Document:

Mezzanine Loan and Security Agreement (Fourth Mezzanine)

 Exhibit 10.14 
  
 MEZZANINE LOAN AND SECURITY AGREEMENT 
 (FOURTH
MEZZANINE) 
  
 Dated as of July 21, 2005 
  
 Between 
  
 GIRAFFE JUNIOR HOLDINGS, LLC, 
 as Mezzanine Borrower 
  
 and

  
 GERMAN AMERICAN CAPITAL CORPORATION, 
 as Mezzanine Lender 

  
 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	 	  	Page

	 I.
	  	 DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	  	1
				
	 	  	 1.1
	  	 Definitions
	  	1
				
	 	  	 1.2
	  	 Principles of Construction
	  	27
			
	 II.
	  	 GENERAL TERMS
	  	27
				
	 	  	 2.1
	  	 Loan; Disbursement to Mezzanine Borrower
	  	27
	 	  	 	  	 2.1.1
	  	 The Loan
	  	27
	 	  	 	  	 2.1.2
	  	 Disbursement to Mezzanine Borrower
	  	27
	 	  	 	  	 2.1.3
	  	 Use of Proceeds
	  	27
				
	 	  	 2.2
	  	 Interest; Loan Payments; Late Payment Charge; Payment of Principal and Interest
	  	28
	 	  	 	  	 2.2.1
	  	 Payment of Principal and Interest
	  	28
	 	  	 	  	 2.2.2
	  	 Method and Place of Payment
	  	28
	 	  	 	  	 2.2.3
	  	 Late Payment Charge
	  	29
	 	  	 	  	 2.2.4
	  	 Usury Savings
	  	29
				
	 	  	 2.3
	  	 Prepayments
	  	29
	 	  	 	  	 2.3.1
	  	 Mandatory Prepayment
	  	29
	 	  	 	  	 2.3.2
	  	 Prepayments After Event of Default; Application of Amounts Paid
	  	30
	 	  	 	  	 2.3.3
	  	 Release of Collateral
	  	30
	 	  	 	  	 2.3.4
	  	 Release of Individual Property
	  	31
	 	  	 	  	 2.3.5
	  	 Substitution of Properties
	  	32
	 	  	 	  	 2.3.6
	  	 Provisions Relating to Individual Properties That Go Dark
	  	38
	 	  	 	  	 2.3.7
	  	 Excess Account Collateral
	  	39
	 	  	 	  	 2.3.8
	  	 Reserve Requirements
	  	39
	 	  	 	  	 2.3.9
	  	 Intentionally Omitted
	  	39
				
	 	  	 2.4
	  	 Regulatory Change; Taxes
	  	39
	 	  	 	  	 2.4.1
	  	 Increased Costs
	  	39
	 	  	 	  	 2.4.2
	  	 Special Taxes
	  	40
	 	  	 	  	 2.4.3
	  	 Other Taxes
	  	40
	 	  	 	  	 2.4.4
	  	 Indemnity
	  	40
	 	  	 	  	 2.4.5
	  	 Change of Office
	  	41
	 	  	 	  	 2.4.6
	  	 Survival
	  	41
				
	 	  	 2.5
	  	 Conditions Precedent to Closing
	  	41
	 	  	 	  	 2.5.1
	  	 Representations and Warranties; Compliance with Conditions
	  	41
	 	  	 	  	 2.5.2
	  	 Delivery of Mezzanine Loan Documents; Title Policy; Reports; Leases
	  	42
	 	  	 	  	 2.5.3
	  	 Satisfactory Collateral
	  	43
	 	  	 	  	 2.5.4
	  	 Loan (Mortgage)
	  	43

									
	 	  	 	  	2.5.5	  	 Related Documents
	  	43
	 	  	 	  	2.5.6	  	 Delivery of Organizational Documents
	  	44
	 	  	 	  	2.5.7	  	 Opinions of Mezzanine Borrower’s Counsel
	  	44
	 	  	 	  	2.5.8	  	 Completion of Proceedings
	  	44
	 	  	 	  	2.5.9	  	 Payments
	  	44
	 	  	 	  	2.5.10	  	 Interest Rate Cap Agreement
	  	44
	 	  	 	  	2.5.11	  	 Account Agreement
	  	45
	 	  	 	  	2.5.12	  	 Reserved
	  	45
	 	  	 	  	2.5.13	  	 Tenant Estoppels and SNDAs
	  	45
	 	  	 	  	2.5.14	  	 REAs
	  	45
	 	  	 	  	2.5.15	  	 Insolvency
	  	45
	 	  	 	  	2.5.16	  	 Independent Manager/Member Certificate
	  	45
	 	  	 	  	2.5.17	  	 Transaction Costs
	  	45
	 	  	 	  	2.5.18	  	 Material Adverse Effect
	  	45
	 	  	 	  	2.5.19	  	 Subleases
	  	46
	 	  	 	  	2.5.20	  	 Master Lease; Master Lease SNDA
	  	46
	 	  	 	  	2.5.21	  	 Tax Lot
	  	46
	 	  	 	  	2.5.22	  	 Condominium Estoppels
	  	46
	 	  	 	  	2.5.23	  	 Condominium Documents
	  	46
	 	  	 	  	2.5.24	  	 Appraisal
	  	46
	 	  	 	  	2.5.25	  	 Financial Statements
	  	46
	 	  	 	  	2.5.26	  	 Flood Certifications
	  	46
	 	  	 	  	2.5.27	  	 Intentionally Omitted
	  	46
	 	  	 	  	2.5.28	  	 Merger Agreement
	  	46
	 	  	 	  	2.5.29	  	 Intercreditor Agreements
	  	46
	 	  	 	  	2.5.30	  	 Equity and Real Property Documents
	  	46
	 	  	 	  	2.5.31	  	 Consents
	  	47
			
	III.	  	 CASH MANAGEMENT
	  	47
				
	 	  	3.1	  	 Cash Management
	  	47
	 	  	 	  	3.1.1	  	 Establishment of Account
	  	47
	 	  	 	  	3.1.2	  	 Pledge of Account Collateral (Fourth Mezzanine)
	  	48
	 	  	 	  	3.1.3	  	 Maintenance of Mezzanine Account
	  	48
	 	  	 	  	3.1.4	  	 Eligible Accounts
	  	48
	 	  	 	  	3.1.5	  	 Deposits into Sub-Accounts
	  	49
	 	  	 	  	3.1.6	  	 Monthly Funding
	  	49
	 	  	 	  	3.1.7	  	 Cash Management Bank
	  	50
	 	  	 	  	3.1.8	  	 Mezzanine Borrower’s Account Representations, Warranties and Covenants
	  	51
	 	  	 	  	3.1.9	  	 Account Collateral (Fourth Mezzanine) and Remedies
	  	51
	 	  	 	  	3.1.10	  	 Transfers and Other Liens
	  	52
	 	  	 	  	3.1.11	  	 Reasonable Care
	  	52
	 	  	 	  	3.1.12	  	 Mezzanine Lender’s Liability
	  	53
	 	  	 	  	3.1.13	  	 Continuing Security Interest
	  	53

  

 ii 

									
	IV.	  	 REPRESENTATIONS AND WARRANTIES
	  	54
				
	 	  	4.1	  	 Borrower Representations
	  	54
	 	  	 	  	4.1.1	  	 Organization
	  	54
	 	  	 	  	4.1.2	  	 Proceedings
	  	54
	 	  	 	  	4.1.3	  	 No Conflicts
	  	55
	 	  	 	  	4.1.4	  	 Litigation
	  	55
	 	  	 	  	4.1.5	  	 Agreements
	  	55
	 	  	 	  	4.1.6	  	 Title to Assets
	  	56
	 	  	 	  	4.1.7	  	 No Bankruptcy Filing
	  	57
	 	  	 	  	4.1.8	  	 Full and Accurate Disclosure
	  	57
	 	  	 	  	4.1.9	  	 Ownership Interests
	  	57
	 	  	 	  	4.1.10	  	 No Plan Assets
	  	57
	 	  	 	  	4.1.11	  	 Compliance
	  	58
	 	  	 	  	4.1.12	  	 Financial Information
	  	58
	 	  	 	  	4.1.13	  	 Absence of UCC Financing Statements, Etc.
	  	59
	 	  	 	  	4.1.14	  	 Federal Reserve Regulations
	  	59
	 	  	 	  	4.1.15	  	 Setoff, Etc.
	  	59
	 	  	 	  	4.1.16	  	 Not a Foreign Person
	  	59
	 	  	 	  	4.1.17	  	 Enforceability
	  	59
	 	  	 	  	4.1.18	  	 Subdivision
	  	59
	 	  	 	  	4.1.19	  	 Insurance
	  	59
	 	  	 	  	4.1.20	  	 Physical Condition
	  	59
	 	  	 	  	4.1.21	  	 Subleases
	  	60
	 	  	 	  	4.1.22	  	 Single Purpose Entity/Separateness
	  	60
	 	  	 	  	4.1.23	  	 Subsidiaries
	  	61
	 	  	 	  	4.1.24	  	 Tax Filings
	  	61
	 	  	 	  	4.1.25	  	 Solvency/Fraudulent Conveyance
	  	61
	 	  	 	  	4.1.26	  	 Investment Company Act
	  	61
	 	  	 	  	4.1.27	  	 Interest Rate Cap Agreement
	  	61
	 	  	 	  	4.1.28	  	 Brokers
	  	62
	 	  	 	  	4.1.29	  	 No Other Debt
	  	62
	 	  	 	  	4.1.30	  	 Taxpayer Identification Number
	  	62
	 	  	 	  	4.1.31	  	 Merger Agreement
	  	62
	 	  	 	  	4.1.32	  	 Representations and Warranties in the Loan Documents (Mortgage)
	  	62
				
	 	  	4.2	  	 Survival of Representations
	  	62
				
	 	  	4.3	  	 Mezzanine Borrower’s Knowledge
	  	63
			
	V.	  	 MEZZANINE BORROWER COVENANTS
	  	63
				
	 	  	5.1	  	 Affirmative Covenants
	  	63
	 	  	 	  	5.1.1	  	 Performance by Mezzanine Borrower
	  	63
	 	  	 	  	5.1.2	  	 Existence; Compliance with Legal Requirements; Insurance
	  	63
	 	  	 	  	5.1.3	  	 Litigation
	  	64
	 	  	 	  	5.1.4	  	 Single Purpose Entity
	  	64
	 	  	 	  	5.1.5	  	 Consents
	  	66
	 	  	 	  	5.1.6	  	 Notice of Default
	  	66
	 	  	 	  	5.1.7	  	 Cooperate in Legal Proceedings
	  	66
	 	  	 	  	5.1.8	  	 Perform Mezzanine Loan Documents
	  	66

  

 iii 

									
	 	  	 	  	5.1.9	  	 Further Assurances; Separate Notes
	  	67
	 	  	 	  	5.1.10	  	 Business and Operations
	  	68
	 	  	 	  	5.1.11	  	 Title to the Collateral
	  	68
	 	  	 	  	5.1.12	  	 Costs of Enforcement
	  	69
	 	  	 	  	5.1.13	  	 Estoppel Statements
	  	69
	 	  	 	  	5.1.14	  	 Loan Proceeds
	  	70
	 	  	 	  	5.1.15	  	 No Joint Assessment
	  	70
	 	  	 	  	5.1.16	  	 No Further Encumbrances
	  	70
	 	  	 	  	5.1.17	  	 Article 8 “Opt In” Language
	  	70
	 	  	 	  	5.1.18	  	 Loan (Mortgage) Covenants
	  	70
	 	  	 	  	5.1.19	  	 Senior Mezzanine Loan Covenants
	  	72
	 	  	 	  	5.1.20	  	 Intentionally Omitted
	  	74
	 	  	 	  	5.1.21	  	 Impositions
	  	74
				
	 	  	5.2	  	 Negative Covenants
	  	74
	 	  	 	  	5.2.1	  	 Debt
	  	75
	 	  	 	  	5.2.2	  	 Encumbrances
	  	75
	 	  	 	  	5.2.3	  	 Engage in Different Business
	  	75
	 	  	 	  	5.2.4	  	 Make Advances
	  	75
	 	  	 	  	5.2.5	  	 Partition
	  	75
	 	  	 	  	5.2.6	  	 Commingle
	  	75
	 	  	 	  	5.2.7	  	 Guarantee Obligations
	  	76
	 	  	 	  	5.2.8	  	 Transfer Assets
	  	76
	 	  	 	  	5.2.9	  	 Amend Organizational Documents
	  	76
	 	  	 	  	5.2.10	  	 Dissolve
	  	76
	 	  	 	  	5.2.11	  	 Bankruptcy
	  	76
	 	  	 	  	5.2.12	  	 ERISA
	  	76
	 	  	 	  	5.2.13	  	 Distributions
	  	76
	 	  	 	  	5.2.14	  	 Modify REAs
	  	76
	 	  	 	  	5.2.15	  	 Modify Mezzanine Account Agreement
	  	76
	 	  	 	  	5.2.16	  	 Zoning Reclassification
	  	76
	 	  	 	  	5.2.17	  	 Change of Principal Place of Business
	  	77
	 	  	 	  	5.2.18	  	 Debt Cancellation
	  	77
	 	  	 	  	5.2.19	  	 Misapplication of Funds
	  	77
	 	  	 	  	5.2.20	  	 Single-Purpose Entity
	  	77
			
	VI.	  	 INSURANCE; CASUALTY; CONDEMNATION; RESTORATION
	  	77
				
	 	  	6.1	  	 Insurance Coverage Requirements
	  	77
				
	 	  	6.2	  	 Condemnation
	  	78
				
	 	  	6.3	  	 Certificates
	  	79
			
	VII.	  	 RESERVED
	  	80
			
	VIII.	  	 TRANSFERS, INDEBTEDNESS AND SUBORDINATE LIENS
	  	80
				
	 	  	8.1	  	 Restrictions on Transfers
	  	80
				
	 	  	8.2	  	 Sale of Building Equipments
	  	80

  

 iv 

									
	 	  	8.3	  	 Immaterial Transfers and Easements, Etc.
	  	80
				
	 	  	8.4	  	 Indebtedness
	  	80
				
	 	  	8.5	  	 Permitted Equity Transfers
	  	81
				
	 	  	8.6	  	 Deliveries to Mezzanine Lender
	  	83
				
	 	  	8.7	  	 Loan Assumption
	  	83
				
	 	  	8.8	  	 Subleases
	  	84
	 	  	 	  	8.8.1	 	 New Subleases and Sublease Modifications
	  	84
	 	  	 	  	8.8.2	 	 Leasing Conditions
	  	84
	 	  	 	  	8.8.3	 	 Delivery of New Sublease or Sublease Modification
	  	86
	 	  	 	  	8.8.4	 	 Security Deposits
	  	86
	 	  	 	  	8.8.5	 	 No Default Under Subleases
	  	86
			
	 IX.
	  	 INTEREST RATE CAP AGREEMENT
	  	86
				
	 	  	9.1	  	 Interest Rate Cap Agreement (Fourth Mezzanine)
	  	86
				
	 	  	9.2	  	 Pledge
	  	86
				
	 	  	9.3	  	 Covenants
	  	87
				
	 	  	9.4	  	 Powers of Mezzanine Borrower Prior to an Event of Default
	  	88
				
	 	  	9.5	  	 Representations and Warranties
	  	89
				
	 	  	9.6	  	 Payments
	  	89
				
	 	  	9.7	  	 Remedies
	  	89
				
	 	  	9.8	  	 Sales of Rate Cap Collateral
	  	92
				
	 	  	9.9	  	 Public Sales Not Possible
	  	92
				
	 	  	9.10	  	 Receipt of Sale Proceeds
	  	92
				
	 	  	9.11	  	 Replacement Interest Rate Cap Agreement
	  	93
			
	 X.
	  	 RESERVED
	  	93
			
	 XI.
	  	 BOOKS AND RECORDS, FINANCIAL STATEMENTS, REPORTS AND OTHER INFORMATION
	  	93
				
	 	  	11.1	  	 Books and Records
	  	93
				
	 	  	11.2	  	 Financial Statements
	  	93
	 	  	 	  	11.2.1	 	 Monthly Reports
	  	93
	 	  	 	  	11.2.2	 	 Quarterly Reports
	  	94
	 	  	 	  	11.2.3	 	 Annual Reports
	  	95
	 	  	 	  	11.2.4	 	 Disclosure Restrictions
	  	95
	 	  	 	  	11.2.5	 	 Capital Expenditures Summaries
	  	95
	 	  	 	  	11.2.6	 	 Master Lease
	  	95
	 	  	 	  	11.2.7	 	 Annual Budget; Operating Agreement
	  	95
	 	  	 	  	11.2.8	 	 Other Information
	  	96
				
	 	  	11.3	  	 Proprietary Information
	  	96

  

 v 

									
			
	 XII.
	  	 RESERVED
	  	97
			
	 XIII.
	  	 ENVIRONMENTAL MATTERS
	  	97
				
	 	  	13.1	  	 Representations
	  	97
				
	 	  	13.2	  	 Covenants
	  	97
					
	 	  	 	  	13.2.1	 	 Compliance with Environmental Laws
	  	97
				
	 	  	13.3	  	 Environmental Reports
	  	98
				
	 	  	13.4	  	 Environmental Indemnification
	  	98
				
	 	  	13.5	  	 Recourse Nature of Certain Indemnifications
	  	99
			
	 XIV.
	  	 ASSIGNMENTS AND PARTICIPATIONS
	  	99
				
	 	  	14.1	  	 Assignment and Acceptance
	  	99
				
	 	  	14.2	  	 Effect of Assignment and Acceptance
	  	99
				
	 	  	14.3	  	 Content
	  	100
				
	 	  	14.4	  	 Register
	  	101
				
	 	  	14.5	  	 Substitute Mezzanine Notes
	  	101
				
	 	  	14.6	  	 Participations
	  	101
				
	 	  	14.7	  	 Disclosure of Information
	  	102
				
	 	  	14.8	  	 Security Interest in Favor of Federal Reserve Bank
	  	102
			
	 XV.
	  	 INTENTIONALLY BLANK
	  	102
			
	 XVI.
	  	 ADDITIONAL RIGHTS; COSTS
	  	102
				
	 	  	16.1	  	 Certain Additional Rights of Mezzanine Lender
	  	102
				
	 	  	16.2	  	 Costs
	  	103
			
	 XVII.
	  	 RESERVED
	  	103
			
	 XVIII.
	  	 DEFAULTS
	  	103
				
	 	  	18.1	  	 Event of Default
	  	103
				
	 	  	18.2	  	 Remedies
	  	109
				
	 	  	18.3	  	 Remedies Cumulative; Waivers
	  	110
				
	 	  	18.4	  	 Costs of Collection
	  	111
				
	 	  	18.5	  	 Distribution of Collateral Proceeds
	  	111
			
	 XIX.
	  	 SPECIAL PROVISIONS
	  	111
				
	 	  	19.1	  	 Exculpation
	  	111
	 	  	 	  	19.1.1	 	 Exculpated Parties
	  	111
	 	  	 	  	19.1.2	 	 Carveouts From Non-Recourse Limitations
	  	112

  

 vi 

							
	 XX.
	  	 MISCELLANEOUS
	  	114
				
	 	  	20.1	  	 Survival
	  	114
				
	 	  	20.2	  	 Mezzanine Lender’s Discretion
	  	114
				
	 	  	20.3	  	 Governing Law
	  	115
				
	 	  	20.4	  	 Modification, Waiver in Writing
	  	116
				
	 	  	20.5	  	 Delay Not a Waiver
	  	116
				
	 	  	20.6	  	 Notices
	  	117
				
	 	  	20.7	  	 TRIAL BY JURY
	  	118
				
	 	  	20.8	  	 Headings
	  	119
				
	 	  	20.9	  	 Severability
	  	119
				
	 	  	20.10	  	 Preferences
	  	119
				
	 	  	20.11	  	 Waiver of Notice
	  	119
				
	 	  	20.12	  	 Expenses; Indemnity
	  	120
				
	 	  	20.13	  	 Exhibits and Schedules Incorporated
	  	122
				
	 	  	20.14	  	 Offsets, Counterclaims and Defenses
	  	122
				
	 	  	20.15	  	 Liability of Assignees of Mezzanine Lender
	  	122
				
	 	  	20.16	  	 No Joint Venture or Partnership; No Third Party Beneficiaries
	  	123
				
	 	  	20.17	  	 Publicity
	  	123
				
	 	  	20.18	  	 Waiver of Marshaling of Assets
	  	123
				
	 	  	20.19	  	 Waiver of Counterclaim and other Actions
	  	124
				
	 	  	20.20	  	 Conflict; Construction of Documents; Reliance
	  	124
				
	 	  	20.21	  	 Prior Agreements
	  	124
				
	 	  	20.22	  	 Counterparts
	  	124
				
	 	  	20.23	  	 Direction of Mortgage Borrower with Respect to the Property
	  	124

  

 vii 

  
 EXHIBITS AND SCHEDULES

  

			
	 EXHIBIT A
	  	FORM OF COUNTERPARTY ACKNOWLEDGMENT
	 EXHIBIT B
	  	FORM OF ASSIGNMENT AND ACCEPTANCE
	 EXHIBIT C
	  	FORM OF INDEPENDENT MEMBER/DIRECTOR CERTIFICATE
	 EXHIBIT D
	  	FORM OF PLEDGOR ACKNOWLEDGMENT
	 EXHIBIT E
	  	INTENTIONALLY DELETED
	 EXHIBIT F
	  	INTENTIONALLY DELETED
	 EXHIBIT G
	  	INTENTIONALLY DELETED
	 EXHIBIT H
	  	INTENTIONALLY DELETED
	 EXHIBIT I
	  	INTENTIONALLY DELETED
	 EXHIBIT J
	  	MEZZANINE BORROWER ORGANIZATIONAL STRUCTURE
	 EXHIBIT K
	  	LITIGATION SCHEDULE
	 EXHIBIT L
	  	INTEREST RATE CAP AGREEMENT
	 EXHIBIT M
	  	INTENTIONALLY DELETED
	 EXHIBIT N
	  	FORM OF MEMBER POWER
	 EXHIBIT O
	  	ARTICLE 8 OPT IN PROVISIONS
		
	 SCHEDULE I
	  	SUBLEASES
	 SCHEDULE II
	  	ALLOCATED LOAN AMOUNTS
	 SCHEDULE III
	  	PRE-APPROVED TRANSFEREES

  

 viii 

 MEZZANINE LOAN AND SECURITY AGREEMENT (FOURTH MEZZANINE) 
  
 THIS MEZZANINE LOAN AND SECURITY AGREEMENT (FOURTH MEZZANINE) dated as of
July 21, 2005 (as amended, restated, replaced, supplemented, or otherwise modified from time to time, this “Agreement”), between GIRAFFE JUNIOR HOLDINGS, LLC, a Delaware limited liability company (“Mezzanine
Borrower”) having an office at c/o Toys “R” Us, Inc., One Geoffrey Way, Wayne, New Jersey 07470 and GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation, on behalf of the holders of the Mezzanine Notes, having an address at
60 Wall Street, New York, New York 10005 (together with its successors and assigns, “Mezzanine Lender”). 
  
 RECITALS: 
  
 WHEREAS, Mezzanine Borrower desires to obtain the Loan (as hereinafter defined) from Mezzanine Lender; 
  
 WHEREAS, Mezzanine Lender is willing to make the Loan to Mezzanine Borrower,
subject to and in accordance with the terms of this Agreement and the other Mezzanine Loan Documents (as hereinafter defined). 
  
 NOW, THEREFORE, in consideration of the making of the Loan by Mezzanine Lender and the covenants, agreements, representations and warranties set forth in
this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 
  

	I.	DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

  
 1.1 Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary
intent: 
  
 “ABL Intercreditor Agreement” shall
mean an intercreditor agreement between Mortgage Lender, Mezzanine Lender, each Senior Mezzanine Lender, and the agent for the lenders under the ABL Loan. 
  
 “ABL Loan” shall have the meaning provided in the ABL Intercreditor Agreement. 
  
 “Account Agreement (Mortgage)” shall have the meaning set
forth in the Loan Agreement (Mortgage). 
  
 “Account
Collateral (Fourth Mezzanine)” shall have the meaning set forth in Section 3.1.2. 
  
 “Acknowledgment” shall mean the Acknowledgment, dated on or about the date hereof made by Counterparty, or as applicable, Approved Counterparty in the form of Exhibit A. 

 “Additional Non-Consolidation Opinion” shall have the meaning set forth in Section
4.1.22. 
  
 “Affiliate” shall mean, with
respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with, or any general partner or managing member in, such specified Person. An Affiliate of a Person
includes, without limitation, (i) any officer or director of such Person, (ii) any record or beneficial owner of more than 20% of any class of ownership interests of such Person and (iii) any Affiliate of the foregoing. For the purposes of this
definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities or other beneficial
interest, by contract or otherwise; and the terms “controlling” and “controlled” have the meanings correlative to the foregoing. 
  
 “Aggregate Capped Debt Service” shall mean the aggregate amount of interest due and payable in accordance with the Mortgage Note and the
Mezzanine Notes for any immediately preceding twelve (12) Payment Dates, assuming that interest on the aggregate outstanding principal balance of the Mortgage Notes and the Mezzanine Notes is accruing at a loan constant equal to the Capped Interest
Rate. 
  
 “Aggregate Appraised Value” as of the
date determined shall mean the sum of (a) the aggregate appraised values as of the Closing Date of all Properties which remain as of the date determined subject to the Lien of the Security Instrument (excluding the Replaced Properties, Release
Properties and the Substitute Properties) and (b) the appraised value of the Substitute Property as of such date of determination. 
  
 “Agreement” shall mean this Agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time. 
  
 “Allocated Loan Amount” shall mean with
respect to each Individual Property, the designated allocated portion of the Loan applicable to such Individual Property that is set forth on Schedule II attached hereto. 
  
 “ALTA” shall mean American Land Title Association, or any successor thereto. 
  
 “Annual Budget” shall have the meaning set forth in the Loan
Agreement (Mortgage). 
  
 “Approved Bank” shall
mean a bank or other financial institution which has a minimum long-term unsecured debt rating of at least “AA” and a minimum short-term unsecured debt rating of at least “A-1+” by each of the Rating Agencies, or if any such bank
or other financial institution is not rated by all the Rating Agencies, then a minimum long-term rating of at least “AA” and a minimum short-term unsecured debt rating of at least “A-1+”, or their respective equivalents, by two
of the Rating Agencies, but in any event one of the two Rating Agencies shall be S&P, it being understood that the AA and A-1+ benchmark ratings and other benchmark ratings in this Agreement are intended to be the ratings, or the equivalent of
ratings, issued by S&P. 
  

 2 

 “Approved Counterparty” shall mean a bank or other financial institution which has (a)
either (i) a long-term unsecured debt rating of “A+” or higher by S&P or (ii) if the long-term unsecured debt rating is “A” or lower by S&P, a short-term rating of not less than “A-1” from S&P; (b) a
long-term unsecured debt rating of not less than “Aa3” by Moody’s; and (c) if the counterparty is rated by Fitch, either a long-term unsecured debt rating of not less than “A” from Fitch or a short-term unsecured debt rating
of not less than “F-1” from Fitch. 
  
 “Assignment and Acceptance” shall mean an assignment and acceptance entered into by Mezzanine Lender and an assignee, and accepted by Mezzanine Lender in accordance with Article XIV and in such form customarily used
by Mezzanine Lender in connection with the participation or syndication of mortgage or mezzanine loans at the time of such assignment. 
  
 “Bankruptcy Code” shall mean Title 11, U.S.C.A., as amended from time to time and any successor statute thereto. 
  
 “Borrower” shall mean, collectively, Mortgage Borrower,
Mezzanine Borrower, First Mezzanine Borrower, Second Mezzanine Borrower, and Third Mezzanine Borrower. 
  
 “Building Equipment” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Business Day” shall mean any day other than a Saturday,
Sunday or any other day on which national banks in New York or in the state in which Servicer is located are not open for business. When used with respect to an Interest Determination Date, Business Day shall mean any day on which dealings in
deposits in U.S. Dollars are transacted in the London interbank market. 
  
 “Capped Interest Rate” shall mean a rate per annum equal to the sum of (a) the LIBOR Cap Strike Rate and (b) the LIBOR Margin. 
  
 “Cash” shall mean the legal tender of the United States of America. 
  
 “Cash Management Bank (Fourth Mezzanine)” shall mean Bank of America, N.A., as servicer, or any successor
Approved Bank acting as Cash Management Bank (Fourth Mezzanine) under the Mezzanine Account Agreement or other financial institution approved by the Mezzanine Lender. 
  
 “Cash Management Bank” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Certificate” shall have the meaning set forth in the
Pledge. 
  
 “Close Affiliate” shall mean with
respect to any Person (the “First Person”) any other Person (each, a “Second Person”) which is an Affiliate of the First Person and in respect of which any of the following are true: (a) the Second Person owns, directly or

  

 3 

 
indirectly, at least 75% of all of the legal, beneficial and/or equitable interest in such First Person, (b) the First Person owns, directly or indirectly,
at least 75% of all of the legal, beneficial and/or equitable interest in such Second Person, or (c) a third Person owns, directly or indirectly, at least 75% of all of the legal, beneficial and/or equitable interest in both the First Person and the
Second Person. 
  
 “Closing Date” shall mean the
date of this Agreement set forth in the first paragraph hereof. 
  
 “Closing Date DSCR” shall mean 3.01x. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as amended, as it may be further amended from time to time, and any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant
thereto in temporary or final form. 
  
 “Collateral” shall mean collectively (i) all of the Pledged Collateral and all proceeds thereof, (ii) all Receipts, (iii) any stock certificates or other certificates, membership interest certificates or instruments
evidencing any of the foregoing property described in clauses (i) and (ii) above, (iv) the Rate Cap Collateral, (v) the Account Collateral (Fourth Mezzanine) and (vi) all other rights appurtenant to the property described in clauses (i) through (v)
above. 
  
 “Collateral Accounts” shall have the
meaning set forth in the Loan Agreement (Mortgage). 
  
 “Collateral Accounts (First Mezzanine)” shall have the meaning set forth in the First Mezzanine Loan Agreement. 
  
 “Collateral Accounts (Fourth Mezzanine)” shall have the meaning set forth in Section 3.1.1. 
  
 “Collateral Accounts (Second Mezzanine)” shall have the
meaning set forth in the Second Mezzanine Loan Agreement. 
  
 “Collateral Accounts (Third Mezzanine)” shall have the meaning set forth in the Third Mezzanine Loan Agreement. 
  
 “Combined Principal Amount” shall mean the sum of each “Principal Amount” as defined in each of the Loan Agreement (Mortgage),
First Mezzanine Loan Agreement, Second Mezzanine Loan Agreement, Third Mezzanine Loan Agreement, and herein. 
  
 “Condominium” shall mean, with respect to each Condominium Property, the condominium regime created by the Condominium Documents.

  
 “Condominium Documents” shall mean, with
respect to each Condominium Property, collectively, the Condominium Declaration, the by-laws of the Condominium, the floor plans attached to the Condominium Declaration, and any other similar written 

  

 4 

 
agreements among or otherwise binding upon any unit owners of the Condominium in their capacity as such and that govern or otherwise relate to the
establishment, continuance, maintenance or operation of the Condominium, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Condominium Properties” shall mean, collectively, all of the Individual Properties that are subject to a
Condominium and “Condominium Property” shall mean each such Property. 
  
 “Control” shall mean (i) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting
securities, by contract or otherwise and (ii) the ownership, direct or indirect, of no less than 51% of the voting securities of such Person, and the terms Controlled, Controlling and Common Control shall have correlative meanings. 
  
 “Contemplated Transactions” shall mean, collectively, (i)
the transactions consummated pursuant to the Merger Agreement, including but not limited to the change in control of the Toys ‘R’ Us, Inc. and the various equity transfers in connection with the related restructuring, (ii) the transfers of
certain of the Properties to Master Lessee, (iii) the transfers of all of the Properties from Master Lessee to Borrower, (iv) the leasing or subleasing of all of the Properties from Mortgage Borrower to Master Lessee pursuant to the Master Lease,
(v) the execution and delivery of the Loan Documents or the Mezzanine Loan Documents, Mortgage Borrower’s or Mezzanine Borrower’s performance thereunder, the recordation of the Security Instrument, and the exercise of any remedies by
Mortgage Lender or Mezzanine Lender, and (vi) following Mortgage Lender’s or its designee’s succession in title to any Property, the transfer of any such Property by Mortgage Lender or such designee. 
  
 “Counterparty” shall mean, with respect to the Interest Rate
Cap Agreement (Fourth Mezzanine), SMBC Derivative Products Limited, and with respect to any Replacement Interest Rate Cap Agreement (Fourth Mezzanine), any substitute Approved Counterparty. 
  
 “Counterparty Opinion” shall have the meaning set forth in
Section 9.3(f). 
  
 “Debt” shall mean,
with respect to any Person at any time, (a) indebtedness or liability of such Person for borrowed money whether or not evidenced by bonds, debentures, notes or other instruments, or for the deferred purchase price of property or services; (b)
obligations of such Person as lessee under leases which should have been or should be, in accordance with GAAP, recorded as capital leases; (c) current liabilities of such Person in respect of unfunded vested benefits under plans covered by Title IV
of ERISA; (d) obligations issued for, or liabilities incurred on the account of, such Person; (e) obligations or liabilities of such Person arising under letters of credit, credit facilities or other acceptance facilities; (f) obligations of such
Person under any guarantees or other agreement to become secondarily liable for any obligation of any other Person, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase,
to provide funds for payment, to supply funds to 

  

 5 

 
invest in any Person or otherwise to assure a creditor against loss; (g) obligations of such Person secured by any Lien on any property of such Person,
whether or not the obligations have been assumed by such Person; or (h) obligations of such Person under any interest rate or currency exchange agreement. 
  
 “Debt Service (Fourth Mezzanine)” shall mean, with respect to any particular period of time, scheduled interest payments under the
Mezzanine Note. 
  
 “Default” shall mean the
occurrence of any event hereunder or under any other Mezzanine Loan Document which, but for the giving of notice or passage of time, or both, would be an Event of Default. 
  
 “Default Rate” shall have the meaning set forth in the Mezzanine Note. 
  
 “Disqualified Transferee” shall mean any proposed transferee
that, (i) has (within the past five (5) years) defaulted, or is now in default, beyond any applicable cure period, of its material obligations, under any written agreement with Lender, any affiliate of Lender, any financial institution or other
person providing or arranging financing; (ii) has been convicted in a criminal proceeding for a felony or a crime involving moral turpitude or that is an organized crime figure or is reputed (as determined by Lender in its sole discretion) to have
substantial business or other affiliations with an organized crime figure; (iii) has at any time filed a voluntary petition under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (iv) as to which an involuntary
petition has at any time been filed under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (v) has at any time filed an answer consenting to or acquiescing in any involuntary petition filed against it by any other
person under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (vi) has at any time consented to or acquiesced in or joined in an application for the appointment of a custodian, receiver, trustee or examiner for itself
or any of its property; (vii) has at any time made an assignment for the benefit of creditors, or has at any time admitted its insolvency or inability to pay its debts as they become due; or (viii) has been found by a court of competent jurisdiction
or other governmental authority in a comparable proceeding to have violated any federal or state securities laws or regulations promulgated thereunder. 
  
 “Distributions” shall have the meaning set forth in the Pledge. 
  
 “DSCR” shall mean a ratio, as determined by Lender for the applicable period, in which: 
  
 (a) the numerator is Portfolio Four-Wall EBITDAR, applied consistently, as
stated on Borrower’s or Master Lessee’s four most recent quarterly financial statements delivered to Lender pursuant to Section 11.2.2, for the trailing twelve (12) month period immediately prior to the applicable calculation date;
and 
  
 (b) the denominator is the Aggregate Capped Debt Service.

  

 6 

 “Eligible Account” shall mean (i) a segregated trust account or accounts maintained with
the corporate trust department of a federal depository institution or state-chartered depository institution subject to regulations regarding fiduciary funds on deposit such as or similar to Title 12 of the Code of Federal Regulations Section
9.10(b) which, in either case, has corporate trust powers, acting in its fiduciary capacity or (ii) a segregated account maintained at an Approved Bank. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other
instrument. 
  
 “Enforcement Costs” shall have
the meaning set forth in Section 18.4. 
  
 “Environmental Certificate” shall have the meaning set forth in Section 13.2.1. 
  
 “Environmental Claim” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Environmental Event” shall have the meaning set forth in
Section 13.2.1. 
  
 “Environmental Indemnity
(Fourth Mezzanine)” shall mean the Environmental Indemnity (Fourth Mezzanine), dated as of the date hereof, made by Guarantor in favor of Mortgage Lender. 
  
 “Environmental Indemnity (Mortgage)” shall mean the Environmental Indemnity, dated as of the date hereof,
made by Guarantor in favor of Mortgage Lender. 
  
 “Environmental Law” shall have the meaning provided in the Environmental Indemnity (Fourth Mezzanine). 
  
 “Environmental Reports” shall have the meaning set forth in Section 13.1. 
  
 “ERISA” shall mean the United States Employee Retirement
Income Security Act of 1974, as amended from time to time, and the regulations promulgated and the rulings issued thereunder. 
  
 “Event of Default” shall have the meaning set forth in Section 18.1(a). 
  
 “Excess Account Collateral” shall have the meaning set forth
in Section 2.3.7. 
  
 “Excess Cash Flow”
shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Excess Proceeds” shall have the meaning set forth in Section 2.3.1(b). 
  
 “Excluded Personal Property” shall mean, collectively, (a) all of the personal property of Master Lessee (including, without limitation,
all inventory and equipment, but excluding any items that constitute fixtures), (b) any licenses or other intellectual property relating to the trade names “Toys ‘R’ Us” or “Babies ‘R’ Us” and (c) any personal
property of third-party Tenants under Subleases. For purposes of this definition, the terms “inventory”, “equipment” and “fixtures” shall have the meaning set forth in the 

  

 7 

 
Uniform Commercial Code in effect in the State of New York, except that the term “fixtures” shall specifically include, but not be limited to, and
the terms “inventory” and “equipment” shall specifically exclude, all HVAC equipment, elevators, escalators and lighting together with all equipment, parts and supplies used to service, repair, maintain and equip the foregoing.

  
 “Exculpated Parties” shall have the meaning
set forth in Section 19.1.1. 
  
 “Excusable
Delay” shall mean a delay solely due to acts of God, governmental restrictions, stays, judgments, orders, decrees, enemy actions, civil commotion, fire, casualty, strikes, work stoppages, shortages of labor or materials or other causes
beyond the reasonable control of Mezzanine Borrower or Mortgage Borrower, but Mezzanine Borrower’s or Mortgage Borrower’s lack of funds in and of itself shall not be deemed a cause beyond the control of Mezzanine Borrower or Mortgage
Borrower, as applicable. 
  
 “First Mezzanine
Borrower” shall mean Giraffe Intermediate, LLC, a Delaware limited liability company. 
  
 “First Mezzanine Lender” shall mean German American Capital Corporation, a Maryland corporation, its successors and/or assigns, as the holder of the First Mezzanine Loan. 
  
 “First Mezzanine Lender Monthly Debt Service Notice” shall
mean the written notice required to be delivered by First Mezzanine Lender pursuant to Section 3.1.6 of the First Mezzanine Loan Agreement to Mortgage Lender at least five (5) Business Days prior to each Payment Date setting forth the First
Mezzanine Loan Debt Service Amount payable by First Mezzanine Borrower on the first Payment Date occurring after the date such notice is delivered. 
  
 “First Mezzanine Loan” shall mean that certain $65,000,000 mezzanine loan, made as of the date hereof, from First Mezzanine Lender to the
First Mezzanine Borrower. 
  
 “First Mezzanine Loan
Agreement” shall mean that certain Mezzanine Loan and Security Agreement (First Mezzanine), dated as of the date hereof, between First Mezzanine Borrower, as borrower, and First Mezzanine Lender, as lender, as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time. 
  
 “First Mezzanine Loan Debt Service Amount” shall mean, with respect to any specified date or a particular period of time, interest payments under the First Mezzanine Note (excluding any default or
accrued interest) due as of such date (as set forth in the First Mezzanine Lender Monthly Debt Service Notice delivered to Mortgage Lender) or payable during such period (including the last day thereof), as applicable and repayment in full of the
principal balance of the First Mezzanine Note on the scheduled maturity of the First Mezzanine Loan (but excluding any principal payments on account of an acceleration of the First Mezzanine Loan or a default under any of the First Mezzanine Loan
Documents). 
  

 8 

 “First Mezzanine Loan Default Notice” shall mean a notice from First Mezzanine Lender to
Mezzanine Lender (upon which Mezzanine Lender may conclusively rely without any inquiry into the validity thereof) that an “Event of Default” has occurred and is continuing under any of the First Mezzanine Loan Documents. 
  
 “First Mezzanine Loan Default Revocation Notice” shall mean
a notice from First Mezzanine Lender that an Event of Default which has occurred under the Senior Mezzanine Loan Documents is no longer continuing. 
  
 “First Mezzanine Loan Documents” shall mean the documents evidencing and securing the First Mezzanine Loan, as may be modified, amended,
extended, supplemented, restated or replaced from time to time. 
  
 “Fiscal Quarter” shall mean each quarter within a Fiscal Year in accordance with GAAP. 
  
 “Fiscal Year” shall mean each twelve (12) month period ending on the last Saturday closest to January 31 for such calendar year and
commencing on the day following such Saturday on the preceding calendar year during each year of the term of the Loan or the portion of any such 12-month period falling within the term of the Loan in the event that such a 12-month period occurs
partially before or after, or partially during, the term of the Loan or such other 12 month fiscal accounting period as Borrower may establish from time to time. 
  
 “Fitch” shall mean Fitch Ratings Inc. 
  
 “GAAP” shall mean the generally accepted accounting principles set forth in the opinions and pronouncements
of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority
within the accounting profession), or in such other statements by such entity as may be in general use by significant segments of the U.S. accounting profession, to the extent such principles are applicable to the facts and circumstances on the date
of determination. 
  
 “Go Dark” shall mean (a)
with respect to any Individual Property other than a Go Dark Purchase Option Property, if such Individual Property is not open for business to the public for a period of ninety (90) consecutive days, unless such closure (i) is a result of a Taking
of or casualty or other damage or injury to such Individual Property or (ii) is in connection with an Alteration permitted hereunder and (b) with respect to any Go Dark Purchase Option Property, if the Toys ‘R’ Us store or Babies
‘R’ Us store, or the Tenant under any Sublease, as applicable, at such Individual Property is not open for business to the public if such failure would commence the period after which a purchase right or option that would be triggered.

  
 “Go Dark Purchase Option Property” means any
Individual Property having an Operating Agreement which contains a purchase right, termination right, recapture right or option that would be triggered if the Toys ‘R’ Us store or Babies ‘R’ Us store, as 

  

 9 

 
applicable, at such Individual Property is not open for business to the public for a period designated in such Operating Agreement, including but not limited
to the Individual Properties listed on Schedule VI which are specifically designated as having such a purchase right or option. 
  
 “Go Dark Limit” shall mean 20% of the Loan Amount. 
  
 “Governmental Authority” shall mean any court, board, agency, commission, office or other authority of any
nature whatsoever for any governmental unit (federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 
  
 “Guarantor” shall mean Toys ‘R’ Us Inc., a Delaware corporation, or any successor or assign permitted pursuant to the
provisions set forth herein. 
  
 “Hazardous
Materials” shall have the meaning provided in the Environmental Indemnity (Fourth Mezzanine). 
  
 “HoldCo” shall mean Giraffe Holdings, LLC, a Delaware limited liability company. 
  
 “Holding Account” shall mean the “Holding Account”
and various sub-accounts to the Holding Account established pursuant to the Loan Agreement (Mortgage) as in effect on the date hereof. 
  
 “Impositions” shall mean all taxes (including all ad valorem, sales (including those imposed on lease rentals), use, single business,
gross receipts, value added, intangible transaction, privilege or license or similar taxes), governmental assessments (including all assessments for public improvements or benefits, whether or not commenced or completed prior to the date hereof and
whether or not commenced or completed within the term of the Agreement), water, sewer or other rents and charges, excises, levies, fees (including license, permit, inspection, authorization and similar fees), and all other governmental charges, in
each case whether general or special, ordinary or extraordinary, or foreseen or unforeseen, of every character in respect of the Property and/or any Rents (including all interest and penalties thereon), which at any time prior to, during or in
respect of the term hereof may be assessed or imposed on or in respect of or be a Lien upon (a) Borrower (including all income, franchise, single business or other taxes imposed on Borrower for the privilege of doing business in the jurisdiction in
which the Property is located), (b) the Property, or any other collateral delivered or pledged to Lender in connection with the Loan, or any part thereof, or any Rents therefrom of any estate, right, title or interest therein, or (c) any occupancy,
operation, use or possession of, or sales from, or activity conducted on, or in connection with the Property or the leasing or use of all or any part thereof. Nothing contained in this Agreement shall be construed to require Borrower to pay any tax,
assessment, levy or charge imposed on (i) any tenant occupying any portion of the Property or (ii) Lender in the nature of a capital levy, estate, inheritance, succession, income or net revenue tax. 
  
 “Improvements” shall have the meaning set forth in the
Security Instrument. 
  

 10 

 “Increased Costs” shall have the meaning set forth in Section 2.4.1. 

 
 “Indebtedness” shall mean, at any given time, the
Principal Amount, together with all accrued and unpaid interest thereon and all other obligations and liabilities due or to become due to Mezzanine Lender pursuant hereto, under the Mezzanine Note or in accordance with the other Mezzanine Loan
Documents and all other amounts, sums and expenses paid by or payable to Mezzanine Lender hereunder or pursuant to the Mezzanine Note or the other Mezzanine Loan Documents. 
  
 “Indemnified Parties” shall have the meaning set forth in Section 20.12(a). 
  
 “Independent” shall mean, when used with respect to any
Person, a Person who: (i) does not have any direct financial interest or any material indirect financial interest in any Borrower or in any of their Affiliates, (ii) is not connected with any Borrower, or any of their Affiliates, as an officer,
employee, promoter, underwriter, trustee, partner, member, manager, creditor, director, supplier, customer or person performing similar functions and (iii) is not a member of the immediate family of a Person defined in (i) or (ii) above. 

 
 “Independent Accountant” shall mean a firm or another
firm of nationally recognized, certified public accountants which is Independent and which is selected by Mezzanine Borrower or Mortgage Borrower, as applicable, and reasonably acceptable to Mezzanine Lender. 
  
 “Independent Director, Independent Manager,” or
“Independent Member” shall mean a Person who is not and will not be while serving and has never been (i) a member (other than an Independent Member), manager (other than an Independent Manager), director (other than an Independent
Director), employee, attorney, or counsel of any Borrower or its Affiliates (provided that Mezzanine Borrower may not have the same Independent Directors, Independent Managers or Independent Members as Mortgage Borrower), (ii) a customer, supplier
or other Person who derives more than 1% of its purchases or revenues from its activities with any Borrower or its Affiliates, (iii) a direct or indirect legal or beneficial owner in any entity referred to in (i) or (ii) above or any of its
Affiliates, (iv) a member of the immediate family of any member, manager, employee, attorney, customer, supplier or other Person referred to in (i), (ii) or (iii) above or (v) a person Controlling or under the common Control of anyone listed in (i)
through (iv) above. A Person that otherwise satisfies the foregoing shall not be disqualified from serving as an Independent Director or Independent Manager or Independent Member if such individual is at the time of initial appointment, or at any
time while serving as such, is an Independent Director or Independent Manager or Independent Member, as applicable, of a Single Purpose Entity affiliated with Mezzanine Borrower (other than an Independent Director or Independent Manager or
Independent Member of Mortgage Borrower). 
  
 “Individual
Property” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  

 11 

 “Insurance Requirements” shall have the meaning set forth in the Loan Agreement
(Mortgage). 
  
 “Interest Determination Date”
shall have the meaning set forth in the Mezzanine Note. 
  
 “Interest Period” shall have the meaning set forth in the Mezzanine Note. 
  
 “Interest Rate Cap Agreement (Fourth Mezzanine)” shall mean the Confirmation and Agreement (together with the confirmation and schedules
relating thereto), dated on or about the date hereof, between the Counterparty and Mezzanine Borrower, obtained by Mezzanine Borrower and collaterally assigned to Mezzanine Lender pursuant to this Agreement. After delivery of a Replacement Interest
Rate Cap Agreement (Fourth Mezzanine) to Mezzanine Lender, the term Interest Rate Cap Agreement (Fourth Mezzanine) shall be deemed to mean such Replacement Interest Rate Cap Agreement (Fourth Mezzanine). 
  
 “Late Payment Charge” shall have the meaning set forth in
Section 2.2.3. 
  
 “Legal Requirements”
shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Lender” shall mean, collectively, Mortgage Lender, Mezzanine Lender, First Mezzanine Lender, Second Mezzanine Lender and Third Mezzanine Lender. 
  
 “LIBOR” shall have the meaning set forth in the Mezzanine Note. 
  
 “LIBOR Cap Strike Rate” shall mean 7% per annum. 

 
 “LIBOR Margin” shall have the meaning set forth in the
Mezzanine Note. 
  
 “LIBOR Rate” shall have the
meaning set forth in the Mezzanine Note. 
  
 “Lien” shall mean any mortgage, deed of trust, lien, pledge, hypothecation, assignment, security interest, or any other encumbrance or charge on or affecting Mortgage Borrower, any Senior Mezzanine Borrower, Mezzanine
Borrower, the Collateral, the Property, any portion thereof or any interest therein, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of
the foregoing, the filing of any financing statement, and the filing of mechanic’s, materialmen’s and other similar liens and encumbrances, in case, excluding any such items filed against and solely affecting the Excluded Personal
Property. 
  
 “Loan” shall mean the loan in the
amount of $25,000,000 made by Mezzanine Lender to Mezzanine Borrower pursuant to this Agreement. 
  

 12 

 “Loan (Mortgage)” or “Mortgage Loan” shall mean the loan in the amount
of $425,000,000 made by Mortgage Lender to Mortgage Borrower pursuant to the Loan Agreement (Mortgage). 
  
 “Loan Agreement (Mortgage)” shall mean the Loan and Security Agreement, dated as of the date hereof, between Mortgage Borrower, as
borrower, and Mortgage Lender, as lender. 
  
 “Loan
Documents (Mortgage)” shall mean, collectively, the Loan Agreement (Mortgage), the Mortgage Note, the Security Instrument, the Assignment of Leases (as defined in the Loan Agreement (Mortgage)), the Environmental Indemnity (Mortgage), the
Account Agreement (Mortgage), the Recourse Guaranty (Mortgage), the Clean Borrower Estoppel Certificate, the Master Lease, the Master Lease SNDA, and all other documents executed and/or delivered by Mortgage Borrower, Master Lessee or Guarantor in
connection with the Loan (Mortgage) in favor of Mortgage Lender, and in connection with any Property Substitution including any opinion certificate or other certifications or representations delivered by or on behalf of Mortgage Borrower, any
Affiliate of Borrower in favor of Mortgage Lender. 
  
 “LTV Ratio” shall mean the ratio, expressed as a percentage, of the Combined Principal Amount as of the date of determination, to the Aggregate Appraised Value as of the date of determination. 
  
 “Master Lease” shall mean that certain Master Lease
Agreement for the Properties by and between Mortgage Borrower, as lessor, and Master Lessee, as lessee, dated the date hereof, as more particularly described in Section 5.1.19. Mezzanine Lender acknowledges that Mortgage Borrower does not
own, and Mortgage Lender does not have a lien on, the Excluded Personal Property and that the term “Master Lease” shall not include the Excluded Personal Property or leases or licenses with respect to the Excluded Personal Property.

  
 “Master Lease Variable Additional Rent” shall
have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Master Lessee” shall mean Toys ‘R’ Us-Delaware, Inc., a Delaware corporation, or any successor or assign permitted pursuant to the provisions set forth herein. 
  
 “Material Adverse Effect” shall mean any event or condition
that has a material adverse effect on (i) the Property taken as a whole, (ii) the use, operation, or value of any Individual Property, (iii) the business, profits, operations or financial condition of Mortgage Borrower and/or Mezzanine Borrower
(taken as a whole), (iv) the ability of Mezzanine Borrower to repay the principal and/or interest of the Loan as it becomes due or to satisfy any of Mezzanine Borrower’s material obligations under the Mezzanine Loan Documents, (v) the ability
of Mortgage Borrower or any Senior Mezzanine Borrower to repay the principal and interest of the Loan (Mortgage) or Senior Mezzanine Loan as it becomes due or to satisfy any of Mortgage Borrower’s material obligations under the 

  

 13 

 
Loan Documents (Mortgage) or Senior Mezzanine Borrower’s obligations under any Senior Mezzanine Loan, or (vi) the Collateral taken as a whole.

  
 “Material Sublease” shall mean any Sublease
to a single Tenant covering the lesser of (a) 40,000 or more or (b) more than 50% of the square feet of rentable area of any Individual Property, including, without limitation, the Material Sublease (including all amendments and supplements thereto)
designated as such on Schedule I attached hereto and made a part hereof. 
  
 “Material Sublease Approval Threshold” shall mean Material Subleases with respect to Individual Properties having aggregate Allocated Loan Amounts equal to or greater than 5% of the Loan Amount.

  
 “Maturity Date” shall have the meaning set
forth in the Notes. 
  
 “Maturity Date Payment”
shall have the meaning set forth in the Notes. 
  
 “Maximum Legal Rate” shall mean the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the
Mezzanine Note and as provided for herein or the other Mezzanine Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. 
  
 “Member/Stock Power” shall mean the member/stock power
executed by Mezzanine Borrower and substantially in the form of Exhibit N. 
  
 “Merger Agreement” shall mean that certain Plan of Merger among Toys ‘R’ Us, Inc., Global Toys Acquisition, LLC and Global Toys Acquisition Merger Sub, Inc. dated as of March 17, 2005.

  
 “Mezzanine Account” shall have the meaning
set forth in Section 3.1.1. 
  
 “Mezzanine Account
Agreement” shall mean (a) the side letter agreement dated the date hereof between Cash Management Bank (Fourth Mezzanine) and Mezzanine Lender or (b) at any time when Mezzanine Lender or Servicer is not the Cash Management Bank (Fourth
Mezzanine), an Account and Control Agreement, in form reasonably acceptable to (Fourth Mezzanine Lender), among Mezzanine Lender, Mezzanine Borrower and Cash Management Bank (Fourth Mezzanine). 
  
 “Mezzanine Borrower” shall have the meaning set forth in the
first paragraph of this Agreement. 
  
 “Mezzanine
Borrower’s Account” shall mean an account or accounts maintained by Mezzanine Borrower for its own account at such bank and with such account number as may be designated in writing by Mezzanine Borrower to Mezzanine Lender and Cash
Management Bank from time to time. 
  

 14 

 “Mezzanine Debt Service Reserve Account” shall have the meaning set forth in Section
3.1.1. 
  
 “Mezzanine Lender” shall have the
meaning set forth in the first paragraph of this Agreement. 
  
 “Mezzanine Lender’s Expenses” shall mean all reasonable expenses incurred in connection with the origination of the Loan, including, without limitation, preparation of the Mezzanine Loan Documents, recording fees,
underwriting costs, search fees, and other fees and out of pocket expenses (including reasonable attorneys’ fees and disbursements and other third party expenses) of the Mezzanine Lender. 
  
 “Mezzanine Loan Documents” shall mean, collectively, this
Agreement, the Mezzanine Note, the Mezzanine Account Agreement, the Recourse Guaranty (Mezzanine), the Environmental Indemnity (Fourth Mezzanine) and the Pledge and any and all other agreements, instruments or documents executed by Mezzanine
Borrower (or any of its Affiliates) evidencing, securing or delivered in connection with the Loan and the transactions contemplated thereby, including, without limitation, any certificates or representations delivered by or on behalf of Mezzanine
Borrower or any Affiliate of Mezzanine Borrower. 
  
 “Mezzanine Loan Default Notice” shall mean a notice from Mezzanine Lender that an Event of Default has occurred and is continuing under the Mezzanine Loan Documents. 
  
 “Mezzanine Loan Default Revocation Notice” shall mean a
notice from Mezzanine Lender that an Event of Default which has occurred under the Mezzanine Loan Documents is no longer continuing. 
  
 “Mezzanine Note” shall mean, that certain Mezzanine Note A-1 (Fourth Mezzanine), dated the date hereof, made by Mezzanine Borrower, as
maker, in favor of Mezzanine Lender, as payee, in the principal amount of $25,000,000, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Mortgage Borrower” shall have the meaning ascribed to the
term “Borrower” in the Loan Agreement (Mortgage). 
  
 “Mortgage Default” shall have the meaning ascribed to “Default” in the Loan Agreement (Mortgage). 
  
 “Mortgage Event of Default” shall have the meaning ascribed to “Event of Default” in the Loan Agreement (Mortgage). 

 
 “Mortgage Lender” shall mean German American Capital
Corporation, a Maryland corporation, its successors and assigns. 
  
 “Mortgage Loan” shall mean the loan in the amount of $425,000,000 made by Mortgage Lender to Mortgage Borrower pursuant to the Loan Agreement (Mortgage). 
  

 15 

 “Mortgage Note” shall have the meaning ascribed to “Notes” in the Loan
Agreement (Mortgage). 
  
 “New Sublease” shall
have the meaning set forth in Section 8.8.1 
  
 “Non-Consolidation Opinion” shall have the meaning provided in Section 2.5.7. 
  
 “Non-Disqualification Opinion” shall mean an opinion of outside tax counsel reasonably acceptable to the Lender or the Rating Agencies to
whom such opinion is addressed that a contemplated action will neither cause any trust formed as a REMIC pursuant to a Securitization to fail to qualify as a “real estate mortgage investment conduit” within the meaning of Section 860D of
the Code at any time that any “regular interests” in the REMIC are outstanding nor cause a “prohibited transaction” tax (within the meaning of Section 860F(a)(2) of the Code) or “prohibited contribution” tax (within the
meaning of Section 860G(d) of the Code) to be imposed on any such REMIC. 
  
 “Obligations” shall mean, collectively, the Obligations (Fourth Mezzanine), the Obligations (Third Mezzanine), the Obligations (Second Mezzanine), the Obligations (First Mezzanine) and the Obligations
(Mortgage). 
  
 “Obligations (Mortgage)” shall
have the meaning ascribed to “Obligations” in the Loan Agreement (Mortgage). 
  
 “Obligations (First Mezzanine)” shall have the meaning ascribed thereto in the First Mezzanine Loan Agreement. 
  

“Obligations (Fourth Mezzanine)” shall mean all indebtedness, obligations and liabilities of Mezzanine Borrower and Guarantor to
Mezzanine Lender, under this Agreement or any of the other Mezzanine Loan Documents or in respect of the Loan or the Mezzanine Note, or other instruments at any time evidencing any of the foregoing, whether existing on the date of this Agreement or
arising or incurred hereafter, 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. 
  
 “Obligations (Second Mezzanine)” shall have the meaning
ascribed thereto in the Second Mezzanine Loan Agreement. 
  
 “Obligations (Third Mezzanine)” shall have the meaning ascribed thereto in the Third Mezzanine Loan Agreement. 
  
 “Officer’s Certificate” shall mean a certificate executed by an authorized signatory of Mezzanine Borrower that is familiar with the
financial condition of Mezzanine Borrower and Mortgage Borrower and the operation of the Property, or in the case of Officer’s Certificates required under Section 11, the Chief Financial Officer of Borrower. 
  
 “Operating Agreements” shall mean, collectively, the Master
Lease, the Material Subleases, the REAs, and the Condominium Documents. 
  

 16 

 “Opinion of Counsel” shall mean an opinion of counsel of a law firm selected by
Mezzanine Borrower and reasonably acceptable to Mezzanine Lender. 
  
 “Other Charges” shall mean, collectively, (i) Common Charges and any special assessments and other similar amounts charged to Mortgage Borrower under the Condominium Documents or otherwise payable with respect to the
Condominium Properties pursuant to the Condominium Documents, (ii) all sums, charges, fees, costs, expenses, common area maintenance charges and other charges or assessments reserved in or payable under the REAs and (iii) maintenance charges,
impositions other than Impositions, and any other charges, including, without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or assessed or imposed against
the Property or any part thereof by any Governmental Authority, other than those required to be paid by a tenant pursuant to its respective Sublease. 
  
 “Other Taxes” shall have the meaning set forth in Section 2.4.3. 
  
 “Outside Date” shall mean September 15, 2005. 
  
 “Owner’s Title Policy Loss Payment Direction Letter” shall mean that certain letter of even date
herewith from Mortgage Borrower to the Mezzanine Lender and other parties named therein and countersigned by the Title Companies, directing the Title Company to make certain loss payments under certain of Mortgage Borrower’s owner’s title
insurance policies to Mezzanine Lender as more particularly set forth therein. 
  
 “Ownership Interest” shall mean the 100% membership interest in Third Mezzanine Borrower and 100% indirect equity interest in Second Mezzanine Borrower, First Mezzanine Borrower and Mortgage Borrower
pledged to Mezzanine Lender by Mezzanine Borrower pursuant to the Pledge. 
  
 “Payment Date” shall have the meaning set forth in the Mezzanine Note. 
  
 “Permitted Debt” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Permitted Debt (Fourth Mezzanine)” shall mean the Mezzanine
Note and other obligations, indebtedness, and liabilities specifically provided for in specifically provided for in any Mezzanine Loan Document and secured by this Agreement, the Pledge and/or the other Mezzanine Loan Documents, and the obligations,
indebtedness, and liabilities specifically provided for under the Mortgage Loan and any Senior Mezzanine Loan. 
  
 “Permitted Encumbrances” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Permitted Fund Manager” means any Person that on the date
of determination is (i) a nationally-recognized manager of investment funds investing in debt or equity interests relating to commercial real estate, and (ii) not subject to a bankruptcy proceeding. 
  

 17 

 “Permitted Mortgage Loan Amendment” shall have the meaning set forth in Section
5.1.19(b). 
  
 “Permitted Transfer” shall
have the meaning set forth in Section 8.3. 
  
 “Permitted Transferee” shall mean any entity that, together with its Close Affiliates (i) is experienced in owning and operating properties similar to the Properties, (ii) (a) has a net worth, as of a date no more than six
(6) months prior to the date of the transfer of at least $1 Billion and (b) immediately prior to such transfer, controls real estate equity assets of at least $1 Billion, (iii) own or has under management or acts as the exclusive fund manager or
investment advisor, at the time of the transfer, not fewer than 200 retail properties (excluding the Properties) containing not fewer than 4,000,000 rentable square feet in the aggregate and (iv) is not a Disqualified Transferee. 
  
 “Person” shall mean any individual, corporation,
partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of
any of the foregoing. 
  
 “Personal Property”
shall have the meaning set forth in the granting clause of the Security Instrument. 
  
 “Plan” shall have the meaning set forth in Section 4.1.10. 
  
 “Plan Assets” shall have the meaning set forth in Section 5.1.20. 
  
 “Pledge” shall mean that certain Pledge and Security Agreement (Fourth Mezzanine), dated as of the date
hereof, from Mezzanine Borrower to Mezzanine Lender. 
  
 “Pledged Collateral” shall have the meaning set forth in the Pledge. 
  
 “Portfolio Four-Wall EBITDAR” shall mean earnings from store operations before interest expense/income, taxes, depreciation and amortization, any rental expense on real property, distribution expense,
direct and allocated corporate overhead expense, regional office allocation, royalty charges from affiliates and restructuring expense plus any non-cash charges/less any non-cash income, including but not limited to losses on sales of assets and non
cash compensation expense. 
  
 “Pre-approved
Transferee” shall mean any of the entities set forth on Schedule III hereof, or any Close Affiliates thereof, provided any of the foregoing entities or their Close Affiliates shall only be a “Pre-approved Transferee”
if (i) such entity continues to be Controlled by substantially the same Persons Controlling such entity as of the Closing Date or if such Pre-approved Transferee is a publicly traded company, such Pre-approved Transferee continues to be publicly
traded on an established securities market, (ii) there has been no material adverse change in the financial condition or results of operations of such entity since the Closing Date and (iii) such entity and its Close Affiliates together own, have
under management or act as the exclusive fund manager or investment 

  

 18 

 
advisor, at the time of the transfer, not fewer than 200 retail properties (excluding the Properties) containing not fewer than 4,000,000 rentable square
feet in the aggregate. 
  
 “Prepayment Fee” shall
have the meaning set forth in the Mezzanine Note. 
  
 “Principal Amount” shall have the meaning set forth in the Mezzanine Note. 
  
 “Proceeds” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Prohibited Mortgage Loan Amendment” shall have the meaning
specified in Section 5.1.17(a). 
  
 “Property” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Protective Advances” shall mean sums advanced by Mezzanine Lender for the purposes of payment of items reasonably necessary to protect
the Collateral. 
  
 “Rate Cap Collateral” shall
have the meaning set forth in Section 9.2. 
  
 “Rating Agencies” shall mean (a) prior to a Securitization, each of S&P, Moody’s and Fitch and any other nationally-recognized statistical rating agency which has been approved by Lender and (b) after a
Securitization has occurred, each such Rating Agency which has rated the Securities in the Securitization. 
  
 “Rating Agency Confirmation” shall mean, collectively, a written affirmation from each of the Rating Agencies that the credit rating of
the Securities given by such Rating Agency immediately prior to the occurrence of the event with respect to which such Rating Agency Confirmation is sought will not be qualified, downgraded or withdrawn as a result of the occurrence of such event,
which affirmation may be granted or withheld in such Rating Agency’s sole and absolute discretion which may be satisfied by a Rating Agency declining to review the matter in question without adverse impact on the Securities. In the event that,
at any given time, no such Securities shall have been issued and are then outstanding, then the term Rating Agency Confirmation shall be deemed instead to require the written approval of Lender based on its good faith determination of whether the
Rating Agencies would issue a Rating Agency Confirmation if any such Securities were outstanding. 
  
 “REAs” shall mean, collectively, any “construction, operation and reciprocal easement agreement” or similar agreement
(including any “separate agreement” or other agreement between Borrower and one or more other parties to an REA with respect to such REA) affecting any Individual Property or portion thereof, including, without limitation, all REAs as
defined in the Security Instrument. 
  
 “Receipts” shall mean with respect to any Person, the declaration or payment of any cash, cash flow, dividend or distribution on or in respect of any member’s or partner’s interest, shares of any class of capital
stock or other beneficial interest of such Person; the purchase, redemption, exchange or other retirement of any member’s or partner’s interest, shares of any class of capital stock or other beneficial interest of such Person, directly or

  

 19 

 
indirectly; the return of capital by such Person to its members, shareholders or partners as such; or any other distribution of any nature whatsoever on or
in respect of any member’s or partner’s interest, shares of any class of capital stock or other beneficial interest of such Person. 
  
 “Recourse Guaranty (Mezzanine)” shall mean that certain Guaranty of Recourse Obligations of Mezzanine Borrower, dated as of the date
hereof, by Guarantor in favor of Mezzanine Lender, as the same may be amended, supplemented, restated or otherwise modified from time to time. 
  
 “Recourse Guaranty (Mortgage)” shall mean that certain Guaranty of Recourse Obligations of Mortgage Borrower, dated as of the date
hereof, by Guarantor in favor of Mortgage Lender, as the same may be amended, supplemented, restated or otherwise modified from time to time. 
  
 “Register” shall have the meaning set forth in Section 14.4. 
  
 “Regulatory Change” shall mean any change after the date of this Agreement in federal, state or foreign
laws or regulations or the adoption or the making, after such date, of any interpretations, directives or requests applying to Mezzanine Lender, or any Person Controlling Mezzanine Lender or to a class of banks or companies Controlling banks of or
under any federal, state or foreign laws or regulations (whether or not having the force of law) by any court or Governmental Authority or monetary authority charged with the interpretation or administration thereof. 
  
 “Release Date” shall have the meaning provided in Section
2.3.4(a). 
  
 “Release Instruments” shall
have the meaning provided in Section 2.3.4(c). 
  
 “Release Price” shall mean the product of (a) the Allocated Loan Amount for the Release Property and (b) the applicable Release Price Percentage. 
  
 “Release Price Percentage” shall mean, as of any Release Date, the percentage applicable to the range of
Combined Principal Amounts that would be outstanding immediately following such Release, as set forth in the following table: 
  

				
	 Range of Outstanding Combined Principal
Amount Following Release

	  	Release Price Percentage

	 
	From $600,000,000 to and including $510,000,000	  	100	%
	Less than $510,000,000 to and including $420,000,000	  	110	%
	Less than $420,000,000 to $0.00	  	115	%

  

 20 

 “Release Property” shall have the meaning provided in Section 2.3.4. 

 
 “Rents” shall have the meaning set forth in the Loan
Agreement (Mortgage). 
  
 “Replaced Property”
shall have the meaning provided in Section 2.3.5(a). 
  
 “Replacement Interest Rate Cap Agreement (Fourth Mezzanine)” shall mean an interest rate cap agreement from an Approved Counterparty with terms that are the same in all material respects as the terms of the Interest Rate
Cap Agreement (Fourth Mezzanine) except that the same shall be effective as of (i) in connection with a replacement following a downgrade, withdrawal or qualification of the rating of the Counterparty such that it ceases to qualify as an
“Approved Counterparty”, the date required in Section 9.3(b) or (ii) in connection with a replacement related to an extension of the Maturity Date, the date required in Section 5(a)(ii) of the Mezzanine Note; provided that to
the extent any such interest rate cap agreement does not meet the foregoing requirements, a Replacement Interest Rate Cap Agreement (Fourth Mezzanine) shall be such interest rate cap agreement approved in writing by Mezzanine Lender, and if the Loan
or any portion thereof is included in a Securitization, each of the Rating Agencies with respect thereto. 
  
 “Requesting Parties” shall have the meaning set forth in Section 11.3(b). 
  
 “S&P” shall mean Standard & Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc. 
  
 “Second Mezzanine Borrower” shall mean Giraffe Intermediate Holdings, LLC, a Delaware limited liability company. 
  
 “Second Mezzanine Lender” shall mean German American Capital Corporation, a Maryland corporation, its successors and/or assigns, as the
holder of the Second Mezzanine Loan. 
  
 “Second Mezzanine
Lender” shall mean German American Capital Corporation, and its successors and/or assigns, as the holder of the Second Mezzanine Loan. 
  
 “Second Mezzanine Lender Monthly Debt Service Notice” shall mean the written notice required to be delivered by Second Mezzanine Lender
pursuant to Section 3.1.6 of the Second Mezzanine Loan Agreement to Mortgage Lender at least five (5) Business Days prior to each Payment Date setting forth the Second Mezzanine Loan Debt Service Amount payable by Second Mezzanine Borrower on
the first Payment Date occurring after the date such notice is delivered. 
  
 “Second Mezzanine Loan” shall mean that certain $60,000,000 mezzanine loan, made as of the date hereof, from Second Mezzanine Lender to Second Mezzanine Borrower. 
  
 “Second Mezzanine Loan Agreement” shall mean that certain
Mezzanine Loan and Security Agreement (Second Mezzanine), dated as of the date hereof, between 

  

 21 

 
Second Mezzanine Borrower, as borrower, and Second Mezzanine Lender, as lender, as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time. 
  
 “Second Mezzanine Loan
Debt Service Amount” shall mean, with respect to any specified date or a particular period of time, interest payments under the Second Mezzanine Note (excluding any default or accrued interest) due as of such date (as set forth in the
Second Mezzanine Lender Monthly Debt Service Notice delivered to Mortgage Lender) or payable during such period (including the last day thereof), as applicable and repayment in full of the principal balance of the Second Mezzanine Note on the
scheduled maturity of the Second Mezzanine Loan (but excluding any principal payments on account of an acceleration of the Second Mezzanine Loan or a default under any of the Second Mezzanine Loan Documents). 
  
 “Second Mezzanine Loan Documents” shall mean the documents
evidencing and securing the Second Mezzanine Loan, as may be modified, amended, extended, supplemented, restated or replaced from time to time. 
  
 “Securitization” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Security Instrument” shall have the meaning set forth in
the Loan Agreement (Mortgage). 
  
 “Senior Mezzanine
Borrower” shall mean each of First Mezzanine Borrower, Second Mezzanine Borrower, and Third Mezzanine Borrower as the context may require. 
  
 “Senior Mezzanine Lender” shall mean each of First Mezzanine Lender, Second Mezzanine Lender, and Third Mezzanine Lender, as the context
may require. 
  
 “Senior Mezzanine Loan” shall
mean each of the First Mezzanine Loan, Second Mezzanine Loan, and Third Mezzanine Loan, as the context may require. 
  
 “Senior Mezzanine Loan Default Revocation Notice” shall mean a First Mezzanine Loan Default Revocation Notice, a Second Mezzanine Loan
Default Revocation Notice, and/or a Third Mezzanine Loan Default Revocation Notice, as the context may require. 
  
 “Senior Mezzanine Loan Default Notice” shall mean a First Mezzanine Loan Default Notice, a Second Mezzanine Loan Default Revocation
Notice, and/or a Third Mezzanine Loan Default Notice, as the context may require. 
  
 “Senior Mezzanine Loan Documents” shall mean, collectively, the First Mezzanine Loan Documents, the Second Mezzanine Loan Documents, and the Third Mezzanine Loan Documents. 
  
 “Servicer” shall mean such Person designated in writing with
an address for such Person by Mezzanine Lender, in its sole discretion, to act as Mezzanine Lender’s agent 

  

 22 

 
hereunder with such powers as are specifically delegated to the Servicer by Mezzanine Lender, whether pursuant to the terms of this Agreement, the Mezzanine
Account Agreement or otherwise, together with such other powers as are reasonably incidental thereto. 
  
 “Single Purpose Entity” shall mean a Person, other than an individual, which (i) is formed or organized solely for the purpose of owning,
holding, developing, using, operating and financing an ownership interest in the Collateral, (ii) does not engage in any business unrelated to the Collateral and the ownership, development, use, operation and financing thereof, (iii) has not and
will not have any assets other than those related to its interest in the Collateral or the operation, management and financing thereof or any indebtedness other than the Permitted Debt (Fourth Mezzanine), (iv) maintains its own separate books and
records and its own accounts, in each case which are separate and apart from the books and records and accounts of any other Person, (v) holds itself out as being a Person, separate and apart from any other Person, (vi) does not and will not
commingle its funds or assets with those of any other Person, (vii) conducts its own business in its own name; (viii) maintains separate financial statements, (ix) pays its own liabilities out of its own funds, (x) observes all partnership,
corporate or limited liability company formalities, as applicable, (xi) pays the salaries of its own employees, if any, and maintains a sufficient number of employees, if any, in light of its contemplated business operations, (xii) does not
guarantee or otherwise obligate itself with respect to the debts of any other Person or hold out its credit as being available to satisfy the obligations of any other Person, (xiii) does not acquire obligations or securities of its partners, members
or shareholders, (xiv) allocates fairly and reasonably shared expenses, including, without limitation, any overhead for shared office space, if any, (xv) uses separate stationary, invoices, and checks, (xvi) maintains an arms-length relationship
with its Affiliates, (xvii) does not and will not pledge its assets for the benefit of any other Person or make any loans or advances to any other Person, (xviii) does and will continue to use commercially reasonable efforts to correct any known
misunderstanding regarding its separate identity, (xix) maintains adequate capital in light of its contemplated business operations and (xx) has not and will not engage in, seek, or consent to the dissolution, winding up, liquidation, consolidation
or merger and except as otherwise permitted in this Agreement, has not and will not engage in, seek or consent to any asset sale, transfer of partnership, membership or shareholder interests, or amendments of its partnership or operating agreement,
certificate of incorporation, articles of organization or other organizational document. In addition, if such Person is a partnership, (1) all general partners of such Person shall be Single Purpose Entities; and (2) if such Person has more than one
general partner, then the organizational documents shall provide that such Person shall continue (and not dissolve) for so long as a solvent general partner exists. In addition, if such Person is a corporation, then, at all times: (a) such Person
shall have at least two (2) Independent Directors and (b) the board of directors of such Person may not take any action requiring the unanimous affirmative vote of 100% of the members of the board of directors unless all of the directors, including
the Independent Directors, shall have participated in such vote. In addition, if such Person is a limited liability company, (a) such Person shall have at least two (2) Independent Managers or Independent Members, (b) if such Person is managed by a
board of managers, the board of managers of such Person may not take any action 

  

 23 

 
requiring the unanimous affirmative vote of 100% of the members of the board of managers unless all of the managers, including the Independent Managers,
shall have participated in such vote, (c) if such Person is not managed by a board of managers, the members of such Person may not take any action requiring the affirmative vote of 100% of the members of such Person unless all of the members,
including the Independent Members, shall have participated in such vote, (d) each managing member shall be a Single Purpose Entity and (e) its articles of organization, certificate of formation and/or operating agreement, as applicable, shall
provide that until all of the Indebtedness and Obligations (Fourth Mezzanine) are paid in full such entity will not dissolve. In addition, the organizational documents of such Person shall provide that such Person (1) without the unanimous consent
of all of the partners, directors or members, as applicable, shall not with respect to itself or to any other Person in which it has a direct or indirect legal or beneficial interest (a) seek or consent to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator, custodian or other similar official for the benefit of the creditors of such Person or all or any portion of such Person’s properties, or (b) take any action that might cause such Person to become insolvent,
petition or otherwise institute insolvency proceedings or otherwise seek any relief under any laws relating to the relief from debts or the protection of debtors generally, (2) has and will maintain its books, records, resolutions and agreements as
official records, (3) has held and will hold its assets in its own name, (4) has and will maintain its financial statements, accounting records and other organizational documents, books and records separate and apart from any other Person, (5) has
not and will not identify its partners, members or shareholders, or any affiliates of any of them as a division or part of it, (6) has and will maintain an arms-length relationship with its Affiliates, and (7) has not and will not enter into or be a
party to any transaction with its partners, members, shareholders, or its Affiliates except in the ordinary course of business and on terms which are intrinsically fair and are no less favorable to it than would be obtained in a comparable
arms-length transaction with a third party. 
  
 “Solvency
Opinion” shall have the meaning provided in Section 2.5.7(c). 
  
 “Special Taxes” shall mean any and all present or future taxes, levies, imposts, deductions, charges or withholdings, or any liabilities with respect thereto, including those arising after the date
hereof as result of the adoption of or any change in law, treaty, rule, regulation, guideline or determination of a Governmental Authority or any change in the interpretation or application thereof by a Governmental Authority but excluding, in the
case of Mezzanine Lender, such taxes (including income taxes, franchise taxes and branch profit taxes) as are imposed on or measured by Mezzanine Lender’s net income by the United States of America or any Governmental Authority of the
jurisdiction under the laws under which Mezzanine Lender is organized or maintains a lending office. 
  
 “SPE Entity” shall mean Mezzanine Borrower, each Senior Mezzanine Borrower, and any other Person which is required by this Agreement to
be, as long as the Loan is outstanding, a Single Purpose Entity. 
  
 “Sponsors” shall have the meaning set forth in Section 8.5(iii)(9). 
  

 24 

 “State” shall mean, with respect to each Individual Property, the State in which such
Individual Property or any part thereof is located. 
  
 “Sub-Account(s)” shall have the meaning set forth in Section 3.1.1. 
  
 “Sublease” shall mean any lease (other than the Master Lease), sublease or subsublease, letting, license, concession or other agreement
(whether written or oral and whether now or hereafter in effect), pursuant to which any Person is granted by the Borrower or the Master Lessee a possessory interest in, or right to use or occupy all or any portion of any space in the Property, and
every modification, amendment or other agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease, subsublease, or other agreement and every guarantee of the performance and
observance of the covenants, conditions and agreements to be performed and observed by the other party thereto. Lender acknowledges that Borrower does not own, and Lender does not have a lien on, the Excluded Personal Property and that the term
“Subleases” shall not include the Excluded Personal Property or leases or licenses with respect to the Excluded Personal Property. 
  
 “Sublease Modification” shall have the meaning set forth in Section 8.8.1. 
  
 “Substitute Property” shall have the meaning provided in
Section 2.3.5(a). 
  
 “Substitute Property Mortgage
Spreader Agreement” shall have the meaning provided in Section 2.3.5(a). 
  
 “Substitution” shall have the meaning provided in Section 2.3.5. 
  
 “Substitution Date” shall have the meaning provided in Section 2.3.5(a). 
  
 “Substitution Due Diligence Package” shall have the meaning
provided in Section 2.3.5. 
  
 “Substitution
Notice” shall have the meaning provided in Section 2.3.5(c). 
  
 “Survey” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Taking” shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the
exercise of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting the Property or any part thereof.

  
 “Tenant” shall have the meaning set forth in
the Loan Agreement (Mortgage). 
  
 “Third Mezzanine
Borrower” shall mean Giraffe Junior, LLC, a Delaware limited liability company. 
  

 25 

 “Third Mezzanine Lender” shall mean German American Capital Corporation, a Maryland
corporation, its successors and/or assigns, as the holder of the Third Mezzanine Loan. 
  
 “Third Mezzanine Lender Monthly Debt Service Notice” shall mean the written notice required to be delivered by Third Mezzanine Lender pursuant to Section 3.1.6 of the Third Mezzanine Loan
Agreement to Mortgage Lender at least five (5) Business Days prior to each Payment Date setting forth the Third Mezzanine Loan Debt Service Amount payable by Third Mezzanine Borrower on the first Payment Date occurring after the date such notice is
delivered. 
  
 “Third Mezzanine Loan” shall mean
that certain $25,000,000 mezzanine loan, made as of the date hereof, from Third Mezzanine Lender to Third Mezzanine Borrower. 
  
 “Third Mezzanine Loan Agreement” shall mean that certain Mezzanine Loan and Security Agreement (Third Mezzanine), dated as of the date
hereof, between Third Mezzanine Borrower, as borrower, and Third Mezzanine Lender, as lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Third Mezzanine Loan Debt Service Amount” shall mean, with
respect to any specified date or a particular period of time, interest payments under the Third Mezzanine Note (excluding any default or accrued interest) due as of such date (as set forth in the Third Mezzanine Lender Monthly Debt Service Notice
delivered to Mortgage Lender) or payable during such period (including the last day thereof), as applicable and repayment in full of the principal balance of the Third Mezzanine Note on the scheduled maturity of the Third Mezzanine Loan (but
excluding any principal payments on account of an acceleration of the Third Mezzanine Loan or a default under any of the Third Mezzanine Loan Documents). 
  
 “Third Mezzanine Loan Default Notice” shall mean a notice from Third Mezzanine Lender to Mezzanine Lender (upon which Lender may
conclusively rely without any inquiry into the validity thereof) that an “Event of Default” has occurred and is continuing under any of the Third Mezzanine Loan Documents. 
  
 “Third Mezzanine Loan Default Revocation Notice” shall mean a notice from Third Mezzanine Lender that an
Event of Default which has occurred under the Loan Documents (Third Mezzanine) is no longer continuing. 
  
 “Third Mezzanine Loan Documents” shall mean the documents evidencing and securing the Third Mezzanine Loan, as may be modified, amended,
extended, supplemented, restated or replaced from time to time. 
  
 “Title Company” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 “Title Policy (Mortgage)” shall have the meaning ascribed to “Title Policy” in the Loan Agreement (Mortgage). 
  

 26 

 “Transfer” shall mean to, directly or indirectly, sell, assign, convey, mortgage,
transfer, pledge, hypothecate, encumber, grant a security interest in, exchange or otherwise dispose of any beneficial interest or grant any option or warrant with respect to, or where used as a noun, a direct or indirect sale, assignment,
conveyance, transfer, pledge or other disposition of any beneficial interest by any means whatsoever whether voluntary, involuntary, by operation of law or otherwise. 
  
 “True Lease Opinion” shall have the meaning provided in Section 2.5.7(b). 
  
 “UCC” or “Uniform Commercial Code” shall
mean the Uniform Commercial Code as in effect in the State of Delaware or New York, as applicable. 
  
 “U.S. Government Obligations” shall have the meaning set forth in the Loan Agreement (Mortgage). 
  
 1.2 Principles of Construction. All references to sections and
schedules are to sections and schedules in or to this Agreement unless otherwise specified. All accounting terms not specifically defined herein shall be construed in accordance with GAAP. When used herein, the term “financial statements”
shall include the notes and schedules thereto. Unless otherwise specified herein or therein, all terms defined in this Agreement shall have the definitions given them in this Agreement when used in any other Mezzanine Loan Document or in any
certificate or other document made or delivered pursuant thereto. All uses of the word “including” shall mean including, without limitation unless the context shall indicate otherwise. Unless otherwise specified, the words hereof, herein
and hereunder and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall
be equally applicable to both the singular and plural forms of the terms so defined. 
  

	II.	GENERAL TERMS 

  
 2.1 Loan; Disbursement to Mezzanine Borrower. 
  
 2.1.1 The Loan. Subject to and upon the terms and conditions set forth herein, Mezzanine Lender hereby agrees to make and Mezzanine Borrower hereby
agrees to accept the Loan on the Closing Date. 
  
 2.1.2
Disbursement to Mezzanine Borrower. Mezzanine Borrower may request and receive only one borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. Mezzanine Borrower
acknowledges and agrees that the full proceeds of the Loan have been disbursed by Mezzanine Lender to Mezzanine Borrower on the Closing Date. 
  
 2.1.3 Use of Proceeds. Mezzanine Borrower shall use the proceeds of the Loan to (a) as a distribution to Mortgage Borrower to acquire the Property,
(b) pay all past-due operating expenses, if any, in respect of the Property, (c) fund any working capital requirements of the Property, (d) make deposits into the Sub-Accounts as required 

  

 27 

 
hereunder, (e) pay costs and expenses incurred in connection with the closing of the Loan, (f) distribute to its parent entities and (g) retain and/or
distribute the balance, if any. 
  
 2.2 Interest; Loan
Payments; Late Payment Charge; Payment of Principal and Interest. 
  
 2.2.1 Payment of Principal and Interest. 
  
 (i) Except as set forth in Section 2.2.1(ii), interest shall accrue on the Principal Amount as set forth in the Mezzanine Note. 
  
 (ii) Upon the occurrence and during the continuance of an Event of Default and from and after the Maturity
Date, if the entire Principal Amount is not repaid on the Maturity Date, interest on the outstanding principal balance of the Loan and, to the extent permitted by law, overdue interest and other amounts due in respect of the Loan shall accrue at the
Default Rate calculated from the date such payment was due without regard to any grace or cure periods contained herein. Interest at the Default Rate shall be computed from the occurrence of the Event of Default until the actual receipt and
collection of the Indebtedness (or that portion thereof that is then due). To the extent permitted by applicable law, interest at the Default Rate shall be added to the Indebtedness, shall itself accrue interest at the same rate as the Loan and
shall be secured by this Agreement and the Pledge. This paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the Indebtedness, nor as a waiver of any other right or remedy accruing to Mezzanine Lender by
reason of the occurrence of any Event of Default; and Mezzanine Lender retains its rights under the Mezzanine Note to accelerate and to continue to demand payment of the Indebtedness upon the happening of any Event of Default. 
  
 2.2.2 Method and Place of Payment. 
  
 (a) On each Payment Date, Mezzanine Borrower shall pay to Mezzanine Lender
interest accruing pursuant to the Mezzanine Note for the entire Interest Period during which said Payment Date shall occur. 
  
 (b) All amounts advanced by Mezzanine Lender pursuant to the applicable provisions of the Mezzanine Loan Documents, other than the Principal Amount,
together with any interest at the Default Rate or other charges as provided therein, shall be due and payable hereunder as provided in the Mezzanine Loan Documents. In the event any such advance or charge is not so repaid by Mezzanine Borrower,
Mezzanine Lender may, at its option, first apply any payments received under the Mezzanine Note to repay such advances, together with any interest thereon, or other charges as provided in the Mezzanine Loan Documents, and the balance, if any, shall
be applied in payment of any installment of interest or principal then due and payable. 
  
 (c) The Maturity Date Payment shall be due and payable in full on the Maturity Date. 
  

 28 

 2.2.3 Late Payment Charge. If any principal, interest or any other sums due under the Mezzanine
Loan Documents (other than the outstanding Principal Amount due and payable on the Maturity Date) is not paid by Mezzanine Borrower on or prior to the date on which it is due, Mezzanine Borrower shall pay to Mezzanine Lender upon demand an amount
equal to the lesser of three percent (3%) of such unpaid sum or the Maximum Legal Rate (the “Late Payment Charge”) in order to defray the expense incurred by Mezzanine Lender in handling and processing such delinquent payment and to
compensate Mezzanine Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by this Agreement, the Pledge and the other Mezzanine Loan Documents to the extent permitted by applicable law. 
  
 2.2.4 Usury Savings. This Agreement and the Mezzanine Note are subject
to the express condition that at no time shall Mezzanine Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Mezzanine Lender to either civil or criminal liability as a result of being
in excess of the Maximum Legal Rate. If, by the terms of this Agreement or the other Mezzanine Loan Documents, Mezzanine Borrower is at any time required or obligated to pay interest on the principal balance due under the Mezzanine Note at a rate in
excess of the Maximum Legal Rate, then the LIBOR Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have
been payments in reduction of principal and not on account of the interest due under the Mezzanine Note. All sums paid or agreed to be paid to Mezzanine Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the
extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate
of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 
  
 2.3 Prepayments. No prepayments of the Indebtedness shall be permitted except as set forth in Section 2.3.1 hereof and Section 4 of
the Mezzanine Note. 
  
 2.3.1 Mandatory Prepayment.

  
 (a) Except as described in Section 2.3.1(b) below and
subject to Article VIII, Mezzanine Borrower shall repay the Mezzanine Note, in full, together with the Prepayment Fee (if applicable), in accordance with Section 4(b) and Section 4(d) (if applicable) of the Mezzanine Note upon
the occurrence of any of the following events: 
  
 (i) if all or any portion of the Mortgage Borrower’s interest in the Property is Transferred except in a manner that does not violate the Loan Agreement (Mortgage) or as otherwise agreed to by Mezzanine Lender; 
  
 (ii) if all or any portion of the Mezzanine Borrower’s
direct or indirect interest in Mortgage Borrower or any Senior Mezzanine Borrower is Transferred except in a manner that does not violates this Agreement or is otherwise agreed to by Mezzanine Lender; 
  

 29 

 (iii) if a Transfer or series of Transfers of any direct or indirect ownership interests
in the Mezzanine Borrower or any other SPE Entity shall occur which either individually or in the aggregate with all such Transfers violates the requirements of Article VIII; or 
  
 (iv) if the Loan (Mortgage) is repaid in full or refinanced. 
  
 (b) If there shall occur a casualty or Taking in respect of the Property and
as a result thereof either the Loan (Mortgage) or any Senior Mezzanine Loan is prepaid in whole or in part, then, to the extent that there shall be excess proceeds or awards available following the application of the proceeds or awards to
reconstruct or repair the Property or to the payment of all or any portion of the Loan (Mortgage) and such Senior Mezzanine Loan pursuant to the terms of the Loan Documents (Mortgage) and Senior Mezzanine Loan Documents (“Excess
Proceeds”), Mezzanine Borrower shall repay the Mezzanine Note, or a portion thereof, in the amount of such available Excess Proceeds (excluding payment of any Prepayment Fee) in accordance with Section 4(b) of the Mezzanine Note. All
Excess Proceeds shall be deposited directly into the Mezzanine Account. 
  
 2.3.2 Prepayments After Event of Default; Application of Amounts Paid. If, following an Event of Default, Mezzanine Lender shall accelerate the Indebtedness and Mezzanine Borrower thereafter tenders payment of all or any part of the
Indebtedness, or if all or any portion of the Indebtedness is otherwise recovered by Mezzanine Lender after such Event of Default, (a) such payment may be made only on the next occurring Payment Date together with all unpaid interest thereon as
calculated through the end of the Interest Period during which such Payment Date occurs (even if such period extends beyond such Payment Date and calculated as if such payment had not been made on such Payment Date), and all other fees and sums
payable hereunder or under the Mezzanine Loan Documents, including without limitation, interest that has accrued at the Default Rate and any Late Payment Charges), (b) such payment shall be deemed a voluntary prepayment by Mezzanine Borrower, and
(c) Mezzanine Borrower shall pay, in addition to the Indebtedness, an amount equal to the Prepayment Fee. 
  
 2.3.3 Release of Collateral. Mezzanine Lender shall, upon the written request, upon payment in full of the Principal Amount and interest on the
Loan and all other amounts due and payable under the Mezzanine Loan Documents in accordance with the terms and provisions of the Mezzanine Note and this Agreement, release the Lien of (i) this Agreement upon the Account Collateral (Fourth Mezzanine)
and the Rate Cap Collateral and (ii) the Pledge on the Collateral or assign it (together with the Mezzanine Note), in whole or in part, to a new lender without representation, warranty or recourse, and without fee except for reasonable costs and
expenses. In such event, Mezzanine Borrower shall submit to Mezzanine Lender, not less than ten (10) Business Days prior to the date of such release or assignment, a release of lien or assignment of lien, as applicable, for such Collateral for
execution by Mezzanine Lender. Such release or assignment, as applicable, shall be in a form satisfactory to Mezzanine Lender in its reasonable discretion. In addition, Mezzanine Borrower shall provide all other 

  

 30 

 
documentation Mezzanine Lender reasonably requires to be delivered by Mezzanine Borrower in connection with such release or assignment, as applicable.

  
 2.3.4 Release of Individual Property. In the event
Mortgage Borrower requests the release of any Individual Property or Properties, subject to satisfaction of each of the conditions set forth below (collectively, the “General Release Conditions”), Mezzanine Lender shall consent to
such release and to the other actions to be taken by Mortgage Lender in accordance with Section 2.3.4 of the Loan Agreement (Mortgage) with respect to such Individual Property or Properties (each a “Release Property”):

  
 (a) Mezzanine Borrower delivers a written notice (a
“Property Release Notice”) to Mezzanine Lender of its desire to effect such Property Release no later than thirty (30) days prior to the date of such desired Property Release, and setting forth the Business Day (the “Release
Date”) on which Mezzanine Borrower desires that Mortgage Lender release its interest in such Release Property. 
  
 (b) Mezzanine Borrower Mortgage Borrower, and each Senior Mezzanine Borrower shall have paid (i) the “Release Price” (as such term is defined
herein and in the Loan Agreement (Mortgage) and each Senior Mezzanine Loan Agreement, (ii) the applicable Prepayment Fee (as such term is defined herein and in the Loan Agreement (Mortgage) and each Senior Mezzanine Loan Agreement if any, (iii) all
other sums due under the applicable loan in connection with such prepayment, for deposit into the Holding Account and disbursement by the Cash Management Bank in accordance with Section 3.1.6. Interest payable under the Mezzanine Note shall
be calculated through the end of the Interest Period in which such payment is made on the Principal Amount (even if such period extends beyond such Payment Date and calculated as if such payment had not been made on such Payment Date (i.e. without a
deduction for the portion of the Principal Amount included in the Release Price)). 
  
 (c) Mezzanine Borrower shall submit to Mezzanine Lender not less than ten (10) Business Days prior to the Release Date (which must be on a Business Day), a release of Liens and related Mezzanine Loan Documents for
each applicable Release Property (for execution by Mezzanine Lender) in a form appropriate in the applicable state and otherwise satisfactory to Mezzanine Lender in its reasonable discretion and all other documentation Mezzanine Lender reasonably
requires to be delivered by Mezzanine Borrower in connection with such Property Release (collectively, “Release Instruments”) (for execution by Mezzanine Lender) for each applicable Release Property together with an Officer’s
Certificate certifying that (i) the Release Instruments are in compliance with all Legal Requirements, (ii) the release to be effected will not violate the terms of this Agreement, (iii) the release to be effected will not impair or otherwise
adversely affect the Liens, security interests and other rights of Mezzanine Lender under the Mezzanine Loan Documents not being released (or as to the Properties subject to the Mezzanine Loan Documents not being released), and (iv) the requirement
described in paragraph (e) below is satisfied in connection with such Property Release (together with calculations and supporting documentation demonstrating the same in reasonable detail). 
  

 31 

 (d) With respect to any Property Release, after giving effect to such Property Release, the DSCR as of
the Release Date for all of the Properties then remaining subject to the Liens of the Security Instrument shall not be less than the greater of (A) the Closing Date DSCR and (B) 80% of the DSCR for the Properties subject to the Lien of the Security
Instrument immediately prior to the Release Date. 
  
 (e) No Event
of Default shall have occurred and then be continuing on the date on which Borrower delivers the Property Release Notice and on the Release Date. 
  
 (f) The Release Property is simultaneously transferred to a party other than Borrower or any SPE Entity. 
  
 (g) Mezzanine Borrower shall cause Mortgage Borrower to execute and deliver
such other instruments, certificates, opinions of counsel and documentation as Mezzanine Lender and the Rating Agencies shall reasonably request in order to preserve, confirm or secure the Liens and security granted to Mortgage Lender by the Loan
Documents, including any amendments, modifications or supplements to any of the Loan Documents and partial release endorsements to the existing Title Policy. 
  
 (h) Mezzanine Borrower shall pay for any and all reasonable out-of-pocket costs and expenses incurred by Mezzanine Borrower or Mezzanine Lender in
connection with any proposed Property Release, including Mezzanine Lender’s reasonable attorneys’ fees and disbursements and all title insurance premiums for any endorsements to any existing Title Policies reasonably required by Mezzanine
Lender in connection with such proposed release. 
  
 (i) Prior to
the Release Date, Mezzanine Borrower shall deliver to Mezzanine Lender evidence reasonably satisfactory to Mezzanine Lender that all amounts owing to any parties in connection with the transaction relating to the proposed Property Release have been
paid in full, or will simultaneously be paid in full on the Release Date or adequate reserves therefor are established by Mezzanine Borrower in cash with respect to contingent or other liabilities that may arise out of such transaction and for which
Mezzanine Borrower is not adequately indemnified or insured against as reasonably determined by Mezzanine Lender. 
  
 (j) The transfer of the Release Property in connection with the Property Release does not trigger any rights of first refusal or purchase options in any
Operating Agreements, including, but not limited to the rights or obligations set forth on Schedule VI of the Loan Agreement (Mortgage). 
  
 2.3.5 Substitution of Properties. (a) Generally. Mezzanine Borrower may cause Mortgage Borrower, subject to the conditions in this
Section 2.3.5, to substitute one or more properties (each a “Substitute Property”) for one or more existing Individual Properties (each a “Replaced Property”) (each release and substitution a
“Substitution”); provided, however, such right of Substitution shall be limited to Individual Properties whose aggregate Allocated Loan Amounts represent not greater than fifteen percent (15%) of the Loan Amount. From and after the
Substitution of a Substitute Property in 

  

 32 

 
accordance herewith, such Substitute Property shall thereafter be deemed a Property, and shall have the Allocated Loan Amount applicable to the Replaced
Property. Concurrently with the completion of all steps necessary to effect a Substitution as provided in this Section 2.3.5, Mezzanine Lender shall cause Mortgage Lender to release such Replaced Property from the Lien of the Security
Instrument and related Loan Documents (or to the extent so requested by Mortgage Borrower, assign the Lien of the Security Instrument to a new lender without representation, warranty or recourse). In the event of a Substitution, the Mortgage Note
shall remain in full force and effect, and the Lien of the Security Instrument shall be spread to encumber the Substitute Property (each a “Substitute Property Mortgage Spreader Agreement”). 
  
 (b) Certain Requirements. All Substitute Properties shall comply with
this Section 2.3.5. To qualify as a Substitute Property, a property must, as of the Substitution Date (in addition to the other criteria set forth in this Section 2.3.5): 
  
 (i) be subject to the Master Lease; 
  
 (ii) be a property as to which Mortgage Borrower will hold insurable fee title or a valid and subsisting
leasehold interest free and clear of any Lien or other encumbrance except for exceptions not materially impairing the value of such property, and have an appraised value at least equal to the Appraised Value of the Replaced Property; 
  
 (iii) be free and clear, as evidenced by the environmental
report referred to in paragraph (c) below, of Hazardous Substances requiring remediation or other action under any Environmental Law the presence of which violates Environmental Laws and be in material compliance with all Environmental Laws;

  
 (iv) be in good repair and condition, as
evidenced by the engineering report referred to in clause (c) below; and 
  
 (v) be in compliance, in all material respects, with Legal Requirements and Insurance Requirements, as evidenced by diligence items required to be provided in paragraph (c) below. 
  
 (c) Diligence Process. The Mezzanine Borrower shall submit to the
Mezzanine Lender written notice (a “Substitution Notice”) setting forth the Business Day no earlier than forty-five (45) days after the date of such Substitution Notice on which Mezzanine Borrower desires to effect such Substitution
(the “Substitution Date”), together with the following materials (the “Substitution Due Diligence Package”) relating to the proposed Substitute Property: (i) a description of the proposed Substitute Property
sufficient to obtain the Title Policy, (ii) two years of historical cash flow operating statements, if available, (iii) true, complete and correct copies of any Material Subleases affecting the proposed Substitute Property, (iv) a map and site plan,
including an existing Survey of the property dated not more than six (6) months prior to such submission, (v) a copy of the proposed amendment to the Master Lease and Master Lease SNDA to include 

  

 33 

 
the Substitute Property, (vi) copies of all permits, licenses and approvals required with respect to operation of the Substitute Property, (vii) an
environmental report issued by a recognized environmental consultant, (viii) copies of all REAs, condominium documents and ground leases, (ix) an engineer’s inspection report, (x) ground lessor, REA, condominium association and tenant (under
Material Subleases) estoppel certificates and tenant (under Material Subleases) Non-Disturbance Agreements, in each case in the forms attached hereto and including such variations that are either immaterial or are reasonably acceptable to Mezzanine
Lender, as applicable, together with any consents required with respect to the Contemplated Transactions, (xi) a commitment from the Title Company with respect to the issuance of a Title Policy, together with copies of all exceptions referenced
therein and a copy of the recorded memorandum of ground lease if such Substitute Property will be a Ground Lease Property, (xii) upon the reasonable request of the Mezzanine Lender, a PML study, (xiii) a FIRREA appraisal conducted by Cushman &
Wakefield (or another Independent appraiser engaged by Mortgage Lender and reasonably acceptable to Mezzanine Lender), (xiv) if such Substitute Property is not then owned by the Mortgage Borrower or its Affiliate, a duly executed copy of the
purchase and sale agreement for such Substitute Property and copies of all proposed documentation transferring title to the Substitute Property to Mortgage Borrower including any interim transfers to its Affiliates, (xii) a copy of the flood
certification, (xv) either (A) a letter or other evidence with respect to the proposed Substitute Property from the appropriate Governmental Authorities concerning compliance with applicable zoning and building laws, (B) an ALTA 3.1 zoning
endorsement for the Title Policy or (C) a zoning report prepared by PZR indicating that the Substitute Property is in material compliance with applicable zoning and building laws, (xvi) a copy of the valid permanent certificate of occupancy (if
required by applicable law), (xvii) calculations of the LTV Ratio and DSCR both before and after the proposed Substitution, (xviii) pro formas of the insurance certificates required under Article VI with respect to such Substitute Property,
(xix) UCC, bankruptcy, state and federal tax lien, litigation and judgment searches conducted by a search firm reasonably acceptable to the Mezzanine Lender with respect to the title holder of such Substitute Property on the date immediately prior
to acquisition thereof by Mortgage Borrower, in each of the locations reasonably specified by the Mezzanine Lender and not revealing any Liens other than Permitted Encumbrances. In addition, Mezzanine Borrower shall permit the Mezzanine Lender at
all reasonable times and upon reasonable prior notice to make an inspection of such Substitute Property. Mezzanine Lender shall confirm Mezzanine Borrower’s compliance with this paragraph (c) with respect to each proposed Substitute Property
within thirty (30) days after Mezzanine Lender’s receipt of the applicable Substitution Due Diligence Package and Mezzanine Lender’s failure to so confirm or deny Mezzanine Borrower’s compliance within such thirty (30) day period
shall be deemed compliance by Mezzanine Borrower with this paragraph (c), provided that this sentence appears in bold capital letters on the envelope containing the Substitution Due Diligence Package. 
  
 (d) Additional Conditions Precedent. In addition to the conditions in
paragraphs (a), (b) and (c) above, each Substitution shall be subject to the satisfaction of the following conditions precedent: 
  
 (i) Intentionally Omitted; 
  

 34 

 (ii) Release Conditions. Mezzanine Borrower’s compliance with the condition
set forth in Section 2.3.4(c), (e), (f), (g) and (k) with respect to the release of the Replaced Property; 
  
 (iii) Financial and Other Tests. 
  
 (1) DSCR. After giving effect to such Substitution, as of the Substitution Date the DSCR for all of the Properties then remaining
subject to the Liens of the Security Instrument (i.e., including the Substitute Property and excluding the Replaced Property), shall not be less than the greater of (A) the Closing Date DSCR and (B) 80% of the DSCR for the Properties subject to the
Lien of the Security Instrument immediately prior to the Substitution Date; 
  
 (2) LTV Ratio. After giving effect to such Substitution, as of the Substitution Date the LTV Ratio for all of the Properties then remaining subject to the Liens of the Security Instrument (i.e. including the
Substitute Property and excluding the Replaced Property), shall not be less than 79.8%. 
  
 (3) Geographic Diversity. The proposed Substitution does not cause (a) the aggregate Allocated Loan Amounts with respect to
Individual Properties located any single State to exceed thirty percent (30%) of the Principal Amount. 
  
 (iv) Mezzanine Lender’s Costs and Expenses. Mezzanine Borrower shall pay for any and all reasonable out-of-pocket costs and
expenses of Mezzanine Lender incurred in connection with any proposed Substitution, including Mezzanine Lender’s reasonable attorneys’ fees and disbursements, all title insurance premiums for any endorsements to any existing Title Policies
reasonably required by Mezzanine Lender in connection with such proposed Substitution, title premiums, mortgage recording taxes, transfer taxes and recording fees; 
  
 (v) Transaction Costs. Mezzanine Borrower shall deliver to Mezzanine Lender evidence reasonably
satisfactory to Mezzanine Lender that all amounts owing to any parties in connection with the transactions relating to the proposed Substitution have been paid in full, or will simultaneously be paid in full on the Substitution Date or adequate
reserves therefor are established by Mezzanine Borrower in cash with respect to contingent or other liabilities that may arise out of such transaction and for which Mezzanine Borrower is not adequately indemnified or insured against as reasonably
determined by Mezzanine Lender; 
  
 (vi)
Opinions of Counsel. Delivery to Mezzanine Lender of the following favorable original Opinions of Counsel or updates thereto in connection with the Substitute Property similar in form and substance to the opinions which were delivered on the
Closing Date in connection with the Replaced Property, reasonably satisfactory to Mezzanine Lender and addressed to the Mezzanine 

  

 35 

 
Lender on behalf of the holders of the Notes: (a) if requested by the Rating Agencies, a true lease opinion and a non-consolidation opinion, (b) a local
counsel enforceability opinion, (c) an enforceability opinion under New York law, (d) an opinion to the effect that each of Mortgage Borrower, Master Lessee and Guarantor is duly organized and validly existing under the laws of the state of its
formation and is qualified or licensed to do business in each jurisdiction where the nature of its business in which it is engaged makes such qualification or licensing necessary and (e) an opinion to the effect that the Mezzanine Loan Documents or
amendments thereto have been duly authorized, executed and delivered by Mezzanine Borrower, Master Lessee and Guarantor and are the valid and binding obligations and agreements of such party, enforceable in accordance with their terms, in each case
with the same exceptions as made on Closing Date; 
  
 (vii) No Event of Default. No Event of Default shall have occurred and then be continuing on the date on which Mezzanine Borrower delivers the Substitution Notice and on the Substitution Date; 
  
 (viii) Accuracy of Representations and Warranties.
The representations and warranties set forth in the Loan Documents shall be true and correct as to the Substitute Property on the Substitution Date in all material respects (subject to any additional items set forth on updated exhibits and schedules
hereto provided by Mezzanine Borrower which do not violate the provisions of the Mezzanine Loan Documents and are not reasonably likely to have a Material Adverse Effect with respect to such Substitute Property); 
  
 (ix) Officer’s Certificate. Delivery to
Mezzanine Lender of an Officer’s Certificate certifying to the truth and accuracy of the statements in clauses (vii) and (viii); 
  
 (x) Non-Disqualification Opinion. Delivery of a Non-Disqualification Opinion; 
  
 (xi) Organizational Documents. If required by the
Rating Agencies, delivery of original updated organizational documents of the Mortgage Borrower, Mezzanine Borrower, each Senior Mezzanine Borrower, HoldCo, Master Lessee and Guarantor, including, but not limited to a current certificate of good
standing. If the Substitute Property is located in a State not previously covered by the Security Instrument, evidence of Mortgage Borrower’s and Master Lessee’s qualification to do business in the State where the Substitute Property is
located. Delivery of appropriate evidence of the authorization of the Mortgage Borrower, Master Lessee and Guarantor approving the execution, delivery and performance of the Loan Documents or amendments thereto being executed and delivered in
connection with the Substitution, duly adopted by the Mortgage Borrower, Master Lessee and Guarantor as applicable and accompanied by an Officer’s Certificate stating that such authorizations have not been altered or repealed and are in full
force and effect, and certifying as to the names of the Persons authorized to sign on behalf of such parties, together with the true signatures of each such Person; 
  

 36 

 (xii) Insurance Certificates. Delivery of the insurance certificates naming
Mezzanine Lender with respect to the Substitute Property required by the Loan Agreement (Mortgage); and 
  
 (xiii) Loan Documents. Delivery to Mezzanine Lender of originals of the following Loan Documents or amendments thereto: 

 
 (1) a Substitute Property Mortgage Spreader Agreement,
duly executed and acknowledged by Mortgage Borrower; 
  
 (2) a first priority Assignment of Master Lease, Subleases, Rents and Security Deposits, from Mortgage Borrower, as assignor, to Mortgage Lender, as assignee, assigning to Mortgage Lender all of Mortgage Borrower’s interest in and to
the Master Lease, the Subleases, Rents and Security Deposits as security for the Mortgage Loan with respect to the Substitute Property, or a counterpart original of the Assignment of Leases, modified as necessary, duly executed and acknowledged by
Mortgage Borrower (the “Assignment of Leases Counterpart”); 
  
 (3) UCC financing statements (Form UCC-1) (or other forms required in any jurisdiction), covering all fixtures, Building Equipment and other personal property (other than the Excluded Personal Property), and all
proceeds thereof, naming Mortgage Borrower as debtor and Mortgage Lender as secured party (collectively, the “UCC Financing Statements”; together with the Assignment of Leases Counterpart and the Substitute Property Mortgage
Spreader Agreement, the “Security Documents”); 
  
 (4) the Title Policy (Mortgage) or endorsements to the Title Policy (Mortgage), and related mezzanine endorsements thereto as applicable, issued by the Title Company in an amount equal to 125% of the Allocated Loan
Amount for the Substitute Property, reflecting the addition of each such Substitute Property and containing such affirmative coverage similar in form and substance to the affirmative coverage provided in connection with the Replaced Property,
insuring that the Substitute Property Mortgage Spreader Agreement creates a valid first lien on Mortgage Borrower’s fee or leasehold title in the Substitute Property subject to the Permitted Encumbrances, and insuring the perfected first
priority interest of Mortgage Lender pursuant to the Substitute Property Mortgage Spreader Agreement, together with any title insurance premiums, fees or charges due in connection therewith, and the Mezzanine Borrower shall cause Mortgage Borrower
to cooperate with the Mortgage Lender and execute such further instruments and documents and perform such further acts as the Mezzanine Lender, Mortgage Lender or the Title Company shall reasonably request to carry out the creation and perfection of
the liens and security interests contemplated by the Security Documents and the release, discharge and removal of any encumbrances required for the issuance of the Title Policy; 
  

 37 

 (5) an amendment to the Master Lease and to the Master Lease SNDA incorporating the
Substitute Property and eliminating the Replaced Property; 
  
 (6) updates to any Exhibits and Schedules to the Loan Documents (Mortgage) as applicable without disclosing matters inconsistent with the requirements of this Section 2.3.5; and 
  
 (7) a Confirmation of Guaranty and Indemnity in customary
form duly executed and delivered by Guarantor, adding the Substitute Property to and affirming its obligations under the Recourse Guaranty (Mezzanine) and the Environmental Indemnity. 
  
 (xiv) Mezzanine Loan Deliveries. Mezzanine Lender and each Senior Mezzanine Lender shall have
received all deliveries required under Section 2.3.5 of the Mezzanine Loan Agreement, including, but not limited to, insurance certificates naming Mezzanine Lender and each Senior Mezzanine Lender with respect to the Substitute Property, a
copy of the owner’s title insurance policy and related mezzanine endorsement (if available in such State) and copies of the Substitution Due Diligence Package and all final deliveries to Mortgage Lender under this Section 2.3.5.

  
 (xv) Additional Deliveries. Mezzanine
Lender shall have received such other deliveries reasonably requested by Mezzanine Lender, provided such requests are customary and are consistent with the deliveries required with respect to the Properties on the Closing Date. 
  
 2.3.6 Provisions Relating to Individual Properties That Go Dark. At
any one time and from time to time, Mezzanine Borrower may cause Mortgage Borrower to allow Individual Properties (other than the Distribution Centers) to Go Dark provided that (i) the aggregate Allocated Loan Amount for all Individual Properties
that Go Dark at any one time (excluding any Go Dark Purchase Option Properties) shall not exceed the Go Dark Limit and (ii) in no event may Mezzanine Borrower allow the Mortgage Borrower to allow any Go Dark Purchase Option Property to Go Dark. If
the aggregate Allocated Loan Amount for all Individual Properties that Go Dark at any one time shall exceed (excluding any Go Dark Purchase Option Property) the Go Dark Limit, then within thirty (30) days of such property first closing for business
to the general public, Mezzanine Borrower shall cause Mortgage Borrower to either: 
  
 (a) cause one or more Individual Properties to be released from the lien of the Security Instrument in accordance with Section 2.3.5 hereof such that the aggregate Allocated Loan Amount for all Individual
Properties that Go Dark does not exceed the Go Dark Limit; or 
  
 (b) provide a Substitute Property, to be subject to the lien of the Security Instrument, in accordance with Section 2.3.6 hereof to the extent permitted under such 

  

 38 

 
Section such that the aggregate Allocated Loan Amount for all Individual Properties that Go Dark does not exceed the Go Dark Limit. 
  
 If any Individual Property shall Go Dark, Mezzanine Borrower shall cause
Mortgage Borrower to promptly send written notice thereof to Mezzanine Lender. If an Individual Property shall Go Dark, the Master Lessee shall nonetheless be required to make into the Holding Account without reduction the full Master Lease Rent
payment as and when required under the Master Lease and the Rent Payment Direction Letter with respect to all Individual Properties. 
  
 2.3.7 Excess Account Collateral. Upon the occurrence of any Property Release, provided no Low DSCR Cash Sweep Period exists and no Event of Default
has occurred and is continuing, Mezzanine Lender shall promptly perform an analysis of the Account Collateral in order to reasonably determine the amount of the Account Collateral (including, but not limited to, Proceeds) attributable to the Release
Property (the “Excess Account Collateral”), and shall promptly instruct Cash Management Bank to return to each Borrower, as applicable the Excess Account Collateral, if any, except to the extent that Mezzanine Lender, any Senior
Mezzanine Lender, or Mortgage Lender reasonably determine that a shortfall exists in such Sub-Account with respect to the Property other than the Release Property. 
  
 2.3.8 Reserve Requirements. Upon the occurrence of a Property Release, provided no Low DSCR Cash Flow Sweep Period
exists and no Event of Default has occurred and is continuing, Mezzanine Borrower shall promptly prepare a revised estimate of Impositions and Other Charges, insurance premiums, Ground Rent and Master Lease Rent with respect to the remaining
Properties in accordance with the terms of the Loan Agreement (Mortgage), and shall promptly provide Mezzanine Borrower and Cash Management Bank with notice of the revised Monthly Tax Reserve Amount, Monthly Insurance Reserve Amount and Monthly
Ground Rent Amount. 
  
 2.3.9 Intentionally Omitted.

  
 2.4 Regulatory Change; Taxes. 
  
 2.4.1 Increased Costs. If as a result of any Regulatory Change or
compliance of Mezzanine Lender therewith, the basis of taxation of payments to Mezzanine Lender or any company Controlling Mezzanine Lender of the principal of or interest on the Loan is changed or Mezzanine Lender or the company Controlling
Mezzanine Lender shall be subject to (i) any tax, duty, charge or withholding of any kind with respect to this Agreement (excluding federal taxation of the overall net income of Lender or the company Controlling Lender); or (ii) any reserve, special
deposit or similar requirements relating to any extensions of credit or other assets of, or any deposits with or other liabilities, of Mezzanine Lender or any company Controlling Mezzanine Lender is imposed, modified or deemed applicable; or (iii)
any other condition affecting loans to borrowers subject to LIBOR-based interest rates is imposed on Mezzanine Lender or any company Controlling Mezzanine Lender and Mezzanine Lender determines that, by reason thereof, the cost to Mezzanine Lender
or any company Controlling Mezzanine 

  

 39 

 
Lender of making, maintaining or extending the Loan to Mezzanine Borrower is increased, or any amount receivable by Mezzanine Lender or any company
Controlling Mezzanine Lender hereunder in respect of any portion of the Loan to Mezzanine Borrower is reduced, in each case by an amount deemed by Mezzanine Lender in good faith to be material (such increases in cost and reductions in amounts
receivable being herein called “Increased Costs”), then Mezzanine Lender shall provide notice thereof to Mezzanine Borrower and Mezzanine Borrower agrees that it will pay to Mezzanine Lender upon Mezzanine Lender’s written request
such additional amount or amounts as will compensate Mezzanine Lender or any company Controlling Mezzanine Lender for such Increased Costs to the extent Mezzanine Lender reasonably determines that such Increased Costs are allocable to the Loan. If
Mezzanine Lender requests compensation under this Section 2.4.1, Mezzanine Borrower may, by notice to Mezzanine Lender, require that Mezzanine Lender furnish to Mezzanine Borrower a statement setting forth the basis for requesting such
compensation and the method for determining the amount thereof. In the event that Borrower is required to pay any Increased Costs in accordance with the terms hereof, Borrower shall have the right to prepay the Principal Amount (together will all
accrued but unpaid interest thereon calculated through the end of the then current Interest Period) without the imposition of any Prepayment Fee. 
  
 2.4.2 Special Taxes. Mezzanine Borrower shall make all payments hereunder free and clear of and without deduction for Special Taxes. If Mezzanine
Borrower shall be required by law to deduct any Special Taxes from or in respect of any sum payable hereunder or under any other Mezzanine Loan Document to Mezzanine Lender, (i) the sum payable shall be increased as may be necessary so that after
making all required deductions (including deductions applicable to additional sums payable under this Section 2.4.2) Mezzanine Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) Mezzanine
Borrower shall make such deductions, and (iii) Mezzanine Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. Notwithstanding anything to the contrary contained in this Section
2.4, Mezzanine Borrower shall not be liable for any amounts as a result of withholding for Special Taxes or additional costs incurred as a result of the assignment of all or any portion of the Loan by Lender to any Person that is subject to
Special Taxes and which is organized under or has its principal place of business outside of the United States of America or any political subdivision thereof. 
  

2.4.3 Other Taxes. In addition, Mezzanine Borrower agrees to pay any present or future stamp or documentary taxes or other excise or property
taxes, charges, or similar levies which arise from any payment made hereunder, or from the execution, delivery or registration of, or otherwise with respect to, this Agreement, the other Mezzanine Loan Documents, or the Loan (hereinafter referred to
as “Other Taxes”). 
  
 2.4.4 Indemnity.
(a) Mezzanine Borrower shall indemnify Mezzanine Lender for the full amount of Special Taxes and Other Taxes (including any Special Taxes or Other Taxes imposed by any Governmental Authority on amounts payable under this Section 2.4.4) paid
by Mezzanine Lender and any liability (including penalties, interest, and reasonable out-of-pocket expenses) arising therefrom or with respect thereto, whether 

  

 40 

 
or not such Special Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within thirty (30) days after the date
Mezzanine Lender makes written demand therefor. 
  
 2.4.5
Change of Office. To the extent that changing the jurisdiction of Mezzanine Lender’s applicable office would have the effect of minimizing Special Taxes, Other Taxes or Increased Costs, Mezzanine Lender shall use reasonable efforts to
make such a change, provided that same would not otherwise be disadvantageous to Mezzanine Lender. 
  
 2.4.6 Survival. Without prejudice to the survival of any other agreement of Mezzanine Borrower hereunder, the agreements and obligations of
Mezzanine Borrower contained in this Section 2.4 shall survive the payment in full of principal and interest hereunder, and the termination of this Agreement. 
  
 2.5 Conditions Precedent to Closing. The obligation of Mezzanine Lender to make the Loan hereunder is subject to the
fulfillment by, or on behalf of, Mezzanine Borrower or waiver by Mezzanine Lender of the following conditions precedent no later than the Closing Date; provided, however, that unless a condition precedent shall expressly survive the
Closing Date pursuant to a separate agreement, by funding the Loan, Mezzanine Lender shall be deemed to have waived any such conditions not theretofore fulfilled or satisfied: 
  
 2.5.1 Representations and Warranties; Compliance with Conditions. 
  
 (a) The representations and warranties of Mezzanine Borrower contained in
this Agreement and the other Mezzanine Loan Documents shall be true and correct in all material respects on and as of the Closing Date with the same effect as if made on and as of such date, and no Default or Event of Default shall have occurred and
be continuing; and Mezzanine Borrower shall be in compliance in all material respects with all terms and conditions set forth in this Agreement and in each other Mezzanine Loan Document on its part to be observed or performed; and 
  
 (b) The representations and warranties of (i) Mortgage Borrower contained in
the Loan Agreement (Mortgage) and the other Loan Documents (Mortgage) and (ii) each Senior Mezzanine Borrower contained in the Senior Mezzanine Loan Documents shall be true and correct in all material respects on and as of the Closing Date with the
same effect as if made on and as of such date, and no Mortgage Default, Mortgage Event of Default or “Default” or “Event of Default” (as defined in each Senior Mezzanine Loan Agreement) shall have occurred and be continuing; and
Mortgage Borrower, each Senior Mezzanine Borrower and Guarantor shall be in compliance in all material respects with all terms and conditions set forth in the Loan Agreement (Mortgage) and each Senior Mezzanine Loan Agreement, as applicable, and in
each other Loan Document (Mortgage) and each Senior Mezzanine Loan Document, as applicable, on its part to be observed or performed. 
  

 41 

 2.5.2 Delivery of Mezzanine Loan Documents; Title Policy; Reports; Leases. 
  
 (a) Mezzanine Loan Documents. Mezzanine Lender shall have received an
original copy of this Agreement, the Mezzanine Note and all of the other Mezzanine Loan Documents, in each case, duly executed (and to the extent required, acknowledged) and delivered on behalf of Mezzanine Borrower and any other parties thereto;

  
 (b) Certificates. Mezzanine Lender shall have received
originals of the Certificates together with a Member Power endorsed in blank; 
  
 (c) UCC Financing Statements. The UCC financing statements relating to the Pledge and this Agreement shall have been delivered to Mezzanine Lender for filing in the applicable jurisdictions; 
  
 (d) Interest Rate Cap Agreement. Mezzanine Lender shall have received
the original Interest Rate Cap Agreement (Fourth Mezzanine) which shall be in form and substance reasonably satisfactory to Mezzanine Lender and a counterpart of the Acknowledgment executed and delivered by the Counterparty; 
  
 (e) Mezzanine Account Agreement. Mezzanine Lender shall have received
the original of the Mezzanine Account Agreement executed by each of Cash Management Bank (Fourth Mezzanine) and Mezzanine Borrower; 
  
 (f) Title Insurance. 
  
 (i) Mezzanine Lender shall have received a copy of the Title Policy (Mortgage) or a marked-up and signed commitment having the force and
effect of a title policy, marked “paid” by an authorized representatives of the Title Company) issued by the Title Company with respect to the Loan (Mortgage) and dated as of the Closing Date, with a mezzanine loan endorsement in favor of
Mezzanine Lender, it successors and assigns, dated as of the Closing Date and reinsurance and direct access agreements in form and substance acceptable to Mezzanine Lender. Mezzanine Lender shall also have received evidence that all premiums in
respect of the Title Policy (Mortgage) have been paid; and 
  
 (ii) Mezzanine Lender shall have received an “Eagle 9” title policy in favor of Mezzanine Lender, its successors and assigns, dated as of the Closing Date. Mezzanine Lender also shall have received evidence
that all premiums in respect of the “Eagle 9” title policy have been paid. 
  
 (g) Survey. Mezzanine Lender shall have received copies of the Surveys for the Property delivered under the Loan Agreement (Mortgage); 
  
 (h) Insurance. Mezzanine Lender shall have received valid certificates of insurance for the policies of insurance
required by the Loan Agreement (Mortgage) naming Mezzanine Lender as an additional insured and containing a cross liability/severability endorsement, satisfactory to Mezzanine Lender in its sole discretion, and evidence of the payment of all
insurance premiums currently due and payable for the existing policy period; 
  

 42 

 (i) Environmental Reports. Mezzanine Lender shall have received an Environmental Report or
regulatory database search in respect of the Property reasonably satisfactory to Mezzanine Lender; 
  
 (j) Zoning. Unless otherwise agreed in writing between Mezzanine Lender and Mezzanine Borrower, Mezzanine Lender shall have received with respect
to each Individual Property one of the following: (i) letters or other evidence with respect to the Property from the appropriate municipal authorities (or other Persons) concerning compliance with applicable zoning and building laws reasonably
acceptable to Mezzanine Lender or (ii) an ALTA 3.1 zoning endorsement for the Title Policy (Mortgage); title policy or (iii) a zoning report reasonably acceptable to Mezzanine Lender prepared by PZR or another nationally recognized zoning due
diligence firm reasonably acceptable to Lender. 
  
 (k)
Certificate of Occupancy. Unless otherwise agreed in writing between Mezzanine Lender and Mezzanine Borrower, Mezzanine Lender shall have received a copy of the valid permanent certificate of occupancy for each Individual Property located in
a jurisdiction that requires certificates of occupancy under applicable law, in each case reasonably acceptable to Mezzanine Lender. 
  
 (l) Encumbrances. Mezzanine Borrower shall have taken or caused to be taken such actions in such a manner so that Mezzanine Lender has a valid and
perfected first Lien as of the Closing Date on the Collateral and Mezzanine Lender shall have received satisfactory evidence thereof; 
  
 (m) Intentionally Omitted. 
  
 (n) Intentionally Omitted. 
  
 (o) Pledgor Acknowledgments. Mezzanine Lender shall have received an original of the Acknowledgment in the form of Exhibit D executed by
each of Third Mezzanine Borrower and Mezzanine Borrower and dated as of the Closing Date. 
  
 2.5.3 Satisfactory Collateral. The Pledge and the other Mezzanine Loan Documents shall constitute a valid and perfected Lien on the Collateral for the full amount of the Principal Amount, free and clear of all
Liens other than encumbrances specifically approved by Mezzanine Lender, in writing, in its sole discretion; 
  
 2.5.4 Loan (Mortgage). The Loan (Mortgage) shall have been made (or shall be made concurrently with the Loan) to the Mortgage Borrower in
accordance with the terms of the Loan Documents (Mortgage) and no Mortgage Event of Default shall have occurred and be continuing under and as defined in the Loan Documents (Mortgage); 
  
 2.5.5 Related Documents. Each additional document not specifically referenced herein, but relating to the
transactions contemplated herein, shall have been duly authorized, executed and delivered by all parties thereto and Mezzanine Lender shall have received and approved copies thereof; 
  

 43 

 2.5.6 Delivery of Organizational Documents. On or before the Closing Date, Mezzanine Borrower
shall deliver, or cause to be delivered, to Mezzanine Lender copies certified by an Officer’s Certificate, of all organizational documentation related to Mortgage Borrower, each Senior Mezzanine Borrower, Guarantor, each SPE Entity, HoldCo,
Master Lessee, and Mezzanine Borrower as have been requested by Mezzanine Lender and/or the formation, structure, existence, good standing and/or qualification to do business of Mortgage Borrower, each Senior Mezzanine Borrower, Guarantor, each SPE
Entity, HoldCo, Master Lessee, and Mezzanine Borrower as Lender may request in its sole discretion, including, without limitation, good standing certificates, qualifications to do business in the appropriate jurisdictions, resolutions authorizing
the entering into of the Loan and incumbency certificates as may be requested by Mezzanine Lender. Each of the organizational documents of any SPE Entity shall contain single purpose entity provisions reasonably approved by Lender prior to the date
hereof. 
  
 2.5.7 Opinions of Mezzanine Borrower’s
Counsel. 
  
 (a) Mezzanine Lender shall have received a
Non-Consolidation Opinion in such form approved by the Lender (the “Non-Consolidation Opinion”); 
  
 (b) Mezzanine Lender shall have received a True Lease Opinion with respect to the Master Lease in form and substance reasonably acceptable to the
Mezzanine Lender and the Rating Agencies (the “True Lease Opinion”); 
  
 (c) Mezzanine Lender shall have received a Solvency Opinion in form and substance acceptable to the Rating Agencies (the “Solvency Opinion”); and 
  
 (d) Mezzanine Lender shall have received from Counterparty the Counterparty
Opinion in such form approved by the Mezzanine Lender. 
  
 2.5.8
Completion of Proceedings. All corporate and other proceedings taken or to be taken in connection with the transactions contemplated by this Agreement and other Mezzanine Loan Documents and all documents incidental thereto shall be reasonably
satisfactory in form and substance to Mezzanine Lender, and Mezzanine Lender shall have received all such counterpart originals or certified copies of such documents as Mezzanine Lender may reasonably request; 
  
 2.5.9 Payments. All payments, deposits or escrows, if any, required to
be made or established by Mezzanine Borrower under this Agreement, the Mezzanine Note and the other Mezzanine Loan Documents on or before the Closing Date shall have been paid. 
  
 2.5.10 Interest Rate Cap Agreement. Mezzanine Lender shall have received a copy of the Interest Rate Cap Agreement
(First Mezzanine) which shall be in form and substance reasonably satisfactory to Mezzanine Lender and an original counterpart of the Acknowledgment executed and delivered by the Counterparty. 
  

 44 

 2.5.11 Account Agreement. Mezzanine Lender shall have received the original of the Mezzanine
Account Agreement executed by each of Cash Management Bank and Mezzanine Borrower. 
  
 2.5.12 Reserved. 
  
 2.5.13
Tenant Estoppels and SNDAs. Mezzanine Borrower shall have requested and made commercially reasonable efforts to obtain prior to Closing, an executed tenant estoppel letter, substantially in form required by the Loan Agreement (Mortgage) and a
Non-Disturbance Agreement from each of the Tenants required by the Loan Agreement (Mortgage), and shall have delivered to Mezzanine Lender all such estoppels and Non-Disturbance Agreements received by Mezzanine Borrower. 
  
 2.5.14 REAs. Mezzanine Lender shall have received copies of all of the
REAs to which Mezzanine Borrower or its Affiliates is a party or is bound; 
  
 2.5.15 Insolvency. Neither Mezzanine Borrower nor any of its constituent Persons shall be the subject of any bankruptcy, reorganization, or insolvency proceeding; 
  
 2.5.16 Independent Manager/Member Certificate. Mezzanine Lender shall
have received an executed Independent Manager/Member certificate substantially in the form attached as Exhibit C from each Independent Manager/Member required pursuant to the terms hereof; 
  
 2.5.17 Transaction Costs. Mezzanine Borrower shall have paid or
reimbursed Mezzanine Lender for all title insurance premiums, recording and filing fees, costs of Environmental Reports, seismic reports, zoning reports, searches, flood certifications, appraisals and other reports, the reasonable fees and costs of
Mezzanine Lender’s counsel and all other reasonable third party out-of-pocket expenses incurred in connection with the origination of the Loan. 
  
 2.5.18 Material Adverse Effect. No change, circumstance, event or effect shall have occurred that would be materially adverse to the assets,
liabilities, business, financial condition or results of operations of the Company and the Company Subsidiaries (as such terms are defined in the Merger Agreement) taken as a whole, other than any change, circumstance, event or effect resulting from
(i) changes in general economic conditions, (ii) the announcement of the Merger Agreement and the transactions contemplated thereby, (iii) general changes or developments in the industries in which the Company and the Company Subsidiaries operate,
(iv) any actions required under the Merger Agreement to obtain any approval or authorization under applicable antitrust or competition laws for the consummation of the transactions contemplated by the Merger Agreement or (v) changes in any Laws (as
defined in the Merger Agreement) or applicable accounting regulations or principles, unless, in the case of the foregoing clauses (i) and (iii), such changes or developments referred to therein would reasonably be expected to have a materially
disproportionate impact on the business, financial condition or results of operations of the Company and the Company Subsidiaries taken as a whole relative to other industry participants; 
  

 45 

 2.5.19 Subleases. Mezzanine Lender shall have received copies of all Subleases. 
  
 2.5.20 Master Lease; Master Lease SNDA. Mezzanine Lender shall have
received a copy of the Master Lease and shall have received the duly executed Master Lease SNDA, each in form and substance required by the Loan Agreement (Mortgage) and acceptable to the Rating Agencies; 
  
 2.5.21 Tax Lot. Mezzanine Lender shall have received a tax lot
endorsement to the Title Policy or other evidence that each Individual Property constitutes one (1) or more separate tax lots, which endorsement or other evidence shall be reasonably satisfactory in form and substance to Mezzanine Lender;

  
 2.5.22 Condominium Estoppels. Mezzanine Borrower shall
have requested and made commercially reasonable efforts to obtain prior to Closing, estoppel certificates from the Condominium Board of all Condominium Properties substantially in the form required by the Loan Agreement (Mortgage), and shall have
delivered to Mezzanine Lender all such estoppels received by Mezzanine Borrower. Mezzanine Lender shall have received a condominium endorsement to the Title Policy for each Condominium Property in form and substance reasonably satisfactory to
Lender; 
  
 2.5.23 Condominium Documents. Mezzanine Lender
shall have received copies of all Condominium Documents; 
  
 2.5.24 Appraisal. Mezzanine Lender shall have received an Appraisal of the Property, which shall be satisfactory in form and substance to Mezzanine Lender; 
  
 2.5.25 Financial Statements. Lender shall have confirmed the accuracy of all financial statements and other financial
information with respect to the Property delivered by Borrower to Lender. 
  
 2.5.26 Flood Certifications. Mezzanine Lender shall have received a flood zone certification with respect to each Property. 
  
 2.5.27 Intentionally Omitted. 
  
 2.5.28 Merger Agreement. Mezzanine Borrower shall have delivered to Mezzanine Lender a true, correct and complete
copy of the Merger Agreement and, if requested by Mezzanine Lender, all deliveries made by any of the parties thereto or any of their respective Affiliates. 
  
 2.5.29 Intercreditor Agreements. Mezzanine Lender shall have received the ABL Intercreditor Agreement as well as the loan documents evidencing the
ABL Loan (as defined in the ABL Intercreditor Agreement). 
  
 2.5.30 Equity and Real Property Documents. To the extent requested by Mezzanine Lender, Mezzanine Borrower shall have delivered to Mezzanine Lender true, correct and complete copies of all documentation pursuant to which the
transactions contemplated by the Merger Agreement are consummated, including, but not limited to, 

  

 46 

 
all documents evidencing all stages of the restructuring of Toys ‘R’ Us, Inc. and all documents evidencing (i) all preliminary transfers of equity
interests that resulted in the Mezzanine Borrower structure required by the Loan Agreement (Mortgage), (ii) any preliminary transfers of the Properties into Affiliates of Mezzanine Borrower and (iii) the preliminary transfers of all of the
Properties from Affiliates of Mezzanine Borrower into Mezzanine Borrower. 
  
 2.5.31 Consents. Mezzanine Borrower shall have delivered all consents or approval of or notices to any party to any Operating Agreement required under such Operating Agreement in connection with any of the
Contemplated Transactions. 
  

	III.	CASH MANAGEMENT 

  
 3.1 Cash Management. 
  
 3.1.1 Establishment of Account. Mezzanine Borrower hereby acknowledges that, simultaneously with the execution of this Agreement, pursuant to the
Mezzanine Account Agreement it has established with Cash Management Bank (Fourth Mezzanine), in the name of “Giraffe Junior Holdings, LLC, Mezzanine Account in favor of Bank of America, N.A., as Agent” (the “Mezzanine
Account”), which has been established as a non-interest bearing deposit account with interest-bearing sub-accounts. The Mezzanine Account and the funds deposited therein shall serve as additional security for the Loan. Pursuant to the
Mezzanine Account Agreement, Mezzanine Borrower shall irrevocably instruct and authorize Cash Management Bank (Fourth Mezzanine) to disregard any and all orders for withdrawal from the Mezzanine Account made by, or at the direction of, Mezzanine
Borrower. Mezzanine Borrower agrees that, prior to the payment in full of the Indebtedness, the terms and conditions of the Mezzanine Account Agreement shall not be amended or modified in all material respect without the prior written consent of
Mezzanine Lender (which consent Mezzanine Lender may grant or withhold in its sole discretion). In recognition of Mezzanine Lender’s security interest in the funds deposited into the Mezzanine Account, Mezzanine Borrower shall identify the
Mezzanine Account with the name of Giraffe Junior Holdings, LLC, Mezzanine Account in favor of Bank of America, N.A., as Agent. Mezzanine Borrower confirms that it has established with Cash Management Bank (Fourth Mezzanine) the following
sub-accounts of the Mezzanine Account (each, a “Sub-Account” and, collectively, the “Sub-Accounts” and together with the Mezzanine Account, the “Collateral Accounts (Fourth Mezzanine)”), which (i)
may be ledger or book entry sub-accounts and need not be actual sub-accounts, (ii) shall each be linked to the Mezzanine Account, (iii) shall each be a “deposit account” (as such term is defined in Section 9-102(a)(29) of the UCC) and (iv)
shall each be an Eligible Account to which certain funds shall be allocated and from which disbursements shall be made pursuant to the terms of this Agreement: 
  

A sub-account for the retention of Account Collateral (Fourth Mezzanine) in respect of Debt Service (Fourth Mezzanine) on the Loan with the account number 1235465959
(the “Mezzanine Debt Service Reserve Account”). 
  

 47 

 3.1.2 Pledge of Account Collateral (Fourth Mezzanine). To secure the full and punctual payment and
performance of the Obligations (Fourth Mezzanine), Mezzanine Borrower hereby collaterally assigns, grants a security interest in and pledges to Mezzanine Lender, to the extent not prohibited by applicable law, a first priority continuing security
interest in and to the following property of Mezzanine Borrower, whether now owned or existing or hereafter acquired or arising and regardless of where located (all of the same, collectively, the “Account Collateral (Fourth
Mezzanine)”): 
  
 (a) the Collateral Accounts (Fourth
Mezzanine) and all cash, deposits and/or wire transfers from time to time deposited or held in, credited to or made to Collateral Accounts (Fourth Mezzanine); 
  

(b) all interest and cash from time to time received, receivable or otherwise payable in respect of, or in exchange for, any or all of the foregoing or
purchased with funds from the Collateral Accounts (Fourth Mezzanine); and 
  
 (c) to the extent not covered by clauses (a) or (b) above, all proceeds (as defined under the UCC) of any or all of the foregoing. 
  
 In addition to the rights and remedies herein set forth, Mezzanine Lender shall have all of the rights and remedies with
respect to the Account Collateral (Fourth Mezzanine) available to a secured party at law or in equity, including, without limitation, the rights of a secured party under the UCC, as if such rights and remedies were fully set forth herein.

  
 This Agreement shall constitute a security agreement for
purposes of the Uniform Commercial Code and other applicable law. 
  
 3.1.3 Maintenance of Mezzanine Account. Mezzanine Borrower agrees that each of the Mezzanine Account and the Sub-Accounts is and shall be maintained (i) as a “deposit account” (as such term is defined in Section
9-102(a)(29) of the UCC), (ii) in such a manner that Mezzanine Lender shall have control (within the meaning of Section 9-104(a)(2) of the UCC) over the Mezzanine Account and (iii) such that no Person other than Lender shall have any right of
withdrawal from the Mezzanine Account Collateral and, except as provided herein and in the Account Agreement, no Account Collateral (Fourth Mezzanine) shall be released to Mezzanine Borrower from the Mezzanine Account or the Sub-Accounts. Without
limiting the Mezzanine Borrower’s obligations under the immediately preceding sentence, Mezzanine Borrower shall only establish and maintain the Mezzanine Account with a financial institution that has executed an agreement substantially in the
form of the Mezzanine Account Agreement or in such other form acceptable to Mezzanine Lender in its sole discretion. 
  
 3.1.4 Eligible Accounts. The Collateral Accounts (Fourth Mezzanine) shall be Eligible Accounts. The Collateral Accounts (Fourth Mezzanine) shall be
subject to such applicable laws, and such applicable regulations of the Board of Governors of the Federal Reserve System and of any other banking or governmental authority, as may now or hereafter be in effect. Income and interest accruing on the
Collateral Accounts (Fourth 

  

 48 

 
Mezzanine) or any investments held in such accounts shall be periodically added to the principal amount of such account and shall be held, disbursed and
applied in accordance with the provisions of this Agreement and the Mezzanine Account Agreement. Mezzanine Borrower shall be the beneficial owner of the Collateral Accounts (Fourth Mezzanine) for federal income tax purposes and shall report all
income on the Collateral Accounts (Fourth Mezzanine). 
  
 3.1.5
Deposits into Sub-Accounts. On the date hereof, Mezzanine Borrower has deposited the following amounts into the Sub-Accounts: 
  
 (i) $0.00 into the Mezzanine Debt Service Reserve Account; 
  
 3.1.6 Monthly Funding. 
  
 (a) Mezzanine Borrower hereby irrevocably authorizes Mezzanine Lender to transfer (and pursuant to the Mezzanine Account Agreement shall irrevocably
authorize Cash Management Bank (Fourth Mezzanine) to execute any corresponding instructions of Mezzanine Lender), and Mezzanine Lender shall transfer from the Mezzanine Account by 11:00 a.m. New York time on the date on which each payment of Master
Lease Rent under the Master Lease is made to the Holding Account, or as soon thereafter as there shall be sufficient collected funds on deposit in the Mezzanine Account, and from time to time (but no less frequently than weekly thereafter) funds in
an amount equal to the sum of any Protective Advances which may have been advanced by (and not previously reimbursed to) the Mezzanine Lender pursuant to the terms of the Mezzanine Loan Documents to cure any Default or Event of Default, any Mortgage
Default or Mortgage Event of Default, or to protect the Collateral together with any interest payable on such amounts pursuant to the Mezzanine Loan Documents, plus (x) the unpaid Debt Service (Fourth Mezzanine) for the next occurring Payment Date,
plus (y) an amount equal to such payments for any prior month(s), to the extent not previously paid, plus (z) an amount equal to the amount, if any, deducted from the Mezzanine Account in any preceding month to pay any other amounts then due under
the Mezzanine Loan Documents (other than any Debt Service (Fourth Mezzanine)). Mezzanine Borrower acknowledges that Mezzanine Lender shall not be required to make such withdrawal and deposit until such time as Mezzanine Lender is able to calculate
the amount of the Debt Service (Fourth Mezzanine) for the next occurring Payment Date. 
  
 (b) If for any reason there will be insufficient amounts in the Mezzanine Debt Service Reserve Account on any Payment Date to pay the Debt Service (Fourth Mezzanine) due on such Payment Date, Mezzanine Borrower shall
immediately deposit into the Mezzanine Account an amount equal to the shortfall of available funds in the Mezzanine Debt Service Reserve Account. Any failure by Mezzanine Borrower to deposit the full amount required by the preceding sentence shall
constitute an Event of Default hereunder. If Mezzanine Lender shall reasonably determine that there will be insufficient amounts in the Mezzanine Account to pay any Protective Advances as and when the same are due and payable, Mezzanine Lender shall
provide written notice of same to Mezzanine Borrower setting forth the basis for such determination. Within five (5) Business Days of receipt of said notice, Mezzanine Borrower shall deposit into the 

  

 49 

 
Mezzanine Account an amount equal to the shortfall of available funds in the Mezzanine Account. Any failure by Mezzanine Borrower to deposit the full amount
required by the preceding sentence within said five (5) Business Day period shall constitute an Event of Default hereunder. 
  
 (c) Mezzanine Lender agrees to deliver to Mortgage Lender a monthly notice letter (the Mezzanine Lender Monthly Debt Service Notice) at least five (5)
Business Days prior to each Payment Date setting forth the Debt Service (Fourth Mezzanine) payable by Mezzanine Borrower on the first Payment Date occurring after the date such notice is delivered. 
  
 (d) Mezzanine Borrower hereby acknowledges that, pursuant to Section
3.1.6 of the Loan Agreement (Mortgage), (i) to the extent Mortgage Lender has received a Senior Mezzanine Loan Default Notice and until such time as Mortgage Lender receives a Senior Mezzanine Loan Default Revocation Notice, the Mortgage
Borrower and each Senior Mezzanine Borrower has irrevocably directed that Excess Cash Flow and any other payments to be made to Mezzanine Borrower, or Mezzanine Lender are to be deposited directly into the such Senior Mezzanine Account for
application as provided in such Senior Mezzanine Loan Agreement (in lieu of transferring such funds to such accounts of the Mezzanine Lender or Mortgage Borrower as the Mortgage Borrower may have so directed if the Mortgage Lender had not received
such notice from Senior Mezzanine Lender). Notwithstanding any provision herein to the contrary, provided no Event of Default has occurred or is continuing, there shall be disbursed to Mezzanine Borrower the Proceeds of a Condemnation or Casualty
remaining after payment of all amounts to which Mortgage Lender and any Senior Mezzanine Lender are entitled. Mezzanine Borrower agrees that Mezzanine Lender shall not be required to deliver to Mortgage Lender a Mezzanine Loan Default Notice prior
to the deposit of Proceeds into the Mezzanine Account. 
  
 3.1.7
Cash Management Bank. 
  
 (a) Mezzanine Lender shall have
the right at Mezzanine Borrower’s sole cost and expense to replace the Cash Management Bank with a financial institution reasonably satisfactory to Mezzanine Borrower in the event that [(i) the Cash Management Bank fails, in any material
respect, to comply with the Account Agreement] or (ii) the Cash Management Bank is no longer an Approved Bank. Upon the occurrence and during the continuance of an Event of Default, Mezzanine Lender shall have the right at Mezzanine Borrower’s
sole cost and expense to replace Cash Management Bank (Fourth Mezzanine) at any time, without notice to Mezzanine Borrower. Mezzanine Borrower shall cooperate with Mezzanine Lender in connection with the appointment of any replacement Cash
Management Bank and the execution by the Cash Management Bank (Fourth Mezzanine) and the Mezzanine Borrower of an Mezzanine Account Agreement and delivery of same to Mezzanine Lender (with a copy to First Mezzanine Lender, Second Mezzanine Lender
and Third Mezzanine Lender). 
  
 (b) So long as no Event of
Default shall have occurred and be continuing, Mezzanine Borrower shall have the right at its sole cost and expense to replace the Cash 

  

 50 

 
Management Bank (Fourth Mezzanine) with a financial institution that is an Approved Bank provided that such financial institution and Mezzanine Borrower
shall execute and deliver to Mezzanine Lender an Mezzanine Account Agreement substantially similar to the Mezzanine Account Agreement executed as of the Closing Date with such changes therein as shall be reasonably acceptable to Mezzanine Lender.

  
 3.1.8 Mezzanine Borrower’s Account Representations,
Warranties and Covenants. Mezzanine Borrower represents, warrants and covenants that: 
  
 (a) None of Mortgage Borrower, any Senior Mezzanine Borrower, Mezzanine Borrower nor any other Person will have any right, title or interest in or to any Excess Cash Flow during any period with respect to which the
Mortgage Lender becomes obligated under the Loan Agreement (Mortgage) to transfer such Excess Cash Flow to the Mezzanine Account, except any rights Mezzanine Borrower shall have to allocations of such funds following the disbursement to Mezzanine
Borrower of any Excess Cash Flow as provided in Section 3.1.6(d); 
  
 (b) There are no accounts other than the Collateral Accounts, Collateral Accounts (First Mezzanine), Collateral Accounts (Second Mezzanine), Collateral Accounts (Third Mezzanine) and Collateral Accounts (Fourth
Mezzanine) maintained by Mortgage Borrower, Senior Mezzanine Borrower, Mezzanine Borrower or any other Person with respect to the collection of Mortgage Borrower’s, any Senior Mezzanine Borrower’s, or Mezzanine Borrower’s rents,
revenues, proceeds or other income from the Property or for the collection of Mortgage Borrower’s or any Senior Mezzanine Borrower’s Receipts in respect of Mezzanine Borrower, any Senior Mezzanine Borrower’s or Mortgage Borrower;

  
 (c) Mezzanine Borrower shall cause Mortgage Borrower to
deposit or cause to be deposited all Distributions into the Mezzanine Account as required by the Pledge and this Agreement or any other Mezzanine Loan Document; and 
  
 (d) so long as the Loan shall be outstanding, neither Mortgage Borrower, Mezzanine Borrower nor any other Person shall open
any other accounts with respect to the collection of rents, revenues, proceeds or other income from the Property or for the collection of Receipts in respect of Mortgage Borrower, any Senior Mezzanine Borrower’s, or Mezzanine Borrower, except
as provided in the Loan Agreement (Mortgage). 
  
 3.1.9 Account
Collateral (Fourth Mezzanine) and Remedies. 
  
 (a) Upon the
occurrence and during the continuance of an Event of Default, without additional notice from Mezzanine Lender to Mezzanine Borrower, (i) Mezzanine Lender may, in addition to and not in limitation of Mezzanine Lender’s other rights, make any and
all withdrawals from, and transfers between and among, the Collateral Accounts (Fourth Mezzanine) as Mezzanine Lender shall determine in its sole and absolute discretion to pay any Obligations, operating expenses and/or capital expenditures for the
Property; (ii) all Excess Cash Flow shall be retained in the Mezzanine Account or 

  

 51 

 
applicable Sub-Accounts, and (iii) all payments to the Mezzanine Borrower’s Account pursuant to Section 3.1.6 shall immediately cease.

  
 (b) Upon the occurrence and during the continuance of an Event
of Default, Mezzanine Borrower hereby irrevocably constitutes and appoints Mezzanine Lender as Mezzanine Borrower’s true and lawful attorney-in-fact, with full power of substitution, to execute, acknowledge and deliver any instruments and to
exercise and enforce every right, power, remedy, option and privilege of Mezzanine Borrower with respect to the Account Collateral (Fourth Mezzanine), and do in the name, place and stead of Mezzanine Borrower, all such acts, things and deeds for and
on behalf of and in the name of Mezzanine Borrower, which Mezzanine Borrower could or might do or which Mezzanine Lender may deem necessary or desirable to more fully vest in Mezzanine Lender the rights and remedies provided for herein and to
accomplish the purposes of this Agreement. The foregoing powers of attorney are irrevocable and coupled with an interest. Upon the occurrence and during the continuance of an Event of Default, Mezzanine Lender may perform or cause performance of any
such agreement, and any reasonable out of pocket expenses of Mezzanine Lender incurred in connection therewith shall be paid by Mezzanine Borrower as provided in Section 5.1.13. 
  
 (c) Mezzanine Borrower hereby expressly waives, to the fullest extent permitted by law, presentment, demand, protest or any
notice of any kind in connection with this Agreement or the Account Collateral (Fourth Mezzanine). Mezzanine Borrower acknowledges and agrees that ten (10) days’ prior written notice of the time and place of any public sale of the Account
Collateral (Fourth Mezzanine) or any other intended disposition thereof shall be reasonable and sufficient notice to Mezzanine Borrower within the meaning of the UCC. 
  
 3.1.10 Transfers and Other Liens. Mezzanine Borrower agrees that it will not (i) sell or otherwise dispose of any of
the Account Collateral (Fourth Mezzanine) or (ii) create or permit to exist any Lien upon or with respect to all or any of the Account Collateral (Fourth Mezzanine), except for the Lien granted to Mezzanine Lender under this Agreement. 

 
 3.1.11 Reasonable Care. Beyond the exercise of reasonable care in
the custody thereof, Mezzanine Lender shall have no duty as to any Account Collateral (Fourth Mezzanine) in its possession or control as agent therefor or bailee thereof or any income thereon or the preservation of rights against any person or
otherwise with respect thereto. Mezzanine Lender shall be deemed to have exercised reasonable care in the custody of the Account Collateral (Fourth Mezzanine) in its possession if the Account Collateral (Fourth Mezzanine) is accorded treatment
substantially equal to that which Mezzanine Lender accords its own property, it being understood that Mezzanine Lender shall not be liable or responsible for any loss or damage to any of the Account Collateral (Fourth Mezzanine), or for any
diminution in value thereof, by reason of the act or omission of Mezzanine Lender, its Affiliates, agents, employees or bailees, except to the extent that such loss or damage results from Mezzanine Lender’s gross negligence or willful
misconduct. In no event shall Mezzanine Lender be liable either directly or indirectly for losses or delays resulting from any event which may be the basis of an Excusable Delay, 

  

 52 

 
computer malfunctions, interruption of communication facilities, labor difficulties or other causes beyond Mezzanine Lender’s reasonable control or for
indirect, special or consequential damages except to the extent of Mezzanine Lender’s gross negligence or willful misconduct. Notwithstanding the foregoing, Mezzanine Borrower acknowledges and agrees that (i) Mezzanine Lender does not have
custody of the Account Collateral (Fourth Mezzanine), (ii) Cash Management Bank (Fourth Mezzanine) has custody of the Account Collateral (Fourth Mezzanine), (iii) the initial Cash Management Bank (Fourth Mezzanine) was chosen by Mezzanine Borrower
and (iv) Mezzanine Lender has no obligation or duty to supervise Cash Management Bank (Fourth Mezzanine) or to see to the safe custody of the Account Collateral (Fourth Mezzanine). 
  
 3.1.12 Mezzanine Lender’s Liability. 
  
 (a) Mezzanine Lender shall be responsible for the performance only of such duties with respect to the Account Collateral
(Fourth Mezzanine) as are specifically set forth in this Section 3.1 or elsewhere in the Mezzanine Loan Documents, and no other duty shall be implied from any provision hereof. Mezzanine Lender shall not be under any obligation or duty to
perform any act with respect to the Account Collateral (Fourth Mezzanine) which would cause it to incur any expense or liability or to institute or defend any suit in respect hereof, or to advance any of its own monies. Mezzanine Borrower shall
indemnify and hold Mezzanine Lender, its employees and officers harmless from and against any loss, cost or damage (including, without limitation, reasonable attorneys’ fees and disbursements) incurred by Mezzanine Lender in connection with the
transactions contemplated hereby with respect to the Account Collateral (Fourth Mezzanine) except as such may be caused by the gross negligence or willful misconduct of Mezzanine Lender, its employees, officers or agents. 
  
 (b) Mezzanine Lender shall be protected in acting upon any notice,
resolution, request, consent, order, certificate, report, opinion, bond or other paper, document or signature believed by it in good faith to be genuine, and, in so acting, it may be assumed that any person purporting to give any of the foregoing in
connection with the provisions hereof has been duly authorized to do so. Mezzanine Lender may consult with counsel, and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by
it hereunder and in good faith in accordance therewith. 
  
 3.1.13
Continuing Security Interest. This Agreement shall create a continuing security interest in the Account Collateral (Fourth Mezzanine) and shall remain in full force and effect until payment in full of the Indebtedness. Upon payment in full of
the Indebtedness, this security interest shall automatically terminate without further notice from any party and Mezzanine Borrower shall be entitled to the return, upon its request, of such of the Account Collateral (Fourth Mezzanine) as shall not
have been sold or otherwise applied pursuant to the terms hereof and Mezzanine Lender shall execute such instruments and documents as may be reasonably requested by Mezzanine Borrower to evidence such termination and the release of the Account
Collateral (Fourth Mezzanine). 
  

 53 

	IV.	REPRESENTATIONS AND WARRANTIES 

  
 4.1 Borrower Representations. Mezzanine Borrower represents and warrants as of the Closing Date that: 
  
 4.1.1 Organization. Each of Mortgage Borrower, Senior Mezzanine
Borrower, and Mezzanine Borrower is a limited liability company and has been duly organized and is validly existing and in good standing pursuant to the laws of the State of Delaware with requisite power and authority to own its properties and to
transact the businesses in which it is now engaged. Master Lessee is a corporation and has been duly organized and is validly existing and in good standing pursuant to the laws of the State of Delaware with requisite power and authority to own its
properties and to transact the businesses in which it is now engaged. Mortgage Borrower, each Senior Mezzanine Borrower, Mezzanine Borrower and Master Lessee have each duly qualified to do business and is in good standing in each jurisdiction where
it is required to be so qualified in connection with its properties, businesses and operations, or, in the case of qualifications in the various States (a) an application for such qualification has been duly filed with the applicable Governmental
Authority and all fees required in order to obtain such qualification have been paid in full, (b) all conditions to obtaining such qualification have been satisfied under applicable law and the issuance of such qualification is a ministerial act of
the applicable Governmental Authority, (c) Mortgage Borrower has agreed to so qualify and cause Master Lessee to qualify in accordance with a post-closing side letter entered into on the date hereof, and (d) no such failure to qualify would be
reasonably likely to have a Material Adverse Effect. Each of Mortgage Borrower, each Senior Mezzanine Borrower, Mezzanine Borrower, HoldCo, Master Lessee and Guarantor possesses all material rights, licenses, permits and authorizations, governmental
or otherwise, necessary to entitle it to own its properties and to transact the businesses in which it is now engaged, and the sole business of Mezzanine Borrower is the ownership of the Ownership Interests. The organizational structure of each
Borrower and Master Lessee is accurately depicted by the schematic diagram attached hereto as Exhibit J, and Mezzanine Borrower shall not change its name, identity, corporate form or jurisdiction of organization unless it shall have given
Mezzanine Lender thirty (30) days prior written notice of any such change and shall have taken all steps reasonably requested by Mezzanine Lender to grant, perfect, protect and/or preserve the liens and security interest granted to Mezzanine Lender
under the Mezzanine Loan Documents. 
  
 4.1.2 Proceedings.
Each of Mortgage Borrower, each Senior Mezzanine Borrower, Mezzanine Borrower, Guarantor and Master Lessee has full power to and has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other
Mezzanine Loan Documents to which it is a party. The Mezzanine Loan Documents which such Person is a party have been duly executed and delivered by, or on behalf of, Mortgage Borrower, each Senior Mezzanine Borrower, Mezzanine Borrower, Guarantor
and Master Lessee, as applicable, and constitute legal, valid and binding obligations of such Persons, as applicable, enforceable against such Persons, as applicable in accordance with their respective terms, subject only to applicable bankruptcy,
insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
  

 54 

 4.1.3 No Conflicts. The execution, delivery and performance of this Agreement and the other
Mezzanine Loan Documents by Mortgage Borrower, any Senior Mezzanine Borrower, Mezzanine Borrower, Guarantor and Master Lessee, as applicable, will not conflict with or result in a material breach of any of the terms or provisions of, or constitute a
material default under, or result in the creation or imposition of any lien, charge or encumbrance (other than pursuant to the Mezzanine Loan Documents) upon any of the property or assets of any such Person pursuant to the terms of any indenture,
mortgage, deed of trust, loan agreement, partnership agreement or other agreement or instrument to which any such Person is a party or by which any of such Person’s property or assets is subject (unless consents from all applicable parties
thereto have been obtained), except for any conflict that would not individually or in the aggregate reasonably be expected to result in a Material Adverse Effect, nor will such action result in any violation of the provisions of any statute or any
order, rule or regulation of any Governmental Authority, and any material consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by Mortgage
Borrower, any Senior Mezzanine Borrower, Mezzanine Borrower, Guarantor and Master Lessee of this Agreement, except for any violation that would not individually or in the aggregate reasonably be expected to result in a Material Adverse Effect, or
any other Mezzanine Loan Documents has been obtained and is in full force and effect. 
  
 4.1.4 Litigation. Except as set forth on Exhibit K attached hereto, there are no arbitration proceedings, governmental investigations, actions, suits or proceedings at law or in equity by or before any
Governmental Authority now pending or, to the best of Mezzanine Borrower’s knowledge, threatened against or affecting Mortgage Borrower, any Senior Mezzanine Borrower, Mezzanine Borrower, HoldCo, Guarantor, Master Lessee or any Individual
Property (other than claims (i) which are being covered by insurance, (ii) which are being defended by the relevant insurance company and (iii) as to which Mezzanine Borrower has not received a notice from such insurance company that the claim
exceeds the total amount of insurance coverage with respect to such claim; (B) which are covered by the self insurance limit permitted pursuant to the Mezzanine Loan Documents and Loan Documents (Mortgage) and are being diligently defended by
Mezzanine Borrower, Senior Mezzanine Borrower, Mortgage Borrower, HoldCo, Guarantor, or Master Lessee or their respective Affiliates; or (C) which relate to employment claims for which liability in the event such matter is adversely determined could
not reasonably be expected to exceed $1,000,000 or provided that none of such unscheduled claims could reasonably be expected to individually or in the aggregate to have in a Material Adverse Effect if adversely determined). The actions, suits or
proceedings identified on Exhibit K, if determined against Mortgage Borrower, any Senior Mezzanine Borrower, Mezzanine Borrower, Guarantor, Master Lessee or the Property, would not materially and adversely affect the condition (financial or
otherwise) or business of any such Person or the condition or operation of any Individual Property. 
  
 4.1.5 Agreements. Mezzanine Borrower is not a party to any agreement or instrument or subject to any restriction which is reasonably likely to
materially and adversely affect Mezzanine Borrower or Mezzanine Borrower’s business, properties or assets, operations or condition, financial or otherwise. Mezzanine Borrower is not in 

  

 55 

 
default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any material
agreement or instrument to which it is a party or by which Mezzanine Borrower or the Property is bound. Mezzanine Borrower has no material financial obligation (contingent or otherwise) under any indenture, mortgage, deed of trust, loan agreement or
other similar agreement or instrument to which Mezzanine Borrower is a party or by which Mezzanine Borrower or the Property is otherwise bound, other than (a) obligations constituting Permitted Debt (Fourth Mezzanine) which are incurred in the
ordinary course of the ownership and operation of the Property and (b) obligations under the Mezzanine Loan Documents. 
  
 4.1.6 Title to Assets. 
  
 (a) Mezzanine Borrower owns all of the Collateral as of the date hereof, subject to no rights of others, including any mortgages, leases, conditional
sales agreements, title retention agreements, liens or other encumbrances, except for the Permitted Encumbrances and other Liens permitted hereunder. 
  
 (b) Mortgage Borrower has good, marketable and insurable fee simple title to the Land and the Improvements relating to the Properties, in each case free
and clear of all Liens whatsoever except the Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. Borrower has good and marketable title to the remainder of the
Property (excluding the Excluded Personal Property), free and clear of all Liens whatsoever except the Permitted Encumbrances. The Security Instrument, when properly recorded in the appropriate records, together with any Uniform Commercial Code
financing statements required to be filed in connection therewith, will create (i) a valid, perfected first mortgage lien on the Land and the Improvements or the leasehold estate therein, as applicable, subject only to Permitted Encumbrances and
(ii) perfected security interests in and to, and perfected collateral assignments of, all personality other than the Excluded Personal Property (including the Subleases) or any leases of equipment from third parties, all in accordance with the terms
thereof, in each case subject only to any applicable Permitted Encumbrances. There are no claims for payment for work, labor or materials affecting the Property which are or may become a lien prior to, or of equal priority with, the Liens created by
the Loan Documents (Mortgage) other than the Permitted Encumbrances. Borrower represents and warrants that none of the Permitted Encumbrances would individually or in the aggregate reasonably be expected to result in a Material Adverse Effect as of
the Closing Date and thereafter. Mezzanine Borrower shall cause Mortgage Borrower to preserve its right, title and interest in and to the Property for so long as the Mezzanine Note and Mortgage Note remain outstanding and will warrant and defend
same and the validity and priority of the Lien hereof from and against any and all claims whatsoever other than the Permitted Encumbrances. 
  

 56 

 (c) with respect to any Individual Property for which no current survey has been prepared in connection
with this transaction, to the actual knowledge of Mezzanine Borrower: 
  
 (i) there are no title defects that would be disclosed by an accurate survey as of this date that would interfere with the continued use and operation of such Individual Property as used as of this date, and

  
 (ii) the Improvements and parking at such
Individual Property and purported to be owned by Mortgage Borrower and appraised pursuant to the Appraisal are wholly located on the Land related to such Individual Property. 
  
 (d) with respect to any parcel of land burdened by an REA, (1) the appurtenant rights purported to be granted pursuant to
such REA to benefit the Individual Property are not subject to any title defect and (2) there are no liens or encumbrances affecting such burdened parcel that, in either case, would interfere with the continued use and operation of such Individual
Property or such appurtenant rights as used as of the date of this Agreement. 
  
 4.1.7 No Bankruptcy Filing. None of Mortgage Borrower, any Senior Mezzanine Borrower, Mezzanine Borrower, Guarantor or Master Lessee is contemplating either the filing of a petition by it under any state or
federal bankruptcy or insolvency laws or the liquidation of all or a major portion of such entity’s assets or property, and Mezzanine Borrower has no knowledge of any Person contemplating the filing of any such petition against it or against
Mortgage Borrower, any Senior Mezzanine Borrower, Mezzanine Borrower, Guarantor or Master Lessee. 
  
 4.1.8 Full and Accurate Disclosure. To Mezzanine Borrower’s knowledge no statement of material fact made by Mezzanine Borrower in this
Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not materially misleading as of the date made which in any
case could reasonably be expected to have a Material Adverse Effect. There is no fact presently known to Mezzanine Borrower which has not been disclosed which could reasonably be expected to have a Material Adverse Effect. 
  
 4.1.9 Ownership Interests. The Ownership Interests constitute
all of the Ownership Interests currently owned by Mezzanine Borrower. 
  
 4.1.10 No Plan Assets. 
  
 (a) Mezzanine Borrower
does not maintain an employee benefit plan as defined by Section 3(3) of ERISA, which is subject to Title IV of ERISA and Mezzanine Borrower (i) has no knowledge of any material liability which has been incurred or is expected to be incurred by
Mezzanine Borrower which is or remains unsatisfied for any taxes or penalties with respect to any “employee benefit plan,” within the meaning of Section 3(3) of ERISA, or any “plan,” within the meaning of Section 4975(e)(1) of
the Internal Revenue Code or any other benefit plan (other than a multiemployer plan) maintained, contributed to, or required to be contributed to by Mezzanine Borrower or by any entity that is under common control with Mezzanine Borrower within the
meaning of 

  

 57 

 
ERISA Section 4001(a)(14) (a “Plan”) or any plan that would be a Plan but for the fact that it is a multiemployer plan within the meaning of ERISA
Section 3(37); and (ii) has made and shall continue to make when due all required contributions to all such Plans, if any. Each such Plan has been and will be administered in material compliance with its terms and the applicable provisions of ERISA,
the Internal Revenue Code, and any other applicable federal or state law; and no action shall be taken or fail to be taken that would result in the disqualification or loss of tax-exempt status of any such Plan intended to be qualified and/or tax
exempt; and 
  
 (b) None of Mortgage Borrower, any Senior
Mezzanine Borrower, or Mezzanine Borrower is an employee benefit plan, as defined in Section 3(3) of ERISA, subject to Title I of ERISA, none of the assets of Mortgage Borrower, any Senior Mezzanine Borrower, or Mezzanine Borrower constitutes or
will constitute plan assets of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101 and Mortgage Borrower, any Senior Mezzanine Borrower, or Mezzanine Borrower is not a governmental plan within the meaning of Section 3(32) of
ERISA and transactions by or with Mortgage Borrower, any Senior Mezzanine Borrower, or Mezzanine Borrower are not subject to state statutes regulating investment of, and fiduciary obligations with respect to, governmental plans similar to the
provisions of Section 406 of ERISA or Section 4975 of the Code currently in effect, which prohibit or otherwise restrict the transactions contemplated by this Agreement. 
  
 4.1.11 Compliance. Mortgage Borrower, each Senior Mezzanine Borrower, Mezzanine Borrower, and the Property and the
use thereof comply in all material respects with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes (except for any non-compliance that individually or in the aggregate would not reasonably be
expected to result in a Material Adverse Effect). To the best of Mezzanine Borrower’s knowledge, none of Mortgage Borrower, any Senior Mezzanine Borrower, or Mezzanine Borrower is in default or in violation of any order, writ, injunction,
decree or demand of any Governmental Authority. To the best of Mezzanine Borrower’s knowledge, there has not been committed by any Senior Mezzanine Borrower, Mezzanine Borrower or Mortgage Borrower any act or omission affording the federal
government or any other Governmental Authority the right of forfeiture as against the Property, the Collateral or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents.

  
 4.1.12 Financial Information. The information set forth
in the certificate of Mezzanine Borrower regarding financial information dated of even date herewith (i) is true, complete and correct in all material respects and (ii) fairly represent the financial condition of the Property as of the Closing Date.
Neither Mortgage Borrower, any Senior Mezzanine Borrower, nor Mezzanine Borrower has any material contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable
commitments that are known to Mezzanine Borrower and could reasonably be expected to have a Material Adverse Effect. 
  

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 4.1.13 Absence of UCC Financing Statements, Etc. Except with respect to the Permitted
Encumbrances, the Loan Documents (Mortgage), the Senior Mezzanine Loan Documents, and the Mezzanine Loan Documents, there is no financing statement, security agreement, chattel mortgage, real estate mortgage or other document filed or recorded with
any 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 the interest in the Property or any of the Collateral.

  
 4.1.14 Federal Reserve Regulations. None of the
proceeds of the Loan will be used for the purpose of purchasing or carrying any “margin stock” as defined in Regulation U, Regulation X or Regulation T or for the purpose of reducing or retiring any Indebtedness which was originally
incurred to purchase or carry “margin stock” or for any other purpose which might constitute this transaction a “purpose credit” within the meaning of Regulation U or Regulation X, which in any such case would cause the Mezzanine
Loan, the Mezzanine Borrower, or the Mezzanine Lender to be in violation of Regulation U. As of the Closing Date, Mezzanine Borrower does not own any “margin stock.” 
  
 4.1.15 Setoff, Etc. The Collateral and the rights of Mezzanine Lender with respect to the Collateral are not subject
to any setoff, claims, withholdings or other defenses. 
  
 4.1.16
Not a Foreign Person. None of Mezzanine Borrower, any Senior Mezzanine Borrower or Mortgage Borrower is a foreign person within the meaning of § 1445(f)(3) of the Code. 
  
 4.1.17 Enforceability. This Agreement and the other Mezzanine Loan Documents are the legal, valid and binding
obligations of Mezzanine Borrower, enforceable against Mezzanine Borrower in accordance with their terms, subject only to applicable bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or similar laws from time to time in effect
affecting creditor’s rights. 
  
 4.1.18 Subdivision.
The Individual Properties located in Florida, New York, Oregon and Texas comply in all material respects with all applicable subdivision laws, ordinances and regulations. 
  
 4.1.19 Insurance. Mezzanine Borrower has obtained and has delivered to Mezzanine Lender certified copies or originals
of all insurance policies required under this Agreement, reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. Mezzanine Borrower has not and to the best of Mezzanine Borrower’s knowledge no Person has,
done by act or omission anything which would impair the coverage of any such policy. 
  
 4.1.20 Physical Condition. To the best of Mezzanine Borrower’s knowledge, the Property, including, without limitation, all buildings, Improvements, parking facilities, sidewalks, storm drainage systems,
roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, 

  

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landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; to the best of Mezzanine
Borrower’s knowledge, there exists no structural or other material defects or damages in or to the Property, whether latent or otherwise, and Mezzanine Borrower has not received any written notice from any insurance company or bonding company
of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of
any policy of insurance or bond. 
  
 4.1.21 Subleases. The
Property is not subject to any leases other than the Master Lease and the Subleases (as defined in the Loan Agreement (Mortgage) set forth on Schedule I attached hereto). No Person has any possessory interest in the Property or right to
occupy the same except under and pursuant to the provisions of the Master Lease, the Subleases and the REAs. The current Subleases are in full force and effect and to Mezzanine Borrower’s knowledge, there are no material defaults thereunder by
either party (other than as expressly disclosed in the Loan Agreement (Mortgage), Schedule I or in the Tenant estoppel certificates delivered to Mezzanine Lender in connection with the closing of the Loan). Except as set forth in the Loan Agreement
(Mortgage), no rent has been paid more than one (1) month in advance of its due date, except as disclosed in the Tenant estoppel certificates delivered to Mezzanine Lender in connection with the closing of the Loan or as set forth in the Loan
Agreement (Mortgage) on Schedule I. There has been no prior sale, transfer or assignment, hypothecation or pledge by Mortgage Borrower or Master Lessee of the Master Lease or any Sublease or of the Rents received therein, which will be
outstanding following the funding of the Loan, other than those being assigned to Mortgage Lender concurrently herewith. 
  
 4.1.22 Single Purpose Entity/Separateness. 
  
 (a) Until the Indebtedness has been paid in full, Mezzanine Borrower hereby represents, warrants and covenants that Mezzanine Borrower, Mortgage Borrower
and each SPE Entity is, shall be, and shall continue to be, a Single Purpose Entity. 
  
 (b) All of the assumptions made in the Non-Consolidation Opinion, including, but not limited to, any exhibits attached thereto, are true and correct in all material respects and any assumptions made in any subsequent
non-consolidation opinion delivered in connection with the Mezzanine Loan Documents (an “Additional Non-Consolidation Opinion”), including, but not limited to, any exhibits attached thereto, will have been and shall be true and
correct in all material respects. Mezzanine Borrower, Mortgage Borrower and each SPE Entity have complied and will comply in all material respects with all of the assumptions made with respect to it in the Non-Consolidation Opinion in all material
respects. Mezzanine Borrower, Mortgage Borrower and each SPE Entity will have complied and will comply with all of the assumptions made with respect to it in any Additional Non-Consolidation Opinion. Each entity other than Mortgage Borrower with
respect to which an assumption shall be made in any Additional Non-Consolidation Opinion will have complied and will comply in all material respects with all of the assumptions made with respect to it in any Additional Non-Consolidation Opinion.

  

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 4.1.23 Subsidiaries. Mezzanine Borrower has no subsidiaries other than Mortgage Borrower and each
Senior Mezzanine Borrower. 
  
 (a) All of the assumptions made in
the True Lease Opinion, including, but not limited to, any exhibits attached thereto, are true and correct in all material respects. 
  
 (b) All of the assumptions made in the Solvency Opinion, including, but not limited to, any exhibits attached thereto, are true and correct in all
respects. Mortgage Borrower, Mezzanine Borrower, each Senior Mezzanine Borrower, and Master Lessee have complied and will comply with all of the assumptions made with respect to it in the Solvency Opinion. 
  
 4.1.24 Tax Filings. Mezzanine Borrower has filed (or has obtained
effective extensions for filing) all federal, state and local tax returns required to be filed and has paid or made adequate provision for the payment of all federal, state and local taxes, charges and assessments payable by Mezzanine Borrower.

  
 4.1.25 Solvency/Fraudulent Conveyance. Mezzanine
Borrower (a) has not entered into the transaction contemplated by this Agreement or any Mezzanine Loan Document with the actual intent to hinder, delay, or defraud any creditor and (b) has received reasonably equivalent value in exchange for its
obligations under the Mezzanine Loan Documents. After giving effect to the Loan, the fair saleable value of Mezzanine Borrower’s assets exceeds and will, immediately following the making of the Loan, exceed Mezzanine Borrower’s total
liabilities, including, without limitation, subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value of Mezzanine Borrower’s assets is and will, immediately following the making of the Loan, be greater than
Mezzanine Borrower’s probable liabilities, including the maximum amount of its contingent liabilities on its Debts as such Debts become absolute and matured, Mezzanine Borrower’s assets do not and, immediately following the making of the
Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Mezzanine Borrower does not intend to, and does not believe that it will, incur Debt and liabilities (including contingent
liabilities and other commitments) beyond its ability to pay such Debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by Mezzanine Borrower and the amounts to be payable on or in respect of
obligations of Mezzanine Borrower). 
  
 4.1.26 Investment
Company Act. Mezzanine Borrower is not (a) an investment company or a company Controlled by an investment company, within the meaning of the Investment Company Act of 1940, as amended, (b) a holding company or a subsidiary company of a holding
company or an affiliate of either a holding company or a subsidiary company within the mean of the Public Utility Holding Company Act of 1935, as amended or (c) subject to any other federal or state law or regulation which purports to restrict or
regulate its ability to borrow money. 
  
 4.1.27 Interest Rate
Cap Agreement. A complete and correct copy of the Interest Rate Cap Agreement (Fourth Mezzanine) is attached hereto as Exhibit L. The Interest Rate Cap Agreement (Fourth Mezzanine) is in full force and effect and enforceable 

  

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against Mezzanine Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency or similar laws generally affecting the enforcement of
creditors’ rights and subject as to enforceability to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
  
 4.1.28 Brokers. Neither Mezzanine Borrower nor Mezzanine Lender has dealt with any broker or finder with respect to
the transactions contemplated by the Mezzanine Loan Documents (except that Credit Suisse First Boston acted in connection with certain of the Contemplated Transactions and is either not owed a fee in connection with the Loan or any such fee shall be
paid by Borrower) neither party has done any acts, had any negotiations or conversations, or made any agreements or promises which will in any way create or give rise to any obligation or liability for the payment by either party of any brokerage
fee, charge, commission or other compensation to any Person with respect to the transactions contemplated by the Mezzanine Loan Documents. Mezzanine Borrower and Mezzanine Lender shall each indemnify and hold harmless the other from and against any
loss, liability, cost or expense, including any judgments, attorneys’ fees, or costs of appeal, incurred by the other party and arising out of or relating to any breach or default by the indemnifying party of its representations, warranties
and/or agreements set forth in this Section 4.1.28. The provisions of this Section 4.1.28 shall survive the expiration and termination of this Agreement and the payment of the Indebtedness. 
  
 4.1.29 No Other Debt. Mezzanine Borrower has not borrowed or received
debt financing that has not been heretofore repaid in full, other than the Permitted Debt (Fourth Mezzanine). 
  
 4.1.30 Taxpayer Identification Number. Mezzanine Borrower’s Federal taxpayer identification number is 37-[1512913]. 
  
 4.1.31 Merger Agreement. Mezzanine Borrower has delivered to Mezzanine
Lender true complete and correct copies of the Merger Agreement and all deliveries made by any party thereto or any of their respective Affiliates. 
  
 4.1.32 Representations and Warranties in the Loan Documents (Mortgage). 
  
 Mezzanine Borrower hereby represents and warrants that each of the representations and warranties contained in the Loan
Documents (Mortgage) (which are hereby incorporated by reference as if fully set forth herein) is true and correct in all material respects, as of the Closing Date and to the best of its knowledge, after reasonable inquiry, there is no Mortgage
Event of Default thereunder. 
  
 4.2 Survival of
Representations. Mezzanine Borrower agrees that all of the representations and warranties of Mezzanine Borrower set forth in Section 4.1 and elsewhere in this Agreement and in the other Mezzanine Loan Documents shall be deemed given and
made as of the date hereof and survive for so long as any amount remains owing to Mezzanine Lender under this Agreement or any of the other Mezzanine Loan Documents by Mezzanine Borrower or Guarantor unless a longer survival period is expressly
stated in a Mezzanine Loan Document with respect to a specific representation 

  

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or warranty, in which case, for such longer period. Notwithstanding the foregoing, the representations and warranties set forth in Section 4.1.6(c) and
(d) shall survive until repayment of the Indebtedness in full without regard to extinguishment thereof by reason of bankruptcy, anti-deficiency and or other similar laws relating to enforcement actions. All representations, warranties, covenants
and agreements made in this Agreement or in the other Mezzanine Loan Documents by Mezzanine Borrower shall be deemed to have been relied upon by Mezzanine Lender notwithstanding any investigation heretofore or hereafter made by Mezzanine Lender or
on its behalf. 
  
 4.3 Mezzanine Borrower’s Knowledge.
Whenever a representation or warranty is made “to Mezzanine Borrower’s knowledge,” or a term of similar import, such term shall mean the actual knowledge of Mezzanine Borrower or Master Lessee, as applicable, or their respective
officers or directors who would be likely to have actual knowledge of the relevant subject matter. 
  

	V.	MEZZANINE BORROWER COVENANTS 

  
 5.1 Affirmative Covenants. From the Closing Date and until payment and performance in full of all obligations of Mezzanine Borrower under the
Mezzanine Loan Documents, Mezzanine Borrower (as to itself, each Senior Mezzanine Borrower, Mortgage Borrower and the Property) hereby covenants and agrees with Mezzanine Lender that: 
  
 5.1.1 Performance by Mezzanine Borrower. 
  
 (a) Mezzanine Borrower shall in a timely manner observe, perform and fulfill in all material respects each and every
covenant, term and provision of each Mezzanine Loan Document executed and delivered by, or applicable to, Mezzanine Borrower and shall not enter into or otherwise suffer or permit any amendment, waiver, supplement, termination or other modification
of any Mezzanine Loan Document executed and delivered by, or applicable to, Mezzanine Borrower, as applicable, without the prior written consent of Mezzanine Lender. 
  
 (b) Mezzanine Borrower shall cause each Senior Mezzanine Borrower and Mortgage Borrower in a timely manner to observe,
perform and fulfill each and every covenant, term and provision of each Senior Mezzanine Loan Document or Loan Document (Mortgage) executed and delivered by, or applicable to, each Senior Mezzanine Borrower or Mortgage Borrower. Mezzanine Borrower
shall not suffer or permit any Senior Mezzanine Borrower or Mortgage Borrower to enter into any amendment, waiver, supplement, termination or other modification of any Senior Mezzanine Loan Document or Loan Document (Mortgage) executed and delivered
by, or applicable to, any Senior Mezzanine Borrower or Mortgage Borrower without the prior written consent of Mezzanine Lender. 
  
 5.1.2 Existence; Compliance with Legal Requirements; Insurance. Subject to Mortgage Borrower’s right of contest pursuant to Section 7.3
of the Loan Agreement (Mortgage), Mezzanine Borrower shall at all times comply and cause the Mortgage 

  

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Borrower and the Property to be in compliance in all material respects with all Legal Requirements applicable to the Mezzanine Borrower, any Senior Mezzanine
Borrower, Mortgage Borrower, any SPE Entity and the Property and the uses permitted upon the Property. Mezzanine Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights,
licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed by Mezzanine Borrower, and Mezzanine Borrower shall not knowingly permit Mortgage Borrower, any Senior
Mezzanine Borrower, or any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of forfeiture as against the
Property or any part thereof or any monies paid in performance of Mezzanine Borrower’s obligations under any of the Mezzanine Loan Documents. Mezzanine Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any
act or omission affording such right of forfeiture. Mezzanine Borrower shall at all times maintain, preserve and protect (and shall cause Mortgage Borrower to at all times maintain, preserve and protect) all franchises and trade names where the
failure to so preserve and protect would be reasonably likely to have a Material Adverse Effect, and preserve all the remainder of its property used in and necessary for the conduct of its business and shall keep the Property (or shall cause
Mortgage Borrower to keep the Property) in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto as required by the Loan
Agreement (Mortgage). Mezzanine Borrower shall keep or shall cause each Senior Mezzanine Borrower and Mortgage Borrower to keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance,
as is more fully set forth in this Agreement and the Loan Agreement (Mortgage). 
  
 5.1.3 Litigation. Mezzanine Borrower shall give prompt written notice to Mezzanine Lender of any litigation or governmental proceedings pending or threatened in writing against Mezzanine Borrower, any Senior
Mezzanine Borrower, Mortgage Borrower, the Collateral or the Property which, if determined adversely to such party, the Collateral or the Property would reasonably be expected to have a Material Adverse Effect. 
  
 5.1.4 Single Purpose Entity. Each of Mezzanine Borrower and each SPE
Entity has been since the date of its formation and shall remain a Single Purpose Entity. 
  
 (a) Each of Mezzanine Borrower and each SPE Entity shall continue to maintain its own deposit account or accounts, separate from those of any Affiliate, with commercial banking institutions. None of the funds of
Mezzanine Borrower or any SPE Entity will be diverted to any other Person or for other than business uses of Mezzanine Borrower or any SPE Entity, as applicable, nor (ii) will such funds be commingled with the funds of any other Affiliate.

  
 (b) To the extent that Mezzanine Borrower or any SPE Entity
shares the same officers or other employees as Mezzanine Borrower, any SPE Entity or their Affiliates, the salaries of and the expenses related to providing benefits to such officers and other 

  

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employees shall be fairly allocated among such entities, and each such entity shall bear its fair share of the salary and benefit costs associated with all
such common officers and employees. 
  
 (c) To the extent that any
Mezzanine Borrower or any SPE Entity jointly contracts with any other Mezzanine Borrower, any SPE Entity or either of their Affiliates, as applicable, to do business with vendors or service providers or to share overhead expenses, the costs incurred
in so doing shall be allocated fairly among such entities, and each such entity shall bear its fair share of such costs. To the extent that Mezzanine Borrower or any SPE Entity contracts or does business with vendors or service providers where the
goods and services provided are partially for the benefit of any other Person, the costs incurred in so doing shall be fairly allocated to or among such entities for whose benefit the goods and services are provided, and each such entity shall bear
its fair share of such costs. All material transactions between (or among) Mezzanine Borrower, any SPE Entity and/or any of their respective Affiliates shall be conducted on substantially the same terms (or on more favorable terms for Mezzanine
Borrower or such SPE Entity, as applicable) as would be conducted with third parties. 
  
 (d) To the extent that Mezzanine Borrower, any SPE Entity or any of their Affiliates have offices in the same location, there shall be a fair and appropriate allocation of overhead costs among them, and each such
entity shall bear its fair share of such expenses. 
  
 (e)
Mezzanine Borrower and each SPE Entity shall conduct its affairs strictly in accordance with its organizational documents, and observe all necessary, appropriate and customary corporate, limited liability company or partnership formalities, as
applicable, including, but not limited to, obtaining any and all members’ consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, without limitation, payroll
and intercompany transaction accounts. 
  
 (f) In addition,
Mezzanine Borrower and each SPE Entity shall each: (i) maintain books and records separate from those of any other Person; (ii) maintain its assets in such a manner that it is not more costly or difficult to segregate, identify or ascertain such
assets; (iii) hold regular meetings of its board of directors, shareholders, partners or members, as the case may be, and observe all other corporate, partnership or limited liability company, as the case may be, formalities; (iv) hold itself out to
creditors and the public as a legal entity separate and distinct from any other entity; (v) prepare separate tax returns (unless part of a consolidated group) and financial statements (unless part of a consolidated group), or if part of a
consolidated group, it will be shown as a separate member of such group or such consolidated tax returns or financial statements will contain a note indicating that it and its Affiliate are separate legal entities and maintain records, books of
account and accounts separate and apart from any other Person; (vi) transact all business with its Affiliates on an arm’s-length basis and pursuant to enforceable agreements; (vii) conduct business in its name and use separate stationery,
invoices and checks; (viii) not commingle its assets or funds with those of any other 

  

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Person; and (ix) not assume, guarantee or pay the debts or obligations of any other Person. 
  
 5.1.5 Consents. If Mezzanine Borrower, or any SPE Entity is a corporation, the board of directors of such Person may
not take any action requiring the unanimous affirmative vote of 100% of the members of the board of directors unless all of the directors, including the Independent Directors, shall have participated in such vote. If Mezzanine Borrower or any SPE
Entity is a limited liability company, (a) if such Person is managed by a board of managers, the board of managers of such Person may not take any action requiring the unanimous affirmative vote of 100% of the members of the board of managers unless
all of the managers, including the Independent Managers, shall have participated in such vote, (b) if such Person is not managed by a board of managers, the members of such Person may not take any action requiring the affirmative vote of 100% of the
members of such Person unless all of the members, including the Independent Members, shall have participated in such vote. An affirmative vote of 100% of the directors, board of managers or members, as applicable, Mezzanine Borrower and any SPE
Entity shall be required to (i) file a bankruptcy or insolvency petition or otherwise institute insolvency proceedings or to authorize Mezzanine Borrower or any SPE Entity to do so or (ii) file an involuntary bankruptcy petition against any
Affiliate. Furthermore, Mezzanine Borrower’s and each SPE Entity’s formation documents shall expressly state that for so long as the Loan is outstanding, neither Mezzanine Borrower nor any SPE Entity shall be permitted to (i) dissolve,
liquidate, consolidate, merge or sell all or substantially all of Mezzanine Borrower’s, any Senior Mezzanine Borrower’s, Mortgage Borrower’s, or any SPE Entity’s assets other than in connection with the repayment of the Loan or
(ii) engage in any other business activity and such restrictions shall not be modified or violated for so long as the Loan is outstanding. 
  
 5.1.6 Notice of Default. Mezzanine Borrower shall promptly advise Mezzanine Lender (a) of any event or condition that has or is likely to have a
Material Adverse Effect and (b) of the occurrence of any Event of Default of which Mezzanine Borrower has knowledge. 
  
 5.1.7 Cooperate in Legal Proceedings. Mezzanine Borrower shall, and shall cause each Senior Mezzanine Borrower and Mortgage Borrower to) cooperate
fully with Mezzanine Lender with respect to any proceedings before any court, board or other Governmental Authority which would reasonably be expected to affect in any material adverse way the rights of Mezzanine Lender hereunder or under any of the
other Mezzanine Loan Documents and, in connection therewith, permit Mezzanine Lender, at its election, to participate in any such proceedings which may have a Material Adverse Effect. 
  
 5.1.8 Perform Mezzanine Loan Documents. Mezzanine Borrower shall observe, perform and satisfy all the terms,
provisions, covenants and conditions of, and shall pay when due all costs, fees and expenses to the extent required, under the Mezzanine Loan Documents executed and delivered by, or applicable to, Mezzanine Borrower. 
  

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 5.1.9 Further Assurances; Separate Notes. (a) Mezzanine Borrower shall execute and acknowledge (or
cause to be executed and acknowledged) and deliver to Mezzanine Lender all documents, and take all actions, reasonably required by Mezzanine Lender from time to time to confirm the rights created or now or hereafter intended to be created under this
Agreement and the other Mezzanine Loan Documents and any security interest created or purported to be created thereunder, to protect and further the validity, priority and enforceability of this Agreement and the other Mezzanine Loan Documents, to
subject to the Mezzanine Loan Documents any property of Mezzanine Borrower intended by the terms of any one or more of the Mezzanine Loan Documents to be encumbered by the Mezzanine Loan Documents, or otherwise carry out the purposes of the
Mezzanine Loan Documents and the transactions contemplated thereunder. Mezzanine Borrower agrees that it shall, upon request, reasonably cooperate with Mezzanine Lender in connection with any request by Mezzanine Lender to sever one or more of the
Mezzanine Notes into two (2) or more separate substitute notes in an aggregate principal amount equal to the Principal Amount and to reapportion the Loan among such separate substitute notes, including, without limitation, by executing and
delivering to Mezzanine Lender new substitute notes to replace the Mezzanine Note, amendments to or replacements of existing Mezzanine Loan Documents to reflect such severance and/or Opinions of Counsel with respect to such substitute notes,
amendments and/or replacements, provided that Mezzanine Borrower shall bear no costs or expenses in connection therewith (other than internal administrative costs and expenses of Mezzanine Borrower). Any such substitute notes may have varying
principal amounts and economic terms, provided, however, that (i) the maturity date of any such substitute note shall be the same as the scheduled Maturity Date of the Mezzanine Note immediately prior to the issuance of such substitute notes, (ii)
the initial weighted average LIBOR Margin for the term of the substitute notes shall not exceed the LIBOR Margin under the Mezzanine Note being substituted immediately prior to the issuance of such substitute notes; and (iii) the economics of the
Loan, shall not change in a manner which is adverse to Mezzanine Borrower. Upon the occurrence and during the continuance of an Event of Default, Mezzanine Lender may apply payment of all sums due under such substitute notes in such order and
priority as Mezzanine Lender shall elect in its sole and absolute discretion. 
  
 (b) It is acknowledged that the entering of the Loan, the Mortgage Loan, and each Senior Mezzanine Loan concurrently is beneficial to Mezzanine Borrower, Mortgage Borrower and each Senior Mezzanine Borrower, and
accordingly, Mezzanine Borrower further agrees that if, in connection with the Securitization, it is determined by the Rating Agencies that a portion of the Securitization would not receive an “investment grade” rating unless the principal
amount of the Mortgage Loan were to be decreased and, as a result, the principal amount of the Mortgage Loan is decreased, then (i) the Mezzanine Borrower shall cooperate (and cause each Senior Mezzanine Borrower and Mortgage Borrower to cooperate)
with Lender’s “resizing” of the Loan and the Mezzanine Loan and (ii) Lender shall on the date of the “resizing” of the Loan lend to the Mezzanine Borrower (by way of a reallocation of the principal amount of the Mortgage
Loan and the Loan) such additional amount equal to the amount of the principal reduction of the Mortgage Loan provided that each Borrower execute and deliver any and all necessary amendments or modifications to the Loan Documents (Mortgage),
Mezzanine 

  

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Loan Documents, or Senior Mezzanine Loan Documents, as applicable. In addition, Mezzanine Borrower and Mezzanine Lender agree that if, in connection with the
Securitization, it is determined by the Rating Agencies that, if the principal amount of the Loan were to be decreased and, as a result the principal amount of the Mortgage Loan were increased, more “investment grade” rated securities
could be issued, then (i) if “resizing” to decrease the size of the Mezzanine Loan and increase the size of the Mortgage Loan is provided for in the Mezzanine Loan Documents, Mezzanine Borrower shall cooperate (and cause each Senior
Mezzanine Borrower and Mortgage Borrower to cooperate) with Lender’s “resizing” of the Loan, the Mezzanine Loan, and any Senior Mezzanine Loan, and (ii) Lender shall on the date of the “resizing” of the Loan lend to the
Mortgage Borrower (by way of a reallocation of the principal amount of the Loan and the Mezzanine Loan) an additional amount equal to the amount of principal reduction of the Loan, provided that Mortgage Borrower, Mezzanine Borrower, and each Senior
Mezzanine Borrower executes and delivers any and all necessary modifications to the Loan Documents (Mortgage) and Mezzanine Loan Documents. In connection with the foregoing, Mezzanine Borrower agrees, at Mezzanine Lender’s sole cost and
expense, to execute and deliver such documents and other agreements reasonably required by Mortgage Lender and/or Mezzanine Lender to “re-size” the Loan and the Mortgage Loan, including, without limitation, an amendment to this Agreement,
the Mezzanine Note, the Pledge and the other Loan Documents (Mortgage) and, if the principal amount of the Mortgage Loan is increased, a fully paid endorsement to the Title Policy reflecting an increase in the insured amount thereunder.
Notwithstanding the foregoing, Mezzanine Lender agrees that any “resizing” of the Mortgage Loan and the Loan shall not change the economics of the Mortgage Loan and the Mezzanine Loan shall not change the economics of the Loan and the
Mezzanine Loan taken as a whole in a manner which is adverse to Borrower and no amendment of any of the Loan Documents (Mezzanine) in connection with such “resizing” shall (taken as a whole with the Loan Documents (Mortgage)) increase in
any material respect the obligations or liabilities of, or decrease the rights of, Mezzanine Borrower other than to a de minimis extent. Mezzanine Borrower shall cause Mortgage Borrower to pay the title charges and the mortgage and mortgage
recording taxes resulting only from the first “resizing” of the Mortgage Loan and Mezzanine Loan, with such charges and taxes being the responsibility of Mortgage Lender in connection with any subsequent “resizings” of the Loan.

  
 5.1.10 Business and Operations. Mezzanine Borrower
shall continue to and shall cause each Senior Mezzanine Borrower and Mortgage Borrower to continue to engage in the businesses presently conducted by each of them as and to the extent the same are necessary for the ownership, maintenance, management
and operation of the Property and the Collateral, as applicable. Mezzanine Borrower shall and shall cause each Senior Mezzanine Borrower and Mortgage Borrower to, qualify to do business and shall remain in good standing under the laws of all
applicable jurisdictions as and to the extent required for the Mortgage Borrower’s ownership, maintenance, management and operation of the Property and, as applicable, the Mezzanine Borrower’s ownership of the Collateral. 
  
 5.1.11 Title to the Collateral. Mezzanine Borrower shall warrant and
defend (a) its title to the Collateral and every part thereof, subject to the Liens permitted 

  

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hereunder (including Permitted Encumbrances) and (b) the validity and priority of the Lien of the Pledge and this Agreement on the Collateral, subject to the
Liens permitted hereunder (including Permitted Encumbrances), in each case against the claims of all Persons whomsoever. Mezzanine Borrower shall reimburse Mezzanine Lender for any losses, costs, damages or expenses (including reasonable
attorneys’ fees and court costs) incurred by Mezzanine Lender if an interest in the Collateral is claimed by another Person. 
  
 5.1.12 Costs of Enforcement. In the event (a) that this Agreement or the Pledge is foreclosed upon in whole or in part or that by reason of
Mezzanine Borrower’s default hereunder this Agreement or the Pledge is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any security agreement prior to or subsequent to this Agreement or
the Pledge in which proceeding Mezzanine Lender is made a party, or (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Mezzanine Borrower or any of its constituent Persons or an assignment by Mezzanine
Borrower or any of its constituent Persons for the benefit of its creditors, Mezzanine Borrower, its successors or assigns, shall be chargeable with and agrees to pay all reasonable out-of-pocket costs of collection and defense, including reasonable
attorneys’ fees and costs, incurred by Mezzanine Lender or Mezzanine Borrower in connection therewith and in connection with any appellate proceeding or post-judgment action involved therein, together with all required service or use taxes.

  
 5.1.13 Estoppel Statements. Mezzanine Borrower shall,
from time to time, upon thirty (30) days’ prior written request from Mezzanine Lender, execute, acknowledge and deliver to the Mezzanine Lender (and shall cause each Senior Mezzanine Borrower and Mortgage Borrower to execute, acknowledge and
deliver to Mezzanine Lender), an Officer’s Certificate, stating that this Agreement and the other Mezzanine Loan Documents (or as applicable, the Senior Mezzanine Loan Documents and the Loan Documents (Mortgage)) are unmodified and in full
force and effect (or, if there have been modifications, that this Agreement and the other Mezzanine Loan Documents or, as applicable, the Senior Mezzanine Loan Documents or Loan Documents (Mortgage) are in full force and effect as modified and
setting forth such modifications), stating the amount of accrued and unpaid interest and the outstanding principal amount of the Mezzanine Note (or, as applicable, the Senior Mezzanine Note or Mortgage Note) and containing such other information
with respect to the Mezzanine Borrower, Senior Mezzanine Borrower, Mortgage Borrower, the Property, the Loan, the Senior Mezzanine Loan, and the Loan (Mortgage) as Mezzanine Lender shall reasonably request. Mezzanine Lender shall, from time to time,
but no more often than once annually, upon thirty (30) days’ prior written request from Mezzanine Borrower, execute, acknowledge and deliver to Mezzanine Borrower, a certificate signed by an officer of Mezzanine Lender, stating that this
Agreement and the other Loan Documents are unmodified and in full force and effect (or, if there have been modifications, that this Agreement and the other Loan Documents are in full force and effect as modified and setting forth such
modifications). The estoppel certificate from Mezzanine Borrower shall also state either that, to Mezzanine Borrower knowledge, no Default exists hereunder, if any Default shall exist hereunder, specify such Default and the steps being taken to cure
such Default and the estoppel 

  

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certificate from Mezzanine Lender shall state whether Mezzanine Lender has delivered notice of a Default or an Event of Default. 
  
 5.1.14 Loan Proceeds. Mezzanine Borrower shall use the proceeds of the
Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.3. 
  
 5.1.15 No Joint Assessment. Mezzanine Borrower shall not suffer, permit or initiate the joint assessment of the Property (a) with any other real
property constituting a tax lot separate from the Property and (b) which constitutes real property with any portion of the Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may
be levied against such personal property shall be assessed or levied or charged to such real property portion of the Property. 
  
 5.1.16 No Further Encumbrances. Subject to Section 8.3. Mezzanine Borrower shall do, or cause to be done, all things necessary to keep and
protect the Property and the Collateral and all portions thereof unencumbered from any Liens, easements or agreements granting rights in or restricting the use or development of the Property, except for (a) Permitted Encumbrances, (b) Liens
permitted pursuant to the Mezzanine Loan Documents or the Loan Documents (Mortgage), (c) Liens for Impositions prior to the imposition of any interest, charges or expenses for the non-payment thereof and (d) the Subleases. 
  
 5.1.17 Article 8 “Opt In” Language. Each organizational
document of Mortgage Borrower, each Senior Mezzanine Borrower, and Mezzanine Borrower shall be modified to include, the language set forth on Exhibit O. 
  

5.1.18 Loan (Mortgage) Covenants. Mezzanine Borrower hereby covenants that it shall cause Mortgage Borrower, to fully keep, perform and comply
with (or cause to be kept, performed and complied with) each of the covenants set forth in the Loan Agreement (Mortgage) and the Security Instrument, which are hereby incorporated by reference as if fully set forth herein, notwithstanding any waiver
or future amendment of such covenants by Mortgage Lender (other than a Permitted Mortgage Loan Amendment). Mezzanine Borrower acknowledges that the obligation to comply with such covenants is separate from, and may be enforced independently from,
the obligations of the Mortgage Borrower under the Loan Documents (Mortgage). 
  
 (a) Mezzanine Borrower shall not, and shall cause Mortgage Borrower to, (i) amend or modify (by agreement on the part of the Mortgage Borrower or Mezzanine Borrower) or (ii) affirmatively permit the modification or
amendment of (by operation of law or otherwise) the Loan Documents (Mortgage) in effect as of the Closing Date except for those amendments or modifications (“Permitted Mortgage Loan Amendments”) that are (i) required under the Loan
Documents (Mortgage) or that Mortgage Borrower is required to consent to thereunder pursuant to the express terms of the Loan Documents (Mortgage), (ii) which do not constitute a Prohibited Mortgage Loan Amendment, or (iii) are otherwise consented
to by Mezzanine Lender. As used herein, a “Prohibited Mortgage Loan Amendment” shall mean an amendment or modification to the Loan 

  

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Documents (Mortgage) that (A) is reasonably likely to have a Material Adverse Effect, or (B) which (1) increases the principal amount of the Loan (Mortgage)
(exclusive of protective advances), (2) increases the interest rate payable under the Loan (Mortgage), (3) provides for the payment of any additional interest, additional fees, increases the amount of or adds additional reserve payments or increases
the amount of or adds additional escrows, or otherwise increases the amount payable under the Loan (Mortgage) or other payments required under the Loan, (4) increases the frequency or payment amount of the periodic principal installments under the
Loan (Mortgage), (5) modifies the recourse carveout obligations under the Loan Documents (Mortgage) in a manner which increases or expands recourse liability, (6) modifies the due-on-sale, due-on-encumbrance, or collateral release provisions of the
Loan Documents (Mortgage), (7) modifies the provisions governing requirements with respect to the Independent Directors under the Loan Documents (Mortgage) in a manner materially adverse to Mezzanine Lender, (8) adds material additional obligations,
liabilities or indemnities on the part of Mortgage Borrower, Guarantor or Mezzanine Borrower, (9) shortens any default cure periods or adds any additional defaults under the Loan Documents (Mortgage), (10) extends the maturity date of the Loan
(Mortgage) beyond the initially scheduled maturity date (except pursuant to the extension option in the Loan Documents (Mortgage) or in connection with any work-out or other surrender, compromise, release, renewal, or indulgence relating to the Loan
(Mortgage)), (11) modifies any provisions related to the Master Lease in a manner materially adverse to Mezzanine Lender, (12) waives or modifies any provisions related to the use of proceeds under the Loan Documents (Mortgage), (13) modifies any
provisions of the Loan Documents (Mortgage) related to the funding of escrows or cash management or any provision of the Account Agreement (Mortgage) or (14) materially decreases or materially modifies any insurance requirements under the Loan
Documents (Mortgage). Any amendment or modification to the Loan Documents (Mortgage) in violation of this Section shall be ineffective as between Mezzanine Borrower and Mezzanine Lender, and, if not cured by Mezzanine Borrower within thirty (30)
days after written notice from Mezzanine Lender shall constitute an Event of Default hereunder, unless Mezzanine Lender consents thereto in writing in its sole discretion. 
  
 (b) In the event the Loan (Mortgage) shall at any time be repaid, or the Liens securing the Loan (Mortgage) at any time be
released in full, then unless and until the Mezzanine Note shall have been repaid in full and all obligations of Mezzanine Borrower to Mezzanine Lender hereunder and under the other Mezzanine Loan Documents shall have been satisfied, then Mezzanine
Borrower shall nevertheless comply or cause the Mortgage Borrower to comply with each of the terms and provisions of the Loan Documents (Mortgage) (other than payment of principal, interest and premium (if any)) and the Loan Documents (Mortgage)
shall nevertheless be deemed to remain in full force and effect as between Mezzanine Borrower and Mezzanine Lender with Mezzanine Lender being deemed in such context to possess exclusively all of the rights and remedies of the Mortgage Lender
thereunder including without limitation, all rights of consent and approval, rights to receive and control the disposition of casualty insurance proceeds and condemnation awards, and the right to collect rents through a lockbox and make waterfall
distributions (but expressly excluding any rights and remedies relating to payment of the indebtedness under the Loan Documents (Mortgage) and evidenced by the Mortgage 

  

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Note and Mezzanine Borrower shall nevertheless comply or cause the Mortgage Borrower to comply with each of the terms and provisions of the Loan Documents
(Mortgage) (and any Permitted Mortgage Loan Amendments or amendment or modification consented to in writing by Mezzanine Lender) (other than the payment of principal, interest and premium, if any). Mezzanine Borrower shall, and shall cause Mortgage
Borrower to, execute any and all documents reasonably requested by Mezzanine Lender for the implementation or furtherance of the foregoing provided that the same shall be at Mezzanine Lender’s sole cost and expense. Mezzanine Borrower shall
deliver to Mezzanine Lender copies of any and all modifications to the Loan Documents (Mortgage) within five (5) Business Days after execution thereof. 
  
 (c) Mezzanine Borrower covenants and agrees to cause Mortgage Borrower to deliver any and all financial information delivered or required to be delivered
to Mortgage Lender pursuant to the terms of the Loan Documents (Mortgage) to be delivered simultaneously to Mezzanine Lender. 
  
 5.1.19 Senior Mezzanine Loan Covenants. Mezzanine Borrower hereby covenants that it shall cause each Senior Mezzanine Borrower to fully keep,
perform and comply with (or cause to be kept, performed and complied with) each of the covenants set forth in each Senior Mezzanine Loan Agreement and the Senior Mezzanine Loan Documents, which are hereby incorporated by reference as if fully set
forth herein, notwithstanding any waiver or future amendment of such covenants by Senior Mezzanine Lender (other than a Permitted Senior Mezzanine Loan Amendment). Mezzanine Borrower acknowledges that the obligation to comply with such covenants is
separate from, and may be enforced independently from, the obligations of the Senior Mezzanine Borrower under the Senior Mezzanine Loan Documents. 
  
 (a) Mezzanine Borrower shall not, and shall cause each Senior Mezzanine Borrower not to, (i) amend or modify (by agreement on the part of each Senior
Mezzanine Borrower) or (ii) affirmatively permit the modification or amendment of (by operation of law or otherwise) the Senior Mezzanine Loan Documents in effect as of the Closing Date except for those amendments or modifications or waivers
(“Permitted Senior Mezzanine Loan Amendments”) that are (i) required under the Senior Mezzanine Loan Documents or that Senior Mezzanine Borrower is required to consent to thereunder pursuant to the express terms of the Senior
Mezzanine Loan Documents, (ii) which do not constitute a Prohibited Senior Mezzanine Loan Amendment, or (iii) are otherwise consented to by Mezzanine Lender, in its reasonable discretion. As used herein, a “Prohibited Senior Mezzanine Loan
Amendment” shall mean an amendment or modification to the Senior Mezzanine Loan Documents that (A) is reasonably likely to have a Material Adverse Effect, or (B) which (1) increases the principal amount of a Senior Mezzanine Loan (exclusive of
protective advances), (2) increases the interest rate payable under the Senior Mezzanine Loan, (3) provides for the payment of any additional interest, additional fees, increases the amount of or adds additional reserve payments or increases the
amount of or adds additional escrows, or otherwise increases the amount payable under the Senior Mezzanine Loan, other than reserves for Debt Service (Fourth Mezzanine) or other payments required under the Loan, (4) increases the frequency or
payment amount of the periodic principal installments under the Senior Mezzanine Loan, 

  

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(5) modifies the recourse carveout obligations under the Senior Mezzanine Loan Documents in a manner which increases or expands recourse liability, (6)
modifies the due-on-sale, due-on-encumbrance, or collateral release provisions of the Senior Mezzanine Loan Documents in a manner materially adverse to Mezzanine Lender, (7) modifies the provisions governing requirements with respect to the
Independent Directors under the Senior Mezzanine Loan Documents in a manner materially adverse to Mezzanine Lender, (8) adds material additional obligations, liabilities or indemnities on the part of the Senior Mezzanine Borrower, Guarantor or
Mezzanine Borrower, (9) shortens any default cure periods or adds any additional defaults under the Senior Mezzanine Loan Documents, (10) extends the maturity date of the Senior Mezzanine Loan beyond the initially scheduled maturity date (except in
connection with any extension permitted under the Senior Mezzanine Loan Documents or any work-out or other surrender, compromise, release, renewal, or indulgence relating to the Senior Mezzanine Loan in a manner materially adverse to Mezzanine
Lender, (11) modifies any provisions related to the Management Agreement in a manner materially adverse to Mezzanine Lender, (12) waives or modifies any provisions related to the use of proceeds under the Senior Mezzanine Loan Documents in a manner
materially adverse to Mezzanine Lender, (13) modifies any provisions of the Senior Mezzanine Loan Documents related to the funding of escrows or cash management or any provision of the account agreement related to such Senior Mezzanine Loan in a
manner materially adverse to Mezzanine Lender or (14) decreases or materially modifies any insurance requirements under the Senior Mezzanine Loan Documents in a manner materially adverse to Mezzanine Lender. Any amendment or modification to the
Senior Mezzanine Loan Documents in violation of this Section shall be ineffective as between Mezzanine Borrower and Mezzanine Lender, and, if not cured by Mezzanine Borrower within thirty (30) days after written notice from Mezzanine Lender shall
constitute an Event of Default hereunder, unless Mezzanine Lender consents thereto in writing in its reasonable discretion. 
  
 (b) In the event each Senior Mezzanine Loan shall at any time be repaid, or the Liens securing the Senior Mezzanine Loan at any time be released in full,
then unless and until the Mezzanine Note shall have been repaid in full and all obligations of Mezzanine Borrower to Mezzanine Lender hereunder and under the other Mezzanine Loan Documents shall have been satisfied, then Mezzanine Borrower and
Manager shall nevertheless comply or cause each Senior Mezzanine Borrower to comply with each of the terms and provisions of the Senior Mezzanine Loan Documents) (other than payment of principal, interest and premium (if any)) and the Senior
Mezzanine Loan Documents shall nevertheless be deemed to remain in full force and effect as between Mezzanine Borrower and Mezzanine Lender with Mezzanine Lender being deemed in such context to possess exclusively all of the rights and remedies of
the Senior Mezzanine Lender thereunder including without limitation, all rights of consent and approval, rights to receive and control the disposition of casualty insurance proceeds and condemnation awards, and the right to collect rents through a
lockbox and make waterfall distributions (but expressly excluding any rights and remedies relating to payment of the indebtedness under the Senior Mezzanine Loan Documents and evidenced by the Senior Mezzanine Note and Mezzanine Borrower shall
nevertheless comply or cause the Senior Mezzanine Borrower to comply with each of the terms and provisions of the Senior Mezzanine Loan 

  

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Documents (and any Permitted Senior Mezzanine Loan Amendments or amendment or modification consented to in writing by Mezzanine Lender) (other than the
payment of principal, interest and premium, if any). Mezzanine Borrower shall, and shall cause Senior Mezzanine Borrower to, execute any and all documents reasonably requested by Mezzanine Lender for the implementation or furtherance of the
foregoing provided that the same shall be at Mezzanine Lender’s sole cost and expense. Mezzanine Borrower shall deliver to Mezzanine Lender copies of any and all modifications to the Senior Mezzanine Loan Documents within five (5) Business Days
after execution thereof. 
  
 (c) Mezzanine Borrower covenants and
agrees to cause each Senior Mezzanine Borrower to deliver any and all financial information delivered or required to be delivered to each Senior Mezzanine Lender pursuant to the terms of the Senior Mezzanine Loan Documents to be delivered
simultaneously to Mezzanine Lender. 
  
 5.1.20 Intentionally
Omitted. 
  
 5.1.21 Impositions. Mezzanine Borrower
shall cause each Senior Mezzanine Borrower to cause Mortgage Borrower to pay all Impositions, to timely pay all claims for labor, material or supplies that if unpaid or unbonded might by law become a lien or charge upon any of its property
(including the Property), and to keep the Property free from any Lien (other than the lien of the Loan Documents (Mortgage) and the Permitted Encumbrances), and shall in any event cause the prompt, full and unconditional discharge of all Liens
imposed upon the Property or any portion thereof within forty-five (45) days after receiving written notice (whether from Mezzanine Lender, the lienholder or any other Person) of the filing thereof; subject in each case to Mortgage Borrower’s
or Master Lessee’s right to contest the same as permitted in but subject to the conditions set forth in the Loan Agreement (Mortgage) so long as no Event of Default has occurred and is continuing. In the event that Mortgage Borrower elects to
commence any contest or similar proceeding with respect to any such Imposition, Lien or other claim described herein, Mezzanine Borrower shall provide prompt written notice thereof to Mezzanine Lender together with such evidence as Mezzanine Lender
may reasonably require showing Mortgage Borrower’s satisfaction of the requirements set forth in Section 7.3 of the Loan Agreement (Mortgage) to Mortgage Borrower conducting such contest. Notwithstanding the foregoing, Mezzanine Borrower
shall cause each Senior Mezzanine Borrower to cause Mortgage Borrower promptly to pay any contested Imposition, Lien or claim and the payment thereof shall not be deferred, if Mezzanine Lender or Mortgage Borrower may be subject to criminal damages
as a result thereof. If such action or proceeding is terminated or discontinued adversely to Mortgage Borrower, then Mezzanine Borrower shall cause each Senior Mezzanine Borrower to cause Mortgage Borrower to deliver to Mezzanine Lender reasonable
evidence of payment of such contested Imposition or Lien. 
  
 5.2
Negative Covenants. From the Closing Date until payment and performance in full of all obligations of Mezzanine Borrower under the Mezzanine Loan Documents or the earlier release of the Lien of this Agreement or the Pledge in accordance with
the terms of this Agreement and the other Mezzanine Loan Documents, Mezzanine Borrower covenants and agrees with Mezzanine Lender that it will not do 

  

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(and will not permit Mortgage Borrower to do), or permit to be done, directly or indirectly, any of the following: 
  
 5.2.1 Debt. Without the prior written consent of Mezzanine Lender,
such consent to be made in Mezzanine Lender’s sole determination, incur, create, assume or be liable with respect to any additional Debt (including, but not limited to, any secondary or junior financing or any preferred equity investment), or
create or permit to be created or to remain, any Lien on, or conditional sale or other title retention agreement with respect to the Collateral or any part thereof or income therefrom, other than the Mezzanine Loan Documents or except as permitted
therein (it being acknowledged and agreed that any refinancing of such Debt in connection with an assignment and restatement of the Loan Documents (Mortgage) shall be in violation of this Section 5.2.1). 
  
 5.2.2 Encumbrances. Other than in connection with or as permitted
under the Mezzanine Loan Documents and the Loan Documents (Mortgage), Mezzanine Borrower, any Senior Mezzanine Borrower, or Mortgage Borrower shall not (a) create or incur or suffer to be created or incurred or to exist any lien, security title,
encumbrance, mortgage, pledge, negative pledge, charge, restriction or other security interest of any kind upon any of its property or assets of any character whether now owned or hereafter acquired, or upon the income or profits therefrom; (b)
transfer any of its property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Debt 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 30 days after the same shall have been
incurred any Debt or claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; (e) sell, assign, pledge or otherwise transfer any accounts,
contract rights, general intangibles, chattel paper or instruments, with or without recourse (other than endorsements of checks and negotiable instruments in the ordinary course); or (f) incur or maintain any obligation to any holder of Debt which
prohibits the creation or maintenance of any lien securing the Obligations (Fourth Mezzanine). 
  
 5.2.3 Engage in Different Business. Engage, directly or indirectly, in any business other than that of entering into this Agreement and the other Mezzanine Loan Documents to which Mezzanine Borrower is a party
and ownership of the direct and indirect interests in each Senior Mezzanine Borrower and Mortgage Borrower and activities related thereto; 
  
 5.2.4 Make Advances. Make advances or make loans to any Person, or hold any investments, except as expressly permitted pursuant to the terms of
this Agreement or any other Mezzanine Loan Document; 
  
 5.2.5
Partition. Partition any Individual Property; 
  
 5.2.6
Commingle. Commingle its assets with the assets of any of its Affiliates; 
  

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 5.2.7 Guarantee Obligations. Guarantee any obligations of any Person; 
  
 5.2.8 Transfer Assets. Transfer any asset other than in the ordinary
course of business or Transfer any interest in the Property except in each case (including in connection with a Release or Substitution) as may be permitted hereby or in the other Mezzanine Loan Documents; 
  
 5.2.9 Amend Organizational Documents. Amend or modify any of its
organizational documents without Mezzanine Lender’s consent, other than in connection with any Transfer permitted pursuant to Article VIII or to reflect any change in capital accounts, contributions, distributions, allocations or other
provisions that do not and could not reasonably be expected to have a Material Adverse Effect and provided that Mezzanine Borrower remains and each SPE Entity each remain a Single Purpose Entity; 
  
 5.2.10 Dissolve. Dissolve, wind-up, terminate, liquidate, merge with
or consolidate into another Person, except as expressly permitted pursuant to this Agreement; 
  
 5.2.11 Bankruptcy. (i) File a bankruptcy or insolvency petition or otherwise institute insolvency proceedings, (ii) dissolve, liquidate, consolidate, merge or sell all or substantially all of Mezzanine
Borrower’s assets other than in connection with the repayment of the Loan or (iii) file or solicit the filing of an involuntary bankruptcy petition against any Borrower, HoldCo, Master Lessee, Guarantor or any Affiliate of Mezzanine Borrower or
any such Person, without obtaining the prior consent of all of the directors, members or managers, as applicable, of Mezzanine Borrower; 
  
 5.2.12 ERISA. Engage in any activity that would subject Mezzanine Borrower to material liability under ERISA or qualify it as an “employee
benefit plan” (within the meaning of Section 3(3) of ERISA) to which ERISA applies and Borrower’s assets do not and will not constitute plan assets within the meaning of 29 C.F.R. Section 2510.3-101; 
  
 5.2.13 Distributions. From and after the occurrence and during the
continuance of an Event of Default, make any distributions to or for the benefit of any of its partners or members or its or their Affiliates; 
  
 5.2.14 Modify REAs. Without the prior consent of Mezzanine Lender, which shall not be unreasonably withheld, delayed or conditioned, Mezzanine
Borrower shall not permit Mortgage Borrower to execute any material modifications to the REAs; 
  
 5.2.15 Modify Mezzanine Account Agreement. Without the prior consent of Mezzanine Lender, which shall not be unreasonably withheld, delayed or conditioned, Mezzanine Borrower shall not execute any modification
to the Mezzanine Account Agreement; 
  
 5.2.16 Zoning
Reclassification. Without the prior written consent of Mezzanine Lender (which in the case of clause (a) shall not be unreasonably withheld), permit Mortgage Borrower to (a) initiate or consent to any zoning reclassification of any portion of
the Property, (b) seek any variance under any existing zoning ordinance that could 

  

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result in the use of the Property becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, or (c)
allow any portion of the Property to be used in any manner that could result in the use of the Property becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation; 
  
 5.2.17 Change of Principal Place of Business. Change its principal
place of business and chief executive office set forth on the first page of this Agreement without first giving Mezzanine Lender thirty (30) days’ prior written notice (but in any event, within the period required pursuant to the UCC) and there
shall have been taken such action, reasonably satisfactory to Mezzanine Lender, as may be necessary to maintain fully the effect, perfection and priority of the security interest of Mezzanine Lender hereunder in the Account Collateral (Fourth
Mezzanine) and the Rate Cap Collateral at all times; 
  
 5.2.18
Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to it by any Person, except for adequate consideration or in the ordinary course of its business and except for termination of a Sublease as permitted
by Section 8.8; 
  
 5.2.19 Misapplication of Funds.
Distribute any revenue from the Property or any Proceeds in violation of the provisions of this Agreement, fail to remit amounts to the Mezzanine Account, as required by Section 3.1.1 or the Pledge, misappropriate any security deposit or
portion thereof or apply the proceeds of the Loan in violation of Section 2.1.3; or 
  
 5.2.20 Single-Purpose Entity. Fail to be a Single-Purpose Entity or take or suffer any action or inaction the result of which would be to cause it or any SPE Entity to cease to be a Single-Purpose Entity.

  

	VI.	INSURANCE; CASUALTY; CONDEMNATION; RESTORATION 

  
 6.1 Insurance Coverage Requirements. 
  
 (a) Mezzanine Borrower will cause Mortgage Borrower, at its expense, to procure and maintain the insurance policies required by the Loan Documents
(Mortgage). Each commercial general liability or umbrella liability policy with respect to the Property shall name Mezzanine Lender as an additional insured and shall contain a cross liability/severability endorsement in form and substance
acceptable to Mezzanine Lender. 
  
 (b) In the event of any loss
or damage to the Property, Mezzanine Borrower shall give prompt written notice to the insurance carrier and Mezzanine Lender. Mezzanine Lender acknowledges that Mortgage Borrower’s rights to any insurance proceeds are subject to the terms of
the Loan Agreement (Mortgage). Mezzanine Borrower may not and shall not permit Mortgage Borrower to settle, adjust or compromise any claim under such insurance policies without the prior written consent of Mezzanine Lender which shall not be
unreasonably withheld, delayed or denied; provided, further, that Mortgage Borrower may make proof of loss and adjust and 

  

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compromise any claim under casualty insurance policies which does not exceed forty percent (40%) of the Allocated Loan Amount of the affected Individual
Property so long as no Event of Default has occurred and is continuing. Any proceeds of such claim which are not used to reconstruct or repair the Property or applied to Mortgage Borrower’s costs in connection therewith, or applied to the
balance of the loan evidenced by the Loan Documents (Mortgage), shall be deposited into the accounts established pursuant to the Loan Agreement (Mortgage) to the extent required thereby, or if such deposit is not required thereunder, then such
proceeds shall be paid to Mezzanine Lender and applied to the payment of the Obligations (Fourth Mezzanine) whether or not then due. 
  
 (c) In the event that Mortgage Borrower is permitted pursuant to the terms of the Loan Agreement (Mortgage) to reconstruct, restore or repair the Property
following a casualty to any portion of the Property, Mezzanine Borrower shall cause Mortgage Borrower to promptly and diligently repair and restore the Property in the manner and within the time periods required by the Loan Agreement (Mortgage), the
Leases and any other agreements affecting the Property. In the event that Mortgage Borrower is permitted pursuant to terms of the Loan Agreement (Mortgage) to elect to not reconstruct, restore or repair the Property following a casualty to any
portion of the Property, Mezzanine Borrower shall not permit Mortgage Borrower to elect not to reconstruct, restore or repair the Property without the prior written consent of Mezzanine Lender. 
  
 (d) Mezzanine Borrower shall comply with all Insurance Requirements and shall
not bring or keep or permit to be brought or kept any article upon any of the Properties or cause or permit any condition to exist thereon which would be prohibited by any Insurance Requirement, or would invalidate insurance coverage required to be
maintained by Mortgage Borrower on or with respect to any part of the Property pursuant to Section 6.1 of the Loan Agreement (Mortgage). 
  
 (e) Mezzanine Lender hereby confirms and acknowledges that Mezzanine Borrower has delivered to Mezzanine Lender certificates of insurance with respect to
Master Lessee’s insurance program, in amount, form and content so as to satisfy the requirements of this Section 6.1 in all material respects as of the Closing Date other than with respect to Section 6.1.9 of the Loan Agreement
(Mortgage), and that any renewals or modifications that comply with Section 6.1.11 of the Loan Agreement (Mortgage) and are otherwise not, in substance, materially different from the approved program in place on the Closing Date shall be deemed to
be in compliance. 
  
 6.2 Condemnation. In the event that
all or any portion of the Property shall be damaged or taken through condemnation (which term shall include any damage or taking by any governmental authority, quasi-governmental authority, any party having the power of condemnation, or any transfer
by private sale in lieu thereof), or any such condemnation shall be threatened, Mezzanine Borrower shall give prompt written notice to Mezzanine Lender. Mezzanine Lender acknowledges that Mortgage Borrower’s rights to any condemnation award is
subject to the terms of the Loan Agreement (Mortgage). Notwithstanding the foregoing, Mezzanine Borrower may not and shall not permit 

  

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Mortgage Borrower to settle or compromise any claim, action or proceeding relating to such damage or condemnation without the prior written consent of
Mezzanine Lender, which shall not be unreasonably withheld, delayed or denied; provided, further, that Mortgage Borrower may settle, adjust and compromise any such claim, action or proceeding which does not exceed forty percent (40%) of the
Allocated Loan Amount of the affected Individual Property so long as no Monetary Default or Event of Default has occurred and is continuing. Any Excess Proceeds shall be paid to Mezzanine Lender and applied to the payment of the Obligations (Fourth
Mezzanine) whether or not then due pursuant to Section 2.3.1(b). In the event that Mortgage Borrower is permitted pursuant to the terms of the Loan Agreement (Mortgage) to reconstruct, restore or repair the Property following a condemnation
of any portion of the Property, Mezzanine Borrower shall cause Mortgage Borrower to promptly and diligently repair and restore the Property in the manner and within the time periods required by the Loan Agreement (Mortgage), the Leases and any other
agreements affecting the Property. In the event that Mortgage Borrower is permitted pursuant to the terms of the Loan Agreement (Mortgage) to elect not to reconstruct, restore or repair the Property following a condemnation of any portion of the
Property, Mezzanine Borrower shall not permit Mortgage Borrower to elect not to reconstruct, restore or repair the Property without the prior written consent of Mezzanine Lender. 
  
 6.3 Certificates. Mezzanine Borrower shall deliver (or cause Mortgage Borrower to deliver) to Mezzanine Lender
annually, concurrently with the renewal of the insurance policies required hereunder, a certificate from Mezzanine Borrower’s and Mortgage Borrower’s insurance agent stating that the insurance policies required to be delivered to Mezzanine
Lender pursuant to Section 6.1 are maintained with insurers who comply with the terms of Section 6.1.9 of the Loan Agreement (Mortgage) (as modified by the final sentence of Section 6.1.12 of the Loan Agreement (Mortgage),
setting forth a schedule describing all premiums required to be paid by Mezzanine Borrower or Mortgage Borrower, as applicable, to maintain the policies of insurance required under Section 6.1 and stating that either Mezzanine Borrower or
Mortgage Borrower, as applicable, has paid such premiums. Certificates of insurance with respect to all replacement policies shall be delivered to Mezzanine Lender not less than fifteen (15) Business Days prior to the expiration date of any of the
insurance policies required to be maintained hereunder which certificates shall bear notations evidencing payment of applicable premiums. Mezzanine Borrower shall deliver to Mezzanine Lender originals (or certified copies) of such replacement
insurance policies on or before the earlier to occur of (i) thirty (30) days after the effective date thereof and (ii) five (5) Business Days after Mezzanine Borrower’s receipt thereof. If Mezzanine Borrower fails to (i) maintain and deliver to
Mezzanine Lender the certificates of insurance and certified copies or originals required by this Agreement upon five (5) Business Days’ prior notice to Mezzanine Borrower, Mezzanine Lender may procure such insurance, and all costs thereof (and
interest thereon at the Default Rate) shall be added to the Indebtedness. Mezzanine Lender shall not, by the fact of approving, disapproving, accepting, preventing, obtaining or failing to obtain any insurance, incur any liability for or with
respect to the amount of insurance carried, the form or legal sufficiency of insurance contracts, solvency of insurance companies, or payment or defense of lawsuits, and 

  

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Mezzanine Borrower hereby expressly assumes full responsibility therefor and all liability, if any, with respect such matters. 
  

	VII.	RESERVED 

  

	VIII.	TRANSFERS, INDEBTEDNESS AND SUBORDINATE LIENS 

  
 8.1 Restrictions on Transfers. Unless such action is permitted by the provisions of this Article VIII, Mezzanine Borrower shall not, and
shall not permit any other Person holding any direct or indirect ownership interest in Mortgage Borrower, any Senior Mezzanine Borrower, HoldCo, Master Lessee, any SPE Entity or the Property to, except with the prior written consent of Mezzanine
Lender, (i) Transfer all or any part of the Property, (ii) incur any Debt, other than Permitted Debt (Fourth Mezzanine) or Permitted Encumbrances, or (iii) except in connection with the Mezzanine Loan, permit any Transfer (directly or indirectly) of
any interest in Borrower, any Senior Mezzanine Borrower, HoldCo, Master Lessee or any SPE Entity. Notwithstanding the foregoing, the grant of a Lien by Master Lessee on the Excluded Personal Property (other than Master Lessee’s equity interest
in HoldCo) shall not be prohibited pursuant to this Section 8.1. 
  
 8.2 Sale of Building Equipments. Mezzanine Borrower may cause Mortgage Borrower to Transfer or dispose of Building Equipment which is being replaced or which is no longer necessary in connection with the operation of the Property
free from the Lien of the Security Instrument provided that such Transfer or disposal will not have a Material Adverse Effect on the value of the Property taken as a whole, will not materially impair the utility of the Property, and will not result
in a reduction or abatement of, or right of offset against, the Rents payable under the Master Lease or any Sublease, in either case as a result thereof, and provided further that any new Building Equipment acquired by Mortgage Borrower (and not so
disposed of) shall be subject to the Lien of the Security Instrument. 
  
 8.3 Immaterial Transfers and Easements, Etc. Mezzanine Borrower may cause Mortgage Borrower, without the consent of Mezzanine Lender, to (i) make immaterial Transfers of portions of the Property to Governmental Authorities for
dedication or public use (subject to the provisions of Section 6.2) or, portions of the Property to third parties for the purpose of erecting and operating additional structures whose use is integrated with the use of the Property, and (ii)
grant easements, restrictions, covenants, reservations and rights of way in the ordinary course of business for access, water and sewer lines, telephone and telegraph lines, electric lines or other utilities or for other similar purposes, provided
that no such Transfer, conveyance or encumbrance set forth in the foregoing clauses (i) and (ii) shall materially impair the utility and operation of the Property or have a Material Adverse Effect on the value of the Property taken as a whole.

  
 8.4 Indebtedness. Notwithstanding anything to the
contrary contained in Section 8.1, Master Lessee, Guarantor and any other Person holding any direct or indirect ownership interest in Master Lessee or Guarantor shall be permitted to incur Debt without the consent of the Mezzanine Lender or a
Rating Agency Confirmation. Without 

  

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limiting the foregoing, nothing herein or in the other Mezzanine Loan Documents shall be deemed to prohibit the borrowing and repayment of the loans being
made on the date hereof to Guarantor pursuant to, or Guarantor’s execution and delivery of, that certain Bridge Loan Agreement, entered into as of the date hereof, by Guarantor, each lender from time to time party thereto, Banc of America
Bridge LLC, as administrative agent for the lenders, Deutsche Bank AG Cayman Islands Branch, as joint-administrative agent, and Banc of America Securities LLC, Deutsche Bank Securities Inc. and Credit Suisse, as joint lead arrangers and joint
bookrunning managers, and Citigroup Global Markets Inc. as co-arranger (the “Bridge Loan Agreement”) and the other Loan Documents (as defined in the Bridge Loan Agreement). In addition, holders of direct and indirect interests in
HoldCo, shall, provided that such interests in HoldCo do not constitute more than 25% of such holder’s net worth, be permitted to incur Debt without the consent of the Mezzanine Lender or a Rating Agency Confirmation. 
  
 8.5 Permitted Equity Transfers. A Transfer (but not a pledge or
encumbrance) of an indirect beneficial interest in Mezzanine Borrower that is otherwise prohibited hereunder shall nevertheless be permitted without Mezzanine Lender’s prior written consent or a Rating Agency Confirmation if (i) Mezzanine
Lender receives thirty (30) days prior written notice thereof, (ii) immediately prior to such Transfer, no Event of Default shall have occurred and be continuing, (iii) no more than forty-nine percent (49%) of the direct or indirect ownership
interests in Mortgage Borrower, Mezzanine Borrower, any Senior Mezzanine Borrower, HoldCo, or any SPE Entity is being Transferred (in the aggregate of all such Transfers), (iv) the transferee is not a Disqualified Transferee, (v) HoldCo continues to
own 100% of the ownership interests in Mezzanine Borrower and Mezzanine Borrower continues to own 100% of the ownership interest in Borrower, (vi) Guarantor retains Control of Mortgage Borrower, Master Lessee, HoldCo, Mezzanine Borrower, and each
Senior Mezzanine Borrower, and Mortgage Borrower and continues to own, directly and/or indirectly, at least fifty-one percent (51%) of the equity interests in Master Lessee, (vii) Master Lessee (or its successor by merger or acquisition of all or
substantially all of Master Lessee’s assets) remains the master lessee under the Master Lease, and (viii) except as otherwise permitted under clause (b) below, no more than forty-nine percent (49%) of the direct or indirect ownership interests
in Master Lessee or Guarantor is being Transferred (in the aggregate of all such Transfers). 
  
 (a) Notwithstanding anything herein to the contrary, the following Transfers shall not require the prior written consent of Mezzanine Lender: 
  
 (i) a Transfer of interests in any Sponsor, 
  
 (ii) a Transfer of interests in Guarantor or Master Lessee as a result of a merger or a Transfer of all or
substantially all of the assets of a direct or indirect owner of Guarantor or Master Lessee to a Permitted Transferee or Pre-Approved Transferee and provided Borrower complies with Section 8.5(a) and (b) (and thereafter Transfers of interests
in any such transferee if it is publicly traded); 
  

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 (iii) a Transfer (but not a pledge or encumbrance in the case of any Transfer of
interests in HoldCo) of any interests in Guarantor, Master Lessee or HoldCo, provided that subsequent to any such Transfer, more than fifty-one percent (51%) percent of HoldCo is owned by any one or more of the following: 
  
 (1) Bain Capital Partners, LLC; 
  
 (2) Kohlberg Kravis Roberts & Co.; 
  
 (3) Vornado Realty, L.P.; 
  
 (4) a Permitted Transferee; 
  
 (5) a Pre-Approved Transferee 
  
 (6) any Person that has been previously approved in writing
by Lender and the Rating Agencies, 
  
 (7) a
transferee described in clause (iv) or (v) below; and 
  
 (8) an investment fund, limited liability company, limited partnership or general partnership with committed capital of at least $1,000,000,000 where a Permitted Fund Manager acts as the general partner, managing member or fund manager and
at least 51% of the equity interests in such Permitted Fund Manager are owned, directly or indirectly, by any of the Persons listed above; and 
  
 (9) any successor by merger with respect to or transferee of all or substantially all of the assets of any of the foregoing, (each of the
foregoing Persons described in clauses (1) through (8), a “Sponsor”); 
  
 (iv) a pledge or encumbrance of interests in Guarantor or Master Lessee and any Transfer of such interests in realization upon such pledge
or encumbrance, provided not less than fifty-one percent (51%) of such transferee is owned by a Sponsor; 
  
 (v) a pledge or encumbrance of interests in HoldCo as security for a loan secured by all or substantially all of the assets of Master
Lessee and any Transfer of such interests in realization upon such pledge or encumbrance; 
  
 (vi) a pledge or encumbrance of direct or indirect interests in the Person (“HoldCo Parent”) that owns the direct
interests in HoldCo as security for a loan secured by all or substantially all of the assets of the owner of the interests in HoldCo Parent (provided that such interests in HoldCo Parent do not constitute more than 25% of such owner’s net
worth) and any Transfer of such interests in realization upon such pledge or encumbrance, provided such Transfer does not result in less than fifty-one percent (51%) percent of the direct or indirect interests in HoldCo being owned by a Sponsor; and

  

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 (vii) a Transfer of direct or indirect interests in any Person that holds an indirect
interest in HoldCo that is either (A) publicly traded or (B) an “umbrella partnership” in which a publicly traded REIT is the general partner (e.g., Vornado Realty Trust). 
  
 (b) Notwithstanding the foregoing, Mezzanine Borrower shall not, and shall not permit or suffer any person to, pledge,
hypothecate, encumber or grant a security interest in or lien on any direct or, except as set forth in this Section 8.5, indirect, interest in Mortgage Borrower, Mezzanine Borrower, any Senior Mezzanine Borrower, or any SPE Entities.

  
 8.6 Deliveries to Mezzanine Lender. Not less than
thirty (30) days prior to (or, in the case of the transactions described in Section 8.5 (other than clause (b)(vii), promptly following) the closing of any transaction that requires consent of Mezzanine Lender under the provisions of
Section 8.1, Mezzanine Borrower shall deliver to Mezzanine Lender an Officer’s Certificate describing the proposed transaction and stating that such transaction is permitted by this Article VIII, together with any appraisal or
other documents upon which such Officer’s Certificate is based. In addition, Mezzanine Borrower shall provide Lender with copies of executed deeds or other similar closing documents within ten (10) Business Days after such closing. 

 
 8.7 Loan Assumption. Provided no Event of Default is then
continuing, Mortgage Borrower shall have the one time right to sell, assign, convey or transfer (but not mortgage, hypothecate or otherwise encumber or grant a security interest in) legal or equitable title to all (but not fewer than all) of the
Properties only if after giving effect to the proposed transaction (i) the Properties will be owned by one or more Single Purpose Entities wholly owned by a Permitted Transferee or a Pre-approved Transferee which shall have executed and delivered to
Mezzanine Lender an assumption agreement in form and substance acceptable to Mezzanine Lender. Any such assumption of the Loan shall be conditioned upon, among other things, (i) the delivery of financial information, including, without limitation,
audited financial statements, for such purchaser and the direct and indirect owners such purchaser, (ii) the delivery of evidence that the purchaser is a Single Purpose Entity and is not a Disqualified Transferee, (iii) the execution and delivery of
all documentation reasonably requested by Mezzanine Lender, (iv) the delivery of Opinions of Counsel requested by Mezzanine Lender, including, without limitation, a Non-Consolidation Opinion with respect to the purchaser and other entities
identified by Mezzanine Lender or requested by the Rating Agencies and opinions with respect to the valid formation, due authority and good standing of the purchaser and any additional pledgors and the continued enforceability of the Loan Documents
(Mezzanine) and any other matters requested by Mezzanine Lender, (v) the delivery of a mezzanine endorsement to the Title Policy in form and substance acceptable to Mezzanine Lender, insuring the lien of the Security Instrument, as assumed, subject
only to the Permitted Encumbrances and (vi) the payment of all of Mezzanine Lender’s reasonable out of pocket fees, costs and expenses, including, without limitation, reasonable attorneys’ fees and costs, actually incurred by Mezzanine
Lender in connection with such assumption. 
  

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 8.8 Subleases. 
  
 8.8.1 New Subleases and Sublease Modifications. Mezzanine Borrower represents and warrants that each Individual
Property is currently leased to Master Lessee pursuant to the Master Lease, and substantially occupied by a Toys ‘R’ Us, a Babies ‘R’ Us or a related distribution facility, and with respect to the Individual Properties
constituting retail properties, occupied in part by other subtenants under the applicable Subleases. 
  
 8.8.2 Leasing Conditions. Except as otherwise provided in this Section 8.8, Mezzanine Borrower shall not, and shall not permit Master Lessee
to (x) enter into any Sublease (a “New Sublease”) or (y) modify any Sublease (including, without limitation, accept a surrender of any portion of the Property subject to a Sublease (unless otherwise permitted or required by law),
allow a reduction in the term of any Sublease or a reduction in the Rent payable under any Sublease, change any renewal provisions of any Sublease, materially increase the obligations of the landlord or materially decrease the obligations of any
Tenant) or terminate any Sublease unless the Tenant under such Lease is in default (any such action referred to in clauses (y) and (z) being referred to herein as a “Sublease Modification”) without the prior written consent of Mezzanine
Lender which consent shall not be unreasonably withheld or delayed, provided, however, that Mezzanine Borrower shall have the right to cause Mortgage Borrower or allow Master Lessee to terminate a Sublease (x) to replace it with another Sublease,
(y) to use the property formerly subleased for itself as a Toys “R” Us or a Babies “R” Us or (z) subject to subject to Section 2.3.6 of the Loan Agreement (Mortgage), in connection with the decision to have the store Go
Dark. Any New Sublease or Sublease Modification that requires Lender’s consent shall be delivered to Mezzanine Lender for approval not less than ten (10) Business Days prior to the effective date of such New Sublease or Sublease Modification.
If Mezzanine Lender fails to respond to a request for Lender’s consent pursuant to this Section 8.8.2 within ten (10) Business Days of Mezzanine Lender’s receipt of Mezzanine Borrower’s request therefor, Mezzanine Borrower may
deliver to Mezzanine Lender a second request in an envelope or under cover of a letter marked “URGENT” and including a legend in bold typeface that Mezzanine Lender’s failure to grant or deny the requested consent within ten (10)
Business Days of the receipt thereof will result in the requested consent being deemed to have been granted. If Mezzanine Lender fails to respond to such second request within ten (10) Business Days of its receipt thereof, Mezzanine Lender’s
consent shall be deemed granted. Notwithstanding the foregoing, provided no Event of Default shall have occurred and be continuing, Mezzanine Borrower may permit Mortgage Borrower to permit Master Lessee to enter into a New Sublease or Sublease
Modification, without Mezzanine Lender’s prior written consent, that satisfies each of the following conditions: 
  
 (a) with respect to a New Sublease or Sublease Modification the premises demised thereunder is not a Material Sublease that, when taken together with al
other Material Subleases, exceeds the Material Sublease Approval Threshold; 
  
 (b) the term of such Sublease Modification that modifies the term or New Sublease, as applicable, does not exceed 120 months, plus up to two (2) 60-month option terms (or equivalent combination of renewals) provided
that such lease, including the rental rate, is on market terms; 
  

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 (c) the rental rate under such Sublease Modification that modifies the rent or New Sublease, as
applicable, is at least equal to the then prevailing market rate for the entire term of such lease (except for the option periods as set forth in the preceding clause (c)); 
  
 (d) “fixed” or “base” rent under such New Sublease or, if the rent is modified, under such Sublease
Modification, as applicable, is at a substantially consistent or rising level throughout the term of the lease, other than for (x) market-rate “free rent” periods or (y) tenant improvement and tenant inducements that exceed current market
conditions but are amortized over a shorter time period than the entire initial term of such New Sublease or Sublease Modification, as applicable; 
  
 (e) such New Sublease or Sublease (as Modified by the Sublease Modification), as applicable, provides that the premises demised thereby cannot be used for
any of the following uses (it being agreed and understood that book stores and “Best Buy” type operations shall be considered acceptable uses); any pornographic or obscene purposes, any commercial sex establishment, any pornographic,
obscene, nude or semi-nude performances, modeling, obscene materials, activities or sexual conduct or any other use that has or could reasonably be expected to have a Material Adverse Effect; 
  
 (f) the Tenant under such New Sublease or Sublease Modification, as
applicable, is not an Affiliate of Mortgage Borrower (or, if such Tenant is an Affiliate of Mortgage Borrower, such Tenant does not have the benefit of the Master Lease SNDA or any Non-Disturbance Agreement and such New Sublease or Sublease
Modification, as applicable, is by its terms terminable by the Mortgage Lender upon an Event of Default or transfer of the applicable Individual Property to Mortgage Lender or its designee upon a foreclosure of the Security Instrument or deed in
lieu thereof) and by the Mezzanine Lender upon an event of default under the Mezzanine Loan or foreclosure of the related pledge of the ownership interests in Mortgage Borrower); 
  
 (g) the New Sublease or Sublease Modification, as applicable, does not prevent Proceeds from being held and disbursed by
Mezzanine Lender in accordance with the terms hereof; 
  
 (h) the
New Sublease or Sublease Modification, as applicable, shall not entitle any Tenant to receive and retain Proceeds except those that may be specifically awarded to it in condemnation proceedings because of the Taking of its trade fixtures and its
leasehold improvements which have not become part of the Property and such business loss as Tenant may specifically and separately establish; provided, however, that if the Tenant is responsible for maintaining casualty insurance on the Property
pursuant to the terms of such New Sublease or Sublease Modification, such Tenant shall be entitled to receive and use the proceeds of such insurance for restoration of the Property on the same terms and conditions as Mortgage Borrower may use
Proceeds hereunder; and 
  
 (i) the New Sublease or Sublease
Modification, as applicable, does not trigger any of the rights or obligations set forth on Schedule VI of the Loan Agreement (Mortgage). 
  

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 8.8.3 Delivery of New Sublease or Sublease Modification. Upon the execution of any New Sublease or
Sublease Modification, as applicable, Mezzanine Borrower shall cause Mortgage Borrower to deliver to Mezzanine Lender an executed copy of the Sublease. 
  
 8.8.4 Security Deposits. All security or other deposits of Tenants of the Property shall be treated as trust funds and shall not be commingled with
any other funds of Mortgage Borrower, and such deposits shall be deposited, upon receipt of the same by Mortgage Borrower in a separate trust account maintained by Mortgage Borrower expressly for such purpose. Within ten (10) Business Days after
written request by Mezzanine Lender, Mezzanine Borrower shall cause Mortgage Borrower to furnish to Mezzanine Lender reasonably satisfactory evidence of compliance with this Section 8.8.4, together with a statement of all lease securities
deposited with Mortgage Borrower by the Tenants and the location and account number of the account in which such security deposits are held. 
  
 8.8.5 No Default Under Subleases. Mezzanine Borrower shall cause Mortgage Borrower or Master Lessee to (i) promptly perform and observe all of the
material terms, covenants and conditions required to be performed and observed by Mortgage Borrower under the Subleases, if the failure to perform or observe the same would have a Material Adverse Effect; (ii) exercise, within ten (10) Business Days
after a written request by Mezzanine Lender, any right to request from the Tenant under any Sublease a certificate with respect to the status thereof and (iii) not collect any of the Rents, more than one (1) month in advance (except that Mortgage
Borrower may collect such security deposits and last month’s Rents as are permitted by Legal Requirements and are commercially reasonable in the prevailing market and collect other charges in accordance with the terms of each Sublease).

  

	IX.	INTEREST RATE CAP AGREEMENT. 

  
 9.1 Interest Rate Cap Agreement (Fourth Mezzanine). Prior to or contemporaneously with the Closing Date, Mezzanine Borrower shall have obtained,
and thereafter maintain in effect, the Interest Rate Cap Agreement satisfying the requirements set forth in the definition of “Interest Rate Cap Agreement “ herein. The notional amount of the Interest Rate Cap Agreement (Fourth Mezzanine)
may be reduced from time to time (and Lender shall authorize such reduction) in amounts equal to any mandatory prepayment of the principal of the Loan made in accordance with Section 5(b) of the Mezzanine Note. 
  
 9.2 Pledge. As security for the full and punctual payment and
performance of the Obligations (Fourth Mezzanine) when due (whether upon stated maturity, by acceleration, early termination or otherwise), Mezzanine Borrower, as pledgor, hereby pledges, assigns, hypothecates, transfers and delivers to Mezzanine
Lender as collateral and hereby grants to Mezzanine Lender a continuing first priority lien on and security interest in, to and under all of the following whether now owned or hereafter acquired and whether now existing or hereafter arising (the
“Rate Cap Collateral”): all of the right, title and interest of Mezzanine Borrower in and to (i) the Interest Rate Cap Agreement 

  

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(Fourth Mezzanine); (ii) all payments distributions, disbursements or proceeds due, owing, payable or required to be delivered to Borrower in respect of the
Interest Rate Cap Agreement (Fourth Mezzanine) or arising out of the Interest Rate Cap Agreement (Fourth Mezzanine), whether as contractual obligations, damages or otherwise; and (iii) all of Mezzanine Borrower’s claims, rights, powers,
privileges, authority, options, security interests, liens and remedies, if any, under or arising out of the Interest Rate Cap Agreement (Fourth Mezzanine), in each case including all accessions and additions to, substitutions for and replacements,
products and proceeds of any or all of the foregoing. 
  
 9.3
Covenants. Mezzanine Borrower shall comply with all of its obligations under the terms and provisions of the Interest Rate Cap Agreement (Fourth Mezzanine). All amounts paid by the Counterparty under the Interest Rate Cap Agreement (Fourth
Mezzanine) to Mezzanine Borrower or Mezzanine Lender shall be deposited immediately into the Mezzanine Account pursuant to Section 3.1. Subject to terms hereof, provided no Event of Default has occurred and is continuing, Mezzanine Borrower
shall be entitled to exercise all rights, powers and privileges of Mezzanine Borrower under, and to control the prosecution of all claims with respect to, the Interest Rate Cap Agreement (Fourth Mezzanine) and the other Rate Cap Collateral.
Mezzanine Borrower shall take all actions reasonably requested by Mezzanine Lender to enforce Mezzanine Borrower’s rights under the Interest Rate Cap Agreement (Fourth Mezzanine) in the event of a default by the Counterparty thereunder and
shall not waive, amend or otherwise modify any of its rights thereunder. 
  
 (a) Mezzanine Borrower shall defend Mezzanine Lender’s right, title and interest in and to the Rate Cap Collateral pledged by Mezzanine Borrower pursuant hereto or in which it has granted a security interest
pursuant hereto against the claims and demands of all other Persons. 
  
 (b) In the event of any downgrade, withdrawal or qualification of the rating of the Counterparty such that it ceases to qualify as an “Approved Counterparty”, unless the Counterparty shall have posted collateral on terms
acceptable to each Rating Agency, Borrower shall replace the Interest Rate Cap Agreement (Fourth Mezzanine) with a Replacement Interest Rate Cap Agreement (Fourth Mezzanine) not later than ten (10) Business Days following receipt of notice from
Mezzanine Lender, Servicer or any other Person of such downgrade, withdrawal or qualification. In the event that the Counterparty is downgraded to A2 or lower by Moody’s, a Replacement Interest Rate Cap Agreement (Fourth Mezzanine) shall be
required regardless of the posting of collateral. 
  
 (c) In the
event that Mezzanine Borrower fails to purchase and deliver to Mezzanine Lender the Interest Rate Cap Agreement (Fourth Mezzanine) as and when required hereunder, Mezzanine Lender may upon written notice to Borrower purchase the Interest Rate Cap
Agreement (Fourth Mezzanine) and the actual cost incurred by Mezzanine Lender in purchasing the Interest Rate Cap Agreement shall upon written demand be paid by Mezzanine Borrower to Mezzanine Lender with interest thereon at the Default Rate from
the date such cost was incurred by Mezzanine Lender and demand made until such cost is paid by Mezzanine Borrower to Mezzanine Lender. 
  

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 (d) Mezzanine Borrower shall not sell, assign, or otherwise dispose of, or mortgage, pledge or grant a
security interest in, any of the Rate Cap Collateral or any interest therein, and any sale, assignment, mortgage, pledge or security interest whatsoever made in violation of this covenant shall be a nullity and of no force and effect, and upon
demand of Mezzanine Lender, shall forthwith be cancelled or satisfied by an appropriate instrument in writing. 
  
 (e) Mezzanine Borrower shall not (i) without the prior written consent of Mezzanine Lender, modify, amend or supplement the terms of the Interest Rate Cap
Agreement (Fourth Mezzanine), (ii) without the prior written consent of Mezzanine Lender, except in accordance with the terms of the Interest Rate Cap Agreement (Fourth Mezzanine), cause the termination of the Interest Rate Cap Agreement prior to
its stated maturity date, (iii) without the prior written consent of Mezzanine Lender, except as aforesaid, waive or release any obligation of the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement (Fourth
Mezzanine)) under the Interest Rate Cap Agreement (Fourth Mezzanine), (iv) without the prior written consent of Mezzanine Lender, consent or agree to any act or omission to act on the part of the Counterparty (or any successor or substitute party to
the Interest Rate Cap Agreement (Fourth Mezzanine)), which, without such consent or agreement, would constitute a default under the Interest Rate Cap Agreement (Fourth Mezzanine), (v) fail to exercise promptly and diligently each and every material
right which it may have under the Interest Rate Cap Agreement (Fourth Mezzanine), (vi) take or intentionally omit to take any action or intentionally suffer or permit any action to be omitted or taken, the taking or omission of which would result in
any right of offset against sums payable under the Interest Rate Cap Agreement (Fourth Mezzanine) or any defense by the Counterparty (or any successor or substitute counterparty to the Interest Rate Cap Agreement (Fourth Mezzanine)) to payment or
(vii) fail to give prompt notice to Mezzanine Lender of any notice of default given by or to Mezzanine Borrower under or with respect to the Interest Rate Cap Agreement (Fourth Mezzanine), together with a complete copy of such notice. 
  
 (f) In connection with an Interest Rate Cap Agreement (Fourth Mezzanine),
Mezzanine Borrower shall obtain and deliver to Mezzanine Lender an Opinion of Counsel from counsel (which counsel may be in-house counsel for the Counterparty) for the Counterparty upon which Mezzanine Lender and its successors and assigns may rely
(the “Counterparty Opinion”) under New York law and, if the Counterparty is a non-U.S. entity, the applicable foreign law in such form approved by the Mezzanine Lender. 
  
 9.4 Powers of Mezzanine Borrower Prior to an Event of Default. Subject to the provisions of Section 9.3,
provided no Event of Default has occurred and is continuing, Mezzanine Borrower shall be entitled to exercise all rights, powers and privileges of Mezzanine Borrower under, and to control the prosecution of all claims with respect to, the Interest
Rate Cap Agreement (Fourth Mezzanine) and the other Rate Cap Collateral. 
  

 88 

 9.5 Representations and Warranties. Mezzanine Borrower hereby covenants with, and represents and
warrants to, Mezzanine Lender as follows: 
  
 (a) The Interest
Rate Cap Agreement (Fourth Mezzanine) constitutes the legal, valid and binding obligation of Mezzanine Borrower, enforceable against Mezzanine Borrower in accordance with its terms, subject only to applicable bankruptcy, insolvency and similar laws
generally affecting the enforcement of creditors’ rights and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
  
 (b) The Rate Cap Collateral is free and clear of all claims or security
interests of every nature whatsoever, except such as are created pursuant to this Agreement and the other Mezzanine Loan Documents, and Mezzanine Borrower has the right to pledge and grant a security interest in the same as herein provided without
the consent of any other Person other than any such consent that has been obtained and is in full force and effect. 
  
 (c) The Rate Cap Collateral has been duly and validly pledged hereunder. All consents and approvals required to be obtained by Borrower for the
consummation of the transactions contemplated by this Agreement have been obtained. 
  
 (d) Giving effect to the aforesaid grant and assignment to Mezzanine Lender, Mezzanine Lender has, as of the date of this Agreement, and as to Rate Cap Collateral acquired from time to time after such date, shall
have, a valid, and upon proper filing, perfected and continuing first priority lien upon and security interest in the Rate Cap Collateral; provided that no representation or warranty is made with respect to the perfected status of the security
interest of Mezzanine Lender in the proceeds of Rate Cap Collateral consisting of “cash proceeds” or “non-cash proceeds” as defined in the UCC except if, and to the extent, the provisions of Section 9-306 of the UCC shall be
complied with. 
  
 (e) Except for financing statements filed or to
be filed in favor of Mezzanine Lender as secured party, there are no financing statements under the UCC covering any or all of the Rate Cap Collateral and Mezzanine Borrower shall not, without the prior written consent of Mezzanine Lender, until
payment in full of all of the Obligations (Fourth Mezzanine), execute and file in any public office, any enforceable financing statement or statements covering any or all of the Rate Cap Collateral, except financing statements filed or to be filed
in favor of Mezzanine Lender as secured party. 
  
 9.6
Payments. If Mezzanine Borrower at any time shall be entitled to receive any payments with respect to the Interest Rate Cap Agreement (Fourth Mezzanine), such amounts shall, immediately upon becoming payable to Mezzanine Borrower, be
deposited by Counterparty into the Mezzanine Account. 
  
 9.7
Remedies. Subject to the provisions of the Interest Rate Cap Agreement (Fourth Mezzanine), if an Event of Default shall occur and then be continuing: 
  
 (a) Mezzanine Lender, without obligation to resort to any other security, right or remedy granted under any other agreement or instrument, shall have the
right to, in addition to all rights, powers and remedies of a secured party pursuant to the UCC, at any 

  

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time and from time to time, sell, resell, assign and deliver, in its sole discretion, any or all of the Rate Cap Collateral (in one or more parcels and at
the same or different times) and all right, title and interest, claim and demand therein and right of redemption thereof, at public or private sale, for cash, upon credit or for future delivery, and in connection therewith Mezzanine Lender may grant
options and may impose reasonable conditions such as requiring any purchaser to represent that any “securities” constituting any part of the Rate Cap Collateral are being purchased for investment only, Mezzanine Borrower hereby waiving and
releasing any and all equity or right of redemption to the fullest extent permitted by the UCC or applicable law. If all or any of the Rate Cap Collateral is sold by Mezzanine Lender upon credit or for future delivery, Mezzanine Lender shall not be
liable for the failure of the purchaser to purchase or pay for the same and, in the event of any such failure, Mezzanine Lender may resell such Rate Cap Collateral. It is expressly agreed that Mezzanine Lender may exercise its rights with respect to
less than all of the Rate Cap Collateral, leaving unexercised its rights with respect to the remainder of the Rate Cap Collateral, provided, however, that such partial exercise shall in no way restrict or jeopardize Mezzanine Lender’s right to
exercise its rights with respect to all or any other portion of the Rate Cap Collateral at a later time or times. 
  
 (b) Mezzanine Lender may exercise, either by itself or by its nominee or designee, in the name of Mezzanine Borrower, all of Mezzanine Lender’s
rights, powers and remedies in respect of the Rate Cap Collateral, hereunder and under law. 
  
 (c) Mezzanine Borrower hereby irrevocably, in the name of Mezzanine Borrower or otherwise, authorizes and empowers Mezzanine Lender and assigns and transfers unto Mezzanine Lender, and constitutes and appoints
Mezzanine Lender its true and lawful attorney-in-fact, and as its agent, irrevocably, with full power of substitution for Mezzanine Borrower and in the name of Mezzanine Borrower, (i) to exercise and enforce every right, power, remedy, authority,
option and privilege of Mezzanine Borrower under the Interest Rate Cap Agreement, including any power to subordinate or modify the Interest Rate Cap Agreement (but not, unless an Event of Default exists and is continuing, the right to terminate or
cancel the Interest Rate Cap Agreement), or to give any notices, or to take any action resulting in such subordination, termination, cancellation or modification and (ii) in order to more fully vest in Mezzanine Lender the rights and remedies
provided for herein, to exercise all of the rights, remedies and powers granted to Mezzanine Lender in this Agreement, and Mezzanine Borrower further authorizes and empowers Mezzanine Lender, as Mezzanine Borrower’s attorney-in-fact, and as its
agent, irrevocably, with full power of substitution for Mezzanine Borrower and in the name of Mezzanine Borrower, to give any authorization, to furnish any information, to make any demands, to execute any instruments and to take any and all other
action on behalf of and in the name of Mezzanine Borrower which in the opinion of Mezzanine Lender may be necessary or appropriate to be given, furnished, made, exercised or taken under the Interest Rate Cap Agreement, in order to comply therewith,
to perform the conditions thereof or to prevent or remedy any default by Mezzanine Borrower thereunder or to enforce any of the rights of Mezzanine Borrower thereunder. These powers-of-attorney are irrevocable and coupled with an interest, and any
similar or dissimilar powers heretofore given by Mezzanine Borrower in respect of the Rate Cap Collateral to any other Person are hereby revoked. 
  

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 (d) Mezzanine Lender may, without notice to, or assent by, Mezzanine Borrower or any other Person (to the
extent permitted by law), but without affecting any of the Obligations (Fourth Mezzanine), in the name of Mezzanine Borrower or in the name of Mezzanine Lender, notify the Counterparty, or if applicable, any other counterparty to the Interest Rate
Cap Agreement, to make payment and performance directly to Mezzanine Lender; extend the time of payment and performance of, compromise or settle for cash, credit or otherwise, and upon any terms and conditions, any obligations owing to Mezzanine
Borrower, or claims of Mezzanine Borrower, under the Interest Rate Cap Agreement; file any claims, commence, maintain or discontinue any actions, suits or other proceedings deemed by Mezzanine Lender necessary or advisable for the purpose of
collecting upon or enforcing the Interest Rate Cap Agreement; and execute any instrument and do all other things deemed necessary and proper by Mezzanine Lender to protect and preserve and realize upon the Rate Cap Collateral and the other rights
contemplated hereby. 
  
 (e) Pursuant to the powers-of-attorney
provided for above, Mezzanine Lender may take any action and exercise and execute any instrument which it may deem necessary or advisable to accomplish the purposes hereof; provided, however, that Mezzanine Lender shall not be permitted to take any
action pursuant to said power-of-attorney that would conflict with any limitation on Mezzanine Lender’s rights with respect to the Rate Cap Collateral. Without limiting the generality of the foregoing, Mezzanine Lender, after the occurrence of
an Event of Default, shall have the right and power to receive, endorse and collect all checks and other orders for the payment of money made payable to Mezzanine Borrower representing: (i) any payment of obligations owed pursuant to the Interest
Rate Cap Agreement, (ii) interest accruing on any of the Rate Cap Collateral or (iii) any other payment or distribution payable in respect of the Rate Cap Collateral or any part thereof, and for and in the name, place and stead of Mezzanine
Borrower, to execute endorsements, assignments or other instruments of conveyance or transfer in respect of any property which is or may become a part of the Rate Cap Collateral hereunder. 
  
 (f) Mezzanine Lender may exercise all of the rights and remedies of a secured
party under the UCC. 
  
 (g) Without limiting any other provision
of this Agreement or any of Mezzanine Borrower’s rights hereunder, and without waiving or releasing Mezzanine Borrower from any obligation or default hereunder, Mezzanine Lender shall have the right, but not the obligation, to perform any act
or take any appropriate action, as it, in its reasonable judgment, may deem necessary to protect the security of this Agreement, to cure such Event of Default or to cause any term, covenant, condition or obligation required under this Agreement or
the Interest Rate Cap Agreement to be performed or observed by Mezzanine Borrower to be promptly performed or observed on behalf of Mezzanine Borrower. All amounts advanced by, or on behalf of, Mezzanine Lender in exercising its rights under this
Section 9.7(g) (including, but not limited to, reasonable legal expenses and disbursements incurred in connection therewith), together with interest thereon at the Default Rate from the date of each such advance, shall be payable 

  

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by Mezzanine Borrower to Mezzanine Lender upon demand and shall be secured by this Agreement. 
  
 9.8 Sales of Rate Cap Collateral. No demand, advertisement or notice, all of which are, to the fullest extent
permitted by law, hereby expressly waived by Mezzanine Borrower, shall be required in connection with any sale or other disposition of all or any part of the Rate Cap Collateral following and during the continuance of an Event of Default, except
that Mezzanine Lender shall give Mezzanine Borrower at least thirty (30) Business Days’ prior written notice of the time and place of any public sale or of the time when and the place where any private sale or other disposition is to be made,
which notice Mezzanine Borrower hereby agrees is reasonable, all other demands, advertisements and notices being hereby waived. To the extent permitted by law, Mezzanine Lender shall not be obligated to make any sale of the Rate Cap Collateral if it
shall determine not to do so, regardless of the fact that notice of sale may have been given, and Mezzanine Lender may without notice or publication adjourn any public or private sale, and such sale may, without further notice, be made at the time
and place to which the same was so adjourned. Upon each private sale of the Rate Cap Collateral of a type customarily sold in a recognized market and upon each public sale, unless prohibited by any applicable statute which cannot be waived,
Mezzanine Lender (or its nominee or designee) may purchase any or all of the Rate Cap Collateral being sold, free and discharged from any trusts, claims, equity or right of redemption of Mezzanine Borrower, all of which are hereby waived and
released to the extent permitted by law, and may make payment therefor by credit against any of the Obligations (Fourth Mezzanine) in lieu of cash or any other obligations. In the case of all sales of the Rate Cap Collateral, public or private,
Mezzanine Borrower shall pay all reasonable out-of-pocket costs and expenses of every kind for sale or delivery, including brokers’ and attorneys’ fees and disbursements and any tax imposed thereon. However, the proceeds of sale of Rate
Cap Collateral shall be available to cover such costs and expenses, and, after deducting such costs and expenses from the proceeds of sale, Mezzanine Lender shall apply any residue to the payment of the Obligations (Fourth Mezzanine) in the order of
priority as set forth in Section 11 of the Security Instrument. 
  
 9.9 Public Sales Not Possible. Mezzanine Borrower acknowledges that the terms of the Interest Rate Cap Agreement (Fourth Mezzanine) may prohibit public sales, that the Rate Cap Collateral may not be of the type appropriately sold at
public sales, and that such sales may be prohibited by law. As a result, Borrower agrees that private sales of the Rate Cap Collateral shall not be deemed to have been made in a commercially unreasonably manner by mere virtue of having been made
privately. 
  
 9.10 Receipt of Sale Proceeds. Upon any sale
of the Rate Cap Collateral by Mezzanine Lender hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt by Mezzanine Lender or the officer making the sale of the proceeds of such sale
shall be a sufficient discharge to the purchaser or purchasers of the Rate Cap Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to Mezzanine Lender or
such officer or be answerable in any way for the misapplication or non-application thereof. 
  

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 9.11 Replacement Interest Rate Cap Agreement. If, in connection with Mezzanine Borrower’s
exercise of any extension option pursuant to Section 5 of the Mezzanine Note, Mezzanine Borrower delivers a Replacement Interest Rate Cap Agreement (Fourth Mezzanine), all the provisions of this Article IX applicable to the Interest
Rate Cap Agreement (Fourth Mezzanine) delivered on the Closing Date shall be applicable to the Replacement Interest Rate Cap Agreement (Fourth Mezzanine). 
  

	X.	RESERVED. 

  

	XI.	BOOKS AND RECORDS, FINANCIAL STATEMENTS, REPORTS AND OTHER INFORMATION 

  
 11.1 Books and Records. Mezzanine Borrower shall cause Mortgage Borrower to keep and maintain on a fiscal year basis proper books and records
separate from any other Person, in which accurate and complete entries shall be made of all dealings or transactions of or in relation to the Mortgage Note, the Mezzanine Note, the Property and the business and affairs of Borrower and Mezzanine
Borrower relating to the Property which shall reflect all items of income and expense in connection with the operation of the Property and in connection with any services, equipment or furnishings provided in connection with the operation of the
Property, in accordance with GAAP. Subject to Section 11.3, Mezzanine Lender and its authorized representatives shall have the right at reasonable times and upon reasonable notice to examine the books and records of Mortgage Borrower and
Mezzanine Borrower relating to the operation of the Property and to make such copies or extracts thereof as Mezzanine Lender may reasonably require. 
  
 11.2 Financial Statements. 
  
 11.2.1 Monthly Reports. Commencing in January 2006 (or, in the case of sales reports, commencing October 2005), not later than thirty (30) days
following the end of each calendar month, Mezzanine Borrower shall cause Mortgage Borrower to cause Master Lessee, pursuant to the Master Lease, to deliver to Mezzanine Lender monthly sales reports in respect of the Property for such month, for the
corresponding month of the previous Fiscal Year and for the year to date, and financial statements, internally prepared on an accrual basis for such month, reporting Portfolio Four-Wall EBITDAR as of the end of such month, for the corresponding
month of the previous Fiscal Year and for the Fiscal Year to date and a comparison of the year to date results with (i) the results for the same period of the previous year, (ii) the results that had been projected by Mezzanine Borrower, Mortgage
Borrower and Master Lessee for such period and (iii) the Annual Budget for such period and the Fiscal Year, and a calculation of the DSCR, LTV, Ratio, Master Lease Variable Additional Rent and Master Lease Recurrent Additional Rent for such period.
Such statements for each month shall be accompanied by an Officer’s Certificate (or in the case of the sales reports a Master Lessee Officer’s Certificate) certifying to the best of the signer’s knowledge, (A) that such statements
fairly represent the financial condition and results of operations of Mezzanine Borrower, Mortgage Borrower and Master Lessee, as applicable, (B) that as of the date of such Officer’s Certificate, no Event of Default exists under this
Agreement, the Notes or any other Loan Document or, if so, specifying the nature and status of each such Event of 

  

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Default and the action then being taken by Mezzanine Borrower, Mortgage Borrower or proposed to be taken to remedy such Event of Default and (C) that as of
the date of each Officer’s Certificate, no litigation exists involving Mezzanine Borrower, Mortgage Borrower, Master Lessee or the Property in which the amount involved is $2,000,000 (in the aggregate) or more or in which all or substantially
all of the potential liability is not covered by insurance, or, if so, specifying such litigation and the actions being taking in relation thereto and (D) the amount by which actual operating expenses were greater than or less than the operating
expenses anticipated in the applicable Annual Budget. Such financial statements shall contain such other information as shall be reasonably requested by Mezzanine Lender for purposes of calculations to be made by Mezzanine Lender pursuant to the
terms hereof. Notwithstanding the foregoing, Mezzanine Borrower shall cause Mortgage Borrower to deliver promptly to Mezzanine Lender reports detailing any non recurring charges of Mezzanine Mortgage Borrower or Master Lessee including, among other
things, any charges assessed under any Operation Agreement. Sales reports and Portfolio Four-Wall EBITDAR shall each be prepared on an aggregate basis for all of the Individual Properties. 
  
 11.2.2 Quarterly Reports. Commencing not later than forty-five (45)
days following the end of each Fiscal Quarter (commencing with the Fiscal Quarter ending in January 2006), Mezzanine Borrower shall cause Mortgage Borrower to cause Master Lessee pursuant to the Master Lease, to deliver to Mezzanine Lender quarterly
sales reports in respect of the Property and unaudited financial statements, internally prepared on an accrual basis, reporting Portfolio Four-Wall EBITDAR as of the end of such Fiscal Quarter and for the corresponding Fiscal Quarter of the previous
year, including a statement of net operating income for the year to date and a statement of revenues and expenses for such Fiscal Quarter, and a comparison of the year to date results with (i) the results for the same period of the previous year,
(ii) the results that had been projected by Mortgage Borrower and Master Lessee for such period and (iii) the Annual Budget for such period and the Fiscal Year, and a calculation of the DSCR, LTV Ratio, Master Lease Variable Additional Rent and
Master Lease Recurrent Additional Rent for such period. Such statements for each Fiscal Quarter shall be accompanied by an Officer’s Certificate (or in the case of the sales reports a Master Lessee Officer’s Certificate) certifying to the
best of the signer’s knowledge, (A) that such statements fairly represent the financial condition and results of operations of Mortgage Borrower and Master Lessee, (B) that as of the date of such Officer’s Certificate, no Event of Default
exists under this Agreement, the Mezzanine Note or any other Mezzanine Loan Document or Loan Document (Mortgage) or, if so, specifying the nature and status of each such Event of Default and the action then being taken by Mortgage Borrower or
proposed to be taken to remedy such Event of Default, (C) that as of the date of each Officer’s Certificate, no litigation exists involving Mezzanine Borrower, Master Lease or the Property in which the amount involved is $2,000,000 (in the
aggregate) or more or in which all or substantially all of the potential liability is not covered by insurance, or, if so, specifying such litigation and the actions being taking in relation thereto and (D) the amount by which actual operating
expenses were greater than or less than the operating expenses anticipated in the applicable Annual Budget. Such financial statements shall contain such other information as shall be reasonably requested by Mezzanine Lender for purposes of
calculations to be made by Mezzanine Lender pursuant to the terms hereof. 
  

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 11.2.3 Annual Reports. Concurrently with the public filings of any financial statements of
Mortgage Borrower and in any event not later than one-hundred twenty (120) days after the end of each Fiscal Year of Mortgage Borrower’s operations (commencing with the Fiscal Year ending in January 2006), Mezzanine Borrower shall cause
Mortgage Borrower to cause Master Lessee, pursuant to the Master Lease, to deliver to Mezzanine Lender annual sales reports in respect of the Property, audited financial statements for both Mortgage Borrower and audited financial statements for
Master Lessee certified by an Independent Accountant in accordance with GAAP, which shall contain unaudited schedules as follows: a statement of Mortgage Borrower’s net income for the Fiscal Year and for the fourth Fiscal Quarter thereof and a
statement of Mortgage Borrower’s revenues and expenses for such year, and stating in comparative form the figures for the previous fiscal year, and a calculation of the DSCR, LTV Ratio, Master Lease Variable Additional Rent and Master Lease
Recurrent Additional Rent for such period and copies of all federal income tax returns to be filed. Such annual financial statements shall also be accompanied by an Officer’s Certificate (or in the case of the sales reports a Master Lessee
Officer’s Certificate) in the form required pursuant to Section 11.2.1. 
  
 11.2.4 Disclosure Restrictions. Notwithstanding anything to the contrary contained in this Article XI, unless such information is otherwise disclosed publicly by Mezzanine Borrower, Mezzanine Borrower
shall not be required to deliver financial information hereunder to Mezzanine Lender to the limited extent and only during any such period that any applicable federal or state securities laws or regulations promulgated thereunder (a) expressly
prohibit such delivery or (b) permit such delivery to be made to Mezzanine Lender only when also disclosed publicly. 
  
 11.2.5 Capital Expenditures Summaries. Without duplication of any other provision of this Agreement or any other Loan Documents, Mezzanine Borrower
shall, or shall cause Mortgage Borrower, to cause Master Lessee to, within ninety (90) days after the end of each calendar year during the term of the Note, to deliver to Mezzanine Lender an annual summary of any and all capital expenditures made at
the Property during the prior twelve (12) month period. 
  
 11.2.6
Master Lease. Without duplication of any other provision of this Agreement or any other Loan Documents, Mezzanine Borrower shall cause Mortgage Borrower, to deliver to Mezzanine Lender, within ten (10) Business Days of the receipt thereof by
Mortgage Borrower, a copy of all reports prepared by Master Lessee pursuant to the Master Lease, including, without limitation, the Annual Budget and any inspection reports. 
  
 11.2.7 Annual Budget; Operating Agreement. 
  
 Mezzanine Borrower shall or shall cause Mortgage Borrower to cause Master Lessee to deliver to Mezzanine Lender the Annual
Budget for Mezzanine Lender’s review, but not approval, not more than ninety (90) days after the end of each Fiscal Year. Any proposed modifications to such Annual Budget shall be delivered to Mezzanine Lender for its review, but not approval.
Mezzanine Borrower shall or shall 

  

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cause Mortgage Borrower to cause Master Lessee to deliver to Mezzanine Lender the annual budget and any modifications thereto under any Operating Agreement
for Mezzanine Lender’s review, but not approval, prior to Mortgage Borrower’s or Master Lessee’s approval of any such annual budget or modification. Notwithstanding the foregoing, upon the occurrence and during the continuation of an
Event of Default and if there is a Master Lease Tenant Default, Mezzanine Lender shall have the right to exercise any right of approval that Borrower may have to approve the annual budget and any amendments thereto under any Operating Agreements
subject to any constraints in the Operating Agreement in question, in its sole and absolute discretion. 
  
 11.2.8 Other Information. 
  
 Mezzanine Borrower shall cause Mortgage Borrower to, promptly after written request by Mezzanine Lender or, if a Securitization shall have occurred, the
Rating Agencies, furnish or cause to be furnished to Mezzanine Lender, in such manner and in such detail as may be reasonably requested by Mezzanine Lender, such reasonable additional information as may be reasonably requested with respect to the
Property, Mortgage Borrower, Master Lessee or Guarantor. 
  
 11.3
Proprietary Information. 
  
 (a) The Mezzanine Lender
shall keep confidential all sales reports and any other proprietary information delivered to Mezzanine Lender pursuant to this Agreement (provided any such other proprietary information is clearly marked by Mortgage Borrower as confidential)
(collectively, “Proprietary Information”), including specifically, but not limited to, any financial information provided pursuant to this Article XI and any information provided in connection with a securitization pursuant
to Article XIV. Notwithstanding the foregoing, Mezzanine Lender shall be permitted to freely deliver Proprietary Information to Rating Agencies, Servicer and securitization trustees, to prospective participants and purchasers of the Mortgage
Loan and interests therein and to prospective holders of securities backed by the Mortgage Loan, and to its and their respective agents and representatives provided that Mezzanine Lender shall inform such parties of the confidential nature of such
information. 
  
 (b) Notwithstanding anything to the contrary
contained herein, Mezzanine Borrower shall not cause Mortgage Borrower to identify any specific property to which any Proprietary Information relates (“Assets Specific Proprietary Information”) (and shall not be required to permit
inspection property-specific information contained in its books and records) unless requested by holders or prospective holders of (a) the Mezzanine Loan or any interest therein or (b) the unrated or lower-rated securities backed by the Mortgage
Loan (collectively, “Requesting Parties”). Mezzanine Lender shall be permitted to deliver Asset-Specific Proprietary Information to Requesting Parties that request such information (and such Requesting Parties shall be permitted to
inspect property-specific information contained in Mezzanine Borrower’s or Mortgage Borrower’s books and records), provided that each such Person (i) executes a commercially reasonable confidentiality agreement with respect to such
information for the benefit of Mezzanine Borrower, Mortgage Borrower and Master Lessee and (ii) is not 

  

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a business competitor of Mortgage Borrower, Mezzanine Borrower, Master Lessee or any Sponsor. 
  

	XII.	RESERVED 

  

	XIII.	ENVIRONMENTAL MATTERS. 

  
 13.1 Representations. Mezzanine Borrower hereby represents and warrants that except as set forth in the environmental reports and studies delivered
to Mezzanine Lender (the “Environmental Reports”), (i) Mezzanine Borrower, Senior Mezzanine Borrower, and Mortgage Borrower has not engaged in or knowingly permitted any operations or activities upon, or any use or occupancy of the
Property, or any portion thereof, for the purpose of or in any way involving the handling, manufacture, treatment, storage, use, generation, release, discharge, refining, dumping or disposal of any Hazardous Materials on, under, in or about the
Property, or transported any Hazardous Materials to, from or across the Property, except in all cases in material compliance with Environmental Laws and only in the course of legitimate business operations at the Property; (ii) to Mezzanine
Borrower’s knowledge, no tenant, occupant or user of the Property, or any other Person, has engaged in or permitted any operations or activities upon, or any use or occupancy of the Property, or any portion thereof, for the purpose of or in any
material way involving the handling, manufacture, treatment, storage, use, generation, release, discharge, refining, dumping or disposal of any Hazardous Materials on, in or about the Property, or transported any Hazardous Materials to, from or
across the Property, except in all cases in material compliance with Environmental Laws and only in the course of legitimate business operations at the Property; (iii) no Hazardous Materials are presently constructed, deposited, stored, or otherwise
located on, under, in or about the Property except in material compliance with Environmental Laws; (iv) to Mezzanine Borrower’s knowledge, no Hazardous Materials have migrated from the Property upon or beneath other properties which would
reasonably be expected to result in material liability for Mezzanine Borrower, any Senior Mezzanine Borrower or Mortgage Borrower; and (v) to Mezzanine Borrower’s knowledge, no Hazardous Materials have migrated or threaten to migrate from other
properties upon, about or beneath the Property which would reasonably be expected to result in material liability for Mezzanine Borrower, any Senior Mezzanine Borrower or Mortgage Borrower. 
  
 13.2 Covenants. 
  
 13.2.1 Compliance with Environmental Laws. Subject to Mortgage
Borrower’s right to contest under Section 7.3 of the Loan Agreement (Mortgage), Mezzanine Borrower covenants and agrees with Mezzanine Lender that it shall comply and shall cause each Senior Mezzanine Borrower and Mortgage Borrower to
comply in all material respects with all Environmental Laws. If at any time prior to the repayment in full of the Obligations (Fourth Mezzanine), a Governmental Authority having jurisdiction over the Property requires remedial action to correct the
presence of Hazardous Materials in, around, or under the Property (an “Environmental Event”), Mezzanine Borrower shall deliver prompt notice of the occurrence of such Environmental Event to Mezzanine Lender. Within thirty (30) days
after Mezzanine Borrower has knowledge of the 

  

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occurrence of an Environmental Event, Mezzanine Borrower shall deliver to Mezzanine Lender an Officer’s Certificate (an “Environmental
Certificate”) explaining the Environmental Event in reasonable detail and setting forth the proposed remedial action, if any. Mezzanine Borrower shall promptly provide Mezzanine Lender with copies of all notices which allege or identify any
actual or potential violation or noncompliance received by or prepared by or for Mezzanine Borrower in connection with any Environmental Law. For purposes of this paragraph, the term “notice” shall mean any summons, citation, directive,
order, claim, pleading, letter, application, filing, report, findings, declarations or other materials pertinent to compliance of the Property and Mezzanine Borrower with such Environmental Laws. If the Pledge is foreclosed, Mezzanine Borrower shall
cause Mortgage Borrower to deliver the Property in compliance with all applicable Environmental Laws. 
  
 13.3 Environmental Reports. Upon the occurrence and during the continuance of an Environmental Event with respect to the Property or any Event of
Default, Mezzanine Lender shall have the right to have its consultants perform an environmental audit of the Property. Such audit shall be conducted by an environmental consultant chosen by Mezzanine Lender and may include a visual survey, a record
review, an area reconnaissance assessing the presence of hazardous or toxic waste or substances, PCBs or storage tanks at the Property, an asbestos survey of the Property, which may include random sampling of the Improvements and air quality
testing, and such further site assessments as Mezzanine Lender may reasonably require due to the results obtained from the foregoing. Mezzanine Borrower grants (and shall cause each Senior Mezzanine Borrower to cause Mortgage Borrower to grant) to
Mezzanine Lender, its agents, consultants and contractors the right to enter the Property as reasonable or appropriate for the circumstances for the purposes of performing such studies and the reasonable cost of such studies shall be due and payable
by Mezzanine Borrower to Mezzanine Lender upon demand and shall be secured by the Lien of this Agreement and the Pledge. Mezzanine Lender shall not unreasonably interfere with (and shall cause each Senior Mezzanine Borrower to cause Mortgage
Borrower not to unreasonably interfere with), and Mezzanine Lender shall direct the environmental consultant to use its commercially reasonable efforts not to hinder, Mortgage Borrower’s, Master Lessee’s, any Tenant’s, or other
occupant’s upon the Property when conducting such audit, sampling or inspections. By undertaking any of the measures identified in and pursuant to this Section 13.3, Mezzanine Lender shall not be deemed to be exercising any control over
the operations of Mezzanine Borrower or Mortgage Borrower or the handling of any environmental matter or hazardous wastes or substances of Mezzanine Borrower or Mortgage Borrower for purposes of incurring or being subject to liability therefor.

  
 13.4 Environmental Indemnification. Mezzanine Borrower
shall protect, indemnify, save, defend, and hold harmless the Indemnified Parties from and against any and all liability, loss, damage, actions, causes of action, costs or out of pocket expenses whatsoever (including reasonable attorneys’ fees
and expenses) and any and all claims, suits and judgments which any Indemnified Party may suffer, as a result of or with respect to: (a) any Environmental Claim relating to or arising from the Property; (b) the violation of any Environmental Law in
connection with the Property; (c) any release, spill, or the presence of any Hazardous Materials affecting the Property; and (d) the 

  

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presence at, in, on or under, or the release, escape, seepage, leakage, discharge or migration at or from, the Property of any Hazardous Materials, whether
or not such condition was known or unknown to Mezzanine Borrower; provided that, in each case, Mezzanine Borrower shall be relieved of its obligation under this subsection if any of the matters referred to in clauses (a) through (d) above did not
occur (but need not have been discovered) prior to the foreclosure of the Pledge or transfer in lieu thereof. If any such action or other proceeding shall be brought against Mezzanine Lender, upon written notice from Mezzanine Borrower to Mezzanine
Lender (given reasonably promptly following Mezzanine Lender’s notice to Mezzanine Borrower of such action or proceeding), Mezzanine Borrower shall be entitled to assume the defense thereof, at Mezzanine Borrower’s expense, with counsel
reasonably acceptable to Mezzanine Lender; provided, however, Mezzanine Lender may, at its own expense, retain separate counsel to participate in such defense, but such participation shall not be deemed to give Mezzanine Lender a right
to control such defense, which right Mezzanine Borrower expressly retains. Notwithstanding the foregoing, each Indemnified Party shall have the right to employ separate counsel at Mezzanine Borrower’s expense if, in the reasonable opinion of
legal counsel, a conflict or potential conflict exists between the Indemnified Party and Mezzanine Borrower that would make such separate representation advisable. Mezzanine Borrower shall have no obligation to indemnify an Indemnified Party for
damage or loss resulting from any Indemnified Party’s gross negligence or willful misconduct. 
  
 13.5 Recourse Nature of Certain Indemnifications. Notwithstanding anything to the contrary provided in this Agreement or in any other Mezzanine
Loan Document, the indemnification provided in Section 13.4 shall be fully recourse to Mezzanine Borrower and shall be independent of, and shall survive, the discharge of the Indebtedness, the release of the Liens created by this Agreement
and the Pledge, and/or the conveyance of title to the Collateral to Mezzanine Lender or any purchaser or designee in connection with a foreclosure of this Agreement and the Pledge or conveyance in lieu of foreclosure. 
  

	XIV.	ASSIGNMENTS AND PARTICIPATIONS. 

  
 14.1 Assignment and Acceptance. Mezzanine Lender may assign to one or more Persons all or a portion of its rights and obligations under this
Agreement and the other Mezzanine Loan Documents (including, without limitation, all or a portion of one or more of the Mezzanine Notes); provided that the parties to each such assignment shall execute and deliver to Mezzanine Lender, for its
acceptance and recording in the Register (as hereinafter defined), an Assignment and Acceptance. In addition, Mezzanine Lender may participate to one or more Persons all or any portion of its rights and obligations under this Agreement and the other
Mezzanine Loan Documents (including without limitation, all or a portion of one or more of the Mezzanine Notes) utilizing such documentation to evidence such participation and the parties’ respective rights thereunder as Mezzanine Lender, in
its sole discretion, shall elect. 
  
 14.2 Effect of Assignment
and Acceptance. Upon such execution, delivery, acceptance and recording, from and after the effective date specified in such Assignment 

  

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and Acceptance, (i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it
pursuant to such Assignment and Acceptance, have the rights and obligations of Mezzanine Lender, as the case may be, hereunder and such assignee shall be deemed to have assumed such rights and obligations, and (ii) Mezzanine Lender shall, to the
extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement and the other Mezzanine Loan Documents (and, in the
case of an Assignment and Acceptance covering all or the remaining portion of Mezzanine Lender’s rights and obligations under this Agreement and the other Mezzanine Loan Documents, Mezzanine Lender shall cease to be a party hereto) accruing
from and after the effective date of the Assignment and Acceptance, except with respect to (A) any payments made by Mezzanine Borrower to Mezzanine Lender pursuant to the terms of the Mezzanine Loan Documents after the effective date of the
Assignment and Acceptance and (B) any letter of credit, cash deposit or other deposits or security (other than the Liens of this Agreement and the Pledge and the other Mezzanine Loan Documents) delivered to or for the benefit of or deposited with
German American Capital Corporation, on behalf of the holders of the Mezzanine Notes, as Mezzanine Lender, for which German American Capital Corporation, as Mezzanine Lender, on behalf of the holders of the Mezzanine Notes, shall remain responsible
for the proper disposition thereof until such items are delivered to a party who is qualified as an Approved Bank and agrees to hold the same in accordance with the terms and provisions of the agreement pursuant to which such items were deposited.

  
 14.3 Content. By executing and delivering an Assignment
and Acceptance, Mezzanine Lender and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, Mezzanine Lender makes no representation or
warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or any other Mezzanine Loan Documents or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection with, this Agreement or any other Mezzanine Loan Documents or any other instrument or
document furnished pursuant hereto or thereto; (ii) Mezzanine Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of Mezzanine Borrower or the performance or observance by Mezzanine
Borrower of any of its obligations under any Mezzanine Loan Documents or any other instrument or document furnished pursuant thereto; (iii) such assignee confirms that it has received a copy of this Agreement, together with copies of such other
documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon Mezzanine Lender and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Mezzanine Loan Documents; (v) such assignee appoints and authorizes
Mezzanine Lender to take such action as agent on its behalf and to exercise such powers and discretion under the Mezzanine Loan Documents as are delegated to Mezzanine Lender by the terms hereof together with such powers and discretion as are
reasonably incidental 

  

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thereto; and (vi) such assignee agrees that it will perform, in accordance with their terms, all of the obligations which by the terms of this Agreement and
the other Mezzanine Loan Documents are required to be performed by Mezzanine Lender. 
  
 14.4 Register. Mezzanine Lender shall on behalf of Mezzanine Borrower, maintain a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and
addresses of Mezzanine Lender and each assignee pursuant to this Article XIV and the principal amount of the Loan owing to each such assignee from time to time (the “Register”). The entries in the Register shall, with respect
to such assignees, be conclusive and binding for all purposes, absent manifest error. The Register shall be available for inspection by Mezzanine Borrower or any assignee pursuant to this Article XIV at any reasonable time and from time to
time upon reasonable prior written notice.  
  
 14.5
Substitute Mezzanine Notes. Upon its receipt of an Assignment and Acceptance executed by an assignee, together with any Mezzanine Note or Mezzanine Notes subject to such assignment, Mezzanine Lender shall, if such Assignment and Acceptance
has been completed and is in substantially the form of Exhibit B hereto, (i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register, and (iii) give prompt written notice thereof to Mezzanine
Borrower. Within five (5) Business Days after its receipt of such notice, Mezzanine Borrower, at Mezzanine Lender’s own expense, shall execute and deliver to Mezzanine Lender in exchange and substitution for the surrendered Mezzanine Note or
Mezzanine Notes a new Mezzanine Note to the order of such assignee in an amount equal to the portion of the Loan assigned to it and a new Mezzanine Note to the order of Mezzanine Lender in an amount equal to the portion of the Loan retained by it
hereunder. Such new Mezzanine Note or Mezzanine Notes shall be in an aggregate principal amount equal to the aggregate then outstanding principal amount of such surrendered Mezzanine Note or Mezzanine Notes, shall be dated the effective date of such
Assignment and Acceptance and shall otherwise be in substantially the form of the Mezzanine Note (modified, however, to the extent necessary so as not to impose duplicative or increased obligations on Mezzanine Borrower and to delete obligations
previously satisfied by Mezzanine Borrower). Notwithstanding the provisions of this Article XIV, Mezzanine Borrower shall not be responsible or liable for any additional taxes, reserves, adjustments or other costs and expenses that are
related to, or arise as a result of, any transfer of the Loan (except as provided in Article XIV) or any interest or participation therein that arise solely and exclusively from the transfer of the Loan or any interest or participation
therein or from the execution of the new Mezzanine Note contemplated by this Section 14.5, including, without limitation, any mortgage tax. Mezzanine Lender and/or the assignees, as the case may be, shall from time to time designate one agent
through which Mezzanine Borrower shall request all approvals and consents required or contemplated by this Agreement and on whose statements Mezzanine Borrower may rely. 
  
 14.6 Participations. Each assignee pursuant to this Article XIV may sell participations to one or more Persons
(other than Mezzanine Borrower or any of its Affiliates) in or to all or a portion of its rights and obligations under this Agreement and the other Mezzanine Loan Documents (including, without limitation, all or a portion of 

  

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the Mezzanine Note held by it); provided, however, that (i) such assignee’s obligations under this Agreement and the other Mezzanine Loan
Documents shall remain unchanged, (ii) such assignee shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) such assignee shall remain the holder of any such Mezzanine Note for all purposes of this
Agreement and the other Mezzanine Loan Documents, (iv) Mezzanine Borrower, Mezzanine Lender and the assignees pursuant to this Article XIV shall continue to deal solely and directly with such assignee in connection with such assignee’s
rights and obligations under this Agreement and the other Mezzanine Loan Documents. In the event that more than one (1) party comprises Mezzanine Lender, Mezzanine Lender shall designate one party to act on the behalf of all parties comprising
Mezzanine Lender in providing approvals and all other necessary consents under the Mezzanine Loan Documents and on whose statements Mezzanine Borrower may rely. 
  

14.7 Disclosure of Information. Any assignee pursuant to this Article XIV may, in connection with any assignment or participation or
proposed assignment or participation pursuant to this Article XIV, disclose to the assignee or participant or proposed assignee or participant, any information relating to Mezzanine Borrower furnished to such assignee by or on behalf of
Mezzanine Borrower; provided, however, that, prior to any such disclosure, the assignee or participant or proposed assignee or participant shall agree in writing for the benefit of Mezzanine Borrower to preserve the confidentiality of
any confidential information received by it, and (b) with respect to any Asset Specific Proprietary Information, the terms of Section 11.3 shall be complied with. 
  
 14.8 Security Interest in Favor of Federal Reserve Bank. Notwithstanding any other provision set forth in this
Agreement or any other Mezzanine Loan Document, any assignee pursuant to this Article XIV may at any time create a security interest in all or any portion of its rights under this Agreement or the other Mezzanine Loan Documents (including,
without limitation, the amounts owing to it and the Mezzanine Note or Mezzanine Notes held by it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System. 
  

	XV.	INTENTIONALLY BLANK 

  

	XVI.	ADDITIONAL RIGHTS; COSTS 

  
 16.1 Certain Additional Rights of Mezzanine Lender. Notwithstanding anything to the contrary which may be contained in this Agreement, Mezzanine
Lender shall have: 
  
 (a) the right, upon not less than fifteen
(15) Business Days’ prior written notice to Mezzanine Borrower, to request and to hold a meeting, no more often than once during each fiscal year of Mezzanine Borrower, and only in conjunction with all any other Lender that wishes any such
meeting, at Mezzanine Borrower’s office in New York, New York, with the president and chief operating officer or the executive vice president and chief financial officer of Mezzanine Borrower, to discuss such significant business 

  

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activities and business and financial developments of Mezzanine Borrower as are specified by Lender in writing in the request for such meeting; 

 
 (b) the right, in accordance with the terms of Section 11.1, to
examine the books and records of Mezzanine Borrower; 
  
 (c) the
right, in accordance with the terms of Section 11.2, to receive such financial data and information set forth therein; 
  
 (d) the right, without restricting any other rights of Mezzanine Lender under this Agreement (including any similar right), to approve any acquisition by
Mezzanine Borrower of any other significant property (other than personal property required for the day to day operation of the Property); 
  
 (e) the right, in accordance with the Pledge, during the continuance of an Event of Default, to vote Mezzanine Borrower’s interests in Mortgage
Borrower; and 
  
 (f) the right, in accordance with this Agreement
and the Pledge, including, without limitation, the provisions of Article VIII, to restrict the Transfer of interests in Mortgage Borrower, it being understood that no such restrictions can be made on such Transfers to the extent such
Transfers are permitted by the terms hereof or the Pledge. 
  
 The rights
described above may be exercised by Mezzanine Lender until the Principal Amount and all other Obligations (Fourth Mezzanine) hereunder have been repaid in full. 
  

16.2 Costs. Mezzanine Lender shall reimburse Mezzanine Borrower for all reasonable out-of-pocket expenses incurred by Mezzanine Borrower in
connection with Mezzanine Borrower’s compliance with the provisions of Section 16.1 unless Mezzanine Borrower would otherwise have incurred such costs pursuant to any other provision of this Agreement or the other Mezzanine Loan
Documents. 
  

	XVII. 	RESERVED. 

  

	XVIII. 	DEFAULTS. 

  
 18.1 Event of Default. 
  
 (a) Each of the following events shall constitute an event of default hereunder (an “Event of Default”): 
  
 (i) if (A) the Indebtedness is not paid in full on the Maturity Date, (B) any regularly scheduled monthly payment of interest due under
the Mezzanine Note is not paid in full on the applicable Payment Date, (C) any prepayment of principal due under this Agreement or the Mezzanine Note is not paid when due, (D) the Prepayment Fee is not paid when due, (E) any deposit to the Mezzanine
Account is not made on the required deposit date therefor; or (F) except as to any amount included in (A), (B), (C), (D), (E), and/or (F) of this clause (i) or in clause (ii), any other amount payable pursuant to this Agreement, 

  

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the Mezzanine Note or any other Mezzanine Loan Document is not paid in full when due and payable in accordance with the provisions of the applicable
Mezzanine Loan Document, with such failure continuing for ten (10) Business Days after Mezzanine Lender delivers written notice thereof to Mezzanine Borrower; 
  

(ii) subject to Mortgage Borrower’s right to contest as set forth in Section 7.3 of the Loan Agreement (Mortgage), if any
of the Impositions or Other Charges are not paid prior to the imposition of any interest, penalty, charge or expense for the non-payment thereof; provided, that Mezzanine Borrower shall not be deemed to be in default hereunder in the event funds
sufficient for a required payment of such Imposition or Other Charge under are held in the Tax Reserve Account (as defined in the Loan Agreement (Mortgage) and Mortgage Lender or Cash Management Bank (Mortgage) fails to timely make payment from such
account as contemplated by the Loan Agreement (Mortgage) unless due to the negligence or willful misconduct of Mortgage Borrower; 
  
 (iii) if the insurance policies required by Section 6.1 are not kept in full force and effect, or if Mezzanine Borrower fails to
deliver to Mezzanine Lender evidence of the insurance required by Section 6.1 at the times required in such Section with such failure continuing for five (5) Business Days after the Mezzanine Lender delivers written notice thereof to
Mezzanine Borrower; provided, that Mezzanine Borrower shall not be deemed to be in default hereunder in the event funds sufficient for a required payment of the premiums required to keep the insurance policies in full force and effect are held in
the Insurance Reserve Account (as defined in the Loan Agreement (Mortgage) and Mortgage Lender or Cash Management Bank (Mortgage) fails to timely make payment from such account as contemplated by the Loan Agreement (Mortgage) unless due to the
negligence or willful misconduct of Mortgage Borrower; 
  
 (iv) if, except as expressly permitted pursuant to Article VIII, or the other provisions hereof, any of the following shall occur: (a) any Transfer of any direct or indirect legal, beneficial or equitable interest in all or any
portion of the Property, (b) any Transfer of any direct or indirect interest in Mortgage Borrower, Mezzanine Borrower, Master Lessee, Guarantor or any SPE Entity, (c) the Mezzanine Borrower permits Mortgage Borrower to grant any Lien or encumbrance
against all or any portion of the Property, (d) any pledge, hypothecation, creation of a security interest in or other encumbrance of any direct or indirect interests in any Borrower, Master Lessee, Guarantor or any SPE Entity, or (e) Mortgage
Borrower’s filing of a declaration of condominium with respect to the Property other than the Condominium Properties; 
  
 (v) if (i) any representation or warranty made by Mortgage Borrower in Section 4.1.24 of the Loan Agreement (Mortgage) shall have
been false or misleading in any material respect as of the date the representation or warranty was made which incorrect, false or misleading statement is not cured within thirty (30) days after receipt by Mezzanine Borrower of notice from Mezzanine
Lender 

  

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in writing of such breach or a longer period of time not to exceed thirty (30) additional days if Borrower has commenced to cure but cannot cure within the
initial thirty (30) day period or (ii) if any, representation or warranty made by Mezzanine Borrower herein or by Mortgage Borrower, any Senior Mezzanine Borrower, Guarantor or any Affiliate of Mezzanine Borrower in any other Mezzanine Loan
Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Mezzanine Lender shall have been false or misleading in any material respect as of the date the representation or warranty was made;
provided, however, that if such representation or warranty which was false or misleading in any material respect is, by its nature, curable and is not reasonably likely to have a Material Adverse Effect, and such representation or warranty
was not, to the best of Mezzanine Borrower’s knowledge, false or misleading in any material respect when made, then same shall not constitute an Event of Default unless Mezzanine Borrower has not cured same within ten (10) days after receipt by
Mezzanine Borrower of notice from Mezzanine Lender in writing of such breach; 
  
 (vi) if Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, Master Lessee, Guarantor or any SPE Entity shall make an assignment for the benefit of creditors; 
  
 (vii) if a receiver, liquidator or trustee shall be
appointed for Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, Master Lessee, Guarantor or any SPE Entity, or Mortgage Borrower, Mezzanine Borrower, Master Lessee, Guarantor or any SPE Entity shall be adjudicated a bankrupt or
insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Mezzanine Borrower, any Senior
Mezzanine Borrower, Mortgage Borrower, Master Lessee, Guarantor or any SPE Entity, or if any proceeding for the dissolution or liquidation of Mezzanine Borrower, any Senior Mezzanine Borrower, Mortgage Borrower, Master Lessee, Guarantor or any SPE
Entity shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Mortgage Borrower, Mezzanine Borrower, Senior Mezzanine Borrower, Master Lessee, Guarantor or any SPE
Entity upon the same not being discharged, stayed or dismissed within ninety (90) days; 
  
 (viii) if Mortgage Borrower, Mezzanine Borrower, any Senior Mezzanine Borrower, Guarantor or any SPE Entity, as applicable, attempts to
assign its rights under this Agreement or any of the other Mezzanine Loan Documents or any interest herein or therein in contravention of the Mezzanine Loan Documents; 
  
 (ix) Intentionally Omitted; 
  

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 (x) the occurrence of a Mortgage Event of Default or the occurrence of an “Event of
Default” (as defined in such Senior Mezzanine Loan Agreement) under any Senior Mezzanine Loan; 
  
 (xi) if any of the assumptions contained in the Non-Consolidation Opinion, in any Additional Non-Consolidation Opinion or in any other
non-consolidation opinion delivered to Mezzanine Lender in connection with the Loan, or in any other non-consolidation opinion delivered subsequent to the closing of the Loan, is untrue in any material respect; 
  
 (xii) if any of the assumptions contained in the True Lease
Opinion is untrue in any material respect; 
  
 (xiii) if Mezzanine Borrower, having notified Mezzanine Lender of its election to extend the Maturity Date as set forth in Section 5 of the Mezzanine Note, fails to deliver the Replacement Interest Rate Cap Agreement to Mezzanine
Lender not later than one (1) Business Day prior to the first day of the extended term of the Loan and Mezzanine Borrower has not prepaid the Loan pursuant to the terms of the Mezzanine Note prior to such first day of the extended term; 

 
 (xiv) if Mezzanine Borrower shall fail to comply in any
material respect with any covenants set forth in Section 5.1.4, 5.2.9 and 5.2.22; 
  
 (xv) except as provided in clause (xiv) above, if Mezzanine Borrower shall fail to comply with any covenants set forth in Article V
or Article XI with such failure continuing for ten (10) Business Days after Mezzanine Lender delivers written notice thereof to Mezzanine Borrower; 
  
 (xvi) Mezzanine Borrower shall fail to deposit any sums required to be deposited in the Mezzanine Account pursuant to Section 3.1.5
when due (solely with respect to deposits that are made by third parties that are not Affiliates of Mortgage Borrower, with such failure continuing for three (3) days after Mezzanine Lender delivers notice thereof to Mezzanine Borrower; 

 
 (xvii) if this Agreement or any other Mezzanine Loan
Document or any Lien granted hereunder or thereunder, in whole or in part, shall terminate or shall cease to be effective or shall cease to be a legally valid, binding and enforceable obligation of Mezzanine Borrower or any Guarantor, or any Lien
securing the Indebtedness shall, in whole or in part, cease to be a perfected first priority Lien, subject to the Permitted Encumbrances (except in any of the foregoing cases in accordance with the terms hereof or under any other Mezzanine Loan
Document or by reason of any affirmative act of Mezzanine Lender); 
  
 (xviii) except as expressly permitted pursuant to the Mezzanine Loan Documents, if Mezzanine Borrower allows the Mortgage Borrower to grant any easement, covenant or restriction (other than the Permitted Encumbrances)
over the Property; 
  

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 (xix) if Mezzanine Borrower allows the Senior Mezzanine Borrower to allow Mortgage
Borrower or Mortgage Borrower allows the Master Lessee to permit any event within its control to occur that would cause any REA to terminate without notice or action by any party thereto or would entitle any party to terminate any REA and the term
thereof by giving notice to Mortgage Borrower or Master Lessee; or any REA shall be surrendered, terminated or canceled for any reason or under any circumstance whatsoever except as provided for in such REA; or any material term of any REA shall be
modified or supplemented (other than in accordance with its terms) and such modification or supplementation is reasonably likely to have a Material Adverse Effect; or Borrower shall fail or shall permit Master Lessee to shall fail, within ten (10)
Business Days after demand by Mezzanine Lender, to exercise its option to renew or extend the term of any REA or shall fail or neglect to pursue diligently all actions necessary to exercise such renewal rights pursuant to such REA except as provided
for in such REA, in all cases where such surrender, termination, cancellation, modification, supplement or failure to renew or extend is reasonably expected to have a Material Adverse Effect; 
  
 (xx) if Mezzanine Borrower shall continue to be in Default
under any of the other terms, covenants or conditions of this Agreement or of any Mezzanine Loan Document not specified in subsection (i) above, for thirty (30) days after notice from Mezzanine Lender; provided, however, that if such Default is
susceptible of cure but cannot reasonably be cured within such thirty (30) day period and provided further that Mezzanine Borrower shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently proceeds to
cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for Mezzanine Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed ninety (90) days. 
  
 (b) Unless waived in writing by Mezzanine Lender, upon the occurrence and
during the continuance of an Event of Default (other than an Event of Default described in clause (a)(vi), (vii) or (viii) above) in respect of Mezzanine Borrower) Mezzanine Lender may, without notice or demand, in addition to any other rights or
remedies available to it pursuant to this Agreement and the other Mezzanine Loan Documents or at law or in equity, take such action that Mezzanine Lender deems advisable to protect and enforce its rights against Mezzanine Borrower and in the
Collateral, including, without limitation, (i) declaring immediately due and payable the entire Principal Amount together with interest thereon and all other sums due by Mezzanine Borrower under the Mezzanine Loan Documents, (ii) collecting interest
on the Principal Amount at the Default Rate whether or not Mezzanine Lender elects to accelerate the Mezzanine Note and (iii) enforcing or availing itself of any or all rights or remedies set forth in the Mezzanine Loan Documents against Mezzanine
Borrower and the Collateral, including, without limitation, all rights or remedies available at law or in equity; and upon any Event of Default described in subsections (a)(vi), (vii) or (viii) above in respect of Mezzanine Borrower, the
Indebtedness and all other obligations of Mezzanine Borrower hereunder and under the other Mezzanine Loan Documents shall immediately and 

  

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automatically become due and payable, without notice or demand, and Mezzanine Borrower hereby expressly waives any such notice or demand, anything contained
herein or in any other Mezzanine Loan Document to the contrary notwithstanding. The foregoing provisions shall not be construed as a waiver by Mezzanine Lender of its right to pursue any other remedies available to it under this Agreement, the
Pledge or any other Mezzanine Loan Document. Any payment hereunder may be enforced and recovered in whole or in part at such time by one or more of the remedies provided to Mezzanine Lender in the Mezzanine Loan Documents. 
  
 (c) Upon the occurrence of a Mortgage Default or an Event of Default pursuant
to Section 18.1(a)(ix), Mezzanine Borrower shall cause each Senior Mezzanine Borrower to cause Mortgage Borrower to deliver to Mezzanine Lender within five (5) Business Days after the first to occur of (a) receipt by Mortgage Borrower of
notice of such Mortgage Default or Mortgage Event of Default from Mortgage Lender or (b) the date Mortgage Borrower obtains actual knowledge of the occurrence of such Mortgage Default or Mortgage Event of Default, a detailed description of the
actions to be taken by Mortgage Borrower to cure such Mortgage Default or Mortgage Event of Default and the dates by which each such action shall occur. Such schedule shall be subject to the approval of Mezzanine Lender. Mezzanine Borrower shall
cause Mortgage Borrower to take all such actions as are necessary to cure such Mortgage Default or Mortgage Event of Default by the date approved by Mezzanine Lender and shall deliver to Mezzanine Lender not less frequently than weekly thereafter
written updates concerning the status of Mortgage Borrower’s efforts to cure such Mortgage Default or Mortgage Event of Default. Mezzanine Lender shall have the right, but not the obligation, to pay any sums or to take any action which
Mezzanine Lender deems necessary or advisable to cure any default or alleged default under the Loan Documents (Mortgage) (whether or not Mortgage Borrower is undertaking efforts to cure such default), and such payment or such action is hereby
authorized by Mezzanine Borrower, and any sum so paid and any expense incurred by Mezzanine Lender in taking any such action shall be evidenced by this Agreement and secured by this Agreement and the Pledge and shall be immediately due and payable
by Mezzanine Borrower to Mezzanine Lender with interest at the Default Rate until paid. Mezzanine Borrower shall cause Mortgage Borrower to permit Mezzanine Lender to enter upon the Property for the purpose of curing any default or alleged default
under the Loan Documents (Mortgage) or hereunder. Mezzanine Borrower hereby transfers and assigns any excess proceeds arising from any foreclosure or sale under power pursuant to the Loan Documents (Mortgage) or any instrument evidencing the
indebtedness secured thereby, and Mezzanine Borrower hereby authorizes and directs the holder or holders of the Loan Documents (Mortgage) to pay such excess proceeds directly to Mezzanine Lender up to the amount of the Obligations (Fourth
Mezzanine). 
  
 (d) Notwithstanding anything contained herein or
in the other Mezzanine Loan Documents, if an Event of Default is caused by a Default in respect of a Property (such as, without limitation, a Default arising from an inability to maintain a material license for the operation of a Property), then,
provided (i) Mezzanine Lender shall have not accelerated the Loan, and (ii) the elimination of the Ownership Interest relating to such Property from the collateral securing the Loan would eliminate the condition or 

  

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circumstance giving rise to the Event of Default, then Mezzanine Borrower may, by notice to Mezzanine Lender, elect to prepay the Loan in the manner provided
in (and subject to the requirements of) Section 2.3.4 in an amount equal to the Release Amount of such Ownership Interest, so as to obtain the release thereof from the Lien of the Mezzanine Loan Documents. Upon such prepayment and release,
such Event of Default shall be deemed cured hereunder. 
  
 18.2
Remedies. Unless waived in writing by Mezzanine Lender, upon the occurrence and during the continuance of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Mezzanine Lender against
Mezzanine Borrower and Guarantor under this Agreement or any of the other Mezzanine Loan Documents executed and delivered by, or applicable to, Mezzanine Borrower or Guarantor or at law or in equity may be exercised by Mezzanine Lender at any time
and from time to time, whether or not all or any of the Indebtedness shall be declared due and payable, and whether or not Mezzanine Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and
remedies under any of the Mezzanine Loan Documents with respect to the Collateral. Any such actions taken by Mezzanine Lender shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such
time and in such order as Mezzanine Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Mezzanine Lender permitted by law, equity or contract
or as set forth herein or in the other Mezzanine Loan Documents. Without limiting the generality of the foregoing, Mezzanine Borrower agrees that if an Event of Default is continuing (i) Mezzanine Lender shall not be subject to any one action or
election of remedies law or rule and (ii) all liens and other rights, remedies or privileges provided to Mezzanine Lender shall remain in full force and effect until Mezzanine Lender has exhausted all of its remedies against the Collateral and this
Agreement and the Pledge have been foreclosed, sold and/or otherwise realized upon in satisfaction of the Indebtedness or the Indebtedness has been paid in full. 
  
 (a) Upon the occurrence of any Event of Default, Mezzanine Lender may, but without any obligation to do so and without
notice to or demand on Mezzanine Borrower and without releasing Mezzanine Borrower from any obligation hereunder, take any action to cure such Event of Default. Mezzanine Lender may appear in, defend, or bring any action or proceeding to protect its
interests in the Collateral or to foreclose its security interest under this Agreement and the Pledge or under any of the other Mezzanine Loan Documents or collect the Indebtedness. 
  
 (b) Upon the occurrence and during the continuance of an Event of Default, with respect to the Account Collateral (Fourth
Mezzanine), the Mezzanine Lender may: 
  
 (i)
without notice to Mezzanine Borrower, except as required by law, and at any time or from time to time, charge, set-off and otherwise apply all or any part of the Account Collateral (Fourth Mezzanine) against the Obligations (Fourth Mezzanine),
operating expenses and/or capital expenditures for the Property or any part thereof; 
  

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 (ii) in Mezzanine Lender’s sole discretion, at any time and from time to time,
exercise any and all rights and remedies available to it under this Agreement, and/or as a secured party under the UCC; 
  
 (iii) demand, collect, take possession of or receipt for, settle, compromise, adjust, sue for, foreclose or realize upon the Account
Collateral (Fourth Mezzanine) (or any portion thereof) as Mezzanine Lender may determine in its sole discretion; and 
  
 (iv) take all other actions provided in, or contemplated by, this Agreement. 
  
 (c) With respect to Mezzanine Borrower, the Account Collateral (Fourth Mezzanine), the Rate Cap Collateral and the
Collateral, nothing contained herein or in any other Mezzanine Loan Document shall be construed as requiring Mezzanine Lender to resort to the Collateral for the satisfaction of any of the Indebtedness, and Mezzanine Lender may seek satisfaction out
of the Collateral or any part thereof, in its absolute discretion in respect of the Indebtedness. In addition, Mezzanine Lender shall have the right from time to time to partially foreclose this Agreement and the Pledge in any manner and for any
amounts secured by this Agreement or the Pledge then due and payable as determined by Mezzanine Lender in its sole discretion including, without limitation, the following circumstances: (i) in the event Mezzanine Borrower defaults beyond any
applicable grace period in the payment of one or more scheduled payments of principal or interest, Mezzanine Lender may foreclose this Agreement and the Pledge to recover such delinquent payments, or (ii) in the event Mezzanine Lender elects to
accelerate less than the entire outstanding principal balance of the Loan, Mezzanine Lender may foreclose this Agreement and the Pledge to recover so much of the principal balance of the Loan as Mezzanine Lender may accelerate and such other sums
secured by this Agreement or the Pledge as Mezzanine Lender may elect. Notwithstanding one or more partial foreclosures, the Collateral shall remain subject to this Agreement and the Pledge to secure payment of sums secured by this Agreement and the
Pledge and not previously recovered. 
  
 18.3 Remedies
Cumulative; Waivers. The rights, powers and remedies of Mezzanine Lender under this Agreement and the Mezzanine Loan Documents shall be cumulative and not exclusive of any other right, power or remedy which Mezzanine Lender may have against
Mezzanine Borrower pursuant to this Agreement or the other Mezzanine Loan Documents, or existing at law or in equity or otherwise. Mezzanine Lender’s rights, powers and remedies may be pursued singly, concurrently or otherwise, at such time and
in such order as Mezzanine Lender may determine in Mezzanine Lender’s sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall be
construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to Mezzanine Borrower or any Guarantor shall not
be construed to be a waiver of any subsequent Default or Event of Default by Mezzanine Borrower or any Guarantor or to impair any remedy, right or power consequent thereon. 
  

 110 

 18.4 Costs of Collection. In the event that after an Event of Default: (i) the Mezzanine Note or
any of the Mezzanine Loan Documents is placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding; (ii) an attorney is retained to represent Mezzanine Lender in any bankruptcy,
reorganization, receivership, or other proceedings affecting creditors’ rights and involving a claim under this Agreement, the Mezzanine Note or any of the Mezzanine Loan Documents; or (iii) an attorney is retained to protect or enforce the
lien or any of the terms of this Agreement, the Pledge or any of the Mezzanine Loan Documents; then Mezzanine Borrower shall pay to Mezzanine Lender all reasonable attorney’s fees, costs and expenses actually incurred in connection therewith,
including costs of appeal, together with interest on any judgment obtained by Mezzanine Lender at the Default Rate (collectively, “Enforcement Costs”). 
  
 18.5 Distribution of Collateral 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 Mezzanine Loan Documents, or otherwise with respect to the realization upon any of the Collateral, such monies shall be distributed for application as
follows: 
  
 (a) First, to the payment of, or (as the case may be)
the reimbursement of, Mezzanine Lender for or in respect of all reasonable out of pocket costs, expenses, disbursements and losses which shall have been incurred or sustained by Mezzanine Lender to protect or preserve the Collateral or in connection
with the collection of such monies by Mezzanine Lender (including without limitation, Enforcement Costs), for the exercise, protection or enforcement by Mezzanine Lender of all or any of the rights, remedies, powers and privileges of Mezzanine
Lender under this Agreement or any of the other Mezzanine Loan Documents or in respect of the Collateral or in support of any provision of adequate indemnity to Mezzanine Lender against any taxes or liens which by law shall have, or may have,
priority over the rights of Mezzanine Lender to such monies; 
  
 (b) Second, to all other Obligations (Fourth Mezzanine) in such order or preference as Mezzanine Lender shall determine in its reasonable discretion; 
  

(c) Third, the excess, if any, shall be distributed to the Mezzanine Borrower. 
  

	XIX.	SPECIAL PROVISIONS 

  
 19.1 Exculpation 
  
 19.1.1 Exculpated Parties. Except as set forth in this Section 19.1, the Recourse Guaranty (Mezzanine) and the Environmental Indemnity, no
personal liability shall be asserted, sought or obtained by Mezzanine Lender or enforceable against (i) Mezzanine Borrower, (ii) any Affiliate of Mezzanine Borrower, (iii) any Person owning, directly or indirectly, any legal or beneficial interest
in Mezzanine Borrower or any Affiliate of Mezzanine Borrower or (iv) any direct or indirect partner, member, principal, officer, Controlling Person, beneficiary, trustee, advisor, shareholder, employee, agent, Affiliate 

  

 111 

 
or director of any Persons described in clauses (i) through (iii) above (collectively, the “Exculpated Parties”) and none of the Exculpated
Parties shall have any personal liability (whether by suit, deficiency judgment or otherwise) in respect of the Obligations (Fourth Mezzanine), this Agreement, the Pledge, the Mezzanine Note, the Collateral or any other Mezzanine Loan Document, or
the making, issuance or transfer thereof, all such liability, if any, being expressly waived by Mezzanine Lender. The foregoing limitation shall not in any way limit or affect Mezzanine Lender’s right to any of the following and Mezzanine
Lender shall not be deemed to have waived any of the following: 
  
 (a) Foreclosure of the lien of this Agreement and the Pledge in accordance with the terms and provisions set forth herein and in the Pledge; 
  
 (b) Action against any other security at any time given to secure the payment of the Mezzanine Note and the other Obligations (Fourth Mezzanine);

  
 (c) Exercise of any other remedy set forth in this Agreement
or in any other Mezzanine Loan Document which is not inconsistent with the terms of this Section 19.1; 
  
 (d) Any right which Mezzanine Lender may have under Sections 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for
the full amount of the Indebtedness secured by this Agreement and the Pledge or to require that all collateral shall continue to secure all of the Indebtedness owing to Mezzanine Lender in accordance with the Mezzanine Loan Documents; or 

 
 (e) The liability of any given Exculpated Party with respect to any
separate written guaranty or agreement given by any such Exculpated Party in connection with the Loan (including, without limitation, the Recourse Guaranty (Mezzanine) and the Environmental Indemnity). 
  
 19.1.2 Carveouts From Non-Recourse Limitations. Notwithstanding the
foregoing or anything in this Agreement or any of the Mezzanine Loan Documents to the contrary, there shall at no time be any limitation on Mezzanine Borrower’s or any Guarantor’s liability for the payment, in accordance with the terms of
this Agreement, the Mezzanine Note, the Pledge and the other Mezzanine Loan Documents, to Mezzanine Lender of: 
  
 (a) any loss, damage, cost or expense incurred by or on behalf of Mezzanine Lender by reason of the fraudulent acts of Mezzanine Borrower or any Affiliate
of Mezzanine Borrower; 
  
 (b) Proceeds which Mortgage Borrower,
any Affiliate of Mortgage Borrower, Mezzanine Borrower or any Affiliate of Mezzanine Borrower has received and to which Mezzanine Lender is entitled pursuant to the terms of this Agreement or any of the Mezzanine Loan Documents to the extent the
same have not been applied toward payment of the Indebtedness, or used for the repair or replacement of the Property in accordance with the Loan Agreement (Mortgage); 
  

 112 

 (c) all loss, damage, cost or expense as incurred by Mezzanine Lender and arising from any intentional
misrepresentation of Mortgage Borrower, Mezzanine Borrower or any Affiliate of Mezzanine Borrower; 
  
 (d) any misappropriation of Rents or security deposits by Mortgage Borrower, Master Lessee, Mezzanine Borrower or any of their respective Affiliates;

  
 (e) any loss, damage, cost or expense incurred by or on behalf
of Mezzanine Lender by reason of all or any part of the Collateral, the Account Collateral or the Rate Cap Collateral being encumbered by a Lien by reason of the acts of Mezzanine Borrower or any Affiliate of Mezzanine Borrower from and after the
date hereof (other than as provided in this Agreement, the Pledge and/or any other Mezzanine Loan Document) in violation of the Mezzanine Loan Documents; 
  
 (f) after the occurrence and during the continuance of an Event of Default by Mezzanine Borrower hereunder or under any other Mezzanine Loan Document, any
Rents belonging to Mortgage Borrower or any Senior Mezzanine Borrower, issues, profits and/or income from the Property collected by Mortgage Borrower, Mezzanine Borrower or any Affiliate of Mezzanine Borrower other than Rent sent to the Holding
Account pursuant to the Loan Agreement (Mortgage) (and not paid directly to Mortgage Lender pursuant to any notice of direction delivered to tenants of the Property) and not applied to payment of the Obligations or used to pay normal and verifiable
operating expenses of the Property or otherwise are not applied in a manner permitted under the Loan Documents (Mortgage) or the Mezzanine Loan Documents; 
  
 (g) any loss, damage, cost or expense incurred by or on behalf of Mezzanine Lender by reason of any physical damage to the Property from intentional waste
committed by Mortgage Borrower, any Affiliate of Mortgage Borrower, Mezzanine Borrower or any Affiliate of Mezzanine Borrower; 
  
 (h) any loss, damage, cost or expense incurred by or on behalf of Mezzanine Lender by reason of the failure of Borrower to comply with any of the
provisions of Article XII; 
  
 (i) any loss, damage, cost
or expense incurred by or on behalf of Mezzanine Lender by reason of any breach of a representation by Mortgage Borrower set forth in Section 4.1.31 of the Loan Agreement (Mortgage); 
  
 (j) any loss, damage, cost or expense incurred by or on behalf of Mezzanine
Lender by reason of the failure of Mezzanine Borrower to deliver to Mezzanine Lender the net sales proceeds of a Transfer of an Individual Property together with any shortfall necessary to pay in full the Release Price for such Individual Property
in accordance with the provisions set forth herein; 
  
 (k) any
loss, damage, cost, or expense incurred by or on behalf of Mezzanine Lender arising from any misrepresentation of Mezzanine Borrower in Section 4.1.6 (c) or (d) to the extent Mezzanine Lender claims or asserts such amounts are covered
or insured 

  

 113 

 
by the Mortgage Borrower’s owner’s title policy or the Owner’s Title Policy Loss Payment Direction Letter; 
  
 (l) any and all liabilities, obligations, losses, damages, costs and expenses
(including, without limitation, reasonable attorneys’ fees, causes of action, suits, claims, demands and adjustments of any nature or description whatsoever) which may at any time be imposed upon, incurred by or awarded against Mezzanine
Lender, in the event (and arising out of such circumstances) that (x) Mezzanine Borrower should raise any defense, counterclaim and/or allegation in any foreclosure action by Mezzanine Lender relative to the Property, the Account Collateral or the
Rate Cap Collateral or any part thereof which is found by a court to have been raised by Mezzanine Borrower in bad faith or to be without basis in fact or law, or (y) an involuntary case is commenced against Mezzanine Borrower or Guarantor under the
Bankruptcy Code with the collusion of Mezzanine Borrower or Guarantor or any of their Affiliates or (z) an order for relief is entered with respect to the Mezzanine Borrower or Guarantor under the Bankruptcy Code through the actions of the Mezzanine
Borrower or Guarantor or any of their Affiliates at a time when the Mezzanine Borrower or Guarantor, as applicable, is able to pay its debts as they become due unless Mezzanine Borrower or Guarantor, as applicable, shall have (i) received an opinion
of independent counsel that the Mezzanine Borrower or Guarantor or such Affiliate, as applicable, has a fiduciary duty to seek such an order for relief; 
  
 (m) reasonable attorney’s fees and expenses actually incurred by Mezzanine Lender in connection with any successful suit filed on account of any of
the foregoing clauses (a) through (l). 
  

	XX.	MISCELLANEOUS 

  
 20.1 Survival. This Agreement and all covenants, indemnifications, agreements, representations and warranties made herein and in the certificates
delivered pursuant hereto shall survive the making by Mezzanine Lender of the Loan and the execution and delivery to Mezzanine Lender of the Mezzanine Note, and shall continue in full force and effect so long as all or any of the Indebtedness is
outstanding and unpaid unless a longer period is expressly set forth herein or in the other Mezzanine Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and
assigns of such party. All covenants, promises and agreements in this Agreement, by or on behalf of Mezzanine Borrower, shall inure to the benefit of the successors and assigns of Mezzanine Lender. If Mezzanine Borrower consists of more than one
person, the obligations and liabilities of each such person hereunder and under the other Mezzanine Loan Documents shall be joint and several. 
  
 20.2 Mezzanine Lender’s Discretion. Whenever pursuant to this Agreement, Mezzanine Lender exercises any right given to it to approve or
disapprove, or any arrangement or term is to be satisfactory to Mezzanine Lender, the decision of Mezzanine Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise
specifically herein provided) be in the sole discretion of Mezzanine Lender and shall be final and conclusive. 
  

 114 

	20.3	Governing Law. 

  
 (A) THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY MEZZANINE LENDER AND ACCEPTED BY MEZZANINE BORROWER IN THE STATE OF NEW
YORK WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS (FOURTH MEZZANINE) ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT
REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, MEZZANINE BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER
JURISDICTION GOVERNS THIS AGREEMENT AND THE MEZZANINE NOTE AND THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
  
 (B) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST MEZZANINE LENDER OR
MEZZANINE BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY AT MEZZANINE LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW AND MEZZANINE BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND MEZZANINE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION
OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. MEZZANINE BORROWER DOES HEREBY DESIGNATE AND APPOINT: 
  
 CORPORATION SERVICE COMPANY 
 80 STATE STREET 
 ALBANY, NEW YORK 12207-2543 
  
 AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL
PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO
MEZZANINE BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT 

  

 115 

 
EFFECTIVE SERVICE OF PROCESS UPON MEZZANINE BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. MEZZANINE BORROWER (I) SHALL GIVE
PROMPT NOTICE TO MEZZANINE LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE
SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.

  
 20.4 Modification, Waiver in Writing. No modification,
amendment, extension, discharge, termination or waiver of any provision of this Agreement, or of the Mezzanine Note, or of any other Mezzanine Loan Document, or consent to any departure by Mezzanine Borrower therefrom, shall in any event be
effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise
expressly provided herein, no notice to or demand on Mezzanine Borrower shall entitle Mezzanine Borrower to any other or future notice or demand in the same, similar or other circumstances. 
  
 20.5 Delay Not a Waiver. Neither any failure nor any delay on the part
of Mezzanine Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Mezzanine Note or under any other Mezzanine Loan Document, or any
other instrument given as security therefor, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In
particular, and not by way of limitation, by accepting payment after the due date of any amount payable under this Agreement, the Mezzanine Note or any other Mezzanine Loan Document, Mezzanine Lender shall not be deemed to have waived any right
either to require prompt payment when due of all other amounts due under this Agreement, the Mezzanine Note or the other Mezzanine Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 
  

 116 

 20.6 Notices. All notices, consents, approvals and requests required or permitted hereunder or
under any other Mezzanine Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested, (b) expedited prepaid
delivery service, either commercial or United States Postal Service, with proof of attempted delivery or (c) telecopier (with answer back acknowledged), addressed as follows (or at such other address and Person as shall be designated from time to
time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section): 
  

			
	If to Mezzanine Lender:	  	German American Capital Corporation, on behalf of the holders of the Notes
	 	  	60 Wall Street, 10th floor
	 	  	New York, NY 10005
	 	  	Attention: Todd Sammann and General Counsel
	 	  	Telecopy No.: (212) 797-4489
	 	  	Confirmation No.: (212) 250-2748
		
	With a copy to:	  	Bank of America, N.A., as Servicer, at such notice address as shall be designated by notice delivered in accordance with this Section.
		
	With a copy to:	  	Skadden, Arps, Slate, Meagher & Flom LLP
	 	  	Four Times Square
	 	  	New York, New York 10036
	 	  	Attention: Harvey R. Uris, Esq.
	 	  	Telecopy No.: (917) 777-2212
	 	  	Confirmation No.: (212) 735-3000
		
	With a copy to:	  	 Bank of America, N.A.
 9 West 57th Street

New York, NY 10019
 Attention: Mr. Dean Ravosa
 Telecopy No.: (212) 847-5695
 Confirmation No.: (212)
847-6398

		
	With a copy to:	  	 White & Case LLP
 1155 Avenue of the
Americas
 New York, New York 10036-2787
 Attention: Tom Higgins,
Esq.
 Telecopy No.: (212) 354-8113
 Confirmation No.: (212)
819-8813

		
	If to Mezzanine Borrower:	  	 Giraffe Junior Holdings, LLC
 c/o Toys “R”
Us, Inc.
 One Geoffrey Way
 Wayne, New Jersey 07470
 Attention: Chief Financial Officer
 Telecopy No.: (973)-617-4006
 Confirmation No.: (973) 617-5755

		
	 	  	 Bain Capital Partners, LLC
 111 Huntington
Avenue
 Boston, MA 02199
 Attention: Mr. John Tudor
 Telecopy No.: (617) 516-2010
 Confirmation No.: (617)
516-2194

  

 117 

			
	 	  	 Kohlberg Kravis Roberts & Co.
 2800 Sand Hill
Road, Suite 200
 Menlo Park, CA 94025
 Attention: Mr. David
Kerko
 Telecopy No.: (650) 233-6538
 Confirmation No.: (650)
233-6519

		
	 	  	 Vornado Realty Trust
 888 Seventh Avenue
 New York, New York 10106
 Attention: Wendy Silverstein
 Telecopy No.: (212) 894-7073
 Confirmation No.: (212)
894-7000

		
	With a copy to:	  	 Sullivan & Cromwell LLP
 125 Broad
Street
 New York, N.Y. 10004-2498
 Attention: Arthur Adler,
Esq.
 Telecopy No.: (212) 558-3588
 Confirmation No.: (212)
558-3960

		
	 	  	 Kirkland and Ellis LLP
 200 East Randolph
Drive
 Chicago, Illinois 60601
 Attention: Chris Butler,
Esq.
 Telecopy No.: (312) 861-2200
 Confirmation No.: (312)
861-2298

  
 All notices, elections, requests and
demands under this Agreement shall be effective and deemed received upon the earliest of (i) the actual receipt of the same by personal delivery or otherwise, (ii) one (1) Business Day after being deposited with a nationally recognized overnight
courier service as required above, (iii) three (3) Business Days after being deposited in the United States mail as required above, or (iv) on the day sent if sent by facsimile with confirmation on or before 5:00 p.m. New York time on any Business
Day or on the next Business Day if so delivered after 5:00 p.m. New York time or on any day other than a Business Day. Rejection or other refusal to accept or the inability to deliver because of changed address of which no notice was given as herein
required shall be deemed to be receipt of the notice, election, request, or demand sent. 
  
 20.7 TRIAL BY JURY. EACH OF MEZZANINE BORROWER AND MEZZANINE LENDER AND ALL PERSONS CLAIMING BY, THROUGH OR UNDER EITHER OF THE FOREGOING, HEREBY EXPRESSLY, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY
RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT, THE PLEDGE, THE MEZZANINE NOTE OR ANY 

  

 118 

 
OTHER MEZZANINE LOAN DOCUMENT, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, THE PLEDGE, THE MEZZANINE NOTE OR ANY OTHER MEZZANINE LOAN DOCUMENT (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT
EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR
OTHERWISE; AND EACH OF MEZZANINE BORROWER AND MEZZANINE LENDER HEREBY AGREES AND CONSENTS THAT AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION MAY BE FILED WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT HERETO TO THE WAIVER OF ANY RIGHT TO
TRIAL BY JURY. EACH OF MEZZANINE BORROWER AND MEZZANINE LENDER ACKNOWLEDGES THAT IT HAS CONSULTED WITH LEGAL COUNSEL REGARDING THE MEANING OF THIS WAIVER AND ACKNOWLEDGES THAT THIS WAIVER IS AN ESSENTIAL INDUCEMENT FOR THE MAKING OF THE LOAN. THIS
WAIVER SHALL SURVIVE THE REPAYMENT OF THE LOAN. 
  
 20.8
Headings. The Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 
  
 20.9 Severability. Wherever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  
 20.10 Preferences. To the extent Mezzanine Borrower makes a payment or payments to Mezzanine Lender, which payment or proceeds or any part thereof
are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent
of such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Mezzanine Lender. 
  
 20.11 Waiver of Notice. Mezzanine Borrower shall not be entitled to
any notices of any nature whatsoever from Mezzanine Lender except with respect to matters for which this Agreement or the other Mezzanine Loan Documents specifically and expressly provide for the giving of notice by Mezzanine Lender to Mezzanine
Borrower and except with respect to matters for which Mezzanine Borrower is not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice. Mezzanine 

  

 119 

 
Borrower hereby expressly waives the right to receive any notice from Mezzanine Lender with respect to any matter for which this Agreement or the other
Mezzanine Loan Documents do not specifically and expressly provide for the giving of notice by Mezzanine Lender to Mezzanine Borrower. 
  
 20.12 Expenses; Indemnity. Mezzanine Borrower covenants and agrees to pay or, if Mezzanine Borrower fails to pay, to reimburse, Mezzanine Lender
upon receipt of written notice from Mezzanine Lender for all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements), except as may be otherwise expressly provided in Article XIV or elsewhere
in this Agreement or the Loan Documents incurred by Mezzanine Lender in connection with (i) the preparation, negotiation, execution and delivery of this Agreement and the other Mezzanine Loan Documents and the consummation of the transactions
contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Mezzanine Borrower (including without limitation any opinions requested by Mezzanine Lender pursuant to this Agreement); (ii) Mezzanine Lender’s ongoing
performance and compliance with all agreements and conditions contained in this Agreement and the other Mezzanine Loan Documents on its part to be performed or complied with after the Closing Date; (iii) the negotiation, preparation, execution,
delivery and administration of any consents, amendments, waivers or other modifications to this Agreement and the other Mezzanine Loan Documents and any other documents or matters as required herein or under the other Mezzanine Loan Documents; (iv)
securing Mezzanine Borrower’s compliance with any requests made pursuant to the provisions of this Agreement; (v) the filing and recording fees and expenses, mortgage recording taxes, title insurance and reasonable fees and expenses of counsel
for providing to Mezzanine Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the Lien in favor of Mezzanine Lender pursuant to this Agreement and the other Mezzanine Loan Documents; (vi) enforcing or
preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Mezzanine Borrower, this Agreement, the other Mezzanine Loan
Documents, the Property, or any other security given for the Loan; (vii) enforcing any obligations of or collecting any payments due from Mezzanine Borrower under this Agreement, the other Mezzanine Loan Documents or with respect to the Property or
in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a work-out or of any insolvency or bankruptcy proceedings and (viii) procuring insurance policies pursuant to Section
6.1; provided, however, that Borrower shall not be liable for the payment of (A) any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Mezzanine Lender. Any cost
and expenses due and payable to Mezzanine Lender may be paid from any amounts in the Mezzanine Account. 
  
 (a) Subject to the non-recourse provisions of Section 19.1, Mezzanine Borrower shall protect, indemnify and save harmless Mezzanine Lender, and all
officers, directors, stockholders, members, partners, employees, agents, successors and assigns thereof (collectively, the “Indemnified Parties”) from and against all liabilities, obligations, claims, damages, penalties, causes of action,
costs and expenses (including all reasonable attorneys’ fees and expenses actually incurred) imposed upon or incurred 

  

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by or asserted against the Indemnified Parties, the Collateral or the Property or any part of its interest therein, by reason of the occurrence or existence
of any of the following (to the extent Proceeds payable on account of the following shall be inadequate; it being understood that in no event will the Indemnified Parties be required to actually pay or incur any costs or expenses as a condition to
the effectiveness of the foregoing indemnity) prior to (i) the acceptance by Mezzanine Lender or its designee of a transfer-in-lieu of foreclosure with respect to the Collateral, (ii) an Indemnified Party or its designee or a receiver taking
possession or control of the Property, or (iii) the foreclosure of the Pledge, except to the extent caused by the actual willful misconduct or gross negligence of the Indemnified Parties (other than such willful misconduct or gross negligence
imputed to the Indemnified Parties because of their interest in the Property): (1) ownership of Mezzanine Borrower’s interest in Mortgage Borrower, or any interest therein, or receipt of any Rents or other sum therefrom, (2) any accident,
injury to or death of any persons or loss of or damage to property occurring on or about the Property or any Appurtenances thereto, (3) any design, construction, operation, repair, maintenance, use, non-use or condition of the Property or
Appurtenances thereto, including claims or penalties arising from violation of any Legal Requirement or Insurance Requirement, as well as any claim based on any patent or latent defect, whether or not discoverable by Mezzanine Lender, any claim the
insurance as to which is inadequate, and any Environmental Claim, (4) any Default under this Agreement or any of the other Mezzanine Loan Documents or any failure on the part of Mezzanine Borrower to perform or comply or to cause Mortgage Borrower
to perform or comply with any of the terms of any Operating Agreement within the applicable notice or grace periods, (5) any performance of any labor or services or the furnishing of any materials or other property in respect of the Property or any
part thereof, (6) any negligence or tortious act or omission on the part of Mezzanine Borrower or any of its agents, contractors, servants, employees, sublessees, licensees or invitees, (7) any contest referred to in Section 7.3 of the Loan
Agreement (Mortgage) hereof, (8) any obligation or undertaking relating to the performance or discharge of any of the terms, covenants and conditions of the landlord contained in the Subleases or the Master Lease, or (9) the presence at, in or under
the Property or the Improvements of any Hazardous Materials in violation of any Environmental Law. Any amounts the Indemnified Parties are legally entitled to receive under this Section which are not paid within fifteen (15) Business Days after
written demand therefor by the Indemnified Parties or Mezzanine Lender, setting forth in reasonable detail the amount of such demand and the basis therefor, shall bear interest from the date of demand at the Default Rate, and shall, together with
such interest, be part of the Indebtedness and secured by this Agreement and the Pledge. In case any action, suit or proceeding is brought against the Indemnified Parties by reason of any such occurrence, Mezzanine Borrower shall at Mezzanine
Borrower’s expense resist and defend such action, suit or proceeding or will cause the same to be resisted and defended by counsel at Mezzanine Borrower’s reasonable expense for the insurer of the liability or by counsel designated by
Mezzanine Borrower (unless reasonably disapproved by Mezzanine Lender promptly after Mezzanine Lender has been notified of such counsel); provided, however, that nothing herein shall compromise the right of Mezzanine Lender (or any Indemnified
Party) to appoint its own counsel at Mezzanine Borrower’s expense for its defense with respect to any action which in its reasonable 

  

 121 

 
opinion presents a conflict or potential conflict between Mezzanine Lender and Mezzanine Borrower that would make such separate representation advisable;
provided further that if Mezzanine Lender shall have appointed separate counsel pursuant to the foregoing, Mezzanine Borrower shall not be responsible for the expense of additional separate counsel of any Indemnified Party unless in the reasonable
opinion of Mezzanine Lender a conflict or potential conflict exists between such Indemnified Party and Mezzanine Lender. So long as Mezzanine Borrower is resisting and defending such action, suit or proceeding as provided above in a prudent and
commercially reasonable manner, Mezzanine Lender and the Indemnified Parties shall not be entitled to settle such action, suit or proceeding without Borrower’s consent which shall not be unreasonably withheld or delayed, and claim the benefit
of this Section 20.12 with respect to such action, suit or proceeding and Mezzanine Lender agrees that it will not settle any such action, suit or proceeding without the consent of Mezzanine Borrower; provided, however, that if Mezzanine
Borrower is not diligently defending such action, suit or proceeding in a prudent and commercially reasonable manner as provided above, and Mezzanine Lender has provided Mezzanine Borrower with thirty (30) days’ prior written notice, or shorter
period if mandated by the requirements of applicable law, and opportunity to correct such determination, Mezzanine Lender may settle such action, suit or proceeding and claim the benefit of this Section 20.12 with respect to settlement of
such action, suit or proceeding. Any Indemnified Party will give Mezzanine Borrower prompt notice after such Indemnified Party obtains actual knowledge of any potential claim by such Indemnified Party for indemnification hereunder. The Indemnified
Parties shall not settle or compromise any action, proceeding or claim as to which it is indemnified under this Section 20.12 without notice to and reasonable consent of Mezzanine Borrower. 
  
 20.13 Exhibits and Schedules Incorporated. The Exhibits and Schedules
annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof. 
  
 20.14 Offsets, Counterclaims and Defenses. Any assignee of Mezzanine Lender’s interest in and to this Agreement, the Mezzanine Note and the
other Mezzanine Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Mezzanine Borrower may otherwise have against any assignor of such documents, and no such
unrelated counterclaim or defense shall be interposed or asserted by Mezzanine Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim or
defense in any such action or proceeding is hereby expressly waived by Mezzanine Borrower. 
  
 20.15 Liability of Assignees of Mezzanine Lender. No assignee of Mezzanine Lender shall have any personal liability, directly or indirectly, under or in connection with this Agreement or any other Mezzanine
Loan Document or any amendment or amendments hereto made at any time or times, heretofore or hereafter, any different than the liability of Mezzanine Lender hereunder. In addition, no assignee shall have at any time or times hereafter any personal
liability, directly or indirectly, under or in connection with or secured by any agreement, lease, instrument, encumbrance, claim or 

  

 122 

 
right affecting or relating to the Property or to which the Property is now or hereafter subject any different than the liability of Mezzanine Lender
hereunder. The limitation of liability provided in this Section 20.15 is (i) in addition to, and not in limitation of, any limitation of liability applicable to the assignee provided by law or by any other contract, agreement or instrument,
and (ii) shall not apply to any assignee’s gross negligence or willful misconduct. 
  
 20.16 No Joint Venture or Partnership; No Third Party Beneficiaries. 
  
 (a) Mezzanine Borrower and Mezzanine Lender intend that the relationships created hereunder and under the other Mezzanine Loan Documents be solely that of
borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship between Mezzanine Borrower and Mezzanine Lender nor to grant Mezzanine Lender any interest in the
Property other than that of mezzanine lender. 
  
 (b) This
Agreement and the other Mezzanine Loan Documents are solely for the benefit of Mezzanine Lender and Mezzanine Borrower and nothing contained in this Agreement or the other Mezzanine Loan Documents shall be deemed to confer upon anyone other than
Mezzanine Lender and Mezzanine Borrower any right to insist upon or to enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Mezzanine Lender to make the Loan hereunder are
imposed solely and exclusively for the benefit of Mezzanine Lender and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Mezzanine Lender will refuse to make
the Loan 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 or all of which may be freely waived in whole or in part by Mezzanine Lender
if, in Mezzanine Lender’s sole discretion, Mezzanine Lender deems it advisable or desirable to do so. 
  
 20.17 Publicity. Each party shall endeavor to permit the other to review the initial press release relating to the Mezzanine Loan in order to
provide the other with a reasonable opportunity to comment thereon. 
  
 20.18 Waiver of Marshaling of Assets. To the fullest extent permitted by law, Mezzanine Borrower, for itself and its successors and assigns, waives all rights to a marshaling of the assets of Mezzanine Borrower, Mezzanine
Borrower’s members or partners, as applicable, and others with interests in Mezzanine Borrower and of the Collateral, and agrees not to assert any right under any laws pertaining to the marshaling of assets, the sale in inverse order of
alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Mezzanine Lender under the Mezzanine Loan Documents to a sale of the Collateral for the collection
of the Indebtedness without any prior or different resort for collection or of the right of Mezzanine Lender to the payment of the Indebtedness out of the net proceeds of the Collateral in preference to every other claimant whatsoever. 

 

 123 

 20.19 Waiver of Counterclaim and other Actions. Mezzanine Borrower hereby expressly and
unconditionally waives, in connection with any suit, action or proceeding brought by Mezzanine Lender on this Agreement, the Mezzanine Note, the Pledge or any Mezzanine Loan Document, any and every right it may have to (i) interpose any counterclaim
therein (other than a counterclaim which can only be asserted in the suit, action or proceeding brought by Mezzanine Lender on this Agreement, the Mezzanine Note, the Pledge or any Mezzanine Loan Document and cannot be maintained in a separate
action) and (ii) have any such suit, action or proceeding consolidated with any other or separate suit, action or proceeding. 
  
 20.20 Conflict; Construction of Documents; Reliance. In the event of any conflict between the provisions of this Agreement and any of the other
Mezzanine Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and execution of the Mezzanine Loan Documents and
that such Mezzanine Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Mezzanine Borrower acknowledges that, with respect to the Loan, Mezzanine Borrower shall rely solely on its
own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Mezzanine Lender or any parent, subsidiary or Affiliate of Mezzanine Lender. Mezzanine Lender shall not be
subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Mezzanine Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent,
subsidiary or Affiliate of Mezzanine Lender of any equity interest any of them may acquire in Mezzanine Borrower, and Mezzanine Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with
respect to Mezzanine Lender’s exercise of any such rights or remedies. Mezzanine Borrower acknowledges that Mezzanine Lender engages in the business of real estate financings and other real estate transactions and investments which may be
viewed as adverse to or competitive with the business of Mezzanine Borrower or its Affiliates. 
  
 20.21 Prior Agreements. This Agreement and the other Mezzanine Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and
all prior agreements among or between such parties, whether oral or written, are superseded by the terms of this Agreement and the other Mezzanine Loan Documents and unless specifically set forth in a writing contemporaneous herewith the terms,
conditions and provisions of any and all such prior agreements do not survive execution of this Agreement. 
  
 20.22 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall constitute an original, but all of which shall
constitute one document. 
  
 20.23 Direction of Mortgage
Borrower with Respect to the Property. Mezzanine Borrower and Mezzanine Lender acknowledge and agree that, as to any clauses or provisions contained in this Agreement or any of the other Mezzanine Loan Documents to the effect that (i) Mezzanine
Borrower shall cause Mortgage Borrower to act or to 

  

 124 

 
refrain from acting in any manner, or (ii) Mezzanine Borrower shall cause to occur or not to occur, or otherwise be obligated in any manner with respect to,
any matters pertaining to Mortgage Borrower or the Property, or (iii) other similar effect, such clause or provisions, in each case, is intended to mean, and shall be construed as meaning, that Mezzanine Borrower has undertaken to act and is
obligated to act only in Mezzanine Borrower’s capacity as the direct or indirect sole member of Mortgage Borrower (which Mortgage Borrower, in turn, is the fee owner of the Property) but not directly with respect to Mortgage Borrower or the
Property or in any other manner which would violate any of the covenants contained in Section 5.1.4 hereof or other similar covenants contained in Mezzanine Borrower’s Organizational Documents. 
  
 [NO FURTHER TEXT ON THIS PAGE] 
  

 125 

  
 IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed by their duly authorized representatives, all as of the day and year first above written. 
  

			
	MEZZANINE BORROWER:
	
	 GIRAFFE JUNIOR HOLDINGS, LLC,

	 a Delaware limited liability company

		
	By:	 	 /s/ Jon W. Kimmins

	 Name:
	 	 Jon W. Kimmins

	 Title:
	 	 Senior Vice President-Treasurer

  
 [Mezzanine
Lender’s signature appears on following page] 

  

			
	MEZZANINE LENDER:
	
	GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation
		
	By:	 	 /s/ Todd O. Sammann

	 Name:
	 	 Todd O. Sammann

	 Title:
	 	 Vice President

		
	By:	 	 /s/ Eric M. Schwartz

	 Name:
	 	 Eric M. Schwartz

	 Title:
	 	 Vice President

  

 22005 Management Equity Plan

 Exhibit 10.15 
  
 TOYS “R” US HOLDINGS, INC. 
 2005 MANAGEMENT EQUITY PLAN 
  
 ARTICLE I 
 ESTABLISHMENT AND PURPOSE; ADMINISTRATION 
  
 1.1 Establishment. Toys “R” Us Holdings, Inc., a Delaware corporation (the “Company”)
hereby establishes a stock incentive plan to be known as the “Toys “R” Us Holdings, Inc. 2005 Management Equity Plan” (the “Plan”). The Plan shall become effective as of July 21, 2005 (the
“Effective Date”), concurrent with its adoption by the Company’s board of directors (the “Board”) on such date. 
  
 1.2 Purpose. The Plan is intended to promote the long-term growth and profitability of the Company and its Subsidiaries by providing those persons
who are or will be involved in the Company’s and its Subsidiaries’ growth with an opportunity to acquire an ownership interest in the Company, thereby encouraging such persons to contribute to and participate in the success of the Company
and its Subsidiaries. Under the Plan, the Company may make Awards (as defined in Section 3.1 below) to such present and future officers, directors, employees, consultants, and advisors of the Company or its Subsidiaries as may be selected in
the sole discretion of the Board (collectively, “Participants”). 
  
 1.3 Administration. The Board shall have the power and authority to prescribe, amend and rescind rules and procedures governing the administration of this Plan, including, but not limited to the full power and
authority (a) to interpret the terms of this Plan, the terms of any Awards made under this Plan, and the rules and procedures established by the Board governing any such Awards, (b) to determine the rights of any person under this Plan, or the
meaning of requirements imposed by the terms of this Plan or any rule or procedure established by the Board, (c) to select Participants for Awards under the Plan, (d) to set the purchase price for sales, if any, of Restricted Stock, (e) to set the
exercise price of any Options or Rollover Options granted under the Plan, (f) to establish performance and vesting standards, (g) to impose such limitations, restrictions and conditions upon such Awards as it shall deem appropriate, (h) to adopt,
amend, and rescind administrative guidelines and other rules and regulations relating to the Plan, (i) to correct any defect or omission or reconcile any inconsistency in the Plan, and (j) to make all other determinations and take all other actions
necessary or advisable for the implementation and administration of the Plan, subject to such limitations as may be imposed by the Code or other applicable law. Each action of the Board shall be binding on all persons. The Board may, to the extent
permissible by law, delegate any of its authority hereunder to any duly authorized committee of the Board or any other persons as it deems appropriate. 
  
 ARTICLE II 
 DEFINITIONS

  
 As used in this Plan, the following terms shall have the
meanings set forth below: 
  
 “Affiliate” of a
Person means any other person, entity, or investment fund controlling, controlled by, or under common control with such Person and, in the case of a Person which is a partnership, any partner of such Person. 

 “Aggregate Spread” of any option (including any Option or Rollover Option) as of any
particular date means the Fair Market Value of the securities for which such option is exercisable, minus the aggregate exercise price payable by the holder of such option in order to acquire such securities. 
  
 “Applicable Amount” means, as of any particular measurement
date with respect to any share of Award Stock, an amount equal to the following percentage multiplied by the result of subtracting Original Value from Fair Market Value for such share of Award Stock on such date of measurement: 
  

			
	 Measurement Date

	  	Percentage

	Prior to the 2nd anniversary of date of acquisition	  	0%
	On or after 2nd anniversary of date of
acquisition	  	40%
	On or after 3rd anniversary of date of
acquisition	  	60%
	On or after 4th anniversary of date of
acquisition	  	80%
	On or after 5th anniversary of date of
acquisition	  	100%

  
 As set forth above,
the “date of acquisition” shall mean, with respect to any Restricted Stock, the date of purchase and, with respect to any Award Stock issued upon exercise of Options or Rollover Options, the date of grant of such Options or Rollover
Options. 
  
 “Award Agreement” means a written
agreement between the Company and a Participant setting forth the terms, conditions, and limitations applicable to an Award. All Award Agreements shall be deemed to include all of the terms and conditions of the Plan, except to the extent otherwise
set forth in an Award Agreement and approved by the Board. 
  
 “Award Stock” with respect to a Participant, means any Common Stock issued to such Participant upon exercise of any Options or Rollover Options granted hereunder and any Common Stock issued to such Participant as Restricted
Stock. For all purposes of this Plan, Award Stock will continue to be Award Stock in the hands of any holder (including any Permitted Transferee) other than a Participant (except for the Company and purchasers pursuant to a Public Sale), and each
such other holder of Award Stock will succeed to all rights and obligations attributable to such Participant as a holder of Award Stock hereunder. Award Stock will also include shares of the Company’s capital stock issued with respect to shares
of Award Stock by way of a stock split, stock dividend or other recapitalization. 
  
 “Cause” means, for any Participant, the meaning given to such term in an employment or other similar agreement entered into by such Participant on or after the Effective Date and approved by the
Board, or in the absence of such an agreement it shall mean with respect to such 

  

 2 

 
Participant any of the following, as determined by the Board, (i) the willful failure of such Participant to perform any portion of his or her duties, (ii)
willful misconduct by such Participant which is or is likely to be injurious to the Company or any of its Subsidiaries, monetarily or otherwise, (iii) such Participant’s conviction of a felony (including a plea of nolo contendere), (iv) such
Participant’s negligent performance of his or her duties, (v) any material breach by such Participant of the terms of this Plan, an Award Agreement, or any other agreement with the Company or any of its Subsidiaries to which such Participant is
a party, or (vi) a violation of the Toys “R” Us Code of Ethical Standards and Business Practices and Conduct Agreement or any other serious violation of any written policy of the Company or any of its Subsidiaries. 
  
 “Change in Control” means (i) prior to an Initial Public
Offering, any transaction or series of related transactions which result in the Sponsors ceasing collectively to own shares of Common Stock which represent at least 50% of the total voting power or economic interest in the Company, (ii) at any time,
any transaction or series of related transactions which result in an Independent Third Party acquiring shares of Common Stock which represent more than 50% of the total voting power or economic interest in the Company, and (iii) at any time, a sale
or disposition of all or substantially all of the assets of the Company and its Subsidiaries on a consolidated basis; provided that, in the case of clauses (i) and (ii) above, such transactions shall only constitute a Change in Control if they
result in the Sponsors ceasing to have the power (whether by ownership of voting securities, contractual right, or otherwise) collectively to elect a majority of the Board. 
  
 “Class A Common Stock” means the Company’s Class A Common Stock, par value $.01 per share, or, in the
event that the outstanding shares of Class A Common Stock are hereafter recapitalized, converted into or exchanged for different stock or securities of the Company, such other stock or securities. 
  
 “Class L Common Stock” means the Company’s Class L
Common Stock, par value $.01 per share, or, in the event that the outstanding shares of Class L Common Stock are hereafter recapitalized, converted into or exchanged for different stock or securities of the Company, such other stock or securities.

  
 “Code” means the Internal Revenue Code of
1986, as it may be amended from time to time. 
  
 “Common
Stock” means the Class A Common Stock and the Class L Common Stock. 
  
 “Common Strip” means a strip of securities containing nine (9) shares of Class A Common Stock and one (1) share of Class L Common Stock. 
  
 “Competing Business” means, with respect to any Participant at any time, any Person engaged wholly or in
part (directly or through one or more Subsidiaries) in the retail sale or retail distribution (via stores, mail order, e-commerce, or similar means) of Competing Products, if more than one-third (1/3) of such Person’s gross sales for the twelve
(12) month period preceding such time (or with respect to the period after such Participant’s Termination Date, as of such Termination Date) are generated by engaging in such sale or distribution of Competing Products. Without limiting the
foregoing, Competing Businesses shall in any event include Wal-Mart, K- 

  

 3 

 
Mart, Target, Amazon, Zellers, Sears, Right Start, Zany Brainy, FAO Schwartz, Buy Buy Baby, e-toys, KB Toys, Mattel, Hasbro, Lego, Bandai, Playmobil,
Ravensburger, Evenflo, Graco/Little Tikes, Chicco, Cosco, Maclaren, Britax, Woolworths, Argos, Tesco, Asda, Mothercare, Carrefour, Auchan, Leclerc, La Grande Recre, Karstadt, Real, Kaufhof, Mueller, El Corte Ingles, Loblaws, or any of their
respective Subsidiaries. 
  
 “Competing Products”
means, with respect to any Participant at any time, (i) toys and games, (ii) video games, computer software for children, and electronic toys or games, (iii) juvenile or baby: products, apparel, equipment, furniture, or consumables, (iv) wheeled
goods for children, and (v) any other product or group of related products that represents more than twenty (20) percent of the gross sales of the Company and its Subsidiaries for the twelve (12) month period preceding such time (or with respect to
the period after such Participant’s Termination Date, as of such Termination Date). 
  
 “Disability” means, for any Participant, the meaning given to such term in an employment or other similar agreement entered into by such Participant on or after the Effective Date and approved by the
Board, or in the absence of such an agreement it shall mean such Participant’s eligibility to receive disability benefits under the Company’s or its Subsidiaries’ long-term disability plan or the inability of such Participant, as
determined by the Board, to perform the essential functions of his or her regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental illness which has lasted (or can reasonably
be expected to last) for a period of six consecutive months. 
  
 “Fair Market Value” of a share of Award Stock (or any other security) means the fair market value of a share of Award Stock (or such other security, as applicable) as determined in good faith by the Board, and such
determination shall be binding and conclusive on the Company, the Participants, and all other Persons interested in this Plan. 
  
 “Independent Third Party” means any Person or group (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended) who, immediately prior to the contemplated transaction or series of related transactions, does not own in excess of 5% of the Company’s Common Stock on a fully-diluted basis, who is not an Affiliate of any such 5% owner of the
Company’s Common Stock and who is not the spouse or descendent (by birth or adoption) of any such 5% owner of the Company’s Common Stock. 
  
 “Initial Public Offering” means an initial public offering, after the Effective Date, of the Company’s Common Stock pursuant to an
offering registered under the Securities Act, other than any such offerings which are registered on Forms S-4 or S-8 under the Securities Act. 
  
 “Non-Competition Period” for a Participant means (i) in the case of termination by the Company with Cause, the period of such
Participant’s employment plus one (1) year after such Participant’s Termination Date, (ii) in the case of resignation for any reason other than Retirement, the period of such Participant’s employment, (iii) in the case of resignation
for Retirement, the period of such Participant’s employment plus one (1) year after such Participant’s Termination Date, and (iv) otherwise, the period of such Participant’s employment plus the length of time, if any, for which the
Participant receives (or is eligible to receive, where Participant declines or otherwise takes action to reject) in connection with such Participant’s 

  

 4 

 
termination severance benefits or other similar payments from the Company or its Subsidiaries pursuant to an agreement with such Participant, the severance
policies of the Company and its Subsidiaries then in effect, at the Company’s or any of its Subsidiaries’ election, or otherwise (or the length of time in terms of compensation used to determine the amount of such Participant’s
severance benefits in the event such severance benefits are payable in a lump sum or on a schedule different than such length of time). In no event shall any amount received by a Participant pursuant to Articles IX or X of the Plan
constitute severance or other similar payments for purposes of this definition. 
  
 “Original Value” (a) for each share of Award Stock which is originally issued as Restricted Stock will be equal to the purchase price paid, if any, by the Participant for such share of Award Stock,
(b) for each share of Award Stock which is originally issued upon exercise of any Options will be equal to the exercise price paid by the Participant for such share of Award Stock, and (c) for each share of Award Stock which is originally issued
upon exercise of any Rollover Options will be equal to the Fair Market Value of such share of Award Stock on the date on which such Rollover Option is originally issued, and in each case as proportionally adjusted for all stock splits, stock
dividends, and other recapitalizations affecting the Award Stock subsequent to the Effective Date. 
  
 “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a government or any branch, department, agency, political subdivision or official thereof. 
  
 “Permitted Transferee” with respect to any Participant means such Participant’s spouse and descendants (whether or not adopted) and
any trust, family limited partnership or limited liability company that is and remains at all times solely for the benefit of such Participant and/or such Participant’s spouse and/or descendants, in each case which transferee has executed and
delivered to the Company the documents required under Section 6.6(b) or 7.3(b), as applicable. 
  
 “Public Sale” means any sale pursuant to a registered public offering under the Securities Act or any sale to the public through a
broker, dealer or market maker pursuant to Rule 144 promulgated under the Securities Act. 
  
 “Retirement” means, for any Participant, the meaning given to such term in an employment or other similar agreement entered into by such Participant on or after the Effective Date and approved by the
Board, or in the absence of such an agreement it shall mean voluntary resignation by such Participant at or after the age of sixty-two (62) following continuous employment by the Company and its Subsidiaries for a period of at least ten (10) years.

  
 “Securities Act” means the Securities Act of
1933, as amended from time to time. 
  
 “Sponsor
Inflows” means, without duplication, as of any measurement date, all cash payments (excluding management fees and expense reimbursements) received by the Sponsors with respect to or in exchange for equity securities (including securities
which are convertible into equity securities) of the Company (whether such payments are received from the Company or any third party) from the Effective Date through such measurement date. If such measurement date is the date of consummation of a
Change in Control, any equity securities 

  

 5 

 
(including securities which are convertible into equity securities) held by the Sponsors and not transferred in such Change in Control will be deemed to have
been sold on such measurement date for the price per share for such equity securities implied by the Change in Control. After consummation of an Initial Public Offering, if the measurement date is not the date of a consummation of a Change in
Control, any equity securities (including securities which are convertible into equity securities) held by the Sponsors will be deemed to have been sold for a price per share equal to the weighted average (by dollar volume) of the closing trading
price for each of the 90 consecutive trading days ending on such measurement date, and for purposes of calculating the Sponsor IRR such sale will be deemed to occur on the first day of such 90 trading day period. 
  
 “Sponsor IRR” as of any measurement date, means the annual
interest rate (compounded annually) which, when used to calculate the net present value of all Sponsor Inflows and all Sponsor Outflows, causes such net present value amount to equal zero. The Sponsor IRR shall be determined in good faith by the
Board. 
  
 “Sponsor Outflows” means, without
duplication, as of any measurement date, all cash payments made by the Sponsors (on a cumulative basis) with respect to or in exchange for equity securities (including securities which are convertible into equity securities) of the Company (whether
such payments are made to the Company or any third party) from the Effective Date until such measurement date. 
  
 “Sponsors” means, collectively, Bain Capital Partners LLC, Toybox Holdings, LLC, and Vornado Truck, LLC, in each case together with their
respective Affiliates. 
  
 “Stockholders
Agreement” means the Management Stockholders Addendum, which is attached hereto as Exhibit A. 
  
 “Subsidiary” means any corporation, partnership, limited liability company, or other entity in which the Company owns, directly or
indirectly, stock or other equity securities or interests possessing 50% or more of the total combined voting power of such entity. 
  
 “Termination Date” means the earliest date on which a Participant is no longer employed by the Company or any of its Subsidiaries for any
reason. For the avoidance of doubt, a Participant’s Termination Date shall be considered to be the last date of his actual and active employment with the Company or one of its Subsidiaries, whether such day is selected by agreement with the
Participant or unilaterally by the Company or such Subsidiary and whether advance notice is or is not given to the Participant; no period of notice that is or ought to have been given under applicable law in respect of the termination of employment
will be taken into account in determining entitlement under the Plan. Furthermore, a Participant who goes on a leave of absence approved by the Company or one of its Subsidiaries shall not be deemed to have ceased their employment with the Company
or its Subsidiaries during the period of such approved leave; provided that, the time vesting of such Participant’s Options under Section 4.2 shall be suspended during the period of such leave, except to the extent required by applicable
law. 
  

 6 

 “Transfer” means any direct or indirect sale, transfer, assignment, pledge, encumbrance
or other disposition (whether with or without consideration and whether voluntary or involuntary or by operation of law, including to the Company or any of its Subsidiaries) of any interest. 
  
 ARTICLE III 
 AWARDS AND ELIGIBILITY 
  
 3.1 Awards. Awards under the Plan may be granted in any one or all of the following three forms: (i) non-qualified stock options (“Options”), as described in Article IV of the Plan, (ii)
non-qualified stock options issued in exchange for options of Subsidiaries of the Company which a Participant may have been granted prior to the Effective Date (“Rollover Options”), as described in Article V of the Plan, and
(iii) shares of Common Stock which are subject to certain restrictions (“Restricted Stock” and together with Options and Rollover Options, “Awards”), as described in Article VII of the Plan. For the avoidance
of doubt, no Option or Rollover Option shall be an incentive stock option within the meaning of Section 422(a) of the Code or any successor provision. All Awards shall be made in the form of one or more whole Common Strips (or Options or Rollover
Options exercisable for one or more whole Common Strips), unless otherwise approved by the Board. Each grant of Options, Rollover Options, or Restricted Stock shall be evidenced by a written Award Agreement containing such restrictions, terms, and
conditions, if any, as the Board may require; provided that, except as otherwise expressly provided in an Award Agreement, if there is any conflict between any provision of the Plan and an Award Agreement, the provisions of the Plan shall govern.

  
 3.2 Maximum Shares Available. The Board may authorize
Awards consisting of Rollover Options or Restricted Stock in such numbers of shares as it may determine from time to time. An aggregate of no more than 35,000,000 shares of Class A Common Stock and 3,889,000 shares of Class L Common Stock shall be
reserved for issuance with respect to Options. All Awards shall be subject to adjustment by the Board as follows. In the event of any reorganization, recapitalization, stock split, stock dividend, combination of shares, merger, consolidation or
other change in the Common Stock, the Board shall make such changes in the number and type of shares of Common Stock covered by outstanding Awards and the terms thereof as the Board determines in its sole discretion are necessary to prevent dilution
or enlargement of rights of Participants under the Plan. Without limiting the generality of the foregoing, in the event of any such transaction, the Board shall have the power to make such changes as it deems appropriate in the number and type of
shares covered by outstanding Awards, the prices specified therein, and the securities or other property to be received upon exercise (which may include providing for cash payment (or no consideration) in exchange for cancellation of outstanding
Options or Rollover Options). If any Options or Rollover Options expire unexercised or unpaid or are canceled, terminated or forfeited in any manner without the issuance of Common Stock or payment thereunder, the shares with respect to which such
Options or Rollover Options were granted shall again be available under this Plan, subject to the foregoing maximum amounts. Similarly, if any shares of Common Stock issued hereunder, either as Restricted Stock or upon exercise of Options or
Rollover Options, are repurchased hereunder, such shares shall again be available under this Plan for reissuance, subject to the foregoing maximum amounts. Shares of Common Stock to be issued upon exercise of Options or Rollover Options or shares of
Common Stock to be issued as Restricted Stock hereunder may be either authorized and unissued shares, treasury shares, or a combination thereof, as the Board shall determine. 
  

 7 

 3.3 Eligibility. The Board may, from time to time, select the Participants who shall be eligible
to participate in the Plan and the Awards to be made to each such Participant. The Board may consider any factors it deems relevant in selecting Participants and in making Awards to such Participants. The Board’s determinations under the Plan
(including without limitation determinations of which persons are to receive Awards and in what amount) need not be uniform and may be made by it selectively among persons who are eligible to receive Awards under the Plan. 
  
 3.4 No Right to Continued Employment. Nothing in this Plan or (in the
absence of an express provision to the contrary) in any Award Agreement, as applicable, shall confer on any Participant any right to continue in the employment of the Company or its Subsidiaries or interfere in any way with the right of the Company
or its Subsidiaries to terminate such Participant’s employment at any time for any reason or to continue such Participant’s present (or any other) rate of compensation. 
  
 3.5 Return of Prior Awards. The Board shall have the right, at its discretion, to require Participants to return to
the Company Awards previously granted to them under the Plan in exchange for new Awards; provided that, no Participant shall be required, without such Participant’s prior written consent, to return any Award if the new Award is to be made on
terms less favorable to such Participant than the Award to be returned. Subject to the provisions of the Plan, such new Awards shall be upon such terms and conditions as are specified by the Board at the time the new Awards are made. 
  
 3.6 Securities Laws. The Plan has been instituted by the Company to
provide certain compensatory incentives to Participants and is intended to qualify for an exemption from the registration requirements (i) under the Securities Act, as amended, pursuant to Rule 701 of the Securities Act, and (ii) under applicable
state securities laws. 
  
 ARTICLE IV 
 OPTIONS 
  
 4.1 Options. The Board shall have the right and power to grant to any Participant, at any time prior to the termination of this Plan, Options in
such quantity, at such price, on such terms and subject to such conditions that are consistent with this Plan and established by the Board. Options granted under this Plan shall be in the form described in this Article IV, or in such other
form or forms as the Board may determine, and shall be subject to such additional terms and conditions and evidenced by Award Agreements, as shall be determined from time to time by the Board. Except as otherwise set forth in an Award Agreement,
Options shall be subject to all of the terms and conditions contained in this Plan. 
  
 4.2 Vesting of Options. Unless otherwise set forth in an Award Agreement, all Options shall be subject to vesting in accordance the provisions of this Section 4.2. Options shall be exercisable only to
the extent that they are vested. In addition to the other requirements set forth in this Section 4.2, Options shall vest only so long as a Participant remains employed by the 

  

 8 

 
Company or one of its Subsidiaries. Unless otherwise set forth in an Award Agreement, all Awards of Options shall be divided into three equal portions, with
each such portion exercisable for one-third of the Common Strips for which such Options are exercisable, and such portions shall be referred to hereunder as “Tranche I Options”, “Tranche II Options”, and “Tranche III
Options”. 
  
 (a) Tranche I Vesting. The Tranche I
Options will be subject to time vesting and will time vest on each date set forth below with respect to the cumulative percentage of Common Strips issuable upon each of the Tranche I Options set forth opposite such date if the respective Participant
is, and has been, continuously employed by the Company or any of its Subsidiaries from the date of award through such date: 
  

			
	 Date

	  	Cumulative Percentage
of Common Strips Vested

	2nd anniversary of date of grant	  	40%
	3rd anniversary of date of grant	  	60%
	4th anniversary of date of grant	  	80%
	5th anniversary of date of grant	  	100%

  
 Notwithstanding the foregoing, all
Tranche I Options shall be considered 100% vested upon consummation of a Change in Control. 
  
 (b) Tranche II Vesting. The Tranche II Options shall be subject to time and performance vesting, and will only be deemed fully vested when they have both time vested and performance vested in accordance with
the terms hereof. The Tranche II Options will time vest in the same manner as the Tranche I Options. The Tranche II Options will performance vest upon the earlier to occur of: 
  
 (i) a Change in Control in which both (A) the Sponsor IRR on consummation of the Change in Control is equal to or greater
than 20%, and (B) the Sponsor Inflows prior to and in connection with such Change in Control are at least two (2) times the Sponsor Outflows prior to such Change in Control; or 
  
 (ii) any day on which both (A) the Sponsor IRR measured as of such measurement date is equal to or greater than 20%, and
(B) the Sponsor Inflows through such date are at least two (2) times the Sponsor Outflows through such measurement date. 
  
 (c) Tranche III Vesting. The Tranche III Options shall be subject to time and performance vesting, and will only be deemed fully vested when they
have both time vested and performance vested in accordance with the terms hereof. The Tranche III Options will time vest 

  

 9 

 
in the same manner as the Tranche I Options. The Tranche III Options will performance vest upon the earlier to occur of: 
  
 (i) a Change in Control in which both (A) the Sponsor IRR on consummation
of the Change in Control is equal to or greater than 25%, and (B) the Sponsor Inflows prior to and in connection with such Change in Control are at least three (3) times the Sponsor Outflows prior to such Change in Control; or 
  
 (ii) any day on which both (A) the Sponsor IRR measured as of such
measurement date is equal to or greater than 25%, and (B) the Sponsor Inflows through such date are at least three (3) times the Sponsor Outflows through such measurement date. 
  
 (d) Eight Year Limit. Notwithstanding the provisions of clauses (b) and (c) above, all Tranche II Options and Tranche
III Options shall vest in full on the date which is eight (8) years after the date on which such options were first granted, so long as a Participant remains employed by the Company or any of its Subsidiaries from the date of award through such
date. 
  
 ARTICLE V 
 ROLLOVER OPTIONS 
  
 5.1 Rollover Options. The Board shall have the right and power to grant to any Participant, at any time prior to the termination of this Plan,
Rollover Options in such quantity, at such price, on such terms and subject to such conditions that are consistent with this Plan and established by the Board. Rollover Options granted under this Plan shall be in the form described in this
Article V, or in such other form or forms as the Board may determine, and shall be subject to such additional terms and conditions and evidenced by Award Agreements, as shall be determined from time to time by the Board. Except as otherwise
set forth in an Award Agreement, Rollover Options shall be subject to all of the terms and conditions contained in this Plan. 
  
 5.2 Issuance for Cancellation of Other Awards. Rollover Options shall only be issued as consideration for the agreement of Participants to cancel
or forgo options issued by Subsidiaries of the Company to Participants prior to the Effective Date. All Rollover Options shall have an Aggregate Spread equal, on the day of grant, to the Aggregate Spread of the options cancelled or foregone in
exchange for such Rollover Options. 
  
 5.3 Vesting of Rollover
Options. All Rollover Options shall be exercisable in full on the date on which they are granted to a Participant. 
  
 ARTICLE VI 
 GENERAL OPTION PROVISIONS

  
 6.1 Normal Expiration. All Options granted under
this Plan shall expire at the close of business on the tenth anniversary of the date of grant to the Participant holding such Options, subject to earlier expiration as provided in this Article VI. All Rollover Options granted under this Plan
shall expire at the date that is specified in the Award Agreement applicable to such Rollover Options. 
  

 10 

 6.2 Exercise on Termination. If a Participant ceases to be employed by the Company and its
Subsidiaries for any reason, then the portion of such Participant’s Options that have not fully vested as of the Termination Date shall expire at such time. In addition, upon consummation of a Change in Control, all unvested Tranche II Options
and Tranche III Options shall expire at the time of such consummation if they do not otherwise vest in connection with such Change in Control in accordance with the provisions of Section 4.2. The portion of a Participant’s Options that
have fully vested as of such Participant’s Termination Date shall expire (i) 30 days after the Termination Date if a Participant is terminated without Cause or if a Participant resigns for any reason (including Retirement), (ii) 90 days after
the Termination Date if a Participant is terminated due to Disability, (iii) 180 days after the Termination Date if a Participant is terminated due to death, and (iv) immediately upon termination if a Participant is terminated with Cause. All of a
Participant’s Rollover Options shall expire at the end of their stated term, notwithstanding any termination of a Participant’s employment. 
  
 6.3 Procedure for Exercise. At any time after all or any portion of a Participant’s Options or Rollover Options have become vested and prior
to their expiration, a Participant may exercise all or any specified portion of such vested Options or Rollover Options by delivering written notice of exercise specifically identifying the particular Options or Rollover Options (including whether
Options are Tranche I, II, or III Options or are Rollover Options) to the Company (an “Exercise Notice”), together with a written acknowledgment that such Participant has read and has been afforded an opportunity to ask questions of
management of the Company regarding all financial and other information provided to such Participant regarding the Company. Payment by Participants in connection with any exercise (a) shall be made by delivery of a cashier’s, certified check or
wire transfer in the amount equal to the product of the exercise price multiplied by the number of Award Shares to be acquired, plus the amount of any additional federal and state income taxes or any income taxes or employee’s social security
contributions arising in any jurisdiction outside the United States required to be withheld (or accounted for to appropriate revenue authorities by the Participant’s employer) by reason of the exercise of the Options or Rollover Options (which
such amount shall be calculated by the Company and provided to Participants promptly following delivery of an Exercise Notice, and which shall be subject to later adjustment by the Company (with a corresponding payment by or refund to Participant)
in the event that any such adjustment is required), and (b) shall be due in full from the Participant either (i) at the same time as delivery of the Exercise Notice (with the portion representing taxes or contributions due within two (2) days of the
date on which the Company informs the Participant of the amount of such items pursuant to the provisions of this section) or (ii) in the event the Participant is at the time of exercise not employed by the Company or any of its Subsidiaries, then
upon the first to occur of (A) the date of closing of any repurchase of Award Stock issuable in connection with such exercise in accordance with the provisions of Section 9.8, (B) the Company’s delivery of notice that neither it nor the
Sponsors will exercise their Repurchase Option with respect to the Award Stock issuable in connection with such exercise, and (C) the expiration of the Repurchase Option (in accordance with the provisions of Section 9.6) applicable to the
Award Stock issuable in connection with such exercise. For United States federal income tax purposes, the Company intends to treat Options and Rollover Options as exercised at the time the Company issues the applicable Award Stock to the
Participant. At the discretion of the Board, which discretion shall be exercised (among other considerations) in a manner intended (as determined in good faith by the Board) to cause a Participant’s options not to be treated as deferred
compensation within the meaning of Code 

  

 11 

 
Section 409A, a Participant may be permitted to acquire Award Stock upon the exercise of Options or Rollover Options without payment in cash therefor
pursuant to a cashless exercise of such Options or Rollover Options. Such cashless exercise shall be effectuated by the Company delivering shares of Common Stock to the Participant with a Fair Market Value equal to (a) the Fair Market Value of all
shares issuable upon exercise of such Options or Rollover Options, minus (b) the aggregate exercise price of all shares issuable upon exercise of such Options or Rollover Options (together with the amount of any income taxes or employee’s
social security contributions arising in respect of such cashless exercise). 
  
 6.4 Representations on Exercise. In connection with any exercise of Options or Rollover Options and the issuance of Award Stock thereunder (other than pursuant to an effective registration statement under the
1933 Act), Participant shall by the act of delivering the Exercise Notice (and without any further action on the part of the Participant) represent and warrant to the Company that as of the time of such exercise: 
  
 (a) The Award Stock to be acquired by Participant upon exercise shall be
acquired for Participant’s own account and not with a view to, or intention of, distribution thereof in violation of the Securities Act or any applicable state securities laws, and the Award Stock shall not be disposed of in contravention of
the Securities Act or any applicable state securities laws. 
  
 (b) Participant is or was an employee of the Company or one of its Subsidiaries, is sophisticated in financial matters, and is able to evaluate the risks and benefits of the investment in the Award Stock. 
  
 (c) Participant is able to bear the economic risks of his investment in the
Award Stock for an indefinite period of time and is aware that transfer of the Award Stock may not be possible because (A) such transfer is subject to contractual restrictions on transfer set forth herein and in the Stockholders Agreement and (B)
the Award Stock has not been registered under the Securities Act or any applicable state securities laws and, therefore, cannot be sold unless subsequently registered under the Securities Act and such applicable state securities laws or an exemption
from such registration is available. 
  
 (d) Participant has had
an opportunity to ask questions and receive answers concerning the terms and conditions of the offering of the Award Stock issued upon exercise and has had full access to such other information concerning the Company as Participant has requested.

  
 In connection with any exercise of Options or Rollover Options, Participant
shall make such additional customary investment representations as the Company may require and Participant shall execute such documents necessary for the Company to perfect exemptions from registration under federal and state securities laws as the
Company may reasonably request. In addition, in connection with any exercise of Options or Rollover Options, Participant shall make an election under Section 83(b) of the Code, in the form prescribed by the Board. 
  

 12 

 6.5 Acquisition of Common Strips. In connection with any exercise of Options or Rollover Options,
a Participant shall acquire one or more whole Common Strips, and shall not be entitled to acquire any fraction or constituent piece of a Common Strip. 
  
 6.6 Non-Transferability. 
  
 (a) All Options and Rollover Options are personal to a Participant and are not Transferable by such Participant, other than by will or pursuant to
applicable laws of descent and distribution. Only a Participant, his estate or personal representatives or heirs, or any Permitted Transferee are entitled to exercise Options or Rollover Options. All Award Stock issued pursuant to the exercise of
any Option or Rollover Option shall not be Transferable (other than pursuant to Article IX or X below, or as otherwise permitted pursuant to the terms of the Stockholders Agreement) by the Participant or Permitted Transferee who
exercised such option and purchased such Award Stock (or any subsequent transferee) until the occurrence of a Change in Control. Any attempted Transfer of Options, Rollover Options, or Award Stock issued upon exercise thereof which is not
specifically permitted under the Plan shall be null and void. 
  
 (b) Notwithstanding the provisions of Section 6.6(a) above, Options, Rollover Options, and Award Stock issued pursuant to the exercise of any Option or Rollover Option shall be Transferable by a Participant to any of such
Participant’s Permitted Transferees; provided that, in no event shall any Participant be allowed, without the prior consent of the Board, to Transfer Options or Rollover Options pursuant to this Section 6.6(b) more than once, nor to more
than one (1) of such Participant’s Permitted Transferees, and in such case such Permitted Transferee shall thereafter not be allowed, without the prior consent of the Board, to Transfer any of the Options or Rollover Options Transferred to such
Permitted Transferee pursuant to this Section 6.6(b). As part of any such Transfer, the Permitted Transferee shall execute such documents as the Company may reasonably require, which documents shall provide that the Permitted Transferee (i)
remains bound by the Plan and the applicable Award Agreement in the same manner as the Participant, and (ii) is bound by all of the terms and conditions of the Stockholders Agreement. 
  
 (c) No Participant shall make any Transfer prohibited by this Section 6.6 either directly or indirectly. Without
limiting the generality of the foregoing, no Participant shall make one or more transfers to one or more Permitted Transferees and then dispose of all or any portion of such Participant’s interest in any such Permitted Transferee. Any Transfer
or attempted Transfer in violation of this clause (c) shall be null and void. 
  
 (d) Any Award Stock issued upon exercise of any Options or Rollover Options will be subject to the provisions of Sections 7.4 and 7.5 in the same manner as Restricted Stock is subject to such provisions.

  
 6.7 Rights as a Stockholder. A Participant holding
Options or Rollover Options shall have no rights as a stockholder with respect to any shares of Award Stock issuable upon exercise thereof until the date on which a stock certificate is issued to such Participant representing such Award Stock. The
Company shall issue Award Stock to Participants no later than twenty (20) days following receipt by the Company of all exercise payments required to be made by a Participant in connection therewith; provided that, such time period shall be reduced
to two (2) 

  

 13 

 
days during the thirty (30) days following any notice given by the Company pursuant to Section 6.8 of the Plan. Except as otherwise expressly provided
in the Plan or in any Award Agreement, no adjustment shall be made for cash dividends or other rights for which the record date is prior to the date such stock certificate is issued. 
  
 6.8 Notice of Dividends. The Board shall provide notice to all Participants who hold vested Options or Rollover
Options in the event that it intends to declare any dividend or distribution in respect of shares of Common Stock. Such notice shall be provided not less than ten (10) days prior to the record date of such dividend or distribution, and shall
describe in reasonable detail the approximate amounts anticipated to be distributed in respect of the Common Stock. 
  
 ARTICLE VII 
 RESTRICTED STOCK 
  
 7.1 Restricted Stock. The Board shall have the right and power to sell
to any Participant, for purchase prices equal to Fair Market Value, at any time prior to the termination of this Plan, Restricted Stock in such quantity, on such terms, and subject to such conditions that are consistent with this Plan and
established by the Board. Restricted Stock sold under this Plan shall be in the form described in this Article VII, or in such other form or forms as the Board may determine, and shall be subject to such additional terms and conditions and
evidenced by Award Agreements, as shall be determined from time to time by the Board. Except as otherwise set forth in an Award Agreement, Restricted Stock shall be subject to all of the terms and conditions contained in this Plan. The consideration
for any such sale shall be cash, unless otherwise determined by the Board. A Participant may elect to purchase any or all of the Restricted Stock awarded to him or her by the Board through one or more entities (but not natural persons) that would
constitute a Permitted Transferee as such term is defined in the Plan, which entity shall be bound by all of the terms of this Plan, any Award Agreement, and the Stockholders Agreement in the same manner as any other Permitted Transferee hereunder.

  
 7.2 Representations on Acquisition. In connection with
any acquisition of Restricted Stock (other than pursuant to an effective registration statement under the 1933 Act), Participant shall, by his or her acceptance of such Restricted Stock (and without any further action on the part of the
Participant), represent and warrant to the Company that as of the time of such acquisition: 
  
 (a) The Restricted Stock to be acquired by Participant shall be acquired for Participant’s own account and not with a view to, or intention of, distribution thereof in violation of the Securities Act or any
applicable state securities laws, and the Restricted Stock shall not be disposed of in contravention of the Securities Act or any applicable state securities laws. 
  
 (b) Participant is an employee of the Company or one of its Subsidiaries, is sophisticated in financial matters, and is able
to evaluate the risks and benefits of the investment in the Restricted Stock. 
  
 (c) Participant is able to bear the economic risks of his investment in the Restricted Stock for an indefinite period of time and is aware that transfer of the Restricted Stock 

  

 14 

 
may not be possible because (A) such transfer is subject to contractual restrictions on transfer set forth herein and in the Stockholders Agreement and (B)
the Restricted Stock has not been registered under the Securities Act or any applicable state securities laws and, therefore, cannot be sold unless subsequently registered under the Securities Act and such applicable state securities laws or an
exemption from such registration is available. 
  
 (d) Participant
has had an opportunity to ask questions and receive answers concerning the terms and conditions of the offering of the Restricted Stock and has had full access to such other information concerning the Company as Participant has requested.

  
 In connection with any acquisition of Restricted Stock, Participant shall make
such additional customary investment representations as the Company may require and Participant shall execute such documents necessary for the Company to perfect exemptions from registration under federal and state securities laws as the Company may
reasonably request. In addition, in connection with any acquisition of Restricted Stock, Participant shall make an election under Section 83(b) of the Code, in the form prescribed by the Board. 
  
 7.3 Restrictions on Transfer. 
  
 (a) All Restricted Stock shall not be Transferable (other than pursuant to
Article IX or X below, or as otherwise permitted pursuant to the terms of the Stockholders Agreement) by the Participant holding such Restricted Stock until the occurrence of a Change in Control. Any attempted Transfer of Restricted
Stock which is not specifically permitted under the Plan shall be null and void. 
  
 (b) Notwithstanding the provisions of Section 7.3(a) above, Restricted Stock shall be Transferable by a Participant to any of their Permitted Transferees. As part of any such Transfer, the Permitted Transferee
shall execute such documents as the Company may reasonably require, which such documents shall provide that the Permitted Transferee (i) remains bound by the Plan and the applicable Award Agreement in the same manner as the Participant, and (ii) is
bound by all of the terms and conditions of the Stockholders Agreement. 
  
 (c) No Participant shall make any Transfer prohibited by this Section 7.3 either directly or indirectly. Without limiting the generality of the foregoing, no Participant shall make one or more transfers to one or more Permitted
Transferees and then dispose of all or any portion of such Participant’s interest in any such Permitted Transferee. In addition, in the event that a Participant acquires Restricted Stock through one or more entities that would otherwise
constitute Permitted Transferees, then such Participant shall not dispose of all or any portion of such Participant’s interest in any such Permitted Transferee. Any Transfer or attempted Transfer in violation of this clause (c) shall be null
and void. 
  
 7.4 Restricted Stock Certificates. The
Company shall issue, in the name of each Participant to whom Restricted Stock has been granted or sold, stock certificates representing the total number of shares of Award Stock granted or sold to such Participant, as soon as reasonably practicable
after such grant or sale. The Company shall hold such certificates for the Participant’s benefit until such Restricted Stock becomes freely Transferable, at which time the Company shall deliver such certificates (free of all such
Transferability restrictions) to the Participant. 
  

 15 

 7.5 Rights of a Participant. Unless the Board determines otherwise, any Participant who holds
Restricted Stock shall have the right to receive dividends and distributions, if any are declared, with respect to such Restricted Stock. Any shares of Company Stock received by a Participant as a result of any such dividends or distributions shall
be considered Restricted Stock and shall be subject to all of the restrictions contained in the Plan. 
  
 ARTICLE VIII 
 JOINDERS 
  
 8.1 Stockholders Agreement. Exercise of any Options or Rollover
Options, or purchase of or acceptance of any Restricted Stock, shall constitute agreement by the Participant making such exercise or purchasing or receiving such Restricted Stock, to be bound by all of the terms and conditions of the Stockholders
Agreement with respect to the Award Stock, or any other Company capital stock, issuable to or held by such Participant. All of the terms of the Stockholders Agreement are incorporated herein by reference. 
  
 ARTICLE IX 
 REPURCHASE OF SHARES 
  
 9.1 Repurchase Option. In order to provide a market for Award Stock, in the event that a Participant is no longer employed by the Company or any of its Subsidiaries for any reason, all Award Stock issued or
issuable to such Participant (whether as Restricted Stock or upon the exercise of Options or Rollover Options), whether held by such Participant or one or more transferees of such Participant, will be subject to repurchase by the Company and the
Sponsors (solely at their option), by delivery of one or more Repurchase Notices (as defined below) within the time periods set forth below, pursuant to the terms and conditions set forth in this Article IX (the “Repurchase
Option”), unless otherwise set forth in the Award Agreement between the Company and the Participant. The Repurchase Option shall terminate on the first to occur of a Change in Control or an Initial Public Offering. 
  
 9.2 Termination Other than for Cause or Resignation. Unless otherwise
specified in an Award Agreement, if a Participant is no longer employed by the Company or any of its Subsidiaries as a result of any reason other than such Participant’s (a) termination for Cause or (b) resignation for any reason other than
Retirement, then on or after the Termination Date (subject to the provisions of Section 10.2) the Company may elect to purchase all or any portion of the Award Stock issued or issuable to such Participant at a price per share equal to the
Fair Market Value thereof, in each case as determined as of a date determined by the Board that is the anticipated date of the Repurchase Closing (as defined in Section 9.6 below). Notwithstanding the foregoing, in the event a Participant
resigns due to Retirement and subsequently takes any action described in the first sentence of Section 12.3 at any time within one (1) year after such Participant’s Termination Date, then the purchase price per share shall be the lower
of Fair Market Value and Original Value; provided that, in the event a Participant exercises his or her put rights set forth in Section 10.3, the purchase price shall be calculated so that such Participant does not receive, with respect to
all shares of Award Stock held by such Participant, an aggregate amount greater than (a) the lower of the Fair Market Value or Original Value of all such shares of Award Stock, minus (b) any amounts paid to the Participant pursuant to Section
10.3. 
  

 16 

 9.3 Termination for Cause. Unless otherwise specified in an Award Agreement, if a Participant is
no longer employed by the Company or any of its Subsidiaries as a result of such Participant’s termination for Cause, then on or after the Termination Date, the Company may elect to purchase all or any portion of the Award Stock issued or
issuable to such Participant at a price per share equal to the lower of the Fair Market Value and Original Value thereof, in each case as determined as of a date determined by the Board that is the anticipated date of the Repurchase Closing (as
defined in Section 9.6 below). 
  
 9.4 Resignation.
Unless otherwise specified in an Award Agreement, if a Participant is no longer employed by the Company or any of its Subsidiaries as a result of such Participant’s resignation (for any reason other than Retirement), then on or after the
Termination Date, the Company may elect to purchase all or any portion of the Award Stock issued or issuable to such Participant at a price per share equal to the lower of (a) the Fair Market Value, and (b) Original Value plus the Applicable Amount
thereof, in each case as determined as of a date determined by the Board that is the anticipated date of the Repurchase Closing (as defined in Section 9.6 below). Notwithstanding the foregoing, in the event a Participant takes any action
described in the first sentence of Section 12.3 at any time within one (1) year after such Participant’s Termination Date (as if such period was part of such Participant’s Non-Competition Period), then the purchase price per share
shall be the lower of (a) the Fair Market Value, and (b) Original Value, in each case as determined as of a date determined by the Board that is the anticipated date of the Repurchase Closing (as defined in Section 9.6 below). 
  
 9.5 Option Repurchases. In the event the Company and/or the Sponsors,
as applicable, exercise the Repurchase Option with respect to any shares of Award Stock issuable upon exercise of any Options or Rollover Options held by a Participant, then such Participant shall be required, promptly following receipt of a
Repurchase Notice (as defined below), to exercise such Options and/or Rollover Options and purchase from the Company (in accordance with the provisions of Section 6.3) all shares of Award Stock for which the Company and/or the Sponsors, as
applicable, shall have delivered a Repurchase Notice. 
  
 9.6
Repurchase Procedures. Pursuant to the Repurchase Option, the Company may elect to exercise the right to purchase all or any portion of the shares of Award Stock issued to a Participant by delivering written notice or notices (each, a
“Repurchase Notice”) to the holder or holders of the such Award Stock at any time and from time to time no later than 120 days after the Termination Date (or 180 days, in the case of the Participant’s Disability, or 270 days,
in the case of the Participant’s death, or one year and 10 days, in the case of the Participant’s resignation); provided that such periods may be tolled in accordance with Section 9.9 below; provided further, in the event that
Section 10.2 applies to a Participant’s termination, then the period of exercise for the Repurchase Option applicable in such circumstances shall be the later of (a) 120 days after the Participant’s Termination Date, and (b) seven
(7) months after the Effective Date. Each Repurchase Notice will specifically identify the shares of Award Stock to be acquired from such holder(s) (including whether such shares are issuable upon exercise of Tranche I, II, or III Options or
Rollover Options), the repurchase price of such shares, the aggregate consideration to be paid for such shares and the time and place for the closing of the 

  

 17 

 
transaction (each, a “Repurchase Closing”). In the event that the Company elects to purchase a portion of such Award Stock pursuant to the
terms of this Section 9.6, if any shares of such Award Stock are held by transferees of such Participant, the Company shall purchase the shares elected to be purchased first from such Participant to the extent of the shares of such Award
Stock then held by such Participant and second purchase any remaining shares elected to be purchased from such other holder(s) of Award Stock pro rata according to the number of shares of Award Stock held by such other holder(s) at the time of
delivery of such Repurchase Notice (determined as nearly as practicable to the nearest share) and the number of shares of each class of Award Stock to be purchased will be allocated among such other holders pro rata according to the total number of
shares of Award Stock to be purchased from such persons. 
  
 9.7
Sponsor Rights. 
  
 (a) If for any reason the Company does
not elect to purchase all of the Award Stock (issued or issuable to a particular Participant) pursuant to the Repurchase Option pursuant to one or more Repurchase Notices, the Sponsors will be entitled to exercise the Repurchase Option, in the
manner set forth in this Section 9.7, for the Award Stock the Company has not elected to purchase (the “Available Shares”). As soon as practicable after the Company has determined that there will be Available Shares, but in
any event within 90 days after the Termination Date (or 150 days, in the case of the Participant’s Disability, or 240 days, in the case of the Participant’s death), the Company shall give written notice (each, an “Option
Notice”) to the Sponsors setting forth the number of Available Shares and the price for each Available Share as determined pursuant to the provisions of this Article IX. 
  
 (b) The Sponsors may elect to purchase any number of Available Shares by delivering written notice (an “Election
Notice”) to the Company within 20 days after receipt of the Option Notice from the Company. If the Sponsors elect to purchase an aggregate number of shares greater than the number of Available Shares, each class of Available Shares shall be
allocated among the Sponsors based upon the number of shares of Common Stock owned by each Sponsor on a fully-diluted basis. 
  
 (c) As soon as practicable, and in any event within ten days after the expiration of the 20-day period set forth above, the Company shall notify the
holder(s) of Award Stock as to the number of shares being purchased from such holder(s) by the Sponsors (each, a “Supplemental Repurchase Notice”). At the time the Company delivers a Supplemental Repurchase Notice to the holder(s)
of Award Stock, the Company shall also deliver written notice to each electing Sponsor setting forth the number of shares that the Company and each Sponsor will acquire, the aggregate purchase price and the time and place of the closing of the
transaction. 
  
 9.8 Closing of Repurchase. The closing of
the transactions contemplated by this Article IX will take place on the date designated by the Company in the applicable Repurchase Notice or Supplemental Repurchase Notice, as the case may be, which date will not be more than 60 days after
the delivery of such notice. The Company and/or the Sponsors, as the case may be, will pay for the Award Stock to be purchased pursuant to the Repurchase Option by delivery of a check payable to the holder(s) of Award Stock or a wire transfer of
immediately available funds. In addition, the Company may pay the repurchase price for such Award Stock by offsetting such 

  

 18 

 
amounts against any bona fide debts owed by Participant to the Company or any of its Subsidiaries. The Company and/or the Sponsors as the case may be, will
receive customary representations and warranties from each seller regarding the sale of Award Stock including, but not limited to, the representation that such seller has good and marketable title to the Award Stock to be Transferred free and clear
of all liens, claims and other encumbrances, and will be entitled to require all sellers’ signatures be guaranteed by a national bank or reputable securities broker. In the event that a repurchase is to take place at a price equal to Fair
Market Value, and the Fair Market Value of the Award Stock has increased or decreased from the date on which it is determined to the date of closing pursuant to this Section 9.8, then the repurchase shall be consummated at such higher or
lower price. 
  
 9.9 Restrictions on Repurchase.
Notwithstanding anything to the contrary contained in this Agreement, all repurchases of Award Stock by the Company shall be subject to applicable restrictions contained in the Delaware General Corporation Law and in the Company’s and its
Subsidiaries’ debt and equity financing agreements. If any such restrictions prohibit the repurchase of Award Stock for cash and the Sponsors have not elected to acquire all Award Stock which the Company and the Sponsors have a right to
repurchase pursuant to this Article IX, the Company shall have the right to deliver, as payment of the repurchase price, a subordinated note or notes payable in up to three equal annual installments beginning on the first anniversary of the
closing of such repurchase and bearing interest (accruing quarterly) at a rate per annum equal to 7%. Any such notes issued by the Company shall be subject to any restrictive covenants which the Company is subject to at the time of repurchase. If
any such restrictions prohibit the repurchase of Award Stock for such subordinated notes and the Sponsors have not elected to acquire all Award Stock which the Company and the Sponsors have a right to repurchase pursuant to this Article IX,
the time periods provided in this Article IX shall be suspended for a period of up to twelve months, and the Company may make such repurchases as soon as it is permitted to do so under such restrictions but in no event later than twelve
months after the initial time periods hereunder. 
  
 ARTICLE X

 PUT RIGHTS 
  
 10.1 Put Rights on Death or Disability. In order to provide a market for Award Stock, each Participant shall have the right (solely at their
option) to require the Company to repurchase all (but not less than all) of such Participant’s shares of Award Stock (whether actually issued or issuable upon exercise of Rollover Options) in the event such Participant’s employment is
terminated because of death or Disability. Such put right must be exercised no more than (a) 240 days in event of death, or (b) 150 days in the event of Disability, following such Participant’s Termination Date by giving written notice to the
Company. The purchase price payable by the Company in connection with such put shall be Fair Market Value. The closing of the transactions contemplated by this Section 10.1 will take place no later than 60 days after delivery of notice of
exercise of the put right by the Participant and otherwise in accordance with the provisions of Sections 9.8 and 9.9, to the extent applicable. Notwithstanding the foregoing put right, the Company and/or the Sponsors, as applicable,
shall still have the repurchase rights set forth in Article IX with respect to any termination otherwise subject to this Section 10.1. 
  

 19 

 10.2 Put Rights on Termination Without Cause. In order to provide Participants with protection
against losses in respect of Award Stock in certain circumstances, each Participant shall have the right (solely at their option) to require the Company to repurchase all (but not less than all) of such Participant’s shares of Award Stock
(whether actually issued or issuable upon exercise of Rollover Options) in the event such Participant’s employment is terminated without Cause within one (1) year of the Effective Date. Such put right shall be exercised by giving written notice
to the Company. Such put right may not be exercised prior to the date that is six (6) months and one (1) day after the Effective Date and shall expire on the later of (a) the date that is 30 days following such Participant’s Termination Date or
(b) the date that is six (6) months and ten (10) business days after the Effective Date. The purchase price payable by the Company in connection with such put shall be Original Value. The closing of the transactions contemplated by this Section
10.2 will take place no later than 60 days after delivery of notice of exercise of the put right by the Participant and otherwise in accordance with the provisions of Sections 9.8 and 9.9, to the extent applicable. Notwithstanding
the foregoing put right, in the event the Participant has not exercised such put right by the deadlines specified above, then thereafter the Company and/or the Sponsors, as applicable, shall still have the repurchase rights set forth in Article
IX with respect to any termination otherwise subject to this Section 10.2. 
  
 10.3 Put Rights on Retirement. In order to provide a market for Award Stock, each Participant shall have the right (solely at their option) to require the Company to repurchase a portion (as determined below)
of such Participant’s shares of Award Stock (whether actually issued or issuable upon exercise of Rollover Options) in the event such Participant’s employment is terminated because of resignation due to Retirement. Such put right must be
exercised no more than 30 days following such Participant’s Termination Date by giving written notice to the Company. The purchase price per share payable by the Company in connection with such put shall be Fair Market Value. Each Participant
shall have the right to require the Company to repurchase no more than those number of shares of Award Stock (whether actually issued or issuable upon exercise of Rollover Options) that would produce total pre-tax proceeds to such Participant equal
to the aggregate Original Value of all Rollover Options and Restricted Stock held by such Participant. The closing of the transactions contemplated by this Section 10.3 will take place no later than 60 days after delivery of notice of
exercise of the put right by the Participant (or, if later, delivery of a Repurchase Notice or Supplemental Repurchase Notice) and otherwise in accordance with the provisions of Sections 9.8 and 9.9, to the extent applicable.
Notwithstanding the foregoing put right, the Company and/or the Sponsors, as applicable, shall still have the repurchase rights set forth in Article IX with respect to any termination otherwise subject to this Section 10.3. 

 
 10.4 Option Puts. In the event a Participant exercises a put right
with respect to any shares of Award Stock issuable upon exercise of any Rollover Options held by such Participant, then such Participant shall be required, in connection with the exercise of such put right, to exercise such Rollover Options and
purchase from the Company (in accordance with the provisions of Section 6.3) all shares of Award Stock for which such Participant shall have exercised such put right. The closing of any such exercise shall take place concurrently with the
closing of the put transactions set forth in this Article X. 
  

 20 

 10.5 Termination of Puts. Notwithstanding any other provision in this Article X, each of
the put rights contained in this Article X shall terminate on the first to occur of a Change in Control or an Initial Public Offering. 
  
 10.6 Applicability of Puts. Except as otherwise expressly provided in an Award Agreement, none of the put rights set forth in this Article X
shall apply to any Awards made on or after the date that is one hundred and twenty (120) days after the Effective Date. 
  
 ARTICLE XI 
 PUBLIC OFFERINGS

  
 11.1 Cooperation in an IPO. In the event that the
Company approves an Initial Public Offering, the holders of Options, Rollover Options, or Award Stock will take all necessary or desirable actions in connection with the consummation of such offering. In the event that such Initial Public Offering
is an underwritten offering and the managing underwriters advise the Company in writing that in their opinion the Common Stock structure will adversely affect the marketability of the offering, each holder of Options, Rollover Options, or Award
Stock will consent to and vote for a recapitalization, reorganization and/or exchange of the Common Stock into securities that the managing underwriters and the Board find acceptable and will take all necessary or desirable actions in connection
with the consummation of the recapitalization, reorganization and/or exchange. 
  
 11.2 Holdback. No Participant shall effect any public sale or distribution (including sales pursuant to Rule 144) of any Award Stock during the 7 days prior to and the 90 days (or 180 days in the event of an
Initial Public Offering) after the effective date of any underwritten public offering of the Company’s Common Stock, except as part of such underwritten public offering or if otherwise permitted by the Company. 
  
 11.3 Compliance with Laws. Each Option and Rollover Option shall be
subject to the requirement that if at any time the Board shall determine, in its discretion, that the listing, registration or qualification of the shares subject to such Option or Rollover Option upon any securities exchange or under any state or
federal securities or other law or regulation or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to or in connection with the granting of such Option or Rollover Option or the issue or purchase
of shares thereunder, no such Option or Rollover Option may be exercised or paid in Common Stock in whole or in part unless such listing, registration, qualification, consent or approval (a “Required Listing”) shall have been
effected or obtained and the holder of the Option or Rollover Option, as applicable, will supply the Company with such certificates, representations and information as the Company shall request which are reasonably necessary or desirable in order
for the Company to obtain such Required Listing, and shall otherwise cooperate with the Company in obtaining such Required Listing. In the case of officers and other persons subject to Section 16(b) of the Securities Exchange Act of 1934, as
amended, the Board may at any time impose any limitations upon the exercise of an Option or Rollover Option which, in the Board’s discretion, are necessary or desirable in order to comply with Section 16(b) and the rules and regulations
thereunder. If the Company, as part of an offering of securities or otherwise, finds it desirable because of federal or state regulatory requirements to reduce the period during which any Options or Rollover Options may be exercised, the Board may,
in its discretion and without the consent of the holders of any such Options or Rollover Options, so reduce such period on not less than 15 days’ written notice to the holders thereof. 
  

 21 

 11.4 Purchaser Representative. If the Company or the holders of the Company’s securities
enter into any negotiation or transaction for which Rule 506 (or any similar rule then in effect) promulgated by the Securities Exchange Commission may be available with respect to such negotiation or transaction (including a merger, consolidation
or other reorganization), as a condition to participation in such sale (whether or not obligated to so participate pursuant to the provisions of the Stockholders Agreement or otherwise), the holders of Award Stock will, at the request of the
Company, appoint a purchaser representative (as such term is defined in Rule 501) reasonably acceptable to the Company. If any holder of Award Stock appoints a purchaser representative designated by the Company, the Company will pay the fees of such
purchaser representative; but if any holder of Award Stock declines to appoint the purchaser representative designated by the Company, such holder will appoint another purchaser representative and such holder will be responsible for the fees of the
purchaser representative so appointed. 
  
 ARTICLE XII

 RESTRICTIVE COVENANTS 
  
 The Company and its Subsidiaries operate in a highly sensitive and competitive commercial environment. As part of their employment with the Company and
its Subsidiaries, Participants will be exposed to highly confidential and sensitive information regarding the Company’s and its Subsidiaries’ business operations, including corporate strategy, pricing and other market information,
know-how, trade secrets, and valuable customer, supplier, and employee relationships. It is critical that the Company take all necessary steps to safeguard its legitimate protectible interests in such information and to prevent any of its
competitors or any other persons from obtaining any such information. Therefore, as consideration for the Company’s agreement to grant or sell Options, Rollover Options, and/or Restricted Stock to a Participant, each Participant shall agree to
be bound by the following restrictive covenants: 
  
 12.1
Confidentiality. Each Participant acknowledges that the information, observations and data obtained by him or her while employed by the Company and its Subsidiaries concerning the business or affairs of the Company or any of its Subsidiaries
(“Confidential Information”) are the property of the Company or such Subsidiary. Therefore, each Participant agrees that he or she shall not disclose to any unauthorized Person or use for his or her own purposes any Confidential
Information without the prior written consent of the Board, unless and to the extent that the aforementioned matters become generally known to and available for use by the public other than as a result of such Participant’s acts or omissions.
Each Participant shall deliver to the Company or one of its Subsidiaries, at the termination of such Participant’s employment, or at any other time the Company may request, all memoranda, notes, plans, records, reports, computer tapes,
printouts and software and other documents and data (and copies thereof) relating to the Confidential Information, Work Product (as defined below) or the business of the Company or any of its Subsidiaries which he or she may then possess or have
under his or her control. 
  
 12.2 Assignment of
Inventions. Each Participant acknowledges that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, 

  

 22 

 
formulas, recipes, customer lists, and all similar or related information (whether or not patentable) which relate to the Company’s or any of its
Subsidiaries’ actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or made by such Participant while employed by the Company and its Subsidiaries (“Work
Product”) belong to the Company or such Subsidiary. Each Participant shall promptly disclose such Work Product to the Board and perform all actions reasonably requested by the Board (whether during or after the period of Participant’s
employment) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments). 
  
 12.3 Non-Competition; Non-Solicitation. At any time during a Participant’s Non-Competition Period, such Participant shall not, for himself or
herself or on behalf of any other Person, participate in, directly or indirectly, any Competing Business in any country in which the Company or any of its Subsidiaries or licensees operates or conducts business as of such time (or with respect to
the period after such Participant’s Termination Date, as of such Termination Date); provided that, nothing in this sentence shall restrict a Participant from passive ownership of three (3) percent or less of the publicly traded securities of
any Person. During a Participant’s employment with the Company and/or its Subsidiaries and for 1 year thereafter, a Participant shall not (i) induce or attempt to induce any employee of the Company or its Subsidiaries to leave the employ of the
Company or its Subsidiaries, or in any way interfere with the relationship between the Company or its Subsidiaries and any employee thereof, (ii) hire directly or through another entity any person who was an employee (other than clerical or
administrative support personnel) of the Company or its Subsidiaries at any time during the Non-Competition Period or (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company or its Subsidiaries to
cease doing business with the Company or its Subsidiaries, or in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company or its Subsidiaries (including, without limitation, making
any negative statements or communications concerning the Company or its Subsidiaries); provided that, clauses (i) and (ii) above shall not apply with respect to any person solicited or employed after the date that is twelve (12) months after the
date on which such person’s employment with the Company and its Subsidiaries is terminated. 
  
 12.4 No Restriction on Earning a Living. By his or her acceptance and/or acquisition of an Award, each Participant thereby acknowledges that the
provisions of this Article XII do not preclude such Participant from earning a livelihood, nor do they unreasonably impose limitations on Participant’s ability to earn a living. In addition, each Participant thereby acknowledges that the
potential harm to the Company and/or its Subsidiaries of non-enforcement of this Article XII outweighs any harm to Participant of enforcement (by injunction or otherwise) of this Article XII against him. If any portion of the
provisions of this Article XII is found to be invalid or unenforceable by a court of competent jurisdiction because its duration, territory, definition of activities covered, or definition of information covered is considered to be
unreasonable in scope, the invalid or unenforceable term shall be redefined, or a new enforceable term provided, such that the intent of the Company and Participant in agreeing to the provisions of this Article XII will not be impaired and
the provision in question shall be enforceable to the fullest extent of applicable law. 
  

 23 

 ARTICLE XIII 
 OTHER PROVISIONS 
  
 13.1
Indemnification. No member of the Board, nor any person to whom ministerial duties have been delegated, shall be personally liable for any action, interpretation or determination made with respect to the Plan or Awards made thereunder, and
each member of the Board shall be fully indemnified and protected by the Company with respect to any liability he or she may incur with respect to any such action, interpretation or determination, to the extent permitted by applicable law and to the
extent provided in the Company’s Certificate of Incorporation and Bylaws, as amended from time to time, or under any agreement between any such member and the Company. 
  
 13.2 Termination and Amendment. The Board at any time may suspend or terminate this Plan and make such additions or
amendments as it deems advisable under this Plan; provided that, the Board may not change any of the terms of an Award Agreement in a manner adverse to a Participant without the prior written approval of such Participant. In the event any
Participant so requests in writing, the Company shall amend the terms of such Participant’s Rollover Options so that they will expire on the same terms as the options which were cancelled or foregone by such Participant in exchange for such
Rollover Options. 
  
 13.3 Taxes. 
  
 (a) The Company shall have the right to require Participants or their
beneficiaries or legal representatives to remit to the Company an amount sufficient to satisfy his or her minimum Federal, state, local, and foreign withholding tax requirements, or to deduct from all payments under the Plan amounts sufficient to
satisfy such minimum withholding tax requirements. Whenever payments under the Plan are to be made to a Participant in cash, such payments shall be net of any amounts sufficient to satisfy all Federal, state, local, and foreign withholding tax
requirements. 
  
 (b) Except as otherwise expressly provided in an
Award Agreement, the Board may, in its discretion permit a Participant to satisfy his or her tax withholding obligation either by (i) surrendering Award Stock owned by the Participant or (ii) having the Company withhold from Award Stock otherwise
deliverable to such Participant. Award Stock surrendered or withheld shall be valued at Fair Market Value as of the date on which income is required to be recognized for income tax purposes. 
  
 13.4 Withholding. In a situation where, if a Participant were to
receive Award Stock (by virtue of the exercise of any Options, Rollover Options or the issue to such Participant of any Restricted Stock), the Company or any of its Affiliates (or a former Affiliate) would be obliged to (or would suffer a
disadvantage if it were not to) account for any tax or social security contributions in any jurisdiction for which that person would be liable by virtue of the receipt of Award Stock or which would be recoverable from that person (together, the
“Tax Liability”), the Options and Rollover Options may not be exercised and the Restricted Stock may not be issued unless that person has either (i) made a payment to the Company or any of its Affiliates (or a former Affiliate) of
an amount at least equal to the Company’s estimate of the Tax Liability, or (ii) entered into arrangements acceptable to the Company or any of its Affiliates (or a former 

  

 24 

 
Affiliate) to secure that such a payment is made (whether by authorizing the sale of some or all of the Award Stock on his behalf and the payment to the
Company or any of its Affiliates (or a former Affiliate) of the relevant amount out of the proceeds of sale or otherwise). 
  
 13.5 Data Protection. By participating in the Plan or accepting any rights granted under it, each Participant consents to the collection and
processing of personal data relating to the Participant so that the Company and its Affiliates can fulfill their obligations and exercise their rights under the Plan and generally administer and manage the Plan. This data will include, but may not
be limited to, data about participation in the Plan and shares offered or received, purchased or sold under the Plan from time to time and other appropriate financial and other data (such as the date on which the Options, Rollover Options or
Restricted Stock were granted) about the Participant and his participation in the Plan. 
  
 13.6 Notices. Notices required or permitted to be made under the Plan shall be in writing and shall be deemed given, delivered and effective on the earliest of (i) the date of transmission, if such notice or
communication is delivered via facsimile prior to 5:00 p.m. (New York time) on a business day, (ii) the business day after the date of transmission, if such notice or communication is delivered via facsimile later than 5:00 p.m. (New York time) on
any business day and earlier than 11:59 p.m. (New York time) on the day preceding the next business day, (iii) one (1) business day after when sent, if sent by nationally recognized overnight courier service (charges prepaid), or (iv) upon actual
receipt by the person to whom such notice is required to be given. All notices shall be addressed (a) to a Participant at such Participant’s address as set forth in the books and records of the Company and its Subsidiaries, or (b) to the
Company or the Board at the principal office of the Company clearly marked “Attention: Board of Directors”. 
  
 13.7 Severability. Whenever possible, each provision of this Plan shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Plan is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any
other jurisdiction, but this Plan shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
  
 13.8 Prior Agreements. No provision of any employment, severance, incentive award, or other similar agreement entered
into by a Participant, on the one hand, and any Subsidiary of the Company, on the other hand, prior to the Effective Date shall modify or have any effect in any manner on any provision of this Plan or any term or condition of any Award Agreement to
which such Participant is a party. Without limiting the generality of the foregoing, any provision in any such agreement that purports to apply in any manner to options, stock, equity-based awards, or the like shall not apply to or have any effect
on any Awards under the Plan. 
  
 13.9 Governing Law and Forum;
Waiver of Jury Trial. The Plan shall be construed and interpreted in accordance with the laws of the State of Delaware. Each Participant who accepts an Award thereby agrees that any suit, action or proceeding brought by or against such
Participant in connection with this Plan shall be brought solely in the courts of the State of Delaware or the United States District Court for the District of Delaware, each Participant 

  

 25 

 
consents to the jurisdiction and venue of each such court, and each Participant agrees to accept service of process by the Company or any of its agents in
connection with any such proceeding. EACH PARTICIPANT WHO ACCEPTS AN AWARD IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF HIS OR HER RIGHTS OR
OBLIGATIONS HEREUNDER. 
  
 13.10 Section 409A Compliance.
It is the intention of the Company and the Board that the Plan not be subject to the provisions of Section 409A of the Code, as in effect as of the Effective Date or subsequently modified thereafter, or to the extent subject to such provisions then
to comply in all material respects with such provisions. In the event that Section 409A would impose a detriment on the Participants, taken as a whole, with respect to Awards under the Plan, then the Board shall consider in good faith modifications
or amendments to the Plan intended to eliminate or ameliorate such detriment; provided that, in no event shall the Board be required to modify or amend the Plan in a manner adverse to the Company or the Sponsors. In no event shall the Company, the
Board, or any of their respective Affiliates be liable to any Participant or any other Person for any such detriment, or any other cost, expense, tax, or liability imposed on a Participant or any other Person as a result of such Participant’s
acceptance of any Award or participation in the transactions contemplated by the Plan. 
  
 *     *     *     *      * 
  

 26 

 Exhibit A 
  
 Management Stockholders Addendum 
  
 [to come]

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