Document:

EX-10.1

 Exhibit 10.1 
 EXECUTION COPY 
 TERM LOAN AGREEMENT 

DATED AS OF JUNE 14, 2013 
 BY AND AMONG 
 MID-AMERICA APARTMENTS, L.P., 

AS BORROWER, 

AND 
 JPMORGAN
CHASE BANK, N.A., 
 THE OTHER LENDERS WHICH ARE PARTIES TO THIS AGREEMENT 

AND 
 OTHER
LENDERS THAT MAY BECOME 
 PARTIES TO THIS AGREEMENT, 
 JPMORGAN CHASE BANK, N.A., 
 AS ADMINISTRATIVE AGENT, 

AND 
 J.P. MORGAN
SECURITIES LLC, 
 AS LEAD ARRANGER 

									
	 §1.
	  	 DEFINITIONS AND RULES OF INTERPRETATION
	  	 	1	  
				
		  	§1.1.	  	 Definitions
	  	 	1	  
				
		  	§1.2.	  	 Rules of Interpretation
	  	 	25	  
			
	 §2.
	  	 THE CREDIT FACILITY
	  	 	26	  
				
		  	§2.1.	  	 Term Loans
	  	 	26	  
				
		  	§2.2.	  	 Termination and Reduction of Commitments
	  	 	27	  
				
		  	§2.3.	  	 [Intentionally Omitted.]
	  	 	27	  
				
		  	§2.4.	  	 [Intentionally Omitted.]
	  	 	27	  
				
		  	§2.5.	  	 [Intentionally Omitted.]
	  	 	27	  
				
		  	§2.6.	  	 Interest on Loans
	  	 	27	  
				
		  	§2.7.	  	 Requests for Term Loans
	  	 	27	  
				
		  	§2.8.	  	 Funds for Loans
	  	 	28	  
				
		  	§2.9.	  	 Use of Proceeds
	  	 	29	  
				
		  	§2.10.	  	 Extension of Maturity Date
	  	 	29	  
				
		  	§2.11.	  	 [Intentionally Omitted.]
	  	 	29	  
				
		  	§2.12.	  	 [Intentionally Omitted.]
	  	 	29	  
				
		  	§2.13.	  	 Defaulting Lenders
	  	 	30	  
			
	 §3.
	  	 REPAYMENT OF THE LOANS
	  	 	32	  
				
		  	§3.1.	  	 Stated Maturity
	  	 	32	  
				
		  	§3.2.	  	 Mandatory Prepayments
	  	 	32	  
				
		  	§3.3.	  	 Optional Prepayments
	  	 	32	  
				
		  	§3.4.	  	 Partial Prepayments
	  	 	33	  
				
		  	§3.5.	  	 [Intentionally Omitted.]
	  	 	33	  
				
		  	§3.6.	  	 Effect of Prepayments
	  	 	33	  
			
	 §4.
	  	 CERTAIN GENERAL PROVISIONS
	  	 	33	  
				
		  	§4.1.	  	 Conversion Options
	  	 	33	  
				
		  	§4.2.	  	 Fees
	  	 	34	  
				
		  	§4.3.	  	 [Intentionally Omitted]
	  	 	34	  
				
		  	§4.4.	  	 Funds for Payments
	  	 	34	  
				
		  	§4.5.	  	 Computations
	  	 	36	  
				
		  	§4.6.	  	 Suspension of LIBOR Rate Loans
	  	 	36	  
				
		  	§4.7.	  	 Illegality
	  	 	37	  
				
		  	§4.8.	  	 Additional Interest
	  	 	37	  

  
 -viii-

									
		  	§4.9.	  	 Additional Costs, Etc
	  	 	37	  
				
		  	§4.10.	  	 Capital Adequacy
	  	 	38	  
				
		  	§4.11.	  	 Breakage Costs
	  	 	39	  
				
		  	§4.12.	  	 Default Interest
	  	 	39	  
				
		  	§4.13.	  	 Certificate
	  	 	39	  
				
		  	§4.14.	  	 Limitation on Interest
	  	 	39	  
				
		  	§4.15.	  	 Certain Provisions Relating to Increased Costs
	  	 	40	  
			
	 §5.
	  	 UNSECURED OBLIGATIONS; GUARANTY
	  	 	41	  
				
		  	§5.1.	  	 Unsecured Obligations
	  	 	41	  
				
		  	§5.2.	  	 Additional Subsidiary Guarantors
	  	 	41	  
				
		  	§5.3.	  	 Release of a Subsidiary Guarantor
	  	 	41	  
			
	 §6.
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	41	  
				
		  	§6.1.	  	 Corporate Authority, Etc
	  	 	41	  
				
		  	§6.2.	  	 Governmental Approvals
	  	 	42	  
				
		  	§6.3.	  	 Title to Properties
	  	 	42	  
				
		  	§6.4.	  	 Financial Statements
	  	 	43	  
				
		  	§6.5.	  	 No Material Changes
	  	 	43	  
				
		  	§6.6.	  	 Franchises, Patents, Copyrights„ Etc
	  	 	43	  
				
		  	§6.7.	  	 Litigation
	  	 	44	  
				
		  	§6.8.	  	 No Material Adverse Contracts, Etc
	  	 	44	  
				
		  	§6.9.	  	 Compliance with Other Instruments, Laws, Etc
	  	 	44	  
				
		  	§6.10.	  	 Tax Status
	  	 	44	  
				
		  	§6.11.	  	 No Event of Default
	  	 	45	  
				
		  	§6.12.	  	 Investment Company Act
	  	 	45	  
				
		  	§6.13.	  	 Absence of UCC Financing Statements, Etc
	  	 	45	  
				
		  	§6.14.	  	 Partners and the REIT
	  	 	45	  
				
		  	§6.15.	  	 Certain Transactions
	  	 	45	  
				
		  	§6.16.	  	 Employee Benefit Plans
	  	 	45	  
				
		  	§6.17.	  	 Disclosure
	  	 	46	  
				
		  	§6.18.	  	 Trade Name; Place of Business
	  	 	46	  
				
		  	§6.19.	  	 Regulations T, U and X
	  	 	46	  
				
		  	§6.20.	  	 Environmental Compliance
	  	 	47	  
				
		  	§6.21.	  	 Subsidiaries; Organizational Structure
	  	 	48	  

									
		  	§6.22.	  	 Material Contracts
	  	 	48	  
				
		  	§6.23.	  	 Property
	  	 	48	  
				
		  	§6.24.	  	 Brokers
	  	 	49	  
				
		  	§6.25.	  	 Other Debt
	  	 	49	  
				
		  	§6.26.	  	 Solvency
	  	 	49	  
				
		  	§6.27.	  	 No Bankruptcy Filing
	  	 	49	  
				
		  	§6.28.	  	 No Fraudulent Intent
	  	 	49	  
				
		  	§6.29.	  	 Transaction in Best Interests of Borrower and Guarantors; Consideration
	  	 	49	  
				
		  	§6.30.	  	 Contribution Agreement
	  	 	50	  
				
		  	§6.31.	  	 OFAC
	  	 	50	  
				
		  	§6.32.	  	 Unencumbered Borrowing Base Properties
	  	 	50	  
			
	 §7.
	  	 AFFIRMATIVE COVENANTS
	  	 	50	  
				
		  	§7.1.	  	 Punctual Payment
	  	 	50	  
				
		  	§7.2.	  	 Maintenance of Office
	  	 	51	  
				
		  	§7.3.	  	 Records and Accounts
	  	 	51	  
				
		  	§7.4.	  	 Financial Statements, Certificates and Information
	  	 	51	  
				
		  	§7.5.	  	 Notices
	  	 	54	  
				
		  	§7.6.	  	 Existence; Maintenance of Properties; NYSE Listing
	  	 	55	  
				
		  	§7.7.	  	 Insurance
	  	 	56	  
				
		  	§7.8.	  	 Taxes; Liens
	  	 	56	  
				
		  	§7.9.	  	 Inspection of Properties and Books
	  	 	56	  
				
		  	§7.10.	  	 Compliance with Laws, Contracts, Licenses and Permits
	  	 	57	  
				
		  	§7.11.	  	 Further Assurances
	  	 	57	  
				
		  	§7.12.	  	 Limiting Agreements
	  	 	57	  
				
		  	§7.13.	  	 Ownership of Real Estate
	  	 	58	  
				
		  	§7.14.	  	 Business Operations
	  	 	58	  
				
		  	§7.15.	  	 Distributions of Income to Borrower
	  	 	58	  
				
		  	§7.16.	  	 Plan Assets
	  	 	59	  
				
		  	§7.17.	  	 Unencumbered Borrowing Base Properties,
	  	 	59	  
			
	 §8.
	  	 NEGATIVE COVENANTS
	  	 	61	  
				
		  	§8.1.	  	 Restrictions on Indebtedness
	  	 	61	  
				
		  	§8.2.	  	 Restrictions on Liens, Etc
	  	 	62	  
				
		  	§8.3.	  	 Restrictions on Investments
	  	 	63	  

									
		  	§8.4.	  	 Merger; Consolidation
	  	 	64	  
				
		  	§8.5.	  	 Sale and Leaseback
	  	 	65	  
				
		  	§8.6.	  	 Compliance with Environmental Laws
	  	 	65	  
				
		  	§8.7.	  	 Distributions
	  	 	67	  
				
		  	§8.8.	  	 Asset Sales
	  	 	67	  
				
		  	§8.9.	  	 Restriction on Prepayment of Indebtedness
	  	 	67	  
				
		  	§8.10.	  	 Derivatives Contracts
	  	 	68	  
				
		  	§8.11.	  	 Transactions with Affiliates
	  	 	68	  
				
		  	§8.12.	  	 Equity Pledges
	  	 	68	  
				
		  	§8.13.	  	 Sanctions Laws and Regulations
	  	 	68	  
			
	 §9.
	  	 FINANCIAL COVENANTS
	  	 	68	  
				
		  	§9.1.	  	 Borrowing Base
	  	 	68	  
				
		  	§9.2.	  	 Unencumbered Leverage Ratio
	  	 	68	  
				
		  	§9.3.	  	 Minimum Unencumbered Interest Coverage Ratio
	  	 	68	  
				
		  	§9.4.	  	 Total Leverage Ratio
	  	 	69	  
				
		  	§9.5.	  	 Total Secured Leverage Ratio
	  	 	69	  
				
		  	§9.6.	  	 Adjusted Consolidated EBITDA to Consolidated Fixed Charges
	  	 	69	  
				
		  	§9.7.	  	 Minimum Consolidated Tangible Net Worth
	  	 	69	  
				
		  	§9.8.	  	 Unhedged Variable Rate Debt
	  	 	69	  
			
	 §10.
	  	 CLOSING CONDITIONS
	  	 	69	  
				
		  	§10.1.	  	 Loan Documents
	  	 	69	  
				
		  	§10.2.	  	 Certified Copies of Organizational Documents
	  	 	69	  
				
		  	§10.3.	  	 Resolutions
	  	 	69	  
				
		  	§10.4.	  	 Incumbency Certificate; Authorized Signers
	  	 	70	  
				
		  	§10.5.	  	 Opinion of Counsel
	  	 	70	  
				
		  	§10.6.	  	 Payment of Fees and Expenses
	  	 	70	  
				
		  	§10.7.	  	 Performance; No Default
	  	 	70	  
				
		  	§10.8.	  	 Representations and Warranties
	  	 	70	  
				
		  	§10.9.	  	 Proceedings and Documents
	  	 	70	  
				
		  	§10.10.	  	 Eligible Real Estate Qualification Documents
	  	 	70	  
				
		  	§10.11.	  	 Compliance Certificate
	  	 	70	  
				
		  	§10.12.	  	 Consents
	  	 	71	  
				
		  	§10.13.	  	 Reserved
	  	 	71	  
				
		  	§10.14.	  	 Other
	  	 	71	  

									
	 §11.
	  	 CONDITIONS TO ALL BORROWINGS
	  	 	71	  
				
		  	§11.1.	  	 Prior Conditions Satisfied
	  	 	71	  
				
		  	§11.2.	  	 Representations True; No Default
	  	 	71	  
				
		  	§11.3.	  	 Borrowing Documents
	  	 	71	  
			
	 §12.
	  	 EVENTS OF DEFAULT; ACCELERATION; ETC
	  	 	71	  
				
		  	§12.1.	  	 Events of Default and Acceleration
	  	 	71	  
				
		  	§12.2.	  	 Certain Cure Periods; Limitation of Cure Periods
	  	 	74	  
				
		  	§12.3.	  	 Termination of Commitments
	  	 	74	  
				
		  	§12.4.	  	 Remedies
	  	 	75	  
				
		  	§12.5.	  	 Distribution of Proceeds
	  	 	75	  
			
	 §13.
	  	 SETOFF
	  	 	76	  
			
	 §14.
	  	 THE AGENT
	  	 	77	  
				
		  	§14.1.	  	 Authorization
	  	 	77	  
				
		  	§14.2.	  	 Employees and Agents
	  	 	77	  
				
		  	§14.3.	  	 No Liability
	  	 	77	  
				
		  	§14.4.	  	 No Representations
	  	 	77	  
				
		  	§14.5.	  	 Payments
	  	 	78	  
				
		  	§14.6.	  	 Holders of Notes
	  	 	78	  
				
		  	§14.7.	  	 Indemnity
	  	 	79	  
				
		  	§14.8.	  	 Agent as Lender
	  	 	79	  
				
		  	§14.9.	  	 Resignation; Removal
	  	 	79	  
				
		  	§14.10.	  	 Duties in the Case of Enforcement
	  	 	80	  
				
		  	§14.11.	  	 Agent May File Proofs of Claim
	  	 	80	  
				
		  	§14.12.	  	 Reliance by Agent
	  	 	80	  
				
		  	§14.13.	  	 Approvals
	  	 	81	  
				
		  	§14.14.	  	 Borrower Not Beneficiary
	  	 	81	  
			
	 §15.
	  	 EXPENSES
	  	 	81	  
			
	 §16.
	  	 INDEMNIFICATION
	  	 	82	  
			
	 §17.
	  	 SURVIVAL OF COVENANTS, ETC
	  	 	83	  
			
	 §18.
	  	 ASSIGNMENT AND PARTICIPATION
	  	 	83	  
				
		  	§18.1.	  	 Conditions to Assignment by Lenders
	  	 	83	  
				
		  	§18.2.	  	 Register
	  	 	85	  

									
		  	§18.3.	  	 New Notes
	  	 	85	  
				
		  	§18.4.	  	 Participations
	  	 	85	  
				
		  	§18.5.	  	 Pledge by Lender
	  	 	86	  
				
		  	§18.6.	  	 No Assignment by the Borrower or the Guarantors
	  	 	86	  
				
		  	§18.7.	  	 Disclosure
	  	 	86	  
				
		  	§18.8.	  	 Amendments to Loan Documents
	  	 	87	  
				
		  	§18.9.	  	 Mandatory Assignment
	  	 	87	  
				
		  	§18.10.	  	 Titled Agents
	  	 	87	  
			
	 §19.
	  	 NOTICES
	  	 	87	  
			
	 §20.
	  	 RELATIONSHIP
	  	 	89	  
			
	 §21.
	  	 GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE
	  	 	89	  
			
	 §22.
	  	 HEADINGS
	  	 	90	  
			
	 §23.
	  	 COUNTERPARTS
	  	 	90	  
			
	 §24.
	  	 ENTIRE AGREEMENT, ETC
	  	 	90	  
			
	 §25.
	  	 WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS
	  	 	90	  
			
	 §26.
	  	 DEALINGS WITH THE BORROWER AND THE GUARANTORS
	  	 	91	  
			
	 §27.
	  	 CONSENTS, AMENDMENTS, WAIVERS, ETC
	  	 	91	  
			
	 §28.
	  	 SEVERABILITY
	  	 	92	  
			
	 §29.
	  	 TIME OF THE ESSENCE
	  	 	93	  
			
	 §30.
	  	 NO UNWRITTEN AGREEMENTS
	  	 	93	  
			
	 §31.
	  	 REPLACEMENT NOTES
	  	 	93	  
			
	 §32.
	  	 NO THIRD PARTIES BENEFITED
	  	 	93	  
			
	 §33.
	  	 PATRIOT ACT
	  	 	94	  
			
	 §34.
	  	 JOINT AND SEVERAL LIABILITY
	  	 	94	  

 TERM LOAN AGREEMENT 

THIS TERM LOAN AGREEMENT (this “Agreement”) is made as of the 14th day of June, 2013, by and among MID-AMERICA
APARTMENTS, L.P., a Tennessee limited partnership (the “Borrower”), JPMORGAN CHASE BANK, N.A. (“JPMorgan”), the other lending institutions which are parties to this Agreement as
“Lenders”, and the other lending institutions that may become parties hereto pursuant to §18 (together with JPMorgan, the “Lenders”), and JPMORGAN CHASE BANK, N.A., as Administrative Agent for the
Lenders (the “Agent”). 
 RECITALS 

WHEREAS, the Borrower has requested that the Lenders provide an unsecured term loan facility to the Borrower; and 

WHEREAS, the Agent and the Lenders are willing to provide such unsecured term loan facility to the Borrower on and subject to the
terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the recitals herein and mutual covenants
and agreements contained herein, the parties hereto hereby covenant and agree as follows: 
  

	§1.	DEFINITIONS AND RULES OF INTERPRETATION. 

 §1.1. Definitions. The following terms shall have the meanings set forth in this §1 or elsewhere in the provisions of this Agreement referred to below: 

Additional Subsidiary Guarantor. Each additional Subsidiary of the Borrower which becomes a Subsidiary Guarantor pursuant to
§5.2. 
 Adjusted Consolidated EBITDA. On any date of determination, the sum of (a) the Consolidated EBITDA for
the preceding four (4) fiscal quarters minus (b) the Capital Reserves for such period. 
 Adjusted LIBO Rate.
With respect to any LIBOR Rate Loan for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) LIBOR for such Interest Period multiplied by (b) the Statutory Reserve Rate.

 Adjusted Net Operating Income. On any date of determination, the sum of (a) the Net Operating Income for the
preceding two (2) fiscal quarters annualized minus (b) the Capital Reserves for such period. 
 Affiliate. An
Affiliate, as applied to any Person, shall mean any other Person directly or indirectly controlling, controlled by, or under common control with, that Person. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling”, “controlled by” and “under common control with”), as applied to any Person, means (a) the possession, directly or indirectly, of the power to vote twenty percent (20%) or
more of the stock, shares, voting trust certificates, beneficial interests, partnership interests, member interests or other interests having voting power for the election of directors of such Person or otherwise to

 
direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise, or (b) the confidential ownership
of (i) a general partnership interest, (ii) a managing member’s or manager’s interest in a limited liability company or (iii) a limited partnership interest or preferred stock (or other ownership interest) representing
twenty percent (20%) or more of the outstanding limited partnership interests, preferred stock or other ownership interests of such Person. In no event shall Agent or any Lender be deemed to be an Affiliate of the Borrower. 

Agent. JPMorgan Chase Bank, N.A. acting as administrative agent for the Lenders, and its successors and assigns. 

Agent’s Head Office. The Agent’s head office located at 270 Park Avenue, New York, NY 10017, or at such other
location as the Agent may designate from time to time by notice to the Borrower and the Lenders. 
 Agent’s Special
Counsel. Bingham McCutchen LLP or such other counsel as selected by Agent. 
 Agreement. This Term Loan Agreement,
including the Schedules and Exhibits hereto. 
 Agreement Regarding Fees. See §4.2(a). 

Alternate Base Rate. For any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect
on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business
Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate appearing on the Reuters Screen LIBOR01 Page (or on any successor or substitute
page of such page) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the
effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 
 Applicable Margin. The Applicable Margin shall mean, as of any date of determination, a percentage per annum determined by reference to the Credit Rating Level as set forth below: 

 

											
	 Pricing Level
	  	Credit Rating Level	  	Applicable Margin for
LIBOR Rate Loans	 	 	Applicable Margin for
Base Rate Loans	 
				
	 I
	  	Credit Rating Level 1	  	 	1.05	% 	 	 	0.05	% 
	 II
	  	Credit Rating Level 2	  	 	1.15	% 	 	 	0.15	% 
	 III
	  	Credit Rating Level 3	  	 	1.30	% 	 	 	0.30	% 
	 IV
	  	Credit Rating Level 4	  	 	1.60	% 	 	 	0.60	% 
	 V
	  	Credit Rating Level 5	  	 	2.05	% 	 	 	1.05	% 

 The Applicable Margin for each Base Rate Loan shall be determined by reference to the Credit Rating Level in effect from
time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference 

  
 2 

 
to the Credit Rating Level in effect on the first day of such Interest Period; provided, however that no change in the Applicable Margin resulting from the application of the Credit Rating
Levels or a change in the Credit Rating Level shall be effective until three Business Days after the date on which the Agent receives written notice of the application of the Credit Rating Levels or a change in such Credit Rating Level. 

Approved Fund. 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. J.P. Morgan Securities LLC, or any
successor. 
 Assignment and Acceptance Agreement. See §18.1. 

Authorized Officer. Any of the following Persons: Albert M. Campbell, Andrew Schaeffer, Timothy Argo, Leslie B.C. Wolfgang and
such other Persons as the Borrower shall designate in a written notice to Agent. 
 Balance Sheet Date. December 31,
2012. 
 Bankruptcy Code. Title 11, U.S.C.A., as amended from time to time or any successor statute thereto. 

Bankruptcy Event. With respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had
a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Agent,
has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the
acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts
within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made
by such Person. 
 Base Rate Loans. Term Loans bearing interest calculated by reference to the Alternate Base Rate.

 Board of Governors. The Board of Governors of the Federal Reserve System of the United States of America. 

Borrower. As defined in the preamble hereto. 
 Borrowing Base Availability. On any date of determination, the Borrowing Base Availability shall be the amount which is the lesser of (a) the maximum principal amount which, when added to the
total outstanding balance of Consolidated Total Unsecured Indebtedness (including the Loans), would not exceed sixty percent (60%) of Unencumbered Asset Value as 

  
 3 

 
most recently determined under this Agreement, and (b) the maximum principal amount which when added to the total outstanding balance of Consolidated Total Unsecured Indebtedness (including
the Loans) and bearing interest at an interest rate equal to the Unencumbered Debt Service would not cause the Unencumbered Interest Coverage Ratio to be less than 2.0 to 1.0. 
 Borrowing Base Certificate. See §7.4(c). 
 Breakage Costs. The
cost to any Lender of re-employing funds bearing interest at Adjusted LIBO Rate incurred (or reasonably expected to be incurred) in connection with (i) any payment of any portion of the Loans bearing interest at Adjusted LIBO Rate prior to the
termination of any applicable Interest Period, (ii) the conversion of a LIBOR Rate Loan to any other applicable interest rate on a date other than the last day of the relevant Interest Period, or (iii) the failure of the Borrower to draw
down, on the first day of the applicable Interest Period, any amount as to which the Borrower has elected a LIBOR Rate Loan. 

Building. With respect to each Unencumbered Borrowing Base Property or parcel of Real Estate, all of the buildings, structures and
improvements now or hereafter located thereon. 
 Business Day. Any day on which banking institutions located in the same
city and State as the Agent’s Head Office are located and New York, New York are open for the transaction of banking business and, in the case of LIBOR Rate Loans, which also is a LIBOR Business Day. 

Capital Markets Transaction. The issuance by the REIT, the Borrower or any of their respective Subsidiaries of debt securities
(excluding mortgage financings) or common or preferred equity or equity equivalent securities (however designated, and whether voting or non-voting, but excluding (a) equity not issued for the purpose of raising cash such as (i) equity
issued upon exercise of options or upon awards to company executives or trustees and (ii) equity issued under the REIT’s Dividend and Distribution Reinvestment and Share Purchase Program and under any other dividend reinvestment plan of
such Persons, and (b) common stock issued pursuant to any of the distribution agreements by and among the REIT, the Borrower and each of J.P. Morgan Securities LLC, BMO Capital Markets Corp., KeyBanc Capital Markets Inc. and UBS Securities LLC,
each acting as sales agents, dated February 25, 2013, as such agreements may be amended from time to time (collectively, the “ATM Agreements”) whereby the REIT may issue from time to time up to 4,500,000 shares of its common stock in
at-the-market offerings (as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended) or any issuances of common stock in an at-the-market offering pursuant to any future distribution agreement between the REIT and the Borrower and any
sales agent named therein that is materially consistent with the terms of the ATM Agreements, provided that, for purposes of the exclusion in (b), the net proceeds from any such sale of common stock shall be used for property acquisitions made in
the normal of business, course consistent with past practice). 
 Capital Reserve. For any period and with respect to any
improved Real Estate, an amount equal to (i) $200 per apartment unit multiplied by (ii) a fraction, the numerator of which is the number of days in such period and the denominator of which is 365. If the term Capital Reserve is used
without reference to any specific Real Estate, then the amount shall be determined on an aggregate basis with respect to all Real Estate of REIT and its Subsidiaries and a proportionate share of all Real Estate of all Unconsolidated Entities.

  
 4 

 Capitalization Rate. Seven percent (7%). 

Capitalized Lease. A lease under which the discounted future rental payment obligations of the lessee or the obligor are required
to be capitalized on the balance sheet of such Person in accordance with GAAP. 
 Capitalized Value. For any Real Estate
as of any date of determination, an amount equal to (a) the Adjusted Net Operating Income for such Real Estate for the previous two (2) fiscal quarters annualized divided by (b) the Capitalization Rate. 

Cash Equivalents. As of any date, (i) securities issued or directly and fully guaranteed or insured by the United States
government or any agency or instrumentality thereof having maturities of not more than one year from such date, (ii) time deposits and certificates of deposits having maturities of not more than one year from such date and issued by any
domestic commercial bank having, (A) senior long term unsecured debt rated at least A or the equivalent thereof by S&P or A2 or the equivalent thereof by Moody’s and (B) capital and surplus in excess of $100,000,000.00;
(iii) commercial paper rated at least A-1 or the equivalent thereof by S&P or P-1 or the equivalent thereof by Moody’s and in either case maturing within one hundred twenty (120) days from such date, and (iv) shares of any
money market mutual fund rated at least AAA or the equivalent thereof by S&P or at least Aaa or the equivalent thereof by Moody’s. 
 CERCLA. See §6.20(a). 
 Change of Control. A Change of Control
shall exist upon the occurrence of any of the following: 
 (a) any Person (including a Person’s Affiliates
and associates) or group (as that term is understood under Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations thereunder) shall have acquired beneficial ownership
(within the meaning of Rule 13d-3 under the Exchange Act) of a percentage (based on voting power, in the event different classes of stock shall have different voting powers) of the voting stock of REIT equal to at least thirty percent (30%);

 (b) as of any date a Majority of the Board of Directors or Trustees or similar body (the
“Board”) of REIT or the Borrower consists of individuals who were not either (i) directors or trustees of REIT or the Borrower as of the corresponding date of the previous year, or (ii) selected or nominated to become
directors or trustees by the Board of REIT or the Borrower of which a majority consisted of individuals described in clause (b)(i) above, or (iii) selected or nominated to become directors or trustees by the Board of REIT or the Borrower, which
majority consisted of individuals described in clause (b)(i) above and individuals described in clause (b)(ii), above (excluding, in the case of both clause (ii) and (iii) above, any individual whose initial nomination for, or assumption
of office as, a member of the Board occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors or trustees by any Person or group other than a solicitation for the election
of one or more directors or trustees by or on behalf of the Board); or 
 (c) the Borrower or any Guarantor
consolidates with, is acquired by, or merges into or with any Person (other than a merger permitted by §8.4); or 

  
 5 

 (d) REIT (i) fails to own directly or indirectly, free of any lien,
encumbrance or other adverse claim, at least eighty-five percent (85%) of the economic, voting and beneficial interests of the Borrower, (ii) fails to be the sole general partner of the Borrower, or (iii) shall fail to control the
management and policies of the Borrower; or 
 (e) the Borrower (or in the event that the Subsidiaries of the
Borrower which own the projects commonly known as Woods of Post House, Paddock Club Florence, Hunter’s Ridge and/or Austin Chase become Subsidiary Guarantors, Borrower and REIT) (i) fails to own directly or indirectly, free of any lien,
encumbrance or other adverse claim, at least one hundred percent (100%) of the economic, voting and beneficial interests of each Subsidiary Guarantor, or (ii) shall fail to control the management and policies of each Subsidiary Guarantor;
or 
 (f) Both of H. Eric Bolton, Jr. and Albert M. Campbell III shall cease to be the Chairman of the Board and
Chief Executive Officer and Chief Financial Officer, respectively, of the REIT, and competent and experienced directors or officers, as applicable, shall not be reasonably approved by the Agent within three (3) months of such event. 

Notwithstanding the foregoing, the Merger Transaction shall not be deemed to constitute a Change of Control hereunder.  

Closing Date. The first date on which all of the conditions set forth in §10 have been satisfied. 

Code. The Internal Revenue Code of 1986, as amended, and all regulations and formal guidance issued thereunder. 

Commitment. With respect to each Lender, the amount set forth on Schedule 1.1 hereto as the amount of such Lender’s
Commitment to make or maintain Loans to the Borrower, as the same may be reduced from time to time in accordance with the terms of this Agreement. 
 Commitment Percentage. With respect to each Lender, the percentage set forth on Schedule 1.1 hereto as such Lender’s percentage of the aggregate Commitments of all of the Lenders, as
the same may be changed from time to time in accordance with the terms of this Agreement; provided that if the Commitments of the Lenders have been terminated as provided in this Agreement, then the Commitment of each Lender shall be
determined based on the Commitment Percentage of such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof. 

Commitment Period. The period from the Closing Date to the earliest to occur of (a) the date that is sixty (60) days
following the date on which the Merger Transaction is consummated, (b) the date on which Term Loans have been made in an amount equal to the Total Commitments, and (c) June 14, 2014. 

Compliance Certificate. See §7.4(c). 

  
 6 

 Consolidated. With reference to any term defined herein, that term as applied to the
accounts of a Person and its Subsidiaries, determined on a consolidated basis in accordance with GAAP. 
 Consolidated
EBITDA. For any period of determination, an amount equal to the EBITDA of REIT and its Subsidiaries for such period determined on a Consolidated basis. 
 Consolidated Entities. Collectively, the REIT and all Subsidiaries of the REIT. 
 Consolidated Fixed Charges. For any period of determination, the sum (without duplication) of (a) Consolidated Interest Expense for such period, plus (b) all Preferred
Distributions paid during such period (other than Preferred Distributions paid by a Consolidated Entity to another Consolidated Entity), plus (c) the scheduled principal amount of all amortization payments in respect to Indebtedness of
the Consolidated Entities during such period (other than any such Indebtedness owed to another Consolidated Entity and any balloon payments), plus (d) such Person’s Unconsolidated Allocation Percentage in the fixed charges referred
to above of its Unconsolidated Entities for such period. 
 Consolidated Interest Expense. For any period of
determination, (a) total interest (whether accrued or paid) actually payable by the Consolidated Entities, together with the interest portion of payments on Capitalized Leases of the Consolidated Entities, determined on a Consolidated basis for
such period minus (b) any non-cash amounts included in such total Interest Expense which reflect the amortization of deferred financing charges for such period. 
 Consolidated Tangible Net Worth. As of any date of determination, with respect to the Consolidated Entities determined on a Consolidated basis, the sum of (a) Consolidated Total Asset Value
minus (b) Consolidated Total Indebtedness. 
 Consolidated Total Asset Value. On a Consolidated basis for the
Consolidated Entities, Consolidated Total Asset Value shall mean as of any date of determination the sum of the following (without duplication): 
 (a) with respect to Real Estate owned by REIT, the Borrower and their respective Wholly Owned Subsidiaries for four (4) full fiscal quarters or more (other than those included under clauses
(c) and (d) below), (x) the Adjusted Net Operating Income attributable to such Real Estate for the period of the two (2) fiscal quarters most recently ending prior to the date of determination annualized divided by
(y) the Capitalization Rate; plus 
 (b) with respect to Real Estate owned by REIT, the Borrower and their
Wholly Owned Subsidiaries for less than four (4) full fiscal quarters (other than those included under clauses (c) and (d) below), the undepreciated book value determined in accordance with GAAP of all such Real Estate; plus

 (c) the undepreciated book value determined in accordance with GAAP of all Development Properties owned by
REIT, the Borrower and their respective Wholly-Owned Subsidiaries; plus 

  
 7 

 (d) the undepreciated book value determined in accordance with GAAP of all
Unimproved Land owned by REIT, the Borrower and their respective Wholly-Owned Subsidiaries; plus 
 (e)
the aggregate amount of all Unrestricted Cash and Cash Equivalents of REIT and its Subsidiaries as of the date of determination determined in accordance with GAAP; plus 

(f) the REIT’s Unconsolidated Allocation Percentage of the Consolidated Total Asset Value attributable to any of the
items listed above in this definition owned by such Unconsolidated Entity. 
 For purposes of determining Consolidated Total
Asset Value, assets no longer owned as of a date of determination shall be excluded from such calculation. 
 Consolidated
Total Indebtedness. All Indebtedness of the Consolidated Entities determined on a Consolidated basis. 
 Consolidated
Total Secured Indebtedness. On any date of determination, all Secured Indebtedness of the Consolidated Entities determined on a Consolidated basis and shall include (without duplication) such Person’s Unconsolidated Allocation Percentage of
the Secured Indebtedness of its Unconsolidated Entities. 
 Consolidated Total Unsecured Indebtedness. On any date of
determination, all Unsecured Indebtedness of the Consolidated Entities determined on a Consolidated basis and shall include (without duplication) such Person’s Unconsolidated Allocation Percentage of the Unsecured Indebtedness of its
Unconsolidated Entities. 
 Contribution Agreement. That certain Contribution Agreement as may be required to be executed
by the Borrower and the Guarantors (including each Additional Subsidiary Guarantor which may hereafter become a party thereto) pursuant to the terms hereof, in the form attached hereto as Exhibit J, as the same may be modified, amended or
ratified from time to time. 
 Conversion/Continuation Request. A notice given by the Borrower to the Agent of its
election to convert or continue a Loan in accordance with §4.1. 
 Credit Party. The Agent or any other Lender.

 Credit Rating. As of any date of determination, the higher of the credit ratings (or their equivalents) then assigned
to REIT’s long-term senior unsecured non-credit enhanced debt by either of the Rating Agencies. A credit rating of BBB- from S&P is equivalent to a credit rating of Baa3 from Moody’s and vice versa. A credit rating of BBB from S&P
is equivalent to a credit rating of Baa2 from Moody’s and vice versa: A credit rating of BBB+ from S&P is equivalent to a credit rating of Baal by Moody’s and vice versa. It is the intention of the parties that if REIT shall only
obtain a credit rating from one of the Rating Agencies without seeking a credit rating from the other of the Rating Agencies, the Borrower shall be entitled to the benefit of the Credit Rating Level for such credit rating. If REIT shall have
obtained a credit rating from both of the Rating Agencies, the higher of the two ratings shall control, provided that the lower rating is only 

  
 8 

 
one level below that of the higher rating. If the lower rating is more than one level below that of the higher credit rating, the operative rating shall be deemed to be one rating level lower
than the higher of the two ratings. In the event that REIT shall have obtained a credit rating from both of the Rating Agencies and shall thereafter lose such rating (whether as a result of a withdrawal, suspension, election to not obtain a rating,
or otherwise) from one of the Rating Agencies, the operative rating would be deemed to be one rating level lower than the remaining rating. In the event that REIT shall have obtained a credit rating from both of the Rating Agencies and shall
thereafter lose such rating (whether as a result of withdrawal, suspension, election to not obtain a rating, or otherwise) from both of the Rating Agencies, REIT shall be deemed for the purposes hereof not to have a credit rating. If at any time
either of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrower and the Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the
system of ratings of each substitute rating agency with that of the rating agency being replaced), and pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. 

Credit Rating Level. One of the following five pricing levels, as applicable, and provided that, during any period that REIT has
no Credit Rating Level, Credit Rating Level 5 shall be the applicable Credit Rating Level; 
 “Credit
Rating Level 1” means the Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to A- by S&P or A3 by Moody’s; 

“Credit Rating Level 2” means the Credit Rating Level which would be applicable for so long as the Credit
Rating is equal to BBB+ by S&P or Baal by Moody’s; 
 “Credit Rating Level 3” means the
Credit Rating Level which would be applicable for so long as the Credit Rating is equal to BBB by S&P or Baa2 by Moody’s; 
 “Credit Rating Level 4” means the Credit Rating Level which would be applicable for so long as the Credit Rating is equal to BBB- by S&P or Baa3 by Moody’s; and 

“Credit Rating Level 5” means the Credit Rating Level which would be applicable for so long as the Credit
Rating is less than BBB- by S&P or Baa3 by Moody’s or there is no Credit Rating. 
 Default. See §12.1.

 Defaulting Lender. Any Lender that (a) has failed, within two Business Days of the date required to be funded or
paid, to (i) fund any portion of its Loans or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Agent in writing that such failure
is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party
in writing, or has made a public statement to the effect, that it does not intend or 

  
 9 

 
expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith
determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit,
(c) has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is
financially able to meet such obligations) to fund prospective Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification
in form and substance satisfactory to it and the Agent, or (d) has become the subject of a Bankruptcy Event. 
 Default
Rate. See §4.12. 
 Derivatives Contract. Any and all rate swap transactions, basis swaps, credit derivative
transactions, rate cap 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.
Not in limitation of the foregoing, the term “Derivatives Contract” includes 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, including any such obligations or liabilities under any such master agreement.

 Derivatives Termination Value. In respect of any one or more Derivatives Contracts, after taking into account the
effect of any legally enforceable netting agreement relating to such Derivatives Contracts, (a) for any date on or after the date such Derivatives Contracts have been closed out and termination value(s) determined in accordance therewith, such
termination value(s), and (b) for any date prior to the date referenced in clause (a) the amount(s) determined as the mark-to-market value(s) for such Derivatives Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Derivatives Contracts as reasonably acceptable to Agent and Borrower (which may include the Agent or any Lender). 

Designated Person. A person or entity (a) listed in the annex to, or otherwise subject to the provisions of, any Executive
Order; (b) named as a “Specially Designated National and Blocked Person” (“SDN”) on the most current list published by OFAC at its official website or any replacement website or other replacement official publication
of such list (the “SDN List”) or is otherwise the subject of any Sanctions Laws and Regulations; (c) in which an entity or person on the SDN List has 50% or greater ownership interest or that is otherwise controlled by an SDN.

  
 10 

 Development Property. Any Real Estate owned or acquired by the REIT, Borrower or any
of their respective Subsidiaries and on which the Borrower or any of its Subsidiaries is actively pursuing construction of one or more buildings for use as a multifamily property and for which construction is proceeding to completion without undue
delay from permit denial, construction delays or otherwise, all pursuant to the ordinary course of business of the REIT, Borrower or such Subsidiary; provided that any such property will no longer be considered to be a Development Property at the
earlier to occur of (i) the first date that not less than 85% of the apartment units in such multifamily property are subject to a lease and (ii) such Real Estate having been in operation for four (4) full fiscal quarters. 

Distribution. Any (a) dividend or other distribution, direct or indirect, on account of any Equity Interest of the
Guarantors, the Borrower, or any of their respective Subsidiaries now or hereafter outstanding, except a dividend payable solely in Equity Interests of identical class to the holders of that class; (b) redemption, conversion, exchange,
retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interest of the Guarantors, the Borrower, or any of their respective Subsidiaries now or hereafter outstanding; and
(c) payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of the Guarantors, the Borrower, or any of their respective Subsidiaries now or hereafter outstanding.

 Dollars or $. Dollars in lawful currency of the United States of America. 

Domestic Lending Office. Initially, the office of each Lender designated as such on Schedule 1.1 hereto; thereafter, such
other office of such Lender, if any, located within the United States that will be making or maintaining Base Rate Loans. 

Drawdown Date. The date on which any Loan is made or is to be made, and the date on which any Loan which is made prior to the
Maturity Date is converted in accordance with §4.1. 
 EBITDA. For any period (without duplication), the
consolidated Net Income (or Loss) of the Consolidated Entities for such period (before deduction for minority interests in any of the Consolidated Entities and excluding any adjustments for “straight-line rent accounting”),
plus (A) the following items to the extent deducted in computing such consolidated Net Income (or Loss) for such period: (i) Consolidated Interest Expense of the Consolidated Entities for such period, (ii) consolidated income
tax expense of the Consolidated Entities for such period, (iii) consolidated expenses associated with the upfront costs of acquisitions and not otherwise capitalized, and (iv) consolidated real estate depreciation, amortization, and other
extraordinary and non-cash items of the Consolidated Entities for such period (except, in the case of such other non-cash items, to the extent that a cash payment will be required to be made in respect thereof in a future period), minus
(B) the following items to the extent included in computing such consolidated Net Income (or Loss) for such period: (i) all consolidated gains (or plus all consolidated losses) attributable to any sales or other dispositions of assets,
debt restructurings or early retirement of debt of the Consolidated Entities in such period, and (ii) all income (or plus all losses) from all Unconsolidated Entities, plus (or minus, as applicable) (C) the Unconsolidated Allocation
Percentage of any of the items described above in this definition that are attributable to any Unconsolidated Entity for such period. 

  
 11 

 Electronic System. Any electronic system, including e-mail,
e-fax, Intralinks®, ClearPar® and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the
Administrative Agent and the Issuing Bank and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or other security system. 

Eligible Real Estate. Real Estate: 
 (a) which is wholly-owned in fee (or leased under a Ground Lease) by the REIT, Borrower or a Subsidiary Guarantor; 
 (b) which is located within the continental United States; 
 (c)
which is either (i) Unimproved Land, (ii) a Development Property, (iii) the Headquarters, or (iv) an income-producing multifamily property, which contains improvements that are in operating condition and available for occupancy,
is currently open for business to the public and has been fully and continuously operating during the immediately preceding three (3) month period, and with respect to which valid certificates of occupancy and all other operating permits and
licenses have been validly issued and are in full force and effect; 
 (d) as to which all of the representations
set forth in §6 of this Agreement concerning Unencumbered Borrowing Base Property are true and correct; and 

(e) which is in compliance with and would not cause a Default or Event of Default under this Agreement. 

Eligible Real Estate Qualification Documents. See §7.17(a)(ix). 

Employee Benefit Plan. Any employee benefit plan within the meaning of §3(3) of ERISA maintained or contributed to by the
Borrower, any Guarantor or any ERISA Affiliate, other than a Multiemployer Plan. 
 Environmental Laws. See
§6.20(a). 
 Equity Interests. With respect to any Person, any share of capital stock of (or other ownership or
profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person, any security convertible into or
exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests), and any other
ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or Other interest is authorized or
otherwise existing on any date of determination. 
 Equity Offering. The issuance and sale after the Closing Date by REIT
or any of its Subsidiaries of any equity securities of such Person. 

  
 12 

 ERISA. The Employee Retirement Income Security Act of 1974, as amended and in effect
from time to time, and all regulations and formal guidance issued thereunder. 
 ERISA Affiliate. Any Person which is
treated as a single employer with REIT or its Subsidiaries under §414 of the Code or §4001 of ERISA, and any predecessor entity of any of them. 
 ERISA Reportable Event. A reportable event with respect to a Guaranteed Pension. Plan within the meaning of §4043 of ERISA as to which the requirement of notice has not been waived or any
other event with respect to which the Borrower or an ERISA Affiliate could have liability under ERISA §4062(e) or §4063. 
 Event of Default. See §12.1. 
 Excluded FATCA Tax. Any tax,
assessment or other governmental charge imposed on a Lender under FATCA, to the extent applicable to the transactions contemplated by this Agreement, 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 requirements of FATCA. 
 Existing Credit
Facilities. The credit facilities of the Borrower more particularly described on Schedule 1.3 hereto. 
 Existing
Revolving Credit Facility. The revolving credit facilities of the Borrower with KeyBank, National Association as administrative agent, entered into November 1, 2011, as more particularly described on Schedule 1.3 hereto. 

Extension Effective Date. See §2.10(b). 
 Extension Notice Date. See §2.10(a). 
 FATCA. Sections 1471
through 1474 of the Internal Revenue Code. 
 Federal Funds Effective Rate. For any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Agent
from three Federal funds brokers of recognized standing selected by it. 
 Fund. Any Person (other than a natural person)
that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 Funds from Operations. With respect to REIT and its Subsidiaries for any period, on a Consolidated basis (and in accordance with the standards established by the Board of Governors of NAREIT in its
March 1995 White Paper, as amended in November 1999 and April 2000), Net 

  
 13 

 
Income, excluding to the extent included to arrive at Net Income: (1) gains (or losses) from sales of property and extraordinary and unusual items, (ii) depreciation and amortization,
and (iii) expenses (not otherwise capitalized) associated with the upfront costs of acquisitions. Adjustments for Unconsolidated Entities will be calculated to reflect funds from operations on the same basis. 

GAAP. Principles that are (a) consistent with the principles promulgated or adopted by the Financial Accounting Standards
Board and its predecessors, as in effect from time to time and (b) consistently applied with past financial statements of the Person adopting the same principles; provided that a certified public accountant would, insofar as the use of such
accounting principles is pertinent, be in a position to deliver an unqualified opinion (other than a qualification regarding changes in generally accepted accounting principles) as to financial statements in which such principles have been properly
applied. 
 Governmental Authority. The government of the United States of America, any other nation or 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. 
 Ground Lease. An unsubordinated ground lease as to which no default or event of default has
occurred or with the passage of time or the giving of notice would occur and containing the following terms and conditions: (a) a remaining term (exclusive of any unexercised extension options) of thirty (30) years or more from the Closing
Date; (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor; (c) the obligation of the lessor to give the holder of any mortgage lien on such leased property written
notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosure, and fails to do so; (d) reasonable
transferability of the lessee’s interest under such lease, including the ability to sublease; and (e) such other rights customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised
pursuant to a ground lease. 
 Guaranteed Pension Plan. Any employee pension benefit plan within the meaning of
§3(2) of ERISA maintained or contributed to by the Borrower or any ERISA Affiliate the benefits of which are guaranteed on termination in full or in part by the PBGC pursuant to Title IV of ERISA, other than a Multiemployer Plan. 

Guarantors. Collectively, REIT and the Subsidiary Guarantors (including all Additional Subsidiary Guarantors), and individually
any one of them. 
 Guaranty. The Unconditional Guaranty of Payment and Performance dated of even date herewith given by
REIT and, if required by the terms of this Agreement, the Subsidiary Guarantors (including each Additional Subsidiary Guarantor which may hereafter become a party thereto) to and for the benefit of Agent and the Lenders as the same may be modified,
amended, restated or ratified, such Guaranty to be in form and substance satisfactory to the Required Lenders. 

  
 14 

 Hazardous Substances. See §6.20(b). 

Headquarters. The REIT’s corporate headquarters, which is wholly owned by the Borrower and located at 6584 Poplar Avenue,
Memphis, Tennessee. 
 Indebtedness. With respect to a Person, at the time of computation thereof, all of the following
(without duplication): (a) all obligations of such Person in respect of money borrowed (other than trade debt incurred in the ordinary course of business not more than 180 days past due); (b) all obligations of such Person, whether or not
for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money
indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that are issued or assumed as full or partial payment for property or services rendered;
(c) obligation of such Person as a lessee or obligor under a Capitalized Lease; (d) all reimbursement obligations of such Person under any letters of credit or acceptances (whether or not the same have been presented for payment);
(e) all obligations of such Person in respect of any purchase obligation, repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to the extent the
obligation can be solely satisfied by the issuance of Equity Interests); (f) all Indebtedness of other Persons which such Person has guaranteed or is otherwise recourse to such Person (except for guaranties of customary exceptions for fraud,
misapplication of funds, environmental indemnities, violation of “special purpose entity” covenants, and other similar exceptions to recourse liability until a claim is made with respect thereto, and then shall be included only to the
extent of the amount of such claim), including any obligation to supply funds to or in any manner to invest directly or indirectly in a Person, to maintain working capital or equity capital of a Person or otherwise to maintain net worth, solvency or
other financial condition of a Person, to purchase indebtedness, or to assure the owner of indebtedness against loss, including, without limitation, through an agreement to purchase property, securities, goods, supplies or services for the purpose
of enabling the debtor to make payment of the indebtedness held by such owner or otherwise; and (g) such Person’s Unconsolidated Allocation Percentage of the Indebtedness of any Unconsolidated Entity of such Person. Indebtedness of any
Person shall include Indebtedness of any partnership or joint venture in which such Person is a general partner or joint venturer to the extent of such Person’s pro rata share of the ownership of such partnership or joint venture (except if
such Indebtedness, or portion thereof, is recourse to such Person, in which case the greater of such Person’s pro rata portion of such Indebtedness or the amount of the recourse portion of the Indebtedness, shall be included as Indebtedness of
such Person). All Loans shall constitute Indebtedness of the Borrower. 
 Interest Payment Date. As to each Base Rate
Loan, the fifth (5th) day of each calendar month during the term of such Loan. As to each LIBOR Rate Loan, the last day of the applicable Interest Period and on the date such LIBOR Rate Loan is converted or paid in full, provided that in the
event that the Interest Period shall be for a period of six (6) months, then interest shall also be payable on the three (3) month anniversary of the commencement of such Interest Period. 

Interest Period. With respect to each LIBOR Rate Loan (a) initially, the period commencing on the Drawdown Date of such LIBOR
Rate Loan and ending one, three or six 

  
 15 

 
months thereafter, and (b) thereafter, each period commencing on the day following the last day of the next preceding Interest Period applicable to such Loan and ending on the last day of
one of the periods set forth above, as selected by the Borrower in a Loan Request or Conversion/Continuation Request; provided that all of the foregoing provisions relating to Interest Periods are subject to the following: 

(i) if any Interest Period with respect to a LIBOR Rate Loan would otherwise end on a day that is not a LIBOR Business Day, such Interest
Period shall end on the next succeeding LIBOR Business Day, unless such next succeeding LIBOR Business Day occurs in the next calendar month, in which case such Interest Period shall end on the next preceding LIBOR Business Day, as determined
conclusively by the Agent in accordance with the then current bank practice in London; 
 (ii) if the Borrower shall fail to
give notice as provided in §4.1, the Borrower shall be deemed to have requested a conversion of the affected LIBOR Rate Loan to a Base Rate Loan on the last day of the then current Interest Period with respect thereto; 

(iii) any Interest Period pertaining to a LIBOR Rate Loan 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 applicable calendar month; and 
 (iv) no Interest Period relating to any LIBOR Rate Loan shall extend beyond the Maturity Date. 
 Investments. With respect to any Person, all shares of capital stock, evidences of Indebtedness and other securities issued by any other Person and owned by such Person, all loans, advances, or
extensions of credit to, or contributions to the capital of, any other Person, all purchases of the securities or business or integral part of the business of any other Person and commitments and options to make such purchases, all interests in real
property, and all other investments; provided, however, that the term “Investment” shall not include (i) equipment, inventory and other tangible personal property acquired in the ordinary course of business, or
(ii) current trade and customer accounts receivable for services rendered in the ordinary course of business and payable in accordance with customary trade terms. In determining the aggregate amount of Investments outstanding at any particular
time: (a) there shall be included as an Investment all interest accrued with respect to Indebtedness constituting an Investment unless and until such interest is paid; (b) there shall be deducted in respect of each Investment any amount
received as a return of capital; (c) there shall not be deducted in respect of any Investment any amounts received as earnings on such Investment, whether as dividends, interest or otherwise, except that accrued interest included as provided in
the foregoing clause (a) may be deducted when paid; and (d) there shall not be deducted in respect of any Investment any decrease in the value thereof. 
 Joinder Agreement. The Joinder Agreement with respect to the Guaranty and the Contribution Agreement to be executed and delivered pursuant to §5.2 by any Additional Subsidiary Guarantor, such
Joinder Agreement to be substantially in the form of Exhibit C hereto. 

  
 16 

 JPMorgan. As defined in the preamble hereto. 

Leases. Leases, licenses and agreements, whether written or oral, relating to the use or occupation of space in any Building or of
any Real Estate. 
 Lenders. JPMorgan, the other lending institutions which are party hereto and any other Person which
becomes an assignee of any rights of a Lender pursuant to §18 (but not including any participant as described in §18). 
 LIBOR. For any LIBOR Rate Loan for any Interest Period, the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page) on such screen at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits in the London interbank market with a maturity comparable to such Interest Period. In the event that such rate does not appear on such page
(or on any successor or substitute page on such screen or otherwise on such screen), “LIBOR” with respect to such LIBOR Rate Loan for such Interest Period shall be determined by reference to such other comparable publicly available service
for displaying interest rates for dollar deposits in the London interbank market as may be selected by the Agent or, in the absence of such availability, by reference to the rate at which dollar deposits of $5,000,000 and for a maturity comparable
to such Interest Period are offered by the principal London office of the Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest
Period. 
 LIBOR Business Day. Any day on which commercial banks are open for international business (including dealings
in Dollar deposits) in London, England. 
 LIBOR Lending Office. Initially, the office of each Lender designated as such
on Schedule 1.1 hereto; thereafter, such other office of such Lender, if any, that shall be making or maintaining LIBOR Rate Loans. 
 LIBOR Rate Loans. Term Loans bearing interest calculated by reference to Adjusted LIBO Rate. 
 Lien. See §8.2. 
 Loan Documents. This Agreement, the Notes,
the Guaranty, the Joinder Agreement, and all other documents, instruments or agreements now or hereafter executed or delivered by or on behalf of the Borrower or the Guarantors in connection with the Loans. 

Loan Request. See §2.7. 
 Loan or Loans. The Term Loan or the Term Loans, as the case may be. 

Manager. Mid-America Apartments, L.P., a Tennessee limited partnership. 

Material Adverse Effect. A material adverse effect on (a) the business, properties, assets, condition (financial or
otherwise) or results of operations of REIT and its Subsidiaries considered as a whole; (b) the ability of the Borrower or any Guarantor to perform any of its obligations under the Loan Documents; or (c) the validity or enforceability of
any of the Loan Documents or the rights or remedies of Agent or the Lenders thereunder. 

  
 17 

 Material Contract. Any contract or other arrangement (other than Loan Documents),
whether written or oral, to which the Borrower, REIT or any of their respective Subsidiaries is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material
Adverse Effect. 
 Material Subsidiary. Any Subsidiary of REIT which has total asset value that constitutes in excess of
five percent (5%) of Consolidated Total Asset Value. For the purposes of this definition, the asset value shall be calculated consistent with the definition of Consolidated Total Asset Value. 

Maturity Date. June 14, 2014 or, if the Maturity Date is extended in accordance with the terms of §2.10, June 14,
2015, or such earlier date on which the Loan shall become due and payable pursuant to the terms hereof. 
 Merger
Transaction. That certain stock-for-stock merger transaction more fully described on Schedule 1.4. 

Moody’s. Moody’s Investor Service, Inc. or its successor. 

Mortgage Notes. Seller financing notes that the Borrower has received from purchasers of its properties. For purposes of
calculations in this Agreement, Mortgage Notes shall be valued in accordance with GAAP (including write-offs for uncollectability). 
 Multiemployer Plan. Any multiemployer plan within the meaning of §3(37) or §4001(a)(3) of ERISA or §414(f) of the Code maintained or contributed to by the Borrower, any Guarantor or
any ERISA Affiliate. 
 Net Cash Proceeds. With respect to any Capital Markets Transaction, the cash proceeds received
from such Capital Markets Transaction, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred and payable to third parties in
connection therewith. 
 Net Income (or Loss). With respect to any Person (or any asset of any Person) for any period,
the net income (or loss) of such Person (or attributable to such asset), determined in accordance with GAAP. 
 Net Offering
Proceeds. The gross cash proceeds received by REIT or any of its Subsidiaries as a result of an Equity Offering less the customary and reasonable costs, expenses and discounts paid by REIT or such Subsidiary in connection therewith.

 Net Operating Income. For any Real Estate and for a given period, the sum of the following (without duplication):
(a) gross revenues (including interest income) received in the ordinary course from such Real Estate minus (b) all expenses paid or accrued related to the ownership, operation or maintenance of such Real Estate, including but not
limited to taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping 

  
 18 

 
expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection
with such Real Estate, but specifically excluding general overhead expenses of the REIT, Borrower or any Subsidiary, any property management fees, debt service charges, income taxes, depreciation, amortization, other non-cash expenses, and any
extraordinary, non-recurring expense associated with any financing, merger, acquisition, divestiture or other capital transaction) minus (c) a management fee in the amount of three percent (3.0%) of the gross revenues for such Real Estate
for such period. 
 Non-Defaulting Lender. At any time, any Lender that is not a Defaulting Lender at such time.

 Non-Recourse Exclusions. With respect to any Non-Recourse Indebtedness of any Person, any usual and customary
exclusions from the non-recourse limitations governing such Indebtedness, including, without limitation, exclusions for claims that (i) are based on fraud, intentional misrepresentation, misapplication of funds, gross negligence or willful
misconduct, (ii) result from intentional mismanagement of or waste at the Real Property securing such Non-Recourse Indebtedness, (iii) arise from the presence of Hazardous Substances on the Real Property securing such Non-Recourse
Indebtedness; or (iv) are the result of any unpaid real estate taxes and assessments (whether contained in a loan agreement, promissory note, indemnity agreement or other document). 

Non-Recourse Indebtedness. Indebtedness of REIT, Borrower or a Subsidiary of REIT or Borrower which is not a Guarantor for
borrowed money (other than construction completion guaranties with respect to Development Properties) in respect of which recourse for payment (except for Non-Recourse Exclusions until a claim is made with respect thereto, and then such Indebtedness
shall not constitute “Non-Recourse Indebtedness” only to the extent of the amount of such claim) is contractually and solely limited to specific assets of such Person encumbered by a Lien securing such Indebtedness and is not a
general obligation of such Person. 
 Notes. Collectively, the Term Loan Notes. 

Notice. See §19. 
 Obligations. All indebtedness, obligations and liabilities of the Borrower and the Guarantors to any of the Lenders or the Agent, individually or collectively, under this Agreement or any of the
other Loan Documents or in respect of any of the Loans, the Notes or other instruments at any time evidencing any of the foregoing, whether existing on the date of this Agreement or arising or incurred hereafter, or arising or incurred after the
commencement of any bankruptcy or insolvency proceeding (whether or not the same is allowed as an enforceable claim in such proceeding), direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated,
secured or unsecured, arising by contract, operation of law or otherwise, whether on account of principal, interest, fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Agent or to any Lender that are
required to be paid by the Borrower pursuant hereto) or otherwise. 

  
 19 

 Occupancy Rate. With respect to any Eligible Real Estate included in the calculation
of the Borrowing Base Availability, the ratio, expressed as a percentage, of (a) the number of apartment units in such Eligible Real Estate actually occupied by tenants (excluding any tenants holding over) that are not affiliated with the
Borrower and paying rent at rates not materially less than rates generally prevailing in the geographical market of the respective Eligible Real Estate at the time the applicable lease was entered into, pursuant to binding leases as to which no
monetary default has occurred and is continuing which has continued unremedied for thirty (30) or more days to (b) the aggregate number of apartment units in such. Eligible Real Estate. For purposes of determining compliance with
§7.17(a)(viii), the aggregate Occupancy Rate shall be computed on an aggregated basis for all Unencumbered Borrowing Base Properties, consistent with the provisions for determining the Occupancy Rate for any individual Unencumbered Borrowing
Base Property as set forth above: 
 OFAC. Office of Foreign Asset Control of the Department of the Treasury of the
United States of America. 
 Outstanding. With respect to the Loans, the aggregate unpaid principal thereof as of any
date of determination. 
 Patriot Act. The Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, as the same may be amended from time to time, and corresponding provisions of future laws. 
 PBGC. The Pension Benefit Guaranty Corporation created by §4002 of ERISA and any successor entity or entities having similar responsibilities. 

Permitted Debt. Indebtedness permitted by §8.1. 
 Permitted Liens. Liens, security interests and other encumbrances permitted by §8.2. 
 Person. Any individual, corporation, limited liability company, partnership, trust, bank, trust company, land trust, business trust, unincorporated association, joint venture, business, or other
legal entity or organization (whether or not a legal entity), or any other nongovernmental entity, and any government or any governmental agency or political Subdivision thereof. 

Plan Assets. Assets of any employee benefit plan subject to Part 4, Subtitle B, Title I of ERISA. 

Preferred Distributions. For any period and without duplication, all Distributions paid, declared but not yet paid or otherwise
due and payable during such period on Preferred Securities issued by any of the Consolidated Entities. Preferred Distributions shall not include dividends or distributions (a) paid or payable solely in Equity Interests of identical class
payable to holders of such class of Equity Interests; (b) paid or payable to any of the Consolidated Entities; or (c) constituting or resulting in the redemption of Preferred Securities, other than scheduled redemptions not constituting
balloon, bullet or similar redemptions in full. 

  
 20 

 Preferred Securities. With respect to any Person, Equity Interests in such Person,
which are entitled to preference or priority over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation, or both. 

Prime Rate. The rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank as its prime rate in effect
at its office located at 270 Park Avenue, New York, New York; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

Private Placement Notes. $135,000,000 of unsecured notes issued via a private placement on July 29, 2011 and outstanding on
the date hereof which includes $50,000,000 of 4.68% Senior Guaranteed Notes (Series A) due July 29, 2018; $72,750,000 of 5.40% Senior Guaranteed Notes (Series B) due July 29, 2021; and $12,250,000 of 5.57% Senior Guaranteed Notes (Series
C) due July 29, 2023 and $175,000,000 of unsecured notes issued via a private placement on August 31, 2012, September 28, 2012 and November 30, 2012 and outstanding on the date hereof which includes $18,000,000 of 3.15%
Senior Guaranteed Notes (Series A) due November 30, 2017, $20,000,000 of 3.61% Senior Guaranteed Notes (Series B) due November 30, 2019; $117,000,000 of 4.17% Senior Guaranteed Notes (Series C) due November 30, 2022; and $20,000,000
of 4.33% Senior Guaranteed Notes (Series D) due November 30, 2024. 
 Rating Agencies. S&P and Moody’s,
collectively, and Rating Agency means either S&P or Moody’s. 
 Real Estate. All real property at any time owned
or leased (in whole or in part) or operated by the REIT, Borrower or any of its Subsidiaries or Unconsolidated Entities and which is located in the continental United States or Hawaii, including, without limitation, the Unencumbered Borrowing Base
Properties. 
 Record. The grid attached to any Note, or the continuation of such grid, or any other similar record,
including computer records, maintained by the Agent with respect to any Loan referred to in such Note. 
 Register. See
§18.2. 
 REIT. Mid-America Apartment Communities, Inc., a Tennessee corporation. 

REIT Status. With respect to a Person, its status as a real estate investment trust as defined in §856(a) of the Code.

 Related Parties. With respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 Release. See
§6.20(c)(iv). 
 Required Lenders. As of any date, the Lender or Lenders whose aggregate Commitment Percentage is at
least fifty percent (50%) of the Total Commitment; provided that in determining said percentage at any given time, all then existing Defaulting Lenders will be disregarded and 

  
 21 

 
excluded and the Commitment Percentages of the Lenders shall be redetermined for voting purposes only to exclude the Commitment Percentages of such Defaulting Lenders; provided
further that in the event that there are at least two (2) Lenders that are not Defaulting Lenders, in no event shall the “Required Lenders” include less than two (2) Lenders that are not Defaulting Lenders.

 SEC. The federal Securities and Exchange Commission. 

S&P. Standard & Poor’s Ratings Group or its successor. 

Sanctions Laws and Regulations. Any sanctions, prohibitions or requirements imposed by any executive order (an
“Executive Order”) or by any sanctions program administered by OFAC. 
 Secured Indebtedness. Any
Indebtedness of a Person that is secured by a Lien on any Real Estate or on any ownership interests in any other Person or on any other assets, provided that the portion of such Indebtedness included in Secured Indebtedness shall not exceed the sum
of the aggregate value of the assets securing such. Indebtedness at the time such Indebtedness was incurred, plus the aggregate value of any improvements to such assets, plus the value of any additional assets provided to secure such Indebtedness.
Notwithstanding the foregoing, Secured Indebtedness shall exclude Indebtedness that is secured solely by ownership interests in another Person that owns Real Estate which is encumbered by a mortgage securing Indebtedness. 

Secured Recourse Indebtedness. With respect to any Person as of any date of determination, Secured Indebtedness of other Persons
which such first Person has guaranteed or is otherwise recourse to such first Person. 
 Stabilized Property. Any Real
Estate that has had an Occupancy Rate of not less than 90% for not less than three (3) consecutive months. Once a project becomes a Stabilized Property under this Agreement, it shall remain a Stabilized Property. 

State. A state of the United States of America and the District of Columbia. 

Statutory Reserve Rate. A fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which
is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board of Governors to which the Agent is subject with respect to
the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board of Governors). Such reserve percentage shall include those imposed pursuant to such Regulation D.
LIBOR Rate Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such
Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

Stock Investments. Investment in Persons that are not Unconsolidated Entities or Subsidiaries. 

  
 22 

 Subsidiary. For any Person, any corporation, partnership, limited liability company
or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals performing similar functions of such
corporation, partnership, limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such
Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP. 
 Subsidiary Guarantors. The Persons that are a party to the Guaranty (other than REIT) from time to time, including any and all Additional Subsidiary Guarantors. 

Term Loan or Term Loans. An individual term loan or the aggregate term loans, as the case may be, in the maximum principal amount
of $250,000,000.00 to be made by the Lenders hereunder as more particularly described in §2. All Term Loans shall be made in Dollars. 
 Term Loan Notes. See §2.1(b). 
 Titled Agents. The Arranger,
and any syndication agent or documentation agent. 
 Total Commitment. The sum of the Commitments of the Lenders, as in
effect from time to time. As of the date of this Agreement, the Total Commitment is $250,000,000.00. 
 Type. As to any
Loan, its nature as a Base Rate Loan or a LIBOR Rate Loan. 
 Unconsolidated Allocation Percentage. As of any date of
determination with respect to any Unconsolidated Entity, the aggregate percentage ownership interest of the Consolidated Entities in such Unconsolidated Entity as of such date. 

Unencumbered Adjusted NOI. For any period of determination, Adjusted Net Operating Income from Unencumbered Borrowing Base
Properties; provided, however, that in no event shall any Adjusted Net Operating Income from the Headquarters be included in the calculation of Unencumbered Adjusted NOI. 
 Unencumbered Asset Value. As of the date of determination, without duplication, the sum of the following amounts on such date, all as determined for the Consolidated Entities on a consolidated
basis in accordance with GAAP: (i) Unrestricted Cash and Cash Equivalents, (ii). the Capitalized Value of all Unencumbered Borrowing Base Properties (excluding the Capitalized Value of Unencumbered Borrowing Base Properties that are classified
as Development Properties as of such date and the Capitalized Value of all Unencumbered Borrowing Base Properties that were not owned by any Consolidated Entity for four full fiscal quarters as of such date) which are multifamily properties,
(iii) without duplication, the undepreciated book value of all Unencumbered Borrowing Base Properties which are multifamily properties and are owned or in operation by any Consolidated Entity for less than four (4) full fiscal quarters as
of such date and all Unencumbered Borrowing Base Properties that are classified as Development Properties as of such date, and (iv) without duplication, the undepreciated book value of the Headquarters and all Unencumbered Borrowing Base
Properties that are classified as Unimproved Land as of such date. For purposes of this definition, to the 

  
 23 

 
extent (a) the Unencumbered Asset Value attributable to any single property would exceed ten percent (10%) of the Unencumbered Asset Value, (b) the Unencumbered Asset Value
attributable to the total of all of Development Properties, Unimproved Land and Unrestricted Cash and Cash Equivalents would exceed twenty percent (20%) of Unencumbered Asset Value, (c) the Unencumbered Asset Value attributable to
Unimproved Land would exceed ten percent (10%) of Unencumbered Asset Value, and (d) the Unencumbered Asset Value attributable to assets owned by REIT (other than the Borrower or a Subsidiary of the Borrower) would exceed fifteen percent
(15%) of Unencumbered Asset Value, in each, such case such excess shall be excluded. 
 Unencumbered Borrowing Base
Properties. Eligible Real Estate which satisfy all conditions set forth in §7.17(a), or which have been included in the calculation of the Borrowing Base Availability pursuant to §7.17(b). The initial properties designated by the
Borrower to be Unencumbered Borrowing Base Properties are described on Schedule 1.2 hereto. 
 Unencumbered Debt
Service. As of any date of determination the greater of (a) five percent (5%) multiplied by the total amount of Unsecured Indebtedness and (b) total interest expense accrued with respect to Unsecured Indebtedness for the previous
four (4) fiscal quarters. 
 Unconsolidated Entity. Any Person in which the REIT has an Investment (a) that is
not consolidated with REIT in accordance with GAAP or (b) is not a Subsidiary. 
 Unencumbered Interest Coverage
Ratio. As of any date of determination, the Unencumbered Adjusted NOI divided by the Unencumbered Debt Service tested on a trailing four quarter basis. In the event the five percent (5%) methodology is utilized to calculate Unencumbered
Debt Service, the Unencumbered Adjusted NOI, for such determination only, shall be further adjusted to annualize performance of properties that have not been owned by a Consolidated Entity for four (4) full fiscal quarters and fully exclude the
performance of sold properties. 
 Unhedged Variable Rate Debt. Any Indebtedness with respect to which the interest is
not fixed (or hedged to a fixed rate) for the entire term of such Indebtedness to maturity. 
 Unimproved Land. Land to
be used primarily for the development of multifamily properties on which no development (other than improvements that are not material and are temporary in nature) has occurred and on which no development is scheduled to occur within the following
twelve (12) months. 
 Unrestricted Cash and Cash Equivalents. As of any date of determination, the sum of
(a) the aggregate amount of Unrestricted cash and (b) the aggregate amount of Unrestricted Cash Equivalents (valued at fair market value). As used in this definition, “Unrestricted” means the specified asset is not subject
to any escrow, cash trap, negative pledge, reserves or Liens or claims of any kind in favor of any Person. 
 Unsecured
Indebtedness. With respect to the REIT and its Subsidiaries as of any date of determination, the Indebtedness of such Persons which is not Secured Indebtedness. 

  
 24 

 Wholly Owned Subsidiary. As to a Person, any Subsidiary of such first Person that is
directly or indirectly owned one hundred percent (100%) by such first Person. 
 §1.2. Rules of Interpretation.

 (a) A reference to any document or agreement shall include such document or agreement as amended, modified or
supplemented from time to time in accordance with its terms and the terms of this Agreement. 
 (b) The singular
includes the plural and the plural includes the singular. 
 (c) A reference to any law includes any amendment or
modification of such law. 
 (d) A reference to any Person includes its permitted successors and permitted
assigns. 
 (e) Accounting terms not otherwise defined herein have the meanings assigned to them by GAAP applied
on a consistent basis by the accounting entity to which they refer. 
 (f) The words “include”,
“includes” and “including” are not limiting. 
 (g) The words “approval” and
“approved”, as the context requires, means an approval in writing given to the party seeking approval after full and fair disclosure to the party giving approval of all material facts necessary in order to determine whether approval should
be granted. 
 (h) All terms not specifically defined herein or by GAAP, which terms are defined in the Uniform
Commercial Code as in effect in the State of New York, have the meanings assigned to them therein. 
 (i)
Reference to a particular “§”, refers to that section of this Agreement unless otherwise indicated. 
 (j) The words “herein”, “hereof”, “hereunder” and words of like import shall refer to this Agreement as a whole and not to any particular section or subdivision of this
Agreement. 
 (k) In the event of any change in generally accepted accounting principles after the date hereof or
any other change in accounting procedures pursuant to §7.3 which would affect the computation of any financial covenant, ratio or other requirement set forth in any Loan Document, then upon the request of the Borrower, Guarantors or Agent, the
Borrower, the Guarantors, the Agent and the Lenders shall negotiate promptly, diligently and in good faith in order to amend the provisions of the Loan Documents such that such financial covenant, ratio or other requirement shall continue to provide
substantially the same financial tests or restrictions of the Borrower and the Guarantors as in effect prior to such accounting change, as determined by the Required Lenders in their good faith judgment. Until such time as

  
 25 

 
such amendment shall have been executed and delivered by the Borrower, the Guarantors, the Agent and the Required Lenders, such financial covenants, ratio and other requirements, and all
financial statements and other documents required to be delivered under the Loan Documents, shall be calculated and reported as if such change had not occurred. 
  

	§2.	THE CREDIT FACILITY. 

 §2.1.
Term Loans. 
 (a) Subject to the terms and conditions set forth in this Agreement, each of the Lenders
severally agrees to lend to the Borrower, and the Borrower may borrow, Term Loans on the Closing Date or the applicable Drawdown Date thereafter during the Commitment Period upon notice by the Borrower to the Agent given in accordance with
§2.7, such sums as are requested by the Borrower for the purposes set forth in §2.9 up to a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to the lesser of (i) such
Lender’s Commitment and (ii) such Lender’s Commitment Percentage of the Borrowing Base Availability; provided, that, in all events no Default or Event of Default shall have occurred and be continuing or would arise as a result
thereof; and provided, further, that the outstanding principal amount of the Term Loans (after giving effect to all amounts requested), shall not at any time exceed the Total Commitment or cause a violation of the covenants set forth
in §9.1, §9.2 or §9.3. The Term Loans shall be made pro rata in accordance with each Lender’s Commitment Percentage. Each request for a Term Loan hereunder shall constitute a representation and warranty by the
Borrower that all of the conditions required of the Borrower set forth in §10 and §11 have been satisfied on the date of such request. The Agent may assume that the conditions in §10 and §11 have been satisfied unless it receives
prior written notice from a Lender that such conditions have not been satisfied. No Lender shall have any obligation to make Term Loans to the Borrower in the maximum aggregate principal outstanding balance of more than the principal face amount of
its Term Loan Note. 
 (b) The Term Loans shall be evidenced by separate promissory notes of the Borrower in substantially the
form of Exhibit A hereto (collectively, the “Term Loan Notes”), dated of even date with this Agreement (except as otherwise provided in §18.3) and completed with appropriate insertions. One Term Loan Note shall be
payable to the order of each Lender in the principal amount equal to such Lender’s Commitment or, if less, the outstanding amount of all Loans made by such Lender, plus interest accrued thereon, as set forth below. The Borrower irrevocably
authorizes Agent to make or cause to be made, at or about the time of the Drawdown Date of any Term Loan or the time of receipt of any payment of principal thereof, an appropriate notation on Agent’s Record reflecting the making of such Term
Loan or (as the case may be) the receipt of such payment. The outstanding amount of the Term Loans set forth on Agent’s Record shall be prima facie evidence, absent manifest error, of the principal amount thereof owing and unpaid to each
Lender, but the failure to record, or any error in so recording, any such amount on Agent’s Record shall not limit or otherwise affect the obligations of the Borrower hereunder or under any Term Loan Note to make payments of principal of or
interest on any Term Loan Note when due. 

  
 26 

 §2.2. Termination and Reduction of Commitments. (a) Unless previously
terminated, the unused Commitments shall terminate on the last day of the Commitment Period. 
 (b) The Borrower
may at any time terminate, or from time to time reduce, the Commitments; provided that each reduction of the Commitments shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000. 

(c) The Borrower shall notify the Agent of any election to terminate or reduce the Commitments under paragraph (b) of
this §2.2 at least three (3)Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Agent shall advise the Lenders of the
contents thereof. Each notice delivered by the Borrower pursuant to this §2.2 shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the
effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the
Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 
 §2.3. [Intentionally Omitted.] 
 §2.4. [Intentionally
Omitted.] 
 §2.5. [Intentionally Omitted.] 

§2.6. Interest on Loans. 
 (a) Each Base Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the date on which such Base Rate Loan is repaid or converted to a LIBOR Rate Loan at the
rate per annum equal to the sum of the Alternate Base Rate plus the Applicable Margin. 
 (b) Each LIBOR Rate
Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the last day of each Interest Period with respect thereto at the rate per annum equal to the sum of the Adjusted LIBO Rate determined for such Interest
Period plus the Applicable Margin. 
 (c) The Borrower promises to pay interest on each Loan in arrears on each
Interest Payment Date with respect thereto. 
 (d) Base Rate Loans and LIBOR Rate Loans may be converted to Loans
of the other Type as provided in §4.1. 
 §2.7. Requests for Term Loans. Except with respect to the initial
Term Loan on the Closing Date, the Borrower shall give to the Agent written notice executed by an Authorized Officer in the form of Exhibit D hereto (or telephonic notice confirmed in writing in the form of Exhibit D hereto) of each
Term Loan requested hereunder (a “Loan Request”) by 11:00 a.m. (New York City time) one (1) Business Day prior to the proposed Drawdown Date with respect 

  
 27 

 
to Base Rate Loans and three (3) Business Days prior to the proposed Drawdown Date with respect to LIBOR Rate Loans. Each such notice shall specify with respect to the requested Term Loan
the proposed principal amount of such Term Loan, the Type of Term Loan, the initial Interest Period (if applicable) for such Term Loan and the Drawdown Date. Each such notice shall also contain (i) a general statement as to the purpose for
which such advance shall be used (which purpose shall be in accordance with the terms of §2.9) and (ii) a certification by an Authorized Officer that the Borrower and Guarantors are and will be in compliance with all covenants under the
Loan Documents after giving effect to the making of such Term Loan. Promptly upon receipt of any such notice, the Agent shall notify each of the Lenders thereof. Each such Loan Request shall be irrevocable and binding on the Borrower and shall
obligate the Borrower to accept the Term Loan requested from the Lenders on the proposed Drawdown Date. Each Loan Request shall be in a minimum aggregate amount of $20,000,000.00; provided, however, that the Borrower shall not make
more than a total of five (5) Loan Requests and there shall be no more than six (6) LIBOR Rate Loans outstanding at any one time. 
 §2.8. Funds for Loans. 
 (a) Not later than 12:00 p.m.
(New York City time) on the proposed Drawdown Date of any Term Loans, each of the Lenders will make available to the Agent, at the Agent’s Head Office, in immediately available funds, the amount of such Lender’s Commitment Percentage of
the amount of the requested Term Loans which may be disbursed pursuant to §2.1. Upon receipt from each such Lender of such amount, and upon receipt of the documents required by §10 and §11 and the satisfaction of the other conditions
set forth therein, to the extent applicable, the Agent will make available to the Borrower the aggregate amount of such Term Loans made available to the Agent by the Lenders, as applicable, as instructed by Borrower not later than 1:00 p.m. (New
York City time) on the proposed Drawdown Date of any Term Loans. The failure or refusal of any Lender to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Term
Loans shall not relieve any other Lender from its several obligation hereunder to make available to the Agent the amount of such other Lender’s Commitment Percentage of any requested Term Loans. 

(b) Unless the Agent shall have been notified by any Lender prior to the applicable Drawdown Date that such Lender will
not make available to Agent such Lender’s Commitment Percentage of a proposed Loan, Agent may in its discretion assume that such Lender has made such Loan available to Agent in accordance with the provisions of this Agreement and the Agent may,
if it chooses, in reliance upon such assumption make such Loan available to the Borrower, and such Lender shall be liable to the Agent for the amount of such advance. If such Lender does not pay such corresponding amount upon the Agent’s demand
therefor, the Agent will promptly notify the Borrower, and the Borrower shall promptly pay such corresponding amount to the Agent. The Agent shall also be entitled to recover from the Lender or the Borrower, as the case may be, interest on such
corresponding amount in respect of each day from the date such corresponding amount was made available by the Agent to the Borrower to the date such corresponding amount is recovered by the Agent at a per annum rate equal to (i) from the
Borrower at the applicable rate for such Loan or (ii) from a Lender at the Federal Funds Effective Rate plus one percent (1%). 

  
 28 

 §2.9. Use of Proceeds. The Borrower will use the proceeds of the Loans solely to
(a) pay closing costs in connection with this Agreement, (b) repay the principal amount of loans outstanding under the Existing Credit Facilities and finance acquisitions and developments and (c) pay any applicable costs of the
Borrower or the REIT in connection with the Merger Transaction. 
 §2.10. Extension of Maturity Date. 

(a) Not earlier than 90 days or later than 30 days prior to the scheduled Maturity Date, Borrower may, upon written notice
to Agent (which shall promptly notify Lenders) and satisfaction of the conditions precedent set forth in §2.10(b), elect to extend the Maturity Date to June 14, 2015 (the date of receipt of such notice by the Agent from the Borrower is
referred to herein as the “Extension Notice Date”). 
 (b) The extension of the Maturity Date
contemplated by §2.10(a) shall become effective on the date (the “Extension Effective Date”) on which the following conditions precedent have been satisfied: 

(i) The Agent shall have received the written notice referred to in §2.10(a); 

(ii) Borrower shall have paid to the Agent, for the benefit of each Lender, an extension fee in an amount equal to 0.10% times the
aggregate principal amount of the outstanding Loans of each such Lender as of such date; 
 (iii) On the Extension Notice Date
and Extension Effective Date, there shall exist no Default or Event of Default; and 
 (iv) The representations and warranties
made by the Borrower and the Guarantors in the Loan Documents or otherwise made by or on behalf of the Borrower or the Guarantors in connection therewith or after the date thereof shall have been true and correct in all material respects when made
and shall also be true and correct in all material respects on the Extension Notice Date and Extension Effective Date, (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be
required to be true and correct in all material respects only as of such specified date, and that any representation or warranty that is qualified by any materiality standard shall be required to be true and correct in all respects). 

Upon the satisfaction of the conditions precedent set forth in this §2.10(b) and the occurrence of the Extension Effective Date, the Agent shall
promptly confirm to the Borrower and the Lenders such extension and the Extension Effective Date. 
 §2.11.
[Intentionally Omitted.] 
 §2.12. [Intentionally Omitted.] 

  
 29 

 §2.13. Defaulting Lenders. 

(a) If for any reason any Lender shall be a Defaulting Lender, then, in addition to the rights and remedies that may be
available to the Agent or the Borrower under this Agreement or applicable law, such Defaulting Lender’s right to participate in the administration of the Loans, this Agreement and the other Loan Documents, including without limitation, any
right to vote in respect of, to consent to or to direct any action or inaction of the Agent or to be taken into account in the calculation of the Required Lenders or all of the Lenders, shall be suspended during the pendency of such failure or
refusal. If a Lender is a Defaulting Lender because it has failed to make timely payment to the Agent of any amount required to be paid to the Agent hereunder (without giving effect to any notice or cure periods), in addition to other rights and
remedies which the Agent or the Borrower may have under the immediately preceding provisions or otherwise, the Agent shall be entitled (i) to collect interest from such Defaulting Lender on such delinquent payment for the period from the date
on which the payment was due until the date on which the payment is made at the Federal Funds Rate, (ii) to withhold or setoff and to apply in satisfaction of the defaulted payment and any related interest, any amounts otherwise payable to such
Defaulting Lender under this Agreement or any other Loan Document and (iii) to bring an action or suit against such Defaulting Lender in a court of competent jurisdiction to recover the defaulted amount and any related interest. Any amounts
received by the Agent in respect of a Defaulting Lender’s Loans shall be applied as set forth in §2.13(d). 
 (b) Any Non-Defaulting Lender may, but shall not be obligated, in its sole discretion, to acquire all or a portion of a Defaulting Lender’s Commitment and Loans. Any Lender desiring to exercise such
right shall give written notice thereof to the Agent and the Borrower no sooner than two (2) Business Days and not later than five (5) Business Days after such Defaulting Lender became a Defaulting Lender. If more than one Lender exercises
such right, each such Lender shall have the right to acquire an amount of such Defaulting Lender’s Commitments and Loans in proportion to the Commitments of the other Lenders exercising such right. If after such 5th Business Day, the Lenders
have not elected to purchase all of the Commitments and Loans of such Defaulting Lender, then the Borrower may, by giving written notice thereof to the Agent, such Defaulting Lender and the other Lenders, demand that such Defaulting Lender assign
its Commitments to an eligible assignee subject to and in accordance with the provisions of §18.1 for the purchase price provided for below. No party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in
finding an eligible assignee. Upon any such purchase or assignment, and any such demand with respect to which the conditions specified in §18.1 have been satisfied, the Defaulting Lender’s interest in the Loans and its rights hereunder
(but not its liability in respect thereof or under the Loan Documents or this Agreement to the extent the same relate to the period prior to the effective date of the purchase) shall terminate on the date of purchase, and the Defaulting Lender shall
promptly execute all documents reasonably requested to surrender and transfer such interest to the purchaser or assignee thereof, including an appropriate Assignment and Acceptance Agreement. The purchase price for the Commitment of a Defaulting
Lender shall be equal to the amount of the principal balance of the Loans outstanding and owed by the Borrower to the Defaulting Lender plus any accrued but unpaid interest thereon, accrued but unpaid fees and all other Obligations owing to such
Defaulting Lender. Prior to payment of such purchase price to a Defaulting Lender, the Agent shall apply against such purchase price any amounts retained by the Agent pursuant to §2.13(d). 

  
 30 

 (c) [Intentionally Omitted.] 

(d) Any payment of principal, interest, fees or other amounts received by the Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, or otherwise, and including any amounts made available to the Agent for the account of such Defaulting Lender pursuant to §13), shall be applied at such time or times as may be determined by
the Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which
such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; third, if so determined by the Agent and the Borrower, to be held in a non-interest bearing deposit account and released pro
rata in order to (x) satisfy obligations of such Defaulting Lender to fund Loans under this. Agreement and (y) be held as cash collateral for future funding obligations of such Defaulting Lender; fourth, to the payment of any amounts owing
to the Agent or the Lenders as a result of any judgment of a court of competent jurisdiction obtained by the Agent or any Lender against such Defaulting Lender as a result of such 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 Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a
result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (i) such payment is a payment of the
principal amount of any Term Loans in respect of which such Defaulting Lender has not fully funded its appropriate share and (ii) such Term Loans were made at a time when the conditions set forth in §10 and §11, to the extent required
by this Agreement, were satisfied or waived, such payment shall be applied solely to pay the Term Loans of all Non-Defaulting Lenders on a pro rata basis until such time as all Term Loans are held by the Lenders pro rata in accordance with their
Commitment Percentages, prior to being applied to the payment of any Term Loans of, such Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a
Defaulting Lender or to post cash collateral pursuant to this §2.13(d) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto, and to the extent allocated to the repayment of principal of
the Loan, shall not be considered outstanding principal under this Agreement. 
 (e) [Intentionally Omitted.]

 (f) [Intentionally Omitted.] 

(g) If the Borrower (if no Default or Event of Default has occurred and is continuing) and the Agent agree in writing in
their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the date specified in such notice and subject to any conditions set forth therein
(which may include arrangements with respect to any cash collateral), that Lender will, 

  
 31 

 
to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Agent may determine to be necessary to cause the Loans to be held on a
pro rata basis by the Lenders in accordance with their Commitments, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of
the Borrower while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of
any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender. 
  

	§3.	REPAYMENT OF THE LOANS. 

§3.1. Stated Maturity. The Borrower promises to pay on the Maturity Date and there shall become absolutely due and payable on
the Maturity Date all of the Term Loans outstanding on such date, together with any and all accrued and unpaid interest thereon and all other Obligations. 
 §3.2. Mandatory Prepayments. 
 (a) If at any time
(x) the sum of the aggregate principal amount of all Term Loans made hereunder exceeds the Total Commitment or (y) the aggregate outstanding amount of Consolidated Total Unsecured Indebtedness at such time (including the sum of the
aggregate outstanding principal amount of the Term Loans) exceeds the Borrowing Base Availability then the Borrower shall immediately pay the amount of such excess to the Agent for the respective accounts of the Lenders, as applicable, for
application to the Loans as provided in §3.4, together with any additional amounts payable pursuant to §4.8. 
 (b) If any Capital Markets Transaction is consummated after the Closing Date, the Borrower shall apply 100% of the Net Cash Proceeds of such Capital Markets Transaction to the prepayment of the Loans as
provided in §3.4, together with any additional amounts payable pursuant to §4.8, on the date that such Net Cash Proceeds are received. 
 §3.3. Optional Prepayments. 
 (a) The Borrower shall
have the right, at its election, to prepay the outstanding amount of the Term Loans, as a whole or in part, at any time and from time to time without penalty or premium; provided, that if any prepayment of the outstanding amount of any LIBOR
Rate Loans pursuant to this §3.3 is made on a date that is not the last day of the Interest Period relating thereto, such prepayment shall be accompanied by the payment of any amounts due pursuant to §4.8. 

(b) The Borrower shall give the Agent, no later than 10:00 a.m. (New York City time) at least three (3) days prior
written notice of any prepayment pursuant to this §3.3 of LIBOR Rate Loans unless a shorter notice period is agreed to in writing by the Agent, and one (1) Business Day’s prior written notice of any prepayment pursuant to this
§3.3 of Base Rate Loans, in each case specifying the proposed date of prepayment of the Loans and the principal amount to be prepaid (provided that any such notice may be revoked or modified upon one (1) day’s prior notice to the
Agent). 

  
 32 

 §3.4. Partial Prepayments. Each partial prepayment of the Loans under §3.3
shall be in a minimum amount of $100,000.00 or an integral multiple of $100,000.00 in excess thereof, shall be accompanied by the payment of accrued interest on the principal prepaid to the date of payment. Each partial payment under §3.2 and
§3.3 shall be applied first to the accrued but unpaid interest and then to the principal of Term Loans. In the absence of instruction by the Borrower, prepayments shall be applied first to the principal of Base Rate Loans, and then to the
principal of LIBOR Rate Loans. 
 §3.5. [Intentionally Omitted.] 

§3.6. Effect of Prepayments. Amounts of the Loans prepaid under §3.2 and §3.3 may not be reborrowed. 

 

	§4.	CERTAIN GENERAL PROVISIONS. 

§4.1. Conversion Options. 
 (a) The Borrower may elect from time to time to convert any of its outstanding Term Loans to a Term Loan of another Type and such Term Loans shall thereafter bear interest as a Base Rate Loan or a LIBOR
Rate Loan, as applicable; provided, that (i) with respect to any such conversion of a LIBOR Rate Loan to a Base Rate Loan, the Borrower shall give the Agent at least one (1) Business Day’s prior written notice of such election,
and such conversion shall only be made on the last day of the Interest Period with respect to such LIBOR Rate Loan; (ii) with respect to any such conversion of a Base Rate Loan to a LIBOR Rate Loan, the Borrower shall give the Agent at least
three (3) LIBOR Business Days’ prior written notice of such election and the Interest Period requested for such Loan, the principal amount of the Loan so converted shall be in a minimum aggregate amount of $1,000,000.00 or an integral
multiple of $500,000.00 in excess thereof and, after giving effect to the making of such Loan, there shall be no more than six (6) LIBOR Rate Loans outstanding at any one time unless all of the Lenders otherwise consent in writing; and
(iii) no Loan may be converted into a LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of the outstanding Term Loans of any Type may be converted as provided herein, provided that no
partial conversion shall result in a Base Rate Loan in a principal amount of less than $1,000,000.00 or an integral multiple of $100,000.00 or a LIBOR Rate Loan in a principal amount of less than $1,000,000.00 or an integral multiple of $500,000.00.
On the date on which such conversion is being made, each Lender shall take such action as is necessary to transfer its Commitment Percentage of such Loans to its Domestic Lending Office or its LIBOR Lending Office, as the case may be. Each
Conversion/Continuation Request relating to the conversion of a Base Rate Loan to a LIBOR Rate Loan shall be irrevocable by the Borrower. The Agent shall promptly notify the Lenders of the applicable Adjusted LIBO Rate or Alternate Base Rate.

 (b) Any LIBOR Rate Loan may be continued as such Type upon the expiration of an Interest Period with respect
thereto by compliance by the Borrower with the terms of §4.1; provided that no LIBOR Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing, but shall be automatically converted to a Base
Rate Loan on the last day of the Interest Period relating thereto ending during the continuance of any Default or Event of Default. 

  
 33 

 (c) In the event that the Borrower does not notify the Agent of its election
hereunder with respect to any LIBOR Rate Loan, such Loan shall be automatically continued at the end of the applicable Interest Period as a LIBOR Rate Loan for an Interest Period of one month unless such Interest Period shall be greater than the
time remaining until the Maturity Date, in which case such Loan shall be automatically converted to a Base Rate Loan at the end of the applicable Interest Period. 
 §4.2. Fees. 
 (a) The Borrower agrees to pay to
JPMorgan, the Agent and the Arranger for their own account certain fees for services rendered or to be rendered in connection with the Loans as provided pursuant to a fee letter dated June 14, 2013, between the Borrower, REIT, JPMorgan and the
Arranger (the “Agreement Regarding Fees”). All such fees shall be fully earned when paid and nonrefundable under any circumstances. 
 (b) The Borrower agrees to pay to the Agent for the account of each Lender (in accordance with its Commitment Percentage), a “ticking fee” which shall accrue and be payable on the daily amount
of the unused Commitment of such Lender beginning August 13, 2013, and continuing through the last day of the Commitment Period, at a rate of 0.20% per annum on the sum of the average daily unused portion of the Commitments. All
such fees shall be fully earned when paid and nonrefundable under any circumstances. Accrued ticking fees shall be payable in arrears on the last day of March, June, September and December of each year and on the last day of the Commitment Period
commencing on September 30, 2013. All ticking fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

§4.3. [Intentionally Omitted]. 
 §4.4. Funds for Payments. 
 (a) All payments of
principal, interest, facility fees, closing fees and any other amounts due hereunder or under any of the other Loan Documents shall be made to the Agent, for the respective accounts of the Lenders and the Agent, as the case may be, at the
Agent’s Head Office, not later than 2:00 p.m. (New York City time) on the day when due, in each case in lawful money of the United States in immediately available funds. If not received by 2:00 p.m. (New York City time) on the day when due, the
Agent is hereby authorized to charge the accounts of the Borrower with JPMorgan, on the dates when the amount thereof shall become due and payable, with the amounts of the principal of and interest on the Loans and all fees, charges, expenses and
other amounts owing to the Agent and/or the Lenders under the Loan Documents. Subject to the foregoing, all payments made to Agent on behalf of the Lenders, and actually received by Agent, shall be deemed received by the Lenders on the date actually
received by Agent. 
 (b) All payments by the Borrower hereunder and under any of the other Loan Documents shall
be made without setoff or counterclaim and free and clear of and 

  
 34 

 
without deduction for any taxes (other than income or franchise taxes imposed on any Lender and any Excluded FATCA Tax), levies, imposts, duties, charges, fees, deductions, withholdings,
compulsory loans, restrictions or conditions of any nature now or hereafter imposed or levied by any jurisdiction or any political subdivision thereof or taxing or other authority therein unless the Borrower is compelled by law to make such
deduction or withholding. If any such obligation is imposed upon the Borrower with respect to any amount payable by it hereunder or under any of the other Loan Documents, the Borrower will pay to the Agent, for the account of the Lenders or (as the
case may be) the Agent, on the date on which such amount is due and payable hereunder or under such other Loan Document, such additional amount in Dollars as shall be necessary to enable the Lenders or the Agent to receive the same net amount which
the Lenders or the Agent would have received on such due date had no such obligation been imposed upon the Borrower. If any such Lender, to the extent it may lawfully do so, fails to deliver the above forms or other documentation, then the Agent may
withhold from any payments to be made to such Lender under any of the Loan Documents such amounts as are required by the Internal Revenue Code. If any Governmental Authority asserts that the Agent did not properly withhold or backup withhold, as the
case may be, any tax or other amount from payments made to or for the account of any Lender, such Lender shall indemnify the Agent therefor, including all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the
Agent under this Section, and costs and expenses (including all reasonable fees and disbursements of any law firm or other external counsel and the allocated cost of internal legal services and all disbursements of internal counsel) of the Agent.
The obligation of the Lenders under this section shall survive the termination of the Commitments, repayment of all Obligations and all the resignation or replacement of the Agent. Without limitation of §4.4(b), if a payment made to a Lender
under any Loan Document would be subject to United States federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting and document provision requirements of FATCA (including those contained in
Section 1741(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the Agent, at the time or times prescribed by law and at such time or times reasonably requested by either, such
documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower and/or the Agent as may be necessary for the
Borrower and the Agent to comply with their obligations under FATCA, to determine that such Lender has or has not complied with such Lender obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment.
The Borrower will deliver promptly to the Agent certificates or other valid vouchers for all taxes or other charges deducted from or paid with respect to payments made by the Borrower hereunder or under any other Loan Document. 

(c) Each Lender organized under the laws of a jurisdiction outside the United States, if requested in writing by the
Borrower (but only so long as such Lender remains lawfully able to do so), shall provide the Borrower with such duly executed form(s) or statement(s) which may, from time to time, be prescribed by law and, which, pursuant to applicable provisions of
(i) an income tax treaty between the United States and the country of residence of such Lender, (ii) the Code, or (iii) any applicable rules or regulations in effect under (i) or (ii) above, indicates the withholding status
of such Lender; provided that nothing herein (including without limitation the failure or inability to provide such form or statement) 

  
 35 

 
shall relieve the Borrower of its obligations under §4.4(b). In the event that the Borrower shall have delivered the certificates or vouchers described above for any payments made by the
Borrower and such Lender receives a refund of any taxes paid by the Borrower pursuant to §4.4(b), such Lender will pay to the Borrower the amount of such refund promptly upon receipt thereof; provided that if at any time thereafter such
Lender is required to return such refund, the Borrower shall promptly repay to such Lender the amount of such refund upon receipt from such Lender of a demand therefor. 

(d) The obligations of the Borrower to the Lenders under this Agreement shall be absolute, unconditional and irrevocable,
and shall be paid and performed strictly in accordance with the terms of this Agreement, under all circumstances whatsoever, including, without limitation, the following circumstances: (i) any lack of validity or enforceability of this
Agreement, or any of the other Loan Documents; (ii) the existence of any claim, set-off, defense or any right which the Borrower or any of its Subsidiaries or Affiliates may have at any time against the Lenders (other than the defense of
payment to the Lenders in accordance with the terms of this Agreement) or any other Person, whether in connection with this Agreement, any other Loan Document, or any unrelated transaction; (iii) any breach of any agreement between the
Borrower, any Guarantor or any of their. Subsidiaries or Affiliates; (iv) the surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan Documents; (v) the occurrence of any Default or
Event of Default; and (vi) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, provided that such other circumstances or happenings shall not have been the result of gross negligence or willful
misconduct on the part of the Lenders as determined by a court of competent jurisdiction after the exhaustion of all applicable appeal periods. 
 §4.5. Computations. All computations of interest on the LIBOR Rate Loans and of other fees to the extent applicable shall be based on a 360-day year and paid for the actual number of days
elapsed. All computations of interest on Base Rate Loans (including Base Rate Loans determined by reference to the Adjusted LIBO Rate) shall be based on a year of 365 or 366 days, as applicable, and paid for the actual number of days elapsed. Except
as otherwise provided in the definition of the term “Interest Period” with respect to LIBOR Rate Loans, whenever a payment hereunder or under any of the other Loan Documents becomes due on a day that is not a Business Day, the due
date for such payment shall be extended to the next succeeding Business Day, and interest shall accrue during such extension. The outstanding Loans as reflected on the records of the Agent from time to time shall be considered prima facie evidence
of such amount absent manifest error. 
 §4.6. Suspension of LIBOR Rate Loans. In the event that, prior to the
commencement of any Interest Period relating to any LIBOR Rate Loan, the Agent shall reasonably determine that adequate and reasonable methods do not exist for ascertaining Adjusted LIBO Rate for such Interest Period, or the Agent shall reasonably
determine that Adjusted LIBO Rate will not accurately and fairly reflect the cost of the Lenders making or maintaining LIBOR Rate Loans for such Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive
and binding on the Borrower and the Lenders absent manifest error) to the Borrower and the Lenders. In such event (a) any Loan Request with respect to a LIBOR Rate Loan shall be automatically withdrawn and shall be deemed a request for a Base
Rate Loan and (b) each LIBOR Rate Loan will automatically, on the last day of the then current Interest Period 

  
 36 

 
applicable thereto, become a Base Rate Loan, and the obligations of the Lenders to make LIBOR Rate Loans shall be suspended until the Agent reasonably determines that the circumstances giving
rise to such suspension no longer exist, whereupon the Agent shall so notify the Borrower and the Lenders. 
 §4.7.
Illegality. Notwithstanding any other provisions herein, if any present or future law, regulation, treaty or directive or the interpretation or application thereof shall make it unlawful, or any central bank or other governmental authority
having jurisdiction over a Lender or its LIBOR Lending Office shall assert that it is unlawful, for any Lender to make or maintain LIBOR Rate Loans, such Lender shall forthwith give notice of such circumstances to the Agent and the Borrower and
thereupon (a) the commitment of the Lenders to make LIBOR Rate Loans shall forthwith be suspended and (b) the LIBOR Rate Loans then outstanding shall be converted automatically to Base Rate Loans on the last day of each Interest Period
applicable to such LIBOR Rate Loans or within such earlier period as may be required by law. Notwithstanding the foregoing, before giving such notice, the applicable Lender shall designate a different lending office if such designation will void the
need for giving such notice and will not, in the judgment of such Lender, be otherwise materially disadvantageous to such Lender or increase any costs payable by Borrower hereunder. 

§4.8. Additional Interest. If any LIBOR Rate Loan or any portion thereof is repaid or is converted to a Base Rate Loan for
any reason on a date which is prior to the last day of the Interest Period applicable to such LIBOR Rate Loan, or if repayment of the Loans has been accelerated as provided in §12.1, or if a borrowing, conversion, or continuation of LIBOR Rate
Loans does not occur on the date specified in a Loan Request or a conversion/continuation request pursuant to §4.1, or if the Borrower fails to repay a LIBOR Rate Loan on the date specified in a prepayment notice pursuant to §3.3 or when
otherwise required hereunder, the Borrower will pay to the Agent upon demand for the account of the applicable Lenders in accordance with their respective Commitment Percentages, in addition to any amounts of interest otherwise payable hereunder,
the Breakage Costs. The Borrower understands, agrees and acknowledges the following: (i) no Lender has any obligation to purchase, sell and/or match funds in connection with the use of Adjusted LIBO Rate as a basis for calculating the rate of
interest on a LIBOR Rate Loan; (ii) Adjusted LIBO Rate is used merely as a reference in determining such rate; and (iii) the Borrower has accepted Adjusted LIBO Rate as a reasonable and fair basis for calculating such rate and any Breakage
Costs. The Borrower further agrees to pay the Breakage Costs, if any, whether or not a Lender elects to purchase, sell and/or match funds. 
 §4.9. Additional Costs, Etc. Notwithstanding anything herein to the contrary, if any present or future applicable law, which expression, as used herein, includes statutes, rules and
regulations thereunder and interpretations thereof by any competent court or by any governmental or other regulatory body or official charged with the administration or the interpretation thereof and requests, directives, instructions and notices at
any time or from time to time hereafter made upon or otherwise issued to any Lender or the Agent by any central bank or other fiscal, monetary or other authority (whether or not having the force of law), shall: 

(a) subject any Lender or the Agent to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature
with respect to this Agreement, the other Loan 

  
 37 

 
Documents, such Lender’s Commitment, or the Loans (other than taxes based upon or measured by the gross receipts, income or profits of such Lender or the Agent or its franchise tax), or

 (b) materially change the basis of taxation (except for changes in taxes on gross receipts, income or profits
or its franchise tax) of payments to any Lender of the principal of or the interest on any Loans or any other amounts payable to any Lender under this Agreement or the other Loan Documents, or 

(c) impose or increase or render applicable any special deposit, reserve (other than the Statutory Reserve Rate),
assessment, liquidity, capital adequacy or other similar requirements (whether or not having the force of law and which are not already reflected in any amounts payable by the Borrower hereunder) against assets held by, or deposits in or for the
account of or loans by, or commitments of an office of any Lender; or 
 (d) impose on any Lender or the Agent
any other conditions or requirements with respect to this Agreement, the other Loan Documents, the Loans, such Lender’s Commitment, or any class of loans or commitments of which any of the Loans or such Lender’s Commitment forms a part,
and the result of any of the foregoing is: 
 (i) to increase the cost to any Lender of making, funding, renewing, extending or
maintaining any of the Loans or such Lender’s Commitment, or 
 (ii) to reduce the amount of principal, interest or other
amount payable to any Lender or the Agent hereunder on account of such Lender’s Commitment or any of the Loans, or 

(iii) to require any Lender or the Agent to make any payment or to forego any interest or other sum payable hereunder, the amount of
which payment or foregone interest or other sum is calculated by reference to the gross amount of any sum receivable or deemed received by such Lender or the Agent from the Borrower hereunder, 

then, and in each such case, the Borrower will, within fifteen (15) days of demand made by such Lender or (as the case may be) the Agent at any time
and from time to time and as often as the occasion therefor may arise, pay to such Lender or the Agent such additional amounts as such Lender or the Agent shall determine in good faith to be sufficient to compensate such Lender or the Agent for such
additional cost, reduction, payment or foregone interest or other sum. Each Lender and the Agent in determining such amounts may use any reasonable averaging and attribution methods generally applied by such Lender or the Agent. 

§4.10. Capital Adequacy. If after the date hereof any Lender in good faith determines that (a) the adoption of or change
in any law, rule, regulation or guideline regarding capital requirements for banks or bank holding companies or any change in the interpretation or application thereof by any governmental authority charged with the administration thereof, or
(b) compliance by such Lender or its parent bank holding company with any guideline, request or directive of any such entity regarding capital adequacy (whether or not having the force of law), has the effect of reducing the return on such
Lender’s or such holding company’s capital as a consequence of such Lender’s commitment to make Loans hereunder to a level below that which 

  
 38 

 
such Lender or holding company could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such holding company’s then existing policies
with respect to capital adequacy and assuming the full utilization of such entity’s capital) by any amount deemed by such Lender to be material, then such Lender may notify the Borrower thereof. The Borrower agrees to pay to such Lender the
amount of such reduction in the return on capital as and when such reduction is determined, upon presentation by such Lender of a statement of the amount setting forth the Lender’s calculation thereof. In determining such amount, such Lender
may use any reasonable averaging and attribution methods generally applied by such Lender. 
 For purposes of §4.9 and
§4.10, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, publications, orders, guidelines and directives thereunder or issued in connection therewith and all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel. Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to
have been adopted and gone into effect after the date hereof regardless of when adopted, enacted or issued. 
 §4.11.
Breakage Costs. The Borrower shall pay all Breakage Costs required to be paid by them pursuant to this Agreement and incurred from time to time by any Lender upon demand within fifteen (15) days from receipt of written notice from Agent,
or such earlier date as may be required by this Agreement. 
 §4.12. Default Interest. Following the occurrence and
during the continuance of any Event of Default, and regardless of whether or not the Agent or the Lenders shall have accelerated the maturity of the Loans, all Loans shall bear interest payable on demand at a rate per annum equal to two percent
(2.0%) above an amount equal to the sum of the Alternate Base Rate plus the Applicable Margin in effect from time to time (the “Default Rate”), until such amount shall be paid in full (after as well as before judgment), or if
any of such amounts shall exceed the maximum rate permitted by law, then at the maximum rate permitted by law. 
 §4.13.
Certificate. A certificate setting forth any amounts payable pursuant to §4.8, §4.9, §4.10, §4.11 or §4.12 and a reasonably detailed explanation of such amounts which are due, submitted by any Lender or the Agent to
the Borrower, shall be conclusive in the absence of manifest error. 
 §4.14. Limitation on Interest.
Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, all agreements between or among the Borrower, the Guarantors, the Lenders and the Agent, whether now existing or hereafter arising and whether written or oral,
are hereby limited so that in no contingency, whether by reason of acceleration of the maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed the maximum amount permissible under
applicable law. If, from any circumstance whatsoever, interest would otherwise be payable to the Lenders in excess of the maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount permitted under applicable
law; and if from any circumstance the Lenders shall ever receive anything of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the

  
 39 

 
principal balance of the Obligations and to the payment of interest or, if such excessive interest exceeds the unpaid balance of principal of the Obligations, such excess shall be refunded to the
Borrower. All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal of the Obligations
(including the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the maximum amount permitted by applicable law. This Section shall control all agreements between or among the Borrower,
the Guarantors, the Lenders and the Agent. 
 §4.15. Certain Provisions Relating to Increased Costs. If a Lender
gives notice of the existence of the circumstances set forth in §4.7 or any Lender requests compensation for any losses or costs to be reimbursed pursuant to any one or more of the provisions of §4.4(b) (as a result of the imposition of
U.S. withholding taxes on amounts paid to such Lender under this Agreement), §4.9 or §4.10, then, upon request of the Borrower, such Lender, as applicable, shall use reasonable efforts in a manner consistent with such institution’s
practice in connection with loans like the Loan of such Lender to eliminate, mitigate or reduce amounts that would otherwise be payable by the Borrower under the foregoing provisions, provided that such action would not be otherwise
prejudicial to such Lender, including, without limitation, by designating another of such Lender’s offices, branches or affiliates; the Borrower agreeing to pay all reasonably incurred costs and expenses incurred by such Lender in connection
with any such action. Notwithstanding anything to the contrary contained herein, if no Default or Event of Default shall have occurred and be continuing, and if any Lender has given notice of the existence of the circumstances set forth in §4.7
or has requested payment or compensation for any losses or costs to be reimbursed pursuant to any one or more of the provisions of §4.4(b) (as a result of the imposition of U.S. withholding taxes on amounts paid to such Lender under this
Agreement), §4.9 or §4.10 and following the request of the Borrower has been unable to take the steps described above to mitigate such amounts (each, an “Affected Lender”), then, within thirty (30) days after such
notice or request for payment or compensation, the Borrower shall have the one-time right as to such Affected Lender, to be exercised by delivery of written notice delivered to the Agent and the Affected Lender within thirty (30) days of
receipt of such notice, to elect to cause the Affected Lender to transfer its Commitment and Loans. The Agent shall promptly notify the remaining Lenders that each of such Lenders shall have the right, but not the obligation, to acquire a portion of
the Commitment and Loans, pro rata based upon their relevant Commitment Percentages, of the Affected Lender (or if any of such Lenders does not elect to purchase its pro rata share, then to such remaining Lenders in such proportion as approved by
the Agent). In the event that the Lenders do not elect to acquire all of the Affected Lender’s Commitment and Loans, then the Agent and Borrower shall endeavor to obtain a new Lender to acquire such remaining Commitment and Loans that is
reasonably acceptable to Agent and Borrower and is an eligible assignee pursuant to §18.1. Upon any such purchase of the Commitment and Loans of the Affected Lender, the Affected Lender’s interest in the Obligations and its rights
hereunder and under the Loan Documents shall terminate at the date of purchase, and the Affected Lender shall promptly execute all documents reasonably requested to surrender and transfer such interest. The purchase price for the Affected
Lender’s Commitment and Loans shall equal any and all amounts outstanding and owed by the Borrower to the Affected Lender, including principal, prepayment premium or fee, and all accrued and unpaid interest or fees and all other Obligations.

  
 40 

	§5.	UNSECURED OBLIGATIONS; GUARANTY. 

§5.1. Unsecured Obligations. The Lenders have agreed to make the Loans to the Borrower for the account of the Borrower on an
unsecured basis. Notwithstanding the foregoing, the Obligations shall be guaranteed pursuant to the terms of the Guaranty. 

§5.2. Additional Subsidiary Guarantors. In the event that the Borrower shall request that certain Real Estate of a Wholly
Owned Subsidiary of the Borrower be included as an Unencumbered Borrowing Base Property, the Borrower shall as a condition thereto, in addition to the requirements of §7.17, cause each such Wholly Owned Subsidiary to execute and deliver to
Agent a Joinder Agreement (and if such Subsidiary is the first Subsidiary Guarantor, then such Subsidiary Guarantor, Borrower and REIT shall execute and deliver a Contribution Agreement), and such Subsidiary shall become a Subsidiary Guarantor
hereunder. Each such Subsidiary shall not be restricted by its respective organizational documents and applicable law, from serving as a Guarantor hereunder. The Borrower shall further cause all representations, covenants and agreements in the Loan
Documents with respect to the Guarantors to be true and correct with respect to each such Subsidiary or other entity. In connection with the delivery of such Joinder Agreement, the Borrower shall deliver to the Agent such organizational agreements,
resolutions, consents, opinions and other documents and instruments as the Agent may reasonably require. 
 §5.3.
Release of a Subsidiary Guarantor. The Borrower may request in writing that the Agent release, and upon receipt of such request the Agent shall release (subject to the terms hereof), a Subsidiary Guarantor from the Guaranty so long as:
(a) no Default or Event of Default shall then be in existence or would occur as a result of such release or the removal of Real Estate referred to in clause (c) below; (b) the Agent shall have received such written request at least
ten (10) Business Days prior to the requested date of release; and (c) any Real Estate owned or leased by such Subsidiary Guarantor shall be removed from the Unencumbered Borrowing Base Properties in accordance with §7.17. Delivery by
the Borrower to the Agent of any such request for a release shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and as of the date of the
effectiveness of such request) are true and correct with respect to such request. Notwithstanding the foregoing, the foregoing provisions shall not apply to REIT, which may only be released upon the written approval of Agent and all of the Lenders.

  

	§6.	REPRESENTATIONS AND WARRANTIES. 

The Borrower represents and warrants to the Agent and the Lenders as follows. 

§6.1. Corporate Authority, Etc. 
 (a) Incorporation; Good Standing. REIT is a corporation duly organized pursuant to its charter filed with the Tennessee Secretary of State, and is validly existing and in good standing under the
laws of Tennessee. REIT is organized and conducts its business in a manner which enables it to qualify as a real estate investment trust under, and is entitled to the benefits of, §856 of the Code, and has elected to be treated as a real estate
investment trust pursuant to the Code. The Borrower is a limited partnership duly organized pursuant to its certificate of limited partnership filed with the Tennessee Secretary of State, and is validly

  
 41 

 
existing and in good standing under the laws of Tennessee. Each of REIT and the Borrower (i) has all requisite power to own its respective property and conduct its respective business as now
conducted and as presently contemplated, and (ii) is in good standing and duly authorized to do business in the jurisdictions where the Unencumbered Borrowing Base Properties owned or leased by it are located and in each other jurisdiction
where a failure to be so qualified in such other jurisdiction could have a Material Adverse Effect. 
 (b)
Subsidiaries. Each of the Subsidiary Guarantors and other Subsidiaries of the Borrower and REIT (i) is a corporation, limited partnership, general partnership, limited liability company or trust duly organized under the laws of its State
of organization and is validly existing and in good standing under the laws thereof, (ii) has all requisite power to own its property and conduct its business as now conducted and as presently contemplated and (iii) is in good standing and
is duly authorized to do business in each jurisdiction where a Unencumbered Borrowing Base Property owned or leased by it is located and in each other jurisdiction where a failure to be so qualified could have a Material Adverse Effect. 

(c) Authorization. The execution, delivery and performance of this Agreement and the other Loan Documents to which
any of the Borrower or the Guarantors is a party and the transactions contemplated hereby and thereby (i) are within the authority of such Person, (ii) have been duly authorized by all necessary proceedings on the part of such Person,
(iii) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which such Person is subject or any judgment, order, writ, injunction, license or permit applicable to such
Person, (iv) do not and will not conflict with or constitute a default (whether with the passage of time or the giving of notice, or both) under any provision of the partnership agreement, articles of incorporation or other charter documents or
bylaws of, or any agreement or other instrument binding upon, such Person or any of its properties, (v) do not and will not result in or require the imposition of any lien or other encumbrance on any of the properties, assets or rights of such
Person, and (vi) do not require the approval or consent of any Person other than those already obtained and delivered to the Agent. 
 (d) Enforceability. The execution and delivery of this Agreement and the other Loan Documents to which the Borrower or any of the Guarantors is a party are valid and legally binding obligations of
such Person enforceable in accordance with the respective terms and provisions hereof and thereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the
enforcement of creditors’ rights and general principles of equity. 
 §6.2. Governmental Approvals. The
execution, delivery and performance. of this Agreement and the other Loan Documents to which the Borrower or any Guarantor is a party and the transactions contemplated hereby and thereby do not require the approval or consent of, or filing or
registration with, or the giving of any notice to, any court, department, board, governmental agency or authority other than those already obtained except for those filings after the date hereof as may be required as a publicly traded real estate
investment trust. 
 §6.3. Title to Properties. Except as indicated on Schedule 6.3 hereto, REIT and its
Subsidiaries own or lease all of the assets reflected in the pro-forma consolidated balance sheet 

  
 42 

 
of REIT as of the Balance Sheet Date or acquired or leased since that date (except property and assets sold or otherwise disposed of in the ordinary course since that date) subject to no Liens
except Permitted Liens. 
 §6.4. Financial Statements. The Borrower has furnished to Agent: (a) (i) the
audited consolidated balance sheet of REIT and its Subsidiaries as of the close of business on Balance Sheet Date and the related audited consolidated statement of income and cash flow as of the close of business on Balance Sheet Date certified by
the chief financial officer, treasurer or other senior financial officer of the REIT reasonably acceptable to Agent, and (ii) the unaudited consolidated balance sheet of REIT and its Subsidiaries as of the close of business on March 31,
2013, and the related unaudited consolidated statement of income and cash flow as of the close of business on March 31, 2013, certified by the chief financial officer, treasurer or other senior financial officer of the REIT reasonably
acceptable to Agent, (b) an unaudited statement of Net Operating Income for each of the Unencumbered Borrowing Base Properties for the period ending March 31, 2013, each reasonably satisfactory in form to the Agent and certified by the
chief financial officer, treasurer or other senior financial officer of the REIT reasonably acceptable to Agent as fairly presenting the Net Operating Income for such parcels for such periods, and (c) certain other financial information
relating to the Borrower, the Guarantors, and the Real Estate (including, without limitation, the Unencumbered Borrowing Base Properties). Such balance sheet and statements have been prepared in accordance with generally accepted accounting
principles and fairly present in all material respects the consolidated financial condition of REIT and its Subsidiaries as of such dates and the consolidated results of the operations of REIT and its Subsidiaries for such periods, subject, in the
case of unaudited financials, to normal year-end audit adjustments and the absence of footnotes. There, are no liabilities, contingent or otherwise, of REIT or any of its Subsidiaries involving material amounts not disclosed in said financial
statements and the related notes thereto. 
 §6.5. No Material Changes. Since the Balance Sheet Date or the date of
the most recent financial statements delivered pursuant to §7.4, as applicable, there has occurred no materially adverse change in the financial condition, prospects or business (a) of the Borrower and its Subsidiaries taken as a whole as
shown on or reflected in the consolidated balance sheet of REIT and its Subsidiaries as of the Balance Sheet Date, or their consolidated statement of income or cash flows for the calendar year then ended, or (b) of REIT and its Subsidiaries
taken as a whole as shown on or reflected in the consolidated balance sheet of REIT and its Subsidiaries as of the Balance Sheet Date, or their consolidated statement of income or cash flows for the calendar year then ended, other than changes in
the ordinary course of business that have not and could not reasonably be expected to have a Material Adverse Effect. As of the date hereof, except as set forth on Schedule 6.5 hereto, there has occurred no materially adverse change in the
financial condition, prospects, operations or business activities of any of the Unencumbered Borrowing Base Properties from the condition shown on the statements of income delivered to the Agent pursuant to §6.4 other than changes in the
ordinary course of business that have not had any materially adverse effect either individually or in the aggregate on the business, prospects, operation or financial condition of such Unencumbered Borrowing Base Property. 

§6.6. Franchises, Patents, Copyrights„ Etc. The Borrower, the Guarantors and their respective Subsidiaries possess all
franchises, patents, copyrights, trademarks, trade names, service marks, licenses and permits, and rights in respect of the foregoing, adequate for the 

  
 43 

 
conduct of their business substantially as now conducted without known conflict with any rights of others, except where such failure has not and could not reasonably be expected to have a
Material Adverse Effect. 
 §6.7. Litigation. Except as stated on Schedule 6.7, there are no actions, suits,
proceedings or investigations of any kind pending or to the knowledge of the Borrower threatened in writing against the Borrower, any Guarantor or any of their respective Subsidiaries before any court, tribunal, arbitrator, mediator or
administrative agency or board which question the validity of this Agreement or any of the other Loan Documents, any action taken or to be taken pursuant hereto or thereto or any lien, security title or security interest created or intended to be
created pursuant hereto or thereto, or which if adversely determined could reasonably be expected to cause a Default, or Event of Default or have a Material Adverse Effect. Except as set forth on Schedule 6.7, as of the date of this Agreement
there are no judgments, final orders or awards outstanding against or affecting the Borrower, any Guarantor or any of their respective Subsidiaries individually or in the aggregate in excess of $1,000,000.00 or any Unencumbered Borrowing Base
Property. 
 §6.8. No Material Adverse Contracts, Etc. None of the Borrower, the Guarantors or any of their
respective Subsidiaries is subject to any charter, corporate or other legal restriction, or any judgment, decree, order, rule or regulation that has or is expected in the future to have a Material Adverse Effect. None of the Borrower, the Guarantors
or any of their respective Subsidiaries is in default (taking into account all applicable cure periods, if any) of any contract or agreement that has or could reasonably be expected to have a Material Adverse Effect. 

§6.9. Compliance with Other Instruments, Laws, Etc. None of the Borrower, the Guarantors or any of their respective
Subsidiaries is in violation of any provision of its charter or other organizational documents, bylaws, or any agreement or instrument to which it is subject or by which it or any of its properties is bound or any decree, order, judgment, statute,
license, rule or regulation, in any of the foregoing cases in a manner that has had or could reasonably be expected to have a Material Adverse Effect. 
 §6.10. Tax Status. Each of the Borrower, the Guarantors and their respective Subsidiaries (a) has made or filed all federal and state income and all other tax returns, reports and
declarations required by any jurisdiction to which it is subject or has obtained an extension for filing, (b) has paid prior to delinquency all taxes and other governmental assessments and charges shown or determined to be due on such returns,
reports and declarations, except those being contested in good faith and by appropriate proceedings and (c) has set aside on its books provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods to which
such returns, reports or declarations apply. There are no unpaid taxes claimed to be due by the taxing authority of any jurisdiction, and the officers or partners of such Person know of no basis for any such claim. As of the date of this Agreement,
there are no audits pending or to the knowledge of the Borrower or the Guarantors threatened with respect to any tax returns filed by the Borrower, Guarantors or their respective Subsidiaries individually or in the aggregate involving tax returns of
$15,000,000.00 or greater. The taxpayer identification numbers for the Borrower and the Guarantors as of the Closing Date are set forth on Schedule 6.10 hereto. 

  
 44 

 §6.11. No Event of Default. No Default or Event of Default has occurred and is
continuing. 
 §6.12. Investment Company Act. None of the Borrower, the Guarantors nor any of their respective
Subsidiaries is an “investment company”, or an “affiliated company” or a “principal underwriter” of an “investment company”, as such terms are defined in the Investment Company Act of 1940. 

§6.13. Absence of UCC Financing Statements, Etc. Except with respect to Permitted Liens or as disclosed on the lien search
reports delivered to Agent prior to the Closing Date, to the best of the Borrower’s knowledge and belief there is no financing statement (but excluding any financing statements that may be filed against the Borrower, any of the Guarantors or
their respective Subsidiaries without the consent or agreement of such Persons), security agreement, chattel mortgage, real estate mortgage or other document filed or recorded with any applicable filing records, registry, or other public office,
that purports to cover, affect or give notice of any present or possible future lien on, or security interest or security title in, any property of the Borrower, any of the Guarantors or their respective Subsidiaries or rights thereunder.

 §6.14. Partners and the REIT. REIT is the sole general partner of the Borrower and as of the Closing Date owns
not less than a ninety three percent (93%) partnership interest in the Borrower, and as of the Closing Date such partnership interest is REIT’s sole interest in the Borrower. 

§6.15. Certain Transactions. Except as disclosed on Schedule 6.15 hereto and except with respect to agreements with
employees of the Borrower, any Guarantor or any of their respective Subsidiaries which in the aggregate provide for consideration or other benefits to such employees of less than $100,000.00 per year, none of the partners, officers, trustees,
managers, members, directors, or employees of the Borrower, any Guarantor or any of their respective Subsidiaries is, nor shall any such Person become, a party to any transaction with the Borrower, any Guarantor or any of their respective
Subsidiaries or Affiliates (other than for services as partners, managers, members, employees, officers and directors), including any agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or
personal property to or from, or otherwise requiring payments to or from any partner, officer, trustee, director or such employee or, to the knowledge of the Borrower, the Guarantors, any corporation, partnership, trust or other entity in which any
partner, officer, trustee, director, or any such employee has a substantial interest or is an officer, director, trustee or partner, which are on terms less favorable to the Borrower, the Guarantors or any of their respective Subsidiaries than those
that would be obtained in a comparable arms-length transaction. 
 §6.16. Employee Benefit Plans. The Borrower, each
Guarantor and each ERISA Affiliate has fulfilled its obligation, if any, under the minimum funding standards of ERISA and the Code with respect to each Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan and is in compliance in all
material respects with the presently applicable provisions of ERISA and the Code with respect to each Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan. Neither the Borrower, any Guarantor nor any ERISA Affiliate has
(a) sought a waiver of the minimum funding standard under §412 of the Code in respect of any Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan, (b) failed to make any

  
 45 

 
contribution or payment to any Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan, or made any amendment to any Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension
Plan, which has resulted or could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Code, or (c) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under
§4007 of ERISA. None of the Unencumbered Borrowing Base Properties constitutes a “plan asset” within the meaning of ERISA and the Code. 
 §6.17. Disclosure. All of the representations and warranties made by or on behalf of the Borrower, the Guarantors and their respective Subsidiaries in this Agreement and the other Loan
Documents or any document or instrument delivered to the Agent or the Lenders pursuant to or in connection with any of such Loan Documents are true and correct in all material respects. All information contained in this Agreement, the other Loan
Documents or otherwise furnished to or made available to the Agent or the Lenders by or on behalf of the Borrower, any Guarantor or any of their respective Subsidiaries is and will be true and correct in all material respects and does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein and in light of the circumstances under which they were made not misleading. The written information, reports and other
papers and data with respect to the Borrower, the Guarantors, any Subsidiary or the Unencumbered Borrowing Base Properties (other than projections and estimates) furnished to the Agent or the Lenders in connection with this Agreement or the
obtaining of the Commitments of the Lenders hereunder was, at the time so furnished, complete and correct in all material respects, or has been subsequently supplemented by other written information, reports or other papers or data, to the extent
necessary to give in all material respects a true and accurate knowledge of the subject matter in all material respects; provided that such representation shall not apply to (a) the accuracy of any appraisal, title commitment, survey, or
engineering and environmental reports or any other documents (excluding financial statements or reports) prepared by third parties or legal conclusions or analysis provided by the Borrower’s and Guarantors’ counsel (although the Borrower
and Guarantors have no reason to believe that the Agent and the Lenders may not rely on the accuracy thereof) or (b) budgets, projections and other forward-looking speculative information prepared in good faith by the Borrower and the
Guarantors (except to the extent the related assumptions were when made manifestly unreasonable). 
 §6.18. Trade Name;
Place of Business. Except as provided in Schedule 6.18 hereto, neither the Borrower nor any Guarantor uses any trade name and conducts business under any name other than its actual name set forth in the Loan Documents. The principal place
of business of the Borrower and the Guarantors is 6584 Poplar Avenue, Memphis, Tennessee 38138. 
 §6.19. Regulations T,
U and X. No portion of any Loan is to be used for the purpose of purchasing or carrying any “margin security” or “margin stock” as such terms are used in Regulations T, U and X of the Board of Governors, 12 C.F.R. Parts 220,
221 and 224. Neither the Borrower nor any Guarantor is engaged, nor will it engage, principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any “margin security” or
“margin stock” as such terms are used in Regulations T, U and X of the Board of Governors, 12 C.F.R. Parts 220, 221 and 224. 

  
 46 

 §6.20. Environmental Compliance. 

(a) None of the Borrower, the Guarantors, their respective Subsidiaries nor to the best knowledge and belief of the
Borrower and the Guarantors any operator or Manager of the Real Estate, nor any tenant or operations thereon, is in violation, or alleged violation, of any judgment, decree, order, law, license, rule or regulation pertaining to environmental
matters, including without limitation, those arising under the Resource Conservation and Recovery Act (“RCRA”), the Comprehensive Environmental Response, Compensation and Liability Act of 1980 as amended (“CERCLA”),
the Superfund Amendments and Reauthorization Act of 1986 (“SARA”), the Federal Clean Water Act, the Federal Clean Air Act, the Toxic Substances Control Act, or any state or local statute, regulation, ordinance, order or decree
relating to the environment (hereinafter “Environmental Laws”), which violation (i) involves Real Estate (other than the Unencumbered Borrowing Base Properties) and has had or could reasonably be expected to have a Material
Adverse Effect or (ii) involves an Unencumbered Borrowing Base Property and has caused or could reasonably be expected to cause a violation of §7.17(a)(ii). 

(b) None of the Borrower, the Guarantors nor any of their respective Subsidiaries has received notice from any third party
including, without limitation, any federal, state or local governmental authority, that it has been identified as a potentially responsible party under any Environmental Law or with respect to any hazardous waste, as defined by 42 U.S.C.
§9601(5), any hazardous substances as defined by 42 U.S.C. §9601(14), any pollutant or contaminant as defined by 42 U.S.C. §9601(33) or any toxic substances, oil or hazardous materials or other chemicals or substances regulated by any
Environmental Laws (“Hazardous Substances”), which it has generated, transported or disposed of or has been found at any site, or that it is or shall be a named party to any claim, action, cause of action, complaint, or legal or
administrative proceeding (in each case, contingent or otherwise) in connection with the release of Hazardous Substances or violation of Environmental Laws, which in any case (i) involves Real Estate other than the Unencumbered Borrowing Base
Properties and has had or could reasonably be expected to have a Material Adverse Effect or (ii) involves an Unencumbered Borrowing Base Property and has caused or could reasonably be expected to cause a violation of §7.17(a)(ii).

 (c) Except as set forth in Schedule 6.20 hereto, (i) no portion of the Real Estate has been used
for the handling, processing, storage or disposal of Hazardous Substances except in accordance with applicable Environmental Laws, and (ii) no underground tank or other underground storage receptacle for Hazardous Substances is located on any
portion of the Real Estate except those which are being operated and maintained in compliance with Environmental Laws; (iii) no Hazardous Substances have been generated (as to predecessors in title of REIT, the Borrower or their Subsidiaries,
to the best of the Borrower’s knowledge) or are being used on the Real Estate except in the ordinary course of business and in accordance with applicable Environmental Laws; (iv) there has been no past (as to predecessors in title of REIT,
the Borrower or their Subsidiaries, to the best of the Borrower’s knowledge) or present releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, disposing or dumping (other than the storing of
materials in reasonable quantities to the extent necessary for the operation of real properties, as applicable, of the type and size of those owned by the Borrower, the Guarantors and their respective Subsidiaries in the ordinary

  
 47 

 
course of their business, and in any event in compliance with all Environmental Laws) (a “Release”) or threatened Release of Hazardous Substances on, upon, into or from the Real
Estate; and (v) any Hazardous Substances that have been generated on any of the Real Estate have been transported off-site in accordance with all applicable Environmental Laws, except with respect to the foregoing in this §6.20(c) as
(A) any Real Estate (other than the Unencumbered Borrowing Base Properties) where the foregoing has not had or could not reasonably be expected to have a Material Adverse Effect and (B) any Unencumbered Borrowing Base Property where the
foregoing has not caused and could not reasonably be expected to cause a violation of §7.17(a)(ii). 
 (d)
None of the Borrower or the Guarantors have received any written notice of any claim by any party that any use, operation, or condition of the Real Estate has caused any nuisance or any other liability or adverse condition on any other property
which (i) as to any Real Estate other than a Unencumbered Borrowing Base Property has had or could reasonably be expected to have a Material Adverse Effect, nor is there any knowledge of any basis for such a claim or (ii) with respect to
any Unencumbered Borrowing Base Property has caused or could reasonably be expected to cause a violation of §7.17(a)(ii). 

§6.21. Subsidiaries; Organizational Structure. Schedule 6.21(a) sets forth, as of the date hereof, all of the
Subsidiaries of REIT, the form and jurisdiction of organization of each of the Subsidiaries, and the owners of the direct and indirect ownership interests therein. Schedule 6.21(b) sets forth, as of the date hereof, all of the Unconsolidated
Entities of REIT and its Subsidiaries, the form and jurisdiction of organization of each of the Unconsolidated Entities, REIT’s or its Subsidiary’s ownership interest therein and the other owners of the applicable Unconsolidated Entity. No
Person owns any legal, equitable or beneficial interest in any of the Persons set forth on Schedules 6.21(a) and 6.21(b) except as set forth on such Schedules. Each Subsidiary Guarantor is a Wholly Owned Subsidiary of the Borrower.

 §6.22. Material Contracts. As of the Closing Date, the Borrower and each of the Guarantors that is a party to any
Material Contract has performed and is in compliance in all material respects with all of the terms of such Material Contract, and no default or event of default or event or condition which with the giving of notice, the lapse of time, or both,
would constitute such a default or event of default, exists with respect to any such Material Contract. 
 §6.23.
Property. All of the Unencumbered Borrowing Base Properties, and all major building systems located thereon, are structurally sound, in good condition and working order and free from material defects, subject to ordinary wear and tear. All of
the other Real Estate of the Borrower, the Guarantors and their respective Subsidiaries is structurally sound, in good condition and working order, subject to ordinary wear and tear, except where such defects have not had and could not reasonably be
expected to have a Material Adverse Effect. Each of the Unencumbered Borrowing Base Properties, and the use and operation thereof, is in material compliance with all applicable federal and state law and governmental regulations and any local
ordinances, orders or regulations, including without limitation, laws, regulations and ordinances relating to zoning, building codes, subdivision, fire protection, health, safety, handicapped access, historic preservation and protection, wetlands,
tidelands, and Environmental Laws. There are no unpaid or outstanding real estate or other taxes or assessments on or against any of the Unencumbered Borrowing Base Properties which are payable by the Borrower or any Guarantor

  
 48 

 
(except only real estate or other taxes or assessments, that are not yet delinquent or are being protested as permitted by this Agreement or taxes which in the aggregate do not exceed
$1,000,000.00 as to which no proceedings to enforce the payment thereof have commenced). Each Unencumbered Borrowing Base Property which is a phase of a larger project either has on such Unencumbered Borrowing Base Property a leasing office,
clubhouse and other amenities for such project or has access to each of the foregoing on the adjoining phase through a perpetual insured easement. 
 §6.24. Brokers. None of the Borrower, the Guarantors nor any of their respective Subsidiaries has engaged or otherwise dealt with any broker, finder or similar entity in connection with this
Agreement or the Loans contemplated hereunder. 
 §6.25. Other Debt. As of the Closing Date only, none of the
Borrower, the Guarantors nor any of their respective Subsidiaries is in default of the payment of any Indebtedness or has received written notice that it is in default of the performance of any related agreement, mortgage, deed of trust, security
agreement, financing agreement or indenture to which any of them is a party. None of the Borrower, the Guarantors or any of their respective Subsidiaries is a party to or bound by any agreement, instrument or indenture that may require the
subordination in right or time or payment of any of the Obligations to any other indebtedness or obligation of any such Person. Schedule 6.25 hereto describes all credit facilities of the Borrower, the Guarantors or any of their respective
Subsidiaries or their respective properties and entered into by such Person as of the date of this Agreement with respect to any Indebtedness of such Person in an amount greater than $5,000,000.00. 

§6.26. Solvency. As of the Closing Date and after giving effect to the transactions contemplated by this Agreement and the
other Loan Documents, including all Loans made or to be made hereunder, neither the Borrower nor any of the Guarantors is insolvent on a balance sheet basis such that the sum of such Person’s assets exceeds the sum of such Person’s
liabilities, the Borrower and each Guarantor is able to pay its debts as they become due, and the Borrower and each Guarantor has sufficient capital to carry on its business. 
 §6.27. No Bankruptcy Filing. None of the Borrower or the Guarantors is contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the
liquidation of its assets or property, and neither the Borrower nor the Guarantors have knowledge of any Person contemplating the filing of any such petition against it. 
 §6.28. No Fraudulent Intent. Neither the execution and delivery of this Agreement or any of the other Loan Documents nor the performance of any actions required hereunder or thereunder is
being undertaken by the Borrower, any Guarantor or any of their respective Subsidiaries with or as a result of any actual intent by any of such Persons to hinder, delay or defraud any entity to which any of such Persons is now or will hereafter
become indebted. 
 §6.29. Transaction in Best Interests of Borrower and Guarantors; Consideration. The transaction
evidenced by this Agreement and the other Loan Documents is in the best interests of the Borrower and each of the Guarantors and, to the Borrower’s and Guarantors’ belief, the creditors of such Persons. The direct and indirect benefits to
inure to the Borrower and the Guarantors pursuant to this Agreement and the other Loan Documents constitute substantially 

  
 49 

 
more than “reasonably equivalent value” (as such term is used in §548 of the Bankruptcy Code) and “valuable consideration,” “fair value,” and “fair
consideration,” (as such terms are used in any applicable state fraudulent conveyance law), in exchange for the benefits to be provided by the Borrower and the Guarantors pursuant to this Agreement and the other Loan Documents, and but for the
willingness of each Guarantor to be a guarantor of the Loan, the Borrower would be unable to obtain the financing contemplated hereunder which financing will enable the Borrower, the Guarantors and their respective Subsidiaries to have available
financing to conduct and expand their business. The Borrower and the Guarantors further acknowledge and agree that the Borrower and the Guarantors constitute a single integrated and common enterprise and that each receives a benefit from the
availability of credit under this Agreement. 
 §6.30. Contribution Agreement. Upon the execution and delivery of
the Contribution Agreement pursuant to §5.2, the Contribution Agreement shall constitute the valid and legally binding obligations of such parties enforceable against them in accordance with the terms and provisions thereof, except as
enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and except to the extent that availability of the remedy of specific
performance or injunctive relief is subject to the discretion of the court before which any proceeding therefor may be brought. 

§6.31. OFAC. None of the Borrower, the Guarantors or their respective Subsidiaries is (or will be) a person with whom any
Lender is a Designated Person or is otherwise restricted from doing business under OFAC (including, those Persons named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including the
September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and shall not engage in any dealings or transactions
or otherwise be associated with such persons. In addition, the Borrower hereby agrees to provide to the Lenders any additional information that a Lender deems necessary from time to time in order to ensure compliance with all applicable laws
concerning money laundering and similar activities. 
 §6.32. Unencumbered Borrowing Base Properties. Schedule
1.2 is a correct and complete list of all Unencumbered Borrowing Base Properties as of the Closing Date. Each of the Unencumbered Borrowing Base Properties included by the Borrower in calculation of the compliance of the covenants set forth in
§9 satisfies all of the requirements contained in this Agreement for the same to be included therein. 
  

	§7.	AFFIRMATIVE COVENANTS. 

 The
Borrower covenants and agrees that so long as any Loan or Note is outstanding or any Lender has any obligation to make any Loans: 
 §7.1. Punctual Payment. The Borrower will duly and punctually pay or cause to be paid the principal and interest on the Loans and all interest and fees provided for in this Agreement, all in
accordance with the terms of this Agreement and the Notes, as well as all other sums owing pursuant to the Loan Documents. 

  
 50 

 §7.2. Maintenance of Office. The Borrower and the Guarantors will maintain their
respective chief executive office at 6584 Poplar Avenue, Memphis Tennessee 38138, or at such other place in the United States of America as the Borrower or the Guarantors shall designate upon thirty (30) days prior written notice to the Agent
and the Lenders, where notices, presentations and demands to or upon the Borrower or the Guarantors in respect of the Loan Documents may be given or made. 
 §7.3. Records and Accounts. The Borrower and the Guarantors will keep, and cause each of their respective Subsidiaries to keep true and accurate records and books of account with full, true
and correct entries. Except as required by a change in GAAP or any change in regulations of any regulatory authority having jurisdiction, neither the Borrower, any Guarantor nor any of their respective Subsidiaries shall, without the prior written
consent of the Agent: (x) make any material change to the accounting policies/principles used by such Person in preparing the financial statements and other information described in §6.4 or §7.4, or (y) change its fiscal year.
Agent and the Lenders acknowledge that the Borrower’s and REIT’s fiscal year is a calendar year. 
 §7.4.
Financial Statements, Certificates and Information. The Borrower will deliver or cause to be delivered to the Agent with sufficient copies for each of the Lenders: 

(a) within ten (10) days of the filing of REIT’s Form 10-K with the SEC, if applicable, but in any event not
later than ninety (90) days after the end of each calendar year, the audited Consolidated balance sheet of REIT and its Subsidiaries at the end of such year, and the related audited consolidated statements of income, changes in capital and cash
flows for such year, setting forth in comparative form the figures for the previous fiscal year and all such statements to be in reasonable detail, prepared in accordance with GAAP, together with a certification by the chief financial officer or
treasurer of REIT or another senior financial officer of REIT reasonably acceptable to Agent that the information contained in such financial statements fairly presents the financial position of REIT and its Subsidiaries, and accompanied by an
auditor’s report prepared without qualification by a nationally recognized accounting firm approved by the Agent and who shall have authorized REIT to deliver such financial statements and certification thereof to Agent and the Lenders, and any
other information the Lenders may reasonably request to complete a financial analysis of the Borrower and its Subsidiaries and of REIT and its Subsidiaries; 
 (b) within ten (10) days of the filing of REIT’s Form 10-Q with the SEC, if applicable, but in any event not later than forty-five (45) days after the end of each fiscal quarter of each
year, copies of the unaudited consolidated balance sheet of REIT and its Subsidiaries, as at the end of such quarter, and the related unaudited consolidated statements of income and cash flows for the portion of REIT’s fiscal year then elapsed,
all in reasonable detail and prepared in accordance with GAAP, together with a certification by the chief financial officer or treasurer of REIT or another senior financial officer of REIT reasonably acceptable to Agent that the information
contained in such financial statements fairly presents in all material respects the financial position of REIT and its Subsidiaries on the date thereof (subject to year-end adjustments); 

  
 51 

 (c) simultaneously with the delivery of the financial statements referred to
in subsections (a) and (b) above, a statement (a “Compliance Certificate”) certified by the chief financial officer or treasurer of REIT or another senior financial officer of REIT reasonably acceptable to Agent in the
form of Exhibit G hereto (or in such other form as the Agent may approve from time to time) setting forth in reasonable detail computations evidencing compliance or non-compliance (as the case may be) with the covenants contained in
§8.3(h) - (l) (and the last sentence of §8.3), §8.7, §8.8 and §9 and the other covenants described in such certificate and (if applicable) setting forth reconciliations to reflect changes in GAAP since the Balance Sheet
Date. REIT shall submit with the Compliance Certificate a Borrowing Base Certificate in the form of Exhibit H attached hereto (a “Borrowing Base Certificate”) pursuant to which REIT shall calculate the amount of the Borrowing
Base Availability as of the end of the immediately preceding fiscal quarter, list the Unencumbered Borrowing Base Properties and certify that each Unencumbered Borrowing Base Property included therein and in the calculation of the Borrowing Base
Availability satisfies all of the requirements contained in this Agreement for the same to be included therein. All income, expense and value associated with Real Estate or other Investments disposed of during any quarter will be eliminated from
calculations, where applicable. The Compliance Certificate shall be accompanied by copies of the statements of Net Operating Income and Adjusted Net Operating Income for such fiscal quarter for each of the Unencumbered Borrowing Base Properties and
Funds from Operations, prepared on a basis consistent with the statements furnished to the Agent prior to the date hereof and otherwise in form and substance reasonably satisfactory to the Agent, together with a certification by the chief financial
officer or treasurer of REIT or another senior financial officer of REIT reasonably acceptable to Agent that the information contained in such statement fairly presents in all material respects the Funds from Operations, Net Operating income and
Adjusted Net Operating Income for such periods; 
 (d) simultaneously with the delivery of the financial
statements referred to in clause (a) above, the statement of all contingent liabilities involving amounts of $1,000,000.00 or more of the Borrower, the Guarantors and their Subsidiaries, which are not reflected in such financial statements or
referred to in the notes thereto (including, without limitation, all guaranties, endorsements and other contingent obligations in respect of the indebtedness of others, and obligations to reimburse the issuer in respect of any letters of credit);

 (e) promptly upon the request of Agent or the Required Lenders, (i) a Rent Roll for each of the
Unencumbered Borrowing Base Properties, and a combined Rent Roll for all of the Unencumbered Borrowing Base Properties, included in the calculation of Unencumbered Asset Value and a summary thereof in form satisfactory to Agent as of the end of each
fiscal quarter (including the fourth fiscal quarter in each year), (ii) an operating statement for each of the Unencumbered Borrowing Base Properties for each such quarter and year to date, a consolidated operating statement for the
Unencumbered Borrowing Base Properties for each such quarter and year to date, and a balance sheet for the Subsidiary Guarantor which owns or leases any Unencumbered Borrowing Base Property as at the end of the most recently ended fiscal quarter
(such statements, balance sheets and reports to be in form reasonably satisfactory to Agent), (iii) a comparison of actual results to budgeted results for each such quarter and year to date, together with the actual results for the same fiscal
quarter and year to date for the immediately preceding calendar year, and (iv) a statement of the capital expenditures for the Unencumbered Borrowing Base Properties for each such quarter and year to date, together with a comparison against
budgeted forecasts; 

  
 52 

 (f) promptly upon the request of Agent or the Required Lenders, a statement
listing the Real Estate owned by the Borrower, the Guarantors and their Subsidiaries (or in which the Borrower, the Guarantors or their Subsidiaries owns an interest) and stating the location thereof, the date acquired and the acquisition cost,
(ii) listing the Indebtedness of the Borrower, the Guarantors and their Subsidiaries (excluding Indebtedness of the type described in §8.1(b)-(e)), which statement shall include, without limitation, a statement of the original principal
amount of such Indebtedness and the current amount outstanding, the holder thereof (or if there is a trustee acting on behalf of the holders, the trustee), the maturity date and any extension options, the interest rate, the collateral provided for
such Indebtedness and whether such indebtedness is recourse or non-recourse, and (iii) listing the properties of the Borrower, the Guarantors and their Subsidiaries which are Unimproved Land or Development Properties, and if a Development
Property providing a brief summary of the status of such development; 
 (g) contemporaneously with the filing or
mailing thereof, copies of all material of a financial nature, reports or proxy statements sent to the owners of the Borrower or REIT that is not publicly available; 

(h) promptly upon the request of Agent, copies of all annual federal income tax returns and amendments thereto of the
Borrower and the Guarantors; 
 (i) promptly upon the request of Agent, copies of any registration statements
(other than the exhibits thereto and any registration statements on Form S-8 or its equivalent) and any annual, quarterly or monthly reports and other statements of REIT which are not publicly available; 

(j) promptly upon the request of Agent, evidence reasonably satisfactory to Agent of the timely payment of all real estate
taxes for the Unencumbered Borrowing Base Properties; 
 (k) not later than March 1 of each year, an
operating and capital budget for the Borrower and its Subsidiaries for such calendar year; 
 (l) promptly upon
the request of Agent, copies of any financial covenant reporting, compliance certificate or similar reporting pursuant to the Existing Credit Facilities and the Private Placement Notes; 

(m) promptly upon becoming aware thereof, notice of a change in the Credit Rating given by a Rating Agency or any
announcement that any rating is “under review” or that such rating has been placed on a watch list or that any similar action has been taken by a Rating Agency; and 

(n) from time to time such other financial data and information in the possession of the Borrower, the Guarantors or their
respective Subsidiaries (including without limitation auditors’ management letters, status of litigation or investigations against the 

  
 53 

 
Borrower or the Guarantors and any settlement discussions relating thereto, property inspection and environmental reports and information as to zoning and other legal and regulatory changes
affecting the Borrower and the Guarantors) as the Agent or any Lender may reasonably request. 
 Any material to be delivered pursuant to this
§7.4 may be delivered electronically directly to Agent and the Lenders provided that such material is in a format reasonably acceptable to Agent, and such material shall be deemed to have been delivered to Agent and the Lenders upon
Agent’s receipt thereof. Upon the request of Agent, the Borrower and the Guarantors shall deliver paper copies thereof to Agent and the Lenders. The Borrower and the Guarantors authorize Agent and Arranger to disseminate any such materials
through the use of Intralinks, SyndTrak or any other electronic information dissemination system, and the Borrower and the Guarantors release Agent and the Lenders from any liability in connection therewith. In the event that Agent receives paper
copies of any material delivered pursuant to this §7.4 which is not made available by Intralinks, Syndtrak or any other electronic information dissemination system (or by posting to Borrower’s website), Agent shall promptly deliver copies
of such material to each Lender. 
 §7.5. Notices. 

(a) Defaults. The Borrower will within two (2) Business Days of becoming aware of same notify the Agent in
writing of the occurrence of any Default or Event of Default, which notice shall describe such occurrence with reasonable specificity and shall state that such notice is a “notice of default”. If any Person shall give any notice or take
any other action in respect of a claimed default (whether or not constituting an Event of Default) under this Agreement or under any note, evidence of indebtedness, indenture or other obligation to which or with respect to which the Borrower, any
Guarantor or any of their respective Subsidiaries is a party or obligor, whether as principal or surety, and such default would permit the holder of such note or obligation or other evidence of indebtedness to accelerate the maturity thereof or
cause the redemption, prepayment or purchase thereof, which acceleration, redemption, prepayment or purchase would either cause a Default or have a Material Adverse Effect, the Borrower shall forthwith give written notice thereof to the Agent and
each of the Lenders, describing the notice or action and the nature of the claimed default. 
 (b)
Environmental Events. The Borrower will give notice to the Agent within five (5) Business Days of becoming aware of (i) any potential or known Release or threat of Release of any Hazardous Substances in violation of any applicable
Environmental Law at any Real Estate; (ii) any violation of any Environmental Law that the Borrower, any Guarantor or any of their respective Subsidiaries reports in writing or is reportable by such Person in writing (or for which any written
report supplemental to any oral report is made) to any federal, state or local environmental agency or (iii) any written inquiry, proceeding, investigation, or other action, including a notice from any agency of potential environmental
liability, of any federal, state or local environmental agency or board, that in any case involves (A) any Unencumbered Borrowing Base Property, or (B) any other Real Estate and could reasonably be expected to have a Material Adverse
Effect. 

  
 54 

 (c) Notice of Material Adverse Events. The Borrower will give notice
to the Agent within five (5) Business Days of becoming aware 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, any
provision of any security issued by REIT, Borrower or any of their respective Subsidiaries 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; (ii) any dispute,
litigation, investigation, proceeding or suspension between REIT, Borrower or any of their respective Subsidiaries and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding
affecting REIT, Borrower or any of their respective Subsidiaries, including pursuant to any applicable Environmental Laws. 
 (d) Notice of Litigation and Judgments. The Borrower will give notice to the Agent in writing within five (5) Business Days of becoming aware of any litigation or proceedings threatened in
writing or any pending litigation and proceedings affecting the Borrower, any Guarantor or any of their respective Subsidiaries or to which the Borrower, any Guarantor or any of their respective Subsidiaries is or is to become a party that could
either cause a Default or could reasonably be expected to have a Material Adverse Effect and stating the nature and status of such litigation or proceedings. The Borrower will give notice to the Agent, in writing, in form and detail reasonably
satisfactory to the Agent and each of the Lender’s, within ten (10) days of any judgment not covered by insurance, whether final or otherwise, against the Borrower, any Guarantor or any of their respective Subsidiaries in an amount in
excess of $5,000,000.00. 
 (e) ERISA. The Borrower will give notice to the Agent within ten
(10) Business Days after the Borrower, any Guarantor or any ERISA Affiliate (i) gives or is required to give notice to the PBGC of any ERISA Reportable Event with respect to any Guaranteed Pension Plan, Multiemployer Plan or Employee
Benefit Plan, or knows that the plan administrator of any such plan has given or is required to give notice of any such ERISA Reportable Event; (ii) gives a copy of any notice of complete or partial withdrawal liability under Title IV of ERISA;
or (iii) receives any notice from the PBGC under Title IV or ERISA of an intent to terminate or appoint a trustee to administer any such plan. 
 (f) Notification of Lenders. Within five (5) Business Days after receiving any notice under this §7.5, the Agent will forward a copy thereof to each of the Lenders, together with copies
of any certificates or other written information that accompanied such notice. 
 §7.6. Existence; Maintenance of
Properties; NYSE Listing. 
 (a) The Borrower and the Guarantors will, and will cause each of their
respective Subsidiaries to, preserve and keep in full force and effect their legal existence in the jurisdiction of its incorporation or formation. The Borrower and the Guarantors will preserve and keep in full force all of their rights and
franchises and those of their Subsidiaries, the preservation of which is necessary to the conduct of their business. REIT will maintain its status, and election to be treated, as a real estate investment trust. REIT shall continue to own, directly
or indirectly, not less than eighty-five percent (85%) of the economic, voting and beneficial interest in the Borrower and shall be the sole general partner of the Borrower and the 

  
 55 

 
Borrower (or as provided in clause (e) of the definition of Change of Control, Borrower and REIT) shall continue to own, directly or indirectly, one hundred percent (100%) of the
economic, voting and beneficial interest in each Subsidiary Guarantor. 
 (b) The Borrower and each Guarantor
(i) will cause all of its properties and those of its Subsidiaries used or useful in the conduct of its business or the business of its Subsidiaries to be maintained and kept in good condition, repair and working order (ordinary wear and tear
excepted) and supplied with all necessary equipment, and (ii) will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof in all cases in which the failure so to do would have a material adverse
effect on the condition of any Unencumbered Borrowing Base Property or would cause a Material Adverse Effect. 

(c) REIT shall, at all times (i) cause its common shares to be duly listed and traded on the New York Stock Exchange
and (ii) file all reports required to be filed by it in connection therewith in a timely manner, after giving effect to any extensions allowed by the New York Stock Exchange or the Securities and Exchange Commission. 

§7.7. Insurance. The Borrower will, at its expense, procure and maintain insurance covering the Borrower and its Subsidiaries
and the Real Estate in such amounts and against such risks and casualties as is customarily maintained by similar businesses. 

§7.8. Taxes; Liens. The Borrower and the Guarantors will, and will cause their respective Subsidiaries to, duly pay and
discharge, or cause to be paid and discharged, before the same shall become delinquent, all taxes, assessments and other governmental charges imposed upon them or upon the Unencumbered Borrowing Base Properties or the other Real Estate, sales and
activities, or any part thereof, or upon the income or profits therefrom as well as all claims for labor, materials or supplies that if unpaid might by law become a lien or charge upon any of its property, except as to Real Estate which is not an
Unencumbered Borrowing Base Property to the extent that the failure to do so has not had and could not reasonably be expected to result in a Material Adverse Effect, provided that any such tax, assessment, charge or levy or claim need not be
paid if the validity or amount thereof shall currently be contested in good faith by appropriate proceedings which shall suspend the collection thereof with respect to such property, neither such property nor any portion thereof or interest therein
would be in any danger of sale, forfeiture or loss by reason of such proceeding and the Borrower, such Guarantor or any such Subsidiary shall have set aside on its books adequate reserves in accordance with GAAP; and provided, further,
that forthwith upon the commencement of proceedings to foreclose any lien that may have attached as security therefor, the Borrower, such Guarantor or any such Subsidiary either (i) will provide a bond issued by a surety reasonably acceptable
to the Agent and sufficient to stay all such proceedings or (ii) if no such bond is provided, will pay each such tax, assessment, charge or levy. 
 §7.9. Inspection of Properties and Books. The Borrower and the Guarantors will, and will cause their respective Subsidiaries to, permit the Agent and the Lenders, at the Borrower’s
expense and upon reasonable prior notice, to visit and inspect any of the properties of the Borrower, the Guarantors’ or any of their respective Subsidiaries (subject to the rights of tenants under their Leases), to examine the books of account
of the Borrower, the Guarantors and their respective Subsidiaries (and to make copies thereof and extracts therefrom) and to discuss the 

  
 56 

 
affairs, finances and accounts of the Borrower, the Guarantors and their respective Subsidiaries with, and to be advised as to the same by, their respective officers, partners or members, all at
such reasonable times and intervals as the Agent or any Lender may reasonably request, provided that so long as no Default or Event of Default shall have occurred and be continuing, the Borrower shall not be required to pay for such visits and
inspections. The Lenders shall use good faith efforts to coordinate such visits and inspections so as to minimize the interference with and disruption to the normal business operations of the Borrower, the Guarantors and their respective
Subsidiaries. 
 §7.10. Compliance with Laws, Contracts, Licenses and Permits. The Borrower and the Guarantors will,
and will cause each of their respective Subsidiaries to, comply in all respects with (i) all applicable laws and regulations now or hereafter in effect wherever its business is conducted, including all Environmental Laws, (ii) the
provisions of its corporate charter, partnership agreement, limited liability company agreement or declaration of trust, as the case may be, and other charter documents and bylaws, (iii) all agreements and instruments to which it is a party or
by which it or any of its properties may be bound, (iv) all applicable decrees, orders, and judgments, and (v) all licenses and permits required by applicable laws and regulations for the conduct of its business or the ownership, use or
operation of its properties, except where a failure to so comply with any of clauses (i) through (v) could not reasonably be expected to have a Material Adverse Effect. If any authorization, consent, approval, permit or license from any
officer, agency or instrumentality of any government shall become necessary or required in order that the Borrower, the Guarantors or their respective Subsidiaries may fulfill any of its obligations hereunder, the Borrower, the Guarantors or such
Subsidiary will immediately take or cause to be taken all steps necessary to obtain such authorization, consent, approval, permit or license and furnish the Agent and the Lenders with evidence thereof 

§7.11. Further Assurances. The Borrower and the Guarantors will, and will cause each of their respective Subsidiaries to,
cooperate with the Agent and the Lenders and execute such further instruments and documents as the Lenders or the Agent shall reasonably request to carry out to their satisfaction the transactions contemplated by this Agreement and the other Loan
Documents. 
 §7.12. Limiting Agreements. 

(a) Neither Borrower, the Guarantors nor any of their respective Subsidiaries shall enter into, any agreement, instrument
or transaction which has or may have the effect of prohibiting or limiting Borrower’s, the Guarantors’ or any of their respective Subsidiaries’ ability to pledge to Agent any Unencumbered Borrowing Base Properties as security for the
Obligations. Borrower shall take, and shall cause the Guarantors and their respective Subsidiaries to take, such actions as are necessary to preserve the right and ability of the Borrower, the Guarantors and their respective Subsidiaries to pledge
such assets as security for the Obligations without any such pledge after the date hereof causing or permitting the acceleration (after the giving of notice or the passage of time, or otherwise) of any other Indebtedness of the Borrower, the
Guarantors or any of their respective Subsidiaries, provided, that the foregoing shall not prohibit Borrower’s, Guarantors’ or any of their respective Subsidiaries’ use of Unencumbered Borrowing Base Properties as a borrowing base for
other Unsecured Indebtedness. 

  
 57 

 (b) Borrower shall, upon demand, provide to the Agent such evidence as the
Agent may reasonably require to evidence compliance with this §7.12, which evidence shall include, without limitation, copies of any agreements or instruments which would in any way restrict or limit the Borrower’s, any Guarantor’s or
any Subsidiary’s ability to pledge Unencumbered Borrowing Base Properties as security for Indebtedness, or which provide for the occurrence of a default (after the giving of notice or the passage of time, or otherwise) if Unencumbered Borrowing
Base Properties are pledged in the future as security for Indebtedness of the Borrower or any Guarantor. 
 §7.13.
Ownership of Real Estate. Without the prior written consent of the Required Lenders, all Real Estate and all interests (whether direct or indirect) of the Borrower or REIT in any real estate acquired or leased after the date hereof shall be
owned or leased directly by the REIT, Borrower or a Wholly Owned Subsidiary of the Borrower of REIT; provided, however that the Borrower and REIT shall be permitted to own or lease interests in Real Estate through non-Wholly Owned Subsidiaries and
Unconsolidated Entities as permitted by §8.3 and may dispose of such interests as permitted by §8.8. 
 §7.14.
Business Operations. The Borrower, the Guarantors and their respective Subsidiaries shall operate their respective businesses in substantially the same manner and in substantially the same fields and lines of business as such business is now
conducted and in compliance with the terms and conditions of this Agreement and the Loan Documents and as contemplated by the Merger Transaction. The Borrower and the Guarantors will not, and will not permit any Subsidiary to, directly or
indirectly, engage in any line of business other than the ownership, operation, management and development of multifamily properties, properties acquired in connection with the Merger Transaction or businesses incidental thereto (including ancillary
attached retail). 
 §7.15. Distributions of Income to Borrower. The Borrower shall cause all of its Subsidiaries
that are not Subsidiary Guarantors (subject to the terms of any loan documents under which such Subsidiary is the borrower) to promptly distribute to the Borrower (but not less frequently than once each fiscal quarter, unless otherwise approved by
the Agent), whether in the form of dividends, distributions or otherwise, all profits, proceeds or other income relating to or arising from its Subsidiaries’ use, operation, financing, refinancing, sale or other disposition of their respective
assets and properties after (a) the payment by each Subsidiary of its debt service, operating expenses, capital improvements and leasing commissions for such quarter and (b) the establishment of reasonable reserves for the payment of
operating expenses not paid on at least a quarterly basis and capital improvements to be made to such Subsidiary’s assets and properties approved by such Subsidiary in the course of its business consistent with its past practices. Neither the
Borrower, the Guarantors or any of their Subsidiaries shall enter into any agreement that limits the ability of any Subsidiary to make a Dividend or distribution payment to the Borrower or any Guarantor or to otherwise transfer any property to the
Borrower or any Guarantor, provided, however, that this sentence shall not prohibit any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under §8.1(f) solely to the extent any such negative
pledge relates to the property financed by or the subject of such Indebtedness. 

  
 58 

 §7.16. Plan Assets. The Borrower will do, or cause to be done, all things
necessary to ensure that none of the Unencumbered Borrowing Base Properties will be deemed to be Plan Assets at any time. 

§7.17. Unencumbered Borrowing Base Properties, 

(a) Subject to clause (b) of this §7.17, the Eligible Real Estate included in the calculation of the Borrowing
Base Availability and inclusion as Unencumbered Borrowing Base Properties shall at all times satisfy all of the following conditions: 
 (i) the Eligible Real Estate shall be owned one hundred percent (100%) in fee simple or leased under a Ground Lease by the Borrower, REIT or a Subsidiary Guarantor, free and clear of all Liens other
than the Liens permitted in §8.2(i)A and (iii), and, such Eligible Real Estate shall not have applicable to it any restriction on the sale, pledge, transfer, mortgage or assignment of such property (including any restrictions contained in any
applicable organizational documents, other than, solely with respect to Park Estate and Reserve at Dexter Lake (each as described on Schedule 1.2), the restrictions on sale set forth in Section 6.11 of the Borrower’s Second Amended and
Rested Limited Partnership Agreement); 
 (ii) none of the Eligible Real Estate shall have any material title, survey,
environmental, structural or other defects that would give rise to a materially adverse effect as to the value, use of, operation of or ability to sell or finance such property; 

(iii) if such Real Estate is owned by a Subsidiary Guarantor, the only asset of such Subsidiary shall be the Eligible Real Estate
included in the calculation of the Borrowing Base Availability and inclusion as Unencumbered Borrowing Base Properties and related fixtures and personal property; 
 (iv) such Real Estate is managed by Manager; 
 (v) no Person other than the
Borrower (or as provided in clause (e) of the definition of Change of Control, Borrower and REIT) has any direct or indirect ownership of any legal, equitable or beneficial interest in such Subsidiary Guarantor if such Unencumbered Borrowing
Base Property is owned or leased under a Ground Lease by a Subsidiary Guarantor, and no direct or indirect ownership or other interests or rights in any such Subsidiary Guarantor shall be subject to any Lien; 

(vi) the Unencumbered Borrowing Base Properties included in the calculation of Borrowing Base Availability shall at all times have an
aggregate Unencumbered Asset Value of not less than $250,000,000.00; 
 (vii) there shall be at all times at least ten
(10) Unencumbered Borrowing Base Properties included in the calculation of the Borrowing Base Availability; 
 (viii) all
Unencumbered Borrowing Base Properties will at all times have an aggregate Occupancy Rate of no less than eighty percent (80%); 

  
 59 

 (ix) the Borrower shall have delivered to the Agent (A) a written request to include
such Eligible Real Estate in the calculation of the Borrowing Base Availability, (B) a physical description of such Eligible Real Estate, (C) a current Rent Roll and current operating statements for such Eligible Real Estate, (D) an
operating and capital expenditure budget for such Eligible Real Estate in form and substance reasonably satisfactory to the Agent, (E) a certification as to the matters covered under §7.17(a)(i)-(v), and (F) such other information as
the Agent may reasonably require with respect to such Eligible Real Estate, including, but not limited to, any information required by the Agent to determine the Unencumbered Asset Value attributable to such Eligible Real Estate and compliance with
this §7.17 (collectively, the “Eligible Real Estate Qualification Documents”); and 
 (x) such Eligible
Real Estate has not been removed from the calculation of the Borrowing Base Availability pursuant to §7.17(c), §7.17(d) or §7.17(e). 
 (b) Notwithstanding the foregoing, in the event any Real Estate does not qualify as Eligible Real Estate or satisfy the requirements of §7.17(a), such Real Estate shall be included in the calculation
of the Borrowing Base Availability so long as the Agent shall have received the prior written consent of each of the Required Lenders to the inclusion of such Real Estate in the calculation of the Borrowing Base Availability. 

(c) In the event that all or any material portion of any Eligible Real Estate included in the calculation of the Borrowing
Base Availability shall be materially damaged or taken by condemnation, then such property shall no longer be included in the calculation of the Borrowing Base Availability unless and until (i) any damage to such real estate is repaired or
restored, such real estate becomes fully operational and the Agent shall receive evidence satisfactory to the Agent of the value of such real estate following such repair or restoration (both at such time and prospectively) or (ii) Agent shall
receive evidence satisfactory to the Agent that the value of such real estate (both at such time and prospectively) shall not be materially adversely affected by such damage or condemnation. 

(d) Upon any asset ceasing to qualify to be included in the calculation of the Borrowing Base Availability, such asset
shall no longer be included in the calculation of the Borrowing Base Availability. Within five (5) Business Days after any such disqualification, the Borrower shall deliver to the Agent a certificate reflecting such disqualification, together
with the identity of the disqualified asset, a statement as to whether any Default or Event of Default arises as a result of such disqualification, and a calculation of the Borrowing Base Availability attributable to such asset. Simultaneously with
the delivery of the items required pursuant above, the Borrower shall deliver to the Agent a pro forma Compliance Certificate and Borrowing Base Certificate demonstrating, after giving effect to such removal or disqualification, compliance with the
covenants contained in §§9.1, 9.2 and 9.3. 
 (e) In addition, the Borrower may voluntarily remove
any Real Estate from the calculation of the Borrowing Base Availability in its sole discretion, or upon either of the events described in clause (b) or (c) of §5.3 occurring, by delivering to the Agent, no later than five
(5) Business Days prior to date on which such removal is to be effected, notice of such removal, together with a statement that no Default or Event of Default then exists or would, upon the occurrence of such event or with passage of time,
result from such removal, the 

  
 60 

 
identity of the Unencumbered Borrowing Base Property being removed, and a calculation of the value attributable to such Unencumbered Borrowing Base Property. Simultaneously with the delivery of
the items required pursuant above, the Borrower shall deliver to the Agent a pro forma Compliance Certificate and Borrowing Base Certificate demonstrating, after giving effect to such removal or disqualification, compliance with the covenants
contained in §7.17, §8.8 and §§9.1, 9.2 and 9.3. 
 (f) The Agent shall promptly notify the
Lenders of the addition or removal of any Real Estate from the calculation of the Borrowing Base Availability. 
  

	§8.	NEGATIVE COVENANTS. 

 The
Borrower covenants and agrees that, so long as any Loan or Note is outstanding or any of the Lenders has any obligation to make any Loans: 
 §8.1. Restrictions on Indebtedness. The Borrower and the Guarantors will not, and will not permit their respective Subsidiaries to, create, incur, assume, guarantee or be or remain liable,
contingently or otherwise, with respect to any Indebtedness other than: 
 (a) Indebtedness to the Lenders
arising under any of the Loan Documents; 
 (b) current liabilities of the Borrower, the Guarantors or their
respective Subsidiaries incurred in the ordinary course of business but not incurred through (i) the borrowing of money, or (ii) the obtaining of credit except for credit on an open account basis customarily, extended and in fact extended
in connection with normal purchases of goods and services; 
 (c) Indebtedness in respect of taxes, assessments,
governmental charges or levies and claims for labor, materials and supplies to the extent that payment therefor shall not at the time be required to be made in accordance with the provisions of §7.8; 

(d) Indebtedness in respect of judgments only to the extent, for the period and for an amount not resulting in a Default;

 (e) endorsements for collection, deposit or negotiation and warranties of products or services, in each case
incurred in the ordinary course of business; 
 (f) subject to the provisions of §9, Non-Recourse
Indebtedness of the REIT, Borrower and their respective Subsidiaries (other than the Subsidiary Guarantors or any other Subsidiary of the Borrower owning an interest in a Subsidiary Guarantor); provided that REIT or the Borrower may provide a
guaranty or indemnity with respect to Non-Recourse Exclusions in connection with such Non-Recourse Indebtedness; and 
 (g) subject to the provisions of §9, Indebtedness (other than Non-Recourse Indebtedness) of the REIT, Borrower and their respective Subsidiaries. 

Notwithstanding anything in this Agreement to the contrary, (i) none of the Subsidiary Guarantors shall create, incur, assume,
guarantee or be or remain liable contingently or 

  
 61 

 
otherwise, with respect to any Indebtedness described in §8.1(f) or any Indebtedness described in §8.1(g) that is Secured Indebtedness, (ii) a Subsidiary Guarantor shall only
provide a guaranty of other Unsecured Indebtedness of the Borrower permitted pursuant to §8.1(g), and (iii) none of the Indebtedness described in §8.1(f) or §8.1(g) that is Secured Indebtedness shall have any of the Unencumbered
Borrowing Base Properties or any interest therein or equipment related thereto or any direct or indirect ownership interest in any Subsidiary Guarantor as collateral, a borrowing base, asset pool or any similar form of credit support for such
Indebtedness (provided that the foregoing shall not preclude REIT or the Borrower from incurring liability with respect to Non-Recourse Exclusions in connection with the Indebtedness described in §8.1(f)). 

§8.2. Restrictions on Liens, Etc. The Borrower and the Guarantors will not, and will not permit their respective Subsidiaries
to (a) create or incur or suffer to be created or incurred or to exist any lien, security title, encumbrance, mortgage, pledge, charge, restriction or other security interest of any kind upon any of their respective property or assets of any
character whether now owned or hereafter acquired, or upon the income or profits therefrom; (b) transfer any of their property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or
performance of any other obligation in priority to payment of its general creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement,
device or arrangement; (d) suffer to exist for a period of more than thirty (30) days after the same shall have been incurred any Indebtedness or claim or demand against any of them that if unpaid could by law or upon bankruptcy or
insolvency, or otherwise, be given any priority whatsoever over any of their general creditors; (e) sell, assign, pledge or otherwise transfer any accounts, contract rights, general intangibles, chattel paper or instruments, with or without
recourse; or (f) incur or maintain any obligation to any holder of Indebtedness of any of such Persons which prohibits the creation or maintenance of any lien securing the Obligations, including, without limitation, any Lien on the Unencumbered
Borrowing Base Properties (collectively, “Liens”); provided that notwithstanding anything to the contrary contained herein, the Borrower, the Guarantors and any such Subsidiary may create or incur or suffer to be created or
incurred or to exist: 
 (i) (A) Liens on properties to secure taxes, assessments and other governmental charges (excluding any
Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental Laws) or claims for labor, material or supplies incurred in the ordinary course of business in respect of obligations not then delinquent or not otherwise
required to be paid or discharged under the terms of this Agreement or any of the other Loan Documents and (B) Liens on assets, other than (I) the Unencumbered Borrowing Base Properties and (II) any direct or indirect interest of the
Borrower or any Subsidiary of the Borrower in any Subsidiary Guarantor, in respect of judgments permitted by §8.1(d); 

(ii) deposits or pledges made in connection with, or to secure payment of, workers’ compensation, unemployment insurance, old age
pensions or other social security obligations; 
 (iii) encumbrances on properties consisting of easements, rights of way,
zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens under leases to which the Borrower or any such Subsidiary is a party, and other non-monetary
liens or encumbrances, which do not individually or in the aggregate have a Material Adverse Effect; and 

  
 62 

 (iv) liens on properties or interests therein permitted by §8.1(f) or (g) (but
excluding (A) Unencumbered Borrowing Base Properties or any interest therein, or (B) any direct or indirect interest of the Borrower or any Subsidiary of the Borrower in any Subsidiary Guarantor) to secure Indebtedness permitted by
§8.1(f) or (g). 
 Notwithstanding anything in this Agreement to the contrary, (A) no Subsidiary Guarantor shall
create or incur or suffer to be created or incurred or to exist any Lien other than Liens contemplated in §§8.2(i)(A) and (iii); and (B) no Lien may be granted, suffered or incurred on any property, assets or revenues in favor of the
lenders or holders under the Private Placement Notes or any other Existing Credit Facilities, without effectively providing that all Obligations shall be secured equally and ratably with such indebtedness pursuant to agreements in form and substance
reasonably satisfactory to the Agent. 
 §8.3. Restrictions on Investments. Neither the Borrower nor the Guarantors
will, nor will they permit any of their respective Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: 
 (a) marketable direct or guaranteed obligations of the United States of America that mature within one (l) year from the date of purchase by the Borrower, such Guarantor or such Subsidiary;

 (b) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks
having total assets in. excess of $100,000,000; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000 will not exceed $200,000; 

(c) repurchase agreements having a term not greater than. ninety (90) days and fully secured by securities described
in the foregoing subsection (a), (b) or (e) with banks described in the foregoing subsection (c) or with financial institutions or other corporations having total assets in excess of $500,000,000; 

(d) shares of so-called “money market funds” registered with the SEC under the Investment Company Act of
1940 which maintain a level per-share value, invest principally in investments described in the foregoing subsections (a) through (d) and have total assets in excess of $50,000,000; 

(e) Investments by the Borrower in its Wholly-Owned Subsidiaries; 

(f) Investments by REIT in the Borrower, in its Wholly Owned Subsidiaries and other Subsidiaries (provided that any
interest in such Subsidiaries not owned by REIT shall be owned directly or indirectly by Borrower); 
 (g) the
acquisition of fee interests or long-term ground lease interests by the REIT, Borrower or their respective Subsidiaries in (i) Real Estate which are Stabilized Properties utilized for income-producing multifamily Real Estate and
(ii) acquisitions of 

  
 63 

 
multifamily properties or condominium projects to be converted to multifamily properties which have certificates of occupancy but are not yet Stabilized Properties but which are expected to
become Stabilized Properties within twenty-four (24) months following acquisition, in each case located in the continental United States and businesses and investments incidental thereto (including ancillary attached retail); 

(h) Investments by the REIT, Borrower or their respective Subsidiaries in Unimproved Land; provided that the
aggregate Investments therein shall not at any time exceed five percent (5%) of Consolidated Total Asset Value at any time; 
 (i) Investments by the REIT, Borrower or their respective Subsidiaries in Development Properties which are being developed as an income-producing multifamily properties; provided that the aggregate
Investments therein shall not at any time exceed ten percent (10%) of Consolidated Total Asset Value; 
 (j)
Investments by the REIT, Borrower or their respective Subsidiaries in non-Wholly Owned Subsidiaries and Unconsolidated Entities; provided that the aggregate Investments therein shall not at any time exceed fifteen percent (15%) of Consolidated
Total Asset Value; 
 (k) Investments by the REIT, Borrower or their respective Subsidiaries in Mortgage Notes;
provided that the aggregate Investment therein shall not at any time exceed five percent (5%) of Consolidated Total Asset Value; 
 (l) Investments by the REIT, Borrower or their respective Subsidiaries in Stock Investments; provided that the aggregate Investments therein shall not at any time exceed five percent (5%) of Total
Asset Value; and 
 (m) the acquisition by the REIT, Borrower or their respective Subsidiaries of fee interests in certain
non-multifamily Real Estate, solely as a result of the Merger Transaction. 
 Notwithstanding the foregoing, in no event shall the aggregate
investments permitted under clauses (h), (i), (j), (k) and (l) of this §8.3 exceed twenty-five percent (25%) of Consolidated Total Asset Value at any time. Notwithstanding the foregoing, in no event shall the aggregate
Investments by REIT and its Subsidiaries (other than through Borrower and its Subsidiaries) permitted under this §8.3 exceed twenty percent (20%) of Consolidated Total Asset Value at any time. 

§8.4. Merger; Consolidation. The Borrower and the Guarantors will not, and will not permit any of their respective
Subsidiaries to, effect any dissolution, liquidation, disposition of all or substantially all of its assets or business, merger, reorganization, consolidation or other business combination or effect any asset acquisition, stock acquisition or other
acquisition individually or in a series of transactions which may have a similar effect as any of the foregoing, in each case without the prior written consent of the Required Lenders except for (i) the merger or consolidation of one or more of
the Subsidiaries of the Borrower with and into the Borrower (it being understood and agreed that in any such event the Borrower will be the surviving Person), (ii) the merger or consolidation of two or more Subsidiaries of the Borrower;
provided that no such merger or consolidation shall involve any Subsidiary that is a Guarantor 

  
 64 

 
(unless the Guarantor is the surviving entity), (iii) asset sales consummated in accordance with §5.3 or §8.8, (iv) the merger or consolidation of a Subsidiary of the REIT
(other than the Borrower) with and into the REIT, (v) the Merger Transaction, if consummated in all material respects as described on Schedule 1.4, and (vi) any Person may merge into the Borrower or a Guarantor, so long as:
(w) the Borrower or such Guarantor is the surviving entity, (x) no Change of Control results therefrom, (y) no Default or Event of Default then exists or would result therefrom, and (z) the Borrower and the Guarantors shall be in
pro forma compliance with the financial covenants under §9 immediately after giving effect to such merger, and the Borrower shall have delivered an officer’s certificate to the Agent by which it certifies to the satisfaction of such
conditions. 
 §8.5. Sale and Leaseback. The Borrower and the Guarantors will not, and will not permit their
respective Subsidiaries, to enter into any arrangement, directly or indirectly, whereby the Borrower, any Guarantor or any such Subsidiary shall sell or transfer any Real Estate owned by it in order that then or thereafter the Borrower or any such
Subsidiary shall lease back such Real Estate without the prior written consent of the Agent, such consent not to be unreasonably withheld. 
 §8.6. Compliance with Environmental Laws. None of the Borrower or the Guarantors will, nor will any of them permit any of its respective Subsidiaries or any other Person to, do any of the
following and will use commercially reasonably reasonable efforts so as not to permit any other Person to: (a) use any of the Real Estate or any portion thereof as a facility for the handling, processing, storage or disposal of Hazardous
Substances, except for quantities of Hazardous Substances used in the ordinary course of business and in material compliance with all applicable Environmental Laws, (b) cause or permit to be located on any of the Real Estate any underground
tank or other underground storage receptacle for Hazardous Substances except in full compliance with Environmental Laws, (c) generate any Hazardous Substances on any of the Real Estate except in full compliance with Environmental Laws,
(d) conduct any activity at any Real Estate or use any Real Estate in any manner that could reasonably be contemplated to cause a Release of Hazardous Substances on, upon or into the Real Estate or any surrounding properties or any threatened
Release of Hazardous Substances which might give rise to liability under CERCLA or any other Environmental Law, or (e) directly or indirectly transport or arrange for the transport of any Hazardous Substances (except in compliance with all
Environmental Laws), except, in each case, (i) with respect to any Real Estate other than an Unencumbered Borrowing Base Property where any such use, generation, conduct or other activity has not had and could not reasonably be expected to have
a Material Adverse Effect, and (ii) with respect to any Unencumbered Borrowing Base Property where any such use, generation, conduct or other activity has not caused and could not reasonably be expected to cause a violation of
§7.17(a)(ii); and Borrower shall diligently and continuously pursue corrective, remedial and other actions to bring such Unencumbered Borrowing Base Property or Properties into compliance with Environmental Laws and to eliminate such liability.

 The Borrower shall: 
 (i) in the event of any material change in Environmental Laws governing the assessment, release or removal of Hazardous Substances, take all reasonable action (including, without limitation, the
conducting of engineering tests at the sole expense of 

  
 65 

 
the Borrower) to confirm that no Hazardous Substances are or ever were Released or disposed of on the Unencumbered Borrowing Base Properties in violation of applicable Environmental Laws; and

 (ii) if any Release or disposal of Hazardous Substances which any Person may be legally obligated to contain, correct or
otherwise remediate or which may otherwise expose it to liability shall occur or shall have occurred on any Unencumbered Borrowing Base Property (including without limitation any such Release or disposal occurring prior to the acquisition or leasing
of such Unencumbered Borrowing Base Property by the Borrower), the Borrower shall, after obtaining knowledge thereof, cause the prompt containment and removal of such Hazardous Substances and remediation of the Unencumbered Borrowing Base Property
in full compliance with all applicable Environmental Laws; provided, that the Borrower shall be deemed to be in compliance with Environmental Laws for the purpose of this clause (ii) so long as it or a responsible third party with
sufficient financial resources is taking reasonable action to remediate or manage any event of noncompliance to the satisfaction of the Agent and no action shall have been commenced by any enforcement agency. The Agent may engage its own
environmental consultant to review the environmental assessments and the compliance with the covenants contained herein. 
 At
any time after an Event of Default shall have occurred hereunder the Agent may at its election (and will at the request of the Required Lenders) obtain such environmental assessments of any or all of the Unencumbered Borrowing Base Properties
prepared by an environmental consultant as may be necessary or advisable for the purpose of evaluating or confirming (i) whether any Hazardous Substances are present in the soil or water at or adjacent to any such Unencumbered Borrowing Base
Property and (ii) whether the use and operation of any such Unencumbered Borrowing Base Property complies with all Environmental Laws to the extent required by the Loan Documents. Additionally, at any time that the Agent or the Required Lenders
shall have reasonable grounds to believe that a Release or threatened Release of Hazardous Substances which any Person may be legally obligated to contain, correct or otherwise remediate or which otherwise may expose such Person to liability may
have occurred, relating to any Unencumbered Borrowing Base Property, or that any of the Unencumbered Borrowing Base Property is not in compliance with Environmental Laws to the extent required by the Loan Documents, the Borrower shall promptly upon
the request of Agent obtain and deliver to Agent such environmental assessments of such Unencumbered Borrowing Base Property prepared by an environmental consultant reasonably acceptable to Agent as may be necessary or advisable for the purpose of
evaluating or confirming (i) whether any Hazardous Substances are present in the soil or water at or adjacent to such Unencumbered Borrowing Base Property and (ii) whether the use and operation of such Unencumbered. Borrowing Base Property
comply with all Environmental Laws to the extent required by the Loan Documents. Environmental assessments may include detailed visual inspections of such Unencumbered Borrowing Base Property including, without limitation, any and all storage areas,
storage tanks, drains, dry wells and leaching areas, and the taking of soil samples, as well as such other investigations or analyses as are reasonably necessary or appropriate for a complete determination of the compliance of such Unencumbered
Borrowing Base Property and the use and operation thereof with all applicable Environmental Laws. All environmental assessments contemplated by this §8.6 shall be at the sole cost and expense of the Borrower. 

  
 66 

 §8.7. Distributions. 

(a) The Borrower shall not pay any Distribution to the partners, members or other owners of the Borrower, and REIT shall
not pay any Distribution to its partners, members or other owners of REIT, if such Distribution by the Borrower or REIT to the extent that the amount of such Distributions paid in any fiscal quarter, when added to the amount of all other
Distributions paid in the same fiscal quarter and the preceding three (3) fiscal quarters, exceeds ninety-five percent (95%) of such Person’s Funds from Operations for such period; provided that the limitations contained in
this §8.7(a) shall not preclude the Borrower from making Distributions in an amount equal to the minimum distributions required under the Code to maintain the REIT Status of REIT, as evidenced by a certification of the chief financial officer
or treasurer of REIT or another senior financial officer of the REIT reasonably acceptable to the Agent containing calculations in detail reasonably satisfactory in form and substance to the Agent. 

(b) In the event that an Event of Default shall have occurred and be continuing, (i) the Borrower and REIT shall not
pay any Distribution to their respective partners, members or other owners, other than Distributions by the Borrower to REIT and by REIT in an amount equal to the minimum distributions required under the Code to maintain REIT Status of REIT, as
evidenced by a certification of the chief financial officer or treasurer of REIT or another senior financial officer of the REIT reasonably acceptable to Agent containing calculations in detail reasonably satisfactory in form and substance to the
Agent. 
 (c) Notwithstanding the foregoing, at any time when an Event of Default under §12.1(a), (b), (g),
(h) or (i) shall have occurred or the maturity of the Obligations has been accelerated, neither the Borrower nor REIT shall make any Distributions whatsoever, directly or indirectly. 

§8.8. Asset Sales. The Borrower and the Guarantors will not, and will not permit their respective Subsidiaries to, sell,
transfer or otherwise dispose of any material asset other than pursuant to a bona fide arm’s length transaction. The Borrower and the REIT shall not, individually or as a series of transactions, sell or transfer, or permit the sale or transfer
of, all or substantially all of their assets (whether direct or indirect). 
 §8.9. Restriction on Prepayment of
Indebtedness. The Borrower and the Guarantors will not, and will not permit their respective Subsidiaries to, (a) prepay, redeem, defease, purchase or otherwise retire the principal amount, in whole or in part, of any Indebtedness other
than the Obligations after the occurrence of any Event of Default; provided, that the foregoing shall not prohibit (i) the prepayment of Indebtedness which is financed solely from the proceeds of a new loan which would otherwise be permitted by
the terms of §8.1; and (ii) the prepayment, redemption, defeasance or other retirement of the principal of Indebtedness secured by Real Estate which is satisfied solely from the proceeds of a sale of the Real Estate securing such
Indebtedness; and (b) modify any document evidencing any Indebtedness (other than the Obligations) to accelerate the maturity date of such Indebtedness after the occurrence of an Event of Default. 

  
 67 

 §8.10. Derivatives Contracts. Neither the Borrower, the Guarantors nor any of
their Subsidiaries shall contract, create, incur, assume or suffer to exist any Derivatives Contracts except for interest rate swap, collar, cap or similar agreements providing interest rate protection for existing floating rate Indebtedness made in
the ordinary course of business and permitted pursuant to §8.1. 
 §8.11. Transactions with Affiliates. Neither
the Borrower nor the Guarantors shall, and none of them shall permit any Subsidiary of the Borrower or any Guarantor to, permit to exist or enter into, any transaction (including the purchase, sale, lease or exchange of any property or the rendering
of any service) with any Affiliate, except transactions pursuant to the reasonable requirements of the business of such Person and upon fair and reasonable terms which are no less favorable to such Person than would be obtained in a comparable
arm’s length transaction with a Person that is not an Affiliate, 
 §8.12. Equity Pledges. Notwithstanding
anything in this Agreement to the contrary, REIT will not create or incur or suffer to be created or incurred any Lien on any of its direct or indirect legal, equitable or beneficial interest in the Borrower, including, without limitation, any
Distributions or rights to Distributions on account thereof. 
 §8.13. Sanctions Laws and Regulations. 

(a) The Borrower shall not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such
proceeds to any Subsidiary, joint venture partner or other person or entity (i) to fund any activities or business of or with any Designated Person, or in any country or territory, that at the time of such funding is the subject of any
sanctions under any Sanctions Laws and Regulations, or (ii) in any other manner that would result in a violation of any Sanctions Laws and Regulations by any party to this Agreement. 

(b) None of the funds or assets of the Borrower that are used to pay any amount due pursuant to this Agreement shall constitute funds
obtained from transactions with or relating to Designated Persons or countries which are the subject of sanctions under any Sanctions Laws and Regulations. 
  

	§9.	FINANCIAL COVENANTS. 

 The
Borrower covenants and agrees that, so long as any Loan or Note is outstanding or any Lender has any obligation to make any Loans: 
 §9.1. Borrowing Base. The Borrower will not at any time permit Consolidated Total Unsecured Indebtedness (including the sum of the outstanding principal balance of the Loans) to be greater
than the Borrowing Base Availability. 
 §9.2. Unencumbered Leverage Ratio. The Borrower will not at any time permit
Consolidated Total Unsecured Indebtedness to exceed sixty percent (60%) of the Unencumbered Asset Value. 
 §9.3.
Minimum Unencumbered Interest Coverage Ratio. The Borrower will not at any time permit the Unencumbered Interest Coverage Ratio to be less than 2.0 to 1.00. 

  
 68 

 §9.4. Total Leverage Ratio. The Borrower will not at any time permit
Consolidated Total Indebtedness to exceed sixty percent (60%) of Consolidated Total Asset Value. 
 §9.5. Total
Secured Leverage Ratio. The Borrower will not at any time permit Consolidated Total Secured Indebtedness to exceed the percentage set forth below of Consolidated Total Asset Value for the period set forth below: 

 

					
	 Period Ending
	  	Percentage	 
	 December 31, 2013
	  	 	55	% 
	 December 31, 2014
	  	 	50	% 
	 June 30, 2015
	  	 	45	% 
	 Thereafter
	  	 	40	% 

 §9.6. Adjusted Consolidated EBITDA to Consolidated Fixed Charges. The Borrower will not at
any time permit the ratio of (a) Adjusted Consolidated EBITDA to (b) Consolidated Fixed Charges, in each case for the most recently ended four (4) fiscal quarters to be less than 1.50 to 1.00. 

§9.7. Minimum Consolidated Tangible Net Worth. The Borrower will not at any time permit Consolidated Tangible Net Worth to be
less than the sum of (a) $1,566,239,512.00, plus (b) seventy-five percent (75%) of the Net Offering Proceeds of each Equity Offering after December 31, 2011. 

§9.8. Unhedged Variable Rate Debt. The Borrower will not at any time permit the Unhedged Variable Rate Debt of REIT and its
Subsidiaries to exceed twenty percent (20%) of Consolidated Total Asset Value. 
  

	§10.	CLOSING CONDITIONS. 

 The
obligation of the Lenders to make the Loans shall be subject to the satisfaction of the following conditions precedent: 

§10.1. Loan Documents. Each of the Loan Documents shall have been duly executed and delivered by the respective parties
thereto and shall be in full force and effect. Borrower shall deliver to Agent a Term Note for each Lender that requests the same. The Agent shall have received a fully executed counterpart of each such document. 

§10.2. Certified Copies of Organizational Documents. The Agent shall have received from the Borrower and each Guarantor a
copy, certified as of a recent date by the appropriate officer of each State in which such Person is organized and in which the Unencumbered Borrowing Base Properties are located and a duly authorized officer, partner or member of such Person, as
applicable, to be true and complete, of the partnership agreement, corporate charter or operating agreement and/or other organizational agreements of the Borrower or such Guarantor, as applicable, and its qualification to do business, as applicable,
as in effect on such date of certification. 
 §10.3. Resolutions. All action on the part of the Borrower and each
Guarantor, as applicable, necessary for the valid execution, delivery and performance by such Person of this 

  
 69 

 
Agreement and the other Loan Documents to which such Person is or is to become a party shall have been duly and effectively taken, and evidence thereof reasonably satisfactory to the Agent shall
have been provided to the Agent. 
 §10.4. Incumbency Certificate; Authorized Signers. The Agent shall have received
from the Borrower and each Guarantor an incumbency certificate, dated as of the Closing Date, signed by a duly authorized officer of such Person and giving the name and bearing a specimen signature of each individual who shall be authorized to sign,
in the name and on behalf of such Person, each of the Loan Documents to which such Person is or is to become a party. The Agent shall have also received from the Borrower a certificate, dated as of the Closing Date, signed by a duly authorized
representative of the Borrower and giving the name and specimen signature of each Authorized Officer who shall be authorized to make Loan Requests and Conversion/Continuation Requests and to give notices and to take other action on behalf of the
Borrower under the Loan Documents. 
 §10.5. Opinion of Counsel. The Agent shall have received an opinion addressed
to the Lenders and the Agent and dated as of the Closing Date from counsel to the Borrower and the Guarantors in form and substance reasonably satisfactory to the Agent. 
 §10.6. Payment of Fees and Expenses. The Borrower and the Guarantors shall have paid to the Agent the fees payable pursuant to §4.2 and the expenses payable pursuant to §15.

 §10.7. Performance; No Default. The Borrower and the Guarantors shall have performed and complied with all terms
and conditions herein required to be performed or complied with by it on or prior to the Closing Date, and on the Closing Date there shall exist no Default or Event of Default. 

§10.8. Representations and Warranties. The representations and warranties made by the Borrower and the Guarantors in the Loan
Documents or otherwise made by or on behalf of the Borrower, the Guarantors and their respective Subsidiaries in connection therewith or after the date thereof shall have been true and correct in all material respects when made and shall also be
true and correct in all material respects on the Closing Date. 
 §10.9. Proceedings and Documents. All proceedings
in connection with the transactions contemplated by this Agreement and the other Loan Documents shall be reasonably satisfactory to the Agent and the Agent’s counsel in form and substance, and the Agent shall have received all information and
such counterpart originals or certified copies of such documents and such other certificates, opinions, assurances, consents, approvals or documents as the Agent and the Agent’s counsel may reasonably require. 

§10.10. Eligible Real Estate Qualification Documents. The Eligible Real Estate Qualification Documents for each Unencumbered
Borrowing Base Property included in the Borrowing Base as of the Closing Date shall have been delivered to the Agent at the Borrower’s expense and shall be in form and substance satisfactory to the Agent. 

§10.11. Compliance Certificate. The Agent shall have received a Compliance Certificate and Borrowing Base Certificate dated
as of the date of the Closing Date demonstrating compliance with each of the covenants calculated therein on a pro-forma basis after giving effect 

  
 70 

 
to the Loans contemplated hereunder as of the most recent fiscal quarter for which REIT has provided financial statements under §6.4 adjusted in the best good faith estimate of REIT as of
the Closing Date. 
 §10.12. Consents. The Agent shall have received evidence reasonably satisfactory to the Agent
that all necessary stockholder, partner, member or other consents required in connection with the consummation of the transactions contemplated by this Agreement and the other Loan Documents have been obtained. 

§10.13. Reserved. 
 §10.14. Other. The Agent shall have reviewed such other documents, instruments, certificates, opinions, assurances, consents and approvals as the Agent or the Agent’s Special Counsel may
reasonably have requested. 
  

	§11.	CONDITIONS TO ALL BORROWINGS. 

The obligations of the Lenders to make any Loan, whether on or after the Closing Date, shall also be subject to the satisfaction of the
following conditions precedent: 
 §11.1. Prior Conditions Satisfied. All conditions set forth in §10 shall
continue to be satisfied as of the date upon which any Loan is to be made. 
 §11.2. Representations True; No
Default. Each of the representations and warranties made by or on behalf of the Borrower, the Guarantors or any of their respective Subsidiaries contained in this Agreement, the other Loan Documents or in any document or instrument delivered
pursuant to or in connection with this Agreement shall be true in all material respects both as of the date as of which they were made and shall also be true in all material respects as of the time of the making of such Loan, with the same effect as
if made at and as of that time (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date, and that any representation
or warranty that is qualified by any materiality standard shall be required to be true and correct in all respects), and no Default or Event of Default shall have occurred and be continuing. 

§11.3. Borrowing Documents. The Agent shall have received a fully completed Loan Request for such Loan and the other
documents, and information as required by §2.7. 
  

	§12.	EVENTS OF DEFAULT; ACCELERATION; ETC. 

 §12.1. Events of Default and Acceleration. If any of the following events (“Events of Default” or, if the giving of notice or the lapse of time or both is required, then,
prior to such notice or lapse of time, “Defaults”) shall occur: 
 (a) the Borrower shall fail
to pay any principal of the Loans when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; 

  
 71 

 (b) the Borrower shall fail to pay any interest on the Loans or any fees or
other Obligations due hereunder or under any of the other Loan Documents (other than those described in §12.1(a)) when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any
other date fixed for payment; 
 (c) the Borrower or any of their respective Subsidiaries shall fail to perform
any other term, covenant or agreement contained in §§9.1 - 9.8; 
 (d) the Borrower, the Guarantors or
any of their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified in the other subclauses of this
§12 or in the other Loan Documents); 
 (e) any representation or warranty made by or on behalf of the
Borrower, the Guarantors or any of their respective Subsidiaries, in this Agreement or any other Loan Document, or any report, certificate, financial statement request for a Loan or in any other document or instrument delivered pursuant to or in
connection with this Agreement, any advance of a Loan or any of the .other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; 

(f) the Borrower, the Guarantors or any of their respective Subsidiaries shall fail to pay when due (including, without
limitation, at maturity), or within any applicable period of grace, any principal, interest or other amount on account of any obligation for borrowed money or credit received or under a Derivatives Contract or other Indebtedness, or shall fail to
observe or perform any term, covenant or agreement, or any other event occurs, contained in any agreement by which it is bound, evidencing or securing any obligation for borrowed money or credit received or under a Derivatives Contract or other
Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or require the prepayment,
redemption, settlement or purchase thereof; provided that the events described in this §12.1(f) shall not constitute an Event of Default unless such failure to pay or perform or the occurrence of such event, together with other failures
to pay or perform or the occurrence of such events as described in this §12.1(f), involve singly or in the aggregate (i) obligations for Indebtedness (other than Non-Recourse Indebtedness) totaling in excess of $25,000,000.00 or
(ii) Non-Recourse Indebtedness totaling in excess of $50,000,000.00; 
 (g) the Borrower, the Guarantors or
any of their respective Material Subsidiaries (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or
apply for the appointment of a trustee or other custodian, liquidator or receiver for it or any substantial part of its assets, (ii) shall commence any case or other proceeding relating to it under any bankruptcy, reorganization, arrangement,
insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing; 

  
 72 

 (h) a petition or application shall be filed for the appointment of a
trustee or other custodian, liquidator or receiver of the Borrower, the Guarantors or any of their respective Material Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against any
such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, and any such Person shall indicate its approval thereof,
consent thereto or acquiescence therein or such petition, application, case or proceeding shall not have been dismissed within sixty (60) days following the filing or commencement thereof; 

(i) a decree or order is entered appointing a trustee, custodian, liquidator or receiver for any of the Borrower, the
Guarantors or any of their respective Material Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of any such
Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; 
 (j) there shall
remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, one or more uninsured or unbonded final judgments, orders or awards against the Borrower, the Guarantors or any of their
respective Subsidiaries that exceed $50,000,000.00 per occurrence or in the aggregate in any calendar year; 

(k) any of the Loan Documents or the Contribution Agreement (if any) shall be disavowed, canceled, terminated, revoked or
rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the Lenders, or any action at law, suit in equity or other legal proceeding to disavow, cancel, revoke or rescind any of the
Loan Documents or the Contribution Agreement (if any), or to contest or challenge the validity or enforceability of any of the Loan Documents or the Contribution Agreement (if any) shall be commenced by or on behalf of the Borrower or any of the
Guarantors, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination, or issue a judgment, order, decree or ruling, to the effect that any one or more of the Loan Documents or the
Contribution Agreement (if any) is illegal, invalid or unenforceable in accordance with the terms thereof; 
 (l)
any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower, any of the Guarantors or any of their respective Subsidiaries shall occur or any sale, transfer or other disposition of the assets of the
Borrower, any of the Guarantors or any of their respective Subsidiaries shall occur other than as permitted under the terms of this Agreement or the other Loan Documents; 

(m) with respect to any Guaranteed Pension Plan, an ERISA Reportable Event shall have occurred and the Required Lenders
shall have determined in their reasonable discretion that such event reasonably could be expected to result in. liability of the Borrower, any of the Guarantors or any of their, respective Subsidiaries to the PBGC or such Guaranteed Pension Plan in
an aggregate amount exceeding $20,000,000.00 and (x) such event in the circumstances occurring reasonably could constitute grounds for the termination of such 

  
 73 

 
Guaranteed Pension Plan by the PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan; or (y) a trustee shall
have been appointed by the United States District Court to administer such Plan; or (z) the PBGC shall have instituted proceedings to terminate such Guaranteed Pension Plan; 

(n) the Borrower, any Guarantor or any of their respective Subsidiaries or any shareholder, officer, director, partner or
member of any of them shall be indicted for a federal crime, a punishment for which could include the forfeiture of (i) any assets of the Borrower, the Guarantors or any of their respective Subsidiaries which in the good faith judgment of the
Required Lenders could have a Material Adverse Effect, or (ii) any of the Unencumbered Borrowing Base Properties; 
 (o) any Change of Control shall occur; 
 (p) an Event of Default
under any of the other Loan Documents shall occur; or 
 (q) the REIT shall fail to maintain its status, and
election to be treated, as a real estate investment trust under the Code, or the REIT shall fail to cause its common shares to be duly listed and traded on the New York Stock Exchange. 
 then, and in any such event, the Agent may, and upon the request of the Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Agreement, the Notes,
and the other Loan Documents to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; provided
that in the event of any Event of Default specified in §12.1(g), §12.1(h) or §12.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice
of any kind from any of the Lenders or the Agent, all of which are hereby expressly waived by the Borrower. 
 §12.2.
Certain Cure Periods; Limitation of Cure Periods. Notwithstanding anything contained in §12.1 to the contrary, (i) no Event of Default shall exist hereunder upon the occurrence of any failure described in §12.1(b) in the event
that the Borrower cures such Default within five (5) Business Days after the date such payment is due, provided, however, that no such cure period shall apply to any payments due upon the maturity of the Notes, and (ii) no
Event of Default shall exist hereunder upon the occurrence of any failure described in §12.1(d) in the event that with respect to a Default under §7.4(c) the Borrower cures such Default within ten (10) days of the date the deliveries
under §7.4(c) are due, or with respect to the other Defaults covered by §12.1(d), in the event that the Borrower cures such Default within thirty (30) days following receipt of written notice of such default, provided that the
provisions of this clause (ii) shall not pertain to defaults consisting of a failure to comply with §7.12, §7.14, §7.17, §8.1, §8.2, §8.3, §8.4, §8.5, §8.7, §8.8, §8.9, §8.10,
§8.12, or to any Default excluded from any provision of cure of defaults contained in any other of the Loan Documents. 

§12.3. Termination of Commitments. If any one or more Events of Default specified in §12.1(g), §12.1(h) or
§12.1(i) shall occur, then immediately and without any action on the part of 

  
 74 

 
the Agent or any Lender any unused portion of the credit hereunder shall terminate and the Lenders shall be relieved of all obligations to make Loans to the Borrower. If any other Event of
Default shall have occurred, the Agent may, and upon the election of the Required Lenders shall, by notice to the Borrower terminate the obligation to make Loans to the Borrower. No termination under this §12.3 shall relieve the Borrower or the
Guarantors of their obligations to the Lenders arising under this Agreement or the other Loan Documents. 
 §12.4.
Remedies. In case any one or more Events of Default shall have occurred and be continuing, and whether or not the Lenders shall have accelerated the maturity of the Loans pursuant to §12.1, the Agent on behalf of the Lenders may, and
upon the direction of the Required Lenders shall, proceed to protect and enforce their rights and remedies under this Agreement, the Notes and/or any of the other Loan Documents by suit in equity, action at law or other appropriate proceeding,
including to the full extent permitted by applicable law the specific performance of any covenant or agreement contained in this Agreement and the other Loan Documents, the obtaining of the ex parte appointment of a receiver, and, if any amount
shall have become due, by declaration or otherwise, the enforcement of the payment thereof. No remedy herein conferred upon the Agent or the holder of any Note is intended to be exclusive of any other remedy and each and every remedy shall be
cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or any other provision of law. Notwithstanding the provisions of this Agreement providing that the Loans may be
evidenced by multiple Notes in favor of the Lenders, the Lenders acknowledge and agree that only the Agent may exercise any remedies arising by reason of a Default or Event of Default. If the Borrower or any Guarantor fails to perform any agreement
or covenant contained in this Agreement or any of the other Loan Documents beyond any applicable period for notice and cure, Agent may itself perform, or cause to be performed, any agreement or covenant of such Person contained in this Agreement or
any of the other Loan Documents which such Person shall fail to perform, and the out-of-pocket costs of such performance, together with any reasonable expenses, including reasonable attorneys’ fees actually incurred (including attorneys’
fees incurred in any appeal) by Agent in connection therewith, shall be payable by the Borrower and/or the Guarantors upon demand and shall constitute a part of the Obligations and shall if not paid within five (5) days after demand bear
interest at the Default Rate. In the event that all or any portion of the Obligations is collected by or through an attorney-at-law, the Borrower and the Guarantors shall pay all costs of collection including, but not limited to, reasonable
attorney’s fees. 
 §12.5. Distribution of Proceeds. In the event that, following the occurrence and during the
continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Loan Documents, or otherwise with respect to the realization upon any of the assets of the Borrower or the Guarantors, such monies shall be
distributed for application as follows: 
 (a) First, to the payment of or (as the case may be) the reimbursement
of the Agent for or in respect of, all reasonable out-of-pocket costs, expenses, disbursements and losses which shall have been paid; incurred or sustained by the Agent in connection with the collection of such monies by the Agent, for the exercise,
protection or enforcement by the Agent of all or any of the rights, remedies, powers and privileges of the Agent or the Lenders under this Agreement or any of the other Loan Documents or in support of any provision of adequate indemnity to the Agent
against any taxes or liens which by law shall have, or may have, priority over the rights of the Agent or the Lenders to such monies; 

  
 75 

 (b) Second, to all other Obligations (including any interest, expenses or
other obligations incurred after the commencement of a bankruptcy) in such order or preference as the Required Lenders shall determine; provided, that (i) distributions in respect of such other Obligations shall include, on a pari passu
basis, any Agent’s fee payable pursuant to §4.3; (ii) in the event that any Lender is a Defaulting Lender, payments to such Lender shall be governed by §2.13; and (iii) except as otherwise provided in clause (ii),
Obligations owing to the Lenders with respect to each type of Obligation such as interest, principal, fees and expenses shall be made among the Lenders pro rata; and provided, further that the Required Lenders may in their discretion
make proper allowance to take into account any Obligations not then due and payable; and 
 (c) Third, the
excess, if any, shall be returned to the Borrower or to such other Persons as are entitled thereto. 
  

	§13.	SETOFF. 

 Regardless of the
adequacy of any collateral, during the continuance of any Event of Default, any deposits (general or specific, time or demand, provisional or final, regardless of currency, maturity, or the branch where such deposits are held) or other sums credited
by or due from any Lender to the Borrower or the Guarantors and any securities or other property of the Borrower or the Guarantors in the possession of such Lender may, without notice to the Borrower or any Guarantor (any such notice being expressly
waived by the Borrower and the Guarantors) but with the prior written approval of Agent, be applied to or set off against the payment of Obligations and any and all other liabilities, direct, or indirect, absolute or contingent, due or to become
due, now existing or hereafter arising, of the Borrower or the Guarantors to such Lender, Agent will promptly provide Borrower with notice of any such set off of which Agent has received written notice. Each of the Lenders agrees with each other
Lender that if such Lender shall receive from the Borrower or a Guarantor, whether by voluntary payment, exercise of the right of setoff, or otherwise, and shall retain and apply to the payment of the Note or Notes held by such Lender any amount in
excess of its ratable portion of the payments received by all of the Lenders with respect to the Notes held by all of the Lenders, such Lender will make such disposition and arrangements with the other Lenders with respect to such excess, either by
way of distribution, pro tanto assignment of claims, subrogation or otherwise as shall result in each Lender receiving in respect of the Notes held by it its proportionate payment as contemplated by this Agreement; provided that
if all or any part of such excess payment is thereafter recovered from such Lender, such disposition and arrangements shall be rescinded and the amount restored to the extent of such recovery, but without interest. In the event that any Defaulting
Lender shall exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately to the Agent for further application in accordance with the provisions of this Agreement 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 Agent and the Lenders, and (b) the Defaulting Lender shall provide promptly to the Agent a statement describing in reasonable detail the Obligations
owing to such Defaulting Lender as to which it exercised such right of setoff. 

  
 76 

	§14.	THE AGENT. 

 §14.1.
Authorization. The Agent is authorized to take such action on behalf of each of the Lenders and to exercise all such powers as are hereunder and under any of the other Loan Documents and any related documents delegated to the Agent, together
with such powers as are reasonably incident thereto, provided that no duties or responsibilities not expressly assumed herein or therein shall be implied to have been assumed by the Agent. The obligations of the Agent hereunder are primarily
administrative in nature, and nothing contained in this Agreement or any of the other Loan Documents shall be construed to constitute the Agent as a trustee for any Lender or to create an agency or fiduciary relationship. Agent shall act as the
contractual representative of the Lenders hereunder, and notwithstanding the use of the term “Agent”, it is understood and agreed that Agent shall not have any fiduciary duties or responsibilities to any Lender by reason of this
Agreement or any other Loan Document and is acting as an independent contractor, the duties and responsibilities of which are limited to those expressly set forth in this Agreement and the other Loan Documents. The Borrower and any other Person
shall be entitled to conclusively rely on a statement from the Agent that it has the authority to act for and bind the Lenders pursuant to this Agreement and the other Loan Documents. 

§14.2. Employees and Agents. The Agent may exercise its powers and execute its duties by or through employees or agents and
shall be entitled to take, and to rely on, advice of counsel concerning all matters pertaining to its rights and duties under this Agreement and the other Loan Documents. The Agent may utilize the services of such Persons as the Agent may reasonably
determine, and all reasonable fees and expenses of any such Persons shall be paid by the Borrower. 
 §14.3. No
Liability. Neither the Agent nor any of its shareholders, directors, officers or employees nor any other Person assisting them in their duties nor any agent, or employee thereof, shall be liable for (a) any waiver, consent or approval given
or any action taken, or omitted to be taken, in good faith by it or them hereunder or under any of the other Loan Documents, or in connection herewith or therewith, or be responsible for the consequences of any oversight or error of judgment
whatsoever, except that the Agent or such other Person, as the case may be, shall be liable for losses due to its willful misconduct or gross negligence as finally determined by a court of competent jurisdiction after the expiration of all
applicable appeal periods or (b) any action taken or not taken by Agent with the consent or at the request of the Required Lenders (or, where required hereunder, all of the affected Lenders). The Agent shall not be deemed to have knowledge or
notice of the occurrence of any Default or Event of Default, except with respect to defaults in the payment of principal, interest and fees required to be paid to the Agent for the account of the Lenders, unless the Agent has received notice from a
Lender or the Borrower referring to the Loan Documents and describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default”. 

§14.4. No Representations. The Agent shall not be responsible for the execution or validity or enforceability of this
Agreement; the Notes, any of the other Loan Documents or any instrument at any time constituting, or intended to constitute, collateral security for the Notes, or for the value of any such collateral security or for the validity, enforceability or
collectability of any such amounts owing with respect to the Notes, or for any recitals or statements, warranties or representations made herein, or any agreement, instrument or certificate delivered in connection

  
 77 

 
therewith or in any of the other Loan Documents or in any certificate or instrument hereafter furnished to it by or on behalf of the Borrower, the Guarantors or any of their respective
Subsidiaries, or be bound to ascertain or inquire as to the performance or observance of any of the terms, conditions, covenants or agreements herein or in any of the other Loan Documents. The Agent shall not be bound to ascertain whether any
notice, consent, waiver or request delivered to it by the Borrower, the Guarantors or any holder of any of the Notes shall have been duly authorized or is true, accurate and complete. The Agent has not made nor does it now make any representations
or warranties, express or implied, nor does it assume any liability to the Lenders, with respect to the creditworthiness or financial condition of the Borrower, the Guarantors or any of their respective Subsidiaries, or the value of any collateral
or any other assets of the Borrower, the Guarantors or any of their respective Subsidiaries. Each Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender, and based upon such information and documents
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 Agent or any other Lender, based upon such information and
documents as it deems appropriate at the time, continue to make its own credit analysis and decisions in taking or not taking action under this Agreement and the other Loan Documents. Agent’s Special Counsel has only represented Agent and
JPMorgan in connection with the Loan Documents and the only attorney client relationship or duty of care is between Agent’s Special Counsel and Agent or JPMorgan. Each Lender has been independently represented by separate counsel on all matters
regarding the Loan Documents. 
 §14.5. Payments. 

(a) A payment by the Borrower or the Guarantors to the Agent hereunder or under any of the other Loan Documents for the
account of any Lender shall constitute a payment to such Lender. The Agent agrees to distribute to each Lender not later than one (1) Business Day after the Agent’s receipt of good funds, determined in accordance with the Agent’s
customary practices, such Lender’s pro rata share of payments received by the Agent for the account of the Lenders except as otherwise expressly provided herein or in any of the other Loan Documents. Notwithstanding anything to the contrary
contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, each payment by the Borrower hereunder shall be applied in accordance with §2.13(d). 

(b) If in the opinion of the Agent the distribution of any amount received by it in such capacity hereunder, under the
Notes or under any of the other Loan Documents might involve it in liability, it may refrain from making such distribution until its right to make such distribution shall have been adjudicated by a court of competent jurisdiction. If a court of
competent jurisdiction shall adjudge that any amount received and distributed by the Agent is to be repaid, each Person to whom any such distribution shall have been made shall either repay to the Agent its proportionate share of the amount so
adjudged to be repaid or shall pay over the same in such manner and to such Persons as shall be determined by such court. 

§14.6. Holders of Notes. Subject to the terms of §18, the Agent may deem and treat the payee of any Note as the absolute
owner or purchaser thereof for all purposes hereof until it shall have been furnished in writing with a different name by such payee or by a subsequent holder, assignee or transferee. 

  
 78 

 §14.7. Indemnity. The Lenders ratably agree hereby to indemnify and hold
harmless the Agent from and against any and all claims, actions and suits (whether groundless or otherwise), losses, damages, costs, expenses (including any expenses for which the Agent has not been reimbursed by the Borrower as required by
§15), and liabilities of every nature and character arising out of or related to this Agreement, the Notes, or any of the other Loan Documents or the transactions contemplated or evidenced- hereby or thereby, or the Agent’s actions taken
hereunder or thereunder, except to the extent that any of the same shall be directly caused by the Agent’s willful misconduct or gross negligence as finally determined by a court of competent jurisdiction after the expiration of all applicable
appeal periods. The agreements in this §14.7 shall survive the payment of all amounts payable under the Loan Documents. 

§14.8. Agent as Lender. In its individual capacity, JPMorgan shall have the same obligations and the same rights, powers and
privileges in respect to its Commitment and the Loans made by it, and as the holder of any of the Notes as it would have were it not also the Agent. 
 §14.9. Resignation; Removal. The Agent may resign at any time by giving thirty (30) calendar days’ prior written notice thereof to the Lenders and the Borrower. The Required Lenders
(excluding for the purposes hereof the Commitment of the Lender acting as Agent) may remove the Agent in the event of (a) a material breach by Agent in the performance of its duties hereunder which is not cured within thirty (30) days
after written notice thereof to the Agent or (b) Agent’s gross negligence or willful misconduct. Upon any such resignation or removal, the Required Lenders, subject to the terms of §18.1, shall have the right to appoint as a successor
Agent, any Lender or any bank whose senior debt obligations are rated not less than “A2” or its equivalent by Moody’s or not less than “A” or its equivalent by S&P and which has a net worth of not less than
$500,000,000.00. Unless a Default or Event of Default shall have occurred and be continuing, such successor Agent shall be reasonably acceptable to the Borrower, which acceptance shall not be unreasonably withheld or delayed. If no successor Agent
shall have been appointed and shall have accepted such appointment within thirty (30) days after the retiring Agent’s giving of notice of resignation, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent, which
shall be any Lender or any financial institution Whose senior debt obligations are rated not less than “A” or its equivalent by Moody’s or not less than “A” or its equivalent by S&P and which has a net worth of not less
than $500,000,000.00. Unless a Default or Event of Default shall have occurred and be continuing, such successor Agent shall be reasonably acceptable to the Borrower, which acceptance shall not be unreasonably withheld or delayed. Upon the
acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Agent, and the retiring or removed
Agent shall be discharged from its duties and obligations hereunder as Agent. After any retiring Agent’s resignation or its removal, the provisions of this Agreement and the other Loan Documents shall continue in effect for its benefit in
respect of any actions taken or omitted to be taken by it while it was acting as Agent. Upon any change in the Agent under this Agreement, the resigning or removed Agent shall execute such assignments of and amendments to the Loan Documents as may
be necessary to substitute the successor Agent for the resigning or removed Agent. 

  
 79 

 §14.10. Duties in the Case of Enforcement. In case one or more Events of Default
have occurred and shall be continuing, and whether or not acceleration of the Obligations shall have occurred, the Agent may and, if (a) so requested by the Required Lenders and (b) the Lenders have provided to the Agent such additional
indemnities and assurances in accordance with their respective Commitment Percentages against expenses and liabilities as the Agent may reasonably request, shall proceed to exercise all or any legal and equitable and other rights or remedies as it
may have; provided, however, that unless and until the Agent shall have received such directions, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event
of Default as it shall deem to be in the best interests of the Lenders. Without limiting the generality of the foregoing, if Agent reasonably determines payment is in the best interest of all the Lenders, Agent may without the approval of the
Lenders pay taxes and insurance premiums and spend money for maintenance, repairs or other expenses which may be necessary to be incurred, and Agent shall promptly thereafter notify the Lenders of such action. Each Lender shall, within thirty
(30) days of request therefor, pay to the Agent its Commitment Percentage of the reasonable costs incurred by the Agent in taking any such actions hereunder to the extent that such costs shall not be promptly reimbursed to the Agent by the
Borrower within such period. The Required Lenders may direct the Agent in writing as to the method and the extent of any such exercise, the Lenders hereby agreeing to indemnify and hold the Agent harmless in accordance with their respective
Commitment Percentages from all liabilities incurred in respect of all actions taken or omitted in accordance with such directions except to the extent that any of the same shall be directly caused by the Agent’s willful misconduct or gross
negligence as finally determined by a court of competent jurisdiction, provided that the Agent need not comply with any such direction to the extent that the Agent reasonably believes the Agent’s compliance with such direction to be
unlawful in any applicable jurisdiction or commercially unreasonable in any applicable jurisdiction. 
 §14.11. Agent
May File Proofs of Claim. In the event a bankruptcy or other insolvency proceeding is commenced by or against Borrower or any Guarantor, the Agent shall have the sole and exclusive right to file and pursue a joint proof claim on behalf of all
Lenders. Any votes with respect to such claims or otherwise with respect to such proceedings shall be subject to the vote of the Required Lenders or all of the Lenders as required by this Agreement. Each Lender irrevocably waives its right to file
or pursue a separate proof of claim in any such proceedings unless Agent fails to file such claim within thirty (30) days after receipt of written notice from the Lenders requesting that Agent file such proof of claim. 

§14.12. Reliance by Agent. The 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 an Authorized Officer. The 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 Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the Agent may presume that such condition is satisfactory to such Lender unless the Agent shall have
received notice to the contrary from such Lender prior to the making of such Loan. The Agent may consult with legal counsel (who may be counsel for the Borrower and/or the 

  
 80 

 
Guarantors), 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. 
 §14.13. Approvals. If consent of the Required Lenders is required for some action under
this Agreement, or except as otherwise provided herein an approval of the Required Lenders is required or permitted under this Agreement, each Lender agrees to give the Agent, within ten (10) Business Days of receipt of the request for action
together with all reasonably requested information related thereto (or such lesser period of time required by the terms of the Loan Documents), notice in writing of approval or disapproval (collectively “Directions”) in respect of
any action requested or proposed in writing pursuant to the terms hereof. To the extent that any Lender does not approve any recommendation of Agent, such Lender shall in such notice to Agent describe the actions that would be acceptable to such
Lender. If consent is required for the requested action, any Lender’s failure to respond to a request for Directions within the required time period shall be deemed to constitute a Direction to take such requested action. In the event that any
recommendation is not approved by the requisite number of Lenders and a subsequent approval on the same subject matter is requested by Agent, then for the purposes of this paragraph each Lender shall be required to respond to a request for
Directions within five (5) Business Days of receipt of such request. Agent and each Lender shall be entitled to assume that any officer of the other Lenders delivering any notice, consent, certificate or other writing is authorized to give such
notice, consent, certificate or other Writing unless Agent and such other Lenders have otherwise been notified in writing. The provisions of this §14.13 shall not apply to any matter requiring approval of all Lenders or all affected Lenders.

 §14.14. Borrower Not Beneficiary. Except for the provisions of §14.9 relating to the appointment of a
successor Agent, the provisions of this §14 are solely for the benefit of the Agent and the Lenders, may not be enforced by the Borrower, and except for the provisions of §14.9, may be modified or waived without the approval or consent of
the Borrower. 
  

	§15.	EXPENSES. 

 The Borrower and the
Guarantors agree to pay (a) the reasonable costs of producing and reproducing this Agreement, the other Loan Documents and the other agreements and instruments mentioned herein, (b) any imposed taxes (including any interest and penalties
in respect thereto) payable by the Agent or any of the Lenders (other than taxes based upon the Agent’s or any Lender’s gross or net income), and including any taxes payable on or with respect to the transactions contemplated by this
Agreement, and further including any such taxes payable by the Agent or any of the Lenders after the Closing Date (the Borrower and the Guarantors hereby agreeing to indemnify the Agent and each Lender with respect thereto), (c) the reasonable
fees, expenses and disbursements of the counsel to the Agent and any local counsel to the Agent incurred in connection with the preparation, administration, or interpretation of the Loan Documents and other instruments mentioned herein, and
amendments, modifications, approvals, consents or waivers hereto or hereunder, (d) the reasonable out-of-pocket fees, costs, expenses and disbursements of Agent incurred in connection with any syndication and/or participation of the Loans in
connection with the primary syndication of the Loans, (e) all other reasonable actual and verifiable out-of-pocket fees, expenses and disbursements of the Agent incurred by the Agent in connection with the preparation or interpretation of the
Loan Documents and other 

  
 81 

 
instruments mentioned herein, the making of each advance hereunder, and the syndication of the Commitments pursuant to §18 (without duplication of those items addressed in subparagraph (d),
above), (f) all out-of-pocket expenses (including reasonable attorneys’ fees and costs, and the reasonable fees and costs of appraisers, engineers, investment bankers or other experts retained by any Lender or the Agent) incurred by any
Lender or the Agent in connection with (i) the enforcement of or preservation of rights under any of the Loan Documents against the Borrower and the Guarantors or the administration thereof after the occurrence of a Default or Event of Default,
including all such out-of-pocket expenses incurred in connection with any workout, restructuring or negotiation with respect thereto following the occurrence of a Default or an Event of Default and (ii) any litigation, proceeding or dispute
whether arising hereunder or otherwise, in any way related to the Agent’s or any of the Lenders’ relationship with the Borrower or the Guarantors, (g) all reasonable fees, expenses and disbursements of the Agent incurred in connection
with UCC searches and title searches, (h) all reasonable out-of-pocket fees, expenses and disbursements (including reasonable attorneys’ fees and costs) which may be incurred by JPMorgan in connection with the execution and delivery of
this Agreement and the Other Loan Documents (without duplication of any of the items listed above), and (i) all expenses relating to the use of Intralinks, SyndTrak or any other similar system for the dissemination and sharing of documents and
information in connection with the Loans. The covenants of this §15 shall survive the repayment of the Loans and the termination of the obligations of the Lenders hereunder. 

 

	§16.	INDEMNIFICATION. 

 The Borrower
agrees to indemnify and hold harmless the Agent, the Lenders and each Arranger and each director, officer, employee, agent and Affiliate thereof and Person who controls the Agent or any Lender or either Arranger against any and all claims, actions
and suits, whether groundless or otherwise, and from and against any and all liabilities, losses, damages and expenses-of every nature and character arising out of or relating to this Agreement or any of the other Loan Documents or the transactions
contemplated hereby and thereby or the Transactions, including, without limitation, (a) any and all claims for brokerage, leasing, finders or similar fees which may be made relating to the Unencumbered Borrowing Base Properties or the Loans,
(b) any condition of the Unencumbered Borrowing Base Properties or any other Real Estate, (c) any actual or proposed use by the Borrower of the proceeds of any of the Loans, (d) any actual or alleged infringement of any patent,
copyright, trademark, service mark or similar right of the Borrower, the Guarantors or any of their respective Subsidiaries; (e) the Borrower and the Guarantors entering into or performing this Agreement or any of the other Loan Documents,
(f) any actual or alleged violation of any law, ordinance, code, order, rule, regulation, approval, consent, permit or license relating to the Unencumbered Borrowing Base Properties or any other Real Estate, (g) with respect to the
Borrower, the Guarantors and their respective Subsidiaries and their respective properties and assets, the violation of any Environmental Law, the Release or threatened Release of any Hazardous Substances or any action, suit, proceeding or
investigation brought or threatened with respect to any Hazardous Substances (including, but not limited to, claims with respect to wrongful death, personal injury, nuisance or damage to property), (h) any use of Intralinks, SyndTrak or any
other system for the dissemination and sharing of documents and information, and (i) shareholder or other lawsuits threatened or filed, or investigation undertaken as a result of the consummation of the Transactions, in each case including,
without limitation, the reasonable fees and disbursements 

  
 82 

 
of counsel incurred in connection with any such investigation, litigation or other proceeding; provided, however, that the Borrower and the Guarantors shall not be obligated under
this §16 to indemnify any Person for liabilities arising from such Person’s own gross negligence or willful misconduct as determined by a court of competent jurisdiction after the exhaustion of all applicable appeal periods. If, and to the
extent that the obligations of the Borrower and the Guarantors under this §16 are unenforceable for any reason, the Borrower and the Guarantors hereby agree to make the maximum contribution to the payment in satisfaction of such obligations
which is permissible under applicable law. The provisions of this §16 shall survive the repayment of the Loans and the termination of the obligations of the Lenders hereunder. 

 

	§17.	SURVIVAL OF COVENANTS, ETC. 

 All
covenants, agreements, representations and warranties made herein, in the Notes, in any of the other Loan Documents or in any documents or other papers delivered by or on behalf of the Borrower, the Guarantors or any of their respective Subsidiaries
pursuant hereto or thereto shall be deemed to have been relied upon by the Lenders and the Agent, notwithstanding any investigation heretofore or hereafter made by any of them, and shall survive the making by the Lenders of any of the Loans, as
herein contemplated, and shall continue in full force and effect so long as any amount due under this Agreement or the Notes or any of the other Loan Documents remains outstanding or any Lender has any obligation to make any Loans. The
indemnification obligations of the Borrower provided herein and in the other Loan Documents shall survive the full repayment of amounts due and the termination of the obligations of the Lenders hereunder and thereunder to the extent provided herein
and therein. All statements contained in any certificate delivered to any Lender or the Agent at any time by or on behalf of the Borrower, the Guarantors or any of their respective Subsidiaries pursuant hereto or in connection with the transactions
contemplated hereby shall constitute representations and warranties by such Person hereunder. 
  

	§18.	ASSIGNMENT AND PARTICIPATION. 

§18.1. Conditions to Assignment by Lenders. Except as provided herein, each Lender May assign to one or more banks or other
entities all or a portion of its interests, rights and obligations under this Agreement (including all or a portion of its Commitment Percentage and Commitment and the same portion of the Loans at the time owing to it and the Notes held by it);
provided that (a) the Agent, and, so long as no Default or Event of Default exists hereunder, the Borrower shall have each given its prior written consent to such assignment, which consent shall not be unreasonably withheld or delayed
(provided that such consent shall not be required for any assignment to another Lender, to a lender or an Affiliate of a Lender which is and remains controlled by or is under common control with the assigning Lender, to a Subsidiary which is and
remains wholly-owned by such Lender, or to an Approved Fund), provided further that the Borrower will be deemed to have consented unless it provides notice to the Agent and the assigning Lender of its disapproval within ten (10) Business Days
of receipt of such request, (b) each such assignment shall be of a constant, and not a varying, percentage of all the assigning Lender’s rights and obligations under this Agreement with respect to the Commitment in the event an interest in
the Loans is assigned, (c) the parties to such assignment shall execute and deliver to the Agent, for recording in the Register (as hereinafter defined) an Assignment and Acceptance Agreement in the form of Exhibit I annexed hereto (the
“Assignment and  

  
 83 

 
Acceptance Agreement”), together with any Notes subject to such assignment, (d) in no event shall any assignment be to any Person controlling, controlled. by or under common
control with, or which is not otherwise free from influence or control by, the Borrower or any Guarantor or be a Defaulting Lender or an Affiliate of a Defaulting Lender, (e) if the Total Commitment is not fully advanced, such assignee of a
portion of the Loans shall have a net worth or unfunded commitment as of the date of such assignment of not less than $100,000,000.00 (unless otherwise approved by Agent and, so long as no Default or Event of Default exists hereunder, the Borrower)
and (t) such assignee shall acquire an interest in the Loans of not less than $5,000,000.00 and integral multiples of $1,000,000.00 in excess thereof (or if less, the remaining Loans of the assignor), unless waived by the Agent, and so long as
no Default or Event of Default exists hereunder, the Borrower. Upon execution, delivery, acceptance and recording of such Assignment and Acceptance Agreement, (i) the assignee thereunder shall be a party hereto and all other Loan Documents
executed by the Lenders and, to the extent provided in such Assignment and Acceptance Agreement, have the rights and obligations of a Lender hereunder, (ii) the assigning Lender shall, upon payment to the Agent of the registration fee referred
to in §18.2, be released from its obligations under this Agreement arising after the effective date of Such assignment with respect to the assigned portion of its interests, rights and obligations under this. Agreement, and (iii) the Agent
may unilaterally amend Schedule 1.1 to reflect such assignment. In connection with each assignment, the assignee shall represent and warrant to the Agent, the assignor and each other Lender as to whether such assignee is
controlling,” controlled by, under common control with or is not otherwise free from influence or control by, the Borrower and the Guarantors and whether such assignee is a Defaulting Lender or an Affiliate of a Defaulting Lender. In connection
with any assignment of rights and obligations of any Defaulting Lender, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or actions, including funding, with the consent of the Borrower and the
Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities
then owed by such Defaulting Lender to the Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its Commitment 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. Furthermore, in connection with any syndication of the Loan by Agent and Arranger, the Borrower agrees to assist Agent and Arranger actively
with such syndication, such assistance to include, among other things, (i) direct contact during the syndication between the Borrower’s senior officers, representatives and advisors, on the one hand, and prospective Lenders, on the other
hand at such times and places as Agent or either Arranger may reasonably request, (ii) providing to Agent and each Arranger all financial and other information with respect to the Borrower and the transactions contemplated hereunder that Agent
or either Arranger may reasonably request, including but not limited to financial projections relating to the foregoing, and (iii) assistance in the preparation of a confidential information memorandum and other marketing materials to be used
in connection with the syndication. 

  
 84 

 §18.2. Register. The Agent shall maintain on behalf of the Borrower a copy of
each assignment delivered to it and a register or similar list (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment Percentages of and principal amount of the Loans owing to the Lenders
from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of
this Agreement. The Register shall be available for inspection by the Borrower and the Lenders at any reasonable time and from time to time upon reasonable prior notice. Upon each such recordation, the assigning Lender agrees to pay to the Agent a
registration fee in the sum of $3,500.00. 
 §18.3. New Notes. Upon its receipt of an Assignment and Acceptance
Agreement executed by the parties to such assignment, together with each Note subject to such assignment, the Agent shall record the information contained therein in the Register. Within five (5) Business Days after receipt of notice of such
assignment from Agent, the Borrower, at its own expense, shall execute and deliver to the Agent, in exchange for each surrendered Note, a new Note to the order of such assignee in an amount equal to the amount assigned to such assignee pursuant to
such Assignment and Acceptance Agreement and, if the assigning Lender has retained some portion of its obligations hereunder, a new Note to the order of the assigning Lender in an amount equal to the amount retained by it hereunder. Such new Notes
shall provide that they are replacements for the surrendered Notes, shall be in an aggregate principal amount equal to the aggregate principal amount of the surrendered Notes, shall be dated the effective date of such Assignment and Acceptance
Agreement and shall otherwise be in substantially the form of the assigned Notes. The surrendered Notes shall be canceled and returned to the Borrower. 
 §18.4. Participations. Each Lender may sell participations to one or more Lenders or other entities in all or a portion of such Lender’s. rights and obligations under this Agreement and
the other Loan Documents; provided that (a) any such sale or participation shall not affect the rights and duties of the selling Lender hereunder, (b) such participation shall not entitle such participant to any rights or privileges
under this Agreement or any Loan Documents, including without limitation, rights granted to the Lenders under §4.8, §4.9 and §4.10, (c) such participation shall not entitle the participant to the right to approve waivers,
amendments or modifications, (d) such participant shall have no direct rights against the Borrower or the Guarantors, (e) such sale is effected in accordance with all applicable laws, and (f) such participant shall not be a Person
controlling, controlled by or under common control with, or which is not otherwise free from influence or control by the Borrower or any of the Guarantors and shall not be a Defaulting Lender or an Affiliate of a Defaulting Lender; provided,
however, such Lender may agree with the participant that it will not, without the consent of the participant, agree to (i) increase, or extend the term or extend the time or waive any requirement for the reduction or termination of, such
Lender’s Commitment, (ii) extend the date fixed for the payment of principal of or interest on the Loans or portions thereof owing to such Lender, (iii) reduce the amount of any such payment of principal, (iv) reduce the rate at
which interest is payable thereon or (v) release Borrower or any Guarantor (except as otherwise permitted under this Agreement). 

  
 85 

 §18.5. Pledge by Lender. Any Lender may at any time pledge all or any portion of
its interest and rights under this Agreement (including all or any portion of its Note) to any of the twelve Federal Reserve Banks organized under §4 of the Federal Reserve Act, 12 U.S.C. §341 or to such other Person as the Agent may
approve to secure obligations of such lenders. No such pledge or the enforcement thereof shall release the pledgor Lender from its obligations hereunder or under any of the other Loan Documents. 

§18.6. No Assignment by the Borrower or the Guarantors. Neither the Borrower nor the Guarantors shall assign or transfer any
of their rights or obligations under this Agreement or the other Loan Documents without the prior written consent of each of the Lenders. 
 §18.7. Disclosure. The Borrower and the Guarantors each agree to promptly cooperate with any Lender in connection with any proposed assignment or participation of all or any portion of its
Commitment. The Borrower and the Guarantors each agree that in addition to disclosures made in accordance with standard banking practices any Lender may disclose information obtained by such Lender pursuant to this Agreement to assignees or
participants and potential assignees or participants hereunder. Each Lender agrees for itself that it shall use reasonable efforts to hold confidential all non-public information obtained from the Borrower or the Guarantors that has been identified
in writing as confidential by any of them, and shall use reasonable efforts to not disclose such information to any other Person, it being understood and agreed that, notwithstanding the foregoing, a Lender may make (a) disclosures to its
participants (provided such Persons are advised of the provisions of this §18.7), (b) disclosures to its directors, officers, employees, Affiliates, accountants, appraisers, legal counsel and other professional advisors of such Lender
(provided that Such Persons who are not employees of such Lender are advised of the provision of this §18.7), (c) disclosures customarily provided or reasonably required by any potential or actual bona fide assignee, transferee or
participant or their respective directors, officers, employees, Affiliates, accountants, appraisers, legal counsel and other professional advisors in connection with a potential or actual assignment or transfer by such Lender, of any Loans or any
participations therein (provided such Persons are advised of the provisions of this §18.7), (d) disclosures to bank regulatory authorities or self-regulatory bodies with jurisdiction over such Lender, or (e) disclosures required or
requested by any other governmental authority or representative thereof or pursuant to legal process; provided that, unless specifically prohibited by applicable law, rule, regulation or court order, each Lender shall notify the Borrower in
writing of any request by any governmental authority or representative thereof prior to disclosure (other than any such request in connection with any examination of such Lender by such government authority) for disclosure of any such non-public
information prior to disclosure of such information. In addition, each Lender may make disclosure of such information to any contractual counterparty in swap agreements or such contractual counterparty’s professional advisors (so long as such
contractual counterparty or professional advisors agree to be bound by the provisions of this §18.7). Non-public information shall not include any information which is or subsequently becomes publicly available other than as a result of a
disclosure of such information by a Lender, or prior to the delivery to such Lender is within the possession of such Lender if such information is not known by such Lender to be subject to another confidentiality agreement with or other obligations
of secrecy to the Borrower or the Guarantors, or is disclosed with the prior approval of the Borrower or the Guarantors. Nothing herein shall prohibit the disclosure of non-public information to the extent necessary to enforce the Loan Documents.

  
 86 

 §18.8. Amendments to Loan Documents. Upon any such assignment or participation,
the Borrower and the Guarantors shall, upon the request of the Agent, enter into such documents as may be reasonably required by the Agent to modify the Loan Documents to reflect such assignment or participation; provided, however, no
documents or modifications shall increase or otherwise affect the Borrower’s or any Guarantor’s liabilities hereunder or under any. Loan Document. 
 §18.9. Mandatory Assignment. In the event the Borrower requests that certain amendments, modifications or waivers be made to this Agreement or any of the other Loan Documents which request is
approved by Agent and the Required Lenders but is not approved by one or more of the Lenders (any such non-consenting Lender shall hereafter be referred to as the “Non-Consenting Lender”), then, within thirty (30) Business Days
after the Borrower’s receipt of notice of such disapproval by such Non-Consenting Lender, the Borrower shall have the right as to such Non-Consenting Lender, to be exercised by delivery of written notice delivered to the Agent and the
Non-Consenting Lender within thirty (30) Business Days of receipt of such notice, to elect to cause the Non-Consenting Lender to transfer its Commitment. The Agent shall promptly notify the remaining Lenders that each of such Lenders shall have
the right, but not the obligation, to acquire a portion of the Commitment, pro rata based upon their relevant Commitment Percentages, of the Non-Consenting Lender (or if any of such Lenders does not elect to purchase its pro rata share, then to such
remaining Lenders in such proportion as approved by the Agent). In the event that the Lenders do not elect to acquire all of the Non-Consenting Lender’s Commitment, then the Agent shall endeavor to find a new Lender or Lenders to acquire such
remaining Commitment. Upon any such purchase of the Commitment of the Non-Consenting Lender, the Non-Consenting Lender’s interests in the Obligations and its rights and obligations hereunder and under the Loan Documents shall terminate at the
date of purchase, and the Non-Consenting Lender shall promptly execute and deliver any and all documents reasonably requested by Agent to surrender and transfer such interest, including, without limitation, an Assignment and Acceptance Agreement in
the form attached hereto as Exhibit I and such Non-Consenting Lender’s original Note. The purchase price for the Non-Consenting Lender’s Commitment shall equal any and all amounts outstanding and owed by the Borrower to the
Non-Consenting Lender, including principal and all accrued and unpaid interest or fees, plus any applicable amounts payable pursuant to §4.8 which would be owed to such Non-Consenting Lender if the Loans were to be repaid in full on the date of
such purchase of the Non-Consenting Lender’s Commitment (provided that the Borrower may pay to such Non-Consenting Lender any interest, fees or other amounts (other than principal) owing to such Non-Consenting Lender). 

§18.10. Titled Agents. The Titled Agents shall not have any additional rights or obligations under the Loan Documents, except
for those rights, if any, as a Lender. 
  

	§19.	NOTICES. 

 Except in the case of
notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices (hereinafter in this §19 referred to as “Notice”) and other communications provided for herein
shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
 If to the Agent, to JPMorgan Chase Bank, Loan and Agency Services Group, 500 Stanton Christiana Road, Ops 2, Floor 03, Newark, DE, 19713-2107, Attention of Taieshia Reefer (Telecopy
No. 302-634-4733) 

  
 87 

 To each Lender, at the address specified for such Person on Schedule 19, and to any
Lender which may hereafter become a party to this Agreement, at such address as may be designated by such Lender; 
 If to the
Borrower: 
 Mid-America Apartments, L.P. 
 6584 Poplar Avenue 
 Memphis, Tennessee 38138 

Attn: Andrew Schaeffer 
 Telecopy No.: (901) 682-6667 
 With a copy to: 

Bass, Berry & Sims, PLC 
 100 Peabody Place, Suite 900 
 Memphis, Tennessee 38103 

Attn: John A. Stemmler 
 Telecopy No.: (901) 543-5999 
 Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient,
shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through Electronic Systems, to the extent provided in paragraph (b) below, shall be effective as provided in said
paragraph (b). 
 (b) Notices and other communications to the Lenders and the Issuing Bank hereunder may be delivered or
furnished by using Electronic Systems pursuant to procedures approved by the Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Agent and the applicable Lender. The Agent
or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to
particular notices or communications. 
 Unless the Agent otherwise prescribes, (i) notices and other communications sent
to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of
notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal
business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

  
 88 

 (c) Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

 

	§20.	RELATIONSHIP. 

 In connection
with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates’
understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Agent, the Arranger, and the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on
the one hand, and the Agent, the Arranger, and the Lenders, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is
capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Agent, the Arranger and each Lender is and has been acting
solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and
(B) neither the Agent, the Arranger nor any Lender has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan
Documents; and (iii) the Agent, the Arranger and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and neither
the Agent, the Arranger, nor any Lender has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have
against the Agent, the Arranger or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

 

	§21.	GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE. 

 THIS AGREEMENT AND EACH OF THE OTHER LOAN DOCUMENTS, EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED HEREIN OR THEREIN, SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY THE
LAWS OF THE STATE OF NEW YORK. THE BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS MAY BE BROUGHT IN ANY COURT OF COMPETENT JURISDICTION IN THE STATE OF NEW YORK (INCLUDING ANY FEDERAL COURT
SITTING THEREIN). THE BORROWER FURTHER ACCEPTS, GENERALLY AND UNCONDITIONALLY; THE NON-EXCLUSIVE JURISDICTION OF SUCH COURTS AND ANY RELATED APPELLATE COURT AND IRREVOCABLY (i) AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY WITH RESPECT TO
THIS AGREEMENT AND ANY OF THE OTHER LOAN DOCUMENTS AND (ii) WAIVES ANY OBJECTION IT MAY NOW OR 

  
 89 

 
HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH A COURT IS AN INCONVENIENT FORUM. THE BORROWER FURTHER AGREES THAT SERVICE OF PROCESS IN ANY SUCH SUIT
MAY BE MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN SECTION 19 HEREOF. IN ADDITION TO THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN, THE AGENT OR ANY LENDER MAY BRING ACTION(S) FOR ENFORCEMENT ON A
NONEXCLUSIVE BASIS WHERE ANY ASSETS OF THE BORROWER AND THE GUARANTORS EXIST AND THE BORROWER CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURTS AND THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS
SPECIFIED IN SECTION 19 HEREOF. 
  

	§22.	HEADINGS. 

 The captions in this
Agreement are for convenience of reference only and shall not define or limit the provisions hereof. 
  

	§23.	COUNTERPARTS. 

 This Agreement
and any amendment hereof may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, and all of which together shall constitute one instrument. In proving
this Agreement it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought. 
  

	§24.	ENTIRE AGREEMENT, ETC. 

 This
Agreement and the Loan Documents is intended by the parties as the final, complete and exclusive statement of the transactions evidenced by this Agreement and the Loan Documents. All prior or contemporaneous promises, agreements and understandings,
whether oral or written, are deemed to be superseded by this Agreement and the Loan Documents, and no party is relying on any promise, agreement or understanding not set forth in this Agreement and the Loan Documents. Neither this Agreement nor any
term hereof may be changed, waived, discharged or terminated, except as provided in §27. 
  

	§25.	WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS. 

 EACH OF THE BORROWER, THE AGENT AND THE LENDERS HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY NOTE OR ANY
OF THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. EACH OF THE BORROWER, THE AGENT AND THE LENDERS HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH
LITIGATION ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, PUNITIVE OR ANY DAMAGES OTHER THAN, OR IN 

  
 90 

 
ADDITION TO, ACTUAL DAMAGES OR DAMAGES OR OTHER REMEDIES EXPRESSLY PROVIDED FOR IN THIS AGREEMENT. THE BORROWER CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY LENDER OR THE AGENT HAS.
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH LENDER OR THE AGENT WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND ACKNOWLEDGES THAT THE AGENT AND THE LENDERS HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE
OTHER LOAN DOCUMENTS TO WHICH THEY ARE PARTIES BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED IN THIS §25. THE BORROWER ACKNOWLEDGES THAT IT HAS HAD AN OPPORTUNITY TO REVIEW THIS §25 WITH LEGAL COUNSEL AND THE BORROWER
AGREES TO THE FOREGOING AS ITS FREE, KNOWING AND VOLUNTARY ACT. 
  

	§26.	DEALINGS WITH THE BORROWER AND THE GUARANTORS. 

 The Agent, the Lenders and their affiliates may accept deposits from, extend credit to, invest in, act as trustee under indentures of, serve as financial advisor of, and generally engage in any kind of
banking, trust or other business with the Borrower, the Guarantors and their respective Subsidiaries or any of their Affiliates regardless of the capacity of the Agent or the Lender hereunder. The Lenders acknowledge that, pursuant to such
activities, JPMorgan or its Affiliates may receive information regarding such Persons (including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Agent shall be under no obligation to
provide such information to them. 
  

	§27.	CONSENTS, AMENDMENTS, WAIVERS, ETC. 

 Except as otherwise expressly provided in this Agreement, any consent or approval required or permitted by this Agreement may be given, and any term of this Agreement or of any other instrument related
hereto or mentioned herein may be amended, and the performance or observance by the Borrower or the Guarantors of any terms of this Agreement or such other instrument or the continuance of any Default or Event of Default may be waived (either
generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Required Lenders. Notwithstanding the foregoing, none of the following may occur without the written consent of each
Lender directly affected thereby: (a) a reduction in the rate of interest on the Loans (other than a reduction or waiver of default interest); (b) an increase in the amount of the Commitments of the Lenders; (c) a forgiveness,
reduction or waiver of the principal of any unpaid Loan or any interest thereon (other than interest at the Default Rate) or fee payable under the Loan Documents; (d) a change in the amount of any fee payable to a Lender hereunder; (e) the
postponement of any date fixed for any payment of principal of or interest on the Loan; (f) a change in the manner of distribution of any payments to the Lenders or the Agent pursuant to §12.5 or §14.5(a); (g) the release of the
Borrower or any Guarantor except as otherwise provided in this Agreement; (h) an amendment of the definition of Required Lenders or of any requirement for consent by all of the Lenders; (i) any modification to require a Lender to fund a
pro rata share of a request for an advance of the Loan made by the Borrower other than based on its Commitment Percentage; (j) an amendment to this §27; (k) a waiver of any Default or Event of Default under §12.1(a) or
§12.1(b); or (1) an 

  
 91 

 
amendment of any provision of this Agreement or the Loan Documents which requires the approval of all of the Lenders or the Required Lenders to require a lesser number of Lenders to approve such
action. 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 the Commitment of any Defaulting Lender may not be increased without the consent of such Lender. The provisions
of §14 may not be amended without the written consent of the Agent. The Borrower and the Guarantors each agree to enter into such modifications or amendments of this Agreement or the other Loan Documents as reasonably may be requested by
JPMorgan in connection with any syndication of the Loan, provided that no such amendment or modification materially affects or increases any of the obligations of the Borrower or the Guarantors hereunder. No waiver shall extend to or affect
any obligation not expressly waived or impair any right consequent thereon. No course of dealing or delay or omission on the part of the Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial
thereto. No notice to or demand upon any of the Borrower or the Guarantors shall entitle the Borrower or the Guarantors to other or further notice or demand in similar or other circumstances. 

Notwithstanding anything set forth herein to the contrary, if (i) J.P. Morgan Securities LLC acts as a joint lead arranger (or is
offered such position in a facility that contains substantially the same terms set forth in the draft of the KeyBank, National Association term sheet for such facility, dated April 3, 2013, and declines to so act) in a refinancing of the
Existing Revolving Credit Facility within four (4) months after the Closing Date (such refinanced facility, the “New Revolver Facility”), and (ii) the representations and warranties, covenants and/or events of default
(including, in each case, any related definitions) in such New Revolver Facility that are also included in this Agreement are revised from those set forth in the Existing Revolving Credit Facility; then, the representations and warranties set
forth in §6, the affirmative covenants set forth in §7, the negative covenants set forth in §8, the financial covenants set forth in §9 and/or the events of default set forth in §12 (and, in each case, the related
definitions), as applicable, of this Agreement shall be deemed to be amended automatically to conform with the corresponding terms of the New Revolver Facility (each, a “Modification”); provided that (w) no Modification made
pursuant to this paragraph that would result in the Lenders being treated differently than the lenders under the New Revolver Facility, shall be made pursuant to this paragraph without the prior written consent of the Required Lenders hereunder,
(x) all Lenders shall have received notice of any such proposed Modifications and of the New Revolver Facility, (y) no Modifications of the New Revolver Facility shall result in any corresponding amendment, modification, restatement,
replacement or waiver of §12.1(a) or (b), and (z) if requested by the Borrower or the Agent, the Borrower, the Guarantors, the Agent and each Lender shall execute and deliver a written amendment to, restatement of, or waiver under, as
applicable, this Agreement memorializing the Modifications. 
  

	§28.	SEVERABILITY. 

 The provisions of
this Agreement are severable, and if any one clause or provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part
thereof, in such jurisdiction, and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provision of this Agreement in any jurisdiction. 

  
 92 

	§29.	TIME OF THE ESSENCE. 

 Time is of
the essence with respect to each and every covenant, agreement and obligation of the Borrower and the Guarantors under this Agreement and the other Loan Documents. 
  

	§30.	NO UNWRITTEN AGREEMENTS. 

 THE
LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN 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 BETWEEN THE PARTIES. ANY
ADDITIONAL TERMS OF THE AGREEMENT BETWEEN THE PARTIES ARE SET FORTH BELOW. 
  

	§31.	REPLACEMENT NOTES. 

 Upon receipt
of evidence reasonably satisfactory to the Borrower of the loss, theft, destruction or mutilation of any Note, and in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory to the Borrower
or, in the case of any such mutilation, upon surrender and cancellation of the applicable Note, the Borrower will execute and deliver, in lieu thereof, a replacement Note, identical in form and substance to the applicable Note and dated as of the
date of the applicable Note and upon such execution and delivery all references in the Loan Documents to such Note shall be deemed to refer to such replacement Note. 
  

	§32.	NO THIRD PARTIES BENEFITED. 

This Agreement and the other Loan Documents are made and entered into for the sole protection and legal benefit of the Borrower, the
Guarantors, the Lenders, the Agent and their permitted successors and assigns, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any
of the other Loan Documents. All conditions to the performance of the obligations of the Agent and the Lenders under this Agreement, including the obligation to make Loans, are imposed solely and exclusively for the benefit of the Agent and the
Lenders and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that the Agent and the Lenders will refuse to make Loans in the absence of strict compliance with any
or all thereof and no other Person shall, under any circumstances, be deemed to be a beneficiary of such conditions, any and all of which may be freely waived in whole or in part by the Agent and the Lenders at any time if in their sole discretion
they deem it desirable to do so. In particular, the Agent and the Lenders make no representations and assume no obligations as to third parties concerning the quality of the construction by the Borrower, the Guarantors or any of their Subsidiaries
of any development or the absence therefrom of defects. 

  
 93 

	§33.	PATRIOT ACT. 

 Each Lender and
the Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower and the Guarantors that, pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower and
the Guarantors, which information includes names and addresses and other information that will allow such Lender or the Agent, as applicable, to identify the Borrower and the Guarantors in accordance with the Patriot Act. 

 

	§34.	JOINT AND SEVERAL LIABILITY. 

Each of the Borrower and the Guarantors covenants and agrees that each and every covenant and obligation of the Borrower or any Guarantor
hereunder and under the other Loan Documents to which each is a party shall be the joint and several obligations of the Borrower and each Guarantor. 
 [signatures on next page] 

  
 94 

 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed
under seal by its duly authorized representatives as of the date first set forth above. 
  

					
	BORROWER:
	
	MID-AMERICA APARTMENTS, L.P., a Tennessee limited partnership
		
	By:	 	Mid-America Apartment Communities, Inc., a Tennessee corporation, its sole general partner
			
		 	By:	 	 /s/ Al Campbell

		 	Name:	 	Al Campbell
		 	Title:	 	EVP, CFO

  
  
  

 
  
  

[Signature Page to Term Loan Agreement - JPMorgan/Mid-America 2013] 

 
			
	AGENT AND LENDERS:
	
	 JPMORGAN CHASE BANK, N.A.,
 individually and as Agent

		
	By:	 	 /s/ Brendan Poe

	Name:	 	Brendan Poe
	Title:	 	Executive Director

  
  
  

 
  
  

[Signature Page to Term Loan Agreement - JPMorgan/Mid-America 2013]EX-4.1

 Exhibit 4.1 

 
  
 EPR Properties 
 and each of the Guarantors named herein 

 
  
 INDENTURE 
 Dated as of June 18, 2013 

$275,000,000 

5.250% Senior Notes due 2023 
  

 
 U.S. Bank National Association

 Trustee 
  

 

 CROSS-REFERENCE TABLE* 

 

			
	Trust Indenture Act Section	  	Indenture Section
	310(a)(1)	  	7.10
	      (a)(2)	  	7.10
	      (a)(3)	  	N.A.
	      (a)(4)	  	N.A.
	      (a)(5)	  	7.10
	      (b)	  	7.10
	      (c)	  	N.A.
	311(a)	  	7.11
	      (b)	  	7.11
	      (c)	  	N.A.
	312(a)	  	2.05
	      (b)	  	12.03
	      (c)	  	12.03
	313(a)	  	7.06
	      (b)(2)	  	7.06; 7.07
	      (c)	  	7.06; 12.02
	      (d)	  	7.06
	314(a)(4)	  	12.05
	      (c)(1)	  	N.A.
	      (c)(2)	  	N.A.
	      (c)(3)	  	N.A.
	      (e)	  	12.05
	      (f)	  	N.A.
	315(a)	  	2.02
	      (b)	  	2.02
	      (c)	  	2.02
	      (d)	  	2.02
	      (e)	  	N.A.
	316(a) (last sentence)	  	N.A.
	      (a)(1)(A)	  	N.A.
	      (a)(1)(B)	  	N.A.
	      (a)(2)	  	N.A.
	      (b)	  	N.A.

  

	*	This Cross Reference Table is not part of this Indenture. 

  
 - i -

			
	      (c)	  	12.16
	317(a)(1)	  	N.A.
	      (a)(2)	  	N.A.
	      (b)	  	N.A.
	318(a)	  	N.A.
	      (b)	  	N.A.
	      (c)	  	12.01

 N.A. means not applicable. 

  
 - ii -

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
		
	 Section 1.01 Definitions
	  	 	1	  
	 Section 1.02 Other Definitions
	  	 	9	  
	 Section 1.03 Incorporation by Reference of Trust Indenture Act
	  	 	9	  
	 Section 1.04 Rules of Construction
	  	 	9	  
		
	 ARTICLE 2 THE NOTES
	  	 	10	  
		
	 Section 2.01 Form, Dating and Denominations
	  	 	10	  
	 Section 2.02 Execution and Authentication
	  	 	10	  
	 Section 2.03 Registrar and Paying Agent
	  	 	12	  
	 Section 2.04 Paying Agent to Hold Money in Trust
	  	 	12	  
	 Section 2.05 Holder Lists
	  	 	12	  
	 Section 2.06 Transfer and Exchange
	  	 	12	  
	 Section 2.07 Replacement Notes
	  	 	16	  
	 Section 2.08 Outstanding Notes
	  	 	16	  
	 Section 2.09 Treasury Notes
	  	 	16	  
	 Section 2.10 Temporary Notes
	  	 	17	  
	 Section 2.11 Cancellation
	  	 	17	  
	 Section 2.12 Defaulted Interest
	  	 	17	  
		
	 ARTICLE 3 REDEMPTION AND PREPAYMENT
	  	 	17	  
		
	 Section 3.01 Notices to Trustee
	  	 	17	  
	 Section 3.02 Selection of Notes to Be Redeemed
	  	 	18	  
	 Section 3.03 Notice of Redemption
	  	 	18	  
	 Section 3.04 Effect of Notice of Redemption
	  	 	19	  
	 Section 3.05 Deposit of Redemption or Purchase Price
	  	 	19	  
	 Section 3.06 Notes Redeemed or Purchased in Part
	  	 	19	  
	 Section 3.07 Optional Redemption
	  	 	20	  
	 Section 3.08 Mandatory Redemption
	  	 	20	  
		
	 ARTICLE 4 COVENANTS
	  	 	20	  
		
	 Section 4.01 Payment of Notes
	  	 	20	  
	 Section 4.02 Maintenance of Office or Agency
	  	 	20	  
	 Section 4.03 Reports
	  	 	21	  
	 Section 4.04 Compliance Certificate
	  	 	21	  
	 Section 4.05 Existence
	  	 	22	  
	 Section 4.06 Limitations on Incurrence of Debt
	  	 	22	  
	 Section 4.07 Maintenance of Total Unencumbered Assets
	  	 	23	  
	 Section 4.08 Additional Guarantees
	  	 	23	  
	 Section 4.09 Maintenance of Properties
	  	 	23	  
	 Section 4.10 Insurance
	  	 	23	  
		
	 ARTICLE 5 SUCCESSORS
	  	 	24	  
		
	 Section 5.01 Merger, Consolidation, or Sale of Assets
	  	 	24	  
	 Section 5.02 Successor Substituted
	  	 	24	  
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	25	  
		
	 Section 6.01 Events of Default
	  	 	25	  
	 Section 6.02 Acceleration
	  	 	26	  
	 Section 6.03 Other Remedies
	  	 	26	  
	 Section 6.04 Waiver of Past Defaults
	  	 	26	  

  
 - iii -

					
	 Section 6.05 Control by Majority
	  	 	27	  
	 Section 6.06 Limitation on Suits
	  	 	27	  
	 Section 6.07 Rights of Holders of Notes to Receive Payment
	  	 	27	  
	 Section 6.08 Collection Suit by Trustee
	  	 	27	  
	 Section 6.09 Trustee May File Proofs of Claim
	  	 	28	  
	 Section 6.10 Priorities
	  	 	28	  
	 Section 6.11 Undertaking for Costs
	  	 	28	  
		
	 ARTICLE 7 TRUSTEE
	  	 	29	  
		
	 Section 7.01 Duties of Trustee
	  	 	29	  
	 Section 7.02 Rights of Trustee
	  	 	30	  
	 Section 7.03 Individual Rights of Trustee
	  	 	31	  
	 Section 7.04 Trustee’s Disclaimer
	  	 	31	  
	 Section 7.05 Notice of Defaults
	  	 	31	  
	 Section 7.06 Reports by Trustee to Holders of the Notes
	  	 	31	  
	 Section 7.07 Compensation and Indemnity
	  	 	31	  
	 Section 7.08 Replacement of Trustee
	  	 	32	  
	 Section 7.09 Successor Trustee by Merger, etc.
	  	 	33	  
	 Section 7.10 Eligibility; Disqualification
	  	 	33	  
	 Section 7.11 Preferential Collection of Claims Against Issuer
	  	 	33	  
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	33	  
		
	 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	33	  
	 Section 8.02 Legal Defeasance and Discharge
	  	 	33	  
	 Section 8.03 Covenant Defeasance
	  	 	34	  
	 Section 8.04 Conditions to Legal or Covenant Defeasance
	  	 	34	  
	 Section 8.05 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions
	  	 	35	  
	 Section 8.06 Repayment to Issuer
	  	 	36	  
	 Section 8.07 Reinstatement
	  	 	36	  
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	37	  
		
	 Section 9.01 Without Consent of Holders of Notes
	  	 	37	  
	 Section 9.02 With Consent of Holders of Notes
	  	 	37	  
	 Section 9.03 Compliance with Trust Indenture Act
	  	 	38	  
	 Section 9.04 Revocation and Effect of Consents
	  	 	38	  
	 Section 9.05 Notation on or Exchange of Notes
	  	 	38	  
	 Section 9.06 Trustee to Sign Amendments, etc.
	  	 	39	  
		
	 ARTICLE 10 NOTES GUARANTEES
	  	 	39	  
		
	 Section 10.01 Notes Guarantee
	  	 	39	  
	 Section 10.02 Limitation on Guarantor Liability
	  	 	40	  
	 Section 10.03 [Intentionally Omitted]
	  	 	40	  
	 Section 10.04 Guarantors May Consolidate, etc., on Certain Terms
	  	 	40	  
	 Section 10.05 Releases Following Sale of Assets
	  	 	41	  
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	 	41	  
		
	 Section 11.01 Satisfaction and Discharge
	  	 	41	  
	 Section 11.02 Application of Trust Money
	  	 	42	  
		
	 ARTICLE 12 MISCELLANEOUS
	  	 	43	  
		
	 Section 12.01 Trust Indenture Act Controls
	  	 	43	  
	 Section 12.02 Notices
	  	 	43	  
	 Section 12.03 Communication by Holders of Notes with Other Holders of Notes
	  	 	44	  
	 Section 12.04 Certificate and Opinion as to Conditions Precedent
	  	 	44	  
	 Section 12.05 Statements Required in Certificate or Opinion
	  	 	44	  

  
 - iv -

					
	 Section 12.06 Rules by Trustee and Agents
	  	 	44	  
	 Section 12.07 No Personal Liability of Trustees, Directors, Officers, Employees and Stockholders
	  	 	45	  
	 Section 12.08 Governing Law
	  	 	45	  
	 Section 12.09 No Adverse Interpretation of Other Agreements
	  	 	45	  
	 Section 12.10 Successors
	  	 	45	  
	 Section 12.11 Severability
	  	 	45	  
	 Section 12.12 Counterpart Originals
	  	 	45	  
	 Section 12.13 Table of Contents, Headings, etc.
	  	 	45	  
	 Section 12.14 Benefits of Indenture
	  	 	45	  
	 Section 12.15 Legal Holidays
	  	 	46	  
	 Section 12.16 Acts of Holders
	  	 	46	  
		
	 SCHEDULES
	  			
		
	 Schedule I GUARANTORS
	  			
		
	 EXHIBITS
	  			
		
	 Exhibit A Form of Note
	  			
	 Exhibit B Form of Supplemental Indenture
	  			

  
 - v -

 INDENTURE dated as of June 18, 2013 among EPR Properties, a Maryland real estate
investment trust (the “Issuer”), the Guarantors (as defined herein) parties hereto from time to time and U.S. Bank National Association, as trustee (the “Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined
herein) of (i) the Issuer’s 5.250% Senior Notes due 2023 issued on the Closing Date (the “Initial Notes”) and (ii) any Additional Notes (as defined herein) that may be issued on any other date following the Issue Date
(as defined herein) (all such notes in clauses (i) and (ii) being referred to collectively as the “Notes”): 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. 
 “2011 Credit Agreement” means the Amended and Restated Credit Agreement, dated as of October 13, 2011, among the Issuer and initial Guarantors, as Borrowers, KeyBank National
Association, as Administrative Agent, JP Morgan Chase Bank, N.A., and RBC Capital Markets Corporation, as Co-Syndication Agents, KeyBanc Capital Markets, LLC, J.P. Morgan Securities Inc. and RBC Capital Markets Corporation, as Joint Book Runners and
Joint Lead Arrangers, and the other financial institutions signatory thereto and their assignees, in each case as amended, modified, renewed, extended, increased, refunded, replaced or refinanced from time to time (whether or not with the original
agents or lenders and whether or not contemplated under the agreement relating thereto). 
 “2012 Credit
Agreement” means the Credit Agreement, dated as of January 5, 2012, among the Issuer and initial Guarantors, as Borrowers, KeyBank National Association, as Administrative Agent, JP Morgan Securities, Inc., RBC Capital Markets, LLC and
Citigroup Global Markets, Inc., as Co-Syndication Agents, KeyBanc Capital Markets, LLC, J.P. Morgan Securities Inc., RBC Capital Markets, LLC and Citigroup Global Markets Inc., as Joint Book Runners and Joint Lead Arrangers, and the other financial
institutions signatory thereto and their assignees, in each case as amended, modified, renewed, extended, increased, refunded, replaced or refinanced from time to time (whether or not with the original agents or lenders and whether or not
contemplated under the original agreement relating thereto. 
 “Acquired Debt” means Debt of a Person
(1) existing at the time such Person becomes a Subsidiary or (2) assumed in connection with the acquisition of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation of, such Person becoming
a Subsidiary or such acquisition. Acquired Debt is deemed to be incurred on the date of the related acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and
“under common control with” have correlative meanings. 
 “Agent” means any Registrar,
co-registrar, Paying Agent or additional paying agent. 
 “Annual Debt Service” as of any date means the amount
which was expensed in the four consecutive fiscal quarters ending on the most recent Measurement Date for interest on Debt of the Issuer and its Restricted Subsidiaries, excluding (1) amortization of debt discount and deferred financing cost,
(2) all gains and losses associated with the unwinding or break-funding of interest rate swap agreements, (3) the write-off of unamortized deferred financing fees, (4) prepayment fees, premiums and penalties and (5) non-cash swap
ineffectiveness charges. 

 “Applicable Premium” means, with respect to any Note on any redemption
date, the excess of: 
 (1) the present value at such redemption date of (i) the aggregate principal amount
of the Note plus (ii) all required interest payments due on the Note through July 15, 2023 (excluding interest paid prior to the redemption date and accrued but unpaid interest to the redemption date), computed using a discount rate equal
to the Treasury Rate as of such redemption date plus 50 basis points; over 
 (2) the principal amount of the
Note. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests
in any Global Note, the rules and procedures of the Depositary that apply to such transfer or exchange. 
 “Authorized
Newspaper” means a newspaper, printed in the English language or in an official language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general
circulation in each place in connection with which the term is used or in the financial community of each such place. Whenever successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the
same or in different Authorized Newspapers in the same city meeting the foregoing requirements and in each case on any Business Day. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 
 “Board of Directors” means: 
 (1) with respect to
the Issuer, its Board of Trustees; 
 (2) with respect to a corporation, the Board of Directors of the
corporation; 
 (3) with respect to a partnership, the Board of Directors of the general partner of the
partnership or the board or committee of the general partner of the partnership serving a similar function; and 

(4) with respect to any other Person, the board or committee of such Person serving a similar function. 

“Board Resolutions” means a copy of resolutions certified by the Secretary or an Assistant Secretary of the Issuer to
have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Broker-Dealer” means any broker or dealer registered under the Exchange Act. 
 “Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in the City of New York are required or authorized to close. 

“Capital Stock” means, with respect to any entity, any capital stock (including preferred stock), shares, interests,
participation or other ownership interests (however designated) of such entity and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options to purchase any thereof; provided, however,
that leases of real property that provide for contingent rent based on the financial performance of the tenant shall not be deemed to be Capital Stock. 

  
 - 2 -

 “Capitalized Lease Obligation” means, at the time any determination is to
be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 
 “Commission” means the Securities and Exchange Commission. 

“Consolidated Income Available for Debt Service” for any period means Earnings from Operations of the Issuer and its
Restricted Subsidiaries plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (1) total interest expense of the Issuer and its Restricted Subsidiaries for such period, including
interest or distributions on Debt of the Issuer and its Restricted Subsidiaries, (2) provision for taxes based on income or profits of the Issuer and its Restricted Subsidiaries for such period, (3) amortization of debt discount and
deferred financing costs, (4) provisions for gains and losses on properties, (5) depreciation and amortization (excluding amortization of prepaid cash expenses that were paid in a prior period), (6) the effect of any non-cash charge
resulting from a change in accounting principles in determining Earnings from Operations for such period, (7) amortization of deferred charges, (8) the aggregate amount of all non-cash expenses (excluding any such non-cash expense to the
extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period), determined on a consolidated basis, to the extent such items increased or decreased
Earnings from Operations for such period and (9) straight-lined rental revenue. 
 “Corporate Trust Office of the
Trustee” will be at the address of the Trustee specified in Section 12.02 hereof or such other address as to which the Trustee may give notice to the Issuer. 
 “Credit Agreements” means the 2011 Credit Agreement and the 2012 Credit Agreement. 
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 

“Debt” of the Issuer or any of its Restricted Subsidiaries means, without duplication, any indebtedness of the Issuer or
any Restricted Subsidiary, whether or not contingent, in respect of: 
 (1) borrowed money or evidenced by bonds,
notes, debentures or similar instruments; 
 (2) indebtedness for borrowed money secured by any encumbrance
existing on property owned by the Issuer or its Restricted Subsidiaries, to the extent of the lesser of (x) the amount of indebtedness so secured or (y) the Fair Market Value of the property subject to such encumbrance; 

(3) the reimbursement obligations in connection with any letters of credit actually drawn or amounts representing the
balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense, trade payable, conditional sale obligations or obligations under any title retention agreement; 

(4) the principal amount of all obligations of the Issuer and its Restricted Subsidiaries with respect to redemption,
repayment or other repurchase of any Disqualified Stock; and 
 (5) any lease of property by the Issuer or any of
its Restricted Subsidiaries as lessee which is reflected on the Issuer’s or such Restricted Subsidiaries’ consolidated balance sheet as a Capitalized Lease Obligation, 
 to the extent, in the case of items of indebtedness under clauses (1) through (5) above, that any such items would appear as a liability on the Issuer’s or such Restricted
Subsidiaries’ consolidated balance sheet in accordance with GAAP. 

  
 - 3 -

 Debt also includes, to the extent not otherwise included, any obligation by the Issuer and
its Restricted Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of another Person (other than the Issuer or any of its Restricted
Subsidiaries); it being understood that Debt shall be deemed to be incurred by the Issuer or any of its Restricted Subsidiaries whenever the Issuer or such Restricted Subsidiary shall create, assume, guarantee or otherwise become liable in respect
thereof; provided, however, that a Person shall not be deemed to have incurred Debt (or be liable with respect to such Debt) by virtue of Standard Securitization Undertakings. 

Debt shall not include (a) Debt arising from agreements of the Issuer or any Restricted Subsidiary providing for indemnification,
adjustment or holdback of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary, other than guarantees of Debt incurred by any Person
acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition or (b) contingent obligations under performance bonds, performance guarantees, surety bonds, appeal bonds or similar obligations
incurred in the ordinary course of business and consistent with past practices. In the case of Debt as of any date issued with original issue discount, the amount of such Debt shall be the accreted value thereof as of such date. 

“Default” means, with respect to this Indenture and the Notes, any event that is, or with the passage of time or the
giving of notice or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note
registered in the name of the Holder thereof and issued in accordance with Section 2.06, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule
of Exchanges of Interests in the Global Note” attached thereto. 
 “Depositary” means, with respect to
the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become
such pursuant to the applicable provision of this Indenture. 
 “Disqualified Stock” means, with respect to any
entity, any Capital Stock of such entity which by the terms of such Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise,
(1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt),
(2) is convertible into or exchangeable or exercisable for Debt, other than Subordinated Debt or Disqualified Stock, or (3) is redeemable at the option of the holder thereof, in whole or in part (other than Capital Stock which is
redeemable solely in exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt), in each case on or prior to the stated maturity of the Notes. 
 “Domestic Subsidiary” means any Restricted Subsidiary that was formed under the laws of the United States or any state of the United States or the District of Columbia. 

“Earnings from Operations” for any period means the consolidated net income of the Issuer and its Restricted
Subsidiaries (excluding non-controlling interests), excluding gains and losses on sales of investments, extraordinary items (including, in any event, losses on extinguishment of debt), distributions on equity securities, property valuation losses,
and the net income of any Person, other than a Restricted Subsidiary of the Issuer (except to the extent of cash dividends or distributions paid to the Issuer or any Restricted Subsidiary) as reflected in the financial statements of the Issuer and
its Restricted Subsidiaries for such period, on a consolidated basis determined in accordance with GAAP, and excluding the cumulative effect of changes in accounting principles. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding
any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 

  
 - 4 -

 “Fair Market Value” means, with respect to any asset, the price (after
taking into account any liabilities relating to such assets) which could be negotiated in an arm’s-length free market transaction between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the
transaction. Fair Market Value shall be determined by the Board of Directors of the Issuer in good faith. 
 “Foreign
Currency” means any currency, currency unit or composite currency issued by the government of one or more countries other than the United States of America or by any recognized confederation or association of such governments. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect on the date of determination. 
 “Global Note” means a global
note substantially in the form of Exhibit A hereto bearing the Global Note Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding
principal amount of the Notes sold. 
 “Global Note Legend” means the legend set forth in Section 2.06(g),
which is required to be placed on all Global Notes issued under this Indenture. 
 “Government Obligations”
means securities which are (1) direct obligations of the United States of America or the government which issued the Foreign Currency in which the Notes are payable, for the payment of which its full faith and credit is pledged or
(2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such government which issued the Foreign Currency in which Notes are payable, the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository
receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a
depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the
Government Obligation or the specific payment of interest on or principal of the Government Obligation evidenced by such depository receipt. 
 “Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without
limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Debt. 
 “Guarantors” means each Domestic Subsidiary of the Issuer that is a guarantor of or borrower under the 2011 Credit Agreement or the 2012 Credit Agreement or a guarantor of any other
series of notes issued by the Issuer and outstanding as of the date of this Indenture (including the Issuer’s existing 7.750% senior notes due 2020 and 5.750% senior notes due 2022) and executes this Indenture; and their respective successors
and assigns; provided, however, that any Person constituting a Guarantor as described above shall cease to constitute a Guarantor when its Guarantee of the Notes is released in accordance with the terms of this Indenture. 

“Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under: 

(1) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements; and 

  
 - 5 -

 (2) other agreements or arrangements designed to protect such Person against
fluctuations in interest rates or foreign exchange rates. 
 “Holder” means a Person in whose name a Note is
registered. 
 “incur” means issue, create, assume, guarantee, incur or otherwise become liable for;
provided, however, that any Debt or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be incurred by such Subsidiary at
the time it becomes a Restricted Subsidiary. Neither the accrual of interest nor the accretion of original issue discount shall be deemed to be an incurrence of Debt. The term “incurrence” when used as a noun shall have a correlative
meaning. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

 “Interest Payment Date” has the meaning set forth in the Notes. 

“Issue Date” means June 18, 2013. 
 “Issuer” has the meaning set forth in the preamble hereto. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or
give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 
 “Non-Recourse Debt” means Debt: 
 (1) as to which
neither the Issuer nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Debt), other than pursuant to Standard Securitization Undertakings, or
(b) is directly or indirectly liable as a guarantor or otherwise, other than pursuant to Standard Securitization Undertakings; and 
 (2) as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Issuer or any of its Restricted Subsidiaries, other than pursuant to Standard
Securitization Undertakings. 
 “Note” has the meaning stated in the preamble to this Indenture. 

“Notes Guarantee” means the Guarantee by each Guarantor of the Issuer’s payment obligations under this Indenture
and on the Notes, executed pursuant to the provisions of this Indenture. 
 “Officer” means, with respect to
any Person, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Chief Investment Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such
Person. 
 “Officers’ Certificate” means a certificate signed on behalf of the Issuer by two Officers of
the Issuer, one of whom must be the principal executive officer, the principal financial officer, the principal investment officer, the treasurer or the principal accounting officer of the Issuer or a general partner of the Issuer, that meets the
requirements of Section 2.02, 8.04 or 12.05, as applicable. 

  
 - 6 -

 “Opinion of Counsel” means an opinion from legal counsel who is reasonably
acceptable to the Trustee, that meets the requirements of Section 2.02, 8.04 or 12.05, as applicable. The counsel may be an employee of or counsel to the Issuer, any Subsidiary of the Issuer or the Trustee. 

“Outstanding” shall have the meaning ascribed thereto in Section 2.08. 

“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 

“Person” means any individual, corporation, partnership, joint venture, real estate investment trust, association,
joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“Place of Payment” means the place or places where the principal of (and premium, if any) and interest on the Notes are
payable as specified. 
 “Real Estate Assets” means, as of any date, the real estate, mortgage and lease assets
of such Person and its Restricted Subsidiaries on such date, on a consolidated basis determined in accordance with GAAP. 

“Record Date” has the meaning set forth in the Notes. 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Office (or
any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any
other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“Restricted Subsidiary” of a Person means any Subsidiary of the referenced Person that is not an Unrestricted
Subsidiary. 
 “Secured Debt” means, for any Person, Debt secured by a Lien on the property of such Person or
any of its Restricted Subsidiaries. 
 “Securities Act” means the Securities Act of 1933, as amended.

 “Significant Subsidiary” means each Restricted Subsidiary that is a significant subsidiary, if any, of the
Issuer, as defined in Regulation S-X under the Securities Act. 
 “Standard Securitization Undertakings” means
representations, warranties, covenants and indemnities entered into by the Issuer or any Restricted Subsidiary which are reasonably customary in commercial mortgage backed securities transactions by the parent or sponsoring entity. 

“Subordinated Debt” means Debt which by the terms of such Debt is subordinated in right of payment to the principal of
and interest and premium, if any, on the Notes or any Guarantee thereof. 
 “Subsidiary” means, for any Person,
any corporation or other entity of which a majority of the Voting Stock is owned, directly or indirectly, by such Person or one or more other Subsidiaries of such Person. 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as amended, as in effect on the date on which this Indenture is qualified under the TIA. 

“Total Assets” means, for any Person as of any date, the sum of (a) Undepreciated Real Estate Assets plus
(b) the book value of all assets (excluding Real Estate Assets and intangibles) of such Person and its Restricted Subsidiaries as of such date of determination on a consolidated basis determined in accordance with GAAP. 

  
 - 7 -

 “Total Unencumbered Assets” means, for any Person as of any date, the sum
of, without duplication: 
 (1) those Undepreciated Real Estate Assets that are not subject to a Lien securing
Debt; and 
 (2) all other assets (excluding accounts receivable and intangibles) of such Person and its
Restricted Subsidiaries not subject to a Lien securing Debt, 
 all determined on a consolidated basis in accordance with GAAP;
provided that in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of Section 4.07, all investments in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated
limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Assets. 

“Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States
Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the redemption date (or, in the
case of a satisfaction and discharge, at least two Business Days prior to the deposit of funds with the Trustee to pay and discharge the entire indebtedness of the Notes) (or, if such Statistical Release is no longer published, any publicly
available source of similar market data)) most nearly equal to the period from the redemption date to July 15, 2023; provided, however, that if the period from the redemption date to July 15, 2023, is less than one year, the
weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 
 “Trustee” means the Person named as the “Trustee” in the preamble to this Indenture until a successor Trustee shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder. 

“Undepreciated Real Estate Assets” means, as of any date, the cost (being the original cost to the Issuer or any of its
Restricted Subsidiaries plus capital improvements) of Real Estate Assets of the Issuer and its Restricted Subsidiaries on such date, before depreciation and amortization of such Real Estate Assets, determined on a consolidated basis in conformity
with GAAP. 
 “Unrestricted Subsidiary” means any Subsidiary created or acquired after June 30, 2010, but
only to the extent that such Subsidiary: 
 (1) has no Debt other than Non-Recourse Debt; 

(2) is not party to any agreement, contract, arrangement or understanding with the Issuer or any of its Restricted
Subsidiaries unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Issuer or such Restricted Subsidiary in the aggregate than those that might be obtained at the time from Persons who are not
Affiliates of the Issuer; 
 (3) is a Person with respect to which neither the Issuer nor any of its Restricted
Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating
results; and 
 (4) has not guaranteed or otherwise directly or indirectly provided credit support for any Debt
of the Issuer or any of its Restricted Subsidiaries, other than pursuant to Standard Securitization Undertakings. 
 If, at any time, any
Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of the Indenture and any Debt of such Subsidiary will be deemed to be
incurred by a Restricted Subsidiary of the Issuer as of such date and, if such Debt is not permitted to be incurred as of such date under Section 4.06, the Issuer will be in default of such covenant. 

  
 - 8 -

 “Unsecured Debt” means, for any Person, any Debt of such Person or its
Restricted Subsidiaries which is not Secured Debt. 
 “Voting Stock” of any Person as of any date means the
Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 

Section 1.02 Other Definitions. 
  

					
	 Term
	  	Defined in Section	 
	 “Additional Notes”
	  	 	2.02	  
	 “Adjusted Total Assets”
	  	 	4.06	  
	 “Covenant Defeasance”
	  	 	8.03	  
	 “DTC”
	  	 	2.03	  
	 “Event of Default”
	  	 	6.01	  
	 “Legal Defeasance”
	  	 	8.02	  
	 “Measurement Date”
	  	 	4.06	  
	 “Paying Agent”
	  	 	2.03	  
	 “Registrar”
	  	 	2.03	  

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.

 The following TIA terms used in this Indenture have the following meanings: 

“obligor” on the Notes and the Notes Guarantees means the Issuer and the Guarantors, respectively, and any successor
obligor upon the Notes and the Notes Guarantees, respectively. 
 All other terms used in this Indenture that are defined by the
TIA, defined by TIA reference to another statute or defined by Commission rule under the TIA have the meanings so assigned to them. 

Section 1.04 Rules of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning
assigned to it; 
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with
GAAP; 
 (3) “or” is not exclusive; 

(4) words in the singular include the plural, and in the plural include the singular; 

(5) “will” shall be interpreted to express a command; 

  
 - 9 -

 (6) provisions apply to successive events and transactions; and 

(7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of
successor sections or rules adopted by the Commission from time to time. 
 ARTICLE 2 

THE NOTES 
 Section 2.01
Form, Dating and Denominations. 
 (a) General. The Notes will be substantially in the form of Exhibit A
hereto, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification or designation and such legends or
endorsements placed thereon as the Issuer may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or
regulation of any stock exchange on which the Notes may be listed, or to conform to usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and
the Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express
provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Form of Trustee’s
Certificate of Authentication. Subject to Section 2.02, the Trustee’s certificate of authentication shall be in substantially the following form: 
 This is one of the Notes referred to in the within-mentioned Indenture. 
  

	
	U.S. Bank National Association,
	As Trustee
	
	By:                             
                                         
                          
	       Authorized Signatory

 (c) Global Notes. The Notes shall initially be issued in the form of one or more Global
Notes and shall include the Global Note Legend and a related schedule of exchanges of interests in the Global Notes attached thereto. Each Global Note shall provide that it represents the Outstanding Notes as specified therein and each shall provide
that it represents the aggregate principal amount of Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate,
to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of Outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the
direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

Section 2.02 Execution and Authentication. 
 Two Officers must sign the Notes for the Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 

  
 - 10 -

 A Note will not be valid until authenticated by the manual signature of the Trustee. The
signature will be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee will
authenticate (i) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $275,000,000, (ii) subject to receipt of an Officers’ Certificate that certifies the issuance of such Notes complies with
Section 4.06, Notes (“Additional Notes”) for original issue after the Issue Date (such Notes to be substantially in the form of Exhibit A) in an unlimited amount if such Additional Notes are fungible with the Initial
Notes for U.S. federal income tax purposes, in each case upon written order of the Issuer in the form of an Officers’ Certificate, which Officers’ Certificate shall, in the case of any issuance of Additional Notes, certify that such
issuance is in compliance with Section 4.06, together with an enforceability opinion that contains customary exceptions. In addition, each such Officers’ Certificate shall specify the amount of Notes to be authenticated, the date on which
the Notes are to be authenticated, whether the securities are to be Initial Notes or Additional Notes and the aggregate principal amount of Notes outstanding on the date of authentication, and shall further specify the amount of such Notes to be
issued as Global Notes or Definitive Notes. Such Notes shall initially be in the form of one or more Global Notes, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Notes to be
issued, (ii) shall be registered in the name of the Depositary or its nominee and (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction. All Notes issued under this Indenture shall vote
and consent together on all matters as one class and no series of Notes will have the right to vote or consent as a separate class on any matter. 
 The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuer. 

In authenticating Notes, and accepting the additional responsibilities under this Indenture in relation to such Notes, the Trustee shall
be entitled to receive, and (subject to TIA §§ 315(a) through 315(d)) shall be fully protected in relying upon, 
 (1) an Opinion of Counsel stating that: 
 (i) the form of such
Notes have been established in conformity with the provisions of this Indenture; 
 (ii) the terms of such Notes
have been established in conformity with the provisions of this Indenture; and 
 (iii) such Notes, when
completed by appropriate insertions and executed and delivered by the Issuer to the Trustee for authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Issuer
in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and binding obligations of the Issuer, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency,
reorganization and other similar laws of general applicability relating to or affecting the enforcement of creditors’ rights, to general equitable principles and to such other qualifications as such counsel shall conclude do not materially
affect the rights of Holders of such Notes; and 
 (2) an Officers’ Certificate stating that all conditions
precedent provided for in this Indenture relating to the issuance of the Notes have been complied with and that, to the best of the knowledge of the signers of such Officers’ Certificate, no Event of Default with respect to any of the Notes
shall have occurred and be continuing. 

  
 - 11 -

 Section 2.03 Registrar and Paying Agent. 

The Issuer will maintain in each Place of Payment for the Notes an office or agency where such Notes may be presented for registration of
transfer or for exchange (“Registrar”) and an office or agency where such Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The
Issuer may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may
change any Paying Agent or Registrar without notice to any Holder. The Issuer will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Issuer initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 

The Issuer initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global
Notes. 
 Section 2.04 Paying Agent to Hold Money in Trust. 
 The Issuer will require each Paying Agent for Notes other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the
Paying Agent for the payment of principal, premium or interest on the Notes, and will notify the Trustee of any default by the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all
money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or a Subsidiary of the Issuer) will have no
further liability for the money. If the Issuer or a Subsidiary of the Issuer acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or
reorganization proceedings relating to the Issuer, the Trustee will serve as Paying Agent for the Notes. 
 Section 2.05 Holder Lists.

 The Trustee in respect of the Notes will preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of all Holders of Notes and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar of the Notes, the Issuer will furnish to the Trustee at least seven Business Days before each
Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of the Notes and the Issuer shall otherwise
comply with TIA § 312(a). 
 Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of
the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be
exchanged by the Issuer for Definitive Notes if: 
 (1) the Issuer delivers to the Trustee notice from the
Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 120 days after
the date of such notice from the Depositary; or 
 (2) the Issuer in its sole discretion determines that the
Global Notes (in whole but not in part) should be exchanged for Definitive Notes and deliver a written notice to such effect to the Trustee. 

  
 - 12 -

 Upon the occurrence of either of the preceding events in subparagraph (1) or
(2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10. Every Note authenticated and
delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note
may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c). 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the
Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Notes also will require compliance with the subparagraphs below:

 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in a Global Note may
be transferred to Persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this
Section 2.06(b)(1). 
 (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes.
In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(i) both: 
 (A) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a
beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
 (B) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 

(ii) both: 
 (A) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in
an amount equal to the beneficial interest to be transferred or exchanged; and 
 (B) instructions given by the
Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in subparagraph (1) above. 

Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture
and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h). 
 (c) Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. Subject to Section 2.06(a), if any holder of a beneficial interest in a Global Note proposes to exchange
such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in subparagraph (b)(2) above, the
Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to paragraph (h) below, and the Issuer shall execute and the Trustee shall authenticate and deliver to the Person designated in
the certificate a Definitive Note in the appropriate principal amount. Any Definitive Note issued in 

  
 - 13 -

 
exchange for a beneficial interest pursuant to this subparagraph (c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such
beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered.

 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder of a Definitive
Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an
exchange or transfer, the Trustee shall cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. If any such exchange or transfer from a Definitive Note to a beneficial
interest is effected at a time when a Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an authentication order in accordance with Section 2.02, the Trustee shall authenticate one or more Global Notes in an
aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and
Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer of such Holder’s
Definitive Notes to a Person who takes delivery thereof in the form of one or more Definitive Notes, of any authorized denominations and of like aggregate principal amount or the exchange of such Holder’s Definitive Notes for Definitive Notes,
of any authorized denominations and of like aggregate principal amount. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a
written instrument of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. 
 (f) Transfer of Definitive Notes to Definitive Notes. A Holder of Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of a Definitive Note. Upon receipt of a
request to register such a transfer, the Registrar shall register the Definitive Notes pursuant to the instructions from the Holder thereof. 
 (g) Global Note Legend. The following legend will appear on the face of all Global Notes issued under this Indenture: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION
2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT
OF THE ISSUER. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS
MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

  
 - 14 -

 (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial
interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the
Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in
another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the
Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased
accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
 (i) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Issuer will execute and the Trustee will authenticate Global
Notes and Definitive Notes upon receipt of an authentication order in accordance with Section 2.02 or at the Registrar’s request. 
 (2) No service charge will be made to a Holder of a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to
cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, and 9.05 hereof). The
Registrar will not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(3) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or
Definitive Notes will be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 (4) The Issuer will not be required: 

(i) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15
days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 
 (ii) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; 

(iii) to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment
Date; or 
 (iv) to register the transfer of any Note which has been surrendered for repayment at the option of
Holder, except the portion, if any, of such Note not to be so repaid. 
 (5) Prior to due presentment for the
registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on
such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary. 

  
 - 15 -

 (6) The Trustee will authenticate Global Notes and Definitive Notes in
accordance with the provisions of Section 2.02 hereof. 
 (7) All orders and instructions required to be
submitted to the Registrar or the Issuer pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 Section 2.07 Replacement Notes. 
 If any mutilated Note is surrendered
to the Trustee or the Issuer or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Issuer will issue and the Trustee, upon receipt of an authentication order in accordance with Section 2.02,
will authenticate a replacement Note if the Trustee’s requirements are met. In every case of any request for a substitute or replacement Note, security or indemnity must be supplied by the Holder of such Note that is sufficient in the judgment
of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuer may charge for its expenses in replacing a Note. 

Every replacement Note is an additional obligation of the Issuer and will be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder. 
 Notwithstanding the provisions of the previous two
paragraphs, in case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note. 

Section 2.08 Outstanding Notes. 
 The Notes “Outstanding” at any time are all the Notes authenticated by the Trustee except for: 
 (1) Notes theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (2) Notes, or portions thereof, for whose payment or redemption or repayment at the option of the Holder money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent
(other than the Issuer) in trust or set aside and segregated in trust by the Issuer (if the Issuer shall act as its own Paying Agent) for the Holders of such Notes, provided that if such Notes are to be redeemed, notice of such redemption has
been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(3) Notes, except to the extent provided in Sections 8.02 and 8.03, with respect to which the Issuer has effected
defeasance and/or covenant defeasance as provided in Article 8; and 
 (4) Notes which have been paid pursuant to
Section 4.01 or 11.01 or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid obligations of the Issuer. 

Section 2.09 Treasury Notes. 
 In determining whether the Holders of the requisite principal amount of Outstanding Notes have given any request, demand, authorization, direction, notice, waiver or consent, and for the purpose of making
the calculations required by TIA § 313, Notes owned by the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor shall be disregarded and deemed not to be Outstanding, except that in determining
whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes which a Responsible Officer actually knows to be so owned shall be so
disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not
the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor. 

  
 - 16 -

 Section 2.10 Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an authentication
order in accordance with Section 2.02, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes and as may be
reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 
 Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 

Section 2.11 Cancellation. 
 The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or
payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of canceled Notes (subject to the record retention requirement of the Exchange Act).
The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation, except for replacement Notes for mutilated Notes pursuant to Section 2.07 hereof. 

Section 2.12 Defaulted Interest. 
 If the Issuer defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons
who are Holders of the Notes on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuer will notify the Trustee in writing of the amount of defaulted interest proposed to be paid
on each Note and the date of the proposed payment. The Issuer will fix or cause to be fixed each such special record date and payment date, provided that no such special record date may be less than 10 days prior to the related payment date
for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) will mail or cause to be mailed to Holders of Notes a
notice that states the special record date, the related payment date and the amount of such interest to be paid on such Notes. 

ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01 Notices to Trustee. 
 The election of the Issuer to redeem or purchase in an offer to purchase Notes shall be evidenced by a Board Resolution. The Issuer shall, at least 45 days prior to the redemption date fixed by the Issuer
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such redemption date and of the principal amount of Notes to be redeemed by delivering to the Trustee an Officers’ Certificate setting forth: 

(1) the paragraph of the Notes and/or Section of this Indenture pursuant to which the redemption shall occur; 

(2) the redemption date; 
 (3) the principal amount of Notes to be redeemed, plus accrued interest, if any, to the redemption date; and 

  
 - 17 -

 (4) the redemption price, including any make-whole amount or premium, if
applicable. 
 Section 3.02 Selection of Notes to Be Redeemed. 

If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select the particular
Notes for redemption or purchase from the Outstanding Notes not previously called for redemption, as follows: 

(1) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal
national securities exchange on which the Notes are listed; or 
 (2) if the Notes are not listed on any national
securities exchange, on a pro rata basis, by lot or by any such similar method in accordance with the procedures of DTC. 
 In
the event of partial redemption by lot, the particular Notes to be redeemed will be selected, unless otherwise provided in this Indenture, not less than 30 nor more than 60 days prior to the redemption date by the Trustee. 

The Trustee will promptly notify the Issuer in writing of the Notes selected for redemption or purchase and, in the case of any Note
selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in amounts equal to $2,000 or any integral multiple of $1,000; provided, however, that
if all of the Outstanding Notes of a Holder are to be redeemed or purchased, the entire amount of such Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence,
provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 
 Section 3.03 Notice of Redemption. 
 At least 30 days but not more than
60 days before a redemption date, the Issuer will mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than
60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article 8 or 11 of this Indenture. Any notice that is mailed to the Holders of
Notes in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. 
 The notice will identify the Notes to be redeemed and will state: 

(1) the redemption date; 
 (2) the redemption price, including the accrued interest to the redemption date and any make-whole amount or premium, if applicable; 

(3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after
the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

(4) the name and address of the Paying Agent; 

(5) that Notes called for redemption must be surrendered to the Paying Agent at the Place of Payment to collect the
redemption price; 
 (6) that, unless the Issuer defaults in making such redemption payment, interest on Notes
called for redemption ceases to accrue on and after the redemption date; 

  
 - 18 -

 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to
which the Notes called for redemption are being redeemed; and 
 (8) that no representation is made as to the
correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the Issuer’s
request, the Trustee will give the notice of redemption in the Issuer’s name and at its expense; provided, however, that the Issuer has delivered to the Trustee, at least 45 days (or such shorter period of time as is satisfactory
to the Trustee) prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.04 Effect of Notice of Redemption. 
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price therein
specified. A notice of redemption of Notes may not be conditional. 
 Section 3.05 Deposit of Redemption or Purchase Price.

 Prior to 10:00 a.m. Eastern Time on the redemption or purchase date, the Issuer will deposit with the Trustee or with the
Paying Agent money in the currency or currencies, currency unit or units or composite currency or currencies in which the Notes are payable sufficient to pay the redemption or purchase price of and accrued interest on all Notes to be redeemed or
purchased on that date. The Trustee or the Paying Agent will promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and
accrued interest on, all Notes to be redeemed or purchased. 
 If the Issuer complies with the provisions of the preceding
paragraph, on and after the redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to the
related Interest Payment Date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date; provided, however, that installments of interest on
Notes whose maturity is on or prior to the redemption date shall be payable to the Holders of such Notes, or one or more predecessor Notes, registered as such at the close of business on the Record Date. If any Note called for redemption or purchase
is not so paid upon surrender for redemption or purchase because of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid,
and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06 Notes Redeemed or Purchased in Part. 
 Upon surrender of a
Note that is redeemed or purchased in part at a Place of Payment therefor (with, if the Issuer or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by,
the Holder thereof or his attorney duly authorized in writing), the Issuer will issue and, upon receipt of an authentication order in accordance with Section 2.02, the Trustee will promptly authenticate and mail, or cause to be transferred by
book entry, to each Holder at the expense of the Issuer a new Note of any authorized denomination as requested by the Holder in an aggregate principal amount equal to and in exchange for the unredeemed or unpurchased portion of the principal of the
Note so surrendered and the Paying Agent will promptly mail to each Holder of Notes to be redeemed or purchased payment for such Notes. 

  
 - 19 -

 Section 3.07 Optional Redemption. 

The Issuer will not be entitled to redeem all or any portion of the Notes at its option except as provided in the next sentence. The
Issuer will be entitled at its option to redeem all or any portion of the Notes at a redemption price equal to 100% of the principal amount of such Notes plus the Applicable Premium as of, and any accrued and unpaid interest to, but not including,
the redemption date (subject to the right of the holders of Notes on the relevant record date to receive interest due on the relevant interest payment date). If the Notes are redeemed on or after 90 days prior to maturity, the redemption price shall
equal 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to, but not including, the redemption date. 
 Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06. 
 Section 3.08 Mandatory Redemption. 
 The Issuer is not required to make
mandatory redemption payments with respect to the Notes. 
 ARTICLE 4 

COVENANTS 
 Section 4.01
Payment of Notes. 
 The Issuer will pay or cause to be paid the principal of, premium, if any, and interest on the Notes on
the dates, in the currency or currency unit and in the manner provided in the terms of the Notes and this Indenture. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Issuer, or a
Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 

The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the
rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; the Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
 Section 4.02 Maintenance of Office or
Agency. 
 The Issuer will maintain in each Place of Payment for the Notes an office or agency (which may be an office of the
Trustee or an Affiliate of the Trustee, Registrar or co-registrar) where the Notes may be presented or surrendered for payment, where the Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon
the Issuer in respect of the Notes and this Indenture may be served. The Issuer will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer fails to maintain any
such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for
any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve the Issuer of its obligation to maintain an office or agency in the Place of
Payment for such purposes. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

  
 - 20 -

 The Issuer hereby designates as a Place of Payment for the Notes the Corporate Trust Office
of the Trustee in Nashville, Tennessee as one such office or agency of the Issuer in accordance with Section 2.03 hereof. 

Section 4.03 Reports. 
 Whether or not required by the Commission, so long as any Notes are outstanding, the Issuer shall furnish to the Holders of Notes, within the time periods specified in the Commission’s rules and
regulations: 
 (1) all quarterly and annual financial information that would be required to be contained in a
filing with the Commission on Forms 10-Q and 10-K if the Issuer were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the
annual information only, a report on the annual financial statements by the Issuer’s certified independent accountants; and 
 (2) all current reports that would be required to be filed with the Commission on Form 8-K if the Issuer were required to file such reports. 

The availability of the foregoing materials on the Commission’s website shall be deemed to satisfy the foregoing delivery
obligations. 
 Whether or not required by the Commission, the Issuer shall file a copy of all of the information and reports
referred to in clauses (1) and (2) above with the Commission for public availability within the time periods specified in the Commission’s rules and regulations (unless the Commission will not accept such a filing) and make such
information available to securities analysts and prospective investors upon request. 
 The quarterly and annual financial
information required by the preceding paragraphs will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition and
Results of Operations, of the financial condition and results of operations of the Issuer, as applicable, and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Issuer.

 Section 4.04 Compliance Certificate. 
 (a) The Issuer and each Guarantor shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Issuer and
its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Issuer has kept, observed, performed and fulfilled its obligations under this Indenture,
and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Issuer has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the
performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action
the Issuer is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes
is prohibited or if such event has occurred, a description of the event and what action the Issuer is taking or proposes to take with respect thereto. For purposes of this Section 4.04, such compliance shall be determined without regard to any
period of grace or requirement of notice under this Indenture. 
 (b) So long as any of the Notes are outstanding, the Issuer
will deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Issuer is taking or proposes to take with
respect thereto. 

  
 - 21 -

 Section 4.05 Existence. 
 Except as permitted by Article 5 and Section 10.04, the Issuer and its Restricted Subsidiaries shall do all things necessary to preserve and keep their existence, rights and franchises; provided,
however, that the existence of a Restricted Subsidiary may be terminated if the Board of Directors of the Issuer determines that it is in the best interests of the Issuer to do so and the Issuer and its Restricted Subsidiaries will not be
required to preserve any right or franchise if it determines that the preservation of that right or franchise is no longer desirable in the conduct of its business and that its loss is not disadvantageous in any material respect to the Holders of
Notes. 
 Section 4.06 Limitations on Incurrence of Debt. 
 (a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, incur any additional Debt if, immediately after giving effect to the incurrence of such additional Debt and the application of
the proceeds thereof, the aggregate principal amount of all of the Issuer’s and its Restricted Subsidiaries’ outstanding Debt on a consolidated basis determined in accordance with GAAP would be greater than 60% of the sum of (without
duplication): 
 (1) the Total Assets of the Issuer and its Restricted Subsidiaries as of the end of the calendar
year or quarter covered by the Issuer’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not permitted under the Exchange Act, as of the end of the
calendar quarter covered by the Issuer’s most recent report filed with the Trustee) prior to the incurrence of such additional Debt (the “Measurement Date”); and 

(2) the purchase price of any Real Estate Assets or mortgages receivable acquired, and the amount of any securities
offering proceeds received (to the extent that such proceeds were not used to acquire Real Estate Assets or mortgages receivable or used to reduce Debt), by the Issuer or any of its Restricted Subsidiaries on a consolidated basis since the
Measurement Date (such sum of clauses (1) and (2) being collectively referred to as “Adjusted Total Assets”). 
 (b) In addition to the limitations in Section 4.06(a), the Issuer shall not, and shall not permit any Restricted Subsidiary to, incur any Secured Debt if, immediately after giving effect to the
incurrence of such additional Secured Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Issuer’s and its Restricted Subsidiaries’ outstanding Secured Debt on a consolidated basis in accordance
with GAAP is greater than 40% of Adjusted Total Assets. 
 (c) In addition to the limitations in Sections 4.06(a) and (b), the
Issuer shall not, and shall not permit any Restricted Subsidiary to, incur any Debt if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service for the four consecutive fiscal quarters ended on the Measurement Date
shall have been less than 1.5x, on a pro forma basis after giving effect to the incurrence of such Debt and to the application of the proceeds therefrom, and calculated on the assumption that: 

(1) such Debt and any other Debt incurred by the Issuer and any of its Restricted Subsidiaries on a consolidated basis
since the first day of such four-quarter period and the application of the proceeds therefrom, including to refinance other Debt, had been incurred at the beginning of such period; 

(2) the repayment or retirement of any other Debt by the Issuer and any of its Restricted Subsidiaries on a consolidated
basis since the first day of such four-quarter period had been repaid or retired at the beginning of such period (except that, in making such computation, the amount of Debt under any revolving credit facility shall be computed based upon the
average daily balance of such Debt during such period); 
 (3) in the case of Acquired Debt or Debt incurred in
connection with any acquisition since the first day of such four-quarter period, the related acquisition had occurred as of the first day of such period with appropriate pro forma adjustments to, among other things Consolidated Income Available for
Debt Service, with respect to such acquisition being included in such pro forma calculation; and 

  
 - 22 -

 (4) in the case of any acquisition or disposition by the Issuer or any of
its Restricted Subsidiaries on a consolidated basis of any asset or group of assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition or any related
repayment of Debt had occurred as of the first day of such period with the appropriate pro forma adjustments with respect to such acquisition or disposition being included in such pro forma calculation. 

If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant
four-quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service, the interest rate on such Debt will be computed on a pro forma basis as if the average interest rate in effect during the entire such
four-quarter period had been the applicable rate for the entire such period; provided, however, that for purposes of calculating Annual Debt Service for Debt for which there is a corresponding Hedging Obligation, Annual Debt Service shall be
calculated after giving effect to the Hedging Obligation. 
 Section 4.07 Maintenance of Total Unencumbered Assets. 

The Issuer and its Restricted Subsidiaries shall maintain Total Unencumbered Assets as of the end of each fiscal quarter of not less than
150% of the aggregate outstanding principal amount of the Issuer’s and its Restricted Subsidiaries’ Unsecured Debt as of the end of each fiscal quarter, all calculated on a consolidated basis in accordance with GAAP. 

Section 4.08 Additional Guarantees. 
 The Issuer shall and shall cause each Domestic Subsidiary that is a guarantor of or borrower under the 2011 Credit Agreement or the 2012 Credit Agreement or a guarantor of any other series of notes issued
by the Issuer and outstanding as of the date of this Indenture (including the Issuer’s existing 7.750% senior notes due 2020 and 5.750% senior notes due 2022) to become a Guarantor and execute a supplemental indenture and deliver a customary
Opinion of Counsel satisfactory to the Trustee within ten Business Days of the date on which it incurred such Debt. The form of supplemental indenture is attached as Exhibit B to this Indenture. 

Section 4.09 Maintenance of Properties. 
 The Issuer will, or will cause its Subsidiaries and their respective tenants to, maintain, keep in good condition and make all necessary repairs, renewals, replacements, betterments and improvements of
the Issuer’s and its Subsidiaries’ properties that Issuer deems necessary so that the business carried on in connection with those properties may be properly and advantageously conducted at all times. The Issuer or its Subsidiaries may,
however, sell or otherwise dispose for value the Issuer’s or any of its Subsidiary’s properties in the ordinary course of business. 

Section 4.10 Insurance. 
 The Issuer will, and will cause each of its Subsidiaries, and Issuer will cause the Issuer’s and its Subsidiaries’ tenants to maintain, in accordance with their respective leases, customary
policies of insurance with responsible companies, taking into consideration prevailing market conditions and availability, for all of the Issuer’s and its Subsidiaries’ properties and operations; provided however, the requirements in this
Section 4.10 shall not require the purchase or maintenance of insurance by a tenant in excess of the requirements set forth in the applicable lease. 

  
 - 23 -

 ARTICLE 5 
 SUCCESSORS 
 Section 5.01 Merger, Consolidation, or Sale of Assets. 

The Issuer may not, directly or indirectly, (1) consolidate or merge with or into another Person (whether or not the Issuer is the
surviving corporation); or (2) sell, assign, transfer, convey, lease (other than to an unaffiliated operator in the ordinary course of business) or otherwise dispose of all or substantially all of the properties or assets of the Issuer and its
Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person; unless: 
 (1)
either: 
 (i) the Issuer is the surviving corporation or trust; or 

(ii) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or to which such sale,
assignment, transfer, conveyance or other disposition has been made is a corporation or trust organized or existing under the laws of the United States, any state of the United States or the District of Columbia; 

(2) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or the Person to which
such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Issuer under the Notes and this Indenture pursuant to agreements reasonably satisfactory to the Trustee; and 

(3) immediately after such transaction, on a pro forma basis giving effect to such transaction or series of transactions
(and treating any obligation of the Issuer or any Restricted Subsidiary incurred in connection with or as a result of such transaction or series of transactions as having been incurred at the time of such transaction), no Default or Event of Default
exists under this Indenture. 
 This Section 5.01 will not apply to a sale, assignment, transfer, conveyance or other
disposition of assets between or among the Issuer and its Restricted Subsidiaries. 
 Section 5.02 Successor Substituted.

 Upon any consolidation or merger, or any sale, assignment, transfer, conveyance, transfer or other disposition of all or
substantially all of the properties or assets of the Issuer in accordance with Section 5.01, the successor Person formed by such consolidation or into which the Issuer is merged or to which such sale, assignment, transfer, conveyance or other
disposition is made, shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such successor initially had been named as the Issuer herein. Such successor
thereupon may cause to be signed, and may issue either in its own name or in the name of the Issuer, any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee; and, upon the
order of such successor, instead of the Issuer, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Notes which previously shall have been signed and delivered
by the Officers of the Issuer to the Trustee for authentication, and any Notes which such successor thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal
rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. 

In case of any such consolidation, merger, sale, lease or conveyance, such changes in phraseology and form (but not in substance) may be
made in the Notes thereafter to be issued as may be appropriate. 

  
 - 24 -

 When a successor assumes all the obligations of its predecessor under this Indenture and the
Notes following a consolidation or merger, or any sale, assignment, transfer, conveyance or other disposition of 90% or more of the assets of the predecessor in accordance with the foregoing provisions, the predecessor shall be released from those
obligations. 
 ARTICLE 6 
 DEFAULTS AND REMEDIES 
 Section 6.01 Events of Default. 

Each of the following is an “Event of Default” wherever used herein with respect to the Notes: 

(1) the Issuer or its Restricted Subsidiaries do not pay the principal or any premium on the Notes when due and payable;

 (2) the Issuer or its Restricted Subsidiaries do not pay interest on the Notes within 30 days after the
applicable due date; 
 (3) the Issuer or its Restricted Subsidiaries do not comply with their obligations under
Section 5.01; 
 (4) the Issuer or its Restricted Subsidiaries remain in breach of any other term of this
Indenture for 60 days after they receive a notice of Default stating they are in breach. Either the Trustee or the Holders of more than 25% in principal amount of the then outstanding Notes may send the notice; 

(5) final judgments aggregating in excess of $50.0 million (exclusive of amounts covered by insurance) are entered against
the Issuer and its Restricted Subsidiaries and are not paid, discharged or stayed for a period of 60 days; 
 (6)
the Issuer or its Restricted Subsidiaries default under any of their indebtedness in an aggregate principal amount exceeding $50.0 million after the expiration of any applicable grace period, which default results in the acceleration of the maturity
of such indebtedness. Such default is not an Event of Default if the other indebtedness is discharged, or the acceleration is rescinded or annulled, within a period of 30 days after the Issuer or its Restricted Subsidiaries receive notice specifying
the default and requiring that they discharge the other indebtedness or cause the acceleration to be rescinded or annulled. Either the Trustee or the Holders of more than 25% in principal amount of the then Outstanding Notes may send the notice;

 (7) the Issuer or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole,
would constitute a Significant Subsidiary: 
 (i) commences a voluntary case under Bankruptcy Law; 

(ii) consents to the entry of an order for relief against it in an involuntary case under Bankruptcy Law; 

(iii) consents to the appointment of a custodian of it or for all or substantially all of its property; 

(iv) makes a general assignment for the benefit of its creditors; or 

(v) an admission in writing by the Issuer of its inability to pay its debts as they become due; 

  
 - 25 -

 (8) a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that: 
 (i) is for relief against the Issuer or any of its Significant Subsidiaries, or any group
of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, in an involuntary case; 

(ii) appoints a custodian of the Issuer or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken
as a whole, would constitute a Significant Subsidiary, or for all or substantially all of the property of the Issuer or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole, would constitute a Significant
Subsidiary; or 
 (iii) orders the liquidation of the Issuer or any of its Significant Subsidiaries, or any group
of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; 
 (iv) and the order or
decree remains unstayed and in effect for 60 consecutive days; or 
 (9) any Note Guarantee of a Significant
Subsidiary of the Issuer ceases to be in full force and effect or is declared null and void or any Guarantor denies or disaffirms its obligations under this Indenture or any Note Guarantee other than by reason of the release of any such Note
Guarantee in accordance with this Indenture. 
 Section 6.02 Acceleration. 

In the case of an Event of Default specified in clause (7) or (8) of Section 6.01, all Outstanding Notes will become due
and payable immediately without further action or notice. If any other Event of Default with respect to the Notes at the time Outstanding occurs and has not been cured, the Trustee or the Holders of at least 25% in aggregate principal amount of the
then Outstanding Notes may declare the entire principal amount of the Notes to be due and immediately payable by written notice to the Issuer and the Trustee. Upon any such declaration, such principal amount (or specified amount) of the Notes shall
become due and payable immediately. The Holders of a majority in aggregate principal amount of the then Outstanding Notes by written notice to the Trustee may on behalf of all of the Holders rescind and annul an acceleration and its consequences if
the rescission or annulment would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or waived.

 Section 6.03 Other Remedies. 
 If an Event of Default occurs and is continuing with respect to the Notes at the time Outstanding, the Trustee may pursue any available remedy to collect the payment of principal, premium and interest on
the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The Trustee may maintain a
proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults. 
 Holders of not less than a
majority in aggregate principal amount of the then Outstanding Notes by written notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing
Default or Event of Default in the payment of the principal of, premium or interest on, the Notes (excluding in connection with an offer to purchase) or in respect of a covenant or provision of this Indenture which under Article 9 may not be
modified or amended without the consent of the Holder of each Outstanding Note; provided, however, that the Holders of a majority in aggregate principal 

  
 - 26 -

 
amount of the then Outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration as provided in Section 6.02.
Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair
any right consequent thereon. 
 Section 6.05 Control by Majority. 

Holders of a majority in aggregate principal amount of the then Outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it with respect to the Notes. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the
Trustee determines may be unduly prejudicial to the rights of other Holders of Notes, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of the Notes
not joining in the giving of such direction and may take any other action it deems proper that is not inconsistent with any such direction received from Holders of Notes. 
 Section 6.06 Limitation on Suits. 
 A Holder of a Note may pursue a
remedy with respect to this Indenture or the Notes only if: 
 (1) such Holder has given the Trustee written
notice that an Event of Default with respect to the Notes has occurred and remains uncured; 
 (2) the Holders of
at least a majority in aggregate principal amount of all Outstanding Notes have made a written request that the Trustee take action because of the Event of Default, and offered indemnity satisfactory to the Trustee against the cost and other
liabilities of taking that action; 
 (3) the Trustee has not taken action for 60 days after receipt of the
notice and offer of indemnity; and 
 (4) the Holders of at least a majority in principal amount of all
Outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. 
 A Holder
of any Notes may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
 Section 6.07 Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of any Note to receive payment of principal, premium and
interest on such Note, on or after the respective due dates expressed in such Note (excluding in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired
or affected without the consent of such Holder. 
 Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing with respect to the Notes, the Trustee is
authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal, premium and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful,
interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

  
 - 27 -

 Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer or any other
obligor upon the Notes, their creditors or their property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding
is hereby authorized by each Holder of Notes to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders of Notes, to pay to the Trustee any amount due to it for the
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and
shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders of Notes may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or
otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Note any plan of reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Note in any such proceeding. 

Section 6.10 Priorities. 
 If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
 First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by
the Trustee and the costs and expenses of collection; 
 Second: to Holders of Notes in respect of which
or for the benefit of which such money has been collected for amounts due and unpaid on such Notes for principal, premium and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for
principal, premium and interest, respectively; and 
 Third: to the Issuer or to such party as a court of
competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to Holders of Notes
pursuant to this Section 6.10. 
 Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of
a Note pursuant to Section 6.06 hereof, or a suit by Holders of more than 10% in principal amount of the then Outstanding Notes. 

  
 - 28 -

 ARTICLE 7 
 TRUSTEE 
 Section 7.01 Duties of Trustee. 

(a) If an Event of Default with respect to the Notes has occurred and is continuing, the Trustee will exercise such of the rights and
powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture but the Trustee shall have no obligation to verify any mathematical calculations contained therein. 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

(2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is
proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee will not be
liable with respect to any action it takes or omits to take in good faith in accordance with any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture or with a direction received by it
pursuant to Section 6.05. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any
way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01. 
 (e) No provision of this
Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holder, unless such Holder has
offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee will
not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(g) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of
or affording protection to the Trustee shall be subject to the provisions of this Section 7.01. 

  
 - 29 -

 Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document (whether original or facsimile) believed by it to be genuine and to have been
signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b)
Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’
Certificate or Opinion of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and
will not be responsible for the misconduct or negligence of any agent appointed with due care unless the Trustee was negligent in acting through its attorneys and agents. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 

(e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient
if signed by an Officer of the Issuer. 
 (f) The Trustee will be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that might be incurred by it in
compliance with such request or direction. 
 (g) Except with respect to the receipt of payments of principal and interest on the
Notes payable by the Issuer pursuant to Section 4.01 hereof and any Default or Event of Default information contained in the Officers’ Certificate delivered to it pursuant to Section 4.04 hereof, the Trustee shall have no duty to
monitor the Issuer’s compliance with or the breach of any representation, warranty or covenant made in this Indenture. 

(h) Delivery of reports, information and documents to the Trustee described in Section 4.03 hereof is for informational purposes only
and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s or the Guarantors’ compliance with any of their
covenants hereunder (as to which the Trustee is entitled to rely conclusively on Officers’ Certificates). The Trustee is under no duty to examine such reports, information or documents to ensure compliance with the provisions of the Indenture
or to ascertain the correctness or otherwise of the information or the statements contained therein. 
 (i) In no event will the
Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action. 
 (j) The Trustee shall not be deemed to have notice of any Default or Event of
Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Notes and this Indenture. 
 (k) The rights, privileges, protections, immunities and benefits
given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder.

  
 - 30 -

 Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any
Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the Commission for permission to
continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
 Section 7.04 Trustee’s Disclaimer. 
 The Trustee will not be
responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s
direction under any provision of this Indenture, it will not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any
statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 
 If a Default or Event of Default
occurs and is continuing with respect to the Notes and if the Trustee has actual knowledge of such Default or Event of Default, the Trustee will mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs,
unless such default shall have been cured or waived. Except in the case of a Default or Event of Default in payment of principal of, premium or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 

Section 7.06 Reports by Trustee to Holders of the Notes. 
 (a) Within 120 days after the end of each fiscal year beginning with the end of the fiscal year following the date of this Indenture, and for so long as Notes remain Outstanding, the Trustee will mail to
all Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be
transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 
 (b) A copy of each report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Issuer and filed by the Trustee with the Commission and each stock exchange on which such
Notes are listed in accordance with TIA § 313(d). The Issuer will promptly notify the Trustee when the Notes are listed on any stock exchange. 
 Section 7.07 Compensation and Indemnity. 
 (a) The Issuer will pay to
the Trustee from time to time compensation for its acceptance of this Indenture and services hereunder in accordance with a written schedule provided by the Trustee to the Issuer. The Trustee’s compensation will not be limited by any law on
compensation of a trustee of an express trust. The Issuer will reimburse the Trustee promptly upon written request for all disbursements, advances and expenses incurred or made by it in addition to the compensation for its services (including the
compensation, disbursements and expenses of the Trustee’s agents and counsel), except any such disbursement, advances and expenses as shall be determined to have been caused by the Trustee’s own negligence, bad faith or willful misconduct.

 (b) The Issuer and each Guarantor will indemnify the Trustee against any and all losses, liabilities, claims or expenses
incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Issuer and the Guarantors (including this
Section 7.07) and defending itself against any claim (whether asserted by the Issuer, the Guarantors or any Holder or any other Person) or liability in connection with the exercise or performance of any of

  
 - 31 -

 
its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence, bad faith, or willful misconduct. The Trustee will notify the
Issuer in writing promptly of any claim of which a Responsible Officer has received written notice for which it may seek indemnity. Failure by the Trustee to so notify the Issuer will not relieve the Issuer or any of the Guarantors of their
obligations hereunder. The Issuer or such Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Issuer will pay the fees and expenses of such counsel. Neither the Issuer nor any
Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld. 
 (c) The
obligations of the Issuer and the Guarantors under this Section 7.07 will survive the satisfaction and discharge of this Indenture. 
 (d) To secure the Issuer’s payment obligations in this Section 7.07, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held
in trust to pay principal and interest on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(8) or (9) hereof occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
 (f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

Section 7.08 Replacement of Trustee. 
 (a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this
Section 7.08. 
 (b) The Trustee may resign with respect to the Notes in writing at any time and be discharged from the
trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the then Outstanding Notes may remove the Trustee with respect to the Notes by so notifying the Trustee and the Issuer in writing. The Issuer
may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10 hereof; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or

 (4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns, is removed, is incapable of acting or if a vacancy exists in the office of Trustee for any reason, the Issuer,
by Board Resolution, will promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then Outstanding Notes may appoint a successor Trustee to
replace the successor Trustee appointed by the Issuer. 
 (d) If a successor Trustee does not take office within 60 days after
the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer, or the Holders of at least 10% in aggregate principal amount of the then Outstanding Notes, may petition any court of competent jurisdiction for the appointment of a
successor Trustee. 
 (e) If the Trustee, after written request by any Holder of Notes who has been a Holder of Notes for at
least six months, fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

  
 - 32 -

 (f) The successor Trustee will deliver a written acceptance of its appointment to the
retiring Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture without any further
act, deed or conveyance. The successor Trustee will mail a notice of its succession to the Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the
Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 hereof will
continue for the benefit of the retiring Trustee. 
 (g) Upon request of any such successor Trustee, the Issuer shall execute any
and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (f) of this Section. 

(h) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under this Article. 
 Section 7.09 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further
act on the part of the parties hereto. 
 Section 7.10 Eligibility; Disqualification. 

There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100
million as set forth in its most recent published annual report of condition. 
 This Indenture will always have a Trustee who
satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
 Section 7.11
Preferential Collection of Claims Against Issuer. 
 The Trustee is subject to TIA § 311(a), excluding any creditor
relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Issuer may, at its option, at any time, elect to have Section 8.02 (if applicable) or Section 8.03 (if applicable) be
applied to the Outstanding Notes that either have become due and payable or will become due and payable within one year, or scheduled for redemption within one year, upon compliance with the conditions set forth below in this Article. 

Section 8.02 Legal Defeasance and Discharge. 
 Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02 with respect to any Outstanding Notes, the Issuer and each of the Guarantors will, subject
to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to all 

  
 - 33 -

 
such Outstanding Notes (including the related Notes Guarantees) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose,
Legal Defeasance means that the Issuer and the Guarantors will be deemed to have paid and discharged the entire Debt represented by such Outstanding Notes (including the related Notes Guarantees), which will thereafter be deemed to be
“Outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes, such
Notes Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or
discharged hereunder: 
 (1) the rights of Holders of such Outstanding Notes to receive payments in respect of
the principal of, or interest or premium on such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
 (2) the Issuer’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 
 (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s and the Guarantors’ obligations in connection therewith; and 

(4) this Article 8. 
 Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise of their option under Section 8.03 hereof. 

Section 8.03 Covenant Defeasance. 
 Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 with respect to any Outstanding Notes, the Issuer and the Guarantors will, subject to the
satisfaction of the conditions set forth in Section 8.04, be released from each of their obligations under the covenants contained in Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 5.01 and 10.04 with respect to such Outstanding
Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and such Notes will thereafter be deemed not “Outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, Covenant
Defeasance means that, with respect to the Outstanding Notes and the related Notes Guarantees, the Issuer and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not
constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and the related Notes Guarantees will be unaffected thereby. In addition, upon the
Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 with respect to any Outstanding Notes, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(4)
through 6.01(7) hereof will not constitute Events of Default. 
 Section 8.04 Conditions to Legal or Covenant Defeasance.

 In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof with
respect to any Outstanding Notes: 
 (1) the Issuer irrevocably deposits with the Trustee for the Notes, in
trust, for the benefit of the Holders, money in such currency or currencies, or currency unit or currency units, in which such Note is then specified as payable at maturity, non-callable Government Obligations applicable to such Notes (determined on
the basis of the currency or currencies, or currency unit or currency units, in which such Notes are then specified as payable at maturity), or any combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized
firm of independent public accountants, to pay the principal of, premium and interest on such Outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be; 

  
 - 34 -

 (2) in the case of an election under Section 8.02 hereof, the Issuer
has delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to such Trustee confirming that: 
 (i) the Issuer has received from, or there has been published by, the IRS a ruling; or 
 (ii) since the date of this Indenture, there has been a change in the applicable federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such
Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(3) in the case of an election under Section 8.03 hereof, the Issuer must deliver to the Trustee an Opinion of
Counsel in the United States reasonably acceptable to the Trustee confirming that the beneficial owners of the Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (4) no Default or Event of Default shall have occurred in respect of the Notes and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds
to be applied to such deposit); 
 (5) such Legal Defeasance or Covenant Defeasance will not result in a breach
or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Issuer or any of its Restricted Subsidiaries is a party or by which the Issuer or any of its Restricted Subsidiaries is
bound; 
 (6) the Issuer must deliver to the Trustee an Officers’ Certificate stating that the deposit was
not made by Issuer with the intent of preferring the Holders over the other creditors of Issuer with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuer or others; and 

(7) the Issuer must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Section 8.05 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06 hereof, all money or Government Obligations (including the proceeds thereof) deposited with the Trustee (or
other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect of any Outstanding Notes will be held in trust and applied by such Trustee, in accordance with
the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as such Trustee may determine, to the Holders of the Notes of all sums due and to become due
thereon in respect of principal, premium and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Issuer will pay and indemnify such Trustee against any tax, fee or other charge imposed on or assessed against the money or non-callable Government Obligations deposited pursuant to Section 8.04
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders. 

  
 - 35 -

 Notwithstanding anything in this Article 8 to the contrary, such Trustee will deliver or pay
to the Issuer from time to time upon the request of the Issuer any money or non-callable Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to such Trustee (which may be the opinion delivered under Section 8.04(1)), are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Issuer. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of,
premium or interest on any Note and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) will be discharged from such trust;
and the Holder of such Note will thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, will
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer cause to be published once, in an Authorized Newspaper, notice that such money
remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. 

Section 8.07 Reinstatement. 
 (a) If the Trustee or Paying Agent is unable to apply any money or non-callable Government Obligations deposited in respect of the Notes in accordance with Section 8.02 or 8.03, as the case may be,
by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s and the Guarantor’s obligations under this Indenture and the Notes and the
related Notes Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with
Section 8.02 or 8.03 hereof, as the case may be; provided, however, that the principles set forth in paragraphs (b) and (c) of this Section 8.07 shall apply following such reinstatement; provided further,
however, that if the Issuer makes any payment of principal of, premium or interest on any Note following the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive such payment
from the money held by the Trustee or Paying Agent. 
 (b) If reinstatement of the Issuer’s and Guarantors’ obligations
under this Indenture, the Notes and the related Notes Guarantees shall occur as provided in Section 8.07(a), such reinstatement shall be deemed to have occurred as of the date of such deposit except that no Default will be deemed to have
occurred solely by reason of a breach while any such obligation was suspended. 
 (c) Neither (1) the continued existence
following the reinstatement of the foregoing obligations of facts and circumstances or obligations that were incurred or otherwise came into existence while the foregoing obligations were suspended nor (2) the performance of any such
obligations, including the consummation of any transaction pursuant to, and on materially the same terms as, a contractual agreement in existence prior to the reinstatement of the foregoing obligations, shall constitute a breach of any such
obligations or cause a Default or Event of Default in respect thereof; provided, however, that (A) the Issuer and its Restricted Subsidiaries did not incur or otherwise cause such facts and circumstances or obligations to exist in
anticipation of the reinstatement of the foregoing obligations and (B) the Issuer and its Restricted Subsidiaries did not reasonably believe that such incurrence or actions would result in such reinstatement. For purposes of clause
(2) above, any increase in the consideration to be paid prior to such amendment or modification to the terms of an existing obligation following the reinstatement of the foregoing obligations that does not exceed 10% of the consideration that
was to be paid prior to such amendment or modification shall not be deemed a “material” amendment or modification. For purposes of clauses (A) and (B) above, anticipation and reasonable belief may be determined by the Issuer and
shall be conclusively evidenced by a board resolution to such effect adopted by the Board of Directors of the Issuer. 

  
 - 36 -

 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes.

 Notwithstanding Section 9.02 of this Indenture, the Issuer, the Guarantors and the Trustee may amend or supplement
this Indenture, the Notes Guarantees or the Notes without the consent of any Holder of a Note: 
 (1) to cure any
ambiguity, defect or inconsistency; 
 (2) to provide for uncertificated Notes in addition to or in place of
certificated Notes; 
 (3) to provide for the assumption of the Issuer’s obligations to Holders of Notes in
the case of a merger or consolidation or sale of all or substantially all of the Issuer’s assets; 
 (4) to
add additional Guarantees with respect to the Notes; 
 (5) to secure the Notes; 

(6) to make any other change that would provide any additional rights or benefits to the Holders of Notes or that does not
adversely affect the legal rights under this Indenture of any such Holder; or 
 (7) to comply with requirements
of the Commission in order to effect or maintain the qualification of this Indenture under the TIA. 
 Section 9.02 With Consent of
Holders of Notes. 
 Except as provided above in Section 9.01 and in this Section 9.02, the Issuer, the Guarantors
and the Trustee may amend or supplement this Indenture, the Notes Guarantees and the Notes with the consent of the Holders of at least a majority in principal amount of the then Outstanding Notes affected by such amendment or supplemental indenture
voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, such Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default
(other than a Default or Event of Default in the payment of the principal or premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this
Indenture, the Notes Guarantees or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then Outstanding Notes affected thereby voting as a single class (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, the Notes). 
 Without the consent of each Holder
affected, an amendment or waiver may not (with respect to any Notes held by a non-consenting Holder): 
 (1)
reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (2)
reduce the principal of or change the fixed maturity of any Note or alter the provisions with respect to the redemption of the Notes; 
 (3) reduce the rate of or change the time for payment of interest on any Note; 
 (4) waive a Default or Event of Default in the payment of principal of, or interest or premium on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in
aggregate principal amount of the then Outstanding Notes and a waiver of the payment Default that resulted from such acceleration); 

  
 - 37 -

 (5) make any Note payable in money other than that stated in the Notes;

 (6) make any change in Section 6.04 or 6.07 hereof relating to waivers of past Defaults or the rights of
Holders of Notes to receive payments of principal of or interest or premium on the Notes; 
 (7) waive a
redemption payment with respect to any Note; 
 (8) release any Guarantor from any of its obligations under its
Notes Guarantee or this Indenture, except in accordance with the terms of this Indenture; 
 (9) modify or change
any provisions of this Indenture affecting the ranking of the Notes or the Notes Guarantees in any manner adverse to the Holders of the Notes; and 
 (10) make any change in the amendment and waiver provisions set forth in clauses (1) through (9) of this Section 9.02. 

Section 2.08 hereof shall determine which Notes are considered to be “Outstanding” for purposes of this Section 9.02.

 It is not necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of
any proposed amendment or waiver, but it is sufficient if such consent approves the substance thereof. 
 After an amendment,
supplement or waiver under this Section 9.02 becomes effective, the Issuer will mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any
defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. 

Section 9.03 Compliance with Trust Indenture Act. 
 Every amendment or supplement to this Indenture or the Notes will be set forth in an amended or supplemental indenture that complies with the TIA as then in effect. 

Section 9.04 Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note
that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if a Responsible
Officer of the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

 Section 9.05 Notation on or Exchange of Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Outstanding Note thereafter authenticated. The Issuer in exchange for all Outstanding Notes may issue and the
Trustee shall, upon receipt of an authentication order in accordance with Section 2.02, authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver. 

  
 - 38 -

 Section 9.06 Trustee to Sign Amendments, etc. 

Upon the request of the Issuer accompanied by Board Resolutions authorizing the execution of any amended or supplemental indenture, and
upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the
Issuer in the execution of an amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental indenture. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof)
will be fully protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized
or permitted by this Indenture and complies with the terms of this Indenture. 
 ARTICLE 10 

NOTES GUARANTEES 

Section 10.01 Notes Guarantee. 
 (a) Subject to this Article 10, each of the Guarantors, jointly and severally, fully and unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee
and its successors and assigns, irrespective of the validity and enforceability of this Indenture, such Note or the obligations of the Issuer hereunder or thereunder, that: 

(1) the principal of, premium and interest on such Note will be promptly paid in full when due, whether at maturity, by
acceleration, redemption or otherwise, and interest on the overdue principal of and interest on such Note, if any, if lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder will be promptly paid in full
or performed, all in accordance with the terms hereof and thereof; and 
 (2) in case of any extension of time of
payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.

 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors
will be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of the Notes issued with the benefit of Notes Guarantees or
this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any
other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor, other than payment in full of all obligations under the Notes. Each Guarantor in respect of the Notes hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenant that this Notes Guarantee
will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 
 (c) If any
Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either
to the Trustee or such Holder, this Notes Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect. 

  
 - 39 -

 (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on
the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of its Notes Guarantee notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith become
due and payable by such Guarantor for the purpose of its Notes Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the
Notes Guarantee. 
 (e) Each Guarantor hereby agrees that its Note Guarantee shall remain in full force and effect
notwithstanding the absence of the endorsement of any notation of such Note Guarantee on the Notes. The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee set forth in
this Indenture on behalf of the Guarantors. 
 Section 10.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes issued with the benefit of Notes Guarantees, each Holder, hereby confirms that it is the
intention of all such parties that the Notes Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar
federal or state law to the extent applicable to any Notes Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each such Guarantor will, after giving effect
to any maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any
other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Notes Guarantee not constituting a fraudulent transfer or conveyance. 

Section 10.03 [Intentionally Omitted]. 
 Section 10.04 Guarantors May Consolidate, etc., on Certain Terms. 
 No
Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person, other than the Issuer or another Guarantor,
unless: 
 (1) immediately after giving effect to that transaction, no Default or Event of Default exists under
this Indenture; and 
 (2) subject to Section 10.05, the Person acquiring the property in any such sale or
disposition or the Person formed by or surviving any such consolidation or merger assumes all the obligations of that Guarantor under this Indenture and its Notes Guarantee pursuant to a supplemental indenture satisfactory to the Trustee.

 In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by
supplemental indenture, of the Notes Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor Person will succeed to and be
substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Notes Guarantees to be endorsed upon all of the Notes issuable hereunder which
theretofore shall not have been signed by the Issuer and delivered to the Trustee. All the Notes Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture as the Notes Guarantees theretofore and thereafter
issued in accordance with the terms of this Indenture as though all of such Notes Guarantees had been issued at the date of the execution hereof. 

  
 - 40 -

 Except as set forth in Article 5, and notwithstanding this Section 10.04, nothing
contained in this Indenture or in any of the Notes will prevent any consolidation or merger of a Guarantor with or into the Issuer or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety or
substantially as an entirety to the Issuer or another Guarantor. 
 Section 10.05 Releases Following Sale of Assets. 

The Notes Guarantee of a Guarantor will be released, and any Person acquiring assets or surviving any merger or consolidation with a
Guarantor (including by way of consolidation, merger, sale or conveyance under Section 10.04) or Capital Stock of a Guarantor in accordance with the provisions of clauses (1) or (2) below shall not be required to assume the
obligations of any such Guarantor: 
 (1) in connection with any sale or other disposition of all or
substantially all of the assets of that Guarantor (including by way of consolidation, merger, sale or conveyance under Section 10.04) to a Person that is not (either before or after giving effect to such transaction) the Issuer or a Guarantor;

 (2) in connection with any sale of all of the Capital Stock of a Guarantor to a Person that is not (either
before or after giving effect to such transaction) the Issuer or a Guarantor; 
 (3) in connection with a
Guarantor becoming an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture; 

(4) in connection with any sale or other disposition of all or substantially all of the assets of that Guarantor and the
dissolution of that Guarantor, in each case in accordance with the applicable provisions of this Indenture; 

(5) in the event that the Issuer exercises its discharge or full defeasance options under Article 8; or 

(6) in the event that the obligation as a borrower or guarantor by such Guarantor of both the 2011 Credit Agreement and
the 2012 Credit Agreement is released or discharged (other than as a result of payment under such obligation) and such Guarantor is not otherwise required to provide a Notes Guarantee in accordance with Section 4.08. 

Upon delivery by the Issuer to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that one of the
foregoing requirements has been satisfied and the conditions to the release of a Note Guarantee under this Section 10.05 have been met, the Trustee will execute any documents reasonably required in order to evidence the release of a Guarantor
from its obligations under such Note Guarantee. 
 Any Guarantor not released from its obligations under its Notes Guarantee
will remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under the Indenture as provided in this Article 10. 

ARTICLE 11 

SATISFACTION AND DISCHARGE 

Section 11.01 Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Notes expressly provided for herein), when:

 (1) either: 

  
 - 41 -

 (A) all Notes that have been authenticated (except lost, stolen or
destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Issuer) have been delivered to the Trustee for cancellation; or 

(B) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the
making of a notice of redemption or otherwise or will become due and payable within one year and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee for Notes as trust funds in trust solely for the
benefit of the Holders, money in such currency or currencies, or currency unit or currency units, in which such Notes are then specified as payable at maturity, non-callable Government Obligations applicable to such Notes (determined on the basis of
the currency or currencies, or currency unit or currency units, in which such Notes are then specified as payable at maturity), or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest, to
pay and discharge the entire indebtedness on such Notes not delivered to the Trustee for cancellation for principal, premium and accrued interest to the date of maturity or redemption; 

(2) no Default or Event of Default with respect to the Notes has occurred and is continuing on the date of such deposit or
will occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Issuer or any Guarantor are a party or by which the Issuer or any Guarantor are
bound; 
 (3) the Issuer or any Guarantor have paid or caused to be paid all sums payable by them under this
Indenture with respect to the Notes; and 
 (4) the Issuer has delivered irrevocable instructions to the Trustee
to apply the money on deposit in the trust referred to in subclause (B) of clause (1) above toward the payment of such Notes at maturity or on the redemption date, as the case may be. 

In addition, the Issuer must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee for Notes stating that all
conditions precedent to satisfaction and discharge have been satisfied. 
 Notwithstanding the satisfaction and discharge of
this Indenture, if money has been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the provisions of Section 11.02 and Section 8.06 will survive. In addition, nothing in this Section 11.01
will be deemed to discharge those provisions of Section 7.07 that, by their terms, survive the satisfaction and discharge of this Indenture. 
 Section 11.02 Application of Trust Money. 
 Subject to the provisions
of Section 8.06, all money deposited with the Trustee in respect of any Notes pursuant to Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of such Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been
deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law and Section 2.04. 
 If the Trustee or Paying Agent is unable to apply any money or Government Obligations in accordance with Section 11.01 in respect of any Notes by reason of any legal proceeding or by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s and any Guarantor’s obligations under this Indenture and such Notes shall be revived and reinstated as
though no deposit had occurred pursuant to Section 11.01 and the provisions of Section 8.07 shall apply to the extent provided therein. 

  
 - 42 -

 ARTICLE 12 
 MISCELLANEOUS 
 Section 12.01 Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA § 318(c), the imposed duties will
control. 
 Section 12.02 Notices. 
 Any notice or communication by the Issuer, any Guarantor or the Trustee to the others is duly given if in writing in the English language and delivered in Person or mailed by first class mail (registered
or certified, return receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 
 If to the Issuer and/or any Guarantor: 
 EPR Properties 

909 Walnut Street, Suite 200 
 Kansas City, MO 64106 
 Telecopier No.: (816) 472-5794 

Attention: General Counsel 
 With a copy to: 
 Stinson Morrison Hecker LLP 

1201 Walnut, Suite 2900 
 Kansas City, MO 64106-2150 
 Telecopier No.: (816) 412-1129 

Attention: Craig L. Evans, Esq. 
 If to the Trustee: 
 U.S. Bank National Association 

333 Commerce Street, Suite 800 
 Nashville, TN 37201 
 Attention: Global Trust Services 

Facsimile: (615) 251-0737 
 The Issuer, any Guarantor or the Trustee, by notice to the others may designate additional or different addresses for subsequent notices or communications. 

All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand,
if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery. 
 Any notice or communication to a Holder will be mailed by first class mail, certified or
registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person described in TIA
§ 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 

  
 - 43 -

 If a notice or communication is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it. 
 If the Issuer mails a notice or communication to
Holders, it will mail a copy to the Trustee and each Agent at the same time. 
 Section 12.03 Communication by Holders of Notes with
Other Holders of Notes. 
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their
rights under this Indenture or the Notes. The Issuer, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 12.04 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the
Trustee: 
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which
must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and

 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the
statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
 Notwithstanding the foregoing, in the case of any such request or application as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such
particular request or application, no additional certificate or opinion need be furnished unless specifically required. 
 Section 12.05
Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 

(1) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such Person, he or
she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

 Section 12.06 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

  
 - 44 -

 Section 12.07 No Personal Liability of Trustees, Directors, Officers, Employees and Stockholders.

 No past, present or future trustee, director, officer, employee or stockholder of the Issuer or any of its Subsidiaries or
any successor thereof, as such, will have any liability for any obligations of the Issuer or any of its Subsidiaries under the Notes or this Indenture based on, in respect of, or by reason of such obligations or their creation. Each holder by
accepting a Note waives and releases all such liability. The foregoing waiver and release are an integral part of the consideration for the issuance of the Notes. Such waiver may not be effective to waive liabilities under federal securities laws.

 Section 12.08 Governing Law. 
 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTES GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 Section 12.09 No Adverse Interpretation of
Other Agreements. 
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or
its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 12.10 Successors. 
 All agreements of the Issuer in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. All agreements of each Guarantor in this
Indenture will bind its successors, except as otherwise provided in Article 10 and any applicable indentures supplemental hereto. 

Section 12.11 Severability. 
 In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or
impaired thereby. 
 Section 12.12 Counterpart Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement. 

Section 12.13 Table of Contents, Headings, etc. 
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this
Indenture and will in no way modify or restrict any of the terms or provisions hereof. 
 Section 12.14 Benefits of Indenture.

 Nothing in this Indenture, the Notes or the Notes Guarantees, express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder and the Holders, any benefit or an legal or equitable right, remedy or claim under this Indenture. 

  
 - 45 -

 Section 12.15 Legal Holidays. 

In any case where any Interest Payment Date, redemption date, purchase date or stated maturity of any Note shall not be a Business Day at
any Place of Payment, then (notwithstanding any other provision of this Indenture or of such Note (other than a provision of such Note which specifically states that such provision shall apply in lieu of this Section)) payment of interest or
principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, redemption
date or purchase date, or at the stated maturity. 
 Section 12.16 Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders of the Outstanding Notes may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing. Except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Note, shall
be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuer and any agent of the Trustee or the Issuer, if made in the manner provided in this Section. 

(b) The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may be proved
in any reasonable manner which the Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the register
maintained by the Registrar. 
 (d) If the Issuer shall solicit from the Holders of Notes any request, demand, authorization,
direction, notice, consent, waiver or other act, the Issuer may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other act, but the Issuer shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not
earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction,
notice, consent, waiver or other act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purpose of determining whether Holders of the
requisite proportion of Outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other act, and for that purpose the Outstanding Notes shall be computed as of such record
date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the
record date. 
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other act of the Holder of any Note
shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, any
Registrar, any Paying Agent, any authenticating agent or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
 [Signatures on following page] 

  
 - 46 -

 SIGNATURES 

 

					
	ISSUER:
		
		 	EPR PROPERTIES
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Senior Vice President and Chief Financial Officer
	
	GUARANTORS:
		
		 	30 WEST PERSHING, LLC
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT DOWNREIT II, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT HUNTSVILLE, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	MEGAPLEX FOUR, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary

					
		 	WESTCOL CENTER, LLC
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT MELBOURNE, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	CROTCHED MOUNTAIN PROPERTIES, LLC
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EDUCATION CAPITAL SOLUTIONS, LLC
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPR HIALEAH, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT 909, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary

					
		 	EPT CROTCHED MOUNTAIN, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT KALAMAZOO, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT MAD RIVER, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT MOUNT ATTITASH, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT MOUNT SNOW, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT NINETEEN, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary

					
		 	EPT SKI PROPERTIES, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT WATERPARKS, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	MEGAPLEX NINE, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	ECS DOUGLAS I, LLC
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT DALLAS, LLC
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary

					
		 	EPT FONTANA, LLC
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT TWIN FALLS, LLC
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	FLIK, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT GULF POINTE, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT MESQUITE, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT SOUTH BARRINGTON, INC.
			
		 	By:	 	 /s/ Mark Peterson

		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary

 
			
	 TRUSTEE:
  

U.S. BANK NATIONAL ASSOCIATION

		
	By:	 	/s/ Wally Jones
		 	Name: Wally Jones
		 	Title: Vice President

 EXHIBIT A 
 [FORM OF NOTE] 
 [Face of Note] 

Global Notes Legend, if applicable 
  

 
 CUSIP# 26884U AA7 

5.250% Senior Note due 2023 
  

			
	No.         	  	$              

 EPR PROPERTIES 
 EPR Properties, a Maryland real estate investment trust, promises to pay to CEDE & CO. or registered assigns, the principal sum of
            Dollars [, as revised by the Schedule of Increases or Decreases in the Global Note attached hereto,]1 on July 15, 2023. 
 Interest Payment Dates: January 15 and July 15 
 Record Dates: January 1 and
July 1 
 Dated:             , 20     

 

			
	EPR PROPERTIES
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

	1 	 To be included only if Note is issued in global form. 

  
 A-1

	
	This is one of the Notes referred to in the within-mentioned Indenture:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	
	By:                             
                                         
                    
	       Authorized Signatory

  
 A-2

 [Form of Back of Note] 

5.250% Senior Notes due 2023 
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) Interest. EPR Properties (the “Issuer”) promises to pay interest on the principal amount of
this Note at 5.250% per annum from June 18, 2013 until maturity. The Issuer will pay interest semi-annually in arrears on January 15 and July 15 of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from June 18, 2013; provided, that if there
is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided, further, that the first Interest Payment Date shall be January 15, 2014. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any,
from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; the Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest
(without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

(2) Method of Payment. The Issuer will pay interest on the Notes (except defaulted interest) to the Persons who are
registered Holders of Notes at the close of business on the January 1 or July 1 (each, a “Record Date”) next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such
Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Issuer maintained for such
purpose within or without the City and State of New York, or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire
transfer of immediately available funds will be required with respect to principal of and interest and premium, if any, on all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Issuer or the
Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

(3) Paying Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, will
act as Paying Agent and Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer or any of its Subsidiaries may act in any such capacity. 

(4) Indenture. The Issuer issued the Notes under an indenture, dated as of June 18, 2013 (the
“Indenture”), among the Issuer, the Guarantors and the Trustee. The terms of the Notes and the related Note Guarantees include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with
the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Issuer and the Notes are fully and unconditionally guaranteed by each of the Guarantors pursuant to
the Note Guarantees. 
 (5) Optional Redemption. The Issuer will not be entitled to redeem all or any
portion of the Notes at its option except as provided in the next sentence. The Issuer will be entitled at its option to redeem all or any portion of the Notes at a redemption price equal to 100% of the principal amount of such Notes plus the
Applicable Premium as of, and any accrued and unpaid interest to, but not including, the redemption date (subject to the right of the Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date). If the
Notes are redeemed on or after 90 days prior to maturity, 

  
 A-3

 
the redemption price shall equal 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to, but not including, the redemption date. Notice of such redemption
must be mailed by first-class mail to each Holder’s registered address, not less than 30 nor more than 60 days prior to the redemption date (or such shorter period as is satisfactory to the Trustee). 

After notice of optional redemption has been given as provided in the Indenture, if funds for the redemption of any Notes
called for redemption have been made available on the redemption date, such Notes called for redemption will cease to bear interest on the date fixed for the redemption specified in the redemption notice and the only right of the Holders of such
Notes will be to receive payment of the redemption price. 
 Any redemption pursuant to Section 3.08 of the
Indenture shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture. 
 (6)
Mandatory Redemption. The Issuer will not be required to make mandatory redemption payments with respect to the Notes. 
 (7) Notice of Redemption. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered
address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. 

(8) Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000
and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a Note selected for
redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period
between a Record Date and the corresponding Interest Payment Date. 
 (9) Persons Deemed Owners. The
registered Holder of a Note may be treated as its owner for all purposes. 
 (10) Amendment, Supplement and
Waiver. Subject to certain exceptions, the Indenture, the Notes Guarantees or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then Outstanding Notes affected by such
amendment or supplemental indenture voting as a single class, and any existing Default or Event of Default or compliance with any provision of the Indenture, the Notes Guarantees or the Notes may be waived with the consent of the Holders of a
majority in principal amount of the then Outstanding Notes affected thereby voting as a single class. Without the consent of any Holder of a Note, the Indenture, the Notes Guarantees or the Notes may be amended or supplemented to, among other
things, cure any ambiguity, defect or inconsistency; to provide for uncertificated Notes in addition to or in place of certificated Notes; to provide for the assumption of the Issuer’s obligations to Holders of Notes in the case of a merger or
consolidation or sale of all or substantially all of the Issuer’s assets; add additional Guarantees with respect to the Notes; to secure the Notes; to make any other change that would provide any additional rights or benefits to the Holders of
Notes or that does not adversely affect the legal rights under the Indenture of any such Holder; or to comply with requirements of the Commission in order to effect or maintain the qualification of the applicable Indenture under the Trust Indenture
Act. 
 (11) Defaults and Remedies. Events of Default with respect to the Notes (as defined in the
Indenture) include: (i) default in the payment of principal or any premium on the Notes when due and payable; (ii) default in the payment of interest on the Notes within 30 days after the applicable due date; (iii) failure to comply
with Section 5.01 of the Indenture; (iv) breach of any other term of the Indenture for 60 days after receipt of a notice of Default stating the Issuer is in breach; (v) certain final judgments are

  
 A-4

 
entered against the Issuer and its Restricted Subsidiaries and are not paid, discharged or stayed for a period of 60 days; (vi) default under any of certain Debt of the Issuer and its
Restricted Subsidiaries, which default results in the acceleration of the maturity of such indebtedness, unless such other Debt is discharged, or the acceleration is rescinded or annulled, within 30 days after the Issuer or its Restricted
Subsidiaries receives notice of the default; (vii) certain events in bankruptcy, insolvency or reorganization occur with respect to the Issuer or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a whole, would
constitute a Significant Subsidiary; and (viii) any Notes Guarantee of a Significant Subsidiary of the Issuer ceases to be in full force and effect or is declared null and void or any Guarantor denies or disaffirms its obligations under the
Indenture or any Notes Guarantee other than by reason of the release of any such Notes Guarantee in accordance with the Indenture. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of
the then Outstanding Notes may declare the entire principal amount of the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all Outstanding Notes
will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, the Holders of a majority in principal amount of the then
Outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default in the payment of
principal, premium, if any, or interest) if and so long as it determines that withholding notice is in the interest of the Holders of the Notes. Subject to certain exceptions, the Holders of a majority in aggregate principal amount of the then
Outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of
principal of, premium, if any, or interest on the Notes. The Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required upon becoming aware of any Default or Event of Default
to deliver to the Trustee a statement specifying such Default or Event of Default. 
 (12) Trustee Dealings
with Issuer. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates as if it were not the
Trustee. 
 (13) No Recourse Against Others. No past, present or future trustee, director, officer,
employee or stockholder of the Issuer or any of its Subsidiaries, as such, will have any liability for any obligations of the Issuer or any of its Subsidiaries under the Notes or the Indenture based on, in respect of, or by reason of such
obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The foregoing waiver and release are an integral part of the consideration for the issuance of the Notes. 

(14) Authentication. This Note will not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. 
 (15) Abbreviations. Customary abbreviations may be used in the name of a Holder
or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 (16) CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either
as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

  
 A-5

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 EPR Properties 
 909 Walnut Street, Suite 200 
 Kansas City, MO 64106 

Attention: Chief Executive Officer 
 Facsimile
No.: (816) 472-5794 

  
 A-6

 Assignment Form 
 To assign this Note, fill in the form below: 
 (I) or (we) assign and transfer this Note to:

  

	
	  
	(Insert assignee’s legal name)

  

	
	  
	(Insert assignee’s Soc. Sec. or Tax I.D. No.)

  
  

 
  
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                         to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 Date:
                             

 

			
	Your Signature	 	  
	
	(Sign exactly as your name appears on the face of
this Note)

 

			
	 Signature Guarantee*:
	 	 

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-7

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE2

 The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note,
or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	  	Amount of increase
in Principal Amount
of this Global Note	  	Principal Amount of
this Global Note
following such
decrease (or
increase)	  	Signature of
authorized officer of
Trustee or Custodian

 
  

	2 	 This schedule should be included only if the Note is issued in global form. 

  
 A-8

 EXHIBIT B 
 [FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
            , 20            , among             (the
“Guaranteeing Subsidiary”), EPR Properties, a Maryland real estate investment trust (the “Issuer”), the other Guarantors (as defined in the Indenture referred to below) and U.S. Bank National Association, as trustee
under the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Issuer has heretofore executed and delivered to the Trustee an indenture, dated as of June 18, 2013 (the
“Indenture”), providing for the issuance of 5.250% Senior Notes due 2023 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations (as defined in the Indenture) under the Notes and the Indenture on the terms and conditions set forth herein
(the “Notes Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is
authorized to execute and deliver this Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for other
good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 2. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows: 

(a) Subject to Article 10 of the Indenture, the Guaranteeing Subsidiary hereby, jointly and severally with all other Guarantors,
unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the
Issuer hereunder or thereunder, that: 
 (i) the principal of, and premium, if any, and interest on the Notes
will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuer to the Holders or
the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at stated maturity, by acceleration or otherwise. 
 Failing payment when due of any amount so
guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. 
 (b) The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or
consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of a Guarantor, other than payment in full of all Obligations under the Notes. 

  
 B-1

 (c) The following is hereby waived: diligence, presentment, demand of payment, filing of
claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever. 

(d) This Notes Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the
Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture. 
 (e) If any Holder or
the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors, or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either to the
Trustee or such Holder, this Notes Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 
 (f) The Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations
guaranteed hereby. 
 (g) As between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand,
(x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of this Notes Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due
and payable by the Guarantors for the purpose of this Notes Guarantee. 
 (h) The Guarantors shall have the right to seek
contribution from any nonpaying Guarantor so long as the exercise of such right does not impair the rights of the Holders under this Notes Guarantee. 
 (i) In accordance with Section 10.02 of the Indenture, after giving effect to any maximum amount and all other contingent and fixed liabilities that are relevant under any applicable Bankruptcy Law
or fraudulent conveyance law, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article 10 of the
Indenture, this Notes Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guarantor under this Notes Guarantee will not constitute a fraudulent transfer or conveyance. 

3. Guaranteeing Subsidiary may Consolidate, etc., on Certain Terms. 

(a) The Guaranteeing Subsidiary may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or
merge with or into (whether or not the Guaranteeing Subsidiary is the surviving Person) another Person, other than the Issuer or another Guarantor unless: 
 (i) immediately after giving effect to such transaction, no Default or Event of Default exists; and 
 (ii) subject to Section 10.05 of the Indenture, the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger assumes all of
the obligations of the Guaranteeing Subsidiary under the Indenture and this Notes Guarantee pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee. 

(b) In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental
indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of this Notes Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by
the Guaranteeing Subsidiary, such successor Person shall succeed to and be substituted for the Guaranteeing Subsidiary with the same effect as if it had been named herein as a Guaranteeing Subsidiary. Such successor Person thereupon may cause to be
signed any or all of the Notes Guarantees to be endorsed upon all of the Notes issuable under the Indenture which theretofore shall not have been signed by the Issuer and delivered to the Trustee. All the Notes Guarantees so issued shall in all
respects have the same legal rank and benefit under the Indenture as the Notes Guarantees theretofore and thereafter issued in accordance with the terms of the Indenture as though all of such Notes Guarantees had been issued at the date of the
execution hereof. 

  
 B-2

 (c) Except as set forth in Articles 4 and 5 and Section 10.04 of the Indenture, and
notwithstanding clauses (a) and (b) above, nothing contained in the Indenture or in any of the Notes shall prevent any consolidation or merger of the Guaranteeing Subsidiary with or into the Issuer or another Guarantor, or shall prevent
any sale or conveyance of the property of the Guaranteeing Subsidiary as an entirety or substantially as an entirety to the Issuer or another Guarantor. 
 4. Releases. 
 (a) The Notes Guarantee of a Guaranteeing Subsidiary shall be
released, and any Person acquiring assets (including by way of merger or consolidation) or Capital Stock of a Guaranteeing Subsidiary under those circumstances specified in Section 10.05 of the Indenture shall not be required to assume the
obligations of such Guaranteeing Subsidiary. Upon delivery by the Issuer to the Trustee of an Officers’ Certificate and an Opinion of Counsel stating that the provisions of Section 10.05 of the Indenture have been complied with, the
Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its obligations under this Notes Guarantee. 
 (b) Any Guarantor not released from its obligations under its Notes Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any
Guarantor under the Indenture as provided in Article 10 of the Indenture. 
 5. No Recourse Against Others. No past,
present or future trustee, director, officer, employee, incorporator, stockholder, equity holder or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Issuer or the Guaranteeing Subsidiary under the
Notes, this Notes Guarantee, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the Commission that such a waiver is against
public policy. 
 6. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO
CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

7. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. 
 8. Effect of Headings. The Section headings herein are for
convenience only and shall not affect the construction hereof. 
 9. The Trustee. The Trustee shall not be responsible in
any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Issuer.

  
 B-3

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
 Dated:
            , 20     
  

			
	 EPR PROPERTIES

		
	 By:
	 	 
		 	Name:
		 	Title:
	
	 [EXISTING GUARANTORS]

		
	 By:
	 	 
		 	 Name:

		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION, as Trustee

		
	 By:
	 	 
		 	Authorized Signatory

  
 B-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]