Document:

Lease Agreement

 Exhibit 10.1 

LEASE 
 BY AND
BETWEEN 
 TRUSTEES OF LEXINGTON OFFICE REALTY TRUST 

LANDLORD 
 AND

 CURIS, INC. 

TENANT 
 4 MAGUIRE
ROAD 
 LEXINGTON, MASSACHUSETTS 

 LEASE 

4 Maguire Road 

Lexington, Massachusetts 

ARTICLE 1 

Reference Data 

1.1 Introduction and Subjects Referred To. 

This is a lease (this “Lease”) entered into by and between Trustees of Lexington Office Realty Trust, under Declaration
of Trust dated December 22, 2008 and filed with Middlesex County Registry District of the Land Court as Document No. 1488947 (“Landlord”) and Curis, Inc., a Delaware corporation (“Tenant”). 

Each reference in this Lease to any of the following terms or phrases shall be construed to incorporate the corresponding definition
stated in this Section 1.1. 
  

			
	Date of this Lease:	  	September 16, 2010.
		
	Building and Property:	  	That building in the Town of Lexington, Massachusetts known as 4 Maguire Road (the “Building”). The Building and the land parcels on which it is located and the
sidewalks adjacent thereto are hereinafter collectively referred to as the “Property”.
		
	Premises:	  	The entire rentable area of the first floor of the Building, substantially as shown on Exhibit A hereto.
		
	Premises Rentable Area:	  	24,529 square feet.
		
	Original Term:	  	Seven (7) years and two (2) months, commencing on the Commencement Date and expiring on the day preceding the seventh anniversary of the Rent Commencement Date, except that if
the Rent Commencement Date shall occur on a day other than the first day of a month, the Original Term shall expire on the last day of the month in which such anniversary shall occur.
		
	Rent Commencement Date:	  	The date that is two (2) months after the Commencement Date.

			
	Annual Fixed Rent:	  	The following amounts:

  

							
	 Year
	  	Annual	  	Monthly
	 1
	  	$	555,091.20	  	$	46,257.60
	 2
	  	$	579,620.20	  	$	48,301.68
	 3
	  	$	604,149.20	  	$	50,345.77
	 4
	  	$	628,678.20	  	$	52,389.85
	 5
	  	$	653,207.20	  	$	54,433.93
	 6
	  	$	677,736.20	  	$	56,478.02
	 7
	  	$	702,265.20	  	$	58,522.10

  

			
		  	For purposes of the timing of the adjustments in the amount of Annual Fixed Rent during the Original Term, the term “Year” shall mean a period of twelve (12)
consecutive calendar months commencing on the Rent Commencement Date and each successive twelve (12) calendar month period, except that if the Rent Commencement Date is not the first day of a month, the first
(1st) Year shall be the period commencing on the Rent
Commencement Date and expiring on the last day of the month in which the first
(1st) anniversary of the Rent Commencement Date shall
occur (in which case Tenant shall pay, in addition to Annual Fixed Rent for the twelve months of Year 1, pro rated Annual Fixed Rent for the partial month in which the Rent Commencement Date occurs at the annual rate for Year 1, as provided in
Section 4.1).
		
	Tenant’s Percentage:	  	Forty-five and one-half percent (45.50%).
		
	Permitted Uses:	  	General offices and research and laboratory purposes, including animal research, subject to applicable zoning and the provisions of Subsection 6.1.2.
		
	Delivery Date:	  	December 1, 2010
		
	Security Deposit:	  	$277,546.00, subject to reduction as provided in Section 4.7.
		
	Commercial General Liability Insurance Limits:	  	$5,000,000 per occurrence (combined single limit) for property damage, bodily and personal injury and death.
		
	Original Address of Landlord:	  	 c/o Reit Management & Research LLC

Riverbend Office Park
 7-9 Galen
Street
 Watertown, MA 02472
 Attention:
Regional Vice President

  

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	Original Address of Tenant:	  	 Curis, Inc.
 45 Moulton
Street
 Cambridge, MA 02138
 Attn:
Chief Financial Officer

		
	 Address for Payment
 of Rent:

	  	 Lexington Office Realty Trust

c/o Reit Management & Research LLC
 PO Box
845119
 Boston, MA 02284-5119

1.2 Exhibits. 

The Exhibits listed below in this section are incorporated in this Lease by reference and are to be construed as a part of this Lease.

  

					
	EXHIBIT A.	  	Plan showing the Premises.	  	
	EXHIBIT A-1.	  	Preliminary Plans.	  	
	EXHIBIT A-2.	  	Furniture.	  	
	EXHIBIT B.	  	Rules and Regulations.	  	
	EXHIBIT C.	  	Alterations Requirements.	  	
	EXHIBIT D.	  	Contractor’s Insurance Requirements.	  	
	EXHIBIT E.	  	Secretary’s Certificate.	  	
	EXHIBIT F.	  	Declaration by Landlord and Tenant.	  	

 ARTICLE 2 

Premises and Term 

2.1 Premises. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord, subject to and with the benefit of the
terms, covenants, conditions and provisions of this Lease, the Premises, excluding exterior walls (except for the interior face thereof), the common lobbies, hallways, stairways, stairwells, elevator shafts and other common areas, and the elevators,
pipes, ducts, conduits, wires and appurtenant fixtures and other common facilities serving the common areas, the Premises and the premises of other tenants in the Building. 

Tenant shall have, as appurtenant to the Premises, rights to use, in common with others, subject to reasonable rules of general
applicability to tenants of the Building from time to time made by Landlord of which Tenant is given notice: (a) the common lobbies, hallways and stairways and loading docks of the Building, (b) the common elevators, pipes, ducts,
conduits, wires and appurtenant fixtures and other common facilities serving the Premises, and (c) common parking areas, walkways and driveways necessary for access to the Building. 

2.2 Term. The term of this Lease shall be for a period beginning on the Commencement Date (as defined in Section 3.1) and
continuing for the Original Term and any 
  

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extension of the term hereof in accordance with the provisions of this Lease, unless sooner terminated as hereinafter provided. When the dates of the beginning and end of the Original Term have
been determined such dates shall be evidenced by a confirmatory document executed by Landlord and Tenant in the form substantially as shown on Exhibit F hereto and delivered each to the other, but the failure of Landlord and Tenant to execute or
deliver such document shall have no effect upon such dates. The Original Term and any extension of the term hereof in accordance with the provisions of this Lease is hereinafter referred to as the “term” of this Lease. 

2.3 Extension Option. So long as this Lease is still in full force and effect, and subject to the Conditions (as hereinafter
defined), which Landlord may waive, in its discretion, at any time, but only by notice to Tenant, Tenant shall have the right to extend the term of this Lease for one (1) additional period (the “Extended Term”) of five
(5) years. The Extended Term shall commence on the day succeeding the expiration of the Original Term and shall end on the day immediately preceding the fifth anniversary of the commencement of the Extended Term. All of the terms, covenants and
provisions of this Lease applicable immediately prior to the expiration of the Original Term shall apply to the Extended Term except that (i) the Annual Fixed Rent for each such Extended Term shall be the greater of (a) the Annual Fixed
Rent in effect on the day preceding the commencement of such Extended Term without giving effect to any abatements, set-offs or concessions then in effect (the “Prior Rent”), or (b) the Market Rate (as hereinafter defined) for
the Premises determined as of the commencement of such Extended Term, as designated by Landlord by notice to Tenant (“Landlord’s Notice”), but subject to Tenant’s right to dispute as hereinafter provided; and
(ii) Tenant shall have no further right to extend the term of this Lease beyond the Extended Term. If Tenant shall elect to exercise the aforesaid option, it shall do so by giving Landlord notice (an “Election Notice”) of its
election not later than one (1) year, nor sooner than eighteen (18) months, prior to the expiration of the Original Term. If Tenant fails to give such Election Notice to Landlord, the term of this Lease shall automatically terminate no
later than the end of the Original Term, and Tenant shall have no further option to extend the term of this Lease, it being agreed that time is of the essence with respect to the giving of the Election Notice. If Tenant shall extend the term hereof
pursuant to the provisions of this Section 2.3, such extension shall (subject to satisfaction of the Conditions, unless waived by Landlord) be automatically effected without the execution of any additional documents, but Tenant shall, at
Landlord’s request, execute an agreement confirming the Annual Fixed Rent for the applicable Extended Term. The “Conditions” are that, as of the date of the Election Notice there shall exist no Default of Tenant (as defined in
Section 8.1) and the named Tenant as set forth in Section 1.1 (or any assignee or subtenant pursuant to a Permitted Transfer, as defined in Section 6.2.1) shall actually occupy not less than sixty-six percent (66%) of the
Premises. 
 “Market Rate” shall mean the then fair market fixed annual rent for the Premises for the Extended
Term (which may include periodic adjustments) commensurate with the fixed annual rents then being charged in the Building and in comparable buildings in the Rental Market for premises comparable to the Premises and used for the same or similar
purposes under leases for a similar term, taking into account all relevant factors (determined as set forth below). If Tenant disagrees with Landlord’s designation of the Market Rate, Tenant shall give notice thereof to Landlord within thirty
(30) days after the giving of Landlord’s Notice (failure to provide such notice of disagreement within such 30-day period constituting acceptance by Tenant of Market Rate as set forth in Landlord’s Notice); and if the parties cannot
agree upon the Market Rate by 
  

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the date that is forty (40) days following Landlord’s Notice and the Prior Rent shall not determine the Annual Fixed Rent for the Extended Term, then the Market Rate shall be submitted
to appraisal as follows: Within fifteen (15) days after the expiration of such forty (40) day period, Landlord and Tenant shall each give notice to the other specifying the name and address of the appraiser each has chosen. The two
appraisers so chosen shall meet within twenty (20) days after the second appraiser is appointed and if, within twenty (20) days after the second appraiser is appointed, the two appraisers shall not agree upon a determination of the Market
Rate in accordance with the following provisions of this Section 2.3 they shall together appoint a third appraiser. If only one appraiser shall be chosen whose name and address shall have been given to the other party within such fifteen
(15) day period and who shall have the qualifications hereinafter set forth, that sole appraiser shall render the decision which would otherwise have been made as hereinabove provided. 

If said two appraisers agree on Market Rate in accordance with the paragraph following the immediately following paragraph, then they
shall so determine Market Rate in accordance therewith; if said third appraisers cannot agree upon the appointment of a third appraiser within ten (10) days after the expiration of such twenty (20) day period, then either party, on behalf
of both and on notice to the other, may request such appointment by the then President of the Greater Boston Real Estate Board (or any similar or successor organization) area in accordance with its then prevailing rules. If said President shall fail
to appoint said third appraiser within twenty (20) days after such request is made, then either party, on behalf of both and on notice to the other, may request such appointment by the American Arbitration Association (or any successor
organization) in accordance with its then prevailing rules. In the event that all three appraisers cannot agree upon such Market Rate within ten (10) days after the third appraiser shall have been selected, then the appraisers selected by
Landlord and Tenant shall within such 10-day period each submit to the third appraiser in a sealed envelope his or her determination of the Market Rate, and the third appraiser shall, promptly following the expiration of such 10-day period, promptly
determine the Market Rate by selecting either the Market Rate determination of the appraiser selected by Landlord or the Market Rate determination of the appraiser selected by Tenant, whichever shall be closer to such third appraiser’s
determination of the Market Rate. The third appraiser’s decision as to which of the other two appraisers’ Market Rate determinations shall be the Annual Fixed Rent for the Extended Term shall be rendered in writing to both Landlord and
Tenant within the period described below and shall be final and binding upon them. 
 Each of the appraisers
selected as herein provided shall have at least ten (10) years experience as a commercial real estate broker in the Route 128 West submarket of the Boston, Massachusetts market (the “Rental Market”) dealing with properties of
the same type and quality as the Building. Each party shall pay the fees and expenses of the appraiser it has selected and the fees of its own counsel. Each party shall pay one half
( 1/2) of the fees and expenses of the third
appraiser (or the sole appraiser, if applicable) and all other expenses of the appraisal. The decision and award of the appraiser(s) shall be in writing and shall be final and conclusive on all parties, and counterpart copies thereof shall be
delivered to both Landlord and Tenant. Judgment upon the award of the appraiser(s) may be entered in any court of competent jurisdiction. 

Both appraisers or the third appraiser (or the sole appraiser, if applicable) shall determine the Market Rate of the Premises for the
Extended Term and render a decision and award as to 
  

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their determination to both Landlord and Tenant (a) within twenty (20) days after the appointment of the second appraiser, (b) within fifteen (15) days after the appointment
of the third appraiser or (c) within fifteen (15) days after the appointment of the sole appraiser, as the case may be. In rendering such decision and award, the appraiser(s) shall assume (i) that neither Landlord nor the prospective
tenant is under a compulsion to rent, and that Landlord and Tenant are typically motivated, well-informed and well-advised, and each is acting in what it considers its own best interest, (ii) the Premises are fit for immediate occupancy and use
“as is”, (iii) that in the event the Premises have been destroyed or damaged by fire or other casualty prior to the commencement of the Extended Term, they have been fully restored. The appraisers shall also take into consideration
the rents contained in leases for comparable space in the Building, or in comparable buildings in the Rental Market, for comparable periods of time. 

If the dispute between the parties as to the Market Rate has not been resolved before the commencement of Tenant’s obligation to pay
the Annual Fixed Rent based upon determination of such Market Rate, then Tenant shall pay the Annual Fixed Rent under the Lease based upon the Market Rate designated by Landlord in Landlord’s Notice until either the agreement of the parties as
to the Market Rate, or the decision of the appraiser(s), as the case may be, at which time Tenant shall pay any underpayment of the Annual Fixed Rent to Landlord, or Landlord shall refund any overpayment of the Annual Fixed Rent to Tenant.

 Landlord and Tenant hereby waive the right to an evidentiary hearing before the appraiser(s) and agree that the appraisal
shall not be an arbitration nor be subject to state or federal law relating to arbitrations. 
 2.4 Early
Termination Option. Provided that there shall exist no Default of Tenant at the time it gives Landlord notice exercising the option herein granted or thereafter until the Early Termination Date (or Landlord in its sole discretion at any time
shall elect to waive such condition), Tenant shall have an option (the “Early Termination Option”) to terminate the term of this Lease effective as of the day preceding the third anniversary of the Rent Commencement Date (the
“Early Termination Date”) by giving Landlord written notice of Tenant’s election to exercise the Early Termination Option not later than the second anniversary of the Rent Commencement Date. Tenant shall pay Landlord,
concurrently with such notice, a “Termination Fee” equal to the sum of (A) $100,691.54, plus (B) sixty-five and
 46/100 percent (65.46%) of the sum of
(i) the lesser of (a) $788,816, or (b) the sum of the cost of Landlord’s Premises Work plus any portion of the Balance disbursed to Tenant pursuant to Section 3.2(c) (Landlord agreeing to give Tenant a written statement
thereof upon request of Tenant after the occurrence of the Commencement Date), (ii) the brokerage commissions incurred by Landlord in connection with this Lease, being $210,949.40, and (iii) the legal fees paid by Landlord in connection
with this Lease, being $25,000.00. Landlord may, in its sole discretion, elect to treat any notice of termination which is not accompanied by the Termination Fee either as null and void or as effective to terminate the term as of the Early
Termination Date (while not discharging Tenant from its obligation to pay the Termination Fee). 
 2.5 Measurement of
the Premises. Landlord and Tenant agree that the Premises Rentable Area identified in Section 1.1 is recited for Landlord’s administrative purposes only and that, although the Annual Fixed Rent has been determined by reference to such
square footage (regardless of the possibility that the actual measurement of the Premises may be more or less than the number identified, irrespective of measurement method used), Annual Fixed Rent and Tenant’s Percentage shall not be changed
except as expressly provided in this Lease. 
  

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 2.6 Furniture. Provided this Lease is then in full force and effect and there shall
exist no Default of Tenant, Landlord, shall permit Tenant to use the furniture in the Premises as of the Date of this Lease as described on Exhibit A-2 attached hereto (hereinafter, the “Furniture”) during the term of this Lease,
subject to the provisions of this Lease. Tenant acknowledges that it has been given adequate opportunity to inspect the Furniture and Tenant agrees to accept the Furniture on the Commencement Date “As-Is” and “Where-Is.” LANDLORD
MAKES NO WARRANTIES, EXPRESS OR IMPLIED OR ARISING BY CUSTOM OR TRADE USAGE, AND SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTY, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE FURNITURE
HEREUNDER. Tenant shall maintain the Furniture in good repair and condition throughout the term. Tenant agrees to indemnify, defend and hold Landlord harmless from any claim, demand, judgment, loss, cost or expense arising from use of the Furniture
by Tenant, its employees, agents and invitees. Tenant shall surrender the Furniture at the expiration or earlier termination of the term in the same condition as it is required to maintain the same during the term, reasonable wear and tear and
damage by fire or other casualty excepted. Notwithstanding the foregoing, if Tenant gives Landlord notice that Tenant does not desire to continue using any portion of the Furniture and identifying such Furniture Tenant does not wish to use, then
Landlord shall have a period of at least thirty (30) days after delivery of such notice to remove from the Premises all or any of the Furniture designated in Tenant’s notice. To the extent Landlord fails to remove any such Furniture by the
expiration of such thirty-day period, Tenant may dispose of it as it wishes. 
 2.7 Roof Equipment. Tenant, at its sole
cost and expense and subject to all applicable laws, codes and regulations and the provisions of this Section 2.7, may install on the roof of the Building and operate during the term antennae and other communications equipment, supplemental
HVAC equipment and other roof-top equipment serving the Premises (“Roof Equipment”) of the type customarily installed on the roofs of first-class buildings comparable to the Building by tenants occupying premises therein and used
exclusively for uses substantially the same as the Permitted Uses; provided that the aggregate amount of space on the roof (on a per square foot basis) that may be used by Tenant for its Roof Equipment shall not exceed Tenant’s Percentage of
the total amount of space on the roof that is available for the roof equipment of all tenants of rentable areas of the Building, as reasonably determined by Landlord, and that the location of Tenant’s Roof Equipment shall be reasonably
designated by Landlord. Tenant also shall have the right to run cables, piping and lines (“Lines”) from its Roof Equipment to the Premises using the common shafts, chases, risers and conduits of the Building intended for such
purpose to the extent that the same may be available after meeting Landlord’s reasonable requirements for the Building. Landlord makes no representations, express or implied, that the roof of the Building is suitable for the installation or
operation of any Roof Equipment. 
 All Roof Equipment shall be subject to Landlord’s approval, which shall not be
unreasonably withheld or delayed. The design and installation of Tenant’s Roof Equipment shall be performed in accordance with Section 6.2.5 and Exhibit C, any requirements of Landlord’s insurance carrier(s), and all other applicable
provisions of this Lease. Tenant agrees that Landlord may require Tenant to paint Tenant’s Roof Equipment in a color selected by Landlord, in addition to any requirements imposed by applicable law or governmental authority. 

 

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 Landlord shall have no obligation to furnish any utilities or services to the Roof Equipment
or to make any alterations, repairs or replacements to any portion of the Building or Property in order to accommodate the installation or operation of any Roof Equipment. All electricity and other utilities required to operate the Roof Equipment
shall be either separately metered or submetered, as Landlord determines, and Tenant shall pay the costs of such utilities, as measured by such meter(s) or submeter(s) to Landlord, as Additional Rent, or directly to the utility supplier, as
applicable. Tenant agrees that it shall be required, at is sole cost and expense, to perform any roof reinforcement reasonably required by Landlord to accommodate the weight of any Roof Equipment on the Building roof. Under no circumstances shall
Tenant make any roof penetrations other than as expressly approved by Landlord in writing in advance, which approval shall not be unreasonably withheld or delayed provided such requested penetrations shall not adversely affect the integrity or
weather-tightness of the roof or roof membrane or void or limit any warranties or guaranties with respect to the roof or roof membrane. 

During the term, Tenant shall, at its sole cost and expense, perform all repairs and maintenance to the Roof Equipment and Lines
necessary to keep the same in good working order, appearance and condition, reasonable use and wear thereof excepted, and Tenant shall promptly repair any damage to the Building or Property caused by the installation or operation of the Roof
Equipment or Lines. Tenant shall operate its Roof Equipment in compliance with all applicable legal requirements. Tenant shall not relocate or modify any of the Roof Equipment or Lines without, in each instance, obtaining Landlord’s prior
written approval to such relocation or modification which shall not be unreasonably withheld or delayed. 
 All Roof Equipment
installed by Tenant on the Building roof shall service the Premises only, and Tenant shall not permit any other person or firm to make use of any such Roof Equipment. 

Unless Landlord shall agree otherwise in writing, Tenant shall, prior to the expiration or earlier termination of the term of this Lease,
remove all of its Roof Equipment and all Lines, repair any damage caused by such removal, and restore the portion of the roof where the Roof Equipment was installed to a condition substantially the same as existed prior to the installation of the
Roof Equipment. The provisions of Section 6.1.9 shall apply to any area affected hereby as if it were part of the Premises. At Tenant’s written request made at the time Tenant requests Landlord’s approval of any Roof Equipment,
Landlord shall advise Tenant whether Tenant may leave such Roof Equipment in place at the expiration or earlier termination of the term. 

Landlord reserves the right, upon reasonable notice to Tenant, to require Tenant to relocate all or any of the Roof Equipment to another
portion of the roof reasonably designated by Landlord (i) at Tenant’s sole cost and expense, if such relocation is necessary for Landlord to perform any repairs, renovations, improvements or additions to the Building or Property, or
(ii) at Landlord’s sole cost and expense if Landlord requires the relocation of the Roof Equipment for any reason other than as specified in the preceding clause (i). 

 

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 Tenant shall be entitled to obtain access to the Roof Equipment both during and outside of
Normal Building Operating Hours (as defined in the Rules and Regulations), but only if Tenant shall have given Landlord reasonable advance notice of the need therefor if practical, and if not practical, Tenant shall give notice thereof promptly
thereafter. 
 Tenant shall not allow any antennae or other Roof Equipment installed by Tenant to interfere with any equipment
installed or operating in or from the Building as of the date Tenant commences operation of, or shall subsequently modify, such Roof Equipment. If Landlord determines that any of Tenant’s Roof Equipment interferes any such pre-existing
equipment, Landlord may require Tenant to discontinue operation of such Roof Equipment until such time as it may be operated without causing such interference. 

ARTICLE 3 

Commencement and Condition 

3.1 Commencement Date. The Commencement Date shall be at the later to occur of: 

(a) The Delivery Date, or 

(b) the Substantial Completion Date, as defined in Section 3.2(d). 

Notwithstanding the foregoing, if Tenant’s personnel shall occupy all or any part of the Premises for the conduct of its business prior to the
Commencement Date as determined pursuant to the preceding sentence, such date of occupancy shall, for all purposes of this Lease, be the Commencement Date. 

At least twenty-one (21) days before the projected Substantial Completion Date, Tenant and its contractors shall have access to the
Premises for the purposes of installing its furniture, fixtures, equipment and cabling in preparation for Tenant’s occupancy of the Premises. In connection with such access, Tenant agrees (i) to cease promptly upon notice from Landlord any
activity or work which has not been approved by Landlord (where such approval is required) or is not in compliance with the provisions of this Lease or which shall interfere with or delay the performance of Landlord’s Premises Work, and
(ii) to comply and cause its contractors to comply promptly with all reasonable procedures prescribed by Landlord from time to time for coordinating any work of Tenant with the performance of Landlord’s Premises Work and with any other
activity or work in the Building, including, without limitation, the use of labor which shall work in harmony with all other contractors performing work at the Building. Such access by Tenant shall be deemed to be subject to all of the applicable
provisions of this Lease as if the Commencement Date had occurred, except that (i) there shall be no obligation on the part of Tenant solely because of such access to pay any Annual Fixed Rent or Additional Rent for Taxes or Operating Costs for
any period prior to the Rent Commencement Date, and (ii) Tenant shall not be deemed thereby to have taken or accepted possession of the Premises or any portion thereof. If Tenant fails or refuses to comply or cause its contractors to comply
with any of the obligations described or referred to above, then immediately upon notice to Tenant, Landlord may revoke Tenant’s rights of access to the Premises until the Commencement Date. 

 

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 3.2 Preparation of the Premises. 

(a) Landlord shall make the modifications to the existing acid neutralization system in the Building required to make such system a
dedicated system serving the Premises exclusively (such work being the “Acid Neutralization Work”). In addition, Landlord shall construct the improvements to the Premises substantially as shown generally in the Preliminary Plans
attached hereto as Exhibit A-1 using Building standard materials, finishes and installations except as expressly specified otherwise in the Preliminary Plans. Landlord shall cause its architect to prepare construction drawings and specifications
(“Landlord’s Plans”) for said improvements to the Premises (hereinafter, “Landlord’s Premises Work”) in compliance with applicable legal requirements, sufficient to obtain the necessary building permit(s)
and for Landlord’s contractor to construct said improvements. Landlord’s Plans shall be delivered to Tenant for its approval, which approval shall not be unreasonably withheld or conditioned. Tenant shall have five (5) Business Days
(as defined in the Rules and Regulations) after receiving Landlord’s Plans to review Landlord’s Plans and to notify Landlord if it approves or disapproves Landlord’s Plans. Any disapproval of Landlord’s Plans shall be accompanied
by a specific statement of the reasons therefor and of the changes required to obtain Tenant’s approval. In the event Tenant notifies Landlord of any deficiencies in Landlord’s Plans within such five-Business Day period, Landlord shall
make the necessary changes to Landlord’s Plans with reasonable promptness and shall resubmit Landlord’s Plans (or the revised portions thereof) to Tenant for Tenant’s approval (in which case Tenant shall have three (3) Business
Days to review the corrected Landlord’s Plans and to notify Landlord of approval or disapproval, specifying the reasons for disapproval) and this process shall continue until final Landlord’s Plans are approved by Tenant. 

(b) Promptly after approval of Landlord’s Plans, Landlord shall exercise all reasonable efforts to complete, in a good and
workmanlike manner and in compliance with applicable law, the Acid Neutralization Work and Landlord’s Premises Work by the Delivery Date, but Tenant shall have no claim against Landlord for failure so to complete such work except the right to
terminate this Lease in accordance with Section 3.2(e) or to receive the credit described in Section 3.4(f). Landlord shall complete Landlord’s Premises Work without material deviations from Landlord’s Plans, provided that Tenant
agrees that Landlord may make any changes in Landlord’s Premises Work from that shown on Landlord’s Plans, the necessity of which becomes apparent following approval of Landlord’s Plans, with the approval of Tenant (which approval
shall not be unreasonably withheld or delayed). 
 (c) Landlord shall perform the Acid Neutralization Work at Landlord’s
sole cost and expense. Landlord shall provide Tenant with an allowance (“Landlord’s Contribution”) of $788,816.00 for the performance of Landlord’s Premises Work, and Tenant shall not be liable for any cost of
Landlord’s Premises Work to the extent that such cost thereof is less than or equal to Landlord’s Contribution. To the extent that the cost of Landlord’s Premises Work exceeds Landlord’s Contribution (such excess being the
“Excess Cost”), Tenant shall, after the occurrence of the Commencement Date, pay ninety percent (90%) of such Excess Cost within thirty (30) days after delivery to Tenant of a final accounting of the cost of
Landlord’s Premises Work accompanied with reasonable supporting documentation of the cost of Landlord’s Work. Tenant shall pay the remaining ten percent (10%) of such Excess Cost within thirty (30) days after completion of all
punch list items. For purposes of this subsection (b), the “cost” of 
  

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Landlord’s Premises Work shall be the actual cost to Landlord of designing and performing Landlord’s Premises Work including, without limitation, all architectural and engineering fees
and expenses and all contractor charges for the cost of work and materials, profit, general conditions and overhead and supervision and all filing fees and other permitting costs, and a fee, to be retained by Landlord, for supervising and managing
the design and construction of Landlord’s Premises Work in the amount of three percent (3%) of the cost of Landlord’s Premises Work exclusive of such fee. Tenant shall, if requested by Landlord, execute an amendment to this Lease (the
“Excess Cost Amendment”) confirming Landlord’s estimate of any Excess Cost, and Tenant’s obligation on account thereof, within five (5) Business Days after Landlord’s request therefor. 

If the cost of Landlord’s Premises Work shall total less than $788,816.00, then the lesser of such difference or $56,344.00 (such
lesser amount being the “Balance”) shall be available to reimburse Tenant for the amounts paid by Tenant to move to the Premises and to install voice and data cabling in the Premises. Landlord shall reimburse Tenant for such moving
and/or cabling costs (in an amount equal to the lesser of the invoices submitted by Landlord or the Balance) within thirty (30) days after Tenant submits to Landlord paid invoices for such costs, provided that in no event shall Landlord have
any obligation to make any payment to Tenant hereunder with respect to any request for payment received later than six (6) months after the Commencement Date or to the extent there shall exist a Default of Tenant. 

(d) The “Substantial Completion Date” shall be the first day as of which (i) the Acid Neutralization Work has been
completed, (ii) Landlord’s Premises Work has been completed without material deviation from Landlord’s Plans, except for items of work (and, if applicable, adjustment of equipment and fixtures) which can be completed within thirty
(30) days (subject to Force Majeure) after occupancy has been taken without causing undue interference with Tenant’s use of the Premises (i.e. so-called “punch list” items), (iii) the HVAC, electrical, plumbing and
life-safety systems serving the Premises and common areas are in good working order and all utilities and services required to be provided by Landlord pursuant to this Lease are available to Tenant in accordance with this Lease, and
(iv) Landlord has received a certificate of occupancy (which may be conditional or temporary) for the Premises. Landlord shall use reasonable efforts to complete all punch list items within thirty (30) days after the Substantial Completion
Date and Tenant shall afford Landlord access to the Premises for such purposes. 
 (e) If the Substantial Completion Date has
not occurred within sixty (60) days after the Delivery Date (as it may be extended pursuant to Section 3.4) and the Commencement Date shall not have occurred pursuant to the provisions of the last sentence of Section 3.1, Tenant shall
have the right to terminate this Lease by giving notice to Landlord not later than thirty (30) days after the expiration of such sixty (60) day period; and this Lease shall cease and come to an end without further liability or obligation
on the part of either party sixty (60) days after the giving of such notice it being agreed that time is of the essence with respect to the giving of such notice, unless, within such sixty (60) day period after Tenant’s notice,
Landlord causes the Substantial Completion Date to occur (in which event such termination shall be null and void). Tenant’s termination right or the right to the credit described in Section 3.4(f) shall be Tenant’s sole and exclusive
remedies at law or in equity for Landlord’s failure to complete work required to be performed by Landlord under this Article 3, or to cause the Substantial Completion Date to occur, by any date. 

 

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 3.3 Conclusiveness of Landlord’s Performance. Tenant shall be conclusively
deemed to have accepted Landlord’s Premises Work and to have released any claim for breach of Landlord’s obligation with respect thereto, unless, within eleven (11) months after the Commencement Date, Tenant gives Landlord a notice
setting forth in detail those portions of Landlord’s Premises Work that are not in accordance with Landlord’s obligations hereunder. 

3.4 Tenant Delay; Force Majeure. A “Tenant Delay” shall be any delay in the occurrence of the Substantial
Completion Date as a result of a Direct Delay (as defined in Section 3.4 (a)), plus any delay in the occurrence of the Substantial Completion Date as a result of an Additional Delay (as defined in Section 3.4(b)). Landlord agrees to give
Tenant notice as soon as practicable after Landlord has determined that any act or omission of Tenant is causing a Tenant Delay (or is likely to cause a Tenant Delay if such Tenant Delay has not yet occurred). In the event of Tenant Delay(s),
Landlord may, at its option (and without limiting Tenant’s obligation to pay any Excess Cost), require Tenant to commence payment of Annual Fixed Rent and Additional Rent as of the date that the Rent Commencement Date would have occurred in the
absence of such Tenant Delay(s), provided that such election by Landlord shall not accelerate the actual Rent Commencement Date and any amount payable by Tenant pursuant to such election shall be payable as Additional Rent in addition to all Annual
Fixed Rent and Additional Rent payable by Tenant from and after the Rent Commencement Date. 
 (a) A “Direct
Delay” shall be any of the following: 
  

	 	(i)	any request by Tenant that Landlord delay in the commencement or completion of Landlord’s Premises Work for any reason; 

 

	 	(ii)	Tenant’s failure to execute the Excess Cost Amendment if requested by Landlord or to pay when due any Excess Cost; 

 

	 	(iii)	any request by Tenant for any change to the Preliminary Plans after the Date of this Lease or for any change to Landlord’s Plans or Landlord’s Premises Work
after Tenant has approved Landlord’s Plans; 

  

	 	(iv)	any so-called “long lead items” of which Landlord has given Tenant notice at the time that Landlord submits Landlord’s Plans to Tenant for approval,
along with the estimated Tenant Delay for such item; or 

  

	 	(v)	any other act or omission of Tenant or its officers, agents, servants or contractors (including unreasonable delay or withholding of approval to changes desired by
Landlord and which require Tenant’s approval, as described in Subsection 3.2(b) or any failure to comply timely with its obligations under Section 3.2(a)). 

 

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 (b) An “Additional Delay” shall be (i) any reasonably necessary change
in Landlord’s construction schedule resulting from a Direct Delay or (ii) any “Force Majeure” condition (as defined in subsection (e) hereof) which would have occurred after the Substantial Completion Date but for a Direct
Delay. 
 (c) If, as a result of a Tenant Delay, the Substantial Completion Date is delayed in the aggregate for more than one
hundred eighty (180) days, Landlord may (but shall not be required to) at any time thereafter terminate this Lease by giving notice of such termination to Tenant and thereupon this Lease shall terminate without further liability or obligation
on the part of either party, except that Tenant shall pay to Landlord the cost theretofore incurred by Landlord in performing the Acid Neutralization Work and Landlord’s Premises Work, plus an amount equal to Landlord’s out-of-pocket
expenses incurred in connection with this Lease, including, without limitation, brokerage and legal fees, together with any amount required to be paid pursuant to this Section 3.4 through the date of termination. If solely as a result of Force
Majeure, the Substantial Completion Date is delayed for more than one hundred eighty (180) days, either party may (but shall not be required to) at any time thereafter terminate this Lease by giving notice of such termination to the other and
thereupon this Lease shall terminate without further liability or obligation on the part of either party. 
 (d) The Delivery
Date shall automatically be extended for the period of any delays caused by Tenant’s Delay(s) or for causes listed in subsection (e). 

(e) “Force Majeure” shall be defined as any strike or other labor trouble not related to acts or omissions specific to
Landlord or its agents or employees, fire, flood or other casualty, unusually severe weather, governmental preemption of priorities or other controls in connection with a national or other public emergency, governmental moratoria, or inaction of
governmental authority (or shortages of fuel, supplies or labor resulting therefrom), war, civil commotion, labor or transportation difficulties, inability to obtain supplies, or any other cause, whether similar or dissimilar, beyond Landlord’s
reasonable control. 
 (f) If for whatever reason other than a Tenant Delay or Force Majeure the Substantial Completion Date
shall not occur by February 1, 2010, then for every day between February 1, 2010 and the Substantial Completion Date Tenant shall be entitled to a credit of $1,520.80 which sum shall be applied against the first installment of Annual Fixed
Rent. 
 3.5 Construction Representatives. Both Landlord and Tenant shall appoint one individual as its
“Construction Representative” who is authorized to act on its behalf in connection with any matters arising pursuant to this Article 3. The Construction Representative may be changed from time to time by notice hereunder from the
then current Construction Representative to the other party’s Construction Representative or by notice from Landlord or Tenant pursuant to Section 10.1. The initial Construction Representatives shall be Michael Marx (Landlord) and Robert
Curran (Tenant). Notwithstanding Section 10.1, any notices or other communication under this Article 3 may be made by letter or other writing sent by U.S. mail, facsimile or email, provided the communication is made by one party’s
Construction Representative to the other party’s Construction Representative. 
  

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 ARTICLE 4 

Rent, Additional Rent, Insurance and Other Charges 

4.1 The Annual Fixed Rent. Commencing on the Rent Commencement Date, Tenant shall pay Annual Fixed Rent to Landlord, or as
otherwise directed by Landlord, without offset, abatement (except as provided in Article 7), deduction or demand. Annual Fixed Rent shall be payable in equal monthly installments, in advance, on the first day of each and every calendar month during
the term of this Lease, at the Address for Payment of Rent, or at such other place as Landlord shall from time to time designate by notice, by check drawn on a domestic bank. 

Annual Fixed Rent for any partial month shall be prorated on a daily basis (based on a 360 day year), and if Annual Fixed Rent commences
on a day other than the first day of a calendar month, the first payment which Tenant shall make to Landlord shall be payable on the date Annual Fixed Rent commences and shall be equal to such pro-rated amount plus the installment of Annual Fixed
Rent for the succeeding calendar month. 
 4.2 Additional Rent. Commencing on the Commencement Date, Tenant shall pay to
Landlord, as Additional Rent, Tenant’s Percentage of Taxes and Operating Costs as provided in Sections 4.2.1 and 4.2.2, and all other charges and amounts payable by or due from Tenant to Landlord as invoiced to Tenant from time to time (all
such amounts referred to in this sentence being “Additional Rent”). 
 4.2.1 Real Estate Taxes. Tenant
shall pay to Landlord, as Additional Rent, Tenant’s Percentage of Taxes (as hereinafter defined) assessed against the Property (or estimated to be due by governmental authority) for any fiscal tax period (a “Tax Year”) during
the term of this Lease (Tenant’s Percentage of Taxes being “Tenant’s Tax Obligation”). Tenant shall pay to Landlord, as Additional Rent on the first day of each calendar month during the term but otherwise in the manner
provided for the payment of Annual Fixed Rent, estimated payments on account of Tenant’s Tax Obligation, such monthly amounts to be sufficient to provide Landlord by the time Tax payments are due or are to be made by Landlord a sum equal to
Tenant’s Tax Obligation, as reasonably estimated by Landlord from time to time on account of Taxes for the then current Tax Year and communicated to Tenant in writing. If the total of such monthly remittances for any Tax Year is greater than
Tenant’s Tax Obligation for such Tax Year, Landlord shall credit such overpayment against Tenant’s subsequent obligations on account of Taxes (or promptly refund such overpayment if the term of this Lease has ended and Tenant has no
further obligations to Landlord); if the total of such remittances is less than Tenant’s Tax Obligation for such Tax Year, Tenant shall pay the difference to Landlord within thirty (30) days after being so notified by Landlord. 

If, after Tenant shall have made all payments due to Landlord pursuant to this subsection 4.2.1, Landlord shall receive a refund of any
portion of Taxes as a result of an abatement of such Taxes by legal proceedings, settlement or otherwise (without either party having any obligation to undertake any such proceedings), Landlord shall pay or credit to Tenant Tenant’s Percentage
of that percentage of the refund (after first deducting any expenses, including attorneys’, 
  

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consultants’ and appraisers’ fees, incurred in connection with obtaining any such refund except to the extent such expenses were already included in Taxes for the applicable Tax Year)
which equals the percentage of the applicable Tax Year included in the term hereof. 
 In the event that the Commencement Date
shall occur or the term of this Lease shall expire or be terminated during any Tax Year, or should the Tax Year or period of assessment of real estate taxes be changed or be more or less than one (1) year, or should Tenant’s Percentage be
modified during any Tax Year due to a change in the rentable area of the Building and/or the Premises or otherwise, as the case may be, then the amount of Tenant’s Tax Obligation which may be otherwise payable by Tenant as provided in this
subsection 4.2.1 shall be pro-rated on a daily basis based on a 360 day Tax Year. 
 “Taxes” shall mean all
taxes, assessments, excises and other charges and impositions which are general or special, ordinary or extraordinary, foreseen or unforeseen, of any kind or nature which are levied, assessed or imposed by any governmental authority upon or against
or with respect to the Property, Landlord or the owner or lessee of personal property used by or on behalf of Landlord in connection with the Property, or taxes in lieu thereof, and additional types of taxes to supplement real estate taxes due to
legal limits imposed thereon. If, at any time, any tax or excise on rents or other taxes, however described, are levied or assessed against Landlord, either wholly or partially in substitution for, or in addition to, real estate taxes assessed or
levied on the Property, such tax or excise on rents or other taxes shall be included in Taxes; however, Taxes shall not include franchise, transfer, estate, inheritance, succession, capital levy, income (except to the extent that a tax on income or
revenue is levied solely on rental revenues and not on other types of income and then only from rental revenue generated by the Property) or excess profits taxes assessed on Landlord. Taxes also shall include all court costs, reasonable
out-of-pocket attorneys’, consultants’ and accountants’ fees, and other expenses incurred by Landlord in analyzing and contesting Taxes through and including all appeals. Taxes shall include any estimated payment made by Landlord on
account of a fiscal tax period for which the actual and final amount of taxes for such period has not been determined by the governmental authority as of the date of any such estimated payment. 

4.2.2 Operating Costs. Tenant shall pay to Landlord, as Additional Rent, Tenant’s Percentage of all Operating Costs, as
hereinafter defined, paid or incurred by Landlord in any twelve-month period established by Landlord (an “Operating Year”) during the term of this Lease. Tenant shall pay Tenant’s Percentage of Operating Costs for each
Operating Year (“Tenant’s Operating Cost Obligation”) to Landlord as provided in the following paragraph. Landlord shall use reasonable efforts to furnish to Tenant an itemized year-end statement of Tenant’s Operating Cost
Obligation, prepared, allocated and computed in accordance with then prevailing customs and practices of the real estate industry in the Rental Market, consistently applied, not later than one hundred twenty (120) days after the end of the
Operating Year covered by such year-end statement. Each such year-end statement by Landlord relating to Operating Costs (other than an invoice for a monthly estimate) shall be final and binding upon Tenant unless it shall give Landlord a timely
Dispute Notice as hereinafter provided. 
 Tenant shall pay to Landlord, as Additional Rent on the first day of each calendar
month during the term but otherwise in the manner provided for the payment of Annual Fixed Rent, estimated payments on account of Tenant’s Operating Cost Obligation, such monthly amounts to

  

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be sufficient to provide to Landlord, by the end of each Operating Year, a sum equal to the Tenant’s Operating Cost Obligation for such Operating Year, as estimated by Landlord from time to
time during such Operating Year. If, at the expiration of each Operating Year in respect of which monthly installments of Operating Cost Obligation shall have been made as aforesaid, the total of such monthly remittances is greater than the
Tenant’s Operating Cost Obligation for such Operating Year, Landlord shall credit such overpayment against Tenant’s subsequent obligations on account of Operating Costs (or promptly refund such overpayment if the term of this Lease has
ended and Tenant has no further obligation to Landlord); if the total of such remittances is less than the Operating Cost Obligation for such Operating Year, Tenant shall pay the difference to Landlord within thirty (30) days after being so
notified by Landlord. 
 In the event that the Commencement Date shall occur or the term of this Lease shall expire or be
terminated during any Operating Year or Tenant’s Percentage shall be modified during any Operating Year due to a change in the rentable area of the Building and/or the Premises or otherwise, as the case may be, then the amount of Tenant’s
Operating Cost Obligation which may be payable by Tenant as provided in this subsection 4.2.2 shall be pro-rated on a daily basis based on a 360 day Operating Year. 

“Operating Costs” shall include, without limitation, all costs and expenses paid or incurred for the operation,
cleaning, management, maintenance, repair, upkeep and security of the Property, including, without limitation: 
 (a) all
salaries, wages, fringe benefits, payroll taxes and workmen’s compensation insurance premiums related thereto and all other costs paid or incurred with respect to employment of personnel engaged in operation, administration, cleaning,
maintenance, repair, upkeep and security of the Property including, without limitation, supervisors, property managers, accountants, bookkeepers, janitors, carpenters, engineers, mechanics, electricians and plumbers; 

(b) all utilities and other costs related to provision of heat (including oil, steam and/or gas), air conditioning, electricity and water
(including sewer charges) and other utilities to the Property (exclusive of electricity supplied for lighting, convenience outlets and connected equipment to space that is leased or intended for lease and utility charges paid directly to the utility
supplier or required to be reimbursed to Landlord separately as a result of direct billing to any tenant of the Building); 

(c) all costs, including supplies, material and equipment costs, for cleaning and janitorial services to the common areas of the Property
(including, without limitation, trash removal and exterior window cleaning), and interior and exterior landscaping and pest control; 

(d) the cost of replacements for tools and other similar equipment used in the repair, maintenance, cleaning and protection of the
Property, provided that, in the case of any such equipment used jointly on other property of Landlord, such costs shall be suitably prorated among the Property and such other properties; 

(e) all costs and premiums for fire, casualty, rental income, liability and such other insurance as may be maintained from time to time
by Landlord relating to the Property and premiums for fidelity bonds covering persons having custody or control over funds or other property of Landlord relating to the Property; 

 

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 (f) all costs of maintaining, repairing, decorating, operating, administering, inspecting
and protecting the Property (including, without limitation, lighting, installation, maintenance, repair and alteration of signs, snow removal on the Property and adjacent walks and ways, paving, patching and restriping of parking areas and
operation, maintenance, replacement and repair of heating, ventilating and air conditioning equipment, fire protection and security systems, elevators, roofs, parking areas and any other common Building equipment, systems or facilities), and all
costs of structural and other repairs and replacements (other than repairs for which Landlord is entitled to receive reimbursement from contractors, other tenants of the Building or from others) necessary to keep the Property in good working order,
repair, appearance and condition; 
 (g) costs of compliance with any laws, rules, regulations, ordinances, agreements or
standards applicable to the Building or the Property, which conformance is not the responsibility of any tenant of the Building, and which Landlord elects or is required to perform, and costs of testing and monitoring for any Hazardous Materials (as
defined in Section 6.2.8) in the Building or Property in a manner consistent with comparable buildings, which is not the responsibility of any tenant of the Building, and which Landlord elects to perform; 

(h) Landlord’s office overhead costs provided that, if any such administrative or supervisory personnel are also employed on other
property of Landlord, such cost of compensation shall be suitably prorated among the Property and such other properties; 
 (i)
payments under all service contracts relating to matters referred to in Items (a) through (h) hereof; 
 (j) a
management fee of up to three percent (3%) of gross rents payable by tenants of the Property; and 
 (k) attorney’s
fees and disbursements (exclusive of any such fees and disbursements incurred in tax abatement proceedings or in the preparation of leases) and auditing and other professional fees and expenses. 

If, during the term of this Lease, Landlord shall make any capital expenditure, the total cost thereof shall not be included in Operating
Costs for the Operating Year in which it was made, except that Landlord may include in Operating Costs for the Operating Year in which such expenditure was made and in Operating Costs for each succeeding Operating Year an annual charge off of such
capital expenditure, provided such expenditure is (i) made to comply with any law, rule, regulation, order or ordinance with which the Property complied, or was not required to comply, prior to the Commencement Date, or with any amendment or
change in interpretation of any such law, rule, regulation, order or ordinance after the Commencement Date, or (ii) designed to reduce Operating Costs over time. Annual charge offs shall be equal to the level payments of principal and interest
necessary to amortize the original capital expenditure over the useful life (as determined by Landlord) of the improvement, repair, alteration or replacement made with the capital expenditure, using an interest rate determined by Landlord as being
the 
  

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interest rate being charged at the time of the original capital expenditure for long-term mortgages by institutional lenders on like properties within the Rental Market, provided however that
with respect to expenditures designed to reduce Operating Costs, the annual charge-off may be equal to the yearly cost savings achieved. 

Notwithstanding the foregoing, in no event shall Operating Costs include: 

(i) Rent or other charges payable under any ground or underlying lease; 

(ii) any expenditures on account of Landlord’s acquisition of air or similar development rights; 

(iii) costs of repositioning, selling or syndicating Landlord’s interest in the Property; 

(iv) costs with respect to any financing or refinancing of the Property, including debt service, amortization, points and commissions in
connection therewith; 
 (v) the cost of making leasehold improvements to any leasable space to prepare the same for occupancy
by a tenant thereof, or thereafter for the benefit of a particular tenant or tenants; 
 (vi) services performed for or provided
to any tenant to the extent such services are exclusive to such tenant or otherwise not available to Tenant hereunder; 
 (vii)
advertising and promotional expenditures, contributions or gifts; 
 (viii) brokerage fees or commissions; 

(ix) legal fees incurred in connection with Landlord’s preparation, negotiation and enforcement of leases with other tenants;

 (x) salaries for any agents or employees of Landlord not providing services in connection with the operation, maintenance or
management of the Building and salaries of personnel above the grade of area property manager; 
 (xi) expenses incurred by
Landlord for repairs or other work occasioned by fire, windstorm, or other casualty or condemnation to the extent reimbursed from insurance proceeds or takings awards; 

(xii) except as set forth above, the cost of alterations, capital improvements, equipment replacement and other items which under GAAP,
are properly classified as capital expenditures; 
 (xiii) expenses for the replacement of any item covered under warranty;

 (xiv) cost of any penalty or fine incurred by Landlord due to Landlord’s violation of any federal, state or local law or
regulation and any interest or penalties due for impermissible late payment by Landlord of any Operating Costs; 
  

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 (xv) costs of repair necessitated by Landlord’s negligence or willful misconduct;

 (xvi) expenses for any item or service which Tenant pays directly to a third party or separately reimburses Landlord and
expenses incurred by Landlord to the extent the same are reimbursable or reimbursed from any other tenants, occupants of the property, or third parties other than through Operating Costs; 

(xvii) Landlord’s general corporate overhead and administrative expenses; 

(xviii) expenses incurred by Landlord to cure violations existing as of the Date of this Lease of any laws, ordinances, requirements,
orders, directives, rules and regulations of federal, state, county and city governments and of all other governmental authorities having or claiming jurisdiction over the Building; 

(xix) reserves; 

(xx) except for the management fee, for which separate provision is made above, fees paid to affiliates of Landlord to the extent that
such fees exceed the arm’s length amount charged for the service provided; 
 (xxi) new building artwork or decorations or
seasonal ornamental items; and 
 (xxii) costs associated with the removal or abatement of Hazardous Materials in the Building
except as permitted above. 
 In addition, if during any portion of any Operating Year for which Operating Costs are being
computed, less than ninety-five percent (95%) of the rentable area of the Building was leased to tenants or if Landlord is supplying less than ninety-five percent (95%) of the rentable area of the Building with the services and utilities
being supplied hereunder, Landlord may, at its option, reasonably project, on an item-by-item basis, the Operating Costs that would have been incurred if ninety-five percent (95%) of the Building were occupied for such Operating Year and such
services and utilities were being supplied to ninety-five percent (95%) of the rentable area of the Building, and such projected amount shall, for the purposes hereof, be deemed to be the Operating Costs for such Operating Year. 

Provided Tenant shall have paid all amounts invoiced by Landlord on account of Operating Costs for the applicable Operating Year,
Landlord shall permit Tenant, at Tenant’s sole cost and expense except as hereinafter provided, to review any of Landlord’s invoices and statements relating to Operating Costs for such Operating Year, at the place where such invoices and
statements are customarily maintained by Landlord, provided such review is requested by notice given to Landlord (the “Review Notice”) within ninety (90) days after Tenant’s receipt of Landlord’s year-end statement of
Operating Costs for the applicable Operating Year (the “Final Statement”) and thereafter undertaken by Tenant or its accountants (provided such accountants are compensated on an hourly or lump-sum basis and not on a contingency fee
basis) with due diligence. If Tenant objects to Landlord’s accounting of any Operating Costs, Tenant shall, not later than the later to occur of (i) the last day on which Tenant may give a Review Notice, or (ii) thirty (30) days
after Landlord makes its invoices and statements available to Tenant if Tenant has given Landlord a Review Notice timely, give Landlord a notice (the “Dispute Notice”) that 

 

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Tenant disputes the correctness of such accounting, specifying the particular items which Tenant claims are incorrect. If Tenant shall not give a Dispute Notice timely, then Tenant shall be
deemed to have waived any and all objections to such Final Statement. If any such dispute has not been settled by agreement within two (2) months thereafter, either party may submit the dispute to arbitration in accordance with the commercial
arbitration rules of the American Arbitration Association. The decision of the arbitrators shall be final and binding on Landlord and Tenant and judgment thereon may be entered in any court of competent jurisdiction. 

If it should be agreed or decided that Operating Costs were overstated by five percent (5%) or more, then Landlord shall promptly
reimburse Tenant for the reasonable costs incurred by Tenant in reviewing Landlord’s invoices and statements, Tenant’s reasonable arbitration costs, plus any excess amount paid by Tenant on account of overstated Operating Costs with
interest at the Default Rate. If it should be decided that Operating Costs were not overstated at all, then Tenant shall, as Additional Rent, promptly reimburse Landlord for its costs incurred in the arbitration and in preparing for Tenant’s
review of invoices and statements, and if Operating Costs shall have been understated or Tenant shall not have paid Tenant’s Operating Cost Obligation in full, Tenant shall, as Additional Rent, promptly pay any deficiency. In the event of an
overstatement which is less than five percent (5%), Landlord shall reimburse Tenant for the excess amount paid by Tenant on account of overstated Operating Costs without interest and each party shall be responsible for its own costs incurred in
connection with such dispute. Tenant shall keep confidential all agreements involving the rights provided in this section and the results of any audits or arbitration conducted hereunder. Notwithstanding the foregoing, Tenant shall be permitted to
furnish the foregoing information to its attorneys and accountants to the extent necessary to perform their respective service for Tenant. 

4.3 Personal Property and Sales Taxes. Tenant shall pay all taxes charged, assessed or imposed upon the personal property of
Tenant and all taxes on the sales of services or inventory, merchandise and any other goods by Tenant in or upon the Premises. 

4.4 Insurance. 

4.4.1 Insurance Policies. Tenant shall, at its expense, take out and maintain, throughout the term of this Lease, the following
insurance: 
 4.4.1.1 Commercial general liability insurance (on an occurrence basis, including without limitation, broad form
contractual liability, bodily injury, property damage, fire legal liability) under which Tenant is named as an insured and Landlord and Landlord’s Agent (and the holder of any mortgage on the Premises or Property, as set out in a notice to
Tenant from time to time) are named as additional insureds as their interests may appear, in an amount which shall, at the beginning of the term, be at least equal to the Commercial General Liability Insurance Limits, and, which, from time to time
during the term, shall be for such higher limits, if any, as Landlord shall determine to be customarily carried in the area in which the Property is located for premises similar to the Premises which are used for similar purposes and which are
located in properties comparable to the Building; 
 4.4.1.2 Worker’s compensation insurance with statutory limits
covering all of Tenant’s employees working on the Premises; 
  

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 4.4.1.3 So-called “special form” property insurance on a “replacement
cost” basis covering all furniture, furnishings, fixtures and equipment and other personal property brought to the Premises by Tenant and anyone acting under Tenant and all improvements and betterments to the Premises performed at Tenant’s
expense (excluding Landlord’s Premises Work); 
 4.4.1.4 So-called “business income and extra expense” insurance
covering twelve months loss of income; and 
 4.4.1.5 Such other insurance, in such amounts, as Landlord shall determine are
customarily carried in the area in which the Property is located for premises similar to the Premises which are used for similar purposes and which are located in properties comparable to the Building. 

4.4.2 Requirements. All such policies shall contain commercially reasonable deductibles, shall contain a clause confirming that
such policy and the coverage evidenced thereby shall be primary with respect to any insurance policies carried by Landlord and shall be obtained from responsible companies qualified to do business and in good standing in the state or district in
which the Property is located, which companies shall have a general policy holder’s rating by A.M. Best of at least A+ VIII or otherwise be acceptable to Landlord. A copy of each paid-up policy evidencing such insurance (appropriately
authenticated by the insurer) or a certificate of the insurer, certifying that such policy has been issued and paid in full, providing the coverage required by this Section and containing provisions specified herein, shall be delivered to Landlord
prior to the commencement of the term of this Lease and, upon renewals, not less than thirty (30) days prior to the expiration of such coverage. Each such policy shall be non-cancelable and not materially changed with respect to the interest of
Landlord and such mortgagees of the Property (and others that are in privity of estate with Landlord of which Landlord provides notice to Tenant from time to time) without at least thirty (30) days’ prior written notice thereto. Any
insurance required of Tenant under this Lease may be furnished by Tenant under a blanket policy carried by it provided that such blanket policy shall reference the Premises, and shall guarantee a minimum limit available for the Premises equal to the
insurance amounts required in this Lease. Landlord may, at any time, and from time to time, inspect and/or copy any and all insurance policies required to be procured by Tenant hereunder. 

4.4.3 Waiver of Subrogation. Landlord and Tenant shall each secure an appropriate clause in, or an endorsement upon, each property
damage insurance policy obtained by it and covering the Building, the Premises or the personal property, fixtures and equipment located therein or thereon, pursuant to which the respective insurance companies waive subrogation and permit the
insured, prior to any loss, to agree with a third party to waive any claim it might have against said third party. The waiver of subrogation or permission for waiver of any claim hereinbefore referred to shall extend to the agents of each party and
its employees and, in the case of Tenant, shall also extend to all other persons and entities occupying or using the Premises by, through or under Tenant. If and to the extent that such waiver or permission can be obtained only upon payment of an
additional charge then the party benefiting from the waiver or permission shall pay such charge upon demand, or shall be deemed to have agreed that the party obtaining the insurance coverage in question shall be free of any further obligations under
the provisions hereof relating to such waiver or permission from such insurance companies. 
  

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 Each party hereby releases the other with respect to any claim which it might otherwise have
against the other party for any loss or damage to its property to the extent such damage is actually covered or would have been covered by policies of property insurance required by this Lease to be carried by the respective parties hereunder. In
addition, Tenant agrees to exhaust any and all claims against its insurer(s) prior to commencing an action against Landlord for any loss covered by insurance required to be carried by Tenant hereunder. 

4.5 Utilities. Tenant shall pay all charges related to the supply of electricity to the Premises, and all charges for other
utilities or services not supplied by Landlord pursuant to this Section 4.5 and Article 5, whether designated as a charge, tax, assessment, fee or otherwise, all such charges to be paid as the same from time to time become due. Except as
otherwise provided in this Subsection 4.5 or in Article 5, it is understood and agreed that Tenant shall make its own arrangements for the installation or provision of all utilities and services and that Landlord shall be under no obligation to
furnish any utilities to the Premises. 
 Tenant acknowledges that Annual Fixed Rent does not include the cost of supplying
electricity to the Premises. Landlord shall arrange for a supply electricity to the Premises as provided in Section 5.1.3. Electricity supplied to the Premises shall be submetered as part of Landlord’s Work and Tenant shall pay to
Landlord, as Additional Rent, the cost to Landlord of all electricity supplied to the Premises as reasonably determined by Landlord on the basis of such submetering, without mark-up for profit to Landlord, and the cost maintaining and repairing the
submeters used to measure Tenant’s electrical consumption. 
 4.6 Late Payment of Rent. If any installment of Annual
Fixed Rent or any Additional Rent is not paid on or before the date the same is due, it shall bear interest (as Additional Rent) from the date due until the date paid at the Default Rate (as defined in Section 8.4). In addition, if any
installment of Annual Fixed Rent or Additional Rent is unpaid for more than ten (10) days after the date due, Tenant shall pay to Landlord a late charge equal to the greater of One Hundred Dollars ($100) or three percent (3%) of the
delinquent amount. The parties agree that the amount of such late charge represents a reasonable estimate of the cost and expense that would be incurred by Landlord in processing and administration of each delinquent payment by Tenant, but the
payment of such late charges shall not excuse or cure any default by Tenant under this Lease. Absent specific provision to the contrary, all Additional Rent shall be due and payable in full ten (10) days after demand by Landlord. 

4.7 Security Deposit. Upon execution of this Lease, Tenant shall deposit with Landlord the Security Deposit. The Security Deposit
shall be held by Landlord as security for the faithful performance of all the terms of this Lease to be observed and performed by Tenant. The Security Deposit shall not be mortgaged, assigned, transferred or encumbered by Tenant and any such act on
the part of Tenant shall be without force and effect and shall not be binding upon Landlord. Tenant shall cause the Security Deposit to be maintained throughout the term in the amount set forth in Section 1.1. 

 

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 Notwithstanding the foregoing, Landlord and Tenant agree that the Security Deposit may be
reduced during the Original Term by up to $124,895.70 at the times and in the installments set forth herein. Provided that no default of Tenant then exists, except as otherwise provided below with respect to an Accelerated Reduction, the Security
Deposit will be reduced by $41,631.90 on the first day of each of Years (as defined in Section 1.1) three, four and five of the Lease (the “Scheduled Reductions”), except that if both of the Accelerated Reductions have occurred prior
to the end of the second Year, then the amount of the Scheduled Reductions shall be equal to $13,877.30 and if one (but only one) of the Accelerated Reductions shall have occurred prior to the end of the fourth Year, then there shall be no Scheduled
Reduction in Year five. 
 If Tenant’s partner, Genentech, files a “New Drug Application” with the Food and Drug
Administration for the compound currently identified as GDC-0449, then fifteen (15) days after notice to Landlord of such filing together with certification (the “Certification”) from Tenant’s Chief Financial Officer that
(x) Tenant’s tangible net worth shall be not less than $40,000,000.00 if Tenant’s stock shall no longer be listed on a national domestic securities exchange and (y) Tenant remains Genentech’s partner, and provided that no
default of Tenant then exists, the Security Deposit will be reduced by $41,631.90; and if the Food and Drug Administration approves such New Drug Application, then fifteen (15) days after notice to Landlord of such approval together with the
Certification, and provided that no default of Tenant then exists, the Security Deposit will be further reduced by $41,631.90 (such reductions are referred to herein as the “Accelerated Reductions”). If the conditions set forth above for
the Accelerated Reductions both occur in the same Year, both Accelerated Reductions may be taken in the same Year, and not more than one Accelerated Reduction may occur in a Year in which a Scheduled Reduction shall have previously occurred.

 In no event shall the total amount of the reductions provided for herein exceed $124,895.70. Notwithstanding any of the
foregoing, if (x) Tenant’s stock shall cease to be listed on a national domestic securities exchange and its tangible net worth shall be less than $40,000,000.00, (y) a Default of Tenant shall have occurred, or (z) Tenant’s
partnership with Genentech shall cease or be materially altered, there shall be no (further) right to any Scheduled or Accelerated Reduction (except that (z) shall not apply to any Scheduled Reduction); and if a default of Tenant (which has not
evolved into a Default of Tenant) exists as of the date on which a reduction would otherwise occur hereunder, no such reduction shall be made at such time but if no Default of Tenant shall subsequently arise, such reduction may occur at such time as
such default has been cured. Reduction in the Security Deposit may be effected by a replacement Letter of Credit or an amendment thereto. 

Tenant shall post the Security Deposit in the form of a letter of credit (the “Letter of Credit”), which shall
(a) be unconditional and irrevocable and otherwise in form and substance reasonably satisfactory to Landlord; (b) permit multiple draws; (c) be issued by a commercial bank reasonably acceptable to Landlord from time to time;
(d) be made payable to, and expressly transferable and assignable at no charge by, Landlord; (e) be payable at sight upon presentment of a sight draft accompanied by a certificate of Landlord stating either that Tenant is in default under
this Lease or that Landlord is otherwise permitted to draw upon such Letter of Credit under the express terms of this Lease, and the amount that Landlord is owed (or is permitted to draw) in connection therewith; and (f) expire not earlier than
the ninety (90) days following the expiration of the term of this Lease, provided however such Letter of Credit may expire one (1) 

 

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year following date of issuance but in such case Tenant shall deliver a replacement Letter of Credit and subsequent replacement Letters of Credit not less than thirty (30) days prior to the
expiration of any existing Letter of Credit so that the original Letter of Credit or a replacement thereof (each of whose expiration date shall be not earlier than one year from issuance) shall be in full force and effect throughout the term of this
Lease and for a period of at least ninety (90) days thereafter. Tenant shall maintain the Letter of Credit in the amount of the Security Deposit and shall deliver to Landlord any replacement Letter of Credit not less than thirty (30) days
prior to the expiration of the then current Letter of Credit. Notwithstanding anything in this Lease to the contrary, any grace period or cure periods which are otherwise applicable under Section 8.1 hereof, shall not apply to any of the
foregoing, and, specifically, if Tenant fails to comply with the requirements of subsection (f) above or if Tenant shall fail to maintain the Letter of Credit in the full amount of the Security Deposit after any draw thereon by Landlord,
Landlord shall have the immediate right to draw upon the Letter of Credit in full and hold the proceeds thereof as a cash security deposit. Each Letter of Credit shall be issued by a commercial bank that has a credit rating with respect to
certificates of deposit, short term deposits or commercial paper of at least P-2 (or equivalent) by Moody’s Investor Service, Inc., or at least A-2 (or equivalent) by Standard & Poor’s Corporation, but may be issued by Boston
Private Bank so long as it maintains a rating of at least Excellent from Bauer Financial. If the issuer’s credit rating is reduced below P-2 (or equivalent) by Moody’s Investor Service, Inc., or at least A-2 (or equivalent) by
Standard & Poor’s Corporation (or in the case Boston Private Bank is the issuer, its rating is reduced below Excellent by Bauer Financial), or if the financial condition of the issuer changes in any other materially adverse way, then
Landlord shall have the right to require that Tenant obtain from a different issuer a substitute Letter of Credit that complies in all respects with the requirements of this Section, and Tenant’s failure to obtain such substitute Letter of
Credit within ten (10) days after Landlord’s demand therefor (with no other notice, or grace or cure period being applicable thereto) shall entitle Landlord immediately to draw upon the existing Letter of Credit in full, without any
further notice to Tenant. Landlord may use, apply or retain the proceeds of the Letter of Credit to the same extent that Landlord may use, apply or retain any cash security deposit, as set forth herein. Landlord may draw on the Letter of Credit, in
whole or in part, at Landlord’s election. If Landlord draws against the Letter of Credit, Tenant shall, within five (5) days after notice from Landlord, provide Landlord with either an additional Letter of Credit in the amount so drawn or
an amendment to the existing Letter of Credit restoring the amount thereof to the amount initially provided. Tenant hereby agrees to cooperate promptly, at its expense with Landlord to execute and deliver to Landlord any modifications, amendments
and replacements of the Letter of Credit, as Landlord may reasonably request to carry out the terms and conditions hereof. 
 If
the Annual Fixed Rent or Additional Rent payable hereunder shall be overdue and unpaid or should Landlord make any payment on behalf of the Tenant, or Tenant shall fail to perform any of the terms of this Lease, then Landlord may, at its option and
without prejudice to any other remedy which Landlord may have on account thereof, appropriate and apply the entire Security Deposit or so much thereof as may be necessary to compensate Landlord toward the payment of Annual Fixed Rent, Additional
Rent or other sums or loss or damage sustained by Landlord due to such breach by Tenant, provided that so long as Landlord shall be permitted by law to give Tenant notice, Landlord shall not appropriate and apply the Security Deposit on account of
any breach of this Lease by Tenant unless Tenant’s breach of this Lease shall have ripened into a Default of Tenant (i.e. after any applicable notice and expiration of any applicable 

 

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cure period); and Tenant shall forthwith upon demand restore the Security Deposit to the amount stated in Section 1.1. Notwithstanding the foregoing, upon the application by Landlord of all
or any portion of the Security Deposit (with or without notice thereof to Tenant) to compensate Landlord for a failure by Tenant to pay any Annual Fixed Rent or Additional Rent when due or to perform any other obligation hereunder, and until Tenant
shall have restored the Security Deposit to the amount required by Section 1.1, Tenant shall be deemed to be in default in the payment of Additional Rent for purposes of Section 8.1(a)(I) hereof. Landlord shall return the Security Deposit,
or so much thereof as shall have not theretofore been applied in accordance with the terms of this Section 4.7 (and less any amounts of cash Landlord shall hold which Landlord shall estimate shall be due from Tenant for Operating Costs and
Taxes following year-end reconciliation of or on account of damages resulting from any continuing defaults of Tenant), to Tenant promptly following the expiration or earlier termination of the term of this Lease and the surrender of possession of
the Premises by Tenant to Landlord in accordance with the terms of this Lease. While Landlord holds the Security Deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with
Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the Security Deposit, or any part thereof not previously applied, shall be turned over by Landlord to Landlord’s grantee, and if so turned over, Tenant
shall look solely to such grantee for proper application of the Security Deposit in accordance with the terms of this Section 4.7 and the return thereof in accordance herewith. The holder of a mortgage on the Property shall not be responsible
to Tenant for the return or application of the Security Deposit, whether or not it succeeds to the position of Landlord hereunder, unless such holder actually receives the Security Deposit. 

ARTICLE 5 

Landlord’s Covenants 

5.1 Affirmative Covenants. Landlord shall, during the term of this Lease provide the following: 

5.1.1 Heat and Air-Conditioning. Landlord shall provide and maintain heat, ventilation and air-conditioning
(“HVAC”) equipment sufficient to maintain the Premises at comfortable temperatures for general office use, subject to all federal, state and municipal regulations, during Normal Building Operating Hours (as defined in the Rules and
Regulations) and subject to compliance by Tenant with the following and the provisions of Section 6.2.4. If Tenant shall require HVAC at times other than Normal Building Operating Hours, Landlord may furnish such service and Tenant shall pay
therefor such charges as may from time to time be in effect. If the temperature otherwise maintained in any portion of the Premises by the HVAC system is affected as a result of (i) the type or quantity of any lights, machines or equipment used
by Tenant in the Premises, (ii) the occupancy of any portion of the Premises by more than one person per two hundred (200) square feet of rentable area, (iii) an electrical load for lighting or power in excess of the limits specified
in Section 6.2.4, or (iv) any partitioning or other improvements installed by Tenant, then at Tenant’s sole cost, Landlord may install any equipment, or modify any existing equipment Landlord deems necessary to restore the temperature
balance. Tenant agrees to keep closed, when necessary, blinds or other window treatments which, because of the sun’s position, must be closed to provide for the efficient 

 

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operation of the air conditioning system, and Tenant agrees to cooperate with Landlord and to abide by the reasonable regulations and requirements which Landlord may prescribe for the proper
functioning and protection of the HVAC system. Landlord shall have no responsibility for providing any service from Separate HVAC Equipment, as defined in Section 6.1.3. 

5.1.2 Common Area Cleaning and Maintenance; Water. Landlord shall provide cleaning, maintenance and landscaping to the common
areas of the Building and Property (including snow removal to the extent necessary to maintain reasonable access to the Building) in accordance with standards generally prevailing throughout the term hereof in comparable office buildings in the
Rental Market, and furnish water in reasonable quantities for the Permitted Uses. 
 5.1.3 Lighting and Electricity.
Landlord shall provide lighting to public and common areas of the Property; and arrange for the supply of electrical power to the Premises to accommodate a load not exceeding the limitations contained in Section 6.2.4. 

If permitted by law, Landlord shall have the right at any time, and from time to time during the term of this Lease, to contract for
electric services from the company of Landlord’s choice, whether the company is the provider currently providing electric service to the Property (“Current Provider”) or a different company or companies (“Alternate
Provider”). Tenant shall cooperate with Landlord and Current Provider or Alternate Provider at all times, and, as reasonably necessary, shall allow Landlord and Current Provider or Alternate Provider reasonable access to the electric lines,
feeders, risers, wiring, and any other equipment within the Premises. 
 5.1.4 Repairs. Except as otherwise expressly
provided herein, Landlord shall make such repairs and replacements to the roof, exterior walls, floor slabs and other structural components of the Building, and to the common areas and facilities of the Building (including any common plumbing,
electrical and HVAC equipment, elevators and any other common equipment or systems in the Building) as may be necessary to keep them in good repair and condition (exclusive of equipment installed by Tenant and except for those repairs required to be
made by Tenant pursuant to Subsection 6.1.3 hereof and, subject to Article 7, repairs or replacements occasioned by any act or negligence of Tenant, its servants, agents, customers, contractors, employees, invitees, or licensees). 

5.2 Interruption. Landlord shall have no responsibility or liability to Tenant for failure, interruption, inadequacy, defect or
unavailability of any services, facilities, utilities, repairs or replacements or for any failure or inability to provide access or to perform any other obligation under this Lease caused by breakage, accident, fire, flood or other casualty, strikes
or other labor trouble, order or regulation of or by any governmental authority, inclement weather, repairs, inability to obtain or shortages of utilities, supplies, labor or materials, war, civil commotion or other emergency, transportation
difficulties or due to any act or neglect of Tenant or Tenant’s servants, agents, employees or licensees or for any other cause beyond the reasonable control of Landlord, and in no event shall Landlord be liable to Tenant for any indirect or
consequential damages suffered by Tenant due to any such failure, interruption, inadequacy, defect or unavailability; and failure or omission on the part of Landlord to furnish any of same for any of the reasons set forth in this paragraph shall not
be construed as an 
  

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eviction of Tenant, actual or constructive, nor entitle Tenant to an abatement of rent, nor render the Landlord liable in damages, nor release Tenant from prompt fulfillment of any of its
covenants under this Lease. 
 Landlord reserves the right to deny access to the Building and to interrupt the services of the
HVAC, plumbing, electrical or other mechanical systems or facilities in the Building when necessary from time to time by reason of accident or emergency, or for repairs, alterations, replacements or improvements which in the reasonable judgment of
Landlord are desirable or necessary, until such repairs, alterations, replacements or improvements shall have been completed. Landlord shall use reasonable efforts to minimize the duration of any such interruption and, except in cases of emergency,
to give to Tenant at least three (3) Business Days’ notice if service is to be interrupted and to schedule any service interruption to occur outside of Normal Building Operating Hours. 

Notwithstanding anything contained in this Lease to the contrary, if (i) an interruption or curtailment, suspension or stoppage of
an Essential Service (as said term is hereinafter defined) shall occur due to the negligence or default of Landlord (any such interruption of an Essential Service being hereinafter referred to as a “Service Interruption”), and
(ii) such Service Interruption continues for more than five (5) consecutive Business Days after Landlord shall have received notice thereof from Tenant, and (ii) as a result of such Service Interruption, all or a material portion of
the Premises is rendered untenantable and Tenant shall, concurrently with the giving of such notice, discontinue use of the Premises or the portion thereof which is untenantable as a result of such Service Interruption (other than for sporadic
purposes such as salvage, security or retrieval of property), then as Tenant’s sole remedy (except for the termination right contained in this paragraph, if applicable) Annual Fixed Rent and Additional Rent on account of Taxes and Operating
Costs shall be equitably abated for such portion of the Premises rendered untenantable for the period commencing on the expiration of such five (5) Business Day period and ending on the date that the Premises (or such portion) is rendered
tenantable. If more than fifty percent (50%) of the Premises is rendered untenantable and if Tenant shall vacate the entire Premises, then the aforesaid abatement shall be a full abatement. In addition, if Tenant is entitled to a full abatement
of Annual Fixed Rent hereunder for a period in excess of one hundred (100) consecutive days, and if Tenant shall have discontinued the conduct of business in the entire Premises during all of such abatement period, Tenant thereafter shall have
the right to terminate the term of this Lease by giving notice of such election to Landlord at any time before Landlord shall have remedied the condition giving rise to such abatement. Any notice from Tenant pursuant to the first sentence of this
paragraph shall expressly state that the failure of Landlord to cure any claimed default timely shall give rise to Tenant’s rights of rent abatement and termination hereunder. For purposes hereof, the term “Essential Services”
shall mean the following services: access to the Premises, water and sewer service, HVAC service required to be supplied by Landlord and electricity. 

5.3 Outside Services. In the event Tenant wishes to obtain services or to hire vendors relating to the Premises, Tenant shall
first obtain the prior approval of Landlord for the installation and/or utilization of such services or vendors. Such services shall include, but shall not be limited to, utility providers, security services, moving services and equipment
installers, but shall not apply to mail or package delivery services, caterers, persons or firms servicing Tenant’s business equipment at the Premises, or to the vendors of supplies or materials used by

  

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Tenant in the ordinary conduct of its business. Notwithstanding any Landlord approval of the installation and/or utilization of such services or vendors, such installation and utilization shall
be at Tenant’s sole cost, risk and expense. 
 5.4 Access to Building. Tenant shall have access to the Premises via
a separate exterior doorway serving the Premises exclusively and also through the Building lobby. Subject to the provisions of Section 5.2 and Landlord’s reasonable access control procedures for the Building, Tenant shall have access to
Premises at all times. Tenant acknowledges that Tenant is responsible for providing security to the Premises following Tenant’s entry onto the Premises for any reason and for its own personnel whenever located therein. Subject to the foregoing,
Landlord shall, at all times, retain the right to control and prevent such access by all persons whose presence, in the sole discretion of Landlord, may jeopardize the safety, protection, character, reputation and interests of the Building and its
tenants or occupants. Landlord shall in no case be liable for damages resulting from any error with regard to the admission or exclusion of any person from the Building. 

5.5 Parking. During the term, Tenant and its employees and invitees may use, at no additional charge, a total of up to 3.6 parking
spaces for every 1,000 rentable square feet of the Premises (one hundred two (102) parking spaces as of the Date of this Lease), in the surface parking lot appurtenant to the Building (the “Parking Facility”). All such parking
spaces shall be unreserved and available on a first-come, first-served basis. The Parking Facility shall be used for the parking of passenger vehicles of Tenant and its employees and invitees only. Landlord reserves the right to (a) implement
and modify systems to regulate access to and use of the Parking Facility, (b) designate and redesignate reserved and unreserved parking areas within the Parking Facility (for some or all tenants), (c) change entrances or exits and alter
traffic flow within the Parking Facility, and (d) modify the Parking Facility to any extent provided that the aggregate number of unreserved parking spaces in the Parking Facility is not materially reduced so as to deprive Tenant of the parking
ratio hereinabove specified. Notwithstanding the foregoing, Landlord further reserves the right to close the Parking Facility or portions thereof temporarily to the extent necessary for maintenance and repairs. Tenant acknowledges that Landlord is
not required to provide any security or security services for any of the Parking Facility. Tenant hereby indemnifies and agrees to defend and hold Landlord harmless from and against all claims, loss, cost, or damage arising out of the use by Tenant
and its employees and invitees of the Parking Facility, except to the extent caused by gross negligence or willful misconduct of Landlord or Landlord’s agent or employees. Tenant shall, and shall cause its employees to, comply with all
reasonable rules and regulations pertaining to the Parking Facility, as the same may be established, amended, revised or supplemented by Landlord. 

If at any time during the term, Landlord shall grant any other tenant of the Building reserved parking spaces in the Parking Facility,
Tenant shall be entitled to reserved parking spaces in the Parking Facility on substantially the same terms and conditions (including ratio of spaces to rentable area of premises demised) as such other tenant. 

5.6 Indemnification. Subject to all limitations, waivers, exclusions and conditions contained in this Lease (each of which shall
control in the event of any conflict or inconsistency with this Section 5.6), Landlord shall defend and indemnify Tenant and its directors, officers, agents and employees against and from any and all claims, liabilities or penalties asserted by
or 
  

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on behalf of any third party on account of personal injury or damage to the property of such third party (excluding damage to the property of any subtenant or assignee of Tenant) arising out of
the negligence, breach of this Lease or other wrongful conduct of Landlord or its agents, contractors or employees during the term of this Lease. In case of any action or proceeding brought against Tenant by reason of any such claim, Landlord, upon
notice from Tenant, shall resist or defend such action or proceeding and employ counsel therefor reasonably satisfactory to Tenant. 

5.7 Landlord’s Insurance. At all times during the term, Landlord, as part of the Operating Costs, shall keep in full force
and effect (i) standard form so-called extended coverage property insurance on the Building, in an amount not less than the full replacement value thereof (subject to the deductibles and excluding footings and foundations and any leasehold
improvements performed by tenants), and (ii) any combination of commercial general liability insurance policy (or an equivalent), excess liability policy and/or umbrella liability policy in the amount of $5,000,000 combined single limit for
injury to, or death of, one or more persons in an occurrence, and for damage to tangible property (including loss of use) in an occurrence. 

5.8 Landlord’s Hazardous Materials Representation and Agreement. Landlord represents, covenants and agrees as follows:
(a) to the best of Landlord’s knowledge, Landlord has not used, generated, manufactured, produced, stored, released, discharged or disposed of on, under or about the Premises (or off-site of the Premises at a location that might affect the
Premises) or transferred to or from the Premises, any Hazardous Materials or knowingly allowed any other person or entity to do so, except in material compliance with Environmental and Health Laws, (b) the most recent report in Landlord’s
possession relating to the presence of Hazardous Materials in the Premises is URS Corporation Laboratory Decontamination Report dated March 17, 2010, with attachments, a copy of which has been provided to Tenant, and (c) so long as
the condition requiring removal or remediation of Hazardous Materials is not caused by Tenant or any party for whom Tenant is responsible, Landlord shall, in a manner that complies with all applicable Environmental Laws, perform or cause others to
perform all remediation and cleanup of the Building and Property necessary to cause the same to comply in all material respects with Environmental Laws. 

5.9 Backup Generator. Landlord shall permit Tenant to connect certain circuits at the Premises to the backup generator (the
“Generator”) located at the Building as of the Date of this Lease. The Generator shall remain Landlord’s property but Tenant may use it as a backup power supply during the term of this Lease provided it shall not be connected
to circuits having a load in excess of a peak demand of 60 KW. Landlord expressly disclaims any and all warranties and/or representations regarding the Generator and Tenant agrees that it has inspected the same and found it satisfactory for its
purposes and shall use it at Tenant’s sole risk and expense. Landlord shall enter into a third party contract for the regular maintenance and repair of the Generator and Tenant hereby agrees to release Landlord from any loss, damage or
liability arising out of the use of the Generator or its failure to perform as desired, for whatever reason. Tenant furthermore agrees that it shall pay to Landlord, as Additional Rent, its share of the costs of such maintenance contract and the
costs incurred by Landlord to provide fuel to the Generator during the term hereof. Such share shall be the percentage equal to a fraction the numerator of which shall be the Generator capacity to which Tenant shall be entitled and the denominator
of which shall be the Generator capacity to which any other tenants of the Building are entitled; 
  

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provided, however, that until any other tenant is permitted to draw from the Generator, Tenant shall pay 100% of the costs of the fuel. Notwithstanding the foregoing, Landlord shall not be
required to replace the Generator should it cease for whatever reason to be able to function as originally intended; provided that if Landlord shall replace the Generator with another generator that has sufficient capacity to backup more than just
the base building life safety requirements, then Tenant shall have the right to access Tenant’s Percentage of such excess capacity (inclusive of the aforesaid 60 KW), subject to the provisions of this Section 5.9. 

ARTICLE 6 

Tenant’s Additional Covenants 

6.1 Affirmative Covenants. Tenant shall do the following: 

6.1.1 Perform Obligations. Tenant shall perform promptly all of the obligations of Tenant set forth in this Lease; and pay when
due the Annual Fixed Rent and Additional Rent and all other amounts which by the terms of this Lease are to be paid by Tenant. 

6.1.2 Use. Tenant shall, during the term of this Lease, use the Premises only for the Permitted Uses and from time to time,
procure and maintain all licenses and permits necessary therefor and for any other use or activity conducted at the Premises, at Tenant’s sole expense. The Permitted Uses shall expressly exclude use for utility company offices, or employment
agency or governmental or quasi-governmental offices. 
 6.1.3 Repair and Maintenance. Tenant shall, during the term of
this Lease, maintain the Premises in neat and clean order and condition and perform all repairs to the Premises and all fixtures, systems, and equipment therein (including Tenant’s equipment and other personal property; all components of the
acid neutralization system; and all fume hoods, roof-top vents, supplemental cooling units and other Separate HVAC Equipment) as are necessary to keep them in good and clean working order, appearance and condition, reasonable use and wear thereof
and damage by fire or other casualty only excepted and shall replace any damaged or broken glass in windows and doors of the Premises (except glass in the exterior walls of the Building) with glass of the same quality as that damaged or broken.

 Separate HVAC Equipment shall mean HVAC equipment of any kind or nature which serves the Premises or portions thereof to the
exclusion of other space in the Building and is not part of the common base Building HVAC system operated by Landlord. Landlord hereby confirms that in addition to the fume hoods, exhausts and other venting equipment serving the lab benches and
other business fixtures and equipment in the Premises, the only other Separate HVAC Equipment existing as of the Date of this Lease are air handling units numbers 1, 6, 7 and 8. 

In furtherance of Tenant’s obligations hereunder, Tenant shall secure and pay for, keep in full force and effect and enforce,
commercially reasonable contracts with appropriate and reputable service providers (such contracts and providers to be approved in advance by Landlord, such approval not to be unreasonably withheld or delayed) providing for regular maintenance of
any Separate HVAC Equipment and copies of such contracts and service call requests and invoices shall be furnished to Landlord upon request. 
  

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 Landlord shall have no obligation to collect or dispose of any (a) radioactive,
volatile, highly flammable, explosive or toxic materials, (b) needles, syringes, lancets, similar sharp objects or contaminated wares, (c) human or animal tissue or products, or (d) any other Hazardous Materials, any item identified
in clauses (a) through (d), above, hereinafter referred to as “Excepted Waste”. Tenant agrees that the handling and disposal of Excepted Waste shall be the sole responsibility of Tenant and Tenant shall contract directly for
the handling and disposal of Excepted Waste at Tenant’s sole cost and expense. Tenant is prohibited from placing, disposing or discarding Excepted Waste with the ordinary trash of the Building. Title to and liability for any Excepted Waste
shall, at all times, remain with Tenant, and Tenant agrees to indemnify and hold Landlord and Landlord’s mortgagee(s) harmless from any and all liability relating to or arising from the handling or disposal of Excepted Waste (even if Landlord
collects and/or disposes of any such Excepted Waste). 
 6.1.4 Compliance with Law. Tenant shall conduct its business and
operations in the Premises in compliance with all applicable laws, ordinances, codes and regulations, and orders of public authorities, and subject to Landlord’s obligations with respect to Landlord’s Premises Work, Tenant shall, during
the term of this Lease, keep the Premises safe and equipped with all safety appliances so required; and comply with, and perform all repairs, alterations, additions or replacements required by, the orders laws and regulations of all governmental
authorities with respect to zoning, building, fire, health and other codes, regulations, ordinances or laws applicable to the Premises or other portions of the Property and arising out of any use being conducted in or on the Premises or arising out
of any work performed by Tenant, except that Tenant may (but only so long as (i) Landlord shall not be subject to any fine or charge, (ii) neither the Property nor any portion thereof shall be subject to being condemned or vacated and
(iii) neither the Property nor any portion thereof shall be subject to any lien or encumbrance) defer compliance so long as the validity of any such law, ordinance, order or regulation shall be contested by Tenant in good faith and by
appropriate legal proceedings, if Tenant first gives Landlord assurance or security against any loss, cost or expense on account thereof in form and amount acceptable to Landlord. Landlord and Tenant agree that except for any permits or approvals
required to be obtained by Landlord to perform the Acid Neutralization Work (which shall be Landlord’s responsibility), Tenant, at its sole cost and expense, shall obtain and maintain in effect throughout the term all governmental permits,
licenses and approvals required for Tenant to use the acid neutralization system and Tenant shall use and operate such system in compliance with all laws, codes and regulations applicable thereto, and except for the Acid Neutralization Work,
Landlord shall have no obligations with respect to the acid neutralization system. 
 6.1.5 Indemnification. Tenant shall
neither hold, nor attempt to hold, Landlord or its employees or Landlord’s agents or their employees liable for, and Tenant shall indemnify and hold harmless Landlord, its employees and Landlord’s agents and their employees from and
against, any and all demands, claims, causes of action, fines, penalties, damage, liabilities, judgments and expenses (including, without limitation, attorneys’ fees) incurred in connection with or arising from: (i) the use or occupancy or
manner of use or occupancy of the Premises by Tenant or any person claiming under Tenant; (ii) any matter occurring on the Premises during 

 

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the term; (iii) any acts, omissions or negligence of Tenant or any person claiming under Tenant, or the contractors, agents, employees, invitees or visitors of Tenant or any such person;
(iv) any breach, violation or nonperformance by Tenant or any person claiming under Tenant or the employees, agents, contractors, invitees or visitors of Tenant or any such person of any term, covenant or provision of this Lease or any law,
ordinance or governmental requirement of any kind; (v) claims of brokers or other persons for commissions or other compensation arising out of any actual or proposed sublease of any portion of the Premises or assignment of Tenant’s
interest under this Lease, or Landlord’s denial of consent thereto or exercise of any of Landlord’s other rights under Section 6.2.1; and (vi ) any injury or damage to the person, property or business of Tenant, its employees, agents,
contractors, invitees, visitors or any other person entering upon the Property under the express or implied invitation of Tenant. If any action or proceeding is brought against Landlord or its employees or Landlord’s agents or their employees
by reason of any such claim, Tenant, upon notice from Landlord, shall defend the same, at Tenant’s expense, with counsel reasonably satisfactory to Landlord. Notwithstanding the foregoing in no event shall this Section 6.1.5 require Tenant
to indemnify or defend Landlord or its employees or Landlord’s agents or their employees against any loss, cost, damage, liability, claim, or expense to the extent arising out of the negligence or willful misconduct of Landlord or its employees
or Landlord’s agents or their employees. 
 6.1.6 Landlord’s Right to Enter. Tenant shall, during the term of
this Lease, permit Landlord and its agents and invitees to enter into and examine the Premises at reasonable times and to show the Premises to prospective lessees (during the last year of the term), lenders, partners and purchasers and others having
a bona fide interest in the Premises, and to make such repairs, alterations and improvements and to perform such testing and investigation as Landlord shall reasonably determine to make or perform. Except in instances posing an imminent threat to
life or property, and except for any entry pursuant to the performance of Landlord’s routine obligations under Article 5, Landlord shall give Tenant reasonable notice prior to making any entry onto the Premises, provided, however,
notwithstanding Section 10.1 to the contrary, such notice may be made orally or by email. 
 6.1.7 Personal Property at
Tenant’s Risk. Tenant shall, during the term of this Lease keep, at the sole risk and hazard of Tenant, all of the furnishings, fixtures, equipment, effects and property of every kind, nature and description of Tenant and of all persons
claiming by, through or under Tenant which may be on the Property. 
 6.1.8 Payment of Landlord’s Cost of
Enforcement. Tenant shall pay on demand Landlord’s expenses, including reasonable attorneys’ fees, incurred in enforcing any obligation of Tenant under this Lease or in curing any default by Tenant under this Lease as provided in
Section 8.4. 
 6.1.9 Yield Up. Tenant shall, at the expiration or earlier termination of the term of this Lease, or
upon any earlier reentry or retaking of possession of the Premises by Landlord and/or termination of Tenant’s right of possession and/or occupancy of the Premises, as applicable, surrender all keys to the Premises; remove all of its trade
fixtures and personal property in the Premises; remove such installations (including wiring and cabling wherever located), alterations, signs, and improvements made (or if applicable, restore any items removed) by or on behalf of Tenant wherever
located, as Landlord may request and all of Tenant’s signs; 
  

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repair all damage caused by such removal; and vacate and yield up the Premises (including all installations, alterations, signs and improvements made by or on behalf of Tenant except as Landlord
shall request Tenant to remove), broom clean and in the same good order and repair in which Tenant is obliged to keep and maintain the Premises by the provisions of this Lease. If Landlord so requests, Tenant, at its sole cost and expense, shall
properly cap or seal its wiring and cabling (wherever located) at each end, properly label such wiring and cabling for future use, and surrender such wiring and cabling in a good and safe condition on or before the expiration or earlier termination
of the term of this Lease. Any property not so removed shall be deemed abandoned and may be removed and disposed of by Landlord in such manner as Landlord shall determine and Tenant shall pay Landlord the entire cost and expense incurred by it in
effecting such removal and disposition and in making any incidental repairs and replacements to the Premises and for use and occupancy during the period after the expiration or earlier termination of the term of this Lease and prior to the
performance by Tenant of its obligations under this subsection 6.1.9. Tenant shall further indemnify Landlord against all loss, cost and damage resulting from Tenant’s failure or delay in surrendering the Premises as above provided. 

Tenant may include in its request for Landlord’s approval of any proposed alterations a request that Landlord identify any
alterations which Landlord will require be removed at the end of the term. Notwithstanding the preceding provisions of this Section 6.1.9, except for cabling, Landlord shall not have the right to require removal of any alterations made by
Tenant as to which Landlord shall have given its approval and as to which Landlord’s approval may not be unreasonably withheld or delayed pursuant to Section 6.2.5. 

6.1.10 Rules and Regulations. Tenant shall, during the term of this Lease, observe and abide by the Rules and Regulations of the
Building set forth as Exhibit B, as the same may from time to time be reasonably amended, revised or supplemented (the “Rules and Regulations”). Tenant shall further be responsible for compliance with the Rules and Regulations by
the employees, servants, agents and visitors of Tenant. The failure of Landlord to enforce any of the Rules and Regulations against Tenant, or against any other tenant or occupant of the Building, shall not be deemed to be a waiver of such Rules and
Regulations. Tenant shall be liable for all injuries or damages sustained by Landlord or Landlord’s agents or by other tenants, occupants or invitees of the Building arising by reason of any breach of the Rules or Regulations by Tenant or by
Tenant’s agents or employees. Landlord agrees that it shall apply the Rules and Regulations in a nondiscriminatory manner, but Landlord may waive Rules and Regulations with respect to particular tenants when Landlord shall have a good faith
basis to do so. In the event of any inconsistency between the Rules and Regulations and this Lease, this Lease shall control. 

6.1.11 Estoppel Certificate. Tenant shall, within ten (10) days’ following written request by Landlord, execute,
acknowledge and deliver to Landlord a statement in form satisfactory to Landlord in writing certifying that this Lease is unmodified and in full force and effect and that Tenant has no defenses, offsets or counterclaims against its obligations to
pay the Annual Fixed Rent and Additional Rent and any other charges and to perform its other covenants under this Lease (or, if there have been any modifications, that this Lease is in full force and effect as modified and stating the modifications
and, if there are any defenses, offsets or counterclaims, setting them forth in reasonable detail), the dates to which the Annual Fixed Rent and Additional Rent and other charges have been paid, and any other matter pertaining to this

  

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Lease. Any such statement delivered pursuant to this subsection 6.1.11 may be relied upon by any prospective purchaser or mortgagee of the Property, or any prospective assignee of such mortgage.

 6.1.12 Landlord’s Expenses For Consents. Tenant shall reimburse Landlord, as Additional Rent, promptly on demand
for all reasonable out of pocket legal, engineering and other professional services expenses incurred by Landlord in connection with all requests by Tenant for consent or approval hereunder. 

6.1.13 Financial Information. Unless Tenant’s annual report and filings with the Securities and Exchange Commission are
generally available to the public at no charge via the internet (or by other medium not requiring a special request to Tenant), Tenant shall, from and after the Date of this Lease and thereafter throughout the term of this Lease, provide Landlord
with such information as to Tenant’s financial condition and/or organizational structure as Landlord or the holder of any mortgage of the Property requires, within thirty (30) days of request. 

6.2 Negative Covenants. Tenant shall not do the following. 

6.2.1 Assignment and Subletting. Tenant shall not assign, mortgage, pledge, hypothecate, encumber or otherwise transfer this Lease
or any interest herein or sublease (which term shall be deemed to include the granting of concessions and licenses and the like) all or any part of the Premises or suffer or permit this Lease or the leasehold estate hereby created or any other
rights arising under this Lease to be assigned, transferred, mortgaged, pledged, hypothecated or encumbered, in whole or in part, whether voluntarily, involuntarily or by operation of law, or permit the use or occupancy of the Premises by anyone
other than Tenant, except as hereinafter provided. Unless Tenant’s stock shall be listed on a domestic national securities exchange both before and after any transfer, any transfer, or one or more related transfers, of a controlling interest in
the stock or partnership or beneficial interests or other evidences of ownership of Tenant, including without limitation as a result of the issuance of additional stock or partnership or beneficial interests or other indicia of ownership in Tenant,
other than in connection with a Merger (in which case the provisions of the following paragraph shall apply), shall be deemed to be an assignment of this Lease requiring Landlord’s consent, unless the tangible net worth of Tenant after giving
effect to any such transfer shall be equal to or greater than the Required Net Worth (as defined below); Tenant to provide Landlord evidence reasonably satisfactory of meeting such net worth requirement at least ten (10) days before any such
transfer. As used herein, a “controlling interest” shall mean ownership of more than fifty percent (50%) of the issued and outstanding stock or partnership or beneficial interests in Tenant from time to time. 

Notwithstanding the foregoing, Tenant may, without the need for Landlord’s consent, but only upon not less than ten (10) days
prior notice to Landlord, assign its interest in this Lease (a “Permitted Assignment”) to (i) any entity which shall be a successor to Tenant either by merger or consolidation (a “Merger”) or to a purchaser of
all or substantially all of Tenant’s assets in either case provided the successor or purchaser shall have a tangible net worth, after giving effect to the transaction, of not less than $30,000,000 (the “Required Net Worth”), or
(ii) any entity (an “Affiliate”) which is a direct or indirect subsidiary or parent (or a direct or indirect subsidiary of 

 

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a parent) of the named Tenant set forth in Section 1.1 which has a tangible net worth equal to or greater than the Required Net Worth immediately after the assignment, in either case of
(i) or (ii) only so long as (I) the principal purpose of such assignment is not the acquisition of Tenant’s interest in this Lease (except if such assignment is made for a valid intracorporate business purpose to an Affiliate)
and is not made to circumvent the provisions of this Section 6.2.1, (II) except if pursuant to a Merger permitted by clause (i) above, Tenant shall, contemporaneously with such assignment, provide Landlord with a fully executed counterpart
of any such assignment, which assignment shall comply with the provisions of this Section 6.2.1 and shall include an agreement by the assignee in form reasonably satisfactory to Landlord, to assume all of Tenant’s obligations under this
Lease and be bound by all of the terms of this Lease, (III) Tenant shall provide Landlord, not less than ten (10) days in advance of any such assignment, evidence reasonably satisfactory to Landlord of the Required Net Worth of the successor,
purchaser or Affiliate, and (IV) there shall not be a Default of Tenant at the effective date of such assignment. Tenant shall also be permitted, without the need for Landlord’s consent, but only upon not less than ten (10) days prior
notice to Landlord, to enter into any sublease (a “Permitted Sublease”) with any Affiliate provided that such subtenant shall have a tangible net worth of at least the Required Net Worth and the sublease shall expire upon any event
pursuant to which the sublessee thereunder shall cease to be an Affiliate. Any assignment to an Affiliate shall provide that it may, at Landlord’s election, be terminated and deemed void if during the term of this Lease such assignee or any
successor to the interest of Tenant hereunder shall cease to be an Affiliate. A change in control of Tenant as provide above, as well as Permitted Subleases and Permitted Assignments are collectively referred to as “Permitted
Transfers.” 
 In the event that Tenant shall intend to enter into any sublease or assignment other than a Permitted
Transfer, then Tenant shall, not later than forty-five (45) days prior to the proposed commencement of such sublease or assignment, give Landlord notice of such intent, identifying the proposed subtenant or assignee, all of the terms and
conditions of the proposed sublease or assignment and such other information as the Landlord may reasonably request. In such case Landlord may elect (a) to terminate the term of this Lease if Tenant intends to assign this Lease, or to sublease
(including expansion options) more than fifty percent (50%) of the Premises for a term (including extension options) of more than three-quarters of the remaining term hereof or (b) to exclude from the Premises, for the term of such
proposed sublease, the portion thereof to be sublet if the conditions set forth in (a) do not prevail, by giving notice to Tenant of such election not later than thirty (30) days after receiving notice of such intent from Tenant. If
Landlord shall give such notice within such thirty (30) day period, upon the later to occur of (A) the proposed date of commencement of such proposed sublease or assignment, or (B) the date which is thirty (30) days after
Landlord’s notice, the term of this Lease shall terminate or the Premises shall be reduced to exclude the portion of the Premises intended for subletting, in which case Annual Fixed Rent and Tenant’s Percentage shall be correspondingly
reduced. If Landlord shall not give such notice, but Tenant shall not enter into such sublease or assignment on the terms and conditions set forth in such notice from Tenant within one hundred twenty (120) days of the initially proposed
sublease or assignment commencement date and shall still desire to enter into any sublease or assignment, the first sentence of this paragraph shall again become applicable. 

If Landlord shall not elect to terminate the term of this Lease or to exclude from the Premises the area to be sublet pursuant to the
preceding paragraph, then Landlord shall not 
  

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unreasonably condition or withhold its consent to the applicable assignment or sublease, provided that, in addition to any other grounds for withholding of consent, Landlord may withhold its
consent if in Landlord’s good faith judgment: (i) the proposed assignee or subtenant does not have the financial strength to perform its obligations under the proposed assignment or sublease; (ii) the business and operations of the
proposed assignee or subtenant are not of comparable quality to those of Tenant as of the Commencement Date; (iii) the proposed assignee or subtenant is a business competitor of Landlord or is an affiliate of a business competitor of Landlord;
(iv) the identity of the proposed assignee or subtenant is, or the intended use of any part of the Premises, would be, in Landlord’s determination, inconsistent with first-class lab space or Landlord’s commitments to other tenants in
the Building or any covenants, conditions or restrictions binding on Landlord or applicable to the Property; (v) at the time of the proposed assignment or subleasing Landlord is able to meet the space requirements of Tenant’s proposed
assignee or subtenant by leasing available space in the Building to such person or entity and either (a) the proposed assignee or subtenant is a tenant or other occupant of the Building (or is an entity affiliated with any such tenant or
occupant), or (b) the proposed assignee or subtenant is an entity, or is affiliated with any entity, which shall have entered into negotiation with Landlord for space in the Building within the preceding six (6) months; (vi) the use
of the Premises or the Building by the proposed assignee or subtenant would increase Operating Costs, require any alterations to the Building to cause the Building to comply with applicable laws, or otherwise cause Landlord to incur any additional
cost or expense or (vii) any such sublease shall result in the Premises being occupied by more than three (3) parties (including Tenant) at any one time. 

If any part of the Premises is sublet (or occupied by any party other than Tenant and its employees) following a Default of Tenant
Landlord may collect the rents from such assignee, subtenant or occupant, as the case may be, and apply the net amount collected to the Annual Fixed Rent and Additional Rent herein reserved, but no such collection shall be deemed a waiver of the
provisions set forth in the first paragraph of this Subsection 6.2.1, the acceptance by Landlord of such subtenant or occupant, as the case may be, as a tenant, or a release of Tenant from the future performance by Tenant of its covenants,
agreements or obligations contained in this Lease. 
 Any sublease of all or any portion of the Premises shall provide that it
is subject and subordinate to this Lease and to the matters to which this Lease is or shall be subject or subordinate, that other than the payment of Annual Fixed Rent and Additional Rent due pursuant to Sections 4.1, 4.2.1 and 4.2.2 or any
obligation relating solely to those portions of the Premises which are not part of the subleased premises, the subtenant shall comply with and be bound by all of the obligations of Tenant hereunder, that unless Landlord waives such prohibition, the
subtenant may not enter into any sub-sublease, sublease assignment, license or any other agreement granting any right of occupancy of any portion of the subleased premises; and that Landlord shall be an express beneficiary of any such obligations,
and that in the event of termination of this Lease or reentry or dispossession of Tenant by Landlord under this Lease, Landlord may, at its option, take over all of the right, title and interest of Tenant, as sublessor under such sublease, and such
subtenant shall, at Landlord’s option, attorn to Landlord pursuant to the then executory provisions of such sublease, except that neither Landlord nor any mortgagee of the Property, as holder of a mortgage or as Landlord under this Lease if
such mortgagee succeeds to that position, shall (a) be liable for any act or omission of Tenant under such sublease, (b) be subject to any credit, counterclaim, offset or defense which theretofore

  

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accrued to such subtenant against Tenant, or (c) be bound by any previous modification of such sublease unless consented to by Landlord and such mortgagee or by any previous prepayment of
more than one (1) month’s rent, (d) be bound by any covenant of Tenant to undertake or complete any construction of the Premises or any portion thereof, (e) be required to account for any security deposit of the subtenant other
than any security deposit actually received by Landlord, (f) be bound by any obligation to make any payment to such subtenant or grant any credits unless specifically agreed to by Landlord and such mortgagee, (g) be responsible for any
monies owing by Tenant to the credit of subtenant or (h) be required to remove any person occupying the Premises or any part thereof; and such sublease shall provide that the subtenant thereunder shall, at the request of Landlord, execute a
suitable instrument in confirmation of such agreement to attorn. To enable Landlord to confirm that any sublease which Tenant shall desire to enter into shall comply with the provisions of this Section 6.2.1 and/or otherwise be acceptable to
Landlord, Tenant shall submit the final form of sublease to Landlord not less than thirty (30) days prior to its execution. The provisions of this paragraph shall not be deemed a waiver of the provisions set forth in the first paragraph of this
Subsection 6.2.1. 
 Tenant shall not enter into, nor shall it permit any person having an interest in the possession, use,
occupancy or utilization of any part of the Premises to enter into, any sublease, license, concession, assignment or other agreement for use, occupancy or utilization of the Premises (i) which provides for rental or other compensation based on
the income or profits derived by any person or on any other formula such that any portion of such sublease rental, or other consideration for a license, concession, assignment or other occupancy agreement, would fail to qualify as “rents from
real property” within the meaning of Section 856(d) of the Internal Revenue Code or any similar or successor provision thereto, or (ii) under which fifteen percent (15%) or more of the total rent or other compensation received by
Tenant is attributable to personal property and any such purported lease, sublease, license, concession or other agreement shall be absolutely void and ineffectual as a conveyance of any right or interest in the possession, use, occupancy or
utilization of such part of the Premises. 
 No subletting or assignment shall in any way impair the continuing primary
liability of the named Tenant set forth in Section 1.1 and any immediate or remote successor in interest, and no consent to any subletting or assignment in a particular instance shall be deemed to be a waiver of the obligation to obtain the
Landlord’s written approval in the case of any other subletting or assignment. The joint and several liability of Tenant named herein and any immediate and remote successor in interest of Tenant (by assignment or otherwise), and the due
performance of the obligations of this Lease on Tenant’s part to be performed or observed, shall not in any way be discharged, released or impaired by any (a) agreement which modifies any of the rights or obligations of the parties under
this Lease, (b) stipulation which extends the time within which an obligation under this Lease is to be performed, (c) waiver of the performance of an obligation required under this Lease, or (d) failure to enforce any of the
obligations set forth in this Lease. No assignment, subletting or occupancy shall affect the Permitted Uses. Any subletting, assignment or other transfer of Tenant’s interest in this Lease in contravention of this Subsection 6.2.1 shall be
voidable at Landlord’s option. 
 If the rent and other sums (including, without limitation, all monetary payments plus the
reasonable value of any services performed or any other thing of value given by any assignee or subtenant in consideration of such assignment or sublease), either initially or over the term of

  

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any assignment or sublease (other than a Permitted Transfer), payable by such assignee or subtenant exceed the Annual Fixed Rent plus Additional Rent called for hereunder with respect to the
space assigned or sublet, Tenant shall pay fifty percent (50%) of such excess to Landlord, as Additional Rent, payable monthly at the time for payment of Annual Fixed Rent. Nothing in this paragraph shall be deemed to abrogate the provisions of
this Subsection 6.2.1 and Landlord’s acceptance of any sums pursuant to this paragraph shall not be deemed a granting of consent to any assignment of the Lease or sublease of all or any portion of the Premises. 

6.2.2 Nuisance. Tenant shall not injure, deface or otherwise harm the Premises; nor commit any nuisance; nor permit in the
Premises any vending machine (except such as is used for the sale of merchandise to employees of Tenant) or inflammable fluids or chemicals (except such as are customarily used in connection with the Permitted Uses); nor permit any cooking to such
extent as requires special exhaust venting for such cooking; nor permit the emission of any objectionable noise or odor; nor make, allow or suffer any waste; nor make any use of the Premises which is improper, offensive or contrary to any law or
ordinance or which will invalidate or increase the premiums for any of Landlord’s insurance or which is liable to render necessary any alteration or addition to the Building; nor conduct any auction, fire, “going out of business” or
bankruptcy sales. 
 6.2.3 Floor Load; Heavy Equipment. Tenant shall not place a load upon any floor of the Premises
exceeding the lesser of the floor load capacity which such floor was designed to carry or which is allowed by law. Landlord reserves the right to prescribe the weight and position of all heavy business machines and equipment, including safes, which
shall be placed so as to distribute the weight. Business machines and mechanical equipment which cause vibration or noise shall be placed and maintained by Tenant at Tenant’s expense in settings sufficient to absorb and prevent vibration, noise
and annoyance. Tenant shall not move any safe, heavy machinery, heavy equipment, freight, construction materials or fixtures into or out of the Premises without Landlord’s prior consent which consent may include a requirement to provide
insurance naming Landlord, and the holder of any mortgage affecting the Property, as additional insureds, with such coverage and in such amount as Landlord reasonably requires. If any such safe, machinery, heavy equipment, freight, or fixtures
requires special handling, Tenant agrees to employ only persons holding a master rigger’s license to do said work, and that all work in connection therewith shall comply with applicable laws and regulations. Any such moving shall be at the sole
risk and hazard of Tenant and Tenant hereby agrees to exonerate, indemnify and save Landlord harmless against and from any liability, loss, injury, claim or suit resulting directly or indirectly from such moving. Tenant shall schedule such moving at
such times as Landlord shall reasonably designate. 
 6.2.4 Electricity. Tenant shall not connect to the electrical
distribution system serving the Premises a total load exceeding thirty (30) watts per square foot of Premises Rentable Area. 

6.2.5 Installation, Alterations or Additions. Tenant shall not make any installations, alterations, additions or improvements
(collectively and individually referred to in this paragraph as “work”) in, to or on the Premises nor permit the making of any holes in the walls or partitions (except to hang interior signs, shelving, bulletin and marker boards, and
decorative items such as wall hangings and customary office art), ceilings or floors without on 
  

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each occasion obtaining the prior consent of Landlord, and then only pursuant to plans and specifications approved by Landlord in advance in each instance. Landlord’s approval shall not be
unreasonably withheld or delayed with respect to alterations, additions or improvements which do not affect the structural elements of the Building, equal or exceed Building standards in quality and do not adversely affect the plumbing, heating,
ventilating, air-conditioning, mechanical, electrical or life-safety systems of the Building, are not visible from outside of the Premises and shall not materially increase Taxes or Operating Costs nor require Landlord to perform any work to the
Property, and Tenant need not obtain Landlord’s consent to install work stations and other readily removable business fixtures and equipment within the Premises provided Tenant shall give Landlord prior notice thereof and any such work shall be
scheduled at a time reasonably acceptable to Landlord. All work to be performed to the Premises by Tenant shall (i) be performed in a good and workmanlike manner by contractors approved in advance by Landlord and in compliance with the
provisions of Exhibit C and all applicable zoning, building, fire, health and other codes, regulations, ordinances and laws, (ii) be made at Tenant’s sole cost and expense and at such times and in such a manner as Landlord may from time to
time designate, and (iii) be free of liens and encumbrances and become part of the Premises and the property of Landlord without being deemed additional rent for tax purposes, Landlord and Tenant agreeing that Tenant shall be treated as the
owner of the work for tax purposes until the expiration or earlier termination of the term hereof, subject to Landlord’s rights pursuant to Section 6.1.9 to require Tenant to remove the same at or prior to the expiration or earlier
termination of the term hereof and, to the extent Landlord shall make such election, title thereto shall remain vested in Tenant at all times. Tenant shall pay promptly when due the entire cost of any work to the Premises so that the Premises,
Building and Property shall at all times be free of liens, and, at Landlord’s request, Tenant shall furnish to Landlord a bond or other security acceptable to Landlord assuring that any such work will be completed in accordance with the plans
and specifications theretofore approved by Landlord and assuring that the Premises will remain free of any mechanics’ lien or other encumbrances that may arise out of such work. Prior to the commencement of any such work, and throughout and
until completion thereof, Tenant shall maintain, or cause to be maintained, the insurance required by Exhibit D for general contractors (except that general liability insurance limits of any subcontractors shall only be such limits as are customary
for the applicable trade(s)), all with coverage limits as stated therein or such higher limits as shall be reasonably required by Landlord. In addition, Tenant shall save Landlord harmless and indemnified from all injury, loss, claims or damage to
any person or property occasioned by or arising out of such work. Whenever and as often as any mechanic’s or materialmen’s lien shall have been filed against the Property based upon any act of Tenant or of anyone claiming through Tenant,
Tenant shall within ten (10) Business Days of notice from Landlord to Tenant take such action by bonding, deposit or payment as will remove or satisfy the lien. Tenant shall, upon request of Landlord, execute and deliver to Landlord a bill of
sale covering any work Tenant shall be required to surrender hereunder. 
 Tenant shall not, at any time, directly or
indirectly, employ or permit the employment of any contractor, mechanic or laborer in the Premises, if such employment will interfere or cause any conflict with other contractors, mechanics or laborers engaged in the construction, maintenance or
operation of the Building by Landlord, Tenant or others. In the event of any such interference or conflict, Tenant, upon demand of Landlord, shall cause all contractors, mechanics or laborers causing such interference or conflict to leave the
Building immediately. 
  

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 6.2.6 Abandonment. Tenant shall not abandon the Premises during the term. 

6.2.7 Signs. Tenant shall not paint or place any signs or place any curtains, blinds, shades, awnings, aerials, or the like,
visible from outside the Premises. Landlord shall not unreasonably withhold consent for signs or lettering on or adjacent to the entry doors to the Premises provided such signs conform to Building standards adopted by Landlord. Landlord shall
maintain a tenant directory in the lobby of the Building in which will be placed Tenant’s name and the location of the Premises in the Building. 

So long as (i) this Lease is still in full force and effect and (ii) Curis, Inc. (or any assignee or subtenant pursuant to a
Permitted Transfer) shall actually occupy not less than sixty-six percent (66%) of the Premises (the “Sign Conditions”), Tenant shall have the non-exclusive right, subject to applicable legal requirements and the terms of this
Lease, at Tenant’s sole cost and expense, to install and maintain a sign panel identifying Tenant on the Building’s sign monument, which sign panel shall conform to Landlord’s standards for such monument signage, provided that Tenant
shall be entitled to utilize one-half of the space that is available for the sign panels of all tenants on the sign monument. 

6.2.8 Oil and Hazardous Materials. Tenant shall not introduce on or transfer to the Premises or Property, any Hazardous Materials
(as hereinafter defined); nor dump, flush or otherwise dispose of any Hazardous Materials into the drainage, sewage or waste disposal systems serving the Premises or Property; nor generate, store, use, release, spill or dispose of any Hazardous
Materials in or on the Premises or the Property, or to transfer any Hazardous Materials from the Premises to any other location; and Tenant shall not commit or suffer to be committed in or on the Premises or Property any act which would require any
reporting or filing of any notice with any governmental agency pursuant to any statutes, laws, codes, ordinances, rules or regulations, present or future, applicable to the Property or to Hazardous Materials. Notwithstanding the foregoing, Tenant
may use and store products or substances which may constitute or contain Hazardous Materials but which are customarily present in premises devoted to the Permitted Uses, in quantities necessary for the conduct of Tenant’s business at the
Premises, provided that the transportation, use, storage and disposal thereof by Tenant is in strict compliance with all Environmental Laws and the manufacturer’s instructions and recommendations. 

Tenant agrees that if it shall generate, store, release, spill, dispose of or transfer to the Premises or Property any Hazardous
Materials other than as permitted by the preceding paragraph, it shall forthwith remove the same, at its sole cost and expense, in the manner provided by all applicable Environmental Laws (as hereinafter defined), regardless of when such Hazardous
Materials shall be discovered. Furthermore, Tenant shall pay any fines, penalties or other assessments imposed by any governmental agency with respect to any Hazardous Materials introduced to the property by Tenant and shall forthwith repair and
restore any portion of the Premises or Property which it shall disturb in so removing any such Hazardous Materials to the condition which existed prior to Tenant’s disturbance thereof. 

Tenant agrees to deliver promptly to Landlord any notices, orders or similar documents received from any governmental agency or official
concerning any violation of any Environmental Laws affecting the Premises or Property. In addition, Tenant shall, within ten 
  

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(10) days of receipt, accurately complete any questionnaires from Landlord or other informational requests relating to Tenant’s use of the Premises and, in particular, to Tenant’s use,
generation, storage and/or disposal of Hazardous Materials at, to, or from the Premises. 
 Tenant shall indemnify, defend (by
counsel satisfactory to Landlord), protect, and hold Landlord free and harmless from and against any and all claims, or threatened claims, including without limitation, claims for death of or injury to any person or damage to any property, actions,
administrative proceedings, whether formal or informal, judgments, damages, punitive damages, liabilities, penalties, fines, costs, taxes, assessments, forfeitures, losses, expenses, attorneys’ fees and expenses, consultant fees, and expert
fees that arise from or are caused in whole or in part, directly or indirectly, by (i) Tenant’s use, analysis, storage, transportation, disposal, release, threatened release, discharge or generation of Hazardous Materials to, in, on,
under, about or from the Premises, or (ii) Tenant’s failure to comply with any Environmental Laws. Tenant’s obligations hereunder shall include, without limitation, and whether foreseeable or unforeseeable, all costs (including,
without limitation, capital, operating and maintenance costs) incurred in connection with any investigation or monitoring of site conditions, repair, cleanup, containment, remedial, removal or restoration work, or detoxification or decontamination
of the Premises, and the preparation and implementation of any closure, remedial action or other required plans in connection therewith. For purposes of this Section 6.2.8, any acts or omissions of Tenant, or its subtenants or assignees or its
or their employees, agents, or contractors (whether or not they are negligent, intentional, willful or unlawful) shall be attributable to Tenant. 

The term “Hazardous Materials” shall mean and include any oils, petroleum products, asbestos, radioactive, biological,
medical or infectious wastes or materials, and any other toxic or hazardous wastes, materials and substances which are defined, determined or identified as such in any Environmental Laws, or in any judicial or administrative interpretation of
Environmental Laws. 
 The term “Environmental Laws” shall mean any and all federal, state and municipal
statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, codes, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements or other governmental restrictions relating to the environment or to emissions,
discharges or releases of pollutants, contaminants, petroleum or petroleum products, medical, biological, infectious, toxic or hazardous substances or wastes into the environment including, without limitation, ambient air, surface water, ground
water or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, petroleum or petroleum products, medical, biological, infectious, toxic or
hazardous substances or wastes or the cleanup or other remediation thereof. 
 ARTICLE 7 

Casualty or Taking 

7.1 Termination. In the event that the Premises or the Property, or any material part thereof shall be destroyed or damaged by
fire or casualty, shall be taken by any public authority or for any public use or shall be condemned by the action of any public authority, then the term of this Lease may be terminated at the election of Landlord. Such election, which may be made

  

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notwithstanding the fact that Landlord’s entire interest may have been divested, shall be made by the giving of notice by Landlord to Tenant within sixty (60) days after the date of the
taking or casualty. 
 In the event any material part of the Premises necessary for the conduct of Tenant’s business at the
Premises shall be destroyed or damaged by fire or other casualty (and Landlord has not elected to terminate the term of this Lease pursuant to the preceding paragraph), then as soon as practicable after the occurrence of such damage, Landlord shall
give Tenant a notice (the “Restoration Notice”) advising Tenant whether or not Landlord intends to restore the Premises to a condition substantially the same as existed immediately prior to such damage (subject to any modification
required by then current laws, rules, regulations and ordinances and excluding any improvements to the Premises made at Tenant’s expense as may be detailed in the Restoration Notice), and if Landlord intends to so restore, of the time required
to substantially complete such work, as reasonably estimated by an architect or general contractor selected by Landlord. If the Restoration Notice indicates either that (a) Landlord shall not restore the Premises as provided above, or
(b) the estimated time required for Landlord to substantially complete such restoration work shall exceed two hundred seventy (270) days from the occurrence of such casualty damage, then Tenant may elect to terminate the term of this Lease
by giving notice to Landlord not later than thirty (30) days after the date on which Landlord gives Tenant the Restoration Notice. Tenant may also elect to terminate the term of this Lease if the Lease is not terminated and Landlord shall fail
to complete restoration of the Premises as described in the Restoration Notice by the date (the “Outside Restoration Date”) that is the later of (i) thirty (30) days after the expiration of the estimated repair period, as
such period is extended for delays beyond Landlord’s reasonable control, or (ii) two hundred seventy (270) days from the date of the casualty. Any election by Tenant to terminate the term of this Lease pursuant to the preceding
sentence shall be made by notice given to Landlord not later than thirty (30) days after the Outside Restoration Date. Notwithstanding the foregoing, Tenant shall have no right to terminate the term of this Lease due to a fire or other casualty
if the cause thereof was due to the negligence or other wrongful conduct of Tenant or any subtenant of Tenant or any agent, employee or invitee of Tenant or its subtenant(s). 

7.2 Restoration. If neither Landlord nor Tenant shall elect to so terminate, this Lease shall continue in force and a just
proportion of the Annual Fixed Rent and Additional Rent for Taxes and Operating Costs reserved, according to the nature and extent of the damages sustained by the Premises, shall be suspended or abated until the Premises (excluding any improvements
to the Premises made at Tenant’s expense), or what may remain thereof, shall be put by Landlord in the condition described in the Restoration Notice, which Landlord covenants to do with reasonable diligence to the extent permitted by the net
proceeds of insurance recovered or damages awarded for such destruction, taking, or condemnation and subject to zoning and building laws or ordinances then in existence. “Net proceeds of insurance recovered or damages awarded”
refers to the gross amount of such insurance or damages actually made available to Landlord (and not retained by any Superior Lessor or Superior Mortgagee) less the reasonable expenses of Landlord incurred in connection with the collection of the
same, including without limitation, fees and expenses for legal and appraisal services. 
 7.3 Award. Irrespective of the
form in which recovery may be had by law, all rights to seek reimbursement for damages or compensation arising from fire or other casualty or any 

 

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taking by eminent domain or condemnation shall belong to Landlord in all cases. Tenant hereby grants to Landlord all of Tenant’s rights to such claims for damages and compensation and
covenants to deliver such further assignments thereof as Landlord may from time to time request. Nothing contained herein shall be construed to prevent Tenant from prosecuting in any condemnation proceedings a claim for relocation expenses, provided
that such action shall not affect the amount of compensation otherwise recoverable by Landlord from the taking authority. 

ARTICLE 8 

Defaults 

8.1 Default of Tenant. (a) (I) If Tenant shall default in its obligations to pay the Annual Fixed Rent or Additional
Rent or any other charges or amounts under this Lease when due or shall default in complying with its obligations under Subsection 6.1.11 of this Lease and if any such default shall continue for five (5) days after notice from Landlord
designating such default, or (II) if as promptly as possible but in any event within thirty (30) days after notice from Landlord to Tenant specifying any default or defaults other than those set forth in clause (I) Tenant has not cured the
default or defaults so specified, provided that if Tenant is proceeding in good faith and with due diligence to complete the cure of any such non-monetary performance breach which is curable but cannot reasonably be cured within thirty
(30) days, Tenant will not be held in default for not completing such cure within thirty (30) days so long as Tenant is diligently and continuously proceeding to complete such cure; or (b) if any assignment shall be made by Tenant for
the benefit of creditors; or (c) if Tenant’s leasehold interest shall be taken on execution; or (d) if a lien or other involuntary encumbrance shall be filed against Tenant’s leasehold interest or Tenant’s other property and
shall not be discharged within thirty (30) days thereafter; or (e) if a petition shall be filed by Tenant for liquidation, or for reorganization or an arrangement under any provision of any bankruptcy law or code as then in force and
effect; or (f) if an involuntary petition under any of the provisions of any bankruptcy law or code shall be filed against Tenant and such involuntary petition shall not be stayed, dismissed or vacated within sixty (60) days thereafter; or
(g) if a custodian or similar agent shall be authorized or appointed to take charge of all or substantially all of the assets of Tenant; or (h) if Tenant dissolves or shall be dissolved or shall liquidate or shall adopt any plan or
commence any proceeding, the result of which is intended to include dissolution or liquidation; or (i) if any order shall be entered in any proceeding by or against Tenant decreeing or permitting the dissolution of Tenant or the winding up of
its affairs; or (j) if Tenant shall fail to pay any installment of Annual Fixed Rent or Additional Rent when due, Tenant shall cure such default within the grace period provided in clause (a) (I) above (or with Landlord’s
approval after the expiration of such grace period) and Tenant shall, within the next year following the date such initial defaulted payment was first due, fail more than twice to pay any installment of Annual Fixed Rent or Additional Rent when due,
then, and in any of such cases indicated in clauses (a) through (j) hereof (collectively and individually, a “Default of Tenant”), Landlord may, in addition to and not in derogation of any remedies for any preceding breach
of covenant, immediately or at any time thereafter (x) give notice to Tenant terminating this Lease and/or the term hereof, which notice shall specify the date of such termination, whereupon on the date so specified, the term of this Lease and
all of Tenant’s rights and privileges under this Lease shall expire and terminate or (y) without terminating this Lease terminate Tenant’s right of possession and/or occupancy and reenter and take possession of the Premises or any
part thereof, without 
  

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notice and expel Tenant and any party claiming under Tenant and remove any of their effects, without being liable on account thereof, whether in trespass or breach or covenant or otherwise, (and
no such reentry or taking possession shall be construed as an election by Landlord to terminate this Lease unless Landlord shall affirm such election by notice expressly to such effect), but in either case Tenant shall remain liable as hereinafter
provided. 
 8.2 Remedies. In the event of any termination of this Lease or the term hereof pursuant to Section 8.1,
Tenant shall pay the Annual Fixed Rent, Additional Rent and other charges payable hereunder up to the time of such termination. Thereafter, whether or not the Premises shall have been re let, Tenant shall be liable to Landlord for, and shall pay to
Landlord the Annual Fixed Rent, Additional Rent and other charges which would be payable hereunder for the remainder of the term of this Lease had such termination not occurred, less the net proceeds, if any, of any reletting of the Premises, after
deducting all expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, attorneys’ fees and expenses, advertising costs, administration expenses, alteration costs, the value of any
tenant inducements (including but without limitation free rent, moving costs, and contributions toward leasehold improvements) and any other expenses incurred in preparation for such reletting. Tenant shall pay such damages to Landlord monthly on
the days on which the Annual Fixed Rent, Additional Rent or other charges would have been payable hereunder if the term of this Lease had not been so terminated. 

In the event of any reentry or retaking of possession of the Premises and/or termination of Tenant’s right of possession and/or
occupancy of the Premises, as applicable, without termination of this Lease, pursuant to Section 8.1, Tenant shall pay the Annual Fixed Rent, Additional Rent and other charges payable hereunder up to the time of such reentry or retaking of
possession and/or termination. Thereafter, whether or not the Premises shall have been re-let, Tenant shall be liable to Landlord for, and shall pay to Landlord the Annual Fixed Rent, Additional Rent and other charges which would be payable
hereunder for the remainder of the term of this Lease notwithstanding any such reentry, retaking of possession or termination, less the net proceeds, if any, of any reletting of the Premises, after deducting all expenses in connection with such
reletting, including, without limitation, all repossession costs, brokerage commissions, attorneys’ fees and expenses, advertising costs, administration expenses, alteration costs, the value of any tenant inducements (including but without
limitation free rent, moving costs, and contributions toward leasehold improvements) and any other expenses incurred in preparation for such reletting. Tenant shall pay such damages to Landlord monthly on the days on which the Annual Fixed Rent,
Additional Rent or other charges are payable hereunder. 
 At any time after any such termination, reentry or retaking of
possession, in lieu of recovering damages pursuant to the provisions of the immediately preceding paragraphs with respect to any period after the date of demand therefor, at Landlord’s election, Tenant shall pay to Landlord immediately and in
full the greater of (i) the amount, if any, by which (A) the Annual Fixed Rent, Additional Rent and other charges which would be payable hereunder from the date of such demand to the end of what would be the then unexpired term of this
Lease had such termination not occurred (or in the case of reentry or retaking of possession of the Premises by Landlord or a termination of Tenant’s right of possession and/or occupancy of the Premises, to the end of the term of this Lease),
shall exceed (B) the then fair rental value of the Premises for the same period, reduced to amortize over such period all costs or expenses which Landlord 

 

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would incur to obtain such fair market rent, or (ii) an amount equal to the lesser of (x) the Annual Fixed Rent, Additional Rent and other charges that would have been payable for the
remainder of the term of this Lease had such termination not occurred (or in the case of reentry or retaking of possession of the Premises by Landlord or a termination of Tenant’s right of possession and/or occupancy of the Premises, to the end
of the term of this Lease) or (y) the aggregate of the Annual Fixed Rent, Additional Rent and other charges accrued in the twelve (12) months ended next prior to such termination, reentry or retaking of possession of the Premises by
Landlord or termination of Tenant’s right of possession and/or occupancy (without reduction for any free rent or other concession or abatement) except that in the event the term of this Lease or Tenant’s right of possession and/or
occupancy of the Premises is so terminated or Landlord shall reenter and/or retake possession of the Premises prior to the expiration of the first full year of the term of this Lease, the damages which Landlord may elect to recover pursuant to
clause (ii) (y) of this paragraph shall be calculated as if any such termination, reentry or retaking of possession had occurred on the first anniversary of the Commencement Date and there had been no so-called free rent or other rental
concession or any rental abatement. 
 Nothing contained in this Lease shall, however, limit or prejudice the right of Landlord
to prove for and obtain in proceedings for bankruptcy or insolvency by reason of the termination of this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which,
the damages are to be proved, whether or not the amount be greater than, equal to, or less than the amount of the loss or damages referred to above. 

In case of any Default of Tenant, re-entry, expiration and repossession by summary proceedings or otherwise, Landlord may (i) relet
the Premises or any part or parts thereof, either in the name of Landlord, Tenant (Tenant hereby irrevocably appointing Landlord its attorney in fact to execute any instrument of reletting on behalf of Tenant) or otherwise (as Landlord may elect),
for a term or terms which may at Landlord’s option be equal to or less than or exceed the period the balance of the term of this Lease (or the balance of the term of this Lease if it shall not have been terminated) and may grant concessions or
free rent to the extent that Landlord considers advisable and necessary to relet the same and (ii) may make such alterations, repairs and decorations in the Premises as Landlord in its sole judgment considers advisable and necessary for the
purpose of reletting the Premises; and the making of such alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord shall in no event be required to relet the Premises or
mitigate damages except in accordance with Section 8.2.1, or be liable in any way whatsoever for failure to relet the Premises, or, in the event that the Premises are relet, for failure to collect the rent under such reletting. 

To the fullest extent permitted by law, Tenant hereby expressly waives any and all rights of redemption granted under any present or
future laws in the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining possession of the Premises, by reason of the violation by Tenant of any of the covenants and conditions of this Lease. 

8.2.1 Mitigation of Damages. Landlord shall make a good faith effort to relet the Premises following a termination of this Lease
due to a Default of Tenant, but subject to and in accordance with the following criteria: 
 (i) Landlord shall have no
obligation to solicit or entertain negotiations with any other prospective tenants for the Premises until Tenant shall have surrendered possession of the Premises in the condition required by Section 6.1.9 hereof; 

 

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 (ii) Landlord shall have no obligation to offer the Premises to any prospective tenant so
long as other premises in the Building suitable for that prospective tenant are currently available, or are reasonably expected to be available within the next six (6) months; 

(iii) Landlord shall have no obligation to enter into a lease of less than all of the Premises; 

(iv) Landlord shall have no obligation to enter into a lease under terms and conditions that are inconsistent with Landlord’s then
current leasing policies for comparable space in the Building. 
 (v) Landlord shall have no obligation to enter into a lease
with any proposed tenant that does not have, in Landlord’s reasonable opinion, sufficient financial resources and operating experience; 

(vi) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises or the Building
suitable for use by a prospective tenant unless either (1) Tenant pays any such sum to Landlord in advance of Landlord’s execution of a lease with such prospective tenant (which payment shall be in addition to any other damages or amounts
to which Landlord may be entitled to as a result of Tenant’s default under this Lease); or (2) Landlord, in Landlord’s sole discretion, determines that any such expenditure is financially justified in connection with entering into any
lease with such prospective tenant; and 
 (vii) Landlord shall have no obligation to enter into a lease with any prospective
tenant whose use would, in Landlord’s judgment: (1) violate any title restriction or covenant, or requirement contained in the lease of another tenant of the Building; (2) be incompatible with the operation of the Building as a
first-class building; or (3) require any alterations to the Building. 
 8.3 Remedies Cumulative. Except as
expressly provided otherwise in Section 8.2, any and all rights and remedies which Landlord may have under this Lease, and at law and equity (including without limitation actions at law for direct, indirect, special and consequential
(foreseeable and unforeseeable) damages), for Tenant’s failure to comply with its obligations under this Lease shall be cumulative and shall not be deemed inconsistent with each other, and any two or more of all such rights and remedies may be
exercised at the same time insofar as permitted by law. 
 8.4 Landlord’s Right to Cure Defaults. At any time with
or without notice, Landlord shall have the right, but shall not be required, to pay such sums or do any act which requires the expenditure of monies which may be necessary or appropriate by reason of the failure or neglect of Tenant to comply with
any of its obligations under this Lease (provided Landlord shall not exercise such right until there is a Default of Tenant unless earlier action by Landlord is necessary to prevent injury or damage to persons or property, including Landlord’s
interest in the Property, as determined by Landlord in good faith), and in the event of the exercise of such right by Landlord, Tenant agrees to pay to Landlord forthwith upon demand, as Additional Rent, all such sums including reasonable attorneys
fees, together with interest thereon at a rate (the “Default Rate”) equal to the lesser of four percent (4%) over the Prime Rate or the maximum 

 

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rate allowed by law. “Prime Rate” shall mean the annual floating rate of interest, determined daily and expressed as a percentage from time to time announced by Bank of America
as its “prime” or “base” rate, so-called, or if at any time Bank of America ceases to announce such a rate, as announced by the largest national or state-chartered banking institution then having an office in the City of Boston
and announcing such a rate. If at any time neither Bank of America nor the largest national or state-chartered banking institution having an office in the City of Boston is announcing such a floating rate, “Prime Rate” shall mean
the prime rate as published in the Wall Street Journal. 
 8.5 Holding Over. Any holding over by Tenant of all or any
portion of the Premises after the expiration or early termination of the term of this Lease shall be treated as a daily tenancy at sufferance at a rental rate equal to one and one-half (1.5) times the greater of (x) the fair market rental
value for the Premises on a month-to-month basis or (y) the sum of Annual Fixed Rent plus Additional Rent on account of Operating Costs and Taxes in effect immediately prior to the expiration or earlier termination of the term (prorated on a
daily basis). Tenant shall also pay to Landlord all damages, direct and/or consequential (foreseeable and unforeseeable), sustained by reason of any such holding over. Otherwise, all of the covenants, agreements and obligations of Tenant applicable
during the term of this Lease shall apply and be performed by Tenant during such period of holding over as if such period were part of the term of this Lease. 

8.6 Effect of Waivers of Default. Any consent or permission by Landlord to any act or omission by Tenant shall not be deemed to be
consent or permission by Landlord to any other similar or dissimilar act or omission and any such consent or permission in one instance shall not be deemed to be consent or permission in any other instance. 

8.7 No Waiver, etc. The failure of Landlord or Tenant to seek redress for violation of, or to insist upon the strict performance
of, any covenant or condition of this Lease shall not be deemed a waiver of such violation nor prevent a subsequent act, which would have originally constituted a violation, from having all the force and effect of an original violation. The receipt
by Landlord of rent with knowledge of the breach of any covenant of this Lease shall not be deemed to have been a waiver of such breach by Landlord, or by Tenant, unless such waiver be in writing signed by the party to be charged. No consent or
waiver, express or implied, by Landlord or Tenant to or of any breach of any agreement or duty shall be construed as a waiver or consent to or of any other breach of the same or any other agreement or duty. 

8.8 No Accord and Satisfaction. No acceptance by Landlord of a lesser sum than the Annual Fixed Rent, Additional Rent or any other
charge then due shall be deemed to be other than on account of the earliest installment of such rent or charge due, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent or other charge be deemed
an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of such installment or pursue any other remedy in this Lease provided. 

 

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 ARTICLE 9 

Rights of Holders 

9.1 Rights of Mortgagees or Ground Lessor. On the condition Landlord shall perform its obligations under Section 9.3, this
Lease, and all rights of Tenant hereunder, are and shall be subject and subordinate to any ground or master lease, and all renewals, extensions, modifications and replacements thereof, and to all mortgages, which may now or hereafter affect the
Building or the Property and/or any such lease, whether or not such mortgages shall also cover other lands and/or buildings and/or leases, to each and every advance made or hereafter to be made under such mortgages, and to all renewals,
modifications, replacements and extensions of such leases and such mortgages and all consolidations of such mortgages. This Section shall be self-operative and no further instrument of subordination shall be required. In confirmation of such
subordination, Tenant shall promptly execute, acknowledge and deliver any instrument that Landlord, the lessor under any such lease or the holder of any such mortgage or any of their respective successors in interest may reasonably request to
evidence such subordination provided Landlord shall have performed its obligations under Section 9.3. Any lease to which this Lease is subject and subordinate is herein called “Superior Lease” and the lessor of a Superior Lease
or its successor in interest, at the time referred to, is herein called “Superior Lessor”; and any mortgage to which this Lease is subject and subordinate, is herein called “Superior Mortgage” and the holder of a
Superior Mortgage is herein called “Superior Mortgagee”. 
 If any Superior Lessor or Superior Mortgagee or the
nominee or designee of any Superior Lessor or Superior Mortgagee shall succeed to the rights of Landlord under this Lease, whether through possession or foreclosure action or delivery of a new lease or deed, or otherwise, then Tenant shall attorn to
and recognize such party succeeding to Landlord’s rights (“Successor Landlord”) as Tenant’s landlord under this Lease and shall promptly execute and deliver any instrument that such Successor Landlord may reasonably
request to evidence such attornment subject to the terms and conditions of any nondisturbance agreement entered into between or among the parties as contemplated by Section 9.3. 

9.2 Modifications. If any Superior Lessor or Superior Mortgagee shall require any modification(s) of this Lease, Tenant shall, at
Landlord’s request, promptly execute and deliver to Landlord such instruments effecting such modification(s) as Landlord shall require, provided that such modification(s) do not adversely affect any of Tenant’s rights or increase any of
Tenant’s obligations or diminish any of Landlord’s obligations under this Lease in any material respect. In addition, and notwithstanding Section 9.1 to the contrary, any Superior Lessor or Superior Mortgagee may, at its option,
subordinate the Superior Lease or Superior Mortgage of which it is the lessor or holder to this Lease by giving Tenant ten (10) days prior written notice of such election, whereupon this Lease shall, irrespective of dates of execution, delivery
and recording, be superior to such Superior Lease or Superior Mortgage and no other documentation shall be necessary to effect such change. 

9.3 Subordination, Non-Disturbance and Attornment. Landlord represents that as of the Date of this Lease it holds fee title to the
Property and that no Superior Mortgage affects such title. Landlord shall obtain a so-called nondisturbance agreement from any future Superior Lessor or Superior Mortgagee (a “Future Holder”) in a commercially reasonable form,
provided that, at Landlord’s election, Tenant shall first execute and deliver such agreement to Landlord. 
  

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 ARTICLE 10 

Miscellaneous Provisions 

10.1 Notices. Except as may be expressly provided herein otherwise, all notices, requests, demands, consents, approval or other
communications to or upon the respective parties hereto shall be in writing, shall be delivered by hand or mailed by certified or registered mail, return receipt requested, or by a nationally recognized courier service that provides a receipt for
delivery such as Federal Express, United Parcel Service or U.S. Postal Service Express Mail and shall be addressed as follows: If intended for Landlord, to the Original Address of Landlord set forth in Section 1.1 of this Lease with a copy to
Reit Management & Research LLC, 400 Centre Street, Newton, MA 02458, Attn: Jennifer B. Clark (or to such other address or addresses as may from time to time hereafter be designated by Landlord by notice to Tenant); and if intended for
Tenant, addressed to Tenant at the Original Address of Tenant set forth in Section 1.1 of this Lease until the Commencement Date and thereafter to the Property (or to such other address or addresses as may from time to time hereafter be
designated by Tenant by notice to Landlord). Notices shall be effective on the date delivered to (or the first date such delivery is attempted and refused by) the party to which such notice is required or permitted to be given or made under this
Lease. Notices from Landlord may be given by Landlord’s Agent, if any, or Landlord’s attorney; and any bills or invoices for Annual Fixed Rent or Additional Rent may be given by mail(which need not be registered or certified) and, if so
given, shall be deemed given on the third Business Day following the date of posting. 
 10.2 Quiet Enjoyment;
Landlord’s Right to Make Alterations, Etc. Landlord agrees that so long as no Default of Tenant then exists, Tenant shall and may peaceably and quietly have, hold and enjoy the Premises during the term hereof without any manner of hindrance
or molestation from Landlord or anyone claiming by, through or under Landlord, subject, however, to the terms of this Lease; provided, however, Landlord reserves the right at any time and from time to time, without the same constituting breach of
Landlord’s covenant of quiet enjoyment or an actual or constructive eviction, and without Landlord incurring any liability to Tenant or otherwise affecting Tenant’s obligations under this Lease, to make such changes, alterations,
improvements, repairs or replacements in or to the interior and exterior of the Building (including the Premises) and the fixtures and equipment thereof, and in or to the Property, or properties adjacent thereto, as Landlord may deem necessary or
desirable, and to change the arrangement and/or location of entrances or passageways, doors and doorways, corridors, elevators, or other common areas of the Building and Property, provided that in all cases there be no unreasonable obstruction of
the right of access to the Premises by Tenant and that in exercising its rights hereunder Landlord use commercially reasonable efforts to minimize, to the greatest extent reasonably practical, any interference with the conduct of business at the
Premises. 
 Without incurring any liability to Tenant, Landlord may permit access to the Premises and open the same, whether or
not Tenant shall be present, upon any demand of any receiver, trustee, assignee for the benefit of creditors, sheriff, marshal or court officer Landlord reasonably 

 

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believes is entitled to such access for the purpose of taking possession of, or removing, Tenant’s property or for any other lawful purpose (but this provision and any action by Landlord
hereunder shall not be deemed a recognition by Landlord that the person or official making such demand has any right or interest in or to this Lease, or in or to the Premises), or upon demand of any representative of the fire, police, building,
sanitation or other department of the city, state or federal governments. 
 10.3 Memorandum of Lease. Both parties
shall, upon the request of either (and at the expense of the requesting party), execute and deliver a notice or memorandum of this Lease in such form, if any, as may be acceptable for recording with the Registry of Deeds of Middlesex County. In no
event shall such document set forth the rent or other charges payable by Tenant pursuant to this Lease; and any such document shall expressly state that it is executed pursuant to the provisions contained in this Lease and is not intended to vary
the terms and conditions of this Lease. 
 10.4 Assignment of Rents and Transfer of Title; Limitation of Landlord’s
Liability. Tenant agrees that the assignment by Landlord of Landlord’s interest in this Lease, or the rents payable hereunder, whether absolute or conditional in nature or otherwise, which assignment is made to the holder of a mortgage on
property which includes the Premises, shall never be treated as an assumption by such holder of any of the obligations of Landlord hereunder unless such holder shall, by notice sent to Tenant, specifically otherwise elect and that, except as
aforesaid, such holder shall be treated as having assumed Landlord’s obligations hereunder (subject to the limitations set forth in Section 9.1) only upon foreclosure of such holder’s mortgage and the taking of possession of the
Premises. 
 The term “Landlord”, so far as covenants or obligations to be performed by Landlord are concerned,
shall be limited to mean and include only the owner or owners at the time in question of Landlord’s interest in the Property, and in the event of any transfer or transfers of such title to said property, Landlord (and in case of any subsequent
transfers or conveyances, the then grantor) shall be concurrently freed and relieved from and after the date of such transfer or conveyance, without any further instrument or agreement, of all liability with respect to the performance of any
covenants or obligations on the part of Landlord contained in this Lease thereafter to be performed, it being intended hereby that the covenants and obligations contained in this Lease on the part of Landlord, shall, subject as aforesaid, be binding
on Landlord, its successors and assigns, only during and in respect of their respective period of ownership of such interest in the Property. 

Notwithstanding the foregoing, in no event shall the acquisition of Landlord’s interest in the Property by a purchaser which,
simultaneously therewith, leases Landlord’s entire interest in the Property back to Landlord or the seller thereof be treated as an assumption by operation of law or otherwise, of Landlord’s obligations hereunder. Tenant shall look solely
to such seller-lessee, and its successors from time to time in title, for performance of Landlord’s obligations hereunder. The seller-lessee, and its successors in title, shall be the Landlord hereunder unless and until such purchaser expressly
assumes in writing the Landlord’s obligations hereunder. 
  

 - 50 - 

 Tenant shall not assert nor seek to enforce any claim for breach of this Lease against any
of Landlord’s assets other than Landlord’s interest in the Property, and Tenant agrees to look solely to such interest for the satisfaction of any liability or claim against Landlord under this Lease, it being specifically agreed that in
no event whatsoever shall Landlord ever be personally liable for any such liability. Tenant furthermore agrees that no trustee, officer, director, general or limited partner, member, shareholder, beneficiary, employee or agent of Landlord (including
any person or entity from time to time engaged to supervise and/or manage the operation of Landlord) shall be held to any liability, jointly or severally, for any debt, claim, demand, judgment, decree, liability or obligation of any kind (in tort,
contract or otherwise) of, against or with respect to Landlord or arising out of any action taken or omitted for or on behalf of Landlord. 

10.5 Landlord’s Default. Landlord shall not be deemed to be in breach of, or in default in the performance of, any of its
obligations under this Lease unless it shall fail to perform such obligation(s) and such failure shall continue for a period of thirty (30) days, or such additional time as is reasonably required to correct any such breach or default, after
written notice has been given by Tenant to Landlord specifying the nature of Landlord’s alleged breach or default. Tenant shall have no right to terminate this Lease for any breach or default by Landlord hereunder and no right, for any such
breach or default, to offset or counterclaim against any rent due hereunder. In no event shall Landlord ever be liable to Tenant for any punitive damages or for any loss of business or any other indirect, special or consequential damages suffered by
Tenant from whatever cause. Tenant further agrees that if Landlord shall have failed to cure any such breach or default within thirty (30) days of such notice to Landlord (or if such breach or default cannot be cured within said time, then
within such additional time as may be necessary if within said thirty days Landlord has commenced and is diligently pursuing the remedies necessary to cure such breach or default), then the holder(s) of any mortgage(s) or the lessor under any ground
lease entitled to notice pursuant to Section 10.6 shall have an additional thirty (30) days within which to cure such breach or default. 

Where provision is made in this Lease for Landlord’s consent and Tenant shall request such consent and Landlord shall fail or refuse
to give or shall delay in giving such consent, Tenant shall not be entitled to any damages and Tenant hereby waives any claim based on such failure, refusal or delay; provided however in any situation where Landlord is expressly required not to
withhold its consent unreasonably Tenant shall (at its sole remedy) be entitled to bring an action for specific performance or injunction. 

10.6 Notice to Mortgagee and Ground Lessor. After receiving notice from any party that it holds a mortgage which includes the
Premises as part of the mortgaged premises, or that it is the ground lessor under a lease with Landlord, as ground lessee, which includes the Premises as part of the demised premises, no notice of any breach or default from Tenant to Landlord shall
be effective unless and until a copy of the same is given to such holder or ground lessor, and the curing of any of Landlord’s defaults by such holder or ground lessor shall be treated as performance by Landlord. 

10.7 Brokerage. Tenant warrants and represents that it has dealt with no broker in connection with the consummation of this Lease,
other than Cushman & Wakefield, and in the event of any brokerage claims or liens, other than by Cushman & Wakefield, against Landlord or 

 

 - 51 - 

 
the Property predicated upon or arising out of prior dealings with Tenant, Tenant agrees to defend the same and indemnify and hold Landlord harmless against any such claim, and to discharge any
such lien. Landlord warrants and represents that it has dealt with no broker in connection with the consummation of this Lease, other than Cushman & Wakefield, and in the event of any brokerage claims against Tenant predicated upon or
arising out of prior dealings with Landlord, Landlord agrees to defend the same and indemnify and hold Tenant harmless against any such claim. Landlord shall pay the commissions of Cushman & Wakefield in connection with this Lease pursuant
to a separate agreement between Landlord and Cushman & Wakefield. 
 10.8 Waiver of Jury Trial. LANDLORD AND
TENANT HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THEM AGAINST THE OTHER IN CONNECTION WITH THIS LEASE. 

10.9 Applicable Law and Construction. This Lease shall be governed by and construed in accordance with the laws of the state or
district in which the Property is located and if any provisions of this Lease shall to any extent be invalid, the remainder of this Lease shall not be affected thereby. Tenant expressly acknowledges and agrees that Landlord has not made and is not
making, and Tenant, in executing and delivering this Lease, is not relying upon, any warranties, representations, promises or statements, except to the extent that the same are expressly set forth in this Lease or in any other written agreement
which may be made between the parties concurrently with the execution and delivery of this Lease and which shall expressly refer to this Lease. All understandings and agreements heretofore made between the parties are merged in this Lease and any
other such written agreement(s) made concurrently herewith, which alone fully and completely express the agreement of the parties and which are entered into after full investigation, neither party relying upon any statement or representation not
embodied in this Lease or any other such written agreement(s) made concurrently herewith. This Lease may be amended, and the provisions hereof may be waived or modified, only by instruments in writing executed by Landlord and Tenant. The titles of
the several Articles and Sections contained herein are for convenience only and shall not be considered in construing this Lease. The submission of this document for examination and negotiation does not constitute an offer to lease, or a reservation
of, or option for, the Premises, and Tenant shall have no right to the Premises hereunder until the execution and delivery hereof by both Landlord and Tenant. Except as herein otherwise provided, the terms hereof shall be binding upon and shall
inure to the benefit of the successors and assigns, respectively, of Landlord and Tenant and, if Tenant shall be an individual, upon and to his heirs, executors, administrators, successors and assigns. If two or more persons or parties are named as
Tenant herein, (i) each of such persons or parties shall be jointly and severally liable for the obligations of the Tenant hereunder, and Landlord may proceed against any one without first having commenced proceedings against any other of them,
and (ii) any notices, requests, demands, consents, approvals or other communications delivered by Tenant under the Lease which are not executed by each person or party named as Tenant herein may be deemed void, if Landlord shall so elect. Each
term and each provision of this Lease to be performed by Tenant shall be construed to be both an independent covenant and a condition and time is of the essence with respect to the exercise of any of Tenant’s rights, and the performance of any
and all of Tenant’s obligations, under this Lease. The reference contained to successors and assigns of Tenant is not intended to constitute a consent to assignment by Tenant. Except as otherwise set forth in this Lease, any obligations of
Landlord or Tenant 
  

 - 52 - 

 
arising, or relating to events occurring, during the term of this Lease (including, without limitation, rental and other monetary obligations, repair obligations and obligations to indemnify or
reimburse the other), shall survive the expiration or earlier termination of the term of this Lease. 
 10.10 Evidence of
Authority. Tenant shall deliver to Landlord a fully executed Secretary’s Certificate in the form attached hereto as Exhibit E or such other form as shall be reasonably acceptable to Landlord, contemporaneously with the execution of this
Lease. 
 WITNESS the execution hereof under seal on the day and year first above written. 

 

			
	Landlord:
	
	TRUSTEES OF LEXINGTON OFFICE REALTY TRUST
	
	Reit Management & Research LLC, as Agent
		
	By:	 	/s/ David M. Lepore
		 	Name: David M. Lepore
		 	Title:   Senior Vice President
	
	Tenant:
	
	CURIS, INC.
		
	By:	 	/s/ Michael P. Gray
		 	Its (Vice) President
		
	By:	 	/s/ Michael P. Gray
		 	Its (Assistant) Treasurer

  

 - 53 - 

 EXHIBIT A 

[IMAGE] 

 EXHIBIT A-1 

PRELIMINARY PLANS 

Curis 
 4 Maguire Road 

Lexington, MA 02421 
 Permit Documents
Drawing List (September 1, 2010) 
  

			
	GENERAL
	
	Cover Sheet
	
	ARCHITECTURAL
		
	A1.0	  	Existing/Demolition First Floor Plan
	A2.0	  	Proposed First Floor Plan
	A2.1	  	Proposed First Floor Equipment Floor Plan
	A2.3	  	Proposed Reflected Ceiling Plan
	A9.1	  	Casework Elevations
	FE2.1	  	First Floor Fire Extinguisher Plan
	
	FIRE PROTECTION
		
	FP1.0	  	First Floor Fire Protection Sprinkler Plan
	
	PLUMBING
		
	P0.0	  	Plumbing Notes and Legend
	P1.0	  	First Floor Plumbing Plan
	P2.0	  	First Floor Utility Gas Plan
	
	MECHANICAL & HVAC
		
	MD1	  	First Floor HVAC Duct Demo Plan
	MD2	  	First Floor HVAC Piping Demo Plan
	M1.0	  	First Floor HVAC New Work Plan
	M1.1	  	First Floor HVAC Ceiling Plan
	M1.2	  	First Floor HVAC Piping Plan
	M2	  	HVAC Schedules
	
	ELECTRICAL
		
	ED1	  	Lighting Existing Condition & Demolition Plan
	ED2	  	Power Existing Condition & Demolition Plan
	E1.1	  	Electrical Legends, Schedules, Notes & Details
	E1.2	  	Power Riser Diagrams
	E1.3	  	Electrical owner Equipment Schedules
	E1.4	  	Electrical Owner Equipment Schedules
	E2.1	  	Lighting Floor Plan
	E3.1	  	Power Floor Plan
	E4.1	  	Fire Alarm Floor Plan

  

 - 2 - 

 EXHIBIT A-2 

FURNITURE 

Existing office furniture in the Premises and agreed upon items from the second
(2nd) floor (high-back chairs, office chairs,
bookcases, conference table and mail bin). 
 Tenant agrees to keep a file with receipts for any new office furniture purchased during the term
of the Lease. Landlord and Tenant agree to review this file upon expiration of the term of the Lease, so Tenant will have the right to remove these new items from the Premises. 

 EXHIBIT B 

RULES AND REGULATIONS 

1. The sidewalks, entrances, passages, corridors, vestibules, halls, elevators or stairways in or about the Building shall not be
obstructed by Tenant. 
 2. Tenant shall not place objects against glass partitions, doors or windows which would be unsightly
from the Building corridor or from the exterior of the Building. 
 3. Tenant shall not place a load upon any floor of the
Building exceeding the lesser of the floor load which such floor was designed to carry or that allowed by law. 
 4. Tenant
shall not waste electricity or water in the Building and shall cooperate fully with Landlord to assure the most effective operation of the Building HVAC system. All regulating and adjusting of HVAC equipment (other than Separate HVAC Equipment)
shall be done by the Landlord’s agents or employees. 
 5. No additional or different locks or bolts shall be affixed on
doors by Tenant without Landlord’s consent, which shall not be unreasonably withheld or delayed. Tenant shall provide Landlord with keys to all locks or bolts installed on doors by Tenant and Tenant shall return all keys to Landlord upon
termination of Tenant’s lease. Tenant shall not allow peddlers, solicitors or beggars in the Building and shall report such persons to the Landlord’s agent. 

6. No bicycles, vehicles or animals of any kind, other than animals permitted as part of the Permitted Uses, shall be brought into or
kept in or about the Premises. No space in the Building shall be used for manufacturing or for the sale of merchandise of any kind at auction or for storage thereof preliminary to such sale. 

7. Tenant shall not engage or pay any employees of the Building without approval from the Landlord. 

8. All removals from the Building or the carrying in or out of the Building or the Premises of any freight, furniture or bulky matter of
any description must take place at such time and in such manner as Landlord may determine from time to time. Landlord reserves the right to exclude from the Building all freight which violates any of the rules and regulations or provisions of
Tenant’s lease. 
 9. Normal Building Operating Hours are 8:00 a.m. to 7:00 p.m. Mondays through Fridays and 8:00 a.m. to
1:00 p.m. on Saturdays excluding New Years Day, Martin Luther King’s Birthday, President’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Day (and the applicable weekday when any such day occurs on a weekend
day) and all Sundays, except that Landlord reserves the option (at its sole election) to expand or alter Normal Building Operating Hours. Any day (other than a Saturday) on which Normal Building Operating Hours shall occur shall be a
“Business Day”. 
 10. Tenant shall cooperate with Landlord in minimizing loss and risk thereof from fire and
associated perils. 

 11. Tenant shall, at Tenant’s expense, provide artificial light and electric current
for the Landlord and/or its contractors, agents and employees during the making of repairs, alterations, additions or improvements in or to the demised premises. 

12. The water and wash closets and other plumbing fixtures shall not be used for any purposes other than those for which they were
designed and constructed and no sweepings, rubbish, rags, acid or like substance shall be deposited therein. All damages resulting from any misuse of the fixtures shall be borne by Tenant. 

13. Tenant may request HVAC service outside of Normal Building Operating Hours by submitting a request in writing (or by email or phone)
to Landlord’s manager by noon of the preceding workday. 
 14. Landlord reserves the right to establish, modify and enforce
parking rules and regulations. 
 15. All refuse from the Premises shall be disposed of in accordance with the requirements
established therefor by Landlord and no dumpster shall be overloaded by Tenant. 
 16. Landlord reserves the right at any time
to rescind, alter or waive any rule or regulation at any time prescribed for the Building and to impose additional reasonable rules and regulations when in its judgment Landlord deems it necessary, desirable or proper for its best interest and for
the best interest of tenants and other occupants and invitees thereof. Landlord shall not be responsible to any tenant for the non-observance or violation by any other tenant however resulting of any rules or regulations at any time prescribed for
the Building. 
  

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 EXHIBIT C 

ALTERATIONS REQUIREMENTS 
  

	A.	General 

 1. All
alterations, installations or improvements (“Alterations”) to be made by Tenant in, to or about the Premises, including any Alterations to be made prior to Tenant’s occupancy of the Premises for the Permitted Use, shall be made
in accordance with the requirements of this Exhibit and with any additional requirements stated in the Lease. 
 2. All
submissions, inquiries approvals and other matters shall be processed through Landlord’s Building manager or regional property manager. 

3. Additional and differing provisions in the Lease, if any, will be applicable and will take precedence over the terms of this Exhibit.

  

	B.	Plans 

 1. Before
commencing construction of any Alterations, Tenant shall submit for Landlord’s written approval either a description of the Alterations or drawings and specifications for the Alterations, as follows: 

 

	 	(i)	Tenant shall submit drawings and written specifications (collectively, “Plans”) for all of Tenant’s Alterations, including mechanical, electrical
and cabling, plumbing and architectural drawings. Drawings are to be complete, with full details and finish schedules, and shall be stamped by an AIA architect licensed in the state or district in which the Property is located certifying compliance
with building codes. 

  

	 	(ii)	Tenant may submit a complete description of Tenant’s Alterations (including sketches or diagrams as necessary) in lieu of submitting Plans if the proposed
Alterations meet all of the following criteria: (1) they are cosmetic in nature (e.g. painting, wallpapering, installation of floor coverings, etc.), (2) they do not require a building permit, (3) they do not require work to be
performed inside walls or above the ceiling of the Premises, and (4) they will not affect the structure or the mechanical, plumbing, HVAC, electrical or life safety systems of the Building (collectively, the “Building
Systems”). Notwithstanding that Tenant’s proposed Alterations satisfy all of the preceding criteria, upon review of Tenant’s submission, Landlord shall have the right to require Tenant to submit Plans for all or any portion of the
proposed Alterations. 

 2. Landlord shall review the description or Plans submitted by Tenant
(“Tenant’s Design Submission”) and notify Tenant of approval or disapproval. If Landlord disapproves Tenant’s Design Submission, Landlord shall specify the reasons for its disapproval and Tenant shall revise Tenant’s
Design Submission to meet Landlord’s objections, and shall resubmit the same to Landlord as so revised until Tenant’s Design Submission is approved by Landlord. No approval by Landlord of Tenant’s Design Submission shall constitute
a waiver of any of the requirements of this Exhibit or the Lease. Tenant shall not make any changes to Tenant’s Design Submission after approval by Landlord, including changes required to obtain governmental permits, without obtaining
Landlord’s written approval in each instance. 

 3. All mechanical, electrical, structural and floor loading requirements shall be subject to
approval of Landlord’s engineers. Landlord also reserves the right to require Tenant to submit copies of shop drawings for Landlord’s review and approval. 

4. Before commencing construction of any Alterations, Tenant shall provide Landlord with two (2) complete copies of Tenant’s
Design Submission in final form as approved by Landlord. 
  

	C.	Selection of Contractors and Subcontractors 

Before commencing construction of any Alterations, Tenant shall submit to Landlord the names of Tenant’s general contractor (the
“General Contractor”) and subcontractors for Landlord’s approval. If Landlord shall reject the General Contractor or any subcontractor, Landlord shall advise Tenant of the reasons(s) in writing and Tenant shall submit another
selection to Landlord for Landlord’s approval. 
  

	D.	Insurance 

 Before
commencing construction of any Alterations, Tenant will deliver to Landlord: 
  

	 	(i)	Four (4) executed copies of the Insurance Requirements agreement in the form set forth in Exhibit D from the general contractor and, if requested by Landlord, from
the subcontractors (Landlord will return two fully executed copies to Tenant), and 

  

	 	(ii)	insurance certificates for the General Contractor and subcontractors as required by Exhibit D, which shall include evidence of coverage for the indemnity provided by
the General Contractor or subcontractor executing such agreement. 

  

	E.	Building Permit and Other Legal Requirements 

1. Before commencing construction of any Alterations, Tenant shall furnish Landlord with a valid permit for the construction of the
Alterations from the building department or other agency having jurisdiction in the municipality in which the Building is located (unless the Alterations are of a cosmetic nature not requiring a building permit). Tenant shall keep the original
building permit posted on the Premises during the construction of the Alterations. 
 2. Tenant Design Submission, the
Alterations, and the construction of the Alterations shall each be in strict compliance with (i) all applicable laws, codes, rules and regulations, including, without limitation, the Americans with Disabilities Act, state and local health
department requirements, and occupational health and safety laws and regulations (and no approval of Tenant’s Design Submission shall relieve Tenant of this obligation or invest Landlord with any responsibility for ensuring such compliance),
and (ii) all building permits, consents, licenses, variances, and approvals issued in connection with the Alterations. Tenant shall ensure that the General Contractor and all subcontractors have the requisite licenses to

  

 - 2 - 

 
perform their work. Tenant shall procure all permits, governmental approvals, licenses, variances and consents required for the Alterations and shall provide Landlord with a complete copy thereof
promptly upon receipt of same by Tenant. 
  

	F.	Materials and Workmanship 

1. All materials, equipment and installations must meet Landlord’s minimum standards for the Building, as may be designated by
Landlord from time to time, and all materials shall be new, commercial grade and of first-class quality. Any deviation from these requirements will be permitted only if clearly indicated or specified on Tenant’s Design Submission and approved
by Landlord. 
 2. Alterations shall be constructed in a professional, first-class and workmanlike manner, in accordance with
Tenant’s Design Submission. 
 3. The General Contractor shall guaranty all materials and workmanship against defects for a
period of not less than one (1) year from installation. Notwithstanding any limitations contained in such guaranty or in any contract, purchase order or other agreement, during the entire term of the Lease, Tenant shall promptly repair or
replace, at Tenant’s cost, any defective aspect of the Alterations except for insubstantial defects that do not adversely effect the Building or the appearance or rental value of the Premises, as determined by Landlord in its sole discretion.

 4. Alterations must be compatible with the existing Building Systems. In the event any Alterations shall interfere with the
proper functioning of any Building System, Tenant, at Tenant’s sole cost and expense, shall promptly cause such repairs, replacements or adjustments to be made to the Alterations as are necessary to eliminate any such interference. 

 

	G.	Prosecution of the Work 

1. All construction activities shall be conducted so as to avoid disturbance of other tenants. Landlord may require that all demolition
and other categories of work that may inconvenience other tenants or disturb Building operations be scheduled and performed before or after Normal Building Operating Hours (at times determined by Landlord), and Tenant shall provide the Building
manager with at least two Business Days’ notice prior to proceeding with any such work. 
 2. Unless Landlord directs
otherwise, Tenant’s contractors shall have access to the Building during the Normal Building Operating Hours only. If Tenant’s contractors desire access to the Building at any other time, Landlord shall use reasonable efforts to provide
such access, provided, however, that Tenant shall pay Landlord any additional cost incurred by Landlord to provide such access, including, without limitation, additional costs for utilities, personnel, and security. 

3. Prior arrangements for elevator use shall be made with the Building manager by Tenant or the General Contractor. Elevator cabs shall
be properly padded and no material or equipment shall be carried under or on top of elevators. If an operating engineer is required by any union rules, such engineer shall be paid for by Tenant. 

 

 - 3 - 

 4. Under no circumstances will any material related to Tenant’s Alterations be allowed
access through the Building’s front entrance without advance written approval of the Building manager. 
 5. If shutdown of
risers and mains for electrical, HVAC, sprinkler or plumbing work is required, such work shall be supervised by Landlord’s representative at Tenant’s expense. No work will be performed in Building mechanical equipment rooms except under
Landlord’s supervision. 
 6. Alterations shall be performed under the supervision of a superintendent or foreman of the
General Contractor at all times. 
 7. All areas adjacent to the construction area shall be sealed with plastic so as to not be
affected by dust and debris. All floors shall be protected from the construction process. 
 8. The General Contractor or HVAC
subcontractor shall block off supply and return grilles, diffusers and ducts to keep dust from entering into the Building HVAC system and thoroughly clean all HVAC units in the work area at the completion of the Alterations. 

9. Construction debris shall be removed from the construction area daily and the construction area shall be kept neat and reasonably
clean at all times. All construction debris is to be discarded in waste containment provided by the General Contractor only. No material or debris shall be stored outside the Premises or Building without the prior written approval of the
Landlord’s representative. 
 10. Landlord shall have the right to instruct the General Contractor to deliver to Landlord,
at Tenant’s expense, any items to be removed from the Premises during the construction of the Alterations. 
 11. Tenant,
either directly or through the General Contractor, will immediately notify Landlord, in writing, of any damage to the Building caused by the General Contractor or any subcontractors. Such damage shall be repaired within 72 hours unless otherwise
directed by the Landlord in writing. Any damage that is not repaired may be repaired by Landlord at Tenant’s expense. 

12. Construction personnel shall use the restrooms located within the Premises only. If there are no restrooms within the Premises, then
construction personnel shall use only those Building restrooms located on the floor where the work is being performed. 
 13.
All wiring and cabling installed by Tenant shall be tagged with Tenant’s name and its specific use and purpose. 
 14. The
General Contractor and all subcontractors shall cause their employees to adhere to all applicable Rules and Regulations of the Building. 

15. Landlord shall have the right to supervise and inspect the Alterations as the work progresses and to require Tenant to remove or
correct any aspect of the Alterations that does not conform to Tenant’s Design Submission approved by Landlord. Such supervision and inspection shall be at Tenant’s sole expense and Tenant shall pay Landlord’s reasonable charges for
such supervision and inspection. 
  

 - 4 - 

	H.	Documents to Be Furnished to Landlord Upon Completion of Tenant’s Work 

1. Within fifteen (15) days after construction of the Alterations has been completed, except for so-called punch list items, Tenant
shall furnish Landlord with the following documents: 
  

	 	(i)	record “as built” drawings in paper and electronic (CADD) format showing all of the Alterations as actually constructed for all portions of the Alterations
for which drawings were submitted; 

  

	 	(ii)	if Plans for the Alterations were prepared by an architect, a written certification from the architect confirming that the Alterations were completed in accordance with
the Plans and all applicable laws, codes, ordinances, and regulations; 

  

	 	(iii)	full and final lien waivers and releases executed by the General Contractor and all subcontractors and suppliers; 

 

	 	(iv)	if the Alterations include any HVAC work, a properly executed air balancing report signed by a professional engineer showing that the HVAC system is properly balanced
for the season; 

  

	 	(v)	copies of all warranties and guarantees received from the General Contractor, subcontractors and materials suppliers or manufacturers; 

 

	 	(vi)	copies of all maintenance manuals, instructions and similar information pertaining to the operation and maintenance of equipment and fixtures installed in the Premises
as part of the Alterations; and 

  

	 	(vii)	a copy of the final, permanent certificate of occupancy or amended certificate of occupancy for the Premises. 

 

 - 5 - 

 EXHIBIT D 

CONTRACTOR’S INSURANCE REQUIREMENTS 

Building: 
 Tenant: 

Premises: 
 The undersigned
contractor (“Contractor”) has been hired by the tenant or occupant (hereinafter called “Tenant”) of the Building named above or by Tenant’s contractor to perform certain work (“Work”) for
Tenant in the Premises identified above. Contractor and Tenant have requested the undersigned landlord (“Landlord”) to grant Contractor access to the Building and its facilities in connection with the performance of the Work and
Landlord agrees to grant such access to Contractor upon and subject to the following terms and conditions: 
 1. Contractor
agrees to indemnify and save harmless the Landlord, and if Landlord is a general or limited partnership each of the partners thereof, and if Landlord is a nominee trust the trustee(s) and all beneficiaries thereof, and all of their respective
officers, employees and agents, from and against any claims, demands, suits, liabilities, losses and expenses, including reasonable attorneys’ fees, arising out of or in connection with the Work (and/or imposed by law upon any or all of them)
because of personal injuries, including death, at any time resulting therefrom and loss of or damage to property, including consequential damages, whether such injuries to person or property are claimed to be due to negligence of the Contractor,
Tenant, Landlord or any other party entitled to be indemnified as aforesaid except to the extent specifically prohibited by law (and any such prohibition shall not void this agreement but shall be applied only to the minimum extent required by law).

 2. Contractor shall provide and maintain at its own expense, until completion of the Work, the following insurance:

 (a) Workmen’s Compensation and Employers Liability Insurance covering each and every workman employed in, about or upon
the Work, as provided for in each and every statute applicable to Workmen’s Compensation and Employers’ Liability Insurance. 

(b) Commercial General Liability Insurance including coverages for Protective and Contractual Liability (to specifically include coverage
for the indemnification clause of this agreement) for not less than the following limits: 
  

			
	Bodily Injury:	  	$5,000,000 per person
		  	$5,000,000 per occurrence
		
	Property Damage:	  	$5,000,000 per occurrence
		  	$5,000,000 aggregate

 (c) Commercial Automobile Liability Insurance (covering all owned, non-owned and/or hired
motor vehicles to be used in connection with the Work) for not less than the following limits: 
  

			
	Bodily Injury:	  	$5,000,000 per person
		  	$5,000,000 per occurrence
		
	Property Damage:	  	$5,000,000 per occurrence.

 Contractor
shall furnish a certificate from its insurance carrier or carriers to the Building office before commencing the Work, showing that it has complied with the above requirements regarding insurance and providing that the insurer will give Landlord ten
(10) days’ prior written notice of the cancellation of any of the foregoing policies. 
 The insurance provided in
(b) and (c) above shall name Landlord as an additional insured. 
 3. Contractor shall require all of its
subcontractors engaged in the Work to provide the following insurance: 
 (a) Commercial General Liability Insurance including
Protective and Contractual Liability coverages with limits of liability at least equal to the limits stated in paragraph 2(b). 

(b) Commercial Automobile Liability Insurance (covering all owned, non-owned and/or hired motor vehicles to be used in connection with
the Work) with limits of liability at least equal to the limits stated in paragraph 2(c). 
 Upon the request of Landlord,
Contractor shall require all of its subcontractors engaged in the Work to execute an Insurance Requirements agreement in the same form as this Agreement. 

Agreed to and executed this      day of
                    , 20    . 
  

									
	Contractor:	 		 	Landlord:
					
	By:	 	  
	 		 	By:	 	  

					
	By:	 	  
	 		 	By:	 	  

  

 - 2 - 

 EXHIBIT E 

CLERK’S CERTIFICATE 

I,                     , the duly
elected and acting [Secretary/Clerk] of                     , a
                     corporation (the “Corporation”), hereby certify that: 

(A) at a meeting of the board of directors of the Corporation held on
                     in accordance with law and the Bylaws of the Corporation the following resolutions were duly adopted: 

VOTED: a. To approve a lease of approximately             
square feet of space for terms of      years with respect to                      in the building commonly known as
                     in                     ,
which lease grants the Corporation an option to extend the term for             terms of      years each, substantially in the form of the draft presented at this
meeting, a copy of which shall be placed on file in the office of the [Secretary/Clerk] and be incorporated by reference in this vote; 

b. To authorize
                     and                     , or
any one of them (each hereinafter referred to as a “Signatory”), to execute and deliver in the name and on behalf of the Corporation the above-described lease and to execute and deliver all other documents, agreements and
instruments, including, without limitation, notices of lease, and to take all other actions with respect to the foregoing which any Signatory, in such Signatory’s discretion, shall determine to be necessary or appropriate to effect or secure
the transactions contemplated herein, the execution and delivery of any of the foregoing or the taking of any such action to be conclusive evidence of such Signatory’s determination and of the Signatory’s authority so to do granted by this
vote; 
 (B) as of this date the following individuals are duly elected and qualified officers of the Corporation holding at
this date, the offices specified next to their names and the signature next to each such name is such individual’s true signature. 
  

									
	 NAME
	 	 	 	 OFFICE
	 	 	 	 SIGNATURE

	  
	 		 	  
	 		 	  

	  
	 		 	  
	 		 	  

(C) The form of lease attached to this Certificate is the form referred to in the foregoing vote. 

(D) The resolutions set forth above are unmodified and continue to be in full force and effect and the Corporation has adopted no other
resolutions in respect of the subject matter thereof. 
 In witness whereof, I have hereunto set my hand and affixed the seal of
the Corporation this      day of                     , 20    . 

 

									
		 		 	  
	 		 	
		 		 	[Secretary/Clerk]	 		 	

 EXHIBIT F 

DECLARATION BY LANDLORD AND TENANT 

AS TO DATE OF DELIVERY AND ACCEPTANCE 

OF POSSESSION OF PREMISES 

Attached to and made a part of the Lease dated
                    ,              (the “Lease”), entered into by and
between Lexington Office Realty Trust, under Declaration of Trust dated December 22, 2008 and filed with Middlesex County Registry District of the Land Court as Document No. 1488947 (“Landlord”) and Curis, Inc., a Delaware
corporation (“Tenant”), covering space comprising approximately 28,172 rentable square feet as further described in the Lease (the “Premises”) in the building located at 4 Maguire Road, Lexington, Massachusetts.

 The undersigned Landlord and Tenant hereby certify that (i) possession of the Premises was delivered by Landlord to
Tenant on                     ,             ; (ii) Landlord’s Work (as defined
in the Lease) and all other improvements to be constructed by Landlord in accordance with the Lease have been satisfactorily completed by Landlord and accepted by Tenant; (iii) the Lease is in full force and effect; (iv) the Commencement
Date (as defined in the Lease) occurred on                     ,             , and the
Original Term (as defined in the Lease) will expire on                     ,
            ; (v) the Rent Commencement Date is                     ,]
and (vi) as of the date hereof, there is no default of Landlord and Tenant claims no right to setoff against rents. 
 IN
WITNESS WHEREOF, the parties have caused this Declaration to be executed as a sealed instrument as of this      day of
                    ,         . 

 

					
	Landlord:
	
	TRUSTEES OF LEXINGTON OFFICE REALTY TRUST
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	Trustee as aforesaid and not individually
	
	Tenant:
	
	CURIS, INC.
		
	By:	 	  

		 	Its (Vice) President
		
	By:	 	  

		 	Its (Assistant) Treasurer

 Table of Contents 

 

							
	 	 	 	 	 	  	 Page

		
	ARTICLE 1 Reference Data	  	1
		 	1.1 Introduction and Subjects Referred To	  	1
		 	1.2 Exhibits	  	3
		
	ARTICLE 2 Premises and Term	  	3
		 	2.1 Premises	  	3
		 	2.2 Term	  	3
		 	2.3 Extension Option	  	4
		 	2.4 Early Termination Option	  	6
		 	2.5 Measurement of the Premises	  	6
		 	2.6 Furniture	  	7
		 	2.7 Roof Equipment	  	7
		
	ARTICLE 3 Commencement and Condition	  	9
		 	3.1 Commencement Date	  	9
		 	3.2 Preparation of the Premises	  	10
		 	3.3 Conclusiveness of Landlord’s Performance	  	12
		 	3.4 Tenant Delay; Force Majeure	  	12
		 	3.5 Construction Representatives	  	13
		
	ARTICLE 4 Rent, Additional Rent, Insurance and Other Charges	  	14
		 	4.1 The Annual Fixed Rent	  	14
		 	4.2 Additional Rent	  	14
		 		 	4.2.1 Real Estate Taxes	  	14
		 		 	4.2.2 Operating Costs	  	15
		 	4.3 Personal Property and Sales Taxes	  	20
		 	4.4 Insurance	  	20
		 		 	4.4.1 Insurance Policies	  	20
		 		 	4.4.2 Requirements	  	21
		 		 	4.4.3 Waiver of Subrogation	  	21
		 	4.5 Utilities	  	22
		 	4.6 Late Payment of Rent	  	22
		 	4.7 Security Deposit	  	22
		
	ARTICLE 5 Landlord’s Covenants	  	25
		 	5.1 Affirmative Covenants	  	25
		 		 	5.1.1 Heat and Air-Conditioning	  	25
		 		 	5.1.2 Common Area Cleaning and Maintenance; Water	  	26
		 		 	5.1.3 Lighting and Electricity	  	26
		 		 	5.1.4 Repairs	  	26
		 	5.2 Interruption	  	26
		 	5.3 Outside Services	  	27
		 	5.4 Access to Building	  	28

  

 i 

 Table of Contents 

(continued) 
  

							
	 	 	 	 	 	  	 Page

			
		 	5.5 Parking	  	28
		 	5.6 Indemnification	  	28
		 	5.7 Landlord’s Insurance	  	29
		 	5.8 Landlord’s Hazardous Materials Representation and Agreement	  	29
		 	5.9 Backup Generator	  	29
		
	ARTICLE 6 Tenant’s Additional Covenants	  	30
		 	6.1 Affirmative Covenants	  	30
		 		 	6.1.1 Perform Obligations	  	30
		 		 	6.1.2 Use	  	30
		 		 	6.1.3 Repair and Maintenance	  	30
		 		 	6.1.4 Compliance with Law	  	31
		 		 	6.1.5 Indemnification	  	31
		 		 	6.1.6 Landlord’s Right to Enter	  	32
		 		 	6.1.7 Personal Property at Tenant’s Risk	  	32
		 		 	6.1.8 Payment of Landlord’s Cost of Enforcement	  	32
		 		 	6.1.9 Yield Up	  	32
		 		 	6.1.10 Rules and Regulations	  	33
		 		 	6.1.11 Estoppel Certificate	  	33
		 		 	6.1.12 Landlord’s Expenses For Consents	  	34
		 		 	6.1.13 Financial Information	  	34
		 	6.2 Negative Covenants	  	34
		 		 	6.2.1 Assignment and Subletting	  	34
		 		 	6.2.2 Nuisance	  	38
		 		 	6.2.3 Floor Load; Heavy Equipment	  	38
		 		 	6.2.4 Electricity	  	38
		 		 	6.2.5 Installation, Alterations or Additions	  	38
		 		 	6.2.6 Abandonment	  	40
		 		 	6.2.7 Signs	  	40
		 		 	6.2.8 Oil and Hazardous Materials	  	40
		
	ARTICLE 7 Casualty or Taking	  	41
		 	7.1 Termination	  	41
		 	7.2 Restoration	  	42
		 	7.3 Award	  	42
		
	ARTICLE 8 Defaults	  	43
		 	8.1 Default of Tenant	  	43
		 	8.2 Remedies	  	44
		 		 	8.2.1 Mitigation of Damages	  	45
		 	8.3 Remedies Cumulative	  	46
		 	8.4 Landlord’s Right to Cure Defaults	  	46
		 	8.5 Holding Over	  	47

  

 ii 

 Table of Contents 

(continued) 
  

							
	 	 	 	 	 	  	 Page

			
		 	8.6 Effect of Waivers of Default	  	47
		 	8.7 No Waiver, etc	  	47
		 	8.8 No Accord and Satisfaction	  	47
		
	ARTICLE 9 Rights of Holders	  	48
		 	9.1 Rights of Mortgagees or Ground Lessor	  	48
		 	9.2 Modifications	  	48
		 	9.3 Subordination, Non-Disturbance and Attornment	  	48
		
	ARTICLE 10 Miscellaneous Provisions	  	49
		 	10.1 Notices	  	49
		 	10.2 Quiet Enjoyment; Landlord’s Right to Make Alterations, Etc	  	49
		 	10.3 Memorandum of Lease	  	50
		 	10.4 Assignment of Rents and Transfer of Title; Limitation of Landlord’s Liability	  	50
		 	10.5 Landlord’s Default	  	51
		 	10.6 Notice to Mortgagee and Ground Lessor	  	51
		 	10.7 Brokerage	  	51
		 	10.8 Waiver of Jury Trial	  	52
		 	10.9 Applicable Law and Construction	  	52
		 	10.10 Evidence of Authority	  	53

  

 iiiCredit Agreement

 Exhibit 10.1 

Execution Copy 
  

 
  

CREDIT AGREEMENT 

Dated as of September 16, 2010 

among 
 COLONY
FINANCIAL, INC., 
 as a Borrower, 

and 
 THE
SUBSIDIARIES OF 
 COLONY FINANCIAL, INC. 

FROM TIME TO TIME PARTY HERETO, 

as Borrowers 

BANK OF AMERICA, N.A., 

as Administrative Agent 

and 
 The Other
Lenders Party Hereto 
 BANC OF AMERICA SECURITIES LLC, 

as 
 Sole Lead
Arranger and Sole Bookrunner 
  
  

 

 TABLE OF CONTENTS 

 

					
	 Section
	  	  	  	Page
		
	ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS	  	1
	 1.01
	  	Defined Terms	  	1
	 1.02
	  	Other Interpretive Provisions	  	24
	 1.03
	  	Accounting Terms	  	25
	 1.04
	  	Rounding	  	25
	 1.05
	  	Times of Day	  	26
		
	ARTICLE II. THE COMMITMENTS AND LOANS	  	26
	 2.01
	  	Revolving Loans	  	26
	 2.02
	  	Borrowings, Conversions and Continuations of Loans	  	26
	 2.03
	  	Prepayments	  	27
	 2.04
	  	Termination or Reduction of Commitments	  	29
	 2.05
	  	Term Loan Conversion; Repayment of Converted Term Loans	  	29
	 2.06
	  	Interest	  	30
	 2.07
	  	Fees	  	30
	 2.08
	  	Computation of Interest and Fees	  	31
	 2.09
	  	Evidence of Debt	  	31
	 2.10
	  	Payments Generally; Administrative Agent’s Clawback	  	31
	 2.11
	  	Sharing of Payments by Lenders	  	33
	 2.12
	  	Extension of Revolver Maturity Date	  	34
	 2.13
	  	Increase in Commitments	  	35
	 2.14
	  	Defaulting Lenders	  	37
	 2.15
	  	Collateral; Borrowing Base; Borrowing Base Accounts; Additional Joint Venture Investments	  	38
		
	ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY	  	43
	 3.01
	  	Taxes	  	43
	 3.02
	  	Illegality	  	47
	 3.03
	  	Inability to Determine Rates	  	48
	 3.04
	  	Increased Costs; Reserves on Eurodollar Rate Loans	  	48
	 3.05
	  	Compensation for Losses	  	49
	 3.06
	  	Mitigation Obligations; Replacement of Lenders	  	50
	 3.07
	  	Survival	  	50
		
	ARTICLE IV. CONDITIONS PRECEDENT	  	51
	 4.01
	  	Conditions of Effectiveness	  	51
	 4.02
	  	Conditions to all Revolving Loans	  	54
		
	ARTICLE V. REPRESENTATIONS AND WARRANTIES	  	54
	 5.01
	  	Existence, Qualification and Power	  	54
	 5.02
	  	Authorization; No Contravention	  	55
	 5.03
	  	Governmental Authorization; Other Consents	  	55

  

 i 

					
	 5.04
	  	Binding Effect	  	55
	 5.05
	  	Financial Statements; No Material Adverse Effect	  	55
	 5.06
	  	Litigation	  	56
	 5.07
	  	No Default	  	56
	 5.08
	  	Ownership of Property; Liens	  	56
	 5.09
	  	Environmental Compliance	  	56
	 5.10
	  	Insurance	  	57
	 5.11
	  	Taxes	  	58
	 5.12
	  	ERISA Compliance	  	58
	 5.13
	  	Subsidiaries; Equity Interests	  	59
	 5.14
	  	Margin Regulations; Investment Company Act	  	59
	 5.15
	  	Disclosure	  	59
	 5.16
	  	Compliance with Laws	  	60
	 5.17
	  	Taxpayer Identification Number	  	60
	 5.18
	  	Intellectual Property; Licenses, Etc.	  	60
	 5.19
	  	Solvency	  	60
	 5.20
	  	Casualty, Etc.	  	60
	 5.21
	  	Labor Matters	  	60
	 5.22
	  	Collateral Documents	  	61
	 5.23
	  	Anti-Money Laundering and Economic Sanctions Laws	  	61
	 5.24
	  	REIT Status; Stock Exchange Listing	  	61
		
	ARTICLE VI. AFFIRMATIVE COVENANTS	  	62
	 6.01
	  	Financial Statements	  	62
	 6.02
	  	Certificates; Other Information	  	63
	 6.03
	  	Notices	  	64
	 6.04
	  	Payment of Obligations	  	65
	 6.05
	  	Preservation of Existence, Etc.	  	65
	 6.06
	  	Maintenance of Properties	  	65
	 6.07
	  	Maintenance of Insurance	  	66
	 6.08
	  	Compliance with Laws	  	66
	 6.09
	  	Books and Records	  	66
	 6.10
	  	Inspection Rights	  	66
	 6.11
	  	Use of Proceeds	  	66
	 6.12
	  	Additional Collateral; Additional Loan Parties	  	66
	 6.13
	  	Compliance with Environmental Laws	  	68
	 6.14
	  	Further Assurances	  	68
	 6.15
	  	Maintenance of REIT Status; New York Stock Exchange Listing	  	68
	 6.16
	  	Information Regarding Collateral	  	68
	 6.17
	  	Lien Searches	  	69
	 6.18
	  	Material Contracts	  	69
	 6.19
	  	Organization Documents of Affiliated Investors	  	69
		
	ARTICLE VII. NEGATIVE COVENANTS	  	69
	 7.01
	  	Liens	  	69
	 7.02
	  	Investments	  	70
	 7.03
	  	Indebtedness	  	70

  

 ii 

					
	 7.04
	  	Fundamental Changes	  	71
	 7.05
	  	Dispositions	  	71
	 7.06
	  	Restricted Payments	  	72
	 7.07
	  	Change in Nature of Business	  	72
	 7.08
	  	Transactions with Affiliates	  	72
	 7.09
	  	Burdensome Agreements	  	73
	 7.10
	  	Use of Proceeds	  	73
	 7.11
	  	Amendments, Waivers and Terminations of Certain Agreements	  	73
	 7.12
	  	Financial Covenants	  	74
	 7.13
	  	Creation or Acquisition of New Subsidiaries	  	74
	 7.14
	  	Accounting or Tax Changes	  	74
		
	ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES	  	74
	 8.01
	  	Events of Default	  	74
	 8.02
	  	Remedies Upon Event of Default	  	76
	 8.03
	  	Application of Funds	  	77
		
	ARTICLE IX. ADMINISTRATIVE AGENT	  	77
	 9.01
	  	Appointment and Authority	  	77
	 9.02
	  	Rights as a Lender	  	78
	 9.03
	  	Exculpatory Provisions	  	78
	 9.04
	  	Reliance by Administrative Agent	  	79
	 9.05
	  	Delegation of Duties	  	79
	 9.06
	  	Resignation of Administrative Agent	  	79
	 9.07
	  	Non-Reliance on Administrative Agent and Other Lenders	  	80
	 9.08
	  	No Other Duties, Etc.	  	80
	 9.09
	  	Administrative Agent May File Proofs of Claim	  	80
	 9.10
	  	Collateral and Guaranty Matters	  	81
		
	ARTICLE X. MISCELLANEOUS	  	81
	 10.01
	  	Amendments, Etc.	  	81
	 10.02
	  	Notices; Effectiveness; Electronic Communication	  	83
	 10.03
	  	No Waiver; Cumulative Remedies; Enforcement	  	84
	 10.04
	  	Expenses; Indemnity; Damage Waiver	  	85
	 10.05
	  	Payments Set Aside	  	87
	 10.06
	  	Successors and Assigns	  	87
	 10.07
	  	Treatment of Certain Information; Confidentiality	  	91
	 10.08
	  	Right of Setoff	  	92
	 10.09
	  	Interest Rate Limitation	  	92
	 10.10
	  	Counterparts; Integration; Effectiveness	  	92
	 10.11
	  	Survival of Representations and Warranties	  	93
	 10.12
	  	Severability	  	93
	 10.13
	  	Replacement of Lenders	  	93
	 10.14
	  	Governing Law; Jurisdiction; Etc.	  	94
	 10.15
	  	Waiver of Jury Trial	  	95
	 10.16
	  	No Advisory or Fiduciary Responsibility	  	95
	 10.17
	  	Electronic Execution of Assignments and Certain Other Documents	  	96

  

 iii 

					
	 10.18
	  	USA PATRIOT Act	  	96
	 10.19
	  	Borrowing Base Asset Review	  	96
	 10.20
	  	Joint and Several Liability	  	96
	 10.21
	  	ENTIRE AGREEMENT	  	97
		
	        SIGNATURES	  	

  

 iv 

 SCHEDULES 

 

			
	 I
	  	Guarantors
	 II
	  	Initial Eligible Investment Assets
	 III
	  	Designated Joint Ventures
	 2.01
	  	Commitments and Applicable Percentages
	 5.05
	  	Supplement to Interim Financial Statements
	 5.12(d)
	  	Pension Plans
	 5.13
	  	Subsidiaries; Equity Interests
	 10.02
	  	Administrative Agent’s Office; Certain Addresses for Notices

EXHIBITS 
  

			
	 	  	Form of
		
	 A
	  	Loan Notice
	 B
	  	Note
	 C
	  	Compliance Certificate
	 D-1
	  	Assignment and Assumption
	 D-2
	  	Administrative Questionnaire
	 E
	  	Guaranty
	 F
	  	Borrowing Base Certificate
	 G
	  	Pledge and Security Agreement
	 H-1
	  	Perfection Certificate
	 H-2
	  	Perfection Certificate Supplement
	 I
	  	Solvency Certificate
	 J
	  	United States Tax Compliance Certificate
	 K
	  	Joint Venture Organization Documents

  

 v 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (“Agreement”) is entered into as of September 16, 2010, among COLONY FINANCIAL, INC., a
Maryland corporation (the “REIT”), CFI MEZZ FUNDING, LLC, a Delaware limited liability company (“CFI Mezz Funding”), CFI RE HOLDCO, LLC, a Delaware limited liability company (“CFI RE Holdco”),
ColFin ESH Funding, LLC, a Delaware limited liability company (“ColFin ESH Funding”), each Wholly-Owned Subsidiary of the REIT that, in accordance with Section 6.12(c), becomes a co-borrower hereunder after the Closing
Date (together with the REIT, CFI Mezz Funding, CFI RE Holdco and ColFin ESH Funding, each a “Borrower” and collectively, the “Borrowers”),each lender from time to time party hereto (collectively, the
“Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent. 

The Borrowers have requested that the Lenders provide a revolving credit facility, and the Lenders have agreed to do so on the terms and
conditions set forth herein. 
 In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows: 
 ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS 

1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Adjusted Net Income” means, with respect to any period, the net income of the REIT and its Subsidiaries for such period
determined on a consolidated basis in accordance with GAAP, excluding any non-cash impairment charges, write-downs or losses. 

“Administrative Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or
any successor administrative agent duly appointed or serving under the terms of this Agreement. 
 “Administrative
Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify to the
REIT and the Lenders. 
 “Administrative Questionnaire” means an Administrative Questionnaire in substantially
the form of Exhibit D-2 or any other form approved by the Administrative Agent. 
 “Affiliate”
means, with respect to any 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. 

“Affiliated Investor” means a Pledged Affiliate or any other Person that holds an Investment Asset and in which a Loan
Party, directly or indirectly, owns Equity Interests. 
 “Aggregate Commitments” means the Commitments of all
the Lenders. 

 “Agreement” means this Credit Agreement. 

“Annualized Cash Income” means, for any month with respect to any Eligible Investment Asset, the Cash Income from such
Eligible Investment Asset during such month, multiplied by 12. 
 “Anti-Money Laundering Laws” means any and
all laws, judgments, orders, executive orders, decrees, ordinances, rules, regulations, statutes, case law or treaties applicable to a Loan Party, its Subsidiaries or Affiliates, related to terrorism financing or money laundering including any
applicable provision of Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) of 2001 (Title III of Pub. L. 107-56) and The Currency and Foreign
Transactions Reporting Act (also known as the “Bank Secrecy Act”, 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959). 

“Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out to the ninth decimal
place) of the Aggregate Commitments represented by such Lender’s Commitment at such time, subject to adjustment as provided in Section 2.14. If the commitment of each Lender to make Revolving Loans has been terminated or if the
Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be, at any time, a fraction (expressed as a percentage carried out to the ninth decimal place), the numerator of which is the aggregate principal amount of Loans
owed to such Lender at such time and the denominator of which is the aggregate principal amount of Loans owed to all Lenders at such time, subject to adjustment as provided in Section 2.14. The initial Applicable Percentage of each
Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 

“Applicable Rate” means (a) 2.50% for Base Rate Loans and (b) 4.00% for Eurodollar Rate Loans. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender
or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arranger” means
Banc of America Securities LLC, in its capacity as sole lead arranger and sole bookrunner. 
 “Assignee Group”
means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the
consent of any party whose consent is required by, and otherwise in compliance with, Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit D-1 or any other form approved by the
Administrative Agent. 
 “Audited Financial Statements” means the audited consolidated balance sheet of the
REIT and its Consolidated Subsidiaries for the fiscal year ended December 31, 2009, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the REIT and its Consolidated
Subsidiaries, including the notes thereto. 
  

 2 

 “Availability Period” means the period from and including the Closing Date
to the earliest of (a) the Revolver Maturity Date, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.04, and (c) the date of termination of the commitment of all Lenders to make Revolving Loans
pursuant to Section 8.02. 
 “Bank of America” means Bank of America, N.A. and its successors.

 “BAS” means Banc of America Securities LLC and its successors. 

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus
1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the Eurodollar Rate plus 1.50%. The “prime rate” is a rate set by Bank
of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such
announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. 

“Base Rate Loan” means a Loan that bears interest based on the Base Rate. 

“Book Value Amount” means, on any date with respect to any Eligible Investment Asset, the product of (x) the net
book value of such Eligible Investment Asset on such date determined in accordance with GAAP, multiplied by (y) the Value Percentage of such Eligible Investment Asset on such date. 

“Borrower” and “Borrowers” have the meaning specified in the introductory paragraph hereto. 

“Borrower Materials” has the meaning specified in Section 6.02. 

“Borrowing” means a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurodollar
Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 

“Borrowing Base” means, at any time, an amount equal to: 

(a) if at such time there are at least fifteen (15) individual Eligible Investment Assets in the Borrowing Base, of
which no individual Eligible Investment Asset represents more than 10% of the aggregate Borrowing Base, the lesser of (i) 40% of the aggregate Book Value Amounts of all Eligible Investment Assets at such time and (ii) 3.0 times the
aggregate Annualized Cash Income from all Eligible Investment Assets for the then most recently ended month; and 
  

 3 

 (b) at all other times, the sum of the following amounts determined with
respect to each individual Eligible Investment Asset: the lesser of: (x) 40% of the Book Value Amount of such Eligible Investment Asset at such time and (y) 3.0 times Annualized Cash Income from such Eligible Investment Asset for the then
most recently ended month. 
 “Borrowing Base Account” has the meaning specified in Section 2.15.

 “Borrowing Base Asset Review” has the meaning specified in Section 10.19. 

“Borrowing Base Certificate” means a certificate executed by a Responsible Officer of the REIT, substantially in the
form of Exhibit F (or another form acceptable to the Administrative Agent) setting forth the calculation of the Borrowing Base, in such detail as shall be reasonably satisfactory to the Administrative Agent. All calculations of the Borrowing
Base in connection with the preparation of any Borrowing Base Certificate shall originally be made by the Borrowers and certified to the Administrative Agent; provided, that the Administrative Agent shall have the right to review and make
reasonable adjustments to any such calculation (x) to reflect any discrepancies in any of the components of the amounts set forth therein with any Borrowing Base Asset Review conducted on behalf of the Lenders or any other information received
by the Administrative Agent or the Lenders and (y) to the extent the Administrative Agent reasonably determines that such calculation contains errors or is not otherwise in accordance with this Agreement. 

“Borrowing Base Eligibility Criteria” has the meaning specified in Section 2.15. 

“Borrowing Base Report” means, for any fiscal quarter of the REIT, a detailed written report, certified by a Responsible
Officer of the REIT, of the Eligible Investment Assets included in the Borrowing Base during such fiscal quarter, including the loan loss results, loan loss reserves and adjustments with respect to such Eligible Investment Assets, all material
developments with respect to such Eligible Investment Assets, the amount of cash income received by the applicable Affiliated Investors and the amount of Cash Income received by the Loan Parties from such Eligible Investment Assets for each month
during such fiscal quarter, and such other information as reasonably requested by the Administrative Agent or any Lender, which report shall be in form, scope and substance satisfactory to the Administrative Agent. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to
close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day that is also a London Banking Day. 

“Cash Equivalents” means: 

(a) United States dollars (including such dollars as are held as overnight bank deposits and demand deposits with banks);

 (b) marketable direct obligations issued by, or unconditionally guaranteed by, the United States Government or
issued by any agency or instrumentality thereof and backed by the full faith and credit of the United States of America, in each case maturing within one year from the date of acquisition thereof; 

 

 4 

 (c) marketable direct obligations issued by any State of the United States
of America or any political subdivision of any such State or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having a rating of at least A-2 from S&P or at least
P-2 of Moody’s; 
 (d) commercial paper maturing no more than one year from the date of creation thereof
and, at the time of acquisition, having a rating of at least A-2 from S&P or at least P-2 from Moody’s; 

(e) time deposits, demand deposits, certificates of deposit, Eurodollar time deposits, time deposit accounts, term deposit
accounts or bankers’ acceptances maturing within one year from the date of acquisition thereof or overnight bank deposits, in each case, issued by any bank organized under the laws of the United States of America or any State thereof or the
District of Columbia or any U.S. branch of a foreign bank having at the date of acquisition thereof combined capital and surplus of not less than $500.0 million; and 

(f) investments in money market funds which invest substantially all their assets in securities of the types described in
clauses (a) through (e) above. 
 “Cash Income” means, for any month with respect to any
Eligible Investment Asset, the income (without duplication) received in cash or accrued under GAAP by one or more Loan Parties from such Eligible Investment Asset during such month in the form of (i) cash interest, (ii) cash dividends,
(iii) the portion of principal amortization included as taxable income (on performing loans acquired at a discount to par) and (iv) other recurring investment distributions received in cash or accrued under GAAP, in each case excluding in
any event gains from asset sales. The items referred to in this definition with respect to any Eligible Investment Asset owned by a Loan Party or an Affiliated Investor during any month will be calculated on a pro forma or
“grossed-up” basis to include a full month’s Cash Income from such Eligible Investment Asset for such month. 

“CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980. 

“CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by
the U.S. Environmental Protection Agency. 
 “Change in Law” means the occurrence, after the date of this
Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any
Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority. 
  

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 “Change of Control” means an event or series of events by which:

 (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the
right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of 33% or more of the equity securities of the REIT entitled to vote for
members of the board of directors or equivalent governing body of the REIT on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); 

(b) during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent
governing body of the REIT cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body
was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or
other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body (excluding, in the
case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of
proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the board of directors); 

(c) the passage of thirty days from the date upon which any Person or two or more Persons acting in concert shall have
acquired by contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation thereof, will result in its or their acquisition of the power to exercise, directly or indirectly, a controlling influence over the
management or policies of the REIT, or control over the equity securities of the REIT entitled to vote for members of the board of directors or equivalent governing body of the REIT on a fully-diluted basis (and taking into account all such
securities that such Person or group has the right to acquire pursuant to any option right) representing 33% or more of the combined voting power of such securities; or 

(d) the REIT shall cease to own, directly or indirectly, 100% of the Equity Interests of each of the Loan Parties, free
and clear of all Liens (other than Liens in favor of the Administrative Agent for the benefit of the Secured Parties), except for the Disposition of a Loan Party expressly permitted under this Agreement. 

 

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 “Closing Date” means the first date all the conditions precedent in
Section 4.01 are satisfied or waived in accordance with Section 10.01. 
 “Code” means
the Internal Revenue Code of 1986. 
 “Collateral” means all of the “Collateral” referred to in the
Collateral Documents and all of the other property that is, or is required under the terms of the Loan Documents to be, subject to Liens in favor of the Administrative Agent for the benefit of the Secured Parties. 

“Collateral Documents” means, collectively, the Pledge and Security Agreement, any Control Agreement and each of the
other agreements, instruments or documents that creates or perfects or purports to create or perfect a Lien in favor of the Administrative Agent for the benefit of the Secured Parties. 

“Colonial Investment” means the Investment Asset owned by Coral Partners in the credit facility extended to Inmobiliara
Colonial, S.A. 
 “Colony Funds Sants” means Colony Funds Sants S.a.r.l., a Luxembourg company. 

“Commitment” means, as to each Lender, its obligation to make Revolving Loans to the Borrowers pursuant to
Section 2.01 in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption or New Lender Joinder
Agreement pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be increased by such Lender pursuant to Section 2.13 or otherwise adjusted from time to time in accordance with this Agreement. 

“Compliance Certificate” means a certificate substantially in the form of Exhibit C. 

“Consolidated Cash Interest Expense” means, for any period, Consolidated Interest Expense for such period, excluding any
portion thereof not payable in cash in such period. 
 “Consolidated Fixed Charge Coverage Ratio” means the
ratio as of the last day of any fiscal quarter of the REIT of (i) EBITDA for such fiscal quarter to (ii) Consolidated Fixed Charges for such fiscal quarter. 

“Consolidated Fixed Charges” means, for any period, the sum, without duplication, of the amounts determined for the REIT
and its Consolidated Subsidiaries on a consolidated basis equal to (i) Consolidated Cash Interest Expense, (ii) scheduled payments of principal on Consolidated Total Debt and (iii) the amount of dividends or distributions paid or
required to be paid by the REIT during such period in respect of any of its preferred Equity Interests. 
 “Consolidated
Interest Expense” means, for any period, total interest expense of the REIT and its Consolidated Subsidiaries for such period determined on a consolidated basis in accordance with GAAP. 

“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (i) Consolidated Total Debt as
of such date to (ii) the Total Asset Value as of such date. 
  

 7 

 “Consolidated Subsidiaries” means, as to any Person, all Subsidiaries of
such Person which are consolidated with such Person for financial reporting purposes under GAAP. 
 “Consolidated
Tangible Net Worth” means, as of any date of determination, for the REIT and its Consolidated Subsidiaries on a consolidated basis, Shareholders’ Equity of the REIT and its Consolidated Subsidiaries on that date minus the
Intangible Assets of the REIT and its Consolidated Subsidiaries on that date; provided, however, that there shall be excluded from the calculation of “Consolidated Tangible Net Worth” any effects resulting from the
application of FASB ASC No. 715: Compensation - Retirement Benefits. 
 “Consolidated Total Debt” means,
as at any date of determination, the aggregate amount of all Indebtedness of the REIT and its Consolidated Subsidiaries that would be reflected on a consolidated balance sheet of the REIT and its Consolidated Subsidiaries as of such date prepared in
accordance with GAAP. 
 “Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“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. 

“Control Agreement” means a deposit account control agreement or securities account control agreement, as applicable,
executed by a Loan Party, the Administrative Agent and the applicable depository bank or securities intermediary granting the Administrative Agent control over the applicable deposit account or securities account, which agreement shall be in form
and substance satisfactory to the Administrative Agent. 
 “Converted Term Loan” has the meaning specified in
Section 2.05(a). 
 “Converted Term Loan Maturity Date” means the date occurring one year after the
Revolver Maturity Date. 
 “Coral Partners” means Coral Partners (Lux) S.a.r.l., a Luxembourg company.

 “Core Earnings” means, for any period, the consolidated net income (loss) of the REIT, computed in
accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) real estate depreciation and amortization expense, (iii) any unrealized gains or losses from mark to market valuation changes (other than permanent
impairment) that are included in net income and (iv) extraordinary or non-recurring non-cash gains or losses. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting
the rights of creditors generally. 
  

 8 

 “Default” means any event or condition that constitutes an Event of Default
or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default
Rate” means an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate applicable to Base Rate Loans plus (iii) 2% per annum. 

“Defaulting Lender” means, subject to Section 2.14(b), any Lender that, as determined by the Administrative
Agent, (a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans, within three Business Days of the date required to be funded by it hereunder, (b) has notified the Borrowers, the Administrative
Agent or any Lender that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or under other agreements in which it commits to extend credit,
(c) has failed, within three Business Days after request by the Administrative Agent, to confirm in a manner satisfactory to the Administrative Agent that it will comply with its funding obligations, or (d) has, or has a direct or indirect
parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or
liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be
a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority. 

“Designated Joint Venture” means (x) each of the entities listed on Schedule III and their respective Subsidiaries
and (y) any other corporation, partnership, joint venture, limited liability company or other business entity designated as a “Designated Joint Venture” in a written notice executed by a Responsible Officer of the REIT and delivered
to the Administrative Agent, so long as, in the case of each of clauses (x) and (y), (i) the REIT and/or its Wholly-Owned Subsidiaries do not, directly, indirectly or beneficially own more than 50% of the Equity Interests of such Person
having ordinary voting power for the election of directors or members of any other governing body of such Person (or otherwise have the power and authority to elect or appoint more than a majority of the directors or members of any other governing
body of such Person) and (ii) the REIT and/or its Wholly-Owned Subsidiaries do not have voting, approval, veto or other similar rights with respect to matters involving the management, operations or actions of such Person that are more
expansive than those of the REIT and its Wholly-Owned Subsidiaries set forth in the Organization Documents (as in effect on the Closing Date) of the entities listed on Schedule III. 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any
sale and leaseback transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. 

“Distributions” means (a) any and all dividends, distributions or other payments or amounts made, or required to be
paid or made to a Loan Party by any Affiliated Investor who owns any Investment Assets that are included in the Borrowing Base, including, without limitation, any distributions of payments to such Loan Party in respect of principal, interest or

  

 9 

 
other amounts relating to Investment Assets owned by such Affiliated Investor and (b) any and all amounts owing to such Loan Party from the disposition, dissolution or liquidation of such
Affiliated Investor or from the issuance or sale of Equity Interests of such Affiliated Investor. 
 “Dollar”
and “$” mean lawful money of the United States. 
 “EBITDA” means, for any period, Core
Earnings for such period excluding (i) Consolidated Cash Interest Expense, (ii) provisions for taxes based on income of the REIT and its Consolidated Subsidiaries and (iii) reasonable and customary out-of-pocket expenses incurred by
the REIT and its Consolidated Subsidiaries in connection with the issuance of any debt or Equity Interests permitted to be issued hereunder. 

“Economic Sanctions Laws” means any and all laws, judgments, orders, executive orders, decrees, ordinances, rules,
regulations, statutes, case law or treaties applicable to a Loan Party, its Subsidiaries or Affiliates relating to economic sanctions and terrorism financing, including any applicable provisions of the Trading with the Enemy Act (50 U.S.C. App.
§§ 5(b) and 16, as amended), the International Emergency Economic Powers Act, (50 U.S.C. §§ 1701-1706, as amended) and Executive Order 13224 (effective September 24, 2001), as amended. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 10.06
(subject to such consents, if any, as may be required under Section 10.06(b)(iii)). 
 “Eligible
Investment Assets” means, collectively, the Initial Eligible Investment Assets and any other Investment Asset which, in each case at all times satisfies each of the Borrowing Base Eligibility Criteria. 

“Embargoed Person” means any party that (i) is publicly identified on the most current list of “Specially
Designated Nationals and Blocked Persons” published by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or (ii) resides, is organized or chartered, or has a place of business in a country or territory
that is the subject of OFAC sanctions programs. 
 “Environment” means ambient air, indoor air, surface water,
groundwater, drinking water, soil, surface and subsurface strata, and natural resources such as wetlands, flora and fauna. 

“Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances,
rules, judgments, orders, decrees, permits, agreements or governmental restrictions relating to pollution or the protection of the Environment or of human health (to the extent related to exposure to Hazardous Materials), including those relating to
the manufacture, generation, handling, transport, storage, treatment, Release or threat of Release of Hazardous Materials. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Borrowers, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
  

 10 

 “Equity Interests” means, with respect to any Person, all of the shares of
capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such
Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other
interests are outstanding on any date of determination. 
 “ERISA” means the Employee Retirement Income
Security Act of 1974. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with any Loan Party within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the incurrence by the Borrowers
or any of their ERISA Affiliates of liability as a result of the withdrawal of any of the Borrowers or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity 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 the Borrowers or any of their ERISA Affiliates of
liability as a result of a complete or partial withdrawal by any of the Borrowers or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate
or the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) receipt by the Borrowers or any ERISA Affiliates from the PBGC of any notice relating to the intention to terminate a Pension Plan;
(f) any event or condition which might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination by the
relevant Pension Plan’s actuary that any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; (h) 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 Borrower or any ERISA Affiliate; or (i) a failure by any of the Borrowers or any ERISA Affiliate
to meet all applicable requirements under the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or the failure by any Borrower or any ERISA Affiliate to make any required contribution to a Multiemployer Plan. 

 

 11 

 “Eurodollar Rate” means: 

(a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the greater of
(x) 1.00% and (y) (i) the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or such other commercially available source providing quotations of BBA LIBOR as may be designated by the
Administrative Agent from time to time) at approximately 11:00 a.m., London time, two London Banking Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period or, (ii) if such rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such
Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan being made, continued or converted and with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in
the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two London Banking Days prior to the commencement of such Interest Period; and 

(b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the greater of
(x) 1.00% and (y) (i) BBA LIBOR, at approximately 11:00 a.m., London time determined two London Banking Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that
day or (ii) if such published rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of determination in same day funds
in the approximate amount of the Base Rate Loan being made or maintained and with a term equal to one month would be offered by Bank of America’s London Branch to major banks in the London interbank Eurodollar market at their request at the
date and time of determination. 
 “Eurodollar Rate Loan” means a Loan that bears interest at a rate based on
clause (a) of the definition of “Eurodollar Rate.” 
 “Event of Default” has the meaning
specified in Section 8.01. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any
Lender or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder or under any other Loan Documents, (a) taxes imposed on or measured by net income (however denominated), and franchise taxes
imposed on it (in lieu of net income taxes), by a jurisdiction (or any political subdivision thereof) as a result of such recipient being organized or having its principal office in such jurisdiction or, in the case of any Lender, in having its
applicable Lending Office in such jurisdiction or solely as a result of a present or former connection between such Lender and such jurisdiction (other than any such connection arising from such Lender having executed, delivered or performed its
obligations or received a payment under, or enforced any of the Loan Documents), (b) any taxes in the nature of the branch profits tax within the meaning of Section 884 of the Code imposed by any jurisdiction described in clause (a),
(c) other than an assignee pursuant to a request by the Borrowers under Section 10.13, 
  

 12 

 
any United States federal withholding tax that is imposed on amounts payable to such Person pursuant to any Laws in effect at the time such Person becomes a party hereto (or designates a new
Lending Office), except to the extent that such Person (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from any Loan Party with respect to such withholding tax
pursuant to Section 3.01(a)(ii) or (c), (d) any withholding tax that is attributable to such Person’s failure to comply with Section 3.01(e) hereto, and (e) any United States federal withholding tax that would not
have been imposed but for a failure by a Lender (or any financial institution through which any payment is made to such Lender) to comply with the procedures, certifications, information reporting, disclosure, or other related requirements of newly
enacted Sections 1471-1474 of the Code and any amended or successor version. 
 “FASB ASC” means the Accounting
Standards Codification of the Financial Accounting Standards Board. 
 “Federal Funds Rate” means, for any day,
the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published 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 as so published on the next
succeeding 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 (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to
Bank of America on such day on such transactions as determined by the Administrative Agent. 
 “Fee Letter”
means the letter agreement, dated July 14, 2010, among the REIT, the Administrative Agent and the Arranger. 

“Foreign Lender” means any Lender that is organized under the Laws of a jurisdiction other than that in which a Borrower
is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“FRB” means the Board of Governors of the Federal Reserve System of the United States. 

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

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements
of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 
  

 13 

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

“Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or
having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person,
direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the
obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or
level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such
Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation
of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to
be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guarantors” means, collectively, each Subsidiary of the REIT listed on Schedule I and each other Wholly-Owned
Subsidiary of the REIT that becomes a guarantor of the Obligations in accordance with Section 6.12(b). 

“Guaranty” means the Guaranty made by the Guarantors in favor of the Administrative Agent and the Lenders, substantially
in the form of Exhibit E. 
 “Hazardous Materials” means all explosive or radioactive substances or
wastes and all hazardous or toxic substances or wastes, including petroleum or petroleum distillates, natural gas, natural gas liquids, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, toxic mold, infectious or
medical wastes and all other substances, wastes, chemicals, pollutants, contaminants or compounds of any nature in any form regulated pursuant to any Environmental Law. 
  

 14 

 “Indebtedness” means, as to any Person at a particular time, without
duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 

(a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures,
notes, loan agreements or other similar instruments; 
 (b) all direct or contingent obligations of such Person
arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 

(c) net obligations of such Person under any Swap Contract; 

(d) all obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade
accounts payable in the ordinary course of business and, in each case, not past due for more than 60 days after the date on which such trade account payable was created and (ii) the deferred underwriting discounts and commissions in the
aggregate amount of $11,500,000 payable to the Manager and the underwriters in connection with the initial public offering of the REIT); 

(e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such
Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

(f) capital leases and Synthetic Lease Obligations; 

(g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any
Equity Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and 

(h) all Guarantees of such Person in respect of any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a
joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. 

“Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Indemnitees” has the meaning specified in Section 10.04(b). 

“Information” has the meaning specified in Section 10.07. 

“Initial Eligible Investment Assets” means those Eligible Investment Assets set forth on Schedule II hereto which
have been approved by the Administrative Agent and the Lenders as of the Closing Date for inclusion in the Borrowing Base. 
  

 15 

 “Initial Revolver Maturity Date” means September 16, 2011. 

“Intangible Assets” means assets that are considered to be intangible assets under GAAP, including customer lists,
goodwill, computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research and development costs. 

“Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period
applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest
Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date. 

“Interest Period” means (a) as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate
Loan is disbursed or (in the case of any Eurodollar Rate Loan) converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter, or, if consented to by all Lenders, twelve months thereafter, as
selected by the Borrowers in their Loan Notice; provided that: 
 (i) any Interest Period that would
otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

 (ii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there
is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(iii) no Interest Period shall extend beyond the Maturity Date. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means
of (a) the purchase or other acquisition of Equity Interests or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or
equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of 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 a business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases or decreases in the value of such Investment. 
 “Investment Asset” means
any commercial mortgage loan or other commercial real estate-related debt investment owned by any Loan Party or any other Person in which a Loan Party, directly or indirectly, owns Equity Interests. 

 

 16 

 “Investment Asset Payment” means, with respect to any Investment Asset, any
payment made, directly or indirectly, to a Loan Party (whether as a direct or indirect payment, dividend or other distribution from the Affiliated Investor that owns such Investment Asset, or otherwise) representing proceeds of an amortization
payment made in respect of such Investment Asset. 
 “IP Rights” has the meaning specified in
Section 5.18. 
 “IRS” means the United States Internal Revenue Service. 

“Joint Venture Investment” means, with respect to any Affiliated Investor that owns any Investment Asset that is
included in the Borrowing Base (which, for purposes of this definition, shall include Colony Funds Sants so long as Coral Partners owns any Investment Assets that are included in the Borrowing Base), (a) any loan, advance, extension of credit
(by way of guaranty or otherwise) or capital contribution made by any Person to such Affiliated Investor, (b) any purchase by, or issuance to, any Person of any Equity Interests, bonds, notes, debentures or other debt securities of such
Affiliated Investor or (c) any other investment made by any Person in such Affiliated Investor. 
 “Laws”
means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration
thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any
Governmental Authority, in each case whether or not having the force of law. 
 “Lender” has the meaning
specified in the introductory paragraph hereto. 
 “Lending Office” means, as to any Lender, the office or
offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrowers and the Administrative Agent. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, easement, right-of-way
or other encumbrance on title to real property, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any
conditional sale or other title retention agreement, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Liquidity” means, at any time, the sum of (i) the aggregate amount of unrestricted cash and Cash Equivalents of
the Loan Parties held in Borrowing Base Accounts at such time, plus (ii) an amount equal to (x) the Borrowing Base at such time, minus (y) Total Outstandings at such time. 

“Loan” means a Revolving Loan or a Converted Term Loan, as applicable. 

“Loan Documents” means this Agreement, each Note, the Fee Letter, the Collateral Documents, the Management Subordination
Agreement and the Guaranty. 
  

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 “Loan Notice” means a notice of (a) a Borrowing, (b) a conversion
of Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A. 

“Loan Parties” means, collectively, the Borrowers and Guarantors. 

“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London
interbank eurodollar market. 
 “Management Agreement” means the Management Agreement, dated September 29,
2009, among the Manager, the REIT and Colony Financial TRS, LLC, as amended to date, and as the same may be amended, restated, supplemented, modified or replaced after the date of this Agreement solely to the extent such amendment, restatement,
supplement, modification or replacement is permitted under Section 7.11(b). 
 “Management Subordination
Agreement” means the Management Subordination Agreement, dated as of the date hereof, among the REIT, Colony Financial TRS, LLC, the Manager and the Administrative Agent. 

“Manager” means Colony Financial Manager, LLC, a Delaware limited liability company. 

“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the business,
assets, liabilities or financial condition of the REIT or the Borrowers and their Subsidiaries taken as a whole; (b) a material impairment of the ability of any Loan Party to perform its obligations under any Loan Document to which it is a
party; (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party; or (d) a material adverse effect upon (x) the Collateral,
(y) the Investment Assets and the Collateral, taken as a whole, or (z) the validity, enforceability, perfection or priority of the Administrative Agent’s Liens on the Collateral. 

“Material Contract” means, with respect to any Person, each contract to which such Person is a party which involves
aggregate consideration payable to or by such Person of $500,000 or more in any year or otherwise material to the business, assets or financial condition of such Person. 

“Maturity Date” means the later of (a) the Revolver Maturity Date or (b) if any Revolving Loans are converted
to Converted Term Loans in accordance with Section 2.05(a), the Converted Term Loan Maturity Date. 

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which
any Loan Party or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

 

 18 

 “Multiple Employer Plan” means a Plan which has two or more contributing
sponsors (including any Loan Party or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 

“Net Cash Proceeds” means (a) with respect to any issuance and sale by the REIT of any its Equity Interests, the
excess of (i) the sum of the cash and cash equivalents received by the REIT in connection with such issuance and sale, less (ii) the underwriting discounts and commissions, and other out-of-pocket expenses, incurred by the REIT in
connection with such issuance or sale and (b) with respect to any Investment Asset Payment, the cash proceeds received by the applicable Loan Party in respect thereof. 

“New Lender Joinder” has the meaning specified in Section 2.13(c). 

“Non-Controlled Subsidiary” means each Subsidiary in which the REIT and/or its Wholly-Owned Subsidiaries
(i) directly, indirectly or beneficially own more than 50% but less than 75% of the Equity Interests of such Subsidiary having ordinary voting power for the election of directors or members of any other governing body of such Subsidiary,
(ii) do not have the power and authority to elect or appoint more than a majority of the directors or members of any other governing body of such Subsidiary and (iii) do not have voting, approval, veto or other similar rights with respect
to matters involving the management, operations or actions of such Person that are more expansive than those of the REIT and its Wholly-Owned Subsidiaries set forth in the Organization Documents (as in effect on the Closing Date) of the entities
listed on Schedule III. In addition, in order for any Subsidiary to constitute a Non-Controlled Subsidiary, the Administrative Agent shall have received a certificate signed by a Responsible Officer of the REIT designating such Subsidiary as a
“Non-Controlled Subsidiary” and certifying that each of the provisions set forth in clauses (i) – (iii) of the prior sentence of this definition are true and correct with respect to such Subsidiary. 

“Non-Recourse Indebtedness” means Indebtedness of a Person as to which no Loan Party (a) provides any Guarantee or
credit support of any kind (including any undertaking, Guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable (as a guarantor or otherwise), in each case subject to typical and
customary exceptions for certain acts or types of liability including for “bad acts”. 
 “Note” means
a promissory note made by the Borrowers in favor of a Lender evidencing Loans made by such Lender, substantially in the form of Exhibit B. 

“NPL” means the National Priorities List under CERCLA. 

“Obligations” means, collectively, (i) all advances to, and debts, liabilities, obligations, covenants and duties
of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such
interest and fees are allowed claims in such proceeding and (ii) all indebtedness, liabilities, duties, indemnities and obligations of any 

 

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Loan Party owing to Bank of America or any Affiliate of Bank of America in connection with or relating to any Borrowing Base Account maintained by such Loan Party at Bank of America or such
Affiliate, including, without limitation, those arising under all instruments, agreements or other documents executed in connection therewith or relating thereto. 

“OFAC” has the meaning set forth in the definition of “Embargoed Person. 

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation
and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating
agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice
with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization
of such entity. 
 “Other Taxes” means all present or future stamp or documentary taxes or any other excise or
property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document.

 “Outstanding Amount” means with respect to Loans on any date, the aggregate outstanding principal amount
thereof after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date. 

“Participant” has the meaning specified in Section 10.06(d). 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Act” means the Pension Protection Act of 2006. 

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any
installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act
and, thereafter, Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA. 

“Pension Plan” means any employee pension benefit plan as defined in Section 3(2) of ERISA (including a Multiple
Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by a Borrower and any ERISA Affiliate and is either subject to Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.

 “Perfection Certificate” shall mean a certificate in the form of Exhibit H-1 or any other form
approved by the Administrative Agent, as the same shall be supplemented from time to time by a Perfection Certificate Supplement or otherwise. 
  

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 “Perfection Certificate Supplement” shall mean a certificate supplement in
the form of Exhibit H-2 or any other form approved by the Administrative Agent. 
 “Person” means
any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan),
maintained for employees of a Loan Party or any ERISA Affiliate or any such Plan to which a Loan Party or any ERISA Affiliate is required to contribute on behalf of any of its employees. 

“Platform” has the meaning specified in Section 6.02. 

“Pledge and Security Agreement” means the Pledge and Security Agreement between the Loan Parties and the Administrative
Agent, substantially in the form of Exhibit G. 
 “Pledged Affiliate” means a corporation, limited
liability company, partnership or other legal entity in which a Borrower directly owns all or a portion of its equity interests, in each case so long as all of the equity interests owned by such Borrower in such Person are pledged as Collateral in
favor of the Administrative Agent, for the benefit of the Secured Parties, pursuant to the Collateral Documents. 

“Quarterly Payment Date” means each date occurring three (3) months after the Revolver Maturity Date (or if such
date is not a Business Day, the immediately preceding Business Day). 
 “Register” has the meaning specified in
Section 10.06(c). 
 “Related Parties” means, with respect to any Person, such Person’s
Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Release” means any release, spill, emission, discharge, deposit, disposal, leaking, pumping, pouring, dumping,
emptying, injection or leaching into the Environment, or into, from or through any building, structure or facility. 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the
30 day notice period has been waived. 
 “Required Lenders” means, as of any date of determination,
Lenders having more than 50% of the Aggregate Commitments or, if the commitment of each Lender to make Revolving Loans has been terminated, Lenders holding in the aggregate more than 50% of the Total Outstandings; provided that the Commitment
of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

“Responsible Officer” means the chief executive officer, president, vice president, chief financial officer, treasurer,
assistant treasurer or controller of a Loan Party and, solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any 

 

 21 

 
assistant secretary of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all
necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with
respect to any capital stock or other Equity Interest of the REIT or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to the REIT’s stockholders, partners or members (or the equivalent Person thereof). 

“Revolver Maturity Date” means the later of (a) the Initial Revolver Maturity Date and (b) if the Initial
Revolver Maturity Date is extended pursuant to Section 2.12, such extended maturity date as determined pursuant to such Section; provided, however, that, in each case, if such date is not a Business Day, the Revolver
Maturity Date shall be the next preceding Business Day. 
 “Revolving Loan” has the meaning specified in
Section 2.01. 
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions. 
 “Secured Parties” means, collectively, the Administrative
Agent, the Lenders, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05, and the other Persons the Obligations owing to which are or are purported to be secured by the Collateral
under the terms of the Collateral Documents. 
 “Shareholders’ Equity” means, as of any date of
determination, consolidated shareholders’ equity of the REIT and its Consolidated Subsidiaries as of that date determined in accordance with GAAP. 

“Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such
date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the
amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such
Person’s ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute
an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any time shall
be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

 

 22 

 “Solvency Certificate” means a Solvency Certificate of the chief financial
officer of REIT substantially in the form of Exhibit I. 
 “S&P” means Standard &
Poor’s Ratings Group and its successors. 
 “Subsidiary” of a Person means a corporation, partnership,
joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or
interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise Controlled, directly, or indirectly through one or more intermediaries, or both, by such
Person; provided, however, that notwithstanding the foregoing, no Designated Joint Venture shall constitute a Subsidiary of the REIT hereunder. Unless otherwise specified, all references herein to a “Subsidiary” or to
“Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the REIT. 
 “Swap Contract” means
(a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond
index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions,
cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the
International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement. 
 “Synthetic Lease Obligation” means
the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such
Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Threshold Amount” means $ 15,000,000. 

“Total Asset Value” means, as of any date, the book value of the total assets of the REIT and its Consolidated
Subsidiaries on such date as determined in accordance with GAAP. 
 “Total Outstandings” means the
aggregate Outstanding Amount of all Loans. 
  

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 “Type” means with respect to a Loan, its character as a Base Rate Loan or a
Eurodollar Rate Loan. 
 “UCC” means the Uniform Commercial Code as in effect in any applicable United States
jurisdiction. 
 “United States” and “U.S.” mean the United States of America. 

“Value Percentage” means, at any time, (i) with respect to any Eligible Investment Asset owned by a Pledged
Affiliate, the percentage of the equity interests of such Pledged Affiliate owned by the Loan Parties at such time and (ii) with respect to the Colonial Investment, the product of (x) the percentage of the equity interests of Colony Funds
Sants owned by the REIT at such time, multiplied by (y) the percentage of the equity interests of Coral Partners owned by Colony Funds Sants at such time. 

“Wholly-Owned Subsidiary” shall mean, as to any Person, (a) any corporation 100% of whose Equity Interests (other
than directors’ qualifying shares) is at the time owned by such Person and/or one or more Wholly-Owned Subsidiaries of such person and (b) any partnership, association, joint venture, limited liability company or other entity in which such
Person and/or one or more Wholly-Owned Subsidiaries of such Person have a 100% equity interest at such time. 
 1.02 Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 

(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement,
instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words
“hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not
to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such
references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified,
refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and
all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
  

 24 

 (b) In the computation of periods of time from a specified date to a later specified date,
the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and
including.” 
 (c) Section headings herein and in the other Loan Documents are included for convenience of reference
only and shall not affect the interpretation of this Agreement or any other Loan Document. 
 1.03 Accounting Terms.

 (a) Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity
with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time,
applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant
(including the computation of any financial covenant) contained herein, Indebtedness of the REIT and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC
470-20 on financial liabilities shall be disregarded. 
 (b) Changes in GAAP. 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 Borrowers or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrowers shall negotiate in good faith to
amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); 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 Borrowers 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. 

(c) Consolidation of Variable Interest Entities. All references herein to consolidated financial statements of the REIT and
its Subsidiaries or to the determination of any amount for the REIT and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable interest entity that the REIT is required to
consolidate pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein. 
 1.04
Rounding. Any financial ratios required to be maintained by the Borrowers pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of
places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 
  

 25 

 1.05 Times of Day. Unless otherwise specified, all references herein to times of day
shall be references to Eastern time (daylight or standard, as applicable). 
 ARTICLE II. THE COMMITMENTS AND LOANS

 2.01 Revolving Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make
revolving loans (each such loan, a “Revolving Loan”) to the Borrowers from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such
Lender’s Commitment; provided, however, that after giving effect to any Borrowing, (i) the Total Outstandings shall not exceed the lesser of (x) the Borrowing Base and (y) the Aggregate Commitments and (ii) the
aggregate Outstanding Amount of the Revolving Loans of any Lender shall not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow
under this Section 2.01, prepay under Section 2.03, and reborrow under this Section 2.01. Revolving Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

2.02 Borrowings, Conversions and Continuations of Loans. 

(a) Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made
upon the Borrowers’ irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than (i) 12:00 noon three Business Days prior to the requested
date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) 11:00 a.m. on the requested date of any Borrowing of Base Rate Loans; provided,
however, that if the Borrowers wish to request Eurodollar Rate Loans having an Interest Period of twelve months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the
Administrative Agent not later than 12:00 noon four Business Days prior to the requested date of such Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine
whether the requested Interest Period is acceptable to all of them. Not later than 12:00 noon, three Business Days before the requested date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrowers (which
notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Lenders. Each telephonic notice by the Borrowers pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the
Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible Officer of each Borrower. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $3,000,000 or a
whole multiple of $100,000 in excess thereof. Each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Loan Notice (whether telephonic or written) shall
specify (i) whether the Borrowers are requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case
may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (v) if applicable, the
duration of the Interest Period with respect thereto. If the Borrowers fail to specify a Type of 
  

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Loan in a Loan Notice or if the Borrowers fail to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any
such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrowers request a Borrowing of, conversion to, or continuation of
Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. 

(b) Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable
Percentage of the applicable Loans, and if no timely notice of a conversion or continuation is provided by the Borrowers, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in
the preceding subsection. In the case of a Borrowing, each Lender shall make the amount of its Revolving Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on
the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative
Agent shall make all funds so received available to the Borrowers in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrowers on the books of Bank of America with the amount of such funds or
(ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrowers. 

(c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period
for such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders. 

(d) The Administrative Agent shall promptly notify the Borrowers and the Lenders of the interest rate applicable to any Interest Period
for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrowers and the Lenders of any change in Bank of America’s prime rate used in
determining the Base Rate promptly following the public announcement of such change. 
 (e) After giving effect to all
Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than six Interest Periods in effect with respect to Committed Loans. 

2.03 Prepayments. 

(a) Optional. The Borrowers may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay
Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than 12:00 noon (A) three Business Days prior to any date of prepayment of Eurodollar Rate
Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $3,000,000 or a whole multiple of $100,000 in excess thereof; and (iii) any prepayment of Base
Rate Loans shall be in a principal amount of $500,000 
  

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or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such
prepayment and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount
of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrowers, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified
therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to Section 2.14, each such
prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages. 
 (b)
Mandatory. (i) If for any reason the Total Outstandings at any time (x) prior to the Revolver Maturity Date exceeds the lesser of (A) the Borrowing Base at such time and (B) the Aggregate Commitments then in effect, the
Borrowers shall immediately prepay Revolving Loans in an aggregate amount equal to such excess and (y) on or after the Revolver Maturity Date exceeds the Borrowing Base at such time, the Borrowers shall immediately prepay the Converted Term
Loans in an aggregate amount equal to such excess. 
 (ii) Upon the issuance and sale by the REIT of any of its
Equity Interests, the REIT shall prepay the Loans in an amount equal to 100% of the Net Cash Proceeds received by the REIT in respect thereof; provided, however, that so long as no Default or Event of Default shall have occurred and be
continuing, the REIT may use all or a portion of such Net Cash Proceeds to (A) pay operating expenses of the Loan Parties due and payable at the time of, or anticipated to become due and payable within sixty (60) days of, such sale or
issuance of its Equity Interests and/or (B) make dividends or other distributions in an amount not to exceed the amount required for the REIT to eliminate 105% of its taxable income at the time of such sale or issuance of its Equity Interests
or otherwise required for the REIT to maintain its tax status as a real estate investment trust, in the case of each of clauses (A) and (B), so long as (x) the REIT delivers to the Administrative Agent a certificate signed by a Responsible
Officer of the REIT certifying the amount of such Net Cash Proceeds permitted to be used for the purposes set forth in clauses (A) and (B), together with a detailed calculation thereof and (y) such Net Cash Proceeds are used for such
purposes within sixty (60) days after the date of such sale or issuance of its Equity Interests. 

(iii) Upon receipt by any Loan Party of any Net Cash Proceeds from an Investment Asset Payment, the Borrowers shall prepay
the Loans in an amount equal to 100% of such Net Cash Proceeds; provided, however, that so long as no Default or Event of Default shall have occurred and be continuing, the REIT may use all or a portion of such Net Cash Proceeds to
(A) pay operating expenses of the Loan Parties due and payable at the time of, or anticipated to become due and payable within one hundred-twenty (120) days of, such Investment Asset Payment and/or (B) make dividends or other
distributions in an amount not to exceed the amount required for the REIT to eliminate 105% of its taxable income at the time of such Investment Asset Payment or otherwise required for the REIT to maintain its tax status as a real estate investment
trust, in the case of each of clauses (A) and (B), so long as (x) the REIT delivers to the 
  

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Administrative Agent a certificate signed by a Responsible Officer of the REIT certifying the amount of such Net Cash Proceeds permitted to be used for the purposes set forth in clauses
(A) and (B) together with a detailed calculation thereof and (y) such Net Cash Proceeds are used for such purposes within one hundred-twenty (120) days after the date of such Investment Asset Payment. 

2.04 Termination or Reduction of Commitments. The Borrowers may, upon written notice to the Administrative Agent, terminate the
Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 12:00 noon five Business Days prior to the date of
termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrowers shall not terminate or reduce the Aggregate Commitments if,
after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the lesser of (x) the Borrowing Base and (y) the Aggregate Commitments and (iv) the Borrowers shall pay any amounts required
to be paid under Section 3.05 resulting from any prepayment of Revolving Loans made in connection with such termination or reduction of Commitments. The Administrative Agent will promptly notify the Lenders of any such notice of
termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination
of the Aggregate Commitments shall be paid on the effective date of such termination. 
 2.05 Term Loan Conversion; Repayment
of Converted Term Loans. 
 (a) Conversion of Revolving Loans to Converted Term Loan. In the event that there are any
Revolving Loans outstanding on the Revolver Maturity Date, such Revolving Loans shall automatically convert to term loans (each, a “Converted Term Loan”) on such date and the Commitments shall automatically terminate. Upon the
conversion of the Revolving Loans to Converted Term Loans, each Lender shall be deemed to hold its Applicable Percentage of each of the Converted Term Loans. Each Converted Term Loan shall continue to bear interest at the same rate as, and contain
such other terms that are identical to, the Revolving Loan from which such Converted Term Loan was converted (including, in the case of a Converted Term Loan that was converted from a Revolving Loan that was a Eurodollar Rate Loan at the time of
conversion, the same Interest Period applicable to such Revolving Loan at the time of conversion); provided, however that (i) amounts paid or prepaid in respect of Converted Term Loans may not be reborrowed and (ii) the
Borrowers shall be required to repay the principal amount of the Converted Term Loans in the amounts, and at such times, as provided in Section 2.05(b). 

(b) Amortization of Converted Term Loans. The Borrowers shall make a scheduled repayment of the aggregate outstanding principal
amount of the Converted Term Loans on each Quarterly Payment Date, in an amount equal to 25% of the aggregate principal amount of Converted Term Loans outstanding on the Revolver Maturity Date (after giving effect to the conversion of Revolving
Loans to Converted Term Loans on such date). To the extent not previously paid, all Converted Term Loans shall be due and payable on the Converted Term loan Maturity Date. 
  

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 2.06 Interest. 

(a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate and; (ii) each Base Rate Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date (or, in the case of a Converted Term Loan, the conversion date) at a rate per annum equal to the Base Rate plus the Applicable Rate. 

(b) (i) If any amount of principal of any Loan is not paid when due, whether at stated maturity, by acceleration or otherwise, such
amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws until such amount is paid in full. 

(ii) If any amount (other than principal of any Loan) payable by any Borrower under any Loan Document is not paid when
due, whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest
extent permitted by applicable Laws until such amount is paid in full. 
 (iii) Upon the request of the Required
Lenders, while any Event of Default exists, the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent
permitted by applicable Laws until such Event of Default is cured or waived by the requisite Lenders. 
 (iv)
Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand. 

(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as
may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 

2.07 Fees. In addition to certain fees described in Section 2.12(b)(iii): 

(a) Commitment Fee. The Borrowers shall pay to the Administrative Agent for the account of each Lender in accordance with
its Applicable Percentage, a commitment fee equal to 0.50% times the actual daily amount by which the Aggregate Commitments exceed the sum of the Outstanding Amount of Revolving Loans. The commitment fee shall accrue at all times during the
Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December,
commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period. The commitment fee shall be calculated quarterly in arrears. 

 

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 (b) Other Fees. (i) The Borrowers shall pay to BAS and the Administrative
Agent for their own respective accounts fees in the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

(ii) The Borrowers shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts
and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

2.08 Computation of Interest and Fees. All computations of interest for Base Rate Loans (including Base Rate Loans determined by
reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed
(which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof,
for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.10(a), bear interest for one day. Each determination by the
Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 

2.09 Evidence of Debt. The Loans made by each Lender shall be evidenced by one or more accounts or records maintained by such
Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Loans made by the Lenders to the
Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In
the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the
absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in
addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 

2.10 Payments Generally; Administrative Agent’s Clawback. 

(a) General. All payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense,
recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative
Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as
provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the

  

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next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by a Borrower shall come due on a day other than a Business Day, payment shall
be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 

(b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will not make available to the Administrative Agent
such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such
Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in
fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrowers jointly and severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in
immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be
made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged
by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrowers, the interest rate applicable to Base Rate Loans. If the Borrowers and such Lender shall pay such interest to the
Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrowers the amount of such interest paid by the Borrowers for such period. If such Lender pays its share of the applicable Borrowing
to the Administrative Agent, then the amount so paid shall constitute such Lender’s Revolving Loan included in such Borrowing. Any payment by the Borrowers shall be without prejudice to any claim the Borrowers may have against a Lender that
shall have failed to make such payment to the Administrative Agent. 
 (ii) Payments by Borrowers;
Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the
Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such
event, if the Borrowers have not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender in immediately available funds 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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 A notice of the Administrative Agent to any Lender or the Borrowers with respect to any
amount owing under this subsection (b) shall be conclusive, absent manifest error. 
 (c) Failure to Satisfy Conditions
Precedent. If any Lender makes available to the Administrative Agent funds for any Revolving Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the
Borrowers by the Administrative Agent because the conditions to the Revolving Loans set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall promptly return such funds (in
like funds as received from such Lender) to such Lender, without interest. 
 (d) Obligations of Lenders Several. The
obligations of the Lenders hereunder to make Revolving Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Revolving Loan or to make any payment under
Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Revolving
Loan, or to make its payment under Section 10.04(c). 
 (e) Funding Source. Nothing herein shall be deemed to
obligate any Lender to obtain the funds for any Revolving Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Revolving Loan in any particular place or manner.

 2.11 Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of the Loans made by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Loans and accrued interest thereon greater than its
pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans, or make such other
adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them,
provided that: 
 (i) if any such participations are purchased and all or any portion of the payment
giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(ii) the provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the
Borrowers pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), or (y) any payment obtained by a Lender as consideration for the assignment
of or sale of a participation in any of its Loans to any assignee or participant, other than an assignment to the REIT or any Affiliate thereof (as to which the provisions of this Section shall apply). 

 

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 Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of such Borrower in the amount of such participation. 
 2.12 Extension of Revolver Maturity Date. 

(a) Requests for Extension. The Borrowers may, by written notice to the Administrative Agent (such notice, an “Extension
Notice”) not earlier than 60 days and not later than 30 days prior to the Initial Revolver Maturity Date, request that the Lenders extend the Revolver Maturity Date for an additional twelve (12) months from the Initial Revolver
Maturity Date. The Administrative Agent shall distribute any such Extension Notice promptly following its receipt thereof. 

(b) Conditions Precedent to Effectiveness of Revolver Maturity Date Extension. As conditions precedent to such extension, the
Borrowers shall, on or prior to the Initial Revolver Maturity Date, satisfy each of the following requirements for such extension to become effective: 

(i) The Administrative Agent shall have received an Extension Notice within the period required under
clause (a) above; 
 (ii) On the date of such Extension Notice and both immediately before and
immediately after giving effect to such extension of the Revolver Maturity Date, no Default or Event of Default shall have occurred and be continuing; 

(iii) The Borrowers shall have paid to the Administrative Agent, for the pro rata benefit of the Lenders based on their
respective Applicable Percentage as of such date, an extension fee in an amount equal to 0.35% of the Aggregate Commitments as in effect on Initial Revolver Maturity Date (it being agreed that such Extension Fee shall be fully earned when paid and
shall not be refundable for any reason); 
 (iv) The Administrative Agent shall have received evidence
satisfactory to it that the greater of (x) the REIT’s equity market capitalization (based on the average closing price per share of the capital stock of the REIT on the New York Stock Exchange (including any preferred capital stock of the
REIT solely to the extent such preferred capital stock is traded on the New York Stock Exchange) during the ten (10) Business Day period ending on the date that is thirty (30) days prior to the Initial Revolver Maturity Date) or
(y) the Total Asset Value as of the then most recently ended fiscal quarter of the REIT for which financial statements have been delivered to the Administrative Agent pursuant to Section 6.01(a) or (b), calculated on a pro
forma basis to give effect to any net cash proceeds received by the REIT from the sale and issuance of any of its capital stock during the period commencing on the day following the last day of such fiscal quarter and ending on the date that is
thirty (30) days prior to the Initial Revolver Maturity Date, is greater than 150% of the Total Asset Value as of March 31, 2010; 
  

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 (v) The Administrative Agent shall have received a certificate of each Loan
Party dated as of the Initial Revolver Maturity Date signed by a Responsible Officer of such Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such extension and (ii) in the case
of the Borrowers, certifying that, before and after giving effect to such extension, (A) the representations and warranties contained in Article V and the other Loan Documents are true and correct in all material respects on and as
of the Initial Revolver Maturity Date, except (x) to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, (y) any representation or
warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such date after giving effect to such qualification and
(z) for purposes of this Section 2.12, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to
subsections (a) and (b), respectively, of Section 6.01, and (B) no Default exists; 
 (vi)
The REIT shall have delivered to the Administrative Agent a certificate executed by a Responsible Officer of the REIT certifying that the condition precedent set forth in Section 2.12(b)(iv) above has been satisfied (and containing a
reasonably detailed calculation thereof); 
 (vii) The REIT shall have delivered to the Administrative Agent a
Solvency Certificate executed on behalf of each of the Loan Parties (with respect to the Solvency of each such Loan Party both before and after giving effect to such extension); and 

(viii) The Borrowers and the other Loan Parties shall have delivered to the Administrative Agent such reaffirmations of
their respective obligations under the Loan Documents (after giving effect to the extension), and acknowledgments and certifications that they have no claims, offsets or defenses with respect to the payment or performance of any of the Obligations,
including, without limitation, reaffirmations of each of the Pledge and Security Agreement and Guaranty, executed by the Loan Parties party thereto. 

2.13 Increase in Commitments. 

(a) Request for Increase. Provided there exists no Default, upon written notice to the Administrative Agent, the Borrowers may
from time to time request an increase in the Aggregate Commitments by an amount (in the aggregate for all such requests) not exceeding $75,000,000; provided that (i) any such request for an increase shall be in a minimum amount of
$10,000,000, (ii) the Borrowers may make a maximum of three such requests and (iii) the written consent of the Administrative Agent (which consent shall be determined in the Administrative Agent’s sole discretion) shall be required
for any such increase in the Aggregate Commitments. If the Administrative Agent consents to the Borrowers’ request for an increase in the Aggregate Commitments, the Administrative Agent shall promptly inform the Lenders of such request made by
the Borrowers. On or prior to the time that the Administrative Agent informs the Lenders of the Borrowers’ request for an increase in the Aggregate Commitments, the Borrowers (in consultation with the Administrative Agent) shall specify the
time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). 

 

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 (b) Lender Elections to Increase. Each Lender shall notify the Administrative Agent
within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such requested increase. Any Lender not responding within such time period
shall be deemed to have declined to increase its Commitment. 
 (c) Notification by Administrative Agent; Additional
Lenders. The Administrative Agent shall notify the Borrowers and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of the Administrative
Agent, the Borrowers may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance satisfactory to the Administrative Agent and its counsel (a “New Lender Joinder Agreement”).

 (d) Effective Date and Allocations. If the Aggregate Commitments are increased in accordance with this Section, the
Administrative Agent and the Borrowers shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase. The Administrative Agent shall promptly notify the Borrowers and the Lenders of the
final allocation of such increase and the Increase Effective Date. 
 (e) Conditions to Effectiveness of Increase. As
conditions precedent to such increase, (i) the Borrowers shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer
of such Loan Party (x) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (y) in the case of the Borrowers, certifying that, before and after giving effect to such increase,
(A) the representations and warranties contained in Article V and the other Loan Documents are true and correct on and as of the Increase Effective Date, except to the extent that (1) such representations and warranties
specifically refer to an earlier date, in which case they are true and correct as of such earlier date, (2) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect”
or similar language shall be true and correct in all respects as of such date after giving effect to such qualification and (3) that for purposes of this Section 2.13, the representations and warranties contained in subsections
(a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01, and (B) no Default exists and (ii) the
Administrative Agent shall have received (x) a New Lender Joinder Agreement duly executed by the Borrowers and each Eligible Assignee that is becoming a Lender in connection with such increase, which New Lender Joinder Agreement shall be
acknowledged by the Administrative Agent and (y) written confirmation from each existing Lender, if any, participating in such increase of the amount by which its Commitment will be increased. The Borrowers shall prepay any Loans outstanding on
the Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Revolving Loans ratable with any revised Applicable Percentages arising from any nonratable
increase in the Commitments under this Section. 
  

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 (f) Conflicting Provisions. This Section shall supersede any provisions in
Section 2.11 or 10.01 to the contrary. 
 2.14 Defaulting Lenders. (a) Adjustments.
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 

(i) Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in Section 10.01. 
 (ii)
Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to
Article VIII or otherwise, and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section 10.08), shall be applied at such time or times as may be determined by the
Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second, as the Borrowers may request (so long as no Default or Event of Default exists), to
the funding of any Revolving Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent
and the Borrowers, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Revolving Loans under this Agreement; fourth, to the payment of any amounts owing to
the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as
no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against that Defaulting Lender as a result of that Defaulting
Lender’s breach of its obligations under this Agreement; and sixth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal
amount of any Loans in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment
shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting
Lender that are applied (or held) to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees. That Defaulting Lender shall not be entitled to receive any commitment fee pursuant to
Section 2.07(a) for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

 

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 (b) Defaulting Lender Cure. If the Borrowers and the Administrative Agent agree in
writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to
any conditions set forth therein that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to
be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages, whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender
to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

2.15 Collateral; Borrowing Base; Borrowing Base Accounts; Additional Joint Venture Investments. 

(a) Collateral. The obligations of the Borrowers and Guarantors under the Loan Documents shall be secured by a perfected first
priority security interest in favor of the Administrative Agent, for the benefit of the Secured Parties, in the Collateral. 

(b) Requirements for Investment Assets to be Included in the Borrowing Base. Prior to any Investment Asset being included in the
Borrowing Base, each of the following requirements shall have been satisfied with respect to such Investment Asset (such requirements being referred to herein as the “Borrowing Base Eligibility Criteria”): 

(i) The Borrowers shall have provided the Administrative Agent and the Lenders with a written request for such Investment
Asset to be admitted into the Borrowing Base, which request shall be accompanied by (x) a reasonably detailed investment package describing such Investment Asset, (y) a credit memorandum regarding such Investment Asset, in a form similar
to the credit memoranda provided to the Administrative Agent prior to the Closing Date with respect to the Initial Borrowing Base Assets and (z) such additional documents and information as reasonably requested by the Administrative Agent (on
behalf of itself or a Lender) (such written request, together with the accompanying materials specified herein, is referred to herein as the “Borrowing Base Inclusion Request”). 

(ii) The Administrative Agent and the Required Lenders shall have approved the inclusion of such Investment Asset in the
Borrowing Base (such approval not to be unreasonably withheld, conditioned or delayed); it being agreed that if the Administrative Agent or any Lender fails to respond to any such approval requested in a Borrowing Base Inclusion Request within ten
(10) Business Days after its receipt thereof, the Administrative or such Lender, as applicable, shall be deemed to have approved such request. 
  

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 (iii) Unless otherwise consented to in writing by the Administrative Agent
and the Required Lenders in their sole discretion, such Investment Asset shall be owned by the REIT or by a Pledged Affiliate; provided, that the Colonial Investment may be included in the Borrowing Base to the extent that, after giving
effect thereto and at all times thereafter, the Colonial Investment does not account for more than 3% of the Borrowing Base. 

(iv) Such Investment Asset shall be free and clear of all Liens and negative pledges, and the Affiliated Investor that
owns such Investment Asset shall not have any Indebtedness or other material liabilities and shall be Solvent and not subject to any proceedings under any Debtor Relief Law. 

(v) After giving effect to the inclusion of such Investment Asset in the Borrowing Base, on an aggregate basis the
weighted average (on a cost basis) time to maturity of all Eligible Investment Assets, taken together, shall be at least three years six months. 

(vi) Such Investment Asset shall not have a cash payment past due for more than thirty (30) days. 

(vii) Such Investment Asset shall not be subject to a payment, bankruptcy, acceleration or other material default (as
reasonably determined by the Administrative Agent), and the Administrative Agent, in the exercise of its reasonable judgment, shall not have determined that an event or other circumstance exists that would impair the prospects of the payment and
other obligations being performed in respect of such Investment Asset by the obligor(s) thereon. 
 (viii) Such
Investment Asset shall be a U.S.-based Investment Asset and shall be denominated in U.S. dollars; provided, that with the prior written consent of the Administrative Agent and the Required Lenders, an Investment Asset that is a European-based
Investment Asset and/or that is denominated in Euros, Pounds Sterling or Swiss Francs may be included in the Borrowing Base so long as, after giving effect thereto and at all times thereafter, the aggregate amount of all European-based Eligible
Investment Assets and Eligible Investment Assets denominated in Euros, Pounds Sterling or Swiss Francs do not account for more than 20% of the Borrowing Base. 

(ix) If such Investment Asset is part of a portfolio containing two or more Investment Assets, a material portion (as
reasonably determined by the Administrative Agent) of such portfolio shall not consist of Investment Assets that do not satisfy the other Borrowing Base Eligibility Criteria set forth herein. 

(x) Except as set forth in Part (b) of Schedule 5.13 or otherwise consented to in writing by the
Administrative Agent and the Required Lenders in their sole discretion, none of the Borrowers shall have any obligation to make any Investments (whether as a result of a capital call or otherwise) in the Affiliated Investor that owns such Investment
Asset (or, in the case of the Colonial Investment, in Colony Funds Sants) following the date on which such Investment Asset is included in the Borrowing Base. 
  

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 (xi) The Administrative Agent and the Lenders shall have received a
Borrowing Base Certificate presenting the REIT’s computation of the Borrowing Base after giving effect to the inclusion of such Investment Asset in the Borrowing Base. 

(xii) The Administrative Agent and the Lenders shall have received a copy of the limited liability company operating
agreement, partnership agreement, bylaws or other similar organizational documents of the Affiliated Investor who owns such Investment Asset, which organizational documents shall be (x) in form and substance satisfactory to the Administrative
Agent (it being agreed that, solely in the case of such organizational documents of an Affiliated Investor that is not a Subsidiary, the form of Organization Documents attached as Exhibit K hereto is satisfactory to the Administrative Agent)
and (y) certified by a Responsible Officer of the REIT as being true, correct and complete. 
 (xiii) The
Administrative Agent shall have received such additional information regarding such Investment Asset as reasonably requested by the Administrative Agent (on behalf of itself or any Lender). 

(c) Removal of Investment Assets from the Borrowing Base by Administrative Agent or Required Lenders. The Administrative Agent or
the Required Lenders (by notice to the Administrative Agent) shall have the right, in their sole discretion, to revoke their prior approval of any Investment Asset as an Eligible Investment Asset (i) which the Administrative Agent or the
Required Lenders reasonably determine no longer satisfies any of the Borrowing Base Eligibility Criteria set forth in Section 2.15(b)(iii) through (x) or (ii) if any event or circumstance occurs in respect of such Investment Asset (or
the obligor(s) thereon) following the inclusion of such Investment Asset in the Borrowing Base that the Administrative Agent or the Required Lenders reasonably determine to be materially adverse to such Investment Asset or the applicable Affiliated
Investor. The Administrative Agent shall promptly provide the Borrowers and the Lenders with notice of any such revocation. If, after giving effect to any such revocation and the removal of the applicable Investment Asset from the Borrowing Base,
the Total Outstandings exceed the Borrowing Base, the Borrowers shall immediately repay the Loans in an amount necessary to eliminate such excess. 

(d) Sale and Releases of Investment Assets Included in the Borrowing Base. Provided that no Default or Event of Default has
occurred and is continuing (or would exist immediately after giving effect to the transactions contemplated by this Section 2.15(d)), a Borrower or Guarantor may (i) sell an Investment Asset included in the Borrowing Base (whereupon
such Investment Asset would be removed from the Borrowing Base), (ii) sell all (but not less than all) of the equity interests held, directly or indirectly, by the Loan Parties in any Affiliated Investor that holds one or more Investment Assets
included in the Borrowing Base (whereupon the Investment Assets held by such Affiliated Investor would be removed by the Borrowing Base) or (iii) request that an Investment Asset be removed from the Borrowing Base (each such transaction being
referred to herein as a “Borrowing Base Release Transaction”) upon the completion of the following conditions precedent to the satisfaction of the Administrative Agent: 

(i) The Borrowers shall have delivered to the Administrative Agent and the Lenders written notice of their desire to
consummate such Borrowing Base Release Transaction on or prior to the date that is seven (7) Business Days prior to the date on which such Borrowing Base Release Transaction is to be effected. 

 

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 (ii) On or before the date that is three (3) Business Days prior to the
date of the proposed Borrowing Base Release Transaction, the Borrowers shall have submitted to the Administrative Agent and the Lenders (x) a Borrowing Base Certificate giving pro forma effect to the proposed Borrowing Base Release Transaction
and (y) a certificate executed by a Responsible Officer of the REIT certifying to the Administrative Agent and the Lenders that immediately before and after giving effect to such Borrowing Base Release Transaction, no Default or Event of
Default has occurred and is continuing. If, after giving effect to the proposed Borrowing Base Release Transaction, the Total Outstandings would exceed the lesser of (x) the Aggregate Commitments at such time and (y) the Borrowing Base at
such time, the Borrowers shall, simultaneously with or prior to the consummation of such Borrowing Base Release Transaction, repay the Loans in an amount necessary to eliminate such excess. 

(e) Borrowing Base Accounts. 

(i) Each Borrower shall irrevocably instruct each Affiliated Investor who owns any Investment Assets that are included in
the Borrowing Base to make any and all Distributions from such Affiliated Investor to such Borrower into one or more deposit accounts or securities accounts, as applicable, that is subject to a Control Agreement and maintained by such Borrower at
Bank of America or an Affiliate thereof (each such deposit account and securities account, a “Borrowing Base Account). If, despite such instructions, any Distribution is received by a Borrower in contravention of the prior sentence, such
Borrower shall receive such Distribution in trust for the benefit of the Administrative Agent, shall segregate such Distribution from all other funds of such Borrower, and shall immediately cause such Distribution to be deposited into a Borrowing
Base Account. 
 (ii) The REIT shall irrevocably instruct Colony Funds Sants to make any and all Distributions
from Colony Funds Sants to the REIT into a Borrowing Base Account of the REIT. If, despite such instructions, any Distribution is received by the REIT in contravention of the prior sentence, the REIT shall receive such Distribution in trust for the
benefit of the Administrative Agent, shall segregate such Distribution from all other funds of the REIT, and shall immediately cause such Distribution to be deposited into a Borrowing Base Account of the REIT. 

(iii) Each Borrower that owns any Investment Asset included in the Borrowing Base shall immediately deposit any and all
payments and other amounts received by such Borrower relating to such Investment Asset (including, without limitation, all payments of principal, interest, fees, indemnities or premiums in respect of such Investment Asset, and all proceeds from the
sale or other disposition of, or from any exercise of any rights or remedies with respect to, such Investment Asset) into a Borrowing Base Account. 
  

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 (iv) If, within thirty (30) days prior to the Converted Term Loan
Maturity Date, the REIT has not provided the Administrative Agent with evidence satisfactory to the Administrative Agent that the Borrowers (i) will have sufficient cash on hand to repay all of the Converted Terms Loans and other outstanding
Obligations on the Converted Term Loan Maturity Date and/or (ii) have obtained a commitment, from a financing source reasonably acceptable to the Administrative Agent and containing conditions which are reasonably satisfactory to the
Administrative Agent, providing the Borrowers with sufficient funds to repay all of the Converted Terms Loans and other outstanding Obligations on the Converted Term Loan Maturity Date, then control of all Borrowing Base Accounts will come under the
sole discretion of the Administrative Agent and the Loan Parties’ access to amounts on deposit in the Borrowing Base Accounts will at all times thereafter be subject to the sole discretion of the Administrative Agent until payment in full in
cash of all of the Obligations and termination of this Agreement. 
 (f) Additional Joint Venture Investments. Each
Borrower hereby agrees that, following the date on which any Investment Asset of an Affiliated Investor is included in the Borrowing Base, no additional Joint Venture Investments shall be made in such Affiliated Investor by any Person unless each of
the following conditions precedent are satisfied: 
 (i) Within ten (10) Business Days prior to any such
additional Joint Venture Investment being made, the Administrative Agent and the Lenders shall have received (x) a written notice, executed by a Responsible Officer of the REIT, describing such Joint Venture Investment in reasonable detail
(including, without limitation, the Person(s) making such Joint Venture Investment, the amount and form thereof and the intended use of the proceeds thereof) and (y) a Borrowing Base Certificate giving pro forma effect to such Joint Venture
Investment (including, without limitation, (A) any adjustments to the Borrowing Base resulting from the Loan Parties’ percentage ownership of the Equity Interests of such Affiliated Investor being increased or decreased in connection
therewith and/or (B) the removal from the Borrowing Base of all Investment Assets of such Affiliated Investor, to the extent such Joint Venture Investment is in the form of a loan to such Affiliated Investor or otherwise results in such
Affiliated Investor owing any Indebtedness to any Person). 
 (ii) The Administrative Agent and the Required
Lenders shall have the right, in their reasonable discretion, to make adjustments to the calculation of the Borrowing Base set forth in the pro forma Borrowing Base Certificate delivered pursuant to Section 2.15(f)(i) above to reflect
(x) any actual or potential reduction or dilution in the Loan Parties’ percentage ownership of such Affiliated Investor resulting from such Joint Venture Investment and/or (y) any other effects of such Joint Venture Investment that
have, or could result in, a reduction or dilution of the Loan Parties right to receive Distributions from, or any of their other rights or interests in, such Affiliated Investor (including, without limitation, the effects of any such Joint Venture
Investment in the form of an equity investment with a liquidation preference or a preferred rate of return), in each case to the extent not otherwise already reflected in such Borrowing Base Certificate. Any such

  

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adjustments to the calculation of the Borrowing Base shall be provided by the Administrative Agent to the REIT within five (5) Business Days after the Administrative Agent’s and
Lenders’ receipt of the pro forma Borrowing Base Certificate delivered pursuant to Section 2.15(f)(i) above (whereupon, the Borrowers shall, on or prior to the consummation of such Joint Venture Investment, deliver an updated pro
forma Borrowing Base Certificate reflecting such adjustments). 
 (iii) If, after giving effect to such Joint
Venture Investment, the Total Outstandings would exceed the lesser of (x) the Aggregate Commitments at such time and (y) the Borrowing Base at such time (giving effect to any adjustments made by the Administrative Agent and/or the Required
Lenders pursuant to Section 2.15(f)(ii) above), the Borrowers shall, simultaneously with or prior to the consummation of such Joint Venture Investment, repay the Loans in an amount necessary to eliminate such excess. 

ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY 

3.01 Taxes. 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. (i) Any and all payments by or on account
of any obligation of any Loan Party hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes. If, however, applicable Laws require the applicable
withholding agent to withhold or deduct any Indemnified Taxes (including Other Taxes), such Tax shall be withheld or deducted in accordance with such Laws as determined in good faith by the applicable withholding agent. 

(ii) If the applicable withholding agent shall be required by applicable Laws to withhold or deduct any Indemnified Taxes
or Other Taxes, from any payment, then (A) the applicable withholding agent shall withhold or make such deductions, (B) the applicable withholding agent shall timely pay the full amount withheld or deducted to the relevant Governmental
Authority in accordance with applicable Laws, and (C) the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or all required deductions (including deductions applicable to additional
sums payable under this Section) have been made, the Administrative Agent or Lender, as the case may be, receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(b) Payment of Other Taxes by the Loan Parties. Without limiting the provisions of subsection (a) above, the relevant Loan
Party shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws. 
 (c)
Tax Indemnifications. (i) Without limiting the provisions of subsection (a) or (b) above, each Borrower shall, and does hereby, indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof
within 10 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other 

 

 43 

 
Taxes imposed or asserted on or attributable to amounts payable under this Section) payable by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Each Borrower shall also, and does
hereby, indemnify the Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender for any reason fails to pay indefeasibly to the Administrative Agent as required by
clause (ii) of this subsection. A certificate as to the amount of any such payment or liability delivered to the Borrowers by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a
Lender, shall be conclusive absent manifest error. 
 (ii) To the extent required by any applicable Law, the
Administrative Agent may deduct or withhold from any payment to any Lender an amount equivalent to any applicable withholding tax. Without limiting the provisions of subsection (a) or (b) above, if any Governmental Authority asserts a
claim that any Borrower or the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered, was not properly executed or because such Lender failed to
notify the Borrowers or the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), then each Lender shall, and does hereby, indemnify and hold
harmless the Borrowers and the Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, fully for all amounts paid, directly or indirectly, by the Administrative Agent as Taxes or otherwise, and any and
all related losses, claims, liabilities, penalties, interest and expenses (including the fees, charges and disbursements of any counsel for the Borrowers or the Administrative Agent), whether or not such Tax was correctly or legally asserted.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all
amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii). The agreements in this clause (ii) shall survive the resignation
and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all other Obligations. 

(d) Evidence of Payments. As soon as practicable, after any payment of Indemnified Taxes or Other Taxes paid by a Loan Party to a
Governmental Authority as provided in this Section 3.01, such Loan Party shall deliver to the Administrative Agent, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of
any return required by applicable Laws to report such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(e) Status of Lenders. Each Lender shall, at such times as are reasonably requested by the Borrowers or the Administrative Agent,
provide the Borrowers and the Administrative Agent with any documentation prescribed by Law, or reasonably requested by the Borrowers or 

 

 44 

 
the Administrative Agent, certifying as to any entitlement of such Lender to an exemption from, or reduction in, any withholding Tax with respect to any payments to be made to such Lender under
the Loan Documents. Each such Lender shall, whenever a lapse in time or change in circumstances renders such documentation expired, obsolete or inaccurate in any material respect, deliver promptly to the Borrowers and the Administrative Agent
updated or other appropriate documentation (including any new documentation reasonably requested by the applicable withholding agent) or promptly notify the Borrowers and the Administrative Agent of its inability to do so. Unless the applicable
withholding agent has received forms or other documents satisfactory to it indicating that payments under any Loan Document to or for a Lender are not subject to withholding tax or are subject to such Tax at a rate reduced by an applicable tax
treaty, the Borrowers, Administrative Agent or other applicable withholding agent shall withhold amounts required to be withheld by applicable Law from such payments at the applicable statutory rate. 

Without limiting the generality of the foregoing: 

(i) Each Lender that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the
Borrowers and the Administrative Agent on or before the date on which it becomes a party to this Agreement two properly completed and duly signed original copies of Internal Revenue Service Form W-9 (or any successor form) certifying that such
Lender is exempt from U.S. federal backup withholding. 
 (ii) Each Lender that is not a United States person (as
defined in Section 7701(a)(30) of the Code) shall deliver to the Borrowers and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter when required by Law or upon the
reasonable request of the Borrowers or the Administrative Agent) whichever of the following is applicable: 
 (I)
two duly completed copies of Internal Revenue Service Form W-8BEN (or any successor forms) claiming eligibility for a complete exemption from United States withholding taxes pursuant to the benefits of an income tax treaty to which the United States
of America is a party, 
 (II) two duly completed copies of Internal Revenue Service Form W-8ECI (or any
successor forms), 
 (III) in the case of a Lender claiming the benefits of the exemption for portfolio interest
under Section 881(c) of the Code, (x) a certificate, in substantially the form of Exhibit J (any such certificate a “United States Tax Compliance Certificate”), or any other form approved by the Administrative Agent, to
the effect that such Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or
(C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code, and that no payments in connection with the Loan Documents are effectively connected with such Lender’s conduct of a U.S. trade or
business and (y) two duly completed copies of Internal Revenue Service Form W-8BEN (or any successor forms), 
  

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 (IV) to the extent a Lender is not the beneficial owner (for example, where
the Lender is a partnership, or is a Lender that has granted a participation), Internal Revenue Service Form W-8IMY (or any successor forms) of the Lender, accompanied by a Form W-8ECI, W-8BEN evidencing a complete exemption from United States
withholding taxes, United States Tax Compliance Certificate, Form W-9, Form W-8IMY (or other successor forms) or any other required information from each beneficial owner, as applicable (provided that, if the Lender is a partnership (and not
a participating Lender) and one or more beneficial owners are claiming the portfolio interest exemption, the United States Tax Compliance Certificate shall be provided by such Lender on behalf of such beneficial owner(s)), 

(V) any other form prescribed by applicable requirements of U.S. federal income tax Law as a basis for claiming a complete
exemption from U.S. federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable requirements of Law to permit the Borrowers and the Administrative Agent to determine the withholding or
deduction required to be made, or 
 (VI) any certificate, report, disclosure, document or agreement required by
Sections 1471-1474 of the Code or any amended or successor version of such provisions (including evidence of any agreement of any Lender or the Administrative Agent (or any financial institution through which any payment is made to such Lender or
the Administrative Agent) required under such provisions). 
 Each Lender shall, from time to time after the initial delivery by
such Lender of the forms described above, whenever a lapse in time or change in such Lender’s circumstances renders such forms, certificates or other evidence so delivered expired, obsolete or inaccurate, promptly (1) deliver to the
Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) renewals, amendments or additional or successor forms, properly completed and duly executed by such Lender, together with any other certificate
or statement of exemption required in order to confirm or establish such Lender’s status or that such Lender is entitled to an exemption from or reduction in U.S. federal withholding tax or (2) notify Administrative Agent and the Borrowers
of its inability to deliver any such forms, certificates or other evidence. 
 Notwithstanding any other provision of this
clause (e), a Lender shall not be required to deliver any form that such Lender is not legally eligible to deliver. 
 (f)
Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund or
credit of Taxes withheld or deducted from funds paid for the account of such Lender, as the case may be. If the Administrative Agent or any Lender determines, in its sole discretion, that it has received a refund of, or credit with respect to, any
Indemnified Taxes or Other Taxes as to which it has been indemnified by a Loan Party or with respect to which a Loan Party has paid additional amounts 

 

 46 

 
pursuant to this Section (a “Tax Benefit”), it shall pay to such Loan Party an amount equal to such Tax Benefit (but only to the extent of indemnity payments made, or additional amounts
paid, by such Loan Party under this Section with respect to the Indemnified Taxes or Other Taxes giving rise to such Tax Benefit), net of all out-of-pocket expenses (including Taxes) incurred by the Administrative Agent or such Lender, as the case
may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such Tax Benefit net of any Taxes payable by the Administrative Agent or Lender), provided that the applicable Loan Party, upon the
request of the Administrative Agent or such Lender, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in
the event the Administrative Agent or such Lender is required to repay such Tax Benefit to such Governmental Authority. This subsection shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or
any other information relating to its taxes that it deems confidential) to the Borrowers or any other Person. 
 (g) Payments
made by Administrative Agent. For the avoidance of doubt, any payments made by the Administrative Agent to any Lender shall be treated as payments made by the applicable Loan Party. 

3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that
it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate, or any
Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrowers through the
Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender
making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be
determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrowers that the circumstances giving rise to such determination
no longer exist. Upon receipt of such notice, (x) the Borrowers shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the
interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts
the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the
Eurodollar Rate component thereof until the Administrative is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or
conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted. 
  

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 3.03 Inability to Determine Rates. If the Required Lenders determine that for any
reason in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest
Period of such Eurodollar Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or
proposed Base Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent
will promptly so notify the Borrowers and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended, and (y) in the event of a determination described in the preceding sentence
with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon the instruction of the Required
Lenders) revokes such notice. Upon receipt of such notice, the Borrowers may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a
request for a Borrowing of Base Rate Loans in the amount specified therein. 
 3.04 Increased Costs; Reserves on Eurodollar
Rate Loans. 
 (a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement); 

(ii) subject any Lender to any change in the basis of taxation of payments to such Lender in respect thereof (except for
Indemnified Taxes or Other Taxes covered by Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender); or 

(iii) impose on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or
Eurodollar Rate Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Loan the interest on which is determined by reference to the Eurodollar Rate (or, in the case of clause (ii) above, any Loan), or of maintaining its obligation to make any such Loan, or to reduce the amount of any sum
received or receivable by such Lender hereunder (whether of principal, interest or any other amount) then, upon request of such Lender the Borrowers will pay to such Lender such additional amount or amounts as will compensate such Lender for such
additional costs incurred or reduction suffered. 
  

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 (b) Capital Requirements. If any Lender determines that any Change in Law affecting
such Lender or any Lending Office of such Lender or such Lender’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such
Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for
such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrowers will pay to such Lender such additional amount
or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c)
Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and
delivered to the Borrowers shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within 15 days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of
this Section shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrowers shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section for any
increased costs incurred or reductions suffered more than nine months prior to the date that such Lender notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim
compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

 (e) Reserves on Eurodollar Rate Loans. The Borrowers shall pay to each Lender, as long as such Lender shall be
required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of
each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which
interest is payable on such Loan, provided the Borrowers shall have received at least 15 days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice 15 days
prior to the relevant Interest Payment Date, such additional interest shall be due and payable 15 days from receipt of such notice. 

3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrowers
shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 
  

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 (b) any failure by the Borrowers (for a reason other than the failure of such Lender to make
a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrowers; or 

(c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by
the Borrowers pursuant to Section 10.13; 
 including any loss (other than lost profit) or expense arising from the liquidation or
reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrowers shall also pay any customary administrative fees charged by such Lender in connection with
the foregoing. 
 For purposes of calculating amounts payable by the Borrowers to the Lenders under this Section 3.05, each Lender
shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether
or not such Eurodollar Rate Loan was in fact so funded. 
 3.06 Mitigation Obligations; Replacement of Lenders.

 (a) Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or
the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such
Lender shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the
judgment of such Lender such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to
Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrowers hereby agree to pay all reasonable costs
and expenses incurred by any Lender in connection with any such designation or assignment. 
 (b) Replacement of Lenders.
If any Lender requests compensation under Section 3.04, or if the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, the
Borrowers may replace such Lender in accordance with Section 10.13. 
 3.07 Survival. All of the
Borrowers’ obligations under this Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent. 

 

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 ARTICLE IV. CONDITIONS PRECEDENT 

4.01 Conditions of Effectiveness. The effectiveness of this Agreement and obligation of each Lender to make Revolving Loans
hereunder is subject to satisfaction of the following conditions precedent: 
 (a) The Administrative Agent’s receipt of
the following, each of which shall be originals, e-mail copies (in a .pdf format) or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the
Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and each of the Lenders: 

(i) executed counterparts of this Agreement and the Guaranty, sufficient in number for distribution to the Administrative
Agent, each Lender and the REIT; 
 (ii) a Note duly executed by the Borrowers in favor of each Lender requesting
a Note; 
 (iii) the Pledge and Security Agreement, duly executed by each Loan Party, together with: 

(A) certificates or instruments representing the Certificated Securities (as defined in the Pledge and Security Agreement)
accompanied by all endorsements and/or powers required by the Pledge and Security Agreement, 
 (B)
acknowledgment copies or stamped receipt copies of proper financing statements, duly filed under the Uniform Commercial Code of all jurisdictions that the Administrative Agent may deem necessary or desirable in order to perfect the Liens created
under the Pledge and Security Agreement, covering the Collateral described in the Pledge and Security Agreement, 

(C) completed requests for information listing all effective financing statements filed in the jurisdictions referred to
in clause (B) above that name any Loan Party as debtor, together with copies of such other financing statements, 

(D) evidence of the completion of all other actions, recordings and filings of or with respect to the Pledge and Security
Agreement that the Administrative Agent may deem necessary or desirable in order to perfect the Liens created thereby, 

(E) Control Agreements with respect to each Borrowing Base Account of a Loan Party, duly executed by each of the parties
thereto, 
 (F) evidence that all other action that the Administrative Agent may deem necessary or desirable in
order to perfect the Liens created under the Pledge and Security Agreement have been taken (including receipt of duly executed payoff letters and UCC-3 terminations, if any); and 

 

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 (G) a Perfection Certificate, in substantially the form of
Exhibit H-1, duly executed by each of the Loan Parties; 
 (iv) such certificates of resolutions or
other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act
as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party; 

(v) such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party
is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such
qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; 

(vi) a favorable opinion of Orrick, Herrington & Sutcliffe LLP, counsel to the Loan Parties, addressed to the
Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request; 

(vii) a certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses
and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full
force and effect, or (B) stating that no such consents, licenses or approvals are so required; 
 (viii) a
certificate signed by a Responsible Officer of the Borrower (x) certifying (A) that the conditions specified in Sections 4.02(a) have been satisfied and (B) that there has not occurred a material adverse change in the
business, assets or financial condition of any of the Borrowers, Guarantors or any of their respective Subsidiaries, or any of the entities in which they have invested directly or indirectly, or in the facts and information regarding any such
entities as heretofore disclosed to the Administrative Agent and the Lenders and (y) attaching copies of the operating agreements, partnership agreements or other applicable organizational documents of (A) each Affiliated Investor in which
all or a portion of its Equity Interests are owned directly by a Loan Party, (B) Colony Funds Sants and (C) Coral Partners; 

(ix) evidence that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in
effect; 
 (x) a Borrowing Base Certificate, as of the Closing Date; 

(xi) completion of all due diligence with respect to the Borrowers, Guarantors, Affiliated Investors, Investment Assets
and Collateral in scope and determination satisfactory to the Administrative Agent and Lenders in their sole discretion, including a sampling review of the credit and legal files of the Borrowers, the Guarantors and the

  

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Affiliated Investors, review of financial statements and projections, review of governance provisions and review of each Borrower’s underwriting criteria and closing processes as well as its
on-going valuation and monitoring methodologies, and other items that Administrative Agent may request; 
 (xii)
the absence of any action, suit, investigation or proceeding, pending or threatened, in any court or before any arbitrator or governmental authority that purports to materially affect any of the Loan Parties, any of their respective Subsidiaries,
any Affiliated Investor that has an Investment Asset included in the Borrowing Base or whose Equity Interests are owned (in whole or in part) directly by a Loan Party, or any transaction contemplated hereby, or that could have a material adverse
effect on any of the Loan Parties, or any of their respective Subsidiaries, or any Affiliated Investor that has an Investment Asset included in the Borrowing Base or whose Equity Interests are owned (in whole or in part) directly by a Loan Party, or
any transaction contemplated hereby or on the ability of any of the Borrowers or Guarantors to perform its obligations under the Loan Documents; 

(xiii) the completion of a review and verification, by an independent consultant engaged by the Lenders, of the accuracy
and reliability of the REIT’s calculation and reporting of the book value and Cash Income of the Initial Eligible Investment Assets, which review and verification shall be in form, scope and substance satisfactory to the Administrative Agent
and the Lenders; 
 (xiv) a Solvency Certificate from the Loan Parties demonstrating that each Loan Party is
Solvent; 
 (xv) the Management Subordination Agreement; duly executed by each of the parties thereto; and

 (xvi) such other assurances, certificates, documents, consents or opinions as the Administrative Agent or the
Required Lenders reasonably may require. 
 (b) Any fees required to be paid on or before the Closing Date shall have been paid.

 (c) Unless waived by the Administrative Agent, the Borrowers shall have paid all fees, charges and disbursements of counsel
to the Administrative Agent and BAS (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute
its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrowers and
the Administrative Agent). 
 Without limiting the generality of the provisions of the last paragraph of
Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied
with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Closing
Date specifying its objection thereto. 
  

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 4.02 Conditions to all Revolving Loans. The obligation of each Lender to honor any
Loan Notice (other than a Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent: 

(a) The representations and warranties of the Borrowers and each other Loan Party contained in Article V or any other Loan
Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct on and as of the date of such Revolving Loan, except (i) to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, (ii) any representation or warranty that is already by its terms qualified as to “materiality”, “Material
Adverse Effect” or similar language shall be true and correct in all respects as of such date after giving effect to such qualification and (iii) for purposes of this Section 4.02, the representations and warranties contained
in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01. 

(b) No Default shall exist, or would result from such proposed Revolving Loan or from the application of the proceeds thereof.

 (c) The Administrative Agent shall have received a Loan Notice in accordance with the requirements hereof. 

Each Loan Notice (other than a Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurodollar Rate
Loans) submitted by the Borrowers shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Loan. 

ARTICLE V. REPRESENTATIONS AND WARRANTIES 

Each Borrower represents and warrants to the Administrative Agent and the Lenders that: 

5.01 Existence, Qualification and Power. Each Loan Party and each Subsidiary thereof (a) is duly organized or formed, validly
existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to
(i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good
standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent
that failure to do so could not reasonably be expected to have a Material Adverse Effect. 
  

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 5.02 Authorization; No Contravention. The execution, delivery and performance by each
Loan Party of each Loan Document to which such Person is party have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization
Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or
the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law. 

5.03 Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to,
or filing with, any Governmental Authority or any other Person is necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document,
(b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under the Collateral Documents (including the first priority nature thereof), except
for filings and recordings required under the UCC or (d) the exercise by the Administrative Agent or any Lender in compliance with applicable Laws of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to
the Collateral Documents. 
 5.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered
hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party,
enforceable against each Loan Party that is party thereto in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, administration or other laws affecting creditors’
rights generally, or general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

5.05 Financial Statements; No Material Adverse Effect. 

(a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the REIT and its Consolidated Subsidiaries as of the date thereof and their results of operations, cash flows and changes in shareholders’
equity for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or
contingent, of the REIT and its Consolidated Subsidiaries as of the date thereof, including liabilities for Taxes, material commitments and Indebtedness. 

(b) The unaudited consolidated balance sheets of the REIT and its Consolidated Subsidiaries dated June 30, 2010, and the related
consolidated statements of income or operations and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein, and (ii) fairly present the financial condition of the REIT and its Consolidated Subsidiaries as of the date thereof and their results of operations and cash flows for the period covered thereby, subject, in the case of clauses
(i) and (ii), to the absence of footnotes and to normal year-end audit adjustments. Schedule 5.05 sets forth all material indebtedness and other liabilities, direct or contingent, of the REIT and its Consolidated Subsidiaries as of
the date of such financial statements, including liabilities for Taxes, material commitments and Indebtedness. 
  

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 (c) Since the date of the balance sheet included in the Audited Financial Statements, there
has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect. 

(d) The consolidated forecasted balance sheet and statements of income and cash flows of the REIT and its Consolidated Subsidiaries
delivered pursuant to Section 6.01(c) were prepared in good faith on the basis of the assumptions stated therein, which assumptions were fair in light of the conditions existing at the time of delivery of such forecasts, and represented,
at the time of delivery, the REIT’s best estimate of its future financial condition and performance. 
 5.06
Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of such Borrower after investigation, threatened, at law, in equity, in arbitration or before any Governmental Authority, by or against such
Borrower or any of its Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) either
individually or in the aggregate, if determined adversely, could reasonably be expected to have a Material Adverse Effect. 

5.07 No Default. Neither any Loan Party nor any Subsidiary thereof is in default under or with respect to any Contractual
Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this
Agreement or any other Loan Document. 
 5.08 Ownership of Property; Liens. Each Loan Party and each of its Subsidiaries
has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The property of each Loan Party and its Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01. 

5.09 Environmental Compliance. (a) The Loan Parties and their Subsidiaries conduct in the ordinary course of business a
review of the effect of existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof such Borrower has
reasonably concluded that such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b) None of the properties currently or formerly owned or operated by any Loan Party or any of its Subsidiaries is listed or formally
proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or, to the knowledge of the Borrowers, is adjacent to any such property; and except as could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect, there are no and to the best 
  

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knowledge of the Loan Parties and their Subsidiaries never have been any underground or above-ground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which
Hazardous Materials are being or have been treated, stored or disposed on any property currently owned or operated by any Loan Party or any of its Subsidiaries or, to the best of the knowledge of the Loan Parties, on any property formerly owned or
operated by any Loan Party or any of its Subsidiaries; and except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, there is no asbestos or asbestos-containing material on, at or in any
property currently owned or operated by any Loan Party or any of its Subsidiaries; and Hazardous Materials have not been Released on, at, under or from any property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries
in a manner, form or amount which could reasonably be expected to result in material Environmental Liability of any Loan Party or any Subsidiary. 

(c) Neither any Loan Party nor any of its Subsidiaries is undertaking, and has not completed, either individually or together with other
potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened Release of Hazardous Materials at, on, under, or from any site, location or operation, either voluntarily or
pursuant to the order of any Governmental Authority or the requirements of any Environmental Law, other than such investigations, assessments and remedial and response actions as could not reasonably be expected to have a Material Adverse Effect;
and to the knowledge of the Borrowers and the other Loan Parties, all Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated by any Loan Party or any of its
Subsidiaries have been disposed of in a manner which could not reasonably expected to result in material Environmental Liability to any Loan Party or any of its Subsidiaries. 

(d) The Loan Parties and their respective Subsidiaries: (i) are, and within the period of all applicable statutes of limitation have
been, in material compliance with all applicable Environmental Laws; (ii) hold all Environmental Permits (each of which is in full force and effect) required for any of their current or intended operations or for any property owned, leased, or
otherwise operated by any of them, except for such Environmental Permits the absence of which could not reasonably be expected to result in a Material Adverse Effect; (iii) are, and within the period of all applicable statutes of limitation
have been, in material compliance with all of their Environmental Permits; and (iv) to the extent within the control of the Loan Parties and their respective Subsidiaries, each of their Environmental Permits have been timely renewed and
complied with, and the Loan Parties and their respective Subsidiaries have no reason to believe that any additional Environmental Permits that may be required of any of them will not be timely obtained and complied with, without material expense, or
that compliance with any Environmental Permit that is or is expected to become applicable to any of them will not be timely attained and maintained, without material expense. 

5.10 Insurance. The properties of the REIT and its Subsidiaries are insured with financially sound and reputable insurance
companies not Affiliates of the REIT, in such amounts with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the REIT or the applicable
Subsidiary operates. 
  

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 5.11 Taxes. The REIT and each of its Subsidiaries have timely filed all federal and
state income and other material tax returns and reports required to be filed, and have timely paid all federal, state and other material Taxes (whether or not shown on a tax return), including in its capacity as a withholding agent, levied or
imposed upon it or its properties, income or assets otherwise due and payable, except those Taxes which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in
accordance with GAAP. There is no proposed material tax assessment or other claim against, and no material tax audit with respect to, any Loan Party or any Subsidiary. Neither any Loan Party nor any Subsidiary thereof is party to any tax sharing
agreement. Except as could not be reasonably expected to, individually or in the aggregate, result in a Material Adverse Effect, neither any Loan Party nor any of its Subsidiaries has ever “participated” in a “listed transaction”
within the meaning of Treasury Regulation Section 1.6011-4. 
 5.12 ERISA Compliance. 

(a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or state
laws. Each Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service to the effect that the form of such Plan is qualified under
Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is currently being
processed by the Internal Revenue Service. To the best knowledge of such Borrower, nothing has occurred that would prevent or cause the loss of such tax-qualified status. 

(b) There are no pending or, to the best knowledge of such Borrower, threatened claims, actions or lawsuits, or action by any
Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has
resulted or could reasonably be expected to result in a Material Adverse Effect. 
 (c) (i) No ERISA Event has occurred, and
neither such Borrower nor any ERISA Affiliate is aware of any fact, event or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan or Multiemployer Plan; (ii) as of the most
recent valuation date for any Pension Plan, the adjusted funding target attainment percentage (as defined in Section 436(j)(2) of the Code) is 60% or higher and neither such Borrower nor any ERISA Affiliate knows of any facts or circumstances
that could reasonably be expected to cause the adjusted funding target attainment percentage for any such plan to drop below 60% as of the most recent valuation date; (iii) neither such Borrower nor any ERISA Affiliate has incurred any
liability to the PBGC other than for the payment of premiums, and there are no premium payments which have become due that are delinquent; (iv) neither such Borrower nor any ERISA Affiliate has engaged in a transaction that is subject to
Section 4069 or Section 4212(c) of ERISA; and (v) no Pension Plan has been terminated by the plan administrator thereof nor by the PBGC. 

(d) Neither such Borrower nor any ERISA Affiliate maintains or contributes to, or has any unsatisfied obligation to contribute to, or
liability under, any active or terminated Pension Plan other than (A) on the Closing Date, those listed on Schedule 5.12(d) hereto and (B) thereafter, Pension Plans not otherwise prohibited by this Agreement. 

 

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 5.13 Subsidiaries; Equity Interests. As of the Closing Date, no Loan Party has any
Subsidiaries or directly owns Equity Interests in any Affiliated Investor or other Person, except as specifically disclosed in Part (a) of Schedule 5.13, and all of the outstanding Equity Interests in such Subsidiaries, Affiliated
Investors and other Persons have been validly issued and (x) except as disclosed in Part (b) of Schedule 5.13, no additional Investments (whether as a result of a capital call or otherwise) are required by any Loan Party in such
Subsidiaries, Affiliated Investors or other Persons and, to the extent applicable, all of the outstanding Equity Interests in such Subsidiaries, Affiliated Investors and other Persons are fully paid and nonassessable and (y) are owned by a Loan
Party or a Subsidiary thereof in the amounts specified on Part (a) of Schedule 5.13 free and clear of all Liens. All of the outstanding Equity Interests in each Loan Party have been validly issued and, except as disclosed in Part
(b) of Schedule 5.13 and to the extent applicable, are fully paid and nonassessable. Set forth on Part (c) of Schedule 5.13 is a complete and accurate list, as of the Closing Date, of (i) all Loan Parties,
(ii) all Affiliated Investors that own Investment Assets included in the Borrowing Base and/or whose Equity Interests are owned, in whole or in part, directly by a Loan Party and (iii) the jurisdiction of organization and the address of
the principal place of business of each of the Loan Parties, each of the Affiliated Investors referenced in clause (ii) of this sentence, Colony Funds Sants and Coral Partners. Part (d) of Schedule 5.13 sets forth, as of the Closing
Date, (i) the percentage of the Equity Interests of Colony Funds Sants owned by the Loan Parties and (ii) the percentage of the Equity Interests of Coral Partners owned by Colony Funds Sants. As of the Closing Date, the copy of the
Organization Documents of each Loan Party and each amendment thereto provided pursuant to Section 4.01(a)(v) is a true and correct copy of each such document, each of which is valid and in full force and effect. 

5.14 Margin Regulations; Investment Company Act. 

(a) Such Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or
carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. Following the application of the proceeds of each Borrowing not more than 25% of the value of
the assets (either of such Borrower only or of the Borrowers and their Subsidiaries on a consolidated basis) subject to the provisions of Section 7.01 or Section 7.05 or subject to any restriction contained in any agreement
or instrument between such Borrower and any Lender or any Affiliate of any Lender relating to Indebtedness and within the scope of Section 8.01(e) will be margin stock. 

(b) None of the REIT, any Person Controlling the REIT, or any Subsidiary of the REIT is or is required to be registered as an
“investment company” under the Investment Company Act of 1940. 
 5.15 Disclosure. Such Borrower has disclosed
to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect. No report, financial 
  

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statement, certificate or other information furnished (whether in writing or orally) by or at the direction of any Loan Party to the Administrative Agent or any Lender in connection with the
transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished) contains any material misstatement of fact
or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, such Borrower
represents only that such information was prepared in good faith based upon assumptions believed by the preparer thereof to be reasonable at the time. 

5.16 Compliance with Laws. Each Loan Party and each Subsidiary thereof is in compliance in all material respects with the
requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith
by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

5.17 Taxpayer Identification Number. Each Loan Party’s true and correct U.S. taxpayer identification number (or the
equivalent thereof, in the case of a Loan Party that is not organized under the laws of the United States, any State thereof or the District of Columbia) is set forth on Schedule 10.02. 

5.18 Intellectual Property; Licenses, Etc. The REIT and its Subsidiaries own, or possess the right to use, all of the trademarks,
service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses,
without conflict with the rights of any other Person. To the best knowledge of such Borrower, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by the
REIT or any Subsidiary thereof infringes upon any rights held by any other Person. No claim or litigation regarding any of the foregoing is pending or, to the best knowledge of such Borrower, threatened, which, either individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect. 
 5.19 Solvency. Each Loan Party is
individually, and together with its Subsidiaries on a consolidated basis, Solvent. 
 5.20 Casualty, Etc. Neither the
businesses nor the properties of any Loan Party or any of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other
casualty (whether or not covered by insurance) that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

5.21 Labor Matters. There are no collective bargaining agreements or Multiemployer Plans covering the employees of the REIT, any
of its Subsidiaries or any ERISA Affiliates as of the Closing Date and neither the REIT nor any Subsidiary thereof has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the last five years. 

 

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 5.22 Collateral Documents. The provisions of the Collateral Documents are effective
to create in favor of the Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Liens permitted by Section 7.01) on all right, title and interest of the respective Loan
Parties in the Collateral described therein. Except for filings completed prior to the Closing Date and as contemplated hereby and by the Collateral Documents, no filing or other action will be necessary to perfect or protect such Liens. 

5.23 Anti-Money Laundering and Economic Sanctions Laws. 

(a) No Loan Party, none of its Subsidiaries and, to the knowledge of each Loan Party, none of its Affiliates and none of the respective
officers, directors, brokers or agents of such Loan Party, such Subsidiary or Affiliate (i) has violated or is in violation of any applicable Anti-Money Laundering Law or (ii) has engaged or engages in any transaction, investment,
undertaking or activity that conceals the identity, source or destination of the proceeds from any category of offenses designated in any applicable law, regulation or other binding measure implementing the “Forty Recommendations” and
“Nine Special Recommendations” published by the Organisation for Economic Cooperation and Development’s Financial Action Task Force on Money Laundering. 

(b) No Loan Party, none of its Subsidiaries and, to the knowledge of each Loan Party, none of its Affiliates and none of the respective
officers, directors, brokers or agents of such Loan Party, such Subsidiary or such Affiliate that is acting or benefiting in any capacity in connection with the Loans is an Embargoed Person. 

(c) Except as otherwise authorized by OFAC, no Loan Party, none of its Subsidiaries and, to the knowledge of each Loan Party, none of its
Affiliates and none of the respective officers, directors, brokers or agents of such Loan Party, such Subsidiary or such Affiliate acting or benefiting in any capacity in connection with the Loans (i) conducts any business or engages in making
or receiving any contribution of funds, goods or services to or for the benefit of any Embargoed Person, (ii) deals in, or otherwise engages in any transaction related to, any property or interests in property blocked pursuant to any applicable
Economic Sanctions Laws or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the applicable prohibitions set forth in any Economic
Sanctions Laws. 
 5.24 REIT Status; Stock Exchange Listing. The REIT is qualified as a Real Estate Investment Trust. The
shares of common Equity Interests of the REIT are listed on the New York Stock Exchange. 
  

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 ARTICLE VI. AFFIRMATIVE COVENANTS 

So long as any Lender shall have any Commitment hereunder or any Loan or other Obligation hereunder shall remain unpaid or unsatisfied,
each Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, and 6.03) cause each Subsidiary thereof to: 

6.01 Financial Statements. Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the
Administrative Agent and the Required Lenders: 
 (a) as soon as available, but in any event within 90 days after the end of
each fiscal year of the REIT (or, if earlier, 15 days after the date required to be filed with the SEC (without giving effect to any extension permitted by the SEC)) (commencing with the fiscal year ended December 31, 2010), a consolidated
balance sheet of the REIT and its Consolidated Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, changes in shareholders’ equity and cash flows for such fiscal year, setting
forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of an independent
certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any
“going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; 

(b) as soon as available, but in any event within 60 days after the end of each of the first three fiscal quarters of each fiscal year of
the REIT (or, if earlier, 5 days after the date required to be filed with the SEC (without giving effect to any extension permitted by the SEC)) (commencing with the fiscal quarter ending September 30, 2010), a consolidated balance sheet of the
REIT and its Consolidated Subsidiaries as at the end of such fiscal quarter, the related consolidated statements of income or operations for such fiscal quarter and for the portion of the REIT’s fiscal year then ended, and the related
consolidated statements of cash flows for the portion of the REIT’s fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the corresponding fiscal quarter of the previous fiscal year and the
corresponding portion of the previous fiscal year, all in reasonable detail, such consolidated statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of the REIT as fairly presenting the financial
condition, results of operations and cash flows of the REIT and its Consolidated Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; and 

(c) as soon as available, but in any event at least 15 days before the end of each fiscal year of the REIT, forecasts prepared by
management of the REIT, in form satisfactory to the Administrative Agent and the Required Lenders, of consolidated balance sheets and statements of income or operations and cash flows of the REIT and its Consolidated Subsidiaries on a quarterly
basis for the immediately following fiscal year (including the fiscal year in which the Maturity Date occurs). 
 As to any information
contained in materials furnished pursuant to Section 6.02(d), the Borrowers shall not be separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the
obligation of the Borrowers to furnish the information and materials described in clauses (a) and (b) above at the times specified therein. 
  

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 6.02 Certificates; Other Information. Deliver to the Administrative Agent and each
Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders: 
 (a) concurrently with the
delivery of the financial statements referred to in Section 6.01(a), a certificate of its independent certified public accountants certifying such financial statements and stating that in making the examination necessary therefor no
knowledge was obtained of any Default under the financial covenants set forth herein or, if any such Default shall exist, stating the nature and status of such event; 

(b) concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b) (commencing with
the delivery of the financial statements for the fiscal quarter ending September 30, 2010), a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of the REIT (which
delivery may, unless the Administrative Agent, or a Lender requests executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes); 

(c) promptly after any request by the Administrative Agent or any Lender, copies of any detailed audit reports, management letters or
recommendations submitted to the board of directors (or the audit committee of the board of directors) of the REIT by independent accountants in connection with the accounts or books of the REIT or any Subsidiary, or any audit of any of them;

 (d) promptly after the same are available, copies of each annual report, proxy or financial statement or other report or
communication sent to the stockholders of the REIT, and copies of all annual, regular, periodic and special reports and registration statements which the REIT may file or be required to file with the SEC under Section 13 or 15(d) of the
Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto; 
 (e)
in the case of any debt securities of any Loan Party or Subsidiary thereof that has an aggregate outstanding principal amount in excess of the Threshold Amount, promptly after the furnishing thereof, copies of any statement or report furnished to
any holder of such debt securities pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other clause of this
Section 6.02; 
 (f) promptly, and in any event within five Business Days after receipt thereof by any Loan Party or
any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency
regarding financial or other operational results of any Loan Party or any Subsidiary thereof; 
 (g) promptly, such additional
information regarding the business, financial or corporate affairs of any Loan Party or any Subsidiary or Affiliated Investor thereof, or compliance with the terms of the Loan Documents, or any information with respect to the Investment Assets, in
each case as the Administrative Agent or any Lender may from time to time reasonably request; 
  

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 (h) concurrently with the delivery of the financial statements referred to in
Section 6.01(b) and within 45 days after the last fiscal quarter of each fiscal year of the REIT, a Borrowing Base Report; and 

(i) on a monthly basis (and in any case within 10 Business Days after the last day of each month), or more frequently if requested by the
Administrative Agent upon the occurrence and during the continuance of a Default, a Borrowing Base Certificate, together with (x) a calculation (certified by a Responsible Officer of the REIT) of the weighted average (on a cost basis) time to
maturity of all Investment Assets included in the Borrowing Base, (y) a calculation of the percentage of the Borrowing Base consisting of Investment Assets that are European-based and/or denominated in Euros, Pounds Sterling or Swiss Francs and
(z) a calculation of the percentage of the Borrowing Base consisting of the Colonial Investment. 
 Documents required to
be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(d) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be
deemed to have been delivered on the date (i) on which the REIT posts such documents, or provides a link thereto on the REIT’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such
documents are posted on the REIT’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent);
provided that: (i) the Borrowers shall deliver paper copies of such documents to the Administrative Agent or any Lender upon its request to the Borrowers to deliver such paper copies until a written request to cease delivering paper
copies is given by the Administrative Agent or such Lender and (ii) the Borrowers shall notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative
Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event
shall have no responsibility to monitor compliance by the Borrowers with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

Each Borrower hereby acknowledges that the Administrative Agent and/or the Arranger will make available to the Lenders materials and/or
information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”). 

6.03 Notices. Promptly notify the Administrative Agent and each Lender: 

(a) of the occurrence of any Default or Event of Default; 

(b) of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) breach or
non-performance of, or any default under, a Contractual Obligation of any Borrower or any Subsidiary thereof; (ii) any dispute, litigation, 

 

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investigation, proceeding or suspension between any Borrower or any Subsidiary thereof and any Governmental Authority; or (iii) the commencement of, or any material adverse development in,
any litigation or proceeding affecting any Borrower or any Subsidiary thereof, including pursuant to any applicable Environmental Laws (but excluding administrative proceedings before any Governmental Authority in the ordinary course of business,
such as permit renewals and issuances); 
 (c) of the occurrence of any ERISA Event; and 

(d) of any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary thereof.

 Each notice pursuant to this Section 6.03 shall be accompanied by a statement of a Responsible Officer of the
REIT setting forth details of the occurrence referred to therein and stating what action the Borrowers have taken and propose to take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and
all provisions of this Agreement and any other Loan Document that have been breached. 
 6.04 Payment of Obligations.
(a) Pay and discharge as the same shall become due and payable, all its obligations and liabilities, including (i) all Tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are
being contested in good faith by appropriate proceedings diligently conducted (which proceedings have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien) and adequate reserves in accordance with GAAP
are being maintained by the Borrower or such Subsidiary; (ii) all lawful claims which, if unpaid, would by law become a Lien (other than Liens permitted under Section 7.01) upon its property; and (iii) all Indebtedness, as and
when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness; and (b) timely file all material tax returns required to be filed. 

6.05 Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal existence and good
standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises
necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks,
trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect. 

6.06 Maintenance of Properties. (a) Maintain, preserve and protect all of its material properties and equipment necessary in
the operation of its business in good working order and condition, ordinary wear and tear excepted; (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected
to have a Material Adverse Effect; and (c) use the standard of care typical in the industry in the operation and maintenance of its facilities. 
  

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 6.07 Maintenance of Insurance. Maintain with financially sound and reputable
insurance companies not Affiliates of the Borrowers, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such
amounts as are customarily carried under similar circumstances by such other Persons. 
 6.08 Compliance with Laws.
Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ,
injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

6.09 Books and Records. (a) Maintain proper books of record and account, in which full, true and correct entries in
conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of such Borrower or such Subsidiary, as the case may be, and each Affiliated Investor; and (b) maintain such
books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over such Borrower or such Subsidiary, as the case may be. 

6.10 Inspection Rights. Permit representatives and independent contractors of the Administrative Agent and each Lender to visit
and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public
accountants, all at the expense of the Borrowers and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrowers; provided, however, that when an
Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrowers at any time during normal business hours and without
advance notice; and provided, further, that so long as no Event of Default exists, the Administrative Agent and each Lender shall each be permitted to make only one(1) such office visit per fiscal year of the Borrowers. 

6.11 Use of Proceeds. Use the proceeds of the Loans only to finance the investment activities of the Borrowers, to provide working
capital and for other general corporate purposes not in contravention of any Law or of any Loan Document. 
 6.12 Additional
Collateral; Additional Loan Parties. 
 (a) Additional Collateral. With respect to any property acquired after the
Closing Date that is intended to be subject to the Lien created by any of the Collateral Documents but is not so subject (including, without limitation, (x) all Equity Interests held by any Loan Party in any newly-formed or acquired Subsidiary
of the REIT and (y) all Equity Interests held by any Loan Party in any Affiliated Investor), promptly (and in any event within 10 days after the acquisition thereof) (i) execute and deliver to the Administrative Agent such amendments or
supplements to the relevant Collateral Documents or such other documents as the Administrative Agent shall reasonably deem necessary or advisable to grant to the Administrative Agent, for its benefit and for the benefit of the other Secured Parties,
a Lien on such property subject to no 
  

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Liens other than Permitted Liens, and (ii) take all actions necessary to cause such Lien to be duly perfected in accordance with all applicable Laws, including, without limitation, the
delivery of the certificates representing any Equity Interests acquired (together with undated stock powers or other appropriate instruments of transfer executed and delivered in blank by a duly authorized officer of the holder(s) of such Equity
Interests) and the filing of financing statements in such jurisdictions as may be reasonably requested by the Administrative Agent. Borrower shall otherwise take such actions and execute and/or deliver to the Administrative Agent such documents as
the Administrative Agent shall reasonably require to confirm the validity, perfection and priority of the Lien of the Collateral Documents on such after-acquired properties. 

(b) Additional Guarantors. With respect to any Person that is or becomes a Wholly-Owned Subsidiary of a Loan Party after the
Closing Date (to the extent such Person is not at such time required to become a Borrower in accordance with Section 6.12(c) below), promptly (and in any event within 10 days after such Person becomes a Wholly-Owned Subsidiary)
(i) deliver to the Administrative Agent the certificates, if any, representing all of the Equity Interests of such Wholly-Owned Subsidiary, together with undated stock powers or other appropriate instruments of transfer executed and delivered
in blank by a duly authorized officer of the holder(s) of such Equity Interests, (ii) cause such new Wholly-Owned Subsidiary to execute a joinder agreement to the Guaranty and to the Pledge and Security Agreement, in each case in form and
substance reasonably satisfactory to the Administrative Agent, (iii) deliver to the Administrative Agent the items referenced in Section 4.01(a)(iii), (iv), (v) and (vi) with respect to such new
Wholly-Owned Subsidiary ̧ (iv) provide the Administrative Agent with the U.S. taxpayer identification for such Wholly-Owned Subsidiary (or the equivalent thereof, in the event such Wholly-Owned Subsidiary is not organized under the
laws of the United States, any State thereof or the District of Columbia) and (v) take all other actions reasonably necessary or advisable in the opinion of the Administrative Agent to cause the Lien created by the Pledge and Security Agreement
to be duly perfected in accordance with all applicable Laws. 
 (c) Additional Borrowers. With respect to any
Wholly-Owned Subsidiary of a Loan Party that, after the Closing Date, (x) owns any Investment Assets that are included in the Borrowing Base and/or (y) has invested, directly or indirectly, in any Person that owns Investment Assets that
are included in the Borrowing Base, on or prior to such time as such Investment Assets are included in the Borrowing Base (to the extent any such actions have not previously been taken) (i) deliver to the Administrative Agent the certificates,
if any, representing all of the Equity Interests of such Wholly-Owned Subsidiary, together with undated stock powers or other appropriate instruments of transfer executed and delivered in blank by a duly authorized officer of the holder(s) of such
Equity Interests, (ii) cause such Wholly-Owned Subsidiary to execute a joinder agreement to this Agreement and to the Pledge and Security Agreement, in each case in form and substance reasonably satisfactory to the Administrative Agent,
(iii) deliver to the Administrative Agent the items referenced in Section 4.01(a)(iii), (iv), (v) and (vi) with respect to such Wholly-Owned Subsidiary (iv) provide the Administrative Agent with
the U.S. taxpayer identification for such Wholly-Owned Subsidiary (or the equivalent thereof, in the event such Wholly-Owned Subsidiary is not organized under the laws of the United States, any State thereof or the District of Columbia) and
(v) take all other actions reasonably necessary or advisable in the opinion of the Administrative Agent to cause the Lien created by the Pledge and Security Agreement to be duly perfected in accordance with all applicable Laws. 

 

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 6.13 Compliance with Environmental Laws. Comply, and cause all lessees and other
Persons operating or occupying its properties to comply, in all material respects, with all applicable Environmental Laws and Environmental Permits; obtain and renew all Environmental Permits necessary for its operations and properties; and conduct
any investigation, study, sampling and testing, and undertake any cleanup, response or other corrective action necessary to address all Hazardous Materials at, on, under or emanating from any of properties owned, leased or operated by it in
accordance with the requirements of all Environmental Laws; provided, however, that neither such Borrower nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the extent that
its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP. 

6.14 Further Assurances. Promptly upon the reasonable request by the Administrative Agent, or any Lender through the
Administrative Agent, do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent, or any Lender
through the Administrative Agent, may reasonably require from time to time in order to (i) carry out more effectively the purposes of the Loan Documents, (ii) to the full extent permitted by applicable Law, subject any Loan Party’s or
any of its Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the Collateral Documents, (iii) perfect and maintain the validity, effectiveness and priority of any of the
Collateral Documents and any of the Liens intended to be created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the rights granted or now or hereafter
intended to be granted to the Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which any Loan Party or any of its Subsidiaries is or is to be a party, and cause each of its
Subsidiaries to do so. 
 6.15 Maintenance of REIT Status; New York Stock Exchange Listing. The REIT will at all times
maintain its status as a self-directed, self-administered real estate investment trust in compliance with all applicable provisions of the Code relating to such status. The REIT will also at all times be listed on the New York Stock Exchange.

 6.16 Information Regarding Collateral. 

(a) Not effect any change (i) in any Loan Party’s legal name, (ii) in the location of any Loan Party’s chief
executive office, (iii) in any Loan Party’s identity or organizational structure, (iv) in any Loan Party’s Federal Taxpayer Identification Number (or equivalent thereof) or organizational identification number, if any, or
(v) in any Loan Party’s jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), until (A) it shall
have given the Administrative Agent not less than ten (10) Business Days’ prior written notice (in the form of certificate signed by a Responsible Officer), or such lesser notice period agreed to by the Administrative Agent, of its
intention so to do, clearly describing such change and providing such other information in connection therewith as the Administrative Agent may reasonably request and (B) it shall have taken all action reasonably satisfactory to the
Administrative Agent to maintain the perfection and priority of the security interest of the Administrative Agent for the benefit of the Secured Parties in the Collateral, if applicable. Each Borrower agrees to promptly provide the Administrative
Agent with certified Organization Documents reflecting any of the changes described in the preceding sentence. 
  

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 (b) Concurrently with each delivery of financial statements pursuant to
Section 6.01(a) or (b), deliver to the Administrative Agent a Perfection Certificate Supplement and a certificate of a Responsible Officer and the chief legal officer of the REIT certifying that all UCC financing statements or
other appropriate filings, recordings or registrations, including all refilings, rerecordings and reregistrations, containing a description of the Collateral have been filed of record in each governmental, municipal or other appropriate office in
each jurisdiction necessary to protect and perfect the security interests and Liens under the Collateral Documents for a period of not less than 18 months after the date of such certificate (except as noted therein with respect to any continuation
statements to be filed within such period). 
 6.17 Lien Searches. Promptly following receipt of the acknowledgment copy
of any financing statements filed under the Uniform Commercial Code in any jurisdiction by or on behalf of the Secured Parties, deliver to the Administrative Agent completed requests for information listing such financing statement and all other
effective financing statements filed in such jurisdiction that name the REIT or any other Loan Party as debtor, together with copies of such other financing statements. 

6.18 Material Contracts. Perform and observe all the material terms and provisions of each Material Contract to be performed or
observed by it or any other Loan Party or Subsidiary thereof, except to the extent the failure to so perform or observe would not have a Material Adverse Effect. 

6.19 Organization Documents of Affiliated Investors. Cause the Organization Documents of each Affiliated Investor to be in form
and substance satisfactory to the Administrative Agent (it being agreed that, solely in the case of Organization Documents of an Affiliated Investor that is not a Subsidiary, the form of the Organization Documents attached as Exhibit K hereto
is satisfactory to the Administrative Agent). 
 ARTICLE VII. NEGATIVE COVENANTS 

So long as any Lender shall have any Commitment hereunder or any Loan or other Obligation hereunder shall remain unpaid or unsatisfied,
each Borrower shall not, nor shall it permit any of its Subsidiaries to, directly or indirectly: 
 7.01 Liens. Create,
incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following: 

(a) Liens pursuant to any Loan Document; 

(b) Liens for taxes not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if
adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 
  

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 (c) pledges or deposits in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA; 
 (d)
deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 (e) easements, rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, do
not materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person; 

(f) Liens securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h); 

(g) Liens securing Indebtedness permitted under Section 7.03(b); provided that (i) such Liens do not at any time
encumber any Collateral or any Investment Assets included in the Borrowing Base, (ii) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (iii) the Indebtedness secured thereby does
not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition; and 

(h) Liens securing assets or property of any Non-Controlled Subsidiary; 

provided, that notwithstanding the foregoing clauses of this Section 7.01, in no event shall any Liens (other than Liens permitted by
clause (a) above) encumber any of the Collateral or any of the Investment Assets included in the Borrowing Base. 

7.02 Investments. Make any Investments, except: 

(a) Investments held by a Borrower or a Subsidiary in the form of Cash Equivalents; 

(b) Investments of (i) a Borrower in any other Borrower or in any Guarantor, (ii) a Guarantor in any Borrower or any other
Guarantor or (iii) a Borrower or Guarantor, directly or indirectly, in any Affiliated Investor so long as the proceeds thereof are used by such Affiliated Investor solely for the purpose of acquiring an Investment Asset and paying costs and
expenses related thereto; and 
 (c) Investments received in satisfaction or partial satisfaction thereof from financially
troubled account debtors to the extent reasonably necessary in order to prevent or limit loss. 
 7.03 Indebtedness.
Create, incur, assume or suffer to exist any Indebtedness, except: 
 (a) Indebtedness under the Loan Documents; 

(b) Non-Recourse Indebtedness of (i) the Loan Parties and their Subsidiaries (other than Non-Controlled Subsidiaries) in an
aggregate outstanding principal amount at any time not to exceed 20% of the Total Asset Value as determined on the date of incurrence of such Non-Recourse Indebtedness and after giving effect thereto and (ii) the Non-Controlled Subsidiaries;

  

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 (c) intercompany loans and advances to the extent expressly permitted under
Section 7.02(b); provided that all such intercompany Indebtedness owed by any Loan Party shall be unsecured and subordinated in right of payment to the payment in full of the Obligations pursuant to the terms of any applicable
promissory notes or an intercompany subordination agreement, in each case, in form and substance reasonably satisfactory to Administrative Agent; and 

(d) unsecured Swap Contracts entered into in the ordinary course of business (and not for purposes of speculation) to hedge or mitigate
risks related to interest rates or currency exchange rates to which any Loan Party, Subsidiary or Affiliated Investor is exposed in the conduct of its business or the management of its liabilities; 

provided, that notwithstanding the foregoing clauses of this Section 7.03, in no event shall any Collateral or any Investment Assets
included in the Borrowing Base be subject to or provide support for any Indebtedness (other than Indebtedness permitted under clause (a) above). 

7.04 Fundamental Changes. Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one
transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists or would result therefrom: 

(a) any Wholly-Owned Subsidiary of the REIT may merge with (i) a Borrower, provided that such Borrower shall be the
continuing or surviving Person or (ii) any one or more other Wholly-Owned Subsidiaries, provided that when any Guarantor is merging with another Subsidiary (other than a Borrower), such Guarantor shall be the continuing or surviving
Person; 
 (b) any Wholly-Owned Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or
otherwise) to the Borrower or to another Wholly-Owned Subsidiary; provided that (i) if the transferor in such a transaction is a Guarantor, then the transferee must either be a Borrower or a Guarantor and (ii) if the transferor is a
Borrower, then the transferee must be a Borrower; and 
 (c) Dispositions permitted by Section 2.15(d),
Section 7.05(e) and Section 7.05(f) shall be permitted. 
 7.05 Dispositions. Make any
Disposition or enter into any agreement to make any Disposition, or, in the case of a Wholly-Owned Subsidiary of the REIT, issue, sell or otherwise dispose of any of such Wholly-Owned Subsidiary’s Equity Interests to any Person, except:

 (a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of
business; 
 (b) Dispositions of property by any Subsidiary to a Borrower or to a Guarantor; provided that (x) if
the transferor of such property is a Borrower, then the transferee thereof must be a Borrower and (y) if the transferor of such property is a Guarantor, the transferee thereof must either be the Borrower or a Guarantor; 

 

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 (c) Dispositions permitted by Section 7.04; 

(d) Dispositions permitted by Section 2.15(d); 

(e) Dispositions of assets (other than Equity Interests of a Wholly-Owned Subsidiary of the REIT) not constituting (i) an Investment
Asset included in the Borrowing Base or (ii) Equity Interests of any Affiliated Investor (or of any Person that owns any Equity Interests of any Affiliated Investor) who owns any Investment Asset included in the Borrowing Base; and 

(f) the sale or other Disposition of all, but not less than all, of the issued and outstanding Equity Interests of any Wholly-Owned
Subsidiary of the REIT that does not own (i) any Investment Asset included in the Borrowing Base or (ii) Equity Interests, directly or indirectly, of any Affiliated Investor that owns any Investment Asset included in the Borrowing Base.

 7.06 Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to do so, except that the following shall be permitted: 
 (a) each Subsidiary of the REIT may make
Restricted Payments to the Borrowers and the Guarantors; 
 (b) the REIT and each Subsidiary thereof may declare and make
dividend payments or other distributions payable solely in the common stock or other common Equity Interests of such Person; 

(c) the REIT and each Subsidiary thereof may purchase, redeem or otherwise acquire Equity Interests issued by it with the proceeds
received from the substantially concurrent issue of new shares of its common stock or other common Equity Interests; and 
 (d)
so long as no Event of Default under Section 8.01(a), (f) or (g) shall have occurred and be continuing or would result therefrom, the REIT shall be permitted to declare and pay dividends on its Equity Interests or
make distributions with respect thereto in an amount for any fiscal year of the REIT equal to the greater of (i) 95% of the aggregate cumulative Adjusted Net Income of the REIT for such fiscal year and (ii) such amount as may be required
to eliminate 105% of the REIT’s taxable income as a real estate investment trust or such other amount as is necessary for the REIT to maintain its status as a real estate investment trust under the Code. 

7.07 Change in Nature of Business. Engage in any material line of business substantially different from those lines of business
conducted by the Borrower and its Subsidiaries on the date hereof or any business substantially related or incidental thereto. 

7.08 Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate of the Borrower, whether or not in
the ordinary course of business, other than on fair and reasonable terms substantially as favorable to such Borrower or such Subsidiary as would be 

 

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obtainable by such Borrower or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate, provided that the foregoing restriction
shall not apply to (i) transactions between or among the Loan Parties, (ii) Investments and Restricted Payments expressly permitted hereunder and (iii) so long as no Event of Default under Section 8.01(a),
(f) or (g) shall have occurred and be continuing or would result therefrom, and to the extent permitted under the Management Subordination Agreement, the payment of management fees to the Manager pursuant to the Management
Agreement. 
 7.09 Burdensome Agreements. Enter into any Contractual Obligation (other than this Agreement or any other
Loan Document) that (a) limits the ability (i) of any Subsidiary or Affiliated Investor to make Restricted Payments to the Borrower, any Guarantor or any Subsidiary or to otherwise transfer property to the Borrower or any Guarantor,
(ii) of any Subsidiary to Guarantee the Indebtedness of the Borrowers under this Agreement or (iii) of a Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person; provided,
however, that this clause (iii) shall not prohibit any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under Section 7.03(b) solely to the extent any such negative pledge relates to
the property (which in any event shall not include Collateral or any Investment Asset included in the Borrowing Base) financed by or the subject of such Indebtedness. 

7.10 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately,
incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such
purpose. 
 7.11 Amendments, Waivers and Terminations of Certain Agreements. 

(a) Directly or indirectly, consent to, approve, authorize or otherwise suffer or permit any amendment, change, cancellation, termination
or waiver in any respect of (i) the terms of any material Contractual Obligation of a Loan Party or a Subsidiary thereof or (ii) the terms of any Organization Document of any Loan Party, Subsidiary thereof or any Affiliated Investor, in
each case other than amendments and modifications that are not adverse in any material respect to the REIT, any of the other Loan Parties, any Subsidiary, the Administrative Agent or the Lenders. 

(b) Directly or indirectly, consent to, approve, authorize or otherwise suffer or permit any (i) cancellation, termination or
replacement of the Management Agreement, without the prior written consent of the Administrative Agent and the Required Lenders or (ii) amendment, modification or waiver in any respect any of the terms or provisions of the Management Agreement
that results in (x) (A) the Manager no longer serving as the “Manager” thereunder, (B) an increase in the amount of any fees payable to the Manager thereunder or (C) any other change in the fee structure set forth in
the Management Agreement that is adverse in any respect to the REIT or any of its Subsidiaries, in the case of each of subclauses (A), (B) and (C) of this clause (x), without the prior written consent of the Administrative Agent and the
Required Lenders or (y) any other change to the terms and provisions of the Management Agreement that is adverse in any material respect to the REIT or any of its Subsidiaries, without the prior written consent of the Administrative Agent.

  

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 7.12 Financial Covenants. 

(a) Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth at any time to be less than the sum of
(i) $205,173,750 and (ii) 80% of Net Cash Proceeds received by the REIT from issuances or sales of Equity Interests of the REIT occurring after the Closing Date. 

(b) Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Coverage Ratio as of the end of any fiscal quarter of
the REIT to be less than 2.75 to 1.00. 
 (c) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio at any
time to be greater than or equal to 0.40 to 1.00. 
 (d) Minimum Liquidity. Permit Liquidity at any time to be less than
the lesser of (i) $15,000,000 and (y) 5% of the Total Asset Value at such time. 
 7.13 Creation or Acquisition of
New Subsidiaries. Create, form or acquire any Subsidiary that is not a Wholly-Owned Subsidiary of a Borrower or Guarantor, unless (i) the REIT and/or its Wholly-Owned Subsidiaries own not more than 89% of the issued and outstanding Equity
Interests of such Subsidiary or (ii) such Subsidiary becomes a Borrower or Guarantor, as applicable, under the Loan Documents. 

7.14 Accounting or Tax Changes. Make any change in (a) accounting policies or reporting practices, except in accordance with
GAAP or required by any governmental or regulatory authority, or (b) fiscal year, in each case except with the written consent of the Administrative Agent. 

ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES 

8.01 Events of Default. Any of the following shall constitute an Event of Default: 

(a) Non-Payment. Any Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of
principal of any Loan, or (ii) within three days after the same becomes due, any interest on any Loan, or any fee due hereunder, or (iii) within five days after the same becomes due, any other amount payable hereunder or under any other
Loan Document; or 
 (b) Specific Covenants. Any Borrower fails to perform or observe any term, covenant or agreement
contained in any of Section 2.15(e), 6.01, 6.02, 6.03, 6.05, 6.10, 6.11, 6.12 or 6.15 or Article VII, or any of the Loan Parties fails to perform or observe any term,
covenant or agreement contained in the Pledge and Security Agreement; or 
 (c) Other Defaults. Any Loan Party fails to
perform or observe any other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days; or 

 

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 (d) Representations and Warranties. Any representation, warranty, certification or
statement of fact made or deemed made by or on behalf of a Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect
when made or deemed made; or 
 (e) Cross-Default. (i) Any Loan Party or any Subsidiary thereof (A) fails to
make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder) having an aggregate principal amount (including
undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition
relating to any Indebtedness or Guarantee having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the
Threshold Amount or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the
beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be
repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in
respect thereof to be demanded; or 
 (f) Insolvency Proceedings, Etc. Any Loan Party or any Subsidiary thereof
institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person
and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person
and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or 
 (g)
Inability to Pay Debts; Attachment. (i) Any Loan Party or any Subsidiary thereof becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or
execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 30 days after its issue or levy; or 

(h) Judgments. There is entered against any Loan Party or any Subsidiary thereof (i) one or more final judgments or orders
for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage), or (ii) any
one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such
judgment or order, or (B) there is a period of 15 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

 

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 (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or
Multiemployer Plan which has resulted or could reasonably be expected to result in liability of the REIT or any Subsidiary thereof to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or
(ii) any Loan Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan
in an aggregate amount in excess of the Threshold Amount; or 
 (j) Invalidity of Loan Documents. Any provision of any
Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any
Affiliate thereof contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or
rescind any provision of any Loan Document; or 
 (k) Change of Control. There occurs any Change of Control; or

 (l) Collateral Documents. Any Collateral Document after delivery thereof shall for any reason cease to create a valid
and perfected first priority Lien (subject to Liens permitted by Section 7.01) on the Collateral purported to be covered thereby; or 

(m) REIT. The REIT shall, for any reason, fail to maintain its status as a real estate investment trust under the Code; or

 (n) Management Agreement. The Management Agreement for any reason fails to be in full force and effect. 

8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the
request of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 
 (a) declare the
commitment of each Lender to make Revolving Loans to be terminated, whereupon such commitments and obligation shall be terminated; 

(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or
payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by each Borrower; and 

(c) exercise on behalf of itself and the Lenders all rights and remedies available to it, the Lenders under the Loan Documents;

  

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 provided, however, that upon the occurrence of an actual or deemed entry of an order for
relief with respect to any Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Revolving Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other
amounts as aforesaid shall automatically become due and payable, without further act of the Administrative Agent or any Lender. 

8.03 Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have
automatically become immediately due and payable as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of Section 2.14, be applied by the
Administrative Agent in the following order: 
 First, to payment of that portion of the Obligations constituting fees,
indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and
interest) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause
Second payable to them; 
 Third, to payment of that portion of the Obligations constituting accrued and unpaid
interest on the Loans and other Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, ratably among the Lenders in
proportion to the respective amounts described in this clause Fourth held by them; and 
 Last, the balance, if
any, after all of the Obligations have been indefeasibly paid in full, to the Borrowers or as otherwise required by Law. 

ARTICLE IX. ADMINISTRATIVE AGENT 

9.01 Appointment and Authority. Each of the Lenders hereby irrevocably appoints Bank of America to act on its behalf as the
Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and neither the Borrowers nor any other Loan Party shall have rights
as a third party beneficiary of any of such provisions; provided, that for the avoidance of doubt, the REIT shall have the right to consent to the appointment of successor Administrative Agents hereunder as and to the extent provided in
Section 9.06. 
  

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 9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder
shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly
indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or
in any other advisory capacity for and generally engage in any kind of business with the REIT or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the
Lenders. 
 9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those
expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be
expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable laws; and 
 (c) shall not, except as expressly set forth
herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as
the Administrative Agent or any of its Affiliates in any capacity. 
 The Administrative Agent shall not be liable for any
action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any
Default unless and until notice describing such Default is given to the Administrative Agent by the Borrower or a Lender. 
 The
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any
certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or
the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in
Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
  

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 9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to
rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the
proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Revolving Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative
Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Revolving Loan. The Administrative Agent may consult with
legal counsel (who may be counsel for the Borrowers), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or
experts. 
 9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its
rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its
rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their
respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

9.06 Resignation of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the Lenders
and the Borrowers. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the prior written consent of the REIT (such consent not to be unreasonably withheld or delayed, or required following the occurrence
and during the continuance of an Event of Default), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so
appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders, appoint a
successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Borrowers and the Lenders that no qualifying Person has accepted such appointment, then such resignation
shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) all payments,
communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for
above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and

  

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duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan
Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the
Borrowers and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect for the benefit of such
retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and without
reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue
to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, the Arranger shall not have any powers, duties or
responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder. 

9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law
or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the
Administrative Agent shall have made any demand on the Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.07 and 10.04) allowed in such
judicial proceeding; and 
 (b) to collect and receive any monies or other property payable or deliverable on any such claims
and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making 

 

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of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and
its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.07 and 10.04. 

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of
any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 9.10 Collateral and Guaranty Matters. The Lenders irrevocably authorize the Administrative Agent, at its option and in
its discretion, 
 (a) to release any Lien on any property granted to or held by the Administrative Agent under any Loan
Document (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than contingent indemnification obligations), (ii) that is sold or to be sold as part of or in connection with any sale permitted
hereunder or under any other Loan Document to a Person that is not a Loan Party, or (iii) subject to Section 10.01, if approved, authorized or ratified in writing by the Required Lenders; and 

(b) to release any Borrower or Guarantor from its obligations under this Agreement or the Guaranty, as applicable, if such Person ceases
to be a Subsidiary as a result of a transaction permitted hereunder. 
 Upon request by the Administrative Agent at any time,
the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.10. 

ARTICLE X. MISCELLANEOUS 

10.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any
departure by the Borrowers or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrowers or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and
each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that (i) the Administrative Agent may, without the consent of any Lender, waive any
Borrower’s or other Loan Party’s compliance with any covenant or other provision contained in this Agreement or any Loan Document that is of a technical nature if the Administrative Agent determines in its sole discretion that such waiver
does not materially and adversely affect the Lenders or any of their respective rights or remedies under this Agreement or the other Loan Documents and (ii) notwithstanding the foregoing provisions of this Section 10.01 (including the
first proviso above), no such amendment, waiver or consent shall: 
 (a) waive any condition set forth in
Section 4.01(a) without the written consent of each Lender; 
  

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 (b) extend (except as provided in Section 2.12) or increase the Commitment of
any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written consent of such Lender; 

(c) postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal,
interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; 

(d) reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause (ii) of the second proviso
to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; provided, however, that only the consent of the
Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrowers to pay interest at the Default Rate; 

(e) change any provision of this Section or the definition of “Required Lenders” or any other provision hereof specifying the
number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; 

(f) release any Borrower or Guarantor from its obligations under this Agreement or any other Loan Document, without the written consent
of each Lender, except as expressly provided in the Loan Documents; or 
 (g) release all or substantially all of the Collateral
in any transaction or series of related transactions, without the written consent of each Lender; 
 and, provided further, that
(i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan
Document and (ii) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve
or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than
Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each
affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 

10.02 Notices; Effectiveness; Electronic Communication. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and
except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier
as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to a Loan Party or the Administrative Agent, to the address, telecopier number, electronic mail address or
telephone number specified for such Person on Schedule 10.02; and 
  

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 (ii) if to any other Lender, to the address, telecopier number, electronic
mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices
that may contain material non-public information relating to the Borrowers). 
 Notices and other communications sent by hand or overnight
courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in
subsection (b) below, shall be effective as provided in such subsection (b). 
 (b) Electronic Communications.
Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided
that the foregoing shall not apply to notices to any Lender pursuant to Article II and Section 10.14(d) if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article or
Section, as applicable, by electronic communication. The Administrative Agent or the Borrowers may, in their discretion, agree to accept notices and other communications to them hereunder by electronic communications pursuant to procedures approved
by them, provided that approval of such procedures may be limited to particular notices or communications. 
 Unless the
Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return
receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication
shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the
intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO
NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR 

 

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ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties
(collectively, the “Agent Parties”) have any liability to any Loan Party, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any
Loan Party’s or the Administrative Agent’s transmission of Borrower Materials through the Internet; provided, however, that in no event shall any Agent Party have any liability to any Loan Party, any Lender or any other
Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 
 (d)
Change of Address, Etc. Each of the Borrowers and the Administrative Agent may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may
change its address, telecopier or telephone number for notices and other communications hereunder by notice to the Borrowers and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure
that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions
for such Lender. 
 (e) Reliance by Administrative Agent and Lenders. The Administrative Agent and the Lenders
shall be entitled to rely and act upon any notices (including telephonic Loan Notices) purportedly given by or on behalf of a Loan Party even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded
or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers shall indemnify the Administrative Agent, each Lender and the Related
Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice given in a manner prescribed in this Section 10.02 by or on behalf of a Loan Party. All telephonic notices
to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 

10.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender or the Administrative Agent to exercise, and no delay
by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions 

 

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and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit
of all the Lenders; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as
Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.11), or (c) any Lender from filing
proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as
Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters
set forth in clauses (b) and (c) of the preceding proviso and subject to Section 2.11, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required
Lenders. 
 10.04 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. The Borrowers shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative
Agent, the Arranger and their respective Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and the Arranger), in connection with the syndication of the credit facilities provided for herein,
the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby
or thereby shall be consummated) and (ii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent or any Lender), and shall
pay all fees and time charges for attorneys who may be employees of the Administrative Agent or any Lender, in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents,
including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 

(b) Indemnification by the Borrowers. The Borrowers hereby indemnify the Administrative Agent (and any sub-agent thereof), the
Arranger, each Lender and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and
related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any
Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any
other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby,
or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any

  

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matters addressed in Section 3.01), (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or Release of Hazardous Materials at,
on, under or emanating from any property owned, leased or operated by any Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to any Borrower or any of its Subsidiaries, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Borrower or any other Loan Party or any Borrower’s or such Loan
Party’s directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim
brought by a Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if such Borrower or such other Loan Party has obtained a final and
nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction 
 (c) Reimbursement by
Lenders. To the extent that any of the Borrowers for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the
Arranger or any Related Party of the Administrative Agent or the Arranger, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Arranger or such Related Party, as the case may be, such Lender’s Applicable
Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as
the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or the Arranger or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or the Arranger.
The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.10(d). 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no party to this Agreement shall
assert, and each party to this Agreement hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee referred to in
subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or
other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct
of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 
 (e)
Payments. All amounts due under this Section shall be payable not later than ten Business Days after demand therefor. 
  

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 (f) Survival. The agreements in this Section shall survive the resignation of the
Administrative Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

10.05 Payments Set Aside. To the extent that any payment by or on behalf of any Loan Party is made to the Administrative Agent or
any Lender, or the Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then
(a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and
(b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand
to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and
the termination of this Agreement. 
 10.06 Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each
Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance
with the provisions of subsection (d) of this Section; or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any
party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent
provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of
its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 

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

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 (B) in any case not described in subsection (b)(i)(A) of this Section, the
aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment,
determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less
than $2,500,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the REIT otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however,
that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single
assignment for purposes of determining whether such minimum amount has been met. 
 (ii) Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by
subsection (b)(i)(B) of this Section and, in addition: 
 (A) the consent of the REIT (such consent not to
be unreasonably withheld) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided
that the REIT shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; and 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if
such assignment is to a Person that is not a Lender. 
 (iv) Assignment and Assumption. The parties
to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its
sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

 

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 (v) No Assignment to Certain Persons. No such assignment shall be
made (A) to the REIT or any of the REIT’s Affiliates or Subsidiaries, or (B) to any Defaulting Lender or any of its Affiliates, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons
described in this clause (B), or (C) to a natural person. 
 (vi) Certain Additional Payments.
In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall
make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the REIT and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and
assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund
as appropriate) its full pro rata share of all Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective
under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective
date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, and 10.04 with
respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that notwithstanding the foregoing, the assignment by a Defaulting Lender of any of its rights or obligations hereunder pursuant to an
Assignment and Assumption shall not constitute a release of such Defaulting Lender from any claims or liability resulting from the failure of such Defaulting Lender to perform any of its obligations under this Agreement while it held such rights or
obligations. Upon request, the Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall
be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section. 

(c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers (and such agency
being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the

  

 89 

 
Commitments of, and principal amounts (and related interest amounts) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The
entries in the Register shall be conclusive absent manifest error and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender. The
Register shall be available for inspection by the Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrowers or the Administrative Agent,
sell participations to any Person (other than a natural person, a Defaulting Lender or any Borrower or any Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall
remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. 
 Any agreement or instrument pursuant to which a Lender sells such
a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant. Subject to subsection
(e) of this Section, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations of such Sections) to the same extent as if
it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a
Lender, provided such Participant agrees to be subject to Section 2.11 as though it were a Lender. 
 Each
Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and related interest
amounts) of each participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”). The entries in the Participant Register shall be conclusive, absent manifest error, and such Lender shall
treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

(e) Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under
Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, except to the extent such entitlement to receive a greater payment results from a
Change in Law that occurs after the Participant acquired the applicable participation. 
  

 90 

 (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge
or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

10.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the
confidentiality of the Information (as defined below) and to use the Information solely in accordance with its usual and customary practices for using confidential information of such nature, except that Information may be disclosed (a) to its
Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the
National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any
remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or any Eligible Assignee invited to be a Lender
pursuant to Section 2.10(c) or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Loan Party and its obligations, (g) with the consent of the REIT or (h) 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, any Lender, or any of their respective Affiliates on a nonconfidential basis
from a source other than a Borrower or a Subsidiary thereof. For purposes of this Section, “Information” means all information received from any Borrower any Subsidiary thereof or the Manager relating to any Borrower, any Subsidiary
thereof, any Affiliated Investor or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by a Borrower or any Subsidiary
thereof, provided that, in the case of information received from a Borrower or any Subsidiary thereof after the date hereof, such information is clearly identified at the time of delivery as confidential Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person
would accord to its own confidential information. 
 Each of the Administrative Agent and the Lenders acknowledges that
(a) the Information may include material non-public information concerning a Borrower or a Subsidiary thereof, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and
(c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws. 
  

 91 

 10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing,
each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in
whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of any Loan Party against any and all of the obligations of such Loan Party
now or hereafter existing under this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of such
Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall
exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.14 and, pending such payment, shall be
segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement
describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify the REIT and the Administrative Agent promptly after any such setoff and application, provided that the failure to give
such notice shall not affect the validity of such setoff and application. 
 10.09 Interest Rate Limitation.
Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum
Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the
Borrowers. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that
is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest
throughout the contemplated term of the Obligations hereunder. 
 10.10 Counterparts; Integration; Effectiveness. This
Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other
Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of
each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement.

  

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 10.11 Survival of Representations and Warranties. All representations and warranties
made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or
will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or
knowledge of any Default at the time of making any Loan, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied. 

10.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or
unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the enforceability of any provisions in this
Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited. 

10.13 Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrowers are required to pay
any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, if any Lender is a Defaulting Lender or if any other circumstance exists hereunder that gives the Borrowers the right to
replace a Lender as a party hereto, then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to
the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee designated by the Borrowers that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 
 (a) the Borrowers
shall have paid to the Administrative Agent the assignment fee specified in Section 10.06(b); 
 (b) such Lender
shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and, other than in the case of a Defaulting Lender, any premium thereon (assuming for this purpose that the Loans of such Lender were being prepaid)
from the assignee and any amounts payable by the Borrowers pursuant to Section 3.01, 3.04 or 3.05 from the Borrowers (it being understood that the Assignment and Assumption relating to such assignment shall provide that any interest and fees
that accrued prior to the effective date of the assignment shall be for the account of the replaced Lender and such amounts that accrue on and after the effective date of the assignment shall be for the account of the replacement Lender);

  

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 (c) in the case of any such assignment resulting from a claim for compensation under
Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and 

(d) such assignment does not conflict with applicable Laws. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply. Each Lender agrees that, if the Borrowers elect to replace such Lender in accordance with this Section 10.13, it shall promptly
execute and deliver to the Administrative Agent an Assignment and Assumption to evidence the assignment and shall deliver to the Administrative Agent any Note (if Notes have been issued in respect of such Lender’s Loans) subject to such
Assignment and Assumption; provided that the failure of any such Lender to execute an Assignment and Assumption shall not render such assignment invalid and such assignment shall be recorded in the Register. 

10.14 Governing Law; Jurisdiction; Etc. 

(a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 (b) SUBMISSION TO JURISDICTION. EACH BORROWER IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO
THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY
OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

 

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 (c) WAIVER OF VENUE. EACH BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN
PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR
NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

10.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

10.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other
services regarding this Agreement provided by the Administrative Agent, the Arranger and the Lenders are arm’s-length commercial transactions between the Borrowers and its Affiliates, on the one hand, and the Administrative Agent, the Arranger
and the Lenders, on the other hand, (B) each Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Borrower is capable of evaluating, and understands and
accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the Arranger and each Lender each is and has been acting solely as a principal and, except
as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for any Borrower or any of its Affiliates, or any other Person and (B) none of the Administrative Agent, the
Arranger or any of the Lenders has any obligation to any Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the
Administrative Agent, the Arranger, the Lenders and their respective Affiliates may be engaged in a broad range of 
  

 95 

 
transactions that involve interests that differ from those of the Borrowers and their respective Affiliates, and none of the Administrative Agent, the Arranger or any of the Lenders have any
obligation to disclose any of such interests to the Borrowers or any of their respective Affiliates. To the fullest extent permitted by law, each Borrower hereby waives and releases any claims that it may have against the Administrative Agent, the
Arranger and each Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

10.17 Electronic Execution of Assignments and Certain Other Documents. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in
electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

10.18 USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and
record information that identifies each Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in
accordance with the Act. Each Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its
ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 

10.19 Borrowing Base Asset Review. The Administrative Agent may engage, on behalf of the Lenders, an independent consultant to
complete a review and verification of the accuracy and reliability of the REIT’s calculation and reporting of the book value and Cash Income of the Eligible Investment Assets (together with review conducted pursuant to
Section 4.01(a)(xiii)), each, a Borrowing Base Asset Review”) bi-annually, and more frequently as determined by the Administrative Agent upon the occurrence and during the continuance of an Event of Default, each such
Borrowing Base Asset Review to be in form, scope and substance satisfactory to the Administrative Agent and the Lenders. The Borrowers agree, jointly and severally, to pay the Administrative Agent, on demand, the cost of each such Borrowing Base
Asset Review. 
 10.20 Joint and Several Liability. Each of the Borrowers shall be jointly and severally liable with the
other Borrowers for the Obligations, and each of the Obligations shall be secured by all of the Collateral. Each Borrower acknowledges that it is a co-borrower hereunder and is jointly and severally liable under this Agreement and the other Loan
Documents. Any payment made by a Borrower in respect of Obligations owing by one or more Borrowers shall be deemed a payment of such Obligations by and on behalf of all Borrowers. All Loans extended to any 

 

 96 

 
Borrower or requested by any Borrower shall be deemed to be Loans extended for each of the Borrowers, and each Borrower hereby authorizes each other Borrower to effectuate Loans on its behalf.
Notwithstanding anything to the contrary contained in this Agreement or any of the other Loan Documents, the Administrative Agent and the Lenders shall be entitled to rely upon any request, notice or other communication received by them from the
REIT on behalf of all Borrowers, and shall be entitled to treat their giving of any notice hereunder to the REIT in accordance with the provisions of this Agreement as notice to each and all Borrowers. 

Each Borrower agrees that the joint and several liability of the Borrowers provided for in this Section 10.20 shall not be
impaired or affected by any modification, supplement, extension or amendment or any contract or agreement to which the other Borrowers may hereafter agree (other than an agreement signed by the Administrative Agent and the Lenders specifically
releasing such liability), nor by any delay, extension of time, renewal, compromise or other indulgence granted by the Administrative Agent or any Lender with respect to any of the Obligations, nor by any other agreements or arrangements whatsoever
with the other Borrowers or with any other person, each Borrower hereby waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectually
as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Obligations, and may be enforced without requiring the Administrative Agent or any Lender first to resort to any other
right, remedy or security. Except to the extent otherwise provided herein, each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Obligations, the Notes, this Agreement or
any other Loan Document and any requirement that the Administrative Agent or any Lender protect, secure, perfect or insure any Lien or any property subject thereto or exhaust any right or take any action against any Borrower or any other person or
any collateral. 
 Each Borrower hereby irrevocably waives and releases each other Borrower from all “claims” (as
defined in Section 101(5) of the Bankruptcy Code) to which such Borrower is or would be entitled by virtue of the provisions of the first paragraph of this Section 10.20 or the performance of such Borrower’s obligations
thereunder including, without limitation, any right of subrogation (whether contractual, under Section 509 of the Bankruptcy Code or otherwise), reimbursement, contribution, exoneration or similar right, or indemnity, or any right of recourse
to security for any of the Obligations. 
 10.21 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

 

 97 

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

			
	BORROWERS:
	
	COLONY FINANCIAL, INC., a Maryland corporation
		
	By:	 	/s/ Darren J. Tangen
	Name:	 	Darren J. Tangen
	Title:	 	CFO
	
	CFI MEZZ FUNDING, LLC, a Delaware limited liability company
	
	By: Colony Financial, Inc., its managing member
		
	By:	 	/s/ Darren J. Tangen
	Name:	 	Darren J. Tangen
	Title:	 	CFO
	
	CFI RE HOLDCO, LLC, a Delaware limited liability company
	
	By: Colony Financial, Inc., its managing member
		
	By:	 	/s/ Darren J. Tangen
	Name:	 	Darren J. Tangen
	Title:	 	CFO
	
	COLFIN ESH FUNDING, LLC, a Delaware limited liability company
	
	By: Colony Financial, Inc., its managing member
		
	By:	 	/s/ Darren J. Tangen
	Name:	 	Darren J. Tangen
	Title:	 	CFO

 [Signature Page to Credit
Agreement] 

			
	
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	/s/ Kathleen M. Carry
	Name:	 	Kathleen M. Carry
	Title:	 	Vice President

 [Signature Page to
Credit Agreement] 

			
	
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	/s/ James P. Johnson
	Name:	 	James P. Johnson
	Title:	 	Senior Vice President

 [Signature
Page to Credit Agreement] 

			
	
	UBS LOAN FINANCE LLC, as a Lender
		
	By:	 	/s/ Mary E. Evans
	Name:	 	Mary E. Evans
	Title:	 	 Associate Director
 Banking
Products
 Services, US

		
	By:	 	/s/ Irja R. Otsa
	Name:	 	Irja R. Otsa
	Title:	 	 Associate Director
 Banking
Products
 Services, US

[Signature Page to Credit Agreement] 

			
	
	GOLDMAN SACHS LENDING PARTNERS LLC, as a Lender
		
	By:	 	/s/ Mark Walton
	Name:	 	Mark Walton
	Title:	 	Authorized Signatory

 [Signature Page
to Credit Agreement] 

			
	
	MORGAN STANLEY SENIOR FUNDING, INC., as a Lender
		
	By:	 	/s/ Ryan Vetsch
	Name:	 	Ryan Vetsch
	Title:	 	Vice President

 [Signature Page to
Credit Agreement] 

			
	
	ROYAL BANK OF CANADA, as a Lender 
		
	By:	 	/s/ PK Shields
	Name:	 	PK Shields
	Title:	 	Authorized Signatory

 [Signature Page
to Credit Agreement]

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