for any loss, cost or expense that such Lender reasonably determines is attributable to: 
 (a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such
Lender for any reason (including, without limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or 
 (b) any failure by the Borrower or the Gallery Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent specified in Article V. to be
satisfied) to borrow a LIBOR Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such Conversion or Continuation. 
 Not in limitation of the foregoing, such compensation shall include, without limitation; in the case of a LIBOR Loan, an amount equal to the then present
value of (i) the amount of interest that would have accrued on such LIBOR Loan for the remainder of the Interest Period at the rate applicable to such LIBOR Loan, less (ii) the amount of interest that would accrue on the same LIBOR Loan
for the same period if LIBOR were set on the date on which such LIBOR Loan was repaid, prepaid or Converted or the date on which the Borrower or the Gallery Borrower failed to borrow, Convert or Continue such LIBOR Loan, as applicable, calculating
present value by using as a discount rate LIBOR quoted on such date plus the Applicable Margin. Upon the Borrower’s request (made through the Administrative Agent), any Lender seeking compensation under this Section shall provide the Borrower
with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. Any such statement shall be conclusive absent manifest error. 
 Section 4.5. Treatment of Affected Loans. 
 If the obligation of any
Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(c) or Section 4.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate
Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 4.1.(c) or Section 4.3. on such earlier date as such Lender may specify to the Borrower and the Gallery
Borrower with a copy to the Administrative Agent) and, unless and until such Lender gives notice as provided below that the circumstances specified in Section 4.1.(c) or Section 4.3. that gave rise to such Conversion no longer exist:

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

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 (b) all Loans that would otherwise be made or Continued by such Lender as
LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. 
 If such Lender gives notice to the Borrower and the Gallery Borrower (with a copy to the Administrative Agent) that the circumstances specified in
Section 4.1.(c) or Section 4.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when
LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so
that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with the respective unpaid principal amount of the Loans
held by each of the Lenders. 
 Section 4.6. Affected Lenders. 
 If (a) a Lender requests compensation pursuant to Section 3.10. or 4.1., and the Requisite Lenders are not also doing the same, or
(b) the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into LIBOR Loans shall be suspended pursuant to Section 4.1.(c) or 4.3. but the obligation of the Requisite Lenders shall not have been
suspended under such Sections, then, so long as there does not then exist any Default or Event of Default, the Borrower may demand that such Lender (the “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign
its Revolving Commitment and all outstanding Loans to an Eligible Assignee subject to and in accordance with the provisions of Section 11.6.(c) for a purchase price equal to the aggregate principal balance of Loans then owing to the Affected
Lender plus any accrued but unpaid interest thereon and accrued but unpaid fees owing to the 
 Affected Lender. Each of the Administrative
Agent, the Borrower, the Gallery Borrower and the Affected Lender shall reasonably cooperate in effectuating the replacement of such Affected Lender under this Section, but at no time shall the Administrative Agent, such Affected Lender nor any
other Lender be obligated in any way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at
no cost or expense to the Administrative Agent, the Affected Lender or any of the other Lenders. The terms of this Section shall not in any way limit the Borrower’s and the Gallery Borrower’s obligation to pay to any Affected Lender
compensation owing to such Affected Lender pursuant to Section 3.10. or 4.1. 
 Section 4.7. Assumptions Concerning Funding of
LIBOR Loans. 
 Calculation of all amounts payable to a Lender under this Article IV. shall be made as though such
Lender had actually funded LIBOR Loans through the purchase of deposits in the relevant market bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the
relevant Interest Period; provided, however, that each Lender may fund each of its LIBOR Loans in any manner it

  

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sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article IV. 
 Section 4.8. Change of Lending Office. 
 Each Lender agrees that it
will use reasonable efforts to designate an alternate Lending Office with respect to any of its Loans affected by the matters or circumstances described in Sections 3.10., 4.1. or 4.3. to reduce the liability of the Borrower and the Gallery
Borrower or avoid the results provided thereunder, so long as such designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office
located in the United States of America. 
 ARTICLE V. CONDITIONS PRECEDENT 

 Section 5.1. Initial Conditions Precedent. 
 The obligation of the Administrative Agent, the Issuing Bank and the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the issuance of a
Letter of Credit, is subject to the satisfaction or waiver of the following conditions precedent: 
 (a) The Administrative
Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent: 
 (i) counterparts of this Agreement executed by each of the parties hereto; 
 (ii) Revolving Notes and
Term Loan A Notes executed by the Borrower, payable to each Lender, and Gallery Term Loan Notes executed by the Gallery Borrower, in each case, complying with the terms of Section 2.11.; 
 (iii) the Guaranty executed by each of the Guarantors initially to be a party thereto; 
 (iv) the Security Agreement executed by the Borrower and each Grantor; 
 (v) the Pledge Agreement executed by each Pledgor; 
 (vi) the Base Value Agreement executed by the Borrower, the Gallery Borrower and the Administrative Agent; 
 (vii) an opinion of counsel to the Parent, the Borrower, the Gallery Borrower the Guarantors, the Grantors and the Pledgors
addressed to the Administrative Agent, the Issuing Bank, the Lenders and the Specified Derivatives Providers and covering the matters set forth on Exhibit Q; 
  

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 (viii) a certificate of incumbency signed by the Secretary or Assistant
Secretary (or other individual performing similar functions) of each Loan Party with respect to each of the officers of such Loan Party authorized to execute and deliver the Loan Documents to which such Loan Party is a party, in the case of the
Borrower, the officers of the Borrower then authorized to execute and deliver (or make by telephone in the case of Notices of Conversion or Continuation) on behalf of the Borrower any Notice of Revolving Loan Borrowing, the Notice of Term Loan A
Borrowing, Notices of Conversion and Notices of Continuation and to request the issuance of Letters of Credit, and in the case of the Gallery Borrower, the officers of the Gallery Borrower then authorized to execute and deliver on behalf to the
Gallery Borrower the Notice of Gallery Term Loan Borrowing, Notices of Conversion and Notices of Continuation; 
 (ix) the certificate or articles of incorporation, articles of organization, certificate of limited partnership, declaration of trust or other comparable organizational instrument (if any) of the Parent, the Borrower, the Gallery Borrower
and each Guarantor, certified as of a recent date by the Secretary of State of the State of formation in the case of the Parent, PREIT, PREIT-RUBIN, PR Gallery and Keystone and certified as of the Effective Date by the Secretary or Assistant
Secretary (or other individual performing similar functions) in the case of the Parent, PREIT, PREIT-RUBIN, PR Gallery, Keystone and each Guarantor; 
 (x) a Certificate of Good Standing or certificate of similar meaning with respect to the Parent, the Borrower, the Gallery Borrower and each Guarantor (and in the case of a limited partnership, the
general partner of such Guarantor) issued as of a recent date by the Secretary of State of the state of formation of each such Person and certificates of qualification to transact business or other comparable certificates issued by each Secretary of
State (and any state department of taxation, as applicable) of (A) each state in which such Person is required to be so qualified and where failure to be so qualified could reasonably be expected to have a Material Adverse Effect and
(B) with respect to each Person that is a Property Owner, of each state in which any Collateral Property is located, if different from the state of formation of such Person; 
 (xi) copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of the
Parent, the Borrower, the Gallery Borrower and each Guarantor of the by-laws of such Person, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or other
comparable document in the case of any other form of legal entity; 
 (xii) copies certified by the Secretary or
Assistant Secretary (or other individual performing similar functions) of the Parent, the Borrower, the Gallery Borrower and each Guarantor of all corporate, partnership, member or other necessary action taken by each such Loan Party to authorize
the execution, delivery and performance of the Loan Documents to which it is a party; 
 (xiii) the Notice of
Term Loan Borrowing executed by the Borrower; 
  

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 (xiv) Notice of Gallery Term Loan Borrowing executed by the Gallery
Borrower; 
 (xv) the Transfer Authorizer Designation executed by the Borrower and the Gallery Borrower effective
as of the Agreement Date; 
 (xvi) a Compliance Certificate calculated as of the Parent’s fiscal quarter
ended September 30, 2009 giving pro forma effect to the making of the Loans and the application of the proceeds thereof; 
 (xvii) UCC, tax, litigation, and judgment search reports with respect to the Borrower, the Gallery Borrower, each Property Owner, and each Collateral Property in all necessary or appropriate jurisdictions
indicating that there are no Liens of record on such Collateral Property (other than the New River Valley Mall Property) other than Permitted Liens and no Liens of record on the New River Valley Mall Property other than Permitted Liens and Liens
securing the New River Valley Mall Liabilities and UCC, tax, litigation and judgment search reports with respect to each Grantor and each Pledgor, showing that there are no Liens of record on the Tenant Deposit Accounts and related Collateral or on
the Equity Interests of any Property Owner of a Gallery Property owned by a Pledgor, respectively; 
 (xviii)
With respect to each Collateral Property (unless otherwise specified), each of the following items: 
 (A) an
operating statement for such Property audited or certified by a representative of the Borrower as being true and correct in all material respects and prepared in accordance with GAAP for the previous three fiscal years, provided that, with respect
to any period such Property was owned by the applicable Property Owner for less than three years, such information shall only be required to be delivered to the extent reasonably available to the Borrower and such certification may be based upon the
best of the Borrower’s knowledge and provided further, that if such Property has been operating for less than three years, the Borrower shall provide such projections and other information concerning the anticipated operation of such Property
as the Administrative Agent may reasonably request; 
 (B) a current rent roll for such Property certified by a
representative of the Borrower as being true and correct in all material respects; 
 (C) a current or currently
certified survey of such Property certified by a surveyor licensed in the applicable jurisdiction to have been prepared in accordance with the then effective Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys and acceptable to the
Administrative Agent in its sole but reasonable discretion; 
  

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 (D) if not adequately covered by the survey certification provided for
above, a certificate from a licensed engineer or other professional satisfactory to the Administrative Agent that such Property is not located in a Special Flood Hazard Area as defined by the Federal Insurance Administration, or if such Property is
located in a Special Flood Hazard Area, evidence satisfactory to the Administrative Agent of the insurance coverage required under Section 7.6.(d) with respect to such Property; 
 (E) A “Phase I” environmental assessment of such Property, and a “Phase II” environmental assessment of
such Property if warranted by such “Phase I” environmental assessment, in each case, not more than 12 months old prepared by an environmental engineering firm reasonably acceptable to the Administrative Agent and upon which the
Administrative Agent, Issuing Bank, the Lenders and the Specified Derivatives Providers are expressly permitted to rely pursuant to a reliance letter addressed to the Administrative Agent, the Issuing Bank, the Lenders and the Specified Derivatives
Providers, in form and substance reasonably satisfactory to the Administrative Agent, and any additional environmental studies or assessments available to the Borrower performed with respect to such Property; 
 (F) an engineering report for such Property not more than 12 months old and prepared by an engineering firm acceptable to the
Administrative Agent upon which the Agent, the Issuing Bank, the Lenders and the Specified Derivatives Providers are expressly permitted to rely pursuant to a reliance letter addressed to the Agent, the Issuing Bank, the Lenders and the Specified
Derivatives Providers in form and substance reasonably satisfactory to the Administrative Agent; 
 (G) copies of
(1) the permanent certificate(s) of occupancy for such Property, (2) any licenses, permits and approvals required for the use and operation of such Property (which items described in the immediately preceding clauses (1) and
(2) may alternatively be covered by a zoning report described in clause (I) below), (3) all Property Management Agreements and all Material Contracts relating to the use, occupancy, operation, maintenance, enjoyment or ownership of
such Property, if any, and (4) in any event, copies of (x) all Tenant Leases with respect to such Property (or, if acceptable to the Administrative Agent, a summary of the terms thereof) and (y) all reciprocal easement agreements, if
any, in respect of such Property; 
 (H) copies of any applicable ground leases and estoppels from ground lessors
or lessees, as applicable, relating to such Property if such estoppels are required to be provided by such ground lessor pursuant to such ground leases and if such estoppels are not so required, if requested by the Administrative Agent, the

  

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Borrower shall have used its commercially reasonable efforts to obtain such estoppels; 
 (I) a zoning report prepared by a firm reasonably acceptable to the Administrative Agent with respect to such Property evidencing compliance with applicable zoning and land use laws and building
ordinances or codes (including, without limitation, copies of final certificates of occupancy relating to such Property or such other evidence reasonably acceptable to the Administrative Agent that occupancy permits have been issued for such
Property) or that such Property is the subject of a legal non-conforming use; 
 (J) an Appraisal of such
Property; 
 (K) a Security Instrument encumbering such Property in favor of the Administrative Agent for its
benefit and the benefit of the Issuing Bank, the Lenders and each Specified Derivatives Provider, the form of such Security Instrument to be modified as appropriate to conform to the Applicable Laws of the jurisdiction in which such Property is
located; provided, that in the case of the Security Instrument encumbering the Gallery Properties, such Security Instrument shall only secure the Gallery Obligations as provided therein; 
 (L) an Environmental Indemnity Agreement or Gallery Environmental Indemnity Agreement, as applicable; 
 (M) a Property Management Contract Assignment covering the Property Management Agreements, if any, for such Property;

 (N) an ALTA 2006 Form mortgagee’s Policy of Title Insurance or other form acceptable to the
Administrative Agent in favor of the Administrative Agent for its benefit and the benefit of the Issuing Bank, the Lenders and each Specified Derivatives Provider with respect to such Property, including endorsements with respect to such items of
coverage as the Administrative Agent may request and which endorsements are available, in the amount of coverage required in the following sentence, issued by an Approved Title Insurance Company and with reinsurance (with direct access agreements)
or co-insurance from title insurance companies acceptable to the Administrative Agent, showing the fee simple or leasehold title to the land and improvements described in the applicable Security Instrument is vested in the Property Owner, and
insuring that the Lien granted by such Security Instrument is a valid Lien against said property, subject only to such restrictions, encumbrances, easements and reservations as are acceptable to the Administrative Agent. The amount of coverage under
such policy must equal 100% of the Appraised Value of such Property; 
 (O) copies of all documents of
record reflected in Schedule A and Schedule B of such Policy of Title Insurance; 
  

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 (P) if requested by the Administrative Agent, a reciprocal easement
agreement estoppel with respect to any reciprocal easement agreements for such property; 
 (Q) if such Property
is part of a condominium regime, copies of all condominium documents, including without limitation, the recorded condominium declaration, condominium plans, condominium association bylaws, condominium association incorporation documents, if any, a
condominium estoppel from the condominium board, declarant and/or association, as applicable, and such other documents as reasonably required by the Administrative Agent; 
 (R) with respect to each Collateral Property (other than the New River Valley Mall Property), a list of all Tenant Deposit
Accounts (specifying for each Tenant Deposit Account, the holder of such account, the name and address of the bank or securities intermediary at which such deposit account is held, and the account number) as of the Agreement Date; 
 (S) the Deposit Account Control Agreements required under Section 7.17.; 
 (T) a UCC-1 financing statement to be filed in the office of the Secretary of State of the state in which the Property Owner
of such Property is organized; if required by the Administrative Agent, a UCC-1 financing statement to be filed in the real estate records where such Property is located; and a UCC-1 financing statement to be filed in the office of the Secretary of
State in the state in which each of the Borrower, each Grantor and each Pledgor is organized; 
 (U) an opinion
of counsel admitted to practice law in the jurisdiction in which such Property is located and acceptable to the Administrative Agent, addressed to the Administrative Agent, the Issuing Bank, each Lender and each Specified Derivatives Provider
covering such legal matters relating to the transactions contemplated hereby as the Administrative Agent may reasonably request; 
 (V) an opinion of counsel admitted to practice law in the jurisdiction in which the Property Owner is formed and of counsel admitted to practice law in the Commonwealth of Pennsylvania, in each case,
acceptable to the Administrative Agent and addressed to the Administrative Agent, the Issuing Bank, each Lender and each Specified Derivatives Provider, covering such legal matters relating to the formation and existence and power of the Person
executing documents, and the due authorization, execution and delivery of the Security Documents and other documents for consummating the transactions contemplated hereby as the Administrative Agent may reasonably request; 
  

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 (W) such other instruments, documents, agreements, financing statements,
certificates, opinions and other Security Documents as the Administrative Agent may reasonably request with respect to each Collateral Property; and 
 (xix) insurance certificates, or other evidence, providing that the insurance coverage required under Section 7.6. (including, without limitation, both property and liability insurance) is in full
force and effect and stating that the coverage shall not be cancelable or materially changed without 10-days prior written notice to the Administrative Agent of any cancellation for nonpayment or premiums, and not less than 30-days prior written
notice to the Administrative Agent of any other cancellation or any modification (including a reduction in coverage), together with appropriate evidence that the Administrative Agent, for its benefit and the benefit of the Issuing Bank, the Lenders
and the Specified Derivatives Providers is named as a lender’s loss payee and additional insured, as appropriate, on all insurance policies that the Borrower, any Loan Party or any other Subsidiary actually maintains with respect to any
Property and improvements on such Property; and 
 (xx) evidence satisfactory to the Administrative Agent that
the Fees, if any, then due and payable under Section 3.5., together with all other fees, expenses and reimbursement amounts due and payable to the Administrative Agent and any of the Lenders for which payment has been demanded, have been paid;
and 
 (xxi) the Intercreditor Agreement; and 
 (xxii) such other documents and instruments as the Administrative Agent, or any Lender through the Administrative Agent, may
reasonably request. 
 (b) In the good faith judgment of the Administrative Agent: 
 (i) There shall not have occurred or become known to the Administrative Agent or the Lenders any event, condition, situation
or status since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning the Parent, the Borrower and the other Subsidiaries delivered to the Administrative Agent and the
Lenders prior to the Agreement Date that has had or could reasonably be expected to have a Material Adverse Effect; 
 (ii) No litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending or threatened which could reasonably be expected to (A) have a Material Adverse Effect or (B) restrain or
enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of any Loan Party to fulfill its obligations under the Loan Documents to which it is a party; and 
 (iii) The Parent, the Borrower and the other Loan Parties shall have received all approvals, consents and waivers, and shall
have made or given all necessary filings and

  

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notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under or violation of (A) any Applicable Law or (B) any agreement,
document or instrument to which any Loan Party is a party or by which any of them or their respective properties is bound, except for such approvals, consents, waivers, filings and notices the receipt, making or giving of which, or the failure to
make, give or receive which, would not reasonably be likely to (1) have a Material Adverse Effect, or (2) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of the
Borrower, the Parent or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party. 
 Section 5.2.
Conditions Precedent to All Credit Events. 
 The obligations of the Lenders to make any Loans, and of the Issuing Bank to
issue Letters of Credit, are all subject to the further condition precedent that: (a) no Default or Event of Default shall have occurred and be continuing as of the date of the making of such Loan or date of issuance of such Letter of Credit or
would exist immediately after giving effect thereto and no violation of the limits described in Section 2.19. would occur after giving effect thereto; (b) the representations and warranties made or deemed made by the Parent, the Borrower
and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct on and as of the date of the making of such Loan or date of issuance of such Letter of Credit with the same force and effect as if made on and
as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier date) and except
for changes in factual circumstances not prohibited under the Loan Documents; (c) in the case of a borrowing of the Revolving Loans, the Administrative Agent shall have received a timely Notice of Revolving Loan Borrowing; and (d) in the
case of the issuance of a Letter of Credit, no Lender shall be a Defaulting Lender; provided, however, the Issuing Bank may, in its sole and absolute discretion, waive the condition precedent contained in this clause (d) on behalf of itself and
all Lenders. Each Credit Event shall constitute a certification by the Borrower to the effect set forth in clauses (a) and (b) of the preceding sentence (both as of the date of the giving of notice relating to such Credit Event and, unless
the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event). In addition, if such Credit Event is the making of a Loan or the issuance of a Letter of Credit,
the Borrower shall be deemed to have represented to the Administrative Agent, the Issuing Bank and the Lenders at the time such Loan is made or such Letter of Credit is issued that all conditions to the occurrence of such Credit Event contained in
this Article V. have been satisfied or waived as permitted hereunder. 
 ARTICLE VI.
REPRESENTATIONS AND WARRANTIES 
 Section 6.1. Representations and Warranties. 

 In order to induce the Administrative Agent, the Issuing Bank and each Lender to enter into this Agreement and the Lenders to
make the Loans, and in the case of the Issuing Bank, to issue Letters of Credit, each of the Borrowers and the Parent represents and warrants to the Administrative Agent, the Issuing Bank and each Lender as follows: 
  

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 (a) Organization; Power; Qualification. Each of the Loan Parties is a corporation,
partnership or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority to own or lease its respective properties and to carry on its
respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and authorized to do business, in each jurisdiction in which the
character of its properties or the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect.

 (b) Ownership Structure. Part I of Schedule 6.1.(b) is a complete and correct list, as of the Agreement Date of
all Subsidiaries of the Parent, setting forth for each such Subsidiary (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding any Equity Interest in such Subsidiary (other than PREIT), (iii) the nature of
the Equity Interests held by each such Person and (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests. Except as disclosed in Part I of Schedule 6.1.(b), (w) each of the Parent and its Subsidiaries
owns, free and clear of all Liens, and has the unencumbered right to vote, all outstanding Equity Interests in each Person shown to be held by it on such Schedule, (x) all of the issued and outstanding capital stock of each such Person
organized as a corporation is validly issued, fully paid and nonassessable and (y) there are no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any
stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any
type in, any such Person. Part II of Schedule 6.1.(b) correctly sets forth, as of the Agreement Date, all Consolidated Affiliates and Unconsolidated Affiliates of the Parent, including the correct legal name of such Person, the type of
legal entity which each such Person is, and all Equity Interests in such Person held directly or indirectly by the Parent. 
 (c) Authorization of Loan Documents and Borrowings. Each of the Borrower and the Gallery Borrower has the right and power, and has taken all necessary action to authorize it, to borrow hereunder. The Parent, the Borrower and each
other Loan Party has the right and power, and has taken all necessary action to authorize it, to execute, deliver and perform each of the Loan Documents to which it is a party in accordance with their respective terms and to consummate the
transactions contemplated hereby and thereby. The Loan Documents to which the Parent, the Borrower or any other Loan Party is a party have been duly executed and delivered by duly authorized signatories of such Person and each is a legal, valid and
binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, fraudulent conveyance and other similar laws affecting the rights of creditors
generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein may be limited by equitable principles generally. 
  

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 (d) Compliance of Loan Documents and Borrowing with Laws, etc. The execution,
delivery and performance of this Agreement and the other Loan Documents to which the Parent, the Borrower or any other Loan Party is a party in accordance with their respective terms, and the borrowings and other extensions of credit hereunder, do
not and will not, by the passage of time, the giving of notice, or both: (i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to any Loan Party or any other Subsidiary; (ii) result
in a breach of or constitute a default under the declaration of trust, certificate or articles of incorporation, bylaws, partnership agreement or other organizational documents of any Loan Party or any other Subsidiary, or any indenture, agreement
or other instrument to which any Loan Party or any other Subsidiary is a party or by which it or any of its respective properties may be bound, including, without limitation, the Exchangeable Note Indenture; or (iii) result in or require the
creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by any Loan Party or any other Subsidiary other than in favor of the Administrative Agent for the benefit of the Lenders, including without
limitation, under the terms of the Exchangeable Note Indenture. 
 (e) Compliance with Law; Governmental Approvals. Each
Loan Party and each other Subsidiary is in compliance with each Governmental Approval applicable to it and in compliance with all other Applicable Law relating to such Loan Party or such other Subsidiary except for noncompliances which, and
Governmental Approvals the failure to possess, individually and in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
 (f) Title to Properties. Schedule 6.1.(f) is, as of the Agreement Date, a complete and correct listing of all Properties of the Parent, the Borrower, the other Loan Parties and all other
Subsidiaries, setting forth, for each such Property, (i) to the best of the Loan Parties’ knowledge, the current occupancy status of such Property, (ii) whether such Property is a Project Under Development and, (iii) if such
Property is a Project Under Development, the status of completion of such Property. Each of the Parent, the Borrower, the other Loan Parties and all other Subsidiaries has good, marketable and legal title to, or a valid leasehold interest in, its
respective assets necessary to the conduct of their businesses. 
 (g) Existing Indebtedness; Liabilities. Part I of
Schedule 6.1.(g) is, as of the Agreement Date, a complete and correct listing of all Indebtedness (including all Guarantees of Indebtedness) of the Parent, the Borrower, the other Loan Parties, the other Subsidiaries, any Consolidated
Affiliates and any Unconsolidated Affiliates, and if such Indebtedness is secured by any Lien, a description of all of the property subject to such Lien. As of the Agreement Date, the Loan Parties and the other Subsidiaries have performed and are in
compliance with all of the terms of all Indebtedness of the Loan Parties and other Subsidiaries and all instruments and agreements relating thereto, and no default or event of default, or event or condition which with the giving of notice, the lapse
of time, or both, would constitute such a default or event of default, exists with respect to any such Indebtedness. Part II of Schedule 6.1.(g) is, as of the Agreement Date, to the best of the Loan Parties’ knowledge, a complete and
correct listing of all Total Liabilities of the Parent, the Borrower, the other Loan Parties and the other Subsidiaries (excluding any Indebtedness set forth on Part I of such Schedule but including Contingent Obligations not set forth on Part I of
such Schedule). 
  

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 (h) Material Contracts. Schedule 6.1.(h) is, as of the Agreement Date, a true,
correct and complete listing of all Material Contracts. As of the Agreement Date, all such Material Contracts are in full force and effect and each Loan Party and the other Subsidiaries that are parties to any Material Contract have performed and
are in compliance with all of the terms of such Material Contract, and no default or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute such a default or event of default, exists
with respect to any such Material Contract. 
 (i) Litigation. Except as set forth on Schedule 6.1.(i), there are no
actions, suits, proceedings or, to the knowledge of the Parent or the Borrower, any investigations by any Governmental Authority pending (nor, to the knowledge of the Parent or the Borrower, are there any actions, suits, proceedings or
investigations by any Governmental Authority threatened, nor is there any basis therefor) against or in any other way relating adversely to or affecting the Parent, the Borrower, any other Loan Party or any other Subsidiary or any of its respective
property in any court or before any arbitrator of any kind or before or by any other Governmental Authority which (i) could reasonably be expected to have a Material Adverse Effect or (ii) in any manner draws into question by the Parent,
the Borrower, any Loan Party or any other Subsidiary the validity or enforceability of any Loan Documents, and there are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to any Loan Party
or any other Subsidiary which could reasonably be expected to have a Material Adverse Effect. 
 (j) Taxes. All federal,
state and other tax returns of the Loan Parties and the other Subsidiaries required by Applicable Law to be filed have been duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon any Loan Party
or any other Subsidiary and its respective properties, income, profits and assets which are due and payable have been paid, except any such nonpayment which is at the time permitted under Section 7.7. All charges, accruals and reserves on the
books of the Parent and each of its Subsidiaries in respect of any taxes or other governmental charges are in accordance with GAAP. 
 (k) Financial Statements. The Parent has furnished to each Lender copies of (i) the audited consolidated balance sheet of the Parent and its consolidated Subsidiaries for the fiscal year ended December 31, 2008, and the
related consolidated statements of income, shareholders’ equity and cash flows for the fiscal year ended on such date, with the opinion thereon of KPMG LLP and (ii) the unaudited consolidated balance sheet of the Parent and its
consolidated Subsidiaries as at September 30, 2009, and the related consolidated statements of income, shareholders’ equity and cash flows of the Parent and its consolidated Subsidiaries for the three fiscal quarter period ended on such
date. Such balance sheets and statements (including in each case related schedules and notes) present fairly, in accordance with GAAP consistently applied throughout the periods involved, and in all material respects, the consolidated financial
position of the Parent and its consolidated Subsidiaries as at their respective dates and the results of operations and the cash flow for such periods (subject, as to interim statements, to changes resulting from normal year-end audit adjustments).
Neither the Parent nor any of its Subsidiaries has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or unrealized or forward anticipated losses from any

  

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unfavorable commitments, except as referred to or reflected or provided for in said financial statements. 
 (l) No Material Adverse Change. Since September 30, 2009, there has been no material adverse change in the consolidated financial condition, results of operations, business or prospects of the
Parent and its consolidated Subsidiaries taken as a whole. Each of the Parent, the Borrower, the other Loan Parties and the other Subsidiaries is Solvent. 
 (m) Operating Statement. The operating summary pertaining to each of the Collateral Properties delivered by the Borrower in accordance with Section 7.1.(a)(vii) fairly presents the NOI of such
Property for the period then ended. 
 (n) ERISA. 
 (i) Each Benefit Arrangement is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and other
Applicable Laws in all material respects. Except with respect to Multiemployer Plans, each Qualified Plan (A) has received a favorable determination from the Internal Revenue Service applicable to the Qualified Plan’s current remedial
amendment cycle (as defined in Revenue Procedure 2007-44 or “2007-44” for short), (B) has timely filed for a favorable determination letter from the Internal Revenue Service during its staggered remedial amendment cycle (as defined in
2007-44) and such application is currently being processed by the Internal Revenue Service, (C) had filed for a determination letter prior to its “GUST remedial amendment period” (as defined in 2007-44) and received such determination
letter and the staggered remedial amendment cycle first following the GUST remedial amendment period for such Qualified Plan has not yet expired, or (D) is maintained under a volume submitter plan and may rely upon a favorable opinion letter
issued by the Internal Revenue Service with respect to such volume submitter plan. To the best knowledge of the Parent and the Borrower, nothing has occurred which would cause the loss of their reliance on the Qualified Plan’s favorable
determination letter or opinion letter. 
 (ii) With respect to any Benefit Arrangement that is a retiree welfare
benefit arrangement, all amounts have been accrued on the applicable ERISA Group’s financial statements in accordance with Statement of Financial Accounting Standards No. 106. The “benefit obligation” of all Benefit Plans does
not exceed the “fair market value of plan assets” for such Benefit Plans by more than $10,000,000 all as determined by and with such terms defined in accordance with Statement of Financial Accounting Standards No. 158. 
 (iii) Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect:
(i) no ERISA Event has occurred or is expected to occur; (ii) there are no pending, or to the best knowledge of the Parent and the Borrower, threatened, claims, actions or lawsuits or other action by any Governmental Authority, plan
participant or beneficiary with respect to a Benefit Arrangement; (iii) there are no violations of the fiduciary responsibility rules with respect to any Benefit

  

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Arrangement; and (iv) no member of the ERISA Group has engaged in a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of the
Internal Revenue Code, in connection with any Benefit Plan, that would subject any member of the ERISA Group to a tax on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the Internal Revenue Code. 

(o) Absence of Defaults. No Loan Party or any other Subsidiary is in default under its declaration of trust, certificate or
articles of incorporation, bylaws, partnership agreement or other similar organizational documents, and no event has occurred, which has not been remedied, cured or waived: (i) which constitutes a Default or an Event of Default; or
(ii) which constitutes, or which with the passage of time, the giving of notice, or both, would constitute, a default or event of default by any Loan Party or any other Subsidiary under any agreement (excluding any Loan Document) or judgment,
decree or order to which any Loan Party or any other Subsidiary is a party or by which any such Person or any of its respective properties may be bound where such default or event of default could, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. 
 (p) Environmental Laws. Each of the Parent, the Borrower, the other Loan
Parties and the other Subsidiaries: (i) is in compliance with all Environmental Laws applicable to its business, operations and the Properties, (ii) has obtained all Governmental Approvals which are required under Environmental Laws, and
each such Governmental Approval is in full force and effect, and (iii) is in compliance with all terms and conditions of such Governmental Approvals, where with respect to each of the immediately preceding clauses (i) through
(iii) the failure to obtain or to comply with could reasonably be expected to have a Material Adverse Effect. Except for any of the following matters that could not reasonably be expected to have a Material Adverse Effect, neither the Parent
nor the Borrower has any knowledge of, nor has the Parent, the Borrower, any other Loan Party or any other Subsidiary received notice of, any past, present, or pending releases, events, conditions, circumstances, activities, practices, incidents,
facts, occurrences, actions, or plans that, with respect to the Parent, the Borrower, any other Loan Party or any other Subsidiary, their respective businesses, operations or with respect to the Properties, may: (i) cause or contribute to an
actual or alleged violation of or noncompliance with Environmental Laws, (ii) cause or contribute to any other potential common-law or legal claim or other liability, or (iii) cause any of the Properties to become subject to any
restrictions on ownership, occupancy, use or transferability under any Environmental Law or require the filing or recording of any notice, approval or disclosure document under any Environmental Law and, with respect to the immediately preceding
clauses (i) through (iii) is based on or related to the on-site or off-site manufacture, generation, processing, distribution, use, treatment, storage, disposal, transport, removal, clean up or handling, or the emission, discharge, release
or threatened release of any wastes or Hazardous Material, or any other requirement under Environmental Law. There is no civil, criminal, or administrative action, suit, demand, claim, hearing, notice, or demand letter, mandate, order, lien,
request, investigation, or proceeding pending or, to the Parent’s or the Borrower’s knowledge after due inquiry, threatened, against the Parent, the Borrower, any other Loan Party or any other Subsidiary relating in any way to
Environmental Laws which could reasonably be expected to have a Material Adverse Effect. None of the Properties is listed on or proposed for listing on the National Priority List promulgated pursuant to the Comprehensive

  

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Environmental Response, Compensation and Liability Act of 1980 and its implementing regulations, or any state or local priority list promulgated pursuant to any analogous state or local law. To
the best of the Parent’s and the Borrower’s knowledge, no Hazardous Materials generated at or transported from the Properties is or has been transported to, or disposed of at, any location that is listed or proposed for listing on the
National Priority List or any analogous state or local priority list, or any other location that is or has been the subject of a clean-up, removal or remedial action pursuant to any Environmental Law, except to the extent that such transportation or
disposal could not reasonably be expected to result in a Material Adverse Effect. 
 (q) Investment Company; Etc. No Loan
Party nor any other Subsidiary is (i) an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or (ii) subject to any
other Applicable Law which purports to regulate or restrict its ability to borrow money or to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party. 
 (r) Margin Stock. No Loan Party nor any other Subsidiary is engaged principally, or as one of its important activities, in the
business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System. 
 (s) Affiliate Transactions. Except as permitted by Section 8.8., no Loan Party is a party to or bound by any agreement or
arrangement (whether oral or written) to which any Affiliate of the Borrower is a party. 
 (t) Intellectual Property.
Each Loan Party and each other Subsidiary own or have the right to use, under valid license agreements or otherwise, all material patents, licenses, franchises, trademarks, trademark rights, trade names, trade name rights, trade secrets and
copyrights (collectively, “Intellectual Property”) necessary to the conduct of the businesses of the Borrower and its Subsidiaries, taken as a whole, as now conducted and as contemplated by the Loan Documents, without known conflict with
any patent, license, franchise, trademark, trade secret, trade name, copyright, or other proprietary right of any other Person. All such Intellectual Property is fully protected and/or duly and properly registered, filed or issued in the appropriate
office and jurisdictions for such registrations, filing or issuances. No material claim has been asserted by any Person with respect to the use of any such Intellectual Property, or challenging or questioning the validity or effectiveness of any
such Intellectual Property. The use of such Intellectual Property by the Loan Parties and the other Subsidiaries does not infringe on the rights of any Person, except for such claims and infringements as do not, in the aggregate, give rise to any
liabilities on the part of any Loan Party or any other Subsidiary that could reasonably be expected to have a Material Adverse Effect. 
 (u) Business. As of the Agreement Date, the Parent, the Borrower, the other Loan Parties and the other Subsidiaries are engaged in the business of acquiring, developing, owning,

  

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operating and managing primarily retail real estate, but also office, multi-family and industrial properties, together with related business activities and investments incidental thereto.

 (v) Accuracy and Completeness of Information. All written information, reports and other papers and data (excluding
financial projections or other forward looking statements) furnished to the Administrative Agent or any Lender by, or at the direction of, the Parent, the Borrower, any other Loan Party or any other Subsidiary were, at the time the same were so
furnished, to the best of the Parent’s and the Borrower’s knowledge, complete and correct in all material respects, to the extent necessary to give the recipient a true and accurate knowledge of the subject matter, or, in the case of
financial statements, present fairly, in accordance with GAAP consistently applied throughout the periods involved, the financial position of the Persons involved as at the date thereof and the results of operations for such periods. All financial
projections and other forward looking statements prepared by or on behalf of the Parent, the Borrower or any other Loan Party or Subsidiary that have been or may hereafter be made available to the Administrative Agent or any Lender were or will be
prepared in good faith based on reasonable assumptions. No document furnished or written statement made, in each case by, or at the direction of any Loan Party or any other Subsidiary to the Administrative Agent or any Lender in connection with the
negotiation, preparation or execution of any Loan Document contains or will contain any untrue statement of a fact material to the creditworthiness of the Loan Parties and other Subsidiaries, taken as a whole, or omits, or will omit to state a fact
material to the creditworthiness of the Loan Parties and the other Subsidiaries, taken as a whole, which is necessary in order to make the statements contained therein not misleading. 
 (w) Not Plan Assets. None of the assets of the Parent, the Borrower, any other Loan Party or any other Subsidiary constitutes
“plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. Assuming that no Lender funds any amount payable by it hereunder with “plan assets,” as that term is
defined in 29 C.F.R. 2510.3-101 (as modified by Section 3(42) of ERISA), the execution, delivery and performance of this Agreement and the other Loan Documents, and the borrowing and repayment of amounts hereunder, do not and will not
constitute “prohibited transactions” under ERISA or the Internal Revenue Code. 
 (x) Non-Guarantor
Subsidiaries. Schedule 6.1.(x) is, as of the Agreement Date, a complete and correct list of all Subsidiaries which are not required to become a Guarantor as of the Agreement Date, setting forth for each such Person, the correct legal name
of such Person, the type of legal entity which each such Person is, all equity interests in such Person held directly or indirectly by the Parent and the reason such Subsidiary is not required to become a Guarantor as of the Agreement Date.

 (y) OFAC. None of the Borrower, any of the other Loan Parties, any of the other Subsidiaries, or any other Affiliate
of the Borrower: (i) is a person named on the list of Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) available at
http://www.treas.gov/offices/enforcement/ofac/index.shtml, or as otherwise published from time to time; (ii) is (A) an agency of the government of a country, (B) an organization controlled by a

  

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country, or (C) a person resident in a country that is subject to a sanctions program identified on the list maintained by OFAC and available at
http://www.treas.gov/offices/enforcement/ofac/index.shtml, or as otherwise published from time to time, as such program may be applicable to such agency, organization or person; or (iii) derives any of its assets or operating income from
investments in or transactions with any such country, agency, organization or person; and none of the proceeds from the Loans will be used to finance any operations, investments or activities in, or make any payments to, any such country, agency,
organization, or person. 
 (z) Security Interests. Each of the Security Documents (other than the Security Instrument
encumbering the Gallery Properties and the Collateral related thereto) creates, as security for the Obligations, the Gallery Obligations and the Specified Derivatives Obligations, a valid and enforceable Lien on all of the Collateral, superior to
and prior to the rights of all third Persons and subject to no other Liens (except for Permitted Liens and, in the case of the New River Valley Mall Property, Liens securing the New River Valley Mall Liabilities), in favor of the Administrative
Agent for its benefit and the benefit of the Issuing Bank, the Lenders and each Specified Derivatives Provider. The Security Instrument encumbering the Gallery Properties and the Collateral related thereto creates, as security for the Gallery
Obligations, a valid and enforceable Lien on both of the Gallery Properties, superior to and prior to the rights of all third Persons and subject to no other Liens (except for Permitted Liens), in favor of the Administrative Agent for its benefit
and the benefit of the Lenders. 
 (aa) Tenant Deposit Accounts. No Tenant Deposit Accounts exist other than those
identified on the list of Tenant Deposit Accounts provided by the Parent pursuant to Section 5.1.(a)(xv)(R), those not required to be provided on the list pursuant to Section 5.1.(a)(xv)(R), and those identified in accordance with
Section 7.17. No Tenant Deposit Account is held by any Person other than the Borrower, any other Loan Party or any other Subsidiary. 
 Section 6.2. Survival of Representations and Warranties, Etc. 
 All statements contained in any
certificate, financial statement or other instrument delivered by, or at the direction of, any Loan Party or any other Subsidiary to the Administrative Agent or any Lender (other than the content of any projections or other similar forward looking
statements) pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made in or in connection with any amendment thereto or any statement contained in any certificate,
financial statement or other instrument delivered by, or at the direction of, the Parent or the Borrower prior to the Agreement Date and delivered to the Administrative Agent or any Lender in connection with closing the transactions contemplated
hereby) shall constitute representations and warranties made by the Parent and the Borrower under this Agreement. All representations and warranties made under this Agreement and the other Loan Documents shall be deemed to be made at and as of the
Agreement Date, the Effective Date and at and as of the date of the occurrence of any Credit Event, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and
warranties shall have been true and correct on and as of such earlier date) and except for changes in factual circumstances not prohibited

  

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under the Loan Documents. All such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans
and the issuance of the Letters of Credit. 
 ARTICLE VII. AFFIRMATIVE COVENANTS

 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 11.7.,
all of the Lenders) shall otherwise consent in the manner provided for in Section 11.7., the Borrower and the Parent, as applicable, shall comply with the following covenants: 
 Section 7.1. Financial Reporting and Other Information. 
 (a) The
Parent shall furnish to the Administrative Agent for distribution to each of the Lenders each of the following: 
 (i) Quarterly Financial Statements. As soon as available and in any event when the same is required to be filed with the Securities and Exchange Commission, but in no event later than 45 days after the close of each of the first,
second and third fiscal quarters of the Parent, the unaudited consolidated balance sheet of the Parent and its Subsidiaries as at the end of such period and the related unaudited consolidated statements of income and cash flows of the Parent and its
Subsidiaries for such period, and setting forth in each case in comparative form the figures for the corresponding periods of the previous fiscal year, all of which shall be accompanied by a statement signed by the chief financial officer of the
Parent on behalf of the Parent stating that, in his or her opinion, such statements present fairly, in accordance with GAAP and in all material respects, the consolidated financial position of the Parent and its Subsidiaries as at the date thereof
and the results of operations for such period (subject to normal year-end audit adjustments). 
 (ii) Year-End
Statements. As soon as available and in any event when the same is required to be filed with the Securities and Exchange Commission, but in no event later than 90 days after the end of each fiscal year of the Parent (including the fiscal year
ended December 31, 2009), the audited consolidated balance sheet of the Parent and its Subsidiaries as at the end of such fiscal year and the related audited consolidated statements of income and cash flows of the Parent and its Subsidiaries
for such fiscal year, setting forth in comparative form the figures as at the end of and for the previous fiscal year, all of which shall be (a) accompanied by a statement signed by the chief financial officer of the Parent on behalf of the
Parent stating that, in his or her opinion, such statements present fairly, in accordance with GAAP and in all material respects, the financial position of the Parent and its Subsidiaries as at the date thereof and the result of operations for such
period and (b) certified by KPMG LLP or any other independent certified public accountants of recognized national standing acceptable to the Administrative Agent, whose opinion shall be unqualified, or if qualified, any such qualification shall
be satisfactory to the Administrative Agent, and who shall have

  

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authorized the Parent to deliver such financial statements and certification thereof to the Administrative Agent and the Lenders pursuant to this Agreement. 
 (iii) Compliance Certificate. At the time the financial statements are furnished pursuant to the immediately preceding
subsections (a)(i) and (a)(ii), a certificate substantially in the form of Exhibit R (a “Compliance Certificate”) executed on behalf of the Parent by the chief financial officer of the Parent (A) setting forth as of the end of such
quarterly accounting period or fiscal year, as the case may be (1) the calculations required to establish whether or not the Parent and the Borrower, as applicable, were in compliance with the covenants contained in Section 8.1.,
including, without limitation, in each case, the reconciliation calculations and other calculations utilized by the Parent to adjust the results set forth in the Parent’s financial statements (which may include a consolidation of Variable
Interest Entities) to account for the Variable Interest Entities; and (2) calculations required to establish the Facility Debt Yield and the Corporate Debt Yield, and (B) stating that no Default or Event of Default exists or, if such is
not the case, specifying such Default or Event of Default and its nature, when it occurred and, whether it is continuing and the steps being taken by the Parent or the Borrower with respect to such event, condition or failure. For the fiscal year
ended December 31, 2009, the calculations required under the immediately preceding clause (A) shall be provided to establish whether or not the Parent and the Borrower, as applicable, were in compliance with the covenants contained in
Section 8.1 of each of the Existing Agreements. 
 (iv) Pricing Certificate. At the time the
financial statements are furnished pursuant to subsections (a)(i) and (a)(ii) above, a certificate in the form of Exhibit S (a “Pricing Certificate”) setting forth at the end of such quarterly accounting period or fiscal year, as the case
may be, (A) the calculations required to establish the ratio of Total Liabilities to Gross Asset Value and (ii) stating the corresponding level of Applicable Margin with respect to such ratio. 
 (v) Reports from Accountants. Upon the request of the Administrative Agent, copies of all reports, if any, submitted
to the Parent or its Board of Trustees by its independent public accountants including, without limitation, any management report. 
 (vi) Shareholder Information. Promptly upon the mailing thereof to the shareholders of the Parent generally, copies of all financial statements, reports, proxy statements and other written
information so mailed and promptly upon the issuance thereof copies of all press releases issued by the Parent, the Borrower, any Subsidiary or any other Loan Party; provided, however, the Parent need not deliver any such information to the
Administrative Agent so long as the Parent makes such information generally available on its website free of charge and the Parent notifies the Administrative Agent when any such information has been posted to the Parent’s website. 

(vii) Securities Filings. Within 10 Business Days of the filing thereof, copies of all registration statements
(excluding the exhibits thereto and any registration statements on Form S-8 or its equivalent), reports on Forms 10-K, 10-Q and 8-K (or their

  

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equivalents) and all other periodic reports which the Parent, any other Loan Party or any other Subsidiary shall file with the Securities and Exchange Commission (or any Governmental Authority
substituted therefor) or any national securities exchange; provided, however, the Parent need not deliver any such information to the Administrative Agent so long as the Parent makes such information generally available on its website free of charge
and the Parent notifies the Administrative Agent when any such information has been posted to the Parent’s website. 
 (viii) Operating Summary; Rent Roll; Etc. At the time the quarterly and year-end financial statements are furnished pursuant to the immediately preceding subsections (a)(i) and (a)(ii), with
respect to each Collateral Property (A) an operating summary prepared in accordance with GAAP for the four fiscal quarters most recently ended, including without limitation, a statement of NOI, (B) a current rent roll for such Property,
(C) a year-to-date comparison of the performance of such Property to the property budget delivered in accordance with Section 7.1.(a)(ix), and (D) such other information reasonably requested by the Administrative Agent, in each case
certified by a representative of the Parent to be true and correct in all material respects. The Temporary Leases and Tower Leases need not be shown on any such rent roll, but income therefrom shall be included in any applicable operating summary as
specialty leasing income or otherwise; provided, however, that not more than 20 Business Days following the Administrative Agent’s request, the Parent shall furnish to the Administrative Agent a list for each Temporary Lease and Tower Lease,
setting forth in detail reasonably satisfactory to the Administrative Agent, the tenant party to such Temporary Lease and such Tower Lease, the square feet of gross leasable area leased thereunder, and the income therefrom that has been included in
any applicable operating summary as specialty leasing income or otherwise. 
 (ix) Property Budget. No
later than 15 days after the beginning of each fiscal year of the Parent, a property budget for each Collateral Property for each quarter of such fiscal year. 
 (x) Annual Budget and Plans of the Parent. No later than 15 days after the beginning of each fiscal year of the
Parent, projected balance sheets, operating statements and cash flow budgets of the Parent and its Subsidiaries on a consolidated basis for each quarter of such fiscal year, all itemized in reasonable detail. The foregoing shall be accompanied by
pro forma calculations, together with detailed assumptions, required to establish (A) whether or not the Parent, and when appropriate its consolidated Subsidiaries, will be in compliance with the covenants contained in Section 8.1. at the
end of each fiscal quarter of such fiscal year and (B) the projected Facility Debt Yield and Corporate Debt Yield as of the end of each such fiscal quarter. 
 (xi) Report on Sources and Uses Funds. Within 20 Business Days of the Administrative Agent’s request therefor
(but not more frequently than once per quarter so long as no Event of Default exists), a report in form and substance reasonably satisfactory to the Administrative Agent detailing the Parent’s, together with its Subsidiaries’,

  

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projected sources and uses of cash for the period of four consecutive fiscal quarters immediately following the date of the Administrative Agent’s request. Such sources shall include but not
be limited to excess operating cash flow, availability under this Agreement, unused availability under committed development loans, unfunded committed equity and any other committed sources of funds. Such uses shall include but not be limited to
cash obligations for binding acquisitions, unfunded development costs, capital expenditures, debt service, overhead, dividends, maturing project loans, hedge settlements and other anticipated uses of cash. 
 (xii) Ownership, Investment and Recourse Share Calculations. Promptly upon the request of the Administrative Agent
(but not more frequently than quarterly so long as no Event of Default exists), evidence of the Parent’s calculation of the Ownership Share, Investment Share and Recourse Share with respect to each Consolidation Exempt Entity, such evidence to
be in form and detail reasonably satisfactory to the Administrative Agent. 
 (xiii) ERISA Notices. If any
ERISA Event shall occur that individually, or together with any other ERISA Event that has occurred, could reasonably be expected to have a Material Adverse Effect, a certificate of the chief executive officer or chief financial officer of the
Parent setting forth details as to such occurrence and the action, if any, which the Parent or applicable member of the ERISA Group is required or proposes to take. 
 (xiv) Litigation and Governmental Proceedings. To the extent the Parent or the Borrower is aware of the same, prompt
notice of the commencement of any proceeding or investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator against or in any other way relating adversely to, or
adversely affecting, the Parent, the Borrower, any other Loan Party or any other Subsidiary or any of their respective properties, assets or businesses which, if determined or resolved adversely to such Person, could reasonably be expected to have a
Material Adverse Effect, and prompt notice of the receipt of notice that any United States income tax returns of the Parent, the Borrower or any of its Subsidiaries are being audited. 
 (xv) Modification of Organizational Documents. At least five (5) Business Days prior to the effectiveness
thereof, a copy of any material amendment or other material modification to the Trust Agreement, the Partnership Agreement, the bylaws of PREIT-RUBIN, or material amendment or other modification to the certificate or articles of incorporation,
certificate of limited partnership or other similar organizational documents of the Parent, the Borrower or the Gallery Borrower. 
 (xvi) Change of Management. Prompt notice of any change in the Principal Officers. 
  

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 (xvii) Material Adverse Change. Prompt notice of any change in the
business, assets, liabilities, financial condition, results of operations of the Parent, the Borrower, any other Loan Party or any other Subsidiary which has had or could reasonably be expected to have Material Adverse Effect. 
 (xviii) Default. Prompt notice of the occurrence of (i) any Default, or (ii) Event of Default, or
(iii) the occurrence of any event which constitutes or which with the passage of time, the giving of notice, or otherwise, would constitute an event of default by the Parent, the Borrower, any other Loan Party or any other Subsidiary under any
Material Contract to which any such Person is a party or by which any such Person or any of its respective properties may be bound. 
 (xix) Material Contracts. Promptly upon entering into any Material Contract or Specified Derivatives Contact after the Agreement Date, a copy of such Material Contract or Specified Derivatives
Contract to the Administrative Agent. 
 (xx) Judgments. Prompt notice of (A) any order, judgment or
decree in excess of $1,000,000 having been entered against a Property Owner, any Collateral or any other properties or assets of a Property Owner and (B) any other order, judgment or decree in excess of $10,000,000 having been entered against
the Parent, the Borrower, the Gallery Borrower or any Material Subsidiary or any of their respective properties or assets. 
 (xxi) Notice of Violations of Law. Any notification of a violation of any Applicable Law or any inquiry regarding the same shall have been received by the Parent, the Borrower, any other Loan Party
or any other Subsidiary from any Governmental Authority, which could reasonably be expected to have a Material Adverse Effect. 
 (xxii) Subsidiaries. Notice, within 45 days after the end of the quarter in which it occurs, of the acquisition, incorporation or other creation of any Subsidiary, the purpose for such Subsidiary,
the nature of the assets and liabilities thereof and whether such Subsidiary is a Wholly Owned Subsidiary of the Parent. 
 (xxiii) Notice of Violation of Environmental Laws. Promptly, and in any event within 10 Business Days after a Responsible Officer of the Parent or the Borrower obtains knowledge thereof, the Parent
or the Borrower, as applicable, shall provide the Administrative Agent with written notice of the occurrence of any of the following: (i) the Parent, the Borrower, any other Loan Party or any other Subsidiary shall receive notice that any
violation of or noncompliance with any Environmental Law has or may have been committed or is threatened; (ii) the Parent, the Borrower, any other Loan Party or any other Subsidiary shall receive notice that any administrative or judicial
complaint, order or petition has been filed or other proceeding has been initiated, or is about to be filed or initiated against any such Person alleging any violation of or noncompliance with any Environmental Law or requiring any such Person to
take any action in connection with the release or threatened release of Hazardous Materials; (iii) the Parent, the Borrower, any other Loan Party or any other Subsidiary shall receive any notice from a

  

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Governmental Authority or private party alleging that any such Person may be liable or responsible for any costs associated with a response to, or remediation or cleanup of, a release or
threatened release of Hazardous Materials or any damages caused thereby; or (iv) the Parent, the Borrower, any other Loan Party or any other Subsidiary shall receive notice of any other fact, circumstance or condition that could reasonably be
expected to form the basis of an environmental claim, and the matters referred to in such notice(s) under clauses (i) through (iv), whether individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 (xxiv) Derivatives Termination Value. Promptly upon the request of the Administrative Agent (but not
more frequently than once per quarter so long as no Event of Default exists), the Derivatives Termination Value in respect of any Specified Derivatives Contract from time to time outstanding. 
 (xxv) Other Information, Etc. From time to time and promptly upon each request, such data, certificates, reports,
statements, opinions of counsel, documents or further information regarding the business, assets, liabilities, financial condition, results of operations of the Parent, the Borrower, any other Loan Party or any other Subsidiary as the Administrative
Agent (or any Lender through the Administrative Agent) may reasonably request. 
 (xxvi) Notices Regarding
Collateral Properties. Notice of any claims or Liens not permitted under Section 8.3. that are asserted against any Collateral Property or, in the case of each such Property, any Collateral related thereto and not released promptly in
accordance with Section 4.4. of the Security Instrument encumbering such Collateral Property and, in the case of each such Property, the Collateral related thereto. Such notice shall specify who is asserting such claim, lien or security
interest and shall detail the origin and nature of the underlying facts giving rise to such asserted claim, lien or security interest. 
 (b) Electronic Delivery of Certain Information. 
 (i) Documents required to be delivered
pursuant to the Loan Documents shall be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party
website such as www.Edgar.com <http://www.Edgar.com> or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that (A) the foregoing shall not apply to notices to any Lender pursuant to Article II. and
(B) any Lender has not notified the Administrative Agent or Borrower that it cannot or does not want to receive electronic communications. The Administrative Agent or the Parent and the Borrower may, in its discretion, agree to accept notices
and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four
(24) hours after the date and time on which the Administrative Agent, the Parent or the

  

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Borrower posts such documents or the documents become available on a commercial website and the Administrative Agent, the Parent or Borrower notifies each Lender of said posting and provides a
link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 11:00 a.m. Central time on the opening of
business on the next business day for the recipient. Notwithstanding anything contained herein, in every instance the Parent shall be required to provide paper copies of the certificate required by Section 7.1.(a)(iii) to the Administrative
Agent and shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except
for the certificate required by Section 7.1.(a)(iii), the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no
responsibility to monitor compliance by the Parent or the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

 (ii) Documents required to be delivered pursuant to Article II. may be delivered electronically to a website
provided for such purpose by the Administrative Agent pursuant to the procedures provided to the Parent and the Borrower by the Administrative Agent. 
 (c) USA Patriot Act Notice; Compliance. The USA Patriot Act of 2001 (Public Law 107-56) and federal regulations issued with respect thereto require all financial institutions to obtain, verify and
record certain information that identifies individuals or business entities which open an “account” with such financial institution. Consequently, a Lender (for itself and/or as Administrative Agent for all Lenders hereunder) may from
time-to-time request, and the Parent and the Borrower shall, and shall cause the other Loan Parties, to provide to such Lender, such Loan Party’s name, address, tax identification number and/or such other identification information as shall be
necessary for such Lender to comply with federal law. An “account” for this purpose may include, without limitation, a deposit account, cash management service, a transaction or asset account, a credit account, a loan or other extension of
credit, and/or other financial services product. 
 (d) Public/Private Information. The Parent and the Borrower shall
cooperate with the Administrative Agent in connection with the publication of certain materials and/or information provided by or on behalf of the Parent or the Borrower. Documents required to be delivered pursuant to the Loan Documents shall be
delivered by or on behalf of the Parent or the Borrower, as applicable, to the Administrative Agent and the Lenders (collectively, “Information Materials”) pursuant to this Article and shall designate Information Materials (a) that
are either available to the public or not material with respect to the Parent, the Borrower and their respective Subsidiaries or any of their respective securities for purposes of United States federal and state securities laws, as “Public
Information” and (b) that are not Public Information as “Private Information”. 
  

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 Section 7.2. Preservation of Existence and Similar Matters. 
 Except as otherwise permitted under Section 8.5., the Borrower and the Parent shall preserve and maintain, and cause each other Loan
Party and each other Subsidiary to preserve and maintain, its respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify and remain qualified and authorized to do business in
each jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization and where the failure to be so authorized and qualified could reasonably be expected to have a Material Adverse
Effect. 
 Section 7.3. Compliance with Applicable Law. 
 The Borrower and the Parent shall comply, and shall cause each other Loan Party and each other Subsidiary to comply, with all Applicable Law,
including the obtaining of all Governmental Approvals, the failure with which to comply could reasonably be expected to have a Material Adverse Effect. 
 Section 7.4. Maintenance of Property. 
 In addition to the requirements
of any of the other Loan Documents, the Borrower and the Parent shall, and shall cause each other Loan Party and each other Subsidiary to, (a) protect and preserve all of its properties, including, but not limited to, all Intellectual Property,
and maintain in good repair, working order and condition all tangible properties, ordinary wear and tear and casualty excepted, and (b) from time to time make or cause to be made all needed and appropriate repairs, renewals, replacements and
additions to such properties, so that the business carried on in connection therewith may be properly and advantageously conducted at all times except where the failure to do any of the foregoing under clauses (a) and (b) herein could not
reasonably be expected to have a Material Adverse Effect. 
 Section 7.5. Conduct of Business. 
 The Parent and the Borrower shall at all times carry on, and, except as permitted under Section 8.5., cause each of their respective
Subsidiaries to carry on, its respective businesses as described in Section 6.1.(u). 
 Section 7.6. Insurance. 
 In addition to the requirements of any of the other Loan Documents, the Borrower and the Parent shall, and shall cause each other Loan Party
and each other Subsidiary to, maintain insurance with insurance carriers with a financial strength rating of A- or better by S&P (the “Required Financial Rating”) against such risks and in such amounts as is customarily maintained by
similar businesses or as may be required by Applicable Law; provided, however, that if at any time an insurance carrier with whom the Borrower, the Parent, any other Loan Party or any other Subsidiary is maintaining insurance is downgraded so that
it no longer has the Required Financial Rating, the Borrower, the Parent, such other Loan Party or such other

  

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Subsidiary shall have until the date that is 180 days after such downgrade to obtain insurance with an insurance carrier that has the Required Financial Rating. The Borrower and the Parent shall
from time to time deliver to the Administrative Agent upon request a detailed list, together with copies of all policies of the insurance then in effect, stating the names of the insurance companies, the amounts and rates of the insurance, the dates
of the expiration thereof and the properties and risks covered thereby and insurance certificates, in form acceptable to the Administrative Agent, providing that the insurance coverage required under this Section (including without limitation, both
property and liability insurance) is in full force and effect and stating that coverage shall not be cancelable or materially changed without 10-days prior written notice to the Administrative Agent of any cancelation for nonpayment or premiums, and
not less than 30-days prior written notice to the Administrative Agent of any other cancellation or any modification (including a reduction in coverage), together with appropriate evidence that the Administrative Agent, for the benefit of the
Issuing Bank, the Lenders and the Specified Derivatives Providers, is named as lender’s loss payee and additional insured, as appropriate, on all insurance policies that the Borrower, any other Loan Party or any other Subsidiary actually
maintains with respect to any Collateral Property and improvements on such Property. The Borrower and the Parent shall obtain automobile liability coverage and worker’s compensation and disability coverage, in each case, as applicable. With
respect to each Collateral Property, such insurance shall include all of the following: 
 (a) Insurance against loss to such
Property on an “all risk” policy form, covering insurance risks no less broad than those covered under a Special Multi Peril (SMP) policy form, which contains a Commercial ISO “Causes of Loss-Special Form,” in the then current
form, and such other risks as administrative Agent may reasonably require, in amounts equal to the full replacement cost of such Property including fixtures and equipment, Borrower’s interest in leasehold improvements, and the cost of debris
removal, with, if required by the administrative Agent, an agreed amount endorsement, and with deductibles of not more than $25,000, except that any deductibles for any insurance covering damage by windstorm may be in amounts up to 5% of the value
of such Property insured; 
 (b) Business income insurance in amounts sufficient to pay during any period in which such Property
may be damaged or destroyed, for a period of twelve (12) months; (i) at least 100% of all rents and (ii) all amounts (including, but not limited to, all taxes, assessments, utility charges and insurance premiums) required to be paid
by tenants of such Property on which business income insurance policy the Administrative Agent, for the benefit of the Issuing Bank, the Lenders and the Specified Derivatives Providers, is named as lender’s loss payee; 
 (c) During the making of any alterations or improvements to such Property, carry or cause to be carried builder’s completed value risk
insurance against “all risks of physical loss” for the full replacement cost of the construction; 
 (d) Insurance
against loss or damage by flood or mud slide in compliance with the Flood Disaster Protection Act of 1973, as amended from time to time, if such Property is now, or at any time while the Obligations or any portion thereof remains unpaid shall be,
situated in any area which an appropriate Governmental Authority designates as a special flood hazard area, in

  

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amounts equal to the full replacement value of all above grade structures on such Property, or as such lesser amounts as may be available under Federal flood insurance programs; 
 (e) Commercial general public liability insurance, including terrorism liability coverage, with the location of such Property designated
thereon, against death, bodily injury and property damage arising on, about or in connection with such Property, with Borrower or the applicable Subsidiary listed as the named insured, with such limits as Borrower or the applicable Subsidiary may
reasonably require (but in no event less than $1,000,000 per occurrence and $2,000,000 aggregate for the primary general liability, with $25,000,000 as total limits); 
 (f) Terrorism coverage on such Property so long as the Terrorism Risk Insurance Act of 2002, as amended (“TRIA”), is in effect and, if TRIA shall be repealed or shall expire, the Borrower shall
maintain at all times terrorism coverage on such Property and in an amount not less than 100% of the Appraised Value of such Property to the extent commercially available at comparable cost; and 
 (g) Law and ordinance coverage, equipment breakdown/bolier and machinery coverall in an amount equal to 100% of the replacement cost of the
equipment and surrounding areas or as reasonably requested by the Administrative Agent. 
 If at any time the Administrative Agent has not
received the insurance certificates, or other evidence, providing that the insurance coverage required under this Section 7.6. is in full force and effect, the Administrative Agent, in its discretion, shall have the right to force coverage.

 Section 7.7. Payment of Taxes and Claims. 
 The Borrower and the Parent shall pay or discharge, and cause each other Loan Party and each other Subsidiary to pay and discharge, when due (a) all taxes, assessments and governmental charges or
levies imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid,
might become a Lien on any properties of such Person, except in each case, any such non-payment or failure to discharge which could not reasonably be expected to have a Material Adverse Effect; provided, however, that this Section shall not require
the payment or discharge of any such tax, assessment, charge, levy or claim which is being contested in good faith by appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves have been established on
the books of the Borrower, the Parent or such Subsidiary, as applicable, in accordance with GAAP. 
 Section 7.8. Books and Records;
Visits and Inspections. 
 The Borrower and the Parent will keep, and will cause each other Loan Party and each other
Subsidiary to keep, proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities. The Borrower and the Parent will permit, and will cause each
Subsidiary to permit, representatives of the Administrative Agent or any Lender to visit and inspect any of their

  

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respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers,
employees and independent public accountants in the Borrower’s presence prior to an Event of Default, all at such reasonable times during business hours and as often as may reasonably be desired and so long as no Event of Default shall have
occurred and be continuing, with reasonable notice and, at any time after the occurrence and during the continuance of a Default or Event of Default, all at the Borrower’s expense. 
 Section 7.9. Use of Proceeds. 
 (a) Loans and Letters of Credit.
The Borrower will use the proceeds of Revolving Loans and the Term Loans A, together with the proceeds of the Gallery Term Loans, (i) to finance the repayment of all indebtedness, liabilities and obligations owing by the Loan Parties under the
Existing Credit Agreement and the Existing Term Loan Agreement, (ii) for the payment of development or redevelopment costs, as applicable, incurred with respect to the Properties identified on Schedule 7.9 hereto, and (iii) for working
capital and general corporate purposes of the Parent, the Borrower and the Borrower’s Subsidiaries. The Borrower shall only use Letters of Credit for the same purposes for which it may use proceeds of Loans. The Gallery Borrower will only use
the proceeds of the Gallery Term Loans to finance the repayment of all indebtedness, liabilities and obligations owing by the Loan Parties under the Existing Credit Agreement and the Existing Term Loan Agreement. Notwithstanding the foregoing, if at
any time after the occurrence of a Refinance Event or a Capital Event related to the Cherry Hill Mall Property and subsequent application of the resulting Net Cash Proceeds to payments in accordance with Section 2.8.(b)(ii) or
Section 2.8.(b)(iii), as the case may be (the “Cherry Hill Payments”), the Revolving Loan Availability is equal to or less than an amount equal to the Cherry Hill Payments, (x) the proceeds of any borrowing of Revolving Loans
made after such time shall be used exclusively for (1) the payment and permanent reduction of unsecured indebtedness of the Parent or the Borrower and/or (2) application of payments in accordance with clause (W), (X), or (Y) of
Section 2.8.(b)(iii), whichever is applicable based on the Facility Debt Yield and Corporate Debt Yield at such time, or the last sentence of Section 2.8.(b)(iii), and (y) the Issuing Bank shall not be obligated to issue any Letters
of Credit, in each case, until such time as the amount of proceeds that have been applied in accordance with the immediately preceding clauses (1) and (2) is equal to or greater than the amount of the Cherry Hill Payments. 
 (b) Margin Stock. The Borrower and the Parent shall not, and shall not permit any other Loan Party or any other Subsidiary, to use
any part of the proceeds of any Loan or Letters of Credit to purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulation U of the Board of Governors of the
Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying any such margin stock; provided, however, that, the Borrower may use proceeds of the Loans to purchase margin stock so long as such use will not result
in any of the Loans being considered to be “purpose credit” directly or indirectly secured by margin stock within the meaning of Regulation U or Regulation X of the Board of Governors of the Federal Reserve System. 
  

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 Section 7.10. Environmental Matters. 
 The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, comply, and the Parent and the
Borrower shall use, and shall cause each other Loan Party and each other Subsidiary to use, commercially reasonable efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Environmental Laws the failure
with which to comply could reasonably be expected to have a Material Adverse Effect. The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, promptly take all actions necessary for it and for the
Properties to comply with all Environmental Laws and all Governmental Approvals, including actions to remove and dispose of all Hazardous Materials and to clean up the Properties as required under Environmental Laws, where the failure to comply
could reasonably be expected to have Material Adverse Effect. The Parent and the Borrower shall, and shall cause the other Loan Parties and the other Subsidiaries to, promptly take all actions necessary to prevent the imposition of any Liens on any
of the Collateral Properties arising out of or related to any Environmental Laws that could reasonably be expected to have a Material Adverse Effect. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative
Agent or any Lender, nor shall anything in this Section create rights in third parties or impose obligations or costs on the Parent, the Borrower, or the other Loan Parties to third parties. 
 Section 7.11. Further Assurances. 
 At the Borrower’s cost and expense, upon request of the Administrative Agent, the Parent and the Borrower shall, and shall cause the other Loan Parties to, duly execute and deliver or cause to be
duly executed and delivered, to the Administrative Agent such further instruments, documents and certificates, and do and cause to be done such further acts that may be reasonably necessary or advisable in the reasonable opinion of the
Administrative Agent to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents. 
 Section 7.12. Material Contracts. 
 The Borrower and the Parent shall, and shall cause each other Loan
Party and each other Subsidiary to, duly and punctually perform and comply with any and all material representations, warranties, covenants and agreements expressed as binding upon any such Person under any Material Contract and neither the Borrower
nor the Parent shall, nor shall the Borrower or the Parent permit any other Loan Party or any other Subsidiary to, do or knowingly permit to be done anything to impair materially the value of any of the Material Contracts. 
 Section 7.13. REIT Status. 
 The Parent shall at all times maintain its status as a REIT. 
  

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 Section 7.14. Exchange Listing. 
 The Parent shall maintain at least one class of common shares of the Parent having trading privileges on the New York Stock Exchange or the
American Stock Exchange or which is subject to price quotations on The NASDAQ Stock Market’s National Market System. 
 Section 7.15. Guarantors; Release of Guarantors and Pledgors. 
 (a) Generally. Subject to
subsection (c) below, the Parent shall cause any Subsidiary (other than an Excluded Subsidiary) of the Parent or the Borrower that is not already a Guarantor and to which any of the following conditions apply (each a “New Guarantor”),
to execute and deliver to the Administrative Agent an Accession Agreement to the Guaranty, together with the other items required to be delivered under the immediately following subsection (b): 
 (i) such Subsidiary Guarantees, or otherwise becomes obligated in respect of, any Indebtedness of any other Person (other
than Indebtedness under Guarantees which are solely Guarantees of performance and not of payment and other Guarantees of such Person for liabilities arising from Nonrecourse Exceptions); 
 (ii) such Subsidiary is a Wholly Owned Subsidiary; or 
 (iii) such Subsidiary is a Property Owner. 
 Any such Accession Agreement and the other items required under such subsection (b) must be delivered to the Administrative Agent no later than 45 days following the last day of the Parent’s
fiscal quarter during which any of the above conditions first applies to a Subsidiary. Notwithstanding the foregoing, (i) if the assets of a Subsidiary consist solely of (x) Equity Interests in a Consolidated Affiliate or Unconsolidated
Affiliate and (y) cash and other assets of nominal value incidental to such Subsidiary’s ownership of such Equity Interests, then such Subsidiary shall not be required to become a Guarantor under the terms of this Section, and
(ii) none of the 801-Gallery Subsidiaries shall be subject to the terms of this Section until the date that is 180 days after the Agreement Date. 
 (b) Required Deliveries. Each Accession Agreement delivered by a New Guarantor under the immediately preceding subsection (a) shall be accompanied by (i) the items that would have been
delivered under Sections 5.1.(a)(vii) through (xii) and (xxii) if such New Guarantor had been a Guarantor on the Agreement Date; (ii) if such New Guarantor is not a Wholly Owned Subsidiary, a written acknowledgement of all
Persons (other than Loan Parties) holding Equity Interests in such New Guarantor, pursuant to which such Persons acknowledge and consent to the Guaranty made by such New Guarantor and (iii) such other documents and instruments as the
Administrative Agent may reasonably request. 
 (c) Release of Certain Guarantors. The Borrower may request in writing
that the Administrative Agent release a Guarantor, other than the Parent, if (i) such Guarantor (A) upon its release as a Guarantor will become an Excluded Subsidiary or cease to be a Subsidiary or (B) is no longer required to be a
party to the Guaranty under the immediately preceding

  

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subsection (a) because such Guarantor is no longer a Property Owner or otherwise, in any such case as a result of events or transactions not otherwise prohibited under any of the Loan
Documents and (ii) no Event of Default shall then be in existence or would occur as a result of such release. Together with any such request, the Borrower shall deliver to the Administrative Agent a certificate signed by the chief financial
officer of the Parent certifying that the conditions set forth in immediately preceding clauses (i) and (ii) will be true and correct upon the release of such Guarantor. No later than 10 Business Days following the Administrative
Agent’s receipt of such written request and the related certificate, and so long as the conditions set forth in immediately preceding clauses (i) and (ii) will be true and correct, the release shall be effective and Administrative
Agent shall execute and deliver, at the sole cost and expense of the Borrower, such documents as Borrower may reasonably request to evidence such release. 
 (d) Release of Pledgors. In connection with a Release of a Gallery Property under Section 3.12. or a Substitution effected for a Gallery Property under Section 3.11., and simultaneously
with the effectiveness of such Release or Substitution, the Administrative Agent shall release from the Lien of the Pledge Agreement the Equity Interests of the Property Owner of such Gallery Property. 
 Section 7.16. Release of PREIT-RUBIN, Inc. as Borrower and Gallery Borrower; Release of a Gallery Borrower. 
 (a) PREIT-RUBIN, Inc. may request in writing that the Administrative Agent release it as a Borrower and a Gallery Borrower (but not as a
Guarantor unless otherwise permitted by Section 7.15.(c)), so long as the Parent delivers a certificate signed by the chief financial officer of the Parent certifying that no Event of Default then exists or would occur as a result of such
release. No later than 5 Business Days following the Administrative Agent’s receipt of such written request and the related certificate, and so long as the condition set forth above will be true and correct, the release shall be effective and
the Administrative Agent shall execute and deliver, at the sole cost and expense of the Borrower, such documents as the Borrower may reasonably request to evidence such release. Upon the effectiveness of such release, the defined term
“Borrower” as used in the Loan Documents shall mean PREIT and its successors and permitted assigns and the defined term “Gallery Borrower” as used in the Loan Documents shall mean PREIT, PR Gallery and Keystone, and their
respective successors and permitted assigns. 
 (b) In connection with a Release of a Gallery Property under Section 3.12.
or a Substitution effected for a Gallery Property under Section 3.11., and simultaneously with the effectiveness of such Release or Substitution, the Administrative Agent shall release the Property Owner of such Gallery Property as a Gallery
Borrower (but not as a Guarantor unless otherwise permitted by Section 7.15.(c)), and the Administrative Agent shall execute and deliver, at the sole cost and expense of the Borrower, such documents as the Borrower may reasonably request to
evidence such release. Upon the effectiveness of such release, the defined term “Gallery Borrower” as used in the Loan Documents shall mean PREIT, PREIT-RUBIN (unless PREIT-RUBIN has been released pursuant to subsection (a) of this
Section 7.16.) and whichever of PR Gallery and Keystone has not been released pursuant to this subsection, or if both PR Gallery

  

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and Keystone have both been released, shall mean PREIT and PREIT-RUBIN (unless PREIT-RUBIN has been released pursuant to subsection (a) of this Section 7.16.). 
 Section 7.17. Cash Management. 
 (a) The Parent and the Borrower shall, and shall cause any other Loan Party or other Subsidiary to, obtain and maintain an authenticated Deposit Account Control Agreement from each financial institution or securities intermediary (as
defined in the UCC) at which the Parent, the Borrower, such other Loan Party or such other Subsidiary, as applicable, holds a Tenant Deposit Account on the Effective Date and on any date thereafter. At all times until the Termination Date, the
Parent and the Borrower shall cause any Person receiving any Rents to deposit or cause to be deposited promptly, and in any event no later than 1 Business Day after the receipt thereof, all checks, drafts and similar items of payment of Rents into
one or more of the Tenant Deposit Accounts that is subject to a Deposit Account Control Agreement. Prior to depositing Rents into any account that is to become a Tenant Deposit Account that is not on the list of Tenant Deposit Accounts delivered to
the Administrative Agent pursuant to Section 5.1.(a)(xv)(R), the Borrower shall deliver to the Administrative Agent (a) written notice of the intent to deposit Rents into such account, in which notice the Borrower specifies the name of the
holder of such account, the name and address of the financial institution or securities intermediary, as applicable, at which such account is held and the account number for such account, (b) if the name of the holder of such account is not a
Property Owner, a supplement to the Security Agreement in the form attached thereto, and (c) a Deposit Account Control Agreement to which such account is subject. 
 (b) The holder of any Tenant Deposit Account shall have the right to withdraw and direct the disposition of funds on deposit, or provide entitlement orders (as defined in the UCC) with respect to
securities held, as applicable, in such Tenant Deposit Account unless an Event of Default specified in Sections 9.1.(a), 9.1.(e) or 9.1.(f) has occurred or, as a result of the occurrence of any other Event of Default, the Obligations and the
Gallery Obligations have been accelerated pursuant to Section 9.2. If any of the foregoing events has occurred, in addition to each other right, power and remedy of the Administrative Agent provided for in this Agreement, the Loan Documents, or
Applicable Law, the Administrative Agent shall have, the right to apply all amounts on deposit or held in such Tenant Deposit Account to the Obligations and the Gallery Obligations in accordance with Section 9.5.; provided, however, that
amounts on deposit or held in a Tenant Deposit Account into which the Rents attributable to a Gallery Property are deposited or held shall not be applied to any Obligations until the Gallery Obligations have been paid in full. 
 (c) In no event shall Rents attributable to a Gallery Property be deposited into any Tenant Deposit Account other than one in the name of a
Gallery Borrower. 
 Notwithstanding anything to the contrary in this Section 7.17., neither the Rents attributable to the New River Valley
Mall Property nor a Tenant Deposit Account into which Rents attributable to the New River Valley Mall Property are deposited shall be subject to the terms of this Section so long as the Rents attributable to the New River Valley Mall Property are
not deposited into a

  

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Tenant Deposit Account into which the Rents attributable to any other Collateral Property are also deposited. 
 ARTICLE VIII. NEGATIVE COVENANTS 
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 11.7., all of the Lenders) shall otherwise consent in the manner set forth in Section 11.7., the Borrower and the
Parent, as applicable, shall comply with the following covenants: 
 Section 8.1. Financial Covenants. 
 (a) Minimum Tangible Net Worth. The Parent shall not permit its Tangible Net Worth determined on a consolidated basis at the end of
any fiscal quarter to be less than (i) $483,103,000, minus non-cash impairment charges with respect to the Properties recorded with respect to the quarter ended December 31, 2009, plus (ii) 75% of the Net Proceeds of all
Equity Issuances effected at any time after September 30, 2009 by the Parent or any of its Subsidiaries to any Person other than the Parent or any of its Subsidiaries (in the case of any Equity Issuance effected by a Subsidiary, the amount of
such Net Proceeds shall be appropriately adjusted to account for minority interests consistent with GAAP). Net Proceeds from the following Equity Issuances shall be excluded from the immediately preceding clause (ii): (x) Equity Issuances of
Equity Interest of the Parent made after September 30, 2009 solely in exchange for (A) other Equity Interest of the Parent or (B) common operating units of the Borrower and (y) Equity Issuances to employees and trustees of the
Parent and its Subsidiaries as part of a stock bonus plan, restricted stock plan or similar plan but only to the extent neither the Parent nor any Subsidiary received cash in connection with any such Equity Issuance. 
 (b) Ratio of Total Liabilities to Gross Asset Value. The Parent shall not permit the ratio of (i) Total Liabilities of the
Parent and its Subsidiaries determined on a consolidated basis to (ii) Gross Asset Value of the Parent and its Subsidiaries determined on a consolidated basis, to exceed 0.75 to 1.00 at any time. 
 (c) Ratio of EBITDA to Interest Expense. The Parent shall not permit the ratio of (i) EBITDA of the Parent and its Subsidiaries
determined on a consolidated basis for the period of four consecutive fiscal quarters most recently ended to (ii) Interest Expense of the Parent and its Subsidiaries determined on a consolidated basis for such period, to be less than 1.60
to 1 for any such period. 
 (d) Ratio of Adjusted EBITDA to Fixed Charges. The Parent shall not permit the ratio of
(i) Adjusted EBITDA of the Parent and its Subsidiaries determined on a consolidated basis for the period of four consecutive fiscal quarters most recently ended to (ii) Fixed Charges of the Parent and its Subsidiaries determined on a
consolidated basis for such period, to be less than 1.35 to 1.00. 
 (e) Permitted Investments. 
  

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 (i) The Parent and the Borrower shall not make any Investment in or
otherwise own, and shall not permit any Subsidiary to make any Investment in or otherwise own, the following items which would cause the aggregate value of such holdings of the Parent, the Borrower and its Subsidiaries to exceed the following
percentages of Gross Asset Value: 
 (A) unimproved real estate and predevelopment costs such that the aggregate
value of all such unimproved real estate and predevelopment costs, calculated on the basis of cost, exceeds 3.0% of Gross Asset Value; 
 (B) Investments in Persons (other than Investments in Subsidiaries, Consolidated Affiliates and Unconsolidated Affiliates) such that the aggregate value of such Investment calculated on the basis of cost
exceeds 1.0% of Gross Asset Value; 
 (C) Mortgages in favor of the Parent, the Borrower or any other Subsidiary,
such that the aggregate amount of Indebtedness secured by such Mortgages exceeds 1.0% of Gross Asset Value (excluding any Mortgage encumbering any Property owned by a Subsidiary the accounts of which are required to be consolidated with those of the
Parent under GAAP); and 
 (D) Investments in Consolidation Exempt Entities such that the aggregate value of such
Investments (other than the Parent’s Investment in PREIT) calculated on the basis of cost, exceeds 20.0% of Gross Asset Value. 
 In addition to the foregoing limitations, (x) the aggregate value of the Investments and the other items subject to the limitations in the preceding clauses (i) through (iii) shall not exceed 5.0% of Gross Asset Value and
(y) the amount of Gross Asset Value attributable to any one Property shall not exceed 15.0% of Gross Asset Value at any time. 
 (ii) Prior to the Parent’s having obtained a Corporate Debt Yield exceeding 10.0% and a Facility Debt Yield exceeding 11.0%, the Parent and the Borrower shall not, and shall not permit any other Loan
Party or other Subsidiary to, make any Investment in any Person by means of a contribution or issuance of Equity Interests of the Parent, the Borrower, such other Loan Party or such other Subsidiary to such Person. 
 (f) Properties under Development or Redevelopment. The Parent and the Borrower shall not permit the aggregate amount of Total
Budgeted Cost Until Stabilization with respect to all Projects Under Development owned by the Parent, the Borrower, any Subsidiary, any Consolidated Affiliate or any Unconsolidated Affiliate to exceed 10.0% (or up to 12.0% with the Administrative
Agent’s approval) of Gross Asset Value at any time. For purposes of this subsection, Total Budgeted Cost Until Stabilization with respect to any Project Under Development owned by a Consolidation Exempt Entity of the Parent shall equal the
greater of (i) the product of (x) the Parent’s Investment Share in such Consolidation Exempt Entity and (y) the Total Budgeted Cost Until Stabilization for such Property and (ii) the Parent’s Recourse

  

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Share of all Indebtedness of such Consolidation Exempt Entity incurred solely to finance the Total Budgeted Cost Until Stabilization for such Property. 
 (g) Floating Rate Indebtedness. The Parent and the Borrower will not, and will not permit any of their respective Subsidiaries,
Consolidated Affiliates or Unconsolidated Affiliates to, incur, assume or suffer to exist at any time Floating Rate Indebtedness in an aggregate outstanding principal amount in excess of one-third of all Indebtedness of the Parent, its Subsidiaries,
its Consolidated Affiliates and its Unconsolidated Affiliates determined on a consolidated basis. 
 (h) Corporate Debt
Yield. The Parent shall not permit the Corporate Debt Yield to be less than 9.50%; provided, however, that if such ratio is less than 9.50%, then such failure to comply with the foregoing covenant shall not constitute a Default or an Event of
Default and the Parent shall be deemed to be in compliance with this Section 8.1.(h) so long as (x) the Corporate Debt Yield is not less than 9.50% more than one time during the term of this Agreement for a period of not more than two
consecutive fiscal quarters and (y) during such period such ratio is not less than 9.250%. 
 For purposes of determining compliance with
immediately preceding subsections (g) and (h), the Indebtedness of the Parent shall include the greater of the Parent’s Recourse Share or Investment Share of the Indebtedness of the Parent’s Consolidation Exempt Entities. 

Section 8.2. Restricted Payments. 
 The Parent and the Borrower will not declare or make, or permit any other Subsidiary to declare or make any Restricted Payment; provided, however that the Parent, the Borrower and their respective
Subsidiaries may declare and make the following Restricted Payments so long as no Default or Event of Default would result therefrom: 
 (a) PREIT may declare and pay cash dividends to the Parent and other holders of limited partnership interests in PREIT in any fiscal year of the Parent to the extent necessary for the Parent to distribute, and the Parent may so distribute,
cash dividends to its shareholders with respect to such period, in an aggregate amount not to exceed 110.0% of the Parent’s REIT Taxable Income for such period unless necessary for the Parent to remain in compliance with Section 7.13.;
provided, however, if the Corporate Debt Yield exceeded 10.0% at the end of such period, then the aggregate amount of such cash dividends may not exceed the greater of (i) 75.0% of Funds From Operations of the Parent and its Subsidiaries for
such period and (ii) 110.0% of the Parent’s REIT Taxable Income for such period unless necessary for the Parent to remain in compliance with Section 7.13.; provided, further, that for any period of four consecutive fiscal quarters
that Corporate Debt Yield exceeded 10.0% and the Facility Debt Yield exceeded 11.0%, in each case, at the end of such period, the limitations of this subsection (a) shall not apply so long as no Default or Event of Default would result from
making any such Restricted Payment; 
 (b) the Parent may acquire limited partnership interests in PREIT for common stock of the
Parent, and the Parent and PREIT may acquire limited partnership interests in PREIT for

  

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cash in an amount not to exceed $250,000 in the aggregate in any calendar year for such limited partnership acquisitions made by the Parent and PREIT; provided, that for any period of four
consecutive fiscal quarters that Corporate Debt Yield exceeded 10.0% and the Facility Debt Yield exceeded 11.0%, in each case, at the end of such period, the limitations of this subsection (b) shall not apply so long as no Default or Event of
Default would result from making any such Restricted Payment; 
 (c) subject to Section 2.8.(b)(iii), the Parent, Borrower
and their Subsidiaries may make cash distributions to their respective shareholders to avoid any liability for taxes imposed under Sections 857(b)(1), 857(b)(3) and 4981 of the Internal Revenue Code; 
 (d) Subsidiaries may make Restricted Payments to the Parent, the Borrower or any other Subsidiary; and 
 (e) for any period of four consecutive fiscal quarters that Corporate Debt Yield exceeded 10.0% and the Facility Debt Yield exceeded 11.0%,
in each case, at the end of such period, the Parent may make cash payments to repurchase outstanding Equity Interests of the Parent. 
 Notwithstanding the foregoing, but subject to the following sentence, if a Default or Event of Default exists, the Parent and the Borrower shall not, and shall not permit any other Subsidiary to, make any Restricted Payments to any Person
whatsoever other than cash dividends from Subsidiaries (directly or indirectly through intermediate Subsidiaries) to PREIT and from PREIT to the Parent and other holders of limited partnership interests in PREIT in any year to the extent necessary
for the Parent to distribute, and the Parent may so distribute, cash dividends to its shareholders with respect to such period, in an aggregate amount not to exceed the amount required to be distributed for the Parent to remain in compliance with
Section 7.13. Notwithstanding the foregoing, if a Default or Event of Default specified in Section 9.1.(a), Section 9.1. (e) or Section 9.1. (f) shall have occurred and be continuing, or if as a result of the occurrence
of any other Event of Default the Obligations have been accelerated pursuant to Section 9.2.(a), the Parent and the Borrower shall not, and shall not permit any other Subsidiary to, make any Restricted Payments to any Person whatsoever other
than to the Borrower or any Subsidiary. 
 Section 8.3. Liens. 
 The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, create, assume, incur, permit or
suffer to exist any Lien (i) on any Collateral Property (other than the New River Valley Mall Property) or any other Collateral related thereto except for Permitted Liens, and (ii) on the New River Valley Mall Property except for Permitted
Liens, the Liens securing the New River Valley Mall Liabilities, and other Liens permitted under the New River Valley Mall Credit Agreement, or (iii) on any direct or indirect Equity Interests owned by the Parent, the Borrower, any other Loan
Party or any other Subsidiary in any Person owning a Collateral Property or any other Collateral except for Permitted Liens of the types referred to in clauses (a) and (e) of the definition of Permitted Liens. 
  

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 Section 8.4. Restrictions on Intercompany Transfers. 
 Except for encumbrances and restrictions contained in any of the Loan Documents (as defined in the New River Valley Mall Credit Agreement),
the Parent and the Borrower shall not create or otherwise cause or suffer to exist or become effective, or permit any other Loan Party or other Subsidiary (other than an Excluded Subsidiary) to create or otherwise cause or suffer to exist or become
effective, any consensual encumbrance or restriction of any kind on the ability of such Subsidiary to: (i) pay dividends or make any other distribution on any of such Subsidiary’s capital stock or other equity interests owned by the
Borrower or such Subsidiary of the Borrower; (ii) pay any Indebtedness owed to the Borrower or any Subsidiary; (iii) make loans or advances to the Borrower or any Subsidiary; or (iv) transfer any of its property or assets to the
Borrower or any Subsidiary; provided, however that the Borrower or any such Subsidiary may have provision for preferred, priority or guaranteed payments to a joint venture partner of such Subsidiary. Notwithstanding anything to the
contrary in the foregoing sentence, the restrictions in this Section shall not apply to any provision of any Guaranty entered into by the Parent, the Borrower, any other Loan Party or any other Subsidiary to Guarantee the obligations and liabilities
of any Subsidiary, which provision subordinates any rights of the Parent, the Borrower, any other Loan Party or any other Subsidiary to payment from such Subsidiary to the payment in full of the obligations and liabilities that are Guaranteed
pursuant to the terms of such Guaranty. 
 Section 8.5. Mergers, Acquisitions and Sales of Assets. 
 (a) The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary of the Parent or the Borrower
to: (i) engage in any transaction of merger or consolidation; (ii) liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution); (iii) convey, sell, lease, sublease, transfer or otherwise dispose of, in one
transaction or a series of transactions, all or any substantial part of its business or assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, whether now owned or hereafter acquired or (iv) acquire a Substantial
Amount of the assets of, or make an Investment of a Substantial Amount in, any other Person; unless 
 (A)
immediately prior thereto, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence; 
 (B) in the case of a consolidation or merger involving the Parent or PREIT, the Parent or PREIT, as the case may be, shall be the survivor thereof; 
 (C) in the case of a consolidation or merger involving a Property Owner (other than a Disposition of such Property Owner by
merger), either such Property Owner shall be the survivor thereof, or if not, (x) the survivor thereof is a Person organized and existing under the laws of the United States of America, any State thereof or the District of Columbia,
(y) the survivor thereof expressly assumes all the obligations of such Property Owner under the Loan Documents to which such Property Owner is a party by executing and delivering to the Administrative Agent such documents, instruments and
agreements as the Administrative Agent may reasonably require and (z) the

  

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Administrative Agent shall have received such other instruments, documents, agreements, financing statements, certificates, opinions, other Security Documents, and endorsements to title insurance
polities as the Administrative Agent may reasonably request with respect to the Collateral Property; 
 (D) in
the case of a Disposition of a Property Owner by merger, the Collateral Property and all Collateral related thereto are released from the Lien of the applicable Security Documents in accordance with Section 3.12.; and 
 (E) in the case of the acquisition, Investment or sale of a Substantial Amount of assets, the Parent shall have given the
Administrative Agent and the Lenders at least 30 days prior written notice of such, acquisition, Investment or sale, such notice to be accompanied by a Compliance Certificate, calculated on a pro forma basis, evidencing the continued compliance by
the Borrower and the Parent with the terms and conditions of this Agreement and the other Loan Documents, including without limitation, the financial covenants contained in Section 8.1., after giving effect to such acquisition, Investment or
sale. 
 (b) No Property Owner shall dispose of any Collateral Property owned or leased by it or any other Collateral
(i) unless such Collateral Property or other Collateral is released from the Lien of the applicable Security Documents in accordance with Section 3.12. and (ii) except a Property Owner may dispose of Fixtures and Personalty (as each
of the terms Fixture and Personalty is defined in the Security Instrument encumbering the applicable Collateral Property and the other Collateral related thereto) free of the Liens of the Administrative Agent and Lenders as permitted by the
applicable section of the Security Instrument encumbering such Collateral Property and the other Collateral related thereto. 
 (c) All of the Equity Interests of each Property Owner shall, during the term of this Agreement, be owned directly or indirectly by either the Parent, PREIT, or the Parent and PREIT. 
 Section 8.6. Fiscal Year. 
 The Parent and the Borrower shall not, and shall not permit the Gallery Borrower or any Material Subsidiary to, change its fiscal year from that in effect as of the Agreement Date. 
 Section 8.7. Modifications of Organizational Documents and Material Contracts. 
 None of the Parent, the Borrower or the Gallery Borrower shall amend, supplement, restate or otherwise modify its articles or certificate of
incorporation, bylaws, declaration of trust, partnership agreement or other applicable organizational documents, including without limitation the Trust Agreement and the Partnership Agreement, unless such amendment, supplement, restatement or other
modification could not reasonably be expected to have in a Material Adverse Effect. The Borrower and the Parent shall not enter into, and shall not permit any Subsidiary or other Loan Party to enter into, any amendment or modification to any
Material Contract that could reasonably be expected to have a Material Adverse Effect. 
  

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 Section 8.8. Transactions with Affiliates. 
 The Borrower and the Parent shall not permit to exist or enter into, and will not permit any other Loan Party or any other Subsidiary to
permit to exist or enter into, any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate, except (a) transactions in the ordinary course of and pursuant to the
reasonable requirements of the business of the Borrower, the Parent, such other Loan Party or such other Subsidiary and upon fair and reasonable terms which are no less favorable to the Borrower, the Parent, such other Loan Party or such other
Subsidiary than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate, (b) transactions between or among the Loan Parties and (c) transactions with an Affiliate existing on the Agreement
Date that are not otherwise permitted under the immediately preceding clauses (a) and (b). 
 Section 8.9. Environmental Matters.

 The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary or any other
Person to, use, generate, discharge, emit, manufacture, handle, process, store, release, transport, remove, dispose of or clean up any Hazardous Materials on, under or from the Properties in violation of any Environmental Law or in a manner that
could reasonably be expected to lead to any environmental claim or pose a risk to human health, safety or the environment that could reasonably be expected to have a Material Adverse Effect. Nothing in this Section shall impose any obligation or
liability whatsoever on the Administrative Agent or any Lender. 
 Section 8.10. ERISA Exemptions. 
 The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, permit any of its respective
assets to become or be deemed to be “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. The Parent and the Borrower shall not, and shall not permit any other member of
the ERISA Group to, cause or permit to occur any ERISA Event if such ERISA Event could reasonably be expected to have a Material Adverse Effect. 
 Section 8.11. Approval of Tenant Leases. 
 Except for Excluded Tenant Leases, the Parent and the Borrower
shall not permit any Property Owner to enter into any Tenant Lease (or waive, amend or otherwise modify any of the material terms of any Tenant Lease) unless the Administrative Agent has approved the tenant and the terms of such Tenant Lease (or any
waiver, amendment or other modification of any material terms of any Tenant Lease). The Borrower shall submit to the Administrative Agent a written request for approval of any such proposed Tenant Lease (or any waiver, amendment or other
modification of any material terms of any Tenant Lease), together with a copy of such proposed Tenant Lease and all other information relating thereto as the Administrative Agent may request. If the Administrative Agent fails to disapprove of such
Tenant Lease in writing within 10 Business Days after such submittal, the proposed Tenant Lease (or the waiver, amendment or

  

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other modification of any material terms of any Tenant Lease) shall be deemed approved by the Administrative Agent. 
 Section 8.12. Derivatives Contracts. 
 The Parent and the Borrower
shall not, and shall not permit any other Loan Party or other Subsidiary to, enter into or become obligated in respect of Derivatives Contracts other than Derivatives Contracts entered into by the Parent, the Borrower, such other Loan Party or such
other Subsidiary in the ordinary course of business and which establish an effective hedge in respect of liabilities, commitments or assets held or reasonably anticipated by the Parent, the Borrower, a Loan Party or other Subsidiary. 
 ARTICLE IX. DEFAULT 
 Section 9.1. Events of Default. 
 Each of the following shall
constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 
 (a) Default in Payment. 
 (i) The Borrower shall fail to pay when due under this Agreement or any other Loan Document (whether upon demand, at maturity, by reason of acceleration or otherwise) the principal of, or any interest on,
any of the Revolving Loans or Term Loans A, or shall fail to pay any of the other payment Obligations owing by the Borrower under this Agreement or any other Loan Document; or 
 (ii) The Gallery Borrower shall fail to pay when due under this Agreement or any other Loan Document (whether upon demand, at
maturity, by reason of acceleration or otherwise) the principal of, or any interest on, any of the Gallery Term Loans, or shall fail to pay any of the other payment Gallery Obligations owing by the Gallery Borrower under this Agreement or any other
Loan Document; or 
 (iii) Any other Loan Party shall fail to pay when due any payment obligation owing by such
Loan Party under any Loan Document to which it is a party and in the case of this clause (iii) only, any such failure shall continue for a period of 5 calendar days thereafter. 
 (b) Default in Performance. 
 (i) The Borrower or the Parent shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Sections 7.1.(a)(xviii) or
Article VIII.; or 
  

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 (ii) The Borrower, the Parent or any other Loan Party shall fail to perform
or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section and such failure shall continue for a period of 30 days after the
earlier of (x) the date upon which the Parent or the Borrower obtains knowledge of such failure or (y) the date upon which the Parent or the Borrower has received written notice of such failure from the Administrative Agent;
provided, however, that if any such failure referred to in this clause (ii) is reasonably capable of being cured but not within such 30-day period and the Borrower has in good faith commenced to cure such failure prior to the
expiration of such 30-day period and continues to diligently prosecute such cure, no Event of Default shall be deemed to have occurred unless such failure has not been cured within 30 calendar days after the last day of such initial 30-day period;

 (c) Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of the
Borrower, the Parent or any other Loan Party under this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement (other than forward looking statements) at any time furnished by, or at the
direction of, the Borrower, the Parent or any other Loan Party to the Administrative Agent, the Issuing Bank or any Lender, shall at any time prove to have been incorrect or misleading in any material respect when furnished or made. 
 (d) Indebtedness Cross-Default. 
 (i) The Parent, the Borrower, any other Loan Party, any other Subsidiary shall fail to pay when due and payable the principal of, or interest on, any Indebtedness (other than the Loans) having an
aggregate outstanding principal amount (or in the case of any Derivatives Contract, having a Derivatives Termination Value) of $10,000,000 or more (or $250,000,000 or more in the case of Nonrecourse Indebtedness) (“Material Indebtedness”),
and in any such case such failure shall continue beyond any applicable notice and cure periods; or 
 (ii) The
maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Indebtedness or any Material
Indebtedness shall have been required to be prepaid or repurchased prior to the stated maturity thereof; or 
 (iii) There occurs an “Event of Default” under and as defined in any Specified Derivatives Contract as to which the Borrower, any other Loan Party or any other Subsidiary is a “Defaulting Party” (as defined therein), or
there occurs an “Early Termination Date” (as defined therein) in respect of any Specified Derivatives Contract as a result of a “Termination Event” (as defined therein) as to which the Borrower or any of its Subsidiaries is an
“Affected Party” (as defined therein). 
  

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 (e) Voluntary Bankruptcy Proceeding. The Borrower, the Gallery Borrower, the Parent,
any Property Owner or any Material Subsidiary shall: (i) commence a voluntary case under the Bankruptcy Code or 1978, as amended or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take
advantage of any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any
petition filed against it in an involuntary case under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection; (iv) apply for or consent to, or fail to contest in a
timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay
its debts as they become due; (vi) make a general assignment for the benefit of creditors; (vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii) take any corporate or partnership action for the purpose
of effecting any of the foregoing. 
 (f) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be
commenced against the Borrower, the Gallery Borrower, the Parent, any Property Owner or any Material Subsidiary in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code of 1978, as amended or other federal bankruptcy
laws (as now or hereafter in effect) or under any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver,
custodian, liquidator or the like of such Person, or of all or any substantial part of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding shall continue undismissed or
unstayed for a period of 60 consecutive days, or an order granting the relief requested in such case or proceeding (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be
entered. 
 (g) Revocation of Loan Documents. The Borrower, the Parent or any other Loan Party shall disavow, revoke or
terminate any Loan Document or the Fee Letter to which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document or
the Fee Letter or any material provision of any Loan Document or the Fee Letter shall cease to be in full force and effect (except as a result of the express terms thereof). 
 (h) Judgment. A judgment or order for the payment of money shall be entered against the Borrower, the Gallery Borrower, the Parent or
any Material Subsidiary by any court or other tribunal and (i) such judgment or order shall continue for a period of 30 days without being paid, bonded over, stayed or dismissed through appropriate appellate proceedings (provided however,
that if a bond has been issued in favor of the claimant or other Person obtaining such judgment or order, the issuer of such bond shall have executed an agreement in form and substance satisfactory to the Administrative Agent pursuant to which the
issuer of such bond waives any Lien it may have on the assets of any Loan Party), and (ii) either (A) the amount for which the insurer has denied liability exceeds, individually or together with all other such judgments or orders entered
against the Borrower, the Gallery Borrower, the Parent and the

  

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Material Subsidiaries, $10,000,000 (or $250,000,000 or more if the judgment or order for the payment of money directly relates to Nonrecourse Indebtedness and is itself nonrecourse) in amount or
(B) could reasonably be expected to have a Material Adverse Effect. 
 (i) Attachment. A warrant, writ of
attachment, execution or similar process shall be issued against any property of the Borrower, the Gallery Borrower, the Parent or any Material Subsidiary, which exceeds, individually or together with all other such warrants, writs, executions and
processes, $10,000,000 (or $250,000,000 or more if the warrant, writ of attachment, execution or similar process directly relates to Nonrecourse Indebtedness and is itself nonrecourse) in amount and such warrant, writ, execution or process shall not
be paid, discharged, vacated, stayed or bonded for a period of 30 days; provided however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant, writ of attachment, execution or process, the issuer of
such bond shall have executed an agreement in form and substance satisfactory to the Administrative Agent pursuant to which the issuer of such bond subordinates its right of reimbursement or subrogation to the Obligations and waives any Lien it may
have on the assets of the Parent, the Borrower, the Gallery Borrower or any Material Subsidiary. 
 (j) ERISA.

 (i) Any ERISA Event shall have occurred that results or could reasonably be expected to result in liability to
any member of the ERISA Group aggregating in excess of $10,000,000; or 
 (ii) The “benefit obligation”
of all Benefit Plans exceeds the “fair market value of plan assets” for such Benefit Plans by more than $10,000,000, all as determined, and with such terms defined, in accordance with Statement of Financial Accounting Standards
No. 158. 
 (k) Loan Documents. An Event of Default (as defined therein) shall occur under any of the other Loan
Documents; 
 (l) Change of Control/Change in Management. 
 (i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the 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 35.0% of the total voting power of the then outstanding voting shares of the Parent other than such Persons who are, as of the
Agreement Date, current officers or trustees of the Parent, or Affiliates of current officers or trustees of the Parent; 
 (ii) If three or more of the Principal Officers shall cease for any reason to be principally involved in the senior management of the Parent and the Parent shall have

  

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failed to replace the resulting vacancies in senior management with individuals reasonably acceptable to the Administrative Agent and the Requisite Lenders and such failure shall continue for a
period in excess of 120 days; or 
 (iii) The Parent or a Wholly Owned Subsidiary of the Parent that is a
Guarantor shall cease (A) to be the sole general partner of PREIT or (B) to own and control, directly or indirectly, at least 80.0% (or such lesser percentage not less than 70.0% as may be acceptable to the Administrative Agent) of all
partnership interests of PREIT. 
 (m) Damage; Strike; Casualty. Any material damage to, or loss, theft or destruction
of, the Collateral Property or any other Collateral, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than 30 consecutive days beyond the coverage period of any
applicable business interruption insurance, the cessation or substantial curtailment of revenue producing activities of the Parent, the Borrower, any other Loan Party and any other Subsidiary taken as a whole and only if any such event or
circumstance could reasonably be expected to have a Material Adverse Effect. 
 (n) Other Debt Agreements. An Event of
Default under (and as defined in) the New River Valley Mall Credit Agreement or the Exchangeable Note Indenture shall occur. 
 (o) Security Documents. Any material provision of any Security Document shall for any reason cease to be valid and binding on or enforceable against any Loan Party or any Lien created under any Security Document ceases to be a valid
and perfected first-priority Lien in the Collateral Property or any other Collateral purported to be covered thereby, except as expressly permitted by this Agreement or any other Loan Document. 
 Section 9.2. Remedies Upon Event of Default. 
 Upon the occurrence of an Event of Default the following provisions shall apply: 
 (a) Acceleration; Termination of Facilities. 
 (i) Automatic. Upon the occurrence of an
Event of Default specified in Sections 9.1.(e) or 9.1.(f), (A)(1) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding and (2) an amount equal to the Stated Amount of all Letters of Credit
outstanding as of the date of the occurrence of such Event of Default for deposit into the Letter of Credit Collateral Account, (3) all of the other Obligations of the Borrower, including, but not limited to, the other amounts owed to the
Lenders and the Administrative Agent under this Agreement, the Revolving Notes, the Term Loan A Notes or any of the other Loan Documents, shall become immediately and automatically due and payable without presentment, demand, protest, or other
notice of any kind, all of which are expressly waived by the Borrower, and (4) all of the other Gallery Obligations of the Gallery Borrower shall become immediately and automatically due and payable without presentment, demand, protest, or
other notice of any kind, all of which are expressly waived by the Gallery Borrower, (B) the Commitments, the obligation of the

  

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Lenders to make Loans hereunder, and the obligation of the Issuing Bank to issue Letters of Credit hereunder, shall all immediately and automatically terminate. 
 (ii) Optional. If any other Event of Default shall have occurred and be continuing, the Administrative Agent may, and
at the direction of the Requisite Lenders shall: (A) declare (1) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding, (2) an amount equal to the Stated Amount of all Letters of Credit outstanding
as of the date of the occurrence of such Event of Default for deposit into the Letter of Credit Collateral Account, (3) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative
Agent under this Agreement, the Revolving Notes, the Term Loan A Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other
notice of any kind, all of which are expressly waived by the Borrower, and (4) all of the other Gallery Obligations of the Gallery Borrower shall become immediately and automatically due and payable without presentment, demand, protest, or
other notice of any kind, all of which are expressly waived by the Gallery Borrower, and (B) terminate the Commitments, the obligation of the Lenders to make Loans hereunder, and the obligation of the Issuing Bank to issue Letters of
Credit hereunder. 
 (b) Loan Documents. The Requisite Lenders may direct the Administrative Agent to, and the
Administrative Agent if so directed shall, exercise any and all of its rights and remedies under or in respect of any and all of the other Loan Documents. 
 (c) Applicable Law. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise all other rights and remedies it may have under any
Applicable Law. 
 (d) Appointment of Receiver. To the extent permitted by Applicable Law, the Administrative Agent and
the Lenders shall be entitled to the appointment of a receiver for the assets and properties of the Borrower and its Subsidiaries, without notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations, the
Gallery Obligations or the solvency of any party bound for its payment, to take possession of all or any portion of the Collateral, the property and/or the business operations of the Borrower and its Subsidiaries and to exercise such power as the
court shall confer upon such receiver. 
 (e) Specified Derivatives Contract Remedies. Notwithstanding any other
provision of this Agreement or other Loan Document, each Specified Derivatives Provider shall have the right, with the prompt notice to the Administrative Agent, but without the approval or consent of or other action by the Administrative Agent or
the Lenders, and without limitation of other remedies available to such Specified Derivatives Provider under contract or Applicable Law, to undertake any of the following: (a) to declare an event of default, termination event or other similar
event under any Specified Derivatives Contract and to create an “Early Termination Date” (as defined therein) in respect thereof, (b) to determine net termination amounts in respect of any and all Specified Derivatives Contracts in
accordance with the terms thereof, and to set off

  

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amounts among such contracts, (c) to set off or proceed against deposit account balances, securities account balances and other property and amounts held by such Specified Derivatives
Provider pursuant to any Derivatives Support Document, including any “Posted Collateral” (as defined in any credit support annex including in any such Derivatives Support Document to which such Specified Derivatives Provider may be a
party), and (d) to prosecute any legal action against the Borrower, any Loan Party or other Subsidiary to enforce or collect net amounts owing to such Specified Derivatives Provider pursuant to any Specified Derivatives Contract. 
 Section 9.3. Remedies Upon Default. 
 Upon the occurrence of a Default specified in Section 9.1.(f), the Commitments shall immediately and automatically terminate. 
 Section 9.4. Marshaling; Payments Set Aside. 
 None of the
Administrative Agent, the Issuing Bank, any Lender or any Specified Derivatives Provider shall be under any obligation to marshal any assets in favor of any Loan Party or any other party or against or in payment of any or all of the Obligations, the
Gallery Obligations or Specified Derivatives Obligations. To the extent that any Loan Party makes a payment or payments to the Administrative Agent, the Issuing Bank, any Lender or any Specified Derivatives Provider, or the Administrative Agent, the
Issuing Bank, any Lender or any Specified Derivatives Provider enforces its security interest or exercise its right of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such
recovery, the Obligations, the Gallery Obligations or Specified Derivatives Obligations or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if
such payment had not been made or such enforcement or setoff had not occurred. 
 Section 9.5. Allocation of Proceeds. 

(a) Except as otherwise provided in the immediately following subsection (b), if an Event of Default shall have occurred and be
continuing and maturity of any of the Obligations has been accelerated, all payments received by the Administrative Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by
the Borrower or any other Loan Party hereunder or thereunder, shall be applied in the following order and priority: 
 (i) amounts due to the Administrative Agent and the Lenders in respect of Fees and other fees and expenses due under Section 11.2.; 
 (ii) amounts due to the Administrative Agent and the Lenders in respect of Protective Advances; 
  

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 (iii) payments of interest on the Loans and Reimbursement Obligations, to be
applied for the ratable benefit of the Lenders; 
 (iv) payments of principal of the Loans and payment of
Reimbursement Obligations and other Letter of Credit Liabilities to be applied for the ratable benefit of the Lenders; provided, however, to the extent that any amounts available for distribution pursuant to this subsection are attributable to the
issued by undrawn amount of an outstanding Letter of Credit, such amounts shall be paid to the Administrative Agent for deposit into the Letter of Credit Collateral Account; 
 (v) amounts due to the Administrative Agent and the Lenders pursuant to Sections 10.9. and 11.10.; 
 (vi) payments of all other Obligations and of all other Gallery Obligations and other amounts due under any of the Loan
Documents, if any, to be applied for the ratable benefit of the Lenders; and 
 (vii) payments of the Derivatives
Termination Value in respect of any and all Specified Derivatives Contracts, to be applied for the ratable benefit of the Specified Derivatives Providers; and 
 (viii) any amount remaining after application as provided above, shall be paid to the Borrower or whomever else may be
legally entitled thereto. 
 (b) If an Event of Default shall have occurred and be continuing and maturity of any of the Gallery
Obligations has been accelerated, all payments received by the Administrative Agent under any of the Loan Documents, in respect of any principal of or interest on the Gallery Obligations or any other amounts payable by the Gallery Borrowers or any
other Loan Party hereunder or thereunder in respect of the Gallery Obligations, shall be applied in the following order and priority: 
 (i) amounts due to the Administrative Agent and the Lenders in respect of Fees and other fees and expenses payable by the Gallery Borrowers and due under Section 11.2.; 
 (ii) amounts due to the Administrative Agent and the Lenders in respect of Protective Advances made in respect of the Gallery
Properties and Collateral related thereto; 
 (iii) payments of interest on the Gallery Term Loans, to be applied
for the ratable benefit of the Lenders; 
 (iv) payments of principal of the Gallery Term Loans to be applied for
the ratable benefit of the Lenders; 
  

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 (v) amounts due to the Administrative Agent and the Lenders pursuant to
Sections 10.9. and 11.10.; 
 (vi) payments of all other Gallery Obligations, to be applied for the ratable
benefit of the Lenders; and 
 (vii) any amount remaining after application as provided above, shall be paid to
the Gallery Borrower or whomever else may be legally entitled thereto. 
 Section 9.6. Letter of Credit Collateral Account.

 (a) As collateral security for the prompt payment in full when due of all Letter of Credit Liabilities, the Borrower
hereby pledges and grants to the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Bank and the Lenders as provided herein, a security interest in all of its right, title and interest in and to the Letter of Credit
Collateral Account established pursuant to the requirements of Section 2.12. and the balances from time to time in the Letter of Credit Collateral Account (including the investments and reinvestments therein provided for below). The balances
from time to time in the Letter of Credit Collateral Account shall not constitute payment of any Letter of Credit Liabilities until applied by the Administrative Agent as provided herein. Anything in this Agreement to the contrary notwithstanding,
funds held in the Letter of Credit Collateral Account shall be subject to withdrawal only as provided in this Section and in Section 2.12. 
 (b) Amounts on deposit in the Letter of Credit Collateral Account shall be invested and reinvested by the Administrative Agent in such Cash Equivalents as the Administrative Agent shall determine in its
sole discretion. All such investments and reinvestments shall be held in the name of and be under the sole dominion and control of the Administrative Agent, provided, that all earnings on such investments will be credited to and retained in
the Letter of Credit Collateral Account. The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Letter of Credit Collateral Account and shall be deemed to have exercised such care if such
funds are accorded treatment substantially equivalent to that which the Administrative Agent accords other funds deposited with the Administrative Agent, it being understood that the Administrative Agent shall not have any responsibility for taking
any necessary steps to preserve rights against any parties with respect to any funds held in the Letter of Credit Collateral Account. 
 (c) If an Event of Default exists, the Administrative Agent may (and, if instructed by the Requisite Lenders, shall) in its (or their) discretion at any time and from time to time elect to liquidate any such investments and reinvestments
and credit the proceeds thereof to the Letter of Credit Collateral Account and apply or cause to be applied such proceeds and any other balances in the Letter of Credit Collateral Account to the payment of any of the Letter of Credit Liabilities due
and payable. 
 (d) So long as no Default or Event of Default exists, the Administrative Agent shall, from time to time, at the
request of the Borrower, deliver to the Borrower, against receipt but

  

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without any recourse, warranty or representation whatsoever, such of the balances in the Letter of Credit Collateral Account as exceed the aggregate amount of Letter of Credit Liabilities at such
time. When all of the Obligations shall have been indefeasibly paid in full and no Letters of Credit remain outstanding, the Administrative Agent shall deliver to the Borrower, against receipt but without any recourse, warranty or representation
whatsoever, the balances remaining in the Letter of Credit Collateral Account. 
 (e) The Borrower shall pay to the
Administrative Agent from time to time such fees as the Administrative Agent normally charges for similar services in connection with the Administrative Agent’s administration of the Letter of Credit Collateral Account and investments and
reinvestments of funds therein. 
 Section 9.7. Performance by Administrative Agent. 
 If the Borrower or the Gallery Borrower shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the
Administrative Agent may perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower or the Gallery Borrower after the expiration of any cure or grace periods set forth herein. In such event, the Borrower shall, at the
request of the Administrative Agent, promptly pay any amount reasonably expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent, together with interest thereon at the applicable Post-Default Rate
from the date of such expenditure until paid. Notwithstanding the foregoing, neither the Administrative Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any obligation of the Borrower or the Gallery
Borrower under this Agreement or any other Loan Document. 
 Section 9.8. Rescission of Acceleration by Requisite Lenders.

 If at any time after acceleration of the maturity of the Loans, the other Obligations and the other Gallery Obligations,
the Borrower shall pay all arrears of interest and all payments on account of principal of the Obligations and the Gallery Borrower shall pay all arrears of interest and all payments on account of principal of the Gallery Obligations, which in each
case shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by Applicable Law, on overdue interest, at the rates specified in this Agreement) and all Events of Default and Defaults (other than
nonpayment of principal of and accrued interest on the Obligations and Gallery Obligations due and payable solely by virtue of acceleration) shall become remedied or waived to the satisfaction of the Requisite Lenders, then by written notice to the
Borrower and the Gallery Borrower, the Requisite Lenders may elect, in the sole discretion of such Requisite Lenders, to rescind and annul the acceleration and its consequences. The provisions of the preceding sentence are intended merely to bind
all of the Lenders to a decision which may be made at the election of the Requisite Lenders, and are not intended to benefit the Borrower or the Gallery Borrower and do not give the Borrower or the Gallery Borrower the right to require the Lenders
to rescind or annul any acceleration hereunder, even if the conditions set forth herein are satisfied. 
  

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 Section 9.9. Rights Cumulative. 
 The rights and remedies of the Administrative Agent, the Issuing Bank, the Lenders and the Specified Derivatives Providers under this
Agreement and each of the other Loan Documents, the Fee Letter and Specified Derivatives Contracts shall be cumulative and not exclusive of any rights or remedies which any of them may otherwise have under Applicable Law. In exercising their
respective rights and remedies, the Administrative Agent, the Issuing Bank, the Lenders and the Specified Derivatives Providers may be selective and no failure or delay by the Administrative Agent, the Issuing Bank, any of the Lenders, or any of the
Specified Derivatives Providers in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of any other power or right. 

ARTICLE X. THE ADMINISTRATIVE AGENT 
 Section 10.1. Appointment and Authorization. 
 (a) Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such Lender’s behalf and to exercise such powers under this
Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. Not in limitation of the foregoing, each Lender
authorizes and directs the Administrative Agent in its capacity as Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by the
Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto,
shall be authorized and binding upon all of the Lenders. Nothing herein shall be construed to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations other than those
expressly provided for herein. Without limiting the generality of the foregoing, the use of the terms “Agent”, “Administrative Agent”, “agent” and similar terms in the Loan Documents with reference to the Administrative
Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, use of such terms is merely a matter of market custom, and is intended to create or reflect only
an administrative relationship between independent contracting parties. The Administrative Agent shall deliver to each Lender, promptly upon receipt thereof by the Administrative Agent, copies of each of the financial statements, certificates,
notices and other documents delivered to the Administrative Agent pursuant to Section 7.1.(a) that the Borrower is not otherwise required to deliver to the Lenders. The Administrative Agent will also furnish to any Lender, upon the request of
such Lender, a copy (or, where appropriate, an original) of any document, instrument, agreement, certificate or notice furnished to the Administrative Agent by the Borrower, the Gallery Borrower, the Parent, any Loan Party or any other Affiliate of
the Borrower, pursuant to this Agreement or any other Loan Document not already delivered to such Lender pursuant to the terms of this Agreement or any such other Loan Document. As to any matters not expressly provided for by the Loan Documents
(including, without limitation, enforcement or collection of any of the Obligations),

  

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the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or
refraining from acting) upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the
Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, the Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to
this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the Administrative Agent shall exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an
Event of Default unless the Requisite Lenders have directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative
Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders, or where applicable, all the Lenders. 
 (b) Each Lender (i) consents to and approves all of the provisions of the Intercreditor Agreement, (ii) irrevocably authorizes and
directs the Administrative Agent to execute and deliver the Intercreditor Agreement and to perform its obligations thereunder, and (iii) agrees such Lender is bound by the terms of the Intercreditor Agreement. 
 Section 10.2. Administrative Agent’s Reliance, Etc. 
 Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Administrative Agent nor any of its directors, officers, agents, employees or counsel shall be liable for
any action taken or not taken by it under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct in connection with its duties expressly set forth herein or therein.
Without limiting the generality of the foregoing, the Administrative Agent: may consult with legal counsel (including its own counsel or counsel for the Borrower or any other Loan Party), independent public accountants and other experts selected by
it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts. Neither the Administrative Agent nor any of its directors, officers, agents, employees
or counsel: (a) makes any warranty or representation to any Lender or any other Person and shall be responsible to any Lender or any other Person for any statement, warranty or representation made or deemed made by the Borrower, the Parent, any
other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this
Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower, the Gallery Borrower, the Parent or other Persons or inspect the property, books or records
of the Borrower, the Gallery Borrower, the Parent or any other Person; (c) shall be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan
Document, any other instrument or document furnished pursuant thereto or any collateral covered thereby or the perfection or priority of any Lien in favor of the Administrative

  

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Agent on behalf of the Lenders in any such collateral; (d) shall have any liability in respect of any recitals, statements, certifications, representations or warranties contained in any of
the Loan Documents or any other document, instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any liability under or in respect of this Agreement or any other Loan Document by acting upon any
notice, consent, certificate or other instrument or writing (which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the proper party or parties. The Administrative Agent may execute any of
its duties under the Loan Documents by or through agents, employees or attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful
misconduct. 
 Section 10.3. Notice of Defaults. 
 The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has received notice from a Lender or the
Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default”. If any Lender (excluding the Lender which is also serving as the
Administrative Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Administrative Agent such a “notice of default”. Further, if the Administrative Agent receives such a “notice of default,” the
Administrative Agent shall give prompt notice thereof to the Lenders. 
 Section 10.4. Wells Fargo as Lender or Specified Derivatives
Provider. 
 Wells Fargo, as a Lender or as a Specified Derivatives Provider, as the case may be, shall have the same rights
and powers under this Agreement and any other Loan Document and under any Specified Derivatives Contract, as the case may be, as any other Lender or Specified Derivatives Provider and may exercise the same as though it were not the Administrative
Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include Wells Fargo in each case in its individual capacity. Wells Fargo and its Affiliates may each accept deposits from, maintain deposits
or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with the Borrower, the Parent any other Loan Party or any other Affiliate thereof as if
it were any other bank and without any duty to account therefor to the other Lenders or any other Specified Derivatives Providers. Further, the Administrative Agent and any of its Affiliates may accept fees and other consideration from the Borrower
for services in connection with this Agreement or any other Specified Derivatives Contract, or otherwise without having to account for the same to the Issuing Bank, the other Lenders or any other Specified Derivatives Providers. The Issuing Bank and
the Lenders acknowledge that, pursuant to such activities, Wells Fargo or its Affiliates may receive information regarding the Borrower, the Parent, other Loan Parties, other Subsidiaries and other Affiliates (including information that may be
subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. 
  

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 Section 10.5. Collateral Matters; Protective Advances. 
 (a) Each Lender hereby authorizes the Administrative Agent, without the necessity of any notice to or further consent from any Lender, from
time to time prior to an Event of Default, to take any action with respect to any Collateral or Loan Documents which may be necessary to perfect and maintain perfected the Liens upon the Collateral granted pursuant to any of the Loan Documents.

 (b) The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Lien granted
to or held by the Administrative Agent upon any Collateral (i) upon termination of the Commitments and indefeasible payment and satisfaction in full of all of the Obligations, the Gallery Obligations and Specified Derivatives Obligations;
(ii) as expressly permitted by, but only in accordance with, the terms of the applicable Loan Document; and (iii) if approved, authorized or ratified in writing by the Requisite Lenders (or such greater number of Lenders as this Agreement
or any other Loan Document may expressly provide). Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant to
this Section. 
 (c) Upon any sale and transfer of Collateral which is expressly permitted pursuant to the terms of this
Agreement, and upon at least five (5) Business Days’ prior written request by the Borrower, the Administrative Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the
release of the Liens granted to the Administrative Agent for its benefit and the benefit of the Issuing Bank, the Lenders and the Specified Derivatives Providers herein or pursuant hereto upon the Collateral that was sold or transferred;
provided, however, that (i) the Administrative Agent shall not be required to execute any such document on terms which, in the Administrative Agent’s opinion, would expose the Administrative Agent to liability or create any
obligation or entail any consequence other than the release of such Liens without recourse or warranty and (ii) such release shall not in any manner discharge, affect or impair the Obligations or Specified Derivatives Obligations or any Liens
upon (or obligations of the Borrower or any other Loan Party in respect of) all interests retained by the Borrower or any other Loan Party, including (without limitation) the proceeds of such sale or transfer, all of which shall continue to
constitute part of the Collateral. In the event of any sale or transfer of Collateral, or any foreclosure with respect to any of the Collateral, the administrative agent shall be authorized to deduct all of the expenses reasonably incurred by the
Administrative Agent from the proceeds of any such sale, transfer or foreclosure. 
 (d) The Administrative Agent shall have no
obligation whatsoever to the Issuing Bank, the Lenders or the Specified Derivatives Providers or to any other Person to assure that the Collateral exists or is owned by the Borrower, any other Loan Party or any other Subsidiary or is cared for,
protected or insured or that the Liens granted to the Administrative Agent herein or pursuant hereto have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise
or to continue exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and

  

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powers granted or available to the Administrative Agent in this Section or in any of the Loan Documents, it being understood and agreed that in respect of the Collateral, or any act, omission or
event related thereto, the Administrative Agent may act in any manner it may deem appropriate, in its sole discretion, given the Administrative Agent’s own interest in the Collateral as one of the Lenders, and that the Administrative Agent
shall have no duty or liability whatsoever to the Lenders, except to the extent resulting from its gross negligence or willful misconduct. 
 (e) The Administrative Agent may make, and shall be reimbursed by the Lenders (in accordance with their Commitment Percentages) to the extent not reimbursed by the Borrower or the Gallery Borrower, as
applicable, for, Protective Advances during any one calendar year with respect to each Property that is Collateral up to the sum of (i) amounts expended to pay real estate taxes, assessments and governmental charges or levies imposed upon such
Property; (ii) amounts expended to pay insurance premiums for policies of insurance related to such Property; and (iii) $150,000. Protective Advances in excess of said sum during any calendar year for any Property that is Collateral shall
require the consent of the Requisite Lenders. The Borrower agrees to pay on demand all Protective Advances made in respect of Collateral (other than the Gallery Properties and Collateral related thereto), and the Gallery Borrower agrees to pay on
demand all Protective Advances made in respect of the Gallery Properties and Collateral related thereto. 
 (f) By their
acceptance of the benefits of the Security Documents, each Lender that is at any time itself a Specified Derivatives Provider, or having an Affiliate that is a Specified Derivatives Provider, hereby, for itself, and on behalf of any such Affiliate,
in its capacity as a Specified Derivatives Provider, irrevocably appoints and authorizes the Administrative Agent as its collateral agent, to take such action as contractual representative on such Specified Derivative’s Provider’s behalf
and to exercise such powers under the Security Documents as are specifically delegated to the Administrative Agent by the terms of this Section 10.5., Section 10.6. and any Security Document, together with such powers as are reasonably
incidental thereto; provided, that this subsection (f) shall not affect any of the terms of a Specified Derivatives Contract or restrict a Specified Derivatives Provider from taking any action permitted by a Specified Derivatives Contract. For
the avoidance of doubt, all references in this Section 10.5. to “Lender” or “Lenders” shall be deemed to include each Lender (and Affiliate thereof) in its capacity as a Specified Derivatives Provider. 
 Section 10.6. Post-Foreclosure Plans. 
 If all or any portion of the Collateral is acquired by the Administrative Agent as a result of a foreclosure or the acceptance of a deed or assignment in lieu of foreclosure, or is retained in
satisfaction of all or any part of the Obligations, the Gallery Obligations and/or Specified Derivatives Obligations, the title to any such Collateral, or any portion thereof, shall be held in the name of the Administrative Agent or a nominee or
Subsidiary of the Administrative Agent, as administrative agent, for the ratable benefit of all Lenders, the Issuing Bank and the Specified Derivatives Providers. The Administrative Agent shall prepare a recommended course of action for such
Collateral (a “Post-Foreclosure Plan”), which shall be subject to the approval of the

  

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Requisite Lenders. In accordance with the approved Post-Foreclosure Plan, the Administrative Agent shall manage, operate, repair, administer, complete, construct, restore or otherwise deal with
the Collateral acquired, and shall administer all transactions relating thereto, including, without limitation, employing a management agent, leasing agent and other agents, contractors and employees, including agents for the sale of such
Collateral, and the collecting of rents and other sums from such Collateral and paying the expenses of such Collateral. Actions taken by the Administrative Agent with respect to the Collateral, which are not specifically provided for in the approved
Post-Foreclosure Plan or reasonably incidental thereto, shall require the written consent of the Requisite Lenders by way of supplement to such Post-Foreclosure Plan. Upon demand therefor from time to time, each Lender will contribute its share
(based on its Commitment Percentage) of all reasonable costs and expenses incurred by the Administrative Agent pursuant to the approved Post-Foreclosure Plan in connection with the construction, operation, management, maintenance, leasing and sale
of such Collateral. In addition, the Administrative Agent shall render or cause to be rendered to each Lender and each Specified Derivatives Provider, on a monthly basis, an income and expense statement for such Collateral, and each Lender shall
promptly contribute its Commitment Percentages of any operating loss for such Collateral, and such other expenses and operating reserves as the Administrative Agent shall deem reasonably necessary pursuant to and in accordance with the approved
Post-Foreclosure Plan. To the extent there is Net Operating Income from any Collateral Property, the Administrative Agent shall, in accordance with the approved Post-Foreclosure Plan, determine the amount and timing of distributions to the Lenders,
the Issuing Bank and the Specified Derivatives Providers. All such distributions shall be made to the Lenders in accordance with their respective Commitment Percentages. The Lenders, the Issuing Bank and the Specified Derivatives Providers
acknowledge and agree that if title to any Collateral is obtained by the Administrative Agent or its nominee, such Collateral will not be held as a permanent investment but will be liquidated and the proceeds of such liquidation will be distributed
in accordance with Section 9.5. as soon as practicable. The Administrative Agent shall undertake to sell such Collateral, at such price and upon such terms and conditions as the Requisite Lenders reasonably shall determine to be most
advantageous to the Lenders, the Issuing Bank and the Specified Derivatives Providers. Any purchase money mortgage or deed of trust taken in connection with the disposition of such Collateral in accordance with the immediately preceding sentence
shall name the Administrative Agent, as Administrative Agent for the Lenders, as the beneficiary or mortgagee. In such case, the Administrative Agent and the Lenders shall enter into an agreement with respect to such purchase money mortgage or deed
of trust defining the rights of the Lenders in the same Commitment Percentages as provided hereunder, which agreement shall be in all material respects similar to this Article insofar as the same is appropriate or applicable. 
 Section 10.7. Approvals of Lenders. 
 All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval (a) shall be given in the form of a written notice to such
Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise such Lender where information, if any, regarding such matter or issue may be
inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include, if reasonably requested by

  

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such Lender and to the extent not previously provided to such Lender, written materials and a summary of all oral information provided to the Administrative Agent by the Borrower in respect of
the matter or issue to be resolved, and (d) shall include the Administrative Agent’s recommended course of action or determination in respect thereof. Unless a Lender shall give written notice to the Administrative Agent that it
specifically objects to the recommendation or determination of the Administrative Agent (together with a reasonable written explanation of the reasons behind such objection) within 10 Business Days (or such lesser or greater period as may be
specifically required under the express terms of the Loan Documents) of receipt of such communication, such Lender shall be deemed to have conclusively approved of or consented to such recommendation or determination. 
 Section 10.8. Lender Credit Decision, Etc. 
 Each Lender expressly acknowledges and agrees that neither the Administrative Agent nor any of its officers, directors, employees, agents, counsel, attorneys-in-fact or other Affiliates has made any
representations or warranties to such Lender and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, the Parent, any other Loan Party or any other Subsidiary or Affiliate, shall be deemed to
constitute any such representation or warranty by the Administrative Agent to any Lender. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative
Agent, or any of their respective officers, directors, employees, agents or counsel, and based on the financial statements of the Parent, the Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such
Persons, its independent due diligence of the business and affairs of the Parent, the Borrower, the other Loan Parties, the other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it
hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate, made its own credit and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby. Each Lender
also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents, and based on such review,
advice, documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative Agent shall not be required to keep itself informed as to the
performance or observance by the Parent, the Borrower or any other Loan Party of the Loan Documents or any other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, the Parent,
the Borrower, any other Loan Party or any other Subsidiary. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders by the Administrative Agent under this Agreement or any of the other Loan
Documents, the Administrative Agent shall have no duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Parent, the
Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or other Affiliates. Each Lender acknowledges that the
Administrative Agent’s legal counsel in connection with the transactions contemplated

  

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by this Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel to such Lender. 
 Section 10.9. Indemnification of Administrative Agent. 
 Regardless of
whether the transactions contemplated by this Agreement and the other Loan Documents are consummated, each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower or the Gallery Borrower, as applicable, and
without limiting the obligation of the Borrower or the Gallery Borrower to do so) pro rata in accordance with such Lender’s respective Commitment Percentage, determined at the time of any claim, from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Administrative Agent (in its capacity as
Administrative Agent but not as a “Lender”) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under the Loan Documents
(collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent resulting from the Administrative Agent’s gross negligence or willful misconduct as
determined by a court of competent jurisdiction in a final, non-appealable judgment; provided, however, that no action taken in accordance with the directions of the Requisite Lenders (or all of the Lenders if expressly required hereunder) shall be
deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limiting the generality of the foregoing, each Lender agrees to reimburse the Administrative Agent (to the extent not reimbursed by the Borrower and
without limiting the obligation of the Borrower to do so) promptly upon demand for its ratable share of any out-of-pocket expenses (including the reasonable fees and expenses of the counsel to the Administrative Agent) incurred by the Administrative
Agent in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities of the parties under,
the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect any Obligations or Gallery Obligations, any “lender liability” suit or claim brought against the
Administrative Agent and/or the Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental Laws. Such out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on
the request of the Administrative Agent notwithstanding any claim or assertion that the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Administrative Agent that the Administrative Agent will
reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of the Loans and all
other amounts payable hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower or the Gallery Borrower shall reimburse the Administrative Agent for any Indemnifiable Amount following payment by any Lender to
the Administrative Agent in respect of such Indemnifiable Amount pursuant to this Section, the Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any such payment. 
  

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 Section 10.10. Successor Administrative Agent. 
 The Administrative Agent may resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the
Lenders and the Borrower. Upon 30 days’ prior written notice to the Administrative Agent, the Administrative Agent may be removed as Administrative Agent under the Loan Documents by the Requisite Lenders (other than the Lender then acting as
Administrative Agent) for any acts or omissions of the Administrative Agent in connection with its duties set forth in this Agreement or the other Loan Documents that constitute gross negligence or willful misconduct. Upon any such resignation or
removal, the Requisite Lenders (other than the Lender then acting as the Administrative Agent in the case of the removal of the Administrative Agent under the immediately preceding sentence) shall have the right to appoint a successor Administrative
Agent which appointment shall, provided no Default or Event of Default exists, be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed. If no successor Administrative Agent shall have been so
appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment, within 30 days after the current Administrative Agent’s giving of notice of resignation or its removal, then the current Administrative
Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be an Eligible Assignee. Upon the acceptance of any appointment
as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the current Administrative Agent, and the
current Administrative Agent shall be discharged from its duties and obligations under the Loan Documents. After any Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Article X. shall
continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, the Administrative Agent may assign its
rights and duties under the Loan Documents to any of its Affiliates by giving the Borrower and each Lender prior written notice. 
 Section 10.11. Titled Agents. 
 Each of the Arranger, the Syndication Agents, and the Documentation Agents
(each a “Titled Agent”) in each such respective capacity, assumes no responsibility or obligation hereunder, including, without limitation, for servicing, enforcement or collection of any of the Loans, nor any duties as an agent hereunder
for the Lenders. The titles given to the Titled Agents are solely honorific and imply no fiduciary responsibility on the part of the Titled Agents to the Administrative Agent, the Issuing Bank, any Lender, the Parent, the Borrower or any other Loan
Party and the use of such titles does not impose on the Titled Agents any duties or obligations greater than those of any other Lender or entitle the Titled Agents to any rights other than those to which any other Lender is entitled. 
  

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 ARTICLE XI. MISCELLANEOUS 
 Section 11.1. Notices. 
 Unless otherwise provided herein, communications provided for hereunder shall be in writing and shall be mailed, telecopied or delivered as follows: 
 If to the Borrower or the Gallery Borrower: 
 PREIT Associates,
L.P. 
 200 South Broad Street 
 Philadelphia, PA 19102 
 Attention: Andrew Ioannou 
 Telephone: (215) 875-0700

 Telecopy: (215) 546-7311 
 With a copy of notices of Defaults, Events of Default or notices pursuant to Article IX. to: 
 PREIT Associates, L.P. 
 200 South Broad Street 
 Philadelphia, PA 19102 
 Attention: Bruce Goldman 
 Telephone:  (215) 875-0700 
 Telecopy:    (215) 546-7311

     and 
 Drinker Biddle & Reath LLP 
 One Logan Square 
 18th and Cherry Streets 
 Philadelphia, PA 19103 
 Attention: Howard A. Blum 
 Telephone:  (215) 988-2700 
 Telecopy:    (215) 988-2757 
 If to the Administrative Agent: 
 Wells Fargo Bank, National Association, 
         as Administrative Agent 
 1753 Pinnacle Drive

 5th Floor, South Tower 
 McLean, Virginia 22102 
 Attn: Stephen F. Gray 
 Telephone:  (202) 303-3010 
 Telecopy:    (703) 760-5554 
  

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 If to the Issuing Bank: 
 Wells Fargo Bank, National Association 
 1750 H Street, NW 
 Suite 400 
 Washington, D.C. 20006 
 Attn: Loan Administration Manager 
 Telephone:  (202) 303-3000 
 Telecopy:    (202) 429-2984 
 If to a Lender: 
 To the address or telecopy number, as applicable, of the Administrative Agent or such Lender, as the case may be, set forth on the Administrative Questionnaire. 
 or, as to each party at such other address as shall be designated by such party in a written notice to the other parties delivered in compliance with this Section. All such notices and other
communications shall be effective (i) if mailed, upon the first to occur of receipt or the expiration of 3 days after the deposit in the United States Postal Service mail, postage prepaid; (ii) if telecopied, upon mechanical confirmation
of transmission if received on a Business Day prior to 5:00 p.m. local time at the point of destination and, if otherwise, on the next succeeding Business Day; (iii) if hand delivered, when delivered or (iv) if delivered in accordance with
Section 7.1.(b) to the extent applicable; provided, however that in the case of the immediately preceding clauses (i), (ii) and (iii) non-receipt of any communication as of the result of any change of address of which the sending
party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. Notwithstanding the immediately preceding sentence, all notices or communications to the Administrative Agent, the Issuing Bank or
any Lender under Article II. shall be effective only when actually received. Any notice to the Borrower or the Gallery Borrower received by any individual designated by the Borrower or the Gallery Borrower to receive such notice shall be
effective notwithstanding the fact that any other individual designated by the Borrower or the Gallery Borrower to receive a copy of such notice did not receive such copy. None of the Administrative Agent, the Issuing Bank or any Lender shall incur
any liability to the Borrower or the Gallery Borrower (nor shall the Administrative Agent incur any liability to the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Administrative Agent, the Issuing Bank or
such Lender, as the case may be, believes in good faith to have been given by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder. In addition to the Administrative Agent’s address provided above, the
Borrower and the Gallery Borrower shall send copies of the notices described in Article II. to the following address of the Administrative Agent: 
  

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 Wells Fargo Bank, National Association 
 Minneapolis Loan Center 
 733 Marquette Avenue, 10th Floor 
 Minneapolis, Minnesota 55402 
 Attention: Disbursement
Administrator, Tiffany Moore 
 Telecopy Number: (866) 359-6890 
 Telephone Number: (612) 316-1618 
 Section 11.2. Expenses. 
 The Borrower agrees (a) to pay or
reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents, and
the consummation of the transactions contemplated thereby, including due diligence expense and reasonable travel expenses related to closing and the reasonable fees and disbursements of counsel to the Administrative Agent, (b) to pay to the
Issuing Bank all reasonable out-of-pocket costs and expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (c) to pay or reimburse the
Administrative Agent, the Issuing Bank, and, after the occurrence and during the continuance of an Event of Default, the Lenders, for all their costs and expenses incurred in connection with the enforcement or preservation of any rights under the
Loan Documents, including the reasonable fees and disbursements of their respective counsel (including the allocated fees and expenses of in-house counsel) and any payments in indemnification or otherwise payable by the Lenders to the Administrative
Agent pursuant to the Loan Documents, (c) to pay, indemnify and hold the Administrative Agent, the Issuing Bank and the Lenders harmless from any and all recording and filing fees and any and all liabilities with respect to, or resulting from
any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or consummation of any
amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document and (d) to the extent not already covered by any of the preceding subsections, to pay the fees and disbursements of counsel to the
Administrative Agent, the Issuing Bank and any Lender incurred in connection with the representation of the Administrative Agent, the Issuing Bank or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the
type described in Sections 9.1.(e) or 9.1.(f), including, without limitation (i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to the
Obligations and (iii) the negotiation and preparation of any debtor-in-possession financing or any plan of reorganization of the Parent, the Borrower or any other Loan Party, whether proposed by the Parent, the Borrower, such Loan Party, the
Lenders or any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding. 
  

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 Section 11.3. Stamp, Intangible and Recording Taxes. 
 The Borrower will pay any and all stamp, excise, intangible, registration, recordation and similar taxes, fees or charges and shall indemnify
the Administrative Agent, the Issuing Bank, each Lender and each Specified Derivatives Provider against any and all liabilities with respect to or resulting from any delay in the payment or omission to pay any such taxes, fees or charges, which may
be payable or determined to be payable in connection with the execution, delivery, recording, performance or enforcement of this Agreement, the Notes and any of the other Loan Documents, the amendment, supplement, modification or waiver of or
consent under this Agreement, the Notes, any of the other Loan Documents or any of the Specified Derivatives Contracts or the perfection of any rights or Liens under this Agreement, the Notes, any of the other Loan Documents or any of the Specified
Derivatives Contracts. 
 Section 11.4. Setoff. 
 Subject to Section 3.3. and in addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, the Administrative Agent, each Lender, the Issuing
Bank and each Participant is hereby authorized by the Borrower and the Gallery Borrower, at any time or from time to time while an Event of Default exists, without notice to the Borrower, the Gallery Borrower or to any other Person, any such notice
being hereby expressly waived, but in the case of a Lender, the Issuing Bank or a Participant subject to receipt of the prior written consent of the Requisite Lenders exercised in their sole discretion, to set off and to appropriate and to apply any
and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, the Issuing Bank,
such Lender or any Affiliate of the Administrative Agent, the Issuing Bank or such Lender, to or for the credit or the account of the Borrower or the Gallery Borrower against and on account of any of the Obligations or Gallery Obligations, as
applicable, irrespective of whether or not any or all of the Loans and all other Obligations have been declared to be, or have otherwise become, due and payable as permitted by Section 9.2., and although such obligations shall be contingent or
unmatured. Promptly following any such set-off the Administrative Agent shall notify the Borrower or the Gallery Borrower, as applicable, thereof and of the application of such set-off, provided that the failure to give such notice shall not
invalidate such set-off. 
 Section 11.5. Litigation; Jurisdiction; Other Matters; Waivers. 
 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE GALLERY BORROWER, THE PARENT, THE
ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE
LENDERS, THE ADMINISTRATIVE AGENT, THE ISSUING BANK, THE PARENT, THE BORROWER AND THE GALLERY BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE

  

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COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT. 
 (b) EACH OF THE BORROWER, THE GALLERY BORROWER, THE PARENT, THE ADMINISTRATIVE AGENT, THE ISSUING BANK AND EACH LENDER HEREBY AGREES THAT THE FEDERAL DISTRICT COURT OF THE EASTERN DISTRICT OF PENNSYLVANIA
AND ANY STATE COURT LOCATED IN PHILADELPHIA COUNTY, PENNSYLVANIA, SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE BORROWER, THE GALLERY BORROWER, THE PARENT, THE ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY
OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE LOANS OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. THE PARENT, THE BORROWER, THE GALLERY BORROWER THE ADMINISTRATIVE AGENT, THE ISSUING BANK AND
EACH OF THE LENDERS EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. 
 (c) EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN
INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. 
 (d) THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL
NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER
APPROPRIATE JURISDICTION. 
 (e) THE FOREGOING WAIVERS HAVE BEEN MADE WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING
OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER ANY OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT.

 Section 11.6. Successors and Assigns. 
 (a) Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that the Borrower may not
assign or otherwise transfer any of is rights under this Agreement without the prior written consent of all the Lenders (and any such assignment or transfer to which all of the Lenders have not consented shall be void). 
  

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 (b) Participations. Any Lender may at any time grant to an Affiliate of such Lender,
or one or more banks or other financial institutions (each a “Participant” ) participating interests in its Revolving Commitment, Loans, the Obligations or the Gallery Obligations owing to such Lender. Except as otherwise provided in
Section 3.3., no Participant shall have any rights or benefits under this Agreement or any other Loan Document. In the event of any such grant by a Lender of a participating interest to a Participant, such Lender shall remain responsible for
the performance of its obligations hereunder, and the Borrower, the Gallery Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement. Any agreement pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the obligations of the Borrower and the Gallery Borrower hereunder
including, without limitation, the right to approve any amendment, modification or waiver of any provision of this Agreement; provided, however, such Lender may agree with the Participant that it will not, without the consent of the Participant,
agree to (i) increase the principal amount of such Lender’s Revolving Commitment and Loans (unless such increase will not result in a increase in the Participant’s share), (ii) extend the date fixed for the payment of principal
on the Loans or portions thereof owing to such Lender except as provided in Section 2.13., or (iii) reduce the rate at which interest is payable thereon. An assignment or other transfer which is not permitted by subsection (c) or
(d) below shall be given effect for purposes of this Agreement only to the extent of a participating interest granted in accordance with this subsection (b). Under no circumstances shall a grant of a Participation cause the Borrower or the
Gallery Borrower to pay any more than if such Participation did not exist unless the Borrower consented to such Participation. 
 (c) Assignments. Any Lender may with the prior written consent of the Administrative Agent and the Borrower (which consent in each case, shall not be unreasonably withheld) at any time assign to one or more Eligible Assignees (each
an “Assignee”) all or a portion of its rights and obligations under this Agreement and the Notes (including all or a portion of its Revolving Commitment and the Loans at the time owing to it); provided, however, (i) no such consent by
the Borrower shall be required (x) if a Default or Event of Default shall exist or (y) in the case of an assignment to another Lender, to an Affiliate of a Lender or to an Approved Fund; (ii) any partial assignment shall be made as an
assignment of a proportionate part of all of the assigning Lender’s rights and obligations under this Agreement with respect to the Revolving Commitment, Revolving Loans and Term Loans assigned, and any such partial assignment of a Revolving
Commitment (or if the applicable Revolving Commitment is not then in effect, the outstanding principal balance of the Revolving Loans of the assigning Lender subject to each such assignment) and Term Loans, shall be in an amount at least equal to
$10,000,000 and after giving effect to such assignment the assigning Lender retains a Revolving Commitment (or if the Revolving Commitments have been terminated holds Revolving Notes having an aggregate outstanding principal amount) and Term Loans
of at least $10,000,000, or in case of any of the foregoing, such lesser amounts to which the Administrative Agent and, subject to the immediately preceding clause (i), the Borrower may agree; (iii) if the assigning Lender (or its Affiliate) is
a Specified Derivatives Provider and if after giving effect to such assignment such Lender will hold no further Loans or Commitments under this Agreement, then such Lender shall undertake such assignment only contemporaneously with an assignment by
such Lender (or its

  

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Affiliate, as the case may be) of all of its Specified Derivatives Contracts to the Assignee or another Lender (or Affiliate thereof), and (iv) each such assignment shall be effected by
means of an Assignment and Assumption Agreement. Upon execution and delivery of such instrument and payment by such Assignee to such transferor Lender of an amount equal to the purchase price agreed between such transferor Lender and such Assignee,
such Assignee shall be deemed to be a Lender party to this Agreement and shall have all the rights and obligations of a Lender with a Revolving Commitment and Loans as set forth in such Assignment and Assumption Agreement, and the transferor Lender
shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this subsection (c), the transferor Lender, the
Administrative Agent, the Borrower and the Gallery Borrower shall make appropriate arrangements so that new Notes are issued to the Assignee and such transferor Lender, as appropriate. In connection with any such assignment, the transferor Lender
shall pay to the Administrative Agent an administrative fee for processing such assignment in the amount of $4,500, and the Assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. Anything in this
Section to the contrary notwithstanding, no Lender may assign or participate any interest in any Loan held by it hereunder to the Borrower, or any of its respective Affiliates or Subsidiaries. 
 (d) Register. The Administrative Agent shall maintain a copy of each Assignment and Assumption Agreement delivered to and accepted by
it and a register for the recordation of the names and addresses of the Lenders, the amount of the Commitment of each Lender, and the principal amount of the Loans owing to each Lender from time to time (the “Register”). The Borrower, the
Gallery Borrower, the Administrative Agent, the Issuing Bank and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement and the other Loan Documents. The Register and copies
of each Assignment and Assumption Agreement shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice to the Administrative Agent. Upon its receipt of an Assignment and
Assumption Agreement executed by an assigning Lender, together with each Note subject to such assignment (a “Surrendered Note”), the Administrative Agent shall, if such Assignment and Assumption Agreement has been completed and if the
Administrative Agent receives the processing and recording fee described in subsection (c) above, (i) accept such Assignment and Assumption Agreement, (ii) record the information contained therein in the Register and (iii) give
prompt notice thereof, and return each Surrendered Note, to the Borrower. 
 (e) Federal Reserve Bank Assignments;
Pfandbriefe Pledges. 
 (i) In addition to the assignments and participations permitted under the foregoing
provisions of the Section, and without the need to comply with any of the formal or procedural requirements of this Section, any Lender may at any time and from time to time, pledge and assign all or any portion of its rights under all or any of the
Loan Documents to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from its obligations thereunder. 
  

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 (ii) Notwithstanding anything to the contrary contained
herein, Eurohypo AG, New York Branch (the “Pfandbriefe Pledgor”) may pledge and assign all or any portion of its rights under all or any of the Loan Documents (a “Pfandbriefe Pledge”) to a security trustee ( a
“Pfandbriefe Trustee”) for the benefit of the holders of covered mortgage bonds issued by the Pfandbriefe Pledgor under German Pfandbriefe legislation, as such legislation may be amended and in effect from time to time, or any
substitute or successor legislation, provided that such Pfandbrief Trustee is (i) a national banking association or a bank or trust company duly organized under the laws of any state of the United States with minimum assets of
$10,000,000,000 and (ii) approved by the Administrative Agent. Such Pfandbriefe Trustee shall be permitted to fully exercise its rights and remedies against the Pfandbriefe Pledgor (including, but not limited to, foreclosing on the
Pfandbriefe Pledgor’s Notes) and realize on any and all collateral granted by the Pfandbriefe Pledgor to the Pfandbriefe Trustee. As a pre-condition to a Pfandbriefe Trustee taking title to the Pfandbriefe Pledgor’s interest in the
Loan Documents following such exercise of rights and remedies under its Pfandbriefe Pledge, such Pfandbriefe Trustee shall enter into an Assignment and Assumption Agreement, in form and substance satisfactory to the Administrative
Agent, whereby such Pfandbriefe Trustee assumes all of the obligations of the Pfandbriefe Pledgor hereunder with respect to the Plandbriefe Pledgor’s interest in the Loan Documents, from and after the date of such
assignment. A Pfandbriefe Trustee shall be, with respect to any interest in the Loan Documents so assigned to such Pfandbriefe Trustee, subject to the same terms, conditions, and restrictions (including the terms of Section 3.9.) as the
Pfandbriefe Pledgor was subject to with respect to such interest at the time of such assignment. Neither a Pfandbriefe Pledge, nor any foreclosure on such Pfandbriefe Pledge, shall result in the release of the Pfandbriefe Pledgor from any
of its obligations under the Loan Documents, unless such obligations are assumed by the Pfandbriefe Trustee with the prior consent of the Administrative Agent. 
 (f) Information to Assignee, Etc. A Lender may furnish any information concerning the Parent the Borrower, any Subsidiary or any other Loan Party in the possession of such Lender from time to time
to Assignees and Participants (including prospective Assignees and Participants) subject to compliance with the applicable terms of Section 11.9. 
 (g) Assignments Requiring Registration. Each Lender agrees that, without the prior written consent of the Borrower and the Administrative Agent, it will not make any assignment hereunder in any
manner or under any circumstances that would require registration or qualification of, or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of America or of any other jurisdiction.

 Section 11.7. Amendments and Waivers. 
 (a) Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this Agreement or in any Loan Document to be given by the Lenders
may be given, (ii) any term of this Agreement or of any other Loan Document may be amended, (iii) the performance or observance by the Borrower or any other

  

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Loan Party of any terms of this Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may be waived (either generally or in a
particular instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any
Loan Document, the written consent of each Loan Party which is party thereto. 
 (b) Consent of Lenders Directly
Affected. Notwithstanding the foregoing but subject to Section 3.9.(a), no amendment, waiver or consent shall, unless in writing, and signed by all of the Lenders directly affected thereby (or the Administrative Agent at the written
direction of such Lenders), do any of the following: 
 (i) increase any Commitment of a Lender (excluding any
increase as a result of an assignment of Commitments permitted under Section 11.6.) or subject a Lender to any additional obligations; 
 (ii) reduce the principal of, or interest that has accrued or the rates of interest that will be charged on the outstanding principal amount of, the Loans, the other Obligations or the other Gallery
Obligations; 
 (iii) reduce the amount of any Fees payable to the Lenders hereunder; 
 (iv) modify the definition of the term “Termination Date” or postpone any date fixed for any payment of principal
of, or interest on, the Loans or for the payment of Fees, any other Obligations or any other Gallery Obligations, or extend the expiration date of any Letter of Credit beyond the Termination Date; 
 (v) change the Commitment Percentages (excluding any change as a result of an assignment of Commitments permitted under
Section 11.6.); 
 (vi) amend this Section or amend the definitions of the terms used in this Agreement or
the other Loan Documents insofar as such definitions affect the substance of this Section; 
 (vii) modify the
definition of the term “Requisite Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof; 
 (viii) release any Guarantor from its obligations under the Guaranty except as contemplated under Section 7.15.(c);

 (ix) waive a Default or Event of Default under Section 9.1.(a), except as permitted by Section 9.8.;

 (x) amend, or waive the Borrower’s compliance with, Section 2.19.; or 
  

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 (xi) release or dispose of the Collateral Property or any other Collateral
except in accordance with Sections 3.12. and 10.5. 
 (c) Amendment of Administrative Agent’s Duties, Etc.
No amendment, waiver or consent unless in writing and signed by the Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under this Agreement or any
of the other Loan Documents. Any amendment, waiver or consent relating to Section 2.3. or the obligations of the Issuing Bank under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such
action, require the written consent of the Issuing Bank. Any amendment, waiver or consent with respect to any Loan Document that (i) diminishes the rights of a Specified Derivatives Provider in a manner or to an extent dissimilar to that
affecting the Lenders or (ii) increases the liabilities or obligations of a Specified Derivatives Provider shall, in addition to the Lenders required hereinabove to take such action, require the consent of the Lender that is (or having an
Affiliate that is) such Specified Derivatives Provider. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific
instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of the Administrative Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto.
Any Event of Default occurring hereunder shall continue to exist until such time as such Event of Default is waived in writing in accordance with the terms of this Section, notwithstanding any attempted cure or other action by the Borrower, the
Parent, any other Loan Party or any other Person subsequent to the occurrence of such Event of Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the
Borrower to other or further notice or demand in similar or other circumstances. 
 Section 11.8. Nonliability of Administrative Agent
and Lenders. 
 The relationship between the Borrower or the Gallery Borrower, on the one hand, and the Lenders and the
Administrative Agent, on the other hand, shall be solely that of borrower and lender. Neither the Administrative Agent nor any Lender shall have any fiduciary responsibilities to the Borrower or the Gallery Borrower and no provision in this
Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty owing by the Administrative Agent or any Lender to any Lender, the Borrower, the
Gallery Borrower, any Subsidiary or any other Loan Party. Neither the Administrative Agent nor any Lender undertakes any responsibility to the Parent. the Borrower or the Gallery Borrower to review or inform the Parent, the Borrower or the Gallery
Borrower of any matter in connection with any phase of the business or operations of the Parent, the Borrower or the Gallery Borrower. 
 Section 11.9. Confidentiality. 
 Except as otherwise provided by Applicable Law, the Administrative Agent,
the Issuing Bank and each Lender shall utilize all non-public information obtained pursuant to the

  

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requirements of this Agreement which has been identified as confidential or proprietary by the Parent or the Borrower in accordance with its customary procedure for handling confidential
information of this nature and in accordance with safe and sound banking practices solely in connection with the transactions contemplated by this Agreement but in any event may make disclosure: (a) to any of their respective Affiliates
(provided any such Affiliate shall agree to keep such information confidential in accordance with the terms of this Section); (b) as reasonably requested by any bona fide Assignee, Participant or other transferee in connection with the
contemplated transfer of any Commitment and/or Loans or participations therein as permitted hereunder (provided they shall agree to keep such information confidential in accordance with the terms of this Section); (c) as required or requested
by any Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings; (d) to the Administrative Agent’s, the Issuing Bank’s or such Lender’s independent auditors and
other professional advisors (provided they shall be notified of the confidential nature of the information); (e) if an Event of Default exists, to any other Person, in connection with the exercise by the Administrative Agent, the Issuing Bank
or the Lenders of rights hereunder or under any of the other Loan Documents; and (f) to the extent such information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the
Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other than the Parent, the Borrower or any Affiliate. 
 Section 11.10. Indemnification. 
 (a) The Borrower shall and hereby agrees to indemnify, defend and hold
harmless the Administrative Agent, any Affiliate of the Administrative Agent, the Issuing Bank, and each of the Lenders and their respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an
“Indemnified Party”) from and against any and all losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the
fees and disbursements of counsel incurred in connection with any litigation, investigation, claim or proceeding or any advice rendered in connection therewith, but excluding losses, costs, claims, damages, liabilities, deficiencies, judgments or
expenses indemnification in respect of which is specifically covered by Section 3.10. or 4.1. or expressly excluded from the coverage of such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any
suit, cause of action, claim, arbitration, investigation or settlement, consent decree or other proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this
Agreement or any other Loan Document or the transactions contemplated thereby; (ii) the making of any Loans or the issuance of Letters of Credit hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans or
the Letters of Credit; (iv) the Administrative Agent’s, the Issuing Bank’s or any Lender’s entering into this Agreement; (v) the fact that the Administrative Agent, the Issuing Bank and the Lenders have established the
credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Administrative Agent, the Issuing Bank and the Lenders are creditors of the Borrower and have or are alleged to have information regarding the financial
condition, strategic plans or business operations of the Parent, the Borrower and the other Subsidiaries; (vii) the fact that the Administrative Agent, the Issuing Bank and the Lenders are material creditors of the

  

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Borrower and are alleged to influence directly or indirectly the business decisions or affairs of the Parent, the Borrower and the other Subsidiaries or their financial condition; (viii) the
exercise of any right or remedy the Administrative Agent, the Issuing Bank or the Lenders may have under this Agreement or the other Loan Documents including, but not limited to, the foreclosure upon, or seizure of, any Collateral or the exercise of
any other rights of a secured party; provided, however, that the Borrower shall not be obligated to indemnify any Indemnified Party for any acts or omissions of such Indemnified Party in connection with matters described in clause (i) or
(viii) to the extent found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct; or (ix) any violation or non-compliance by the
Parent, the Borrower or any other Subsidiary of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any
Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action to cause the Borrower or its Subsidiaries (or its
respective properties) (or the Administrative Agent and/or the Lenders and/or the Issuing Bank as successors to the Borrower) to be in compliance with such Environmental Laws. 
 (b) The Borrower’s indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of, or related
to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this indemnification shall cover all costs and expenses of any Indemnified Party in connection with any deposition of any
Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among other things, apply to any Indemnity Proceeding commenced by other creditors of the Borrower or any
Subsidiary, any shareholder of the Borrower or any Subsidiary (whether such shareholder(s) are prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of the Borrower), any account debtor of the Borrower or any
Subsidiary or by any Governmental Authority. 
 (c) This indemnification shall apply to any Indemnity Proceeding arising during
the pendency of any bankruptcy proceeding filed by or against the Parent, the Borrower, any other Loan Party or any other Subsidiary. 
 (d) All out-of-pocket fees and expenses of, and all amounts paid to third-persons by, an Indemnified Party in connection with an Indemnity Proceeding shall be advanced by the Borrower at the request of such Indemnified Party notwithstanding
any claim or assertion by the Borrower that such Indemnified Party is not entitled to indemnification hereunder upon receipt of an undertaking by such Indemnified Party that such Indemnified Party will reimburse the Borrower if it is actually and
finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification hereunder. 
 (e) An Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any Indemnity Proceeding covered by this Section and, as provided above, all costs and expenses incurred by such
Indemnified Party shall be reimbursed by the Borrower. No action taken by legal counsel chosen by an Indemnified Party in

  

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investigating or defending against any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each such
Indemnified Party; provided, however, that (i) if the Borrower is required to indemnify an Indemnified Party pursuant hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the Borrower
has the financial wherewithal to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without
the prior written consent of the Borrower (which consent shall not be unreasonably withheld or delayed). 
 (f) If and to the
extent that the obligations of the Borrower hereunder are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law.

 (g) The Borrower’s obligations hereunder shall survive any termination of this Agreement and the other Loan Documents
and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any of the other obligations set forth in this Agreement or any other Loan Document to which it is a party. 
 References in this Section 11.10. to “Lender” or “Lenders” shall be deemed to include such Persons (and their Affiliates) in their
capacity as Specified Derivatives Providers. 
 Section 11.11. Termination; Survival. 
 At such time as (a) all of the Commitments have been terminated, (b) none of the Lenders is obligated any longer under this
Agreement to make any Loans and the Issuing Bank is no longer obligated under this Agreement to issue Letters of Credit, and (c) all Obligations and all Gallery Obligations (other than obligations which survive as provided in the following
sentence) have been paid and satisfied in full, this Agreement shall terminate. Notwithstanding any termination of this Agreement, or of the other Loan Documents, the indemnities to which the Administrative Agent, the Issuing Bank and the Lenders
are entitled under the provisions of Sections 10.9., 11.2. and 11.10. and any other provision of this Agreement and the other Loan Documents, and the waivers of jury trial and submission to jurisdictions contained in Section 11.5., shall
continue in full force and effect and shall protect the Administrative Agent, the Issuing Bank and the Lenders (i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against events arising after such termination
as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the date such party ceased to be a party to this Agreement. 
 Section 11.12. Severability of Provisions. 
 If any provision under this Agreement or the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid or unenforceable, that provision shall be deemed severed from the
Loan Documents, and the validity, legality and enforceability of the

  

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remaining provisions shall remain in full force as thought the invalid, illegal, or unenforceable provision had never been part of the Loan Documents. 
 Section 11.13. GOVERNING LAW. 
 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH COMMONWEALTH. 
 Section 11.14. Counterparts. 
 To facilitate execution, this Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts as may be convenient or required. It shall not be necessary that the signature of, or on behalf of,
each party, or that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single document. It shall not be necessary in making proof of this document to produce or
account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Delivery of an executed counterpart via facsimile or electronic mail shall constitute delivery of an original.

 Section 11.15. Independence of Covenants. 
 All covenants hereunder shall be given in any jurisdiction independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by
an exception to, or be otherwise within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. 
 Section 11.16. Obligations with Respect to Loan Parties. 
 The obligations of the Borrower or the Parent to direct or prohibit the taking of certain actions by the other Loan Parties as specified herein shall be absolute and not subject to any defense the
Borrower or the Parent may have that the Borrower or the Parent does not control such Loan Parties. 
 Section 11.17. Limitation of
Liability. 
 None of the Administrative Agent, the Issuing Bank, any Lender, nor any Affiliate, officer, director, employee,
attorney, or agent of the Administrative Agent, the Issuing Bank, or any Lender shall have any liability with respect to, and the Borrower, the Gallery Borrower and the Parent each hereby waives, releases, and agrees not to sue any of them upon, any
claim for any special, indirect, incidental, or consequential damages suffered or incurred by the Borrower, the Gallery Borrower or the Parent in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan
Documents, the Fee Letter or any of the transactions contemplated by this Agreement or any of the other Loan Documents. The Borrower, the Gallery

  

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Borrower and the Parent each hereby waives, releases, and agrees not to sue the Administrative Agent, the Issuing Bank or any Lender or any of their respective Affiliates, officers, directors,
employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, the Fee Letter, or any of the transactions contemplated by
this Agreement or financed hereby. Notwithstanding anything in this Section to the contrary, no Defaulting Lender shall be entitled to claim any of the benefits of this Section. 
 Section 11.18. Entire Agreement. 
 This Agreement and the other Loan
Documents referred to herein embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and
may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto. 
 Section 11.19. Construction. 
 The Borrower, the Gallery Borrower, the Parent, the Administrative Agent and each Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Agreement and
the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Borrower, the Parent, the Administrative Agent and each Lender. 
 Section 11.20. Intercreditor Agreement. 
 THE ADMINISTRATIVE AGENT, THE ISSUING BANK AND EACH LENDER ACKNOWLEDGES THAT THE LIENS ENCUMBERING THE NEW RIVER VALLEY MALL PROPERTY AND COLLATERAL RELATED THERETO SECURING THE OBLIGATIONS AND THE
GALLERY OBLIGATIONS, AND THE EXERCISE OF RIGHTS AND REMEDIES GRANTED TO THE ADMINISTRATIVE AGENT, THE ISSUING BANK AND THE LENDERS UNDER ALL SECURITY DOCUMENTS WITH RESPECT TO SUCH LIENS, ARE SUBORDINATED TO THE LIENS SECURING THE NEW RIVER VALLEY
MALL LIABILITIES AND RELATED OBLIGATIONS IN ACCORDANCE WITH, AND ARE OTHERWISE SUBJECT TO, THE INTERCREDITOR AGREEMENT. IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE INTERCREDITOR AGREEMENT AND THIS AGREEMENT, THE TERMS OF THE INTERCREDITOR
AGREEMENT SHALL GOVERN. 
 Section 11.21. Effect of Existing Agreements. 
 (a) Existing Agreements. Upon satisfaction of the conditions precedent set forth in Sections 5.1. and 5.2. of this Agreement,
this Agreement and the other Loan Documents shall exclusively control and govern the mutual rights and obligations of the parties hereto with respect to the Existing Agreements, and the Existing Agreements shall be superseded in all

  

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respects, in each case, on a prospective basis only except in the case of Section 8.1. (b) of each of the Existing Agreements, which shall be deemed superseded by Sections 8.1.(b)
and 8.1.(h) of this Agreement effective as of January 1, 2010. 
 (b) NO NOVATION. THE PARTIES HERETO HAVE ENTERED
INTO THIS AGREEMENT SOLELY TO AMEND, RESTATE AND CONSOLIDATE THE TERMS OF, AND THE OBLIGATIONS OWING UNDER AND IN CONNECTION WITH, THE EXISTING AGREEMENTS. THE PARTIES DO NOT INTEND THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND
THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING BY THE BORROWER UNDER OR IN CONNECTION WITH THE EXISTING AGREEMENTS OR ANY OF THE OTHER LOAN DOCUMENTS (AS DEFINED IN
THE EXISTING AGREEMENTS). 
 Section 11.22. Time of the Essence. 
 Time is of the essence of each and every provision of this Agreement. 
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 IN WITNESS WHEREOF, the parties hereto have caused this Amended, Restated and Consolidated
Credit Agreement to be executed by their authorized officers all as of the day and year first above written. 
  

							
	BORROWER:
	
	PREIT ASSOCIATES, L.P.
		
	By:	 	Pennsylvania Real Estate Investment Trust,
		 	its general partner
			
		 	By:	 	 /s/ Bruce Goldman

		 		 	Name:	 	Bruce Goldman
		 		 	Title:	 	Executive Vice President – General
		 		 		 	Counsel and Secretary

  

					
	PREIT-RUBIN, INC.
		
	By:	 	 /s/ Bruce Goldman

		 	Name:	 	Bruce Goldman
		 	Title:	 	Executive Vice President and Secretary

  

					
	PARENT:
	
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
		
	By:	 	 /s/ Bruce Goldman

		 	Name:	 	Bruce Goldman
		 	Title:	 	Executive Vice President – General
		 		 	Counsel and Secretary

 [Signatures
Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

							
	GALLERY BORROWER:
	
	PREIT ASSOCIATES, L.P.
		
	By:	 	Pennsylvania Real Estate Investment Trust,
		 	its general partner
			
		 	By:	 	 /s/ Bruce Goldman

		 		 	Name:	 	Bruce Goldman
		 		 	Title:	 	Executive Vice President – General
		 		 		 	Counsel and Secretary

  

					
	PREIT-RUBIN, INC.
		
	By:	 	 /s/ Bruce Goldman

		 	Name:	 	Bruce Goldman
		 	Title:	 	Executive Vice President and Secretary

  

									
	PR GALLERY I LIMITED PARTNERSHIP
		
	By:	 	PR Gallery I LLC, sole general partner
		 	By:	 	PREIT Associates, L.P., sole member
		 		 	By:	 	 Pennsylvania Real Estate Investment Trust,
 its general partner

				
		 		 	By:	 	 /s/ Bruce Goldman

		 		 		 	Name:	 	Bruce Goldman
		 		 		 	Title:	 	Executive Vice President –
		 		 		 		 	General Counsel and Secretary

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

									
	GALLERY BORROWER, CONTINUED:
	
	KEYSTONE PHILADELPHIA PROPERTIES, L.P.
		
	By:	 	Keystone Philadelphia Properties, LLC, general partner
		 	By:	 	PR Gallery II LLC, sole member
		 		 	By:	 	PREIT Associates, L.P., sole member
				
		 		 	By:	 	 Pennsylvania Real Estate Investment Trust,
 its general partner

				
		 		 	By:	 	 /s/ Bruce Goldman

		 		 		 	Name:	 	Bruce Goldman
		 		 		 	Title:	 	Executive Vice President –
		 		 		 		 	General Counsel and Secretary

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as
 Administrative Agent and as a Lender

		
	 By:
	 	 /s/ Stephen F. Gray

		 	 Name:
	 	 Stephen F. Gray

		 	 Title:
	 	 Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Stephen F. Gray

		 	Name:	 	 Stephen F. Gray

		 	Title:	 	 Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	EUROHYPO AG, NEW YORK BRANCH
		
	By:	 	 /s/ Mark Fisher

		 	Name:	 	 Mark Fisher

		 	Title:	 	 Executive Director

		
	By:	 	 /s/ John Hayes

		 	Name:	 	 John Hayes

		 	Title:	 	 Director

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Renee Lewis

		 	Name:	 	 Renee Lewis

		 	Title:	 	 Senior Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

			
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Robert Epstein

		 	 Robert Epstein

		 	 Senior Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	MANUFACTURERS AND TRADERS TRUST COMPANY
		
	By:	 	 /s/ Richard A. Gieseler

		 	Name:	 	 Richard A. Gieseler

		 	Title:	 	 Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	TD BANK, N.A.
		
	By:	 	 /s/ Darrin G. Girton

		 	Name:	 	 Darrin G. Girton

		 	Title:	 	 Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	 PNC BANK NATIONAL ASSOCIATION, successor to
 National City Bank

		
	By:	 	 /s/ Jason D. Phillips

		 	Name:	 	 Jason D. Phillips

		 	Title:	 	 Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	UNION BANK, N.A.
		
	By:	 	 /s/ Sara Vann

		 	Name:	 	 Sara Vann

		 	Title:	 	 Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	WILMINGTON TRUST FSB
		
	By:	 	 /s/ Michael Post

		 	Name:	 	 Michael Post

		 	Title:	 	 Executive Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	CITICORP NORTH AMERICA, INC.
		
	By:	 	 /s/ John Rowland

		 	Name:	 	 John Rowland

		 	Title:	 	 Director

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Marc Costantino

		 	Name:	 	 Marc Costantino

		 	Title:	 	 Executive Director

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	ALLIED IRISH BANKS, P.L.C.
		
	By:	 	 /s/ Kathryn Murdoch

		 	Name:	 	 Kathryn Murdoch

		 	Title:	 	 Senior Vice President

		
	By:	 	 /s/ Thomas Fritton

		 	Name:	 	 Thomas Fritton

		 	Title:	 	 Senior Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	CITIZENS BANK OF PENNSYLVANIA
		
	By:	 	 /s/ Kellie Anderson

		 	Name:	 	 Kellie Anderson

		 	Title:	 	 Senior Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	FIRSTRUST BANK
		
	By:	 	 /s/ Bruce A. Gillespie

		 	Name:	 	 Bruce A. Gillespie

		 	Title:	 	 Senior Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	HARLEYSVILLE NATIONAL BANK AND TRUST COMPANY
		
	By:	 	 /s/ John Lazovi

		 	Name:	 	 John Lazovi

		 	Title:	 	 Senior Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended, Restated and Consolidated Credit Agreement 
 with PREIT Associates, L.P. et al.] 
  

					
	SOVEREIGN BANK
		
	By:	 	 /s/ William Latham

		 	Name:	 	 William Latham

		 	Title:	 	 Senior Vice President

 SCHEDULE 1 
 Commitments 
 Revolving Commitments 
  

				
	 Lender
	  	Commitment Amount
	 Wells Fargo Bank, National Association
	  	$	30,559,701.48
	 Wachovia Bank, National Association
	  	$	7,276,119.40
	 Eurohypo AG, New York Branch
	  	$	17,350,746.27
	 U.S. Bank National Association
	  	$	16,791,044.78
	 Bank of America, N.A.
	  	$	10,074,626.87
	 Manufacturers and Traders Trust Company
	  	$	10,074,626.87
	 TD Bank, N.A.
	  	$	8,955,223.88
	 PNC Bank National Association, Successor to National City Bank
	  	$	7,611,940.30
	 Union Bank, N.A.
	  	$	6,716,417.91
	 Wilmington Trust FSB
	  	$	6,492,537.31
	 Citicorp North America, Inc.
	  	$	5,597,014.93
	 JPMorgan Chase Bank, N.A.
	  	$	5,037,313.43
	 Allied Irish Banks, p.l.c.
	  	$	4,253,731.34
	 Citizens Bank of Pennsylvania
	  	$	4,253,731.34
	 Firstrust Bank
	  	$	3,358,208.96
	 Harleysville National Bank and Trust Company
	  	$	3,358,208.96
	 Sovereign Bank
	  	$	2,238,805.97
		  	 	 
		
	 TOTAL
	  	$	150,000,000
		  	 	 

 [Schedule I continued on next page] 

 SCHEDULE 1 
 (continued) 
 Term Loan A Commitments 
  

				
	 Lender
	  	Commitment Amount
	 Wells Fargo Bank, National Association
	  	$	88,831,958.97
	 Wachovia Bank, National Association
	  	$	21,150,466.42
	 Eurohypo AG, New York Branch
	  	$	50,435,727.61
	 U.S. Bank National Association
	  	$	48,808,768.66
	 Bank of America, N.A.
	  	$	29,285,261.19
	 Manufacturers and Traders Trust Company
	  	$	29,285,261.19
	 TD Bank, N.A.
	  	$	26,031,343.28
	 PNC Bank National Association, Successor to National City Bank
	  	$	22,126,641.79
	 Union Bank, N.A.
	  	$	19,523,507.46
	 Wilmington Trust FSB
	  	$	18,872,723.88
	 Citicorp North America, Inc.
	  	$	16,269,589.55
	 JPMorgan Chase Bank, N.A.
	  	$	14,642,630.60
	 Allied Irish Banks, p.l.c.
	  	$	12,364,888.06
	 Citizens Bank of Pennsylvania
	  	$	12,364,888.06
	 Firstrust Bank
	  	$	9,761,753.73
	 Harleysville National Bank and Trust Company
	  	$	9,761,753.73
	 Sovereign Bank
	  	$	6,507,835.82
		  	 	 
		
	 TOTAL
	  	$	436,025,000
		  	 	 

 [Schedule I continued on next page] 

 SCHEDULE 1 
 (continued) 
 Gallery Term Loan Commitments 
  

				
	 Lender
	  	Commitment Amount
	 Wells Fargo Bank, National Association
	  	$	17,108,339.55
	 Wachovia Bank, National Association
	  	$	4,073,414.18
	 Eurohypo AG, New York Branch
	  	$	9,713,526.12
	 U.S. Bank National Association
	  	$	9,400,186.56
	 Bank of America, N.A.
	  	$	5,640,111.94
	 Manufacturers and Traders Trust Company
	  	$	5,640,111.94
	 TD Bank, N.A.
	  	$	5,013,432.84
	 PNC Bank National Association, Successor to National City Bank
	  	$	4,261,417.91
	 Union Bank, N.A.
	  	$	3,760,074.63
	 Wilmington Trust FSB
	  	$	3,634,738.81
	 Citicorp North America, Inc.
	  	$	3,133,395.52
	 JPMorgan Chase Bank, N.A.
	  	$	2,820,055.97
	 Allied Irish Banks, p.l.c.
	  	$	2,381,380.60
	 Citizens Bank of Pennsylvania
	  	$	2,381,380.60
	 Firstrust Bank
	  	$	1,880,037.31
	 Harleysville National Bank and Trust Company
	  	$	1,880,037.31
	 Sovereign Bank
	  	$	1,253,358.21
		  	 	 
		
	 TOTAL
	  	$	83,975,000
		  	 	 

 Schedule 1.1.(A) – Collateral Property 
 PROPERTY 
  

	1.	Chambersburg Mall, 864 Chambersburg Mall, Chambersburg, Pennsylvania 17202 

  

	2.	Commons at Magnolia, 2701 David McLeod Blvd., Florence, South Carolina 29501 

  

	3.	Crossroads Mall, 2 Crossroads Mall, Mount Hope, West Virginia 25880 

  

	4.	Gadsden Mall, 1001 Rainbow Drive, Suite 51, Gadsden, Alabama 35901 

  

	5.	Gallery at Market East I, Ninth & Market Street, Philadelphia, Pennsylvania 19107 

  

	6.	Gallery at Market East II, Tenth & Market Street, Philadelphia, Pennsylvania 19107 

  

	7.	Monroe Marketplace, Marketplace Boulevard and Nina Drive, Selinsgrove, Pennsylvania 17870 

  

	8.	Nittany Mall, 2901 East College Ave, State College, Pennsylvania 16801 

  

	9.	North Hanover Mall, 1155 Carlisle Street, Suite 18, Hanover, Pennsylvania 17331 

  

	10.	Orlando Fashion Square, 3201 East Colonial Drive, Orlando, Florida 32803 

  

	11.	P&S Office Building, 741 Forrest Avenue, Gadsden, Alabama 35901 

  

	12.	Palmer Park Mall, 123 Palmer Park Mall, Easton, Pennsylvania 18045 

  

	13.	Phillipsburg Mall, 1200 Highway 22, East Phillipsburg, New Jersey 08865 

  

	14.	Plaza at Magnolia, 3007A and 3007B Radio Drive, Florence, South Carolina 29501 

  

	15.	Plymouth Meeting Mall, 500 Germantown Pike, Plymouth Meeting, Pennsylvania 19462 

  

	16.	South Mall, 3300 Lehigh Street, Allentown, Pennsylvania 18103 

  

	17.	Sunrise Plaza, 232 North Main Street, Forked River, New Jersey 08731 

  

	18.	Uniontown Mall, 1368 Mall Run Road, Uniontown, Pennsylvania 15401 

  

	19.	Voorhees Town Center, 2120 Voorhees Town Center, Voorhees, New Jersey 08043 

  

	20.	Washington Crown Center, 1500 W. Chestnut Street, Washington, Pennsylvania 15301 

  

	21.	Westgate Anchor Pad, 2524 Schoenersville Road, Bethlehem, Pennsylvania 18017 

  

	22.	Wiregrass Commons 900 Commons Drive, Suite 414 Dothan, Alabama 36303-2281 

  

	23.	New River Valley Mall, 782 New River Road, Christiansburg, Virginia 24073 (second mortgage) 

 Schedule 1.1.(B) – Existing Letters of Credit 
  

										
	L/C #	  	Amount	  	Effective	  	 Expires
	  	 Beneficiary

	NZS597486	  	$	560,859.40	  	05/25/07	  	Automatic renewal each 12/31 so long as no non-renewal notice is received	  	Plymouth Township
					
	NZS603304	  	$	369,400.00	  	08/17/07	  	Automatic renewal each 12/31 so long as no non-renewal notice is received	  	Commonwealth of Pennsylvania, Department of Transportation
					
	NZS614247	  	$	603,974.60	  	02/08/08	  	01/20/11	  	Commonwealth of Pennsylvania, Department of Transportation
					
	NZS640656	  	$	1,495,720.00	  	05/15/09	  	03/11/10	  	Barnes and Noble Booksellers Inc.

 Schedule 1.1.(C) – List of Loan Parties 
 ENTITY 
  

	1.	Rubin II, Inc. 

  

	2.	PR Florence LLC 

  

	3.	PR Gallery I Limited Partnership 

  

	4.	PR Gallery I LLC 

  

	5.	PR Plymouth Meeting Limited Partnership 

  

	6.	PR Plymouth Meeting LLC 

  

	7.	PR Exton Limited Partnership 

  

	8.	PR Exton LLC 

  

	9.	PR Echelon Limited Partnership 

  

	10.	PR Echelon LLC 

  

	11.	Plymouth Ground Associates LP 

  

	12.	Plymouth Ground Associates LLC 

  

	13.	PR BVM, LLC 

  

	14.	PR AEKI Plymouth, L.P. 

  

	15.	PR AEKI Plymouth LLC 

  

	16.	PREIT Services, LLC 

  

	17.	PR New Garden Limited Partnership 

  

	18.	PR New Garden LLC 

  

	19.	PREIT-Rubin OP, Inc. 

  

	20.	PR Westgate Limited Partnership 

  

	21.	PR Westgate LLC 

  

	22.	PR Wiregrass Commons LLC 

  

	23.	PR Crossroads I, LLC 

  

	24.	PR Crossroads II, LLC 

  

	25.	PR Lycoming Service Associates 

  

	26.	PR Services Corporation 

  

	27.	PR GC Inc. 

  

	28.	1150 Plymouth Associates, Inc. 

  

	29.	Echelon Beverage LLC 

  

	30.	Echelon Title LLC 

  

	31.	Exton License, Inc. 

  

	32.	Keystone Philadelphia Properties, L.P. 

  

	33.	Keystone Philadelphia Properties, LLC 

  

	34.	PR Acquisition Sub LLC 

  

	35.	PR Cumberland Outparcel LLC 

  

	36.	PR Gallery II Limited Partnership 

  

	37.	PR Gallery II LLC 

  

	38.	PR Holding Sub Limited Partnership 

  

	39.	PR Holding Sub LLC 

 ENTITY 
  

	40.	PR Lacey LLC 

  

	41.	PR Northeast Whitaker Avenue, L.P. 

  

	42.	PR Northeast Whitaker Avenue LLC 

  

	43.	PR Orlando Fashion Square LLC 

  

	44.	PR Radio Drive LLC 

  

	45.	PR Swedes Square LLC 

  

	46.	PR Valley View Downs Limited Partnership 

  

	47.	PR Valley View Downs LLC 

  

	48.	PREIT Gadsden Mall LLC 

  

	49.	PREIT Gadsden Office LLC 

  

	50.	PREIT Protective Trust 1 

  

	51.	PREIT TRS, Inc. 

  

	52.	Capital City Beverage Enterprises, Inc. 

  

	53.	XGP LLC 

  

	54.	PR Exton Square Property L.P. 

  

	55.	PR GV LP 

  

	56.	PR Gainesville Limited Partnership 

  

	57.	PR Gainesville LLC 

  

	58.	PR GV LLC 

  

	59.	PR Lancaster Holdings Limited Partnership 

  

	60.	PR Lancaster Limited Partnership 

  

	61.	PR Lancaster LLC 

  

	62.	PR New Garden Residential Limited Partnership 

  

	63.	PR New Garden Residential LLC 

  

	64.	WG Park – Anchor B LP 

  

	65.	WG Park – Anchor B, LLC 

  

	66.	PR Wiregrass Anchor LLC 

  

	67.	Echelon Residential Unit Owner LLC 

  

	68.	Plymouth License III, LLC 

  

	69.	Plymouth License IV, LLC 

  

	70.	PR Financing I LLC 

  

	71.	PR Financing II LLC 

  

	72.	801-Gallery Associates, L.P. 

  

	73.	801-Gallery GP, LLC 

  

	74.	801 Developers, LP 

  

	75.	801 Developers GP, LLC 

  

	76.	PR TP LP 

  

	77.	PR TP LLC 

  

	78.	PR Monroe Limited Partnership 

  

	79.	PR Monroe, LLC 

 ENTITY 
  

	80.	PR Monroe Holdings, L.P. 

  

	81.	PR Monroe Holdings, LLC 

  

	82.	PR Monroe Old Trail Limited Partnership 

  

	83.	PR Monroe Old Trail, LLC 

  

	84.	PR Monroe Old Trail Holdings, L.P. 

  

	85.	PR Monroe Old Trail Holdings, LLC 

  

	86.	PREIT CDE LLC 

  

	87.	PR Palmer Park Mall Limited Partnership 

  

	88.	PR Palmer Park, L.P. 

  

	89.	PR Palmer Park Trust 

  

	90.	PR Washington Crown Limited Partnership 

  

	91.	PR Washington Crown LLC 

  

	92.	PR WC LLC 

  

	93.	PR Financing Limited Partnership 

  

	94.	PR New Garden/Chesco Limited Partnership 

  

	95.	PR New Garden/Chesco, LLC 

  

	96.	PR New Garden/Chesco Holdings, L.P. 

  

	97.	PR New Garden/Chesco Holdings, LLC 

  

	98.	PR Plymouth Meeting Associates PC LP 

  

	99.	PR PM PC Associates LP 

  

	100.	PR PM PC Associates LLC 

  

	101.	Beverage Two, LLC 

 Schedule 3.12.(c) – Option Agreements 
 1. Monroe Marketplace: Lease Agreement between PR Monroe Limited Partnership and Rare Hospitality International, Inc. (“Rare”) dated
December 10, 2009, granting Rare the option to purchase Unit 10-E of the Monroe Marketplace condominium for a purchase price of $1,525,000. 
 2. New River Valley Mall: Option Agreement dated October 11, 1988 granting Healthcare Realty, Inc. an option to purchase a portion of a parking lot located on an outparcel at New River Valley Mall. 
 3. Palmer Park Mall: Lease between PR Palmer Park Mall Limited Partnership and Bon-Ton dated August 21, 1972, as amended and assigned, granting
The Bon-Ton Stores, Inc. (“Bon-Ton”) the option to purchase its premises and approximately 13.42 acres of land for a purchase price of $1,800,000. 
 4. Voorhees Town Center: Lease between PREIT-Rubin, Inc., and Star Group Communications, Inc., d/b/a The Star Group (“Star Group”) dated December 13, 2007, granting Star Group the
option to purchase its approximately 48,710 square foot premises and the land associated therewith for a base purchase price of $14,646,000, subject to adjustment as set forth in the lease. 
 5. Washington Crown Center: Lease between PR Washington Crown Limited Partnership and Bon-Ton dated March 18, 1969, as amended and assigned,
granting Bon-Ton the option to purchase its premises, certain land designated as “Bon-Ton Permissible Building Area” and a contiguous parking area sufficient to provide 5.5 parking spaces per 1,000 square feet in the premises and any
addition thereto for a purchase price calculated using a formula set forth therein. 
 6. Westgate Anchor Pad: Sublease Agreement between
Bon-Ton and PR Westgate Limited Partnership dated January 8, 1992, as amended and assigned, granting Bon-Ton the option to purchase its approximately 108,100 square foot premises and the land associated therewith for a purchase price calculated
using a formula set forth therein. 

 Schedule 6.1.(b) – Ownership Structure 
 PART I 
 Limited Partnerships 
  

							
	 Limited Partnerships
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	801 Developers, LP	 	PA	 	 •801 Developers GP, LLC 1.0% GP
  
 •PREIT – 99% LP
	 	See 801-Gallery Associates, L.P.
				
	801-Gallery Associates, L.P.	 	PA	 	 •801-Gallery GC, LLC – 0.1% LP
  
 •PREIT – 99.9% LP
	 	801 Market Street (leasehold)
				
	801-Gallery C-3 Associates, L.P.	 	PA	 	 •801-Gallery C-3 GP, LLC – 1.0% GP
  
 •801-Galley Associates, L.P. – 85.0%
LP
  
 •801-Gallery C-3 MT, L.P.
– 14.0% LP
	 	See 801-Gallery Associates, L.P.
				
	801-Gallery Office Associates, L.P.	 	PA	 	 •801-Gallery Office GP, LLC – 1.0% GP
  
 •801-Galley Associates, L.P. – 85.0%
LP
  
 •801-Gallery Office MT,
L.P. – 14.0% LP
	 	See 801-Gallery Associates, L.P.
				
	Bala Cynwyd Associates	 	PA	 	 •PR Cherry Hill Office GP, LLC – 0.1% GP
  
 •PREIT – 99.7% LP
  
 •City Line Associates – 0.2%
LP
	 	One Cherry Hill Plaza
				
	Cumberland Mall Associates	 	NJ	 	 •PR Cumberland GP, LLC – 1% GP
  
 •PR Cumberland LP, LLC – 99%
LP
	 	Cumberland Mall
				
	Keystone Philadelphia Properties, L.P.	 	PA	 	 •Keystone Philadelphia Properties LLC – .1% GP
  
 •PR Gallery II Limited Partnership –
99.9% LP
	 	The Gallery II (ground lessee)

							
	 Limited Partnerships
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	PR New Castle Associates	 	PA	 	 •PREIT – 99.9% LP
  
 •PR New Castle LLC – 0.1%
GP
	 	See Cherry Hill Center, LLC
				
	Plymouth Ground Associates, LP	 	PA	 	 •PREIT - 99.9% LP
  
 •Plymouth Ground Associates LLC –
0.1% GP
	 	Plymouth Meeting Mall (fee owner)
				
	PR AEKI Plymouth, L.P.	 	DE	 	 •PREIT – 99.9% LP
  
 •PR AEKI Plymouth LLC – 0.1%
GP
	 	IKEA Parcel
				
	PR Beaver Valley Limited Partnership	 	PA	 	 •PREIT – 99% LP
  
 •PR Beaver Valley LLC – 1%
GP
	 	Beaver Valley Mall (Parcels 1 & 2)
				
	PR Capital City Limited Partnership	 	PA	 	 •PR Capital City LLC – 0.5GP
  
 •PREIT – 99.5% LP
	 	Capital City Mall (leasehold)
				
	PR CC Limited Partnership	 	PA	 	 •PR CC I LLC – 0.01% GP
  
 •PREIT – 99.99% LP
	 	Capital City Mall (land)
				
	PR Echelon Limited Partnership	 	PA	 	 •PREIT – 99.9% LP
  
 •PR Echelon LLC – 0.1%
GP
	 	See Echelon Title, LLC
				
	PR Exton Limited Partnership	 	PA	 	 •PREIT – 99% LP
  
 •PR Exton LLC – 1% GP
	 	See XGP LLC, X-I Holding LP and X-II Holding LP
				
	PR Exton Square Property, L.P. (f/k/a X-I Holding LP)	 	DE	 	 •XGP LLC – 1% GP
  
 •PR Exton Limited Partnership – 99%
LP
	 	Exton Square Mall Parcel and Leasehold in Kmart parcel at Mall

							
	 Limited Partnerships
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	PR Financing Limited Partnership	 	DE	 	 •PR Financing I LLC – 0.5% GP
  
 •PREIT – 99.5% LP
	 	 •Chambersburg Mall*
  
 •Francis Scott Key Mall
  
 •Jacksonville Mall (leasehold)

 
 •Lycoming Mall*
  
 •New River Valley Mall
  
 •Nittany Mall
  
 •North Hanover Mall*
  
 •Northeast Tower Center (leasehold –
parcels 1, 2, and 6)
  
 •Patrick Henry Mall
  
 •Phillipsburg Mall
  
 •South Mall
  
 •Uniontown Mall (leasehold)
  
 •Viewmont Mall*
  
 *Certain parcels at these properties are
owned by PREIT-RUBIN OP, Inc.

				
	PR Gainesville Limited Partnership	 	DE	 	 •PR Gainesville LLC – 0.1% GP
  
 •PR GV LP – 99.9% LP
	 	540 acres of land in Alachua County near Gainesville, Florida
				
	PR Gallery I Limited Partnership	 	PA	 	 •PREIT – 99.9% LP
  
 •PR Gallery I, LLC –
0.1%
	 	The Gallery I (leasehold)
				
	PR Gallery II Limited Partnership	 	PA	 	 •PR Gallery II LLC - .1% GP
  
 •PREIT – 99.9% LP
	 	See Keystone Philadelphia Properties, L.P.
				
	PR GV LP	 	DE	 	 •PR GV LLC – 0.1% GP
  
 •PREIT – 99.9% LP
	 	See PR Gainesville Limited Partnership
				
	PR Holding Sub Limited Partnership	 	PA	 	 •PR Holding Sub LLC – .1% GP
  
 •PREIT – 99.9% LP
	 	Stand by acquisition entity for Pennsylvania transactions

							
	 Limited Partnerships
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	PR Jacksonville Limited Partnership	 	PA	 	 •PR Jacksonville LLC – 0.5 % GP
  
 •PREIT – 99.5% LP
	 	Jacksonville Mall
				
	PR Lancaster Holdings Limited Partnership	 	PA	 	 •PR Lancaster LLC – 0.01% GP
  
 •PREIT-RUBIN, Inc. – 99.99%
LP
	 	See PR Lancaster Limited Partnership
				
	PR Lancaster Limited Partnership	 	PA	 	 •PR Lancaster LLC – 0.01% GP
  
 •PR Lancaster Holdings Limited Partnership
– 99.99% LP
	 	Pitney Road Plaza
				
	PR Logan Valley Limited Partnership	 	PA	 	 •PR Logan Valley LLC – 0.01% GP
  
 •PREIT – 99.99% LP
	 	 Logan Valley Mall
 (record
title holder and ground lessor)

				
	PR Lycoming Limited Partnership	 	PA	 	 •PR Lycoming LLC – 0.01% GP
  
 •PREIT – 99.99%
	 	Lycoming Mall
				
	PR Monroe Holdings, L.P.	 	PA	 	 •PR Monroe Holdings, LLC – 0.1% GP
  
 •PREIT – 99.9% LP
	 	See PR Monroe Limited Partnership
				
	PR Monroe Limited Partnership	 	PA	 	 •PR Monroe, LLC – 0.1% GP
  
 •PR Monroe Holdings, L.P. – 99.9% LP

	 	8.75 acre and 116.05 acre parcels of land located in Monroe Township, PA.
				
	PR Monroe Old Trail Limited Partnership	 	PA	 	 •PR Monroe Old Trail, LLC – 0.1% GP
  
 •PR Monroe Old Trail Holdings, L.P. –
99.9% LP
	 	0.466 acre parcel of land located in Monroe Township, PA.
				
	PR Monroe Old Trail Holdings, L.P.	 	PA	 	 •PR Monroe Old Trail Holdings, LLC – 0.1% GP
  
 •PREIT – 99.9% LP
	 	See PR Monroe Old Trail Limited Partnership.
				
	PR Moorestown Limited Partnership	 	PA	 	 •PREIT – 99.9% LP
  
 •PR Moorestown LLC – 0.1%
GP
	 	See Moorestown Mall LLC

							
	 Limited Partnerships
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	PR New Garden Limited Partnership	 	PA	 	 •PREIT – 99.9% LP
  
 •PR New Garden LLC – 0.1%
GP
	 	22.3 acre parcel of land and 4.9 acre parcel of land in New Garden Township, Chester County, Pennsylvania
				
	PR New Garden Residential Limited Partnership	 	PA	 	 •PR New Garden Residential LLC – 0.1% GP
  
 •PREIT-RUBIN, Inc. – 99.9%
LP
	 	Residential parcel (46.7 acres) in New Garden Township, Chester County, Pennsylvania
				
	PR New Garden/ Chesco Limited Partnership	 	PA	 	 •PR New Garden/Chesco LLC – 0.1% GP
  
 •PR New Garden/Chesco Holdings, L.P.
– 99.9% LP
	 	Retail parcels (107.8 acres) in New Garden Township, Chester County, Pennsylvania
				
	PR New Garden/ Chesco Holdings, Limited Partnership	 	PA	 	 •PR New Garden/Chesco Holdings LLC – 0.1% GP
  
 •PREIT – 99.9% LP
	 	See PR New Garden/Chesco Limited Partnership
				
	PR Northeast Whitaker Avenue, L.P.	 	PA	 	 •PR Northeast Whitaker Avenue LLC – 0.1% GP
  
 •PREIT – 99.9% LP
	 	Northeast Tower Center – Whitaker Avenue Parcel
				
	PR Palmer Park Mall Limited Partnership	 	PA	 	 •PR Palmer Park, L.P. – 50.1% GP
  
 •PREIT – 49.9% LP
	 	Palmer Park Mall
				
	PR Palmer Park, L.P.	 	PA	 	 •PR Palmer Park Trust – 1% GP
  
 •PREIT – 99% LP
	 	See PR Palmer Park Mall Limited Partnership

							
	 Limited Partnerships
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	PR Plymouth Meeting Associates PC LP	 	DE	 	 •PR PM PC Associates L.P. – 99.9% LP
  
 •PR PM PC Associates LLC – 0.1% GP

	 	Plymouth Commons
				
	PR PM PC Associates L.P.	 	DE	 	 •PR PM PC Associates LLC – 0.1% GP
  
 •PREIT – 99.9% LP
	 	See PR Plymouth Meeting Associates PC LP
				
	PR Plymouth Meeting Limited Partnership	 	PA	 	 •PREIT – 99.9% LP
  
 •PR Plymouth Meeting LLC – 0.1% GP

	 	Plymouth Meeting Mall (leasehold interest) and the Boscov’s parcel (fee interest)
				
	PR Springfield Associates, L.P.	 	PA	 	 •PR Springfield Trust – 89% GP
  
 •Pennsylvania Real Estate Investment Trust
– 11% LP
	 	Springfield East (Fee title to a 50% interest in a commercial condominium at Baltimore Pike & Woodlawn Avenue)
				
	PR Springfield/Delco Limited Partnership	 	PA	 	 •PR Springfield/Delco LLC – 0.1% GP
  
 •PR Springfield/Delco Holdings, L.P.
– 99.9% LP
	 	50% interest, as tenant in common, in Springfield Mall
				
	PR Springfield/Delco Holdings, L.P.	 	PA	 	 •PR/Springfield/Delco Holdings LLC – 0.1% GP
  
 •Balsam Holding Inc. – 99.9% LP
(Exchange Accommodation Titleholder)
	 	See PR Springfield/Delco Limited Partnership
				
	PR Titus Limited Partnership	 	PA	 	 •PR Titus LLC – 0.1% GP
  
 •PREIT – 19.9% LP
  
 •PREIT – Rubin, Inc. – 80% LP

	 	 Warrington
  
 (Excess Land Parcel)

				
	PR TP LP	 	DE	 	 •PR TP LLC – 0.1% GP
  
 •PREIT – 99.9% LP
	 	Tenants under lease on lands adjoining Plymouth Meeting Mall

							
	 Limited Partnerships
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	PR Valley Limited Partnership	 	PA	 	 •PR Valley LLC – 0.5% GP
  
 •PREIT – 99.5% LP
	 	 Valley Mall
 PR Hagerstown LLC
is the borrower under a mortgage loan secured by Valley Mall.

				
	PR Valley View Limited Partnership	 	PA	 	 •PR Valley View LLC – 0.5% GP
  
 •PREIT – 99.5% LP
	 	Valley View Mall
				
	PR Valley View Downs Limited Partnership	 	PA	 	 •PR Valley View Downs LLC – 0.01% GP
  
 •PREIT – 99.99% LP
	 	May acquire property located in Beaver County, PA for a proposed harness racetrack and casino.
				
	PR Viewmont Limited Partnership	 	PA	 	 •PR Viewmont LLC – 0.01% GP
  
 •PREIT – 99.99% LP
	 	Borrower for $48 million mortgage loan secured by Viewmont Mall. Also leasee of Viewmont Mall under 29 year lease from PR Financing Limited Partnership
				
	PR Warrington, Limited Partnership	 	PA	 	 •PR Warrington LLC – 0.1% GP
  
 •PREIT – 19.9% LP
  
 •PREIT – Rubin, Inc. – 80% LP

	 	Warrington / Creekview (Condominium parcel)
				
	PR Washington Crown Limited Partnership	 	PA	 	 •PR Washington Crown LLC – 0.5% GP
  
 •PREIT – 99.5% LP
	 	Washington Crown Center
				
	PR Westgate Limited Partnership	 	PA	 	 •PR Westgate LLC – 0.01% GP
  
 •PREIT – 99.99% LP
	 	Westgate

							
	 Limited Partnerships
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	PR Woodland L.P.	 	DE	 	 •PR Woodland General, LLC – 0.1% GP
  
 •PREIT – 99.9% GP
	 	Woodland Mall
				
	PR Wyoming Valley Limited Partnership	 	PA	 	 •PR Wyoming Valley LLC – 0.5% GP
  
 •PREIT – 99.5% LP
	 	Wyoming Valley Mall (fee)
				
	PREIT Associates, L.P. (“PREIT”)	 	DE	 	 •Pennsylvania Real Estate Investment Trust – .2% GP and 94.4% LP
  
 •Minority Limited Partners
5.4%
	 	See rest of this Chart
				
	PRGL Paxton Limited Partnership	 	PA	 	 •PR Paxton LLC – 1% GP
  
 •PREIT – 99% LP
	 	Paxton Towne Center
				
	WG Holdings, L.P.	 	PA	 	 •PRWGP General, LLC – 0.02% GP
  
 •PREIT – 99.8% LP
	 	See WG Park, L.P.
				
	WG Park General, L.P.	 	PA	 	 •WG Holdings of Pennsylvania, L.L.C. – 0.1% GP
  
 •WG Holdings, L.P. – 99.9%
LP
	 	See WG Park, L.P.
				
	WG Park Limited, L.P.	 	PA	 	 •WG Holdings of Pennsylvania, L.L.C. – 0.1% GP
  
 •WG Holdings, L.P. – 99.9%
LP
	 	See WG Park, L.P.
				
	WG Park, L.P.	 	PA	 	 •WG Park General, L.P. – 20% GP
  
 •WG Park Limited, L.P. – 80%
LP
	 	Willow Grove Mall
				
	WG Park-Anchor B LP	 	DE	 	 •WG Park-Anchor B, LLC – 0.5% GP
  
 •PREIT – 99.5% LP
	 	Anchor site at Willow Grove Park (previously used for operation of Strawbridge department store). Acquired June 2, 2006.

 Limited Liability Companies 
  

							
	 Limited Liability
Companies
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	801 Developers GP, LLC	 	PA	 	PREIT-RUBIN, Inc. – 100% Sole Member	 	Formed in anticipation of potential joint venture with respect to 801 Market Street.
				
	801-Gallery GP, LLC	 	PA	 	PREIT-RUBIN, Inc. – 100% Sole Member	 	Formed in anticipation of potential joint venture with respect to 801 Market Street.
				
	 801-Gallery C-3 GP, LLC
	 	PA	 	801-Gallery Associates, L.P. – 100% sole member	 	See 801-Gallery C-3 Associates, L.P.
				
	 801-Gallery Office GP, LLC
	 	PA	 	801-Gallery Associates, L.P. – 100% sole member	 	See 801-Gallery Office Associates, L.P.
				
	 801-Tenant C-3 Manager, LLC
	 	PA	 	801-Gallery Associates, L.P. – 100% sole member	 	0.01% GP Interest in 801-Tenant C-3 MT, L.P.
				
	 801-Tenant Office Manager, LLC
	 	PA	 	801-Gallery Associates, L.P. – 100% sole member	 	0.01% GP Interest in 801-Gallery Office MT, L.P.
				
	 Beverage Two, LLC
	 	NJ	 	PREIT-RUBIN, Inc. – 100%	 	None
				
	 CD Development LLC (in process of dissolution)
	 	DE	 	PR Christiana LLC – 100% Sole Member	 	None
				
	Cherry Hill Center, LLC	 	MD	 	PR New Castle Associates – 100% Sole Member	 	Cherry Hill Mall
				
	Cumberland Mall Retail Condominium Association, LLC	 	NJ	 	Pennsylvania Real Estate Investment Trust entity and other condominium owners are members.	 	None. This entity is a unit owners association related to retail condominium at Cumberland Mall.
				
	Echelon Beverage LLC	 	NJ	 	PREIT – RUBIN, Inc. 100%	 	Liquor license associated with Voorhees Town Center
				
	Echelon Residential Unit Owner LLC	 	DE	 	PREIT – 100% Sole Member	 	Voorhees Town Center Condominium
				
	Echelon Title LLC	 	DE	 	PREIT –100% Sole Member	 	Voorhees Town Center
				
	Keystone Philadelphia Properties, LLC	 	DE	 	 PR Gallery II LLC – .1% GP
 PR Gallery II Limited Partnership – 99.9% LP
	 	 See Keystone
 Philadelphia
Properties, L.P.

				
	Moorestown Mall LLC	 	DE	 	PR Moorestown Limited Partnership – 100% Sole Member	 	Moorestown Mall
				
	Plymouth Ground Associates LLC	 	PA	 	PREIT – 100% Sole Member	 	See Plymouth Ground Associates, L.P.

							
	 Limited Liability
Companies
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	Plymouth License III, LLC	 	PA	 	PREIT-RUBIN, Inc. – 100% Sole Member	 	Liquor license associated with Plymouth Meeting Mall
				
	Plymouth License IV, LLC	 	PA	 	PREIT-RUBIN, Inc. – 100% Sole Member	 	Former owner of Liquor license R-17547
				
	PR Acquisition Sub LLC	 	DE	 	PREIT – 100% Sole Member	 	Standby acquisition entity for transactions outside of Pennsylvania
				
	PR AEKI Plymouth LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR AEKI Plymouth, L.P.
				
	PR Beaver Valley LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Beaver Valley Limited Partnership
				
	PR BVM, LLC	 	PA	 	PREIT – 100% Sole Member	 	Beaver Valley Mall (Parcel 3)
				
	PR Capital City LLC	 	DE	 	 PR CC II LLC –99.99% Member
  
 PREIT – .01% Member
	 	See PR Capital City Limited Partnership
				
	PR CC I LLC	 	DE	 	 PR CC II LLC – 99.99% Member
  
 PREIT – .01% Member
	 	See PR CC Limited Partnership
				
	PR CC II LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR CC Limited Partnership
				
	PR Cherry Hill Office GP, LLC	 	DE	 	PREIT – 100% Sole Member	 	See Bala Cynwyd Associates, L.P.
				
	PR Cherry Hill STW LLC	 	DE	 	PREIT – 100% Sole Member	 	Former Strawbridge property at Cherry Hill Mall. Acquired June 2, 2006
				
	PR Christiana LLC	 	DE	 	PREIT – 100% Sole Member	 	Christiana Center – Phase I
				
	PR Crossroads I, LLC	 	PA	 	PREIT – 100% Sole Member	 	Crossroads Mall (record owner of a portion of mall and ground lessee of remainder of mall)
				
	PR Crossroads II, LLC	 	PA	 	PREIT – 100% Sole Member	 	Crossroads Mall (90% undivided interest in ground lessor estate)
				
	PR Cumberland GP LLC	 	DE	 	PREIT – 100% Sole Member	 	See Cumberland Mall Associates (limited partnership)
				
	PR Cumberland LP LLC	 	DE	 	PREIT – 100% Sole Member	 	See Cumberland Mall Associates (limited partnership)
				
	PR Cumberland Outparcel LLC	 	NJ	 	PREIT – 100% Sole Member	 	Vacant land parcel adjacent to Cumberland Mall
				
	PR Echelon LLC	 	PA	 	PREIT – 100% Sole Member	 	See PR Echelon Limited Partnership
				
	PR Exton LLC	 	PA	 	PREIT – 100% Sole Member	 	See Exton Limited Partnership
				
	PR Fin Delaware, LLC	 	DE	 	801-Gallery Associates, L.P.	 	See 801-Gallery Associates, L.P.

							
	 Limited Liability
Companies
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	PR Financing I LLC	 	DE	 	 PR Financing II LLC – 99.99% Member
  
 PREIT -.01% Member
	 	See PR Financing Limited Partnership
				
	PR Financing II LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Financing Limited Partnership
				
	PR Florence LLC	 	SC	 	PREIT – 100% Sole Member	 	The Commons at Magnolia
				
	PR Francis Scott Key LLC	 	DE	 	PR Financing Limited Partnership – 100% Sole Member	 	Borrower under $55 million mortgage loan secured by Francis Scott Key Mall.
				
	PR Gallery I LLC	 	PA	 	PREIT – 100% Sole Member	 	See PR Gallery I Limited Partnership
				
	PR Gallery II LLC	 	DE	 	PREIT – 100% Sole Member	 	 See Keystone Philadelphia Properties, LLC
 (The Gallery II)

				
	PR Gainesville LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Gainesville Limited Partnership
				
		 		 		 	
				
	PR Woodland General LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Woodland L.P.
				
	PR GV LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Gainesville Limited Partnership
				
	PR Hagerstown LLC	 	DE	 	PR Valley Mall Limited Partnership – 100% Sole Member	 	None, Borrower under Mortgage Loan for Valley Mall
				
	PR Holding Sub LLC	 	PA	 	PREIT – 100% Sole Member	 	See PR Holding Sub Limited Partnership
				
	PR Hyattsville LLC	 	DE	 	PR Prince George’s Plaza LLC – 100% Sole Member	 	Borrower under mortgage loan secured by The Mall at Prince George’s.
				
	PR Jacksonville LLC	 	DE	 	 PR JK LLC – 99.99% Member
  
 PREIT – 0.01% Member
	 	See PR Jacksonville Limited Partnership
				
	PR JK LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Jacksonville Limited Partnership

							
	 Limited Liability
Companies
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	PR Lacey LLC	 	NJ	 	PREIT – 100% Sole Member	 	43 acre parcel of undeveloped land in Lacey Township, Ocean County, New Jersey.
				
	PR Lancaster LLC	 	DE	 	PREIT-RUBIN, Inc. – 100% Sole Member	 	See PR Lancaster Limited Partnership
				
	PR Lehigh Valley LLC	 	PA	 	PREIT – 100% Sole Member	 	See Lehigh Valley Associates
				
	PR Logan Valley LLC	 	DE	 	 PR LV LLC – 99.99% Member
  
 PREIT – 0.01% Member
	 	See PR Logan Valley Limited Partnership
				
	PR LV LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Logan Valley Limited Partnership
				
	PR Lycoming LCC	 	DE	 	PREIT – 100% Sole Member	 	See PR Lycoming Limited Partnership
				
	PR Magnolia LLC	 	DE	 	PREIT – 100% Sole Member	 	Magnolia Mall; Undeveloped land held in fee
				
	PR Metroplex West, LLC	 	DE	 	PREIT – 100% Sole Member	 	See Metroplex General, Inc. on Part II of this Schedule
				
	PR Monroe Holdings, LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Monroe Limited Partnership
				
	PR Monroe, LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Monroe Limited Partnership
				
	PR Monroe Old Trail, LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Monroe Old Trail Limited Partnership
				
	PR Monroe Old Trail Holdings, LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Monroe Old Trail Limited Partnership
				
	PR Moorestown LLC	 	PA	 	PREIT – 100% Sole Member	 	See PR Moorestown Limited Partnership
				
	PR New Castle LLC	 	PA	 	PREIT – 100% Sole Member	 	See PR New Castle Associates
				
	PR New Garden LLC	 	PA	 	PREIT – 100% Sole Member	 	See PR New Garden L.P.
				
	PR New Garden Residential LLC	 	DE	 	PREIT-RUBIN, Inc. – 100% Sole Member	 	See PR New Garden Residential L.P.
				
	PR New Garden/Chesco LLC	 	DE	 	 PR New Garden LLC – 100% Sole Member
  
 PREIT Services, LLC – Non-member manager
	 	See PR New Garden/Chesco Holdings LLC
				
	PR New Garden/Chesco Holdings LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR New Garden/Chesco Holdings, L.P.

							
	 Limited Liability
Companies
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	 PR New River LLC
	 	VA	 	PREIT – 100% Sole Member	 	New River Valley Center
				
	PR North Dartmouth LLC	 	DE	 	PREIT – 100% Sole Member	 	Dartmouth Mall
				
	PR Northeast LLC	 	PA	 	PREIT – 100% Sole Member	 	See Roosevelt Associates, L.P.; Roosevelt II Associates, L.P.; PR Northeast Limited Partnership
				
	PR Northeast Whitaker Avenue LLC	 	PA	 	PREIT – 100% Sole Member	 	See PR Northeast Whitaker Avenue, L.P.
				
	PR Orlando Fashion Square LLC	 	DE	 	PREIT – 100% Sole Member	 	Orlando Fashion Square
				
	PR Patrick Henry LLC	 	DE	 	PREIT – 100% Sole Member	 	Patrick Henry Mall
				
	PR Paxton LLC	 	PA	 	PREIT – 100% Sole Member	 	See PRGL Paxton Limited Partnership
				
	PR PG Plaza LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Prince George’s Plaza LLC
				
	PR Plymouth Meeting LLC	 	PA	 	PREIT – 100% Sole Member	 	See PR Plymouth Meeting Limited Partnership
				
	PR PM PC Associates LLC	 	DE	 	 PREIT – 100% Sole Member
  
 PREIT Services, LLC – Non-member manager
	 	See PR Plymouth Meeting Associates PC LP
				
	PR Prince George’s Plaza LLC	 	DE	 	 PR PG Plaza LLC – 1% Managing Member
  
 PREIT – 99% Member
	 	Prince George’s Plaza
				
	PR Radio Drive LLC	 	SC	 	PREIT – RUBIN, Inc. – 100% Sole Member	 	The Plaza at Magnolia
				
	PR Red Rose LLC	 	DE	 	PREIT – 100% Sole Member	 	See Red Rose Commons Associates, L.P. on Part II of this Schedule
				
	PR Springfield/Delco LLC	 	DE	 	Balsam Holding Inc. (Exchange Accommodation Titleholder) – 100% Sole Member	 	See PR Springfield/Delco, L.P.
				
	PR Springfield/Delco Holdings LLC	 	DE	 	Balsam Holding Inc. (Exchange Accommodation Titleholder) – 100% Sole Member	 	See PR Springfield/Delco Holdings, L.P.
				
	PR Swedes Square LLC	 	DE	 	PREIT – 100% Sole Member	 	Not yet acquired (New Castle, Delaware Undeveloped Parcel)
				
	PR Titus LLC	 	PA	 	PREIT – 100% Sole Member	 	See PR Titus Limited Partnership

							
	 Limited Liability
Companies
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	PR TP LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR TP LP
				
	PR Valley LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Valley Limited Partnership
				
	PR Valley View LLC	 	DE	 	 PR VV LLC – 99.99% Member
  
 PREIT – 0.01% Member
	 	See PR Valley View Limited Partnership
				
	PR Valley View Downs LLC	 	PA	 	PREIT – 100% Sole Member	 	See PR Valley View Downs Limited Partnership
				
	PR Viewmont LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Viewmont Limited Partnership
				
	PR VV LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Valley View Limited Partnership
				
	PR Walnut Street Abstract LLC	 	DE	 	PREIT – RUBIN, Inc. – Sole member	 	Owns 50% interest in Walnut Street Abstract, L.P., a title insurance agency.
				
	PR Warrington LLC	 	PA	 	PREIT – 100% Sole Member	 	See PR Warrington, Limited Partnership
				
	PR Washington Crown LLC	 	DE	 	 PR WC LLC – 99.99% Member
  
 PREIT – 0.01% Member
	 	See PR Washington Crown Limited Partnership
				
	PR WC LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Washington Crown Limited Partnership
				
	PR Westgate LLC	 	PA	 	PREIT – 100% Sole Member	 	See PR Westgate Limited Partnership
				
	PR Wiregrass Anchor LLC	 	DE	 	PREIT – 100% Sole Member	 	McRae’s anchor store at Wiregrass Mall
				
	PR Wiregrass Commons LLC	 	DE	 	PREIT – 100% Sole Member	 	Wiregrass Commons Mall
				
	PR WL LLC	 	DE	 	 PR LV LLC – 99.99%
  
 PREIT – 0.01%
	 	See PR WL Limited Partnership
				
	PR Woodland Outparcel LLC	 	DE	 	PREIT – 100% Sole Member	 	Outparcel at Woodland Mall
				
	PR Woodland K-Outparcel LLC (in process of dissolution)	 	DE	 	PREIT – 100% Sole Member	 	None
				
	PR WV LLC	 	DE	 	PREIT – 100% Sole Member	 	See PR Wyoming Valley LLC
				
	PR Wyoming Valley LLC	 	DE	 	 PR WV LLC – 99.99%
  
 PREIT – 0.01%
	 	See PR Wyoming Valley Limited Partnership

							
	 Limited Liability
Companies
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	PREIT CDE LLC (f/k/a Exton License II, LLC)	 	PA	 	PREIT-RUBIN, Inc. – 100 % Sole Member	 	Liquor license associated with Exton Square Mall
				
	PREIT Gadsden Mall LLC	 	DE	 	PREIT – 100% Sole Member	 	Gadsden Mall
				
	PREIT Gadsden Office LLC	 	DE	 	PREIT – 100% Sole Member	 	Office building in Gadsden, AL
				
	PREIT Services LLC	 	DE	 	PREIT – 100% Sole Member	 	N/A
				
	PRWGP General, LLC	 	DE	 	PREIT – 100% Sole Member	 	See WG Park, L.P.
				
	WG Holdings of Pennsylvania, L.L.C.	 	PA	 	WG Holdings, L.P. – 100% Sole Member	 	See WG Park, L.P.
				
	WG Park –Anchor B, LLC	 	DE	 	PREIT – 100% Sole Member	 	See WG Park – Anchor B LP
				
	XGP LLC	 	DE	 	PR Exton Limited Partnership – 100% Sole Member	 	See X-I Holding LP

 Corporations 
  

							
	 Corporations
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	1150 Plymouth Associates, Inc.	 	MD	 	PREIT-RUBIN, Inc. – 100%	 	Liquor licenses associated with Plymouth Meeting Mall
				
	Exton License, Inc.	 	MD	 	PREIT-RUBIN, Inc. – 100%	 	Liquor licenses associated with Exton Square
				
	Paxton Towne Centre Unit Owners Association	 	PA	 	Pennsylvania Real Estate Investment Trust entity and other unit owners are members.	 	None. This entity is a unit owners association for the Paxton Town Centre Condominiums.
				
	PR GC Inc.	 	MD	 	PREIT Services, LLC – 100%	 	N/A
				
	PR Services Corporation	 	PA	 	PREIT-RUBIN, Inc. – 100%	 	N/A
				
	PR Ventures, Inc.	 	PA	 	PREIT-RUBIN, Inc. – 100%	 	Contracts with local broker to comply with licensing requirements for Jacksonville Mall.
				
	PREIT-RUBIN, Inc.	 	PA	 	PREIT – 100%	 	Former Strawbridge store located at 8th and Market. Also, see PR New Garden Residential Limited Partnership, PR Titus Limited Partnership, PR Warrington
Limited Partnership and PR Radio Drive LLC.
				
	PREIT-RUBIN OP, Inc.	 	PA	 	PREIT-RUBIN, Inc. – 100%	 	Outparcels acquired in the Crown Transaction that are located at the following properties: Chambersburg Mall, Lycoming Mall, North Hanover Mall, and Viewmont Mall. (See PR Financing
Limited Partnership).
				
	PREIT TRS, Inc.	 	DE	 	Pennsylvania Real Estate Investment Trust	 	REIT Income Test Assignee
				
	Capital City Beverage Enterprise, Inc. (f/k/a R8267 Plymouth Enterprises, Inc.)	 	MD	 	PREIT-RUBIN, Inc. – 100%	 	Liquor licenses associated with Plymouth Meeting Mall
				
	RUBIN II, Inc.	 	PA	 	PREIT-RUBIN, Inc. – 100%	 	Northeast Tower Center (parcel 3)
				
	Springhills Northeast Quadrant Owners Drainage Association No. One, Inc.	 	FL	 	PR Gainesville Limited Partnership, sole member	 	Property owner’s association for property located in Alachua county, Florida (Gainesville)

							
	 Corporations
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	Springhill Owners Association, Inc.	 	FL	 	PR Gainesville Limited Partnership, sole member	 	Property owner’s association for property located in Alachua county, Florida (Gainesville)

 Trusts 
  

							
	 Trusts
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Subsidiary; nature of the Equity
Interest; percentage ownership of
Subsidiary represented by the Equity
Interest
	 	 Property Owned by Subsidiary

	PR Lycoming Service Associates	 	PA	 	PREIT-RUBIN, Inc. – Sole Beneficiary	 	Utility services at Lycoming Mall
				
	PR Oxford Valley Trust	 	PA	 	PREIT – Sole Beneficiary	 	See Oxford Valley Road Associates (an Unconsolidated Affiliate)
				
	PR Palmer Park Trust	 	PA	 	PREIT – Sole Beneficiary	 	See PR Palmer Park Mall Limited Partnership
				
	PR Springfield Trust	 	PA	 	PREIT – Sole Beneficiary	 	See PR Springfield Associates, L.P.
				
	PREIT Protective Trust 1	 	PA	 	PREIT– Rubin, Inc. – Sole Beneficiary	 	REIT Asset Test Assignee

  

	 	A.	The following wholly owned entities are inactive and are in the process of being dissolved: 

  

	 	1.	Patrick Duffy LLC 

  

	 	2.	PR WL LLC 

  

	 	3.	PR Woodland K-Outparcel LLC 

  

	 	4.	CD Development LLC 

 PART II 
 Consolidated Affiliates 
 None. 
 Unconsolidated Affiliates 
  

							
	 Unconsolidated Affiliates
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity
Interest in the
Unconsolidated
Affiliate; nature of the Equity
Interest; percentage ownership of
Unconsolidated Affiliate represented
by the Equity Interest
	 	 Property Owned by
Unconsolidated
Affiliate

	 Lehigh Valley Associates
	 	 PA
	 	 •  PR Lehigh Valley LLC – 0.5% GP,
  
 •  PREIT – 49.5%
LP
  
 •  Delta
Ventures, Inc. – 0.5% GP*
  
 •  Kravco Simon Investments, L.P. – 49.5% LP
	 	Lehigh Valley Mall
				
	Lehigh Valley Mall GP, LLC	 	DE	 	 •  Lehigh Valley Associates – 100% member
	 	See Mall at Lehigh Valley, L.P.
				
	 Mall at Lehigh Valley, L.P.
	 	 DE
	 	 •  Lehigh Valley Mall GP, LLC – 0.5% GP
  
 •  Lehigh Valley Mall Associates
– 99.5% LP
	 	Lessor of Lehigh Valley Mall. Borrower under mortgage loan secured by Lehigh Valley Mall.

							
	 Unconsolidated Affiliates
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Unconsolidated Affiliate; nature of
the Equity Interest; percentage
ownership of Unconsolidated Affiliate
represented by the Equity Interest
	 	 Property Owned by
Unconsolidated
Affiliate

	Mall Maintenance Corporation (I)	 	PA	 	 PREIT holds an indirect minority membership interest in Mall Maintenance Corporation (I)
  
 Other members:
 City of Philadelphia
 Redevelopment Authority of City of Philadelphia
 Philadelphia Authority for Industrial Development
 Philadelphia VF LP
 The May Department Stores Company
 Market Street East Development Corporation
	 	Purpose is to maintain the public areas of Gallery I at Market East
				
	Mall Maintenance Corporation II	 	PA	 	 PREIT holds an indirect minority membership interest in Mall Maintenance Corporation II
  
 Other members:
 Redevelopment Authority of City of Philadelphia
 Philadelphia Authority for Industrial Development

 One Reading Center Associates
	 	Purpose is to maintain the public areas of Gallery II at Market East
				
	Mall Corners Ltd.	 	GA	 	 •PREIT – 19% LP
  
 •Charles A. Lotz – 0.5%
GP*
  
 •Center Developers, Inc.
– 1% GP*
  
 •Frank L.
Ferrier – 1% GP*
  
 •Others – 78.5% LP*
	 	
				
	Mall Corners II, Ltd.	 	GA	 	 •PREIT – 11% LP
  
 •Charles A. Lotz – 0.5%
GP*
  
 •Center Developers, Inc.
– 1% GP*
  
 •Frank L.
Ferrier – 1% GP*
  
 •Others – 86.5% LP*
	 	
				
	Metroplex General, Inc.	 	PA	 	 •PR Metroplex West, LLC – 50%
  
 •MW General, Inc. –
50%*
	 	See Metroplex West Associates, L.P.

							
	 Unconsolidated Affiliates
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Unconsolidated Affiliate; nature of
the Equity Interest; percentage
ownership of Unconsolidated Affiliate
represented by the Equity Interest
	 	 Property Owned by
Unconsolidated
Affiliate

	Metroplex West Associates, L.P.	 	PA	 	 •Metroplex General, Inc. – 1% GP
  
 •PREIT – 49.5% LP
  
 •MW General, Inc. – .5%
LP*
  
 •Goldenberg Metroplex
Partners, L.P. – 22.5% LP*
  
 •Goldenberg Metroplex Investors, L.P. – 24% LP*
  
 •Resource Realty Management, Inc. – 2.5% LP*
	 	Metroplex Power Center
				
	 Oxford Valley Road Associates
 (limited partnership)
	 	PA	 	 •PR Oxford Valley Trust – 1% GP
  
 •PREIT – 49% LP
  
 •OVG General, Inc. – 1%
GP*
  
 •Goldenberg Investors,
L.P. – 25% LP*
  
 •Goldenberg Partners, L.P. – 23% LP*
  
 •Milton S. Schneider, Resource Realty Management, Inc. – 1% LP*
	 	Court at Oxford Valley Shopping Center
				
	Pavilion East Associates, L.P.	 	PA	 	 •PREIT – 50% GP
  
 •The Goldenberg Group, Inc. – 50% GP*

	 	Pavilion at Market East
				
	PRDB Springfield Limited Partnership	 	PA	 	 •PRDB Springfield LLC – 1% GP
  
 •Paul deBotton – 49.5% LP

 
 •PREIT – 49.5% LP
	 	Springfield Park (Springfield, PA)
				
	PRDB Springfield LLC	 	PA	 	 •Paul deBotton – 50%
  
 •PREIT – 50%
	 	See PRDB Springfield Limited Partnership
				
	Red Rose Commons Associates, L.P.	 	PA	 	 •PR Red Rose LLC – 1% GP
  
 •PREIT – 49% LP
  
 •RRC General, Inc. – 1%
GP*
  
 •Goldenberg Lancaster
Partners, L.P. – 23% LP*
  
 •Goldenberg Lancaster Investors, L.P. – 24% LP*
  
 •Resource Realty Management, Inc. – 2% LP*
	 	All units in the Red Rose Condominium constituting the Red Rose Commons Shopping Center

							
	 Unconsolidated Affiliates
	 	 Jurisdiction of Organization
	 	 Each Person holding any Equity Interest
in the
Unconsolidated Affiliate; nature of
the Equity Interest; percentage
ownership of Unconsolidated Affiliate
represented by the Equity Interest
	 	 Property Owned by
Unconsolidated
Affiliate

	 Whitehall Mall Venture
 (partnership)
	 	PA	 	 •PREIT – 50%
  
 •Whitemak Associates –
50%*
	 	Whitehall Mall
				
	PR Northeast Limited Partnership	 	PA	 	 •89.9% held by non-affiliate
  
 •PREIT – 11.1% LP
	 	Northeast Tower Center – Parcel 2
				
	Roosevelt II Associates, L.P.	 	PA	 	 •89.9% held by non-affiliate
  
 •PREIT – 11.1% LP
	 	Northeast Tower Center –Parcels 1 and 6
				
	Walnut Street Abstract, L.P.	 	NJ	 	 •PR Walnut Street Abstract LLC – 50% LP
  
 •Affiliate of Madison Title Agency –
50%
	 	Title insurance agency.

  

	*	Neither Parent nor any of its Affiliates owns any interest in this entity. 

 Schedule 6.1.(f) – Title to Properties 
  

							
	 Properties
	  	 Owner
	  	 Occupancy
 (as of 9/30/09)
	  	 Project Under
Development?

	 801 Market (former
 Strawbridge store)
	  	PREIT-Rubin, Inc.	  		  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Beaver Valley Mall	  	 PR Beaver Valley Limited
 Partnership (Parcels 1 and 2)
  
 PR BVM, LLC (Parcel
3)
	  	88.0%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Capital City Mall	  	 PR Capital City Limited
 Partnership (Improvements)
  
 PR CC Limited Partnership

(Land)
	  	99.2%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Chambersburg Mall (1)	  	 PR Financing Limited
 Partnership
  
 PREIT-RUBIN OP, Inc.
 (Outparcels – A-1, A-2, B, C,
 D-2, E, and F)

	  	82.3%	  	No
				
	Cherry Hill Mall	  	 Cherry Hill Center, LLC
  
 PR Cherry Hill STW LLC
 (Cherry Hill Anchor Store)

	  	94.0%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Christiana Center Phase I	  	PR Christiana LLC	  	88.1%	  	No
				
	Commons at Magnolia	  	PR Florence LLC	  	66.4%	  	No

							
	 Properties
	  	 Owner
	  	 Occupancy
 (as of 9/30/09)
	  	 Project Under
Development?

	Creekview Center	  	 PR Warrington, Limited
 Partnership
  
 PR Titus Limited Partnership
	  	100%	  	No
				
	 Crossroads Mall (fee and
 leasehold)
	  	PR Crossroads I, LLC and PR Crossroads II, LLC	  	84.3%	  	No
				
	Cumberland Mall (1)	  	 Cumberland Mall Associates
 (Unit A)
  
 PR Cumberland Outparcel
 LLC (vacant outparcel)
	  	92.2%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Dartmouth Mall	  	PR North Dartmouth LLC	  	92.1%	  	No
				
	 Exton Square Mall and
 leasehold interest in Kmart
 Parcel at Mall
	  	Exton Square Property LLC	  	90.7%	  	No
				
	Francis Scott Key Mall (1)	  	 PR Financing Limited
 Partnership
	  	94.5%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Gadsden Mall	  	PREIT Gadsden Mall LLC	  	90.2%	  	No
				
	Gadsden Office	  	PREIT Gadsden Office LLC	  		  	No
				
	Gallery at Market East (2)	  	PR Gallery I Limited Partnership	  	60.5%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Gallery II	  	 Keystone Philadelphia
 Properties, L.P.
	  		  	
				
	IKEA Parcel	  	PR AEKI Plymouth, L.P.	  	0%	  	No

							
	 Properties
	  	 Owner
	  	 Occupancy
 (as of 9/30/09)
	  	 Project Under
Development?

	Jacksonville Mall	  	 PR Jacksonville Limited
 Partnership (Leased to PR
 Financing Limited
 Partnership)
	  	97.4%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Lehigh Valley Mall	  	Lehigh Valley Associates	  	93.7%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Logan Valley Mall	  	 PR Logan Valley Limited
 Partnership (Leased to PR WL
 Limited Partnership)
	  	95.1%	  	No
				
	Lycoming Mall (1)	  	 PR Financing Limited
 Partnership
  
 PREIT-RUBIN OP, Inc. (May
 Parcel – 8.48 acres)
	  	95.7%	  	No
				
	Magnolia Mall	  	PR Magnolia LLC	  	96.1%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Mall at Prince Georges	  	PR Prince Georges Plaza LLC	  	95.8%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Monroe Marketplace	  	 PR Monroe Limited
 Partnership (8.75 acre parcel
 and a 116.05 acre parcel)
  
 PR Monroe Old Trail Limited Partnership (.466 acre parcel)
	  	100%	  	 Yes
  
 See Part II of this Schedule for additional information.

							
	 Properties
	  	 Owner
	  	 Occupancy
 (as of 9/30/09)
	  	 Project Under
Development?

	Moorestown Mall	  	Moorestown Mall LLC	  	88.8%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	New Garden	  	 PR New Garden L.P.
  
 PR New Garden/Chesco
 Limited Partnership

 
 PR New Garden Residential
 Limited Partnership
	  	N/A – Raw Land	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	New River Retail Center	  	PR New River LLC	  	100%	  	No
				
	New River Valley Mall	  	 PR Financing Limited
 Partnership
	  	96.1%	  	No
				
	Nittany Mall	  	 PR Financing Limited
 Partnership
	  	91.5%	  	No
				
	North Hanover Mall	  	 PR Financing Limited
 Partnership
  
 PREIT-RUBIN OP, Inc. (Lot
 5 - .98 acres and Lot 6 - .98
 acres)
	  	88.5%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Northeast Tower Center	  	 PR Northeast Limited
 Partnership (Parcel 2) (Leased
 to PR Financing Limited
 Partnership)
  
 PR Northeast
Whitaker
 Avenue, L.P. (Whitaker
 Avenue Parcel)
  
 Roosevelt II Associates, L.P.
 (Parcels 1 and 6) (Leased to
 PR Financing Limited

 Partnership)
	  	97.4%	  	No
				
	One Cherry Hill Plaza	  	Bala Cynwyd Associates, L.P.	  		  	No

							
	 Properties
	  	 Owner
	  	 Occupancy
 (as of 9/30/09)
	  	 Project Under
Development?

	 Orlando Fashion Square
 (leasehold interest)
	  	 PR Orlando Fashion Square
 LLC
	  	86.3%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Palmer Park Mall	  	 PR Palmer Park Mall Limited
 Partnership
	  	95.5%	  	No
				
	Patrick Henry Mall	  	PR Patrick Henry LLC	  	98.0%	  	No
				
	Paxton Towne Center	  	 PRGL Paxton Limited
 Partnership
	  	90.8%	  	No
				
	Phillipsburg Mall	  	 PR Financing Limited
 Partnership
	  	90.4%	  	No
				
	Plaza at Magnolia	  	PR Radio Drive, LLC	  		  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Plymouth Meeting Mall	  	 •     PR Plymouth Meeting
          Limited Partnership
          (Improvements)
  
 •     Plymouth
Ground
          Associates, L.P. (Land)
	  	82.2%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	South Mall	  	 PR Financing Limited
 Partnership
	  	78.2%	  	No
				
	Spring Hills	  	 PR Gainesville Limited
 Partnership
	  	N/A – Raw Land	  	 Yes
  
 See Part II of this Schedule for additional information.

							
	 Properties
	  	 Owner
	  	 Occupancy
 (as of 9/30/09)
	  	 Project Under
Development?

	Springfield Mall	  	 PR Springfield Associates,
 L.P.
  
 PR Springfield/Delco Limited
 Partnership – 50% interest as
 tenant in common

	  	86.1%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Sunrise Plaza	  	PR Lacey LLC	  	97.6%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Swedes Square Property	  	PR Swedes Square LLC	  	N/A – Raw Land	  	No
				
	 Uniontown Mall (leasehold)
 (1)
	  	 PR Financing Limited
 Partnership
	  	91.5%	  	No
				
	Valley Mall	  	PR Valley Limited Partnership	  	97.1%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Valley View Mall	  	 PR Valley View Limited
 Partnership
	  	91.9%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Viewmont Mall	  	 PR Financing Limited
 Partnership
  
 PREIT-Rubin, Inc. (Outparcel
 #s 12401-040-005, 12401-
 040-003, and
12401-040-001)
	  	97.8%	  	No
				
	 Voorhees Town Center (and
 Condominium)
	  	 Echelon Title LLC
  
 Echelon Residential Unit
 Owner LLC
	  	61.9%	  	 Yes
  
 See Part II of this Schedule for additional information.

							
	 Properties
	  	 Owner
	  	 Occupancy
 (as of 9/30/09)
	  	 Project Under
Development?

	Washington Crown Center	  	 PR Washington Crown
 Limited
Partnership
	  	83.6%	  	No
				
	Westgate Anchor Pad	  	 PR Westgate Limited
 Partnership
	  		  	No
				
	Willow Grove Park (3)	  	 W.G. Park, L.P.
  
 WG Park-Anchor B LP
 (Anchor Site)
	  	69.7%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	 Wiregrass Commons Mall (fee
 and leasehold)
	  	 PR Wiregrass Commons LLC
  
 PR Wiregrass Anchor LLC
 (Anchor
Store)
	  	85.0%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Woodland Mall	  	 PR Woodland Limited
 Partnership
  
 PR Woodland K-Outparcel
 LLC (Kohl’s Outparcel)
  
 PR Woodland Outparcel LLC
 (Verizon
Outparcel)
	  	85.8%	  	 Yes
  
 See Part II of this Schedule for additional information.

				
	Wyoming Valley Mall	  	 PR Wyoming Valley Limited Partnership (Leased to PR WL
 Limited Partnership)
	  	92.0%	  	No

  

	(1)	The total occupancy percentages for these properties include the former Value City store locations that were vacant as of September 30, 2008.

	(2)	The total occupancy percentage for The Gallery at Market East includes 328,390 sf of the former Strawbridge’s store that is currently vacant, pending
redevelopment. This vacant department store represents 30.4% and 51.5% of the owned mall GLA as of September 30, 2009 and September 30, 2008, respectively. 

	(3)	The total occupancy percentage for Willow Grove Park includes the former Strawbridge’s store that is currently vacant, pending redevelopment. This vacant
department store represents 27.6% and 27.7% of the owned mall GLA as of September 30, 2009 and September 30, 2008, respectively. 

 Schedule 6.1.(f) – Title to Properties 
 PREIT Associates, L.P. 
 Status of Projects Under Development2 

 As of 9/30/2009 
 (‘000’s) 

								
	 	  	PREIT’s Share of Value of
Construction in Progress
($)	  	PREIT’s Share of Total
Budgeted Costs Remaining
($)	 	 	Total Projects
Under
Development ($)
	 Land in Predevelopment
	  		  			 	
	 New Garden / White Clay Point
	  	31,697	  			 	31,697
	 Springhills
	  	32,909	  			 	32,909
		  	 	  	 	 	 	 
	 Sub-total Land in Predevelopment
	  	64,606	  	—  	  	 	64,606
				
	 Other Projects in Predevelopment
	  		  			 	
	 Wholly Owned
	  		  			 	
	 Crossroads Mall
	  	3	  			 	3
	 Gallery I
	  	510	  			 	510
	 Monroe Marketplace Phase II
	  	7,014	  			 	7,014
	 Moorestown Mall Phase II
	  	198	  			 	198
	 Sunrise Phase III
	  	3,634	  			 	3,634
	 Voorhees Town Center Phase III
	  	3,386	  			 	3,386
	 Willow Grove Park Phase II
	  	35	  			 	35
	 Joint Venture1
	  		  			 	
	 Court at Oxford Valley
	  	16	  			 	16
	 Pavilion East
	  	718	  			 	718
	 Whitehall Mall
	  	35	  			 	35
		  	 	  	 	 	 	 
	 Sub-total Other Predevelopment
	  	15,549	  	—  	  	 	15,549
				
	 Construction in Progress
	  		  			 	
	 Wholly Owned
	  		  			 	
	 801 Market
	  	40,286	  	(7,992	) 	 	32,294
				
	 Beaver Valley Mall
	  	32	  	—  	  	 	32
	 Capital City
	  	—  	  	—  	  	 	
	 Cherry Hill Mall
	  	29,928	  	8,088	  	 	38,016
	 Cumberland Mall
	  	26	  	1,988	  	 	2,015
	 Francis Scott Key Mall
	  	73	  	1,694	  	 	1,767
	 Jacksonville Mall
	  	—  	  	30	  	 	30
	 Lancaster - Pitney Road Plaza
	  	8,695	  	4,738	  	 	13,433
	 Magnolia Mall
	  	196	  	2,884	  	 	3,080
	 Mall at Prince Georges
	  	—  	  	—  	  	 	—  
	 Monroe Marketplace Phase I
	  	3,722	  	(309	) 	 	3,414
	 Moorestown Mall
	  	0	  	2,144	  	 	2,144

										
	 North Hanover Mall
	  	 	17,095	  	 	250	  	 	17,345
	 Orlando Fashion Square
	  	 	233	  	 	5	  	 	238
	 Plaza at Magnolia
	  	 	483	  	 	98	  	 	581
	 Plymouth Meeting Mall
	  	 	47,784	  	 	7,832	  	 	55,615
	 Sunrise Plaza Phase I & II
	  	 	509	  	 	1,958	  	 	2,467
	 Valley Mall
	  	 	17	  	 	—  	  	 	17
	 Voorhees Town Center Phases I & II
	  	 	18,684	  	 	17,398	  	 	36,082
	 Willow Grove Park
	  	 	23,861	  	 	—  	  	 	23,861
	 Wiregrass Commons
	  	 	4	  	 	2,287	  	 	2,291
	 Woodland Mall
	  	 	1,353	  	 	397	  	 	1,750
	 Joint Venture1
	  			  			  		
	 Lehigh Valley Mall
	  	 	60	  	 	3,287	  	 	3,347
	 Springfield Mall
	  	 	345	  	 	—  	  	 	345
		  	 	 	  	 	 	  	 	 
	 Sub-total Construction in Progress
	  	 	196,636	  	 	50,367	  	 	247,003
		  	 	 	  	 	 	  	 	 
				
	 Total Projects Under Development
	  	$	276,791	  	$	50,367	  	$	327,157
		  	 	 	  	 	 	  	 	 

  

	1	 PREIT’s share represents the greater of the ownership interest or PREIT’s recourse amount. 

	2	 Includes the cost of land 

 Schedule 6.1.(g) – Indebtedness 
 Part I 
 Indebtedness 
  

					
	 Loan Party
	  	 Indebtedness
	  	 Description of
 property subject to
 Lien

	Pennsylvania Real Estate Investment Trust, PREIT Associates, L.P., PREIT-RUBIN, Inc., PR Financing Limited Partnership	  	$30,000,000 Term Loan Agreement by and among PREIT Associates, L.P., PREIT-Rubin, Inc., and PR Financing Limited Partnership, as Borrowers, and Pennsylvania Real Estate Investment
Trust, as Parent, the Financial Institutions party thereto and Wells Fargo Bank, National Association, as Administrative Agent (“New River Term Loan”)	  	New River Valley Mall
			
	Pennsylvania Real Estate Investment Trust	  	Guaranty of New River Term Loan (“New River Guaranty”)	  	New River Valley Mall
			
	Pennsylvania Real Estate Investment Trust	  	Mortgage in favor of Northwestern Mutual Life Insurance Company with a balance of $6,053,000 as of 9/30/09	  	Whitehall Mall
			
	Pennsylvania Real Estate Investment Trust	  	Guaranty of Nonrecourse Carveouts by Pennsylvania Real Estate Investment Trust (50%) and Kravco, Inc. (50%) in favor of The Northwestern Mutual Life Insurance Company (Whitehall
Mall)	  	
			
	Pennsylvania Real Estate Investment Trust	  	Guaranty of Nonrecourse Carveouts in favor of Morgan Stanley Bank (Capital City Mall)	  	
			
	Pennsylvania Real Estate Investment Trust	  	Guaranty of Nonrecourse Carveouts in favor of Morgan Stanley Bank (Valley View Mall)	  	
			
	Pennsylvania Real Estate Investment Trust	  	Guaranty of loan in the amount of $20,000,000 from Wilmington Trust of Pennsylvania to PR Warrington Limited Partnership and PR Titus Limited Partnership (guaranty limited to
$5,000,000 of principal amount) (Creekview Center)	  	
			
	Pennsylvania Real Estate Investment Trust	  	Guaranty of Nonrecourse Carveouts in favor of Wilmington Trust of Pennsylvania (Creekview Center)	  	
			
	Pennsylvania Real Estate Investment Trust	  	Guaranty of $287,500,000 4.00% Exchangeable Senior Notes due 2012 issued pursuant to an Indenture among PREIT Associates, L.P., Pennsylvania Real Estate Investment Trust and U.S.
Bank National Association	  	
			
	Pennsylvania Real Estate Investment Trust	  	Guaranty of Non-Recourse Carveouts in favor of Sun Life Assurance Company of Canada (Springfield East)	  	

					
	 Borrower
	  		  	
			
	PREIT Associates, L.P.	  	Guaranty of loan in the amount of $55,000,000 from Prudential Insurance Company of America and Northwestern Mutual Life Insurance Company to PR Cherry Hill STW LLC and Cherry Hill
Center LLC (Cherry Hill Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of loan in the amount of $24,920,000 in favor of Manufacturers Traders and Trust Co (guaranty limited to 50% of the outstanding principal amount of the note) (Red Rose
Commons)	  	
			
	PREIT Associates, L.P.	  	Guaranty of loan in the amount of $45,000,000 from Citizens Bank of Pennsylvania to PR Christiana LLC (guaranty of principal limited to 25% of outstanding principal) (Christiana)
	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of New York Life Insurance Company and The Prudential Insurance Company (Exton Square Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts by PREIT Associates, L.P. and Kenneth N. Goldenberg in favor of Column Financial, Inc. (Note: So long as PREIT Associates, L.P. maintains its line
of credit with Wells Fargo Bank, PREIT Associates, L.P. has no liability under the Guaranty – See Section 5.7(a) of Guaranty) (Metroplex West)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Lehman Brothers Bank FSB. (Magnolia Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Column Financial, Inc. (Beaver Valley Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of loan in the amount of $20,000,000 from Wilmington Trust of Pennsylvania to PR Warrington Limited Partnership and PR Titus Limited Partnership (guaranty limited to
$5,000,000 of principal amount) (Creekview Center)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Wilmington Trust of Pennsylvania (Creekview Center)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Greenwich Capital Commercial Funding Corp. (Cumberland Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Lehman Brothers Bank FSB. (Dartmouth Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Prudential Mortgage Capital Company,	  	

					
		  	LLC. (Woodland Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Eurohypo AG, New York Branch (Valley Mall).	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Prudential Insurance Company of America and Teachers Insurance & Annuity Association of America
(Willow Grove Mall)	  	
			
	PREIT Associates, L.P.	  	$287,500,000 4.00% Exchangeable Senior Notes due 2012 issued pursuant to an Indenture among PREIT Associates, L.P., Pennsylvania Real Estate Investment Trust and U.S. Bank National
Association	  	
			
	PREIT Associates, L.P.	  	Guaranty of loan in the amount of $54,000,000 from US Bank NA & Aareal Capital Corporation (guaranty limited to $10,800,000) (Paxton Town Centre)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Lehman Brothers Bank FSB. (Moorestown Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Wells Fargo Bank, N.A. (Mall at Prince Georges)	  	
			
	PREIT Associates, L.P.	  	Loan in the amount of $8,000,000 from Citizens Bank of Pennsylvania to Bala Cynwyd Associates, L.P. with a balance of $5,616,000 as of 9/30/09 (guaranty limited to 20% of the
outstanding principal amount of the Note) (One Cherry Hill Plaza)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Prudential Insurance Company of America and Northwestern Mutual Life Insurance Co (Cherry Hill
Strawbridge Parcel and Cherry Hill Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Norddeutsche Landesbank Girozentrale to PR Jacksonville L.P (Jacksonville Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Norddeutsche Landesbank Girozentrale to PR Logan Valley L.P (Logan Valley Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Norddeutsche Landesbank Girozentrale to PR Wyoming Valley L.P (Wyoming Valley Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Landesbank Baden-Württemberg. (Francis Scott Key Mall)	  	

					
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Landesbank Baden-Württemberg. (Viewmont Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of Nonrecourse Carveouts executed by PREIT Associates, L.P. in favor of Prudential Insurance Company of America to PR Patrick Henry LLC (Patrick Henry Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of loan in the maximum amount of $38,000,000 from Susquehanna Bank to PR Lycoming L.P. with a balance of $32,900,000 as of 10/31/09 (guaranty limited to 50% of the
outstanding principal amount of the Note) (Lycoming Mall)	  	
			
	PREIT Associates, L.P.	  	Guaranty of loan in the amount of $16,250,000 from Capital One N.A. to PR New River LLC with a balance of $16,131,000 as of 9/30/09 (guaranty limited to 25% of the outstanding
principal amount of the Note) (New River Valley Center)	  	
			
	PREIT Associates, L.P.	  	Guaranty of loan in the amount of $5,893,000 from Firstrust Bank and Tri-State Capital Bank. to PR Lancaster Limited Partnership (Pitney Road Plaza)	  	
			
	 Loan Parties
	  		  	
			
	1150 Plymouth Associates, Inc.	  	New River Guaranty	  	New River Valley Mall
			
	801-Gallery Associates, L.P.	  	New River Guaranty	  	New River Valley Mall
			
	801-Gallery GP, LLC	  	New River Guaranty	  	New River Valley Mall
			
	801 Developers, LP	  	New River Guaranty	  	New River Valley Mall
			
	801 Developers GP, LLC	  	New River Guaranty	  	New River Valley Mall
			
	Capital City Beverage Enterprises, Inc.	  	New River Guaranty	  	New River Valley Mall
			
	Echelon Beverage LLC	  	New River Guaranty	  	New River Valley Mall
			
	Echelon Residential Unit Owner LLC	  	New River Guaranty	  	New River Valley Mall
			
	Echelon Title LLC	  	New River Guaranty	  	New River Valley Mall

					
	Exton License, Inc.	  	New River Guaranty	  	New River Valley Mall
			
	Keystone Philadelphia Properties, L.P.	  	New River Guaranty	  	New River Valley Mall
			
	Keystone Philadelphia Properties, LLC	  	New River Guaranty	  	New River Valley Mall
			
	Plymouth Ground Associates LLC	  	New River Guaranty	  	New River Valley Mall
			
	Plymouth Ground Associates LP	  	New River Guaranty	  	New River Valley Mall
			
	Plymouth License III, LLC	  	New River Guaranty	  	New River Valley Mall
			
	Plymouth License IV, LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Acquisition Sub LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR AEKI Plymouth, L.P.	  	New River Guaranty	  	New River Valley Mall
			
	PR AEKI Plymouth LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR BVM, LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Crossroads I, LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Crossroads II, LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Cumberland Outparcel LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Echelon Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR Echelon LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Exton Limited Partnership	  	New River Guaranty	  	New River Valley Mall

					
	PR Exton LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Exton Square Property L.P.	  	New River Guaranty	  	New River Valley Mall
			
	PR Exton Square Property L.P.	  	$70,000,000 mortgage loan from Prudential Insurance Company of America and New York Life Insurance Company to Exton Square Property, LLC with a balance of $69,619,000 as of 9/30/09
	  	
			
	PR Financing I LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Financing II LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Florence LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Gainesville Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR Gainesville LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Gallery I Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR Gallery I LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Gallery II LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Gallery II Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR GC Inc.	  	New River Guaranty	  	New River Valley Mall
			
	PR GV LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR GV LP	  	New River Guaranty	  	New River Valley Mall
			
	PR Holding Sub Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR Holding Sub LLC	  	New River Guaranty	  	New River Valley Mall

					
	PR Lacey LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Lancaster Holdings Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR Lancaster Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR Lancaster LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Lycoming Service Associates	  	New River Guaranty	  	New River Valley Mall
			
	PR Monroe Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR Monroe, LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Monroe Holdings, L.P.	  	New River Guaranty	  	New River Valley Mall
			
	PR Monroe Holdings, LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Monroe Old Trail Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR Monroe Old Trail, LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Monroe Old Trail Holdings, L.P.	  	New River Guaranty	  	New River Valley Mall
			
	PR Monroe Old Trail Holdings, LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR New Garden/Chesco Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR New Garden/Chesco, LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR New Garden/Chesco Holdings, L.P.	  	New River Guaranty	  	New River Valley Mall

					
	PR New Garden/Chesco Holdings, LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR New Garden LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR New Garden Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR New Garden Residential Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR New Garden Residential LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Northeast Whitaker Avenue, L.P.	  	New River Guaranty	  	New River Valley Mall
			
	PR Northeast Whitaker Avenue LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Orlando Fashion Square LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Palmer Park, L.P.	  	New River Guaranty	  	New River Valley Mall
			
	PR Palmer Park Mall Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR Palmer Park Trust	  	New River Guaranty	  	New River Valley Mall
			
	PR Plymouth Meeting Associates PC LP	  	New River Guaranty	  	New River Valley Mall
			
	PR Plymouth Meeting Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR Plymouth Meeting LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR PM PC Associates LP	  	New River Guaranty	  	New River Valley Mall
			
	PR PM PC Associates LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Radio Drive LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Services Corporation	  	New River Guaranty	  	New River Valley

					
		  		  	Mall
			
	PR Swedes Square LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR TP LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR TP LP	  	New River Guaranty	  	New River Valley Mall
			
	PR Valley View Downs Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR Valley View Downs LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Washington Crown Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR Washington Crown LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR WC LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Westgate Limited Partnership	  	New River Guaranty	  	New River Valley Mall
			
	PR Westgate LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Wiregrass Anchor LLC	  	New River Guaranty	  	New River Valley Mall
			
	PR Wiregrass Commons LLC	  	New River Guaranty	  	New River Valley Mall
			
	PREIT CDE LLC	  	New River Guaranty	  	New River Valley Mall
			
	PREIT Gadsden Mall LLC	  	New River Guaranty	  	New River Valley Mall
			
	PREIT Gadsden Office LLC	  	New River Guaranty	  	New River Valley Mall
			
	PREIT Protective Trust 1	  	New River Guaranty	  	New River Valley Mall
			
	PREIT Services, LLC	  	New River Guaranty	  	New River Valley Mall

					
	PREIT TRS, Inc.	  	New River Guaranty	  	New River Valley Mall
			
	PREIT – RUBIN OP, Inc.	  	New River Guaranty	  	New River Valley Mall
			
	Rubin II, Inc.	  	New River Guaranty	  	New River Valley Mall
			
	WG Park – Anchor B, LLC	  	New River Guaranty	  	New River Valley Mall
			
	WG Park – Anchor B LP	  	New River Guaranty	  	New River Valley Mall
			
	XGP LLC	  	New River Guaranty	  	New River Valley Mall
			
	 Other Subsidiaries
	  		  	
			
	PR North Dartmouth LLC	  	Mortgage in favor of Lehman Capital with a balance of $62,922,000 as of 9/30/09.	  	Dartmouth Mall
			
	PR Beaver Valley Limited Partnership	  	Open-End Mortgage and Security Agreement from PR Beaver Valley Limited Partnership in favor of Column Financial, Inc. with a balance of $44,183,000 as of 9/30/09	  	Beaver Valley Mall
			
	PR Capital City Limited Partnership	  	Fee and Leasehold Mortgage and Security Agreement in favor of Morgan Stanley Bank with a balance of $49,826,000 as of 9/30/09	  	 Capital City Mall
 (Improvements)

			
	PR CC Limited Partnership	  	Fee and Leasehold Mortgage and Security Agreement in favor of Morgan Stanley Bank with a balance of $49,826,000 as of 9/30/09	  	 Capital City Mall
 (Land)

			
	PR Valley View Limited Partnership	  	Fee and Leasehold Mortgage and Security Agreement in favor of Morgan Stanley Bank with a balance of $34,335,000 as of 9/30/09	  	Valley View Mall
			
	PR Valley Limited Partnership	  	Indemnity Deed of Trust Security Agreement in the amount of $90,000,000 in favor of Eurohypo AG, New York Branch with a balance of $88,282,000 as of 9/30/09	  	Valley Mall
			
	PR Hagerstown LLC	  	Loan in the amount of $90,000,000 from Eurohypo, AG New York Branch to PR Hagerstown Limited Partnership with a balance of $88,282,000 as of 9/30/09	  	Valley Mall
			
	PR Titus Limited Partnership	  	Loan in the amount of $20,000,000 from Wilmington Trust of Pennsylvania to PR Warrington Limited Partnership and PR Titus Limited Partnership with a balance of $19,640,000 as of
9/30/09	  	Creekview Center
			
	PR Warrington	  	Loan in the amount of $20,000,000 from Wilmington Trust of Pennsylvania to PR Warrington Limited Partnership and	  	Creekview Center

					
	Limited Partnership	  	PR Titus Limited Partnership with a balance of $19,640,000 as of 9/30/09	  	
			
	W.G. Park, L.P.	  	Loan in the amount of $160,000,000 from Prudential Insurance Company of America and Teachers Insurance & Annuity Association of America to W.G. Park, L.P. with a balance of
$151,489,000 as of 9/30/09	  	Willow Grove Mall
			
	PR Cherry Hill STW LLC	  	Loan in the amount of $55,000,000 from Prudential Insurance Company of America and Northwestern Mutual Life Insurance Company to PR Cherry Hill STW LLC and Cherry Hill Center LLC
with a balance of $55,000,000 as of 9/30/09	  	Cherry Hill Strawbridge Parcel and Cherry Hill Mall
			
	PR Christiana LLC	  	Loan in the amount of $45,000,000 from Citizens Bank of Pennsylvania to PR Christiana LLC with a balance of $45,000,000 as of 9/30/09	  	Christiana Center
			
	Cherry Hill Center, LLC	  	Loan in the amount of $55,000,000 from Prudential Insurance Company of America and Northwestern Mutual Life Insurance Company to PR Cherry Hill STW LLC and Cherry Hill Center LLC
with a balance of $55,000,000 as of 9/30/09	  	Cherry Hill Strawbridge Parcel and Cherry Hill Mall
			
	Cherry Hill Center, LLC	  	Loan in the amount of $200,000,000 from Prudential Insurance Company of America and Northwestern Mutual Life Insurance Co. to Cherry Hill Center, LLC with a balance of $188,398,000
as of 9/30/09	  	Cherry Hill Strawbridge parcel and Cherry Hill Mall
			
	PR Woodland Limited Partnership	  	Loan in the amount of $156,500,000 from Prudential Mortgage Capital Company, LLC to PR Woodland Limited Partnership with a balance of $155,722,000 as of 9/30/09	  	Woodland Mall
			
	PRGL Paxton Limited Partnership	  	Loan in the amount of $54,000,000 from US Bank NA & Aareal Capital Corporation with a balance of $54,000,000 as of 9/30/09	  	Paxton Town Centre
			
	PR Hyattsville LLC	  	Loan in the amount of $150,000,000 Wells Fargo Bank, N.A. to PR Hyattsville LLC with a balance of $150,000,000 as of 9/30/09	  	Mall at Prince George
			
	PR Magnolia Mall LLC	  	Loan in the amount of $66,000,000 from LaSalle Bank National Association as Trustee for the registered holder of LB-UBS 2005-C5, Commercial Pass Through Certificates, Series 2005-C5
(Wachovia as servicer) to PR Magnolia LLC with a balance of $62,079,000 as of 9/30/09	  	Magnolia Mall
			
	PR Prince Georges Plaza LLC	  	Guaranty of Loan and Indemnity Deed of Trust in the amount of $150,000,000 in favor of (Wells Fargo Bank, N.A.) with a balance of $150,000,000 as of 9/30/09	  	Mall at Prince George
			
	Cumberland Mall Associates	  	Loan in the amount of $45,000,000 from Greenwich Capital Commercial Funding Corp. to Cumberland Mall Associates with a balance of $41,166,000 at 9/30/09	  	Cumberland Mall

					
	Cumberland Mall Associates	  	Loan in the amount of $4,000,000 from Enterprise Zone Development Corporation of Vineland and Millville to Cumberland Mall Associates with a balance of $2,831,000 at
9/30/09	  	Cumberland Mall
			
	Moorestown Mall LLC	  	$64,250,000 mortgage loan from LaSalle Bank National Association as Trustee for the registered holder of LB-UBS 2003-C7, Commercial Pass Through Certificates, Series 2003-C7
(Wachovia as servicer) to Moorestown Mall LLC with a balance of $57,754,000 as of 9/30/09	  	Moorestown Mall
			
	Bala Cynwyd Associates, L.P.	  	Loan in the amount of $8,000,000 from Citizens Bank of Pennsylvania to Bala Cynwyd Associates, L.P. with a balance of $5,616,000 as of 9/30/09	  	One Cherry Hill
			
	PR Jacksonville L.P.	  	Loan in the amount of $56,265,000 from Norddeutsche Landesbank Girozentrale to PR Jacksonville L.P with a balance of $56,265,000 as of 9/30/09	  	Jacksonville Mall
			
	PR Logan Valley LP	  	Loan in the amount of $68,000,000 from Norddeutsche Landesbank Girozentrale to PR Logan Valley L.P with a balance of $68,000,000 as of 9/30/09	  	Logan Valley Mall
			
	PR Wyoming Valley LP	  	Loan in the amount of $65,000,000 from Norddeutsche Landesbank Girozentrale to PR Wyoming Valley L.P with a balance of $65,000,000 as of 9/30/09	  	Wyoming Valley Mall
			
	PR Francis Scott Key LLC	  	Loan in the amount of $55,000,000 from Landesbank Baden-Württemberg to PR Francis Scott Key with a balance of $55,000,000 as of 9/30/09	  	Francis Scott Key Mall
			
	PR Financing LP	  	Guaranty of Loan and Indemnity Deed of Trust in the amount of $55,000,000 in favor of Landesbank Baden-Württemberg to PR Francis Scott Key with a balance of $55,000,000 as of
9/30/09	  	Francis Scott Key Mall
			
	PR Viewmont LP	  	Fee and Leasehold Mortgage in the amount of $48,000,000 to Landesbank Baden-Württemberg with a balance of $48,000,000 as of 9/30/09	  	 Viewmont Mall
 (Improvements)

			
	PR Financing LP	  	Fee and Leasehold Mortgage in the amount of $48,000,000 to Landesbank Baden-Württemberg with a balance of $48,000,000 as of 9/30/09	  	 Viewmont Mall
 (Land)

			
	PR Patrick Henry LLC.	  	Loan in the amount of $97,000,000 from Prudential Insurance Company of America to PR Patrick Henry LLC with a balance of $95,500,000 as of 9/30/09	  	Patrick Henry
			
	PR Lycoming LP	  	Leasehold Mortgage in the maximum amount of $38,000,000 to Susquehanna Bank with a balance of $32,900,000 as of 10/31/09	  	 Lycoming Mall
 (Improvements)

			
	PR Financing LP	  	Guaranty of Loan and Fee Mortgage in the maximum amount of $38,000,000 in favor of Susquehanna Bank with a balance of $32,900,000 as of 10/31/09	  	 Lycoming Mall
 (Land)

					
	PR New River LLC.	  	Loan in the amount of $16,250,000 from Capital One N.A. to PR New River LLC with a balance of $16,131,000 as of 9/30/09	  	New River Valley Center
			
	PR Lancaster Limited Partnership	  	Open-End Mortgage and Security Agreement in the amount of $10,000,000 from Firstrust Bank and Tri-State Capital Bank to PR Lancaster Limited Partnership with a balance of $5,893,000
as of 9/30/09	  	Pitney Road Plaza
			
	PR Springfield Associates, L.P.	  	Loan in the amount of $4,100,000 from Sun Life Assurance Company of Canada to PR Springfield Associates, L.P. with a balance of $1,434,000 as of 9/30/09	  	Springfield East
			
	Unconsolidated Affiliates	  		  	
			
	Metroplex West Associates, L.P.	  	Open-End Mortgage and Security Agreement from Metroplex West Associates, L.P. in favor of Column Financial, Inc. with a balance of $29,875,000 as of 9/30/09	  	Metroplex West
			
	Red Rose Commons Associates, L.P.	  	Open-End Mortgage and Security Agreement from Red Rose Commons Associates, L.P. in favor of Manufacturers & Traders Trust Company, Meridian Bank, Abington Bank and DNB First NA
with a balance of $11,958.000 as of 10/31/09	  	Red Rose Commons
			
	Mall at Lehigh Valley, L.P.	  	Loan from JP Morgan Chase Bank, NA with a balance of $75,000,000 as of 9/30/09	  	Lehigh Valley Mall
			
	Oxford Valley Road Associates	  	Mortgage, Assignment of Rents and Leases and Security Agreement from Oxford Valley Associates in favor of New York Life Insurance Company with a balance of $17,694,000 as of 9/30/09
	  	Court at Oxford Valley
			
	Pavilion East Associates, L.P.	  	Loan in the amount of $10,830,333 from Wilmington Trust of Pennsylvania to Pavilion East Associates, L.P. with a balance of $4,059,000 as of 9/30/09	  	Pavilion East
			
	PR Springfield/Delco Limited Partnership	  	Loan from Commerzbank AG, New York Branch with a balance of $36,150,000 as of 9/30/09	  	Springfield Mall

 PART II 
 Total Liabilities Excluding Indebtedness 
 Set Forth in Part I 
 Total Liabilities (Excluding Indebtedness set forth in Part I) 

					
			
	 Construction Costs Payable
	  	17,770	  	
			
	 Deferred Rent & Escrow Deposits
	  	18,266	  	
			
	 Accrued Pensions et al.
	  	4,130	  	
			
	 Accrued Expenses & Other Liabilities
	  	43,100	  	
			
	 Contingent Liabilities
	  	5,650	  	
		  	 	  	
			
	 Total Liabilities
	  		  	88,916

 Schedule 6.1.(h) 
 Material Contracts 
 Indenture dated May 8, 2007 among
PREIT Associates, L.P., Pennsylvania Real Estate Investment Trust and US Bank National Association with respect to $287,500,000 aggregate principal amount of 4.00% Exchangeable Senior Notes due 2012. 
 $30,000,000 Term Loan Agreement dated January 25, 2010 by and among PREIT Associates, L.P., PREIT-Rubin, Inc., and PR Financing Limited
Partnership, and Pennsylvania Real Estate Investment Trust, the Financial Institutions party thereto and Wells Fargo Bank, National Association, as Administrative Agent. 

 Schedule 6.1.(i) 
 Litigation 
 As disclosed in Part I, Item 3, Legal
Proceedings, of Form 10-K for the fiscal year ended December 31, 2008 filed with the United States Securities and Exchange Commission on March 2, 2009 and on Forms 10-Q for the subsequent periods, Parent and Borrowers do not believe that
any material litigation is currently pending, and, in any event, that no pending litigation can reasonably be expected to have a Material Adverse Effect. 

 Schedule 6.1.(x) 
 Part I – Non-Guarantor Subsidiaries 
  

							
	 Legal Name of
 Non-Guarantor
 Entities
	 	 Type of Legal Entity
	 	 Equity Interest Held
 by Parent
	 	 Reason for Exclusion

	Limited Partnerships	 		 		 	
				
	PR Beaver Valley Limited Partnership	 	PA Limited Partnership	 	 •PREIT – 99% LP
  
 •PR Beaver Valley LLC – 1%
GP
	 	2 – Special Purpose Entity (“SPE”)
				
	PR New Castle Associates	 	PA Limited Partnership	 	 •PREIT – 99.9% LP
  
 •PR New Castle LLC – .1%
GP
	 	1
				
	PR Jacksonville Limited Partnership	 	PA Limited Partnership	 	 •PR Jacksonville LLC 0.5 % GP
  
 •PREIT 99.5% LP
	 	2- SPE
				
	PR Capital City Limited Partnership	 	PA Limited Partnership	 	 •PR Capital City LLC 0.5% GP
  
 •PREIT 99.5% LP
	 	2 – SPE
				
	PR CC Limited Partnership	 	PA Limited Partnership	 	 •PR CC I LLC 0.01% GP
  
 •PREIT 99.99% LP
	 	2- SPE
				
	PR Valley View Limited Partnership	 	PA Limited Partnership	 	 •PR Valley View LLC 0.5% GP
  
 •PREIT 99.5% LP
	 	2 – SPE

							
	PR Logan Valley Limited Partnership	 	PA Limited Partnership	 	 •PR Logan Valley LLC 0.01% GP
  
 •PREIT 99.99% LP
	 	2 – SPE
				
	PR Wyoming Valley Limited Partnership	 	PA Limited Partnership	 	 •PR Wyoming Valley LLC 0.5% GP
  
 •PREIT 99.5% LP
	 	2 – SPE
				
	PR WL Limited Partnership	 	PA Limited Partnership	 	 •PR WL LLC 0.5% GP
  
 •PREIT 99.5% LP
	 	2 – SPE
				
	PR Titus Limited Partnership	 	PA Limited Partnership	 	 •PR Titus LLC – 0.1% GP
  
 •PREIT – 19.9% LP
  
 •PREIT – Rubin, Inc. – 80% LP

	 	2– SPE
				
	PR Valley Limited Partnership	 	PA Limited Partnership	 	 •PR Valley LLC – 0.5% GP
  
 •PREIT – 99.5% LP
	 	2 – SPE
				
	PR Warrington Limited Partnership	 	PA Limited Partnership	 	 •PR Warrington LLC – 0.1% GP
  
 •PREIT 19.9% LP
  
 •PREIT-RUBIN, Inc. –
80%LP
	 	2 – SPE
				
	PRGL Paxton Limited Partnership	 	PA Limited Partnership	 	 •PR Paxton LLC – 1% GP
  
 •PREIT 99% LP
	 	2 – SPE
				
	WG Holdings, L.P.	 	PA Limited Partnership	 	 •PRWGP General LLC – 0.02% GP
	 	2 – See WG Park L.P.
				
	WG Park General L.P.	 	PA Limited Partnership	 	 •WG Holdings of Pennsylvania L.L.C. – 0.1% GP
  
 •WG Holdings L.P. – 99.9%
LP
	 	2 – See WG Park L.P.
				
	WG Park Limited L.P.	 	PA Limited Partnership	 	 •WG Holdings of Pennsylvania L.L.C. -0.1% GP
  
 •WG Holdings L.P. -99.9%
LP
	 	2 – See WG Park L.P.
				
	WG Park L.P.	 	PA Limited Partnership	 	 •WG Park General L.P. – 20% GP
  
 •WG Park Limited L.P. – 80%
LP
	 	2 - SPE
				
	Bala Cynwyd Associates	 	PA Limited Partnership	 	 •PR Cherry Hill Office GP, LLC -0.1% GP
  
 •PREIT – 49.8% LP
  
 •City Line Associates – 50.1%
LP
	 	2 – SPE

							
	PR Woodland L.P.	 	DE Limited Partnership	 	 •PR Woodland General, LLC – 0.1% GP
	 	2 – SPE
				
	Cumberland Mall Associates	 	NJ Limited Partnership	 	 •PR Cumberland GP, LLC – 1% GP
  
 •PR Cumberland LP, LLC – 99%
LP
	 	2 – SPE
				
	PR Moorestown Limited Partnership	 	PA Limited Partnership	 	 •PREIT – 99.9% LP
  
 •PR Moorestown LLC – 0.1%
GP
	 	2 – See Moorestown Mall LLC
				
	PR Springfield/Delco Limited Partnership	 	PA	 	 •PR Springfield/Delco LLC – 0.1% GP
  
 •PR Springfield/Delco Holdings, L.P.
– 99.9% LP
	 	2 – SPE
				
	PR Springfield/Delco Holdings, L.P.	 	PA	 	 •PR/Springfield/Delco Holdings LLC – 0.1% GP
  
 •Balsam Holding Inc. – 99.9% LP
(Exchange Accommodation Titleholder)
	 	2 – PR Springfield/Delco Limited Partnership
				
	PR Viewmont Limited Partnership	 	PA	 	 •PR Viewmont LLC – 0.01% GP
  
 •PREIT – 99.99% LP
	 	2 – SPE
				
	PR Springfield Associates, L.P.	 	PA	 	 •PR Springfield Trust – 89% GP
  
 •Pennsylvania Real Estate Investment Trust
– 11% LP
	 	2 – SPE
				
	801-Gallery C-3 Associates, L.P.	 	PA	 	 •801-Gallery C-3 GP, LLC – 1.0% GP
  
 •801-Galley Associates, L.P. – 85.0%
LP
  
 •801-Gallery C-3 MT, L.P.
– 14.0% LP
	 	3
				
	801-Gallery Office Associates, L.P.	 	PA	 	 •801-Gallery Office GP, LLC – 1.0% GP
  
 •801-Galley Associates, L.P. – 85.0%
LP
  
 •801-Gallery Office MT,
L.P. – 14.0% LP
	 	3
				
	PR Lycoming Limited Partnership	 	PA	 	 •PR Lycoming LLC – 0.01% GP
  
 •PREIT – 99.99%
	 	2 – SPE

							
	Limited Liability Companies	 		 		 	
				
	Cherry Hill Center, LLC	 	PA Limited Liability Company	 	New Castle Associates – 100% Sole Member	 	1
				
	PR Beaver Valley LLC	 	PA Limited Liability Company	 	PREIT – 100% Sole Member	 	2 – See PR Beaver Valley Limited Partnership
				
	PR Metroplex West LLC	 	PA Limited Liability Company	 	PREIT – 100% Sole Member	 	2 – See Metroplex General, Inc.
				
	PR North Dartmouth LLC	 	DE Limited Liability Company	 	PREIT – 100% Sole Member	 	2 – SPE
				
	PR PGPlaza LLC	 	DE Limited Liability Company	 	PREIT – 100% Sole Member	 	2 – See PR Prince Georges Plaza LLC
				
	PR Prince Georges Plaza LLC	 	DE Limited Liability Company	 	 PR PGPlaza LLC – 1% Managing Member
  
 PREIT – 99% Member
	 	2 – See PR Hyattsville LLC
				
	PR Red Rose LLC	 	PA Limited Liability Company	 	PREIT – 100% Sole Member	 	2 – See Red Rose Commons Associates, L.P.
				
	PR Capital City LLC	 	DE Limited Liability Company	 	 •PR CC II LLC 99.99% Member
  
 •PREIT .01% Member
	 	2 – See PR Capital City Limited Partnership
				
	PR CC I LLC	 	DE Limited Liability Company	 	 •PR CC II LLC 99.99% Member
  
 •PREIT .01% Member
	 	2 – See PR CC Limited Partnership
				
	PR CC II LLC	 	DE Limited Liability Company	 	PREIT 100% Sole Member	 	2 – See PR CC Limited Partnership
				
	PR Valley View LLC	 	DE Limited Liability Company	 	 •PR VV LLC 99.99% Member
  
 •PREIT .01% Member
	 	2 – See PR Valley View Limited Partnership
				
	PR VV LLC	 	DE Limited Liability Company	 	PREIT 100% Sole Member	 	2 – See PR Valley View Limited Partnership
				
	PR Jacksonville LLC	 	DE Limited Liability Company	 	 •PR JK LLC 99.99% Member
  
 •PREIT .01% Member
	 	2 – See PR Jacksonville Limited Partnership
				
	PR JK LLC	 	DE Limited Liability Company	 	PREIT 100% Sole Member	 	2 – See PR Jacksonville Limited Partnership

							
	PR Logan Valley LLC	 	DE Limited Liability Company	 	 PR LV LLC 99.99% Member
 PREIT
- .01%
	 	2 – See PR Logan Valley Limited Partnership
				
	PR Wyoming Valley LLC	 	DE Limited Liability Company	 	 PR WV LLC 99.99% Member
 PREIT
- .01%
	 	2 – See PR Wyoming Valley Limited Partnership
				
	PR LV LLC	 	DE Limited Liability Company	 	PREIT 100% Sole Member	 	2 – See PR Logan Valley Limited Partnership
				
	PR WL LLC	 	DE Limited Liability Company	 	 PR LV LLC 99.99% Member
 PREIT
- .01%
	 	2 – See PR WL Limited Partnership
				
	PR WV LLC	 	DE Limited Liability Company	 	PREIT 100% Sole Member	 	2 – See PR WL Limited Partnership
				
	PR Christiana LLC	 	DE Limited Liability Company	 	PREIT 100% Sole Member	 	2 – SPE
				
	PR Magnolia LLC	 	DE Limited Liability Company	 	PREIT 100% Sole Member	 	2 – SPE
				
	PR New Castle LLC	 	PA Limited Liability Company	 	PREIT 100% Sole Member	 	2 – See PR New Castle Associates
				
	PR Paxton LLC	 	PA Limited Liability Company	 	PREIT 100% Sole Member	 	2 – See PRGL Paxton Limited Partnership
				
	PR Titus LLC	 	PA Limited Liability Company	 	PREIT 100% Sole Member	 	2 – See PR Titus Limited Partnership
				
	PR Valley LLC	 	DE Limited Liability Company	 	PREIT 100% Sole Member	 	2 – See PR Valley Limited Partnership
				
	PR Warrington LLC	 	PA Limited Liability Company	 	PREIT 100% Sole Member	 	2 – See PR Warrington Limited Partnership
				
	PRWGP General LLC	 	DE Limited Liability Company	 	PREIT 100% Sole Member	 	2 – See WG Park, L.P.
				
	WG Holdings of Pennsylvania L.L.C.	 	PA Limited Liability Company	 	WG Holdings L.P. 100% Sole Member	 	2 – See WG Park, L.P.
				
	PR Cherry Hill Office GP, LLC	 	DE Limited Liability Company	 	PREIT 100% Sole Member	 	2 – See Bala Cynwyd Associates
				
	PR Woodland General LLC	 	DE Limited Liability Company	 	PREIT 100% Sole Member	 	2 – See PR Woodland L. P.
				
	PR Hagerstown LLC	 	DE Limited Liability Company	 	PR Valley Mall Limited Partnership 100% Sole Member	 	2 – SPE
				
	PR Hyattsville LLC	 	DE Limited Liability Company	 	PR Prince Georges Plaza LLC – 100% Sole Member	 	2 – SPE
				
	PR Lehigh Valley LLC	 	PA Limited Liability Company	 	PREIT 100% Sole Member	 	2 – See Lehigh Valley Associates
				
	PR Walnut Street Abstract LLC	 	DE Limited Liability Company	 	PREIT-RUBIN, Inc. – Sole Member	 	2 – See Walnut Street Abstract L.P.
				
	PR Patrick Henry LLC	 	DE Limited Liability Company	 	 •PREIT – Sole Member
	 	2 – SPE
				
	PR Woodland Outparcel LLC	 	DE Limited Liability Company	 	 •PREIT – Sole Member
	 	2 – SPE

							
	Cumberland Mall Retail Condominium Association, LLC	 	NJ Limited Liability Company	 	 •PREIT and other unit owners
	 	1
				
	PR Cherry Hill STW, LLC	 	DE Limited Liability Company	 	 •PREIT – 100% Sole Member
	 	2 – SPE
				
	PR Cumberland GP, LLC	 	DE Limited Liability Company	 	PREIT – 100% Sole Member	 	2 – See Cumberland Mall Associates
				
	PR Cumberland LP, LLC	 	DE Limited Liability Company	 	PREIT – 100% Sole Member	 	2 – See Cumberland Mall Associates
				
	Moorestown Mall LLC	 	DE Limited Liability Company	 	PR Moorestown Limited Partnership – 100% Sole Member	 	2 - SPE
				
	PR Moorestown LLC	 	PA Limited Liability Company	 	PREIT – 100% Sole Member	 	2 – See Moorestown Mall LLC
				
	PR Francis Scott Key LLC	 	DE	 	PR Financing Limited Partnership – 100% Sole Member	 	2 - SPE
				
	PR Springfield/Delco LLC	 	DE	 	Balsam Holding Inc. (Exchange Accommodation Titleholder) – 100% Sole Member	 	2 – See PR Springfield/Delco, L.P.
				
	PR Springfield/Delco Holdings LLC	 	DE	 	Balsam Holding Inc. (Exchange Accommodation Titleholder) – 100% Sole Member	 	2 – See PR Springfield/Delco Holdings, L.P.
				
	PR Viewmont LLC	 	DE	 	PREIT – 100% Sole Member	 	2 – See PR Viewmont Limited Partnership
				
	PR Northeast LLC	 	PA Limited Liability Company	 	PREIT – 100% Sole Member	 	2 – See PR Northeast Limited Partnership
				
	PR New River LLC	 	VA Limited Liability Company	 	PREIT – 100% Sole Member	 	2 – SPE
				
	PR Woodland K-Outparcel LLC	 	DE Limited Liability Company	 	PREIT – 100% Sole Member	 	Dissolution in process
				
	CD Development LLC	 	DE	 	PR Christiana LLC – 100% Sole Member	 	Dissolution in process
				
	801-Gallery C-3 GP, LLC	 	PA	 	801-Gallery Associates, L.P. – 100% sole member	 	3
				
	801-Gallery Office GP, LLC	 	PA	 	801-Gallery Associates, L.P. – 100% sole member	 	3
				
	801-Tenant C-3 Manager, LLC	 	PA	 	801-Gallery Associates, L.P. – 100% sole member	 	2 – only interest is in a Consolidation Exempt Entity.
				
	PR Fin Delaware, LLC	 	DE	 	801-Gallery Associates, L.P. – 100% sole member	 	3
				
	PR Lycoming LLC	 	DE	 	PREIT – 100% Sole Member	 	2 – See Lycoming Limited Partnership

							
	Corporations	 		 		 	
				
	Paxton Town Centre Unit Owners Association	 	PA	 	PREIT and other Unit Owners	 	1
				
	Springhills NE Quadrant Drainage Association No. One, Inc.	 	FL	 	PREIT and other owners.	 	1
				
	Springhill Owners Association, Inc.	 	FL	 	PREIT and other owners.	 	1
				
	PR Ventures, Inc.	 	PA	 	PREIT-RUBIN, Inc. – 100%	 	Dissolution in process or anticipated
				
	 Trusts
	 		 		 	
				
	PR Springfield Trust	 	PA Business Trust	 	PREIT – Sole Beneficiary	 	2 – See PR Springfield Associates, L.P.
				
	PR Oxford Valley Trust	 	PA Business Trust	 	PREIT – Sole Beneficiary	 	2 – See Oxford Valley Road Associates

 1 = Subsidiary
(x) does not Guarantee any Indebtedness of any other Person (other than Indebtedness under Guarantees which are solely Guarantees of performance and not of payment and other Guarantees of such Person for liabilities arising from Nonrecourse
Exceptions); and (y) such Subsidiary is not a Wholly Owned Subsidiary. 
 2 = Subsidiary is an Excluded Subsidiary. 
 3 = Subsidiary is not subject to the terms of Section 7.15 of the Agreement until the date that is 180 days after the Agreement Date. 

 Schedule 7.9 
 Properties Under Development or Redevelopment as of the Agreement Date 
 Beaver Valley Mall 
 Capital City Mall 
 Chambersburg Mall 
 Cherry Hill Mall 
 Cumberland Mall 
 Francis Scott Key Mall 
 Gadsden Mall 
 Gallery at Market East 
 Jacksonville Mall II 
 Lancaster – Pitney Road
Plaza 
 Lycoming Mall Phases II & III 
 Magnolia Mall 
 Mall at Prince Georges 
 Monroe Marketplace Phase I 
 Moorestown Mall 
 New River Valley Mall 
 New River Valley Retail
Center 
 North Hanover Mall 
 Orlando
Fashion Square 
 Paxton 
 Plaza at
Magnolia 
 Plymouth Meeting Mall 
 Sunrise Phases I & II 
 Valley Mall 
 Voorhees Town Center Phases I & II 
 Willow Grove Park 
 Wiregrass Commons 
 Woodland Mall 
 Wyoming Valley Mall 
 Lehigh Valley Mall 

Springfield Mall 

 EXHIBIT A 
 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 
 THIS ASSIGNMENT
AND ASSUMPTION AGREEMENT dated as of                     , 20    (the “Agreement”) by and among
                    (the “Assignor”),
                    (the “Assignee”), [PREIT ASSOCIATES, L.P. (“PREIT”) and PREIT-RUBIN, INC. (“PREIT-RUBIN”; together
with PREIT, each individually, a “Borrower” and collectively, the “Borrower”)]1, and WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent (the “Administrative Agent”). 
 WHEREAS, the Assignor is a Lender under that certain Amended,
Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among [the Borrower] [PREIT ASSOCIATES, L.P.
(“PREIT”) and PREIT-RUBIN, INC. (“PREIT-RUBIN”; together with PREIT, each individually, a “Borrower” and collectively, the “Borrower”)], PR GALLERY I LIMITED PARTNERSHIP, a Pennsylvania limited partnership
(“PR Gallery”), KEYSTONE PHILADELPHIA PROPERTIES, L.P., a Pennsylvania limited partnership (“Keystone”, together with PR Gallery, PREIT, and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the
“Gallery Borrower”), the financial institutions party thereto and their assignees under Section 11.6.(c) thereof, the Administrative Agent, and the other parties thereto; 
 WHEREAS, the Assignor desires to assign to the Assignee all or a portion of the Assignor’s Revolving Commitment and Term Loans under
the Credit Agreement, all on the terms and conditions set forth herein; and 
 WHEREAS, the [Borrower and the] Administrative
Agent consent[s] to such assignment on the terms and conditions set forth herein. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which hereby are acknowledged by the parties hereto, the parties hereto hereby agree as follows: 
 Section 1. Assignment. 
 (a) Subject to the terms and conditions of
this Agreement and in consideration of the payment to be made by the Assignee to the Assignor pursuant to Section 2 of this Agreement, effective as of
                    , 20     (the “Assignment Date”) the Assignor hereby irrevocably sells, transfers and assigns to
the Assignee, without recourse, a $     interest (such interest being the “Assigned Commitment”) in and to the Assignor’s Revolving Commitment, a $     interest (such interest being the
“Assigned Term Loan A”) in and to the Assignor’s Term Loan A and a $      interest (such interest being the “Assigned Gallery Term Loan”; together with the Assigned Term Loan A, the “Assigned Term
Loans”) in and to the Assignor’s Gallery Term 
  

	1	 Include only if Borrower’s consent is required and Section 17 is provided.

  

 A-1 

 
Loan, and all of the other rights and obligations of the Assignor under the Credit Agreement, such Assignor’s Revolving Note and Term Notes, and the other Loan Documents representing
    % in respect of the aggregate amount of all Lenders’ Revolving Commitments,     % in respect of all Lenders’ Term Loans A and     % in respect of all Lenders’ Gallery
Term Loans, including without limitation, a principal amount of outstanding Revolving Loans equal to $    , a principal amount of an outstanding Term Loan A equal to $    , and a principal amount of an
outstanding Gallery Term Loan equal to $    , all voting rights of the Assignor associated with the Assigned Commitment and Assigned Term Loans, all rights to receive interest on such amount of Loans and all Fees with respect to
the Assigned Commitment and Assigned Term Loans and other rights of the Assignor under the Credit Agreement and the other Loan Documents with respect to the Assigned Commitment and Assigned Term Loans, all as if the Assignee were an original Lender
under and signatory to the Credit Agreement having a Revolving Commitment equal to the amount of the Assigned Commitment and a Term Loans equal to the amount of the Assigned Term Loans. The Assignee, subject to the terms and conditions hereof,
hereby assumes all obligations of the Assignor with respect to the Assigned Commitment and Assigned Term Loans as if the Assignee were an original Lender under and signatory to the Credit Agreement having a Revolving Commitment equal to the amount
of the Assigned Commitment, a Term Loan A equal to the amount of the Assigned Term Loan A and a Gallery Term Loan equal to the amount of the Assigned Gallery Term Loan, which obligations shall include, but shall not be limited to, the obligation of
the Assignor to indemnify the Administrative Agent as provided in the Credit Agreement (the foregoing enumerated obligations, together with all other similar obligations more particularly set forth in the Credit Agreement and the other Loan
Documents, shall be referred to hereinafter, collectively, as the “Assigned Obligations”. The obligations assigned pursuant to the immediately preceding sentence shall constitute Assigned Obligations hereunder. The Assignor shall have no
further duties or obligations with respect to, and shall have no further interest in, the Assigned Obligations or the Assigned Commitment and Assigned Term Loans from and after the Assignment Date. The Assignor shall retain all of its right to
indemnification under the Credit Agreement and the other Loan Documents for any events, acts or omissions occurring prior to the Assignment Date. 
 (b) The assignment by the Assignor to the Assignee hereunder is without recourse to the Assignor. The Assignee makes and confirms to the Administrative Agent, the Assignor, and the other Lenders all of
the representations, warranties and covenants of a Lender under Article X. of the Credit Agreement. Not in limitation of the foregoing, the Assignee acknowledges and agrees that, except as set forth in Section 4. below, the Assignor is
making no representations or warranties with respect to, and the Assignee hereby releases and discharges the Assignor for any responsibility or liability for: (i) the present or future solvency or financial condition of the Borrower, the
Gallery Borrower, any other Loan Party or any other Subsidiary, (ii) any representations, warranties, statements or information made or furnished by the Borrower, the Gallery Borrower, any other Loan Party or any other Subsidiary in connection
with the Credit Agreement or otherwise, (iii) the validity, efficacy, sufficiency, or enforceability of the Credit Agreement, any Loan Document or any other document or instrument executed in connection therewith, or the collectibility of the
Assigned Obligations, (iv) the perfection, priority or validity of any Lien with respect to any collateral at any time securing the Obligations,

  

 A-2 

 
the Gallery Obligations or the Assigned Obligations under the Notes or the Credit Agreement and (v) the performance or failure to perform by the Borrower, the Gallery Borrower or any other
Loan Party of any obligation under the Credit Agreement or any other Loan Document to which it is a party. Further, the Assignee acknowledges that it has, independently and without reliance upon the Administrative Agent or any affiliate or
subsidiary thereof, or any other Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents and based on the financial statements supplied by the Borrower and such other documents and
information as it has deemed appropriate, made its own credit and legal analysis and decision to become a Lender under the Credit Agreement. The Assignee also acknowledges that it will, independently and without reliance upon the Administrative
Agent 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 Credit Agreement or any Revolving Note or Term Note
pursuant to any other obligation. The Administrative Agent shall have no duty or responsibility whatsoever, either initially or on a continuing basis, to provide the Assignee with any credit or other information with respect to the Borrower, the
Gallery Borrower, any other Loan Party or any other Subsidiary or to notify the Assignee of any Default or Event of Default, except as expressly provided in the Credit Agreement. The Assignee has not relied on the Administrative Agent as to any
legal or factual matter in connection therewith or in connection with the transactions contemplated thereunder. 
 Section 2. Payment by Assignee. In consideration of the assignment made pursuant to Section 1. of this Agreement, the Assignee agrees to pay to the Assignor on the Assignment Date, such amount as they may agree.

 Section 3. Payments by Assignor. The Assignor agrees to pay to the Administrative Agent on the Assignment Date
the administrative fee payable under Section 11.6.(c) of the Credit Agreement. 
 Section 4. Representations and
Warranties of Assignor. The Assignor hereby represents and warrants to the Assignee that (a) as of the Assignment Date, (i) the Assignor is a Lender under the Credit Agreement having a Revolving Commitment under the Credit Agreement
immediately prior to the Assignment Date equal to $     and that the Assignor has not received written notice of a default of its obligations under the Credit Agreement; (ii) the outstanding principal balance of the
Revolving Loans owing to the Assignor (without reduction by any assignments thereof which have not yet become effective) is $    ; (iii) the outstanding principal balance of the Term Loan A owing to the Assignor (without
reduction by any assignments thereof which have not yet become effective) is $    ; and (iv) the outstanding principal balance of the Gallery Term Loan owing to the Assignor (without reduction by any assignments thereof
which have not yet become effective) is $    , and (b) it is the legal and beneficial owner of the Assigned Revolving Commitment and Assigned Term Loans which are free and clear of any adverse claim created by the Assignor.

 Section 5. Representations, Warranties and Agreements of Assignee. The Assignee (a) represents and warrants
that it is (i) legally authorized to enter into this Agreement; (ii) an “accredited investor” (as such term is used in Regulation D of the Securities Act) and (iii) an

  

 A-3 

 
Eligible Assignee; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant thereto and such other
documents and information (including without limitation the Loan Documents) as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (c) appoints and authorizes the Administrative Agent to take
such action as contractual representative on its behalf and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent by the terms thereof together with such powers as are reasonably incidental thereto;
(d) agrees that if not already a Lender and to the extent of the Assigned Commitment and Assigned Term Loans it will become a party to and shall be bound by the Credit Agreement and the other Loan Documents to which the other Lenders are a
party on the Assignment Date and will perform in accordance therewith all of the obligations which are required to be performed by it as a Lender; and (e) is either (i) not organized under the laws of a jurisdiction outside the United
States of America or (ii) has delivered to the Administrative Agent (with an additional copy for the Borrower) such items required under Section 3.10. of the Credit Agreement. 
 Section 6. Recording and Acknowledgment by the Administrative Agent. Following the execution of this Agreement, the Assignor
will deliver to the Administrative Agent (a) a duly executed copy of this Agreement for acknowledgment and recording by the Administrative Agent and (b) the Assignor’s Revolving Note and Term Notes. Upon such acknowledgment and
recording, from and after the Assignment Date, the Administrative Agent shall make all payments in respect of the interest assigned hereby (including payments of principal, interest, fees and other amounts) to the Assignee. The Assignor and Assignee
shall make all appropriate adjustments in payments under the Credit Agreement for periods prior to the Assignment Date directly between themselves. 
 Section 7. Addresses. The Assignee specifies as its address for notices and its Lending Office for all Loans, the offices set forth below: 

					
	  
	  		  	
	  
	  		  	

  

							
	Attention:	 	  
	  		  	

							
	Telephone No.:	 	  
	  		  	
	Telecopy No.:	 	  
	  		  	

 Section 8. Payment Instructions. All payments to be made to the Assignee under this
Agreement by the Assignor, and all payments to be made to the Assignee under the Credit Agreement, shall be made as provided in the Credit Agreement in accordance with the following instructions: 

					
	  
	  		  	
	  
	  		  	
	  
	  		  	
	  
	  		  	

  

 A-4 

 Section 9. Effectiveness of Assignment. This Agreement, and the assignment and
assumption contemplated herein, shall not be effective until (a) this Agreement is executed and delivered by each of the Assignor, the Assignee, the Administrative Agent and if required under Section 11.6.(c) of the Credit Agreement, the
Borrower, and (b) the payment to the Assignor of the amounts owing by the Assignee pursuant to Section 2. hereof and (c) the payment to the Administrative Agent of the amounts owing by the Assignor pursuant to Section 3. hereof.
Upon recording and acknowledgment of this Agreement by the Administrative Agent, from and after the Assignment Date, (i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Agreement, have the rights and
obligations of a Lender thereunder and (ii) the Assignor shall, to the extent provided in this Agreement, relinquish its rights (except as otherwise provided in Section 11.11. of the Credit Agreement) and be released from its obligations
under the Credit Agreement; provided, however, that if the Assignor does not assign its entire interest under the Loan Documents, it shall remain a Lender entitled to all of the benefits and subject to all of the obligations thereunder
with respect to its Revolving Commitment, Term Loan A and Gallery Term Loan. 
 Section 10. Governing Law. THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 11. Counterparts. This Agreement may be executed in any number of counterparts each of which, when taken together, shall
constitute one and the same agreement. 
 Section 12. Headings. Section headings have been inserted herein for
convenience only and shall not be construed to be a part hereof. 
 Section 13. Amendments; Waivers. This Agreement
may not be amended, changed, waived or modified except by a writing executed by the Assignee and the Assignor; provided, however, that any amendment, waiver or consent that affects the rights and duties of the Administrative Agent under this
Agreement shall not be effective unless signed by the Administrative Agent. 
 Section 14. Entire Agreement. This
Agreement embodies the entire agreement between the Assignor and the Assignee with respect to the subject matter hereof and supersedes all other prior arrangements and understandings relating to the subject matter hereof. 
 Section 15. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
 Section 16. Definitions. Terms not otherwise defined herein are used
herein with the respective meanings given them in the Credit Agreement. 
 [Include this Section only if the
Borrower’s consent is required under Section 11.6.(c) of the Credit Agreement] Section 17. Agreements of the Borrower. The Borrower hereby agrees

  

 A-5 

 
that the Assignee shall be a Lender under the Credit Agreement holding a Revolving Commitment, Term Loan A and Gallery Term Loan equal to the Assigned Commitment and Assigned Term Loans,
respectively. The Borrower agrees that the Assignee shall have all of the rights and remedies of a Lender under the Credit Agreement and the other Loan Documents as if the Assignee were an original Lender under and signatory to the Credit Agreement,
including, but not limited to, the right of a Lender to receive payments of principal and interest with respect to the Assigned Obligations, if any, to receive the Fees payable to the Lenders as provided in the Credit Agreement. Further, the
Assignee shall be entitled to the benefit of the indemnification provisions from the Borrower in favor of the Lenders as provided in the Credit Agreement and the other Loan Documents. The Borrower further agrees, upon the execution and delivery of
this Agreement, to execute in favor of the Assignee a Revolving Note and a Term Loan A Note equal to the Assigned Commitment and Assigned Term Loan A, respectively, and to cause the Gallery Borrower to execute in favor of the Assignee a Gallery Term
Loan. Further, the Borrower agrees that, upon the execution and delivery of this Agreement, the Borrower and the Gallery Borrower shall owe the Assigned Obligations to the Assignee as if the Assignee were the Lender originally making such Loans and
entering into such other obligations. 
 [Signatures on Following Page] 
  

 A-6 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment and Assumption
Agreement as of the date and year first written above. 
  
  
  

					
	ASSIGNOR:
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

			
	Payment Instructions
	
	[Bank]
	[Address]
	ABA No. :
	Account No.:
	Account Name:
	Reference:
	
	ASSIGNEE:
	
	[NAME OF ASSIGNEE]

  

					
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

			
	Payment Instructions
	
	 [Bank]

	 [Address]

	 ABA No. :

	 Account No.:

	 Account Name:

	Reference:

 [Signatures
continued on Following Page] 
  

 A-7 

			
	Agreed and Consented to as of the date first written above.
	
	[Include signature of the Borrower only if required under Section 11.6.(c) of the Credit Agreement]

  

									
	BORROWER:	 	
	
	PREIT ASSOCIATES, L.P.
		
	By:	 	Pennsylvania Real Estate Investment Trust, as its general partner
		 		 	By:	 	  

		 		 		 	 Name:
	 	  

		 		 		 	 Title:
	 	  

  

					
	PREIT-RUBIN, INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

 A-8 

 Accepted as of the date first written above. 
 ADMINISTRATIVE AGENT: 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent 

 

					
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

 A-9 

 EXHIBIT B-1 
 Form of Environmental Indemnity Agreement 
 [See attached] 
  

 B-I-1 

 Loan No. 1001733 
 ENVIRONMENTAL INDEMNITY AGREEMENT 
 THIS ENVIRONMENTAL INDEMNITY AGREEMENT (this “Agreement”) made as of the [    ] day of March, 2010 by PREIT ASSOCIATES, L.P., a Delaware limited partnership, having an office at 200 South Broad Street,
Philadelphia, Pennsylvania 19102 (“PREIT”), PREIT-RUBIN, INC., a Pennsylvania corporation (“PREIT-RUBIN”; PREIT and PREIT-RUBIN, each, individually, a Borrower and, collectively, the
“Borrower”), PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania Business Trust (“PREIT Trust”), PR Financing Limited Partnership, a Delaware limited partnership (“PR Financing”),
PR Florence LLC, a South Carolina limited liability company (“PR Florence”), PR Crossroads I, LLC, a Pennsylvania limited liability company (“PR Crossroads I”), PR Crossroads II, LLC, a
Pennsylvania limited liability company (“PR Crossroads II”), PREIT Gadsden Mall LLC, a Delaware limited liability company (“PREIT Gadsden Mall”), PR Monroe Limited Partnership, a Pennsylvania limited
partnership (“PR Monroe”), PR Orlando Fashion Square LLC, a Delaware limited liability company (“PR Orlando”), PREIT Gadsden Office LLC, a Delaware limited liability company (“PREIT
Gadsden Office”), PR Palmer Park Mall Limited Partnership, a Pennsylvania limited partnership (“PR Palmer Park”), PR Radio Drive LLC, a South Carolina limited liability company (“PR Radio Drive”),
Plymouth Ground Associates LP, a Pennsylvania limited partnership (“Plymouth Ground”), PR AEKI Plymouth, L.P., a Delaware limited partnership (“PR AEKI”), PR Plymouth Meeting Limited Partnership, a
Pennsylvania limited partnership (“PR Plymouth Meeting”), PR Lacey LLC, a New Jersey limited liability company (“PR Lacey”), Echelon Title LLC, a Delaware limited liability company
(“Echelon”), PR Washington Crown Limited Partnership, a Pennsylvania limited partnership (“PR Washington”), PR Westgate Limited Partnership, a Pennsylvania limited partnership (“PR
Westgate”), PR Wiregrass Anchor LLC, a Delaware limited liability company (“PR Wiregrass Anchor”), and PR Wiregrass Commons LLC, a Delaware liability company (“PR Wiregrass Commons”; PR
Financing, PR Florence, PR Crossroads I, PR Crossroads II, PREIT Gadsden Mall, PR Monroe, PR Orlando, PREIT Gadsden Office, PR Palmer Park, PR Radio Drive, Plymouth Ground, PR AEKI, PR Plymouth Meeting, PR Lacey, Echelon, PR Washington, PR Westgate,
PR Wiregrass Anchor, PR Wiregrass Commons, and PREIT Trust, collectively, “Guarantor”; Borrower and Guarantor are individually and/or collectively (as the context may require) referred to herein as “Indemnitor”),
each Indemnitor having an address at 200 South Broad Street, Philadelphia, Pennsylvania 19102, in favor of (a) WELLS FARGO BANK, NATIONAL ASSOCIATION, having an address at 1750 H Street, 4th Floor, Washington D.C. 20006, in its capacity as administrative agent (in such capacity, together with
its successors and/or assigns in such capacity, “Administrative Agent”) for its benefit and the benefit of Lenders (as hereinafter defined), Issuing Bank (as defined in the Credit Agreement (as hereinafter defined)) and each
Specified Derivatives Provider (as defined in the Credit Agreement (as hereinafter defined)), (b) Lenders, (c) Issuing Bank, (d) each Specified Derivatives Provider, and (e) other Indemnified Parties (hereinafter defined).

 RECITALS: 
 A. Lenders are prepared to make certain loans and other financial accommodations to Gallery Borrower (as defined in the Credit Agreement) and Borrower (collectively, the “Loan”), which Loan is evidenced by certain notes
given by Borrower or Gallery Borrower to each Lender (collectively, the “Note”) and guaranteed by Guarantor and affiliates of Guarantor pursuant to that certain Amended and Restated Guaranty, dated as of the date hereof, executed by
Guarantor and certain affiliates of Guarantor (the “Guaranty”), which Guaranty and/or the Note will be secured by, among other things, those certain mortgages, deeds of trust and/or similar security instruments, each dated the date
hereof (together with any and all extensions, renewals, substitutions, replacements, amendments, modifications and/or restatements thereof, individually and/or collectively, as the context may require, the “Security Instrument”),
which grants Administrative Agent, for its benefit and the benefit of Lenders, Issuing Bank and each Specified Derivatives Provider, a lien on the property encumbered thereby (individually and/or collectively, as the context may require, the
“Property”) and which Loan is made pursuant to that certain Amended, Restated and Consolidated Credit Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by Borrower, Gallery Borrower, PREIT Trust, the financial institutions party thereto and their assignees under Section 11.6. thereof (the “Lenders”), and Administrative Agent; the Security
Instrument, the Credit Agreement and any and all documents or

 
instruments now or hereafter executed in connection with the Loan are collectively herein referred to as the “Loan Documents”). All capitalized terms not defined herein shall
have the meaning set forth in the Credit Agreement. 
 B. Lenders are unwilling to make the Loan and accept the Guaranty unless
Indemnitor agrees to provide the indemnification, representations, warranties, covenants and other matters described in this Agreement for the benefit of the Indemnified Parties. 
 C. Indemnitor is entering into this Agreement to induce Lenders to make the Loan and accept the Guaranty. 
 AGREEMENT 
 NOW
THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Indemnitor hereby represents, warrants, covenants and agrees for the benefit of Administrative
Agent, Lenders, Issuing Bank and Specified Derivatives Providers as follows: 
 1. INDEMNIFIED RIGHTS/COOPERATION AND ACCESS.
In the event Administrative Agent has reason to believe that Hazardous Materials exist on the Property that in the reasonable judgment of Administrative Agent endangers any tenant or other occupant of the Property or their guests or the general
public or may materially and adversely affect the value of the Property, upon reasonable notice to Indemnitor, Administrative Agent (on its own behalf or on behalf of Requisite Lenders) and any other Person designated by Administrative Agent,
including but not limited to any receiver, any representative of a governmental entity, and any environmental consultant, shall have the right, but not the obligation, to enter upon the Property at all reasonable times to assess any and all aspects
of the environmental condition of the Property and its use, including but not limited to conducting any environmental assessment or audit (the scope of which shall be determined in the reasonable discretion of Administrative Agent and taking samples
of soil, groundwater or other water, air, or building materials, and reasonably conducting other invasive testing, each at Indemnitor’s expense. Indemnitor shall cooperate with and provide Administrative Agent and any such Person designated by
Administrative Agent with access to the Property. 
 2. INDEMNIFICATION. Indemnitor covenants and agrees, at its sole
cost and expense, to protect, defend, indemnify, release and hold Indemnified Parties harmless from and against any and all Losses (defined below) imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly
arising out of or in any way relating to any one or more of the following: (a) any presence of any Hazardous Materials in, on, above, or under the Property; (b) any past, present or threatened Release of Hazardous Materials in, on, above,
under or from the Property; (c) any activity by Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the Property in connection with any actual, proposed or threatened use, treatment, storage, holding, existence,
disposition or other Release, generation, production, manufacturing, processing, refining, control, management, abatement, removal, handling, transfer or transportation to or from the Property of any Hazardous Materials at any time located in,
under, on or above the Property; (d) any activity by Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the Property in connection with any actual or proposed Remediation of any Hazardous Materials at any time
located in, under, on or above the Property, whether or not such Remediation is voluntary or pursuant to court or administrative order, including but not limited to any removal, remedial or corrective action; (e) any past, present or threatened
non-compliance or violations of any Environmental Laws (or permits issued pursuant to any Environmental Law) in connection with the Property or operations thereon, including but not limited to any failure by Indemnitor, any Person affiliated with
Indemnitor, and any tenant or other user of the Property to comply with any order of any governmental authority in connection with any Environmental Laws; (f) the imposition, recording or filing or the threatened imposition, recording or filing
of any Environmental Lien encumbering the Property; (g) any administrative processes or proceedings or judicial proceedings in any way connected with any matter addressed in this Agreement; (h) any past, present or threatened injury to,
destruction of or loss of natural resources in any way connected with the Property, including but not limited to costs to investigate and assess such injury, destruction or loss; (i) any acts of Indemnitor, any Person affiliated with
Indemnitor, and any tenant or other user of the Property in arranging for disposal or treatment, or arranging with a transporter for transport for disposal or treatment, of Hazardous Materials at any facility or incineration vessel containing such
or similar Hazardous Materials; (j) any acts of Indemnitor, any Person affiliated

  

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with any Indemnitor, and any tenant or other user of the Property in accepting any Hazardous Materials for transport to disposal or treatment facilities, incineration vessels or sites from which
there is a Release, or a threatened Release of any Hazardous Material which causes the incurrence of costs for Remediation; (k) any personal injury, wrongful death, or property or other damage arising under any statutory or common law or tort
law theory, including but not limited to damages assessed for private or public nuisance or for the conducting of an abnormally dangerous activity on or near the Property; and (l) any misrepresentation or inaccuracy in any representation or
warranty or material breach or failure to perform any covenants or other obligations pursuant to this Agreement, the Credit Agreement or the Security Instrument. 
 3. DUTY TO DEFEND AND ATTORNEYS AND OTHER FEES AND EXPENSES. Upon written request by Administrative Agent (for itself and/or on behalf of any other Indemnified Parties), Indemnitor shall defend
same (if requested by Administrative Agent, in the name of Administrative Agent and/or any such Indemnified Parties) by attorneys and other professionals approved by Administrative Agent. Notwithstanding the foregoing, Administrative Agent may (for
itself and/or on behalf of any other Indemnified Parties), in its sole and absolute discretion, engage its own attorneys and other professionals to defend or assist Administrative Agent and/or such Indemnified Parties, and, at the option of
Administrative Agent, its attorneys shall control the resolution of any claim or proceeding, providing that no compromise or settlement shall be entered without Indemnitor’s consent, which consent shall not be unreasonably withheld. Upon
demand, Indemnitor shall pay or, in the sole and absolute discretion of Administrative Agent, reimburse, Administrative Agent for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and
other professionals in connection therewith. 
 4. DEFINITIONS. As used in this Agreement, the following terms shall have
the following meanings: 
 The term “Environmental Law” has the meaning ascribed to it in the Credit Agreement.

 The term “Hazardous Materials” has the meaning ascribed to it in the Credit Agreement. 
 The term “Indemnified Parties” includes Administrative Agent, each Lender, Issuing Bank, each Specified Derivatives
Provider, any Person who is or will have been involved in the origination of the Loan, any Person in whose name the encumbrance created by the Security Instrument is or will have been recorded, Persons who may hold or acquire or will have held a
full or partial interest in the Loan (including, but not limited to, investors or prospective investors in the Loan, as well as, custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan for the benefit
of third parties) as well as the respective directors, officers, shareholders, partners, employees, agents, servants, representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any and all of the
foregoing (including but not limited to any other Person who holds or acquires or will have held a participation or other full or partial interest in the Loan or the Property, whether during the term of the Loan or as a part of or following a
foreclosure of the Loan and including, but not limited to, any successors by merger, consolidation or acquisition of all or a substantial portion of the assets and business of Administrative Agent, any Lender, Issuing Bank or any Specified
Derivatives Provider). 
 The term “Legal Action” means any claim, suit or proceeding, whether administrative
or judicial in nature. 
 The term “Losses” includes any losses, damages, costs, fees, expenses, claims, suits,
judgments, awards, liabilities (including but not limited to strict liabilities), obligations, debts, diminutions in value, fines, penalties, charges, costs of Remediation (whether or not performed voluntarily), amounts paid in settlement,
foreseeable and unforeseeable consequential damages, litigation costs, attorneys’ fees, engineers’ fees, environmental consultants’ fees, and investigation costs (including but not limited to costs for sampling, testing and analysis
of soil, water, air, building materials, and other materials and substances whether solid, liquid or gas), of whatever kind or nature, and whether or not incurred in connection with any judicial or administrative proceedings, actions, claims, suits,
judgments or awards. 
 The term “Microbial Matter” has the meaning ascribed to it in the Credit Agreement.

  

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 The term “Release” with respect to any Hazardous Substance includes but is
not limited to any release, deposit, discharge, emission, leaking, leaching, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Substances. 
 The term “Remediation” includes but is not limited to, as required under applicable Environmental Laws, any response,
remedial, removal, or corrective action; any activity to clean up, detoxify, decontaminate, contain or otherwise remediate any Hazardous Material; any actions to prevent, cure or mitigate any Release of any Hazardous Material; any action to comply
with any Environmental Laws or with any permits issued pursuant thereto; any inspection, investigation, study, monitoring, assessment, audit, sampling and testing, laboratory or other analysis, or evaluation relating to any Hazardous Materials or to
anything referred to herein. 
 5. UNIMPAIRED LIABILITY. The liability of Indemnitor under this Agreement shall in no way
be limited or impaired by, and Indemnitor hereby consents to and agrees to be bound by, any amendment or modification of the provisions of the Note, the Credit Agreement, the Security Instrument or any other Loan Document to or with Administrative
Agent and/or Lenders by Indemnitor or any Person who succeeds Indemnitor or any Person as owner of the Property. In addition, the liability of Indemnitor under this Agreement shall in no way be limited or impaired by (i) any extensions of time
for performance required by the Note, the Credit Agreement, the Security Instrument or any of the other Loan Documents, (ii) any sale or transfer of all or part of the Property, (iii) except as provided herein, any exculpatory provision in
the Note, the Credit Agreement, the Security Instrument, or any of the other Loan Documents limiting Administrative Agent’s recourse to the Property or to any other security for the Note or the Guaranty, or limiting Administrative Agent’s
rights to a deficiency judgment against Indemnitor, (iv) the accuracy or inaccuracy of the representations and warranties made by Indemnitor under the Note, the Credit Agreement, the Security Instrument or any of the other Loan Documents or
herein, (v) the release of Indemnitor or any other Person from performance or observance of any of the agreements, covenants, terms or condition contained in any of the other Loan Documents by operation of law, Administrative Agent’s or
any Lender’s voluntary act, or otherwise, (vi) the release or substitution in whole or in part of any security for the Note and/or the Guaranty, or (vii) Administrative Agent’s failure to record the Security Instrument or file
any UCC financing statements (or Administrative Agent’s improper recording or filing of any thereof) or to otherwise perfect, protect, secure or insure any security interest or lien given as security for the Note and/or the Guaranty; and, in
any such case, whether with or without notice to Indemnitor and with or without consideration. 
 6. ENFORCEMENT.
Administrative Agent on behalf of Indemnified Parties may, and at the direction of Requisite Lenders shall, enforce the obligations of Indemnitor without first resorting to or exhausting any security or collateral or without first having recourse to
the Note, the Credit Agreement, the Security Instrument, or any other Loan Documents or any of the Property, through foreclosure proceedings or otherwise, provided, however, that nothing herein shall inhibit or prevent Administrative Agent from
suing on the Note, foreclosing, or exercising any power of sale under, the Security Instrument, or exercising any other rights and remedies thereunder. This Agreement is not collateral or security for the debt of Indemnitor pursuant to the Loan,
unless Administrative Agent expressly elects in writing to make this Agreement additional collateral or security for the debt of Indemnitor pursuant to the Loan, which Administrative Agent (on behalf of Lenders, Issuing Bank and Specified
Derivatives Providers) is entitled to do in its sole and absolute discretion and shall do at the direction of Requisite Lenders. It is not necessary for an Event of Default to have occurred pursuant to and as defined in the Security Instrument or
the Credit Agreement for Indemnified Parties to exercise their rights pursuant to this Agreement. Notwithstanding any provision of the Credit Agreement, (a) the obligations pursuant to this Agreement are exceptions to any non-recourse or
exculpation provision of the Credit Agreement; (b) Indemnitor is fully and personally liable for such obligations; and (c) such liability is not limited to the original or amortized principal balance of the Loan or the value of the
Property. 
 7. SURVIVAL. The obligations and liabilities of Indemnitor under this Agreement shall fully survive
indefinitely notwithstanding any termination, satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale, or delivery of a deed in lieu of foreclosure of the Security Instrument. 
 8. INTEREST. Any amounts payable to any Indemnified Parties under this Agreement shall become immediately due and payable on demand
and, if not paid within ten (10) days of such demand therefor, shall bear interest at the Post-Default Rate. 
  

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 9. WAIVERS. (a) Indemnitor hereby waives (i) any right or claim of right to
cause a marshaling of Indemnitor’s assets or to cause Administrative Agent, Lenders, or other Indemnified Parties to proceed against any of the security for the Loan before proceeding under this Agreement against Indemnitor; (ii) and
relinquishes all rights and remedies accorded by applicable law to indemnitors or guarantors, except any rights of subrogation which Indemnitor may have, provided that the indemnity provided for hereunder shall neither be contingent upon the
existence of any such rights of subrogation nor subject to any claims or defenses whatsoever which may be asserted in connection with the enforcement or attempted enforcement of such subrogation rights including, without limitation, any claim that
such subrogation rights were abrogated by any acts of Administrative Agent, any Lender, or other Indemnified Parties; (iii) the right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding
brought against or by Administrative Agent, any Lender, or other Indemnified Parties; (iv) notice of acceptance hereof and of any action taken or omitted in reliance hereon; (v) presentment for payment, demand of payment, protest or notice
of nonpayment or failure to perform or observe, or other proof, or notice or demand; and (vi) all homestead exemption rights against the obligations hereunder and the benefits of any statutes of limitations or repose. Notwithstanding anything
to the contrary contained herein, Indemnitor hereby agrees to postpone the exercise of any rights of subrogation with respect to any collateral securing the Loan until the Loan shall have been paid in full. 
 (b) INDEMNITOR HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN EVIDENCED BY THE NOTE, THE APPLICATION FOR THE LOAN EVIDENCED BY THE NOTE, THE SECURITY INSTRUMENT, THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY
ACTS OR OMISSIONS OF ANY INDEMNIFIED PARTIES IN CONNECTION THEREWITH. 
 10. SUBROGATION. Indemnitor shall take any
and all reasonable actions, including institution of legal action against third parties, necessary or appropriate to obtain reimbursement, payment or compensation from such Persons responsible for the presence of any Hazardous Materials at, in, on,
under or near the Property or otherwise obligated by law to bear the cost. Indemnified Parties shall be and hereby are subrogated to all of Indemnitor’s rights now or hereafter in such claims. 
 11. INDEMNITOR’S REPRESENTATIONS AND WARRANTIES. Indemnitor represents and warrants that: 
 (a) it has the full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; the
execution, delivery and performance of this Agreement by Indemnitor has been duly and validly authorized; and all requisite action has been taken by Indemnitor to make this Agreement valid and binding upon Indemnitor, enforceable in accordance with
its terms; 
 (b) its execution of, and compliance with, this Agreement is in the ordinary course of business of
Indemnitor and will not result in the breach of any term or provision of the charter, by-laws, partnership or trust agreement, or other governing instrument of Indemnitor or result in the breach of any term or provision of, or conflict with or
constitute a default under, or result in the acceleration of any obligation under, any agreement, indenture or loan or credit agreement or other instrument to which Indemnitor or the Property is subject, or result in the violation of any law, rule,
regulation, order, judgment or decree to which Indemnitor or the Property is subject; 
 (c) to the best of
Indemnitor’s knowledge, as of the date hereof there is no action, suit, proceeding or investigation pending or threatened against it which, either in any one instance or in the aggregate, may result in any material adverse change in the
business, operations, financial condition, properties or assets of Indemnitor, or in any material impairment of the right or ability of Indemnitor to carry on its business substantially as now conducted, or in any material liability on the part of
Indemnitor, or which would draw into question the validity of this Agreement or of any action taken or to be taken in connection with the obligations of Indemnitor contemplated herein, or which would be likely to impair materially the ability of
Indemnitor to perform under the terms of this Agreement; 
  

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 (d) it does not believe, nor does it have any reason or cause to believe,
that it cannot perform each and every covenant contained in this Agreement; 
 (e) to the best of
Indemnitor’s knowledge, no approval, authorization, order, license or consent of, or registration or filing with, any governmental authority or other person, and no approval, authorization or consent of any other party is required in connection
with this Agreement; and 
 (f) this Agreement constitutes a valid, legal and binding obligation of Indemnitor,
enforceable against it in accordance with the terms hereof. 
 12. NO WAIVER. No delay by any Indemnified Party in
exercising any right, power or privilege under this Agreement shall operate as a waiver of any such privilege, power or right. 
 13. NOTICE OF LEGAL ACTIONS. Indemnitor shall give Administrative Agent the notices required under Section 7.1(a)(xxiii) of the Credit Agreement. 
 14. EXAMINATION OF BOOKS AND RECORDS. Indemnified Parties and their accountants shall have the right to examine the records, books, management and other papers of Indemnitor which reflect upon its
financial condition, at the Property or at the office regularly maintained by Indemnitor where the books and records are located. Indemnified Parties and their accountants shall have the right to make copies and extracts from the foregoing records
and other papers. In addition, at reasonable times and upon reasonable notice, Indemnified Parties and their accountants shall have the right to examine and audit the books and records of Indemnitor pertaining to the income, expenses and operation
of the Property during reasonable business hours at the office of Indemnitor where the books and records are located. 
 15.
NO THIRD PARTY BENEFICIARIES. Nothing in this Agreement creates rights in third parties or imposes obligations or costs on the Indemnitor to third parties. 
 16. TAXES. Indemnitor has filed all federal, state, county, municipal, and city income and other tax returns required to have been filed by it and has paid all taxes and related liabilities which
have become due pursuant to such returns or pursuant to any assessments received by it. Indemnitor has no knowledge of any basis for any additional assessment in respect of any such taxes and related liabilities for prior years. 
 17. NOTICES. All notices or other written communications hereunder shall be made in accordance with Section 11.1 of the Credit
Agreement. 
 18. DUPLICATE ORIGINALS; COUNTERPARTS. This Agreement may be executed in any number of duplicate originals
and each duplicate original shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterparts shall be deemed an original instrument and all of which together shall constitute a single Agreement.
The failure of any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder. 
 19. NO ORAL CHANGE. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part
of Indemnitor or any Indemnified Party, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 
 20. HEADINGS, ETC. The headings and captions of various paragraphs of this Agreement are for convenience of reference only and are
not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof. 
 21. NUMBER AND
GENDER/SUCCESSORS AND ASSIGNS. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the Person or Persons referred to may require. Without limiting the effect
of specific references in any provision of this

  

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Agreement, the term “Indemnitor” shall be deemed to refer to each and every Person comprising an Indemnitor from time to time, as the sense of a particular provision may require,
and to include the heirs, executors, administrators, legal representatives, successors and assigns of Indemnitor, all of whom shall be bound by the provisions of this Agreement, provided that no obligation of Indemnitor may be assigned except with
the written consent of Administrative Agent. Each reference herein to Administrative Agent, Lenders, Issuing Bank and Specified Derivatives Providers shall be deemed to include their successors and assigns. This Agreement shall inure to the benefit
of Indemnified Parties and their respective successors and assigns forever. 
 22. RELEASE OF LIABILITY. Any one or more
parties liable upon or in respect of this Agreement may be released without affecting the liability of any party not so released. 
 23. RIGHTS CUMULATIVE. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies which Administrative Agent has under the Note, the Security Instrument, the Credit Agreement or the other Loan
Documents or would otherwise have at law or in equity. 
 24. INAPPLICABLE PROVISIONS. If any term, condition or covenant
of this Agreement shall be held to be invalid, illegal or unenforceable in any respect, this Agreement shall be construed without such provision. 
 25. GOVERNING LAW. THIS AGREEMENT WAS NEGOTIATED IN THE COMMONWEALTH OF PENNSYLVANIA AND MADE BY INDEMNITOR AND ACCEPTED BY ADMINISTRATIVE AGENT, EACH LENDER, ISSUING BANK AND EACH SPECIFIED
DERIVATIVES PROVIDER IN THE COMMONWEALTH OF PENNSYLVANIA, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY
OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO CONTRACTS
MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, INDEMNITOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO
ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE GUARANTY, AND THIS AGREEMENT AND THE GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA. 
 26. MISCELLANEOUS. (a) Wherever pursuant to this Agreement (i) Administrative Agent exercises any right given to it approve
or disapprove, (ii) any arrangement or term is to be satisfactory to Administrative Agent, or (iii) any other decision or determination is to be made by Administrative Agent, the decision of Administrative Agent to approve or disapprove,
all decisions that arrangements or terms are satisfactory or not satisfactory and all other decisions and determinations made by Administrative Agent, shall be in the sole and absolute discretion of Administrative Agent and shall be final and
conclusive, except as may be otherwise expressly and specifically provided herein. 
 (b) Wherever pursuant to this Agreement it
is provided that Indemnitor pay any costs and expenses, such costs and expenses shall include, but not be limited to, legal fees and disbursements of Administrative Agent, whether retained firms, the reimbursements for the expenses of the in-house
staff or otherwise. 
 (c) Joint and Several Liability. If Indemnitor consists of more than one person or party, the
obligations and liabilities of each such person or party hereunder shall be joint and several. 
 27. INTERCREDITOR
AGREEMENT. Notwithstanding anything herein to the contrary, the lien and security interest granted to Administrative Agent for its benefit and the benefit of Lenders, Issuing Bank and Specified Derivatives Providers pursuant to the Security
Instrument encumbering the Property known as New River Valley Mall and the exercise of any right or remedy by Administrative Agent thereunder and/or hereunder

  

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with respect to New River Valley Mall are subject to the provisions of that certain Intercreditor Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified
from time to time, the “Intercreditor Agreement”), among Wells Fargo Bank, National Association, as First Lien Agent (as defined therein), Wells Fargo Bank, National Association, as Second Lien Agent (as defined therein) and the Grantors
(as defined therein) from time to time a party thereto and certain other persons thereto from time to time. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement
shall govern and control. 
 28. PENNSYLVANIA STATE SPECIFIC PROVISIONS. 
 (a) In the event there are any inconsistencies between the terms and conditions of this Section 28 and the other terms an conditions of
this Agreement with respect to Property located in Pennsylvania, the terms and conditions of this Section 28 shall control and be binding. 
 (b) Definition of Hazardous Materials. The following is hereby added to the definition of “Hazardous Materials”: “, the Pennsylvania Hazardous Sites Cleanup Act and the Pennsylvania
Solid Waste Management Act” after the words “the Safe Drinking Water Act, as amended, 42 U.S.C. Section 300f et seq.” and before the words “and all comparable state and local laws, applicable laws of other jurisdictions or
orders and regulations”. 
 29. NEW JERSEY STATE SPECIFIC PROVISIONS. 
 (a) In the event there are any inconsistencies between the terms and conditions of this Section 29 and the other terms an conditions of
this Agreement with respect to Property located in New Jersey, the terms and conditions of this Section 29 shall control and be binding. 
 (b) Definition of Hazardous Materials. The following is hereby added to the definition of “Hazardous Materials”: “any substance that is a “hazardous substance” or
“hazardous waste” under the New Jersey Spill Compensation and Control Act, the New Jersey Industrial Site Recovery Act or the New Jersey Solid Waste Management Act or N.J.A.C. 7:26C-1.3;” 
 (c) New Jersey Spill Act and ISRA. (i) To the best of Indemnitor’s knowledge, Indemnitor represents and warrants, based
solely upon the environmental report of the Property delivered in connection with the Loan and information that Indemnitor knows, that: (A) no portion of the Property has ever been used by Indemnitor or any former owner, occupant or operator to
generate, manufacture, refine, produce, treat, store, handle, dispose of, transfer, process or transport Hazardous Materials, whether or not any of those parties has received notice or advice from any governmental agency or other source with respect
thereto; (B) no portion of the Property is now nor at any time that Indemnitor has owned the Property, nor at any time prior to Indemnitor acquiring title to the Property has ever been, used as a “Major Facility,” as that term is
defined in the Spill Compensation and Control Act, N.J.S.A. 58:10-23.11 et seq. (said Spill Compensation and Control Act together with any amendments or revisions thereof and any regulations promulgated pursuant thereto being hereinafter
collectively called the “Spill Act”), and that Indemnitor has not used, and does not intend to use, any portion of the Property for that purpose; (C) at any time that Indemnitor has owned the Property and at any time prior to
Indemnitor acquiring title to the Property, Hazardous Materials have not been transported from the Property to another location which is not in compliance with all Environmental Laws; (D) there are no environmental permits required for current
or anticipated uses of the Property; (E) no lien has been attached to the Property under the Spill Act or any other Environmental Laws; and (F) Indemnitor has not in the past, and does not now own, operate or control any “Major
Facility” (as such term is defined in the Spill Act) or any hazardous or solid waste disposal facility. 
 (ii) If a lien
is filed against the Property pursuant to the Spill Act or any other Environmental Law, Indemnitor shall immediately either: (A) pay the claim and remove the lien from the Property, or (B) furnish (x) a bond reasonably satisfactory to
Administrative Agent and the title insurance company which insures the priority of the lien of the Security Instrument in the amount of the claim out of which the lien arises, (y) a cash deposit in the amount of the claim out of which the lien
arises, or (z) other security reasonably satisfactory to

  

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Administrative Agent in an amount sufficient to discharge the claim out of which the lien arises. In addition to the foregoing, Indemnitor hereby agrees to defend, indemnify and to save the
Indemnified Parties harmless from and against all loss, damage, liability and expense (including reasonable attorney’s fees and expenses) which the Indemnified Parties may sustain by reason of any lien filed against the Property pursuant to the
Spill Act or any other federal, state or local laws, ordinances, rules or regulations. Indemnitor shall be personally liable to the Indemnified Parties for the foregoing notwithstanding any exculpatory provisions contained herein or in the other
Loan Documents. 
 (iii) All references herein to executives, departments, funds, statutes, and acts of the State of New Jersey
are not intended to be exclusive and shall be deemed to apply to any successors, replacements, amendments, thereof and any additional statutes, rules, regulations, organizations and persons of a similar nature, whether of the State of New Jersey or
the United States of America. 
 (iv) Indemnitor (A) hereby represents and warrants that no portion of the Property
constitutes an “industrial establishment” (as such term is defined in the New Jersey Industrial Site Recovery Act, Senate No. 1070, N.J. Laws 1993, c. 139 (effective June 16, 1993), N.J.S.A. 13:1K-6 et. seq. and N.J.A.C. 7:26B
et. seq., and the regulations promulgated pursuant thereto (said New Jersey Industrial Site Recovery Act together with any amendments, supplements, modifications or revisions thereof and any regulations promulgated pursuant thereto and any successor
statutes, laws or regulations and any guidelines and directives of the New Jersey Department of Environmental Protection (“DEP”) issued pursuant to or implementing ISRA hereinafter collectively called “ISRA”))
and is not otherwise subject to ISRA and (B) hereby covenants and agrees that Indemnitor shall not, and shall not permit any Tenant to, engage in operations at the Property such that any portion of the Property would be deemed an
“industrial establishment” under ISRA or would otherwise be subject to ISRA. Upon Administrative Agent’s written request, Indemnitor shall provide an opinion letter from an attorney satisfactory to Administrative Agent regarding
whether the operations by Indemnitor and each of its Tenants, both existing and future, are subject to ISRA. 
 (v) Without
limitation of the foregoing, in the event that any portion of the Property is determined to be an “industrial establishment” or otherwise subject to ISRA, then, upon Administrative Agent’s written request, and in all events no later
than sixty (60) days prior to “closing, terminating or transferring operations” (as defined in ISRA) by Indemnitor and/or any one or more Tenants, Indemnitor, at its sole cost and expense, shall demonstrate compliance with ISRA or
cause Tenant to demonstrate compliance with ISRA by providing Lender with certified true copies of any and all of the following, as may be applicable pursuant to ISRA, including but not limited to: 
 (A) a General Information Notice (“GIN”), preliminary assessment report (“PAR”),
and/or site investigation report (“SIR”) (as such terms are defined in ISRA) and all other environmental reports, including, but not limited to, a Remedial Action Work Plan submitted by or on behalf of Indemnitor to or
prepared by a Licensed Site Remediation Professional until it receives a Response Action Outcome (as such terms are defined in ISRA); 
 (B) a Negative Declaration Affidavit (as such term is defined in ISRA) submitted by or on behalf of Indemnitor to the DEP and copies of any Final Remediation Documents (as such term is defined in ISRA);

 (C) a De Minimis Quantity Exemption Affidavit (as such term is defined in ISRA) submitted by or on behalf of
Indemnitor to the DEP and proof of approval of such Exemption by DEP; 
 (D) a Remediation in Progress Waiver
Application (as such term is defined in ISRA) submitted by or on behalf of Indemnitor to the DEP and proof of approval of such Waiver by DEP; 
 (E) a Remediation Certification Application submitted to the DEP by or on behalf of Indemnitor and proof of Indemnitor’s submission to DEP of a Remediation Certification (as such terms are defined in
ISRA); 
  

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 (F) a No Further Action Letter (as such term is defined in ISRA) issued by DEP related to
any of the submittals described in this sub-clause (v); 
 (G) a Response Action Outcome (as such term is defined in ISRA)
submitted on behalf of Indemnitor to the DEP and, if applicable, the related Remedial Action Permit issued by DEP; 
 (H) a
Regulated Storage Tank Waiver Application (as such term is defined in ISRA) submitted by or on behalf of Indemnitor to the DEP and proof of approval of such Waiver by DEP; 
 (I) proof of ISRA fees submitted to DEP as required in connection with any of the submittals described in this sub-clause (v), as well as proof Indemnitor or one or more of its Tenants posted the
necessary Remediation Funding Source (as such term is defined in ISRA), if required. 
 Nothing in this sub-clause (v) shall be construed
as limiting Indemnitor’s obligation to otherwise comply with ISRA. 
 (vi) In the event that Indemnitor or any of its
Tenants are required to perform Remediation, regardless of whether such Remediation is required under ISRA or other Environmental Laws, then Indemnitor shall obtain and promptly and diligently implement, or cause Tenant to obtain and promptly and
diligently implement, an approved Remedial Action Workplan (“RAW”), however, in no event shall any Remediation allow the use of engineering controls and institutional controls without the express written consent of the
Administrative Agent, which written consent shall not be unreasonably withheld by Administrative Agent. Indemnitor shall establish and maintain, or cause Tenant to establish and maintain, all appropriate financial assurances required under the
Environmental Laws, including, but not limited to, any Remediation Funding Source. The Remediation shall be implemented in accordance with the requirements of the approved RAW or Remediation Certification, as the case may be, or as may be otherwise
ordered or directed by DEP or a Licensed Site Remediation Professional, as the case may be, until a Final Remediation Document (as such term is defined in ISRA) has been issued or delivered. Indemnitor expressly understands and acknowledges that
Indemnitor’s compliance with the provisions of sub-clause (v) and this sub-clause (vi) may require Indemnitor to expend funds or do acts after the expiration or termination of the term of one or more Leases. Indemnitor shall expend
such funds and do such acts and shall not be excused therefrom even though the term of the applicable Lease shall have previously expired or been terminated and notwithstanding any provisions in any such Lease or in ISRA placing the burden of
compliance on a tenant, and provide an affidavit dated not more than ten (10) days nor less than five (5) days prior to the closing, terminating or transferring of operations that it is in full compliance with and has not received any
notice that it has violated the terms of the Remedial Action Workplan or the Remediation Certification, as the case may be, including without limitation, the terms regarding the establishment and maintenance of a Remediation Funding Source, such
affidavit is to be provided to Administrative Agent within two (2) days after its execution. 
 (vii) The obligations and
liabilities of Indemnitor under this Section 27 shall fully survive indefinitely notwithstanding any termination, satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale, or delivery of a deed in lieu of
foreclosure of the Security Instrument. 
 [NO FURTHER TEXT ON THIS PAGE] 
  

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 IN WITNESS WHEREOF, this Agreement has been executed by Indemnitor and is effective
as of the day and year first above written. 
  

							
	INDEMNITOR:
	
	PREIT ASSOCIATES, L.P.
		
	By:	 	Pennsylvania Real Estate Investment Trust, its general partner
			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
		 		 		 	
		 		 		 	

  

					
	PREIT-RUBIN, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	[INSERT PROPERTY OWNER SIGNATURE BLOCKS [SEPARATE SIGNATURE PAGES TO BE PREPARED]]

  

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 EXHIBIT B-2 
 Form of Gallery Environmental Indemnity Agreement 
 [See attached] 
  

 B-2-1 

 Loan No. 1001733 
 ENVIRONMENTAL INDEMNITY AGREEMENT 
 THIS ENVIRONMENTAL INDEMNITY AGREEMENT (this “Agreement”) made as of the [    ] day of March, 2010 by PREIT ASSOCIATES, L.P., a Delaware limited partnership, having an office at 200 South Broad Street,
Philadelphia, Pennsylvania 19102 (“PREIT”), PREIT-RUBIN, INC., a Pennsylvania corporation (“PREIT-RUBIN”), PR Gallery I Limited Partnership, a Pennsylvania limited partnership (“PR
Gallery I”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone”; PREIT, PREIT-RUBIN, PR Gallery I and Keystone, each, individually, a Borrower and, collectively, the
“Borrower”), and PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania Business Trust (“PREIT Trust”; Borrower and PREIT Trust are individually and/or collectively (as the context may require) referred to
herein as “Indemnitor”), each Indemnitor having an address at 200 South Broad Street, Philadelphia, Pennsylvania 19102, in favor of (a) WELLS FARGO BANK, NATIONAL ASSOCIATION, having an address at 1750 H Street, 4th Floor, Washington D.C. 20006, in its capacity as administrative
agent (in such capacity, together with its successors and/or assigns in such capacity, “Administrative Agent”) for its benefit and the benefit of Lenders (as hereinafter defined), (b) Lenders and (c) other Indemnified
Parties (hereinafter defined). 
 RECITALS: 
 A. Lenders are prepared to make a certain loan to Borrower (the “Loan”), which Loan is evidenced by certain notes given by Borrower to each Lender (collectively, the “Note”),
which Note will be secured by, among other things, that certain Mortgage, Security Agreement and Assignment of Leases and Rents and Fixture Filing, dated the date hereof, given by PR Gallery I and Keystone (together with any and all extensions,
renewals, substitutions, replacements, amendments, modifications and/or restatements thereof, the “Security Instrument”), which grants Administrative Agent, for its benefit and the benefit of Lenders, a lien on the real property
encumbered thereby known as Gallery at Market East I and Gallery at Market East II (individually and/or collectively, as the context may require, the “Property”) and which Loan is made pursuant to that certain Amended, Restated and
Consolidated Credit Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by Borrower, PREIT Trust, the financial institutions party thereto and
their assignees under Section 11.6. thereof (the “Lenders”), and Administrative Agent; the Security Instrument, the Credit Agreement and any and all documents or instruments now or hereafter executed in connection with the Loan
are collectively herein referred to as the “Loan Documents”). All capitalized terms not defined herein shall have the meaning set forth in the Credit Agreement. 
 B. Lenders are unwilling to make the Loan unless Indemnitor agrees to provide the indemnification, representations, warranties, covenants
and other matters described in this Agreement for the benefit of the Indemnified Parties. 
 C. Indemnitor is entering into this
Agreement to induce Lenders to make the Loan. 
 AGREEMENT 
 NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Indemnitor hereby represents, warrants, covenants and agrees for the benefit of Administrative Agent, Lenders, and other Indemnified Parties as follows: 
 1. INDEMNIFIED RIGHTS/COOPERATION AND ACCESS. In the event Administrative Agent has reason to believe that Hazardous Materials exist on the Property that in the reasonable judgment of
Administrative Agent endangers any tenant or other occupant of the Property or their guests or the general public or may materially and adversely affect the value of the Property, upon reasonable notice to Indemnitor, Administrative Agent (on its
own behalf or on behalf of Requisite Lenders) and any other Person designated by Administrative Agent, including but not limited to any receiver, any representative of a governmental entity, and any environmental

 
consultant, shall have the right, but not the obligation, to enter upon the Property at all reasonable times to assess any and all aspects of the environmental condition of the Property and its
use, including but not limited to conducting any environmental assessment or audit (the scope of which shall be determined in the reasonable discretion of Administrative Agent and taking samples of soil, groundwater or other water, air, or building
materials, and reasonably conducting other invasive testing, each at Indemnitor’s expense. Indemnitor shall cooperate with and provide Administrative Agent and any such Person designated by Administrative Agent with access to the Property.

 2. INDEMNIFICATION. Indemnitor covenants and agrees, at its sole cost and expense, to protect, defend, indemnify,
release and hold Indemnified Parties harmless from and against any and all Losses (defined below) imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly arising out of or in any way relating to any one or
more of the following: (a) any presence of any Hazardous Materials in, on, above, or under the Property; (b) any past, present or threatened Release of Hazardous Materials in, on, above, under or from the Property; (c) any activity by
Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the Property in connection with any actual, proposed or threatened use, treatment, storage, holding, existence, disposition or other Release, generation, production,
manufacturing, processing, refining, control, management, abatement, removal, handling, transfer or transportation to or from the Property of any Hazardous Materials at any time located in, under, on or above the Property; (d) any activity by
Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the Property in connection with any actual or proposed Remediation of any Hazardous Materials at any time located in, under, on or above the Property, whether or not
such Remediation is voluntary or pursuant to court or administrative order, including but not limited to any removal, remedial or corrective action; (e) any past, present or threatened non-compliance or violations of any Environmental Laws (or
permits issued pursuant to any Environmental Law) in connection with the Property or operations thereon, including but not limited to any failure by Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the Property to
comply with any order of any governmental authority in connection with any Environmental Laws; (f) the imposition, recording or filing or the threatened imposition, recording or filing of any Environmental Lien encumbering the Property;
(g) any administrative processes or proceedings or judicial proceedings in any way connected with any matter addressed in this Agreement; (h) any past, present or threatened injury to, destruction of or loss of natural resources in any way
connected with the Property, including but not limited to costs to investigate and assess such injury, destruction or loss; (i) any acts of Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the Property in
arranging for disposal or treatment, or arranging with a transporter for transport for disposal or treatment, of Hazardous Materials at any facility or incineration vessel containing such or similar Hazardous Materials; (j) any acts of
Indemnitor, any Person affiliated with any Indemnitor, and any tenant or other user of the Property in accepting any Hazardous Materials for transport to disposal or treatment facilities, incineration vessels or sites from which there is a Release,
or a threatened Release of any Hazardous Material which causes the incurrence of costs for Remediation; (k) any personal injury, wrongful death, or property or other damage arising under any statutory or common law or tort law theory, including
but not limited to damages assessed for private or public nuisance or for the conducting of an abnormally dangerous activity on or near the Property; and (l) any misrepresentation or inaccuracy in any representation or warranty or material
breach or failure to perform any covenants or other obligations pursuant to this Agreement, the Credit Agreement or the Security Instrument. 
 3. DUTY TO DEFEND AND ATTORNEYS AND OTHER FEES AND EXPENSES. Upon written request by Administrative Agent (for itself and/or on behalf of any other Indemnified Parties), Indemnitor shall defend
same (if requested by Administrative Agent, in the name of Administrative Agent and/or any such Indemnified Parties) by attorneys and other professionals approved by Administrative Agent. Notwithstanding the foregoing, Administrative Agent may (for
itself and/or on behalf of any other Indemnified Parties), in its sole and absolute discretion, engage its own attorneys and other professionals to defend or assist Administrative Agent and/or such Indemnified Parties, and, at the option of
Administrative Agent, its attorneys shall control the resolution of any claim or proceeding, providing that no compromise or settlement shall be entered without Indemnitor’s consent, which consent shall not be unreasonably withheld. Upon
demand, Indemnitor shall pay or, in the sole and absolute discretion of Administrative Agent, reimburse, Administrative Agent for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and
other professionals in connection therewith. 
  

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 4. DEFINITIONS. As used in this Agreement, the following terms shall have the
following meanings: 
 The term “Environmental Law” has the meaning ascribed to it in the Credit Agreement.

 The term “Hazardous Materials” has the meaning ascribed to it in the Credit Agreement. 
 The term “Indemnified Parties” includes Administrative Agent, each Lender, any Person who is or will have been involved in
the origination of the Loan, any Person in whose name the encumbrance created by the Security Instrument is or will have been recorded, Persons who may hold or acquire or will have held a full or partial interest in the Loan (including, but not
limited to, investors or prospective investors in the Loan, as well as, custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan for the benefit of third parties) as well as the respective directors,
officers, shareholders, partners, employees, agents, servants, representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any and all of the foregoing (including but not limited to any other
Person who holds or acquires or will have held a participation or other full or partial interest in the Loan or the Property, whether during the term of the Loan or as a part of or following a foreclosure of the Loan and including, but not limited
to, any successors by merger, consolidation or acquisition of all or a substantial portion of the assets and business of Administrative Agent or any Lender). 
 The term “Legal Action” means any claim, suit or proceeding, whether administrative or judicial in nature. 
 The term “Losses” includes any losses, damages, costs, fees, expenses, claims, suits, judgments, awards, liabilities (including but not limited to strict liabilities), obligations, debts,
diminutions in value, fines, penalties, charges, costs of Remediation (whether or not performed voluntarily), amounts paid in settlement, foreseeable and unforeseeable consequential damages, litigation costs, attorneys’ fees, engineers’
fees, environmental consultants’ fees, and investigation costs (including but not limited to costs for sampling, testing and analysis of soil, water, air, building materials, and other materials and substances whether solid, liquid or gas), of
whatever kind or nature, and whether or not incurred in connection with any judicial or administrative proceedings, actions, claims, suits, judgments or awards. 
 The term “Microbial Matter” has the meaning ascribed to it in the Credit Agreement. 
 The term “Release” with respect to any Hazardous Substance includes but is not limited to any release, deposit, discharge, emission, leaking, leaching, spilling, seeping, migrating,
injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Substances. 
 The term
“Remediation” includes but is not limited to, as required under applicable Environmental Laws, any response, remedial, removal, or corrective action; any activity to clean up, detoxify, decontaminate, contain or otherwise remediate
any Hazardous Material; any actions to prevent, cure or mitigate any Release of any Hazardous Material; any action to comply with any Environmental Laws or with any permits issued pursuant thereto; any inspection, investigation, study, monitoring,
assessment, audit, sampling and testing, laboratory or other analysis, or evaluation relating to any Hazardous Materials or to anything referred to herein. 
 5. UNIMPAIRED LIABILITY. The liability of Indemnitor under this Agreement shall in no way be limited or impaired by, and Indemnitor hereby consents to and agrees to be bound by, any amendment or
modification of the provisions of the Note, the Credit Agreement, the Security Instrument or any other Loan Document to or with Administrative Agent and/or Lenders by Indemnitor or any Person who succeeds Indemnitor or any Person as owner of the
Property. In addition, the liability of Indemnitor under this Agreement shall in no way be limited or impaired by (i) any extensions of time for performance required by the Note, the Credit Agreement, the Security Instrument or any of the other
Loan Documents, (ii) any sale or transfer of all or part of the Property, (iii) except as provided herein, any exculpatory provision in the Note, the Credit Agreement, the Security Instrument, or any of the other Loan Documents limiting
Administrative Agent’s recourse to the Property or to any other security for the Note and the other Gallery Obligations (as defined in the Credit Agreement), or limiting

  

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Administrative Agent’s rights to a deficiency judgment against Indemnitor, (iv) the accuracy or inaccuracy of the representations and warranties made by Indemnitor under the Note, the
Credit Agreement, the Security Instrument or any of the other Loan Documents or herein, (v) the release of Indemnitor or any other Person from performance or observance of any of the agreements, covenants, terms or condition contained in any of
the other Loan Documents by operation of law, Administrative Agent’s or any Lender’s voluntary act, or otherwise, (vi) the release or substitution in whole or in part of any security for the Note and the other Gallery Obligations, or
(vii) Administrative Agent’s failure to record the Security Instrument or file any UCC financing statements (or Administrative Agent’s improper recording or filing of any thereof) or to otherwise perfect, protect, secure or insure any
security interest or lien given as security for the Note and the other Gallery Obligations; and, in any such case, whether with or without notice to Indemnitor and with or without consideration. 
 6. ENFORCEMENT. Administrative Agent on behalf of Indemnified Parties may, and at the direction of Requisite Lenders
shall, enforce the obligations of Indemnitor without first resorting to or exhausting any security or collateral or without first having recourse to the Note, the Credit Agreement, the Security Instrument, or any other Loan Documents or any of the
Property, through foreclosure proceedings or otherwise, provided, however, that nothing herein shall inhibit or prevent Administrative Agent from suing on the Note, foreclosing, or exercising any power of sale under, the Security Instrument, or
exercising any other rights and remedies thereunder. This Agreement is not collateral or security for the debt of Indemnitor pursuant to the Loan, unless Administrative Agent expressly elects in writing to make this Agreement additional collateral
or security for the debt of Indemnitor pursuant to the Loan, which Administrative Agent (on behalf of Lenders) is entitled to do in its sole and absolute discretion and shall do at the direction of Requisite Lenders. It is not necessary for an Event
of Default to have occurred pursuant to and as defined in the Security Instrument or the Credit Agreement for Indemnified Parties to exercise their rights pursuant to this Agreement. Notwithstanding any provision of the Credit Agreement,
(a) the obligations pursuant to this Agreement are exceptions to any non-recourse or exculpation provision of the Credit Agreement; (b) Indemnitor is fully and personally liable for such obligations; and (c) such liability is not
limited to the original or amortized principal balance of the Loan or the value of the Property. 
 7. SURVIVAL. The
obligations and liabilities of Indemnitor under this Agreement shall fully survive indefinitely notwithstanding any termination, satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale, or delivery of a deed in
lieu of foreclosure of the Security Instrument. 
 8. INTEREST. Any amounts payable to any Indemnified Parties under this
Agreement shall become immediately due and payable on demand and, if not paid within ten (10) days of such demand therefor, shall bear interest at the Post-Default Rate. 
 9. WAIVERS. (a) Indemnitor hereby waives (i) any right or claim of right to cause a marshaling of Indemnitor’s assets
or to cause Administrative Agent, Lenders, or other Indemnified Parties to proceed against any of the security for the Loan before proceeding under this Agreement against Indemnitor; (ii) and relinquishes all rights and remedies accorded by
applicable law to indemnitors or guarantors, except any rights of subrogation which Indemnitor may have, provided that the indemnity provided for hereunder shall neither be contingent upon the existence of any such rights of subrogation nor subject
to any claims or defenses whatsoever which may be asserted in connection with the enforcement or attempted enforcement of such subrogation rights including, without limitation, any claim that such subrogation rights were abrogated by any acts of
Administrative Agent, any Lender, or other Indemnified Parties; (iii) the right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against or by Administrative Agent, any Lender, or
other Indemnified Parties; (iv) notice of acceptance hereof and of any action taken or omitted in reliance hereon; (v) presentment for payment, demand of payment, protest or notice of nonpayment or failure to perform or observe, or other
proof, or notice or demand; and (vi) all homestead exemption rights against the obligations hereunder and the benefits of any statutes of limitations or repose. Notwithstanding anything to the contrary contained herein, Indemnitor hereby agrees
to postpone the exercise of any rights of subrogation with respect to any collateral securing the Loan until the Loan shall have been paid in full. 
 (b) INDEMNITOR HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING
DIRECTLY OR INDIRECTLY TO THE LOAN EVIDENCED BY THE NOTE, THE APPLICATION FOR THE LOAN EVIDENCED BY THE

  

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NOTE, THE SECURITY INSTRUMENT, THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY ACTS OR OMISSIONS OF ANY INDEMNIFIED PARTIES IN CONNECTION THEREWITH. 
 10. SUBROGATION. Indemnitor shall take any and all reasonable actions, including institution of legal action against third parties,
necessary or appropriate to obtain reimbursement, payment or compensation from such Persons responsible for the presence of any Hazardous Materials at, in, on, under or near the Property or otherwise obligated by law to bear the cost. Indemnified
Parties shall be and hereby are subrogated to all of Indemnitor’s rights now or hereafter in such claims. 
 11.
INDEMNITOR’S REPRESENTATIONS AND WARRANTIES. Indemnitor represents and warrants that: 
 (a) it has
the full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; the execution, delivery and performance of this Agreement by Indemnitor has been duly and validly authorized; and all requisite action has
been taken by Indemnitor to make this Agreement valid and binding upon Indemnitor, enforceable in accordance with its terms; 
 (b) its execution of, and compliance with, this Agreement is in the ordinary course of business of Indemnitor and will not result in the breach of any term or provision of the charter, by-laws,
partnership or trust agreement, or other governing instrument of Indemnitor or result in the breach of any term or provision of, or conflict with or constitute a default under, or result in the acceleration of any obligation under, any agreement,
indenture or loan or credit agreement or other instrument to which Indemnitor or the Property is subject, or result in the violation of any law, rule, regulation, order, judgment or decree to which Indemnitor or the Property is subject; 

(c) to the best of Indemnitor’s knowledge, as of the date hereof there is no action, suit, proceeding or
investigation pending or threatened against it which, either in any one instance or in the aggregate, may result in any material adverse change in the business, operations, financial condition, properties or assets of Indemnitor, or in any material
impairment of the right or ability of Indemnitor to carry on its business substantially as now conducted, or in any material liability on the part of Indemnitor, or which would draw into question the validity of this Agreement or of any action taken
or to be taken in connection with the obligations of Indemnitor contemplated herein, or which would be likely to impair materially the ability of Indemnitor to perform under the terms of this Agreement; 
 (d) it does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant
contained in this Agreement; 
 (e) to the best of Indemnitor’s knowledge, no approval, authorization,
order, license or consent of, or registration or filing with, any governmental authority or other person, and no approval, authorization or consent of any other party is required in connection with this Agreement; and 
 (f) this Agreement constitutes a valid, legal and binding obligation of Indemnitor enforceable against it in accordance with
the terms hereof. 
 12. NO WAIVER. No delay by any Indemnified Party in exercising any right, power or privilege under
this Agreement shall operate as a waiver of any such privilege, power or right. 
 13. NOTICE OF LEGAL ACTIONS.
Indemnitor shall give Administrative Agent the notices required under Section 7.1(a)(xxiii) of the Credit Agreement. 
 14.
EXAMINATION OF BOOKS AND RECORDS. Indemnified Parties and their accountants shall have the right to examine the records, books, management and other papers of Indemnitor which

  

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reflect upon its financial condition, at the Property or at the office regularly maintained by Indemnitor where the books and records are located. Indemnified Parties and their accountants shall
have the right to make copies and extracts from the foregoing records and other papers. In addition, at reasonable times and upon reasonable notice, Indemnified Parties and their accountants shall have the right to examine and audit the books and
records of Indemnitor pertaining to the income, expenses and operation of the Property during reasonable business hours at the office of Indemnitor where the books and records are located. 
 15. NO THIRD PARTY BENEFICIARIES. Nothing in this Agreement creates rights in third parties or imposes obligations or costs on the
Indemnitor to third parties. 
 16. TAXES. Indemnitor has filed all federal, state, county, municipal, and city income
and other tax returns required to have been filed by it and has paid all taxes and related liabilities which have become due pursuant to such returns or pursuant to any assessments received by it. Indemnitor has no knowledge of any basis for any
additional assessment in respect of any such taxes and related liabilities for prior years. 
 17. NOTICES. All notices
or other written communications hereunder shall be made in accordance with Section 11.1 of the Credit Agreement. 
 18.
DUPLICATE ORIGINALS; COUNTERPARTS. This Agreement may be executed in any number of duplicate originals and each duplicate original shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which
counterparts shall be deemed an original instrument and all of which together shall constitute a single Agreement. The failure of any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from
their obligations hereunder. 
 19. NO ORAL CHANGE. This Agreement, and any provisions hereof, may not be modified,
amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Indemnitor or any Indemnified Party, but only by an agreement in writing signed by the party against whom enforcement of any
modification, amendment, waiver, extension, change, discharge or termination is sought. 
 20. HEADINGS, ETC. The
headings and captions of various paragraphs of this Agreement are for convenience of reference only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof. 
 21. NUMBER AND GENDER/SUCCESSORS AND ASSIGNS. All pronouns and any variations thereof shall be deemed to refer to the masculine,
feminine, neuter, singular or plural as the identity of the Person or Persons referred to may require. Without limiting the effect of specific references in any provision of this Agreement, the term “Indemnitor” shall be deemed to
refer to each and every Person comprising an Indemnitor from time to time, as the sense of a particular provision may require, and to include the heirs, executors, administrators, legal representatives, successors and assigns of Indemnitor, all of
whom shall be bound by the provisions of this Agreement, provided that no obligation of Indemnitor may be assigned except with the written consent of Administrative Agent. Each reference herein to Administrative Agent and Lenders shall be deemed to
include their successors and assigns. This Agreement shall inure to the benefit of Indemnified Parties and their respective successors and assigns forever. 
 22. RELEASE OF LIABILITY. Any one or more parties liable upon or in respect of this Agreement may be released without affecting the liability of any party not so released. 
 23. RIGHTS CUMULATIVE. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies which
Administrative Agent has under the Note, the Security Instrument, the Credit Agreement or the other Loan Documents or would otherwise have at law or in equity. 
 24. INAPPLICABLE PROVISIONS. If any term, condition or covenant of this Agreement shall be held to be invalid, illegal or unenforceable in any respect, this Agreement shall be construed without
such provision. 
  

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 25. GOVERNING LAW. THIS AGREEMENT WAS NEGOTIATED IN THE COMMONWEALTH OF PENNSYLVANIA
AND MADE BY INDEMNITOR AND ACCEPTED BY ADMINISTRATIVE AGENT AND EACH LENDER IN THE COMMONWEALTH OF PENNSYLVANIA, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN
ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, INDEMNITOR
HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTE, AND THIS AGREEMENT AND THE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
COMMONWEALTH OF PENNSYLVANIA. 
 26. MISCELLANEOUS. (a) Wherever pursuant to this Agreement (i) Administrative
Agent exercises any right given to it approve or disapprove, (ii) any arrangement or term is to be satisfactory to Administrative Agent, or (iii) any other decision or determination is to be made by Administrative Agent, the decision of
Administrative Agent to approve or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory and all other decisions and determinations made by Administrative Agent, shall be in the sole and absolute discretion of
Administrative Agent and shall be final and conclusive, except as may be otherwise expressly and specifically provided herein. 
 (b) Wherever pursuant to this Agreement it is provided that Indemnitor pay any costs and expenses, such costs and expenses shall include, but not be limited to, legal fees and disbursements of Administrative Agent, whether retained firms,
the reimbursements for the expenses of the in-house staff or otherwise. 
 (c) Joint and Several Liability. If Indemnitor
consists of more than one person or party, the obligations and liabilities of each such person or party hereunder shall be joint and several. 
 27. INTERCREDITOR AGREEMENT. Notwithstanding anything herein to the contrary, the lien and security interest granted to Administrative Agent for its benefit and the benefit of Lenders pursuant to
the Security Instrument encumbering the Property known as New River Valley Mall and the exercise of any right or remedy by Administrative Agent thereunder and/or hereunder with respect to New River Valley Mall are subject to the provisions of that
certain Intercreditor Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among Wells Fargo Bank, National Association, as First Lien Agent (as
defined therein), Wells Fargo Bank, National Association, as Second Lien Agent (as defined therein) and the Grantors (as defined therein) from time to time a party thereto and certain other persons thereto from time to time. In the event of any
conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control. 
 28. PENNSYLVANIA STATE SPECIFIC PROVISIONS. 
 (a) In the event there are
any inconsistencies between the terms and conditions of this Section 28 and the other terms an conditions of this Agreement with respect to Property located in Pennsylvania, the terms and conditions of this Section 28 shall control and be
binding. 
 (b) Definition of Hazardous Materials. The following is hereby added to the definition of “Hazardous
Materials”: “, the Pennsylvania Hazardous Sites Cleanup Act and the Pennsylvania Solid Waste Management Act” after the words “the Safe Drinking Water Act, as amended, 42 U.S.C. Section 300f et seq.” and before the words
“and all comparable state and local laws, applicable laws of other jurisdictions or orders and regulations”. 
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 IN WITNESS WHEREOF, this Agreement has been executed by Indemnitor and is effective
as of the day and year first above written. 
  

					
	INDEMNITOR:
	
	PREIT ASSOCIATES, L.P.
		
	By:	 	Pennsylvania Real Estate Investment Trust, its general partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
  

					
	PREIT-RUBIN, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	[INSERT PROPERTY OWNER SIGNATURE BLOCKS [SEPARATE SIGNATURE PAGES TO BE PREPARED]]

  

 - 8 - 

 EXHIBIT C 
 FORM OF AMENDED AND RESTATED GUARANTY 
 THIS AMENDED AND RESTATED GUARANTY dated
as of March 11, 2010 executed and delivered by each of the undersigned and the other Persons from time to time party hereto pursuant to the execution and delivery of an Accession Agreement in the form of Annex I hereto (all of the undersigned,
together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the
Lenders under that certain Amended, Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and PREIT Associates,
L.P. (“PREIT”) and PREIT-RUBIN, Inc. (“PREIT-RUBIN”; together with PREIT, each a “Borrower” and collectively, the “Borrower”), PR Gallery I Limited Partnership, a Pennsylvania limited partnership (“PR
Gallery”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the “Gallery
Borrower”), Pennsylvania Real Estate Investment Trust, the financial institutions party thereto and their assignees under Section 11.6. thereof (the “Lenders”), the Administrative Agent, and the other parties thereto, for its
benefit and the benefit of the Issuing Bank, the Lenders and the Specified Derivatives Providers (the Administrative Agent, the Issuing Bank, the Lenders, and the Specified Derivatives Providers, each individually a “Guarantied Party” and
collectively, the “Guarantied Parties”). 
 WHEREAS, the Borrower, the Gallery Borrower, the Lenders and the
Administrative Agent are entering into the Credit Agreement to amend and restate the terms of, and to consolidate the Indebtedness owing by the Borrower and the Gallery Borrower under and in connection with, the Existing Agreements; 
 WHEREAS, the Specified Derivatives Providers may from time to time enter into Specified Derivatives Contracts with the Borrower; 

WHEREAS, each Guarantor is owned or controlled by the Borrower, or is otherwise an Affiliate of the Borrower; 
 WHEREAS, the Borrower, the Gallery Borrower each Guarantor and the Subsidiaries of the Borrower, though separate legal entities, are
mutually dependent on each other in the conduct of their respective businesses as an integrated operation and determined it to be in their mutual best interests to obtain financing from the Lenders under the Existing Agreements and have determined
it to be in their mutual best interests to continue to obtain financing under the Credit Agreement and to enter into Specified Derivatives Contracts through their collective efforts; 
 WHEREAS, each Guarantor, including PR Gallery and Keystone, acknowledged that it would receive direct and indirect benefits from the
Administrative Agent and the Lenders making financial accommodations available to the Borrower under the Existing Agreements and

  

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accordingly each Guarantor guaranteed the Indebtedness and other obligations owing by the Borrower under the Existing Agreements pursuant to certain guaranty agreements executed by each Guarantor
in favor of the Lenders (the “Existing Guaranties”); 
 WHEREAS, each Guarantor acknowledges that it will receive
direct and indirect benefits from the Specified Derivatives Providers entering into Specified Derivatives Contracts and, accordingly, each Guarantor is willing to guarantee the Borrower’s obligations to the Specified Derivatives Providers on
the terms and conditions contained herein; and 
 WHEREAS, each Guarantor’s execution and delivery of this Guaranty to
amend and restate the terms of the Existing Guaranties is a condition precedent to the effectiveness of the Credit Agreement and to the Administrative Agent and the other Guarantied Parties’ making, and continuing to make, such financial
accommodations to the Borrower and the Gallery Borrower. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees that the Existing Guaranties are amended, restated and consolidated as follows: 
 Section 1. Guaranty. Each Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due and punctual payment and performance when due, whether at stated maturity, by
acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all indebtedness and obligations owing by the Borrower, the Gallery Borrower or any other Loan Party to any Lender or
the Administrative Agent under or in connection with the Credit Agreement and any other Loan Document to which the Borrower, the Gallery Borrower or such other Loan Party is a party, including without limitation, the repayment of all principal of
the Loans, and the payment of all interest, fees, charges, reasonable attorneys’ fees and other amounts payable to any Lender or the Administrative Agent thereunder or in connection therewith; (b) all Specified Derivatives Obligations,
(c) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (d) all expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that are incurred by the Administrative
Agent or any other Guarantied Party in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder, (d) all other Obligations and (e) all other Gallery Obligations. 
 Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a debt
of each Guarantor for its own account. Accordingly, the Guarantied Parties shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy the Guarantied Parties may have against the
Borrower, the Gallery Borrower any other Loan Party or any other Person or commence any suit or other proceeding against the Borrower, the Gallery Borrower any other Loan Party or any other Person in any court or other tribunal; (b) to make any
claim in a liquidation or bankruptcy of the Borrower, the Gallery Borrower any other Loan Party or any other Person; or (c) to make demand of the Borrower, the Gallery Borrower any other Loan Party or any other Person or to enforce or seek to
enforce or realize upon any collateral security held by the Guarantied Parties which may secure any of the Guarantied Obligations. 
  

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 Section 3. Guaranty Absolute. Each Guarantor guarantees that the Guarantied
Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Guarantied Parties
with respect thereto. The liability of each Guarantor under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released,
suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof): 
 (a)(i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any change in the
time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document, any
Specified Derivatives Contract or any other document or instrument evidencing or relating to any Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under
or in respect of, the Credit Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Guarantied Obligations or any other instrument or agreement referred to therein or evidencing any Guarantied
Obligations or any assignment or transfer of any of the foregoing; 
 (b) any lack of validity or enforceability of the Credit
Agreement, any of the other Loan Documents, or Specified Derivatives Contracts (the “Credit Documents”) or any other document, instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or
transfer of any of the foregoing; 
 (c) any furnishing to the Guarantied Parties of any security for the Guarantied
Obligations, or any sale, exchange, release or surrender of, or realization on, any collateral securing any of the Guarantied Obligations; 
 (d) any settlement or compromise of any of the Guarantied Obligations, any security therefor, or any liability of any other party with respect to the Guarantied Obligations, or any subordination of the
payment of the Guarantied Obligations to the payment of any other liability of the Borrower, the Gallery Borrower or any other Loan Party; 
 (e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to such Guarantor, the Borrower, the Gallery Borrower, any other Loan
Party or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 
 (f) any act or failure to act by the Borrower, the Gallery Borrower, any other Loan Party or any other Person which may adversely affect such Guarantor’s subrogation rights, if any, against the
Borrower to recover payments made under this Guaranty; 
  

 C-3 

 (g) any invalidity or nonperfection of any security interest or lien on, or any other
impairment of, any collateral securing any of the Guarantied Obligations or any failure of the Administrative Agent or any other Person to preserve any collateral security or any other impairment of such collateral; 
 (h) any application of sums paid by the Borrower, the Gallery Borrower any Guarantor or any other Person with respect to the liabilities of
the Borrower or the Gallery Borrower, as applicable to the Guarantied Parties, regardless of what liabilities of the Borrower or the Gallery Borrower remain unpaid; 
 (i) any defect, limitation or insufficiency in the borrowing powers of the Borrower or the Gallery Borrower or in the exercise thereof; 
 (j) any defense, set off, claim or counterclaim (other than indefeasible payment and performance in full) which any at any time be available
to or be asserted by the Borrower, the Gallery Borrower any other Loan party or any other Person against the Administrative Agent or any Lender; 
 (k) any change in corporate existence, structure or ownership of the Borrower, the Gallery Borrower or any other Lender; 
 (l) any statement, representation or warranty made or deemed made by or on behalf of the Borrower, the Gallery Borrower any Guarantor or any other Loan Party under any Loan Document, or any amendment
hereto or thereto, proves to have been incorrect or misleading in any respect; or 
 (m) any other circumstance which might
otherwise constitute a defense available to, or a discharge of, a Guarantor hereunder (other than termination of this Guaranty as provided in Section 21 hereof). 
 Section 4. Action with Respect to Guarantied Obligations. The Guaranteed Parties may, at any time and from time to time, without the consent of, or notice to, any Guarantor, and without
discharging any Guarantor from its obligations hereunder, take any and all actions described in Section 3. and may otherwise: (a) amend, modify, alter or supplement the terms of any of the Guarantied Obligations, including, but not limited
to, extending or shortening the time of payment of any of the Guarantied Obligations or changing the interest rate that may accrue on any of the Guarantied Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other
Credit Documents; (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the Guarantied Obligations; (d) release any Loan Party or other Person liable in any manner for the payment or
collection of the Guarantied Obligations; (e) exercise, or refrain from exercising, any rights against the Borrower, any other Loan Party or any other Person; and (f) apply any sum, by whomsoever paid or however realized, to the Guarantied
Obligations in such order as the Guarantied Parties shall elect. 
  

 C-4 

 Section 5. Representations and Warranties. Each Guarantor hereby makes to the
Administrative Agent and the other Guarantied Parties all of the representations and warranties made by the Parent or the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other Credit Documents, as if
the same were set forth herein in full. 
 Section 6. Covenants. Each Guarantor will comply with all covenants with
which the Borrower is to cause such Guarantor to comply under the terms of the Credit Agreement or any of the other Loan Documents. 
 Section 7. Waiver. Each Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission
or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder. 
 Section 8. Inability to Accelerate Loan. If the Guarantied Parties or any of them are prevented under Applicable Law or
otherwise from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise, the Administrative Agent and/or the other Guarantied Parties shall be entitled to receive from each Guarantor, upon
demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 
 Section 9.
Reinstatement of Guarantied Obligations. If claim is ever made on the Administrative Agent or any other Guarantied Party for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied
Obligations, and the Administrative Agent or such other Guarantied Party repays all or part of said amount by reason of (a) any judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement
or compromise of any such claim effected by the Administrative Agent or such other Guarantied Party with any such claimant (including the Borrower or the Gallery Borrower or a trustee in bankruptcy for the Borrower or the Gallery Borrower), then and
in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the cancellation of the Credit Agreement, any of the other Loan Documents, any
Specified Derivatives Contract between the Borrower or any Guarantied Party or any other instrument evidencing any liability of the Borrower or the Gallery Borrower, and such Guarantor shall be and remain liable to the Administrative Agent or such
other Guarantied Party for the amounts so repaid or recovered to the same extent as if such amount had never originally been paid to the Administrative Agent or such other Guarantied Party. 
 Section 10. Subrogation. Upon the making by any Guarantor of any payment hereunder for the account of the Borrower or the
Gallery Borrower, such Guarantor shall be subrogated to the rights of the payee against the Borrower or the Gallery Borrower, as applicable; provided, however, that such Guarantor shall not enforce any right or receive any payment by
way of subrogation or otherwise take any action in respect of any other claim or cause of action such Guarantor may have against the Borrower or the Gallery Borrower as applicable arising by reason

  

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of any payment or performance by such Guarantor pursuant to this Guaranty, unless and until all of the Guarantied Obligations have been indefeasibly paid and performed in full. If any amount
shall be paid to such Guarantor on account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such amount in trust for the benefit of the Guarantied Parties and shall forthwith pay such amount
to the Administrative Agent to be credited and applied against the Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement or to be held by the Administrative Agent as collateral security for any
Guarantied Obligations existing. 
 Section 11. Payments Free and Clear. All sums payable by each Guarantor
hereunder, whether of principal, interest, fees, expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes), and if such Guarantor is required by
Applicable Law or by any Governmental Authority to make any such deduction or withholding provided the requirements set forth in Section 3.10. of the Credit Agreement are satisfied, such Guarantor shall pay to the Administrative Agent and the
Lenders such additional amount as will result in the receipt by the Administrative Agent and the Lenders of the full amount payable hereunder had such deduction or withholding not occurred or been required. 
 Section 12. Set-off. In addition to any rights now or hereafter granted under any of the other Credit Documents or
Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes each Guarantied Party and each Participant, at any time while an Event of Default exists, without any prior notice to such Guarantor or to any other
Person, any such notice being hereby expressly waived, but in the case of a Lender, a Specified Derivatives Provider or a Participant subject to receipt of the prior written consent of the Administrative Agent exercised in its sole discretion, to
set-off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by
the Administrative Agent, such Lender, such Specified Derivatives Provider or such Participant or any affiliate of the Administrative Agent or such Lender to or for the credit or the account of the Borrower or the Gallery Borrower against and on
account of any of the Guarantied Obligations, although such obligations shall be contingent or unmatured. Each Guarantor agrees, to the fullest extent permitted by Applicable Law, that any Participant may exercise rights of setoff or counterclaim
and other rights with respect to its participation as fully as if such Participant were a direct creditor of such Guarantor in the amount of such participation. 
 Section 13. Subordination. Each Guarantor hereby expressly covenants and agrees for the benefit of the Guarantied Parties that all obligations and liabilities of the Borrower and/or the
Gallery Borrower to such Guarantor of whatever description, including without limitation, all intercompany receivables of such Guarantor from the Borrower and/or the Gallery Borrower (collectively, the “Junior Claims”) shall be subordinate
and junior in right of payment to all Guarantied Obligations. If an Event of Default shall exist, then no Guarantor shall accept any direct or indirect payment (in cash, property or securities, by setoff or otherwise) from the Borrower and/or the
Gallery Borrower on account of or in any manner in respect of any Junior Claim until all of the Guarantied Obligations have been indefeasibly paid in full. 
  

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 Section 14. Avoidance Provisions. It is the intent of each Guarantor, the
Administrative Agent and the other Guarantied Parties that in any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor
hereunder (or any other obligations of such Guarantor to the Guarantied Parties) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including without limitation, (a) Section 548 of the
Bankruptcy Code of 1978, as amended (the “Bankruptcy Code”) and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or
otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties) shall be determined in any such Proceeding
are referred to as the “Avoidance Provisions”. Accordingly, to the extent that the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Guarantied Obligations for which
such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Guarantied Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of any Guarantor
hereunder (or any other obligations of such Guarantor to the Guarantied Parties), to be subject to avoidance under the Avoidance Provisions. This Section is intended solely to preserve the rights of the Administrative Agent and the other Guarantied
Parties hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section
as against the Guarantied Parties that would not otherwise be available to such Person under the Avoidance Provisions. 
 Section 15. Contribution. To the extent that any Guarantor shall be required hereunder to pay any portion of any Guarantied Obligation exceeding the greater of (a) the amount of the value actually received by such Guarantor
and its Subsidiaries from the Loans, the other Obligations and the other Gallery Obligations and (b) the amount such Guarantor would otherwise have paid if such Guarantor had paid the aggregate amount of the Guarantied Obligations (excluding
the amount thereof repaid by the Borrower and/or the Gallery Borrower) in the same proportion as such Guarantor’s net worth on the date enforcement is sought hereunder bears to the aggregate net worth of all the Guarantors on such date, then
such Guarantor shall be reimbursed by such other Guarantors for the amount of such excess, pro rata, based on the respective net worth of such other Guarantors on such date. 
 Section 16. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the financial
condition of the Borrower and the other Loan Parties, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs
hereunder, and agrees that neither the Administrative Agent nor any other Guarantied Party shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks. 
  

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 Section 17. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH COMMONWEALTH. 
 SECTION 18. WAIVER OF JURY TRIAL. 
 (a) EACH GUARANTOR, AND EACH OF THE
ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN SUCH GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OF THE OTHER GUARANTIED PARTIES WOULD BE BASED ON DIFFICULT
AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE GUARANTORS, THE ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES HEREBY WAIVES ITS
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS GUARANTY. 
 (b) EACH GUARANTOR, AND EACH OF THE ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, HEREBY AGREES
THAT THE FEDERAL DISTRICT COURT LOCATED IN THE EASTERN DISTRICT OF PENNSYLVANIA OR ANY STATE COURT LOCATED IN PHILADELPHIA COUNTY, PENNSYLVANIA SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE GUARANTORS, THE
ADMINISTRATIVE AGENT OR ANY OF THE OTHER GUARANTIED PARTIES, PERTAINING DIRECTLY OR INDIRECTLY TO THIS GUARANTY. EACH GUARANTOR AND EACH OF THE GUARANTIED PARTIES EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR
PROCEEDING COMMENCED IN SUCH COURTS. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND
EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT OR ANY OTHER GUARANTIED PARTY OR THE ENFORCEMENT BY THE ADMINISTRATIVE
AGENT OR ANY OTHER GUARANTIED PARTY OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
 (c) THE
FOREGOING WAIVERS HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE

  

 C-8 

 
OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS GUARANTY. 
 Section 19. Loan Accounts. The Administrative Agent and each Lender may maintain books and accounts setting forth the amounts of principal, interest and other sums paid and payable with
respect to the Guarantied Obligations arising under or in connection with the Credit Agreement, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of any of such Guarantied Obligations or otherwise, the
entries in such books and accounts shall constitute prima facie evidence of the outstanding amount of such Guarantied Obligations and the amounts paid and payable with respect thereto absent manifest error. The failure of the Administrative Agent or
any Lender to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its obligations hereunder. 
 Section 20. Waiver of Remedies. No delay or failure on the part of the Administrative Agent or any other Guarantied Party in the exercise of any right or remedy it may have against any
Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Administrative Agent or any other Guarantied Party of any such right or remedy shall preclude any other or further exercise thereof or the
exercise of any other such right or remedy. 
 Section 21. Termination. This Guaranty shall remain in full force and
effect with respect to each Guarantor until indefeasible payment in full of the Guarantied Obligations and the other Obligations and the termination or cancellation of the Credit Agreement and all Specified Derivatives Contracts in accordance with
their respective terms. 
 Section 22. Successors and Assigns. Each reference herein to the Administrative Agent or
any other Guarantied Party shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and
each reference herein to each Guarantor shall be deemed to include such Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Guarantied Parties may, in accordance with the applicable provisions of the Credit
Agreement and Specified Derivatives Contracts, assign, transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without
releasing, discharging or modifying any Guarantor’s obligations hereunder. Each Guarantor hereby consents to the delivery by the Administrative Agent and any other Guarantied Party to any Assignee or Participant (or any prospective Assignee or
Participant) of any financial or other information regarding the Borrower or any Guarantor. No Guarantor may assign or transfer its obligations hereunder to any Person without the prior written consent of all Lenders and any such assignment or other
transfer to which all of the Lenders have not so consented shall be null and void. 
 Section 23. JOINT AND SEVERAL
OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE

  

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“GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER. 
 Section 24. Amendments. This Guaranty may not be amended except in writing signed by the Administrative Agent and each
Guarantor. 
 Section 25. Payments. All payments to be made by any Guarantor pursuant to this Guaranty shall be made
in Dollars, in immediately available funds to the Administrative Agent at its Principal Office, not later than 11:00 p.m. Central time, on the date one Business Day after demand therefor. 
 Section 26. Notices. All notices, requests and other communications hereunder shall be in writing (including facsimile
transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Administrative Agent or any other Guarantied Party at its address for notices provided for in the
Credit Agreement or Specified Derivatives Contract, as applicable, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall
be effective (i) if mailed, when received; (ii) if telecopied, when transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective
until received. 
 Section 27. Severability. In case any provision of this Guaranty shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 28. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction of this Guaranty. 
 Section 29. Limitation of Liability. Neither the Administrative Agent nor any other Guarantied Party, nor any affiliate,
officer, director, employee, attorney, or agent of the Administrative Agent or any other Guarantied Party, shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them upon, any claim for
any special, indirect, incidental, or consequential damages suffered or incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty or any of the other Credit Documents, or any of the transactions contemplated
by this Guaranty, the Credit Agreement or any of the other Loan Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Administrative Agent or any other Guarantied Party or any of the Administrative Agent’s or any other
Guarantied Party’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Guaranty, the Credit Agreement or any of the
other Credit Documents, or any of the transactions contemplated thereby. 
 Section 30. Electronic Delivery of Certain
Information. Each Guarantor acknowledges and agrees that information regarding the Guarantor may be delivered electronically pursuant to Section 7.1.(b) of the Credit Agreement. 
  

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 Section 31. Effect on Existing Guaranties. 
 (a) Existing Guaranties. Upon satisfaction of the conditions precedent set forth in Sections 5.1. and 5.2. of the Credit
Agreement, this Guaranty and the other Loan Documents shall exclusively control and govern the mutual rights and obligations of the Guarantors with respect to the Existing Guaranties and that the Existing Guaranties shall be superseded in all
respects on a prospective basis. 
 (b) NO NOVATION. THE PARTIES HERETO HAVE ENTERED INTO THIS AMENDED AND RESTATED
GUARANTY SOLEY TO AMEND, RESTATE AND CONSOLIDATE THE TERMS OF, AND THE OBLIGATIONS OWING UNDER AND IN CONNECTION WITH, THE EXISTING GUARANTIES. THE PARTIES DO NOT INTEND THIS AMENDED AND RESTATED GUARANTY NOR THE TRANSACTIONS CONTEMPLATED HEREBY TO
BE, AND THIS AMENDED AND RESTATED GUARANTY AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING BY THE GUARANTORS UNDER OR IN CONNECTION WITH ANY OF THE EXISTING GUARANTIES. 
 Section 32. Definitions. (a) For the purposes of this Guaranty: 
 “Proceeding” means any of the following: (i) a voluntary or involuntary case concerning any Guarantor shall be
commenced under the Bankruptcy Code of 1978, as amended; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial part of the property of any
Guarantor; (iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for adjustment of debts, whether now or hereafter in effect, is commenced
relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is entered by a court of competent jurisdiction; (vi) any Guarantor makes
a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (viii) any Guarantor shall call a meeting
of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of the foregoing; or (x) any corporate
action shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 
 (b) Terms not otherwise defined
herein are used herein with the respective meanings given them in the Credit Agreement. 
 [Signatures on Following Page]

  

 C-11 

 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Amended and Restated
Guaranty as of the date and year first written above. 
  

					
	[GUARANTOR]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Address for Notices for all Guarantors:
	
	 c/o PREIT Associates, L.P.
 200 South Broad Street
 Philadelphia, PA 19102
 Attention: Bruce Goldman
 Telephone: (215) 875-0700
 Telecopy: (215) 546-7311

 Accepted: 
 WELLS FARGO BANK, NATIONAL 
     ASSOCIATION, as Administrative Agent 
  

					
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

 C-12 

 ANNEX I 
 FORM OF ACCESSION AGREEMENT 
 THIS ACCESSION AGREEMENT dated as of
            ,             , executed and delivered by             , a
            (the “New Guarantor”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the
Lenders under that certain Amended, Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among PREIT
Associates, L.P. (“PREIT”) and PREIT-RUBIN, Inc. (“PREIT-RUBIN”; together with PREIT, each a “Borrower” and collectively, the “Borrower”), PR I Gallery Limited Partnership, a Pennsylvania limited partnership
(“PR Gallery”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone”, together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the
“Gallery Borrower”), Pennsylvania Real Estate Investment Trust, the financial institutions party thereto and their assignees under Section 11.6. thereof (the “Lenders”), the Administrative Agent, and the other parties
thereto, for its benefit and the benefit of the Lenders, the Issuing Bank and the Specified Derivatives Providers (the Administrative Agent, the Lenders and the Specified Derivatives Providers, each individually a “Guarantied Party” and
collectively, the “Guarantied Parties”). 
 WHEREAS, pursuant to the Credit Agreement, the Administrative Agent and
the Lenders have agreed to make available to the Borrower and the Gallery Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 
 WHEREAS, the Specified Derivatives Providers may from time to time enter into Specified Derivatives Contracts with the Borrower; 

WHEREAS, New Guarantor is owned or controlled by the Borrower, or is otherwise an Affiliate of the Borrower; 
 WHEREAS, the Borrower, the Gallery Borrower, the New Guarantor and the other Subsidiaries of the Borrower, though separate legal entities,
are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Administrative Agent, the Lenders and to enter
into Specified Derivatives Contracts, through their collective efforts; 
 WHEREAS, New Guarantor acknowledges that it will receive direct and
indirect benefits from the Administrative Agent and the Lenders making such financial accommodations available to the Borrower and the Gallery Borrower under the Credit Agreement and from the Specified Derivatives Providers entering into Specified
Derivatives Contracts and, accordingly, New Guarantor is willing to guarantee the Borrower’s and the Gallery Borrower’s obligations to the Administrative Agent, the Lenders and the Issuing Bank, and the Borrower’s obligations to the
Specified Derivatives Providers on the terms and conditions contained herein; and 
  

 C-13 

 WHEREAS, the New Guarantor’s execution and delivery of this Agreement is a condition to
the Administrative Agent and the Lenders continuing to make such financial accommodations to the Borrower and the Gallery Borrower and to the Specified Derivatives Providers continuing to enter into Specified Derivatives Contracts. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the New Guarantor, the
New Guarantor agrees as follows: 
 Section 1. Accession to Guaranty. The New Guarantor hereby agrees that it is a
“Guarantor” under the Amended and Restated Guaranty dated as of March 11, 2010 (as amended, restated or otherwise modified from time to time, the “Guaranty”), made by the Guarantors party thereto in favor of the
Administrative Agent, for its benefit and the benefit of the other Guarantied Parties and assumes all obligations of a “Guarantor” thereunder, all as if the New Guarantor had been an original signatory to the Guaranty. Without limiting the
generality of the foregoing, the New Guarantor hereby: 
 (a) irrevocably and unconditionally guarantees the due and punctual
payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty); 
 (b) makes to the Administrative Agent and the other Guarantied Parties as of the date hereof each of the representations and warranties contained in Section 5. of the Guaranty and agrees to be bound
by each of the covenants contained in Section 6. of the Guaranty; and 
 (c) consents and agrees to each provision set
forth in the Guaranty. 
 SECTION 2. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH COMMONWEALTH. 
 Section 3. Definitions. Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given them in the Credit Agreement. 
 [Signatures on Next Page] 
  

 C-14 

 IN WITNESS WHEREOF, the New Guarantor has caused this Accession Agreement to be duly
executed and delivered under seal by its duly authorized officers as of the date first written above. 
  

					
	[NEW GUARANTOR]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	  
 (CORPORATE SEAL)
  
 Address for Notices:
  
 c/o PREIT Associates, L.P.
 200 South Broad Street
 Philadelphia, PA 19102
 Attention: Bruce Goldman
 Telephone:
(215) 875-0700
 Telecopy:   (215) 546-7311

 Accepted: 
  
  

					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

 C-15 

 EXHIBIT D 
 FORM OF NOTICE OF CONTINUATION 
         , 20     

	
	 Wells Fargo Bank, National Association, as Administrative Agent
 1753 Pinnacle Drive
 5th Floor, South Tower
 McLean, Virginia 22102
 Attn: Stephen F.
Gray

 Ladies and Gentlemen: 
 Reference is made to that certain Amended, Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among PREIT Associates, L.P. (“PREIT”) and PREIT-RUBIN, Inc. (“PREIT-RUBIN”; together with PREIT, each individually, a “Borrower” and collectively, the “Borrower”), PR
Gallery I Limited Partnership, a Pennsylvania limited partnership (“PR Gallery”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each
individually, a “Gallery Borrower” and collectively, the “Gallery Borrower”), Pennsylvania Real Estate Investment Trust (the “Parent”), the financial institutions party thereto and their assignees under
Section 11.6.(c) thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined
herein, have their respective meanings given them in the Credit Agreement. 
 Pursuant to Section 2.9. of the Credit
Agreement, PREIT, as a Borrower or as a Gallery Borrower, as applicable, hereby requests a Continuation of a LIBOR Loan under the Credit Agreement, and in that connection sets forth below the information relating to such Continuation as required by
such Section of the Credit Agreement: 
  

	 	1.	The requested date of such Continuation is             , 20    .

  

	 	2.	The LIBOR Loan to be continued pursuant hereto is: 

 [Complete one of the following only] 
  ̈ a Revolving Loan in the aggregate principal amount of $            . 
  ̈ a Term Loan A in the aggregate principal amount of
$            . 
  

 D-1 

  ̈ a Gallery Term Loan in the
aggregate principal amount of $            . 
  

	 	3.	The portion of the principal amount of such LIBOR Loan subject to the requested Continuation is
$            . 

  

	 	3.	The current Interest Period of such LIBOR Loan subject to such Continuation ends on             ,
20    . 

  

	 	4.	The duration of the Interest Period for such LIBOR Loan or portion thereof subject to such Continuation is: 

 [Check one box only] 
  ̈ one month 
  ̈ three months 
  ̈ six
months 
 PREIT, as a Borrower or as a Gallery Borrower, as applicable, hereby certifies to the Administrative Agent and the
Lenders that as of the date hereof, as of the proposed date of the requested Continuation, and after giving effect to such Continuation, no Default or Event of Default shall have occurred and be continuing. 
 If notice of the requested Continuation was given previously by telephone, this notice is to be considered written confirmation of such
telephone notice required by Section 2.9. of the Credit Agreement. 
 IN WITNESS WHEREOF, the undersigned has duly executed
and delivered this Notice of Continuation as of the date first written above. 
  

							
	PREIT ASSOCIATES, L.P.
		
	By:	 	 Pennsylvania Real Estate Investment Trust,
 its general partner

			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

  

 D-2 

 EXHIBIT E 
 FORM OF NOTICE OF CONVERSION 
             , 20     

	
	 Wells Fargo Bank, National Association, as Administrative Agent
 1753 Pinnacle Drive
 5th Floor, South Tower
 McLean, Virginia 22102
 Attn: Stephen F.
Gray

 Ladies and Gentlemen: 
 Reference is made to that certain Amended, Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among PREIT Associates, L.P. (“PREIT”) and PREIT-RUBIN, Inc. (“PREIT-RUBIN”; together with PREIT, each individually, a “Borrower” and collectively, the “Borrower”), PR
Gallery I Limited Partnership, a Pennsylvania limited partnership (“PR Gallery”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each
individually, a “Gallery Borrower” and collectively, the “Gallery Borrower”), Pennsylvania Real Estate Investment Trust (the “Parent”), the financial institutions party thereto and their assignees under
Section 11.6.(c) thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined
herein, have their respective meanings given them in the Credit Agreement. 
 Pursuant to Section 2.10. of the Credit
Agreement, PREIT, as a Borrower or as a Gallery Borrower, as applicable, hereby requests a Conversion of a Loan of one Type into a Loan of another Type under the Credit Agreement, and in that connection sets forth below the information relating to
such Conversion as required by such Section of the Credit Agreement: 
  

	 	1.	The requested date of such Conversion is             , 20    . 

 

	 	2.	The Type of Loan to be Converted pursuant hereto is currently: 

 [Check one box only] 
  ̈ Base Rate Loan that is a Revolving Loan 
  ̈ LIBOR Loan that is a Revolving Loan 
  

 E-1 

  ̈ Base Rate Loan that is a
Term Loan A 
  ̈ LIBOR Loan that is a Term Loan A 
  ̈ Base Rate Loan that is a Gallery Term Loan 
  ̈ LIBOR Loan that is a Gallery Term Loan 
  

	 	3.	The aggregate principal amount of the Loans subject to the requested Conversion is $            and the
portion of such principal amount subject to such Conversion is $            . 

  

	 	4.	The amount of such Loan to be so Converted is to be converted into Loan of the following Type: 

 [Check one box only] 
  ̈ Base Rate Loan 
  ̈ LIBOR Loan, with an initial Interest Period for a duration of: 
 [Check one box only] 
  ̈ one month 

 ̈ three months 
  ̈ six months 
 PREIT, as a Borrower or as a Gallery Borrower, as applicable, hereby certifies to the Administrative Agent and the Lenders that as of the
date hereof, as of the proposed date of the requested Conversion, and after giving effect to such Conversion, no Default or Event of Default shall have occurred and be continuing (provided the certification under this clause (a) shall not be
made in connection with a Conversion of a Loan into a Base Rate Loan), and (b) (b) the representations and warranties made or deemed made by the Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is a
party, are and shall be true and correct with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations
and warranties shall have been true and correct on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. 
 If notice of the requested Conversion was given previously by telephone, this notice is considered the written confirmation of such telephone notice required by Section 2.10. of the Credit Agreement.

  

 E-2 

 IN WITNESS WHEREOF, the undersigned ahs duly executed and delivered this Notice of
Conversion as of the date first written above. 
  

							
	PREIT ASSOCIATES, L.P.
		
	By:	 	 Pennsylvania Real Estate Investment Trust,
 its general partner

			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

  

 E-3 

 EXHIBIT F 
 FORM OF NOTICE OF GALLERY TERM LOAN BORROWING 
 March 11, 2010 
  

	
	 Wells Fargo Bank, National Association, as Administrative Agent
 1753 Pinnacle Drive
 5th Floor, South Tower
 McLean, Virginia 22102
 Attn: Stephen F.
Gray

 Ladies and Gentlemen: 
 Reference is made to that certain Amended, Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among PREIT Associates, L.P. (“PREIT”), PREIT-RUBIN, Inc. (“PREIT-RUBIN”; together with PREIT and PREIT-RUBIN, each individually a “Borrower” and collectively, the
“Borrower”), PR Gallery I Limited Partnership, a Pennsylvania limited partnership (“PR Gallery”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone” together with PR Gallery, PREIT
and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the “Gallery Borrower”), Pennsylvania Real Estate Investment Trust (the “Parent”), the financial institutions party thereto and their assignees
under Section 11.6.(c) thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise
defined herein, have their respective meanings given them in the Credit Agreement. 
  

	 	1.	Pursuant to Section 2.2.(b) of the Credit Agreement, the Gallery Borrower hereby requests that the Lenders make Gallery Term Loans to the Gallery Borrower in an
aggregate amount equal to $83,975,000. 

  

	 	2.	The Gallery Borrower requests that the Gallery Term Loans be made available to the Gallery Borrower on March 11, 2010. 

  

	 	3.	The Gallery Borrower hereby requests that the requested Loans be of the following Type: 

 [Check one box only] 
  ̈ Base Rate Loan 
  ̈ LIBOR Loan, with an initial Interest Period for a duration of: 
 [Check one box only] 
  ̈ one month 
  

 F-1 

  ̈ three month 

 ̈ six month 
 4. The proceeds of the Gallery Term Loan will be used for the following purpose: To refinance the repayment of all indebtedness, liabilities
and obligations owing by the Loan Parties under the Existing Credit Agreement and the Existing Term Loan Agreement and other amounts specified on the Statement of Funds dated as of the date hereof among the Borrower, the Gallery Borrower and the
Administrative Agent (the “Funds Flow Statement”). 
 5. The Gallery Borrower requests that the proceeds of the
Gallery Term Loans be made available to the Gallery Borrower in accordance with the Funds Flow Statement. 
 The Gallery
Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the date of the making of the requested Gallery Term Loans, and after making such Gallery Term Loans, (a) no Default or Event of Default
shall have occurred and be continuing; and (b) the representations and warranties of the Borrower, the Parent and the other Guarantors contained in the Credit Agreement and in the other Loan Documents to which any of them is a party, are and
shall be true and correct with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties
shall have been true and correct on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. In addition, the Gallery Borrower certifies to the Administrative Agent and the Lenders that
all conditions to the making of the requested Loans contained in Article V. of the Credit Agreement will have been satisfied at the time such Loans are made. 
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Gallery Term Loan Borrowing as of the date first written above. 
  

							
	PREIT ASSOCIATES, L.P.
		
	By:	 	 Pennsylvania Real Estate Investment Trust,
 its general partner

			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

  

 F-2 

 EXHIBIT G 
 FORM OF NOTICE OF REVOLVING LOAN BORROWING 
             , 20     
  

			
	 Wells Fargo Bank, National Association,
as Administrative Agent
 1753 Pinnacle Drive
 5th Floor, South Tower
 McLean, Virginia 22102
 Attn: Stephen F.
Gray
	  	

 Ladies and Gentlemen: 
 Reference is made to that certain Amended, Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among PREIT Associates, L.P. (“PREIT”), PREIT-RUBIN, Inc. (“PREIT-RUBIN”; together with PREIT and PREIT-RUBIN, each individually a “Borrower” and collectively, the
“Borrower”), PR Gallery I Limited Partnership, a Pennsylvania limited partnership (“PR Gallery”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone” together with PR Gallery, PREIT,
and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the “Gallery Borrower”), Pennsylvania Real Estate Investment Trust (the “Parent”), the financial institutions party thereto and their assignees
under Section 11.6.(c) thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise
defined herein, have their respective meanings given them in the Credit Agreement. 
  

	 	1.	Pursuant to Section 2.1.(b) of the Credit Agreement, the Borrower hereby requests that the Lenders make Revolving Loans to the Borrower in an aggregate amount
equal to $            . 

  

	 	2.	The Borrower requests that the Revolving Loans be made available to the Borrower on             ,
20    . 

  

	 	3.	The Borrower hereby requests that the requested Revolving Loans be of the following Type: 

 [Check one box only] 
  ̈ Base Rate Loan 
  ̈ LIBOR Loan, with an initial Interest Period for a duration of: 
 [Check one box only] 
  ̈ one month 

 ̈ three month 
  

 G-1 

  ̈ six month 
 4. The proceeds of the Revolving Loans will be used for the following purpose: 

			
	  

	  
	 	.

 5. The Borrower requests that the
proceeds of this borrowing of Revolving Loans be made available to the Borrower by                     . 
 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the date of the making of the
requested Revolving Loans, and after making such Revolving Loans, (a) no Default or Event of Default shall have occurred and be continuing; and (b) the representations and warranties of the Borrower, the Parent and the other Guarantors
contained in the Credit Agreement and in the other Loan Documents to which any of them is a party, are and shall be true and correct with the same force and effect as if made on and as of such date except to the extent that such representations and
warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan
Documents. In addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the making of the requested Loans contained in Article V. of the Credit Agreement will have been satisfied at the time such Loans
are made. 
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Revolving Loan Borrowing as of
the date first written above. 
  

							
	PREIT ASSOCIATES, L.P.
		
	By:	 	 Pennsylvania Real Estate Investment Trust,
 its general partner

			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

  

 G-2 

 EXHIBIT H 
 FORM OF NOTICE OF TERM LOAN A BORROWING 
 March 11, 2010 
  

	
	 Wells Fargo Bank, National Association,
as Administrative Agent
 1753 Pinnacle Drive
 5th Floor, South Tower
 McLean, Virginia 22102
 Attn: Stephen F.
Gray

 Ladies and Gentlemen: 
 Reference is made to that certain Amended, Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among PREIT Associates, L.P. (“PREIT”), PREIT-RUBIN, Inc. (“PREIT-RUBIN”; together with PREIT and PREIT-RUBIN, each individually a “Borrower” and collectively, the
“Borrower”), PR Gallery I Limited Partnership, a Pennsylvania limited partnership (“PR Gallery”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone” together with PR Gallery, PREIT
and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the “Gallery Borrower”), Pennsylvania Real Estate Investment Trust (the “Parent”), the financial institutions party thereto and their assignees
under Section 11.6.(c) thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise
defined herein, have their respective meanings given them in the Credit Agreement. 
  

	 	1.	Pursuant to Section 2.2.(a) of the Credit Agreement, the Borrower hereby requests that the Lenders make Term Loans A to the Borrower in an aggregate amount equal
to $436,025,000. 

  

	 	2.	The Borrower requests that the Term Loans A be made available to the Borrower on March 11, 2010. 

  

	 	3.	The Borrower hereby requests that the requested Loans be of the following Type: 

 [Check one box only] 
  ̈ Base Rate Loan 
  ̈ LIBOR Loan, with an initial Interest Period for a duration of: 
 [Check one box only] 
  ̈ one month 
  ̈ three
months 
  ̈ six months 
  

 H-1 

 4. The proceeds of the Term Loans A will be used for the following purpose: : To refinance
the repayment of all indebtedness, liabilities and obligations owing by the Loan Parties under the Existing Credit Agreement and the Existing Term Loan Agreement and other amounts specified on the Statement of Funds dated as of the date hereof among
the Borrower, the Gallery Borrower and the Administrative Agent (the “Funds Flow Statement”). 
 5. The Borrower
requests that the proceeds of the Term Loans A be made available to the Borrower in accordance with the Funds Flow Statement. 
 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the date of the making of the requested Term Loans A, and after making such Term Loans A, (a) no Default or Event of Default
shall have occurred and be continuing; and (b) the representations and warranties of the Borrower, the Parent and the other Guarantors contained in the Credit Agreement and in the other Loan Documents to which any of them is a party, are and
shall be true and correct with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties
shall have been true and correct on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. In addition, the Borrower certifies to the Administrative Agent and the Lenders that all
conditions to the making of the requested Loans contained in Article V. of the Credit Agreement will have been satisfied at the time such Loans are made. 
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Term Loan A Borrowing as of the date first written above. 
  

							
	PREIT ASSOCIATES, L.P.
		
	By:	 	Pennsylvania Real Estate Investment Trust, its general partner
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

  

 H-2 

 EXHIBIT I 
 FORM OF PLEDGE AGREEMENT 
 THIS PLEDGE AGREEMENT dated as of March 11, 2010,
executed and delivered by each of the undersigned parties identified as “Pledgors” on the signature pages hereto and the other Persons who may become Pledgors hereunder pursuant to the execution and delivery of a Pledge Agreement
Supplement substantially in the form of Annex 1 hereto (each a “Pledgor” and collectively, the “Pledgors”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative
Agent”) for the Lenders under that certain Amended, Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by
and among PREIT Associates, L.P. (“PREIT”) and PREIT-RUBIN, Inc. (“PREIT-RUBIN”; together with PREIT, each individually, a “Borrower” and collectively, the “Borrower”), PR Gallery I Limited Partnership, a
Pennsylvania limited partnership (“PR Gallery”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery
Borrower” and collectively, the “Gallery Borrower”), Pennsylvania Real Estate Investment Trust (the “Parent”), the financial institutions party thereto and their assignees under Section 11.6.(c) thereof (the
“Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto, for its benefit and the benefit of the Issuing Bank, the Lenders and the Specified
Derivatives Providers (the Administrative Agent, the Issuing Bank, the Lenders, and the Specified Derivatives Providers, each individually a “Secured Party” and collectively, the “Secured Parties”) 
 WHEREAS, the Borrower, the Gallery Borrower, the Lenders and the Administrative Agent are entering into the Credit Agreement to amend and
restate the terms of, and to consolidate the Indebtedness owing by the Borrower and the Gallery Borrower under and in connection with, the Existing Agreements; 
 WHEREAS, the Specified Derivatives Providers may from time to time enter into Specified Derivatives Contracts with the Borrower; 
 WHEREAS, the Borrower, the Gallery Borrower and each of the other Pledgors, though separate legal entities, are mutually dependent on each
other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to continue to obtain financing from the Lenders and the Administrative Agent and to enter into Specified
Derivatives Contracts through their collective efforts; 
 WHEREAS, each Pledgor acknowledges that it will receive direct and
indirect benefits from the Lenders and the Administrative Agent continuing to make such financial accommodations available to the Borrower and the Gallery Borrower under the Credit Agreement; 
  

 I-1 

 WHEREAS, each Pledgor acknowledges that it will receive direct and indirect benefits from
the Specified Derivatives Providers entering into Specified Derivatives Contracts; and 
 WHEREAS, it is a condition precedent
to the effectiveness of the Credit Agreement to the Administrative Agent and the other Secured Parties’ making and continuing to make such financial accommodations to the Borrower and the Gallery Borrower under the Credit Agreement that the
Pledgors execute and deliver this Agreement, among other things, to grant to the Administrative Agent for the benefit of the Secured Parties a security interest in the Collateral as security for the Secured Obligations. 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows: 
 Section 1. Pledge. As security for
the prompt performance and payment in full of the Secured Obligations, each Pledgor hereby pledges, hypothecates, assigns, transfers, sets over and delivers unto the Administrative Agent, for its own benefit and for the benefit of the other Secured
Parties, and grants to the Administrative Agent, for its own benefit and for the benefit of the other Secured Parties, a security interest in, all of such Pledgor’s right, title and interest in, to and under the following (collectively, the
“Pledged Collateral”): 
 (a) the Pledged Interests; 
 (b) all distributions, cash, securities, interest, dividends, rights and other property at any time and from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all thereof to which such Pledgor shall at any time be entitled in respect of the Pledged Interests; 
 (c) all other payments due or to become due to such Pledgor in respect of any of the foregoing; 
 (d) all of such Pledgor’s claims, rights, powers, privileges, authority, puts, calls, options, security interests, liens and remedies,
if any, in respect of any of the foregoing; 
 (e) all of such Pledgor’s rights to exercise and enforce any and every
right, power, remedy, authority, option and privilege of such Pledgor relating to any of the foregoing including, without limitation, any power to (i) terminate, cancel or modify any agreement, (ii) execute any instruments and to take any
and all other action on behalf of and in the name of such Pledgor in respect of any of the foregoing and the applicable Issuer thereof, (iii) exercise voting rights or make determinations, (iv) exercise any election (including, but not
limited to, election of remedies), (v) exercise any “put”, right of first offer or first refusal, or other option, (vi) exercise any right of redemption or repurchase, (vii) give or receive any notice, consent, amendment,
waiver or approval, (viii) demand, receive, enforce, collect or receipt for any of the foregoing, (ix) enforce or execute any checks, or other instruments or orders, (x) file any claims and to take

  

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any action in connection with any of the foregoing, or (xi) otherwise act as if such Pledgor were the absolute owner of such Pledged Interests and all rights associated therewith;

 (f) all certificates and instruments representing or evidencing any of the foregoing; 
 (g) all other property hereafter delivered in substitution for or in addition to any of the foregoing; 
 (h) all other rights, titles, interests, powers, privileges and preferences pertaining to any of the foregoing; and 
 (i) all Proceeds of any of the foregoing. 
 Section 2. Representations and Warranties. Each Pledgor hereby represents and warrants to the Administrative Agent and the other Secured Parties as follows: 
 (a) Title and Liens. Such Pledgor is, and will at all times continue to be, the legal and beneficial owner of the Pledged Collateral
of such Pledgor. None of the Pledged Collateral is subject to any adverse claim or other Lien other than Permitted Liens of the types referred to in clauses (a) and (e) of the definition of “Permitted Lien”. No Person has control
of any of the Pledged Collateral other than the Administrative Agent. 
 (b) Validity and Perfection of Security
Interest. This Agreement is effective to create in favor of the Administrative Agent, for the benefit of the other Secured Parties, a legal, valid and enforceable security interest in the Pledged Collateral. Such security interest will be
perfected (i) with respect to any such Pledged Collateral that is a “security” (as such term is defined in the UCC) and is evidenced by a certificate, when such Pledged Collateral is delivered to the Administrative Agent with duly
executed stock powers with respect thereto, (ii) with respect to any such Pledged Collateral that is a “security” (as such term is defined in the UCC) but is not evidenced by a certificate, when UCC financing statements in appropriate
form are filed in the appropriate filing offices in the jurisdiction of organization of the Pledgors or when control is established by the Administrative Agent over such interests in accordance with the provision of Section 8-106 of the UCC, or
any successor provision, and (iii) with respect to any such Pledged Collateral that is not a “security” (as such term is defined in the UCC), when UCC financing statements in appropriate form are filed in the appropriate filing
offices in the jurisdiction of organization of the Pledgors. Except as set forth in this subsection, no action is necessary to perfect the security interest granted by any Pledgor under this Agreement. 
 (c) Pledged Equity Interests. The information set forth on Schedule 1 hereto with respect to the Pledged Collateral of such Pledgor
is true and correct. 
 (d) Name, Organization, Etc. Such Pledgor’s exact legal name, type of legal entity,
jurisdiction of formation, organizational identification number and location of its chief executive office are as set forth on Schedule 1. Except as set forth on such Schedule, since the date of such

  

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Pledgor’s formation, such Pledgor has not changed its name or merged with or otherwise combined its business with any other Person. 
 (e) Validly Issued, etc. All of the Pledged Interests have been duly authorized, are duly authorized, validly issued, fully paid and
nonassessable and are not subject to preemptive rights of any Person. 
 (f) Interests in Partnerships and LLCs. None of
the Pledged Collateral consisting of an interest in a partnership or in a limited liability company (i) is dealt in or traded on a securities exchange or in securities markets, (ii) by its terms expressly provides that it is a security
governed by Article 8 of the UCC, (iii) is an investment company security, (iv) otherwise constitutes a security or (v) constitutes a financial asset. 
 Section 3. Covenants. Each Pledgor hereby unconditionally covenants and agrees as follows: 
 (a) No Liens; No Sale of Pledged Collateral. Such Pledgor will not create, assume, incur or permit or suffer to exist or to be created, assumed or incurred, any Lien on any of the Pledged
Collateral (or any interest therein), nor sell, lease, assign, transfer or otherwise dispose of all or any portion of the Pledged Collateral (or any interest therein) except as permitted under the Credit Agreement. 
 (b) Change of Name, Etc. Without giving the Administrative Agent at least 30-days’ prior written notice and to the extent such
action is not otherwise prohibited by any of the Loan Documents, such Pledgor shall not: (i) change its name; (ii) reorganize or otherwise become formed under the laws of another jurisdiction or (iii) become bound by a security
agreement of another Person under Section 9-203(d) of the UCC. 
 (c) Defense of Title. Such Pledgor will warrant
and defend its title to and ownership of the Pledged Collateral of such Pledgor, at its sole cost and expense, against the claims of all Persons. 
 (d) Delivery of Certificates, Etc. If a Pledgor shall receive any certificate (including, without limitation, any certificate representing a stock and/or liquidating dividends, other distributions
in property, return of capital or other distributions made on or in respect of the Pledged Collateral, whether resulting from a subdivision, combination or reclassification of outstanding Equity Interests or received in exchange for Pledged
Collateral or any part thereof or as a result of any merger, consolidation, acquisition or other exchange of assets or on the liquidation, whether voluntary or involuntary, or otherwise), instrument, option or rights in respect of any Pledged
Collateral, whether in addition to, in substitution of, as a conversion of, or in exchange for, any Pledged Collateral, or otherwise in respect thereof, such Pledgor shall hold the same in trust for the Administrative Agent and the other Secured
Parties and promptly deliver the same to the Administrative Agent in the exact form received, duly indorsed by such Pledgor to the Administrative Agent, if required, together with an undated stock power covering such certificate (or other
appropriate instrument of transfer) duly executed in blank by such Pledgor

  

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and with, if the Administrative Agent so requests, signature guaranteed, to be held by the Administrative Agent, subject to the terms of this Agreement, as Pledged Collateral. 
 (e) Uncertificated Securities. With respect to any Pledged Collateral that constitutes a security and is not represented or evidenced
by a certificate or instrument, such Pledgor shall cause the Issuer thereof either (i) to register the Administrative Agent as the registered owner of such security or (ii) to agree in writing with the Administrative Agent and such Pledgor
that such Issuer will comply with the instructions with respect to such security originated by the Administrative Agent without further consent of such Pledgor. 
 (f) Additional Shares. Such Pledgor shall not permit any Issuer to issue any additional Equity Interests unless such Equity Interests are pledged hereunder as provided herein. Further, such Pledgor
shall not permit any Issuer to amend or modify its articles or certificate of incorporation, articles of organization, certificate of limited partnership, by-laws, operating agreement, partnership agreement or other comparable organizational
instrument in a manner which would adversely affect the voting, liquidation, preference or other similar rights of any holder of the Equity Interests pledged hereunder. 
 (g) Issuer Acknowledgment. Such Pledgor shall, upon the Administrative Agent’s request therefor, cause each Issuer of Pledged Collateral and which Issuer is not a Pledgor itself, to execute
and deliver to the Administrative Agent an Acknowledgment and Consent substantially in the form of Schedule 2 attached hereto. 
 Section 4. Registration in Nominee Name, Denominations. The Administrative Agent shall have the right (in its sole and absolute discretion) to hold any Equity Interests which are part of the Pledged Collateral in its own name as
pledgee, the name of its nominee (as Administrative Agent or as sub-agent) or the name of the Pledgor thereof, endorsed or assigned in blank or in favor of the Administrative Agent. Such Pledgor will promptly give to the Administrative Agent copies
of any notices or other communications received by it with respect to any such Equity Interests constituting Pledged Collateral registered in the name of such Pledgor. 
 Section 5. Voting Rights; Dividends, etc. 
 (a) So long as no Event of
Default exists: 
 (i) each Pledgor shall be entitled to exercise any and all voting and/or consensual rights and
powers accruing to an owner of the Pledged Collateral or any part thereof for any purpose not inconsistent with the terms and conditions of any of the Loan Documents or any agreement giving rise to or otherwise relating to any of the Secured
Obligations; provided, however, that no Pledgor shall exercise, or refrain from exercising, any such right or power if any such action would have a Material Adverse Effect; and 
 (ii) each Pledgor shall be entitled to retain and use any and all cash distributions paid on the Pledged Collateral, but any
and all equity and/or liquidating distributions, other distributions in property, return of capital or other distributions made

  

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on or in respect of Pledged Collateral, whether resulting from a subdivision, combination or reclassification of outstanding Equity Interests which are pledged hereunder or received in exchange
for Pledged Collateral or any part thereof or as a result of any merger, consolidation, acquisition or other exchange of assets or on the liquidation, whether voluntary or involuntary, of any Issuer, or otherwise, shall be and become part of the
Pledged Collateral pledged hereunder and, if received by such Pledgor, shall forthwith be delivered to the Administrative Agent to be held as collateral subject to the terms and conditions of this Agreement; provided, that, if any such liquidating
distributions are in cash, such cash shall be applied in accordance with Section 2.8.(b)(iii) of the Credit Agreement. 
 The
Administrative Agent agrees to execute and deliver to each Pledgor, or cause to be executed and delivered to such Pledgor, as appropriate, at the sole cost and expense of such Pledgor, all such proxies, powers of attorney, dividend orders and other
instruments as such Pledgor may reasonably request for the purpose of enabling such Pledgor to exercise the voting and/or consensual rights and powers which such Pledgor is entitled to exercise pursuant to clause (i) above and/or to receive the
distributions and other amounts which such Pledgor is authorized to retain pursuant to clause (ii) above. 
 (b) If an
Event of Default exists, all rights of the Pledgors to exercise the voting and/or consensual rights and powers which the Pledgors are entitled to exercise pursuant to subsection (a)(i) above and/or to receive the distributions and other amounts
which the Pledgors are authorized to receive and retain pursuant to subsection (a)(ii) above shall cease, and all such rights thereupon shall become immediately vested in the Administrative Agent, which shall have the sole and exclusive right
and authority to exercise such voting and/or consensual rights and powers which the Pledgors shall otherwise be entitled to exercise pursuant to subsection (a)(i) above and/or to receive and retain the distributions and other amounts which the
Pledgors shall otherwise be authorized to retain pursuant to subsection (a)(ii) above. Any and all money and other property paid over to or received by the Administrative Agent pursuant to the provisions of this subsection (b) shall be retained
by the Administrative Agent as additional collateral hereunder and shall be applied in accordance with the provisions of Section 8; provided, however, that if at any time while an Event of Default exists the Administrative Agent receives cash,
the Administrative Agent may apply such cash in accordance with Section 9.5. of the Credit Agreement regardless of whether the Obligations or Gallery Obligations, as applicable, have also been accelerated. If any Pledgor shall receive any
distributions or other property which it is not entitled to receive under this Section, such Pledgor shall hold the same in trust for the Administrative Agent and the other Secured Parties, without commingling the same with other funds or property
of or held by such Pledgor, and shall promptly deliver the same to the Administrative Agent in the identical form received, together with any necessary endorsements. 
 Section 6. Event of Default Defined. For purposes of this Agreement, “Event of Default” shall mean the occurrence of an “Event of Default” as such term is defined in the
Credit Agreement. 
 Section 7. Remedies upon Default. 
  

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 (a) In addition to any right or remedy that the Administrative Agent or any of the other
Secured Parties may have under the Credit Agreement, any other Loan Document or any Specified Derivatives Contract or otherwise under applicable law, if an Event of Default shall exist, the Administrative Agent may exercise any and all the rights
and remedies of a secured party under the Uniform Commercial Code as in effect in any applicable jurisdiction and may otherwise sell, assign, transfer, endorse and deliver the whole or, from time to time, any part of the Pledged Collateral at a
public or private sale or on any securities exchange, for cash, upon credit or for other property, for immediate or future delivery, and for such price or prices and on such terms as the Administrative Agent in its discretion shall deem appropriate.
The Administrative Agent shall be authorized at any sale (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to Persons who will represent and agree that they are purchasing the Pledged Collateral for their own
account in compliance with the Securities Act and upon consummation of any such sale the Administrative Agent shall have the right to assign, transfer, endorse and deliver to the purchaser or purchasers thereof the Pledged Collateral so sold. Each
purchaser at any sale of Pledged Collateral shall take and hold the property sold absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives (to the fullest extent permitted by applicable law) all rights of
redemption, stay and/or appraisal which such Pledgor now has or may at any time in the future have under any applicable law now existing or hereafter enacted. Each Pledgor agrees that, to the extent notice of sale shall be required by applicable
law, at least 5 days’ prior written notice to such Pledgor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification, but notice given in any other reasonable manner
or at any other reasonable time shall also constitute reasonable notification. Such notice, in case of public sale, shall state the time and place for such sale, and, in the case of sale on a securities exchange, shall state the exchange on which
such sale is to be made and the day on which the Pledged Collateral, or portion thereof, will first be offered for sale at such exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or
places as the Administrative Agent may fix and shall state in the notice or publication (if any) of such sale. At any such sale, the Pledged Collateral, or portion thereof to be sold, may be sold in one lot as an entirety or in separate parcels, as
the Administrative Agent may determine in its sole and absolute discretion. Neither the Administrative Agent nor any of the other Secured Parties shall be obligated to make any sale of the Pledged Collateral if it shall determine not to do so
regardless of the fact that notice of sale of the Pledged Collateral may have been given. The Administrative Agent or may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by
announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In case the sale of all or any part of the Pledged Collateral is made on credit or for
future delivery, the Pledged Collateral so sold may be retained by the Administrative Agent until the sale price is paid by the purchaser or purchasers thereof, but neither the Administrative Agent nor any of the other Secured Parties shall incur
any liability to any Pledgor in case any such purchaser or purchasers shall fail to take up and pay for the Pledged Collateral so sold and, in case of any such failure, such Pledged Collateral may be sold again upon like notice. At any public sale
made pursuant to this Agreement, the Administrative Agent or any of the other Secured Parties and any other holder of any of the Secured Obligations, to the extent permitted

  

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by applicable law, may bid for or purchase, free from any right of redemption, stay and/or appraisal on the part of any Pledgor (all said rights being also hereby waived and released to the
extent permitted by applicable law), any part of or all the Pledged Collateral offered for sale and may make payment on account thereof by using any claim then due and payable to the Administrative Agent or any of the other Secured Parties from any
Pledgor as a credit against the purchase price, and the Administrative Agent and the Lenders may, upon compliance with the terms of sale and to the extent permitted by applicable law, hold, retain and dispose of such property without further
accountability to any Pledgor therefor. For purposes hereof, a written agreement to purchase all or any part of the Pledged Collateral shall be treated as a sale thereof; the Administrative Agent shall be free to carry out such sale pursuant to such
agreement and no Pledgor shall be entitled to the return of any Pledged Collateral subject thereto, notwithstanding the fact that after the Administrative Agent shall have entered into such an agreement all Events of Default may have been remedied
or the Secured Obligations may have been paid in full as herein provided. Each Pledgor hereby waives any right to require any marshaling of assets and any similar right. 
 (b) In addition to exercising the power of sale herein conferred upon it, the Administrative Agent shall also have the option to proceed by suit or suits at law or in equity to foreclose this Agreement
and sell the Pledged Collateral or any portion thereof pursuant to judgment or decree of a court or courts having competent jurisdiction. 
 (c) The rights and remedies of the Administrative Agent and the other Secured Parties under this Agreement are cumulative and not exclusive of any rights or remedies which they would otherwise have.

 Section 8. Application of Proceeds of Sale and Cash. The proceeds of any sale of the whole or any part of the
Pledged Collateral, together with any other moneys held by the Administrative Agent or any of the other Secured Parties under the provisions of this Agreement, shall be applied in accordance with Section 9.5. of the Credit Agreement. The
Pledgor shall remain liable and will pay, on demand, any deficiency remaining in respect of the Secured Obligations. 
 Section 9. Administrative Agent Appointed Attorney-in-Fact. Each Pledgor hereby constitutes and appoints the Administrative Agent as the attorney-in-fact of such Pledgor with full power of substitution either in the
Administrative Agent’s name or in the name of such Pledgor to do any of the following: (a) to perform any obligation of such Pledgor hereunder in such Pledgor’s name or otherwise; (b) to ask for, demand, sue for, collect,
receive, receipt and give acquittance for any and all moneys due or to become due under and by virtue of any Pledged Collateral; (c) to prepare, execute, file, record or deliver notices, assignments, financing statements, continuation
statements, applications for registration or like papers to perfect, preserve or release the Administrative Agent’s security interest in the Pledged Collateral or any of the documents, instruments, certificates and agreements described in
Section 12.(b); (d) to verify facts concerning the Pledged Collateral in its own name or a fictitious name; (e) to endorse checks, drafts, orders and other instruments for the payment of money payable to such Pledgor, representing any
interest or dividend or other distribution payable in respect of the Pledged

  

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Collateral or any part thereof or on account thereof and to give full discharge for the same; (f) to exercise all rights, powers and remedies which such Pledgor would have, but for this
Agreement, under the Pledged Collateral; and (g) to carry out the provisions of this Agreement and to take any action and execute any instrument which the Administrative Agent may deem necessary or advisable to accomplish the purposes hereof,
and to do all acts and things and execute all documents in the name of the Pledgor or otherwise, deemed by the Administrative Agent as necessary, proper and convenient in connection with the preservation, perfection or enforcement of its rights
hereunder. Nothing herein contained shall be construed as requiring or obligating the Administrative Agent or the other Secured Parties to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by it, or
to present or file any claim or notice, or to take any action with respect to the Pledged Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby, and no action taken by the Administrative
Agent or of the other Secured Parties or omitted to be taken with respect to the Pledged Collateral or any part thereof shall give rise to any defense, counterclaim or offset in favor of any Pledgor or to any claim or action against the
Administrative Agent or any of the other Secured Parties. The power of attorney granted herein is irrevocable and coupled with an interest. 
 Section 10. Administrative Agent’s Duty of Care. Other than the exercise of reasonable care to ensure that safe custody of the Pledged Collateral while being held by the Administrative
Agent hereunder, the Administrative Agent shall have no duty or liability to preserve rights pertaining thereto, it being understood and agreed that each Pledgor shall responsible for preservation of all rights of such Pledgor in the Pledged
Collateral. The Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession if such Pledged Collateral is accorded treatment substantially equal to that which the
Administrative Agent accords its own property, it being understood that the Administrative Agent shall not have responsibility for (a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other
matters relating to any Pledged Collateral, whether or not the Administrative Agent has or is deemed to have knowledge of such matters or (b) taking any necessary steps to preserve rights against any parties with respect to any Pledged
Collateral. 
 Section 11. Reimbursement of Administrative Agent. Each Pledgor agrees to pay upon demand to the
Administrative Agent the amount of any and all reasonable expenses, including the reasonable fees disbursements and other charges of its counsel and of any experts or agents, and its fully allocated internal costs, that the Administrative Agent may
incur in connection with (a) the administration of this Agreement, (b) the custody or preservation of, or any sale of, collection from, or other realization upon, any of the Pledged Collateral, (c) the exercise or enforcement of any
of the rights of the Administrative Agent or the other Secured Parties hereunder, or (d) the failure by such Pledgor to perform or observe any of the provisions hereof. Any such amounts payable as provided hereunder shall be Secured
Obligations. 
 Section 12. Further Assurances. Each Pledgor shall, at its sole cost and expense, take all action
that may be necessary or desirable in the Administrative Agent’s reasonable discretion, so as at all times to maintain the validity, perfection, enforceability and priority of the

  

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Administrative Agent’s security interest in the Pledged Collateral, or to enable the Administrative Agent or the other Secured Parties to exercise or enforce their respective rights
hereunder, including without limitation (a) delivering to the Administrative Agent, endorsed or accompanied by such instruments of assignment as the Administrative Agent may specify, any and all chattel paper, instruments, letters of credit and
all other advices of guaranty and documents evidencing or forming a part of the Pledged Collateral and (b) executing and delivering pledges, designations, notices and assignments, in each case in form and substance satisfactory to the
Administrative Agent, relating to the creation, validity, perfection, priority or continuation of the security interest granted hereunder. Each Pledgor agrees to take, and authorizes the Administrative Agent to take on such Pledgor’s behalf,
any or all of the following actions with respect to any Pledged Collateral as the Administrative Agent shall deem necessary to perfect the security interest and pledge created hereby or to enable the Administrative Agent to enforce their respective
rights and remedies hereunder: (i) to register in the name of the Administrative Agent any Pledged Collateral in certificated or uncertificated form; (ii) to endorse in the name of the Administrative Agent any Pledged Collateral issued in
certificated form; and (iii) by book entry or otherwise, identify as belonging to the Administrative Agent a quantity of securities or partnership interests that constitutes all or part of the Pledged Collateral registered in the name of the
Administrative Agent. Notwithstanding the foregoing, each Pledgor agrees that Pledged Collateral which is not in certificated form or is otherwise in book-entry form shall be held for the account of the Agent. Each Pledgor hereby authorizes the
Administrative Agent to file in all necessary and appropriate jurisdictions (as determined by the Administrative Agent) one or more financing or continuation statements (or any other document or instrument referred to in the immediately preceding
clause (b)) in the name of such Pledgor. To the extent permitted by applicable law, a carbon, photographic, xerographic or other reproduction of this Agreement or any financing statement is sufficient as a financing statement. Any property
comprising part of the Pledged Collateral required to be delivered to the Administrative Agent pursuant to this Pledge Agreement shall be accompanied by proper instruments of assignment duly executed by the Pledgors and by such other instruments or
documents as the Administrative Agent may reasonably request. 
 Section 13. Securities Act. In view of the position
of any Pledgor in relation to the Pledged Collateral, or because of other current or future circumstances, a question may arise under the Securities Act or any similar applicable law hereafter enacted analogous in purpose or effect (such Act and any
such similar applicable law as from time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder. Each Pledgor understands that compliance with the
Federal Securities Laws might very strictly limit the course of conduct of the Administrative Agent if the Administrative Agent were to attempt to dispose of all or any part of the Pledged Collateral in accordance with the terms hereof, and might
also limit the extent to which or the manner in which any subsequent transferee of any Pledged Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Administrative Agent in any attempt to
dispose of all or part of the Pledged Collateral in accordance with the terms hereof under applicable Blue Sky or other state securities laws or similar applicable law analogous in purpose or effect. Each Pledgor recognizes that in light of the
foregoing restrictions and limitations the Administrative Agent may, with respect to any sale of the Pledged Collateral, limit the purchasers to those who

  

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will agree, among other things, to acquire such Pledged Collateral for their own account, for investment, and not with a view to the distribution or resale thereof. Each Pledgor acknowledges and
agrees that in light of the foregoing restrictions and limitations, the Administrative Agent, in its sole and absolute discretion, may, in accordance with applicable law, (a) proceed to make such a sale whether or not a registration statement
for the purpose of registering such Pledged Collateral or part thereof shall have been filed under the Federal Securities Laws and (b) approach and negotiate with a single potential purchaser to effect such sale. Each Pledgor acknowledges and
agrees that any such sale might result in prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions. In the event of any such sale, neither the Administrative Agent nor any of the other
Secured Parties shall incur any responsibility or liability for selling all or any part of the Pledged Collateral in accordance with the terms hereof at a price that the Administrative Agent, in its sole and absolute discretion, may in good faith
deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were deferred until after registration as aforesaid or if more than a single purchaser were approached.
The provisions of this Section will apply notwithstanding the existence of public or private market upon which the quotations or sales prices may exceed substantially the price at which the Administrative Agent sell. 
 Section 14. Investment Property. The Pledgor shall not, and shall not allow any issuer of any Pledged Collateral, to the extent
such issuer is a limited liability company or a partnership, to elect that Pledged Interests, except as directed or requested by the Administrative Agent, be securities governed by Article 8 of the Uniform Commercial Code. No issuer of any Pledged
Collateral has made such an election. 
 Section 15. Security Interest Absolute. All rights of the Administrative
Agent hereunder, the grant of a security interest in the Pledged Collateral and all obligations of the Pledgor hereunder, shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of any Loan Document, any
agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of the payment of, or in any other term of, all or any of the Secured
Obligations, or any other amendment or waiver of or any consent to any departure from any of the documents, instruments or agreements evidencing any of the Secured Obligations, (c) any exchange, release or nonperfection of any other collateral,
or any release or amendment or waiver of or consent to or departure from any guaranty, for all or any of the Secured Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, the
Pledgor in respect of the Secured Obligations or in respect of this Agreement (other than the indefeasible payment in full of all the Secured Obligations). 
 Section 16. Continuing Security Interest. This Agreement shall create a continuing security interest in the Pledged Collateral and shall remain in full force and effect until it terminates in
accordance with its terms. The Pledgors or the Administrative Agent hereby agree that the security interest created by this Agreement in the Pledged Collateral shall not terminate and shall continue and remain in full force and effect
notwithstanding the transfer to the Pledgors or any person designated by it of all or any portion of the Pledged Collateral. 
  

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 Section 17. No Waiver. Neither the failure on the part of the Administrative
Agent or any of the other Secured Parties to exercise, nor the delay on its part in exercising any right, power or remedy hereunder, nor any course of dealing between the Administrative Agent or any of the other Secured Parties and any Pledgor shall
operate as a waiver thereof, nor shall any single or partial exercise of any such right, power, or remedy hereunder preclude any other or the further exercise thereof or the exercise of any other right, power or remedy. 
 Section 18. Notices. All notices, requests and other communications hereunder shall be in writing (including facsimile
transmission or similar writing) and shall be given (a) to a Pledgor at its address set forth below its signature hereto, (b) to the Administrative Agent or any Lender at its respective address for notices provided for in the Credit
Agreement, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if mailed, when received or when
receipt is refused; (ii) if telecopied, when transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received. 
 SECTION 19. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH
OF PENNSYLVANIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH COMMONWEALTH. 
 Section 20.
Amendments. No amendment or waiver of any provision of this Agreement nor consent to any departure by any Pledgor herefrom shall in any event be effective unless the same shall be in writing and signed by the parties hereto, and then such
waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 Section 21. Binding Agreement; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, except that no Pledgor shall be permitted to
assign this Agreement or any interest herein or in the Pledged Collateral, or any part thereof, or any cash or property held by the Administrative Agent or any of the other Secured Parties as collateral under this Agreement, and any such assignment
by a Pledgor shall be null and void absent the prior written consent of the Administrative Agent. 
 Section 22.
Termination. Upon indefeasible payment in full of all of the Secured Obligations, this Agreement shall terminate. Upon termination of this Agreement in accordance with its terms the Administrative Agent agrees to take such actions as the
Pledgors may reasonably request, and at the sole cost and expense of the Pledgors to evidence the termination of this Agreement. 
 Section 23. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by
or invalid under applicable law, such

  

 I-12 

 
provisions shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement.

 Section 24. Headings. Section headings used herein are for convenience only and are not to affect the
construction of or be taken into consideration in interpreting this Agreement. 
 Section 25. Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute but one agreement. 
 Section 26. Definitions. 
 (a) As used herein, the following terms have
the indicated meanings: 
 “Bankruptcy Code” means Title 11 of the United States Code entitled
“Bankruptcy”, as amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’
rights. 
 “Equity Interests” means all securities, shares, units, options, warrants, interests,
participations, or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company, or similar entity, whether voting or nonvoting, certificated or uncertificated, including general partner partnership
interests, limited partner partnership interests, common stock, preferred stock, or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange
Commission under the Securities Exchange Act of 1934). 
 “Event of Default” has the meaning set forth in
Section 6. 
 “Issuer” means a Person which issued any Equity Interest that constitutes any part of the
Pledged Collateral. 
 “Organizational Documents” means any declaration of trust, operating agreement,
partnership agreement, by-laws, articles or certificate of incorporation, articles of organization, certificate of limited partnership, or other similar agreement or document. 
 “Person” means an individual, corporation, partnership, limited liability company, association, trust or unincorporated
organization, or a government or any agency or political subdivision thereof. 
 “Pledged Interests” means,
with respect to each Pledgor, such Pledgor’s right, title and interest in the Equity Interests of the Issuers as described on Schedule 1, whether now owned or hereafter acquired. 
  

 I-13 

 “Proceeds” means all proceeds (including proceeds of proceeds) of any of
the Pledged Collateral including all: (a) rights, benefits, distributions, premiums, profits, dividends, interest, cash, instruments, documents of title, accounts, contract rights, inventory, equipment, general intangibles, payment intangibles,
deposit accounts, chattel paper, and other property from time to time received, receivable, or otherwise distributed in respect of or in exchange for, or as a replacement of or a substitution for, any of the Pledged Collateral, or proceeds thereof
(including any cash, Equity Interests, or other instruments issued after any recapitalization, readjustment, reclassification, merger or consolidation with respect to the Issuers and any security entitlements, as defined in Section 8-102(a)(17)
of the UCC, with respect thereto); (b) “proceeds,” as such term is defined in Section 9-102(a)(64) of the UCC; (c) proceeds of any insurance, indemnity, warranty, or guaranty (including guaranties of delivery) payable from
time to time with respect to any of the Pledged Collateral, or proceeds thereof; and (d) payments (in any form whatsoever) made or due and payable to a Pledgor from time to time in connection with any requisition, confiscation, condemnation,
seizure or forfeiture of all or any part of the Pledged Collateral, or proceeds thereof. 
 “Secured
Obligations” means, (a) the unpaid principal of and interest on all Loans, all Reimbursement Obligations and all other Letter of Credit Liabilities, (b) all other indebtedness, liabilities, obligations, covenants and duties of the
Borrower, the Gallery Borrower, or any other Loan Party owing to the Administrative Agent or any Lender of any kind, nature or description, under or in respect of the Credit Agreement or any other Loan Document to which the Borrower, the Gallery
Borrower or any other Loan Party is a party, whether direct or indirect, absolute or contingent, due or to become due, contractual or tortious, liquidated or unliquidated, and including all interest (including, to the extent permitted by Applicable
Law, interest, Fees and other amounts that would accrue and become due after the filing of a case or other proceeding under the Bankruptcy Code or other similar Applicable Law but for the commencement of such case or proceeding, whether or not such
amounts are allowed or allowable in whole or in part in such case or proceeding), (c) any and all costs, fees (including attorneys’ fees), and expenses which the Borrower, the Gallery Borrower or any other Loan party is required to pay
pursuant to any of the foregoing, under Applicable Law, or otherwise, (d) all other Obligations of the Borrower, (e) all other Gallery Obligations of the Gallery Borrower and (f) all Specified Derivatives Obligations of the Borrower.

 (b) Terms not otherwise defined herein are used herein with the respective meanings given to them in the Credit Agreement.
Terms which are defined in the UCC have the meanings given such terms therein. 
 [Signatures on Next Page] 
  

 I-14 

 IN WITNESS WHEREOF, each Pledgor has executed and delivered this Pledge Agreement under seal
as of this the date first written above. 
  

					
		 	PLEDGORS:	  	

  

									
	 PREIT ASSOCIATES, L.P., a Delaware limited partnership

	
	 PR GALLERY I LLC, a Pennsylvania limited liability company

		 	By:	 	PREIT Associates, L.P., its sole member
	
	 KEYSTONE PHILADELPHIA PROPERTIES, LLC, a Pennsylvania limited liability company

		 	By:	 	PR Gallery II LLC, its sole member
		 		 	By:	 	PREIT Associates, L.P., its sole member
	
	 PR GALLERY II LIMITED PARTNERSHIP, a Pennsylvania limited partnership

		 	By:	 	PR Gallery II LLC, its general partner
		 		 	By:	 	PREIT Associates, L.P., its sole member

  

							
		 	By: PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, as General Partner of PREIT Associates, L.P.

  

									
		 		 	 By:
	 	  
	  	
		 		 	 Name:
	 	  
	  	
		 		 	 Title:
	 	  
	  	

  

	
	 Address for Notices for all Pledgors:
  
 c/o PREIT Associates, L.P.
 200 South Broad Street
 Philadelphia, PA 19102
 Attention: Bruce Goldman
 Telephone:
(215) 875-0700
 Telecopy: (215) 546-7311

  

 I-15 

 Agreed to, accepted and acknowledged 
 as of the date first written above, 
 ADMINISTRATIVE AGENT: 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
     as Administrative Agent 
  

					
	By:	 	  

		 	Name:	 	  

		 	Its:	 	  

  

 I-16 

 ANNEX 1 TO PLEDGE AGREEMENT 
 FORM OF PLEDGE AGREEMENT SUPPLEMENT 
 THIS PLEDGE AGREEMENT
SUPPLEMENT dated as of             , 20     (this “Supplement”) executed and delivered by
                    , a              (the “New Pledgor”) in favor of WELLS
FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”). 
 WHEREAS,
pursuant to that certain Amended, Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among PREIT
Associates, L.P. (“PREIT”) and PREIT-RUBIN, Inc. (“PREIT-RUBIN”; together with PREIT, each individually, a “Borrower” and collectively, the “Borrower”), PR Gallery I Limited Partnership, a Pennsylvania limited
partnership (“PR Gallery”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery Borrower” and
collectively, the “Gallery Borrower”), Pennsylvania Real Estate Investment Trust (the “Parent”), the financial institutions party thereto and their assignees under Section 11.6.(c) thereof (the “Lenders”), the
Administrative Agent and the other parties thereto, the Lenders and the Administrative Agent have agreed to make available to the Borrower and the Gallery Borrower certain financial accommodations on the terms and conditions set forth in the Credit
Agreement; 
 WHEREAS, to secure obligations owning by certain parties under the Credit Agreement and the other Loan Documents,
the Borrower and the other “Pledgors” thereunder have executed and delivered that certain Pledge Agreement dated as of March 11, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Pledge
Agreement”) in favor of the Administrative Agent; 
 WHEREAS, it is a condition precedent to the continued extension by the
Lenders and the Administrative Agent of such financial accommodations that the New Pledgor execute this Supplement to become a party to the Pledge Agreement. 
 NOW, THEREFORE, in consideration of the above premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the New Pledgor, the New Pledgor
hereby agrees as follows: 
 Section 1. Accession to Pledge Agreement; Grant of Security Interest. The New Pledgor
agrees that it is a “Pledgor” under the Pledge Agreement and assumes all obligations of a “Pledgor” thereunder, all as if the New Pledgor had been an original signatory to the Pledge Agreement. Without limiting the generality of
the foregoing, the New Pledgor hereby: 
 (a) pledges to the Administrative Agent for the benefit of the Secured Parties, and
grants to the Administrative Agent for the benefit of the Secured Parties a security interest in, all

  

 I-17 

 
of the New Pledgor’s right, title and interest in, to and under the Pledged Collateral, including the Equity Interests described on Exhibit I attached hereto, as security for the
Secured Obligations; 
 (b) makes to the Administrative Agent and the other Secured Parties as of the date hereof each of the
representations and warranties contained in Section 2 of the Pledge Agreement and agrees to be bound by each of the covenants contained in the Pledge Agreement, including without limitation, those contained in Section 3 thereof; and

 (c) consents and agrees to each other provision set forth in the Pledge Agreement. 
 SECTION 2. GOVERNING LAW. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH COMMONWEALTH. 
 Section 3. Definitions. Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given them in the Pledge Agreement. 
 [Signatures on Next Page] 
  

 I-18 

 IN WITNESS WHEREOF, the New Pledgor has caused this Pledge Agreement Supplement to be duly
executed and delivered under seal by its duly authorized officers as of the date first written above. 
  

					
	[NEW PLEDGOR]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Address for Notices:
	
	c/o PREIT Associates, L.P.
	  

	  

			
	Attn:	 	  

	Telephone:	 	  

	Telecopy:	 	  

 Accepted: 
  

					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

 I-19 

 SCHEDULE 1 TO PLEDGE AGREEMENT 
 Pledged Equity Interests: 
  

											
	 Pledgor
	  	 Issuer
	  	 Jurisdiction of
Formation of
 Issuer
	  	 Class of Equity
Interest
	  	 Certificate
 Number (if any)
	  	 Percentage of
Ownership

	PREIT Associates, L.P.	  	PR Gallery I Limited Partnership	  	Pennsylvania	  	Partnership Interests	  		  	99.9% LP interest
						
	PR Gallery I LLC	  	PR Gallery I Limited Partnership	  	Pennsylvania	  	Partnership Interests	  		  	0.1% GP interest
						
	Keystone Philadelphia Properties, LLC	  	Keystone Philadelphia Properties, L.P.	  	Pennsylvania	  	Partnership Interests	  		  	0.1% GP interest
						
	PR Gallery II Limited Partnership	  	Keystone Philadelphia Properties, L.P.	  	Pennsylvania	  	Partnership Interests	  		  	99.9% LP interest

 Pledgor Information: 
  

							
	 Pledgor
	  	 Jurisdiction of
Formation
	  	 Organizational ID
No.
	  	 Location of Chief Executive Office

	 PREIT Associates, L.P.
	  	DE	  	2762066	  	 The Bellevue, Suite 300
 200
South Broad Street
 Philadelphia, PA 19102

	 PR Gallery I LLC
	  	PA	  	3127268	  	 The Bellevue, Suite 300
 200
South Broad Street
 Philadelphia, PA 19102

	 Keystone Philadelphia Properties, LLC
	  	DE	  	3762630	  	 The Bellevue, Suite 300
 200
South Broad Street
 Philadelphia, PA 19102

	 PR Gallery II Limited Partnership
	  	PA	  	3199609	  	 The Bellevue, Suite 300
 200
South Broad Street
 Philadelphia, PA 19102

  

 I-20 

 SCHEDULE 2 TO PLEDGE AGREEMENT 
 Form of Acknowledgement and Consent 
 The undersigned
hereby acknowledges receipt of a copy of the Pledge Agreement dated as of March 11, 2010 (the “Pledge Agreement”), made by
                     and the other Pledgors party thereto in favor of Wells Fargo Bank, National Association, as Administrative Agent. Terms not
otherwise defined herein have the respective meanings given them in the Pledge Agreement. 
 The undersigned agrees for the
benefit of the Administrative Agent and the other Secured Parties as follows: 
 (a) The undersigned will be bound by, and
comply with, the terms of the Pledge Agreement applicable to the undersigned, including without limitation, Sections 3(e) and 3(f). 
 (b) The undersigned will notify the Administrative Agent in writing promptly of the occurrence of any of the events described in Section 3(d) of the Pledge Agreement. 
 [(c) The undersigned will not permit any of the Equity Interests issued by it (i) to be dealt in or traded on a
securities exchange or in securities markets; or (ii) to provide by its terms that it is a security governed by Article 8 of the UCC.]1 
 IN WITNESS WHEREOF, the undersigned has executed and delivered this Acknowledgement and Consent under seal as of this the date first written above. 
  

					
	[ISSUER]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

	1	 Include only if the Issuer is a partnership or limited liability company.

  

 I-21 

 EXHIBIT J 
 FORM OF SECURITY AGREEMENT 
 THIS SECURITY AGREEMENT dated as
of March 11, 2010, executed and delivered by each of the undersigned parties identified as “Grantors” on the signature pages hereto and the other Persons who may become Grantors hereunder pursuant to the execution and delivery of a
Security Agreement Supplement substantially in the form of Annex 1 hereto (each a “Grantor” and collectively, the “Grantors”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the
“Administrative Agent”) for the Lenders under that certain Amended, Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among PREIT Associates, L.P. (“PREIT”) and PREIT-RUBIN, Inc. (“PREIT-RUBIN”; together with PREIT, each individually, a “Borrower” and collectively, the “Borrower”), PR Gallery I
Limited Partnership, a Pennsylvania limited partnership (“PR Gallery”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a
“Gallery Borrower” and collectively, the “Gallery Borrower”), Pennsylvania Real Estate Investment Trust (the “Parent”), the financial institutions party thereto and their assignees under Section 11.6.(c) thereof
(the “Lenders”), the Administrative Agent, and the other parties thereto, for its benefit and the benefit of the Issuing Bank, the Lenders and the Specified Derivatives Providers (the Administrative Agent, the Issuing Bank, the Lenders,
and the Specified Derivatives Providers, each individually a “Secured Party” and collectively, the “Secured Parties”) 
 WHEREAS, the Borrower, the Gallery Borrower, the Lenders and the Administrative Agent are entering into the Credit Agreement to amend and restate the terms of, and to consolidate the Indebtedness owing by
the Borrower under and in connection with, the Existing Agreements; 
 WHEREAS, the Specified Derivatives Providers may from
time to time enter into Specified Derivatives Contracts with the Borrower; 
 WHEREAS, the Borrower, the Gallery Borrower and
each of the other Grantors, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to continue to
obtain financing from the Lenders and the Administrative Agent and to enter into Specified Derivatives Contracts through their collective efforts; 
 WHEREAS, each Grantor acknowledges that it will receive direct and indirect benefits from the Lenders and the Administrative Agent continuing to make such financial accommodations available to the
Borrower and the Gallery Borrower under the Credit Agreement; 
 WHEREAS, each Grantor acknowledges that it will receive direct
and indirect benefits from the Specified Derivatives Providers entering into Specified Derivatives Contracts; and 
  

 J-1 

 WHEREAS, it is a condition precedent to the effectiveness of the Credit Agreement and to the
Administrative Agent and the other Secured Parties’ making and continuing to make such financial accommodations to the Borrower and the Gallery Borrower under the Credit Agreement that the Grantors execute and deliver this Agreement, among
other things, to grant to the Administrative Agent for the benefit of the Secured Parties a security interest in the Collateral as security for the Secured Obligations. 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows: 
 Section 1. Definitions. 
 (a) The following terms shall have the following meanings: 
 “Agreement” means this Security Agreement. 
 “Bankruptcy Code” means United States
Bankruptcy Code (11 U.S.C. Section 101 et seq.), as in effect from time to time, and any successor statute thereto. 
 “Credit Agreement” has the meaning given that term in the introductory paragraph of this Agreement. 
 “Collateral” means, with respect to a Grantor, all of such Grantor’s right, title and interest to and under all Tenant Deposit Accounts held in the name of such Grantor and all cash, checks, drafts, certificates,
securities, investment property, financial assets, instruments held therein, and all proceeds, products, distributions or dividends or substitutions thereon or thereof, whether now owned or hereafter acquired by such Grantor or in which a Grantor
now has or at any time in the future may acquire any right, title or interest, and whether now existing or hereafter existing. 
 “Secured Obligations” means, collectively (a) the unpaid principal of and interest on all Loans, all Reimbursement Obligations and all other Letter of Credit Liabilities, (b) all other indebtedness,
liabilities, obligations, covenants and duties of the Borrower, the Gallery Borrower, or any other Loan Party owing to the Administrative Agent or any Lender of any kind, nature or description, under or in respect of the Credit Agreement or any
other Loan Document to which the Borrower, the Gallery Borrower or any other Loan Party is a party, whether direct or indirect, absolute or contingent, due or to become due, contractual or tortious, liquidated or unliquidated, and including all
interest (including, to the extent permitted by Applicable Law, interest, Fees and other amounts that would accrue and become due after the filing of a case or other proceeding under the Bankruptcy Code or other similar Applicable Law but for the
commencement of such case or proceeding, whether or not such amounts are allowed or allowable in whole or in part in such case or proceeding), (c) any and all costs, fees (including attorneys’ fees), and expenses which the Borrower, the
Gallery Borrower or any other Loan party is required to pay pursuant to any of the foregoing, under Applicable Law, or otherwise, (d) all

  

 J-2 

 
other Obligations of the Borrower, (e) all other Gallery Obligations of the Gallery Borrower and (f) all Specified Derivatives Obligations of the Borrower. 
 (b) Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given them in the Credit
Agreement. Terms used herein without definition that are defined in the UCC have the respective meanings given them in the UCC, and if defined in more than one article of the UCC have the meaning defined in Article 9 of the UCC, including the
following terms: “checks”, “drafts”, “financial asset”, “instrument”, “investment property”, “proceeds”, “securities intermediary”, and “security”. 
 (c) In this Agreement, in the computation of periods of time from a specified date to a later specified date, the word “from”
means “from and including” and the words “to” and “until” each mean “to but excluding” and the word “through” means “to and including.” The terms “herein,” “hereof,”
“hereto” and “hereunder” and similar terms refer to this Agreement as a whole and not to any particular Article, Section, subsection or clause in this Agreement. Unless otherwise noted, references herein to an Annex, Schedule,
Section, subsection or clause refer to the appropriate Annex or Schedule to, or Section, subsection or clause in this Agreement. The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such
terms. Where the context requires, provisions relating to any Collateral, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or any relevant part thereof. Any reference in this Agreement to a Loan Document shall
include all appendices, exhibits and schedules thereto, and, unless specifically stated otherwise all amendments, restatements, supplements or other modifications thereto, and as the same may be in effect at any time such reference becomes
operative. The term “including” means “including without limitation” except when used in the computation of time periods. The terms “Administrative Agent”, “Lender,” and “Secured Party” include their
respective successors and permitted assigns. 
 Section 2. Grant of Security Interests in Collateral. As security
for the prompt performance and payment in full of the Secured Obligations, each Grantor hereby pledges, hypothecates, assigns, transfers, sets over and delivers unto the Administrative Agent, for its own benefit and for the benefit of the other
Secured Parties, and grants to the Administrative Agent, for its own benefit and for the benefit of the other Secured Parties, a security interest in, all of such Grantor’s right, title and interest in, to the Collateral. 
 Section 3. Representations and Warranties. Each Grantor represents and warrants to the Administrative Agent and the other
Secured Parties as follows: 
 (a) Title and Liens. Such Grantor is, and will at all times continue to be, the legal and
beneficial owner of the Collateral of such Grantor. None of the Collateral is subject to any adverse claim or other Lien other than the Liens described in clause (a)(i) of Permitted Liens. 
 (b) Validity and Perfection of Security Interest. This Agreement is effective to create in favor of the Administrative Agent, for its
benefit and the benefit of the other Secured Parties, a legal, valid and enforceable security interest in the Collateral. Such security interest will be perfected upon (i) in the case of all Collateral in which a security interest may be
perfected by the

  

 J-3 

 
filing of a financing statement under the UCC, the completion of the filings and other actions specified on Schedule 3.(b), and (ii) the execution of Deposit Account Control
Agreements with respect to all Tenant Deposit Accounts of a Grantor. Except as set forth in this subsection, no action is necessary to perfect the security interest granted by any Grantor under this Agreement. Each such security interest shall be
prior to all other Liens on the Collateral except for than the Liens described in clause (a)(i) of Permitted Liens having priority over the Secured Party’s Lien solely by operation of Applicable Law. 
 (c) Jurisdiction of Formation, Locations, Etc. Such Grantor’s jurisdiction of organization, exact legal name, and organizational
identification number, as of the date hereof, is specified on Schedule 3.(c). 
 Section 4. Covenants. Each
Grantor hereby unconditionally covenants and agrees as follows: 
 (a) No Liens, Sale, Etc. Such Grantor shall
(i) except for the security interests created by this Agreement, not create or suffer to exist any Lien upon or with respect to any Collateral, except than the Liens described in clause (a)(i) of Permitted Liens, (ii) not sell, transfer or
assign (by operation of law or otherwise) any Collateral except as expressly permitted under the Credit Agreement, (iii) not enter into any agreement or undertaking restricting the right or ability of such Grantor or the Secured Party to sell,
assign or transfer, or grant any Lien in, any Collateral except as expressly permitted under the Credit Agreement and (iv) promptly notify the Secured Party of its entry into any agreement or assumption of undertaking that restricts the ability
to sell, assign or transfer, or grant any Lien in, any Collateral. 
 (b) Maintenance of Perfection. Such Grantor shall
maintain the security interests created by this Agreement as perfected security interests having at least the priorities described in Section 3.(b) and shall defend such security interests and the applicable priorities of such security
interests against the claims and demands of all Persons. 
 (c) Changes in Name, Etc. Unless a Grantor shall have given
the Administrative Agent at least 30 days’ prior written notice (or such shorter time as shall be acceptable to the Administrative Agent) and shall have delivered to the Administrative Agent all additional financing statements and other
documents reasonably requested by the Administrative Agent to maintain the validity, perfection and priority of the security interests provided for herein, such Grantor shall not do any of the following: 
 (i) change its jurisdiction of organization from that referred to in Section 3.(c); or 
 (ii) change its legal name or organizational identification number, if any, or corporation, limited liability company or other
organizational structure to such an extent that any financing statement filed in connection with this Agreement would become misleading. 
 (d) Further Assurances. At any time and from time to time, at the request of the Secured Party, and at the sole expense of such Grantor, such Grantor shall promptly and duly

  

 J-4 

 
execute and deliver, and have recorded, such further instruments and documents and take such further action as the Secured Party may reasonably request for the purpose of obtaining or preserving
the full benefits of this Agreement and of the rights and powers herein granted, including the filing of any financing or continuation statement under the UCC (or other similar laws) in effect in any jurisdiction with respect to the security
interests created hereby. 
 (e) Control Agreements. Each Grantor shall obtain an authenticated Deposit Account Control
Agreement, from each financial institution or securities intermediary, as applicable, holding a Tenant Deposit Account for such Grantor. 
 Section 5. Remedial Provisions. 
 (a) General Remedies. While an
Event of Default specified in Sections 9.1.(a), 9.1.(e) or 9.1.(f) of the Credit Agreement exists, the Administrative Agent may exercise, in addition to all other rights and remedies granted to it in this Agreement and in any other instrument
or agreement securing, evidencing or relating to the Secured Obligations, all rights and remedies of a secured party under the UCC or any other Applicable Law. 
 (b) Remedies Cumulative. Each right, power, and remedy of the Administrative Agent as provided for in this Agreement or in the other Loan Documents or now or hereafter existing at law or in equity
or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this Agreement or in the other Loan Documents or now or hereafter existing at law or in equity or by
statute or otherwise, and the exercise or beginning of the exercise by the Administrative Agent, of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by the Administrative Agent of any or all
such other rights, powers, or remedies. 
 (c) Marshaling. The Administrative Agent shall not be required to marshal any
present or future collateral security (including but not limited to the Collateral) for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security or other assurances of payment in any
particular order. To the fullest extent that it lawfully may, each Grantor hereby agrees that it will not invoke any law relating to the marshaling of collateral which might cause delay in or impede the enforcement of the Administrative Agent’s
rights and remedies under this Agreement or under any other instrument creating or evidencing any of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or
payment thereof is otherwise assured, and, to the fullest extent that it lawfully may, each Grantor hereby irrevocably waives the benefits of all such laws. 
 (d) Application of Proceeds. The proceeds of any transfer of the whole or any part of the Collateral, together with any other moneys held by the Administrative Agent under the provisions of this
Agreement, shall be applied in accordance with Section 9.5. of the Credit Agreement. 
  

 J-5 

 Section 6. Administrative Agent Appointed Attorney-in-Fact. Each Grantor hereby
constitutes and appoints the Administrative Agent as the attorney-in-fact of such Grantor with full power of substitution either in the Administrative Agent’s name or in the name of such Grantor to do any of the following: (a) to perform
any obligation of such Grantor hereunder in such Grantor’s name or otherwise; (b) to ask for, demand, sue for, collect, receive, receipt and give acquittance for any and all moneys due or to become due under and by virtue of any
Collateral; (c) to prepare, execute, file, record or deliver notices, assignments, financing statements, continuation statements, applications for registration or like papers to perfect, preserve or release the Administrative Agent’s
security interest in the Collateral; (d) to issue entitlement orders, instructions and other orders to any bank in connection with any of the Collateral held by or maintained with such bank; (e) to verify facts concerning the Collateral in
such Grantor’s name, its own name or a fictitious name; (f) to endorse checks, drafts, orders and other instruments for the payment of money payable to such Grantor, representing any payment in respect of the Collateral or any part thereof
or on account thereof and to give full discharge for the same; (g) to exercise all rights, powers and remedies which such Grantor would have, but for this Agreement, with respect to any of the Collateral; and (h) to carry out the
provisions of this Agreement and to take any action and execute any instrument which the Administrative Agent may deem necessary or advisable to accomplish the purposes hereof, and to do all acts and things and execute all documents in the name of
such Grantor or otherwise, deemed by the Administrative Agent as necessary, proper and convenient in connection with the preservation, perfection or enforcement of its rights hereunder. Nothing herein contained shall be construed as requiring or
obligating the Administrative Agent or any other Secured Party to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by it, or to present or file any claim or notice, or to take any action with respect
to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby, and no action taken by the Administrative Agent or omitted to be taken with respect to the Collateral or any part thereof
shall give rise to any defense, counterclaim or offset in favor of any Grantor or to any claim or action against the Administrative Agent. The power of attorney granted herein is irrevocable and coupled with an interest. 
 Section 7. Administrative Agent Duties. The powers conferred on the Administrative Agent hereunder are solely to protect the
Administrative Agent’s interest in the Collateral, for the benefit of the Secured Parties, and shall not impose any duty upon the Administrative Agent to exercise any such powers. Except for the safe custody of any Collateral in its actual
possession and the accounting for moneys actually received by it hereunder, the Administrative Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights
pertaining to any Collateral. The Administrative Agent shall be deemed to have exercise reasonable care in the custody and preservation of any Collateral in its actual possession if the Administrative Agent accords such Collateral treatment
substantially equal to that which the Administrative Agent accords its own property. 
 Section 8. Authorization of
Financing Statements. Each Grantor authorizes the Administrative Agent, and its counsel and other representatives, at any time and from time to time, to file or record financing statements, amendments to financing statements, and other filing or
recording documents or instruments with respect to the Collateral in such form and in such

  

 J-6 

 
offices as the Administrative Agent reasonably determines appropriate to perfect the security interests of the Administrative Agent under this Agreement. Each Grantor hereby also authorizes the
Administrative Agent, and its counsel and other representatives, at any time and from time to time, to file continuation statements with respect to previously filed financing statements. A photographic or other reproduction of this Agreement shall
be sufficient as a financing statement or other filing or recording document or instrument for filing or recording in any jurisdiction. Each Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination
statement with respect to any financing statement filed in connection with this Agreement without the prior written consent of the Administrative Agent, subject to such Grantor’s rights under Section 9-509(d)(2) of the UCC. 
 Section 9. Amendments. No amendment or waiver of any provision of this Agreement nor consent to any departure by any Grantor
herefrom shall in any event be effective unless the same shall be in writing and signed by the parties hereto, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided,
however, that Schedules to this Agreement may be supplemented through Security Agreement Supplements executed by a Grantor and accepted by the Administrative Agent. 
 Section 10. Notices. Notices, requests and other communications required or permitted hereunder shall be given in accordance with the applicable terms of the Credit Agreement. 
 Section 11. No Waiver. Neither the failure on the part of the Administrative Agent or any other Secured Party to exercise, nor
the delay on the part of the Administrative Agent or any other Secured Party in exercising any right, power or remedy hereunder, nor any course of dealing between the Administrative Agent or any other Secured Party, on the one hand, and any Grantor,
on the other hand, shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power, or remedy hereunder preclude any other or the further exercise thereof or the exercise of any other right, power or remedy.

 Section 12. Binding Agreement; Assignment. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns, except that no Grantor shall be permitted to assign this Agreement or any interest herein or in the Collateral or any part thereof and any such assignment by a Grantor shall be
null and void absent the prior written consent of the Administrative Agent. 
 Section 13. Counterparts. This
Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy), 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. Signature pages may be detached from multiple counterparts and attached to a single counterpart so that all signature pages are attached to the same document. Delivery of an executed counterpart by telecopy
shall be effective as delivery of a manually executed counterpart. 
 Section 14. Severability. Whenever possible,
each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any

  

 J-7 

 
provision of this Agreement shall be prohibited by or invalid under applicable law, such provisions shall be ineffective only to the extent of such prohibition or invalidity, without invalidating
the remainder of such provisions or the remaining provisions of this Agreement. 
 Section 15. Headings. Section
headings used herein are for convenience only and are not to affect the construction of or be taken into consideration in interpreting this Agreement. 
 SECTION 16. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY
PERFORMED, IN SUCH COMMONWEALTH. 
 SECTION 17. LITIGATION; JURISDICTION; OTHER MATTERS; WAIVERS. 
 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY AMONG ANY OF THE GRANTORS AND THE ADMINISTRATIVE AGENT WOULD BE BASED ON
DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE ADMINISTRATIVE AGENT AND THE GRANTORS HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY
IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT OR THE COLLATERAL. 
 (b) EACH OF GRANTORS AND THE ADMINISTRATIVE AGENT HEREBY AGREES THAT THE FEDERAL DISTRICT COURT OF THE EASTERN DISTRICT OF PENNSYLVANIA AND
ANY STATE COURT LOCATED IN PHILADELPHIA COUNTY, PENNSYLVANIA, SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE GRANTORS AND THE ADMINISTRATIVE AGENT, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE
COLLATERAL OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. EACH GRANTOR AND THE ADMINISTRATIVE AGENT EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS WITH RESPECT TO SUCH CLAIMS OR
DISPUTES. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM, AND EACH AGREES NOT TO PLEAD
OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY
OTHER APPROPRIATE JURISDICTION. 
  

 J-8 

 (c) EACH GRANTOR EXPRESSLY WAIVES TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW:
(i) ANY CONSTITUTIONAL OR OTHER RIGHT TO A JUDICIAL HEARING PRIOR TO THE TIME THE ADMINISTRATIVE AGENT DISPOSES OF ALL OR ANY PART OF THE COLLATERAL AS PROVIDED IN THIS AGREEMENT; (ii) ALL RIGHTS OF REDEMPTION, STAY, OR APPRAISAL THAT SUCH
GRANTOR NOW HAS OR MAY AT ANY TIME IN THE FUTURE HAVE UNDER ANY APPLICABLE LAW NOW EXISTING OR HEREAFTER ENACTED; AND (iii) EXCEPT AS EXPRESSLY REQUIRED UNDER THIS AGREEMENT OR APPLICABLE LAW, ANY REQUIREMENT OF NOTICE, DEMAND, OR ADVERTISEMENT
FOR SALE. 
 (d) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL
UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE SECURED OBLIGATIONS AND THE TERMINATION OF THIS AGREEMENT. 
 Section 18. Expenses. Each Grantor agrees to pay upon demand to the Administrative Agent the amount of any and all expenses, including the fees, disbursements and other charges of its counsel
and of any experts or agents, and its fully allocated internal costs, that the Administrative Agent may incur in connection with (a) the administration of this Agreement, (c) the custody or preservation of, or any sale of, collection from,
or other realization upon, any of the Collateral, (c) the exercise or enforcement of any of the rights of the Administrative Agent hereunder, or (d) the failure by any Grantor to perform or observe any of the provisions hereof or otherwise
in respect of the Collateral. 
 Section 19. Indemnification. Each Grantor agrees to pay, indemnify, and hold the
Administrative Agent, each other Secured Party and each of their respective predecessor, affiliate, subsidiaries, successors and assigns, together with their past, present and future officers, directors, agents, attorneys, financial advisors,
representatives, partners, joint ventures, affiliates and the successor and assigns of any and all of them (each, an “Indemnified Person”) harmless from and against any and all other liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (“Indemnified Amounts”) brought against or incurred by an Indemnified Person, in any manner arising out of or, directly or indirectly, related in
any way to or connected with this Agreement, including without limitation, the exercise by the Administrative Agent or any other Secured Party of any of its rights and remedies under this Agreement or any other action taken by the Administrative
Agent or any other Secured Party pursuant to the terms of this Agreement; provided, however, a Grantor shall have no obligation hereunder to any Indemnified Person with respect to Indemnified Amounts to the extent arising from the gross negligence
or willful misconduct of such Indemnified Party, as determined by a court of competent jurisdiction in a final, non-appealable judgment. 
 Section 20. Additional Grantors. If, pursuant to Sections 3.11. and 7.17 of the Credit Agreement, the Borrower shall be required to cause any Subsidiary that is not a Grantor to become a
Grantor hereunder, such Subsidiary shall execute and deliver to the Administrative

  

 J-9 

 
Agent a Security Agreement Supplement substantially in the form of Annex 1 hereto and shall thereafter for all purposes be party hereto as a “Grantor” and have the same rights,
benefits and obligations as a Grantor initially party hereto. 
 Section 21. Termination. Upon indefeasible payment
in full of all of the Secured Obligations (other than Secured Obligations in respect of Specified Derivatives Contracts) and termination of the Commitments, this Agreement shall terminate. Upon termination of this Agreement in accordance with its
terms, the Administrative Agent agrees to take such actions as any Grantor may reasonably request, and at the sole cost and expense of such Grantor, to evidence the termination of this Agreement. 
 Section 22. Continuing Security Interest. This Agreement shall create a continuing security interest in the Collateral and shall
remain in full force and effect until it terminates in accordance with its terms. 
 Section 23. Reinstatement. Each
Grantor further that, if any payment made by any Loan Party or other Person and applied to the Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be
refunded or repaid, or the proceeds of Collateral are required to be returned by the Administrative Agent or any other Secured Party to such Loan Party, its estate, trustee, receiver or any other party, including any Grantor, under any bankruptcy
law or other applicable law, then, to the extent of such payment or repayment, any Lien or other Collateral securing such liability shall be and remain in full force and effect, as fully as if such payment had never been made or, if prior thereto
the Lien granted hereby or other Collateral securing such liability hereunder shall have been released or terminated by virtue of such cancellation or surrender, such Lien or other Collateral shall be reinstated in full force and effect, and such
prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect any Lien or other Collateral securing the obligations of any Grantor in respect of the amount of such payment. 
 Section 24. Security Interest Absolute. All rights of the Administrative Agent hereunder, the grant of a security interest in
the Collateral and all obligations of each Grantor hereunder, shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of any Loan Document, any agreement with respect to any of the Secured Obligations or
any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of the payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any
consent to any departure from any Loan Document, or any other agreement or instrument relating to any of the foregoing, (c) any exchange, release or nonperfection of any other collateral, or any release or amendment or waiver of or consent to
or departure from any guaranty, for all or any of the Secured Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Secured Obligations or in respect
of this Agreement (other than the indefeasible payment in full of all the Secured Obligations). 
 [Signatures on Next Page]

  

 J-10 

 IN WITNESS WHEREOF, each Grantor has executed and delivered this Security Agreement under
seal as of this the date first written above. 
  

							
	GRANTORS:
	
	PREIT ASSOCIATES, L.P.
		
	By:	 	Pennsylvania Real Estate Investment Trust,
		 	its general partner
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

	
	PREIT-RUBIN, INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

	
	 Address for Notices for all Grantors:
  
 c/o PREIT Associates, L.P.
 200 South Broad Street

 Philadelphia, PA 19102
 Attention:
Bruce Goldman
 Telephone: (215) 875-0700
 Telecopy: (215) 546-7311

 [Signatures continued on next page] 
  

 J-11 

 Agreed to, accepted and acknowledged 
 as of the date first written above. 
  

					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

 J-12 

 SCHEDULE 3(b) 
 Necessary Filings 
  

			
	 Grantor
	  	 UCC Filing

	PREIT Associates, L.P.	  	Secretary of State of the State of Delaware
	PREIT-RUBIN, Inc.	  	Secretary of State of the State of Pennsylvania

  

 J-13 

 SCHEDULE 3(c) 
 Name, Jurisdiction of Organization, and Organizational ID Numbers 
  

					
	 Grantor
	  	 Jurisdiction of Formation
	  	 Organizational ID No.

	PREIT Associates, L.P.	  	DE	  	2762066
	PREIT-RUBIN, Inc.	  	PA	  	745806

  

 J-14 

 ANNEX 1 TO SECURITY AGREEMENT 
 FORM OF SECURITY AGREEMENT SUPPLEMENT 
 THIS SECURITY
AGREEMENT SUPPLEMENT dated as of                     , 20    (this “Supplement”) executed and delivered by
                            , a             (the
“New Grantor”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the Lenders under that certain Amended, Restated and Consolidated Credit Agreement dated
as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among PREIT Associates, L.P. (“PREIT”) and PREIT-RUBIN, Inc. (“PREIT-RUBIN”;
together with PREIT, each individually, a “Borrower” and collectively, the “Borrower”), Pennsylvania Real Estate Investment Trust (the “Parent”), PR Gallery I Limited Partnership, a Pennsylvania limited partnership
(“PR Gallery”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the
“Gallery Borrower”), the financial institutions party thereto and their assignees under Section 11.6(c) thereof (the “Lenders”), the Administrative Agent, and the other parties thereto, for its benefit and the benefit of the
Issuing Bank, the Lenders and the Specified Derivatives Providers (the Administrative Agent, the Issuing Bank, the Lenders, and the Specified Derivatives Providers, each individually a “Secured Party” and collectively, the “Secured
Parties”) 
 WHEREAS, to secure obligations owning by certain parties under the Credit Agreement and the other Loan
Documents and under the Specified Derivatives Contracts, the Borrower and the other “Grantors” thereunder have executed and delivered that certain Security Agreement dated as of March 11, 2010 (as amended, restated, supplemented or
otherwise modified from time to time, the “Security Agreement”) in favor of the Administrative Agent for its benefit and the benefit of the other Secured Parties; 
 WHEREAS, it is a condition precedent to the continued extension by the Lenders and the Administrative Agent of such financial accommodations
and to the Specified Derivatives Providers continuing to maintain and to enter into Specified Derivatives Contracts that the New Grantor execute this Supplement to become a party to the Security Agreement. 
 NOW, THEREFORE, in consideration of the above premises and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by the New Grantor, the New Grantor hereby agrees as follows: 
 Section 1. Accession to
Security Agreement; Grant of Security Interest. The New Grantor agrees that it is a “Grantor” under the Security Agreement and assumes all obligations of a “Grantor” thereunder, all as if the New Grantor had been an original
signatory to the Security Agreement. Without limiting the generality of the foregoing, the New Grantor hereby: 
  

 J-15 

 (a) mortgages, pledges and hypothecates to the Secured Party for the benefit of the Lenders,
and grants to the Secured Party for the benefit of the Lenders a lien on and security interest in, all of such Grantor’s right, title and interest in, to and under the Collateral of such Grantor, all as collateral security for the full, prompt
and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations; 
 (b) makes to the Secured Party and the Lenders as of the date hereof each of the representations and warranties contained in Section 3. of the Security Agreement and agrees to be bound by each of the covenants contained in the Security
Agreement, including without limitation, those contained in Section 4 thereof; and 
 (c) consents and agrees to each other
provision set forth in the Security Agreement. 
 Section 2. Supplement to Schedules. The information set forth in
Annex 1 attached hereto is hereby added to the information set forth in Schedules 3.(b) and 3.(c) of the Security Agreement. 
 SECTION 3. GOVERNING LAW. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH
COMMONWEALTH. 
 Section 4. Definitions. Capitalized terms used herein and not otherwise defined herein shall have
their respective defined meanings given them in the Security Agreement. 
 [Signatures on Next Page] 
  

 J-16 

 IN WITNESS WHEREOF, the New Grantor has caused this Security Agreement Supplement to be duly
executed and delivered under seal by its duly authorized officers as of the date first written above. 
  

					
	[NEW GRANTOR]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Address for Notices for all Grantors:
	
	 c/o PREIT Associates, L.P.
 200 South Broad Street
 Philadelphia, PA 19102
 Attention: Bruce Goldman
 Telephone: (215) 875-0700
 Telecopy: (215) 546-7311

 Accepted: 
  

					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

 J-17 

 EXHIBIT K 
 FORM OF SECURITY INSTRUMENT 
 [See attached] 
  

 K-1 

 THIS DOCUMENT WAS PREPARED 
 BY AND UPON RECORDATION RETURN TO: 
 Wells Fargo Bank, National Association 
 Real Estate Banking Group 
 1753 Pinnacle Drive

 5th Floor, South Tower 
 McLean, VA
22102 
 Attention: Relationship Associate 
 Loan No.: 1001733 
  
  
  
 [INSERT NAME OF PROPERTY OWNER
[INSERT FEE and LEASEHOLD OWNERS FOR FEE 
 AND LEASEHOLD SECURITY INSTRUMENT], as owner 
 to 
 [[INSERT
TRUSTEE], as Trustee, for the benefit of] 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, as [mortgagee/beneficiary]

 (As Administrative Agent for the benefit of itself and for the 
 benefit of Lenders, Issuing Bank and each Specified 
 Derivatives Provider) 
  
  
 [LEASEHOLD][FEE AND LEASEHOLD][MORTGAGE][DEED OF TRUST], SECURITY 
 AGREEMENT AND ASSIGNMENT OF LEASES AND RENTS AND FIXTURE FILING 
  
  
  

									
		 		 	Dated: As of March [    ], 2010	 		 	
					
		 		 	Effective: As of March [    ], 2010	 		 	
					
		 		 	Location: [Insert Name of Property], County, [Insert State]	 		 	
					
		 		 	County:              [Insert County]	 		 	
					
		 		 	Tax Parcel Number:	 		 	

 [ADD ANY APPROPRIATE LOCAL LAW LEGENDS] 

 [LEASEHOLD][FEE AND LEASEHOLD] [MORTGAGE] [DEED OF TRUST], 
 SECURITY AGREEMENT 
 AND ASSIGNMENT OF LEASES AND RENTS AND FIXTURE FILING 
 [Revise Document Name Based on State-Specific
Requirements, if any] 
 [INSERT NAME OF PROPERTY, [INSERT COUNTY] COUNTY, [INSERT STATE] 
 THIS [LEASEHOLD][FEE AND LEASEHOLD][MORTGAGE] [DEED OF TRUST], SECURITY AGREEMENT, AND ASSIGNMENT OF LEASES AND RENTS AND FIXTURE
FILING [Revise Document Name Based on State-Specific Requirements, if any] (hereinafter referred to as this “Security Instrument”), made and entered into as of the [    ] day of
[            ], 2010 and effective as of the [    ] day of March 2010, by and between [INSERT NAME OF PROPERTY FEE OWNER], [Insert Type of Entity and State of
Formation], having an address at c/o PREIT Associates, L.P., 200 South Broad Street, Philadelphia, Pennsylvania 19102 (hereinafter referred to as “Owner”[Replace with “Fee Owner” for Fee and Leasehold
Security Instrument only]) [Insert for Fee and Leasehold Security Instrument only: and [INSERT NAME OF LEASEHOLD OWNER], [Insert Type of Entity and State of Formation], having an address at c/o PREIT Associates, L.P., 200
South Broad Street, Philadelphia, Pennsylvania 19102 (hereinafter referred to as “Leasehold Owner”; Fee Owner and Leasehold Owner, individually and/or collectively, as the context may require, “Owner”)], [to [INSERT
TRUSTEE], having a business address at [Insert Trustee Address] (the “Trustee”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, having an address at Wells Fargo Bank, National Association, Real Estate Group, 1750 H Street, 4
th Floor, Washington, D.C. 20006 (together with its
successors and assigns, hereinafter referred to as “Administrative Agent”), as Administrative Agent for its benefit and the benefit of Lenders, Issuing Bank and each Specified Derivatives Provider (as each such term is defined in
the Credit Agreement (as defined herein)). Definitions of capitalized terms are set forth in Article 1 below. 
 WITNESSETH: 
 WHEREAS, pursuant to the terms of the Credit Agreement, Administrative Agent and Lenders have
agreed to make available to Borrower and Gallery Borrower certain Loans in the aggregate amount of SIX HUNDRED AND SEVENTY MILLION AND 00/100 DOLLARS ($670,000,000), or so much thereof as may be advanced from time to time pursuant to the terms of
the Credit Agreement, and to make available certain other financial accommodations on the terms and conditions set forth in the Credit Agreement; and 
 WHEREAS, Owner, together with certain affiliates of Owner, has delivered to Administrative Agent, Lenders, Issuing Bank and Specified Derivatives Providers that certain Amended and Restated Guaranty dated
the date hereof (together with any and all amendments, modifications, renewals, restatements or extensions thereof or of any agreement(s) given in substitution therefor, the “Guaranty”), which guarantees the payment and performance
of Borrower’s and Gallery Borrower’s obligations under the Credit Agreement, all other Loan Documents and any Specified Derivatives Contracts; 
 WHEREAS, Owner’s execution and delivery of this Security Instrument to secure, among other things, Owner’s obligations under the Guaranty, Borrower’s and Gallery Borrower’s obligations
under the Notes, Credit Agreement, all other Loan Documents and any Specified Derivatives Contracts, is a condition to Administrative Agent and Lenders, making, and continuing to make, such Loans and financial accommodations to Borrower and Gallery
Borrower; and 
 WHEREAS, the Owner desires to secure to the Administrative Agent, for the account of the Lenders, Issuing Bank
and each Specified Derivatives Provider pursuant to the terms of the Guaranty and the Credit Agreement, the payment or repayment of all sums secured hereby and compliance with the

 
terms, covenants and conditions, expressed or implied, set forth in the provisions of the Guaranty, the Credit Agreement, this Security Instrument and the other Loan Documents. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Owner, Owner agrees as
follows: 
 Article 1 
 DEFINITIONS 
 1.1. Definitions. Terms not otherwise defined herein
have the respective meanings given them in the Credit Agreement. Terms defined in the Uniform Commercial Code as in effect in the state in which the Mortgaged Property is located have the respective meanings given such terms therein. In addition, as
used in this Security Instrument, the following terms shall have the following meanings: 
 Administrative
Agent: As defined in the Recitals. 
 Bankruptcy Code: Title 11 of the United States Code entitled
“Bankruptcy,” as amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’
rights. 
 Borrower: PREIT Associates, L.P., a Delaware limited partnership, and PREIT-Rubin, Inc., a
Pennsylvania corporation, individually and/or collectively, as the context may require. [Add Gallery Owners for Gallery I and II] 
 Business Day: A day of the week (but not a Saturday, Sunday or holiday) on which the offices of the Administrative Agent in San Francisco, California are open to the public for carrying on
substantially all of the Administrative Agent’s business functions. 
 [INSERT FOR VOORHEES:
Camden County Lease: That certain [Please provide description of Lease]] 
 [INSERT FOR NEW
RIVER VALLEY DOT: Commonwealth of Virginia Lease: That certain Deed of Lease dated as of November 1, 2006 between Commonwealth of Virginia, New River Community College, on behalf of the State Board for Community Colleges and Owner.]

 [INSERT FOR CONDOMINIUM PROPERTIES: Condominium: As defined in the definition of
“Condominium Interests and Rights” below. 
 Condominium Documents: Each of the following (and
as each of the following may be amended, restated, replaced or otherwise modified), individually and/or collectively, as the context may require: (i) that certain [Declaration of Condominium] filed for record in the [Office of the Recorder of
Deeds] of [            ] County, [            ] on [            ] in
Book [            ] at Page [            ], (ii) [By Laws], (iii) [Condominium Plat], and (iv) [List all other
Condominium Documents]. 
 Condominium Interests and Rights. [Unit] of the [Name of Condo] Condominium,
and the appurtenant common elements of the condominium as described in the Condominium Documents (the “Condominium”), and more particularly described on Exhibit A attached hereto and made a part hereof, and the rights of
Owner as Declarant (as defined in the Condominium Documents) under the Condominium Documents.] 
 Credit Agreement: That certain Amended, Restated and Consolidated Credit Agreement, dated as of the date hereof, by Borrower, Gallery Borrower, Pennsylvania Real Estate Investment

  

 3 

 
Trust, a Pennsylvania business trust, Lenders, and Administrative Agent, which Credit Agreement evidences a credit facility in the principal amount of SIX HUNDRED SEVENTY MILLION AND NO/100
DOLLARS ($670,000,000.00), and any and all amendments, modifications, renewals, restatements or extensions thereof or of any agreement(s) given in substitution therefor. 
 [INSERT FOR PLYMOUTH MEETING: Church Lease: That certain [Please provide description of Lease]]

 Event of Default: Any happening or occurrence described in Article 6 hereof. 
 Excluded Tenant Lease: As defined in the Credit Agreement. 
 [Insert for Fee and Leasehold Security Instrument only: Fee Owner: As defined in the Recitals.] 
 Fixtures: Fixtures now or hereafter located on the Mortgaged Property and shall in any event include all materials,
supplies, equipment, apparatus and other items now owned or hereafter acquired by Owner and now or hereafter attached to, installed in or used (temporarily or permanently) in connection with any of the Improvements or the Land, including, but not
limited to, any and all partitions, dynamos, window screens and shades, drapes, rugs and other floor coverings, awnings, motors, engines, boilers, furnaces, pipes, plumbing, cleaning, call and sprinkler systems, fire extinguishing apparatus and
equipment, water tanks, swimming pools, building and construction materials and supplies, furniture, furnishings, apparatus, machinery, equipment, motors, elevators, escalators, fittings, radiators, heating, ventilating, plumbing, laundry,
incinerating, air conditioning and air cooling equipment and systems, gas and electric machinery, appurtenances and equipment, disposals, dishwashers, refrigerators and ranges, telephone systems, televisions and television systems, computer systems,
recreational equipment and facilities of all kinds, elevators, and water, gas, electrical, storm and sanitary sewer facilities and all other utilities, whether or not situated in easements, together will all accessions, replacements, betterments and
substitutions for any of the foregoing and the proceeds thereof. 
 Gallery Borrower: As defined in the
Credit Agreement. 
 Governmental Authority: As defined in the Credit Agreement. 
 [Ground Lease: As defined on Schedule III attached hereto and made a part hereof and the leasehold estate created
thereby (the “Leasehold Estate”).] 
 [Ground Lease Assignments and Modifications:
All assignments, modifications, extensions and renewals of the Ground Lease and all credits, deposits, options, privileges and rights of [Leasehold] Owner as tenant under the Ground Lease, including, but not limited to, rights of first refusal, if
any, and the right, if any, to renew or extend the Ground Lease for a succeeding term or terms, and also including all the right, title, claim or demand whatsoever of [Leasehold] Owner either in law or in equity, in possession or expectancy, of, in
and to [Leasehold] Owner’s right, as tenant under the Ground Lease, to elect under Section 365(h)(1) of the Bankruptcy Code to terminate or treat the Ground Lease as terminated in the event (i) of the bankruptcy, reorganization or
insolvency of the landlord under the Ground Lease (the “Ground Lessor”), and (ii) the rejection of the Ground Lease by Ground Lessor, as debtor-in-possession, or by a trustee for Ground Lessor, pursuant to Section 365 of
the Bankruptcy Code.] 
 [Ground Lessor: As defined in the definition of “Ground Lease
Assignments and Modifications” above.] 
 Guaranty: As defined in the Recitals. 
  

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 Impositions: (i) All real estate and personal property taxes;
water, gas, sewer, electricity and other utility rates and charges which could become a lien or encumbrance against the Mortgaged Property; charges for any easement, license or agreement maintained for the benefit of the Mortgaged Property; and all
other taxes, levies, charges and assessments and any interest, costs or penalties with respect thereto, general and special, ordinary and extraordinary, foreseen and unforeseen, of every kind and nature whatsoever, which at any time prior to or
after the execution hereof may be assessed, levied or imposed upon the Mortgaged Property or the Rents or the ownership, use, occupancy or enjoyment thereof which could become a lien or encumbrance thereon; and (ii) any charges, fees, license
payments or other sums payable for any easement, license or agreement maintained for the benefit of the Mortgaged Property. 
 Improvements: Any and all structures, buildings, covered garages, utility sheds, workrooms, air conditioning towers, open parking areas and other improvements, and any and all additions,
alterations, betterments or appurtenances thereto, now or at any time hereafter situated, placed or constructed upon the Land or any part thereof. 
 Land: All those certain tracts, pieces or parcels of land situated and lying in the county of [INSERT COUNTY], [INSERT STATE], more particularly described in Exhibit A attached
hereto and by this reference made a part hereof, all Fixtures or other Improvements situated thereon and all rights, titles and interests appurtenant thereto. 
 [Leasehold Estate: As defined in the definition of “Ground Lease” above.] 
 [Insert for Fee and Leasehold Security Instrument Only: Leasehold Owner: As defined in the Recitals.]

 Leases: Any and all leases, subleases, licenses, concessions, rental agreements or other agreements
(written or verbal, now or hereafter in effect) [Insert for Fee and Leasehold Security Instrument:, including, without limitation, the Ground Lease,] which grant rights to use, enjoy and/or occupy all or any part of the Mortgaged Property or
which grant a possessory interest in and to, or the right to use or enjoy, all or any portion of the Mortgaged Property, together with all security and other deposits, guaranties, letters of credit, certificates of deposit or other security for
Lease obligations made or given in connection therewith, together with and all extensions, renewals, supplements, modifications or replacements of any of the foregoing, save and except any and all leases, subleases or other agreements pursuant to
which Owner is granted a possessory interest in the Land. 
 Legal Requirements: Any and all requirements
of “Applicable Law” (as defined in the Credit Agreement). 
 Lender or Lenders: The financial
institutions which are or which become parties to the Credit Agreement in accordance with the provisions thereof, their successors and their assignees permitted under the Credit Agreement. 
 Lessees: Any and all tenants, subtenants, guarantors and any other party which is (i) obligated to pay rent or
other amounts to Owner pursuant to the Leases and/or (ii) occupying space in the Improvements. 
 Loan
Documents: The Credit Agreement, the Notes, this Security Instrument, the Guaranty, and any and all other documents now or hereafter executed by Owner or any other Loan Party (as defined in the Credit Agreement) to evidence or secure the payment
and performance of the Obligations, together with all “Loan Documents”, as such term is defined in the Credit Agreement, as the foregoing may be amended or restated from time to time, together with all replacements thereof and
substitutions therefor. 
 Material Adverse Effect: As defined in the Credit Agreement. 
  

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 Mortgaged Property: The Land, Improvements, [Ground Lease, Ground
Lease Assignments and Modifications,] [Condominium Interests and Rights,] Fixtures and Personalty, Leases and Rents, together with: 
 (i) All present and future rights, privileges, tenements, hereditaments, royalties, minerals, oil and gas rights, rights-of-way or use, easements, appendages, and appurtenances in anywise appertaining
thereto, and all right, title and interest of Owner, if any, in and to any streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights and development rights, and all estates, rights, titles interests,
liberties, servitudes, strips or gores of land adjoining the Land or any part thereof, [including, but not limited to, those arising under and by virtue of the Ground Lease,] and the reversions and remainders, and all land lying in the bed of
any street, road or avenue, opened or proposed, in front of or adjoining the Land, to the center line thereof and all estates, rights, titles, interests, rights of dower, rights of curtesy, property, possession, claim and demand whatsoever, both at
law and in equity, of Owner of, in and to the Land and the Improvements, [including, but not limited to, those arising under and by virtue of the Ground Lease,] and every part and parcel thereof, with the appurtenances thereto; and

 (ii) All present and future betterments, improvements, additions, alterations, appurtenances, substitutions,
replacements and revisions thereof and thereto, and all reversions and remainders therein; and 
 (iii) All of
Owner’s present and future right, title and interest in and to any awards, remunerations, reimbursements, condemnation payments, settlements or compensation heretofore made or hereafter to be made by any Governmental Authority pertaining to the
Land, Improvements, Fixtures or Personalty, including, but not limited to, those for any vacation of, or change of grade in, any streets affecting the Land or the Improvements and those for municipal utility district or other utility costs incurred
or deposits made in connection with the Land; and 
 (iv) All of Owner’s present and future right, title and
interest in and to any proceeds of insurance required or maintained pursuant to the terms of Paragraph 4.7 hereof, including, without limitation, the right to receive and apply the proceeds of any insurance, judgments, or settlements made in
lieu thereof, for damage to the Land; and 
 (v) All of Owner’s right, title and interest in, to and under
any management or leasing agreement with respect to the Land and Improvements, including, without limitation, (a) all rights of Owner to damages arising out of, or for, breach or default in respect thereof, and (b) all rights of Owner to
perform and exercise all rights and remedies thereunder; and 
 (vi) Subject to the rights of Owner under
Paragraph 10.2 hereof, all of the Leases and Rents; and 
 (vii) Any and all other security and
collateral, of any nature whatsoever, now or hereafter given pursuant to this Security Instrument or other Loan Documents for the repayment of and the performance and discharge of the Obligations; and 
 (viii) The right, in the name and on behalf of Owner, to appear in and defend any action or proceeding brought with respect
to the Land and to commence any action or proceeding to protect the interest of Administrative Agent, on behalf of Lenders, Issuing Bank and Specified Derivatives Providers, in the Land. 
 As used in this Security Instrument, the term “Mortgaged Property” shall be expressly defined as meaning all
or, where the context permits or requires, any portion of the above, and all or, where the context permits or requires, any interest therein. 
 Non-Cash Deposit: As defined in Paragraph 4.17 hereof. 
  

 6 

 Notes: Collectively, all of the Notes issued pursuant to the Credit
Agreement. [Gallery I and II: the Gallery Term Loan Note (as defined in the Credit Agreement).] 
 Obligations: Collectively, (i) all “Guarantied Obligations”, as such term is defined in the Guaranty, (ii) all “Obligations”, as such term is defined in the Credit Agreement, (iii) all “Gallery
Obligations”, as such term is defined in the Credit Agreement, and (iv) all Specified Derivatives Obligations. [Gallery I and II: the Gallery Obligations (as defined in the Credit Agreement).] 
 Owner: As defined in the Recitals, whether one or more, and any and all subsequent owners of the Mortgaged Property or
any part thereof (without hereby implying Administrative Agent’s consent to any transfer, assignment or sale of the Mortgaged Property). 
 Permitted Encumbrances: “Permitted Liens” (as defined in the Credit Agreement). 
 Personalty: All of the Owner’s right, title and interest in, to and under all of the personal property of the Owner, now owned or hereafter acquired, located on, attached to or used in or
about the Improvements and Land, including without limitation, all of the following: 
 (a) all equipment,
including without limitation, all machinery, vehicles, improvements, supplies and office furniture located on, attached to or used in and about the Improvements and Land; 
 (b) all inventory now or hereafter relating to the Land and Improvements; 
 (c) all other goods now or hereafter relating to the Land and Improvements; 
 (d) all accessions to any of the foregoing, together with all attachments, components, parts, equipment and accessories
installed thereon or affixed thereto; 
 (e) all accounts now or hereafter arising from or by virtue of any
transactions related to the Land or the Improvements, including without limitation, (i) all rights to payment of any monetary obligation, whether or not earned by performance, (x) for property that has been or is to be sold, leased,
licensed, assigned or otherwise disposed of or (y) for services rendered or to be rendered, (ii) all rents, fees, charges or other payments for the use or occupancy of all or any portion of the Improvements or any of the other Mortgaged
Property, and (iii) all rights to payment of any interest or finance charges payable to Owner; 
 (f) to the
extent permitted to be assigned by the terms thereof or by applicable law, all licenses, permits, rights, orders, variances, franchises, or authorizations of or from any governmental authority or agency now or hereafter relating to the Land or
Improvements; 
 (g) all general intangibles relating to the Land and Improvements, including without limitation,
all payment intangibles, and all rights of Owner (including Owner’s rights and privileges, if any, to modify, terminate, or waive performance) under any and all contracts, agreements [Insert for Condo Properties: (including, without
limitation, the Condominium Documents)], guarantees, indemnities and other assurances, deposits, prepayments, unpaid rents, credits in favor of Owner, financing commitments from others, warranties on personal or real property, trademarks,
tradenames, logos, copyrights, goodwill, equipment rentals, service marks, symbols, certificates, instruments, plans, specifications, books and records, and other documents, now or hereafter used in connection with the Land or the Improvements, and
all rights therein and thereto, respecting or pertaining to the use, occupation, construction, management or operation of the Land and any part thereof and any Improvements or any business or activity conducted on the Land (including all rights to
carry on business under such names, and all rights as a developer or declarant relating to the Land or Improvements), now or hereafter relating to the Land or Improvements, and any part thereof and all right, title and interest of Owner therein and

  

 7 

 
thereunder, including, without limitation, the right, upon the happening of any Event of Default, to receive and collect any sums payable to Owner thereunder; 
 (h) any Specified Derivatives Contract, including, but not limited to, all “accounts”, “chattel paper”,
“general intangibles” and “investment property” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating to the foregoing; 
 (i) all chattel paper, instruments, investment property, letter-of-credit rights, money, documents, supporting obligations
and deposit accounts now or hereafter arising from or by virtue of any transactions related to the Land or the Improvements; 
 (j) all insurance policies of any kind maintained in effect by the Owner of which Owner is the beneficiary, now existing or hereafter acquired relating to the Land and Improvements, under which any of the
property referred to in any of the preceding clauses above is insured, including without limitation, any proceeds payable to the Owner pursuant to such policies and any unearned premiums thereon; 
 (k) all proceeds, which in any event, shall include, but not be limited to, (i) any and all proceeds of any insurance,
indemnity, warranty or guaranty payable to the Administrative Agent or the Lenders from time to time with respect to any of the Mortgaged Property, (ii) any and all payments (in any form whatsoever) made or due and payable to Owner (including
interest thereon) from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Mortgaged Property by any Governmental Authority (or any person acting under color of Governmental
Authority), (iii) any refunds, rebates or credits in connection with reduction in real estate taxes and assessments charged against the Land as a result of tax certiorari or any applications or proceedings for reduction, and (iv) any and
all other amounts from time to time paid or payable under or in connection with any of the Mortgaged Property; 
 (l) all soil test reports, certificates of occupancy, termite bonds, payment and performance bonds, judgments, premium rebates or adjustments, and surveys; 
 (m) all of Owner’s right, title and interest under any lease which it may sign as lessee for any furniture, fixtures or
equipment to be located or installed within the Land; and 
 (n) all reserves, escrows, and deposit accounts
maintained by Owner with respect to the Land and all Rents arising with respect thereto, including, without limitation, all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held
therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof. 
 REA: Individually and/or collectively (as the context may require), each reciprocal easement, covenant, condition and restriction agreement or similar agreement affecting the Mortgaged Property (or any portion thereof) and any future
reciprocal easement or similar agreement affecting the Mortgaged Property (or any portion thereof) entered into in accordance with the applicable terms and conditions hereof. 
 Rents: All of the rents, receipts, revenues, issues, income, proceeds, security and other types of deposits and other
benefits and profits now due or which may become due or to which Owner may now or hereafter shall become entitled (whether upon the expiration of any applicable period of redemption or otherwise) or may demand or claim, arising or issuing from or
out of the Leases, or from or out of using, leasing, licensing, possessing, operating from, residing in, selling or otherwise enjoying the Mortgaged Property or any part thereof, including, without limiting the generality of the foregoing, minimum
rents, additional rents, percentage rents, parking maintenance charges or fees, tax and insurance contributions, proceeds of sale of electricity, gas, chilled and heated water and other

  

 8 

 
utilities and services, deficiency rents, security deposits, letters of credit, certificates of deposit or any other security for Lease obligations made or given in connection therewith and
liquidated damages following default or late payment of rent, premiums payable by any Lessee upon the exercise of a cancellation privilege provided for in any Lease and all proceeds payable under any policy of insurance covering loss of rents
resulting from untenantability caused by destruction or damage to the Mortgaged Property, together with any and all rights and claims of any kind which Owner may have against any Lessee under any Lease or any subtenants or occupants of the Mortgaged
Property. 
 Requisite Lenders: As defined in the Credit Agreement. 
 Security Document: This Security Instrument, any Property Management Contract Assignments and Subordination Agreement,
and any security agreement, pledge agreement, financing statement or other document, instrument or agreement creating, evidencing or perfecting the Administrative Agent’s Liens on any of the Mortgaged Property. 
 Security Instrument: As defined in the Recitals. 
 Specified Derivatives Contracts: As defined in the Credit Agreement. 
 Specified Derivatives Obligation: As defined in the Credit Agreement. 
 Tenant: The tenant or lessee under any Lease. 
 Temporary Leases: As defined in the Credit Agreement. 
 Termination Date: As defined in the Credit Agreement. 
 [Trustee: That or those Persons named in the first paragraph of this Security Instrument as Trustee(s), whether one or
more, and any successor Trustee(s) that may hereafter be named.] 
 Work: Any reconstruction, repair
or restoration of the Mortgaged Property after the occurrence of damage or destruction to the Mortgaged Property. 
 Article 2

 GRANT 
 NOW, THEREFORE, FOR AND IN CONSIDERATION of the Obligations evidenced by the Guaranty and the Notes and all other sums payable under the provisions of this Security Instrument, the Credit Agreement and/or
the other Loan Documents, [of the acceptance by the Trustee of the trust hereby created,] of the execution and delivery by Borrower, Gallery Borrower, Administrative Agent and Lenders of the Credit Agreement, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged; 
 OWNER HEREBY IRREVOCABLY GRANTS, CONVEYS,
TRANSFERS, MORTGAGES AND ASSIGNS TO [TRUSTEE] [ADMINISTRATIVE AGENT], ITS SUCCESSORS AND ASSIGNS [IN TRUST, WITH POWER OF SALE], THE MORTGAGED PROPERTY subject only to the Permitted Encumbrances. 
 TO HAVE AND TO HOLD the Mortgaged Property, together with all and singular the rights, privileges, tenements, hereditaments and
appurtenances thereto in any way incident or belonging unto [the Trustee] [Administrative Agent] and to its successors [or substitutes in Trust] and their assigns forever. 
 FOR THE PURPOSE OF SECURING, in such order of priority as Administrative Agent may elect: 
  

 9 

 (1) Payment and performance and discharge of the Obligations and each and every obligation
of Owner set forth in Guaranty, the Credit Agreement, the Notes, and the other Loan Documents, including, without limitation, Protective Advances (as defined in the Credit Agreement) and Specified Derivatives Obligations, subject to the limitation
in the paragraph immediately following clause (5) below; 
 (2) Payment to [Trustee and] Administrative Agent and
Lenders of all other sums, with interest thereon, becoming due or payable under the provisions hereof and the provisions of the Loan Documents; 
 (3) Due, prompt and complete observance and performance of each and every obligation, covenant and agreement of Owner, Gallery Borrower and Borrower contained herein, in the Guaranty, in the Notes, in the
Credit Agreement or in any of the other Loan Documents, subject to the limitation in the paragraph immediately following clause (5) below; 
 (4) The payment of such additional sums with interest thereon as may be hereafter borrowed from the Administrative Agent or Lenders, their respective successors or assigns, by Borrower and Gallery
Borrower and guaranteed by Owner when evidenced by a promissory note or notes or under the Credit Agreement or other instrument, which by the terms thereof, hereof and/or under the Guaranty is or are secured by this Security Instrument; and

 (5) The payment and performance of any and all other indebtedness, obligations and liabilities of any kind, of Owner, Gallery
Borrower and Borrower to Administrative Agent or Lenders under or as contemplated by the Guaranty, the Notes and any other Loan Document, now or hereafter existing, absolute or contingent, joint and/or several, due or not due, secured or unsecured,
or direct or indirect, including indebtedness, obligations and liabilities to Administrative Agent or Lenders of Owner, Gallery Borrower or Borrower as a member of any partnership, syndicate or association or other group and whether incurred by
Owner, Gallery Borrower or Borrower as principal, surety, endorser, guarantor, accommodation party or otherwise, and any obligations which give rise to an equitable remedy for breach of performance if such breach gives rise to an obligation by
Owner, Gallery Borrower or Borrower to pay Administrative Agent or Lenders, provided that any such indebtedness, obligation or liability contains a written provision that it is to be so secured by this Security Instrument. 
 Should the Obligations be paid as and when due and performed in accordance with the provisions of the Loan Documents, or on the earlier
release of the Mortgaged Property pursuant to the terms of the Credit Agreement, then this Security Instrument shall be canceled and terminated of record. 
 Article 3 
 WARRANTIES AND REPRESENTATIONS 
 [Each] Owner hereby unconditionally warrants and represents to Administrative Agent and Lenders, Issuing Bank and each Specified
Derivatives Provider as follows, on the terms and qualifications set forth in Article 6 of the Credit Agreement (which warranties and representations have been and will be relied upon by Administrative Agent and Lenders in advancing funds to Gallery
Borrower and Borrower under the Loan Documents, and shall survive and be deemed restated as and to the extent set forth in Section 6.2 of the Credit Agreement): 
 3.1 Credit Agreement. Each of the representations and warranties set forth in Sections 6.1(a), (c), (d), (e), (l) and (v) of the Credit Agreement are hereby made by Owner as if the same
were fully set forth herein and were a part hereof. 
 3.2 [Insert for Properties that are not Ground Lease Properties:
Intentionally Deleted.] 
 [Insert the following for Ground Lease Properties: 
  

 10 

 Ground Lease. Owner hereby represents and warrants to Lender the following with
respect to the Ground Lease: 
 (a) Recording; Modification. A memorandum of the Ground Lease has been duly recorded. The
Ground Lease permits the interest of [Leasehold] Owner to be encumbered by a security instrument. There have not been amendments or modifications to the terms of the Ground Lease since its recordation, with the exception of written instruments which
have been recorded or delivered to Administrative Agent. 
 (b) No Liens. Except for the Permitted Encumbrances,
[Leasehold] Owner’s interest in the Ground Lease is not subject to any Liens or encumbrances superior to, or of equal priority with, this Security Instrument other than the Ground Lessor’s related fee interest. 
 (c) Default. As of the Effective Date, the Ground Lease is in full force and effect and no default by Owner has occurred under the
Ground Lease and there is no existing condition which, but for the passage of time or the giving of notice, could result in a default by Owner under the terms of the Ground Lease. 
 3.3 Intentionally Deleted. 
 3.4 Title to Mortgaged Property and Priority of this Security Instrument. Owner has good, marketable and indefeasible [fee simple][leasehold] [fee simple and/or leasehold] title to the Land and
Improvements, Leases, Rents, Fixtures and Personalty, free and clear of any liens, charges, encumbrances, security interests and adverse claims whatsoever except the Permitted Encumbrances. This Security Instrument, when properly recorded in the
appropriate records (a) constitutes a valid and enforceable first [Replace “first” with “second” for New River Valley DOT] priority lien on the Owner’s interest in the Land, Improvements and Fixtures;
(b) creates valid and enforceable first priority security interest in and to the Personalty and other Mortgaged Property, all in accordance with the terms hereof and, to the extent that the terms Leases and Rents include items covered by the
Uniform Commercial Code as adopted in the state where the Mortgaged Property is located, in the Leases and Rents; and (c) constitutes a valid and enforceable first priority assignment of Leases and Rents not covered by such Uniform Commercial
Code, all in accordance with the terms hereof. 
 3.5 Taxes and Other Payments. Except as set forth in
Section 6.1(j) of the Credit Agreement, Owner has filed all Federal, state, county, municipal and city income and other tax returns required to have been filed by it with respect to the Mortgaged Property or that which if not paid may become a
lien on the Mortgaged Property and has paid all taxes which have become due pursuant to such returns or pursuant to any assessments received by them, and Owner does not know of any basis for any additional assessment in respect of any such taxes
relating to the Mortgaged Property. Owner has paid or will pay in full (except for such retainages as may be permitted or required by any relevant contract or Legal Requirement to be withheld by Owner pending completion of the Improvements) all sums
owing or claimed for labor, material, supplies, personal property (whether or not forming a Fixture hereunder) and services of every kind and character used, furnished or installed in or on the Mortgaged Property before the same becomes a lien on
the Mortgaged Property. The foregoing representations are given as of the date hereof. 
 3.6 Intentionally Deleted.

 3.7 Separate Tract. The Mortgaged Property is not a part of a larger tract of land owned by Owner or any of its
Affiliates and is not otherwise included under any unity of title or similar covenant with other lands not encumbered by this Security Instrument, provided that, Owner and/or its Affiliates may own other land adjacent to or near the Mortgaged
Property which is not encumbered by this Security Instrument. 
 3.8 Leases. As of the date hereof: 
 (a) Owner has all requisite right, power and authority to assign the Leases and Rents, and no other Person has any right, title or interest
therein (other than the lessee’s interest therein held by a Tenant thereunder). 
  

 11 

 (b) Owner has duly and punctually performed all of the material terms, covenants, conditions
and warranties of the Leases on Owner’s part to be performed. 
 (c) Owner has delivered to Administrative Agent copies of
all Leases, including, without limitation, all amendments and modifications thereof, that are all true, complete and correct in all material respects. All Leases are valid and in full force and effect and are enforceable in accordance with their
respective terms, except (i) as set forth on the rent roll delivered to Administrative Agent by Owner contemporaneously herewith (the “Rent Roll”) or estoppel certificates delivered to Administrative Agent by Owner or
(ii) which would not have a Material Adverse Effect. There is no outstanding assignment, transfer, encumbrance, mortgage or pledge of the Leases or Rents, except hereunder. 
 (d) All Rents paid under Leases (other than with respect to [INSERT FOR NEW RIVER VALLEY DOT: the Commonwealth of Virginia Lease and]
[INSERT FOR VOORHEES: the Camden County Lease and] [INSERT FOR PLYMOUTH MEETING: the Church Lease and] the Temporary Leases) now due, or to become due, for any periods subsequent to the date hereof have not been collected more than one
(1) month in advance, and payment thereof has not been anticipated more than one (1) month in advance, or waived or released, discounted, setoff or otherwise discharged or compromised. 
 (e) Except as otherwise expressly set forth on the Rent Roll, estoppels or accounts receivable reports previously delivered to
Administrative Agent: 
 (i) To the best of Owner’s knowledge, the Tenants under the Leases have no defenses, set-offs or
counterclaims against Owner, and are not in material default under any of the terms or provisions of the respective Leases beyond any applicable cure period which default would have a Material Adverse Effect; 
 (ii) Except for Tenants not yet in possession under new Leases, each Tenant is in possession and paying rent and other charges under their
respective Leases on a current basis; 
 (iii) Other than the Leases, there are no occupancy rights (written or oral), leases
or other tenancies affecting any part of the Mortgaged Property; 
 (iv) No Rents under any Leases have been discounted,
released, waived, compromised, or otherwise discharged except for Excluded Tenant Leases and as otherwise may be expressly permitted hereunder and under the Credit Agreement; 
 (v) All Improvements and the leased space demised and let pursuant to each Lease have been completed as required under the Leases except as
provided in clause (ii) above and otherwise disclosed in writing by Owner to Administrative Agent; 
 (vi) There are no
options to purchase all or any portion of the Mortgaged Property except as set forth on Schedule I attached hereto and made a part hereof; 
 (vii) There are no rights of first refusal to purchase all or any portion of the Property except as set forth on Schedule II attached hereto and made a part hereof; and 
 (viii) There are no options to renew by any Tenant except as stated in the Leases. 
 3.9 Intentionally Deleted. 
 3.10 Not a Homestead. The Mortgaged Property forms no part of any property owned, used or claimed by Owner as a residence or business homestead and is not exempt from forced sale under the laws of
the state in which the Mortgaged Property is located. The Owner hereby disclaims and renounces each and every claim to all or any portion of the Mortgaged Property as a homestead. 
  

 12 

 3.11 No Joint Assessment. The Mortgaged Property is assessed for real estate tax
purposes as one or more wholly independent tax lot or lots, separate from any adjoining land or improvements not constituting a part of such lot or lots, and no other land or improvements is assessed and taxed together with such Mortgaged Property.
Owner shall not suffer, permit or initiate the joint assessment of the Mortgaged Property with (a) any other real property constituting a tax lot separate from the Mortgaged Property, or (b) any portion of the Mortgaged Property which may
be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to the Mortgaged Property. 
 3.12 Intentionally Deleted. 
 3.13 Illegal Activity/Forfeiture. 
 (a) As of the date hereof, no portion
of the Mortgaged Property has been or will be purchased, improved, equipped or furnished with proceeds of any illegal activity and to the best of Owner’s knowledge, there are no illegal activities or activities relating to controlled substances
at the Mortgaged Property. 
 (b) As of the date hereof, there has not been committed by Owner or any other Person in occupancy
of or involved with the operation or use of the Property any act or omission affording the federal government or any state or local government the right of forfeiture as against the Mortgaged Property or any part thereof or any monies paid in
performance of Owner’s obligations under this Security Instrument or any other Loan Document. Owner hereby covenants and agrees not to commit, permit or suffer to exist any act or omission affording such right of forfeiture if the same would
have a Material Adverse Effect. 
 3.14 Intentionally Deleted. 
 3.15 REA Representations. As of the date hereof, each REA is in full force and effect and neither Owner nor, to Owner’s
knowledge, any other party to any REA, is in default thereunder, and to the best of Owner’s knowledge, there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a default thereunder. Except as
disclosed in the title insurance policy delivered to Administrative Agent on the date hereof, to the best of Owner’s knowledge, no REA has been modified, amended or supplemented. 
 3.16 Intentionally Deleted. 
 3.17 Not a Foreign Person. Owner is not a “foreign person” within the meaning of § 1445(f)(3) of the Internal Revenue Code. 
 3.18 Status of Property. As of the date hereof: 
 (a) Owner has obtained all necessary certificates, licenses and other approvals, governmental and otherwise, necessary for the operation of the Mortgaged Property and the conduct of its business and all
required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification, except those, the
absence of which, would not have a Material Adverse Effect. 
 (b) The Mortgaged Property and the present and contemplated use
and occupancy thereof are in material compliance with all material applicable zoning ordinances, building codes, land use laws, environmental laws and other similar Legal Requirements. 
  

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 (c) The Mortgaged Property is served by all utilities required for the current or
contemplated use thereof. All utility service is provided by public utilities and the Mortgaged Property has accepted or is equipped to accept such utility service. 
 (d) The Mortgaged Property is served by public water and sewer systems. 
 (e) All
public roads and streets necessary for service of and access to the Mortgaged Property are physically and legally open for use by the public. The Mortgaged Property has either direct access to such public roads or streets or access to such public
roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Owner and any subsequent owners of the Mortgaged Property. 
 (f) Except as set forth in the property condition reports obtained by Administrative Agents, (i) the Mortgaged Property is free from damage caused by fire or other casualty, and (ii) the
Mortgaged Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior
sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Mortgaged Property, whether
latent or otherwise, which in either case would have a Material Adverse Effect. Owner has not received notice from any insurance company or bonding company of any defects or inadequacies in the Mortgaged Property, or any part thereof, which would
adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond. 
 (g) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been
paid in full other than (i) on-going work performed by Tenants which is paid through tenant improvement allowances or reimbursements, (ii) on-going work performed by Landlord for Tenants pursuant to Leases whether or not paid through
tenant improvement allowances or reimbursements, (iii) maintenance and repair and capital expenditures in the ordinary course of business, and (iv) Construction in Progress and Projects Under Development shown on Schedule 6.1(f) to the
Credit Agreement. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable law could give rise to any such liens) affecting the Mortgaged Property
which are or may be prior to or equal to the lien of this Security Instrument and except for such liens that are Permitted Encumbrances or except as otherwise expressly permitted by the Credit Agreement. 
 (h) Owner has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ property and
equipment leased in the ordinary course of business) used in connection with the operation of the Mortgaged Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this
Security Instrument and the other Loan Documents and except for such liens that are Permitted Encumbrances or except as otherwise expressly permitted by the Credit Agreement. 
 (i) All liquid and solid waste disposal, septic and sewer systems located on the Mortgaged Property are in a good and safe condition and
repair and in material compliance with all Legal Requirements, when such failure would have a Material Adverse Effect. 
 (j)
Except as otherwise shown on the final surveys of the Mortgaged Property delivered to Administrative Agent on the date hereof, all the Improvements lie within the boundaries of the Mortgaged Property and any building restriction lines applicable to
the Mortgaged Property. 
 (k) Except as otherwise shown on the final surveys of the Mortgaged Property delivered to
Administrative Agent on the date hereof, no portion of the Improvements is located in an area

  

 14 

 
identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968, the Flood Disaster
Protection Act of 1973 or the National Flood Reform Act of 1994, as each may be amended, or any successor law or, if any portion of the Mortgaged Property is located within such area Owner has obtained and will maintain the insurance prescribed in
Section 7.6(d) of the Credit Agreement. To the best of Owner’s knowledge, no part of the Mortgaged Property consists of or is classified as wetlands, tidelands or swamp and overflow lands. 
 Article 4 
 AFFIRMATIVE COVENANTS 
 Owner hereby unconditionally covenants and agrees with Administrative Agent as follows:

 4.1 Payment and Performance. Owner will pay the Obligations, as and when called for in the Loan Documents, and on or
before the due dates thereof (including any applicable grace periods), and will perform all of the Obligations in full and on or before the dates same are to be performed. 
 4.2 Intentionally Deleted. 
 4.3 Compliance with Legal Requirements. Owner will promptly and faithfully comply with, conform to and obey all present and future Legal Requirements with respect to the Mortgaged Property and
ownership and operation thereof, where the failure to comply would have a Material Adverse Effect, including without limitation, the Americans with Disabilities Act of 1990, as amended (42 USC § 12101, et seq.), in all material effects, whether
or not such Legal Requirements shall necessitate structural changes in, improvements to, or interfere with the use or enjoyment of the Mortgaged Property. Owner shall give prompt notice to Administrative Agent of the receipt by Owner of any notice
related to a violation of any Legal Requirements and of the commencement of any proceedings or investigations which relate to compliance with Legal Requirements. 
 4.4 Prior Security Instrument Status. Owner will protect the senior lien status of this Security Instrument and the other Loan Documents and will not place, or permit to be placed, or otherwise
convey, mortgage, hypothecate or encumber the Mortgaged Property with any other lien or deed of trust or interest of any nature whatsoever (statutory, constitutional or contractual), regardless of whether same is allegedly or expressly inferior to
the title created by this Security Instrument [INSERT FOR NEW RIVER VALLEY DOT:, except the senior liens of the New River Valley Mall Liabilities or] Permitted Encumbrances, without the express written consent of the Administrative
Agent (which consent may be determined in the sole and absolute discretion of the Administrative Agent or Requisite Lenders if required by the Credit Agreement), and if any such claim, lien or security interest is not so approved and is asserted
against the Mortgaged Property, Owner will promptly, and at its own cost and expense, (a) pay the underlying claim in full or take such other action so as to cause the same to be released; and (b) if such claim is not so released promptly
after receiving notice of such claim, lien or security interest, give Administrative Agent notice of such claim, lien or security interest. Such notice shall specify who is asserting such claim, lien or security interest and shall detail the origin
and nature of the underlying facts giving rise to such asserted claim, lien or security interest. No provision hereof shall require Owner to pay any claims for labor, materials or services which Owner in good faith disputes and which Owner, at its
own expense, is currently and diligently contesting by appropriate proceedings which operate to suspend the collection thereof and the sale of the Secured Property or any part thereof to satisfy such claim or lien, and for which adequate reserves
have been established as provided in Section 7.7 of the Credit Agreement; provided, however, that if collection or sale is not suspended or such reserves are not maintained, Owner shall promptly obtain and record a bond from a surety
acceptable to Administrative Agent in an amount and in form and substance reasonably satisfactory to Administrative Agent. 
 4.5 Payment of Impositions. Owner will duly pay and discharge, or cause to be paid and discharged, the Impositions in accordance with Section 7.7 of the Credit Agreement. 
  

 15 

 In the event of the passage of any state, federal, municipal or other governmental law,
order, rule or regulation, subsequent to the date hereof, in any manner changing or modifying the laws now in force governing the taxation of mortgages, deeds of trust, deeds to secure debt, or security agreements, or assignments of leases or debts
secured thereby or the manner of collecting such taxes so as to adversely affect Administrative Agent, Lenders, Issuing Bank and/or any Specified Derivatives Provider, Owner will pay any such tax on or before the due date thereof. 
 4.6 Repair. Owner will keep the Mortgaged Property in the condition required by Section 7.4 of the Credit Agreement. 

4.7 Insurance. Owner will obtain and maintain insurance upon and relating to the Mortgaged Property of the types and amounts as
required under Section 7.6 of the Credit Agreement. 
 The delivery of any insurance policies hereunder and under the
Credit Agreement shall constitute an assignment of all unearned premiums as further security hereunder. In the event of the foreclosure of this Security Instrument in extinguishment or partial extinguishment of the Obligations, all right, title and
interest of Owner in and to all insurance policies then in force shall pass to the purchaser or to Administrative Agent, as the case may be, and Administrative Agent is hereby irrevocably appointed by Owner as attorney-in-fact for Owner to assign
any such policy to said purchaser or to Administrative Agent, as the case may be, without accounting to Owner for any unearned premiums thereon. 
 4.8 Application of Proceeds. 
 (a) Notwithstanding anything herein to the
contrary, provided that no Event of Default exists hereunder or under any of the other Loan Documents: 
 (1) In the event
there occurs any casualty, damage to, or destruction of all or any part of the Mortgaged Property for which Administrative Agent receives insurance proceeds in an amount less than $250,000.00, Administrative Agent shall elect to apply such insurance
proceeds, less its expenses in such collection, to restore or repair the Mortgaged Property, provided that (A) such restoration or repair will return the Mortgaged Property to substantially the same condition as existed immediately prior to
such damage or destruction, (B) the net insurance proceeds available therefrom (plus such additional funds as may be required to be deposited by Owner with Administrative Agent) will be sufficient to complete any required Work, and
(C) Owner delivers to Administrative Agent copies of the plans and specifications, contracts and all other documents executed by Owner in connection with the Work and evidence satisfactory to Administrative Agent of the application of such
insurance proceeds to the cost of the Work. 
 (2) In the event there occurs any casualty, damage to or destruction of any part
of the Mortgaged Property for which Administrative Agent receives proceeds in an amount from $250,000.00 up to $2,500,000.00, then as to such insurance proceeds collected by Administrative Agent with respect to such damage or destruction,
Administrative Agent shall elect to apply such insurance proceeds, less its expenses in such collection, to restore or repair the Mortgaged Property, provided that (A) such restoration or repair will return the Mortgaged Property to
substantially the same condition as existed immediately prior to such damage or destruction, (B) the net insurance proceeds available therefrom (plus such additional funds as may be required to be deposited by Owner with Administrative Agent)
will be sufficient to complete any required Work, and (C) the Work is capable of being completed by the date which is ninety (90) days prior to the Termination Date. 
 (3) In the event there occurs any casualty, damage to or destruction of any part of the Mortgaged Property for which Administrative Agent
receives proceeds in an amount of $2,500,000.00 or more, then as to such insurance proceeds collected by Administrative Agent with respect to such damage or destruction, Administrative Agent shall elect to apply such insurance proceeds, less its
expenses in such collection, to restore or repair the Mortgaged Property, provided that (A) such restoration or repair will return the Mortgaged Property to substantially the same condition as existed immediately prior to such damage or
destruction, (B) the net insurance proceeds available therefrom (plus such

  

 16 

 
additional funds as may be required to be deposited by Owner with Administrative Agent) will be sufficient to complete any required Work, (C) the Work is capable of being completed by the
date which is ninety (90) days prior to the Termination Date, and if all of the following conditions are satisfied within one hundred eighty (180) days from date of the damage or destruction: 
 (A) Owner satisfies Administrative Agent that after the Work is completed, the value of the Mortgaged Property as determined by
Administrative Agent in its reasonable discretion, will not be less than the value of the Mortgaged Property on a completed basis, including Land and Improvements, as determined by Administrative Agent in determining the value of the Mortgaged
Property in connection with the making of the Loan under the Credit Agreement. 
 (B) In Administrative Agent’s reasonable
opinion, the proceeds deposited with Administrative Agent are sufficient to pay all costs of Work on the Mortgaged Property. If the insurance proceeds deposited with Administrative Agent are not sufficient, Administrative Agent will permit Owner to
deposit additional funds or demonstrate to Administrative Agent’s reasonable satisfaction Owner’s ability to pay such additional costs of Work. 
 (C) Owner has delivered to Administrative Agent a binding construction contract for the Work in form and content acceptable to Administrative Agent with a contractor acceptable to Administrative Agent.

 (D) An architect or engineer, approved by Administrative Agent, shall be retained by Owner (at Owner’s expense)
pursuant to a binding construction contract and charged with the supervision of the Work. 
 (E) Owner shall have prepared,
submitted to Administrative Agent and secured Administrative Agent’s written approval (such approval not to be unreasonably withheld) of the plans for such Work. 
 (F) Leases covering at least seventy percent (70%) of the net rentable area covered by Leases immediately prior to the casualty [and the Ground Lease] will remain in full force and effect
following completion of the Work, under which Leases the tenants have no termination rights upon casualty or have waived such rights in writing. 
 (G) Administrative Agent in its reasonable discretion has determined that after the Work is completed, the Mortgaged Property will produce income sufficient to pay all costs of operations and maintenance
of the Mortgaged Property, with a reasonable reserve for repairs, and service all debts secured by the Mortgaged Property. 
 (H) No Event of Default exists hereunder, or under the other Loan Documents. 
 (4) In the event there occurs any
casualty, damage to or destruction of all or any part of the Mortgaged Property and Owner is not otherwise entitled to use proceeds as provided above, then any insurance proceeds collected by Owner or Administrative Agent with respect to such damage
or destruction, less Administrative Agent’s expenses in such collection, shall be applied to the Obligations in such order, priority and proportions as Administrative Agent determines, in its sole discretion (subject to the terms of the Credit
Agreement). 
 (b) If the proceeds of the insurance described in Paragraph 4.7 hereinabove are to be used for the Work,
such proceeds shall be paid out by Administrative Agent from time to time to Owner (or, at the option of Administrative Agent, following the occurrence and during the continuance of an Event of Default, jointly to Owner and the persons furnishing
labor and/or material incident to the Work) as the Work progresses, subject to the following conditions: 
  

 17 

 (1) each request for payment by Owner shall be made on ten (10) days’ prior
written notice to Administrative Agent and shall be accompanied by a certificate to be executed by the architect or engineer supervising the Work (or if, Administrative Agent waives the requirement for a supervising architect or engineer in
Administrative Agent’s sole discretion, by Owner or an executive officer of Owner), stating, among such other matters as may be reasonably required by Administrative Agent, that: (A) all of the Work completed has been done in compliance
with the approved plans; (B) the sum requested is justly required to reimburse Owner for payments by Owner to, or is justly due to, the contractor, subcontractor, materialmen, laborers, engineers, architects or other persons rendering services
or materials for the Work (giving a brief description of such services and materials); (C) when added to all sums previously paid out by Owner, the sum requested does not exceed the value of the Work done prior to the date of such certificate;
and (D) the amount of insurance proceeds remaining with the Administrative Agent will be sufficient upon completion of the Work to pay for the same in full (giving, in such reasonable detail as the Administrative Agent may require, an estimate
of the cost of such completion); 
 (2) each request shall be accompanied by waivers or releases of liens, satisfactory in form
and substance to Administrative Agent, covering that part of the Work for which payment or reimbursement is being requested (or, if concurrent lien waivers or releases are not permitted under applicable law, lien subordinations or other evidence
reasonably satisfactory to Administrative Agent that all Work is being paid for and the Work is being completed lien-free), and by a search prepared by a title company or licensed abstractor or by other evidence satisfactory to Administrative Agent
that there has not been filed with respect to the Mortgaged Property any mechanic’s lien or other lien, affidavit or instrument asserting any lien or any lien rights with respect to the Mortgaged Property; 
 (3) if there has not occurred any Event of Default since the hazard, casualty or contingency giving rise to payment of the insurance
proceeds; 
 (4) if in the case of the request for the final disbursement, such request is accompanied by a copy of any
Certificate of Occupancy or other certificate required by any Legal Requirement to render occupancy of the damaged portion of the Mortgaged Property lawful; 
 (5) if, in Administrative Agent’s judgment, the amount of such insurance proceeds will not be sufficient to complete the Work (which determination may be made prior to or during the performance of
the Work), Owner shall deposit with Administrative Agent, immediately upon a request therefor, an amount of money which, when added to such insurance proceeds, will be sufficient, in Administrative Agent’s judgment, to complete the Work; and

 (6) Administrative Agent may, at Owner’s expense, require delivery of an endorsement to Administrative Agent’s
mortgagee policy of title insurance dated as of the date of payment of such proceeds reflecting no changes in the status of title or the title insurance, except as may be permitted under the Loan Documents. 
 If, upon completion of the Work and payment in full therefor, any portion of the insurance proceeds has not been disbursed to Owner (or to
one or more of the other aforesaid persons) incident thereto, Administrative Agent may, at Administrative Agent’s option, disburse such balance to Owner or apply such balance toward the payment of the Obligations (and if such balance is applied
to payment of the Obligations at the election of Administrative Agent absent an Event of Default, then such prepayment shall be without any prepayment penalty or premium). Nothing herein shall be interpreted to prohibit Administrative Agent from
applying at any time the whole or any part of such insurance proceeds to the curing of any Event of Default or Default. 
 4.9
Restoration Following Casualty. If any act or occurrence of any kind or nature, ordinary or extraordinary, foreseen or unforeseen (including any casualty for which insurance was not obtained or obtainable), shall result in damage to or loss
or destruction of the Mortgaged Property, Owner will give notice thereof to Administrative Agent immediately and, if so instructed by Administrative Agent, will promptly, at Owner’s sole cost and expense and regardless of whether the insurance
proceeds (if any) shall be sufficient for the purpose, commence and continue diligently to completion to restore, repair, replace

  

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and rebuild the Mortgaged Property in accordance with the provisions of Paragraph 4.8 [, the Ground Lease] [, the Condominium Documents] and all Legal Requirements as nearly as
possible to its value, condition and character immediately prior to such damage, loss or destruction. 
 4.10 Intentionally
Deleted. 
 4.11 Inspection. Owner will permit Administrative Agent and its agents, representatives and employees to
inspect the Mortgaged Property as provided in Section 7.8 of the Credit Agreement. 
 4.12 Hold Harmless. Owner will
defend, at its own cost and expense, and hold Administrative Agent, the Lenders, Issuing Bank, [and] Specified Derivatives Providers [, and Trustee] harmless from any action, proceeding or claim affecting the Mortgaged Property or the
Loan Documents, and all costs and expenses incurred by Administrative Agent, Lenders, Issuing Bank, [and/or] Specified Derivatives Providers [, and/or Trustee] in protecting its interests hereunder in such an event (including all court
costs and attorneys’ fees) shall be borne by Owner and secured hereby. 
 4.13 Intentionally Deleted. 
 4.14 Status of Title. Owner agrees to forever warrant, protect, preserve and defend its interest in the Mortgaged Property and the
title thereto; to appear and defend in any action or proceeding affecting or purporting to affect the Mortgaged Property, the validity and priority of the lien of this Security Instrument thereon, or any of the rights of Administrative Agent [or
Trustee] hereunder, and to pay all costs and expenses incurred by [either Trustee or] Administrative Agent in connection with such proceeding, including reasonable attorneys’ fees. Owner shall forever warrant and defend the same to
Administrative Agent against the claims of all Persons whomsoever. 
 4.15 Performance of Obligations. Owner shall
observe, perform and discharge, duly and punctually, all and singular, the Obligations, as and when required by the Credit Agreement, this Security Instrument, and the other Loan Documents to which Owner is a party; and Owner shall give prompt
notice to Administrative Agent of any Default on the part of Owner to observe, perform and discharge the same or of any claim made for any such Default by Owner, as and when required by the Credit Agreement. 
 4.16 Taxes and Insurance Escrow. Upon Administrative Agent’s request, following an Event of Default, Owner shall pay monthly,
annually or as otherwise directed by Administrative Agent, an amount (“Escrowed Sums”) equal to the sum of (a) the annual Impositions (estimated by Administrative Agent, wherever necessary) to become due for the tax year during
which such payment is so directed and (b) the insurance premiums for the same year for those insurance policies as are required hereunder, such that Administrative Agent shall have sufficient amounts to pay the same thirty (30) days prior
to delinquency. If Administrative Agent determines that any amounts theretofore paid by Owner are insufficient for the payment in full of such Impositions and insurance premiums, Administrative Agent shall notify Owner of the increased amounts
required to provide a sufficient fund, whereupon Owner shall pay to Administrative Agent within thirty (30) days thereafter the additional amount as stated in Administrative Agent’s notice. The Escrowed Sums may be held by Administrative
Agent in an interest bearing account and shall not be deemed trust funds and need not be segregated from any of the Administrative Agent’s other funds. Upon assignment of this Security Instrument, Administrative Agent shall have the right to
pay over the balance of the Escrowed Sums then in its possession to its assignee whereupon the Administrative Agent [and its Trustees] shall then become completely released from all liability with respect thereto. Within thirty (30) days
following the full payment of the Obligations (other than a full payment of the Obligations as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and security interests securing the Obligations) or at such earlier time
as Administrative Agent may elect, the balance of the Escrowed Sums in its possession shall be paid over to Owner and no other party shall have any right or claim thereto. The Escrowed Sums shall, at the option of Administrative Agent, be repaid to
Owner in sufficient time to allow Owner to satisfy Owner’s obligations under the Loan Documents to pay the Impositions and the required insurance premiums or be paid directly to the Governmental Authority and the insurance company entitled
thereto. If an Event of Default shall have occurred and be continuing hereunder, however, Administrative Agent shall have the additional

  

 19 

 
option of crediting the full amount of the Escrowed Sums against the Obligations. Notwithstanding anything to the contrary contained in this Paragraph 4.16 or elsewhere in this
Security Instrument, if an Event of Default has occurred and Administrative Agent has waived the payment by Owner to Administrative Agent of the Escrowed Sums, it shall be without prejudice to Administrative Agent’s rights to require, if any
further Event of Default occurs at any subsequent time or times, that such payments be made in accordance herewith. 
 4.17
Non-Cash Deposits. In the event that any Lessee pursuant to an existing or future Lease elects or is obligated in accordance with the provisions of its Lease to provide Owner with a security deposit or other collateral for its obligations
under the Lease in an amount greater than or equal to $250,000.00 in a form other than cash (each, a “Non-Cash Deposit”), Owner hereby agrees that such Non-Cash Deposit shall be issued by an institution reasonably satisfactory to
Administrative Agent, shall name Administrative Agent as payee or beneficiary thereunder (or, at Administrative Agent’s option, shall be fully assignable at no cost to Administrative Agent), and shall, in all respects be reasonably satisfactory
to Administrative Agent. At Administrative Agent’s election, the Non-Cash Deposit shall be delivered to Administrative Agent and shall be held by Administrative Agent until repayment in full of the Obligations. If such Non-Cash Deposit is held
by Owner, Owner shall maintain same in a safe, secure and fireproof location. Following the occurrence of an Event of Default, Owner shall immediately pay to Administrative Agent all security deposits and other cash collateral then held by Owner
under Leases and shall deliver to Administrative Agent all Non-Cash Deposits, all of which shall be held by Administrative Agent subject to the terms of the Leases, and Administrative Agent shall be liable for failure to apply Non-Cash Deposits
received by Administrative Agent in accordance with the Leases. 
 4.18 Leases and Rents. 
 (a) Except for Temporary Leases and Excluded Tenant Leases, the Owner shall not enter into any Lease (or waive, amend or otherwise modify
any of the material terms of any Lease) unless Administrative Agent has approved the tenant and the terms of such Lease (or any waivers, amendment or other modification of any material terms of any Lease) pursuant to Section 8.11 of the Credit
Agreement. 
 (b) Owner (i) shall observe and perform the obligations imposed upon the lessor under the Leases in a
commercially reasonable manner; (ii) shall enforce the terms, covenants and conditions contained in the Leases upon the part of the lessee thereunder to be observed or performed in a commercially reasonable manner, provided, however, Owner
shall not waive provisions of, amend or otherwise modify, terminate or accept a surrender of any Lease other than as permitted by Subparagraph (a) above; (iii) other than with respect to [INSERT FOR NEW RIVER VALLEY DOT: the
Commonwealth of Virginia Lease,] the Temporary Leases and except as permitted by the Credit Agreement, shall not collect Rents more than one (1) month in advance (other than security deposits); (iv) shall not execute any assignment of
lessor’s interest in the Leases or the Rents (except as contemplated by the Loan Documents); and (v) shall hold all security deposits under all Leases in accordance with Legal Requirements, to the extent that any such failure under clauses
(i) and (ii) would have a Material Adverse Effect. 
 (c) Owner shall provide Administrative Agent on request any
information regarding renewal, extension, amendment, modification, waiver of provisions of, termination, rental reduction of, surrender of space of, or shortening of the term of, any Lease during the term of the Loan. 
 (d) Owner shall furnish to Administrative Agent, promptly upon Administrative Agent’s request, true and complete copies of all new
Leases (other than Temporary Leases), and all extensions, supplements, modifications and amendments thereof. 
 (e) Owner shall
observe, perform and discharge all of its material obligations, covenants and warranties under the Leases, and Owner shall give prompt notice to Administrative Agent of any failure on the part of Owner to observe, perform or discharge any of the
same, in either case if such failure would have a Material Adverse Effect. 
  

 20 

 (f) Owner shall enforce or secure in the name of Administrative Agent, for its benefit and
the benefit of Lenders, Issuing Bank and Specified Derivatives Providers, the performance of each and every material obligation, term, covenant, condition and agreement in the Leases by any Tenant to be performed if the failure would have a Material
Adverse Effect, and shall appear in and defend any action or proceeding arising under, occurring out of or in any manner connected with the Leases or the obligations, duties or liabilities of the Owner and any Tenant, and, after the occurrence and
during the continuance of an Event of Default, upon request by Administrative Agent, Owner shall do so in the name and on behalf of Administrative Agent, but at the sole cost and expense of Owner, and Owner shall pay all costs and expenses of
Administrative Agent, including reasonable attorneys’ fees and disbursements, in any action or proceeding in which Administrative Agent may appear. 
 (g) So long as the Obligations remain unpaid and undischarged, and unless Administrative Agent otherwise consents in writing, the fee and the leasehold estates in and to the Mortgaged Property shall not
merge, but shall always remain separate and distinct, notwithstanding the union of such estates (without implying Administrative Agent’s consent to such union) either in Owner, Administrative Agent or in any Tenant or in any third party by
purchase or otherwise. 
 4.19 Compliance with Credit Agreement. Owner shall comply with all covenants set forth in the
Credit Agreement relating to acts or other further assurances to be made on the part of Owner in order to protect and perfect the lien or security interest hereof upon, and in the interest of Administrative Agent in the Mortgaged Property.

 4.20 Intentionally Deleted. 
 4.21 Cooperate in Legal Proceedings. During the existence of an Event of Default, Owner shall cooperate with Administrative Agent with respect to any proceedings before any court, board or other
Governmental Authority which may in any way materially affect the rights of Administrative Agent hereunder or any rights obtained by Administrative Agent under any of this Security Instrument or any of the other Loan Documents and, in connection
therewith, permit Administrative Agent, at its election, to participate in any such proceedings. 
 4.22 Performance by
Owner. Owner shall in a timely manner observe, perform and fulfill each and every covenant, term and provision to be observed and performed by Owner under this Security Instrument and the other Loan Documents. Additionally, Owner shall in a
timely manner observe, perform and fulfill each and every covenant, term and provision to be observed and performed by Owner under any other agreement or instrument affecting or pertaining to the Mortgaged Property and any amendments, modifications
of changes thereto where such failure to observe, perform and fulfill would have a Material Adverse Effect. 
 4.23
Awards. Owner shall reasonably cooperate with Administrative Agent in obtaining for Administrative Agent the benefits of any proceeds or awards lawfully or equitably payable in connection with the occurrence of a casualty or any condemnation
or other taking for public property of the Mortgaged Property or any rights appurtenant thereto. 
 4.24 [Insert for
Properties that are not Ground Lease: Intentionally Deleted.] 
 [Insert the following for Ground Lease
Properties: 
 Ground Lease. 
 (a) [Leasehold] Owner shall (i) pay all rents, additional rents and other sums required to be paid by [Leasehold] Owner, as tenant under and pursuant to the provisions of the Ground Lease,
(ii) diligently perform and observe all of the terms, covenants and conditions of the Ground Lease on the part of [Leasehold] Owner, as tenant thereunder, (iii) promptly notify Administrative Agent of the giving of any notice by Ground
Lessor to [Leasehold] Owner of any default by [Leasehold] Owner, as tenant thereunder, and deliver to Administrative Agent a true copy of each such notice within five (5) Business Days of

  

 21 

 
receipt, and (iv) promptly notify Administrative Agent of any bankruptcy, reorganization or insolvency of Ground Lessor or of any notice thereof, and deliver to Administrative Agent a true
copy of such notice within five (5) Business Days of [Leasehold] Owner’s receipt. [Leasehold] Owner shall not, without the prior consent of Administrative Agent, surrender the leasehold estate created by the Ground Lease or terminate or
cancel the Ground Lease or modify, change, supplement, alter or amend the Ground Lease, either orally or in writing, and if [Leasehold] Owner shall default in the performance or observance of any term, covenant or condition of the Ground Lease on
the part of [Leasehold] Owner, as tenant thereunder, and shall fail to cure the same prior to the expiration of any applicable cure period provided thereunder, Administrative Agent shall have the right, but shall be under no obligation, to pay any
sums and to perform any act or take any action as may be appropriate to cause all of the terms, covenants and conditions of the Ground Lease on the part of [Leasehold] Owner to be performed or observed on behalf of [Leasehold] Owner, to the end that
the rights of [Leasehold] Owner in, to and under the Ground Lease shall be kept unimpaired and free from default. If Ground Lessor shall deliver to Administrative Agent a copy of any notice of default under the Ground Lease, such notice shall
constitute full protection to Administrative Agent for any action taken or omitted to be taken by Administrative Agent, in good faith, in reliance thereon. [Leasehold] Owner shall exercise each individual option, if any, to extend or renew the term
of the Ground Lease upon demand by Administrative Agent made at any time within one (1) year prior to the last day upon which any such option may be exercised, and [Leasehold] Owner hereby expressly authorizes and appoints Administrative Agent
its attorney-in-fact to exercise any such option in the name of and upon behalf of [Leasehold] Owner, which power of attorney shall be irrevocable and shall be deemed to be coupled with an interest. 
 (b) Notwithstanding anything contained in the Ground Lease to the contrary, [Leasehold] Owner shall not further sublet any portion of the
Property other than leases in the ordinary course of business as described in Section 6.1(u) of the Credit Agreement. 
 [Insert for Gallery, Uniontown and Orlando only: (c) Notwithstanding anything herein to the contrary herein with respect to the use and application of insurance proceeds and/or condemnation awards (the “Use of
Proceeds”), in the event of any conflict between the terms hereof and the terms of the Ground Lease with respect to the Use of Proceeds, the terms of the Ground Lease shall govern.]]  
 4.25 Payment of Claims. Owner shall, in Owner’s commercially reasonable judgment, either (i) duly pay and discharge, or
cause to be paid and discharged, or (ii) dispute and contest in a timely manner, all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid, might become a Lien
on the Mortgaged Property. 
 Article 5 
 NEGATIVE COVENANTS 
 Owner hereby covenants and agrees with Administrative
Agent that until the entire monetary Obligations shall have been paid in full and all of the other Obligations shall have been fully performed and discharged: 
 5.1 Use Violations. Owner will not use, maintain, operate or occupy, or allow the use, maintenance, operation or occupancy of, the Mortgaged Property in any manner which (a) violates any Legal
Requirement, (b) may be dangerous unless safeguarded as required by law, (c) constitutes a public or private nuisance, or (d) makes void, voidable or cancelable, or increases the premium of (unless Owner pays said increased premium as
and when due such that there is no gap or lapse in coverage), any insurance then in force or required by the terms of this Security Instrument to be in force with respect thereto, to the extent clause (a) and/or (c) would have a Material
Adverse Effect. 
 5.2 Alterations. Owner will not commit or permit any waste of the Mortgaged Property and will not
(subject to the provisions of Paragraphs 4.6 and 4.9 above), without the prior written consent of Administrative Agent, make or permit to be made any alterations of a material nature or additions of a material nature to the Mortgaged
Property, except (a) in accordance with the existing Leases, Excluded

  

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Tenant Leases or Leases approved (or deemed approved) by Administrative Agent pursuant to Section 8.11 of the Credit Agreement, (b) maintenance and repair and capital expenditures in
the ordinary course of business, and (c) Construction in Progress and Projects Under Development shown on Schedule 6.1(f) to the Credit Agreement. 
 5.3 Replacement of Fixtures and Personalty. Owner will not, without the prior written consent of Administrative Agent, permit a material portion of the Fixtures or Personalty to be removed at any
time from the Land or Improvements unless the removed item (i) is removed by a tenant in accordance with its Lease, (ii) is removed temporarily for maintenance and repair or, (iii) if removed permanently, is replaced by an article of
equal suitability and value, owned by Owner, free and clear of any lien or security interest except such as may be first approved, in writing, by Administrative Agent. In addition, Owner shall have the right, at any time and from time to time, to
remove and dispose of Fixtures or Personalty which may have become obsolete or unfit for use or which is no longer useful in the operation of the Mortgaged Property. Owner will promptly replace any such Fixtures or Personalty so disposed of or
removed with other Fixtures or Personalty of a value and serviceability equal to or greater than the original value and serviceability of the Fixtures or Personalty so disposed of or removed, free and clear of any lien or security interest except
such as may be first approved, in writing, by Administrative Agent; except that, if by reasons of technological or other developments in the operation and maintenance of buildings of the general character of the Mortgaged Property, no replacement of
the Fixtures or Personalty so removed or disposed of is necessary or desirable in the proper operation or maintenance of said Mortgaged Property, Owner shall not be required to replace same. All such replacements or additional Fixtures and
Personalty shall be covered by the security interest herein granted. 
 5.4 No Further Encumbrances. Owner will not,
without the prior written consent of Administrative Agent, create or place, or permit to be created or placed, or through any act or failure to act, acquiesce in the placing of, or allow to remain, any deed of trust, mortgage, pledge, lien
(statutory, constitutional or contractual), security interest, encumbrance or charge on, or conditional sale or other title retention agreement, regardless of whether same are expressly subordinate to the Loan Documents, with respect to the
Mortgaged Property, the Leases or the Rents, other than the Permitted Encumbrances and the Loan Documents. If any lien or claim is asserted against the Mortgaged Property, Owner shall perform its obligations with respect thereto and shall have the
rights with respect hereto as specified in Paragraph 4.4 above. 
 5.5 Intentionally Deleted. 
 5.6 REA Covenants. Owner agrees that without the Administrative Agent’s prior written consent, which consent shall not be
unreasonably withheld, conditioned or delayed, Owner will not enter into any new REA or execute modifications to any existing REA if such new REA or such modifications will have a Material Adverse Effect. Owner shall enforce, shall comply with, and
shall use commercially reasonable efforts to cause each of the parties to each REA to comply with all of the terms and conditions contained in such REA. Notwithstanding the foregoing or anything herein to the contrary, in the event Owner fails to
comply with the terms hereof and the same has a Material Adverse Effect, such event shall be an Event of Default under this Security Instrument after the expiration of any applicable notice and cure periods. 
 5.7 Due on Sale/Encumbrance. There shall be no liens or dispositions on the Mortgaged Property, except as permitted pursuant to
Sections 8.3 and 8.5 of the Credit Agreement. 
 Article 6 
 EVENTS OF DEFAULT 
 The term “Event of
Default,” shall mean the occurrence or happening, at any time and from time to time, of any one or more of the following, after expiration of any grace or cure period, if any, provided for or referenced below (but without any duplication of
grace or cure periods): 
  

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 6.1 Failure in Payment. If Owner shall fail, refuse or neglect to pay, when due, any
amounts owing by Owner under this Security Instrument (whether upon demand, at maturity, or otherwise) and such failure, refusal or neglect shall continue for a period of five (5) calendar days, and such failure has a Material Adverse Effect.

 6.2 Failure in Performance of Obligations. If Owner shall fail, refuse or neglect to perform or observe any term,
covenant, condition or agreement contained in this Security Instrument and not otherwise mentioned in this Article 6 and such failure shall continue for a period of thirty (30) calendar days after the earlier of (x) the date
upon which the Owner, Gallery Borrower or Borrower obtains knowledge of such failure or (y) the date upon which the Owner, Gallery Borrower or Borrower has received written notice of such failure from the Administrative Agent; provided,
however, that if any such failure referred to in this clause (ii) is reasonably capable of being cured but not within such thirty (30) day period and the Owner has commenced to cure such failure prior to the expiration of such
thirty (30) day period and continues to diligently prosecute such cure, no Event of Default shall be deemed to have occurred unless such failure has not been cured within thirty (30) calendar days after the last day of such initial thirty
(30) day period, and, provided further, such failure has a Material Adverse Effect. 
 6.3 Event of Default under Credit
Agreement. The occurrence of an Event of Default under and as defined in the Credit Agreement. 
 6.4 Due on
Sale/Encumbrance. If any of the representations or covenants in Paragraph 5.7 hereof are breached or violated. 
 6.5
[Insert the Following for Ground Lease Properties: Failure in Payment or Performance Under Ground Leases. If Owner fails to make any installment of ground rent due under the Ground Lease and/or any other ground lease encumbered by or
superior to this Security Instrument, or any payment due under the Ground Lease, or duly to keep, perform and observe any other material covenant, condition, or agreement in the Ground Lease encumbered by this Security Instrument and such failure
has a Material Adverse Effect.] 
 [Insert the following for Properties that are not Ground Lease Properties:
Intentionally Deleted.] 
 6.6 Foreclosure of Other Liens. If the holder of any lien or security interest or
deed on the Mortgaged Property whether senior or junior to the lien of this Security Instrument (without hereby implying Administrative Agent’s consent to the existence, placing, creating or permitting of any such lien or security interest or
deed) institutes foreclosure or other proceedings for the enforcement of its remedies thereunder other than in accordance with the terms and conditions set forth in the Intercreditor Agreement (as defined in the Credit Agreement) and the same
constitutes a Material Adverse Effect. 
 Article 7 
 ADMINISTRATIVE AGENT’S REMEDIES 
 7.1 Remedies. If an Event of
Default shall occur, Administrative Agent [(or the Trustees upon the direction of the Administrative Agent)] may, on the terms set forth in the Credit Agreement, exercise any or all of the following rights, remedies and recourses: 

(a) Acceleration: If such Event of Default also constitutes an “Event of Default” under the Credit Agreement, declare
the unpaid principal balance of the Obligations, the accrued interest and any other accrued but unpaid portion of the Obligations to be immediately due and payable, without further notice, presentment, protest, demand or action of any nature
whatsoever (each of which hereby is expressly waived by Owner), whereupon the same shall become immediately due and payable, time being of the essence in this Security Instrument. 
  

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 (b) Termination of License and/or Entry on Mortgaged Property: Demand that Owner
shall forthwith surrender to Administrative Agent the actual possession of the Mortgaged Property, and/or terminate the license granted Owner in Paragraph 10.2 hereof to receive the Rents and, to the extent permitted by law, enter and take
possession of all of the Mortgaged Property without the appointment of a receiver, or an application therefor, and exclude Owner and its agents and employees wholly therefrom, and have joint access with Owner to the books, papers and accounts of
Owner. 
 If Owner shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after such
demand by Administrative Agent, Administrative Agent may obtain a judgment or decree conferring upon Administrative Agent the right to immediate possession or requiring Owner to deliver immediate possession of the Mortgaged Property to
Administrative Agent, and Owner hereby specifically covenants and agrees that Owner will not oppose, contest or otherwise hinder or delay Administrative Agent in any action or proceeding by Administrative Agent to obtain such judgment or decree.
Owner will pay to Administrative Agent, upon demand, all expenses of obtaining such judgment or decree, including reasonable compensation to Administrative Agent, its attorneys and agents, and all such expenses and compensation shall, until paid,
become part of the Obligations and shall be secured by this Security Instrument. 
 Upon every such entering upon or taking of
possession, Administrative Agent may hold, store, use, operate, manage and control the Mortgaged Property and conduct the business thereof, and, from time to time, (i) undertake all necessary and proper maintenance, repairs, renewals,
replacements, additions, betterments and improvements thereto and thereon and purchase or otherwise acquire additional fixtures, personalty and other property, (ii) insure or keep the Mortgaged Property insured, (iii) manage and operate
the Mortgaged Property and exercise all the rights and powers of Owner to the same extent as Owner could in its own name, or otherwise act with respect to the same, and (iv) enter into any and all agreements with respect to the exercise by
others of any of the powers herein granted to Administrative Agent, all as Administrative Agent from time to time may determine to be in its best interest. Whether or not Administrative Agent has obtained possession of the Mortgaged Property, upon
the termination of Owner’s license to receive the Rents, Administrative Agent may collect, sue for and receive all the Rents and other issues, profits and revenues from the Mortgaged Property, including those past due as well as those accruing
thereafter. Anything in this Security Instrument to the contrary notwithstanding, Administrative Agent shall not be obligated to discharge or perform the duties of the landlord to any tenant or Lessee or incur any liability as the result of any
exercise by Administrative Agent of its rights under this Security Instrument, and Administrative Agent shall be liable to account only for the Rents actually received by Administrative Agent. 
 Whether or not Administrative Agent takes possession of the Mortgaged Property, Administrative Agent may make, modify, enforce, cancel or
accept surrender of any Lease, remove and evict any Lessee, increase or decrease Rents under any Lease, appear in and defend any action or proceeding purporting to affect the Mortgaged Property, and perform and discharge each and every obligation,
covenant and agreement of Owner contained in any Lease. Neither the entering upon and taking possession of the Mortgaged Property, nor the collection of any Rents and the application thereof as aforesaid, shall cure or waive any Event of Default
theretofore or thereafter occurring, or affect any notice of an Event of Default hereunder or invalidate any act done pursuant to any such notice. Administrative Agent shall not be liable to Owner, anyone claiming under or through Owner, or anyone
having an interest in the Mortgaged Property by reason of anything done or left undone by Administrative Agent hereunder. Nothing contained in this Paragraph 7.1(b) shall require Administrative Agent to incur any expense or do any act. If the
Rents are not sufficient to meet the costs of taking control of and managing the Mortgaged Property and/or collecting the Rents, any funds expended by Administrative Agent for such purposes shall become Obligations of Owner to Administrative Agent
secured by this Security Instrument. Such amounts, together with interest at the Post-Default Rate and attorneys’ fees, if applicable, shall be immediately due and payable. Notwithstanding Administrative Agent’s continuance in possession
or receipt and application of Rents, Administrative Agent shall be entitled to exercise every right provided for in this Security Instrument or by law upon or after the occurrence of an Event of Default. Any of the actions referred to in this
Paragraph 7.1(b) may be taken by Administrative Agent at such time as Administrative Agent is so entitled, without regard to the adequacy of any security for the Obligations hereby secured. 
  

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 In the event that all such interest, deposits and principal installments and other sums due
under any of the terms, covenants, conditions and agreements of this Security Instrument shall be paid and all Events of Default shall be cured, and as a result thereof Administrative Agent surrenders possession of the Mortgaged Property to Owner,
the same right herein given to Administrative Agent shall continue to exist if any subsequent Events of Default shall occur. 
 (c) Foreclosure and Sale: If the Obligations or any portion thereof have been accelerated under the Credit Agreement, [instruct the Trustee to] sell, and, in the case of any default of any purchaser, to resell, the Mortgaged
Property or any part thereof at one or more public sales in accordance with the applicable laws of the jurisdiction in which the Mortgaged Property is located, without notice except as required or set forth in the Credit Agreement or herein or by
law, upon such terms and conditions, in such parcels, at such time and place as [the Trustee] [Administrative Agent] shall deem advantageous and proper, and without regard to any right of the Owner or any other person to the marshalling of
liens and/or assets, such rights and any benefit of the doctrine of election of remedies being hereby waived, and Owner hereby declares its assent to the passing of a decree for the sale of any or all of the Mortgaged Property or any estate or
interest therein by any equity court having jurisdiction over the sale of the Mortgaged Property. Upon compliance with the terms of such sale, [the Trustee] [Administrative Agent] shall convey to and at the cost of the purchaser, the
Mortgaged Property so sold, free and discharged of and from all estate, right, title or interest of the Owner at law or in equity. The aforesaid power of sale and assent to decree are granted as cumulative of the other remedies provided hereby or by
law for collection of the Obligations, and shall not be exhausted by one exercise thereof but may be exercised until full and indefeasible payment of all of the Obligations. In the event of any sale under this Security Instrument by virtue of the
exercise of the powers herein granted, or pursuant to any order in any judicial proceeding or otherwise, the Mortgaged Property may be sold as an entirety or in separate parcels and in such manner or order as [the Trustee] [Administrative
Agent] may deem appropriate, and the Personalty covered by this Security Instrument may be sold at the same sale as the Mortgaged Property or at one or more separate sales in any manner permitted by the Uniform Commercial Code of the
[State][VA and PA Insert: Commonwealth] of [INSERT STATE WHERE PROPERTY LOCATED], and one or more exercises of the powers herein granted shall not extinguish nor exhaust such powers, until the entire Mortgaged Property is sold or the
Obligations are paid in full. Owner hereby expressly waives any right which it may have to direct the order in which any of the Mortgaged Property shall be sold in the event of any sale pursuant hereto. If the Obligations are now or hereafter
further secured by any chattel mortgages, pledges, contracts or guarantees, assignments of lease or other security instruments, Administrative Agent may at its option exhaust the remedies granted under any of said security instruments, either
concurrently or independently, and in such order as Administrative Agent may determine. 
 Administrative Agent, may, in
addition to and not in abrogation of the rights covered under the immediately preceding subparagraph, or elsewhere in this Article 7, either with or without entry or taking possession as herein provided or otherwise, proceed by a suit or
suits at law or in equity or by any other appropriate proceeding or remedy (i) to enforce payment of the Obligations and Loan Documents evidencing the Obligations, or the performance of any term, covenant, condition or agreement of this
Security Instrument or any other right, and (ii) pursue any other remedy available to it, all as Administrative Agent in its sole discretion shall elect. 
 (d) Receiver: Administrative Agent, upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right, without notice and without regard to the adequacy or value
of any security for the Obligations or the solvency of any party bound for its payment, to the appointment of a receiver to take possession of and to operate the Mortgaged Property and to collect and apply the incomes, Rents, issues, profits and
revenues thereof. The receiver shall have all of the rights and powers permitted under the laws of the [State][VA and PA Insert: Commonwealth] of [INSERT STATE WHERE PROPERTY LOCATED]. Owner will pay to Administrative Agent upon demand
all expenses, including receiver’s fees, attorneys’ fees, costs and agent’s compensation, incurred pursuant to the provisions of this paragraph, and any such amounts paid by Administrative Agent shall be added to the Obligations and
shall be secured by this Security Instrument. 
  

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 (e) Performance by Administrative Agent: Pay, perform or observe any term, covenant
or condition of this Security Instrument not paid, performed or observed by Owner, and all payments made or costs or expenses incurred by Administrative Agent in connection therewith shall be secured hereby and shall be, without demand, immediately
repaid by Owner to Administrative Agent with interest thereon at the Post-Default Rate. Administrative Agent shall be the sole judge of the necessity for any such actions and of the amounts to be paid. Administrative Agent is hereby empowered to
enter and to authorize others to enter upon the Mortgaged Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Owner or any person in possession
holding under Owner. 
 (f) Relief from Automatic Stay. If Owner is the subject of any insolvency, bankruptcy,
receivership, dissolution, reorganization, or similar proceeding, federal or state, voluntary or involuntary, under any present or future applicable law, Administrative Agent shall be entitled to relief from the automatic stay as to the enforcement
of its remedies under the Loan Documents against the Mortgaged Property, including specifically, but not limited to, the stay imposed by Section 362 of the Bankruptcy Code, as amended, and Owner hereby consents to the immediate lifting of any
such automatic stay and will not contest any motion by Administrative Agent to lift such stay. 
 (g) Other.
Administrative Agent may (i) institute an action, suit or proceeding in equity for the specific performance of any covenant, condition or agreement contained herein or under the Loan Documents; (ii) recover judgment on the Notes either
before, during or after any proceedings for the enforcement of this Security Instrument or the other Loan Documents; or (iii) exercise any and all other rights, remedies and recourses granted under the Loan Documents (including, without
limitation, those set forth in Articles 9 and 10 hereinbelow) or now or hereafter existing in equity, at law, by virtue of statute or otherwise. 
 7.2 Separate Sales. The Mortgaged Property may be sold in one or more parcels and in such manner and order as Administrative Agent, in its sole discretion, may elect, it being expressly understood
and agreed that the right of sale arising out of any Event of Default shall not be exhausted by any one or more sales. 
 7.3
Intentionally Deleted. [Insert for Condominium Properties: Administrative Agent may exercise all of the rights and powers of Owner with regard to the Condominium Interests and Rights and the Condominium Documents, whether in the name
of Owner or otherwise.] 
 7.4 Remedies Cumulative, Concurrent and Non-Exclusive. Administrative Agent shall have all
rights, remedies and recourses granted in the Loan Documents and available at law or equity (including specifically those granted by the [INSERT STATE WHERE PROPERTY LOCATED] Uniform Commercial Code) and same (a) shall be cumulative and
concurrent, (b) may be pursued separately, successively or concurrently against Owner or others obligated under the Credit Agreement or other Loan Documents, or against the Mortgaged Property, or against any one or more of them, at the sole
discretion of Administrative Agent, (c) may be exercised as often as occasion therefor shall arise, it being agreed by Owner that the exercise or failure to exercise any of same shall in no event be construed as a waiver or release thereof or
of any other right, remedy or recourse, and (d) are intended to be, and shall be, nonexclusive. If there exists additional security for the performance of the obligations secured hereby, the Administrative Agent, at its sole option and without
limiting or affecting its rights or remedies hereunder, may exercise any of the rights and remedies to which it may be entitled hereunder, either concurrently with whatever rights it may have in connection with such other security or in such order
as it may determine, subject to the terms of the Credit Agreement. 
 7.5 No Conditions Precedent to Exercise of
Remedies. Neither Owner nor any other person hereafter obligated for payment of all or any part of the Obligations, or fulfillment of all or any of the Obligations, shall be relieved of such obligation by reason of (a) the failure of
Administrative Agent to comply with any request of Owner or of any other person so obligated, to foreclose the Security Instrument or to enforce any provisions of the other Loan Documents, (b) the release, regardless of consideration, of the
Mortgaged Property or the addition of any other property to the Mortgaged Property, (c) any agreement

  

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or stipulation between any subsequent owner of the Mortgaged Property and Administrative Agent extending, renewing, rearranging or in any other way modifying the terms of the Loan Documents
without first having obtained the consent of, given notice to or paid any consideration to Owner or such other person, and in such event, Owner and all such other persons shall continue to be liable to make payment according to the terms of any such
extension or modification agreement unless expressly released and discharged, in writing, by Administrative Agent, or (d) by any other act or occurrence, save and except the complete payment and complete fulfillment of all of the Obligations.

 7.6 Release of and Resort to Mortgaged Property. Administrative Agent may release, regardless of consideration, any
part of the Mortgaged Property without, as to the remainder, in any way impairing, affecting, subordinating or releasing the conveyance, lien or security interests created in or evidenced by the Loan Documents or their stature as a first and prior
security deed, lien or security interest in and to the Mortgaged Property. For payment of the Obligations, Administrative Agent may resort to any security therefor held by Administrative Agent in such order and manner as Administrative Agent may
elect. 
 7.7 Waiver of Appraisement, Valuation, etc. Owner agrees, to the fullest extent permitted by law, that in case
of an Event of Default on the part of Owner hereunder, neither Owner nor anyone claiming through or under Owner will set up, claim or seek to take advantage of any moratorium, reinstatement, forbearance, appraisement, valuation, stay, extension,
homestead exemption or redemption laws now or hereafter in force in order to prevent or hinder the enforcement or foreclosure of this Security Instrument or the absolute sale of the Mortgaged Property, the delivery of possession thereof immediately
after such sale to the purchaser at such sale, or the exercise of any other remedy hereunder; and Owner, for itself and all who may at any time claim through or under it, hereby waives to the full extent that it may lawfully so do, the benefit of
all such laws, and any and all right to have assets subject to the security interest of this Security Instrument marshaled upon any foreclosure or sale under the power herein granted or a sale in inverse order of alienation. 
 7.8 Discontinuance of Proceedings. In case Administrative Agent shall have proceeded to enforce any right, power or remedy under this
Security Instrument by foreclosure, entry or otherwise, or in the event Administrative Agent commences advertising of the intended exercise of the sale under power provided hereunder and such proceeding or advertisement shall have been withdrawn,
discontinued or abandoned for any reason, or shall have been determined adversely to Administrative Agent, then in every such case (i) Owner and Administrative Agent shall be restored to their former positions and rights, (ii) all rights,
powers and remedies of Administrative Agent shall continue as if no such proceeding had been taken, (iii) each and every Event of Default declared or occurring prior or subsequent to such withdrawal, discontinuance or abandonment shall be and
shall be deemed to be a continuing Event of Default, and (iv) neither this Security Instrument, nor the Credit Agreement, nor the Obligations, nor any other Loan Document shall be or shall be deemed to have been reinstated or otherwise affected
by such withdrawal, discontinuance or abandonment; and Owner hereby expressly waives the benefit of any statute or rule of law now provided, or which may hereafter be provided, which would produce a result contrary to or in conflict with the above.

 7.9 Application of Proceeds. The proceeds of any sale of, and the Rents and other amounts generated by the holding,
leasing, operation or other use of the Mortgaged Property, or any part thereof, the Leases shall be applied by Administrative Agent in such order, priority and proportions as Administrative Agent shall determine, in its sole discretion (subject to
the terms of the Credit Agreement). 
 7.10 Leases. Administrative Agent, at its option, is authorized to foreclose this
Security Instrument subject to the rights of any Lessees of the Mortgaged Property, and the failure to make any such Lessees parties to any such foreclosure proceedings and to foreclose their rights will not be, nor be asserted to be by Owner, a
defense to any proceedings instituted by Administrative Agent to collect the Obligations. 
 7.11 Purchase by Administrative
Agent. Upon any foreclosure sale or sales of all or any portion of the Mortgaged Property under the power herein granted, Administrative Agent may bid for and

  

 28 

 
purchase the Mortgaged Property and shall be entitled to apply all or any part of the Obligations as a credit to the purchase price. 
 7.12 Owner as Tenant Holding Over. In the event of any such foreclosure sale or sales under the power herein granted, Owner shall be
deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. 
 7.13 Suits to Protect the Mortgaged Property. Administrative Agent shall have the power to institute and maintain such suits and
proceedings as it may deem expedient (i) to prevent any impairment of the Mortgaged Property by any acts which may be unlawful or which may constitute an Event of Default under this Security Instrument, (ii) to preserve or protect its
interest in the Mortgaged Property and in the Leases and Rents arising therefrom, and (iii) to restrain the enforcement of or compliance with any legislation or other governmental enactment, rule or order that may be unconstitutional or
otherwise invalid, if the enforcement of or compliance with such enactment, rule or order would impair the security hereunder or be prejudicial to the interest of Administrative Agent. 
 7.14 Proofs of Claim. In the case of any receivership, insolvency, bankruptcy, reorganization, arrangement, adjustment, composition
or other proceedings affecting Owner, its creditors or its property, Administrative Agent, to the extent permitted by law, shall be entitled to file such proofs of claim and other documents as may be necessary or advisable in order to have the
claims of Administrative Agent allowed in such proceedings for the entire amount of the Obligations at the date of the institution of such proceedings and for any additional amount of the Obligations after such date. 
 7.15 [Intentionally Deleted]. [Authority of Trustee. Any powers, rights or remedies granted to Administrative Agent
hereunder may be delegated to, exercised by or through, and carried out by the Trustee, who shall have full power and authority to act on behalf of said Administrative Agent.] 
 7.16 Occupancy After Foreclosure. The purchaser at any foreclosure sale pursuant to Paragraph 7.1(c) shall become the legal
owner of the Mortgaged Property or the portion thereof foreclosed. All occupants (except those which have previously executed a prior written agreement with Administrative Agent or purchaser) of the Mortgaged Property or any part thereof shall
become tenants at sufferance of the purchaser at the foreclosure sale and shall deliver possession thereof immediately to the purchaser upon demand, subject to the rights, if any, of Tenants. 
 7.17 Other Rights. (a) The failure of Administrative Agent to insist upon strict performance of any term hereof shall not be
deemed to be a waiver of any term of this Security Instrument. Owner shall not be relieved of Owner’s obligations hereunder by reason of (i) the failure of Administrative Agent to comply with any request of Owner or any guarantor or
indemnitor with respect to the Loans to take any action to foreclose this Security Instrument or otherwise enforce any of the provisions hereof or of the Notes or the other Loan Documents, (ii) the release, regardless of consideration, of the
whole or any part of the Mortgaged Property, or of any Person liable for the Obligations or any portion thereof, or (iii) any agreement or stipulation by Administrative Agent, Lenders, Issuing Bank and/or Specified Derivatives Providers
extending the time of payment or otherwise modifying or supplementing the terms of the Notes, this Security Instrument, the other Loan Documents, any Letter of Credit or Letter of Credit Document, or any Specified Derivatives Contract. 

(b) It is agreed that the risk of loss or damage to the Mortgaged Property is on Owner, and none of Administrative Agent, Lenders,
Issuing Bank, or any Specified Derivatives Provider shall have any liability whatsoever for decline in the value of the Mortgaged Property, for failure to maintain the insurance policies required to be maintained pursuant to the Credit Agreement, or
for failure to determine whether insurance in force is adequate as to the amount of risks insured. Possession by Administrative Agent shall not be deemed an election of judicial relief if any such possession is requested or obtained with respect to
the Mortgaged Property or collateral not in Administrative Agent’s possession. 
  

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 (c) Administrative Agent may resort for the payment of the Obligations to any other security
held by Administrative Agent in such order and manner as set forth in the Credit Agreement or as otherwise determined by Lenders, Issuing Bank and Specified Derivatives Providers. Administrative Agent may take action to recover the Obligations, or
any portion thereof, or to enforce any covenant hereof without prejudice to the right of Administrative Agent thereafter to foreclose this Security Instrument. The rights of Administrative Agent under this Security Instrument shall be separate,
distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Administrative Agent shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. Administrative
Agent shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every right and remedy now or hereafter afforded at law or in equity. 
 7.18 Bankruptcy. Upon the existence of an Event of Default, Administrative Agent shall have the right to proceed in its own name or
in the name of Owner in respect of any claim, suit, action or proceeding relating to the rejection of any Lease, including, without limitation, the right to file and prosecute, to the exclusion of Owner, any proofs of claim, complaints, motions,
applications, notices and other documents, in any case in respect of the lessee under such Lease under the Bankruptcy Code. 
 7.19 Waiver of Counterclaim. Owner hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Administrative Agent, any Lender, Issuing Bank, any
Specified Derivatives Provider, or any of their agents. 
 ARTICLE 8 
 CONDEMNATION 
 8.1 General. Immediately upon
its obtaining knowledge of the institution or the threatened institution of any proceeding for the condemnation of the Mortgaged Property, or any part thereof, Owner shall notify Administrative Agent of such fact. Owner shall then, if requested by
Administrative Agent, file or defend its claim thereunder and prosecute same with due diligence to its final disposition and shall cause any awards or settlements to be paid over to Administrative Agent for disposition pursuant to the terms of this
Security Instrument. Owner may be the nominal party in such proceeding, but Administrative Agent shall be entitled to participate in and to control same and to be represented therein by counsel of its own choice; and Owner shall deliver, or cause to
be delivered, to Administrative Agent such instruments as may be requested by it from time to time to permit such participation. Notwithstanding the foregoing, if no Event of Default exists, Owner shall have the right to participate in and control
any proceeding relating to any such condemnation and to settle or compromise any claim in connection therewith; provided that in such circumstance Owner will not agree to a final settlement, adjustment or compromise unless Administrative Agent has
given its written approval, such approval not to be unreasonably withheld, and further provided that Administrative Agent has the right to participate in such action or proceeding and in the process of settlement or compromise to the fullest extent
desired by Administrative Agent. If the Mortgaged Property is taken or diminished in value, or if a consent settlement is entered, by or under threat of such proceeding, the award or settlement payable to Owner by virtue of its interest in the
Mortgaged Property shall be, and by these presents is, assigned, transferred and set over unto Administrative Agent to be held by it in trust, subject to the lien and security interest of this Security Instrument, and disbursed as follows:

 (a) If (i) all of the Mortgaged Property is taken, (ii) twenty-five percent (25%) or more of the leasable area
of the Mortgaged Property is so taken, (iii) an Event of Default shall have occurred and be continuing, or (iv) the Mortgaged Property is so diminished in value, that the remainder thereof cannot (in Administrative Agent’s reasonable
judgment) continue to be operated profitably for the purpose for which it was being used immediately prior to the taking, and (in Administrative Agent’s reasonable judgment) need not be rebuilt, restored or repaired in any manner, then, in any
such event, the entirety of the sums to be paid to Administrative Agent shall be applied to the Obligations in such order, priority and proportions as Administrative Agent Determines, in its sole discretion (subject to the terms of the Credit
Agreement); or 
  

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 (b) If the taking results in an award or proceeds of $500,000.00 or less, the proceeds shall
be paid to Owner. Otherwise, (i) if less than twenty-five percent (25%) of the leasable area of the Mortgaged Property is taken, and the portion remaining can (in Administrative Agent’s reasonable judgment), with rebuilding,
restoration or repair, be profitably operated for the purpose for which it was being used immediately prior to the taking, (ii) none of the other facts recited in Paragraph 8.1(a) hereinabove exists, (iii) Owner shall deliver to
Administrative Agent plans and specifications for such rebuilding, restoration or repair acceptable to Administrative Agent, which acceptance shall be evidenced by Administrative Agent’s written consent thereto, and (iv) Owner shall
thereafter commence the rebuilding, restoration or repair and complete same, all in substantial accordance with the plans and specifications on or before the date which is ninety (90) days before the Termination Date, and shall otherwise comply
with Paragraph 4.8 hereinabove, then such sums shall be paid to Owner to reimburse Owner for money spent in the rebuilding, restoration or repair; otherwise, such award or proceeds shall be applied to the Obligations in such order, priority
and proportions as Administrative Agent determines, in its sole discretion (subject to the terms of the Credit Agreement). 
 8.2 Application of Proceeds. All proceeds received by Administrative Agent with respect to a taking or a diminution in value of the Mortgaged Property shall be applied: 
 (a) First, to reimburse Administrative Agent for all costs and expenses, including reasonable attorneys’ fees, incurred in connection
with collection of the said proceeds; 
 (b) Thereafter, the balance, if any, shall be applied to the Obligations in such order,
priority and proportions as Administrative Agent determines, in its sole discretion (subject to the terms of the Credit Agreement); provided, however, that if such proceeds are required under Paragraph 8.1(b) hereinabove to be applied to the
rebuilding, restoration or repair of the Mortgaged Property, the provisions of Paragraph 4.8 hereinabove shall determine the conditions precedent for utilizing such proceeds for such purpose. 
 Article 9 
 SECURITY AGREEMENT 
 9.1 Security Interest. This Security Instrument shall be construed as a [deed of
trust][mortgage] on the Mortgaged Property, and it shall also constitute and serve as a “Security Agreement” on personal property within the meaning of, and shall constitute until this Security Instrument shall terminate, as
provided in Article 2 hereinabove, a first [Change “first” to “second” for New River Valley DOT] and prior security interest under the Uniform Commercial Code as enacted in the [State][VA and PA Insert:
Commonwealth] of [INSERT STATE WHERE PROPERTY LOCATED] with respect to the Personalty, Fixtures, Leases and Rents. To this end, Owner has GRANTED, BARGAINED, CONVEYED, ASSIGNED, TRANSFERRED and SET OVER, and by these presents, does GRANT,
BARGAIN, CONVEY, ASSIGN, TRANSFER and SET OVER, to [Trustee and the Trustee’s successors and/or assigns for the benefit of] Administrative Agent, for its benefit and for the benefit of Lenders, Issuing Bank and Specified Derivatives
Providers a first [Change “first” to “second” for New River Valley DOT] and prior security interest and all of Owner’s right, title and interest in, to, under and with respect to the Personalty, Fixtures, Leases and
Rents now owned or hereafter owned or acquired to secure the full and timely payment of and the full and timely performance and discharge of the Obligations. It is the intent of Owner, Administrative Agent, Lenders, Issuing Bank and Specified
Derivatives Providers that this Security Instrument encumber all Leases and Rents, that all items contained in the definition of “Leases” and “Rents” which are included within Article 9 of the Uniform Commercial Code as adopted
in the state where the Mortgaged Property is located be covered by the security interest granted in this Article 9 and that all items contained in the definition of “Leases” and “Rents” which are excluded from Article 9 of
the Uniform Commercial Code as adopted in the state where the Mortgaged Property is located in be covered by the provisions of Articles 2 and 10 hereof. 
 9.2 Financing Statements. Owner hereby agrees with Administrative Agent to execute and deliver to Administrative Agent, in form and substance satisfactory to Administrative Agent, such

  

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Financing Statements and such further assurances as Administrative Agent may, from time to time, reasonably consider necessary to create, perfect and preserve Administrative Agent’s security
interest herein granted, and Administrative Agent may cause such statements and assurances to be recorded and filed, at such times and places as may be required or permitted by law, to so create, perfect and preserve such security interest.

 9.3 Uniform Commercial Code Remedies. Administrative Agent shall have all the rights, remedies and recourses with
respect to the Personalty, Fixtures, Leases and Rents afforded to a “Secured Party” by the aforesaid Uniform Commercial Code in addition to, and not in limitation of, the other rights, remedies and recourses afforded by the Loan Documents.

 9.4 Fixture Filing. This Security Instrument shall constitute a “fixture filing” for the purposes of the
aforesaid Article 9 of the [INSERT STATE WHERE PROPERTY LOCATED] Uniform Commercial Code. All or part of the Mortgaged Property is or is to become fixtures. Owner warrants that the location of the tangible collateral is upon the Land. Owner
covenants and agrees that Owner will furnish Administrative Agent with notice of any change in the matters addressed by this clause within thirty (30) days of the effective date of any such change. The information contained in this Paragraph
9.4 is provided in connection with the requirements of the [INSERT STATE WHERE PROPERTY LOCATED] Uniform Commercial Code so that this Security Instrument shall serve as a financing statement. The name of the “Secured Party,” and
the mailing address of the “Secured Party” from which information concerning the security interest may be obtained, are as set forth in the first paragraph on page 1 of this Security Instrument; and a statement indicating the types, or
describing the items, of collateral is set forth in the definition of “Mortgaged Property” supra. The name of the “Debtor”, the identity or corporate structure and the mailing address of “Debtor,” are as
set forth below: 
  

			
	Name:	    	[Insert Owner’s name]
	Corporate structure:	    	a [Insert Type of Entity and State of Organization]
	Mailing Address:	    	c/o PREIT Associates, L.P.
		    	200 South Broad Street
		    	Philadelphia, Pennsylvania 19102

 9.5
Foreclosure of Security Interest. If an Event of Default shall occur, Administrative Agent may elect, in addition to exercising any and all other rights, remedies and recourses set forth in Article 7 or referred to in Paragraph
9.3 hereinabove or Article 10 hereinbelow, to proceed in the manner set forth in the Uniform Commercial Code, relating to the procedure to be followed when a security agreement covers both real and personal property. 
 9.6 No Obligation of Lenders. The assignment and security interest herein granted shall not be deemed or construed to constitute
Administrative Agent, any other Lender, Issuing Bank or any Specified Derivatives Provider as a trustee or mortgagee in possession of the Mortgaged Property, to obligate Administrative Agent or any other Lender, Issuing Bank or any Specified
Derivatives Provider to lease the Mortgaged Property or attempt to do same, or to take any action, incur any expense or perform or discharge any obligation, duty or liability whatsoever under any of the Leases or otherwise. 
 Article 10 
 ASSIGNMENT OF LEASES AND RENTS 
 10.1 Assignment. For and in consideration of ONE DOLLAR ($1.00), and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to secure the full and timely payment of the Obligations and the full and timely performance and discharge of the Obligations, Owner
has GRANTED, BARGAINED, SOLD, CONVEYED, ASSIGNED, TRANSFERRED, SET OVER and DELIVERED, and by these presents does hereby GRANT, BARGAIN, SELL, CONVEY, ASSIGN, TRANSFER, SET OVER and DELIVER ABSOLUTELY and UNCONDITIONALLY unto [Trustee and the
Trustee’s successors and/or assigns for the benefit of] Administrative Agent, for its benefit and for the benefit of Lenders, Issuing Bank and Specified Derivatives

  

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Providers the Leases (whether now existing or entered into after the date hereof) and the Rents (it being intended by Owner that this assignment constitutes a present, absolute assignment and not
an assignment for additional security only), subject only to the hereinafter described License, TO HAVE AND TO HOLD the Leases and the Rents unto Administrative Agent [and Trustee], [its][their] successors and assigns, for the benefit
of Administrative Agent, for its benefit and for the benefit of Lenders, Issuing Bank and Specified Derivatives Provider forever, and Owner does hereby bind itself, its successors and assigns to WARRANT and FOREVER DEFEND the title to the Leases and
the Rents unto Administrative Agent [and Trustee] against every Person whomsoever lawfully claiming or to claim the same or any part thereof. If an Event of Default exists, Administrative Agent shall have the right, power and privilege (but
shall be under no duty) to demand possession of the Rents, which demand shall, to the fullest extent permitted by applicable law, be sufficient action by Administrative Agent to entitle Administrative Agent to immediate and direct payment of the
Rents (including delivery to Administrative Agent of Rents collected for the period in which the demand occurs and for any subsequent period), for application as provided herein, all without the necessity of any further action by Administrative
Agent, including, without limitation, any action to obtain possession of the Improvements or the Mortgaged Property. Owner hereby authorizes and directs the Tenants under the Leases to pay Rents to Administrative Agent upon written demand by
Administrative Agent, without further consent of Owner, without any obligation to determine whether an Event of Default has in fact occurred and regardless of whether Administrative Agent has taken possession of any portion of the Mortgaged
Property, and the Tenants may rely upon any written statement delivered by Administrative Agent to the Tenants. Any such payment to Administrative Agent shall constitute payment to Owner under the Leases, and Owner hereby appoints Administrative
Agent as Owner’s lawful attorney-in-fact for giving, and Administrative Agent is hereby empowered to give, acquittances to any Tenants for such payments to Administrative Agent after an Event of Default. 
 10.2 Continuation and Termination of Assignment. If Borrower and Gallery Borrower shall pay or cause to be paid the Obligations as
and when same shall become due and payable and shall perform and discharge or cause to be performed and discharged the Obligations on or before the date the same are to be performed and discharged in accordance with the terms of the Credit
Agreement, then this assignment shall thereupon be terminated and of no further force and effect, and all rights, titles and interests conveyed pursuant to this assignment shall become revested in Owner without the necessity of any further act or
requirement by Owner or Administrative Agent; provided, however, an affidavit, certificate, letter or statement of any officer of Administrative Agent stating that any part of the Obligations remains unpaid and undischarged shall be and constitute
conclusive evidence of the validity, effectiveness or continuing force of the within assignment, and any person, firm or corporation may, and is hereby authorized to, rely thereon. 
 10.3 Revocable License. Provided that there exists no Event of Default, Owner shall have the right under a revocable license granted
hereby, and Administrative Agent hereby grants to Owner a revocable license (the “License”), to (i) collect, but not prior to accrual, all of the Rents arising from or out of the Leases, or any renewals or extensions thereof,
or from or out of the Mortgaged Property or any part thereof, and (ii) to enforce the terms of the Leases. Owner shall receive such Rents, and Owner hereby covenants that Owner shall use and apply all Rents first to the payment of the
Obligations in accordance with the terms thereof and of the Loan Documents, and then to the payment of all Impositions and costs and expenses of management, operation, repair, maintenance, preservation, reconstruction and restoration of the
Mortgaged Property in accordance with the requirements of this Security Instrument and the obligations of Owner as the lessor under the Leases, and shall not use such Rents for purposes unrelated to the Property unless and until all current payments
on the Obligations, Impositions, and such costs and expenses have been paid or provided for. 
 10.4 Intentionally
Deleted. 
 10.5 Appointment of Attorney-in-Fact. Owner hereby further constitutes and appoints Administrative Agent
the true and lawful attorney-in-fact of the Owner, and, upon the occurrence and during the continuance of an Event of Default, in the name, place and stead of said Owner, to subject and subordinate at any time and from time to time any Lease or any
part thereof to the lien and security title and security interest of this Security Instrument or any other mortgage, security deed, deed of trust or security

  

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agreement on or to any ground lease of the Mortgaged Property, or to request or require such subordination, where such reservation, option or authority was reserved to the Owner under any such
Lease, or in any case where the Owner otherwise would have the right, power or privilege so to do. The foregoing appointment is irrevocable and continuing and coupled with an interest, and such rights, powers and privileges shall be exclusive in
Administrative Agent and its successors and assigns so long as any part of the Obligations secured hereby remains unpaid and undischarged. Owner hereby warrants that Owner has not at any time prior to the date hereof exercised any such rights, and
Owner hereby covenants not to exercise any such right, to subordinate any such Lease to the lien of this Security Instrument or to any other security deed, mortgage, deed of trust or security agreement or to any ground lease. 
 10.6 Exculpation of Administrative Agent. The acceptance by Administrative Agent of this assignment of the Leases and Rents, with all
of the rights, powers, privileges and authority created hereby shall not, prior to entry upon and taking possession of the Mortgaged Property by Administrative Agent, be deemed or construed to constitute Administrative Agent a “mortgagee in
possession”, nor thereafter or at any time or in any event obligate the Administrative Agent to appear in or defend any action or proceeding relating to the Leases, the Rents or the Mortgaged Property or to take any action hereunder or to
expend any money or incur any expenses or perform or discharge any obligation, duty or liability under any Lease or to assume any obligation or responsibility for any security deposits or other deposits delivered to Owner by any Tenant and not
assigned and delivered to Administrative Agent, nor shall Administrative Agent be liable in any way for any injury or damage to persons or property sustained by any person or persons, firm or corporation in or about the Mortgaged Property, except,
in each case, as a result of Administrative Agent’s gross negligence and willful misconduct, as determined by a court of competent jurisdiction in a final, non-appealable judgment. 
 10.7 Administrative Agent as Creditor. Notwithstanding the license granted in Paragraph 10.3 above, Owner agrees that
Administrative Agent, and not Owner, shall be deemed to be the creditor of each Tenant in respect of assignments for the benefit of creditors in bankruptcy, reorganization, insolvency, dissolution, or receivership proceedings affecting any Tenant
(without obligation on the part of Administrative Agent, however, to file or make timely filings of claims in such proceedings or otherwise to pursue creditor’s rights therein), with an option to Administrative Agent to apply any money received
by Administrative Agent as such creditor in reduction of the Obligations. 
 10.8 Right to Further Assignment.
Administrative Agent shall have the right to assign Owner’s right, title, and interest in the Leases to any subsequent holder of this Security Instrument and to any Person acquiring title to the Mortgaged Property through foreclosure or
otherwise. The receipt by Administrative Agent of any Rents pursuant to the assignment set forth in Paragraph 10.1 hereof after the institution of foreclosure proceedings under this Security Instrument shall not cure such Default nor affect
such proceedings or any sale pursuant thereto. After Owner shall have been barred and foreclosed of all right, title and interest in the Mortgaged Property, no Administrative Agent of Owner’s interest in the Leases shall be liable to account to
Owner for the Rents thereafter accruing. 
 10.9 Cancellation Proceeds. The Leases shall remain in full force and effect
irrespective of any merger of the interest of the lessor and Tenants thereunder. If any Lease permits cancellation thereof on payment of consideration and said privilege of cancellation is exercised, the payments made or to be made by reason thereof
are hereby assigned to Administrative Agent to be applied to the Obligations in accordance with the applicable terms of the Loan Documents or to be held in trust by Administrative Agent as further security, without interest, for the Obligations.

 Article 11 
 MISCELLANEOUS 
 11.1 Performance at Owner’s Expense. Without in any way limiting Paragraph
10.3 hereof, Owner shall pay to Administrative Agent upon demand all costs and expenses (a) described in Section 11.2 of the Credit Agreement, to the extent the same relate to this Security Instrument or the Mortgaged Property or
related Loan Documents (including any consents, releases or waivers hereunder or thereunder

  

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relating to the Mortgaged Property); (b) the administration and enforcement of this Security Instrument and the other Loan Documents related to the Mortgaged Property for the term of the
Obligations, as provided in Section 11.2 of the Credit Agreement; and (c) the satisfaction by Administrative Agent of any of Owner’s obligations which Owner has failed to satisfy under this Security Instrument or under the Loan
Documents. For all purposes of this Security Instrument, Administrative Agent’s costs and expenses shall include, without limitation, reasonable fees and disbursements of counsel to the Administrative Agent (and of counsel to each Lender,
Issuing Bank and each Specified Derivatives Provider, to the extent provided in the Credit Agreement), including, without limitation, fees for trial, appeal or other proceedings, and, if an Event of Default exists. Except to the extent that certain
of these costs and expenses are included within the definition of Obligations, the payment by Owner of any of these costs and expenses shall not be credited, in any way or to any extent, against any portion of the Obligations. If any of the services
described in this Paragraph 11.1 are provided by an employee of Administrative Agent, Owner shall reimburse Administrative Agent its standard charge for such services. 
 11.2 Survival of Obligations. Each and all of the Obligations shall survive the execution and delivery of the Loan Documents, and the
consummation of the loan called for therein, and shall continue in full force and effect until the Obligations shall have been paid in full. 
 11.3 Further Assurances. Owner, upon the request of Administrative Agent, will execute, acknowledge, deliver and record and/or file such further instruments and do such further acts as may be
necessary, desirable or proper to carry out more effectively the purpose of the Loan Documents and to subject to the liens and security interests thereof any property intended by the terms thereof to be covered thereby, including specifically, but
without limitation, any renewals, additions, substitutions, replacements, betterments or appurtenances to the then Mortgaged Property. 
 11.4 Recording and Filing. Owner will cause the Security Documents and all amendments and supplements thereto and substitutions therefor to be recorded, filed, re-recorded and refiled in such manner and in such places as
Administrative Agent shall reasonably request and will pay all such recording, filing, re-recording and refiling taxes, fees and other charges. 
 11.5 Notices. Unless otherwise provided herein, communications provided for hereunder shall be in writing and shall be addressed and delivered in accordance with Section 11.1 of the Credit
Agreement. 
 11.6 No Waiver. Any failure by Administrative Agent and/or Lenders to insist, or any election by
Administrative Agent and/or Lenders not to insist, upon strict performance by Owner of any of the terms, provisions or conditions of the Loan Documents shall not be deemed to be a waiver of same or of any other term, provision or condition thereof,
and Administrative Agent and/or Lenders shall have the right at any time or times thereafter to insist upon strict performance by Owner of any and all such terms, provisions and conditions. No delay or omission by Administrative Agent, or by any
Lender, to exercise any right, power or remedy accruing upon any breach or Event of Default shall exhaust or impair any such right, power or remedy or shall be construed to be a waiver of any such breach or Event of Default, or acquiescence therein,
and every right, power and remedy given by this Security Instrument to Administrative Agent may be exercised from time to time and as often as may be deemed expedient by Administrative Agent. No consent or waiver, expressed or implied, by
Administrative Agent, Lenders, Issuing Bank and/or any Specified Derivatives Provider to or of any breach or Event of Default by Owner in the performance of the Obligations of Owner hereunder shall be deemed or construed to be a consent or waiver to
or of any other breach or Event of Default in the performance of the same or any other Obligations of Owner hereunder. Failure on the part of Administrative Agent and/or Lenders to complain of any act or failure to act or to declare an Event of
Default, irrespective of how long such failure continues, shall not constitute a waiver by Administrative Agent and/or Lenders of its rights hereunder or impair any rights, powers, or remedies of Administrative Agent and/Lenders hereunder.

 No act or omission by Administrative Agent, Lenders, Issuing Bank and/or any Specified Derivatives Provider shall release,
discharge, modify, change or otherwise affect the original liability under the Credit Agreement, this Security Instrument or any other Obligations of Owner or any subsequent

  

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purchaser of the Mortgaged Property or any part thereof, or any maker, co-signer, endorser, surety or guarantor, or preclude Administrative Agent and/or Lenders from exercising any right, power
or privilege herein granted or intended to be granted in the event of any Event of Default then made or by any subsequent Event of Default, or alter the security title, security interest or lien of this Security Instrument, except as expressly
provided in an instrument or instruments executed by Administrative Agent. Without limiting the generality of the foregoing, Administrative Agent may: (i) grant forbearance or an extension of time for the payment of all or any portion of the
Obligations; (ii) take other or additional security for the payment of the Obligations; (iii) waive or fail to exercise any right granted hereunder or in the Credit Agreement or other Loan Documents; (iv) change any of the terms,
covenants, conditions or agreements of the Credit Agreement, this Security Instrument or the other Loan Documents, by agreement with the party(ies) thereto if required thereunder; (v) consent to the filing of any map, plat or replat affecting
the Mortgaged Property; (vi) consent to the granting of any easement or other right affecting the Mortgaged Property; (vii) subject to the terms of the Credit Agreement, make or consent to any agreement subordinating the security title,
security interest or lien hereof; or (viii) take or omit to take any action whatsoever with respect to the Credit Agreement, this Security Instrument, the Mortgaged Property or any document or instrument evidencing, securing or in any way
relating to the Obligations; all without releasing, discharging, modifying, changing or affecting any such liability, or precluding Administrative Agent from exercising any such right, power or privilege, or affecting the security title, security
interest or lien of this Security Instrument. In the event of the sale or transfer by operation of law or otherwise of all or any part of the Mortgaged Property, Administrative Agent, without notice, is hereby authorized and empowered to deal with
any such vendee or transferee with reference to the Mortgaged Property or the Obligations, or with reference to any of the terms, covenants, conditions or agreements hereof, as fully and to the same extent as it might deal with the original parties
hereto and without in any way releasing and/or discharging any liabilities, Obligations or undertakings. 
 11.7
Administrative Agent’s Right to Perform the Obligations. If Owner shall fail, refuse or neglect to make any payment or perform any act required by the Loan Documents, then at any time thereafter, and with notice to Owner (which notice
may be telephonic and shall not be required if notice of such default has been given under Article 6; provided that Administrative Agent shall not be in default hereunder if it inadvertently fails to give notice under this Paragraph
11.7; and further provided that no notice shall be required if the payment not made is the payment of insurance premiums) and without waiving or releasing any other right, remedy or recourse Administrative Agent may have because of same,
Administrative Agent may (but shall not be obligated to) make such payment or perform such act for the account of and at the expense of Owner, and shall have the right to enter the Land and Improvements for such purpose and to take all such action
thereon and with respect to the Mortgaged Property as it may deem necessary or appropriate. If Administrative Agent shall elect to pay any Imposition or other sums due with reference to the Mortgaged Property, Administrative Agent may do so in
reliance on any bill, statement or assessment procured from the appropriate Governmental Authority or other issuer thereof without inquiring into the accuracy or validity thereof. Similarly, in making any payments to protect the security intended to
be created by the Loan Documents, Administrative Agent shall not be bound to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance for the purpose of preventing or removing
the same. Owner shall indemnify Administrative Agent for all losses, expenses, damages, claims and causes of action, including reasonable attorneys’ fees, incurred or accruing by reason of any acts performed by Administrative Agent pursuant to
the provisions of this Paragraph 11.7 or by reason of any other provision in the Loan Documents. All sums paid by Administrative Agent pursuant to this Paragraph 11.7, and all other sums expended by Administrative Agent to which it
shall be entitled to be indemnified, together with interest thereon at the Post-Default Rate (as defined in the Credit Agreement) from the date of such payment or expenditure, shall constitute additions to the Obligations, shall be secured by the
liens, security interests and rights created by the Loan Documents and shall be paid by Owner to Administrative Agent upon demand. 
 11.8 Covenants Running with the Land. All Obligations contained in the Loan Documents are intended by the parties to be, and shall be construed as, covenants running with the Mortgaged Property. 
  

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 11.9 Successors and Assigns. All of the terms of this Security Instrument shall apply
to, be binding upon and inure to the benefit of the parties thereto, their successors, permitted assigns, heirs and legal representatives, and all other persons claiming by, through or under them. 
 11.10 Severability. This Security Instrument is intended to be performed in accordance with, and only to the extent permitted by, all
applicable Legal Requirements. If any provision of this Security Instrument or the application thereof to any person or circumstance shall, for any reason and to any extent, be invalid or unenforceable, then neither the remainder of this Security
Instrument nor the application of such provision to other persons or circumstances nor the other Loan Documents shall be affected thereby, but rather, shall be enforced to the greatest extent permitted by law. It is expressly stipulated and agreed
to be the intent of Owner, Administrative Agent and Lenders to comply at all times with the usury and other applicable United States Federal laws or state laws (to the extent not pre-empted by Federal law, if any) now or hereafter governing the
interest payable under the Notes, the Credit Agreement or otherwise on the Obligations. If the laws of the [State][VA and PA Insert: Commonwealth] of [INSERT STATE WHERE PROPERTY LOCATED] or of the United States of America are ever
revised, repealed or judicially interpreted so as to render usurious any amount called for under the Notes, the Credit Agreement or under any of the Loan Documents or contracted for, charged, taken, reserved or received with respect to the
Obligations evidenced and secured by the Notes, the Credit Agreement or other Loan Documents, or if Administrative Agent’s exercise of the option herein contained to accelerate the maturity of the Obligations, or if any prepayment by Owner
results in Owner’s having paid any interest in excess of that permitted by law, then it is Owner’s and Administrative Agent’s and Lenders’ express intent that all excess amounts theretofore collected by Administrative Agent be
credited on the principal balance of the Obligations or any other principal indebtedness of Owner to Administrative Agent and/or Lenders (or, if the principal balance of the Obligations and all of such other Obligations have been paid in full,
refunded to Owner), and the provisions of the Notes, the Credit Agreement, this Security Instrument and the other Loan Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the
necessity of the execution of any new documents, so as to comply with the then applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder. 
 11.11 Entire Agreement and Modification. The Loan Documents contain the entire agreement between the parties relating to the subject
matter hereof and thereof, and all prior agreements relative thereto which are not contained herein or therein are terminated. The Loan Documents may not be amended, revised, waived, discharged, released or terminated orally, but only by a written
instrument or instruments executed by the party against which enforcement of the amendment, revision, waiver, discharge, release or termination is asserted. Any alleged amendment, revision, waiver, discharge, release or termination which is not so
documented shall not be effective as to any party. 
 11.12 Use and Management of Mortgaged Property. Owner will at all
times operate the Mortgaged Property as a retail shopping center. Owner shall not be permitted to alter or change the overall use of the Mortgaged Property or to abandon the Mortgaged Property without the prior written consent of Administrative
Agent. 
 11.13 Assignment. This Security Instrument is assignable by Administrative Agent and any assignment hereof by
Administrative Agent shall operate to vest in the assignee all rights and powers herein conferred upon and granted to Administrative Agent. 
 11.14 Time is of the Essence. Time is of the essence with respect to each and every covenant, agreement and obligation of Owner under this Security Instrument, the Credit Agreement and any and all
other Loan Documents. 
 11.15 Counterparts. This Security Instrument may be executed in any number of counterparts, each
of which shall be an original, but all of which together shall constitute but one instrument. 
 11.16 APPLICABLE LAW.
THIS SECURITY INSTRUMENT WAS NEGOTIATED IN THE COMMONWEALTH OF PENNSYLVANIA AND MADE BY OWNER AND ACCEPTED BY ADMINISTRATIVE AGENT, FOR THE BENEFIT OF ITSELF AND THE BENEFIT OF LENDERS,

  

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ISSUING BANK AND SPECIFIED DERIVATIVES PROVIDERS, IN THE COMMONWEALTH OF PENNSYLVANIA, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING
TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. THIS SECURITY INSTRUMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT
THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIEN AND SECURITY INTEREST CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN
WHICH THE MORTGAGED PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE COMMONWEALTH OF PENNSYLVANIA SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF THIS SECURITY
INSTRUMENT AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, OWNER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS SECURITY
INSTRUMENT AND THE NOTES, AND THIS SECURITY INSTRUMENT AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA. 
 11.17 Subrogation. If any or all of the proceeds of the Obligations have been used to extinguish, extend or renew any indebtedness heretofore existing against the Mortgaged Property, then, to the
extent of such funds so used, the Obligations and this Security Instrument shall be subrogated to all of the rights, claims, liens, titles and interests heretofore existing against the Mortgaged Property to secure the indebtedness so extinguished,
extended or renewed, and the former rights, claims, liens, titles and interests, if any, are not waived, but rather, are continued in full force and effect in favor of Administrative Agent and are merged with the lien and security interest created
herein as cumulative security for the repayment and satisfaction of the Obligations. 
 11.18 Credit Agreement.
Notwithstanding anything herein to the contrary, in the event of a conflict between this Security Instrument and the Credit Agreement, the Credit Agreement shall govern. 
 11.19 Headings. The Article, Paragraph and Subparagraph headings herein are inserted for convenience of reference only and shall in no way alter, modify or define, or be used in construing, the
text of this Security Instrument. 
 11.20 No Joint Venture. Notwithstanding anything in any of the Loan Documents or in
any other agreement or commitment to the contrary, neither the Loan Documents nor the transactions described in the Loan Documents nor the rights and obligations granted therein shall in any way create or contribute to the creation of a partnership
or joint venture or similar arrangement between Owner and Administrative Agent, between Gallery Borrower and Administrative Agent or between Borrower and Administrative Agent. 
 11.21 Trust Irrevocable; No Offset. The trust created hereby is irrevocable by Owner. No offset or claim that Owner may now or in the
future have against Administrative Agent, any Lender, Issuing Bank or any Specified Derivatives Provider shall relieve Owner from paying any amounts or performing any obligations due hereunder. 
 11.22 Statute of Limitations. The pleading of any statute of limitations as a defense to any obligation secured by this Security
Instrument is waived by the Owner to the full extent permitted by law. 
  

 38 

 11.23 No Third Parties Benefited. This Security Instrument is made and entered into
for the sole protection of and benefit of Owner, Administrative Agent, Lenders, Issuing Bank, Specified Derivatives Providers [and Trustee,] and their successors and assigns, and no other person or persons shall have any right to action
hereon. 
 11.24 Performance at Owner’s Expense. Owner shall pay to Administrative Agent, Lenders, Issuing Bank and
Specified Derivatives Providers immediately upon demand all reasonable costs and expenses incurred by Administrative Agent, Lenders, Issuing Bank and Specified Derivatives Providers in connection herewith as provided in Section 11.2 of the
Credit Agreement [(and Owner hereby agrees to pay the costs and expenses of Trustee in connection herewith to the same extent as if Trustee was specifically included with Administrative Agent in the provisions of such Section)], and the same
shall be secured hereby. For all purposes of this Security Instrument, Administrative Agent’s [(and Trustee’s)] costs and expenses shall include, without limitation, all appraisal and re-appraisal fees, reasonable attorneys’
fees (including, without limitation, fees for trial, appeal or other proceedings), accounting fees, environmental consultant fees (if any), auditor fees, and the cost to Administrative Agent of any documentary taxes, mortgage, mortgage recording,
stamp, intangible or other similar taxes, recording fees, brokerage fees, title search fees, title insurance premiums and title surveys (including any such title related fees and premiums incurred in connection with title updates). In addition,
Owner recognizes and agrees that formal written appraisals of the Mortgaged Property by a licensed independent appraiser may be required by federal regulatory reporting requirements on an annual or specialized basis, which shall be at Owner’s
expense. 
 11.25 Commercial Loan. The Owner hereby stipulates and warrants that the Obligations secured hereby
constitute a commercial loan, and that all of the proceeds of such loan will be used solely to acquire or carry on a business or commercial activity. 
 11.26 Waiver of Right to Trial By Jury. 
 (a) EACH PARTY HERETO, AND
ADMINISTRATIVE AGENT, BY ITS ACCEPTANCE HEREOF, ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE OWNER OR THE ADMINISTRATIVE AGENT WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE
TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE ADMINISTRATIVE AGENT AND THE OWNER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN
ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS DEED OF TRUST OR ANY OTHER LOAN DOCUMENT OR IN CONNECTION WITH ANY SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE OWNER OR THE ADMINISTRATIVE AGENT OF ANY
KIND OR NATURE. 
 (b) EACH OF THE OWNER AND THE ADMINISTRATIVE AGENT HEREBY AGREES THAT THE FEDERAL DISTRICT COURT OF THE
EASTERN DISTRICT OF PENNSYLVANIA OR, AT THE OPTION OF THE ADMINISTRATIVE AGENT, ANY STATE COURT LOCATED IN PHILADELPHIA COUNTY SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE OWNER, THE ADMINISTRATIVE AGENT
OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS DEED OF TRUST OR TO ANY MATTER ARISING HEREFROM OR THEREFROM OR THE COLLATERAL SUBJECT HERETO. EACH OF THE OWNER AND THE ADMINISTRATIVE AGENT EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE
TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. 
  

 39 

 (c) EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE
OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. 
 (d) THE CHOICE OF FORUM SET FORTH IN THIS PARAGRAPH SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OR
ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
 (e) THE FOREGOING WAIVERS HAVE BEEN
MADE WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER OBLIGATIONS AND THE TERMINATION OF THIS AGREEMENT. 
 Article 12 
 [INTENTIONALLY DELETED] [DEED OF TRUST PROVISIONS 
 12.1 Concerning the Trustee. Trustee shall
be under no duty to take any action hereunder except as expressly required hereunder or by law, or to perform any act which would involve Trustee in any expense or liability or to institute or defend any suit in respect hereof, unless properly
indemnified to Trustee’s reasonable satisfaction. Trustee, by acceptance of this Security Instrument, covenants to perform and fulfill the trusts herein created, being liable, however, only for gross negligence or willful misconduct, and hereby
waives any statutory fee and agrees to accept reasonable compensation, in lieu thereof, for any services rendered by Trustee in accordance with the terms hereof. Trustee may resign at any time upon giving thirty (30) days’ notice to Owner
and to Administrative Agent. Administrative Agent may remove Trustee at any time or from time to time and select a successor trustee. In the event of the death, removal, resignation, refusal to act, or inability to act of Trustee, or in its sole
discretion for any reason whatsoever Administrative Agent may, without notice and without specifying any reason therefor and without applying to any court, select and appoint a successor trustee, by an instrument recorded wherever this Security
Instrument is recorded and all powers, rights, duties and authority of Trustee, as aforesaid, shall thereupon become vested in such successor. Such substitute trustee shall not be required to give bond for the faithful performance of the duties of
Trustee hereunder unless required by Administrative Agent. The procedure provided for in this paragraph for substitution of Trustee shall be in addition to and not in exclusion of any other provisions for substitution, by law or otherwise.

 12.2 Trustee’s Fees. Owner shall pay all reasonable costs, fees and expenses incurred by Trustee and
Trustee’s agents and counsel in connection with the performance by Trustee of Trustee’s duties hereunder and all such costs, fees and expenses shall be secured by this Security Instrument. 
 12.3 Certain Rights. With the approval of Administrative Agent, Trustee shall have the right to take any and all of the following
actions: (i) to select, employ, and advise with counsel (who may be, but need not be, counsel for Administrative Agent) upon any matters arising hereunder, including the preparation, execution, and interpretation of this Security Instrument or
the Loan Documents, and shall be fully protected in relying as to legal matters on the advice of counsel, (ii) to execute any of the trusts and powers hereof and to perform any duty hereunder either directly or through his/her agents or
attorneys, (iii) to select and employ, in and about the execution of his/her duties hereunder, suitable accountants, engineers and other experts, agents and attorneys-in-fact, either corporate or individual, not regularly in the employ of
Trustee, and Trustee shall not be answerable for any act, default, negligence, or misconduct of any such accountant, engineer or other 
  

 40 

 
expert, agent or attorney-in-fact, if selected with reasonable care, or for any error of judgment or act done by Trustee in good faith, or be otherwise responsible or accountable under any
circumstances whatsoever, except for Trustee’s gross negligence or bad faith, and (iv) any and all other lawful action as Administrative Agent may instruct Trustee to take to protect or enforce Administrative Agent’s rights hereunder.
Trustee shall not be personally liable in case of entry by Trustee, or anyone entering by virtue of the powers herein granted to Trustee, upon the Mortgaged Property for debts contracted for or liability or damages incurred in the management or
operation of the Mortgaged Property. Trustee shall have the right to rely on any instrument, document, or signature authorizing or supporting an action taken or proposed to be taken by Trustee hereunder, believed by Trustee in good faith to be
genuine. Trustee shall be entitled to reimbursement for actual expenses incurred by Trustee in the performance of Trustee’s duties hereunder and to reasonable compensation for such of Trustee’s services hereunder as shall be rendered. 

 12.4 Retention of Money. All moneys received by Trustee shall, until used or applied as herein provided, be held in
trust for the purposes for which they were received, but need not be segregated in any manner from any other moneys (except to the extent required by applicable law) and Trustee shall be under no liability for interest on any moneys received by
Trustee hereunder. 
 12.5 Perfection of Appointment. Should any deed, conveyance, or instrument of any nature be
required from Owner by any Trustee or substitute trustee to more fully and certainly vest in and confirm to Trustee or substitute trustee such estates rights, powers, and duties, then, upon request by Trustee or substitute trustee, any and all such
deeds, conveyances and instruments shall be made, executed, acknowledged, and delivered and shall be caused to be recorded and/or filed by Owner. 
 12.6 Succession Instruments. Any substitute trustee appointed pursuant to any of the provisions hereof shall, without any further act, deed, or conveyance, become vested with all the estates,
properties, rights, powers, and trusts of its or his/her predecessor in the rights hereunder with like effect as if originally named as Trustee herein; but nevertheless, upon the written request of Administrative Agent or of the substitute trustee,
Trustee ceasing to act shall execute and deliver any instrument transferring to such substitute trustee, upon the trusts herein expressed, all the estates, properties, rights, powers, and trusts of Trustee so ceasing to act, and shall duly assign,
transfer and deliver any of the property and moneys held by such Trustee to the substitute trustee so appointed in Trustee’s place.] 
 Article 13 
 STATE SPECIFIC PROVISIONS 
 13.1 Principles of Construction. In the event of any inconsistencies between the terms and conditions of this Article 13 and
the terms and conditions of this Security Instrument, the terms and conditions of this Article 13 shall control and be binding. 
 13.2 [INSERT STATE SPECIFIC PROVISIONS] 
 Article 14 
 CROSS-COLLATERALIZATION 
 14.1 [GALLERY
MORTGAGE: Intentionally Deleted.] [OTHER MORTGAGES: Cross-Collateralization. Owner acknowledges that Administrative Agent and Lenders have agreed to make the Loans and other financial accommodations contemplated by the Credit
Agreement to Gallery Borrower and Borrower upon security of the collective interest of Owner, Gallery Borrower, Borrower and the other Loan Parties in, among other things, the Collateral Properties and in reliance upon the aggregate of the
Collateral Properties taken together being of greater value as collateral security than the sum of each individual

  

 41 

 
Collateral Property taken separately. Owner acknowledges that its Obligations are secured by this Security Instrument together with the obligations of the other Loan Parties under the other Loan
Documents (collectively, the “Other Loan Party Obligations”) being secured by those Other Security Instruments (as defined below) given by Loan Parties to Administrative Agent for the benefit of itself, Lenders, Issuing Bank and
Specified Derivatives Providers, together with their respective Loan Documents securing or evidencing such Obligations, and encumbering the other individual Collateral Properties, all as more specifically set forth in the Credit Agreement. Owner
agrees that each of the Loan Documents (including, without limitation, the Security Instruments) are and will be cross-collateralized and cross-defaulted with each other so that, to the extent provided in the Credit Agreement, (i) an Event of
Default under this Security Instrument or any Other Security Instrument is an Event of Default under each of this Security Instrument and the Other Security Instruments; (ii) an Event of Default under any of the Loan Documents shall constitute
an Event of Default under each of the other Loan Documents, including, without limitation, this Security Instrument; (iii) each Security Instrument shall constitute security for the obligations of Loan Parties under the Loan Documents to which
they are parties as if a single blanket lien were placed on all of the Collateral Properties as security for all such obligations; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance and Owner
waives any claims related thereto. Upon the occurrence of an Event of Default beyond any applicable notice and grace period, Administrative Agent shall have the right to institute a proceeding or proceedings for the total or partial foreclosure of
this Security Instrument and any or all of the Other Security Instruments whether by court action, power of sale or otherwise, under any applicable provision of law, for all of the Obligations and/or Other Loan Party Obligations or the portion of
the Obligations and/or Other Loan Party Obligations allocated to the Mortgaged Property in the Credit Agreement, and the lien and the security interest created by the Other Security Instruments shall continue in full force and effect without loss of
priority as a lien and security interest securing the payment of that portion of the Obligations and/or Other Loan Party Obligations then due and payable but still outstanding. Owner acknowledges and agrees that the Mortgaged Property and the other
individual Collateral Properties are located in one or more cities and/or counties, and therefore Administrative Agent shall be permitted to enforce payment of the Obligations and/or Other Loan Party Obligations and the performance of any term,
covenant or condition of the Notes, the Credit Agreement, this Security Instrument, the other Loan Documents or the Other Security Instruments and exercise any and all rights and remedies under the Notes, the Credit Agreement, this Security
Instrument, the other Loan Documents or the Other Security Instruments, or as provided by law or at equity, by one or more proceedings, whether contemporaneous, consecutive or both, to be determined by Administrative Agent, in its sole discretion,
in any one or more of the cities or counties in which the Mortgaged Property or any other Collateral Property is located. Neither the acceptance of this Security Instrument, the Notes, the Credit Agreement, the other Loan Documents or the Other
Security Instruments nor the enforcement thereof in any one city or county, whether by court action, foreclosure, power of sale or otherwise, shall prejudice or an any way limit or preclude enforcement by court action, foreclosure, power of sale or
otherwise, of the Notes, the Credit Agreement, this Security Instrument, the other Loan Documents, or any Other Security Instruments through one or more additional proceedings in that city or county or in any other city or county. Any and all sums
received by Administrative Agent or Lenders under the Notes, the Credit Agreement, this Security Instrument, and the other Loan Documents shall be applied to the Obligations and/or the Other Loan Party Obligations in such order and priority as
Administrative Agent shall determine, in its sole discretion, but subject to the requirements of the Credit Agreement, without regard to the Appraised Value of the Mortgaged Property or any individual Collateral Property. As used herein, the term
“Other Security Instruments” shall mean all other Security Instruments (as defined in the Credit Agreement) securing any of the Other Loan Party Obligations. 
 14.2 Waivers. To the fullest extent permitted by law, Owner, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Owner, Owner’s partners and others
with interests in Owner, and of the Collateral Properties, or to a sale in inverse order of alienation in the event of foreclosure of all or any of the Security Instruments, and agrees not to assert any right under any laws pertaining to the
marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Administrative Agent, on behalf of itself,
Lenders, Issuing Bank and Specified Derivatives Providers, under the Loan Documents to a sale of the Collateral Properties for the collection of the Obligations and/or the Other Loan Party Obligations without any prior or different resort for
collection or of the right of

  

 42 

 
Administrative Agent, on behalf of itself, Lenders, Issuing Bank and Specified Derivatives Providers, to the payment of the Obligations and/or the Other Loan Party Obligations out of the net
proceeds of the Collateral Properties in preference to every other claimant whatsoever. In addition, Owner, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Security Instruments, any equitable right
otherwise available to Owner which would require the separate sale of the Collateral Properties or require Administrative Agent, Lenders, Issuing Bank and Specified Derivatives Providers to exhaust their remedies against any individual Collateral
Property or any combination of the Collateral Properties before proceeding against any other individual Collateral Property or combination of Collateral Properties; and further in the event of such foreclosure Owner does hereby expressly consent to
and authorize, at the option of Administrative Agent, pursuant to the terms hereof, the foreclosure and sale either separately or together of any combination of the Collateral Properties. 
 [INSERT FOR GROUND LEASE PROPERTIES ONLY: 
 Article 15

 GROUND LEASE PROVISIONS 
 15.1 No Merger of the Fee and Leasehold Estates; Releases. So long as any portion of the Obligations shall remain unpaid, unless Administrative Agent shall otherwise consent, the fee title to the
Mortgaged Property and the Leasehold Estate shall not merge but shall always be kept separate and distinct, notwithstanding the union of such estates in [Leasehold] Owner, Ground Lessor or in any other Person by purchase, operation of law or
otherwise. Administrative Agent reserves the right, at any time, to release portions of the Mortgaged Property, including, but not limited to, the Leasehold Estate, with or without consideration, at Administrative Agent’s election, without
waiving or affecting any of its rights hereunder or under the Notes, the Guaranty, the Credit Agreement or the other Loan Documents and any such release shall not affect Administrative Agent’s rights in connection with the portion of the
Mortgaged Property not so released. 
 15.2 [Leasehold] Owner’s Acquisition of the Fee Estate. So long as any
portion of the Obligations remains unpaid, in the event that [Leasehold] Owner shall become the owner and holder of Ground Lessor’s fee interest in the portion of the Mortgaged Property demised pursuant to the Ground Lease, the lien of this
Security Instrument shall be spread to cover such interest and such interest shall be deemed to be included in the Mortgaged Property. [Leasehold] Owner agrees, at its sole cost and expense, including without limitation, Administrative Agent’s
reasonable attorney’s fees, to (i) execute any and all documents or instruments necessary to subject the foregoing interest to the lien of this Security Instrument; and (ii) provide a title insurance policy which shall insure that the
lien of this Security Instrument is a first lien on such interest. The foregoing shall not be construed to permit [Leasehold] Owner to acquire the aforesaid fee interest and [Leasehold] Owner’s rights to acquire additional property shall remain
subject to the restrictions relating thereto contained in the Credit Agreement and the other Loan Documents. 
 15.3
Rejection of the Ground Lease. (a) If the Ground Lease is terminated by Ground Lessor for any reason in the event of the rejection or disaffirmance of the Ground Lease by Ground Lessor pursuant to the Bankruptcy Code or any other law
affecting creditor’s rights, (i) [Leasehold] Owner, immediately after obtaining notice thereof, shall give notice thereof to Administrative Agent, (ii) [Leasehold] Owner, without the prior written consent of Administrative Agent,
shall not elect to treat the Ground Lease as terminated pursuant to Section 365(h) of the Bankruptcy Code or any comparable federal or state statute or law, and any election by Owner made without such consent shall be void and (iii) this
Security Instrument and all the liens, terms, covenants and conditions of this Security Instrument shall extend to and cover [Leasehold] Owner’s possessory rights under Section 365(h) of the Bankruptcy Code and to any claim for damages due
to the rejection of the Ground Lease or other termination of the Ground Lease. In addition, [Leasehold] Owner hereby assigns irrevocably to Administrative Agent [Leasehold] Owner’s rights to treat the Ground Lease as terminated pursuant to
Section 365(h) of the Bankruptcy Code and to offset rents under the Ground Lease in the event any case, proceeding or other action is commenced by or against Ground Lessor under the Bankruptcy Code or any comparable federal or state statute or
law,

  

 43 

 
provided that Administrative Agent shall not exercise such rights and shall permit [Leasehold] Owner to exercise such rights with the prior written consent of Administrative Agent, not to be
unreasonably withheld or delayed, unless an Event of Default exists. 
 (b) [Leasehold] Owner hereby assigns to Administrative
Agent [Leasehold] Owner’s right to reject the Ground Lease under Section 365 of the Bankruptcy Code or any comparable federal or state statute or law with respect to any case, proceeding or other action commenced by or against [Leasehold]
Owner under the Bankruptcy Code or comparable federal or state statute or law, provided Administrative Agent shall not exercise such right, and shall permit [Leasehold] Owner to exercise such right with the prior written consent of Administrative
Agent, not to be unreasonably withheld or delayed, unless an Event of Default exists. Further, if [Leasehold] Owner shall desire to so reject the Ground Lease, at Administrative Agent’s request, to the extent not prohibited by the terms of the
Ground Lease and applicable law, [Leasehold] Owner shall assign its interest in the Ground Lease to Administrative Agent in lieu of rejecting the Ground Lease as described above, upon receipt by [Leasehold] Owner of written notice from
Administrative Agent of such request together with Administrative Agent’s agreement to cure any existing defaults of [Leasehold] Owner under the Ground Lease and to provide adequate assurance of future performance of [Leasehold] Owner’s
obligations thereunder. 
 (c) [Leasehold] Owner hereby assigns to Administrative Agent [Leasehold] Owner’s right to seek
an extension of the 60-day period within which [Leasehold] Owner must accept or reject the Ground Lease under Section 365 of the Bankruptcy Code or any comparable federal or state statute or law with respect to any case, proceeding or other
action commenced by or against [Leasehold] Owner under the Bankruptcy Code or comparable federal or state statute or law, provided Administrative Agent shall not exercise such right, and shall permit [Leasehold] Owner to exercise such right with the
prior written consent of Administrative Agent, not to be unreasonably withheld or delayed, unless an Event of Default exists. Further, if [Leasehold] Owner shall desire to so reject the Ground Lease, at Administrative Agent’s request, to the
extent not prohibited by the terms of the Ground Lease and applicable law, [Leasehold] Owner shall assign its interest in the Ground Lease to Administrative Agent in lieu of rejecting such Ground Lease as described above, upon receipt by [Leasehold]
Owner of written notice from Administrative Agent of such request together with Administrative Agent’s agreement to cure any existing defaults of [Leasehold] Owner under the Ground Lease and to provide adequate assurance of future performance
of the applicable [Leasehold] Owner’s obligations thereunder. 
 (d) [Leasehold] Owner hereby agrees that if the Ground
Lease is terminated for any reason in the event of the rejection or disaffirmance of the Ground Lease pursuant to the Bankruptcy Code or any other law affecting creditor’s rights, any Personalty of [Leasehold] Owner not removed from the
Mortgaged Property by [Leasehold] Owner as permitted or required by the Ground Lease, shall at the option of Administrative Agent be deemed abandoned by [Leasehold] Owner, provided that Administrative Agent may remove any such Personalty required to
be removed by [Leasehold] Owner pursuant to the Ground Lease and all reasonable out-of-pocket costs and expenses associated with such removal shall be paid by [Leasehold] Owner within five (5) days of receipt by [Leasehold] Owner of an invoice
for such removal costs and expenses.] 
 [INSERT FOR CONDOMINIUM PROPERTIES ONLY [TO BE REVISED 
 ACCORDINGLY BASED ON CONDOMINIUM DOCUMENTS]: 
 Article 15 
 CONDOMINIUM PROVISIONS 
 With respect to the Condominium, Owner hereby represents, warrants and covenants as follows: 
 (a) The Condominium has been legally and validly created pursuant to all Legal Requirements and the Condominium Documents. The Condominium
Documents are valid and enforceable and there currently exists no default or event of default thereunder (I) by Owner or (II) to Owner’s knowledge, by any other party thereto. All fees, dues, charges, and assessments, whether annual,
monthly,

  

 44 

 
regular, special or otherwise (collectively, the “Assessments”) payable by Owner to date have been fully paid. 
 (b) Owner shall promptly pay all Assessments imposed pursuant to the Condominium Documents when the same become due and payable with respect
to the unit for which title is held by Owner (“[            ]”). Owner will deliver to Administrative Agent, promptly upon Administrative Agent’s request, no more frequently
than once a calendar quarter, evidence satisfactory to Administrative Agent that the Assessments have been so paid or are not then delinquent with respect to [            ]. 
 (c) Owner acknowledges and agrees that [            ], Owner’s interest in
the Limited Common Elements (as defined in the Condominium Documents) related to [            ] and the Common Elements (as defined in the Condominium Documents) are within the definition
of “Mortgaged Property” hereunder and, as such, Owner shall cause the same to be insured in accordance with the terms of this Security Instrument and the Credit Agreement. Any insurance proceeds or condemnation awards obtained by Owner
with respect to any condemnation of the Mortgaged Property shall be held and applied by Administrative Agent as required by the Condominium Documents and otherwise in accordance with the applicable terms and conditions of this Security Instrument
and the Credit Agreement and, provided no Event of Default has occurred and is continuing, disbursed for restoration purposes as such restoration progresses in accordance with prudent and customary construction lending practices. Notwithstanding the
foregoing, in connection with a condemnation to all or any portion of the [            ] Portions wherein the restoration of the same is not required under the Condominium Documents, the
owner of [            ] may make a claim for and retain any award granted in connection therewith, provided, that, such award does not reduce or otherwise impair any award that may be
granted to Owner and/or Administrative Agent in connection therewith. 
 (d) Intentionally Deleted. 
 (e) If Owner controls the Board, it shall use commercially reasonable efforts to cause the Association to, (i) maintain the Condominium
in good condition and repair, (ii) promptly comply with all Legal Requirements applicable to the Condominium, (iii) to promptly repair, replace or rebuild any part of the Condominium which may be damaged or destroyed by any casualty or
which may be affected by any condemnation proceeding and (iv) to complete and pay for, within a reasonable time, any structure at any time in the process of construction or repair on the Condominium. 
 (f) Intentionally Deleted. 
 (g) Without the prior written consent of Administrative Agent, Owner shall not consent to any amendment of the terms or provisions of the Condominium Documents in any material manner which would have
Material Adverse Effect or permit the Condominium to be terminated or abandoned. 
 (h) Owner shall, upon the written request of
Administrative Agent not more frequently than once per year or at any time during the continuance of an Event of Default use commercially reasonable efforts to cause the Board to allow Administrative Agent to examine the books, records and receipts
of the Condominium upon ten (10) days prior notice thereof. 
 (i) Owner shall promptly deliver to Administrative Agent a
true and full copy of all notices of default or other material notices received by Owner with respect to any obligation or duty of Owner under the Condominium Documents. Owner shall, upon written request of Administrative Agent, deliver to
Administrative Agent the then effective annual budget of the Condominium. 
 (j) Without the prior written consent of
Administrative Agent, Owner shall not, in the event of damage to or destruction of the Property, vote not to repair, restore or rebuild the Condominium. 
 (k) Intentionally Deleted. 
  

 45 

 (l) Administrative Agent shall have the rights and privileges which Owner has as though
Administrative Agent were in fact the owner of [            ], which rights and privileges shall include, without limitation, all voting rights accruing to Owner under the terms of the
Condominium Documents; provided, however, Owner shall have the sole right to exercise such rights prior to the occurrence of an Event of Default. Upon the occurrence and continuance of an Event of Default, Administrative Agent may vote in place of
Owner and may exercise any and all of said rights. Owner hereby irrevocably appoints Administrative Agent as its attorney-in-fact, coupled with an interest to vote as Owner’s proxy and to act with respect to all of said rights so long as such
Event of Default continues hereunder. Written notice from Administrative Agent to the Board shall be deemed conclusive as to the existence of such Event of Default and as to Administrative Agent’s rights and privileges hereunder.
Notwithstanding anything contained herein to the contrary, nothing contained herein or otherwise shall render Administrative Agent liable for any Assessments. 
 (m) To Owner’s knowledge, neither the Board nor the Association (as defined in the Condominium Documents) is a party to any loan, credit agreement or other arrangement for any extension of credit,
whether funded or to be funded. Owner shall not, without Administrative Agent’s prior written consent, permit the Board or the Association to incur any indebtedness or to encumber the Condominium in connection therewith. 
 (n) In addition to Administrative Agent’s consent rights as specified in this Article 15, Owner shall not exercise any other
material approval, consent or voting right to which it is entitled under the Condominium Documents without obtaining Administrative Agent’s prior written consent (which consent shall not be unreasonably withheld or delayed). 
 (o) Without limitation of the foregoing, Owner’s failure to comply with any provision of this Article 15 shall, at
Administrative Agent’s option, constitute an immediate Event of Default hereunder and under the other Loan Documents if the same causes a Material Adverse Effect.] 
 [INSERT FOR NEW RIVER VALLEY MALL ONLY: 
 Article 15 
 INTERCREDITOR AGREEMENT 
 Notwithstanding anything herein to the contrary, the lien and security interest granted to Administrative Agent, for its benefit and the benefit of Lenders, Issuing Bank and Specified Derivatives
Providers, pursuant to this Security Instrument and the exercise of any right or remedy by Administrative Agent hereunder with respect to the Mortgaged Property are subject to the provisions of that certain Intercreditor Agreement, dated as of the
date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among Wells Fargo Bank, National Association, as First Lien Agent (as defined therein), Wells Fargo Bank,
National Association, as Second Lien Agent (as defined therein) and the Grantors (as defined therein) from time to time a party thereto and certain other persons thereto from time to time. In the event of any conflict between the terms of the
Intercreditor Agreement and this Security Instrument, the terms of the Intercreditor Agreement shall govern and control.] 
 [NO FURTHER TEXT ON THIS PAGE] 
  

 46 

 IN WITNESS WHEREOF, Owner has executed this Security Instrument as of the day and year first
set forth above. 
  

			
		  	OWNER:
		
		  	[INSERT SIGNATURE BLOCKS]

 [SEPARATE
SIGNATURE PAGES TO BE PREPARED BASED ON STATE-SPECIFIC REQUIREMENTS] 
 [INSERT STATE SPECIFIC ACKNOWLEDGMENT(S)] 

 SCHEDULE I 
 OPTIONS TO PURCHASE 
 [Insert for Monroe Marketplace: 1. Rare
Hospitality International, Inc.’s option to purchase Unit 10-E of the Monroe Marketplace.] 
 [Insert for New River Valley: 1.
Healthcare Realty, Inc.’s option to purchase a portion of a parking lot located on an outparcel which is part of the Mortgaged Property.] 
 [Insert for Palmer Park: 1. Bon Ton’s option to purchase the premises leased by Bon Ton and approximately 13.42 acres of land.] 
 [Insert for Voorhees Town Center: 1. Star Group’s option to purchase the premises leased by Star Group separate and apart from any adjoining part of the Mortgaged Property owned by Owner.] 
 [Insert for Washington Crown Center: 1. Bon Ton’s option to purchase the premises leased by Bon Ton, certain land designated as “Bon-Ton
Permissible Building Area” and a contiguous parking area sufficient to provide 5.5 parking spaces per 1,000 square feet in the leased premises an any addition thereto.] 
 [Insert for Westgate Anchor Pad: 1. Bon Ton’s option to purchase the premises leased by Bon Ton separate and apart from any adjoining part of the Mortgaged Property owned by Owner.]

 [Insert for all other Properties: None.] 

 SCHEDULE II 
 RIGHTS OF FIRST REFUSAL 
 [Insert for Crossroads Mall: 1.
Sheetz’s right of first refusal to purchase the premises leased by Sheetz separate and apart from any adjoining part of the Mortgaged Property owned by Owner.] 
 [Insert for Monroe Marketplace: 1. Rare Hospitality International Inc.’s (d/b/a Longhorn Steakhouse) right of first refusal to purchase the premises leased by it separate and apart from any
adjoining part of the Mortgaged Property owned by Owner.] 
 [Insert for New River Valley: 1. IHOP’s right of first refusal to
purchase the premises leased by IHOP separate and apart from any adjoining part of the Mortgaged Property owned by Owner.] 
 [Insert for
Orlando: 1. MMM Lakewood Ltd.’s right to purchase Owner’s leasehold estate in the Mortgaged Property.] 
 [Insert for Sunrise
Plaza: 1. Home Depot’s right of first refusal to purchase the premises leased by Home Depot separate and apart from any adjoining part of the Mortgaged Property owned by Owner.] 
 [Insert for Plymouth Meeting Mall: 1. Macy’s right of first refusal as set forth in that certain Agreement dated April 24, 1964 and recorded in Book 3351, page 207 with the Recorder of
Deeds of Montgomery County, Pennsylvania.] 
 [Insert for all other Properties: None.] 

 [INSERT THE FOLLOWING FOR GROUND LEASE PROPERTIES ONLY: 
 SCHEDULE III 
 GROUND LEASE] 

 EXHIBIT A 
 LEGAL DESCRIPTION 

 EXHIBIT L 
 TRANSFER AUTHORIZER DESIGNATION 
 (For Disbursement
of Loan Proceeds by Funds Transfer) 
  

			
	 ̈    NEW       ̈   REPLACE PREVIOUS DESIGNATION       ̈  ADD       ̈  CHANGE       ̈  DELETE LINE

							
	    NUMBER	  		  	 	  	

 The following representatives of PREIT Associates, L.P. (“PREIT”) are authorized to request the
disbursement of proceeds of any Loan and initiate funds transfers for Loan Number 1001733 assigned to the secured credit facility evidenced by the Amended, Restated and Consolidated Credit Agreement dated March 11, 2010 among PREIT, and
PREIT-RUBIN, Inc. (“PREIT-RUBIN”; together with PREIT, each individually a “Borrower” and collectively the “Borrower”), PR Gallery I Limited Partnership (“PR Gallery”) and Keystone Philadelphia Properties, L.P
(“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the “Gallery Borrower”), Pennsylvania Real Estate Investment Trust (the “Parent”), each of
the financial institutions initially a signatory thereto together with their assignees under Section 11.6.(c) thereof (the “Lenders”), Wells Fargo Bank, National Association, as the Administrative Agent for the Lenders (the “
Administrative Agent “) and the other parties thereto. The Administrative Agent is authorized to rely on this Transfer Authorizer Designation until it has received a new Transfer Authorizer Designation signed by the Borrower and the Gallery
Borrower, even in the event that any or all of the foregoing information may have changed. 
  

					
	 Name
	  	Title	  	Maximum
Wire
Amount3
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

 [Continued on next page] 
  

 L-1 

	
	Beneficiary Bank and Account Holder Information

 1. 
  

							
	 	 	 Transfer Funds to
(Receiving Party Account Name):

	 	 	 Receiving Party Account Number:

	 	 	 Receiving Bank Name, City and State:
	  	 	  	Receiving
Bank
Routing
(ABA)
Number
	 	 	 Maximum Transfer Amount:
	  	 	  	 
	 	 	 Further Credit Information/Instructions:
	  	 	  	 

 2. 
  

							
	 	 	 Transfer Funds to
(Receiving Party Account Name):

	 	 	 Receiving Party Account
Number:

	 	 	 Receiving Bank Name, City and State:
	  	 	  	Receiving
Bank
Routing
(ABA)
Number
	 	 	 Maximum Transfer Amount:
	  	 	  	 
	 	 	 Further Credit Information/Instructions:
	  	 	  	 

 3. 
  

							
	 	 	 Transfer Funds to
(Receiving Party Account Name):

	 	 	 Receiving Party Account
Number:

	 	 	 Receiving Bank Name, City and State:
	  	 	  	Receiving
Bank
Routing
(ABA)
Number
	 	 	 Maximum Transfer Amount:
	  	 	  	 
	 	 	 	  	 	  	 

  

 L-2 

	
	 Further Credit Information/Instructions:

  

	1	 Maximum Wire Amount with respect to the Term Loan A may not exceed the amount of the Term Loan A Commitment, Maximum Wire Amount with respect to the
Gallery Term Loan Commitment may not exceed the Gallery Term Loan Commitment, and the Maximum Wire Amount with respect to the Revolving Loans may not exceed the amount of the Maximum Revolving Credit Availability. 

 

 L-3 

 Date:             ,
20     
 “BORROWER” 
  

					
	PREIT Associates, L.P.
		
	By:	 	 Pennsylvania Real Estate Investment Trust, its
 general partner

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	PREIT-RUBIN, INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 “GALLERY BORROWER” 
  

					
	PREIT Associates, L.P.
		
	By:	 	 Pennsylvania Real Estate Investment Trust, its
 general partner

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	PREIT-RUBIN, INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 [Signatures continued on next page] 
  

 L-4 

 “GALLERY BORROWER”, continued: 
  

											
	PR GALLERY I LIMITED PARTNERSHIP
		
	By:	 	PR Gallery I LLC, sole general partner
		 	By:	 	PREIT Associates, L.P., sole member
		 		 	By:	 	 Pennsylvania Real Estate Investment Trust,
 general partner

					
		 		 		 	By:	 	  

		 		 		 		 	Name:	 	  

		 		 		 		 	Title:	 	  

 KEYSTONE PHILADELPHIA PROPERTIES, L.P. 
  

													
	By:	 	 Keystone Philadelphia Properties, LLC,
 general partner

		 	By:	 	PR Gallery II LLC, sole member
		 		 	By:	 	PREIT Associates, L.P., sole member
		 		 		 	By:	 	 Pennsylvania Real Estate Investment Trust,
 its general partner

						
		 		 		 		 	By:	 	  

		 		 		 		 		 	Name:	 	  

		 		 		 		 		 	Title:	 	  

  

 L-5 

 EXHIBIT M 
 FORM OF REVOLVING NOTE 

			
	$            	  	                 ,
20    

 FOR VALUE RECEIVED, the undersigned, PREIT ASSOCIATES,
L.P. (“PREIT”) and PREIT-RUBIN, INC. (“PREIT-RUBIN”; together with PREIT, each individually, a “Borrower and collectively, the “Borrower”) jointly and severally hereby unconditionally promises to pay to the order
of             (the “Lender”), in care of Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), to its address at 733 Marquette
Avenue, 10th Floor, Minneapolis, Minnesota 55402 or at
such other address as may be specified by the Administrative Agent to the Borrower, the principal sum of             AND
            /100 DOLLARS ($            ), or such lesser amount as may be the then outstanding and unpaid balance of all
Revolving Loans made by the Lender to the Borrower pursuant to, and in accordance with the terms of, the Credit Agreement (as defined below). 
 The Borrower further agrees to pay interest at said office, in like money, on the unpaid principal amount owing hereunder from time to time on the dates and at the rates and at the times specified in the
Credit Agreement. 
 This Note is one of the “Revolving Notes” referred to in that certain Amended, Restated and
Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, PR Gallery I Limited Partnership, a Pennsylvania
limited partnership (“PR Gallery”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery Borrower” and
collectively, the “Gallery Borrower”), Pennsylvania Real Estate Investment Trust, the financial institutions party thereto and their assignees under Section 11.6.(c) thereof, the Administrative Agent and the other parties thereto, and
is subject to, and entitled to, all provisions and benefits thereof. Capitalized terms used herein and not defined herein shall have the respective meanings given to such terms in the Credit Agreement. The Credit Agreement, among other things,
(a) provides for the making of the Revolving Loans by the Lender to the Borrower in the aggregate principal Dollar amount first above mentioned, (b) permits the prepayment of the Revolving Loans by the Borrower subject to certain terms and
conditions and (c) provides for the acceleration of the Revolving Loans upon the occurrence of certain specified events. 
 The Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to exercise, and no delay in exercising any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights. 

Time is of the essence for this Note. 
  

 M-1 

 [This Note is given in replacement of the Revolving Note previously delivered to the
Lender under the Credit Agreement. THIS NOTE IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE OTHER NOTE.]4 
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO CONTRACTS
EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH COMMONWEALTH. 
  

	4	Language to be included if this Revolving Note replaces a Revolving Note previously delivered to the Lender. 

  

 M-2 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Note under seal as of
the date written above. 
  

							
	PREIT ASSOCIATES, L.P.
		
	By:	 	 Pennsylvania Real Estate Investment Trust,
 its general partner

			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

  

					
	PREIT-RUBIN, INC.
		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  

 M-3 

 EXHIBIT N 
 FORM OF TERM LOAN A NOTE 
  

			
	$            	  	                 ,
20    

 FOR VALUE RECEIVED, the undersigned, PREIT ASSOCIATES,
L.P. (“PREIT”) and PREIT-RUBIN, INC. (“PREIT-RUBIN”; together with PREIT, each individually, a “Borrower and collectively, the “Borrower”) jointly and severally hereby unconditionally promises to pay to the order
of             (the “Lender”), in care of Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), to its address at 733 Marquette
Avenue, 10th Floor, Minneapolis, Minnesota 55402 or at
such other address as may be specified by the Administrative Agent to the Borrower, the principal sum of             AND
            /100 DOLLARS ($            ), or such lesser amount as may be the then outstanding and unpaid balance of all Term
Loans A made by the Lender to the Borrower pursuant to, and in accordance with the terms of, the Credit Agreement (as defined below). 
 The Borrower further agrees to pay interest at said office, in like money, on the unpaid principal amount owing hereunder from time to time on the dates and at the rates and at the times specified in the Credit Agreement. 
 This Note is one of the “Term Loan A Notes” referred to in that certain Amended, Restated and Consolidated Credit Agreement dated
as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, PR Gallery I Limited Partnership, a Pennsylvania limited partnership (“PR
Gallery”), Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the “Gallery
Borrower”), Pennsylvania Real Estate Investment Trust, the financial institutions party thereto and their assignees under Section 11.6.(c) thereof, the Administrative Agent and the other parties thereto, and is subject to, and entitled to,
all provisions and benefits thereof. Capitalized terms used herein and not defined herein shall have the respective meanings given to such terms in the Credit Agreement. The Credit Agreement, among other things, (a) provides for the making of
the Term Loan A by the Lender to the Borrower in the principal Dollar amount first above mentioned, (b) permits the prepayment of the Term Loan A by the Borrower subject to certain terms and conditions and (c) provides for the acceleration
of the Term Loan upon the occurrence of certain specified events. 
 The Borrower hereby waives presentment, demand, protest and
notice of any kind. No failure to exercise, and no delay in exercising any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights. 
 Time is of the essence for this Note. 
  

 N-1 

 [This Note is given in replacement of a Term Note previously
delivered to the Lender under the Credit Agreement. THIS NOTE IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE OTHER NOTE.]1 
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH COMMONWEALTH.

  

	1	 Insert if this Term Note replaces a Term Note previously delivered to the Lender. 

  

 N-2 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Note under seal as of
the date written above. 
  

							
	PREIT ASSOCIATES, L.P.
		
	By:	 	Pennsylvania Real Estate Investment Trust, its general partner
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

							
	
	PREIT-RUBIN, INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

 N-3 

 EXHIBIT O 
 FORM OF GALLERY TERM LOAN NOTE 

			
	$            	  	            ,     
20    

 FOR VALUE RECEIVED, the undersigned, PREIT ASSOCIATES,
L.P. (“PREIT”), PREIT-RUBIN, INC., (“PREIT-RUBIN”), PR GALLERY I LIMITED PARTNERSHIP (“PR Gallery”), and KEYSTONE PHILADELPHIA PROPERTIES, L.P. (“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each
individually, a “Gallery Borrower” and collectively, the “Gallery Borrower”) jointly and severally hereby unconditionally promises to pay to the order of
            (the “Lender”), in care of Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), to its address at 733 Marquette
Avenue, 10th Floor, Minneapolis, Minnesota 55402 or at
such other address as may be specified by the Administrative Agent to the Borrower, the principal sum of             AND
            /100 DOLLARS ($            ), or such lesser amount as may be the then outstanding and unpaid balance of all Gallery
Term Loans made by the Lender to the Borrower pursuant to, and in accordance with the terms of, the Credit Agreement (as defined below). 
 The Gallery Borrower further agrees to pay interest at said office, in like money, on the unpaid principal amount owing hereunder from time to time on the dates and at the rates and at the times specified
in the Credit Agreement. 
 This Note is one of the “Gallery Term Loan Notes” referred to in that certain Amended,
Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among PREIT and PREIT-RUBIN (each of PREIT and
PREIT-RUBIN, a “Borrower” and collectively, the “Borrower”), the Gallery Borrower, Pennsylvania Real Estate Investment Trust, the financial institutions party thereto and their assignees under Section 11.6.(c) thereof, the
Administrative Agent and the other parties thereto, and is subject to, and entitled to, all provisions and benefits thereof. Capitalized terms used herein and not defined herein shall have the respective meanings given to such terms in the Credit
Agreement. The Credit Agreement, among other things, (a) provides for the making of the Gallery Term Loan by the Lender to the Gallery Borrower in the principal Dollar amount first above mentioned, (b) permits the prepayment of the Gallery
Term Loan by the Gallery Borrower subject to certain terms and conditions and (c) provides for the acceleration of the Gallery Term Loan upon the occurrence of certain specified events. 
 The Gallery Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to exercise, and no delay in exercising
any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights. 
 Time is of the essence for
this Note. 
  

 O-1 

 [This Note is given in replacement of a Term Note previously
delivered to the Lender under the Credit Agreement. THIS NOTE IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE OTHER NOTE.]1 
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH COMMONWEALTH.

  

	1	 Insert if this Term Note replaces a Term Note previously delivered to the Lender. 

  

 O-2 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Note under seal as of
the date written above. 
  

											
	PREIT ASSOCIATES, L.P.
		
	By:	 	 Pennsylvania Real Estate Investment Trust,
 its general partner

			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

	
	PREIT-RUBIN, INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	PR GALLERY I LIMITED PARTNERSHIP
		
	By:	 	PR Gallery I LLC, sole general partner
		 	By:	 	PREIT Associates, L.P., sole member
		 		 	By:	 	 Pennsylvania Real Estate Investment Trust,
 its general partner

				
		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

	
	KEYSTONE PHILADELPHIA PROPERTIES, L.P.
		
	By:	 	Keystone Philadelphia Properties, LLC, general partner
		 	By:	 	PR Gallery II LLC, sole member
		 		 	By:	 	PREIT Associates, L.P., sole member
				
		 		 	By:	 	 Pennsylvania Real Estate Investment Trust,
 its general partner

				
		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

  

 O-3 

 EXHIBIT P 
 FORM OF RENT ROLL CERTIFICATION 
 [See attached] 
  

 P-1 

 Loan No. 1001733 
 RENT ROLL CERTIFICATION 
  

					
	Re:	 	Property Owner[s]:	  	[            ], a [            ] [and
[            ], a [            ]] [INSERT FEE AND LEASEHOLD OWNERS]
			
		 	Property:	  	[INSERT PROPERTY NAME AND ADDRESS]
			
		 	Loan:	  	$670,000,000.00 credit facility (the “Loan”) pursuant to that certain Amended, Restated and Consolidated Credit Agreement dated as of March
[    ], 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and PREIT Associates, L.P. (“PREIT”) and PREIT-RUBIN, Inc.
(“PREIT-RUBIN”; together with PREIT, collectively, “Borrower”), Gallery Borrower (as defined in the Credit Agreement), Pennsylvania Real Estate Investment Trust, the financial institutions party thereto and their
assignees under Section 11.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, in its capacity as Administrative Agent (together with its successors and assigns, “Administrative
Agent”)

 The Property Owner[s] hereby certif[y][ies] to Administrative Agent, Lenders and
Issuing Bank (as defined in the Credit Agreement) that the attached Exhibit A is a true, accurate and complete rent roll with respect to the Property referred to above. This certification is being made by Property Owner[s] to induce
the Administrative Agent and the Lenders under the referenced Credit Agreement to make the Loan thereunder and, in the case of the Issuing Bank, to issue letters of credit, to Borrower and accept Property Owner[‘s][s’] guaranty
thereof (the “Guaranty”) with the knowledge that the Administrative Agent, the Lenders and the Issuing Bank are relying upon this certification in making the Loan and accepting the Guaranty. 
 Dated: March [    ], 2010 
 [NO FURTHER TEXT ON THIS PAGE] 

 Loan No. 1001733 
 PROPERTY OWNER[S] 
 [INSERT SIGNATURE BLOCK[S]] 

 EXHIBIT A 
 RENT ROLL 
 Attached. 
  

 - 3 - 

 EXHIBIT Q 
 FORM OF OPINION OF COUNSEL TO THE BORROWER AND GUARANTORS 
 [See attached]

  

 Q-1 

					
		 		 	

			
		 		 	March 11, 2010
	 Law Offices
	 	 	 	
		 	
	 One Logan Square, Ste. 2000
 Philadelphia, PA
 19103-6996
	 	 	 	 Wells Fargo Bank, National Association,
as Administrative Agent

	 215-988-2700 phone
	 	 	 	1753 Pinnacle Drive
	 215-988-2757 fax
	 	 	 	5th Floor, South Tower
	 www.drinkerbiddle.com
	 	 	 	McLean, Virginia 22102
	 CALIFORNIA
	 	 	 	
	 DELAWARE
	 	 	 	 The Lenders party to the Amended, Restated
and Consolidated Credit
Agreement
referred to below

	 NEW JERSEY
 NEW YORK
 PENNSYLVANIA
 WASHINGTON DC
 WISCONSIN
	 	 	 
		 	 	 	Ladies and Gentlemen:
		 	
		 	 	 	 We have acted as counsel to PREIT Associates, L.P., a Delaware limited partnership (“PREIT”), PREIT-RUBIN, Inc., a Pennsylvania
corporation (“PREITRUBIN”; together with PREIT, each individually, a “Borrower” and collectively, the “Borrower”), Pennsylvania Real Estate Investment Trust, a Pennsylvania business trust (the “Parent”), PR
Gallery I Limited Partnership (“PR Gallery”), Keystone Philadelphia Properties, L.P. (“Keystone”; together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the
“Gallery Borrower”) and the subsidiaries of Parent identified on Annex A attached hereto (collectively, the “Guarantors”, and together with the Borrower, the Gallery Borrower and the Parent, the “Loan Parties”)
in connection with the negotiation, execution and delivery of that certain Amended, Restated and Consolidated Credit Agreement, dated as of March     , 2010 (the “Credit Agreement”), by and among the Borrower, the
Gallery Borrower, the Parent, each of the financial institutions initially a signatory thereto (the “Lenders”) together with their assignees pursuant to Section 1 1.6.(c) of the Credit Agreement and Wells Fargo Bank, National Association,
as Administrative Agent (the “Administrative Agent”, collectively with the Lenders, the “Lender Parties”).

		 	
		 	 	 	 All capitalized terms used but not defined herein shall have the respective meanings set forth in the Credit Agreement.

		 	
		 	 	 	 In these capacities, we have reviewed copies of the following:

		 	
		 	 	 	 (a) the Credit Agreement;

		 	
		 	 	 	 (b) the Notes;

		 	
		 	 	 	 (c) the Guaranty;

		 	
	 Established 1849
	 	 	 	 (d) the Pledge Agreement;

 

 

  

 March 11, 2010 
 Page 2 of 28 
  

 (e) the Security Agreement; 
 (f) the Security Instruments listed on Annex B attached hereto (each, a “Security Instrument” and collectively, the
“Security Instruments”); 
 (g) the Environmental Indemnity Agreement; 
 (h) the Gallery Environmental Indemnity Agreement; 
 (i) the Property Management Contract Assignment; 
 (j) the Rent Roll
Certifications executed by each of the Property Owners; 
 (k) the Deposit Account Control Agreements; and 
 (l) the UCC-1 Financing Statements (the “UCC-1s”) listed on Annex C attached hereto. 
 The documents and instruments set forth in items (a) through (k) above are referred to herein as the “Transaction
Documents”. 
 In addition to the foregoing, we have reviewed certificates of limited partnership, limited partnership
agreements, certificates of formation, certificates of organization, operating agreements or other similar organizational documents, as applicable, of each Loan Party and its respective general partner or sole member and certain resolutions of the
board of trustees or other governing body, if applicable, of each Loan Party or its respective general partner or sole member (collectively, the “Organizational Documents”) and have also examined originals or copies, certified or otherwise
identified to our satisfaction, of such documents, corporate records, and other instruments as we have deemed necessary or advisable for the purposes of rendering this opinion. 
 The opinions expressed below are limited to (a) the laws of the Commonwealth of Pennsylvania and the State of New Jersey and
(b) the Delaware Limited Liability Company Act, the Delaware Limited Partnership Act, Delaware Uniform Commercial Code, the South Carolina Uniform Limited Liability Company Act, the Maryland General Corporation Law, the New Jersey Uniform
Commercial Code, , as published on-line on LexisNexis as of March 11, 2010 (the foregoing statutes, collectively, the “Acts”). Except for our opinions with respect to the Acts, we express no opinion concerning the laws of any
jurisdiction other than Pennsylvania, New Jersey and federal laws of the United States. Our opinions are based upon the assumption that only the laws of the Commonwealth of Pennsylvania and the Acts, as set forth above, are applicable to the matters
set forth herein. 

 

 

  

 March 11, 2010 
 Page 3 of 28 
  

 When we state herein that matters are to our “knowledge,” we mean that we have no
actual knowledge of facts which are contrary to the opinion rendered, without having undertaken independent investigation or verification of any such facts. The words “actual knowledge” mean the conscious attention to such information by
the Primary Lawyer Group. The phrase “Primary Lawyer Group” includes only attorneys who are currently members of or employed by this firm who have been involved in the preparation of this letter and such other attorneys as have been
involved in the representation of Borrower or other Loan Parties in connection with the transaction that is the subject of this letter. 
 When we state herein that a lien or security interest is in favor of Administrative Agent, we mean such lien or security interest is in favor of Administrative Agent for the benefit of the Lender Parties,
the Issuing Bank and the Specified Derivatives Providers. 
 The opinions hereinafter expressed are specifically subject to the
following additional assumptions, exceptions and qualifications: 
 (a) We have made no inquiry or investigation concerning the
status, authority to act or authorization of any party participating in the subject transaction or delivering any document in connection therewith other than the Loan Parties. 
 (b) We have assumed the due authorization, execution and delivery by each party thereto (other than the Loan Parties) of each of the
Transaction Documents to be executed and delivered by any of such other parties and the enforceability of the Transaction Documents against such other parties. We have assumed the legal capacity of all individuals executing any of the Transaction
Documents. 
 (c) As to any matters of fact material to the opinions hereafter expressed, we have relied with your permission
upon the truth and accuracy of certain representations, warranties and certifications made by the Loan Parties in or pursuant to the Transaction Documents. To the extent that we have relied upon original documents or copies thereof, we have assumed
the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity with the originals of all documents submitted to us as copies. 
 (d) Our opinions on attachment and perfection of liens under the Transaction Documents are based on the assumption that PR Gallery, Keystone
and the applicable Guarantors have rights in the Collateral described in the Security Agreement, Pledge Agreement and the Security Instruments. 
 (e) We have assumed that the Pennsylvania Security Instruments (as defined in Annex B) and New Jersey Security Instruments (as defined in Annex B) will be duly recorded and indexed forthwith
after execution. 

 

 

  

 March 11, 2010 
 Page 4 of 28 
  

 Based upon the foregoing, and subject to all of the qualifications and assumptions set forth
herein, we are of the opinion that: 
 1. Each Borrower and Gallery Borrower has the power to execute, deliver and perform the
Transaction Documents to which it is a party, to own and use its assets, and to conduct its business as, to our knowledge, it is presently conducted and as, to our knowledge, it is proposed to be conducted immediately following the consummation of
the transactions contemplated by the Credit Agreement. 
 2. The Parent has the power to execute, deliver and perform the
Transaction Documents to which it is a party, to own and use its assets, and to conduct its business as, to our knowledge, it is presently conducted and as, to our knowledge, it is proposed to be conducted immediately following the consummation of
the transactions contemplated by the Credit Agreement. 
 3. Each Guarantor has the power to execute, deliver and perform under
the Guaranty and each of the Security Instruments to which it is a party. Each Pledgor has the power to execute, deliver and perform the under Pledge Agreement. Each Grantor has the power to execute, deliver and perform under the Security Agreement.

 4. PREIT is a limited partnership subsisting and in good standing under the laws of the State of Delaware, PREIT-RUBIN is a
corporation subsisting under the laws of the Commonwealth of Pennsylvania, PR Gallery is a limited partnership subsisting under the laws of the Commonwealth of Pennsylvania and Keystone is a limited partnership subsisting under the laws of the
Commonwealth of Pennsylvania, in each case based solely on the good standing certificates and subsistence certificates identified on AnnexD. 
 5. Parent is a business trust subsisting under the laws of the Commonwealth of Pennsylvania, based solely on the subsistence certificate identified on Annex E. 
 6. Each Guarantor is an entity organized and subsisting or in good standing, as applicable, under the laws of the State of its formation,
based solely on the good standing/subsistence certificate for such entity identified on Annex F. 
 7. Each Property
Owner owning a Mortgaged Property in New Jersey or Pennsylvania is duly qualified to do business in and is subsisting or in good standing, as applicable, under the laws of the State in which its Mortgaged Property is located, based solely on the
good standing/subsistence certificate for such Property Owner identified on Annex G. 

 

 

  

 March 11, 2010 
 Page 5 of 28 
  

 8. The execution and delivery of the Transaction Documents to which it is a party and the
performance of all obligations of such Loan Party thereunder have been duly authorized. Each of the Loan Parties and each respective general partner or sole member on behalf of the applicable Loan Parties has duly executed and delivered such
Transaction Documents. The individuals executing the Transaction Documents on behalf of the Loan Parties and each respective general partner or sole member of the Loan Parties, as the case may be, have been duly authorized to do so. 
 9. The execution and delivery by each of the Loan Parties of the Transaction Documents to which it is a party do not, and, if each of the
Loan Parties were now to perform its obligations under such Transaction Documents, such performance would not, result in any: 
 (a) violation of any such Loan Party’s Organizational Documents; 
 (b) violation of any existing constitution,
statute, regulation, rule, order, or law of Pennsylvania or the United States of America or the Acts, as the case may be, to which any Loan Party or its assets are subject; 
 (c) breach or violation of or default under, any agreements, instruments, indentures or other documents evidencing any indebtedness for money
borrowed or any other material agreement to which, to our knowledge, a Loan Party is bound or under which a Loan Party or its assets is subject; 
 (d) creation or imposition of a contractual lien or security interest in, on or against the assets of any Loan Party (other than the liens of the Transaction Documents) under any material written
agreements to which, to our knowledge, any Loan Party is a party or by which any Loan Party or its assets are bound; or 
 (e)
violation of any judicial or administrative decree, writ, judgment or order to which, to our knowledge, any Loan Party or its assets are subject. 
 10. The execution, delivery and performance by each of the Loan Parties of each Transaction Document to which it is a party, and the consummation of the transactions thereunder, do not and will not
require any registration with, consent or approval of, or notice to, or other action with or by, any Governmental Authority of the United States of America or the Commonwealth of Pennsylvania, except filings with the United States Securities and
Exchange Commission and filings necessary to perfect liens in favor of Administrative Agent. 

 

 

  

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 11. The Transaction Documents, other than those provisions of the Security Instruments
regarding creation, perfection and enforcement of the lien and security interest granted therein, which, by the provisions thereof are governed by the laws of Virginia, South Carolina, Alabama, West Virginia or Florida, constitute the legal, valid
and binding obligations of each of the Loan Parties that is signatory thereto, enforceable against such Loan Party in accordance with their respective terms. 
 12. The Pledge Agreement creates a valid security interest in favor of Administrative Agent in the Pledged Collateral (as defined in the Pledge Agreement) in which a security interest may be created under
Article 9 of the Uniform Commercial Code as currently in effect in the Commonwealth of Pennsylvania (the “Pennsylvania Code”). 
 13. The Security Agreement creates a valid security interest in favor of Administrative Agent in the Collateral (as defined in the Security Agreement) in which a security interest may be created under the
Pennsylvania Code. 
 14. (a) Each Pennsylvania Security Instrument is in proper form for recording in the recorder’s
office of the county in which the Mortgaged Property secured by such Pennsylvania Security Instrument is located. When the Pennsylvania Security Instruments have been duly recorded and appropriately indexed, each Pennsylvania Security Instrument
will be sufficient to create and perfect a lien on that portion of the Mortgaged Property, defined therein, which constitutes real property, fixtures, leases and rents, in favor of Administrative Agent. 
 (b) Each New Jersey Security Instrument is in proper form for recording in the recorder’s office of the county in which the Mortgaged
Property secured by such New Jersey Security Instrument is located. When the New Jersey Security Instruments have been duly recorded and appropriately indexed, each New Jersey Security Instrument will be sufficient to create and perfect a lien on
that portion of Mortgaged Property, defined therein, which constitutes real property, fixtures, leases and rents, in favor of Administrative Agent. 
 15. No recording, mortgage, registration, intangible, documentary stamp, filing, privilege or other tax must be paid in Pennsylvania or New Jersey in connection with the execution, delivery, recordation
or performance of any of the Transaction Documents, except for nominal per-page recording fees. 
 16. The foreclosure of any of
the Pennsylvania Security Instruments or New Jersey Security Instruments in and of itself will not restrict, affect or impair the respective mortgagor’s liability with respect to the indebtedness secured thereby or Administrative Agent’s
rights or remedies with respect to the foreclosure or enforcement of any other security interests or liens securing such indebtedness, provided, however, that (a) the

 

 

  

 March 11, 2010 
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Pennsylvania Deficiency Judgment Act requires a levying creditor which purchases property at its own execution sale to file a petition and have the court having jurisdiction determine the value
of the property received to be credited against such deficiency claim before proceeding against a party directly or indirectly liable for the debt, and (b) New Jersey has an entire controversy doctrine requiring matters arising out of the same
transaction to be resolved in a single judicial proceeding, albeit that foreclosure actions against real estate are exempt from such doctrine. 
 17. The priority of each of the Pennsylvania Security Instruments and the New Jersey Security Instruments will not be affected by (a) any pre-payment of a portion of the Loans (except to the extent
that such Security Instruments will then secure a lesser principal amount) or (b) any reduction of the outstanding amount of the Loans from time to time. Further, the lien of any future Revolving Credit Loan advances up to the stated maximum
principal amount in each Pennsylvania Security Instrument or New Jersey Security Instrument will relate back to the date of recording of such Security Instrument provided the advances are obligatory and, in the case of Pennsylvania, to the extent
the obligatory advance doctrine is inapplicable, the advances are entitled to such priority under the Pennsylvania Open End Mortgage Statute referred to in the Pennsylvania Security Instruments. 
 18. (a) The filing of the Pennsylvania UCC-1s (as defined on Annex C) with the Secretary of State of Pennsylvania is sufficient to
perfect the security interest created by the applicable Security Instruments in the personal property not constituting fixtures described therein in which a security interest may be created under the Pennsylvania Code, to the extent such security
interest may be perfected by the filing of a financing statement under the Pennsylvania Code. 
 (b) The filing of the Delaware
UCC-1s (as defined on Annex C) with the Secretary of State of Delaware is sufficient to perfect the security interest created by the applicable Security Instruments in the personal property not constituting fixtures described therein in which
a security interest may be created under Article 9 of the Uniform Commercial Code as currently in effect in the State of Delaware (the “Delaware Code”), to the extent such security interest may be perfected by the filing of a financing
statement under the Delaware Code. 
 (c) The filing of the New Jersey UCC-1 (as defined on Annex C) with the Secretary
of State of New Jersey is sufficient to perfect the security interest created by the applicable Security Instruments in the personal property not constituting fixtures described therein in which a security interest may be created under Article 9 of
the Uniform Commercial Code as currently in effect in the State of New Jersey (the “New Jersey Code”), to the extent such security interest may be perfected by the filing of a financing statement under the New Jersey Code. 

 

 

  

 March 11, 2010 
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 (d) The filing of the Delaware Pledgor UCC-1s (as defined on Annex C) with the
Secretary of State of Delaware is sufficient to perfect the security interest created by the Security Agreement in the personal property described therein in which a security interest may be created under the Delaware Code, to the extent such
security interest may be perfected by the filing of a financing statement under the Delaware Code. 
 (e) The filing of the
Pennsylvania Pledgor UCC-1s (as defined on Annex C) with the Secretary of State of Pennsylvania is sufficient to perfect the security interest created by the Security Agreement in the personal property described therein in which a security
interest may be created under the Pennsylvania Code, to the extent such security interest may be perfected by the filing of a financing statement under the Pennsylvania Code. 
 19. The Deposit Account Control Agreements provide, that for the purposes of the determining the law governing the perfection of
Administrative Agent’s security interest in the deposit accounts described therein (the “Deposit Accounts”), the financial institution’s jurisdiction is the Commonwealth of Pennsylvania. Under the Pennsylvania Code
a security interest in a deposit account is perfected by control of such deposit account. Upon creation of the Deposit Accounts and execution and delivery of the Deposit Account Control Agreements by all parties thereto, Administrative Agent will
have a perfected security interest in each of the Deposit Accounts. 
 20. To our knowledge, other than as disclosed in writing
to Administrative Agent, (a) there are no judgments outstanding against any of the Loan Parties or affecting any of their respective assets, nor (b) is there any litigation or other proceeding against any of the Loan Parties or its assets
pending or overtly threatened, which, in either event, could reasonably be expected to have a Material Adverse Effect. 
 21.
None of the Loan Parties is, or, after giving effect to any Loan, will be, subject to regulation under the Investment Company Act of 1940 or to any federal or Pennsylvania statute or regulation limiting its ability to incur indebtedness for borrowed
money. 
 22. Assuming that Borrower and Gallery Borrower apply the proceeds of the Loans as provided in the Credit Agreement,
the transactions contemplated by the Transaction Documents do not violate the provisions of Regulations T, U or X of the Federal Reserve Board. 
 23. The Loans, as made, will not violate any applicable civil usury laws of the State of New Jersey or Commonwealth of Pennsylvania or other applicable laws regulating the interest rate, fees and other
charges that may be collected with respect to the Loans; provided, however, that no opinion is expressed (a) as to whether the Pennsylvania criminal usury limits of 25% and/or 36% would be applicable to

 

 

  

 March 11, 2010 
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borrowings under the Transaction Documents, (b) the criminal usury laws of the State of New Jersey which prohibit the charging or collecting interest from a corporate, limited liability
company or limited partnership borrower at a rate which exceeds 50% per annum, unless otherwise permitted by law, or (c) whether late charges, prepayment premiums or other fees, costs, charges or expenses, in addition to the
interest charged at the rate recited could, under some circumstances, be deemed to cause the effective rate of interest to increase to a rate in excess of the foregoing limits. 
 The foregoing opinions are subject to the further qualifications, limitations and assumptions that: 
 (A) Our opinion as to the validity and enforceability of the Transaction Documents is subject to the effect of applicable bankruptcy,
insolvency, reorganization, fraudulent conveyance or transfer, receivership, moratorium and similar laws affecting creditor’s rights generally. 
 (B) The availability and enforceability of particular remedies, and the enforceability of particular provisions or waivers in the relevant documents may be limited by equitable principles and federal
bankruptcy law. 
 (C) We express no opinion as to the availability of the remedy of specific performance. 
 (D) We express no opinion concerning any provisions of the Transaction Documents which purport to (i) authorize a party to exercise any
extrajudicial remedy including self-help, except where permitted by law; (ii) waive personal service of judicial process, right to jury trial, statutes of limitation, or benefit of the automatic stay and other rights under the Federal
Bankruptcy Code; (iii) establish evidentiary standards; (iv) waive non-waiveable rights including, without limitation, the obligation to mitigate damages; (v) waive commercial reasonableness; (vi) retain a claim against a
guarantor where the primary debtor has been discharged or released or the claim been disallowed; (vii) provide for post-judgment interest in excess of that permitted on judgments in New Jersey or Pennsylvania, as applicable; (viii) impose
late charges, increased rates of interest, penalties or forfeitures upon the occurrence of a default; (ix) provide for the vesting of jurisdiction in, or the consent to the exercise of jurisdiction by, any court where the exercise of
jurisdiction is within discretion of such court or the court is not a court of general jurisdiction; (x) grant a power of attorney to act on behalf of another party; (xi) grant a right to confess judgment for possession of a Mortgaged
Property; or (xii) grant a power of sale as a remedy under the Pennsylvania Security Instruments or New Jersey Security Instruments. 

 

 

  

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 (E) We express no opinion with respect to (i) the completeness, adequacy or accuracy of
the description of any real or personal property and any other Collateral; (ii) the priority of any lien (or the lien of any advance) on real property or any security interest in personal property; or (iii) any other title matter relating
to this transaction. As to these matters, we understand the Lender Parties are relying, to the extent they deem appropriate, on such title insurance and/or UCC searches as they may obtain from a title insurance company and/or other companies
satisfactory to Lenders. We undertake no responsibility with respect to recording the Security Instruments or examining the public records to determine if and/or when such documents have been recorded by others. 
 (F) We express no opinion with respect to compliance with environmental protection laws; zoning, subdivision, land use or land development,
health, safety, fire, construction, building or other local ordinances or regulations which may be applicable to the Collateral. 
 (G) Protective advances made by Lenders after entry of judgment under the Transaction Documents may not be secured by the Pennsylvania Security Instruments and New Jersey Security Instruments even though such Security Instruments may
provide that such advances will be added to the mortgage debt. 
 (H) The opinions given above with respect to the
enforceability and perfection of security interests are subject to the following exceptions: (i) the continued perfection of the security interests created under the Security Instruments and perfected by the filing of the UCC-1s will depend
upon the filing of periodic continuation statements relating to the UCC- 1s and may depend upon the continuation of debtor’s present name; and (ii) each debtor’s name on the financing statement must be the same name indicated on the
public record. 
 This opinion is furnished for the benefit of addressee and its successors and assigns which become holders of
the Transaction Documents and may not be used or relied upon by any other person or entity or in connection with any other transaction without our prior written consent. The opinions given herein are as of the date hereof, limited by facts,
circumstances and laws in effect on such date, and, by rendering this opinion, we undertake no obligation to advise the addressee or any other party entitled to rely on this opinion with the respect to any changes therein. Our opinions as to
subsistence and good standing in paragraphs 4, 5, 6 and 7 hereof are as of the date of the good standing/subsistence certificates identified on Annexes D, E and F respectively. Our opinion in paragraph 10 insofar as it relates to PR Lycoming
Service Associates (“LSA”) is based on the representations of Parent that its subsidiaries are in compliance with applicable law and that LSA does not hold a certificate of public convenience from

 

 

  

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the Pennsylvania Public Utility Commission or equivalent Federal agency. We have no actual knowledge of facts which contradicts the representations in the preceding sentence. 
  

	
	Very truly yours,
	
	DRINKER BIDDLE & REATH LLP

 

 

  

 ANNEX A 
 GUARANTORS 
  

			
	 Entity (listed alphabetically)
	  	 State of Formation

	1. 1150 Plymouth Associates, Inc.	  	Maryland
	2. 801-Gallery Associates, L.P.	  	Pennsylvania
	3. 801-Gallery GP, LLC	  	Pennsylvania
	4. 801 Developers, LP	  	Pennsylvania
	5. 801 Developers GP, LLC	  	Pennsylvania
	6. Beverage Two, LLC	  	New Jersey
	7. Capital City Beverage Enterprises, Inc.	  	Maryland
	8. Echelon Beverage LLC	  	New Jersey
	9. Echelon Residential Unit Owner LLC	  	Delaware
	10. Echelon Title LLC	  	Delaware
	11. Exton License, Inc.	  	Maryland
	12. Keystone Philadelphia Properties, L.P.	  	Pennsyvlania
	13. Keystone Philadelphia Properties, LLC	  	Delaware
	14. Pennsylvania Real Estate Investment Trust	  	Pennsylvania
	15. Plymouth Ground Associates LLC	  	Pennsylvania
	16. Plymouth Ground Associates LP	  	Pennsylvania
	17. Plymouth License III, LLC	  	Pennsylvania
	18. Plymouth License IV, LLC	  	Pennsylvania
	19. PR Acquisition Sub LLC	  	Delaware
	20. PR AEKI Plymouth, L.P.	  	Delaware
	21. PR AEKI Plymouth LLC	  	Delaware
	22. PR BVM, LLC	  	Pennsylvania
	23. PR Crossroads I, LLC	  	Pennsylvania
	24. PR Crossroads II, LLC	  	Pennsylvania
	25. PR Cumberland Outparcel LLC	  	New Jersey
	26. PR Echelon Limited Partnership	  	Pennsylvania
	27. PR Echelon LLC	  	Pennsylvania
	28. PR Exton Limited Partnership	  	Pennsylvania
	29. PR Exton LLC	  	Pennsylvania
	30. PR Exton Square Property L.P.	  	Delaware
	31. PR Financing I LLC	  	Delaware
	32. PR Financing II LLC	  	Delaware
	33. PR Financing Limited Partnership	  	Delaware
	34. PR Florence LLC	  	South
Carolina
	35. PR Gainesville Limited Partnership	  	Delaware
	36. PR Gainesville LLC	  	Delaware

 

 

  

			
	 Entity (listed alphabetically)
	  	 State of
Formation

	37. PR Gallery I Limited Partnership	  	Pennsylvania
	38. PR Gallery I LLC	  	Pennsylvania
	39. PR Gallery II Limited Partnership	  	Pennsylvania
	40. PR Gallery II LLC	  	Delaware
	41. PR GC Inc.	  	Maryland
	42. PR GV LLC	  	Delaware
	43. PR GV LP	  	Delaware
	44. PR Holding Sub Limited Partnership	  	Pennsylvania
	45. PR Holding Sub LLC	  	Pennsylvania
	46. PR Lacey LLC	  	New Jersey
	47. PR Lancaster Holdings Limited Partnership	  	Pennsylvania
	48. PR Lancaster Limited Partnership	  	Pennsylvania
	49. PR Lancaster LLC	  	Delaware
	50. PR Lycoming Service Associates	  	Pennsylvania
	51. PR Monroe Holdings, L.P.	  	Pennsylvania
	52. PR Monroe Limited Partnership	  	Pennsylvania
	53. PR Monroe Holdings, LLC	  	Delaware
	54. PR Monroe, LLC	  	Delaware
	55. PR Monroe Old Trail Limited Partnership	  	Pennsylvania
	56. PR Monroe Old Trail Holdings, L.P.	  	Pennsylvania
	57. PR Monroe Old Trail, LLC	  	Delaware
	58. PR Monroe Old Trail Holdings, LLC	  	Delaware
	59. PR New Garden LLC	  	Pennsylvania
	60. PR New Garden Limited Partnership	  	Pennsylvania
	61. PR New Garden Residential Limited Partnership	  	Pennsylvania
	62. PR New Garden Residential LLC	  	Delaware
	63. PR New Garden/Chesco Holdings, L.P.	  	Pennsylvania
	64. PR New Garden/Chesco Holdings, LLC	  	Delaware
	65. PR New Garden/Chesco Limited Partnership	  	Pennsylvania
	66. PR New Garden/Chesco, LLC	  	Delaware
	67. PR Northeast Whitaker Avenue, L.P.	  	Pennsylvania
	68. PR Northeast Whitaker Avenue LLC	  	Pennsylvania
	69. PR Orlando Fashion Square LLC	  	Delaware
	70. PR Palmer Park, L.P.	  	Pennsylvania
	71. PR Palmer Park Mall Limited Partnership	  	Pennsylvania
	72. PR Palmer Park Trust	  	Pennsylvania
	73. PR Plymouth Meeting Associates PC LP	  	Delaware
	74. PR Plymouth Meeting Limited Partnership	  	Pennsylvania
	75. PR Plymouth Meeting LLC	  	Pennsylvania
	76. PR PM PC Associates LLC	  	Delaware

 

 

  

			
	 Entity (listed alphabetically)
	  	 State of Formation

	77. PR PM PC Associates LP	  	Delaware
	78. PR Radio Drive LLC	  	South Carolina
	79. PR Services Corporation	  	Pennsylvania
	80. PR Swedes Square LLC	  	Delaware
	81. PR TP LLC	  	Delaware
	82. PR TP LP	  	Delaware
	83. PR Valley View Downs Limited Partnership	  	Pennsylvania
	84. PR Valley View Downs LLC	  	Pennsylvania
	85. PR Washington Crown Limited Partnership	  	Pennsylvania
	86. PR Washington Crown LLC	  	Delaware
	87. PR WC LLC	  	Delaware
	88. PR Westgate Limited Partnership	  	Pennsylvania
	89. PR Westgate LLC	  	Pennsylvania
	90. PR Wiregrass Anchor LLC	  	Delaware
	91. PR Wiregrass Commons LLC	  	Delaware
	92. PREIT CDE LLC	  	Pennsylvania
	93. PREIT Gadsden Mall LLC	  	Delaware
	94. PREIT Gadsden Office LLC	  	Delaware
	95. PREIT Protective Trust 1	  	n/a
	96. PREIT Services, LLC	  	Delaware
	97. PREIT TRS, Inc.	  	Delaware
	98. PREIT-Rubin, Inc.	  	Pennsylvania
	99. PREIT-Rubin OP, Inc.	  	Pennsylvania
	100. Rubin II, Inc.	  	Pennsylvania
	101. WG Park – Anchor B, LLC	  	Delaware
	102. WG Park – Anchor B LP	  	Delaware
	103. XGP LLC	  	Delaware

 

 

  

 ANNEX B 
 SECURITY INSTRUMENTS 
 1. Open-End Mortgage, Security Agreement and
Assignment of Leases and Rents and Fixture Filing executed by PR Financing Limited Partnership (“PR Financing”) in favor of the Administrative Agent (the “Chambersburg Security Instrument”). 
 2. Mortgage, Security Agreement and Assignment of Leases and Rents and Fixture Filing executed by PR Florence LLC and PR Radio Drive LLC in favor of the
Administrative Agent (the “South Carolina Security Instrument”). 
 3. Credit Line Fee and Leasehold Deed of Trust, Security Agreement
and Assignment of Leases and Rents and Fixture Filing executed by PR Crossroads I, LLC and PR Crossroads II, LLC in favor of the Administrative Agent (the “Crossroads Security Instrument”). 
 4. Mortgage, Security Agreement and Assignment of Leases and Rents and Fixture Filing executed by PREIT Gadsden Mall LLC and PREIT Gadsden Office LLC in
favor of the Administrative Agent (the “Gadsden Security Instrument”). 
 5. Leasehold Mortgage, Security Agreement and Assignment of
Leases and Rents and Fixture Filing executed by PR Gallery and Keystone in favor of the Administrative Agent (the “Gallery Security Instrument”). 
 6. Open-End Mortgage, Security Agreement and Assignment of Leases and Rents and Fixture Filing executed by PR Monroe Limited Partnership in favor of the Administrative Agent (the “Monroe Security
Instrument”). 
 7. Deed of Trust, Security Agreement and Assignment of Leases and Rents and Fixture Filing executed by PR Financing
Limited in favor of the Administrative Agent (the “New River Security Instrument”). 
 8. Open-End Mortgage, Security Agreement and
Assignment of Leases and Rents and Fixture Filing executed by PR Financing in favor of the Administrative Agent (the “Nittany Security Instrument”). 
 9. Open-End Mortgage, Security Agreement and Assignment of Leases and Rents and Fixture Filing executed by PR Financing in favor of the Administrative Agent (the “North Hanover Security
Instrument”). 
 10. Fee and Leasehold Mortgage, Security Agreement and Assignment of Leases and Rents and Fixture Filing executed by PR
Orlando Fashion Square LLC in favor of the Administrative Agent (the “Orlando Security Instrument”). 

 

 

  

 11. Open-End Mortgage, Security Agreement and Assignment of Leases and Rents and Fixture Filing executed
by PR Palmer Park Mall Limited Partnership in favor of the Administrative Agent (the “Palmer Park Security Instrument”). 
 12.
Mortgage, Security Agreement and Assignment of Leases and Rents and Fixture Filing executed by PR Financing in favor of the Administrative Agent (the “Phillipsburg Security Instrument”). 
 13. Open-End Fee and Leasehold Mortgage, Security Agreement and Assignment of Leases and Rents and Fixture Filing executed by PR Plymouth Meeting Limited
Partnership, PR AEKI Plymouth, L.P. and Plymouth Ground Associates, LP in favor of the Administrative Agent (the “Plymouth Security Instrument”). 
 14. Open-End Mortgage, Security Agreement and Assignment of Leases and Rents and Fixture Filing executed by PR Financing and PR Westgate Limited Partnership in favor of the Administrative Agent (the
“Lehigh County Security Instrument”). 
 15. Mortgage, Security Agreement and Assignment of Leases and Rents and Fixture Filing
executed by PR Lacey LLC in favor of the Administrative Agent (the “Sunrise Security Instrument”). 
 16. Open-End Leasehold Mortgage,
Security Agreement and Assignment of Leases and Rents and Fixture Filing executed by PR Financing in favor of the Administrative Agent (the “Uniontown Security Instrument”). 
 17. Mortgage, Security Agreement and Assignment of Leases and Rents and Fixture Filing executed by Echelon Title LLC in favor of the Administrative Agent (the “Voorhees Security Instrument”).

 18. Open-End Mortgage, Security Agreement and Assignment of Leases and Rents and Fixture Filing executed by PR Washington Crown Limited
Partnership in favor of the Administrative Agent (the “Washington Crown Security Instrument”). 
 19. Mortgage, Security Agreement and
Assignment of Leases and Rents and Fixture Filing executed by PR Wiregrass Commons LLC and PR Wiregrass Anchor LLC in favor of the Administrative Agent (the “Wiregrass Security Instrument”). 
 The Chambersburg Security Instrument, Gallery Security Instrument, Monroe Security Instrument, Nittany Security Instrument, North Hanover Security
Instrument, Palmer Park Security Instrument, Plymouth Security Instrument, Lehigh County Security Instrument, Uniontown Security Instrument, and Washington Crown Security Instrument are collectively referred to as the “Pennsylvania Security
Instruments”. 
 The Philipsburg Security Instrument, the Sunrise Security Instrument and the Voorhees Security Instrument are together
referred to as the “New Jersey Security Instruments”. 

 

 

  

 ANNEX C 
 UCC-1S 
 A. UCC-1s to be filed with the Secretary of State of
Pennsylvania (collectively, the “Pennsylvania UCC- 1s”): 
 1. UCC-1 Financing Statement naming PR Crossroads I, LLC and PR Crossroads
II, LLC as debtors and Administrative Agent as secured party. 
 2. UCC-1 Financing Statement naming PR Gallery and Keystone as debtors and
Administrative Agent as secured party. 
 3. UCC-1 Financing Statement naming PR Monroe Limited Partnership as debtor and Administrative Agent
as secured party. 
 4. UCC-1 Financing Statement naming PR Palmer Park Mall Limited Partnership as debtor and Administrative Agent as secured
party. 
 5. UCC-1 Financing Statement naming PR Plymouth Meeting Limited Partnership and Plymouth Ground Associates, LP as debtors and
Administrative Agent as secured party. 
 6. UCC-1 Financing Statement naming PR Washington Crown Limited Partnership as debtor and
Administrative Agent as secured party. 
 7. UCC-1 Financing Statement naming PR Westgate Limited Partnership as debtor and Administrative Agent
as secured party. 
 B. UCC-1s to be filed with the Secretary of State of Delaware (collectively, the “Delaware UCC-1 s”): 

1. UCC-1 Financing Statement naming Echelon Title LLC as debtor and Administrative Agent as secured party. 
 2. UCC-1 Financing Statement naming PR Financing as debtor and Administrative Agent as secured party. 
 3. UCC-1 Financing Statement naming PREIT Gadsden Mall LLC as debtor and Administrative Agent as secured party. 
 4. UCC-1 Financing Statement naming PREIT Gadsden Office LLC as debtor and Administrative Agent as secured party. 

 

 

  

 5. UCC-1 Financing Statement naming PR Orlando Fashion Square LLC as debtor and Administrative Agent as
secured party. 
 6. UCC-1 Financing Statement naming PR AEKI Plymouth, L.P. as debtor and Administrative Agent as secured party. 
 7. UCC-1 Financing Statement naming PR Wiregrass Anchor LLC and PR Wiregrass Commons LLC as debtors and Administrative Agent as secured party. 

C. UCC-1 to be filed with the Department of the Treasury of New Jersey (the “New Jersey UCC-1”): 
 1. UCC-1 Financing Statement naming PR Lacey LLC as debtor and Administrative Agent as secured party. 
 D. UCC- 1s to be filed with the Secretary of State of Delaware with respect to the Pledgors (collectively, the “Delaware Pledgor UCC- 1s”):

 1. UCC-1 Financing Statement naming PREIT Associates, L.P. as debtor and Administrative Agent as secured party. 
 2. UCC-1 Financing Statement naming Keystone Philadelphia Properties, LLC as debtor and Administrative Agent as secured
party. 
 E. UCC-1s to be filed with the Secretary of State of Pennsylvania with respect to the Pledgors (collectively, the “Pennsylvania
Pledgor UCC- 1s”): 
 1. UCC-1 Financing Statement naming PR Gallery I, LLC as debtor and Administrative Agent as secured party.

 2. UCC-1 Financing Statement naming PR Gallery II Limited Partnership as debtor and Administrative Agent as secured party. 
 F. UCC-1s to be filed with the Secretary of State of Pennsylvania with respect to the Grantors (collectively, the “Pennsylvania Grantor UCC- 1s”):

 1. UCC-1 Financing Statement naming PREIT-RUBIN, Inc. as debtor and Administrative Agent as secured party. 

 

 

  

 ANNEX D 
 GOOD STANDING/SUBSISTENCE CERTIFICATE FOR BORROWER AND 
 GALLERY BORROWER 
 PREIT Associates, L.P. – Certificate of Good Standing issued by the Secretary of State of the State
Delaware dated February 22, 2010. 
 PREIT-RUBIN, Inc. – Certificate of Subsistence issued by the Department of State of the
Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Gallery I Limited Partnership – Certificate of Subsistence issued by the
Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 Keystone Philadelphia Properties, L.P. –
Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 

 

 

  

 ANNEX E 
 SUBSISTENCE CERTIFICATE FOR PARENT 
 Pennsylvania Real Estate
Investment Trust – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 

 

 

  

 ANNEX F 
 GOOD STANDING/SUBSISTENCE CERTIFICATES FOR GUARANTORS 
 1150 Plymouth
Associates, Inc. – Certificate of Good Standing issued by the Department of Assessments and Taxation of the State of Maryland dated February 22, 2010. 
 801-Gallery Associates, L.P. – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 801-Gallery GP, LLC – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010.

 801 Developers, LP – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated
February 22, 2010. 
 801 Developers GP, LLC – Certificate of Subsistence issued by the Department of State of the Commonwealth of
Pennsylvania dated February 22, 2010. 
 Beverage Two, LLC – Certificate of Good Standing issued by the Department of the Treasury of
the State of New Jersey dated February 26, 2010. 
 Capital City Beverage Enterprises, Inc. – Certificate of Good Standing issued by
the Department of Assessments and Taxation of the State of Maryland dated February 22, 2010. 
 Echelon Beverage LLC – Certificate of
Good Standing issued by the Department of the Treasury of the State of New Jersey dated February 22, 2010. 
 Echelon Residential Unit
Owner LLC – Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 Echelon
Title LLC – Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 Exton
License, Inc. – Certificate of Good Standing issued by the Department of Assessments and Taxation of the State of Maryland dated February 22, 2010. 
 Keystone Philadelphia Properties, LLC – Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 Plymouth Ground Associates LLC – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated
February 22, 2010. 

 

 

  

 Plymouth Ground Associates LP – Certificate of Subsistence issued by the Department of State of the
Commonwealth of Pennsylvania dated February 22, 2010. 
 Plymouth License III, LLC – Certificate of Subsistence issued by the
Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 Plymouth License IV, LLC – Certificate of
Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Acquisition Sub LLC –
Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 PR AEKI Plymouth, L.P.
– Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 PR AEKI Plymouth
LLC – Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 PR BVM, LLC
– Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR
Crossroads I, LLC – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Crossroads II, LLC – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Cumberland Outparcel LLC – Certificate of Good Standing issued by the Department of the Treasury of the State of New Jersey dated February 22,
2010. 
 PR Echelon Limited Partnership – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania
dated February 23, 2010. 
 PR Echelon LLC – Certificate of Subsistence issued by the Department of State of the Commonwealth of
Pennsylvania dated February 22, 2010. 
 PR Exton Limited Partnership – Certificate of Subsistence issued by the Department of State
of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Exton LLC – Certificate of Subsistence issued by the Department of
State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Exton Square Property L.P. - Certificate of Good Standing issued
by the Secretary of State of the State of Delaware dated February 22, 2010. 

 

 

  

 PR Financing I LLC - Certificate of Good Standing issued by the Secretary of State of the State of
Delaware dated February 22, 2010. 
 PR Financing II LLC - Certificate of Good Standing issued by the Secretary of State of the State of
Delaware dated February 22, 2010. 
 PR Financing Limited Partnership - Certificate of Good Standing issued by the Secretary of State of
the State of Delaware dated February 22, 2010. 
 PR Florence LLC – Certificate of Existence issued by the Secretary of State of the
State of South Carolina dated February 25, 2010. 
 PR Gainesville Limited Partnership – Certificate of Good Standing issued by the
Secretary of State of the State of Delaware dated February 22, 2010. 
 PR Gainesville LLC – Certificate of Good Standing issued by
the Secretary of State of the State of Delaware dated February 22, 2010. 
 PR Gallery I LLC – Certificate of Subsistence issued by
the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Gallery II Limited Partnership –
Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Gallery II
LLC – Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 PR GC Inc.-
Certificate of Good Standing issued by the Department of Assessments and Taxation of the State of Maryland dated February 22, 2010. 
 PR
GV LLC – Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 PR GV LP
– Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 PR Holding Sub
Limited Partnership – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Holding Sub LLC – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 

 

 

  

 PR Lacey LLC – Certificate of Good Standing issued by the Department of the Treasury of the State
of New Jersey dated February 22, 2010. 
 PR Lancaster Holdings Limited Partnership – Certificate of Subsistence issued by the
Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Lancaster Limited Partnership – Certificate of
Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Lancaster LLC –
Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 PR Lycoming Service
Associates – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Monroe Holdings, L.P. – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Monroe Limited Partnership – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Monroe Holdings, LLC – Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010.

 PR Monroe, LLC – Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010.

 PR Monroe Old Trail Limited Partnership – Certificate of Subsistence issued by the Department of State of the Commonwealth of
Pennsylvania dated February 22, 2010. 
 PR Monroe Old Trail Holdings, L.P. – Certificate of Subsistence issued by the Department of
State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Monroe Old Trail, LLC – Certificate of Good Standing issued
by the Secretary of State of the State of Delaware dated February 22, 2010. 
 PR Monroe Old Trail Holdings, LLC – Certificate of Good
Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 PR New Garden LLC – Certificate of
Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR New Garden Limited
Partnership – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 

 

 

  

 PR New Garden Residential Limited Partnership – Certificate of Subsistence issued by the Department
of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR New Garden Residential LLC – Certificate of Good Standing
issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 PR New Garden/Chesco Limited Partnership –
Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR New
Garden/Chesco Holdings, L.P. – Certificate of Subsistence issued by the Department of the State of the State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR New Garden/Chesco Holdings, LLC – Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 PR New Garden/Chesco, LLC – Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010.

 PR Northeast Whitaker Avenue, L.P. – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania
dated February 22, 2010. 
 PR Northeast Whitaker Avenue LLC – Certificate of Subsistence issued by the Department of State of the
Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Orlando Fashion Square LLC – Certificate of Good Standing issued by the
Secretary of State of the Delaware dated February 22, 2010. 
 PR Palmer Park, L.P. – Certificate of Subsistence issued by the
Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Palmer Park Mall Limited Partnership –
Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Palmer Park
Trust – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Plymouth Meeting Associates PC LP – Certificate of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 PR Plymouth Meeting Limited Partnership – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 

 

 

  

 PR Plymouth Meeting LLC – Certificate of Subsistence issued by the Department of State of the
Commonwealth of Pennsylvania dated February 22, 2010. 
 PR PM PC Associates LLC – Certificate of Good Standing issued by the
Secretary of State of the State of Delaware dated February 22, 2010. 
 PR PM PC Associates LP – Certificate of Good Standing issued
by the Secretary of State of the State of Delaware dated February 22, 2010. 
 PR Radio Drive LLC – Certificate of Existence issued by
the Secretary of State of the State of South Carolina dated February 25, 2010. 
 PR Services Corporation – Certificate of Subsistence
issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Swedes Square LLC – Certificate
of Good Standing issued by the Secretary of State of the Delaware dated February 22, 2010. 
 PR TP LLC – Certificate of Good Standing
issued by the Secretary of State of the Delaware dated February 22, 2010. 
 PR TP LP – Certificate of Good Standing issued by the
Secretary of State of the Delaware dated February 22, 2010. 
 PR Valley View Downs Limited Partnership – Certificate of Subsistence
issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Valley View Downs LLC –
Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Washington
Crown Limited Partnership – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Washington Crown LLC – Certificate of Good Standing issued by the Secretary of State of the Delaware dated February 22, 2010. 
 PR WC LLC – Certificate of Good Standing issued by the Secretary of State of the Delaware dated February 22, 2010. 
 PR Westgate Limited Partnership – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 PR Westgate LLC – Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010.

 

 

  

 PR Wiregrass Anchor LLC – Certificate of Good Standing issued by the Secretary of State of the
Delaware dated February 22, 2010. 
 PR Wiregrass Commons LLC – Certificate of Good Standing issued by the Secretary of State of the
State of Delaware dated February 22, 2010. 
 PREIT CDE LLC - Certificate of Subsistence issued by the Department of State of the
Commonwealth of Pennsylvania dated February 22, 2010. 
 PREIT Gadsden Mall LLC – Certificate of Good Standing issued by the Secretary
of State of the State of Delaware dated February 22, 2010. 
 PREIT Gadsden Office LLC – Certificate of Good Standing issued by the
Secretary of State of the State of Delaware dated February 22, 2010. 
 PREIT Services, LLC – Certificate of Good Standing issued by
the Secretary of State of the State of Delaware dated February 22, 2010. 
 PREIT TRS, Inc. – Certificate of Good Standing issued by
the Secretary of State of the State of Delaware dated February 22, 2010. 
 PREIT-Rubin OP, Inc. – Certificate of Subsistence issued
by the Department of State of the Commonwealth of Pennsylvania dated February 22, 2010. 
 Rubin II, Inc. – Certificate of Subsistence
issued by the Department of State of Commonwealth of Pennsylvania dated February 22, 2010. 
 WG Park-Anchor B, LLC – Certificate of
Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 WG Park-Anchor B LP – Certificate
of Good Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 
 XGP LLC – Certificate of Good
Standing issued by the Secretary of State of the State of Delaware dated February 22, 2010. 

 

 

  

 ANNEX G 
 GOOD STANDING/SUBSISTENCE CERTIFICATES FOR PROPERTY 
 OWNERS OWNING PROPERTY IN PENNSYLVANIA OR NEW JERSEY 
 PR Financing Limited Partnership – Certificate of Subsistence
issued by the Department of State of the Commonwealth of Pennsylvania dated February 23, 2010. 
 PR Financing Limited Partnership –
Certificate of Good Standing issued by the Department of the Treasury of the State of New Jersey dated February 22, 2010. 
 Echelon Title
LLC – Certificate of Good Standing issued by the Department of the Treasury of the State of New Jersey dated February 22, 2010. 
 PR
AEKI Plymouth LP - Certificate of Subsistence issued by the Department of State of the Commonwealth of Pennsylvania dated February 23, 2010. 

 EXHIBIT R 
 FORM OF COMPLIANCE CERTIFICATE 
 Reference is made to that certain Amended,
Restated and Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among PREIT Associates, L.P. (“PREIT”) and
PREIT-RUBIN, Inc. (“PREIT-RUBIN”; together with PREIT, each individually a “Borrower” and collectively, the “Borrower”), PR Gallery I Limited Partnership, a Pennsylvania limited partnership (“PR Gallery”),
Keystone Philadelphia Properties, L.P., a Pennsylvania limited partnership (“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the “Gallery Borrower”),
Pennsylvania Real Estate Investment Trust (the “Parent”), the financial institutions party thereto and their assignees under Section 11.6.(c) thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative
Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given to them in the Credit Agreement. 
 Pursuant to Section 7.1.(a)(iii) of the Credit Loan Agreement, the undersigned, in his or her capacity as chief financial officer of
the Parent and not in her or her individual capacity, hereby certifies to the Administrative Agent and the Lenders that: 
 1.
(a) The undersigned has reviewed the terms of [the Existing Agreements and the Credit Agreement, as applicable, and has made a review of the transactions, financial condition and other affairs of the Parent, the Borrower and its Subsidiaries as
of, and during the relevant accounting period ended on, December 31, 2009 and]1 [the Credit Agreement and has made a review of the transactions, financial condition and other affairs of the Parent, the Borrower and its Subsidiaries as of, and during the relevant accounting period
ended on,             , 20     and]2
 (b) such review has not disclosed the existence during such accounting period, and the undersigned does not have
knowledge of the existence, as of the date hereof, of any condition or event constituting a Default or Event of Default [except as set forth on Attachment A hereto, which accurately describes the nature of the conditions(s) or event(s)
that constitute (a) Default(s) or (an) Event(s) of Default and the actions which the Borrower (is taking)(is planning to take) with respect to such condition(s) or event(s)]. 
 2. Schedule 1 attached hereto accurately and completely sets forth the calculations required to establish compliance [with
Section 8.1 of each of the Existing 
  

	1	Use the bracketed language preceding this footnote only for the accounting period ended December 31, 2009.

	2	Use the bracketed language immediately preceding this footnote (but not what precedes footnote 1) for the
accounting period ended March 31, 2010 and all accounting periods thereafter. 

  

 R-1 

 
Agreements]3 [with Section 8.1. of the Credit Agreement]4 on the date of the financial statements for the accounting period set forth above. 
 3. Schedule 2 attached hereto accurately and completely sets forth the calculations required to establish the Facility Debt Yield and the Corporate Debt Yield. 
 4. (a) No Default or Event of Default exists, and (b) the representations and warranties of the Parent, the Borrower and the other
Loan Parties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects, except to the extent such representations or warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Credit Agreement or the other Loan Documents. 
 IN WITNESS WHEREOF, the undersigned has signed this Compliance Certificate in his or her capacity as chief financial officer of the Parent
and not in his or her individual capacity on and as of             , 20    . 
  

			
	  

	Name:	 	  

	Title:	 	  

  

	3	 Use the bracketed language preceding this footnote only for the accounting period ended December 31, 2009. 

	4	 Use the bracketed language immediately preceding this footnote (but not what precedes footnote 1)
for the accounting period ended March 31, 2010 and all accounting periods thereafter. 

  

 R-2 

 EXHIBIT S 
 FORM OF PRICING CERTIFICATE 
 Reference is made to that certain Amended, Restated
and Consolidated Credit Agreement dated as of March 11, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among PREIT Associates, L.P. (“PREIT”), PREIT-RUBIN,
Inc. (“PREIT-RUBIN; together with PREIT, individually, a “Borrower” and collectively, the “Borrower”), PR Gallery I Limited Partnership, a Pennsylvania limited partnership (“PR Gallery”), Keystone Philadelphia
Properties, L.P., a Pennsylvania limited partnership (“Keystone” together with PR Gallery, PREIT and PREIT-RUBIN, each individually, a “Gallery Borrower” and collectively, the “Gallery Borrower”), Pennsylvania Real
Estate Investment Trust (the “Parent”), the financial institutions party thereto and their assignees under Section 11.6.(c) thereof, Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative
Agent”) and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
 Pursuant to Section 7.1.(a)(iv) of the Credit Agreement, the undersigned hereby certifies to the Agent and the Lenders in his or her
capacity as Chief Financial Officer of Parent, and not in his or her individual capacity, that: 
 1. (a) The undersigned has
reviewed the terms of the Credit Agreement and has made a review of the transactions, financial condition and other affairs of the Parent, the Borrower and the other Loan Parties as of, and during the relevant accounting period ending on,
            , 200     (the “Pricing Date”) and (b) such review has not disclosed the existence during such accounting period, and the undersigned does not
have knowledge of the existence, as of the date hereof, of any condition or event constituting a Default or Event of Default. 
 2. Schedule 1 attached hereto accurately and completely sets forth the calculations required to determine the ratio of Total Liabilities to Gross Asset Value on the Pricing Date. 
 3. The ratio of Total Liabilities to Gross Asset Value as of such date is
             to             . The Applicable Margin corresponding to such ratio is     %. 
 [Remainder of Page Intentionally Left Blank] 
  

 S-1 

 IN WITNESS WHEREOF, the undersigned has signed this Pricing Certificate on and as of
            , 20    . 
  

			
	  

	Name:	 	  

	Title:	 	Chief Financial Officer

  

 S-2

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