Document:

Exhibit 10.1

 Exhibit 10.1 

 

			
	Loan No. 1005595	  	

 EXECUTION COPY 
  

 
  

CREDIT AGREEMENT 

Dated as of May 21, 2012 
 by and among 
 SAUL HOLDINGS LIMITED PARTNERSHIP, 

as Borrower, 
 THE
FINANCIAL INSTITUTIONS PARTY HERETO 
 AND THEIR ASSIGNEES UNDER SECTION 13.6., 

as Lenders, 

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

JPMORGAN CHASE BANK, N.A., 
 as Syndication Agent 
  

 
 WELLS FARGO
SECURITIES, LLC, 
 as Sole Lead Arranger and Sole Bookrunner 

 
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I. DEFINITIONS
	  	 	1	  
			
	 Section 1.1.
	  	 Definitions.
	  	 	1	  
	 Section 1.2.
	  	 General; References to Central Time.
	  	 	25	  
	 Section 1.3.
	  	 Financial Attributes of Non-Wholly Owned Subsidiaries.
	  	 	26	  
	 Section 1.4.
	  	 Pro Forma Calculations.
	  	 	26	  
		
	 ARTICLE II. CREDIT FACILITY
	  	 	26	  
			
	 Section 2.1.
	  	 Revolving Loans.
	  	 	26	  
	 Section 2.2.
	  	 Letters of Credit.
	  	 	27	  
	 Section 2.3.
	  	 Swingline Loans.
	  	 	31	  
	 Section 2.4.
	  	 Rates and Payment of Interest on Loans.
	  	 	33	  
	 Section 2.5.
	  	 Number of Interest Periods.
	  	 	34	  
	 Section 2.6.
	  	 Repayment of Loans.
	  	 	34	  
	 Section 2.7.
	  	 Prepayments.
	  	 	34	  
	 Section 2.8.
	  	 Continuation.
	  	 	35	  
	 Section 2.9.
	  	 Conversion.
	  	 	35	  
	 Section 2.10.
	  	 Notes.
	  	 	36	  
	 Section 2.11.
	  	 Voluntary Reductions of the Revolving Commitment.
	  	 	36	  
	 Section 2.12.
	  	 Extension of Revolving Termination Date.
	  	 	37	  
	 Section 2.13.
	  	 Expiration Date of Letters of Credit Past Revolving Commitment Termination.
	  	 	37	  
	 Section 2.14.
	  	 Amount Limitations.
	  	 	37	  
	 Section 2.15.
	  	 Funds Transfer Disbursements.
	  	 	38	  
		
	 ARTICLE III. PAYMENTS, FEES AND OTHER GENERAL PROVISIONS
	  	 	38	  
			
	 Section 3.1.
	  	 Payments.
	  	 	38	  
	 Section 3.2.
	  	 Pro Rata Treatment.
	  	 	39	  
	 Section 3.3.
	  	 Sharing of Payments, Etc.
	  	 	40	  
	 Section 3.4.
	  	 Several Obligations.
	  	 	40	  
	 Section 3.5.
	  	 Fees.
	  	 	41	  
	 Section 3.6.
	  	 Computations.
	  	 	42	  
	 Section 3.7.
	  	 Usury.
	  	 	42	  
	 Section 3.8.
	  	 Statements of Account.
	  	 	42	  
	 Section 3.9.
	  	 Defaulting Lenders.
	  	 	42	  
	 Section 3.10.
	  	 Taxes; Foreign Lenders.
	  	 	45	  
		
	 ARTICLE IV. [RESERVED].
	  	 	47	  
		
	 ARTICLE V. YIELD PROTECTION, ETC.
	  	 	47	  
			
	 Section 5.1.
	  	 Additional Costs; Capital Adequacy.
	  	 	47	  
	 Section 5.2.
	  	 Suspension of LIBOR Loans.
	  	 	49	  
	 Section 5.3.
	  	 Illegality.
	  	 	50	  
	 Section 5.4.
	  	 Compensation.
	  	 	50	  
	 Section 5.5.
	  	 Treatment of Affected Loans.
	  	 	50	  
	 Section 5.6.
	  	 Affected Lenders.
	  	 	51	  
	 Section 5.7.
	  	 Change of Lending Office.
	  	 	51	  
	 Section 5.8.
	  	 Assumptions Concerning Funding of LIBOR Loans.
	  	 	52	  

  
 - i -

							
	 ARTICLE VI. CONDITIONS PRECEDENT
	  	 	52	  
			
	 Section 6.1.
	  	 Initial Conditions Precedent.
	  	 	52	  
	 Section 6.2.
	  	 Conditions Precedent to All Loans and Letters of Credit.
	  	 	54	  
		
	 ARTICLE VII. REPRESENTATIONS AND WARRANTIES
	  	 	54	  
			
	 Section 7.1.
	  	 Representations and Warranties.
	  	 	54	  
	 Section 7.2.
	  	 Survival of Representations and Warranties, Etc.
	  	 	61	  
		
	 ARTICLE VIII. AFFIRMATIVE COVENANTS
	  	 	61	  
			
	 Section 8.1.
	  	 Preservation of Existence and Similar Matters.
	  	 	61	  
	 Section 8.2.
	  	 Compliance with Applicable Law.
	  	 	61	  
	 Section 8.3.
	  	 Maintenance of Property.
	  	 	61	  
	 Section 8.4.
	  	 Conduct of Business.
	  	 	62	  
	 Section 8.5.
	  	 Insurance.
	  	 	62	  
	 Section 8.6.
	  	 Payment of Taxes and Claims.
	  	 	62	  
	 Section 8.7.
	  	 Books and Records; Inspections.
	  	 	63	  
	 Section 8.8.
	  	 Use of Proceeds.
	  	 	63	  
	 Section 8.9.
	  	 Environmental Matters.
	  	 	63	  
	 Section 8.10.
	  	 Further Assurances.
	  	 	64	  
	 Section 8.11.
	  	 Material Contracts.
	  	 	64	  
	 Section 8.12.
	  	 Guarantors.
	  	 	64	  
		
	 ARTICLE IX. INFORMATION
	  	 	65	  
			
	 Section 9.1.
	  	 Quarterly Financial Statements.
	  	 	65	  
	 Section 9.2.
	  	 Year-End Statements.
	  	 	65	  
	 Section 9.3.
	  	 Compliance Certificate.
	  	 	65	  
	 Section 9.4.
	  	 Other Information.
	  	 	66	  
	 Section 9.5.
	  	 Electronic Delivery of Certain Information.
	  	 	68	  
	 Section 9.6.
	  	 Public/Private Information.
	  	 	68	  
	 Section 9.7.
	  	 USA Patriot Act Notice; Compliance.
	  	 	68	  
		
	 ARTICLE X. NEGATIVE COVENANTS
	  	 	69	  
			
	 Section 10.1.
	  	 Financial Covenants.
	  	 	69	  
	 Section 10.2.
	  	 Liens; Negative Pledge.
	  	 	70	  
	 Section 10.3.
	  	 Restrictions on Intercompany Transfers.
	  	 	71	  
	 Section 10.4.
	  	 Merger, Consolidation, Sales of Assets and Other Arrangements.
	  	 	71	  
	 Section 10.5.
	  	 Plans.
	  	 	72	  
	 Section 10.6.
	  	 Fiscal Year.
	  	 	72	  
	 Section 10.7.
	  	 Modifications of Organizational Documents and Material Contracts.
	  	 	72	  
	 Section 10.8.
	  	 Subordinated Debt Prepayments; Amendments.
	  	 	73	  
	 Section 10.9.
	  	 Transactions with Affiliates.
	  	 	73	  
	 Section 10.10.
	  	 Environmental Matters.
	  	 	73	  
	 Section 10.11.
	  	 Derivatives Contracts.
	  	 	74	  
		
	 ARTICLE XI. DEFAULT
	  	 	74	  
			
	 Section 11.1.
	  	 Events of Default.
	  	 	74	  
	 Section 11.2.
	  	 Remedies Upon Event of Default.
	  	 	79	  
	 Section 11.3.
	  	 Remedies Upon Default.
	  	 	80	  
	 Section 11.4.
	  	 Marshaling; Payments Set Aside.
	  	 	80	  

  
 - ii -

							
	 Section 11.5.
	  	 Allocation of Proceeds.
	  	 	80	  
	 Section 11.6.
	  	 Letter of Credit Collateral Account.
	  	 	81	  
	 Section 11.7.
	  	 Rescission of Acceleration by Requisite Lenders.
	  	 	82	  
	 Section 11.8.
	  	 Rights Cumulative.
	  	 	82	  
		
	 ARTICLE XII. THE ADMINISTRATIVE AGENT
	  	 	83	  
			
	 Section 12.1.
	  	 Appointment and Authorization.
	  	 	83	  
	 Section 12.2.
	  	 Wells Fargo as Lender.
	  	 	83	  
	 Section 12.3.
	  	 Approvals of Lenders.
	  	 	84	  
	 Section 12.4.
	  	 Notice of Events of Default.
	  	 	84	  
	 Section 12.5.
	  	 Administrative Agent’s Reliance.
	  	 	84	  
	 Section 12.6.
	  	 Indemnification of Administrative Agent.
	  	 	85	  
	 Section 12.7.
	  	 Lender Credit Decision, Etc.
	  	 	86	  
	 Section 12.8.
	  	 Successor Administrative Agent.
	  	 	86	  
	 Section 12.9.
	  	 Titled Agents.
	  	 	87	  
		
	 ARTICLE XIII. MISCELLANEOUS
	  	 	87	  
			
	 Section 13.1.
	  	 Notices.
	  	 	87	  
	 Section 13.2.
	  	 Expenses.
	  	 	89	  
	 Section 13.3.
	  	 Stamp, Intangible and Recording Taxes.
	  	 	90	  
	 Section 13.4.
	  	 Setoff.
	  	 	90	  
	 Section 13.5.
	  	 Litigation; Jurisdiction; Other Matters; Waivers.
	  	 	91	  
	 Section 13.6.
	  	 Successors and Assigns.
	  	 	92	  
	 Section 13.7.
	  	 Amendments and Waivers.
	  	 	95	  
	 Section 13.8.
	  	 Nonliability of Administrative Agent and Lenders.
	  	 	97	  
	 Section 13.9.
	  	 Confidentiality.
	  	 	97	  
	 Section 13.10.
	  	 Indemnification.
	  	 	98	  
	 Section 13.11.
	  	 Termination; Survival.
	  	 	100	  
	 Section 13.12.
	  	 Severability of Provisions.
	  	 	100	  
	 Section 13.13.
	  	 GOVERNING LAW.
	  	 	101	  
	 Section 13.14.
	  	 Counterparts.
	  	 	101	  
	 Section 13.15.
	  	 Obligations with Respect to Loan Parties.
	  	 	101	  
	 Section 13.16.
	  	 Independence of Covenants.
	  	 	101	  
	 Section 13.17.
	  	 Limitation of Liability.
	  	 	101	  
	 Section 13.18.
	  	 Entire Agreement.
	  	 	102	  
	 Section 13.19.
	  	 Construction.
	  	 	102	  
	 Section 13.20.
	  	 Headings.
	  	 	102	  

  

			
	 SCHEDULE I
	    	 Commitments

	 SCHEDULE 1.1.
	    	 List of Loan Parties

	 SCHEDULE 7.1.(b)
	    	 Ownership Structure

	 SCHEDULE 7.1.(f)
	    	 Properties

	 SCHEDULE 7.1.(g)
	    	 Indebtedness and Guaranties

	 SCHEDULE 7.1.(h)
	    	 Material Contracts

	 SCHEDULE 7.1.(i)
	    	 Litigation

	 SCHEDULE 7.1.(r)
	    	 Affiliate Transactions

	 SCHEDULE 10.2.
	    	 Certain Permitted Liens

  
 - iii -

			
	 EXHIBIT A
	  	 Form of Assignment and Assumption Agreement

	 EXHIBIT B
	  	 Form of Guaranty

	 EXHIBIT C
	  	 Form of Notice of Borrowing

	 EXHIBIT D
	  	 Form of Notice of Continuation

	 EXHIBIT E
	  	 Form of Notice of Conversion

	 EXHIBIT F
	  	 Form of Notice of Swingline Borrowing

	 EXHIBIT G
	  	 Form of Revolving Note

	 EXHIBIT H
	  	 Form of Swingline Note

	 EXHIBIT I
	  	 Form of Transfer Authorizer Designation Form

	 EXHIBIT J
	  	 Form of Opinion of Counsel

	 EXHIBIT K
	  	 Form of Compliance Certificate

  
 - iv -

 THIS CREDIT AGREEMENT (this “Agreement”) dated as of May 21, 2012 by and
among SAUL HOLDINGS LIMITED PARTNERSHIP, a limited partnership formed under the laws of the State of Maryland (together with its successors and assigns, the “Borrower”), each of the financial institutions initially a signatory hereto
together with their successors and assigns under Section 13.6. (the “Lenders”), the Lenders from time to time party hereto as Issuing Banks, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative
Agent”), and JPMORGAN CHASE BANK, N.A., as Syndication Agent (the “Syndication Agent”). 
 WHEREAS, the
Administrative Agent, the Issuing Banks and the Lenders desire to make available to the Borrower a revolving credit facility in the amount of $175,000,000, with a $30,000,000 swingline subfacility and a $15,000,000 letter of credit subfacility, on
the terms and conditions contained herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows: 
 ARTICLE I. DEFINITIONS

  

	Section 1.1.	Definitions. 

 In addition
to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement: 

“601 Pennsylvania Property” means the real property and improvements at 601 Pennsylvania Avenue, N.W., Washington, D.C,
comprised of approximately 225,000 square feet of office space and ancillary ground floor retail space. 
 “Accession
Agreement” means an Accession Agreement substantially in the form of Annex I to the Guaranty. 

“Additional Costs” has the meaning given that term in Section 5.1.(b). 

“Adjusted EBITDA” means, for any Person for any given period, (a) the EBITDA of such Person and its Subsidiaries
determined on a consolidated basis for such period, minus (b) Capital Reserves. 
 “Adjusted Total Asset
Value” means Total Asset Value determined exclusive of assets that are owned by Excluded Subsidiaries or Unconsolidated Affiliates. 
 “Administrative Agent” means Wells Fargo Bank, National Association as contractual representative of the Lenders under this Agreement, or any successor Administrative Agent appointed
pursuant to Section 12.8. 
 “Administrative Questionnaire” means the Administrative Questionnaire
completed by each Lender and delivered to the Administrative Agent in a form supplied by the Administrative Agent to the Lenders from time to time. 
 “Affected Lender” has the meaning given that term in Section 5.6. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified. In no event shall the Administrative Agent or any Lender be deemed to be an Affiliate of the Borrower or the Parent. 

 “Agreement Date” means the date as of which this Agreement is dated.

 “Applicable Law” means all applicable provisions of federal, state and local statutes, treaties, rules,
guidelines, regulations, ordinances, codes, executive orders, and binding administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and all applicable administrative orders, directed duties, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case having the force of law. 

“Applicable Margin” means the percentage rate set forth below corresponding to the ratio of Total Indebtedness of the
Borrower and its Subsidiaries to Total Asset Value of the Borrower and its Subsidiaries: 
  

							
	 Level
	  	 Ratio of Total Indebtedness to Total Asset
Value
	  	Applicable
Margin	 
	1	  	 Less than 0.45 to 1.00
	  	 	1.60	% 
	2	  	 Greater than or equal to 0.45 to 1.00 but less than 0.50 to 1.00
	  	 	1.90	% 
	3	  	 Greater than or equal to 0.50 to 1.00 but less than 0.55 to 1.00
	  	 	2.20	% 
	4	  	 Greater than or equal to 0.55 to 1.00
	  	 	2.50	% 

 The Applicable Margin for Loans shall be determined by the Administrative Agent from time to time, based on the ratio of
Total Indebtedness to Total Asset Value as set forth in the Compliance Certificate most recently delivered by the Borrower pursuant to Section 9.3. Any adjustment to the Applicable Margin shall be effective as of the first day of the calendar
month immediately following the month during which the Borrower delivers to the Administrative Agent the applicable Compliance Certificate pursuant to Section 9.3. If the Borrower fails to deliver a Compliance Certificate pursuant to
Section 9.3., the Applicable Margin shall equal the percentages corresponding to Level 4 until the first day of the calendar month immediately following the month that the required Compliance Certificate is delivered. Notwithstanding the
foregoing, for the period from the Effective Date through but excluding the date on which the Administrative Agent first determines the Applicable Margin for Loans as set forth above, the Applicable Margin shall be determined based on Level 2.
Thereafter, such Applicable Margin shall be adjusted from time to time as set forth in this definition. The provisions of this definition shall be subject to Section 2.4.(c). 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender,
or (c) an entity or an Affiliate of any entity that administers or manages a Lender. 
 “Arranger” means
Wells Fargo Securities, LLC, in its capacity as sole lead arranger and sole bookrunner, and its successors. 

“Assignment and Assumption” means an Assignment and Assumption Agreement among a Lender, an Eligible Assignee and the
Administrative Agent, substantially in the form of Exhibit A. 
 “Bankruptcy Code” means the Bankruptcy Code of
1978, as amended. 

  
 - 2 -

 “Base Rate” means the LIBOR Market Index Rate; provided, that if for any
reason the LIBOR Market Index Rate is unavailable, Base Rate shall mean the per annum rate of interest equal to the Federal Funds Rate plus one and one-half of one percent (1.50%). 

“Base Rate Loan” means a Revolving Loan (or any portion thereof) bearing interest at a rate based on the Base Rate.

 “Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of
ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group. 
 “Borrower” has the meaning set forth in the introductory paragraph hereof. 
 “Borrower Information” has the meaning given that term in Section 2.4.(c). 
 “Business Day” means (a) a day of the week (but not a Saturday, Sunday or holiday) on which the offices of the Administrative Agent in Minneapolis, Minnesota are open to the public
for carrying on substantially all of the Administrative Agent’s business functions, and (b) if such day relates to a LIBOR Loan, any such day that is also a day on which dealings in Dollars are carried on in the London interbank market.
Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be to calendar days. 
 “Capital Reserves” means, for any period and with respect to any Property, an amount equal to (a) the aggregate square footage of all completed space of such Property times
(b) $0.15 times (c) the number of days in such period divided by (d) 365. If the term Capital Reserves is used without reference to any specific Property, then it shall be determined on an aggregate basis with respect to
all Properties and the applicable Ownership Shares of all Properties of all Unconsolidated Affiliates. 

“Capitalization Rate” means 7.5% for all Properties except with respect to Multifamily Properties or Washington DC CBD
Office Properties. For Properties qualified as Multifamily Properties or Washington DC CBD Office Properties, Capitalization Rate will mean 7.0%. As of the Agreement Date, the following two (2) Properties will be considered Washington DC CBD
Office Properties and Multifamily Properties: 601 Pennsylvania Property and the Clarendon Center Project. For the avoidance of doubt, the Capitalization Rate of 7.0% shall apply with respect to all income from the Clarendon Center Project, including
from the multifamily portion and the other portions of the Property. 
 “Capitalized Lease Obligation” means
obligations under a lease (or other arrangement conveying the right to use) to pay rent or other amounts, in each case that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized Lease
Obligation is the capitalized amount of such obligation as would be required to be reflected on a balance sheet of the applicable Person prepared in accordance with GAAP as of the applicable date. 

“Cash Collateralize” means, to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the
Issuing Banks or the Lenders, as collateral for Letter of Credit Liabilities or obligations of Lenders to fund participations in respect of Letter of Credit Liabilities, cash or deposit account balances or, if the Administrative Agent and the
applicable Issuing Bank shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and such Issuing Bank. “Cash Collateral” shall have a
meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

  
 - 3 -

 “Cash Equivalents” means: (a) securities issued, guaranteed or insured
by the United States of America or any of its agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year from the date acquired issued by a United States
federal or state chartered commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organisation for Economic Cooperation and Development, or a political subdivision of any
such country, acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short-term commercial paper rating of at least A-2 or the equivalent by S&P or
at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from the date acquired, for securities of the type described in clause (a) above and entered into only with commercial
banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States of America or any State thereof and rated at least A-2 or the equivalent thereof by
S&P or at least P-2 or the equivalent thereof by Moody’s, in each case with maturities of not more than one year from the date acquired; and (e) investments in money market funds registered under the Investment Company Act of 1940, as
amended, which have net assets of at least $500,000,000 and at least 85% of whose assets consist of securities and other obligations of the type described in clauses (a) through (d) above. 

“Clarendon Center Project” means a mixed use development comprised of approximately 244 rental apartment units,
+/-170,000 square feet of office space and +/- 42,000 square feet of retail space located on two parcels at the intersections of Clarendon Boulevard with North Highland and North Garfield Streets in Clarendon, Arlington County, Virginia. 

“Commitment” means, as to a Lender, such Lender’s Revolving Commitment. 

“Compliance Certificate” has the meaning given that term in Section 9.3. 

“Continue,” “Continuation” and “Continued” each refers to the continuation of a LIBOR
Loan from one Interest Period to another Interest Period pursuant to Section 2.8. 
 “Control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto. 
 “Convert,” “Conversion” and
“Converted” each refers to the conversion of a Loan of one Type into a Loan of another Type pursuant to Section 2.9. 
 “Credit Event” means any of the following: (a) the making (or deemed making) of any Loan, (b) the Conversion of a Base Rate Loan into a LIBOR Loan, (c) the Continuation of
a LIBOR Loan and (d) the issuance of a Letter of Credit. 
 “Credit Rating” means the rating assigned by a
Rating Agency to the senior unsecured long term Indebtedness of a Person. 
 “Debtor Relief Laws” means the
Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar Applicable Laws relating to the relief of debtors in
the United States of America or other applicable jurisdictions from time to time in effect. 
 “Default” means
any of the events specified in Section 11.1., whether or not there has been satisfied any requirement for the giving of notice, the lapse of time, or both. 

  
 - 4 -

 “Defaulting Lender” means, subject to Section 3.9.(f), any Revolving
Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Revolving Lender notifies the Administrative Agent and the
Borrower in writing that such failure is the result of such Revolving Lender’s reasonable determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be
specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of
its participation in Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, any Issuing Bank or the Swingline Lender in writing that it does not
intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Revolving Lender’s obligation to fund a Loan hereunder and states that such position
is based on such Revolving Lender’s reasonable determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be
satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective
funding obligations hereunder (provided that such Revolving Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or
has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of
creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a
Revolving Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Revolving Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership
interest does not result in or provide such Revolving Lender with immunity from the jurisdiction of courts within the United States of America or from the enforcement of judgments or writs of attachment on its assets or permit such Revolving Lender
(or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Revolving Lender. Any determination by the Administrative Agent that a Revolving Lender is a Defaulting Lender under
clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Revolving Lender shall be deemed to be a Defaulting Lender (subject to Section 3.9.(f)) upon delivery of written notice of such
determination to the Borrower, each Issuing Bank, the Swingline Lender and each Revolving Lender. 
 “Derivatives
Contract” means (a) any transaction (including any master agreement, confirmation or other agreement with respect to any such transaction) now existing or hereafter entered into by the Parent and the Borrower or any of their respective
Subsidiaries (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign
exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option,
total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other
financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future
becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities,
equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, and (b) any combination
of these transactions. 

  
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 “Derivatives Support Document” means (i) any Credit Support Annex
comprising part of (and as defined in) any Specified Derivatives Contract, and (ii) any document or agreement pursuant to which cash, deposit accounts, securities accounts or similar financial asset collateral are pledged to or made available
for set-off by, a Specified Derivatives Provider, including any banker’s lien or similar right, securing or supporting Specified Derivatives Obligation. 
 “Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts, after taking into account the effect of any legally enforceable netting agreement or provision
relating thereto, (a) for any date on or after the date such Derivatives Contracts have been terminated or closed out, the termination amount or value determined in accordance therewith, and (b) for any date prior to the date such
Derivatives Contracts have been terminated or closed out, the then-current mark-to-market value for such Derivatives Contracts, determined based upon one or more mid-market quotations or estimates provided by any recognized dealer in Derivatives
Contracts (which may include the Administrative Agent, any Lender or any Affiliate of any thereof). 
 “Development
Property” means a Property currently under development that has not achieved an Occupancy Rate of 80.0% or more or, subject to the last two sentences of this definition, on which the improvements (other than tenant improvements on
unoccupied space) related to the development have not been completed. The term “Development Property” shall include real property of the type described in the immediately preceding sentence that satisfies both of the following conditions:
(i) it is to be (but has not yet been) acquired by the Borrower, any Subsidiary or any Unconsolidated Affiliate upon completion of construction pursuant to a contract in which the seller of such real property is required to develop or renovate
prior to, and as a condition precedent to, such acquisition and (ii) a third party is developing such property using the proceeds of a loan that is Guaranteed by, or is otherwise recourse to the Borrower, any Subsidiary or any Unconsolidated
Affiliate. A Development Property on which all improvements (other than tenant improvements on unoccupied space) related to the development of such Property have been completed for at least twelve (12) months shall cease to constitute a
Development Property notwithstanding the fact that such Property has not achieved an Occupancy Rate of at least 80.0%. Notwithstanding the above, Clarendon Center Project will be considered a Development Property until December 31, 2012.

 “Dollars” or “$” means the lawful currency of the United States of America. 

“EBITDA” means, with respect to a Person for any period and without duplication, the sum of (a) net income (loss)
of such Person for such period determined on a consolidated basis excluding the following (but only to the extent included in determining net income (loss) for such period): (i) depreciation and amortization; (ii) interest expense;
(iii) income tax expense; (iv) extraordinary or nonrecurring items, including without limitation, gains and losses from the sale of operating Properties (but not from the sale of Properties developed for the purpose of sale); and
(v) equity in net income (loss) of its Unconsolidated Affiliates plus (b) such Person’s Ownership Share of EBITDA of its Unconsolidated Affiliates. EBITDA shall be adjusted to remove any impact from amortization of
intangibles pursuant to FASB ASC 805. For purposes of this definition, nonrecurring items shall be deemed to include (x) gains and losses on early extinguishment of Indebtedness, and gains or losses on hedging transactions relating to
protection against variable interest rates on Indebtedness, (y) severance and other restructuring charges and (z) transaction costs of acquisitions not permitted to be capitalized pursuant to GAAP. 

  
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 “Effective Date” means the later of (a) the Agreement Date and
(b) the date on which all of the conditions precedent set forth in Section 6.1. shall have been fulfilled or waived by all of the Lenders. 
 “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (other than a natural person) approved by the
Administrative Agent (such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the Parent, the Borrower or any of the Parent’s or the Borrower’s
respective Affiliates or Subsidiaries or any Defaulting Lender or its Affiliates. 
 “Eligible Property” means
a Property which satisfies all of the following requirements: (a) such Property is fully developed as a retail, office, industrial or mixed use Property; (b) such Property is either (x) owned in fee simple by the Borrower, a Guarantor
(other than the Parent) or a Wholly Owned Subsidiary of the Borrower (other than an Excluded Subsidiary), (y) one of the following Properties with respect to which the Borrower, a Guarantor (other than the Parent) or a Wholly Owned Subsidiary
(other than an Excluded Subsidiary) of the Borrower owns a leasehold interest under a Ground Lease: Beacon Center at 6700-6800 Richmond Highway, Alexandria, Virginia, Olney Center at 3410-3494 Olney Laytonsville Road, Olney, Maryland and Southdale
Center at 4R Mountain Road, Glen Burnie, Maryland 21061 or (z) any other Property with respect to which the Borrower, a Guarantor (other than the Parent) or a Wholly Owned Subsidiary of the Borrower (other than an Excluded Subsidiary) owns a
leasehold interest under a Ground Lease which has been approved as an “Eligible Property” by the Administrative Agent, such approval not to be unreasonably withheld or delayed; provided, that to the extent the amount of Unencumbered
Asset Value attributable to Eligible Properties leased under Ground Leases, which are Eligible Properties under this clause (z), would exceed 10.0% of the aggregate Unencumbered Asset Value at any time, such excess shall be excluded; (c) such
Property is located in a State of the United States of America or in the District of Columbia; (d) neither such Property, nor any interest of the Borrower, any Guarantor or any Wholly Owned Subsidiary of the Borrower therein, is subject to
(i) any Lien (other than Permitted Liens) or (ii) any Negative Pledge; (e) if such Property is owned by a Guarantor or a Wholly Owned Subsidiary of the Borrower, neither the Parent’s nor the Borrower’s direct or indirect
ownership interest in such Guarantor or such Wholly Owned Subsidiary of the Borrower, as applicable, is subject to (i) any Lien or (ii) any Negative Pledge; (f) regardless of whether such Property is owned by the Borrower, a Guarantor
or a Wholly Owned Subsidiary, the Borrower or a Guarantor has the right directly, or indirectly through a Subsidiary, to take the following actions without the need to obtain the consent of any Person: (i) to create Liens on such Property as
security for Indebtedness of the Borrower, such Guarantor or such Wholly Owned Subsidiary, as applicable, and (ii) to sell, transfer or otherwise dispose of such Property; and (g) such Property is free of all structural defects or major
architectural deficiencies, title defects (other than Permitted Liens), environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the
profitable operation of such Property. The initial list of Eligible Properties shall be provided by the Borrower to the Administrative Agent and the Lenders on the Agreement Date in the Officer’s Certificate. For the avoidance of doubt, no
Property owned or leased by an Excluded Subsidiary shall be an “Eligible Property” hereunder. 

“Environmental Laws” means any Applicable Law relating to environmental protection or the manufacture, storage,
remediation, disposal or clean-up of Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as
amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321
et seq.; regulations of the Environmental Protection Agency, any applicable rule of common law and any judicial interpretation thereof relating primarily to the environment or Hazardous Materials, and any analogous or comparable state or local laws,
regulations or ordinances that concern Hazardous Materials or protection of the environment, in each case to the extent constituting Applicable Law. 

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

  
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 “Event of Default” means any of the events specified in Section 11.1.,
provided that any requirement for notice or lapse of time or any other condition has been satisfied. 
 “Excluded
Subsidiary” means (1) Saul Subsidiary II Limited Partnership, a Delaware limited partnership, so long as it owns only the Properties at 601 Pennsylvania Avenue, Van Ness Square and 4469 Connecticut Avenue; (2) any Subsidiary of
the Borrower (a) holding title to assets that are or are to become collateral for any Secured Indebtedness of such Subsidiary and (b) that is prohibited from Guaranteeing the Indebtedness of any other Person pursuant to (i) any
document, instrument or agreement evidencing such Secured Indebtedness or (ii) a provision of such Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as a condition to the
extension of such Secured Indebtedness; (3) any Subsidiary of the Borrower which is otherwise identified by the Borrower in writing to the Administrative Agent and approved in writing by the Administrative Agent (such approval not to be
unreasonably withheld or delayed) as an “Excluded Subsidiary,” and whose Property is, effective as of the date of such designation (which designation shall not have retroactive effect) not included in, or removed from, the calculation of
Unencumbered Asset Value, provided that for purposes of this clause (3), (i) immediately before and after such designation, no Default or Event of Default shall have occurred and be continuing and (ii) immediately after giving effect
to such designation, the Borrower shall be in compliance with the covenants set forth in Section 10.1. on a pro forma basis in accordance with Section 1.4. (and upon the reasonable request of the Administrative Agent the Borrower shall
deliver to the Administrative Agent a certificate setting forth in reasonable detail the calculations demonstrating such compliance); and (4) any IDOT Finance Subsidiary. The initial list of Excluded Subsidiaries shall be provided by the
Borrower to the Administrative Agent and the Lenders on the Agreement Date in the Officer’s Certificate. 

“Existing Credit Agreement” means that certain Revolving Credit Agreement dated as of December 19, 2007, by and
among Saul Holdings Limited Partnership, as borrower, U.S. Bank National Association, as administrative agent and sole lead arranger, Wells Fargo Bank, National Association, as syndication agent, and the lenders party thereto. 

“Fair Market Value” means, (a) with respect to a security listed on a national securities exchange or the NASDAQ
National Market, the price of such security as reported on such exchange or market by any widely recognized reporting method customarily relied upon by financial institutions and (b) with respect to any other property, the price which could be
negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction. Except as otherwise provided herein, Fair Market Value
shall be determined by the Responsible Officers of the Parent acting together in good faith and determining value in accordance with GAAP, as conclusively evidenced by a certification thereof delivered to the Administrative Agent or, with respect to
any asset valued at no more than $1,000,000, such determination may be made by the chief financial officer of the Parent evidenced by an officer’s certificate delivered to the Administrative Agent. 

“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period
to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding
Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal
Funds brokers of recognized standing selected by the Administrative Agent. 

  
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 “Fees” means the fees and commissions provided for or referred to in
Section 3.5. and any other fees payable by the Borrower hereunder or under any other Loan Document. 

“FIRREA” means the Financial Institution Recovery, Reform and Enforcement Act of 1989, as amended. 

“Fixed Charges” means, with respect to any Person and for a given period, the sum of (a) the Interest Expense of
such Person for such period, plus (b) the aggregate of all regularly scheduled principal payments on Indebtedness payable by such Person during such period (excluding balloon, bullet or similar payments of principal due upon the stated
maturity of Indebtedness), plus (c) the aggregate amount of all Preferred Dividends paid by such Person during such period. Such Person’s Ownership Share of the Fixed Charges of its Unconsolidated Affiliates will be included when
determining the Fixed Charges of such Person. 
 “Floating Rate Indebtedness” means all Indebtedness of a
Person which bears interest at a variable rate during the scheduled life of such Indebtedness to the extent that such Person has not entered into an interest rate swap agreement, interest rate “cap” or “collar” agreement or other
similar Derivatives Contract with a Person not an Affiliate of such Person and which, as of the date of determination, effectively limits such interest rate exposure in respect of such Indebtedness to a fixed rate less than or equal to
7.00% per annum. 
 “Foreign Lender” means any Lender that is organized under the laws of a
jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

 “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to an Issuing
Bank, such Defaulting Lender’s Revolving Commitment Percentage of the outstanding Letter of Credit Liabilities with respect to Letters of Credit issued by such Issuing Bank other than Letter of Credit Liabilities as to which such Defaulting
Lender’s participation obligation has been reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender’s Revolving Commitment
Percentage of outstanding Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving Lenders. 

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

“Funds From Operations” means, with respect to a Person and for a given period, Funds from Operations as defined from
time to time by National Association of Real Estate Investment Trusts, Inc. 
 “GAAP” means generally accepted
accounting principles in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board (including Statement of Financial Accounting Standards No. 168, “The FASB Accounting Standards Codification”) or in such other statements by such other entity as may be approved by a significant segment of
the accounting profession in the United States of America, which are applicable to the circumstances as of the date of determination. 

  
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 “Governmental Approvals” means all authorizations, consents, approvals,
licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities. 

“Governmental Authority” means any national, state or local government (whether domestic or foreign), any political
subdivision thereof or any other governmental, quasi-governmental, judicial, administrative, public or statutory instrumentality, authority, body, agency, bureau, commission, board, department or other entity (including, without limitation, the
Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party at law. 

“Ground Lease” means a ground lease containing the following terms and conditions: (a) a remaining term (exclusive
of any unexercised extension options) of forty (40) years or more from the Agreement Date; (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor; (c) the obligation
of the lessor to give the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable
opportunity to cure or complete foreclosures, and fails to do so; (d) reasonable transferability of the lessee’s interest under such lease, including ability to sublease; and (e) such other rights customarily required by mortgagees
making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease. 

“Guarantor” means any Person that is party to the Guaranty as a “Guarantor” and shall in any event include the
Parent, Saul Subsidiary I Limited Partnership and each Material Subsidiary (unless an Excluded Subsidiary). 

“Guaranty,” “Guaranteed” or to “Guarantee” as applied to any obligation means and
includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or (b) an agreement, direct or
indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of such obligation whether
by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to
make any payment or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or in any
other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit (including Letters of Credit), or (v) the supplying of funds to or investing in a Person on
account of all or any part of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. Notwithstanding the foregoing, a guaranty of
customary nonrecourse carveouts shall not be deemed a “Guaranty” for purposes of this Agreement. As the context requires, “Guaranty” shall also mean the guaranty executed and delivered pursuant to Section 6.1. or 8.14. and
substantially in the form of Exhibit B. 
 “Hazardous Materials” means all or any of the following:
(a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable Environmental Laws as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic
substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity, or
“EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of
crude oil, natural gas or geothermal resources; (c) any flammable substances or explosives or any 

  
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radioactive materials; (d) asbestos in any form; (e) toxic mold; and (f) electrical equipment which contains any oil or dielectric fluid containing levels of polychlorinated
biphenyls in excess of fifty parts per million. 
 “IDOT Finance Subsidiary” means any Subsidiary of the
Borrower that (i) has been formed solely for the purpose of entering into financing transactions in the ordinary course of the Borrower’s and its Subsidiaries’ business and consistent with past practice, and (ii) is not a
Material Subsidiary. 
 “Indebtedness” means, with respect to a Person, at the time of computation thereof, all
of the following (without duplication): (a) all obligations of such Person in respect of money borrowed or for the deferred purchase price of property or services, however excluding trade debt incurred in the ordinary course of
business), and excluding all accrued expenses; (b) all obligations of such Person, whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit,
(ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges
are customarily paid or that are issued or assumed as full or partial payment for property or for services rendered; (c) Capitalized Lease Obligations of such Person; (d) all reimbursement obligations (contingent or otherwise) of such
Person under or in respect of any letters of credit or acceptances (whether or not the same have been presented for payment); (e) all Off-Balance Sheet Obligations of such Person; (f) all obligations of such Person to purchase, redeem,
retire, defease or otherwise make any payment in respect of any Mandatorily Redeemable Stock issued by such Person or any other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends;
(g) all obligations of such Person in respect of any purchase obligation, repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to the extent the
obligation can be satisfied by the issuance of Equity Interests (other than Mandatorily Redeemable Stock)); (h) net obligations under any Derivatives Contract not entered into as a hedge against variable interest rates on Indebtedness, in an
amount equal to the Derivatives Termination Value thereof at such time but in no event shall be less than zero; (i) all Indebtedness of other Persons which such Person has Guaranteed or is otherwise recourse to such Person (except for
guaranties of customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to non-recourse liability); (j) all Indebtedness of
another Person secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property or assets owned by such Person, even though such Person has not assumed or become liable
for the payment of such Indebtedness or other payment obligation; and (k) such Person’s Ownership Share of the Indebtedness of any Unconsolidated Affiliate of such Person. Indebtedness of any Person shall include Indebtedness of any
partnership or joint venture in which such Person is a general partner or joint venturer to the extent of such Person’s Ownership Share of such partnership or joint venture (except if such Indebtedness, or portion thereof, is recourse to such
Person, in which case the greater of such Person’s Ownership Share of such Indebtedness or the amount of the recourse portion of the Indebtedness, shall be included as Indebtedness of such Person). All Loans and Letter of Credit Liabilities
shall constitute “Indebtedness” of the Borrower. 
 “Intellectual Property” has the meaning given
that term in Section 7.1.(s). 
 “Interest Expense” means, with respect to a Person for any period,
without duplication, (a) total interest expense of such Person, including capitalized interest not funded under a construction loan interest reserve account, and in any event shall include all interest expense with respect to any Indebtedness
of Borrower and its Subsidiaries in respect of which such Person is wholly or partially liable whether pursuant to any repayment, interest carry, performance guarantee or otherwise, determined on a consolidated basis in accordance with GAAP for such
period, plus (b) such Person’s Ownership Share of Interest Expense of Unconsolidated Affiliates for such period. 

  
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 “Interest Period” means with respect to each LIBOR Loan, each period
commencing on the date such LIBOR Loan is made, or in the case of the Continuation of a LIBOR Loan the last day of the preceding Interest Period for such LIBOR Loan, and ending on the numerically corresponding day in the first calendar month
thereafter, as the Borrower may select in a Notice of Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, except that each Interest Period that commences on the last Business Day of a calendar month (or on any day for
which there is no numerically corresponding day in the appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent calendar month. Notwithstanding the foregoing: (a) if any Interest Period would
otherwise end after the Termination Date, such Interest Period shall end on the Termination Date and (b) each Interest Period that would otherwise end on a day which is not a Business Day shall end on the immediately following Business Day (or,
if such immediately following Business Day falls in the next calendar month, on the immediately preceding Business Day). 

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. 

“Investment” means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest)
by such Person, by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital contribution to, Guaranty of Indebtedness of, or
purchase or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets
of another Person that constitute the business or a division or operating unit of another Person. Any commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall
constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in the Loan Documents, the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment. 
 “Issuing Bank” means Wells Fargo or any
other Lender, each in its capacity as an issuer of Letters of Credit pursuant to Section 2.2. 
 “L/C Commitment
Amount” has the meaning given to that term in Section 2.2.(a). 
 “L/C Disbursement” has the
meaning given to that term in Section 3.9.(b). 
 “Lender” means each financial institution from time to
time party hereto as a “Lender,” together with its respective successors and permitted assigns, and, as the context requires, includes the Swingline Lender; provided, however, that except as otherwise expressly provided herein, the term
“Lender” shall exclude any Lender (or its Affiliates) in its capacity as a Specified Derivatives Provider. 

“Lending Office” means, for each Lender and for each Type of Loan, the office of such Lender specified in such
Lender’s Administrative Questionnaire or in the applicable Assignment and Assumption, or such other office of such Lender as such Lender may notify the Administrative Agent in writing from time to time. 

“Letter of Credit” has the meaning given that term in Section 2.2.(a). 

  
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 “Letter of Credit Collateral Account” means a special deposit account
maintained by the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Banks and the Lenders, and under its sole dominion and control. 
 “Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any application therefor, any certificate or other document presented in connection with a drawing
under such Letter of Credit and any other agreement, instrument or other document governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral
security for any of such obligations. 
 “Letter of Credit Liabilities” means, without duplication, at any time
and in respect of any Letter of Credit, the sum of (a) the Stated Amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of the Borrower at such time due and payable in
respect of all drawings made under such Letter of Credit. For purposes of this Agreement, a Lender (other than the Lender then acting as the applicable Issuing Bank) shall be deemed to hold a Letter of Credit Liability in an amount equal to its
participation interest under Section 2.2. in the related Letter of Credit, and the Lender then acting as the applicable Issuing Bank shall be deemed to hold a Letter of Credit Liability in an amount equal to its retained interest in the related
Letter of Credit after giving effect to the acquisition by the Lenders (other than the Lender then acting as the applicable Issuing Bank) of their participation interests under such Section. 

“Level” has the meaning given that term in the definition of the term “Applicable Margin.” 

“LIBOR” means, for the Interest Period for any LIBOR Loan, the rate of interest, rounded up to the nearest whole
multiple of one-hundredth of one percent (0.01%), obtained by dividing (i) the rate of interest, rounded upward to the nearest whole multiple of one-hundredth of one percent (0.01%), referred to as the BBA (British Bankers’ Association)
LIBOR rate as set forth by any service selected by the Administrative Agent that has been nominated by the British Bankers’ Association as an authorized information vendor for the purpose of displaying such rate for deposits in U.S. Dollars at
approximately 11:00 a.m. Central time, two (2) Business Days prior to the date of commencement of such Interest Period for purposes of calculating effective rates of interest for loans or obligations making reference thereto, for an amount
approximately equal to the applicable LIBOR Loan and for a period of time approximately equal to such Interest Period by (ii) a percentage equal to one (1) minus the stated maximum rate (stated as a decimal) of all reserves,
if any, required to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other
category of liabilities which includes deposits by reference to which the interest rate on LIBOR Loans is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the
United States of America). Any change in such maximum rate shall result in a change in LIBOR on the date on which such change in such maximum rate becomes effective. 
 “LIBOR Loan” means a Revolving Loan (or any portion thereof) (other than a Base Rate Loan) bearing interest at a rate based on LIBOR. 

“LIBOR Market Index Rate” means, for any day, LIBOR as of that day that would be applicable for a LIBOR Loan having a
one-month Interest Period determined at approximately 11:00 a.m. Central time for such day (or if such day is not a Business Day, the immediately preceding Business Day). The LIBOR Market Index Rate shall be determined on a daily basis.

 “Lien” as applied to the property of any Person means: (a) any security interest, encumbrance,
mortgage, deed to secure debt, deed of trust, assignment of leases and rents, pledge, lien, hypothecation, 

  
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assignment, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security title or encumbrance of any kind in respect of any
property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same
to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; and (c) the filing of any financing statement under the UCC or its equivalent in any
jurisdiction, other than any precautionary filing not otherwise constituting or giving rise to a Lien, including a financing statement filed (i) in respect of a lease not constituting a Capitalized Lease Obligation pursuant to
Section 9-505 (or a successor provision) of the Uniform Commercial Code or its equivalent as in effect in an applicable jurisdiction or (ii) in connection with a sale or other disposition of accounts or other assets not prohibited by this
Agreement in a transaction not otherwise constituting or giving rise to a Lien. 
 “Loan” means a Revolving
Loan or a Swingline Loan. 
 “Loan Document” means this Agreement, each Note, the Guaranty, each Letter of
Credit Document and each other document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement (other than any Specified Derivatives Contract). 

“Loan Party” means each of the Borrower, the Parent and each other Person who guarantees all or a portion of the
Obligations. Schedule 1.1. sets forth the Loan Parties in addition to the Borrower and the Parent as of the Agreement Date. 
 “Mandatorily Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms of such Equity Interest (or by the terms of any security into which
it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than an Equity Interest to the
extent redeemable in exchange for common stock or other equivalent common Equity Interests at the option of the issuer of such Equity Interest), (b) is convertible into or exchangeable or exercisable for Indebtedness or Mandatorily Redeemable
Stock, or (c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity Interest which is redeemable solely in exchange for common stock or other equivalent common Equity Interests); in each case, on or prior
to the date on which all Loans are scheduled to be due and payable in full. 
 “Material Adverse Effect” means
a materially adverse effect on (a) the business, assets, liabilities, financial condition or results of operations of the Parent and its Subsidiaries taken as a whole, (b) the ability of the Parent, the Borrower and the other Loan Parties,
taken as a whole, to perform their obligations under the Loan Documents, (c) the validity or enforceability of the Loan Documents taken as a whole, or (d) the rights and remedies of the Lenders, the Issuing Banks and the Administrative
Agent under the Loan Documents taken as a whole. 
 “Material Contract” means (a) any Tenant Lease the
termination of which, prior to the end of its term, could reasonably be expected to cause a Material Adverse Effect and (b) any contract or other arrangement (other than Loan Documents and Specified Derivatives Contracts), whether written or
oral, to which the Parent, the Borrower, any Subsidiary of the Borrower or any other Loan Party is a party as to which the breach, nonperformance, cancellation or failure to renew (if renewable by its terms) by any party thereto could reasonably be
expected to have a Material Adverse Effect. 
 “Material Subsidiary” means any Subsidiary of the Parent having
assets with a Fair Market Value equal to or greater than $2,500,000. 

  
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 “Moody’s” means Moody’s Investors Service, Inc. and its
successors. 
 “Mortgage” means a mortgage, deed of trust, deed to secure debt or similar security instrument
made by a Person owning an interest in real estate granting a Lien on such interest in real estate as security for the payment of Indebtedness. 
 “Mortgage Receivable” means a promissory note secured by a Mortgage of which the Parent, the Borrower or a Subsidiary of the Parent is the holder and retains the rights of collection of
all payments thereunder. 
 “Multiemployer Plan” means at any time a multiemployer plan within the meaning of
Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding six plan years made contributions, including for these purposes any Person which
ceased to be a member of the ERISA Group during such six-year period. 
 “Multifamily Property” means
(a) the Clarendon Center Project and (b) each other Property which is designated as such by the Administrative Agent and the Borrower from time to time. 
 “Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan Document) which prohibits or purports to prohibit the
creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that an agreement that conditions a Person’s ability to encumber its assets upon the
maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge.

 “Net Operating Income” or “NOI” means, for any Property and for a given period, the sum of
the following (without duplication and determined on a consistent basis with prior periods): (a) rents and other revenues received in the ordinary course from such Property (including proceeds of rent loss or business interruption insurance but
excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent) minus (b) all expenses paid (excluding interest but including an appropriate accrual for
property taxes and insurance) related to the ownership, operation or maintenance of such Property, including but not limited to property taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping
expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such Property, but specifically excluding general
overhead expenses of the Parent or the Borrower and the Subsidiaries of the Parent and any property management fees) minus (c) the Capital Reserves for such Property as of the end of such period minus (d) the greater of
(i) the actual property management fee paid during such period with respect to such property, and (ii) an imputed management fee in the amount of 3% of the gross revenues for such Property for such period. 

“Net Proceeds” means with respect to an Equity Issuance by a Person, the aggregate amount of all cash and the Fair
Market Value of all other property (other than securities of such Person being converted or exchanged in connection with such Equity Issuance) received by such Person in respect of such Equity Issuance net of investment banking fees, legal fees,
accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred by such Person in connection with such Equity Issuance. 

  
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 “Non-Defaulting Lender” means, at any time, each Lender that is not a
Defaulting Lender at such time. 
 “Nonrecourse Indebtedness” means, with respect to a Person, Indebtedness for
borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to
non-recourse liability) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness. 
 “Note” means a Revolving Note or a Swingline Note. 

“Notice of Borrowing” means a notice substantially in the form of Exhibit C (or such other form reasonably
acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.1.(b) evidencing the Borrower’s request for a borrowing of Revolving Loans.

 “Notice of Continuation” means a notice substantially in the form of Exhibit D (or such other form
reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.8. evidencing the Borrower’s request for the Continuation of a
LIBOR Loan. 
 “Notice of Conversion” means a notice substantially in the form of Exhibit E (or such other
form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.9. evidencing the Borrower’s request for the Conversion of a
Loan from one Type to another Type. 
 “Notice of Swingline Borrowing” means a notice substantially in the form
of Exhibit F (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Swingline Lender pursuant to Section 2.3.(b) evidencing the Borrower’s
request for a Swingline Loan. 
 “Obligations” means, individually and collectively: (a) the aggregate
principal balance of, and all accrued and unpaid interest on, all Loans; (b) all Reimbursement Obligations and all other Letter of Credit Liabilities; and (c) all other indebtedness, liabilities, obligations, covenants and duties of the
Borrower and the other Loan Parties owing to the Administrative Agent, any Issuing Bank or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the
Fees and indemnification obligations, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note. For the avoidance of doubt,
“Obligations” shall not include Specified Derivatives Obligations. 
 “Occupancy Rate” means, with
respect to a Property at any time, the ratio, expressed as a percentage, of (a) the net rentable square footage of such Property actually occupied by tenants that are not affiliated with the Borrower and paying rent at rates not materially less
than rates generally prevailing at the time the applicable lease was entered into, pursuant to binding leases as to which no material monetary default has occurred and has continued to the date of determination unremedied for 60 or more days to
(b) the aggregate net rentable square footage of such Property. For the purposes of the definition of “Occupancy Rate,” a tenant shall be deemed to actually occupy a Property notwithstanding a temporary cessation of operations for
renovation, repairs or other temporary reason, or for the purpose of completing tenant build out or that is otherwise scheduled to be open for business within 180 days of such date. 

  
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 “OFAC” has the meaning given that term in Section 7.1.(x). 

“Officer’s Certificate” means a certificate from the chief executive officer or chief financial officer of the
Parent certifying the “Eligible Properties” and “Excluded Subsidiaries” as of the Agreement Date and a description of the “Permitted Ground Lease Encumbrance”. 

“Off-Balance Sheet Obligations” means liabilities and obligations of the Parent, the Borrower, any Subsidiary or any
other Person in respect of “off-balance sheet arrangements” (as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act) which the Parent would be required to disclose in the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” section of the Parent’s report on Form 10-Q or Form 10-K (or their equivalents) which the Parent is required to file with the Securities and Exchange Commission (or
any Governmental Authority substituted therefor). 
 “Ownership Share” means, with respect to any Subsidiary of
a Person (other than a Wholly Owned Subsidiary) or any Unconsolidated Affiliate of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary or
Unconsolidated Affiliate or (b) subject to compliance with Section 9.4.(n), such Person’s relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary or Unconsolidated Affiliate determined in
accordance with the applicable provisions of the declaration of trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary
or Unconsolidated Affiliate. 
 “Parent” means Saul Centers, Inc., a Maryland corporation, its successors and
assigns. 
 “Participant” has the meaning given that term in Section 13.6.(d). 

“PBGC” means the Pension Benefit Guaranty Corporation and any successor agency. 

“Permitted Ground Lease Encumbrance” means the encumbrance in respect of one of the Properties owned by the Borrower and
its Subsidiaries existing as of the Agreement Date and described in the Officer’s Certificate. 
 “Permitted
Liens” means, with respect to any asset or property of a Person, (a) Liens securing taxes, assessments and other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of
ERISA or pursuant to any Environmental Laws), in all cases which are not yet due or which are being contested in good faith and with respect to which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP;
(b) the claims of materialmen, mechanics, carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which, in each case, are not at the time required to be paid or discharged
under Section 8.6.; (c) Liens consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar
Applicable Laws; (d) Liens consisting of encumbrances in the nature of zoning restrictions, easements, customary declarations, and rights or restrictions of record or otherwise imposed by an applicable Governmental Authority on the use of real
property, which do not materially detract from the value of such property or impair the intended use thereof in the business of such Person; (e) the rights of tenants under leases or subleases (including customary “no build”
restrictions) not interfering with the ordinary conduct of business of such Person; and (f) Liens in favor of (x) any Loan Party, existing as of the Agreement Date and set forth on Schedule 10.2. or (y) the Administrative Agent for
its benefit and the benefit of the Lenders and the Issuing Banks. 

  
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 “Person” means any natural person, corporation, limited partnership,
general partnership, joint stock company, limited liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, or
any other nongovernmental entity, or any Governmental Authority. 
 “Plan” means at any time an employee
pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any
member of the ERISA Group for employees of any member of the ERISA Group or (b) has at any time within the preceding six years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of
any Person which was at such time a member of the ERISA Group. 
 “Post-Default Rate” means, in respect of any
principal of any Loan or any Reimbursement Obligation that is not paid when due, the rate otherwise applicable plus an additional five percent (5.0%) per annum and with respect to any other Obligation that is not paid when due (whether
at stated maturity, by acceleration, by optional or mandatory prepayment or otherwise), a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin plus five percent (5.0%). 

“Preferred Dividends” means, for any period and without duplication, all Restricted Payments paid during such period on
Preferred Equity Interests issued by the Parent, the Borrower or any Subsidiary. Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable
Stock) payable to holders of such class of Equity Interests, (b) paid or payable to the Parent, the Borrower or a Subsidiary, or (c) constituting or resulting in the redemption of Preferred Equity Interests, other than scheduled
redemptions not constituting balloon, bullet or similar redemptions in full. 
 “Preferred Equity Interest”
means, with respect to any Person, Equity Interests in such Person which are entitled to preference or priority over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation or both.

 “Principal Office” means the office of the Administrative Agent located at 608 Second
Avenue S., 11th Floor, Minneapolis, Minnesota 55402-1916,
or any other subsequent office that the Administrative Agent shall have specified as the Principal Office by written notice to the Borrower and the Lenders. 
 “Property” means a parcel (or group of related parcels) of real property developed (or to be developed) by the Borrower, or any Subsidiary of the Borrower or any Unconsolidated Affiliate.

 “Property Management Agreements” means, collectively, all agreements entered into by the Borrower or any
other Loan Party pursuant to which the Borrower or such other Loan Party engages a Person to advise it with respect to the management of a given Property and/or to manage a given Property. 

“Pro Rata Share” means, as to each Lender, the ratio, expressed as a percentage of (a) the amount of such
Lender’s Revolving Commitment to (b) the aggregate amount of the Revolving Commitments of all Lenders; provided, however, that if at the time of determination the Revolving Commitments have terminated or been reduced to zero, the “Pro
Rata Share” of each Lender shall be the ratio, expressed as a percentage of (A) the sum of the unpaid principal amount of all outstanding Revolving Loans, Swingline Loans and Letter of Credit Liabilities owing to such Lender as of such
date to (B) the sum of the aggregate unpaid principal amount of all outstanding Revolving Loans, Swingline Loans and Letter of Credit Liabilities of all Lenders as of such date. 

  
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 “Qualified Plan” means a Benefit Arrangement that is intended to be
tax-qualified under Section 401(a) of the Internal Revenue Code. 
 “Rating Agency” means S&P,
Moody’s or any other nationally recognized securities rating agency selected by the Borrower and approved of by the Administrative Agent in writing. 
 “Register” has the meaning given that term in Section 13.6.(c). 
 “Regulatory Change” means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law (including without limitation, Regulation D of the Board of
Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force of
law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender with any request or directive regarding
capital adequacy or liquidity requirements. Notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection
therewith and (b) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Regulatory Change,” regardless of the date enacted, adopted or issued. 
 “Reimbursement Obligation” means the absolute, unconditional and irrevocable obligation of the Borrower to reimburse the applicable Issuing Bank for any drawing honored by such Issuing
Bank under a Letter of Credit. 
 “REIT” means a Person qualifying for treatment as a “real estate
investment trust” under the Internal Revenue Code. 
 “Related Parties” means, with respect to any Person,
such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 
 “Requisite Lenders” means, as of any date, (a) Lenders having at least 66-2/3% of the aggregate amount of the Revolving Commitments, or (b) if the Revolving Commitments have
been terminated or reduced to zero, Lenders holding at least 66-2/3% of the principal amount of the aggregate outstanding Loans and Letter of Credit Liabilities; provided that (i) in determining such percentage at any given time, all then
existing Defaulting Lenders will be disregarded and excluded, and (ii) at all times when two or more Lenders (excluding Defaulting Lenders) are party to this Agreement, the term “Requisite Lenders” shall in no event mean less than two
Lenders. For purposes of this definition, a Lender shall be deemed to hold a Swingline Loan or a Letter of Credit Liability to the extent such Lender has acquired a participation therein under the terms of this Agreement and has not failed to
perform its obligations in respect of such participation. 
 “Responsible Officer” means with respect to the
Parent, the Borrower or any other Subsidiary of the Parent, the chief financial officer and President of the Parent, the Borrower or such Subsidiary, as applicable. For purposes of this Agreement, references to the Borrower’s or a
Subsidiary’s Responsible Officers shall be deemed to refer to the Parent’s Responsible Officers. 

“Restricted Payment” means: (a) any dividend or other distribution, direct or indirect, on account of any Equity
Interest of the Parent, the Borrower or any of the Subsidiaries of the Parent now or 

  
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hereafter outstanding, except a dividend payable solely in shares of that class of Equity Interest to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking
fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interest of the Parent, the Borrower or any of the Subsidiaries of the Parent now or hereafter outstanding; (c) any payment or
prepayment of principal of, premium, if any, or interest on, redemption, conversion, exchange, purchase, retirement, defeasance, sinking fund or similar payment with respect to, any Subordinated Debt; and (d) any payment made to retire, or to
obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of the Parent, the Borrower or any of the Subsidiaries of the Parent now or hereafter outstanding. 

“Revolving Commitment” means, as to each Lender (other than the Swingline Lender), such Lender’s obligation to make
Revolving Loans pursuant to Section 2.1., to issue (in the case of the Issuing Banks) and to participate (in the case of the other Lenders) in Letters of Credit pursuant to Section 2.2.(i), and to participate in Swingline Loans pursuant to
Section 2.3.(e), in an amount up to, but not exceeding the amount set forth for such Lender on Schedule I as such Lender’s “Revolving Commitment Amount” or as set forth in any applicable Assignment and Assumption, as the same may
be reduced from time to time pursuant to Section 2.11. or increased or reduced as appropriate to reflect any assignments to or by such Lender effected in accordance with Section 13.6. 

“Revolving Commitment Percentage” means, as to each Lender with a Revolving Commitment, the ratio, expressed as a
percentage, of (a) the amount of such Lender’s Revolving Commitment to (b) the aggregate amount of the Revolving Commitments of all Revolving Lenders; provided, however, that if at the time of determination the Revolving Commitments
have been terminated or been reduced to zero, the “Revolving Commitment Percentage” of each Lender with a Revolving Commitment shall be the “Revolving Commitment Percentage” of such Lender in effect immediately prior to such
termination or reduction. 
 “Revolving Credit Exposure” means, as to any Revolving Lender at any time, the
aggregate principal amount at such time of its outstanding Revolving Loans and such Revolving Lender’s participation in Letter of Credit Liabilities and Swingline Loans at such time. 

“Revolving Lender” means a Lender having a Revolving Commitment. 

“Revolving Loan” means a loan made by a Lender to the Borrower pursuant to Section 2.1.(a). 

“Revolving Note” means a promissory note of the Borrower substantially in the form of Exhibit G, payable to the
order of a Lender in a principal amount equal to the amount of such Lender’s Revolving Commitment. 
 “Revolving
Termination Date” means May 20, 2016, or such later date to which the Revolving Termination Date may be extended pursuant to Section 2.12. 
 “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and its successors. 

“Saul Family” means B. Francis Saul II and his spouse, siblings, and lineal descendants and the spouses of such siblings
and lineal descendants and the heirs, beneficiaries, devisees or legatees that are or were members of the same family by blood, marriage or adoption as any of the same or any of the foregoing (and for purposes of this definition, any shares of
Equity Interests which a Person no longer owns as a result of death shall be deemed still to be owned by such Person unless not held by such Person’s estate, trusts established under such Person’s will, or the heirs, beneficiaries,
devisees or legatees 

  
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of such Person that are or were members of the same family by blood, marriage or adoption as such Person). Entities owned or controlled by members of the Saul Family shall be deemed owned by such
members for purposes of this Agreement. 
 “Secured Indebtedness” means, with respect to a Person as of an
given date, the aggregate principal amount of all Indebtedness of such Person outstanding on such date that is secured in any manner by any Lien on any property, and in the case of the Borrower, shall include (without duplication), the
Borrower’s Ownership Share of the Secured Indebtedness of its Unconsolidated Affiliates, as applicable. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, together with all rules and regulations
issued thereunder. 
 “Solvent” means, when used with respect to any Person, that (a) the fair value and
the fair salable value of its assets (excluding any Indebtedness due from any Affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities computed at the amount which, in light of
all facts and circumstances existing at such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is able to pay its debts or other obligations in the ordinary course as they
mature; and (c) such Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. 
 “Specified Derivatives Contract” means any Derivatives Contract, together with any Derivatives Support Document relating thereto, that is made or entered into at any time, or in effect at
any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between the Borrower, the Parent or any other Loan Party and any Specified Derivatives Provider. 

“Specified Derivatives Obligations” means all indebtedness, liabilities, obligations, covenants and duties of the
Parent, the Borrower or other Loan Party under or in respect of any Specified Derivatives Contract, whether direct or indirect, absolute or contingent, due or not due, liquidated or unliquidated, and whether or not evidenced by any written
confirmation. 
 “Specified Derivatives Provider” means any Lender, or any Affiliate of a Lender that is a
party to a Derivatives Contract at the time the Derivatives Contract is entered into. 
 “Stated Amount” means
the amount available to be drawn by a beneficiary under a Letter of Credit from time to time, as such amount may be increased or reduced from time to time in accordance with the terms of such Letter of Credit. 

“Subordinated Debt” means Indebtedness for money borrowed of the Borrower or any of its Subsidiaries that is
subordinated in right of payment and otherwise to the Loans, the other Obligations and the Specified Derivatives Obligations, if any, in a manner satisfactory to the Administrative Agent in its sole and absolute discretion. 

“Subsidiary” means, for any Person, any corporation, partnership, limited liability company or other entity of which at
least a majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals performing similar functions of such corporation, partnership, limited liability company or
other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person, and
shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP. 

  
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 “Substantial Amount” means, at the time of determination thereof, an amount
in excess of 20.0% of total consolidated assets (exclusive of depreciation) at such time of the Borrower and its Subsidiaries determined on a consolidated basis. 
 “Swingline Commitment” means the Swingline Lender’s obligation to make Swingline Loans pursuant to Section 2.3. in an amount up to, but not exceeding the amount set forth in the
first sentence of Section 2.3.(a), as such amount may be reduced from time to time in accordance with the terms hereof. 

“Swingline Lender” means Wells Fargo Bank, National Association, together with its respective successors and assigns.

 “Swingline Loan” means a loan made by the Swingline Lender to the Borrower pursuant to Section 2.3.

 “Swingline Maturity Date” means the date which is seven (7) Business Days prior to the Revolving
Termination Date. 
 “Swingline Note” means the promissory note of the Borrower substantially in the form of
Exhibit H, payable to the order of the Swingline Lender in a principal amount equal to the amount of the Swingline Commitment as originally in effect and otherwise duly completed. 

“Tangible Net Worth” means, with respect to any Person as of a given date, the stockholders’ equity of such Person
determined on a consolidated basis, plus accumulated depreciation and amortization, minus (to the extent included when determining stockholders’ equity): (a) the amount of any write-up in the book value of any assets
reflected in any balance sheet resulting from revaluation thereof or any write-up in excess of the cost of such assets acquired, and (b) the aggregate of all amounts appearing on the assets side of any such balance sheet for franchises,
licenses, permits, patents, patent applications, copyrights, trademarks, service marks, trade names, goodwill, treasury stock, experimental or organizational expenses and other like assets which would be classified as intangible assets under GAAP,
all determined as of such date on a consolidated basis. 
 “Taxes” has the meaning given that term in
Section 3.10. 
 “Tenant Lease” means any lease entered into by the Borrower, any Loan Party or any
Subsidiary with respect to any portion of a Property. 
 “Total Asset Value” means, with respect to any Person
at a given time, the sum (without duplication) of all of the following of such Person determined on a consolidated basis in accordance with GAAP applied on a consistent basis: (a) cash and cash equivalents (other than tenant deposits and other
cash and cash equivalents that are subject to a Lien or a Negative Pledge or the disposition of which is restricted in any way); plus (b) the quotient of (i) EBITDA of such Person for the immediately preceding period of twelve
consecutive calendar months divided by (ii) the Capitalization Rate; plus (c) the GAAP book value, as of the date of acquisition, of Properties acquired during the twelve consecutive calendar months most recently ended;
plus (d) the GAAP book value of all Development Properties; plus (e) the GAAP book value of Unimproved Land. Notwithstanding the foregoing, for the first twelve consecutive calendar months after a Property has ceased
to be a Development Property, EBITDA attributable to that Property shall be determined on the basis of its income for the immediately preceding three calendar month period, annualized. Such Person’s Ownership Share of assets held by
Unconsolidated Affiliates (excluding assets of the type described in the immediately preceding clause (a)) will be included in the calculation of Total Asset Value consistent with the above described treatment for wholly-owned assets. EBITDA
attributable to (x) Properties acquired or disposed of during the three calendar month period 

  
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ending immediately prior to any date of determination of Total Asset Value or (y) Properties that were Development Properties at the end of such three calendar month period, shall not be
included in the calculation of Total Asset Value. Notwithstanding the foregoing, for purposes of determining Total Asset Value, to the extent the amount of Total Asset Value attributable to Properties leased under Ground Leases, which are Eligible
Properties under clause (z) of the definition of “Eligible Property,” would exceed 10.0% of the aggregate Total Asset Value at any time, such excess shall be excluded. 

“Total Indebtedness” means, with respect to any Person, all Indebtedness of such Person and such Person’s Ownership
Share of all Indebtedness of all Subsidiaries of such Person. 
 “Treasury Rate” means, as of any date of
determination, the yield on the Treasury Constant Maturity Series with a ten-year maturity, as reported on the Business Day immediately preceding such date in Federal Reserve Statistical Release H.15, Selected Interest Rates (“Release
H.15”) of the Board of Governors of the Federal Reserve System, or any successor publication. If for any reason Release H.15 is no longer published, the Administrative Agent shall select a comparable publication to determine the Treasury
Rate. 
 “Transfer Authorizer Designation Form” means a form substantially in the form of Exhibit I to be
delivered to the Administrative Agent pursuant to Section 6.1.(a), as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent. 

“Type” with respect to any Revolving Loan, refers to whether such Loan or portion thereof is a LIBOR Loan or a Base Rate
Loan. 
 “UCC” means the Uniform Commercial Code as in effect in any applicable jurisdiction. 

“Unconsolidated Affiliate” means, with respect to any Person, any other Person in whom such Person holds, either
directly or indirectly through one or more Subsidiaries an Investment, which Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP
with the financial results of such Person on the consolidated financial statements of such Person. 
 “Unencumbered
Asset Value” means (a) the Unencumbered NOI (excluding NOI attributable to Development Properties) for the immediately preceding period of twelve consecutive calendar months divided by the Capitalization Rate, plus (b) the
GAAP book value of all Properties acquired during the twelve calendar month period most recently ended which Properties are not subject to any Lien (other than Permitted Liens) or any Negative Pledge. Notwithstanding the foregoing, for the first
twelve consecutive calendar months after a Property has ceased to be a Development Property, Unencumbered NOI attributable to that Property shall be determined on the basis of its income for the immediately preceding three calendar month period,
annualized. Unencumbered NOI attributable to Properties disposed of during the three calendar month period ending immediately prior to any date of determination of Unencumbered Asset Value shall not be included in the calculation of Unencumbered
Asset Value. 
 “Unencumbered NOI” means, for any period, NOI from all Eligible Properties. 

“Unencumbered Pool Debt Service” means, with respect to any Person for any period, the aggregate amount of principal and
interest payments in respect of all Unsecured Indebtedness of such Person that would be due and payable in respect thereof during such period, computed assuming a thirty (30) year amortization schedule and a per annum interest rate equal
to the greater of: (a) the Treasury Rate plus 2.50% and (b) 7.00%. 

  
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 “Unimproved Land” means land on which no development (other than
improvements that are not material and are temporary in nature) has occurred and for which no development is scheduled in the following twelve (12) months. 
 “Unsecured Indebtedness” means, with respect to a Person, Indebtedness of such Person that is not Secured Indebtedness; provided, however, that any Indebtedness that is
secured only by a pledge of Equity Interests shall be deemed to be Unsecured Indebtedness. 
 “Unused Fee Rate”
means a per annum rate equal to 0.25%. 
 “Washington DC CBD Office Property” means (a) 601
Pennsylvania and (b) each other Property which is designated as such by the Administrative Agent and the Borrower from time to time. 
 “Wells Fargo” means Wells Fargo Bank, National Association, and its successors and assigns. 
 “Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of the Equity Interests (other than, in the case of a corporation, directors’ qualifying shares)
are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one or more other Subsidiaries of such Person. 

“Withdrawal Liability” means any liability as a result of a complete or partial withdrawal from a Multiemployer Plan as
such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
  

	Section 1.2.	General; References to Central Time. 

 Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP as in effect as of the Agreement Date. Notwithstanding the preceding
sentence, the calculation of liabilities shall not include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election under FASB ASC 825-10-25
(formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option for financial liabilities. Accordingly, the amount of liabilities shall be the
historical cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any premium or discount. References in this Agreement to “Sections,” “Articles,” “Exhibits” and
“Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any document, instrument or agreement (a) shall include all exhibits, schedules and other
attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean such document, instrument or agreement, or replacement or
predecessor thereto, as amended, supplemented, restated or otherwise modified from time to time to the extent not otherwise stated herein or prohibited hereby and in effect at any given time. Wherever from the context it appears appropriate, each
term stated in either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Whenever reference is made to
Borrower’s knowledge, or a similar qualification, knowledge means the actual current knowledge of Parent’s Responsible Officers. Unless explicitly set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of the
Borrower or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a reference to an Affiliate of the Borrower, and a reference to an “Unconsolidated Affiliate” means a reference to an Unconsolidated Affiliate of
the Borrower. Titles and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to time are
references to Central time. 

  
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	Section 1.3.	Financial Attributes of Non-Wholly Owned Subsidiaries. 

 When determining the Applicable Margin and compliance by the Parent or the Borrower with any financial covenant contained in any of the Loan Documents (a) only the Ownership Share of the Parent or
the Borrower, as applicable, of the financial attributes of a Subsidiary that is not a Wholly Owned Subsidiary shall be included and (b) the Parent’s Ownership Share of the Borrower shall be deemed to be 100.0%. 

 

	Section 1.4.	Pro Forma Calculations. 

All pro forma computations required to be made hereunder giving effect to any transaction (including any designation of a Subsidiary as an
Excluded Subsidiary) shall be calculated giving pro forma effect thereto (and to any other such transaction consummated since the first day of the period for which such pro forma computation is being made and on or prior to the date of such
computation) as if such transaction had occurred on the first day of the period of twelve consecutive calendar months ending with the most recent calendar month for which financial statements shall have been delivered pursuant to Section 9.1 or
9.2 (or, prior to the delivery of any such financial statements, ending on March 31, 2012), and, to the extent applicable, the historical earnings and cash flows associated with the assets subject to such transaction and any related incurrence
or reduction of Indebtedness. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the
applicable rate for the entire period (taking into account any Derivatives Contract applicable to such Indebtedness). 

ARTICLE II. CREDIT FACILITY 
  

	Section 2.1.	Revolving Loans. 

 (a)
Making of Revolving Loans. Subject to the terms and conditions set forth in this Agreement, including without limitation, Section 2.14., each Lender severally and not jointly agrees to make Revolving Loans to the Borrower during the
period from and including the Effective Date to but excluding the Revolving Termination Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding, such Lender’s Revolving Commitment. Each borrowing of Base Rate
Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof. Each borrowing and Continuation under Section 2.8. of, and each Conversion under Section 2.9. of Base Rate Loans into, LIBOR
Loans shall be in an aggregate minimum of $1,000,000 and integral multiples of $100,000 in excess of that amount. Notwithstanding the immediately preceding two sentences but subject to Section 2.14., a borrowing of Revolving Loans may be in the
aggregate amount of the unused Revolving Commitments. Within the foregoing limits and subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Revolving Loans. 

(b) Requests for Revolving Loans. Not later than 11:00 a.m. Central time at least one (1) Business Day prior to a borrowing
of Revolving Loans that are to be Base Rate Loans and not later than 11:00 a.m. Central time at least three (3) Business Days prior to a borrowing of Revolving Loans that are to be LIBOR Loans, the Borrower shall deliver to the Administrative
Agent a Notice of Borrowing or telephone notice thereof. Each Notice of Borrowing shall specify the aggregate principal amount of the Revolving Loans to be borrowed, the date such Revolving Loans are to be borrowed (which must be a Business Day),
the use of the proceeds of such Revolving Loans, the Type of the requested Revolving Loans, and if such Revolving Loans are to be LIBOR Loans, the initial Interest Period for such Revolving Loans. Any telephone notice shall include all information
to be specified in a written notice of Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Borrowing sent to the Agent by email on the same day as the giving of such telephonic notice. Each Notice of
Borrowing shall 

  
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be irrevocable once given and binding on the Borrower. Prior to delivering a Notice of Borrowing, the Borrower may (without specifying whether a Revolving Loan will be a Base Rate Loan or a LIBOR
Loan) request that the Administrative Agent provide the Borrower with the most recent LIBOR available to the Administrative Agent. The Administrative Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as
possible thereafter. 
 (c) Funding of Revolving Loans. Promptly after receipt of a Notice of Borrowing under the
immediately preceding subsection (b), the Administrative Agent shall notify each Lender of the proposed borrowing. Each Lender shall deposit an amount equal to the Revolving Loan to be made by such Lender to the Borrower with the Administrative
Agent at the Principal Office, in immediately available funds not later than 11:00 a.m. Central time on the date of such proposed Revolving Loans. Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent shall
make available to the Borrower in the account specified in the Transfer Authorizer Designation Form, not later than 2:00 p.m. Central time on the date of the requested borrowing of Revolving Loans, the proceeds of such amounts received by the
Administrative Agent. 
 (d) Assumptions Regarding Funding by Lenders. With respect to Revolving Loans to be made after
the Effective Date, unless the Administrative Agent shall have been notified by any Lender that such Lender will not make available to the Administrative Agent a Revolving Loan to be made by such Lender in connection with any borrowing, the
Administrative Agent may assume that such Lender will make the proceeds of such Revolving Loan available to the Administrative Agent in accordance with this Section, and the Administrative Agent may (but shall not be obligated to), in reliance upon
such assumption, make available to the Borrower the amount of such Revolving Loan to be provided by such Lender. In such event, if such Lender does not make available to the Administrative Agent the proceeds of such Revolving Loan, then such Lender
and the Borrower severally agree to pay to the Administrative Agent on demand the amount of such Revolving Loan with interest thereon, for each day from and including the date such Revolving Loan is made available to the Borrower but excluding the
date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay the amount of such interest to the Administrative Agent for the same
or overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays to the Administrative Agent the amount of such Revolving Loan, the amount so
paid shall constitute such Lender’s Revolving Loan included in the borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make available the proceeds of a
Revolving Loan to be made by such Lender. 
  

	Section 2.2.	Letters of Credit. 

 (a)
Letters of Credit. Subject to the terms and conditions of this Agreement, including without limitation, Section 2.14., each Issuing Bank, on behalf of the Lenders, agrees to issue for the account of the Borrower during the period from
and including the Effective Date to, but excluding, the date thirty (30) days prior to the Revolving Termination Date, one or more standby letters of credit (each a “Letter of Credit”) up to a maximum aggregate Stated Amount at
any one time outstanding not to exceed $15,000,000 as such amount may be reduced from time to time in accordance with the terms hereof (the “L/C Commitment Amount”). 

(b) Terms of Letters of Credit. At the time of issuance, the amount, form, terms and conditions of each Letter of Credit, and of
any drafts or acceptances thereunder, shall be subject to 

  
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approval by the applicable Issuing Bank and the Borrower, which approval, in the case of each of such Issuing Bank and the Borrower shall not unreasonably be withheld, conditioned or delayed.
Notwithstanding the foregoing, in no event may (i) the expiration date of any Letter of Credit extend beyond the date that is thirty (30) days prior to the Revolving Termination Date, or (ii) any Letter of Credit have an initial
duration in excess of one year; provided, however, a Letter of Credit may contain a provision providing for the automatic extension of the expiration date in the absence of a notice of non-renewal from the applicable Issuing Bank but in no event
shall any such provision permit the extension of the expiration date of such Letter of Credit beyond the date that is thirty (30) days prior to the Revolving Termination Date. The initial Stated Amount of each Letter of Credit shall be at least
$1,000,000 (or such lesser amount as may be acceptable to the applicable Issuing Bank, the Administrative Agent and the Borrower). 
 (c) Requests for Issuance of Letters of Credit. The Borrower shall give the applicable Issuing Bank and the Administrative Agent written notice (or telephonic notice promptly confirmed in writing)
at least five (5) Business Days prior to the requested date of issuance of a Letter of Credit, such notice to describe in reasonable detail the proposed terms of such Letter of Credit and the nature of the transactions or obligations proposed
to be supported by such Letter of Credit, and in any event shall set forth with respect to such Letter of Credit the proposed (i) initial Stated Amount, (ii) beneficiary, and (iii) expiration date. The Borrower shall also execute and
deliver such customary applications and agreements for standby letters of credit, and other forms as requested from time to time by the applicable Issuing Bank. Provided the Borrower has given the notice prescribed by the first sentence of this
subsection and delivered such applications and agreements referred to in the preceding sentence, subject to the other terms and conditions of this Agreement, including the satisfaction of any applicable conditions precedent set forth in
Article 6.2., the applicable Issuing Bank shall issue the requested Letter of Credit on the requested date of issuance for the benefit of the stipulated beneficiary but in no event prior to the date five (5) Business Days following the
date after which such Issuing Bank has received all of the items required to be delivered to it under this subsection. No Issuing Bank shall at any time be obligated to issue any Letter of Credit if such issuance would conflict with, or cause such
Issuing Bank or any Lender to exceed any limits imposed by, any Applicable Law. References herein to “issue” and derivations thereof with respect to Letters of Credit shall also include extensions or modifications of any outstanding
Letters of Credit, which modifications increase the obligations of the applicable Issuing Bank in respect of such Letters of Credit, unless the context otherwise requires. Upon the written request of the Borrower, the applicable Issuing Bank shall
deliver to the Borrower a copy of each issued Letter of Credit within a reasonable time after the date of issuance thereof. To the extent any term of a Letter of Credit Document is inconsistent with a term of any Loan Document, the term of such Loan
Document shall control. 
 (d) Reimbursement Obligations. Upon receipt by the applicable Issuing Bank from the
beneficiary of a Letter of Credit of any demand for payment under such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and
the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any
respect from the applicable Reimbursement Obligation. The Borrower agrees to reimburse the applicable Issuing Bank on or prior to each date on which such Issuing Bank notifies the Borrower that a draw has been paid under a Letter of Credit in an
amount equal to the amount of such draw paid. The Borrower’s Reimbursement Obligations shall be absolute, unconditional and irrevocable and irrespective of any setoff, counterclaim or defense to payment the Borrower may have at any time against
any Issuing Bank, the Administrative Agent or any Lender, any beneficiary of a Letter of Credit or any other Person. Upon receipt by the applicable Issuing Bank of any payment in respect of any Reimbursement Obligation, such Issuing Bank shall
promptly pay to each Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Revolving Commitment Percentage of such payment. 

  
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 (e) Manner of Reimbursement. Upon its receipt of a notice referred to in the
immediately preceding subsection (d), the Borrower shall advise the Administrative Agent and the applicable Issuing Bank whether or not the Borrower intends to borrow hereunder to finance its obligation to reimburse such Issuing Bank for the
amount of the related demand for payment and, if it does, the Borrower shall submit a timely request for such borrowing as provided in the applicable provisions of this Agreement. If the Borrower fails to so advise the Administrative Agent and the
applicable Issuing Bank, or if the Borrower fails to reimburse such Issuing Bank for a demand for payment under a Letter of Credit by the date of such payment, the failure of which such Issuing Bank shall promptly notify the Administrative Agent,
then (i) if the applicable conditions contained in Article VI. would permit the making of Revolving Loans, the Borrower shall be deemed to have requested a borrowing of Revolving Loans (which shall be Base Rate Loans) in an amount equal to
the unpaid Reimbursement Obligation and the Administrative Agent shall give each Revolving Lender prompt notice of the amount of the Revolving Loan to be made available to the Administrative Agent not later than 12:00 noon Central time and
(ii) if such conditions would not permit the making of Revolving Loans, the provisions of subsection (j) of this Section shall apply. The limitations set forth in the second sentence of Section 2.1.(a) shall not apply to any borrowing
of Base Rate Loans under this subsection. 
 (f) Effect of Letters of Credit on Revolving Commitments. Upon the issuance
by the applicable Issuing Bank of any Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Commitment of each Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal
to the product of (i) such Lender’s Revolving Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) any related Reimbursement Obligations then outstanding. 

(g) Issuing Bank’s Duties Regarding Letters of Credit; Unconditional Nature of Reimbursement Obligations. In examining
documents presented in connection with drawings under Letters of Credit and making payments under such Letters of Credit against such documents, the applicable Issuing Bank shall only be required to use the same standard of care as it uses in
connection with examining documents presented in connection with drawings under letters of credit in which it has not sold participations and making payments under such letters of credit. The Borrower assumes all risks of the acts and omissions of,
or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, none of the Administrative Agent, any of the Issuing Banks or any of the Lenders shall be
responsible for, and the Borrower’s obligations in respect of Letters of Credit shall not be affected in any manner by, (i) the form, validity, sufficiency, accuracy, genuineness or legal effects of any document submitted by any party in
connection with the application for and issuance of or any drawing honored under any Letter of Credit even if such document should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the
validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit, or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective
for any reason; (iii) failure of the beneficiary of any Letter of Credit to comply fully with conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of
any messages, by mail, cable, facsimile, electronic mail, telecopy or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document
required in order to make a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the misapplication by the beneficiary of any Letter of Credit, or of the proceeds of any drawing under any Letter of Credit; or (viii) any
consequences arising from causes beyond the control of the Administrative Agent, the Issuing Banks or the Lenders. None of the above shall affect, impair or prevent the vesting of any of the Issuing

  
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Banks’ or Administrative Agent’s rights or powers hereunder. Any action taken or omitted to be taken by an Issuing Bank under or in connection with any Letter of Credit, if taken or
omitted in the absence of gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final, non-appealable judgment), shall not create against such Issuing Bank any liability to the Borrower, the Administrative
Agent, any other Issuing Bank or any Lender. The obligation of the Borrower to reimburse the applicable Issuing Bank for any drawing made under any Letter of Credit, and to repay any Revolving Loan made pursuant to the second sentence of the
immediately preceding subsection (e), shall be absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement and any other applicable Letter of Credit Document under all circumstances whatsoever,
including without limitation, the following circumstances: (A) any lack of validity or enforceability of any Letter of Credit Document or any term or provisions therein; (B) any amendment or waiver of or any consent to departure from all
or any of the Letter of Credit Documents; (C) the existence of any claim, setoff, defense or other right which the Borrower may have at any time against any Issuing Bank, the Administrative Agent or any Lender, any beneficiary of a Letter of
Credit or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or in the Letter of Credit Documents or any unrelated transaction; (D) any breach of contract or dispute between the Borrower, any
Issuing Bank, the Administrative Agent, any Lender or any other Person; (E) any demand, statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement
therein or made in connection therewith being untrue or inaccurate in any respect whatsoever; (F) any non-application or misapplication by the beneficiary of a Letter of Credit or of the proceeds of any drawing under such Letter of Credit;
(G) payment by the applicable Issuing Bank under any Letter of Credit against presentation of a draft or certificate which does not strictly comply with the terms of such Letter of Credit; and (H) any other act, omission to act, delay or
circumstance whatsoever that might, but for the provisions of this Section, constitute a legal or equitable defense to or discharge of the Borrower’s Reimbursement Obligations. Notwithstanding anything to the contrary contained in this Section
or Section 13.10., but not in limitation of the Borrower’s unconditional obligation to reimburse the applicable Issuing Bank for any drawing made under a Letter of Credit as provided in this Section and to repay any Revolving Loan made
pursuant to the second sentence of the immediately preceding subsection (e), the Borrower shall have no obligation to indemnify the Administrative Agent, any Issuing Bank or any Lender in respect of any liability incurred by the Administrative
Agent, any Issuing Bank or such Lender arising solely out of the gross negligence or willful misconduct of the Administrative Agent, such Issuing Bank or such Lender in respect of a Letter of Credit as determined by a court of competent jurisdiction
in a final, non-appealable judgment. Except as otherwise provided in this Section, nothing in this Section shall affect any rights the Borrower may have with respect to the gross negligence or willful misconduct of the Administrative Agent, any
Issuing Bank or any Lender with respect to any Letter of Credit. 
 (h) Amendments, Etc. The issuance by the applicable
Issuing Bank of any amendment, supplement or other modification to any Letter of Credit shall be subject to the same conditions applicable under this Agreement to the issuance of new Letters of Credit (including, without limitation, that the request
therefor be made through such Issuing Bank), and no such amendment, supplement or other modification shall be issued unless either (i) the respective Letter of Credit affected thereby would have complied with such conditions had it originally
been issued hereunder in such amended, supplemented or modified form or (ii) the Administrative Agent and Requisite Lenders (or all of the Lenders if required by Section 13.7.) shall have consented thereto. In connection with any such
amendment, supplement or other modification, the Borrower shall pay the fees, if any, payable under the last sentence of Section 3.5.(c). 
 (i) Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the applicable Issuing Bank of any Letter of Credit each Lender shall be deemed to have absolutely,
irrevocably and unconditionally purchased and received from such Issuing Bank, without recourse or 

  
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warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of the liability of such Issuing Bank with respect to such Letter of Credit
and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to such Issuing Bank to pay and discharge when due, such Lender’s Revolving
Commitment Percentage of such Issuing Bank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the applicable Issuing Bank in respect of any Letter of
Credit pursuant to the immediately following subsection (j), such Lender shall, automatically and without any further action on the part of such Issuing Bank, Administrative Agent or such Lender, acquire (i) a participation in an amount
equal to such payment in the Reimbursement Obligation owing to such Issuing Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Revolving Commitment Percentage in any
interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to such Issuing Bank pursuant to the second and the last sentences of Section 3.5.(c)). 

(j) Payment Obligation of Lenders. Each Lender severally agrees to pay to the Administrative Agent, for the account of such
Issuing Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Revolving Commitment Percentage of each drawing paid by the applicable Issuing Bank under each Letter of Credit to the extent such amount is not
reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan
or as a participation, shall not exceed such Lender’s Revolving Commitment Percentage of such drawing. If the notice referenced in the second sentence of Section 2.2.(e) is received by a Lender not later than 11:00 a.m. Central time, then
such Lender shall make such payment available to the Administrative Agent not later than 2:00 p.m. Central time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 1:00 p.m.
Central time on the next succeeding Business Day. Each Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of any Issuing
Bank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection,
(ii) the financial condition of the Borrower or any other Loan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 11.1.(e) or (f) or (iv) the termination of the
Revolving Commitments. Each such payment to the Administrative Agent for the account of any Issuing Bank shall be made without any offset, abatement, withholding or deduction whatsoever. 

(k) Information to Lenders. Promptly following any change in Letters of Credit outstanding, the applicable Issuing Bank shall
deliver to the Administrative Agent, who shall promptly deliver the same to each Lender and the Borrower, a notice describing the aggregate amount of all Letters of Credit outstanding at such time. Upon the request of any Lender from time to time,
the applicable Issuing Bank shall deliver any other information reasonably requested by such Lender with respect to each Letter of Credit issued by such Issuing Bank then outstanding. Other than as set forth in this subsection, no Issuing Bank shall
have any duty to notify the Lenders regarding the issuance or other matters regarding Letters of Credit issued hereunder. The failure of any Issuing Bank to perform its requirements under this subsection shall not relieve any Lender from its
obligations under the immediately preceding subsection (j). 
  

	Section 2.3.	Swingline Loans. 

 (a)
Swingline Loans. Subject to the terms and conditions hereof, including without limitation Section 2.14., the Swingline Lender agrees to make Swingline Loans to the Borrower, during

  
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the period from the Effective Date to but excluding the Swingline Maturity Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding, $30,000,000, as such amount
may be reduced from time to time in accordance with the terms hereof. If at any time the aggregate principal amount of the Swingline Loans outstanding at such time exceeds the Swingline Commitment in effect at such time, the Borrower shall
immediately pay the Administrative Agent for the account of the Swingline Lender the amount of such excess. Subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Swingline Loans hereunder. The borrowing
of a Swingline Loan shall not constitute usage of any Lender’s Revolving Commitment for purposes of calculation of the fee payable under Section 3.5.(b). 
 (b) Procedure for Borrowing Swingline Loans. The Borrower shall give the Administrative Agent and the Swingline Lender notice pursuant to a Notice of Swingline Borrowing or telephonic notice of
each borrowing of a Swingline Loan. Each Notice of Swingline Borrowing shall be delivered to the Swingline Lender no later than 11:00 a.m. Central time on the proposed date of such borrowing. Any telephonic notice shall include all information to be
specified in a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing sent to the Swingline Lender by telecopy on the same day of the giving of such telephonic
notice. Not later than 1:00 p.m. Central time on the date of the requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Article 6.2. for such borrowing, the Swingline Lender will make the proceeds of
such Swingline Loan available to the Borrower in Dollars, in immediately available funds, at the account specified by the Borrower in the Notice of Swingline Borrowing. 
 (c) Interest. Swingline Loans shall bear interest at a per annum rate equal to the Base Rate as in effect from time to time plus the Applicable Margin or at such other rate or rates as the
Borrower and the Swingline Lender may agree from time to time in writing. Interest on Swingline Loans is solely for the account of the Swingline Lender (except to the extent a Revolving Lender acquires a participating interest in a Swingline Loan
pursuant to the immediately following subsection (e)). All accrued and unpaid interest on Swingline Loans shall be payable on the dates and in the manner provided in Section 2.2. with respect to interest on Base Rate Loans (except as the
Swingline Lender and the Borrower may otherwise agree in writing in connection with any particular Swingline Loan). 
 (d)
Swingline Loan Amounts, Etc. Each Swingline Loan shall be in the minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof, or such other minimum amounts agreed to by the Swingline Lender and the Borrower. Any
voluntary prepayment of a Swingline Loan must be in integral multiples of $100,000 or the aggregate principal amount of all outstanding Swingline Loans (or such other minimum amounts upon which the Swingline Lender and the Borrower may agree) and in
connection with any such prepayment, the Borrower must give the Swingline Lender and the Administrative Agent prior written notice thereof no later than 12:00 noon Central time on the day prior to the date of such prepayment. The Swingline
Loans shall, in addition to this Agreement, be evidenced by the Swingline Note. 
 (e) Repayment and Participations of
Swingline Loans. The Borrower agrees to repay each Swingline Loan within one Business Day of demand therefor by the Swingline Lender and, in any event, within five (5) Business Days after the date such Swingline Loan was made; provided,
that the proceeds of a Swingline Loan may not be used to pay a Swingline Loan. Notwithstanding the foregoing, the Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Swingline Loans on the
Swingline Maturity Date (or such earlier date as the Swingline Lender and the Borrower may agree in writing). In lieu of demanding repayment of any outstanding Swingline Loan from the Borrower, the Swingline Lender may, on behalf of the Borrower
(which hereby irrevocably directs the Swingline Lender to act on its behalf), request a borrowing of Revolving Loans that are Base Rate Loans from the Lenders in an amount equal to the principal balance of such Swingline Loan. The

  
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amount limitations contained in the second sentence of Section 2.1.(a) shall not apply to any borrowing of such Revolving Loans made pursuant to this subsection. The Swingline Lender shall
give notice to the Administrative Agent of any such borrowing of Revolving Loans not later than 11:00 a.m. Central time at least one Business Day prior to the proposed date of such borrowing. Promptly after receipt of such notice of borrowing of
Revolving Loans from the Swingline Lender under the immediately preceding sentence, the Administrative Agent shall notify each Lender of the proposed borrowing. Not later than 11:00 a.m. Central time on the proposed date of such borrowing, each
Lender will make available to the Administrative Agent at the Principal Office for the account of the Swingline Lender, in immediately available funds, the proceeds of the Revolving Loan to be made by such Lender. The Administrative Agent shall pay
the proceeds of such Revolving Loans to the Swingline Lender, which shall apply such proceeds to repay such Swingline Loan. If the Revolving Lenders are prohibited from making Revolving Loans required to be made under this subsection for any reason
whatsoever, including without limitation, the occurrence of any of the Defaults or Events of Default described in Sections 11.1.(e) or (f)), each Revolving Lender shall purchase from the Swingline Lender, without recourse or warranty, an
undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of such Swingline Loan, by directly purchasing a participation in such Swingline Loan in such amount and paying the proceeds thereof to the
Administrative Agent for the account of the Swingline Lender in Dollars and in immediately available funds. A Lender’s obligation to purchase such a participation in a Swingline Loan shall be absolute and unconditional and shall not be affected
by any circumstance whatsoever, including without limitation, (i) any claim of setoff, counterclaim, recoupment, defense or other right which such Lender or any other Person may have or claim against the Administrative Agent, the Swingline
Lender or any other Person whatsoever, (ii) the occurrence or continuation of a Default or Event of Default (including without limitation, any of the Defaults or Events of Default described in Sections 11.1. (e) or (f)), or the termination
of any Lender’s Revolving Commitment, (iii) the existence (or alleged existence) of an event or condition which has had or could have a Material Adverse Effect, (iv) any breach of any Loan Document by the Administrative Agent, any
Lender, the Borrower or any other Loan Party, or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. If such amount is not in fact made available to the Swingline Lender by any Lender, the
Swingline Lender shall be entitled to recover such amount on demand from such Lender, together with accrued interest thereon for each day from the date of demand thereof, at the Federal Funds Rate. If such Lender does not pay such amount forthwith
upon the Swingline Lender’s demand therefor, and until such time as such Lender makes the required payment, the Swingline Lender shall be deemed to continue to have outstanding Swingline Loans in the amount of such unpaid participation
obligation for all purposes of the Loan Documents (other than those provisions requiring the other Lenders to purchase a participation therein). Further, such Lender shall be deemed to have assigned any and all payments made of principal and
interest on its Revolving Loans, and any other amounts due it hereunder, to the Swingline Lender to fund Swingline Loans in the amount of the participation in Swingline Loans that such Lender failed to purchase pursuant to this Section until such
amount has been purchased (as a result of such assignment or otherwise). 
  

	Section 2.4.	Rates and Payment of Interest on Loans. 

 (a) Rates. The Borrower promises to pay to the Administrative Agent for the account of each Lender interest on the unpaid principal amount of each Loan made by such Lender for the period from and
including the date of the making of such Loan to but excluding the date such Loan shall be paid in full, at the following per annum rates: 
 (i) during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus the Applicable Margin; and 

  
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 (ii) during such periods as such Loan is a LIBOR Loan, at LIBOR for such
Loan for the Interest Period therefor, plus the Applicable Margin. 
 Notwithstanding the foregoing, while an Event of Default exists,
the Borrower shall pay to the Administrative Agent for the account of each Lender and each Issuing Bank, as the case may be, interest at the Post-Default Rate on the outstanding principal amount of any Loan made by such Lender, on all Reimbursement
Obligations and on any other amount payable by the Borrower hereunder or under the Notes held by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable
Law). 
 (b) Payment of Interest. All accrued and unpaid interest on the outstanding principal amount of each Loan shall
be payable (i) monthly in arrears on the first day of each month, commencing with the first full calendar month occurring after the Effective Date and (ii) on any date on which the principal balance of such Loan is due and payable in full
(whether at maturity, due to acceleration or otherwise). Interest payable at the Post-Default Rate shall be payable from time to time on demand. All determinations by the Administrative Agent of an interest rate hereunder shall be conclusive and
binding on the Lenders and the Borrower for all purposes, absent manifest error. 
 (c) Borrower Information Used to
Determine Applicable Interest Rates. The parties understand that the applicable interest rate for the Obligations and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or
other information to be provided or certified to the Lenders by the Borrower or the Parent on behalf of the Borrower (the “Borrower Information”). If it is subsequently determined that any such Borrower Information was incorrect
(for whatever reason, including without limitation because of a subsequent restatement of earnings by the Borrower) at the time it was delivered to the Administrative Agent, and if the applicable interest rate or fees calculated for any period were
lower than they should have been had the correct information been timely provided, then, such interest rate and such fees for such period shall be automatically recalculated using correct Borrower Information. The Administrative Agent shall promptly
notify the Borrower in writing of any additional interest and fees due because of such recalculation, and the Borrower shall pay such additional interest or fees due to the Administrative Agent, for the account of each Lender, within five
(5) Business Days of receipt of such written notice. Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement, and this provision shall not in any way limit any of the Administrative
Agent’s, any Issuing Bank’s, or any Lender’s other rights under this Agreement. 
  

	Section 2.5.	Number of Interest Periods. 

 There may be no more than five (5) different Interest Periods for LIBOR Loans outstanding at the same time. 
  

	Section 2.6.	Repayment of Loans. 

 The
Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Revolving Loans on the Revolving Termination Date. 
  

	Section 2.7.	Prepayments. 

 (a)
Optional. Subject to Section 5.4., the Borrower may prepay any Loan at any time without premium or penalty. The Borrower shall give the Administrative Agent at least two (2) Business Day prior written notice of the prepayment of any
Loan. Each voluntary prepayment of Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof or, if less, the aggregate principal amount of Revolving Loans outstanding. 

  
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 (b) Mandatory. 

(i) Revolving Commitment Overadvance. If at any time the aggregate principal amount of all outstanding Revolving
Loans and Swingline Loans, together with the aggregate amount of all Letter of Credit Liabilities, exceeds the aggregate amount of the Revolving Commitments, the Borrower shall immediately upon demand pay to the Administrative Agent for the account
of the Lenders then holding Revolving Commitments (or if the Revolving Commitments have been terminated, then holding outstanding Revolving Loans, Swingline Loans and/or Letter of Credit Liabilities), the amount of such excess. 

(ii) Application of Mandatory Prepayments. Amounts paid under the preceding subsection (b)(i) shall be applied
to pay all amounts of principal outstanding on the Loans and any Reimbursement Obligations pro rata in accordance with Section 3.2. and if any Letters of Credit are outstanding at such time, the remainder, if any, shall be deposited into the
Letter of Credit Collateral Account for application to any Reimbursement Obligations. If the Borrower is required to pay any outstanding LIBOR Loans by reason of this Section prior to the end of the applicable Interest Period therefor, the Borrower
shall pay all amounts due under Section 5.4. 
  

	Section 2.8.	Continuation. 

 So long as
no Default or Event of Default exists, the Borrower may on any Business Day, with respect to any LIBOR Loan, elect to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. Each
Continuation of a LIBOR Loan shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and each new Interest Period selected under this Section shall commence on the last day of the
immediately preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than 11:00 a.m. Central time on the third Business Day prior to
the date of any such Continuation. Such notice by the Borrower of a Continuation shall be by telephone, promptly confirmed in writing, or by telecopy, electronic mail or other similar form of communication in the form of a Notice of Continuation,
specifying (a) the proposed date of such Continuation, (b) the LIBOR Loans and portions thereof subject to such Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is
necessary to comply with all limitations on Loans outstanding hereunder. Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the Administrative Agent shall
notify each Lender of the proposed Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, such Loan will automatically, on the last day of the current Interest
Period therefor, continue as a LIBOR Loan with an Interest Period of one month; provided, however that if a Default or Event of Default exists, such Loan will automatically, on the last day of the current Interest Period therefor, Convert into a
Base Rate Loan notwithstanding the first sentence of Section 2.9. or the Borrower’s failure to comply with any of the terms of such Section. 
  

	Section 2.9.	Conversion. 

 The Borrower
may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another
Type; provided, however, a Base Rate Loan 

  
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may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and
integral multiples of $100,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) Business Days prior to the date of any proposed Conversion. Promptly after receipt of a
Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone promptly confirmed in writing, or by telecopy,
electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be
Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on
the Borrower once given. 
  

	Section 2.10.	Notes. 

 (a) Notes.
The Revolving Loans made by each Revolving Lender shall, in addition to this Agreement, also be evidenced by a Revolving Note, payable to the order of such Revolving Lender in a principal amount equal to the amount of its Revolving Commitment as
originally in effect and otherwise duly completed. The Swingline Loans made by the Swingline Lender to the Borrower shall, in addition to this Agreement, also be evidenced by a Swingline Note payable to the order of the Swingline Lender. 

(b) Records. The date, amount, interest rate, Type and duration of Interest Periods (if applicable) of each Loan made by each
Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrower absent manifest error; provided, however, that (i) the failure of
a Lender to make any such record shall not affect the obligations of the Borrower under any of the Loan Documents and (ii) if there is a discrepancy between such records of a Lender and the statements of accounts maintained by the
Administrative Agent pursuant to Section 3.8., in the absence of manifest error, the statements of account maintained by the Administrative Agent pursuant to Section 3.8. shall be controlling. 

(c) Lost, Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of (i) written notice from a Lender that a Note
of such Lender has been lost, stolen, destroyed or mutilated, and (ii)(A) in the case of loss, theft or destruction, an unsecured agreement of indemnity from such Lender in form reasonably satisfactory to the Borrower, or (B) in the case
of mutilation, upon surrender and cancellation of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note dated the date of such lost, stolen, destroyed or mutilated Note. 

 

	Section 2.11.	Voluntary Reductions of the Revolving Commitment. 

 The Borrower shall have the right to terminate or reduce the aggregate unused amount of the Revolving Commitments (for which purpose use of the Revolving Commitments shall be deemed to include the
aggregate amount of all Letter of Credit Liabilities and the aggregate principal amount of all outstanding Swingline Loans) at any time and from time to time without penalty or premium upon not less than five (5) Business Days prior written
notice to the Administrative Agent of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction (which in the case of any partial reduction of the Revolving Commitments shall not
be less than $10,000,000 and integral multiples of $5,000,000 in excess of that amount in the aggregate) and shall be irrevocable once given and effective only upon receipt by the Administrative Agent (“Commitment Reduction
Notice”); provided, however, the Borrower may not reduce the aggregate amount of the Revolving Commitments below $50,000,000 unless the Borrower is terminating the Revolving Commitments in full. Promptly after receipt of a Commitment
Reduction Notice the Administrative 

  
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Agent shall notify each Lender of the proposed termination or Revolving Commitment reduction. The Revolving Commitments, once reduced or terminated pursuant to this Section, may not be increased
or reinstated. Upon the effective date of such reduction or termination, the Borrower shall pay all interest and fees on the Revolving Loans accrued to the date of such reduction or termination of the Revolving Commitments to the Administrative
Agent for the account of the Revolving Lenders, including but not limited to any applicable compensation due to each Revolving Lender in accordance with Section 5.4. 

 

	Section 2.12.	Extension of Revolving Termination Date. 

 The Borrower shall have the right, exercisable one time, to extend the Revolving Termination Date by one year. The Borrower may exercise such right only by executing and delivering to the Administrative
Agent at least thirty (30) days but not more than one hundred twenty (120) days prior to the current Revolving Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall
notify the Revolving Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Revolving Termination Date shall be extended for one year effective upon receipt by the
Administrative Agent of the Extension Request and payment of the fee referred to in the following clause (y): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default
shall exist and (B) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects on and as of the date
of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have
been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances not expressly prohibited under the Loan Documents and (y) the Borrower shall have paid the Fees payable under
Section 3.5.(d). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from the chief executive officer or chief
financial officer certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B). 
  

	Section 2.13.	Expiration Date of Letters of Credit Past Revolving Commitment Termination. 

If on the date the Revolving Commitments are terminated or reduced to zero (whether voluntarily, by reason of the occurrence of an Event
of Default or otherwise), there are any Letters of Credit outstanding hereunder, the Borrower shall, on such date, pay to the Administrative Agent, for its benefit and the benefit of the Lenders and the Issuing Banks, an amount of money sufficient
to cause the balance of available funds on deposit in the Letter of Credit Collateral Account to equal the aggregate Stated Amount of such Letters of Credit for deposit into the Letter of Credit Collateral Account. 

 

	Section 2.14.	Amount Limitations. 

Notwithstanding any other term of this Agreement or any other Loan Document, no Lender shall be required to make a Loan, no Issuing Bank
shall not be required to issue a Letter of Credit and no reduction of the Revolving Commitments pursuant to Section 2.11. shall take effect, if (a) immediately after the making of such Loan, the issuance of such Letter of Credit or such
reduction in the Revolving Commitments, or (b) the aggregate principal amount of all outstanding Revolving Loans and Swingline Loans, together with the aggregate amount of all Letter of Credit Liabilities, would exceed the aggregate amount of
the Revolving Commitments at such time. 

  
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	Section 2.15.	Funds Transfer Disbursements. 

 (a) Generally. The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates pursuant to the Loan Documents as
requested by an authorized representative of the Borrower to any of the accounts designated in the Transfer Authorizer Designation Form. The Borrower agrees to be bound by any transfer request: (i) authorized or transmitted by the Borrower; or
(ii) made in the Borrower’s name and accepted by the Administrative Agent in good faith and in compliance with these transfer instructions, even if not properly authorized by the Borrower. The Borrower further agrees and acknowledges that
the Administrative Agent may rely solely on any bank routing number or identifying bank account number or name provided by the Borrower to effect a wire or funds transfer even if the information provided by the Borrower identifies a different bank
or account holder than named by the Borrower. The Administrative Agent is not obligated or required in any way to take any actions to detect errors in information provided by the Borrower. If the Administrative Agent takes any actions in an attempt
to detect errors in the transmission or content of transfer requests or takes any actions in an attempt to detect unauthorized funds transfer requests, the Borrower agrees that no matter how many times the Administrative Agent takes these actions
the Administrative Agent will not in any situation be liable for failing to take or correctly perform these actions in the future and such actions shall not become any part of the transfer disbursement procedures authorized under this provision, the
Loan Documents, or any agreement between the Administrative Agent and the Borrower. The Borrower agrees to notify the Administrative Agent of any errors in the transfer of any funds or of any unauthorized or improperly authorized transfer requests
within fourteen (14) days after the Administrative Agent’s confirmation to the Borrower of such transfer. 
 (b)
Funds Transfer. The Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each transfer will be made. The Administrative Agent may delay or refuse to accept a funds transfer request if
the transfer would: (i) violate the terms of this authorization, (ii) require use of a bank unacceptable to the Administrative Agent or any Lender or prohibited by any Governmental Authority, (iii) cause the Administrative Agent or
any Lender to violate any Federal Reserve or other regulatory risk control program or guideline or (iv) otherwise cause the Administrative Agent or any Lender to violate any Applicable Law or regulation. 

(c) Limitation of Liability. None of the Administrative Agent, any Issuing Bank or any Lender shall be liable to the Borrower or
any other parties for (i) errors, acts or failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which the Borrower’s transfers may be made or information received or transmitted, and
no such entity shall be deemed an agent of the Administrative Agent, any Issuing Bank or any Lender, (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of government, labor
disputes, failures in communications networks, legal constraints or other events beyond the Administrative Agent’s, any Issuing Bank’s or any Lender’s control, or (iii) any special, consequential, indirect or punitive damages,
whether or not (x) any claim for these damages is based on tort or contract or (y) the Administrative Agent, any Issuing Bank, any Lender or the Borrower knew or should have known the likelihood of these damages in any situation. Neither
the Administrative Agent, any Issuing Bank nor any Lender makes any representations or warranties other than those expressly made in this Agreement. 
 ARTICLE III. PAYMENTS, FEES AND OTHER GENERAL PROVISIONS 
  

	Section 3.1.	Payments. 

 (a)
Payments by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts to be made by the Borrower under this Agreement, the Notes

  
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or any other Loan Document shall be made in Dollars, in immediately available funds, without setoff, deduction or counterclaim, to the Administrative Agent at the Principal Office, not later than
1:00 p.m. Central time on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Section 11.5., the Borrower
shall, at the time of making each payment under this Agreement or any other Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by the
Administrative Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the Administrative
Agent from time to time, for the account of such Lender at the applicable Lending Office of such Lender. Each payment received by the Administrative Agent for the account of any Issuing Bank under this Agreement shall be paid to such Issuing Bank by
wire transfer of immediately available funds in accordance with the wiring instructions provided by such Issuing Bank to the Administrative Agent from time to time, for the account of such Issuing Bank. In the event the Administrative Agent fails to
pay such amounts to such Lender or such Issuing Bank, as the case may be, within one Business Day of receipt of such amounts, the Administrative Agent shall pay interest on such amount until paid at a rate per annum equal to the Federal Funds Rate
from time to time in effect. If the due date of any payment under this Agreement or any other Loan Document would otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest shall
continue to accrue at the rate, if any, applicable to such payment for the period of such extension. 
 (b) Presumptions
Regarding Payments by Borrower. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or any Issuing Bank hereunder
that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may (but shall not be obligated to), in reliance upon such assumption, distribute to
the Lenders or any such Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or each such Issuing Bank, as the case may be, severally agrees to repay to the
Administrative Agent on demand that amount so distributed to such Lender or such Issuing Bank, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the
Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

 

	Section 3.2.	Pro Rata Treatment. 

Except to the extent otherwise provided herein: (a) each borrowing from the Revolving Lenders under Sections 2.1.(a), 2.2.(e)
and 2.3.(e) shall be made from the Revolving Lenders, each payment of the fees under Sections 3.5.(a), 3.5.(b), the first sentence of 3.5.(c), and 3.5.(d) shall be made for the account of the Revolving Lenders, and each termination or reduction
of the amount of the Revolving Commitments under Section 2.11. shall be applied to the respective Revolving Commitments of the Revolving Lenders, pro rata according to the amounts of their respective Revolving Commitments; (b) each payment
or prepayment of principal of Revolving Loans shall be made for the account of the Revolving Lenders pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans held by them, provided that, subject to
Section 3.9., if immediately prior to giving effect to any such payment in respect of any Revolving Loans the outstanding principal amount of the Revolving Loans shall not be held by the Revolving Lenders pro rata in accordance with their
respective Revolving Commitments in effect at the time such Revolving Loans were made, then such payment shall be applied to the Revolving Loans in such manner as shall result, as nearly as is practicable, in the outstanding principal amount of the
Revolving Loans being held by the Revolving Lenders pro rata in accordance with their respective Revolving Commitments; (c) each payment of interest on Revolving Loans shall be 

  
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made for the account of the Revolving Lenders pro rata in accordance with the amounts of interest on such Revolving Loans then due and payable to the respective Lenders; (d) the making,
Conversion and Continuation of Revolving Loans of a particular Type (other than Conversions provided for by Sections 5.1.(c) and 5.5.) shall be made pro rata among the Revolving Lenders according to the amounts of their respective Revolving
Loans and the then current Interest Period for each Lender’s portion of each such Loan of such Type shall be coterminous; (e) the Revolving Lenders’ participation in, and payment obligations in respect of, Swingline Loans under
Section 2.3., shall be in accordance with their respective Revolving Commitment Percentages; and (f) the Revolving Lenders’ participation in, and payment obligations in respect of, Letters of Credit under Section 2.2., shall be
in accordance with their respective Revolving Commitment Percentages. All payments of principal, interest, fees and other amounts in respect of the Swingline Loans shall be for the account of the Swingline Lender only (except to the extent any
Lender shall have acquired a participating interest in any such Swingline Loan pursuant to Section 2.3.(e), in which case such payments shall be pro rata in accordance with such participating interests). 

 

	Section 3.3.	Sharing of Payments, Etc. 

If a Lender shall obtain payment of any principal of, or interest on, any Loan made by it to the Borrower under this Agreement or shall
obtain payment on any other Obligation owing by the Borrower or any other Loan Party through the exercise of any right of set-off, banker’s lien, counterclaim or similar right or otherwise or through voluntary prepayments directly to a Lender
or other payments made by or on behalf the Borrower or any other Loan Party to a Lender (other than any payment in respect of Specified Derivatives Obligations) not in accordance with the terms of this Agreement and such payment should be
distributed to the Lenders in accordance with Section 3.2. or Section 11.5., as applicable, such Lender shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests
in) the Loans made by the other Lenders or other Obligations owed to such other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the Lenders shall share the benefit of such payment
(net of any reasonable expenses which may actually be incurred by such Lender in obtaining or preserving such benefit) in accordance with the requirements of Section 3.2. or Section 11.5., as applicable. To such end, all the Lenders shall
make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in
the Loans or other Obligations owed to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans in the
amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise and retain the benefits of exercising, any such right with respect to any other
indebtedness or obligation of the Borrower. 
  

	Section 3.4.	Several Obligations. 

 No
Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation
to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other obligation to be made or performed by such other Lender. 

  
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	Section 3.5.	Fees. 

 (a) Closing
Fee. On the Effective Date, the Borrower agrees to pay to the Administrative Agent and each Lender all loan fees as have been agreed to in writing by the Borrower and the Administrative Agent. 

(b) Unused Fees. During the period from the Effective Date to but excluding the Revolving Termination Date, the Borrower agrees to
pay to the Administrative Agent for the account of the Revolving Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Revolving Commitments exceeds the aggregate outstanding principal balance of
Revolving Loans and Letter of Credit Liabilities multiplied by the Unused Fee Rate. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this
Agreement and on the Revolving Termination Date or any earlier date of termination of the Revolving Commitments or reduction of the Revolving Commitments to zero. For the avoidance of doubt, for purposes of calculating an unused facility fee, the
outstanding principal balance of Swingline Loans shall not be factored into the computation. 
 (c) Letter of Credit
Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a letter of credit fee at a rate per annum equal to the Applicable Margin for LIBOR Loans times the daily average Stated Amount of each Letter
of Credit for the period from and including the date of issuance of such Letter of Credit (x) to and including the date such Letter of Credit expires or is cancelled or (y) to but excluding the date such Letter of Credit is drawn in full.
In addition to such fees, the Borrower shall pay to the applicable Issuing Bank solely for its own account, a fronting fee in respect of each Letter of Credit equal to one-eighth of one percent (0.125%) of the initial Stated Amount of such Letter of
Credit; provided, however, in no event shall the aggregate amount of such fee in respect of any Letter of Credit be less than $1,000. The fees provided for in this subsection shall be nonrefundable and payable, in the case of the fee
provided for in the first sentence, in arrears (i) quarterly on the first day of January, April, July and October, (ii) on the Revolving Termination Date, (iii) on the date the Revolving Commitments are terminated or reduced to zero
and (iv) thereafter from time to time on demand of the Administrative Agent and in the case of the fee provided for in the second sentence, at the time of issuance of such Letter of Credit. The Borrower shall pay directly to the applicable
Issuing Bank from time to time on demand all commissions, charges, costs and expenses in the amounts customarily charged or incurred by such Issuing Bank from time to time in like circumstances with respect to the issuance, amendment, renewal or
extension of any Letter of Credit or any other transaction relating thereto. 
 (d) Revolving Credit Extension Fee. If
the Borrower exercises its right to extend the Revolving Termination Date in accordance with Section 2.12., the Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a fee equal to two-tenths of one percent
(0.20%) of the amount of such Revolving Lender’s Revolving Commitment (whether or not utilized). Such fee shall be due and payable in full on the date the Administrative Agent receives the Extension Request pursuant to such Section. 

(e) Administrative and Other Fees. The Borrower agrees to pay the administrative and other fees of the Administrative Agent as may
be agreed to in writing from time to time by the Borrower and the Administrative Agent. 

  
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	Section 3.6.	Computations. 

 Unless
otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or any other Obligations due hereunder shall be computed on the basis of a year of 360 days and the actual number of days elapsed. 

 

	Section 3.7.	Usury. 

 In no event shall
the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by Applicable Law and, if any such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such
excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing that the Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that
the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under Applicable Law. The parties hereto hereby agree and stipulate that the
only charge imposed upon the Borrower for the use of money in connection with this Agreement is and shall be the interest specifically described in Section 2.4.(a)(i) through (iv) and, with respect to Swingline Loans, in
Section 2.3.(c). Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, facility fees, closing fees, letter of credit fees, underwriting fees, default charges, late charges, funding
or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any Lender to third parties or for damages incurred by the Administrative Agent or any Lender,
in each case, in connection with the transactions contemplated by this Agreement and the other Loan Documents, are charges made to compensate the Administrative Agent or any such Lender for underwriting or administrative services and costs or losses
performed or incurred, and to be performed or incurred, by the Administrative Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. All charges other than charges for
the use of money shall be fully earned and nonrefundable when due. 
  

	Section 3.8.	Statements of Account. 

The Administrative Agent will account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments
made pursuant to this Agreement and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive upon the Borrower absent manifest error. The failure of the Administrative Agent to deliver such a
statement of accounts shall not relieve or discharge the Borrower from any of its obligations hereunder. 
  

	Section 3.9.	Defaulting Lenders. 

Notwithstanding anything to the contrary contained in this Agreement, if any Revolving Lender becomes a Defaulting Lender, then, until
such time as such Revolving Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 
 (a)
Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Requisite Lenders. The rights and
remedies of the Borrower against a Defaulting Lender under this Section are in addition to any other rights and remedies Borrower may have against such Defaulting Lender under this Agreement, any of the Loan Documents, Applicable Law or otherwise.

 (b) Defaulting Lender Waterfall. Any payment of principal, interest, Fees or other amounts received by the
Administrative Agent for the account of such Defaulting Lender (whether voluntary or 

  
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mandatory, at maturity, pursuant to Article XI. or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 3.3. shall be applied at such time or
times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts
owing by such Defaulting Lender to the Issuing Banks or the Swingline Lender hereunder; third, to Cash Collateralize each Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender in accordance with subsection (e)
below; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as
determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future
funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize each Issuing Bank’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this
Agreement, in accordance with subsection (e) below; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any
Lender, any Issuing Bank or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the
payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or amounts owing by such
Defaulting Lender under Section 2.2.(j) in respect of Letters of Credit (such amounts “L/C Disbursements”), in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans
were made or the related Letters of Credit were issued at a time when the conditions set forth in Article VI. were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Disbursements owed to, all Non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letter of Credit Liabilities and Swingline
Loans are held by the Revolving Lenders pro rata in accordance with their respective Revolving Commitment Percentages (determined without giving effect to the immediately following subsection (d)). Any payments, prepayments or other amounts
paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this subsection shall be deemed paid to and redirected by such Defaulting Lender, and each Lender
irrevocably consents hereto. 
 (c) Certain Fees. 

(i) No Defaulting Lender shall be entitled to receive any Fee payable under Section 3.5.(b) for any period during
which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(ii) Each Defaulting Lender shall be entitled to receive letter of credit fees payable under Section 3.5.(c) for any
period during which that Lender is a Defaulting Lender only to the extent allocable to its Revolving Commitment Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to the immediately following
subsection (e). 
 (iii) With respect to any Fee that would have been required to be paid to any Defaulting
Lender but for the immediately preceding clauses (i) or (ii), the Borrower shall 

  
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(x) pay to each Non-Defaulting Lender that portion of any such Fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in Letter of Credit
Liabilities or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to the immediately following subsection (d), (y) pay to each Issuing Bank and Swingline Lender, as applicable, the amount of any such Fee
otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Bank’s or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such Fee.

 (d) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s
participation in Letter of Credit Liabilities and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Commitment Percentages (determined without regard to such Defaulting Lender’s
Revolving Commitment) but only to the extent that (x) the conditions set forth in Article VI. are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the
Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such
Non-Defaulting Lender’s Revolving Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Revolving Lender having become a Defaulting Lender,
including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 
 (e) Cash Collateral, Repayment of Swingline Loans. 
 (i) If
the reallocation described in the immediately preceding subsection (d) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay
Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (y) second, Cash Collateralize each Issuing Bank’s Fronting Exposure in accordance with the procedures set forth in this subsection. 

(ii) At any time that there shall exist a Defaulting Lender, within one (1) Business Day following the written
request of the Administrative Agent or the applicable Issuing Bank (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize such Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender (determined after
giving effect to the immediately preceding subsection (d) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the aggregate Fronting Exposure of such Issuing Bank with respect to Letters of Credit issued and
outstanding at such time. Such cash collateralization may be provided by a borrowing of Revolving Loans if the conditions precedent thereto are met. 
 (iii) The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to the Administrative Agent, for the benefit of all Issuing Banks, and agree to maintain, a
first priority security interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of Letter of Credit Liabilities, to be applied pursuant to the immediately following
clause (iv). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Banks as herein provided, or that the total amount of such
Cash Collateral is less than the aggregate Fronting Exposure of the Issuing Banks with respect to Letters of Credit issued and outstanding at such time, the 

  
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Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after
giving effect to any Cash Collateral provided by the Defaulting Lender). 
 (iv) Notwithstanding anything to the
contrary contained in this Agreement, Cash Collateral provided under this Section in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of Letter of Credit
Liabilities (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for
herein. 
 (v) Cash Collateral (or the appropriate portion thereof) provided to reduce any Issuing Bank’s
Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this subsection following (x) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the
applicable Revolving Lender), or (y) the determination by the Administrative Agent and such Issuing Bank that there exists excess Cash Collateral; provided that, subject to the immediately preceding subsection (b), the Person
providing Cash Collateral and such Issuing Bank may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligation. 
 (f) Defaulting Lender Cure. If the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Banks agree in writing that a Revolving Lender is no longer a Defaulting Lender, the
Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Revolving
Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded
participations in Letters of Credit and Swingline Loans to be held pro rata by the Revolving Lenders in accordance with their respective Revolving Commitment Percentages (determined without giving effect to the immediately preceding
subsection (d)), whereupon such Revolving Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to Fees accrued or payments made by or on behalf of the Borrower while that
Revolving Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Revolving Lender will constitute a
waiver or release of any claim of any party hereunder arising from that Revolving Lender’s having been a Defaulting Lender. 
 (g) New Swingline Loans/Letters of Credit. So long as any Revolving Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is
satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting
Exposure after giving effect thereto. 
  

	Section 3.10.	Taxes; Foreign Lenders. 

(a) Taxes Generally. All payments by the Borrower of principal of, and interest on, the Loans and all other Obligations shall be
made free and clear of and without deduction for any present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but
excluding (i) franchise taxes, (ii) any taxes (other than withholding taxes) that would not be imposed but for a connection between the Administrative Agent, an Issuing Bank or a Lender and the jurisdiction imposing such taxes (other than
a connection arising solely by virtue of the activities of the Administrative Agent, such Issuing Bank or 

  
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such Lender pursuant to or in respect of this Agreement or any other Loan Document), (iii) any taxes imposed on or measured by any Issuing Bank’s or any Lender’s net income or
branch profits, (iv) any taxes arising after the Agreement Date solely as a result of or attributable to a Lender changing its designated Lending Office after the date such Lender becomes a party hereto, and (v) any taxes imposed by
Sections 1471 through Section 1474 of the Internal Revenue Code (including any official interpretations thereof, collectively “FATCA”) on any “withholdable payment” payable to such recipient as a result of the failure
of such recipient to satisfy the applicable requirements as set forth in FATCA after December 31, 2012 (such non-excluded items being collectively called “Taxes”). If any withholding or deduction from any payment to be made by
the Borrower hereunder is required in respect of any Taxes pursuant to any Applicable Law, then the Borrower will: 
 (i) pay directly to the relevant Governmental Authority the full amount required to be so withheld or deducted; 
 (ii) promptly forward to the Administrative Agent an official receipt or other documentation satisfactory to the Administrative Agent evidencing such payment to such Governmental Authority; and

 (iii) pay to the Administrative Agent for its account or the account of the applicable Lender or the
applicable Issuing Bank, as the case may be, such additional amount or amounts as is necessary to ensure that the net amount actually received by the Administrative Agent, such Issuing Bank or such Lender will equal the full amount that the
Administrative Agent, such Issuing Bank or such Lender would have received had no such withholding or deduction been required. 

(b) Tax Indemnification. If the Borrower fails to pay any Taxes when due to the appropriate Governmental Authority or fails to
remit to the Administrative Agent, for its account or the account of respective Issuing Bank or respective Lender, as the case may be, the required receipts or other required documentary evidence, the Borrower shall indemnify the Administrative
Agent, the Issuing Banks and the Lenders for any incremental Taxes, interest or penalties that may become payable by the Administrative Agent, any Issuing Bank or any Lender as a result of any such failure. For purposes of this Section, a
distribution hereunder by the Administrative Agent or any Lender to or for the account of any Lender shall be deemed a payment by the Borrower. 
 (c) Tax Forms. Prior to the date that any Lender or Participant organized under the laws of a jurisdiction other than that in which the Borrower is a resident for tax purposes becomes a party
hereto, such Person shall deliver to the Borrower and the Administrative Agent such certificates, documents or other evidence, as required by the Internal Revenue Code or Treasury Regulations issued pursuant thereto (including Internal Revenue
Service Forms W-8ECI and W-8BEN, as applicable, or appropriate successor forms), properly completed, currently effective and duly executed by such Lender or Participant establishing that payments to it hereunder and under the Notes are
(i) not subject to United States Federal backup withholding tax and (ii) not subject to United States Federal withholding tax under the Internal Revenue Code. Each such Lender or Participant shall, to the extent it may lawfully do so,
(x) deliver further copies of such forms or other appropriate certifications on or before the date that any such forms expire or become obsolete and after the occurrence of any event requiring a change in the most recent form delivered to the
Borrower or the Administrative Agent and (y) obtain such extensions of the time for filing, and renew such forms and certifications thereof, as may be reasonably requested by the Borrower or the Administrative Agent. The Borrower shall not be
required to pay any amount pursuant to the last sentence of subsection (a) above to any Lender or Participant that is organized under the laws of a jurisdiction other than that in which the Borrower is a resident for tax purposes or the
Administrative Agent, if it is organized under the laws of a jurisdiction other than that in which the Borrower is a resident 

  
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for tax purposes, if such Lender, such Participant or the Administrative Agent, as applicable, fails to comply with the requirements of this subsection. If any such Lender or Participant, to the
extent it may lawfully do so, fails to deliver the above forms or other documentation, then the Administrative Agent may withhold from such payment to such Lender such amounts as are required by the Internal Revenue Code. If any Governmental
Authority asserts that the Administrative Agent did not properly withhold or backup withhold, as the case may be, any tax or other amount from payments made to or for the account of any Lender, such Lender shall indemnify the Administrative Agent
therefor (but only to the extent that the Borrower or any Loan Party has not already indemnified the Administrative Agent for such taxes and without limiting the obligation of the Borrower or the Loan Parties to do so), including all penalties and
interest, any taxes imposed by any jurisdiction on the amounts payable to the Administrative Agent under this Section, and reasonable costs and expenses (including all reasonable fees and disbursements of any law firm or other external counsel and
the allocated cost of internal legal services and all disbursements of internal counsel) of the Administrative Agent. The obligation of the Lenders under this Section shall survive the termination of the Commitments, repayment of all Obligations and
the resignation or replacement of the Administrative Agent. 
 (d) USA Patriot Act Notice; Compliance. In order for the
Administrative Agent to comply with the USA Patriot Act of 2001 (Public Law 107-56), prior to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the
Administrative Agent may request, and such Lender or Participant shall provide to the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the Administrative Agent
to comply with federal law. 
 (e) Treatment of Certain Refunds. If any party determines, in its sole discretion
exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.10. (including by the payment of additional amounts pursuant to this Section 3.10.), it shall pay to the
indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 3.10. with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such
indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the
amount paid over pursuant to this paragraph (e) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (e) in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (e) the payment of which would place the
indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to
require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

ARTICLE IV. [RESERVED]. 
 ARTICLE V. YIELD PROTECTION, ETC. 
  

	Section 5.1.	Additional Costs; Capital Adequacy. 

 (a) Capital Adequacy. If any Lender or any Participant determines that compliance with any law or regulation or with any guideline or request from any central bank or other Governmental Authority
(whether or not having the force of law) affects or would affect the amount of capital required or expected 

  
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to be maintained by such Lender or such Participant, or any corporation controlling such Lender or such Participant, as a consequence of, or with reference to, such Lender’s Commitments or
its making or maintaining Loans or participating in Letters of Credit below the rate which such Lender or such Participant or such corporation controlling such Lender or such Participant could have achieved but for such compliance (taking into
account the policies of such Lender or such Participant or such corporation with regard to capital), then the Borrower shall, from time to time, within thirty (30) days after written demand by such Lender or such Participant, pay to such Lender
or such Participant additional amounts sufficient to compensate such Lender or such Participant or such corporation controlling such Lender or such Participant to the extent that such Lender or such Participant determines such increase in capital is
allocable to such Lender’s or such Participant’s obligations hereunder. 
 (b) Additional Costs. In addition
to, and not in limitation of the immediately preceding subsection, the Borrower shall promptly pay to the Administrative Agent for the account of a Lender from time to time such amounts as such Lender may determine to be necessary to compensate such
Lender for any costs incurred by such Lender that it determines are attributable to its making or maintaining of any LIBOR Loans or its obligation to make any LIBOR Loans hereunder, any reduction in any amount receivable by such Lender under this
Agreement or any of the other Loan Documents in respect of any of such LIBOR Loans or such obligation or the maintenance by such Lender of capital or liquidity in respect of its LIBOR Loans or its Commitments (such increases in costs and reductions
in amounts receivable being herein called “Additional Costs”), resulting from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such Lender under this Agreement or any of the other Loan
Documents in respect of any of such LIBOR Loans or its Commitments (other than taxes imposed on or measured by the overall net income of such Lender or of its Lending Office for any of such LIBOR Loans by the jurisdiction in which such Lender has
its principal office or such Lending Office), or (ii) imposes or modifies any reserve, special deposit or similar requirements (other than Regulation D of the Board of Governors of the Federal Reserve System or other similar reserve
requirement applicable to any other category of liabilities or category of extensions of credit or other assets by reference to which the interest rate on LIBOR Loans is determined to the extent utilized when determining LIBOR for such Loans)
relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, or other credit extended by, or any other acquisition of funds by such Lender (or its parent corporation), or any commitment of such Lender
(including, without limitation, the Commitments of such Lender hereunder) or (iii) has or would have the effect of reducing the rate of return on capital of such Lender to a level below that which such Lender could have achieved but for such
Regulatory Change (taking into consideration such Lender’s policies with respect to capital adequacy and liquidity). 
 (c)
Lender’s Suspension of LIBOR Loans. Without limiting the effect of the provisions of the immediately preceding subsections (a) and (b), if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based
on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities of such Lender that includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this
Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR Loans or (ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so
elects by notice to the Borrower (with a copy to the Administrative Agent), the obligation of such Lender to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended until such Regulatory Change ceases to be in effect (in
which case the provisions of Section 5.5. shall apply). 
 (d) Additional Costs in Respect of Letters of Credit.
Without limiting the obligations of the Borrower under the preceding subsections of this Section (but without duplication), if as a result of any Regulatory Change or any risk-based capital guideline or other requirement hereafter issued by any
Governmental Authority there shall be imposed, modified or deemed applicable after the Agreement Date, any tax, reserve, special deposit, capital adequacy or similar requirement against or with respect to

  
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or measured by reference to Letters of Credit and the result shall be to increase the cost to the applicable Issuing Bank of issuing (or any Lender of purchasing participations in) or maintaining
its obligation hereunder to issue (or purchase participations in) any Letter of Credit or reduce any amount receivable by any Issuing Bank or any Lender hereunder in respect of any Letter of Credit, then, upon demand by such Issuing Bank or such
Lender, the Borrower shall pay promptly to such Issuing Bank or, in the case of such Lender, to the Administrative Agent for the account of such Lender, from time to time as specified by such Issuing Bank or such Lender, such additional amounts as
shall be sufficient to compensate such Issuing Bank or such Lender for such increased costs or reductions in amount. 
 (e)
Notification and Determination of Additional Costs. Each of the Administrative Agent, each Issuing Bank, each Lender, and each Participant, as the case may be, agrees to notify the Borrower of any event occurring after the Agreement Date
entitling the Administrative Agent, such Issuing Bank, such Lender or such Participant to compensation under any of the preceding subsections of this Section as promptly as practicable; provided, however, that the failure of the Administrative
Agent, any Issuing Bank, any Lender or any Participant to give such notice shall not release the Borrower from any of its obligations hereunder (and in the case of a Lender, to the Administrative Agent). The Administrative Agent, each Issuing Bank,
each Lender and each Participant, as the case may be, agrees to furnish to the Borrower (and in the case of an Issuing Bank, a Lender or a Participant to the Administrative Agent as well) a certificate setting forth the basis and amount of each
request for compensation under this Section. Determinations by the Administrative Agent, such Issuing Bank, such Lender, or such Participant, as the case may be, of the effect of any Regulatory Change shall be conclusive and binding for all
purposes, absent manifest error and provided that such determinations are made on a reasonable basis and in good faith. Notwithstanding anything to the contrary contained in the preceding subsections of this Section 5.1., the Borrower shall not
be required to compensate any Lender or any Participant for any such increased costs or reduced return incurred by such Lender or Participant more than one hundred eighty (180) days prior to such Lender’s or Participant’s written
request to the Borrower for such compensation (except that if the event giving rise to the increased costs or reduced return is retroactive, then the one hundred eighty (180) day period referred to above shall be extended to include the period
of retroactive effect thereof). 
  

	Section 5.2.	Suspension of LIBOR Loans. 

Anything herein to the contrary notwithstanding, if, on or prior to the determination of LIBOR for any Interest Period: 

(a) the Administrative Agent reasonably determines (which determination shall be conclusive) that quotations of interest
rates for the relevant deposits referred to in the definition of LIBOR are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Loans as provided herein or is otherwise
unable to determine LIBOR; or 
 (b) the Administrative Agent reasonably determines (which determination shall be
conclusive) that the relevant rates of interest referred to in the definition of LIBOR upon the basis of which the rate of interest for LIBOR Loans for such Interest Period is to be determined are not likely to adequately cover the cost to any
Lender of making or maintaining LIBOR Loans for such Interest Period; 
 then the Administrative Agent shall give the Borrower and each Lender
prompt notice thereof and, so long as such condition remains in effect, the Lenders shall be under no obligation to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrower shall, on the
last day of each current Interest Period for each outstanding LIBOR Loan, either prepay such Loan or Convert such Loan into a Base Rate Loan. 

  
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	Section 5.3.	Illegality. 

Notwithstanding any other provision of this Agreement, if any Lender shall determine (which determination shall be conclusive and binding)
that it is unlawful for such Lender to honor its obligation to make or maintain LIBOR Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy of such notice to the Administrative Agent) and such Lender’s
obligation to make or Continue, or to Convert Loans of any other Type into, LIBOR Loans shall be suspended until such time as such Lender may again make and maintain LIBOR Loans (in which case the provisions of Section 5.5. shall be
applicable). 
  

	Section 5.4.	Compensation. 

 The
Borrower shall pay to the Administrative Agent for the account of each Lender, upon the request of the Administrative Agent, such amount or amounts as the Administrative Agent shall determine in its sole discretion shall be sufficient to compensate
such Lender for any loss, cost or expense attributable to: 
 (a) any payment or prepayment (whether mandatory or
optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such Lender for any reason (including, without limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or 

(b) any failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable
conditions precedent specified in Article 6.2. to be satisfied) to borrow a LIBOR Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such
Conversion or Continuation. 
 Upon the Borrower’s request, the Administrative Agent shall provide the Borrower with a statement setting
forth the basis for requesting such compensation and the method for determining the amount thereof. Any such statement shall be conclusive absent manifest error. 
  

	Section 5.5.	Treatment of Affected Loans. 

 If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. or
Section 5.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c),
Section 5.2., or Section 5.3. on such earlier date as such Lender may specify to the Borrower with a copy to the Administrative Agent) and, unless and until such Lender gives notice as provided below that the circumstances specified in
Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion no longer exist: 

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

  
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 (b) all Loans that would otherwise be made or Continued by such Lender as
LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. 
 If such Lender gives notice to the Borrower (with a copy to the Administrative Agent) that the circumstances specified in Section 5.1.(c) or 5.3. that gave rise to the Conversion of such
Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate
Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans
and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments. 
  

	Section 5.6.	Affected Lenders. 

 If
(a) a Lender requests compensation pursuant to Section 3.10. or 5.1., and the Requisite Lenders are not also doing the same, or (b) the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into,
LIBOR Loans shall be suspended pursuant to Section 5.1.(b) or 5.3. but the obligation of the Requisite Lenders shall not have been suspended under such Sections, or (c) a Lender does not vote in favor of any amendment, modification or
waiver to this Agreement or any other Loan Document, which, pursuant to Section 13.7, requires the vote of such Lender, and the Requisite Lenders shall have voted in favor of such amendment, modification or waiver, then, so long as there does
not then exist any Default or Event of Default, the Borrower may demand that such Lender (the “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Commitment to an Eligible Assignee subject to and
in accordance with the provisions of Section 13.6.(b) for a purchase price equal to (x) the aggregate principal balance of all Loans then owing to the Affected Lender, plus (y) the aggregate amount of payments previously made
by the Affected Lender under Section 2.2.(j) that have not been repaid, plus (z) any accrued but unpaid interest thereon and accrued but unpaid fees owing to the Affected Lender, or any other amount as may be mutually agreed upon by
such Affected Lender and Eligible Assignee. Each of the Administrative Agent and the Affected Lender shall reasonably cooperate in effectuating the replacement of such Affected Lender under this Section, but at no time shall the Administrative
Agent, such Affected Lender nor any other Lender nor any Titled Agent be obligated in any way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its rights under this Section
shall be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent, the Affected Lender or any of the other Lenders. The terms of this Section shall not in any way limit the Borrower’s obligation to pay
to any Affected Lender compensation owing to such Affected Lender pursuant to this Agreement (including, without limitation, pursuant to Sections 3.10., 5.1. or 5.4.) with respect to any period up to the date of replacement. 

 

	Section 5.7.	Change of Lending Office. 

Each Lender agrees that it will use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to
designate an alternate Lending Office with respect to any of its Loans affected by the matters or circumstances described in Sections 3.10., 5.1. or 5.3. to reduce the liability of the Borrower or avoid the results provided thereunder, so long
as such designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in the United States of America. 

  
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	Section 5.8.	Assumptions Concerning Funding of LIBOR Loans. 

 Calculation of all amounts payable to a Lender under this Article shall be made as though such Lender had actually funded LIBOR Loans through the purchase of deposits in the relevant market bearing
interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the relevant Interest Period; provided, however, that each Lender may fund each of its LIBOR Loans in any
manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article. 

ARTICLE VI. CONDITIONS PRECEDENT 
  

	Section 6.1.	Initial Conditions Precedent. 

 The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the issuance of a Letter of Credit, is subject to the satisfaction
or waiver of the following conditions precedent: 
 (a) The Administrative Agent shall have received each of the following, in
form and substance satisfactory to the Administrative Agent: 
 (i) counterparts of this Agreement executed by
each of the parties hereto; 
 (ii) Revolving Notes executed by the Borrower, payable to each applicable Lender
and complying with the terms of Section 2.10.(a) and the Swingline Note executed by the Borrower; 
 (iii)
the Guaranty executed by each of the Guarantors initially to be a party thereto; 
 (iv) an opinion of Pillsbury
Winthrop Shaw Pittman LLP, counsel to the Parent, the Borrower and the other Loan Parties, addressed to the Administrative Agent and the Lenders and in a form acceptable to the Administrative Agent; 

(v) the certificate or articles of incorporation or formation, articles of organization, certificate of limited
partnership, declaration of trust or other comparable organizational instrument (if any) of each Loan Party certified as of a recent date by the Secretary of State of the state of formation of such Loan Party; 

(vi) a certificate of good standing (or certificate of similar meaning) with respect to each Loan Party issued as of a
recent date by the Secretary of State of the state of formation of each such Loan Party and certificates of qualification to transact business or other comparable certificates issued as of a recent date by each Secretary of State (and any state
department of taxation, as applicable) of each state in which such Loan Party is required to be so qualified and where failure to be so qualified could reasonably be expected to have a Material Adverse Effect; 

(vii) a certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar
functions) of each Loan Party with respect to each of the officers of such Loan Party authorized to execute and deliver the Loan Documents to which such Loan Party is a party, and in the case of the Borrower, authorized to execute and deliver on
behalf of the Borrower Notices of Borrowing, Notices of Swingline Borrowing, requests for Letters of Credit, Notices of Conversion and Notices of Continuation; 

  
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 (viii) copies certified by the Secretary or Assistant Secretary (or other
individual performing similar functions) of each Loan Party of (A) the by-laws of such Loan Party, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or
other comparable document in the case of any other form of legal entity and (B) all corporate, partnership, member or other necessary action taken by such Loan Party to authorize the execution, delivery and performance of the Loan Documents to
which it is a party; 
 (ix) a Compliance Certificate calculated on a pro forma basis for the Borrower’s
fiscal year ending December 31, 2011; 
 (x) a Transfer Authorizer Designation Form effective as of the
Agreement Date; 
 (xi) evidence that all indebtedness, liabilities or obligations owing by the Loan Parties
under the Existing Credit Agreement shall have been paid in full and all Liens securing such indebtedness, liabilities or other obligations have been released; 
 (xii) evidence that the Fees, if any, then due and payable under Section 3.5., together with all other fees, expenses and reimbursement amounts due and payable to the Administrative Agent and any of
the Lenders, including without limitation, the fees and expenses of counsel to the Administrative Agent, have been paid; 
 (xiii) insurance certificates, or other evidence, providing that the insurance coverage required under Section 8.5. (including, without limitation, both property and liability insurance) is in full
force and effect; 
 (xiv) the duly executed Officer’s Certificate; and 

(xv) such other documents, agreements and instruments as the Administrative Agent, or any Lender through the
Administrative Agent, may reasonably request. 
 (b) In the good faith judgment of the Administrative Agent: 

(i) there shall not have occurred or become known to the Administrative Agent or any of the Lenders any event, condition,
situation or status since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning the Borrower and its Subsidiaries delivered to the Administrative Agent and the Lenders prior
to the Agreement Date that has had or could reasonably be expected to result in a Material Adverse Effect; 

(ii) no litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending
or threatened which could reasonably be expected to (A) result in a Material Adverse Effect or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect, the ability of the Borrower or
any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; 
 (iii) the
Borrower and its Subsidiaries shall have received all approvals, consents and waivers, and shall have made or given all necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of
any default under, conflict with or violation of (A) any Applicable Law or (B) any agreement, document or instrument to which any Loan Party is a party or by which any of them or their respective

  
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properties is bound, except for such approvals, consents, waivers, filings and notices the receipt, making or giving of which could not reasonably be likely to (A) have a Material Adverse
Effect, or (B) restrain or impose materially burdensome conditions on, or otherwise materially and adversely effect the ability of the Borrower or any Loan Party to fulfill its obligations under the Loan Documents to which it is a Party;

 (iv) the Borrower and each other Loan Party shall have provided all information requested by the
Administrative Agent and each Lender in order to comply with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)); and 
 (v) there shall not have occurred or exist any other material disruption of financial or capital markets that could reasonably be expected to materially and adversely affect the transactions contemplated
by the Loan Documents. 
  

	Section 6.2.	Conditions Precedent to All Loans and Letters of Credit. 

 The obligations of (i) the Lenders to make any Loans and (ii) the Issuing Banks to issue Letters of Credit are each subject to the further conditions precedent that: (a) no Default or Event
of Default shall exist as of the date of the making of such Loan or date of issuance of such Letter of Credit or would exist immediately after giving effect thereto, and no violation of the limits described in Section 2.14. would occur after
giving effect thereto; (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the
case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of the making of such Loan or date of issuance of such Letter of Credit
with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and
correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for
changes in factual circumstances not expressly prohibited hereunder and (c) in the case of the borrowing of Revolving Loans, the Administrative Agent shall have received a timely Notice of Borrowing, or in the case of a Swingline Loan, the
Swingline Lender shall have received a timely Notice of Swingline Borrowing. Each Credit Event shall constitute a certification by the Borrower to the effect set forth in the preceding sentence (both as of the date of the giving of notice relating
to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event). In addition, the Borrower shall be deemed to have represented
to the Administrative Agent and the Lenders at the time any Loan is made or any Letter of Credit is issued that all conditions to the making of such Loan or issuing of such Letter of Credit contained in this Article VI. have been satisfied.
Unless set forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a certification by such Lender to the Administrative Agent and the other Lenders that the conditions precedent for initial Loans set forth in
Sections 6.1. and 6.2. that have not previously been waived by the Lenders in accordance with the terms of this Agreement have been satisfied. 
 ARTICLE VII. REPRESENTATIONS AND WARRANTIES 
  

	Section 7.1.	Representations and Warranties. 

 In order to induce the Administrative Agent and each Lender to enter into this Agreement and to make Loans and, in the case of each Issuing Bank, to issue Letters of Credit, the Borrower represents and
warrants to the Administrative Agent, each Issuing Bank and each Lender as follows: 
 (a) Organization; Power;
Qualification. Each of the Parent and the Borrower, the other Loan Parties and the other Subsidiaries of the Borrower is a corporation, partnership or other legal entity, duly organized or formed, validly existing and in good standing under the
jurisdiction of its incorporation or formation, has the power and authority to own or lease its respective properties and to carry on its respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good
standing as a foreign corporation, partnership or other legal entity, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization and where
the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect. 

  
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 (b) Ownership Structure. Part I of Schedule 7.1.(b) is, as of the Agreement
Date, a complete and correct list of all Subsidiaries of the Parent setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding any Equity Interest in such Subsidiary,
(iii) the nature of the Equity Interests held by each such Person and (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests. As of the Agreement Date, except as disclosed in such Schedule (A), each
of the Parent, the Borrower and the Subsidiaries of the Borrower owns, free and clear of all Liens (except Permitted Liens under clauses (c) through (f) of the definition thereof), and has the unencumbered right to vote, all outstanding
Equity Interests in each Person shown to be held by it on such Schedule, (B) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable and (C) there are
no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or
outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any type in, any such Person. As of the Agreement Date, Part II of Schedule 7.1.(b) correctly sets
forth all Unconsolidated Affiliates of the Parent, including the correct legal name of such Person, the type of legal entity which each such Person is, and all Equity Interests in such Person held directly or indirectly by the Parent. 

(c) Authorization of Loan Documents and Borrowings. The Borrower has the right and power, and has taken all necessary action to
authorize it, to borrow and obtain other extensions of credit hereunder. Each of the Parent and the Borrower and each other Loan Party has the right and power, and has taken all necessary action to authorize it, to execute, deliver and perform each
of the Loan Documents to which it is a party in accordance with their respective terms and to consummate the transactions contemplated hereby and thereby. The Loan Documents to which the Parent, the Borrower or any other Loan Party is a party have
been duly executed and delivered by the duly authorized officers of such Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as the same may be
limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or
therein and as may be limited by equitable principles generally. 
 (d) Compliance of Loan Documents with Laws. The
execution, delivery and performance of this Agreement, the other Loan Documents to which any Loan Party is a party in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and will not, by the
passage of time, the giving of notice, or both: (i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to the Parent, the Borrower or any other Loan Party; (ii) conflict with, result
in a breach of or constitute a default under the organizational documents of any Loan Party, or any indenture, agreement or other instrument to which the Parent, the Borrower or any other Loan Party is a party or by which it or any of its respective
properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or to be hereafter acquired by any Loan Party other than the set off rights described herein in favor
of the Administrative Agent for its benefit and the benefit of the Lenders and the Issuing Banks. 

  
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 (e) Compliance with Law; Governmental Approvals. Each of the Parent, the Borrower,
the other Loan Parties and the other Subsidiaries of the Borrower is in compliance with each Governmental Approval and all other Applicable Laws relating to it except for noncompliances which, and Governmental Approvals the failure to possess which,
could not, individually or in the aggregate, reasonably be expected to cause a Default or Event of Default or have a Material Adverse Effect. 
 (f) Title to Properties; Liens. Schedule 7.1.(f) is, as of the Agreement Date, a complete and correct listing of all real estate assets of the Borrower, each other Loan Party and each other
Subsidiary of the Borrower, setting forth, for each such Property, the current occupancy status of such Property and whether such Property is a Development Property and, if such Property is a Development Property, the status of completion of such
Property. Each of the Borrower and each Subsidiary of the Borrower has good, marketable and legal title to, or a valid leasehold interest in, its respective assets. 
 (g) Existing Indebtedness; Total Indebtedness. Part I of Schedule 7.1.(g) is, as of the Agreement Date, a complete and correct listing of all Indebtedness (including all Guarantees other than
guarantees of customary nonrecourse carveouts) of each of the Borrower, and the Subsidiaries of the Borrower, and if such Indebtedness is secured by any Lien, a description of all of the property subject to such Lien. As of the Agreement Date, each
of the Borrower, the other Loan Parties and the other Subsidiaries of the Borrower have performed and are in compliance with all of the terms of such Indebtedness and all instruments and agreements relating thereto in all material respects, and no
material default or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute a material default or event of default, exists with respect to any such Indebtedness. Part II of
Schedule 7.1.(g) is, as of the Agreement Date, a complete and correct listing of all Total Indebtedness of the Borrower, the other Loan Parties and the other Subsidiaries of the Parent (excluding any Indebtedness set forth on Part I of such
Schedule). 
 (h) Material Contracts. Schedule 7.1.(h) is, as of the Agreement Date, a true, correct and complete
listing of all Material Contracts (other than Tenant Leases). Each of the Borrower, the other Loan Parties and the other Subsidiaries of the Borrower that is party to any Material Contract has performed and is in compliance in all material respects
with all of the terms of such Material Contract, and no default or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute such a default or event of default, exists with respect to any
such Material Contract to the extent any such default or event of default could reasonably be expected to have a Material Adverse Effect. 
 (i) Litigation. Except as set forth on Schedule 7.1.(i), there are no actions, suits or proceedings pending (nor, to the knowledge of any Loan Party, are there any actions, suits or
proceedings threatened, nor is there any basis therefor) against or in any other way relating adversely to or affecting the Parent, the Borrower, any other Loan Party, any other Subsidiary of the Parent or any of their respective property in any
court or before any arbitrator of any kind or before or by any other Governmental Authority which, (i) could reasonably be expected to have a Material Adverse Effect or (ii) in any manner draws into question the validity or enforceability
of any Loan Document. As of the Agreement Date, there are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to, the Parent, the Borrower, any Loan Party or any other Subsidiary of the
Parent. 
 (j) Taxes. All federal, state and other tax returns of each of the Parent, the Borrower, each other Loan Party
and each other Subsidiary of the Borrower required by Applicable Law to be filed have 

  
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been duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon, each of the Parent, the Borrower, each Loan Party, each other Subsidiary of the
Parent and their respective properties, income, profits and assets which are due and payable have been paid, except any such nonpayment or non-filing which is at the time permitted under Section 8.6. As of the Agreement Date, none of the United
States income tax returns of the Parent, the Borrower, any other Loan Party or any other Subsidiary of the Parent is under audit. All charges, accruals and reserves on the books of the Parent, the Borrower, the other Loan Parties and the other
Subsidiaries of the Parent in respect of any taxes or other governmental charges are in accordance with GAAP. 
 (k)
Financial Statements. The Borrower has furnished to the Administrative Agent copies of (i) (x) the audited consolidated balance sheet of the Parent and its consolidated Subsidiaries for the fiscal years ended December 31, 2010 and
December 31, 2011 and (y) the unaudited consolidated balance sheet of the Parent and its consolidated Subsidiaries for the fiscal quarter and the portion of the fiscal year ended March 31, 2012, and (ii) the related audited or
unaudited, as applicable, consolidated statements of operations, shareholders’ equity and cash flow for the fiscal years and fiscal quarter ended on such dates, with, in the case of such annual financial statements, the opinion thereon of
Ernst & Young LLP. Such financial statements (including in each case related schedules and notes) are complete and correct in all material respects and present fairly, in accordance with GAAP consistently applied throughout the periods
involved, the consolidated financial position of the Parent and its consolidated Subsidiaries as at their respective dates and the results of operations and the cash flow for such periods (subject, as to interim statements, to changes resulting from
normal year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (i)(y) above). None of the Parent, the Borrower or any of their respective Subsidiaries has on the Agreement Date any material
contingent liabilities, liabilities for taxes, unusual or long-term commitments or unrealized or forward anticipated losses from any unfavorable commitments that would be required to be set forth in its financial statements or notes thereto pursuant
to GAAP, except as referred to or reflected or provided for in said financial statements. 
 (l) No Material Adverse
Change. Since December 31, 2011, there has been no event, change, circumstance or occurrence that could reasonably be expected to have a Material Adverse Effect. Each of the Parent, the Borrower, the other Loan Parties and the other
Subsidiaries of the Borrower is Solvent. 
 (m) ERISA. 

(i) Except as could not reasonably be expected, individually or in the aggregate to have a Material Adverse Effect, each
Benefit Arrangement is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and other Applicable Laws. Except with respect to Multiemployer Plans, each Qualified Plan (A) has received a favorable determination from
the Internal Revenue Service applicable to such Qualified Plan’s current remedial amendment cycle (as defined in Revenue Procedure 2007-44 or “2007-44” for short), (B) has timely filed for a favorable determination letter from
the Internal Revenue Service during its staggered remedial amendment cycle (as defined in 2007-44) and such application is currently being processed by the Internal Revenue Service, (C) had filed for a determination letter prior to its
“GUST remedial amendment period” (as defined in 2007-44) and received such determination letter and the staggered remedial amendment cycle first following the GUST remedial amendment period for such Qualified Plan has not yet expired, or
(D) is maintained under a preapproved plan and may rely upon a favorable opinion letter issued by the Internal Revenue Service with respect to such preapproved plan. To the best knowledge of the Borrower, as of the Agreement Date, nothing has
occurred which would cause the loss of its reliance on each Qualified Plan’s favorable determination letter or opinion letter. 

  
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 (ii) With respect to any Benefit Arrangement that is a retiree welfare
benefit arrangement, all amounts have been accrued on the applicable ERISA Group’s financial statements in accordance with FASB ASC 715. The “benefit obligation” of all Plans does not exceed the “fair market value of plan
assets” for such Plans by more than $10,000,000 all as determined by and with such terms defined in accordance with FASB ASC 715. 
 (iii) Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) no ERISA Event has occurred or is expected to occur; (ii) there are no
pending, or to the best knowledge of the Borrower, threatened, claims, actions or lawsuits or other action by any Governmental Authority, plan participant or beneficiary with respect to a Benefit Arrangement; (iii) there are no violations of
the fiduciary responsibility rules with respect to any Benefit Arrangement; and (iv) no member of the ERISA Group has engaged in a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of
the Internal Revenue Code, in connection with any Plan, that would subject any member of the ERISA Group to a tax on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the Internal Revenue Code. 

(n) Absence of Default. None of the Loan Parties or any of the other Subsidiaries of Borrower is in default under its certificate
or articles of incorporation or formation, bylaws, partnership agreement or other similar organizational documents, and no event has occurred, which has not been remedied, cured or waived: (i) which constitutes a Default or an Event of Default;
or (ii) which constitutes, or which with the passage of time, the giving of notice, or both, would constitute, a default or event of default by, any Loan Party or any other Subsidiary under any agreement (other than this Agreement) or judgment,
decree or order to which any such Person is a party or by which any such Person or any of its respective properties may be bound where such default or event of default could, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 (o) Environmental Laws. Each of the Borrower, each other Loan Party and each other Subsidiary
of the Borrower: (i) is in compliance with all Environmental Laws applicable to its business, operations and the Properties owned or operated by it, (ii) has obtained all Governmental Approvals which are required under Environmental Laws,
and each such Governmental Approval is in full force and effect, and (iii) is in compliance with all terms and conditions of such Governmental Approvals, where with respect to each of the immediately preceding clauses (i) through
(iii) the failure to obtain or to comply with the same could (either individually or in the aggregate) reasonably be expected to have a Material Adverse Effect. Except for any of the following matters that could not (either individually or in
the aggregate) reasonably be expected to have a Material Adverse Effect, the Borrower does not have knowledge of, and has not received notice of, any past, present, or pending releases, events, conditions, circumstances, activities, practices,
incidents, facts, occurrences, actions, or plans that, with respect to the Borrower, any Loan Party or any other Subsidiary of the Borrower, their respective businesses, operations or with respect to the Properties, may: (x) cause or contribute
to an actual or alleged violation of or noncompliance with Environmental Laws, (y) cause or contribute to any other potential common-law or legal claim or other liability, or (z) cause any of the Properties to become subject to any
restrictions on ownership, occupancy, use or transferability under any Environmental Law adversely affecting use or value or require the filing or recording of any notice, approval or disclosure document under any Environmental Law and, with respect
to the immediately preceding clauses (x) through (z) is based on or related to the on-site or off-site manufacture, generation, processing, distribution, use, treatment, storage, disposal, transport, removal, clean up or handling, or the
emission, discharge, release or threatened release of any wastes or Hazardous Material, or any other requirement under Environmental Law. As of the Agreement Date, there is no civil, criminal, or administrative action, suit, demand, claim, hearing,
notice, or demand letter, mandate, order, lien, request, investigation, or proceeding pending or, to the Borrower’s knowledge, threatened, against the Borrower, any other Loan Party or any other Subsidiary of the

  
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Borrower with respect to any alleged violation of or liability under Environmental Laws which reasonably could be expected to have a Material Adverse Effect. None of the Properties is listed on
or proposed for listing on the National Priority List promulgated pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and its implementing regulations, or any state or local priority list promulgated pursuant
to any analogous state or local law, to the extent any such listing could reasonably be expected to have a Material Adverse Effect. 
 (p) Investment Company. None of the Borrower, any other Loan Party or any other Subsidiary of the Borrower is (i) an “investment company” or a company “controlled” by an
“investment company” within the meaning of the Investment Company Act of 1940, as amended, or (ii) subject to any other Applicable Law which purports to regulate or restrict its ability to borrow money or obtain other extensions of
credit or to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party. 
 (q) Margin Stock. None of the Borrower or any Subsidiary of the Borrower is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether
immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System. 

(r) Affiliate Transactions. Except as permitted by Section 10.9. or as otherwise set forth on Schedule 7.1.(r), none of the
Borrower or any Subsidiary of the Borrower is a party to or bound by any agreement or arrangement with any Affiliate. 
 (s)
Intellectual Property. Each of the Borrower and each Subsidiary of the Borrower owns or has the right to use, under valid license agreements or otherwise, all patents, licenses, franchises, trademarks, trademark rights, service marks, service
mark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual Property”) necessary to the conduct of its businesses, without conflict known to Borrower with any patent, license, franchise,
trademark, trademark right, service mark, service mark right, trade secret, trade name, copyright, or other proprietary right of any other Person which conflict could reasonably be expected to have a Material Adverse Effect. To Borrower’s
knowledge, all such Intellectual Property is fully protected and/or duly and properly registered, filed or issued in the appropriate office and jurisdictions for such registrations, filing or issuances. As of the Agreement date, no material claim
has been asserted by any Person against Borrower or any other Loan Party or any other Subsidiary of Borrower with respect to the use of any such Intellectual Property by the Borrower, any other Loan Party or any other Subsidiary of the Borrower, or
challenging or questioning the validity or effectiveness of any such Intellectual Property. To Borrower’s knowledge, the use of such Intellectual Property by the Borrower, the other Loan Parties and the other Subsidiaries of the Borrower does
not infringe on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on the part of the Borrower, any other Loan Party or any other Subsidiary of the Borrower that could
reasonably be expected to have a Material Adverse Effect. 
 (t) Business. As of the Agreement Date, the Borrower, the
other Loan Parties and the other Subsidiaries of the Borrower are engaged in the business of directly or indirectly owning, leasing, managing, and operating real property, together with other business activities incidental thereto. 

(u) Broker’s Fees. To Borrower’s knowledge, no broker’s or finder’s fee, commission or similar compensation
will be payable with respect to the transactions contemplated hereby. No other similar fees or commissions will be payable by the Borrower, any other Loan Party or any other Subsidiary of the Borrower for any other services rendered to the Borrower,
any other Loan Party or any other Subsidiary of the Parent ancillary to the transactions contemplated hereby. 

  
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 (v) Accuracy and Completeness of Information. All written information, reports and
other papers and data (other than financial projections and other forward looking statements), taken as a whole as of the date of delivery thereof, furnished to the Administrative Agent or any Lender by, on behalf of, or at the direction of the
Borrower, any other Loan Party or any other Subsidiary of the Borrower were, at the time the same were so furnished, complete and correct in all material respects, and, in the case of financial statements, present fairly, in accordance with GAAP
consistently applied throughout the periods involved, the financial position of the Persons involved as at the date thereof and the results of operations for such periods (subject, as to interim statements, to changes resulting from normal year end
audit adjustments and absence of full footnote disclosure). All financial projections and other forward looking statements prepared by or on behalf of the Borrower or any Subsidiary of the Borrower that have been or may hereafter be made available
to the Administrative Agent or any Lender were or will be prepared in good faith based on reasonable assumptions. No fact is known to the Borrower or any Subsidiary of the Borrower which has had, or may in the future have (so far as any Loan Party
can reasonably foresee), a Material Adverse Effect which has not been set forth in the financial statements referred to in Section 7.1.(k) or in such information, reports or other papers or data or otherwise disclosed in writing to the
Administrative Agent and the Lenders. No document furnished or written statement made to the Administrative Agent or any Lender in connection with the negotiation, preparation or execution of, or pursuant to, this Agreement or any of the other Loan
Documents, taken as a whole as of the date of delivery thereof, contained or will contain any untrue statement of a material fact, or omits or will omit to state a material fact necessary in order to make the statements contained therein, in light
of the circumstances in which they were made, not misleading. 
 (w) Not Plan Assets; No Prohibited Transactions. None of
the assets of the Parent, the Borrower, any other Loan Party or any other Subsidiary of the Parent constitutes “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder.
Assuming that no Lender funds any amount payable by it hereunder with “plan assets,” as that term is defined in 29 C.F.R. 2510.3-101, the execution, delivery and performance of this Agreement and the other Loan Documents, and the
extensions of credit and repayment of amounts hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code. 
 (x) OFAC. None of the Parent, the Borrower, any of the other Loan Parties, any of the other Subsidiaries, or, to the Parent’s or the Borrower’s knowledge, any other Affiliate of the
Parent: (i) is a person named on the list of Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) available at
http://www.treas.gov/offices/enforcement/ofac/index.shtml or as otherwise published from time to time; (ii) is (A) an agency of the government of a country, (B) an organization controlled by a country, or (C) a person
resident in a country that is subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/index.shtml, or as otherwise published from time to time, as such program
may be applicable to such agency, organization or person; or (iii) derives any of its assets or operating income from investments in or transactions with any such country, agency, organization or person; and none of the proceeds from any Loan,
and to the Borrower’s knowledge, no Letter of Credit, will be used to finance any operations, investments or activities in, or make any payments to, any such country, agency, organization, or person. 

(y) REIT Status. The Parent qualifies as, and has elected to be treated as, a REIT and is in compliance with all requirements and
conditions imposed under the Internal Revenue Code to allow the Parent to maintain its status as a REIT. 
 (z) Unencumbered
Properties. Each Property included in calculations of the Unencumbered Asset Value satisfies all of the requirements (including those in the definition of “Eligible Property”) contained in this Agreement for the same to be included
therein. 

  
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	Section 7.2.	Survival of Representations and Warranties, Etc. 

 All statements contained in any certificate, financial statement or other instrument delivered by or on behalf of the Borrower, any other Loan Party or any other Subsidiary of the Borrower to the
Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made in or in connection with any amendment thereto or any statement contained
in any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party prior to the Agreement Date and delivered to the Administrative Agent or any Lender in connection with the underwriting or closing the
transactions contemplated hereby) shall constitute representations and warranties made by the Borrower under this Agreement. All representations and warranties made under this Agreement and the other Loan Documents shall be deemed to be made at and
as of the Agreement Date, the Effective Date, the date on which any extension of the Revolving Termination Date is effectuated pursuant to Section 2.12. and at and as of the date of the occurrence of each Credit Event, except to the extent that
such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified
by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances not expressly prohibited hereunder. All such representations and
warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans and the issuance of the Letters of Credit. 

ARTICLE VIII. AFFIRMATIVE COVENANTS 
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 13.7., all of the Lenders) shall otherwise consent in the manner provided for in
Section 13.7., the Parent and the Borrower shall comply with the following covenants: 
  

	Section 8.1.	Preservation of Existence and Similar Matters. 

 Except as otherwise permitted under Section 10.4., each of the Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, preserve and maintain its respective
existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify and remain qualified and authorized to do business in each jurisdiction in which the character of its properties or the nature
of its business requires such qualification and authorization and where the failure to be so authorized and qualified could reasonably be expected to have a Material Adverse Effect. 

 

	Section 8.2.	Compliance with Applicable Law. 

 The Borrower shall, and shall cause each other Loan Party and each other Subsidiary of the Borrower to, comply with all Applicable Law, including the obtaining of all Governmental Approvals, the
failure to comply with which could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  

	Section 8.3.	Maintenance of Property. 

In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Loan Party and each
other Subsidiary of the Borrower to, (a) protect and preserve all of its respective material properties, including, but not limited to, all Intellectual Property necessary to the conduct of its respective business, and maintain in good repair,
working order and condition all tangible properties, ordinary wear and tear excepted, and (b) from time to time make or cause to be made all 

  
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material needed and appropriate repairs, renewals, replacements and additions to such properties, so that the business carried on in connection therewith may be properly conducted at all times;
provided that, to the extent not otherwise prohibited under this Agreement and so long as (i) immediately before and after such transfer or conveyance, no Default or Event of Default shall have occurred and be continuing and
(ii) immediately after giving effect to such transfer or conveyance, the Borrower shall be in compliance with the covenants set forth in Section 10.1. on a pro forma basis in accordance with Section 1.4. (and upon the reasonable
request of the Administrative Agent the Borrower shall deliver to the Administrative Agent a certificate setting forth in reasonable detail the calculations demonstrating such compliance), the Borrower and each of its Subsidiaries may transfer and
convey their respective Properties in their sole discretion, which Properties shall, if not conveyed to the Borrower or any other Subsidiary of the Borrower (other than an Excluded Subsidiary), be removed, as of the date of such transfer or
conveyance, from the calculation of Unencumbered Asset Value. 
  

	Section 8.4.	Conduct of Business. 

 The
Borrower shall, and shall cause each other Loan Party and each other Subsidiary of the Borrower to, carry on its respective businesses as described in Section 7.1.(t) and in substantially the same fashion as currently in effect (including
acquiring Properties of the same quality as Properties currently owned by the Borrower and its Subsidiaries and operating and maintaining Properties in substantially the same manner and with the same standard of care and quality as is currently
employed by the Borrower and the other Loan Parties and the Subsidiaries of the Borrower and not enter into any line of business that would adversely affect the REIT status of Parent; provided that, to the extent not otherwise prohibited under this
Agreement and so long as (i) immediately before and after such transfer or conveyance, no Default or Event of Default shall have occurred and be continuing and (ii) immediately after giving effect to such transfer or conveyance, the
Borrower shall be in compliance with the covenants set forth in Section 10.1. on a pro forma basis in accordance with Section 1.4. (and upon the reasonable request of the Administrative Agent the Borrower shall deliver to the
Administrative Agent a certificate setting forth in reasonable detail the calculations demonstrating such compliance), the Borrower and each of its Subsidiaries may transfer and convey their respective Properties in their sole discretion, which
Properties shall, if not conveyed to the Borrower or any other Subsidiary of the Borrower (other than an Excluded Subsidiary), be removed, as of the date of such transfer or conveyance, from the calculation of Unencumbered Asset Value. 

 

	Section 8.5.	Insurance. 

 In addition
to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary of the Borrower to, maintain insurance (on a replacement cost basis) with financially sound and reputable
insurance companies against such risks and in such amounts as is customarily maintained by Persons engaged in similar businesses or as may be required by Applicable Law. The Borrower shall from time to time deliver to the Administrative Agent upon
request a detailed list, together with copies of all policies of the insurance then in effect, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks
covered thereby. 
  

	Section 8.6.	Payment of Taxes and Claims. 

 The Borrower shall, and shall cause each other Loan Party and each other Subsidiary of the Borrower to, pay and discharge when due (a) all taxes, assessments and governmental charges or levies
imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid, might
become a Lien on any properties of such Person that are included in 

  
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the calculation of the Unencumbered Asset Value; provided, however, that this Section shall not require the payment or discharge of any such tax, assessment, charge, levy or claim which is being
contested in good faith by appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves have been established on the books of such Person in accordance with GAAP. 

 

	Section 8.7.	Books and Records; Inspections. 

 The Borrower shall, and shall cause each other Loan Party and each other Subsidiary of the Borrower to, keep proper books of record and account in which full, true and correct entries shall be made of all
dealings and transactions in relation to its business and activities. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary of the Borrower to, permit representatives of the Administrative Agent or any Lender to visit
and inspect any of their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers, employees and independent
public accountants (in the presence of an officer of the Parent if an Event of Default does not then exist), all at such reasonable times during business hours and as often as may reasonably be requested and so long as no Event of Default exists,
with reasonable prior notice ; provided that (a) no Loan Party shall be required to pay the expense of any such visit, except to the extent such visit is made by the Administrative Agent or is made during the continuance of an Event of Default
and (b) unless an Event of Default exists, only one (1) such visit shall be permitted at the Loan Parties’ expense during any fiscal year. The Borrower shall be obligated to reimburse the Administrative Agent and the Lenders for their
costs and expenses incurred in connection with the exercise of their rights under this Section only if such exercise occurs while a Default or Event of Default exists. If requested by the Administrative Agent, the Borrower shall cause the Parent to
execute an authorization letter addressed to its accountants authorizing the Administrative Agent or any Lender to discuss the financial affairs of the Parent, the Borrower, any other Loan Party or any other Subsidiary of the Borrower with the
Parent’s accountants. 
  

	Section 8.8.	Use of Proceeds. 

 The
Borrower will use the proceeds of Loans only (a) for the payment of pre-development and development costs incurred in connection with Properties owned by the Borrower or any Subsidiary; (b) to finance acquisitions otherwise permitted under
this Agreement; (c) to finance capital expenditures and the repayment of Indebtedness of the Borrower and its Subsidiaries; (d) to finance acquisitions of Equity Interests permitted under this Agreement; and (e) to provide for the
general working capital needs of the Parent, the Borrower and the Subsidiaries of the Parent and for other general corporate purposes of the Parent, the Borrower and the Subsidiaries of the Parent. The Borrower shall only use Letters of Credit for
the same purposes for which it may use the proceeds of Loans. The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, use any part of such proceeds to purchase or carry, or to reduce or retire or refinance any
credit incurred to purchase or carry, any margin stock (within the meaning of Regulation U or Regulation X of the Board of Governors of the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying any
such margin stock. 
  

	Section 8.9.	Environmental Matters. 

The Borrower shall, and shall cause each Subsidiary of the Borrower to, comply with all Environmental Laws the failure to comply with
which could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Borrower shall comply, and shall cause each Subsidiary of the Borrower to comply, and the Borrower shall use, and shall cause each other
Loan Party and each other Subsidiary of the Borrower to use, commercially reasonable efforts to cause all other Persons occupying the Properties to comply, with all Environmental Laws to the extent the failure to so comply could reasonably be
expected to cause a Material Adverse Effect. The Borrower shall, and shall 

  
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cause each Subsidiary of the Borrower to, promptly take all actions and pay or arrange for the payment of all costs necessary for it and for its Properties to comply in all material respects with
all Environmental Laws and all Governmental Approvals, including actions to remove and dispose of all Hazardous Materials and to clean up the Properties as and to the extent required under Environmental Laws, to the extent the failure to do so could
reasonably be expected to have a Material Adverse Effect. The Borrower shall, and shall cause each Subsidiary of the Borrower to, promptly take all actions necessary to prevent the imposition of any Liens on any of their respective properties
arising out of or related to any Environmental Laws to the extent any such lien could, individually or in the aggregate, reasonably be expected to cause a Material Adverse Effect. Nothing in this Section shall impose any obligation or liability
whatsoever on the Administrative Agent or any Lender. 
  

	Section 8.10.	Further Assurances. 

 At
the Borrower’s cost and expense and upon request of the Administrative Agent, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary of the Borrower to, duly execute and deliver or cause to be duly executed and
delivered, to the Administrative Agent such further instruments, documents and certificates, and do and cause to be done such further acts that may be reasonably necessary or advisable in the reasonable opinion of the Administrative Agent to carry
out more effectively the provisions and purposes of this Agreement and the other Loan Documents. 
  

	Section 8.11.	Material Contracts. 

 The
Borrower shall, and shall cause each other Loan Party and each other Subsidiary of the Borrower to, duly and punctually perform and comply in all material respects with any and all representations, warranties, covenants and agreements expressed as
binding upon any such Person under any Material Contract. The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary of the Borrower to, do or knowingly permit to be done anything to impair materially the value of any
of the Material Contracts. 
  

	Section 8.12.	Guarantors. 

 (a) Within
twenty (20) Business Days of any Person becoming a Material Subsidiary (other than an Excluded Subsidiary) after the Agreement Date, the Parent and the Borrower shall deliver to the Administrative Agent each of the following in form and
substance reasonably satisfactory to the Administrative Agent: (i) an Accession Agreement executed by such Subsidiary and (ii) the items that would have been delivered under subsections (iv) through (viii), and (xiv) of
Section 6.1.(a) if such Subsidiary had been a Material Subsidiary on the Agreement Date; provided, however, promptly (and in any event within twenty (20) Business Days) upon any Excluded Subsidiary ceasing to be an Excluded
Subsidiary, such Subsidiary shall comply with the provisions of this Section. 
 (b) The Borrower may request in writing that
the Administrative Agent release, and upon receipt of such request the Administrative Agent shall release, a Guarantor (other than the Parent) from the Guaranty so long as: (i) such Guarantor is not otherwise required to be a party to the
Guaranty under the immediately preceding subsection (a); (ii) no Default or Event of Default shall then be in existence or would occur as a result of such release, including without limitation, a Default or Event of Default resulting from
a violation of any of the covenants contained in Section 10.1.; (iii) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and
correct on and as of the date of such release with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and correct on and as of such earlier date) and except for changes in factual 

  
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circumstances not expressly prohibited under the Loan Documents; and (iv) the Administrative Agent shall have received such written request at least ten (10) Business Days (or such
shorter period as may be acceptable to the Administrative Agent) prior to the requested date of release. Delivery by the Borrower to the Administrative Agent of any such request shall constitute a representation by the Borrower that the matters set
forth in the preceding sentence (both as of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct with respect to such request. 

ARTICLE IX. INFORMATION 
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 13.7., all of the Lenders) shall otherwise consent in the manner set forth in
Section 13.7., the Parent and the Borrower shall furnish to the Administrative Agent for distribution to each of the Lenders: 
  

	Section 9.1.	Quarterly Financial Statements. 

 As soon as available and in any event within five (5) Business Days after the same is required to be filed with the Securities and Exchange Commission (but in no event later than forty-five
(45) days after the end of each of the first, second and third fiscal quarters of the Parent), the unaudited consolidated balance sheet of the Parent and its Subsidiaries as at the end of such period and the related unaudited consolidated
income statement and statement of cash flows of the Parent and its Subsidiaries for such period, setting forth in each case in comparative form the figures as of the end of and for the corresponding periods of the previous fiscal year, all of which
shall be certified by the chief executive officer or chief financial officer of the Parent, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the consolidated financial position of the Parent and its
Subsidiaries as at the date thereof and the results of operations for such period (subject to normal year-end audit adjustments). 
  

	Section 9.2.	Year-End Statements. 

 As
soon as available and in any event within five (5) Business Days after the same is required to be filed with the Securities and Exchange Commission (but in no event later than ninety (90) days after the end of each fiscal year of the
Parent), the audited consolidated balance sheet of the Parent and its Subsidiaries as at the end of such fiscal year and the related audited consolidated income statement and statement of cash flows and statement of stockholders’ equity of the
Parent and its Subsidiaries for such fiscal year, setting forth in comparative form the figures as at the end of and for the previous fiscal year, all of which shall be (a) certified by the chief executive officer or chief financial officer of
the Parent, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the financial position of the Parent and its Subsidiaries as at the date thereof and the result of operations for such period and
(b) accompanied by the report thereon of independent certified public accountants of recognized national standing reasonably acceptable to the Administrative Agent, whose report shall be unqualified and in scope and substance satisfactory to
the Requisite Lenders and who shall have authorized the Parent to deliver such financial statements and report thereon to the Administrative Agent and the Lenders pursuant to this Agreement. 

 

	Section 9.3.	Compliance Certificate. 

At the time the financial statements are furnished pursuant to Sections 9.1. and 9.2., a certificate substantially in the form of
Exhibit K (a “Compliance Certificate”) executed on behalf of the Borrower by the chief financial officer of the Parent (a) setting forth in reasonable detail as of the end of such quarterly accounting period or fiscal
year, as the case may be, the calculations required to establish whether the Borrower was in compliance with the covenants contained in Section 10.1.; (b) stating that no 

  
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Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred and the steps being taken by the Loan Parties with
respect to such event, condition or failure; (c) a statement of Funds From Operations for such quarterly accounting period or fiscal year, as the case may be; and (d) a report of newly acquired Properties of the Borrower and the
Subsidiaries of the Borrower, including, with respect to each Property, the Net Operating Income, purchase price and Mortgage debt, if any. 
  

	Section 9.4.	Other Information. 

 (a)
Promptly upon receipt thereof, copies of all reports, if any, submitted to the Parent’s Board of Directors by its independent public accountants including, without limitation, any management report; 

(b) Within five (5) Business Days of the filing thereof, copies of all registration statements (excluding the exhibits thereto
(unless requested by the Administrative Agent) and any registration statements on Form S-8 or its equivalent), reports on Forms 10-K, 10-Q and 8-K (or their equivalents) and all other periodic reports which any Loan Party or any other Subsidiary of
the Borrower shall file with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange; 
 (c) Promptly upon the mailing thereof to the shareholders of the Parent generally, copies of all financial statements, reports and proxy statements so mailed and promptly upon the issuance thereof copies
of all press releases issued by the Parent, the Borrower, any Subsidiary of the Borrower or any other Loan Party; 
 (d) No
later than thirty (30) days before the end of each fiscal year of the Parent ending prior to the Revolving Termination Date, projected balance sheets, operating statements, profit and loss projections and cash flow budgets of the Borrower and
its Subsidiaries on a consolidated basis for each quarter of the next succeeding fiscal year, all itemized in reasonable detail; 
 (e) If any ERISA Event shall occur that individually, or together with any other ERISA Event that has occurred, could reasonably be expected to have a Material Adverse Effect, a certificate of the chief
executive officer or chief financial officer of the Parent setting forth details as to such occurrence and the action, if any, which the Parent or applicable member of the ERISA Group is required or proposes to take; 

(f) To the extent the Borrower has knowledge of the same, prompt notice of the commencement of any proceeding or investigation by or
before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator against or in any other way relating to, or affecting, the Borrower, any other Loan Party or any Subsidiary of the Borrower or any
of their respective properties, assets or businesses which could reasonably be expected to have a Material Adverse Effect, and prompt notice of the receipt of notice that any United States income tax returns of the Parent, the Borrower, any other
Loan Party or any other Subsidiary of the Borrower are being audited; 
 (g) A copy of any amendment to the certificate or
articles of incorporation or formation, bylaws, partnership agreement or other similar organizational documents of the Parent, the Borrower, any other Loan Party within twenty (20) Business Days after the approval thereof by the General Partner
or Manager thereof, or if later, the effectiveness thereof; 
 (h) Prompt notice of (i) any change in the executive senior
management of the Parent (ii) any material change in the overall business, assets, liabilities, financial condition, results of operations or 

  
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business prospects of the Parent, the Borrower, any other Loan Party or any other Subsidiary of the Parent or (iii) the occurrence of any other event which, in the case of any of the
immediately preceding clauses (i) through (iii), has had, or could reasonably be expected to have, a Material Adverse Effect; 
 (i) Promptly after a Responsible Officer of Borrower has knowledge thereof, notice of the occurrence of any Default or Event of Default or any event which constitutes or which with the passage of time,
the giving of notice, or otherwise, would constitute a material default or event of default by the Parent, the Borrower, any other Loan Party or any other Subsidiary of the Parent under any Material Contract to which any such Person is a party or by
which any such Person or any of its respective properties may be bound; 
 (j) [RESERVED]; 

(k) Prompt notice of any order, judgment or decree in excess of $10,000,000 having been entered against the Parent, the Borrower, any
other Loan Party or any other Subsidiary of the Borrower or any of their respective properties or assets; 
 (l) Within thirty
(30) days after a Responsible Officer has knowledge thereof, any written notification of a material violation of any Applicable Law shall have been received by the Borrower or any other Loan Party from any Governmental Authority which
violation, if proven, could reasonably be expected to cause a Material Adverse Effect; 
 (m) Prompt notice of the acquisition,
incorporation or other creation of any Material Subsidiary of the Borrower, the purpose for such Subsidiary, the nature of the assets and liabilities thereof and whether such Subsidiary is a Wholly Owned Subsidiary of the Borrower; 

(n) Promptly upon the request of the Administrative Agent, evidence of the Borrower’s calculation of the Ownership Share with
respect to a Subsidiary or an Unconsolidated Affiliate, such evidence to be in form and detail reasonably satisfactory to the Administrative Agent; 
 (o) Promptly, upon any change in the Borrower’s Credit Rating, a certificate stating that the Borrower’s Credit Rating has changed and the new Credit Rating that is in effect; 

(p) Promptly, upon each request, such information identifying the Parent, the Borrower, any other Loan Party or any other Subsidiary of
the Parent as a Lender may reasonably request in order to comply with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)); 
 (q) Promptly, and in any event within ten (10) Business Days after a Responsible Officer of the Borrower obtains knowledge thereof, written notice of the occurrence of any of the following:
(i) the Borrower or any other Loan Party shall receive written notice that any violation of or noncompliance with any Environmental Law has or may have been committed or is threatened; (ii) the Borrower or any other Loan Party shall
receive written notice that any administrative or judicial complaint, order or petition has been filed or other proceeding has been initiated, or is about to be filed or initiated against any such Person alleging any violation of, noncompliance with
or liability under any Environmental Law or requiring any such Person to take any action in connection with the release or threatened release of Hazardous Materials; (iii) the Parent, the Borrower, any other Loan Party or any other Subsidiary
of the Parent shall receive any notice from a Governmental Authority alleging that any such Person may be liable or responsible for any costs associated with a response to, or remediation or cleanup of, a release or threatened release of Hazardous
Materials or any damages caused thereby; and the matters covered by notices referred to in any of the immediately preceding clauses (i) through (iii), whether individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect; and 

  
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 (r) From time to time and promptly upon each request, such data, certificates, reports,
statements, documents or further information regarding any Property or the business, assets, liabilities, financial condition, results of operations or business prospects of the Borrower, any other Loan Party or any other Subsidiary of the Borrower
as the Administrative Agent or any Lender may reasonably request. 
  

	Section 9.5.	Electronic Delivery of Certain Information. 

 (a) Documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the
Administrative Agent and each Lender have access (including a commercial, third-party website such as www.sec.gov <http://www.sec.gov> or a website sponsored or hosted by the Administrative Agent, the Parent or the Borrower)
provided that the foregoing shall not apply to (i) notices to any Lender (or any Issuing Bank) pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent, the Parent and the Borrower that it cannot or does not
want to receive electronic communications, (iii) notices of Default or Event of Default. The Administrative Agent, the Parent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic
delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which the
Administrative Agent, the Parent or the Borrower posts such documents or the documents become available on a commercial website and the Administrative Agent, the Parent or Borrower notifies each Lender of said posting and provides a link thereto
provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 11:00 a.m. Central time on the opening of business on the next
business day for the recipient. Notwithstanding anything contained herein, in every instance the Parent or the Borrower shall be required to provide paper copies of the certificate required by Section 9.3. to the Administrative Agent and shall
deliver paper copies of any documents to the Administrative Agent until a written request to cease delivering paper copies is given by the Administrative Agent. Except for the certificates required by Section 9.3., the Administrative Agent
shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each
Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents. 
 (b) Documents required to be delivered pursuant to Article II. may be delivered electronically to a website provided for such purpose by the Administrative Agent pursuant to the procedures provided to the
Parent and the Borrower by the Administrative Agent. 
  

	Section 9.6.	Public/Private Information. 

 The Borrower shall cooperate with the Administrative Agent in connection with the publication of certain materials and/or information provided by or on behalf of the Borrower. Any information or materials
delivered pursuant to the Loan Documents will be considered Public Information if they are filed by the Parent with the SEC and are publicly available or are posted on the Parent’s website. All other such information and materials will be
considered Private Information unless otherwise indicated in writing by Borrower. 
  

	Section 9.7.	USA Patriot Act Notice; Compliance. 

 The USA Patriot Act of 2001 (Public Law 107-56) and federal regulations issued with respect thereto require all financial institutions to obtain, verify and record certain information that identifies
individuals or business entities which open an “account” with such financial institution. Consequently, a 

  
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Lender (for itself and/or as Administrative Agent for all Lenders hereunder) may from time to time request, and the Borrower shall, and shall cause the other Loan Parties to, provide to such
Lender, such Loan Party’s name, address, tax identification number and/or such other identification information as shall be necessary for such Lender to comply with federal law. An “account” for this purpose may include, without
limitation, a deposit account, cash management service, a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product. 

ARTICLE X. NEGATIVE COVENANTS 
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 13.7., all of the Lenders) shall otherwise consent in the manner set forth in
Section 13.7., the Parent and the Borrower shall comply with the following covenants: 
  

	Section 10.1.	Financial Covenants. 

 (a)
Maximum Leverage Ratio. The Borrower shall not permit the ratio of (i) Total Indebtedness of the Borrower and its Subsidiaries to (ii) Total Asset Value of the Borrower and its Subsidiaries to exceed 0.60 to 1.00 at any time.

 (b) Minimum Interest Coverage Ratio. The Borrower shall not permit the ratio of (i) Adjusted EBITDA of the
Borrower and its Subsidiaries for the period of four consecutive fiscal quarters most recently ending to (ii) Interest Expense of the Borrower and its Subsidiaries for such period, to be less than 2.00 to 1.00 as of the last day of such
period. 
 (c) Ratio of Adjusted EBITDA to Fixed Charges. The Borrower shall not permit the ratio of (i) Adjusted
EBITDA of the Borrower and its Subsidiaries for any period of four consecutive fiscal quarters most recently ending to (ii) Fixed Charges of the Borrower and its Subsidiaries for such period, to be less than 1.30 to 1.00 as of the last day of
such period. 
 (d) Ratio of Unsecured Indebtedness to Unencumbered Asset Value. The Borrower shall not permit the ratio
of (i) Unsecured Indebtedness of the Borrower and its Subsidiaries to (ii) the Unencumbered Asset Value to exceed 0.60 to 1.00 at any time. 
 (e) Unencumbered Pool Debt Service Coverage. The Borrower shall not permit the ratio of (i) Unencumbered NOI of the Borrower and its Subsidiaries for any period of four consecutive fiscal
quarters most recently ended to (ii) Unencumbered Pool Debt Service of the Borrower and Subsidiaries for such period to be less than 1.50 as of the last day of such period. 

(f) Minimum Tangible Net Worth. The Borrower shall not permit Tangible Net Worth of the Parent and its Subsidiaries at any time to
be less than (i) $503,291,000 plus (ii) 80% of the Net Proceeds of all Equity Issuances effected at any time after March 31, 2012 by the Parent or any of its Subsidiaries to any Person other than the Parent, the Borrower, or
any of the Parent’s Wholly Owned Subsidiaries. 
 (g) Unencumbered Asset Value. The Borrower shall not permit:

 (i) the weighted average aggregate Occupancy Rate (weighted on the basis of aggregate square footage) of all
Properties included in the Unencumbered Asset Value to be less than 80% at any time; provided that, the Borrower may, at any time, designate (by written notice to the Administrative Agent) any Property to be excluded from the group of
Properties included in the calculation of the Unencumbered Asset Value (i) so long as (x) immediately 

  
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before and after giving effect to such designation, the Borrower shall be in compliance with subclauses (ii), (iii) and (iv) of this clause (g) immediately after giving effect
thereto and no Default or Event of Default (other than a Default or Event of Default related solely to this clause (i)) shall have occurred and be continuing and (ii) immediately after giving effect to such designation, the Borrower shall be in
compliance with the covenants set forth in Section 10.1. on a pro forma basis in accordance with Section 1.4. (and upon the reasonable request of the Administrative Agent the Borrower shall deliver to the Administrative Agent a certificate
setting forth in reasonable detail the calculations demonstrating such compliance); 
 (ii) the Unencumbered
Asset Value attributable to any single Property to exceed 35% of the aggregate Unencumbered Asset Value at any time; provided, however, that any such excess shall be excluded from the calculation of Unencumbered Asset Value but
existence of such excess shall not otherwise constitute a breach under this Section 10.1.(g)(ii); 
 (iii)
there to be less than twelve (12) Properties included in the Unencumbered Asset Value at any time; or 

(iv) the Unencumbered Asset Value to be less than $200,000,000 at any time. 

Subject to the requirements set forth in the preceding provisions of this subsection (g), the Borrower may, at any time, designate (by written notice to
the Administrative Agent) any Eligible Property to be included in or excluded from the group of Eligible Properties included in the calculation of Unencumbered Asset Value so long as (i) immediately before and after giving effect to such
designation, no Default or Event of Default shall have occurred and be continuing and (ii) immediately after giving effect to such designation, the Borrower shall be in compliance with the covenants set forth in Section 10.1. on a pro
forma basis in accordance with Section 1.4. (and upon the reasonable request of the Administrative Agent the Borrower shall deliver to the Administrative Agent a certificate setting forth in reasonable detail the calculations demonstrating such
compliance). 
 (h) Fixed Rate Indebtedness. The Borrower shall not, and shall not permit any Subsidiary of the Borrower
to, incur, assume or suffer to exist Indebtedness which is not both (x) Indebtedness other than Floating Rate Indebtedness and (y) Indebtedness with an original term to maturity in excess of five (5) years, in an aggregate outstanding
principal amount in excess of 40% of Total Indebtedness at any time. 
 (i) Adjusted Total Asset Value. The Borrower
shall not permit the aggregate Adjusted Total Asset Value attributable to assets directly or indirectly owned by the Borrower and the Guarantors to be less than 90% of the Adjusted Total Asset Value at any time. 

(j) Restricted Payments after Certain Defaults, Acceleration. If a Default or Event of Default specified in Section 11.1.(a),
Section 11.1.(f) or Section 11.1.(g) shall exist, or if as a result of the occurrence of any other Event of Default any of the Obligations have been accelerated pursuant to Section 11.2.(a), the Borrower shall not make any Restricted
Payments and shall not permit any Subsidiary of the Borrower to make any Restricted Payments to any Person other than to the Borrower. 
  

	Section 10.2.	Liens; Negative Pledge. 

(a) The Borrower shall not, and shall not permit any Subsidiary of the Borrower (other than an Excluded Subsidiary) to, create, assume, or
incur any Lien (other than Permitted Liens, the Permitted Ground Lease Encumbrance and Liens securing Indebtedness not prohibited under the Loan Documents) upon any of its material properties, assets, income or profits of any character whether now
owned or 

  
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hereafter acquired if immediately prior to the creation, assumption or incurring of such Lien, or immediately thereafter, a Default or Event of Default is or would be in existence, including
without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 10.1. 
 (b) The Borrower shall not, and shall not permit any Subsidiary of the Borrower (other than an Excluded Subsidiary) to, enter into, assume or otherwise be bound by any Negative Pledge except for a
Negative Pledge contained in (i) an agreement (x) evidencing Indebtedness which the Borrower or any Subsidiary of the Borrower is not prohibited from creating, incurring, assuming, or permitting or suffering to exist under this Agreement,
(y) which Indebtedness is secured by a Lien not prohibited under the Loan Documents, and (z) which prohibits the creation of any other Lien on only the property securing such Indebtedness as of the date such agreement was entered into; or
(ii) an agreement relating to the sale of a Subsidiary or assets pending such sale, provided that in any such case the Negative Pledge applies only to the Subsidiary or the assets that are the subject of such sale. 

 

	Section 10.3.	Restrictions on Intercompany Transfers. 

 The Borrower shall not, and shall not permit any Subsidiary of the Borrower (other than an Excluded Subsidiary) to, create or otherwise cause or suffer to exist or become effective any consensual
encumbrance or restriction of any kind on the ability of any Subsidiary to: (a) pay dividends or make any other distribution on any of such Subsidiary’s capital stock or other equity interests owned by the Parent, the Borrower or any
Subsidiary of the Borrower; (b) pay any Indebtedness owed to the Parent, the Borrower or any Subsidiary of the Borrower; (c) make loans or advances to the Parent, the Borrower or any Subsidiary of the Parent; or (d) transfer any of
its property or assets to the Parent, the Borrower or any Subsidiary of the Parent; other than (i) with respect to clauses (a) through (d) those encumbrances or restrictions contained in any Loan Document or, (ii) with respect to
clause (d), customary provisions restricting assignment of any agreement entered into by the Borrower or any Subsidiary of the Borrower in the ordinary course of business. 

 

	Section 10.4.	Merger, Consolidation, Sales of Assets and Other Arrangements. 

 The Borrower shall not, and shall not permit any Subsidiary of the Borrower (other than an Excluded Subsidiary) to, (a) enter into any transaction of merger or consolidation; (b) liquidate,
windup or dissolve itself (or suffer any liquidation or dissolution); (c) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any substantial part of its business or assets, or
the capital stock of or other Equity Interests in any of its Subsidiaries, whether now owned or hereafter acquired; or (d) acquire a Substantial Amount of the assets of, or make an Investment of a Substantial Amount in, any other Person;
provided, however, that: 
 (i) any Subsidiary of the Parent may merge with a Loan Party so long as such Loan
Party is the survivor; 
 (ii) any Subsidiary of the Parent may sell, transfer or dispose of its assets to a Loan
Party; 
 (iii) any Subsidiary of the Parent (other than the Borrower) may convey, sell, transfer or otherwise
dispose of, in one transaction or a series of transactions, all or any substantial part of its business or assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, and may thereafter liquidate, provided that immediately
prior to any such conveyance, sale, transfer, disposition or liquidation and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence; 

  
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 (iv) any Loan Party and any other Subsidiary may, directly or indirectly,
(A) acquire (whether by purchase, acquisition of Equity Interests of a Person, or as a result of a merger or consolidation) a Substantial Amount of the assets of, or make an Investment of a Substantial Amount in, any other Person and
(B) sell, lease or otherwise transfer, whether by one or a series of transactions, a Substantial Amount of assets (including capital stock or other securities of Subsidiaries) to any other Person, so long as, in each case, (1) the Borrower
shall have given the Administrative Agent and the Lenders at least thirty (30) days prior written notice of such consolidation, merger, acquisition, Investment, sale, lease or other transfer; (2) immediately prior thereto, and immediately
thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence, including, without limitation, a Default or Event of Default resulting from a breach of Section 10.1.; (3) in the case of a
consolidation or merger involving the Parent or the Borrower, the Parent or the Borrower, as applicable, shall be the survivor thereof and (4) at the time the Borrower gives notice pursuant to clause (1) of this subsection, the Borrower
shall have delivered to the Administrative Agent for distribution to each of the Lenders a Compliance Certificate, calculated on a pro forma basis, evidencing the continued compliance by the Borrower or the Parent, as applicable, with the financial
covenants contained in Section 10.1., after giving effect to such consolidation, merger, acquisition, Investment, sale, lease or other transfer; and 
 (v) the Borrower, the other Loan Parties and the other Subsidiaries of the Borrower may lease and sublease their respective assets, as lessor or sublessor (as the case may be), in the ordinary course of
their business. 
  

	Section 10.5.	Plans. 

 The Borrower
shall not, and shall not permit any Loan Party or any other Subsidiary of the Borrower to, permit any of its respective assets to become or be deemed to be “plan assets” within the meaning of ERISA, the Internal Revenue Code and the
respective regulations promulgated thereunder. 
  

	Section 10.6.	Fiscal Year. 

 The Parent
and the Borrower shall not, and shall not permit any other Loan Party or other Subsidiary of the Borrower to, change its fiscal year from that in effect as of the Agreement Date. 

 

	Section 10.7.	Modifications of Organizational Documents and Material Contracts. 

 The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary of the Borrower to, amend, supplement, restate or otherwise modify its certificate or articles of incorporation or
formation, by-laws, operating agreement, declaration of trust, partnership agreement or other applicable organizational document if such amendment, supplement, restatement or other modification (a) is materially adverse to the interest of the
Administrative Agent, the Issuing Banks or the Lenders, in each case in their role as such, or (b) could reasonably be expected to have a Material Adverse Effect. The Borrower shall not enter into, and shall not permit any other Loan Party or
any other Subsidiary of the Borrower to enter into, any amendment or modification to any Material Contract which could reasonably be expected to have a Material Adverse Effect or default in the performance of any obligations of the Borrower, any
other Loan Party or any other Subsidiary of the Borrower in any Material Contract or permit any Material Contract to be canceled or terminated prior to its stated maturity if such default or cancellation could reasonably be expected to cause a
Material Adverse Effect. 

  
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	Section 10.8.	Subordinated Debt Prepayments; Amendments. 

 Except as provided in Sections 10.1.(j) and 11.1.(q), the Borrower shall not, and shall not permit any Subsidiary of the Borrower to, prepay any principal of, or accrued interest on, any Subordinated Debt
or otherwise make any voluntary or optional payment with respect to any principal of, or accrued interest on, any Subordinated Debt prior to the originally scheduled due date thereof or otherwise redeem or acquire for value any Subordinated Debt.
Further, the Parent and the Borrower shall not, and shall not permit any other Loan Party or other Subsidiary of the Parent to, amend or modify, or permit the amendment or modification of, any agreement or instrument evidencing any Subordinated Debt
where such amendment or modification provides for the following or which has any of the following effects: 
 (a) increases the
rate of interest accruing on such Subordinated Debt; 
 (b) increases the amount of any scheduled installment of principal or
interest, or shortens the date on which any such installment or principal or interest becomes due; 
 (c) shortens the final
maturity date of such Subordinated Debt; 
 (d) increases the principal amount of such Subordinated Debt; 

(e) amends any financial or other covenant contained in any document or instrument evidencing any Subordinated Debt in a manner which is
more onerous to the Borrower or such Subsidiary or which requires the Borrower or such Subsidiary to improve its financial performance; 
 (f) provides for the payment of additional material fees or the increase in existing fees; and/or 
 (g) otherwise could reasonably be expected to be materially adverse to the interests of the Administrative Agent or the Lenders. 

 

	Section 10.9.	Transactions with Affiliates. 

 The Borrower shall not permit to exist or enter into, and shall not permit any Subsidiary of the Borrower to permit to exist or enter into, any transaction (including the purchase, sale, lease or exchange
of any property or the rendering of any service) with any Affiliate, other than the Borrower or a Wholly Owned Subsidiary of the Borrower, except (a) as set forth on Schedule 7.1.(r), (b) compensation, bonus and benefit arrangements
with employees and officers, directors and trustees as permitted by Applicable Law, and (c) transactions in the ordinary course of and pursuant to the reasonable requirements of the business of the Borrower, or such Subsidiary of the Borrower
and upon fair and reasonable terms which are no less favorable to the Borrower, or such Subsidiary of the Borrower than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate. Notwithstanding the
foregoing, no payments may be made with respect to any items set forth on such Schedule 7.1.(r) if a Default or Event of Default exists or would result therefrom. 
  

	Section 10.10.	Environmental Matters. 

The Borrower shall not, and shall not permit any Subsidiary of the Borrower to, use, generate, discharge, emit, manufacture, handle,
process, store, release, transport, remove, dispose of or clean up any Hazardous Materials on, under or from the Properties in material violation of any Environmental Law or in a manner that could reasonably be expected to lead to a Material Adverse
Effect. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender. 

  
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	Section 10.11.	Derivatives Contracts. 

The Borrower shall not, and shall not permit any Subsidiary of the Borrower to, enter into or become obligated in respect of Derivatives
Contracts other than Derivatives Contracts entered into by the Borrower or any such Subsidiary of the Borrower in the ordinary course of business and which establish a hedge that hedges interest rate risk in respect of specific Indebtedness of the
Borrower or such Subsidiary of the Borrower, as applicable. 
 ARTICLE XI. DEFAULT 

 

	Section 11.1.	Events of Default. 

 Each
of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental
Authority: 
 (a) Default in Payment. The Borrower shall fail to pay when due under this Agreement or any other Loan
Document (whether upon demand, at maturity, by reason of acceleration or otherwise) the principal of, or any interest on, any of the Loans or any Reimbursement Obligation, or shall fail to pay any of the other payment Obligations owing by the
Borrower under this Agreement or any other Loan Document, or any other Loan Party shall fail to pay when due any payment obligation owing by such Loan Party, as applicable, under any Loan Document to which it is a party and, in the case of interest
or any payment Obligation other than principal of any Loan prior to the Revolving Termination Date only, such failure shall continue for a period of five (5) days after the due date thereof. 

(b) Default in Performance. 
 (i) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 10.1. and such failure shall continue
for a period of ten (10) days; or 
 (ii) Any Loan Party shall fail to perform or observe any term,
covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ii) only, such failure shall continue for a period of
thirty (30) days after the earlier of (x) the date upon which a Responsible Officer of the Parent or the Borrower obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure
from the Administrative Agent; or 
 (iii) Any Loan Party shall fail to perform or observe any term, covenant,
condition or agreement set forth in Section 8.9. or 10.10. of this Agreement and in the case of this subsection (b)(iii) only, such failure shall continue for a period of sixty (60) days after the date upon which the Borrower has received
written notice of such failure from the Administrative Agent; provided, that in the event such failure is susceptible of cure but is not cured within said sixty (60) days, so long as the Borrower or Subsidiary of Borrower is diligently and
continuously pursuing such cure, as evidenced to Administrative Agent’s reasonable satisfaction, such cure period shall be extended for an additional one hundred twenty (120) days. 

(c) Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of any Loan Party
under this Agreement or under any other Loan Document, or any 

  
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amendment hereto or thereto, or in any other document, certificate or financial statement at any time furnished by, or at the direction of, any Loan Party to the Administrative Agent, any Issuing
Bank or any Lender in connection with the Loan Documents, shall at any time prove to have been incorrect or misleading, in light of the circumstances in which made or deemed made, in any material respect when furnished or made or deemed made.

 (d) Indebtedness Cross-Default. 

(i) The Borrower, any other Loan Party or any other Subsidiary of the Borrower shall default, after any applicable notice
and cure period, in the payment of principal or interest in respect of any Indebtedness (other than (x) the Loans and Reimbursement Obligations and (y) Nonrecourse Indebtedness) having an aggregate outstanding principal amount (or, in the
case of any Derivatives Contract, having, without regard to the effect of any close-out netting provision, a Derivatives Termination Value), in each case individually or in the aggregate with all other Indebtedness as to which such a default exists,
of $10,000,000 or more (“Material Indebtedness”); or 
 (ii) (x) The maturity of any
Material Indebtedness shall have been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material
Indebtedness shall have been required to be prepaid or repurchased prior to the stated maturity thereof, in either case, as a result of an event of default other than one described in subsection (i) of this Section 11.1.(d); or 

(iii) There occurs an “Event of Default” under and as defined in any Specified Derivatives Contract as to which
the Borrower or any Subsidiary of the Borrower is a “Defaulting Party” (as defined therein), as a result of which there occurs an “Early Termination Date” (as defined therein) in respect of any Specified Derivatives Contract as a
result of a “Termination Event” (as defined therein) as to which the Borrower or any of its Subsidiaries is an “Affected Party” (as defined therein), in each case individually or in the aggregate with all other Specified
Derivative Contracts as to which such Events of Default have occurred and are continuing, equals $10,000,000 or more; or 
 (iv) The Borrower, any other Loan Party or any other Subsidiary of the Borrower shall default, after any applicable notice and cure period, in the payment of principal or interest in respect of any
Nonrecourse Indebtedness having an aggregate outstanding principal amount (or, in the case of any Derivatives Contract, having, without regard to the effect of any close-out netting provision, a Derivatives Termination Value), in each case
individually or in the aggregate with all other Indebtedness as to which such a default exists, of $50,000,000 or more. 
 (e)
Voluntary Bankruptcy Proceeding. (x) The Borrower, any other Loan Party or any Material Subsidiary of the Borrower shall: (i) commence a voluntary case under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter
in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail
to contest in a timely and appropriate manner, any petition filed against it in an involuntary case under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection (f);
(iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic
or foreign; (v) admit in writing its inability to pay its debts as 

  
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they become due; or (vi) make a general assignment for the benefit of creditors; or (y) the board of directors (or similar governing body) of the Borrower, any other Loan Party or any
Material Subsidiary of the Borrower or any committee thereof shall adopt any resolution or otherwise authorize any action to approve any of the actions referred to in this clause (e). 

(f) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against the Borrower, any other Loan Party or
any Material Subsidiary of the Borrower in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws, domestic or
foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any substantial part
of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding shall continue undismissed or unstayed for a period of 60 consecutive days, or an order granting the remedy or other
relief requested in such case or proceeding (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered. 

(g) Revocation of Loan Documents. Any Loan Party shall (or shall attempt in writing to) disavow, revoke or terminate any Loan
Document to which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document or any Loan Document shall cease to be in
full force and effect (except as a result of the express terms thereof). 
 (h) Judgment. A judgment or order for the
payment of money or for an injunction or other non-monetary relief shall be entered against the Borrower, any other Loan Party, or any other Material Subsidiary of the Borrower by any court or other tribunal and (i) such judgment or order shall
continue for a period of thirty (30) days without being paid, stayed or dismissed through appropriate appellate or other judicial proceedings and (ii) either (A) the amount of such judgment or order for which insurance has not been
acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such judgments or orders entered against the Loan Parties and the Material
Subsidiaries of the Borrower, $10,000,000 or (B) in the case of an injunction or other non-monetary relief, such injunction or judgment or order could reasonably be expected to have a Material Adverse Effect. 

(i) Attachment. A non-appealable warrant, writ of attachment, execution or similar process shall be issued by a court of competent
jurisdiction against any property of the Borrower, any other Loan Party or any other Material Subsidiary of the Borrower, which exceeds, individually or together with all other such warrants, writs, executions and processes, $10,000,000 in amount
and such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or bonded for a period of thirty (30) days. 
 (j) ERISA. 
 (i) Any ERISA Event shall have occurred that
results or could reasonably be expected to result in a Material Adverse Effect. 
 (ii) The “benefit
obligation” of all Plans, to the extent the Borrower is liable therefor, exceeds the “fair market value of plan assets” for such Plans by an amount, which if paid out by the Borrower, could reasonably be expected to cause a Material
Adverse Effect. 

  
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 (k) Material Adverse Effect. There shall occur a Material Adverse Effect with respect
to any Loan Party, as determined by the Administrative Agent in its sole discretion exercised in good faith. 
 (l) Change of
Control/Change in Management. 
 (i) Any “person” or “group” (as such terms are used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than members of the Saul Family, is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or
indirectly, of more than 25.0% of the total voting power of the then outstanding voting stock of the Parent; 

(ii) During any period of twelve (12) consecutive months ending after the Agreement Date, individuals who at the
beginning of any such 12-month period constituted the Board of Directors of the Parent (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Parent was approved by a vote of a
majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved but excluding any director whose initial nomination for, or assumption
of office as, a director occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more
directors by or on behalf of the Board of Directors) cease for any reason other than the death or incapacity of a director to constitute a majority of the Board of Directors of the Parent then in office; 

(iii) The Parent shall cease to own and control, directly or indirectly, at least 51% of the outstanding Equity Interests
of the Borrower; or 
 (iv) The Parent or a Wholly Owned Subsidiary of the Parent shall cease to be the sole
general partner of the Borrower or shall cease to have the sole and exclusive power to exercise all management and control over the Borrower. 
 (m) Unencumbered Properties. The Borrower, any Loan Party or any Subsidiary of the Borrower shall grant, consent to or permit a Lien (other than a Permitted Lien) in respect of, or otherwise
encumber, or shall sell, convey or otherwise transfer any Property included in the calculation of Unencumbered Asset Value or any portion thereof (except with respect to any such sale, conveyance or other transfer permitted pursuant to the terms of
Sections 8.3., 8.4. or 10.4.) without the prior written consent of the Administrative Agent. 
 (n) REIT Status. The
Parent shall fail to maintain its status as, and election to be treated as, a REIT under the Internal Revenue Code. 
 (o)
Listing of Shares. The Parent shall fail to maintain at least one class of common shares of the Parent having trading privileges on the New York Stock Exchange or the American Stock Exchange or which is subject to price quotations on The
NASDAQ Stock Market’s National Market System. 
 (p) Investments. The Parent, the Borrower or any Subsidiary of the
Borrower shall make an Investment in or otherwise own the following items and the effect thereof is to cause the aggregate value of such holdings of such Person in such assets to exceed such percentages set forth below of Total Asset Value of the
Borrower and its Subsidiaries, at any time (and such condition continues for a period of ten (10) days): 

(i) Investments in Unconsolidated Affiliates, such that the aggregate value of all such Investments (such value to be
equal to the lesser of (I) the purchase price paid for such Investment and (II) the Fair Market Value of such Investment) in Unconsolidated Affiliates exceeds 5.0% of Total Asset Value of the Borrower and its Subsidiaries; 

  
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 (ii) Mortgage Receivables in favor of the Borrower, any other Loan Party or
any Subsidiary of the Borrower, such that the aggregate book value of any such Mortgage Receivable exceeds 5.0% of Total Asset Value of the Borrower and its Subsidiaries; 

(iii) Development Properties, such that the value of any such Development Property (such value to be equal to the
aggregate amount of all costs incurred and paid by the Borrower or the applicable Subsidiary of the Borrower in connection therewith to date) exceeds 20.0% of Total Asset Value of the Borrower and its Subsidiaries; 

(iv) Unimproved Land (which shall not include (x) any Development Property or (y) Unimproved Land acquired
within the prior twelve (12) months that will become a Development Property within twelve (12) months of its acquisition) such that the aggregate book value of all such Unimproved Land (such value to be equal to the lesser of (I) the
purchase price paid for such acquisition and (II) the Fair Market Value of such real estate) exceeds 10.0% of Total Asset Value of the Borrower and its Subsidiaries; or 

(v) Investments of the type subject to limitation under the foregoing clauses (i), (ii), (iii) and (iv) in
excess of 25% of Total Asset Value of the Borrower and its Subsidiaries. 
 (q) Dividends and Other Restricted Payments.
The Parent, the Borrower or any Subsidiary of the Borrower shall declare or make any Restricted Payment, other than any of the following Restricted Payments so long as no Default or Event of Default would result therefrom (and such declaration or
payment of the Restricted Payment has not been rescinded, returned, unwound or otherwise cancelled for a period of ten (10) days): 
 (i) the Borrower may pay cash dividends or distributions to the Parent and other holders of partnership interests in the Borrower with respect to any fiscal year ending during the term of this Agreement
to the extent necessary for the Parent to distribute, and the Parent may so distribute, cash dividends to its shareholders in an aggregate amount not to exceed the greater of (a) the amount required to be distributed for the Parent to remain
qualified as a REIT for federal income tax purposes, or (b) 90% of Funds From Operations; 
 (ii) the
Borrower may pay cash dividends or distributions to the Parent and other holders of partnership interests in the Borrower with respect to any fiscal year ending during the term of this Agreement to the extent necessary for the Parent to distribute,
and the Parent may so distribute cash distributions to its shareholders of capital gains resulting from gains from certain asset sales to the extent necessary to avoid payment of taxes on such asset sales imposed under Sections 857(b)(3) and
4981 of the Internal Revenue Code; 
 (iii) a Subsidiary that is not a Wholly Owned Subsidiary may make cash
distributions (ratably in accordance with the percentage of Equity Interests held) to holders of Equity Interests issued by such Subsidiary; and 

  
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 (iv) Subsidiaries may pay Restricted Payments to the Borrower or any other
Loan Party; 
 provided, however, and subject to the provisions of Section 10.1.(j), if a Default or Event of Default exists, the Borrower
may only declare and make cash distributions to the Parent and other holders of partnership interests in the Borrower with respect to any fiscal year to the extent necessary for the Parent to distribute, and the Parent may so distribute, an
aggregate amount not to exceed the minimum amount necessary for the Parent to remain qualified as a REIT for federal income tax purposes). 
  

	Section 11.2.	Remedies Upon Event of Default. 

 Upon the occurrence of an Event of Default the following provisions shall apply: 

(a) Acceleration; Termination of Facilities. 

(i) Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1.(e) or 11.1.(f),
(1)(A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such Event of Default
for deposit into the Letter of Credit Collateral Account and (C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other
Loan Documents shall become immediately and automatically due and payable without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Parent and the Borrower, each on behalf of itself and the other
Loan Parties, and (2) the Commitments and the Swingline Commitment and the obligation of the Issuing Banks to issue Letters of Credit hereunder, shall all immediately and automatically terminate. 

(ii) Optional. If any other Event of Default shall exist, the Administrative Agent may, and at the direction of the
Requisite Lenders shall: (1) declare (A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the
occurrence of such Event of Default for deposit into the Letter of Credit Collateral Account and (C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this
Agreement, the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived
by the Parent and the Borrower, each on behalf of itself and the other Loan Parties, and (2) terminate the Commitments and the Swingline Commitment and the obligation of the Issuing Banks to issue Letters of Credit hereunder. 

(b) Loan Documents. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed
shall, exercise any and all of its rights under any and all of the other Loan Documents. 
 (c) Applicable Law. The
Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise all other rights and remedies it may have under any Applicable Law. 

(d) Specified Derivatives Contract Remedies. Notwithstanding any other provision of this Agreement or other Loan Document, each
Specified Derivatives Provider shall have the right, with 

  
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prompt notice to the Administrative Agent, but without the approval or consent of or other action by the Administrative Agent or the Lenders, and without limitation of other remedies available to
such Specified Derivatives Provider under contract or Applicable Law, to undertake any of the following: (a) to declare an event of default, termination event or other similar event under any Specified Derivatives Contract and to create an
“Early Termination Date” (as defined therein) in respect thereof, (b) to determine net termination amounts in respect of any and all Specified Derivatives Contracts in accordance with the terms thereof, and to set off amounts among
such contracts, (c) to set off or proceed against deposit account balances, securities account balances and other property and amounts held by such Specified Derivatives Provider pursuant to any Derivatives Support Document, including any
“Posted Collateral” (as defined in any credit support annex included in any such Derivatives Support Document to which such Specified Derivatives Provider may be a party), and (d) to prosecute any legal action against the Borrower,
any Loan Party or other Subsidiary to enforce or collect net amounts owing to such Specified Derivatives Provider pursuant to any Specified Derivatives Contract. For the avoidance of doubt, none of the events or remedies described above shall by
itself constitute a Default or Event of Default hereunder. 
  

	Section 11.3.	Remedies Upon Default. 

Upon the occurrence of an Event of Default specified in Section 11.1.(f), the Commitments shall immediately and automatically
terminate. 
  

	Section 11.4.	Marshaling; Payments Set Aside. 

 None of the Administrative Agent, any Issuing Bank, any Lender or any Specified Derivatives Provider shall be under any obligation to marshal any assets in favor of any Loan Party or any other party or
against or in payment of any or all of the Obligations or the Specified Derivatives Obligations. To the extent that any Loan Party makes a payment or payments to the Administrative Agent, any Issuing Bank, any Lender or any Specified Derivatives
Provider, or the Administrative Agent, any Issuing Bank, any Lender or any Specified Derivatives Provider enforce their security interests or exercise their rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff
or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable
cause, then to the extent of such recovery, the Obligations or Specified Derivatives Obligations, or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and
effect as if such payment had not been made or such enforcement or setoff had not occurred. 
  

	Section 11.5.	Allocation of Proceeds. 

If an Event of Default exists, all payments received by the Administrative Agent under any of the Loan Documents, in respect of any
principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied in the following order and priority: 

(a) amounts due to the Administrative Agent, the Issuing Banks and the Lenders in respect of expenses due under
Section 13.2. until paid in full, and then Fees; 
 (b) payments of interest on Swingline Loans; 

(c) payments of interest on all other Loans and Reimbursement Obligations to be applied for the ratable benefit of the
Lenders and the Issuing Banks; 
 (d) payments of principal of Swingline Loans; 

  
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 (e) payments of principal of all other Loans, Reimbursement Obligations and
other Letter of Credit Liabilities, to be applied for the ratable benefit of the Lenders and the Issuing Banks, in such order and priority as the Lenders and the Issuing Banks, may determine in their sole discretion; provided, however, to the extent
that any amounts available for distribution pursuant to this subsection are attributable to the issued but undrawn amount of an outstanding Letter of Credit, such amounts shall be paid to the Administrative Agent for deposit into the Letter of
Credit Collateral Account; 
 (f) amounts due to the Administrative Agent and the Lenders pursuant to
Sections 12.6. and 13.10.; 
 (g) payments of all other Obligations and other amounts due under any of the
Loan Documents, if any, to be applied for the ratable benefit of the Lenders; and 
 (h) any amount remaining
after application as provided above, shall be paid to the Borrower or whomever else may be legally entitled thereto. 
  

	Section 11.6.	Letter of Credit Collateral Account. 

 (a) As collateral security for the prompt payment in full when due of all Letter of Credit Liabilities and the other Obligations, the Borrower hereby pledges and grants to the Administrative Agent, for
the ratable benefit of the Administrative Agent, the Issuing Banks and the Lenders as provided herein, a security interest in all of its right, title and interest in and to the Letter of Credit Collateral Account and the balances from time to time
in the Letter of Credit Collateral Account (including the investments and reinvestments therein provided for below). The balances from time to time in the Letter of Credit Collateral Account shall not constitute payment of any Letter of Credit
Liabilities until applied by the applicable Issuing Bank as provided herein. Anything in this Agreement to the contrary notwithstanding, funds held in the Letter of Credit Collateral Account shall be subject to withdrawal only as provided in this
Section. 
 (b) Amounts on deposit in the Letter of Credit Collateral Account shall be invested and reinvested by the
Administrative Agent in such Cash Equivalents as the Administrative Agent shall determine in its sole discretion. All such investments and reinvestments shall be held in the name of and be under the sole dominion and control of the Administrative
Agent for the ratable benefit of the Administrative Agent, the Issuing Banks and the Lenders; provided, that all earnings on such investments will be credited to and retained in the Letter of Credit Collateral Account. The Administrative
Agent shall exercise reasonable care in the custody and preservation of any funds held in the Letter of Credit Collateral Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that
which the Administrative Agent accords other funds deposited with the Administrative Agent, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties
with respect to any funds held in the Letter of Credit Collateral Account. 
 (c) If a drawing pursuant to any Letter of Credit
occurs on or prior to the expiration date of such Letter of Credit, the Borrower and the Lenders authorize the Administrative Agent to use the monies deposited in the Letter of Credit Collateral Account to reimburse the applicable Issuing Bank for
the payment made by such Issuing Bank to the beneficiary with respect to such drawing or the payee with respect to such presentment. 
 (d) If an Event of Default exists, the Administrative Agent may (and, if instructed by the Requisite Lenders shall, in its further discretion), at any time and from time to time elect to liquidate any
such investments and reinvestments and apply the proceeds thereof to the Obligations in accordance with Section 11.5. 

  
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 (e) So long as no Default or Event of Default exists, and to the extent amounts on deposit
in or credited to the Letter of Credit Collateral Account exceed the aggregate amount of the Letter of Credit Liabilities then due and owing, the Administrative Agent shall, from time to time, at the request of the Borrower, deliver to the Borrower
within ten (10) Business Days after the Administrative Agent’s receipt of such request from the Borrower, against receipt but without any recourse, warranty or representation whatsoever, such of amount of the credit balances in the Letter
of Credit Collateral Account as exceeds the aggregate amount of Letter of Credit Liabilities at such time. When all of the Obligations shall have been indefeasibly paid in full and no Letters of Credit remain outstanding, the Administrative Agent
shall deliver to the Borrower, against receipt but without any recourse, warranty or representation whatsoever, the balances remaining in the Letter of Credit Collateral Account. 

(f) The Borrower shall pay to the Administrative Agent from time to time such fees as the Administrative Agent normally charges for
similar services in connection with the Administrative Agent’s administration of the Letter of Credit Collateral Account and investments and reinvestments of funds therein. 

 

	Section 11.7.	Rescission of Acceleration by Requisite Lenders. 

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

	Section 11.8.	Rights Cumulative. 

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

  
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 ARTICLE XII. THE ADMINISTRATIVE AGENT 

 

	Section 12.1.	Appointment and Authorization. 

 Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such Lender’s behalf and to exercise such powers under this
Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. Not in limitation of the foregoing, each Lender
authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by the Requisite Lenders in accordance with the
provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all
of the Lenders. Nothing herein shall be construed to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations other than those expressly provided for herein. Without limiting
the generality of the foregoing, the use of the terms “Agent,” “Administrative Agent,” “agent” and similar terms in the Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary
or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, use of such terms is merely a matter of market custom, and is intended to create or reflect only an administrative relationship between
independent contracting parties. The Administrative Agent shall deliver to each Lender, promptly upon receipt thereof by the Administrative Agent, copies of each of the financial statements, certificates, notices and other documents delivered to the
Administrative Agent pursuant to Article IX. that the Borrower is not otherwise required to deliver directly to the Lenders. The Administrative Agent will furnish to any Lender, upon the request of such Lender, a copy (or, where appropriate, an
original) of any document, instrument, agreement, certificate or notice furnished to the Administrative Agent by the Borrower, any other Loan Party or any other Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document not
already delivered to such Lender pursuant to the terms of this Agreement or any such other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of any of the
Obligations), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the
instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided, however,
that, notwithstanding anything in this Agreement to the contrary, the Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or any other Loan
Document or Applicable Law. Not in limitation of the foregoing, the Administrative Agent may exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite
Lenders have directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting
under this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders, or where applicable, all the Lenders. 
  

	Section 12.2.	Wells Fargo as Lender. 

Wells Fargo, as a Lender or as a Specified Derivatives Provider, as the case may be, shall have the same rights and powers under this
Agreement and any other Loan Document and under any Specified Derivatives Contract, as the case may be, as any other Lender or Specified Derivatives Provider and may exercise the same as though it were not the Administrative Agent; and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated, include Wells Fargo in each case in its individual capacity. Wells Fargo and its Affiliates may each accept deposits from, maintain deposits or credit balances
for, 

  
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invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with the Borrower, any other Loan Party or any other
Affiliate thereof as if it were any other bank and without any duty to account therefor to any other Issuing Banks, other Lenders, or any other Specified Derivatives Providers. Further, the Administrative Agent and any Affiliate may accept fees and
other consideration from the Borrower for services in connection with this Agreement or any Specified Derivatives Contract, or otherwise without having to account for the same to the other Issuing Banks, the other Lenders or any other Specified
Derivatives Providers. The Issuing Banks and the Lenders acknowledge that, pursuant to such activities, Wells Fargo or its Affiliates may receive information regarding the Borrower, other Loan Parties, other Subsidiaries and other Affiliates
(including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. 

 

	Section 12.3.	Approvals of Lenders. 

All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent, approval or
disapproval (a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise
such Lender where information, if any, regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include, if reasonably requested by such Lender and to the extent not previously
provided to such Lender, written materials and, as appropriate, a brief summary of all oral information provided to the Administrative Agent by the Borrower in respect of the matter or issue to be resolved, and (d) shall include the
Administrative Agent’s recommended course of action or determination in respect thereof. Unless a Lender shall give written notice to the Administrative Agent that it specifically objects to the recommendation or determination of the
Administrative Agent within ten (10) Business Days (or such lesser or greater period as may be specifically required under the express terms of the Loan Documents) of receipt of such communication, such Lender shall be deemed to have
conclusively approved of or consented to such recommendation or determination. 
  

	Section 12.4.	Notice of Events of Default. 

 The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has received notice from a Lender or the
Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default.” If any Lender (excluding the Lender which is also serving as the
Administrative Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Administrative Agent such a “notice of default.” Further, if the Administrative Agent receives such a “notice of default,” the
Administrative Agent shall give prompt notice thereof to the Lenders. 
  

	Section 12.5.	Administrative Agent’s Reliance. 

 Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Administrative Agent nor any of its directors, officers, agents, employees or counsel shall be liable for
any action taken or not taken by it under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct in connection with its duties expressly set forth herein or therein as
determined by a court of competent jurisdiction in a final non-appealable judgment. Without limiting the generality of the foregoing, the Administrative Agent may consult with legal counsel (including its own counsel or counsel for the Borrower or
any other Loan Party), independent public accountants and other experts selected by it and shall not be liable for any 

  
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action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts. Neither the Administrative Agent nor any of its directors, officers,
agents, employees or counsel: (a) makes any warranty or representation to any Lender, any Issuing Bank or any other Person, or shall be responsible to any Lender, any Issuing Bank or any other Person for any statement, warranty or
representation made or deemed made by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the performance or
observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other Persons, or to
inspect the property, books or records of the Borrower or any other Person; (c) shall be responsible to any Lender or any Issuing Bank for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this
Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto or any collateral covered thereby or the perfection or priority of any Lien in favor of the Administrative Agent on behalf of the Lenders, the Issuing
Banks and the Specified Derivatives Providers in any such collateral; (d) shall have any liability in respect of any recitals, statements, certifications, representations or warranties contained in any of the Loan Documents or any other
document, instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any liability under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or
other instrument or writing (which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the proper party or parties. The Administrative Agent may execute any of its duties under the Loan
Documents by or through agents, employees or attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct as determined by a
court of competent jurisdiction in a final non-appealable judgment. 
  

	Section 12.6.	Indemnification of Administrative Agent. 

 Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) pro rata in accordance with such
Lender’s respective Pro Rata Share, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, reasonable out-of-pocket costs and expenses of any kind or nature whatsoever which may at any time
be imposed on, incurred by, or asserted against the Administrative Agent (in its capacity as Administrative Agent but not as a Lender) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any
action taken or omitted by the Administrative Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent
resulting from the Administrative Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment; provided, however, that no action taken in accordance with
the directions of the Requisite Lenders (or all of the Lenders, if expressly required hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limiting the generality of the foregoing,
each Lender agrees to reimburse the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) promptly upon demand for its ratable share of any out-of-pocket expenses (including
the reasonable fees and expenses of the counsel to the Administrative Agent) incurred by the Administrative Agent in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal
proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect
any Obligations, any “lender liability” suit or claim brought against the Administrative Agent and/or the Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental Laws. Such
out-of-pocket expenses (including counsel fees) shall be advanced by the 

  
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Lenders on the request of the Administrative Agent notwithstanding any claim or assertion that the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking
by the Administrative Agent that the Administrative Agent will reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements in
this Section shall survive the payment of the Loans and all other amounts payable hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Administrative Agent for any Indemnifiable
Amount following payment by any Lender to the Administrative Agent in respect of such Indemnifiable Amount pursuant to this Section, the Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any such payment.

  

	Section 12.7.	Lender Credit Decision, Etc. 

 Each of the Lenders and each of the Issuing Banks expressly acknowledges and agrees that neither the Administrative Agent nor any of its officers, directors, employees, agents, counsel, attorneys-in-fact
or other Affiliates has made any representations or warranties to such Issuing Bank or such Lender and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, any other Loan Party or any other
Subsidiary or Affiliate, shall be deemed to constitute any such representation or warranty by the Administrative Agent to any Issuing Bank or any Lender. Each of the Lenders and each of the Issuing Banks acknowledges that it has made its own credit
and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby, independently and without reliance upon the Administrative Agent, any other Issuing Bank, any other Lender or counsel to the Administrative Agent,
or any of their respective officers, directors, employees, agents or counsel, and based on the financial statements of the Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such Persons, its independent
due diligence of the business and affairs of the Borrower, the other Loan Parties, the other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel
and such other documents and information as it has deemed appropriate. Each of the Lenders and each of the Issuing Banks also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Lender, any other
Issuing Bank, or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents, and based on such review, advice, documents and information as it shall deem appropriate at the time, continue to make its own
decisions in taking or not taking action under the Loan Documents. The Administrative Agent shall not be required to keep itself informed as to the performance or observance by the Borrower or any other Loan Party of the Loan Documents or any other
document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, the Borrower, any other Loan Party or any other Subsidiary. Except for notices, reports and other documents and information
expressly required to be furnished to the Lenders and the Issuing Banks by the Administrative Agent under this Agreement or any of the other Loan Documents, the Administrative Agent shall have no duty or responsibility to provide any Lender or any
Issuing Bank with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of
the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or other Affiliates. Each of the Lenders and each of the Issuing Banks acknowledges that the Administrative Agent’s legal counsel in connection
with the transactions contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel to any Lender or any Issuing Bank. 

 

	Section 12.8.	Successor Administrative Agent. 

 The Administrative Agent may resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the Lenders and the Borrower. Upon any such resignation,

  
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the Requisite Lenders shall have the right to appoint a successor Administrative Agent which appointment shall, provided no Default or Event of Default exists, be subject to the Borrower’s
approval, which approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed to have approved each Lender as a successor Administrative Agent). If no successor Administrative Agent shall have been
so appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment, within thirty (30) days after the current Administrative Agent’s giving of notice of resignation, then the current Administrative
Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be an Eligible Assignee. Upon the acceptance of any
appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the current Administrative
Agent, and the current Administrative Agent shall be discharged from its duties and obligations under the Loan Documents. Such successor Administrative Agent shall issue letters of credit in substitution for the Letters of Credit, if any,
outstanding at the time of such succession or shall make other arrangements satisfactory to the current Administrative Agent, in either case, to assume effectively the obligations of the current Administrative Agent with respect to such Letters of
Credit. After any Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article XII. shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, the Administrative Agent may assign its rights and duties under the Loan Documents to any of its Affiliates by giving the Borrower and each
Lender prior written notice thereof. 
  

	Section 12.9.	Titled Agents. 

 Each of
the Arranger and the Syndication Agent (each a “Titled Agent”) in each such respective capacity, assumes no responsibility or obligation hereunder, including, without limitation, for servicing, enforcement or collection of any of
the Loans, nor any duties as an agent hereunder for the Lenders. The titles given to the Titled Agents are solely honorific and imply no fiduciary responsibility on the part of the Titled Agents to the Administrative Agent, any Lender, the Issuing
Bank, the Borrower or any other Loan Party and the use of such titles does not impose on the Titled Agents any duties or obligations greater than those of any other Lender or entitle the Titled Agents to any rights other than those to which any
other Lender is entitled. 
 ARTICLE XIII. MISCELLANEOUS 

 

	Section 13.1.	Notices. 

 Unless
otherwise provided herein (including without limitation as provided in Section 9.5.), communications provided for hereunder shall be in writing and shall be mailed, telecopied, or delivered as follows: 

If to the Borrower: 
  

			
	 Saul Holdings Limited Partnership
 7501 Wisconsin Avenue
 Suite 1500 E
 Bethesda, MD 20814-6522
 Attn: Scott V. Schneider, Chief Financial Officer

	Facsimile Number:	  	(301) 986-6023
	Telephone Number:	  	(301) 986-6220
	Email: scott.schneider@saulcenters.com

  
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	 With a copy to:
  

Victoria J. Perkins
 Senior Vice President and
Senior Counsel
 B. F. Saul Company

7501 Wisconsin Avenue
 Suite 1500 E

Bethesda, Maryland 20814-6522

	 Facsimile Number:

Telephone Number:
	  	 (301) 986-6023

(301) 986-6040

	Email: victoria.perkins@bfsaulco.com 
	
	 And a copy to:
  

Jeffrey Grill and Eric Green
 Pillsbury Winthrop
Shaw Pittman
 2300 N Street, N.W.

Washington, D.C. 20037

	Facsimile Number:	  	(202) 663-8007
	Telephone Number:	  	(202) 663-9022
	Email: Jeffrey.grill@pillsburylaw.com and eric.green@pillsburylaw.com

If to the Administrative Agent: 
  

			
	 Wells Fargo Bank, National Association
 123 N Wacker Dr., Suite 1900
 Chicago, IL 60606

Attn: Sam Supple, REIT Finance Group

	Facsimile Number:	  	(312) 782-0969
	Telephone Number:	  	(312) 269-4817
	Email: sam.supple@wellsfargo.com
	
	 with a copy to:
  

Wells Fargo Bank, N.A.
 Commercial Real Estate
Portfolio Services
 1750 H Street, N.W., Suite 400
 Washington, DC 20006
 Attn: Loan Administration Manager

	Facsimile Number:	  	(202) 429-2984
	Telephone Number:	  	(202) 303-3020

 If to the Administrative Agent under Article II.: 
  

			
	 Wells Fargo Bank, National Association
 Minneapolis Loan Center
 MAC N9303-110
 608 Second Avenue S., 11th Floor
 Minneapolis, Minnesota 55402-1916
 Attn: Disbursement Administrator

	 Facsimile Number:

Telephone Number:
	  	 (877) 410-5027
 (612)
667-4507

  
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 If to Wells Fargo Bank, National Association as Issuing Bank: 

 

			
	 Wells Fargo Bank, National Association
 401 Linden Street
 Winston-Salem, North Carolina 27101

Attn: Standby Letter of Credit Department

	 Facsimile Number:

Telephone Number:
	  	 (336) 735-0950

(800) 776-3862

	 Email: sblc-new@wellsfargo.com 
 Letter of Credit No. IS0011738

 If to any other Lender or Issuing Bank: 

To such Lender’s or Issuing Bank’s address or telecopy number or email address as set forth in the applicable Administrative
Questionnaire 
 or, as to each party at such other address as shall be designated by such party in a written notice to the other parties
delivered in compliance with this Section; provided, a Lender or an Issuing Bank shall only be required to give notice of any such other address to the Administrative Agent and the Borrower. All such notices and other communications shall be
effective (i) if mailed, upon the first to occur of receipt or the expiration of three (3) Business Days after the deposit in the United States Postal Service certified mail, postage prepaid and addressed to the address of the Borrower or
the Administrative Agent, the Issuing Banks and the Lenders at the addresses specified; (ii) if telecopied, when transmitted (with confirmation); (iii) if hand delivered or sent by overnight courier, when delivered; or (iv) if
delivered in accordance with Section 9.5. to the extent applicable; provided, however, that, in the case of the immediately preceding clauses (i), (ii) and (iii), non-receipt of any communication as of the result of any change of address
of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. Notwithstanding the immediately preceding sentence, all notices or communications to the Administrative
Agent, any Issuing Bank or any Lender under Article II. shall be effective only when actually received. None of the Administrative Agent, any Issuing Bank or any Lender shall incur any liability to any Loan Party (nor shall the Administrative
Agent incur any liability to the Issuing Banks or the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Administrative Agent, such Issuing Bank or such Lender, as the case may be, believes in good faith to have
been given by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder. Failure of a Person designated to get a copy of a notice to receive such copy shall not affect the validity of notice properly given to another
Person. 
  

	Section 13.2.	Expenses. 

 The Borrower
agrees (a) to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any
of the Loan Documents (including due diligence expense and reasonable travel expenses related to closing), and the consummation of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements of counsel to the
Administrative Agent and all costs and expenses of the Administrative Agent in connection with the use of IntraLinks, SyndTrak or other similar information transmission systems in connection with the Loan Documents, (b) to pay or reimburse the
Administrative Agent, the Issuing Banks and the Lenders 

  
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for all their reasonable costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents, including the reasonable fees and disbursements of
their respective counsel (including the allocated fees and expenses of in-house counsel, to the extent in substitution for, and not in duplication of, outside counsel) and any payments in indemnification or otherwise payable by the Lenders to the
Administrative Agent pursuant to the Loan Documents; provided, however, that the Borrower shall not be required to pay the expenses of more than one counsel to the Administrative Agent and one separate counsel for the Lenders (in addition to the
expenses for any local or special counsel) in connection with such enforcement or preservation unless the Lenders reasonably determine that joint representation is not appropriate under the circumstances, (c) to pay, and indemnify and hold
harmless the Administrative Agent, the Issuing Banks and the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and
other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under
or in respect of, any Loan Document and (d) to the extent not already covered by any of the preceding subsections, to pay or reimburse the fees and disbursements of counsel to the Administrative Agent, any Issuing Bank and any Lender incurred
in connection with the representation of the Administrative Agent, such Issuing Bank or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the type described in Sections 11.1.(e) or 11.1.(f),
including, without limitation (i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to the Obligations and (iii) the negotiation and preparation of
any debtor-in-possession financing or any plan of reorganization of the Borrower or any other Loan Party, whether proposed by the Borrower, such Loan Party, the Lenders or any other Person, and whether such fees and expenses are incurred prior to,
during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding; provided, however, that the Borrower shall not be required to pay the expenses of more than one counsel to the Administrative Agent and one
separate counsel for the Lenders (in addition to the expenses for any local or special counsel) in connection with such enforcement or preservation unless the Lenders reasonably determine that joint representation is not appropriate under the
circumstances. If the Borrower shall fail to pay any amounts required to be paid by it pursuant to this Section, the Administrative Agent and/or the Lenders may pay such amounts on behalf of the Borrower and such amounts shall be deemed to be
Obligations owing hereunder. 
  

	Section 13.3.	Stamp, Intangible and Recording Taxes. 

 The Borrower will pay any and all stamp, excise, intangible, registration, recordation and similar taxes, fees or charges and shall indemnify the Administrative Agent and each Lender against any and all
liabilities with respect to or resulting from any delay in the payment or omission to pay any such taxes, fees or charges, which may be payable or determined to be payable in connection with the execution, delivery, recording, performance or
enforcement of this Agreement, the Notes and any of the other Loan Documents, the amendment, supplement, modification or waiver of or consent under this Agreement, the Notes or any of the other Loan Documents or the perfection of any rights or Liens
under this Agreement, the Notes or any of the other Loan Documents. 
  

	Section 13.4.	Setoff. 

 Subject to
Section 3.3. and in addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, the Borrower hereby authorizes the Administrative Agent, each Issuing Bank, each Lender, each Affiliate of
the Administrative Agent, each Issuing Bank or any Lender, at any time or from time to time while an Event of Default is continuing, without prior notice to the Borrower or to any other Person, any such notice being hereby expressly waived, but in
the case of an Issuing Bank, a Lender, an Affiliate of an Issuing Bank or a Lender, subject to receipt of the prior 

  
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written consent of the Requisite Lenders exercised in their sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to,
indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, such Issuing Bank, such Lender, any Affiliate of the Administrative Agent, such
Issuing Bank or such Lender, to or for the credit or the account of the Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other Obligations have been declared to be, or have
otherwise become, due and payable as permitted by Section 11.2., and although such Obligations shall be contingent or unmatured. 
  

	Section 13.5.	Litigation; Jurisdiction; Other Matters; Waivers. 

 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, ANY OF THE ISSUING BANKS OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND
COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT, THE ISSUING BANKS AND THE BORROWER HEREBY WAIVES ITS RIGHT TO
A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT,
CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, ANY OF THE ISSUING BANKS OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS. 

(b) THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR
PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, ANY ISSUING BANK, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY
APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL, NON-APPEALABLE JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY
ISSUING BANK MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY APPROPRIATE JURISDICTION. EACH PARTY FURTHER
WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY ACTION BROUGHT IN ACCORDANCE WITH THE FIRST SENTENCE OF THIS SUBSECTION (b) OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR

  
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PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY
ACTION BY THE ADMINISTRATIVE AGENT, ANY ISSUING BANK OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT, ANY ISSUING BANK OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 

(c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE
LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT.

  

	Section 13.6.	Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of
the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of the immediately following
subsection (b), (ii) by way of participation in accordance with the provisions of the immediately following subsection (d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of the
immediately following subsection (f) (and, subject to the last sentence of the immediately following subsection (b), any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in the immediately following subsection (d) and, to
the extent expressly set forth herein, the Related Parties of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 
 (A) in the case of an assignment of the entire remaining amount of an assigning Revolving Lender’s Revolving Commitment and the Loans at the time owing to it or in the case of an assignment to a
Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 
 (B) in any case
not described in the immediately preceding subsection (A), the aggregate amount of the Revolving Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Revolving Commitment is not then in effect, the
principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (in each case, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if
“Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) 

  
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shall not be less than $15,000,000 in the case of any assignment of a Revolving Commitment, unless each of the Administrative Agent and, so long as no Default or Event of Default shall exist, the
Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that if, after giving effect to such assignment, the amount of the Commitment held by such assigning Lender or the outstanding principal
balance of the Loans of such assigning Lender, as applicable, would be less than $10,000,000 in the case of a Commitment or Revolving Loans, then such assigning Lender shall assign the entire amount of its Commitment and the Loans at the time owing
to it. 
 (ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Revolving Commitment assigned. 
 (iii) Required Consents. No consent shall be required for any assignment except to the extent required by clause (i)(B) of this subsection (b) and, in addition: 

(A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless
(x) a Default or Event of Default shall exist at the time of such assignment or (y) such assignment is to a Lender; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by
written notice to the Administrative Agent within five (5) Business Days after having received notice, by delivery of a paper copy, or by facsimile or email, thereof; 

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

(C) the consent of the Swingline Lender and the Issuing Banks (such consent not to be unreasonably withheld or delayed)
shall be required for any assignment in respect of a Revolving Commitment. 
 (iv) Assignment and Acceptance;
Notes. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee (which, other than in connection with an assignment pursuant to
Section 5.6., shall not be borne by the Borrower) of $4,500 for each assignment (or $7,500 if the assignor is a Defaulting Lender), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire. If requested by the transferor Lender or the Assignee, upon the consummation of any assignment, the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so that new Notes are issued to the
Assignee and such transferor Lender, as appropriate. 
 (v) No Assignment to Borrower. No such assignment
shall be made to the Borrower or any of the Borrower’s Affiliates or Subsidiaries. 
 (vi) No Assignment
to Natural Persons. No such assignment shall be made to a natural person. 

  
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 (vii) Assignments by Specified Derivatives Provider. If the assigning
Lender (or its Affiliate) is a Specified Derivatives Provider and if after giving effect to such assignment such Lender will hold no further Loans or Revolving Commitments under this Agreement, such Lender shall undertake such assignment only
contemporaneously with an assignment by such Lender (or its Affiliate, as the case may be) of all of its Specified Derivatives Contracts to the Assignee or another Lender (or Affiliate thereof). 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to the immediately following subsection (c), from and after the
effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all
of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 5.4., 13.2. and 13.10. and the other provisions of this
Agreement and the other Loan Documents as provided in Section 13.11. with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with the immediately following subsection (d).

 (c) Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at
the Principal Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans owing to, each Lender pursuant to
the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon
reasonable prior notice. Each Lender that sells a participation as described in Section 13.6.(d) shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant
and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose
all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, or its other obligations under this Agreement) except to
the extent that such disclosure is necessary to establish that such Commitment, Loan, or other obligation is in registered form under Section 5f.103-1(c) of the Treasury Regulations. The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

(d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent,
sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s

  
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rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to
(w) increase such Lender’s Commitment, (x) extend the date fixed for the payment of principal on the Loans or portions thereof owing to such Lender, (y) reduce the rate at which interest is payable thereon or (z) release any
Guarantor from its Obligations under the Guaranty, except pursuant to the terms of this Agreement. Subject to the immediately following subsection (e), the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 3.10., 5.1., 5.4. to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by Applicable Law, each Participant also shall be entitled
to the benefits of Section 13.4. as though it were a Lender, provided such Participant agrees to be subject to Section 3.3. as though it were a Lender. 
 (e) Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Sections 3.10. and 5.1. than the applicable Lender would have been entitled to
receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender
shall not be entitled to the benefits of Section 3.10. unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower and the Administrative Agent, to comply with
Section 3.10.(c) as though it were a Lender. 
 (f) Certain Pledges. Any Lender may at any time pledge or assign a
security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall
release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto or entitled to the rights of an assignee hereunder. 

(g) No Registration. Each Lender agrees that, without the prior written consent of the Borrower and the Administrative Agent, it
will not make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United
States of America or of any other jurisdiction. 
  

	Section 13.7.	Amendments and Waivers. 

(a) Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by
this Agreement or any other Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be amended, (iii) the performance or observance by the Borrower, any other Loan Party or
any other Subsidiary of any terms of this Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or
prospectively) with, but only with, the written consent of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written consent of each Loan
Party which is party thereto. Subject to the immediately following subsections (c) and (d), any term of this Agreement or of any other Loan Document relating to the rights or obligations of the Revolving Lenders, and not any other Lenders, may
be amended, and the performance or observance by the Borrower or any other Loan Party or any Subsidiary of any such terms may be waived (either generally or in a particular instance and either retroactively or prospectively) with, and only with, the
written consent of the Requisite Lenders (and, in the case of an amendment to any Loan Document, the written consent of each Loan Party a party thereto). 

  
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 (b) Consent of Lenders Directly Affected. In addition to the foregoing requirements,
no amendment, waiver or consent shall, unless in writing, and signed by each of the Lenders directly and adversely affected thereby (or the Administrative Agent at the written direction of such Lenders), do any of the following: 

(i) increase the Commitments of the Lenders (excluding any increase as a result of an assignment of Commitments permitted
under Section 13.6.) or subject the Lenders to any additional obligations to lend money or issue or participate in letters of credit; 
 (ii) reduce the principal of, or interest that has accrued or the rates of interest that will be charged on the outstanding principal amount of, any Loans or other Obligations; 

(iii) reduce the amount of any Fees payable to the Lenders hereunder; 

(iv) modify the definition of “Revolving Termination Date” (except in accordance with Section 2.12.),
otherwise postpone any date fixed for any payment of principal of, or interest on, any Loans or for the payment of Fees or any other Obligations, or extend the expiration date of any Letter of Credit beyond the Revolving Termination Date;

 (v) modify the definitions of “Revolving Commitment Percentage” or “Pro Rata Share” or
amend or otherwise modify the provisions of Section 3.2.; 
 (vi) amend this Section or amend the
definitions of the terms used in this Agreement or the other Loan Documents insofar as such definitions affect the substance of this Section; 
 (vii) modify the definition of the term “Requisite Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights
hereunder or to modify any provision hereof; 
 (viii) release any Guarantor from its obligations under the
Guaranty except as contemplated by Section 8.12.(b); 
 (ix) waive a Default or Event of Default under
Section 11.1.(a), except as provided in Section 11.7.; or 
 (x) amend, or waive the Borrower’s
compliance with, Section 2.14. 
 (c) Amendment or Waiver by Administrative Agent. The Administrative Agent may,
subject to the terms of subsection (b) above, (i) approve any amendment to this Agreement that is administrative in nature or is otherwise determined by the Administrative Agent in good faith not to be material, and (ii) waive any
obligation or waive or confirm as cured any default of any Loan Party hereunder or under any of the Loan Documents, to the extent such waiver is determined by the Administrative Agent to be administrative in nature or such obligation or default is
not material. 
 (d) Amendment of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in
writing and signed by the Administrative Agent, in addition to the Lenders required hereinabove to take such action (but without duplication), shall affect the rights or duties of the Administrative Agent under this Agreement or any of the other
Loan Documents. Any amendment, waiver or consent relating to Section 2.3. or the obligations of the Swingline Lender under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action (but
without duplication), require the written consent of the Swingline Lender. Any amendment, waiver or consent 

  
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relating to Section 2.2. or the obligations of the Issuing Banks under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action
(but without duplication), require the written consent of the Issuing Banks. Any amendment, waiver or consent with respect to any Loan Document that (i) diminishes the rights of a Specified Derivatives Provider in a manner or to an extent
dissimilar to that affecting the Lenders or (ii) increases the liabilities or obligations of a Specified Derivatives Provider shall, in addition to the Lenders required hereinabove to take such action, require the consent of the Lender that is
(or having an Affiliate that is) such Specified Derivatives Provider. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the
specific instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of the Administrative Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial
thereto. Any Event of Default occurring hereunder shall continue to exist until such time as such Event of Default is waived in writing in accordance with the terms of this Section, notwithstanding any attempted cure or other action by the Borrower,
any other Loan Party or any other Person subsequent to the occurrence of such Event of Default. Within fifteen (15) Business Days following written request therefor from the Borrower (together with such additional information as the
Administrative Agent and the Lenders shall reasonably request in respect thereof), the Administrative Agent and the Lenders shall use commercially reasonable efforts to respond to any request for a waiver, amendment or other modification of the Loan
Documentation in respect of any Default or Event of Default, provided that the failure of the Administrative Agent or any Lender to so respond shall not constitute a waiver, amendment or other modification, or release of any claim under any Loan
Document, in respect of any such Default or Event of Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to other or further notice or demand
in similar or other circumstances. 
  

	Section 13.8.	Nonliability of Administrative Agent and Lenders. 

 The relationship between the Borrower, on the one hand, and the Lenders, the Issuing Banks and the Administrative Agent, on the other hand, shall be solely that of borrower and lender. None of the
Administrative Agent, any Issuing Bank or any Lender shall have any fiduciary responsibilities to the Borrower and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties
hereto, shall be deemed to create any fiduciary duty owing by the Administrative Agent, any Issuing Bank or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan Party. None of the Administrative Agent, any Issuing Bank or any
Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or operations. 

 

	Section 13.9.	Confidentiality. 

 Except
as otherwise provided by Applicable Law, the Administrative Agent, each Issuing Bank and each Lender shall maintain the confidentiality of all Information (as defined below) in accordance with its customary procedure for handling confidential
information of this nature and in accordance with safe and sound banking practices but in any event may make disclosure: (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents,
advisors and other representatives that have a need to know in connection with the transactions contemplated by this Agreement and the other Loan Documents (provided that the Persons to whom such disclosure is made shall be informed of the
confidential nature of such Information and instructed to keep such Information confidential); (b) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any actual or proposed Assignee,
Participant or other transferee in connection with a potential transfer of any Commitment or participation therein as permitted hereunder, or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction
relating to the Borrower and its obligations; (c) as 

  
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required or requested by any Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings, or as otherwise required by Applicable Law;
(d) to the Administrative Agent’s, such Issuing Bank’s or such Lender’s independent auditors and other professional advisors (provided they shall be notified of the confidential nature of the information); (e) in connection
with the exercise of any remedies under any Loan Document (or any Specified Derivatives Contract) or any action or proceeding relating to any Loan Document (or any such Specified Derivatives Contract) or the enforcement of rights hereunder or
thereunder; (f) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section by the Administrative Agent, such Issuing Bank or such Lender or (ii) becomes available to the
Administrative Agent, any Issuing Bank, any Lender or any Affiliate of the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower or any Affiliate of the Borrower which source is not
actually known by the Administrative Agent, such Issuing Bank or such Lender, as applicable, to be subject to a confidentiality obligation in respect thereof; (g) to the extent requested by, or required to be disclosed to, any nationally
recognized rating agency or regulatory or similar authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners) having or purporting to have jurisdiction over it; (h) to bank trade
publications, such information to consist of deal terms and other information customarily found in such publications; (i) to any other party hereto; and (j) with the consent of the Borrower. Notwithstanding the foregoing, the
Administrative Agent, each Issuing Bank and each Lender may disclose any such confidential information, to Governmental Authorities in connection with any regulatory examination of the Administrative Agent, such Issuing Bank or such Lender or in
accordance with the generally applicable regulatory compliance policy of the Administrative Agent, such Issuing Bank or such Lender. As used in this Section, the term “Information” means all information received from the Borrower, any
other Loan Party, any other Subsidiary or Affiliate relating to any Loan Party or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any Issuing Bank on a nonconfidential
basis prior to disclosure by the Borrower, any other Loan Party, any other Subsidiary or any Affiliate. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

 

	Section 13.10.	Indemnification. 

 (a) The
Borrower shall and hereby agrees to indemnify, defend and hold harmless the Administrative Agent, the Issuing Banks, the Lenders, all of the Affiliates of each of the Administrative Agent, any of the Issuing Banks or any of the Lenders, and their
respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”) from and against any and all of the following (collectively, the “Indemnified Costs”):
losses, costs, claims, penalties, damages, liabilities, deficiencies, judgments or reasonable expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the fees and disbursements of counsel
incurred in connection with any litigation, investigation, claim or proceeding or any advice rendered in connection therewith, but excluding Indemnified Costs indemnification in respect of which is specifically covered by Section 3.10. or 5.1.
or expressly excluded from the coverage of such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or settlement, consent decree or other
proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the transactions contemplated thereby;
(ii) the making of any Loans or issuance of Letters of Credit hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans or Letters of Credit; (iv) the Administrative Agent’s, any Issuing Bank’s
or any Lender’s entering into this Agreement; (v) the fact that the Administrative Agent, the Issuing Banks and the Lenders have established the credit facility evidenced hereby in favor of the Borrower pursuant to

  
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the Loan Documents; (vi) the fact that the Administrative Agent, the Issuing Banks and the Lenders are creditors of the Borrower and have or are alleged to have information regarding the
financial condition, strategic plans or business operations of the Borrower and the Subsidiaries pursuant to the Loan Documents; (vii) the fact that the Administrative Agent, the Issuing Banks and the Lenders are material creditors of the
Borrower and are alleged to influence directly or indirectly the business decisions or affairs of the Borrower and the Subsidiaries or their financial condition; (viii) the exercise of any right or remedy the Administrative Agent, the Issuing
Banks or the Lenders may have under this Agreement or the other Loan Documents; (ix) any civil penalty or fine assessed by the OFAC against, and all costs and expenses (including reasonable counsel fees and disbursements) incurred in connection
with defense thereof by, the Administrative Agent, any Issuing Bank or any Lender as a result of conduct of the Borrower, any other Loan Party or any other Subsidiary that violates a sanction administered or enforced by the OFAC; or (x) any
violation or non-compliance by the Borrower or any Subsidiary of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing
authority or (B) any Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action to cause the Borrower or its
Subsidiaries (or its respective properties) (or the Administrative Agent and/or the Lenders and/or the Issuing Banks as successors to the Borrower) to be in compliance with such Environmental Laws; provided, however, that the Borrower shall not be
obligated to indemnify any Indemnified Party for any acts or omissions of such Indemnified Party in connection with matters described in this subsection to the extent arising from (x) the gross negligence or willful misconduct of any
Indemnified Party, as determined by a court of competent jurisdiction in a final, non-appealable judgment or (y) any dispute solely among the Indemnified Parties (other than claims against an Indemnified Party in its capacity as the
Administrative Agent) and not arising out of any act or omission of the Parent, the Borrower, any other Loan Party or any other Subsidiary of the Parent or any of their respective Affiliates. 

(b) The Borrower’s indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of, or
related to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this indemnification shall cover all Indemnified Costs of any Indemnified Party in connection with any deposition of any
Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among other things, apply to any Indemnity Proceeding commenced by other creditors of the Borrower or any
Subsidiary, any shareholder of the Borrower or any Subsidiary (whether such shareholder(s) are prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of the Borrower), any account debtor of the Borrower or any
Subsidiary or by any Governmental Authority. If indemnification is to be sought hereunder by an Indemnified Party, then such Indemnified Party shall promptly notify the Borrower of the commencement of any Indemnity Proceeding; provided, however,
that the failure to so notify the Borrower shall not otherwise relieve the Borrower from any liability that it may have to such Indemnified Party pursuant to this Section 13.10. 

(c) This indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or
against the Borrower and/or any Subsidiary. 
 (d) All out-of-pocket fees and expenses of, and all amounts paid to third persons
by, an Indemnified Party shall be advanced by the Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled to indemnification hereunder upon receipt of an
undertaking by such Indemnified Party that such Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification hereunder.

  
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 (e) An Indemnified Party may conduct its own investigation and defense of, and may formulate
its own strategy with respect to, any Indemnity Proceeding covered by this Section and, as provided above, all Indemnified Costs incurred by such Indemnified Party shall be reimbursed by the Borrower. No action taken by legal counsel chosen by an
Indemnified Party in investigating or defending against any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each such Indemnified Party; provided,
however, that if (i) the Borrower is required to indemnify an Indemnified Party pursuant hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the Borrower has the financial wherewithal
to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior written consent of the
Borrower (which consent shall not be unreasonably withheld or delayed). Notwithstanding the foregoing, an Indemnified Party may settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower where (x) no
monetary relief is sought against such Indemnified Party in such Indemnity Proceeding or (y) there is an allegation of a violation of law by such Indemnified Party. 
 (f) If and to the extent that the obligations of the Borrower under this Section are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and
satisfaction of such obligations which is permissible under Applicable Law. 
 (g) The Borrower’s obligations under this
Section shall survive any termination of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any of the other obligations set forth in this Agreement or
any other Loan Document to which it is a party. 
 References in this Section 13.10. to “Lender” or “Lenders” shall be
deemed to include such Persons (and their Affiliates) in their capacity as Specified Derivatives Providers. 
  

	Section 13.11.	Termination; Survival. 

This Agreement shall terminate at such time as (a) all of the Commitments have been terminated, (b) all Letters of Credit have
terminated or expired or been canceled, (c) none of the Lenders is obligated any longer under this Agreement to make any Loans and none of the Issuing Banks is obligated any longer under this Agreement to issue Letters of Credit and
(d) all Obligations (other than obligations which survive as provided in the following sentence) have been paid and satisfied in full. The indemnities to which the Administrative Agent, the Issuing Banks and the Lenders are entitled under the
provisions of Sections 3.10., 5.1., 5.4., 12.6., 13.2. and 13.10. and any other provision of this Agreement and the other Loan Documents, and the provisions of Section 13.5., shall continue in full force and effect and shall protect the
Administrative Agent, the Issuing Banks and the Lenders (i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and (ii) at all times after any
such party ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the date such party ceased to be a party to this Agreement. 

 

	Section 13.12.	Severability of Provisions. 

 If any provision of this Agreement or the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid or unenforceable, that provision shall be deemed severed from the Loan
Documents, and the validity, legality and enforceability of the remaining provisions shall remain in full force as though the invalid, illegal, or unenforceable provision had never been part of the Loan Documents. 

  
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	Section 13.13.	GOVERNING LAW. 

 THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

 

	Section 13.14.	Counterparts. 

 To
facilitate execution, this Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts as may be convenient or required (which may be effectively delivered by facsimile, in portable document format
(“PDF”) or other similar electronic means). It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall
collectively constitute a single document. It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.

  

	Section 13.15.	Obligations with Respect to Loan Parties. 

 The obligations of the Borrower to direct or prohibit the taking of certain actions by the other Loan Parties as specified herein shall be absolute and not subject to any defense the Borrower may have
that the Borrower does not control such Loan Parties. 
  

	Section 13.16.	Independence of Covenants. 

All covenants hereunder shall be given in any jurisdiction independent effect so that if a particular action or condition is prohibited by
any of such covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists
contrary to such prohibition. 
  

	Section 13.17.	Limitation of Liability. 

None of the Administrative Agent, any Issuing Bank or any Lender, or any Affiliate, officer, director, employee, attorney, or agent of the
Administrative Agent, any Issuing Bank or any Lender shall have any liability with respect to, and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, consequential or
punitive damages suffered or incurred by the Borrower in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents, or any of the transactions contemplated by this Agreement or any of the other Loan
Documents. The Borrower shall not have any liability with respect to any claim for any special, indirect, incidental, consequential or punitive damages suffered or incurred by the Administrative Agent, any Issuing Bank or any Lender or any of the
Administrative Agent’s, any Issuing Bank’s or any Lender’s Affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to,
this Agreement, any of the other Loan Documents, or any of the transactions contemplated by this Agreement or financed hereby (other than punitive damages of a third party awarded against the Administrative Agent, any Issuing Bank or any Lender for
which the Borrower may be responsible to the extent covered by Section 13.10.). 

  
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	Section 13.18.	Entire Agreement. 

 This
Agreement, the Notes, the other Loan Documents embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject
matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto. 

 

	Section 13.19.	Construction. 

 The
Administrative Agent, each Issuing Bank, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Agreement and the other Loan Documents
with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Administrative Agent, each Issuing Bank, the Borrower and each Lender. 

 

	Section 13.20.	Headings. 

 The paragraph
and section headings in this Agreement are provided for convenience of reference only and shall not affect its construction or interpretation. 

NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, THE AGENT AND THE LENDERS SHALL LOOK SOLELY TO THE BORROWER AND THE
OTHER LOAN PARTIES FOR THE ENFORCEMENT OF ANY CLAIM AGAINST THE BORROWER AND SUCH LOAN PARTY UNDER OR IN RESPECT OF ANY OF THE LOAN DOCUMENTS AND ACCORDINGLY NEITHER THE DIRECTORS, OFFICERS, EMPLOYEES, NOR SHAREHOLDERS OF THE BORROWER OR ANY OTHER
LOAN PARTY SHALL HAVE ANY PERSONAL LIABILITY FOR OBLIGATIONS ENTERED INTO BY OR ON BEHALF OF THE BORROWER OR ANY OTHER LOAN PARTY. 
 [Signatures on Following Pages] 

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

					
	SAUL HOLDINGS LIMITED PARTNERSHIP
	
	By: Saul Centers, Inc., General Partner
		
	By:	 	 /s/ B. Francis Saul II

		 	Name:	 	 B. Francis Saul II

		 	Title:	 	 CEO

 [Signatures Continued on Next Page] 

 [Signature Page to Credit Agreement with Saul Holdings Limited Partnership]

  

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as a Lender and as an Issuing Bank
		
	By:	 	 /s/ Sam Supple

		 	Name:	 	 Sam Supple

		 	Title:	 	 Senior Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Credit Agreement with Saul Holdings Limited Partnership]

  

					
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as a Lender and as Syndication Agent
		
	By:	 	 /s/ Elizabeth R. Johnson

		 	Name:	 	 Elizabeth R. Johnson

		 	Title:	 	 Senior Credit Banker

 [Signatures Continued on Next Page] 

 [Signature Page to Credit Agreement with Saul Holdings Limited Partnership]

  

					
	CAPITAL ONE, N.A., as a Lender
		
	By:	 	 /s/ Frederick H. Denecke

		 	Name:	 	 Frederick H. Denecke

		 	Title:	 	 Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Credit Agreement with Saul Holdings Limited Partnership]

  

					
	CITIZENS BANK OF PENNSYLVANIA, as a Lender
		
	By:	 	 /s/ Zach David

		 	Name:	 	 Zach David

		 	Title:	 	 S.V.P.

 SCHEDULE I 
 COMMITMENTS 
  

					
	 Name of Lender
	  	Revolving Commitments	 
	 Wells Fargo Bank, National Association
	  	$	 65,000,000	  
	 JPMorgan Chase Bank, National Association
	  	 	55,000,000	  
	 Capital One, N.A.
	  	 	35,000,000	  
	 Citizens Bank of Pennsylvania
	  	 	20,000,000	  
		  	  
	  
	 
	 Total:
	  	$	175,000,000	  
		  	  
	  
	 

					
	Credit Agreement	  	Loan Parties
	By: Saul Holdings L.P. and Lenders, Wells Fargo Bank, Agent	  	Schedule 1.1

  

	1.	Saul Subsidiary I Limited Partnership (MD) 

  

	2.	11503 Rockville Pike LLC (DE) 

  

	3.	Westview Village Center LLC (DE) 

  

	4.	Kentlands Lot 1, LLC (MD) 

  

	5.	Briggs Chaney Plaza, LLC (MD) 

  

	6.	Avenel VI, Inc. (MD) 

  

	7.	Metro Pike Center LLC (DE) 

	
	 

 Schedule 7.1 (b) 

Saul Centers, Inc Ownership as of: May 15, 2012 05/15/2012 

Ownership Structure 
 The Saul Organization 
 B F Saul REIT (MD)
52-6053341 9.64% 
 Dearborn, L.L.C. (DE) 52-6053341 6.83% 

Avenel Exec. Park Phase II, L.L.C. (MD) 52-6053341 0.04% 

SHLP Unit Acquisition Corp (MD) 45-3363029 5.65% 
 B. F. Saul Property Company (MD) 52-1006075 0.85% 

Westminster Investing Corp. (NY) 52-0785483 0.91% 
 Van Ness Square Corp. (MD) 52-1794658 2.16% 
 Saul
Centers, Inc 
 Cusip # 804395 10 1 
 52-1833074 (MD) 
 26.07%(a) 

73.93% 
 Limited Partner General Partner 
 Interest Interest

 6,914,229 units 19,607,217 shares 100% Subsidiary 

Saul Holdings, L.P. Avenel VI, Inc. 
 (37 Properties/multiple loans)(nominee holder- portion of property) 
 52-1833076 (MD) 52-2269067 (MD) 
 100% members 100%
member 
 Ashburn Village Center LLC (DE) 11503 Rockville Pike LLC (DE) 

Briggs Chaney Plaza, LLC (MD) Kentlands Lot 1, LLC (MD) 

Leesburg Pike Center LLC (DE) Westview Village Center LLC (DE) 

Metro Pike Center LLC (DE) Kentlands Square LLC (DE) 

Ravenwood Shopping Center LLC (DE) Severna Park Marketplace LLC (DE) 

Smallwood Village Center LLC (DE) Cranberry Square LLC (DE) 

Thruway Shopping Center LLC (DE) 
 Clarendon Center LLC (DE) 
 Seven Comers Center LLC
(DE) 
 ( 1 Property/1 loan, each)( 1 Property/0 loan, each) 

52-1833076 52-1833076 
 100% member 
 Avenel Business Park LLC (DE)

 100% member Kentlands Square Subsidiary LLC (DE) Saul Monocacy LLC (MD) 

100% member Severna Park Marketplace Subsidiary LLC (DE) 

100% member Cranberry Square Subsidiary LLC (DE) 
 (single member LLCs, 1 loan/0 property, ea)( 1 loan/0 property, each) 
 52-1833076 52-1833076 
 1.0% General 99.0% Limited
99.0% Limited 1.0% General 
 Partner Interest Partner Interest Partner Interest Partner Interest 

Saul Subsidiary II L.P. Saul Subsidiary I L.P. 
 ( 3 Properties/1 loan )(6 Properties) 
 52-1833079
(MD) 52-1833078 (MD) 
 100% member 
 White Oak Subsidiary LLC 
 ( 0 Property/1 loan)

 52-1833078 (DE) 
 (a) Saul Centers holds 100% of 40,000 8% Series A and 31,731.15 9% Series B preferred units issued by Saul Holdings, L.P. (liquidation preference of $179,327,875) 

(b) Saul Centers has no unconsolidated subsidiaries. 

					
	Credit Agreement	  	Unconsolidated Affiliates
	By: Saul Holdings L.P. and Lenders, Wells Fargo Bank, Agent	  	

 Schedule 7.1(b), Part II 
 There are no Unconsolidated Affiliates 

					
	 Saul Centers, Inc.
 Schedule of Current Portfolio Properties
 March 31,
2012
	 		  	Properties owneded by Saul Centers, Saul Holdings LP and its subsidiaries Schedule 7.1 (f)

  

															
	 Property
	  	 Location
	  	Leasable Area
(Square Feet)	 	  	Land
Area
(Acres)	 	  	    Percentage 
(1)
Leased
Mar-12	 
					
	 Shopping Centers
	  		  				  				  			
					
	 Ashburn Village
	  	Ashburn, VA	  	 	221,770	  	  	 	26.4	  	  	 	91	% 
					
	 Ashland Square Phase I
	  	Dumfries, VA	  	 	16,550	  	  	 	2.0	  	  	 	100	% 
					
	 Beacon Center
	  	Alexandria, VA	  	 	358,015	  	  	 	32.3	  	  	 	100	% 
					
	 Belvedere Gardens
	  	Baltimore, MD	  	 	54,941	  	  	 	4.8	  	  	 	93	% 
					
	 BJ’s Wholesale Club
	  	Alexandria, VA	  	 	115,660	  	  	 	9.6	  	  	 	100	% 
					
	 Boca Valley Plaza
	  	Boca Raton, FL	  	 	121,269	  	  	 	12.7	  	  	 	81	% 
					
	 Boulevard
	  	Fairfax, VA	  	 	49,140	  	  	 	5.0	  	  	 	98	% 
					
	 Briggs Chaney MarketPlace
	  	Silver Spring, MD	  	 	194,347	  	  	 	18.2	  	  	 	100	% 
					
	 Broadlands Village
	  	Ashburn, VA	  	 	159,734	  	  	 	24.0	  	  	 	90	% 
					
	 Countryside Marketplace
	  	Sterling, VA	  	 	141,696	  	  	 	16.0	  	  	 	90	% 
					
	 Cranberry Square
	  	Westminster, MD	  	 	141,569	  	  	 	18.9	  	  	 	91	% 
					
	 Cruse MarketPlace
	  	Cumming, GA	  	 	78,686	  	  	 	10.6	  	  	 	88	% 
					
	 Flagship Center
	  	Rockville, MD	  	 	21,500	  	  	 	0.5	  	  	 	100	% 
					
	 French Market
	  	Oklahoma City, OK	  	 	244,724	  	  	 	13.8	  	  	 	94	% 
					
	 Germantown
	  	Germantown, MD	  	 	27,241	  	  	 	2.7	  	  	 	91	% 
					
	 Giant
	  	Milford Mill, MD	  	 	70,040	  	  	 	5.0	  	  	 	94	% 
					
	 The Glen
	  	Woodbridge, VA	  	 	135,870	  	  	 	14.7	  	  	 	98	% 
					
	 Great Eastern
	  	District Heights, MD	  	 	255,398	  	  	 	31.9	  	  	 	99	% 
					
	 Great Falls Center
	  	Great Falls, VA	  	 	91,666	  	  	 	11.0	  	  	 	99	% 
					
	 Hampshire Langley
	  	Takoma Park, MD	  	 	131,700	  	  	 	9.9	  	  	 	95	% 
					
	 Hunt Club Corners
	  	Apopka, FL	  	 	101,522	  	  	 	13.1	  	  	 	94	% 
					
	 Jamestown Place
	  	Altamonte Springs, FL	  	 	96,372	  	  	 	10.9	  	  	 	92	% 
					
	 Kentlands Square I
	  	Gaithersburg, MD	  	 	114,381	  	  	 	11.5	  	  	 	100	% 
					
	 Kentlands Square II
	  	Gaithersburg, MD	  	 	240,683	  	  	 	22.3	  	  	 	100	% 
					
	 Kentlands Place
	  	Gaithersburg, MD	  	 	40,648	  	  	 	3.4	  	  	 	97	% 

  
 1 of 3 pages

					
	 Saul Centers, Inc.
 Schedule of Current Portfolio Properties
 March
31, 2012
	  		  	Properties owneded by Saul Centers, Saul Holdings LP and its subsidiaries Schedule 7.1 (f)

 
  
  

															
	 Property
	  	 Location
	  	Leasable Area
(Square Feet)	 	  	Land
Area
(Acres)	 	  	    Percentage 
(1)
Leased
Mar-12	 
					
	 Shopping Centers (continued)
	  		  				  				  			
					
	 Lansdowne Town Center
	  	Leesburg, VA	  	 	189,352	  	  	 	23.4	  	  	 	96	% 
					
	 Leesburg Pike Plaza
	  	Baileys Crossroads, VA	  	 	97,752	  	  	 	9.4	  	  	 	95	% 
					
	 Lumberton Plaza
	  	Lumberton, NJ	  	 	193,044	  	  	 	23.3	  	  	 	82	% 
					
	 Metro Pike Center
	  	Rockville, MD	  	 	67,487	  	  	 	4.6	  	  	 	74	% 
					
	 Shops at Monocacy
	  	Frederick, MD	  	 	109,144	  	  	 	13.0	  	  	 	86	% 
					
	 Northrock
	  	Warrenton, VA	  	 	103,439	  	  	 	15.4	  	  	 	78	% 
					
	 Olde Forte Village
	  	Ft. Washington, MD	  	 	143,577	  	  	 	16.0	  	  	 	93	% 
					
	 Olney
	  	Olney, MD	  	 	53,765	  	  	 	3.7	  	  	 	95	% 
					
	 Orchard Park
	  	Dunwoody, GA	  	 	87,885	  	  	 	10.5	  	  	 	88	% 
					
	 Palm Springs Center
	  	Altamonte Springs, FL	  	 	126,446	  	  	 	12.0	  	  	 	94	% 
					
	 Ravenwood
	  	Baltimore, MD	  	 	93,328	  	  	 	8.0	  	  	 	91	% 
					
	 11503 Rockville Pike
	  	Rockville, MD	  	 	20,149	  	  	 	1.9	  	  	 	100	% 
					
	 Seabreeze Plaza
	  	Palm Harbor, FL	  	 	146,673	  	  	 	18.4	  	  	 	96	% 
					
	 Marketplace at Sea Colony
	  	Bethany Beach, DE	  	 	21,677	  	  	 	5.1	  	  	 	95	% 
					
	 Seven Corners
	  	Falls Church, VA	  	 	574,831	  	  	 	31.6	  	  	 	91	% 
					
	 Severna Park Marketplace
	  	Severna Park, MD	  	 	254,174	  	  	 	20.6	  	  	 	100	% 
					
	 Shops at Fairfax
	  	Fairfax, VA	  	 	68,743	  	  	 	6.7	  	  	 	100	% 
					
	 Smallwood Village Center
	  	Waldorf, MD	  	 	173,281	  	  	 	25.1	  	  	 	69	% 
					
	 Southdale
	  	Glen Burnie, MD	  	 	484,115	  	  	 	39.6	  	  	 	93	% 
					
	 Southside Plaza
	  	Richmond, VA	  	 	371,761	  	  	 	32.8	  	  	 	93	% 
					
	 South Dekalb Plaza
	  	Atlanta, GA	  	 	163,418	  	  	 	14.6	  	  	 	89	% 
					
	 Thruway
	  	Winston-Salem, NC	  	 	362,600	  	  	 	30.5	  	  	 	90	% 
					
	 Village Center
	  	Centreville, VA	  	 	146,309	  	  	 	17.2	  	  	 	94	% 
					
	 West Park
	  	Oklahoma City, OK	  	 	76,610	  	  	 	11.2	  	  	 	12	% 
					
	 Westview Village
	  	Frederick, MD	  	 	100,997	  	  	 	10.4	  	  	 	57	% 
					
	 White Oak
	  	Silver Spring, MD	  	 	480,276	  	  	 	28.5	  	  	 	99	% 
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
					
		  	Total Shopping Centers	  	 	7,935,955	  	  	 	764.7	  	  	 	91.9	% 
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 2 of 3 pages

					
	 Saul Centers, Inc.
 Schedule of Current Portfolio Properties
 March
31, 2012
	  		  	Properties owneded by Saul Centers, Saul Holdings LP and its subsidiaries Schedule 7.1 (f)

 
  
  

																	
	 Property
	  	 Location
	  	Leasable Area
(Square Feet)	 	 	Land
Area
(Acres)	 	 	    Percentage 
(1)
Leased
Mar-12	 	 	 
						
	 Mixed-Use Properties
	  		  				 				 				 	
						
	 Avenel Business Park
	  	Gaithersburg, MD	  	 	390,579	  	 	 	37.1	  	 	 	82	% 	 	
						
	 Clarendon Center-North Block
	  	Arlington, VA	  	 	108,387	  	 	 	0.6	  	 	 	86	% 	 	Development Property, base-building construction completed.
						
	 Clarendon Center-South Block
	  	Arlington, VA	  	 	104,638	  	 	 	1.3	  	 	 	99	% 	 	Development Property, base-building construction completed.
						
	 Clarendon Center Residential-South Block
	  	(244 units)	  	 	188,671	  	 				 	 	98	% 	 	Development Property, construction completed.
						
	 Crosstown Business Center
	  	Tulsa, OK	  	 	197,127	  	 	 	22.4	  	 	 	87	% 	 	
						
	 601 Pennsylvania Ave.
	  	Washington, DC	  	 	226,604	  	 	 	1.0	  	 	 	95	% 	 	
						
	 Van Ness Square
	  	Washington, DC	  	 	159,411	 (3) 	 	 	1.4	 (3) 	 	 	60	% 	 	
						
	 Washington Square
	  	Alexandria, VA	  	 	235,042	  	 	 	2.0	  	 	 	92	% 	 	
		  		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	
						
		  	Total Mixed-Use Properties	  	 	1,610,459	  	 	 	65.8	  	 	 	85.5	% 	 	
		  		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	
						
		  	Total Portfolio	  	 	9,546,414	  	 	 	830.5	  	 	 	90.9	% 	 	
		  		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	
						
	 Land Parcels
	  		  				 				 				 	
						
	 Ashland Square Phase II
	  	Manassas, VA	  				 	 	17.3	  	 				 	
						
	 New Market
	  	New Market, MD	  				 	 	35.5	  	 				 	
		  		  				 	  
	  
	 	 				 	
						
		  	Total Land Parcels	  				 	 	52.8	  	 				 	
		  		  				 	  
	  
	 	 				 	

  

	(1)	Percentage leased is a percentage of rentable square feet leased for commercial space and a percentage of units leased for apartments. 

	(2)	Total percentage leased is for commercial space only. 

	(3)	Includes 2011 acquisition of 4469 Connecticut Avenue (2,918 SF). 

  
 3 of 3 pages

 

 
 Saul Centers, Inc Indebtedness & Guaranties 

Schedule 7.1(g) 
 Total Indebtedness 
 ( dollars in thousands )

 Lender Initial 
 Loan 
 Amount 04/30/2012 

Balance 
 Outstanding Security 
 Mortgage Debt 

Northwestern Mutual $38,500 $24,196 601 Pennsylvania Avenue 

Deutsche Banc Mortgage 11,334 10,188 Smallwood Village Center 

Compass Bank 15,200 15,066 Northrock 
 PNC Bank 16,169 15,963 Metro Pike Center 
 Teachers
(TIAA) 8,825 7,138 Cruse Marketplace 
 Allstate 16,579 14,222 Seabreeze Plaza 

Allstate 21,800 17,266 Shops at Fairfax, Boulevard 

Metropolitan Life 42,500 35,175 Washington Square 
 AEGON USA 48,000 39,422 Broadlands, Glen, Kentlands Sq I 
 AEGON USA 15,500 12,752 Olde Forte Village 

Allstate 21,350 17,606 Countryside 
 Metropolitan Life 21,000 17,483 Briggs Chaney Plaza 

Teachers (TIAA) 18,750 15,581 Shops at Monocacy 
 Teachers (TIAA) 13,000 11,609 Boca Valley Plaza 

Metropolitan Life 12,500 10,551 Palm Springs Center 

Wells Fargo 45,600 44,111 Thruway 
 Metropolitan Life 10,500 9,138 Jamestown Place 

Teachers (TIAA) 7,000 6,448 Hunt Club Corners 
 Teachers (TIAA) 40,000 37,211 Lansdowne Town Center 

Nationwide 12,000 11,271 Orchard Park 
 Allstate 12,750 12,127 BJs Warehouse 
 Thrivent
18,756 16,709 Great Falls 
 Aviva 18,500 17,713 Leesburg Pike 

Thrivent 16,000 15,344 Village Center 
 John Hancock 27,500 26,934 White Oak 
 Aviva 33,500
32,142 Avenel Business Park 
 Met Life 33,000 31,909 Ashburn Village 

Principal Group 17,000 16,655 Ravenwood 
 Prudential Life 125,000 122,747 Clarendon Center 

Principal Group 38,000 37,644 Severna Park Marketplace 

Prudential Life 43,000 42,689 Kentlands Square II 
 AEGON 20,000 19,894 Cranberry Square 
 Prudential
Life 73,000 73,000 Seven Corners 
 Total mortgage debt $837,904 

Guarantees (other than non-recourse carve-outs): 
 Great Falls Center mortgage $3,900 
 Metro Pike
Center mortgage (25%) 3,991 
 Clarendon Center mortgage 27,600 

Northrock term loan (50%) 7,533 
 $43,024 
 Saul Holdings also has a $177 letter of
credit outstanding with US Bank pertaining to the development of Ashland Square. 
 Page 1 of 1 

					
	Credit Agreement	  	Material Contracts
	By: Saul Holdings L.P. and Lenders, Wells Fargo Bank, Agent	  	Schedule 7.1(h)

  

	 	1.	Clarendon Center LLC promissory note and deed of trust dated March 23, 2011, to The Prudential Life Insurance Company of America. 

					
	Credit Agreement	  	Litigation
	By: Saul Holdings L.P. and Lenders, Wells Fargo Bank, Agent	  	Schedule 7.1(i)

 None 

					
	Credit Agreement	  	Affiliate Transactions
	By: Saul Holdings L.P. and Lenders, Wells Fargo Bank, Agent	  	Schedule 7.1(r)

  

	 	1.	Shared Services Agreement, dated as of July 1, 2004, between B. F. Saul Company and Saul Centers, Inc., as amended 

 

	 	2.	Corporate headquarters sublease by B. F. Saul Company to Saul Holdings Limited Partnership, as amended. 

					
	Credit Agreement	  	
	By:	 	Saul Holdings L.P. and Lenders, Wells Fargo Bank, Agent	  	Schedule 10.2

  

	 	1.	Purchase Money Deed of Trust, Security Agreement and Fixture Filing, dated November 14, 2007 in favor of Wendelin A. White and Diane S. Richer as Trustees for the
benefit of Saul Holdings Limited Partnership, encumbering Westview Village Center. 

  

	 	2.	Purchase Money Deed of Trust, Security Agreement and Fixture Filing, dated October 1, 2010, in favor of Wendelin A. White and Diane S. Richer as Trustees for the
benefit of Saul Holdings Limited Partnership, encumbering 11503 Rockville Pike. 

 EXHIBIT A 
 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 
 THIS ASSIGNMENT AND ASSUMPTION
AGREEMENT dated as of                     , 20     (the “Agreement”) by and among
                                         
                    (the “Assignor”),
                                         
                    (the “Assignee”), SAUL HOLDINGS LIMITED PARTNERSHIP (the “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent (the “Administrative Agent”). 
 WHEREAS, the Assignor is a Lender under that certain Credit
Agreement dated as of                     , 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among the Borrower, the Lenders from time to time parties thereto, the Issuing Banks from time to time parties thereto, the Administrative Agent, and the other parties thereto; 

WHEREAS, the Assignor desires to assign to the Assignee all or a portion of the Assignor’s Revolving Commitment under the Credit
Agreement, all on the terms and conditions set forth herein and therein; and 
 WHEREAS, the [Borrower and the] Administrative
Agent consent[s] to such assignment on the terms and conditions set forth herein. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which hereby are acknowledged by the parties hereto, the parties hereto hereby agree as follows: 
 Section 1. Assignment. 
 (a) Subject to the terms and conditions of
this Agreement and in consideration of the payment to be made by the Assignee to the Assignor pursuant to Section 2 of this Agreement, effective as of
                    , 20     (the “Assignment Date”) the Assignor hereby irrevocably sells, transfers and assigns to
the Assignee, without recourse, a $         interest (such interest being the “Assigned Commitment”) in and to the Assignor’s Revolving Commitment, and all of the other rights and obligations of
the Assignor under the Credit Agreement, such Assignor’s Revolving Note, and the other Loan Documents, representing     % in respect of the aggregate amount of all Lenders’ Revolving Commitments, including without
limitation, a principal amount of outstanding Revolving Loans equal to $        , all voting rights of the Assignor associated with the Assigned Commitment, all rights to receive interest on such amount of
Loans and all Fees with respect to the Assigned Commitment and other rights of the Assignor under the Credit Agreement and the other Loan Documents with respect to the Assigned Commitment, all as if the Assignee were an original Lender under and
signatory to the Credit Agreement having a Revolving Commitment equal to the amount of the Assigned Commitment. The Assignee, subject to the terms and conditions hereof, hereby assumes all obligations of the Assignor with respect to the Assigned
Commitment as if the Assignee were an original Lender under and signatory to the Credit Agreement having a Revolving Commitment equal to the Assigned Commitment, which obligations shall include, but shall not be limited to, the obligation of the
Assignor to make Revolving Loans to the Borrower with respect to the Assigned Commitment and the obligation to indemnify the Administrative Agent as provided in the Credit Agreement (the foregoing obligations, together with all other similar
obligations more particularly set forth in the Credit Agreement and the other Loan Documents, shall be referred to hereinafter, collectively, as the “Assigned Obligations”). The Assignor shall have no further duties or obligations with
respect to, and shall have no further interest in, the Assigned Obligations or the Assigned Commitment from and after the Assignment Date. 

 (b) The assignment by the Assignor to the Assignee hereunder is without recourse to the
Assignor. The Assignee makes and confirms to the Administrative Agent, the Assignor, and the other Lenders all of the representations, warranties and covenants of a Lender under Article XII of the Credit Agreement. Not in limitation of the
foregoing, the Assignee acknowledges and agrees that, except as set forth in Section 4. below, the Assignor is making no representations or warranties with respect to, and the Assignee hereby releases and discharges the Assignor for any
responsibility or liability for: (i) the present or future solvency or financial condition of the Borrower, any other Loan Party or any other Subsidiary, (ii) any representations, warranties, statements or information made or furnished by
the Borrower, any other Loan Party or any other Subsidiary in connection with the Credit Agreement or otherwise, (iii) the validity, efficacy, sufficiency, or enforceability of the Credit Agreement, any Loan Document or any other document or
instrument executed in connection therewith, or the collectibility of the Assigned Obligations, (iv) the perfection, priority or validity of any Lien with respect to any collateral at any time securing the Obligations or the Assigned
Obligations under the Notes or the Credit Agreement and (v) the performance or failure to perform by the Borrower or any other Loan Party of any obligation under the Credit Agreement or any other Loan Document. Further, the Assignee
acknowledges that it has, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents and based on the financial
statements supplied by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to become a Lender under the Credit Agreement. The Assignee also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under
the Credit Agreement or any Note or pursuant to any other obligation. The Administrative Agent shall have no duty or responsibility whatsoever, either initially or on a continuing basis, to provide the Assignee with any credit or other information
with respect to the Borrower, any other Loan Party or any other Subsidiary or to notify the undersigned of any Default or Event of Default except as expressly provided in the Credit Agreement. The Assignee has not relied on the Administrative Agent
as to any legal or factual matter in connection therewith or in connection with the transactions contemplated thereunder. 

Section 2. Payment by Assignee. In consideration of the assignment made pursuant to Section 1. of this Agreement, the
Assignee agrees to pay to the Assignor on the Assignment Date, an amount equal to $         representing the aggregate principal amount outstanding of the Revolving Loans owing to the Assignor under the Credit
Agreement and the other Loan Documents being assigned hereby. 
 Section 3. Payments by Assignor. The Assignor
agrees to pay to the Administrative Agent on the Assignment Date the administrative fee payable under Section 13.6.(b)(iv) of the Credit Agreement. 
 Section 4. Representations and Warranties of Assignor. The Assignor hereby represents and warrants to the Assignee that (a) as of the Assignment Date (i) the Assignor is a Lender
under the Credit Agreement having a Revolving Commitment under the Credit Agreement immediately prior to the Assignment Date, equal to $         and that the Assignor is not in default of its obligations under
the Credit Agreement; and (ii) the outstanding balance of Revolving Loans owing to the Assignor (without reduction by any assignments thereof which have not yet become effective) is $        ; and
(b) it is the legal and beneficial owner of the Assigned Commitment which is free and clear of any adverse claim created by the Assignor. 

  
 A-2

 Section 5. Representations, Warranties and Agreements of Assignee. The Assignee
(a) represents and warrants that it is (i) legally authorized to enter into this Agreement; (ii) an “accredited investor” (as such term is used in Regulation D of the Securities Act) and (iii) an Eligible Assignee;
(b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant thereto and such other documents and information (including without limitation the Loan Documents)
as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (c) appoints and authorizes the Administrative Agent to take such action as contractual representative on its behalf and to exercise such
powers under the Loan Documents as are delegated to the Administrative Agent by the terms thereof together with such powers as are reasonably incidental thereto; (d) agrees that it will become a party to and shall be bound by the Credit
Agreement and the other Loan Documents to which the other Lenders are a party on the Assignment Date and will perform in accordance therewith all of the obligations which are required to be performed by it as a Lender; and (e) is either
(i) not organized under the laws of a jurisdiction other than that in which the Borrower is a resident for tax purposes or (ii) has delivered to the Administrative Agent (with an additional copy for the Borrower) such items required under
Section 3.10. of the Credit Agreement. 
 Section 6. Recording and Acknowledgment by the Administrative Agent.
Following the execution of this Agreement, the Assignor will deliver to the Administrative Agent (a) a duly executed copy of this Agreement for acknowledgment and recording by the Administrative Agent and (b) the Assignor’s Revolving
Note. Upon such acknowledgment and recording, from and after the Assignment Date, the Administrative Agent shall make all payments in respect of the interest assigned hereby (including payments of principal, interest, fees and other amounts) to the
Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Credit Agreement for periods prior to the Assignment Date directly between themselves. 

Section 7. Addresses. The Assignee specifies as its address for notices and its Lending Office for all Loans, the offices set
forth below: 
  

					
	  
	  	
	  
	  	
	Attention:	 	  
	  	

					
	Telephone No.:	 	  
	  	

					
	Telecopy No.:	 	  
	  	

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

 

			
	  
	  	
	  
	  	
	  
	  	
	  
	  	

 Section 9. Effectiveness of Assignment. This Agreement, and the assignment and assumption
contemplated herein, shall not be effective until (a) this Agreement is executed and delivered by each of the Assignor, the Assignee, the Administrative Agent and if required, the Borrower, and (b) the payment to the Assignor of the
amounts owing by the Assignee pursuant to Section 2. hereof and (c) the payment to the Administrative Agent of the amounts owing by the Assignor pursuant to Section 3. hereof. Upon recording and acknowledgment of this Agreement by the
Administrative Agent, from and after the Assignment Date, (i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in 

  
 A-3

 
this Agreement, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent provided in this Agreement, relinquish its rights (except as otherwise
provided in Section 13.11 of the Credit Agreement) and be released from its obligations under the Credit Agreement; provided, however, that if the Assignor does not assign its entire interest under the Loan Documents, it shall
remain a Lender entitled to all of the benefits and subject to all of the obligations thereunder with respect to its Commitment. 
 Section 10. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED,
IN SUCH STATE. 
 Section 11. Counterparts. This Agreement may be executed in any number of counterparts each of
which, when taken together, shall constitute one and the same agreement. 
 Section 12. Headings. Section headings
have been inserted herein for convenience only and shall not be construed to be a part hereof. 
 Section 13.
Amendments; Waivers. This Agreement may not be amended, changed, waived or modified except by a writing executed by the Assignee and the Assignor. 
 Section 14. Entire Agreement. This Agreement embodies the entire agreement between the Assignor and the Assignee with respect to the subject matter hereof and supersedes all other prior
arrangements and understandings relating to the subject matter hereof. 
 Section 15. Binding Effect. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

Section 16. Definitions. Terms not otherwise defined herein are used herein with the respective meanings given them in the
Credit Agreement. 
 [Include this Section only if the Borrower’s consent is required under Section 13.6.(b) of the
Credit Agreement] Section 17. Agreements of the Borrower. The Borrower hereby agrees that the Assignee shall be a Lender under the Credit Agreement having a Revolving Commitment equal to the Assigned Commitment. The Borrower agrees
that the Assignee shall have all of the rights and remedies of a Lender under the Credit Agreement and the other Loan Documents as if the Assignee were an original Lender under and signatory to the Credit Agreement, including, but not limited to,
the right of a Lender to receive payments of principal and of interest accruing after the effectiveness of this Assignment with respect to the Assigned Obligations, if any, and to the Revolving Loans made by the Lenders after the date hereof and to
receive the Fees accruing after the effectiveness of this Assignment payable to the Lenders as provided in the Credit Agreement. Further, the Assignee shall be entitled to the benefit of the indemnification provisions from the Borrower in favor of
the Lenders as provided in the Credit Agreement and the other Loan Documents. The Borrower further agrees, upon the execution and delivery of this Agreement and surrender to the Administrative Agent of the original Revolving Note by the Assignor and
cancellation thereof by the Administrative Agent or other provision in respect thereof in accordance with Section 2.10. of the Credit Agreement, to execute in favor of the Assignee a Revolving Note in an initial amount equal to the Assigned
Commitment. Further, the Borrower agrees that, upon the execution and delivery of this Agreement, the Borrower shall owe the Assigned Obligations to the Assignee as if the Assignee were the Lender originally making such Loans and entering into such
other obligations. 

  
 A-4

 [Signatures on Following Page] 

  
 A-5

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

					
	ASSIGNOR:
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

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

		 	Name:	 	  

		 	Title:	 	  

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

 [Signatures continued on Following Page] 

  
 A-6

 
					
	Agreed and Consented to as of the date first written above.
	
	 [Include signature of the Borrower only if required under Section 13.6.(c) of the Credit
Agreement]

	
	BORROWER:
	
	SAUL HOLDINGS LIMITED PARTNERSHIP
		
	By:	 	Saul Centers, Inc., its General Partner
		
	By:	 	  

					
		 	Name:	 	  

		 	Title:	 	  

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

  

					
	By:	 	  

					
		 	Name:	 	  

		 	Title:	 	  

  
 A-7

 EXHIBIT B 
 FORM OF GUARANTY 
 THIS GUARANTY dated as of
                     , 2012 executed and delivered by each of the undersigned and the other Persons from time to time party hereto pursuant to the
execution and delivery of an Accession Agreement in the form of Annex I hereto (all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of WELLS FARGO BANK,
NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the Lenders under that certain Credit Agreement dated as of May 21, 2012 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), by and among Saul Holdings Limited Partnership (the “Borrower”), the Lenders from time to time parties thereto (the “Lenders”), the Issuing Banks from time to time parties thereto
(the “Issuing Banks”), the Administrative Agent, and the other parties thereto, for its benefit and the benefit of the Lenders and the Issuing Banks (the Administrative Agent, the Lenders and the Issuing Banks, each individually a
“Guarantied Party” and collectively, the “Guarantied Parties”). 
 WHEREAS, pursuant to the Credit
Agreement, the Administrative Agent and the Lenders have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 

WHEREAS, each Guarantor is owned or controlled by the Borrower, or is otherwise an Affiliate of the Borrower; 

WHEREAS, the Borrower, each Guarantor and the other Subsidiaries of the Borrower, though separate legal entities, are mutually dependent
on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Administrative Agent, the Lenders and the Issuing Banks through their
collective efforts; 
 WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the
Administrative Agent, the Lenders and the Issuing Banks making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, each Guarantor is willing to guarantee the Borrower’s obligations to the
Administrative Agent, the Lenders and the Issuing Banks on the terms and conditions contained herein; and 
 WHEREAS, each
Guarantor’s execution and delivery of this Guaranty is a condition to the Administrative Agent and the other Guarantied Parties’ making, and continuing to make, such financial accommodations to the Borrower. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each
Guarantor agrees as follows: 
 Section 1. Guaranty. Each Guarantor hereby absolutely, irrevocably and
unconditionally guaranties the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all
indebtedness and obligations owing by the Borrower or any other Loan Party to any Lender or the Administrative Agent under or in connection with the Credit Agreement and any other Loan Document to which the Borrower or such other Loan Party is a
party, including without limitation, the repayment of all principal of the Revolving Loans and Swingline Loans, all Letter of Credit Liabilities, and the payment of all interest, fees, charges, reasonable attorneys’ fees and other amounts
payable to any Lender, the Issuing Banks or the Administrative Agent thereunder; (b) any and all 

  
 B-1

 
extensions, renewals, modifications, amendments or substitutions of the foregoing; (c) all expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that
are incurred by the Administrative Agent or any other Guarantied Party in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder; and (d) all other Obligations. 

Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a
debt of each Guarantor for its own account. Accordingly, the Guarantied Parties shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy the Guarantied Parties may have against
the Borrower, any other Loan Party or any other Person or commence any suit or other proceeding against the Borrower, any other Loan Party or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy
of the Borrower, any other Loan Party or any other Person; (c) to make demand of the Borrower, any other Loan Party or any other Person; or (d) to enforce or seek to enforce or realize upon any collateral security held by the Guarantied
Parties which may secure any of the Guarantied Obligations. 
 Section 3. Guaranty Absolute. Each Guarantor
guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the
rights of the Guarantied Parties with respect thereto. The liability of each Guarantor under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and
shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof):

 (a) (i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any
change in the time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan
Document or any other document or instrument evidencing or relating to any Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in respect of, the
Credit Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Guarantied Obligations or any other instrument or agreement referred to therein or evidencing any Guarantied Obligations or any
assignment or transfer of any of the foregoing; 
 (b) any lack of validity or enforceability of the Credit Agreement or any of
the other Loan Documents (the “Credit Documents”) or any other document, instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 

(c) any furnishing to the Guarantied Parties of any security for the Guarantied Obligations, or any sale, exchange, release or surrender
of, or realization on, any collateral securing any of the Guarantied Obligations; 
 (d) any settlement or compromise by the
Borrower or any other Loan Party of any of the Guarantied Obligations, any security therefor, or any liability of any other party with respect to the Guarantied Obligations, or any subordination of the payment of the Guarantied Obligations to the
payment of any other liability of the Borrower or any other Loan Party; 
 (e) any bankruptcy, insolvency, reorganization,
composition, adjustment, dissolution, liquidation or other like proceeding relating to such Guarantor, the Borrower, any other Loan Party or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any
court, in any such proceeding; 

  
 B-2

 (f) any act or failure to act by the Borrower, any other Loan Party or any other Person
which may adversely affect such Guarantor’s subrogation rights, if any, against the Borrower or any other Loan Party to recover payments made under this Guaranty; 
 (g) any nonperfection or impairment of any security interest or other Lien on any collateral, if any, securing in any way any of the Guarantied Obligations; 

(h) any application of sums paid by the Borrower, any Guarantor or any other Person with respect to the liabilities of the Borrower to
the Guarantied Parties, regardless of what liabilities of the Borrower remain unpaid; 
 (i) any defect, limitation or
insufficiency in the borrowing powers of the Borrower or in the exercise thereof; or 
 (j) any other circumstance which might
otherwise constitute a defense available to, or a discharge of, a Guarantor hereunder (other than indefeasible payment in full in cash or release or termination of the obligations of any Guarantor hereunder by the Guarantied Parties pursuant to the
terms of the Credit Agreement). 
 Section 4. Action with Respect to Guarantied Obligations. The Guarantied Parties
may, at any time and from time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in Section 3. and may otherwise:
(a) amend, modify, alter or supplement the terms of any of the Guarantied Obligations, including, but not limited to, extending or shortening the time of payment of any of the Guarantied Obligations or changing the interest rate that may accrue
on any of the Guarantied Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Credit Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the
Guarantied Obligations; (d) release any Loan Party or other Person liable in any manner for the payment or collection of the Guarantied Obligations; (e) exercise, or refrain from exercising, any rights against the Borrower, any other Loan
Party or any other Person; and (f) apply any sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the Guarantied Parties shall elect, in the case of each of the foregoing clauses (a) through
(e) above, pursuant to the terms of the Credit Agreement and the other Loan Documents. 
 Section 5.
Representations and Warranties. Each Guarantor hereby makes to the Administrative Agent and the other Guarantied Parties all of the representations and warranties made by the Borrower with respect to such Guarantor in the Credit Agreement and
the other Loan Documents, as if the same were set forth herein in full mutatis mutandis. 
 Section 6.
Covenants. Each Guarantor will comply with all covenants with which the Borrower is to cause such Guarantor to comply under the terms of the Credit Agreement or any of the other Loan Documents. 

Section 7. Waiver. Each Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of acceptance
hereof or any presentment, demand, protest or notice of any kind, other than demand for payment hereunder, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of
such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder. 

  
 B-3

 Section 8. Inability to Accelerate Loan. If the Guarantied Parties or any of
them are prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise, the Administrative Agent and/or the other Guarantied Parties shall be
entitled to receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 
 Section 9. Reinstatement of Guarantied Obligations. If claim is ever made on the Administrative Agent or any other Guarantied Party for repayment or recovery of any amount or amounts received
in payment or on account of any of the Guarantied Obligations, and the Administrative Agent or such other Guarantied Party repays all or part of said amount by reason of (a) any judgment, decree or order of any court or administrative body of
competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Administrative Agent or such other Guarantied Party with any such claimant (including the Borrower or a trustee in bankruptcy for the Borrower), then
and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the cancellation of the Credit Agreement, any of the other Loan Documents, or
any other instrument evidencing any liability of the Borrower, and such Guarantor shall be and remain liable to the Administrative Agent or such other Guarantied Party for the amounts so repaid or recovered to the same extent as if such amount had
never originally been paid to the Administrative Agent or such other Guarantied Party, except to the extent such amount is determined, in a final, non-appealable judgment by a court of competent jurisdiction, to have been collected by the
Administrative Agent or such other Guarantied Party in violation of the Credit Agreement or other Loan Document. 

Section 10. Subrogation. Upon the making by any Guarantor of any payment hereunder for the account of the Borrower, such
Guarantor shall be subrogated to the rights of the payee against the Borrower; provided, however, that such Guarantor shall not enforce any right or receive any payment by way of subrogation or otherwise take any action in respect of
any other claim or cause of action such Guarantor may have against the Borrower arising by reason of any payment or performance by such Guarantor pursuant to this Guaranty, unless and until all of the Guarantied Obligations have been indefeasibly
paid and performed in full. If any amount shall be paid to such Guarantor on account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such amount in trust for the benefit of the Guarantied
Parties and shall forthwith pay such amount to the Administrative Agent to be credited and applied against the Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement or to be held by the
Administrative Agent as collateral security for any Guarantied Obligations existing. 
 Section 11. Payments Free and
Clear. All sums payable by each Guarantor hereunder, whether of principal, interest, fees, expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes,
subject to Section 3.10. of the Credit Agreement), and if such Guarantor is required by Applicable Law or by any Governmental Authority to make any such deduction or withholding such Guarantor shall pay to the Administrative Agent and the
Lenders such additional amount as will result in the receipt by the Administrative Agent and the Lenders of the full amount payable hereunder had such deduction or withholding not occurred or been required. 

Section 12. Set-off. In addition to any rights now or hereafter granted under any of the other Loan Documents or Applicable
Law and not by way of limitation of any such rights, each Guarantor hereby authorizes each Guarantied Party, at any time while an Event of Default exists, without any prior 

  
 B-4

 
notice to such Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender or an Issuing Bank subject to receipt of the prior written consent of
the Administrative Agent and Requisite Lenders, exercised in their sole discretion, to set-off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of
deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, such Issuing Bank or such Lender or any affiliate of the Administrative Agent, such Issuing Bank, or such Lender to or for the
credit or the account of the Borrower against and on account of any of the Guarantied Obligations, although such obligations shall be contingent or unmatured. 
 Section 13. Subordination. Each Guarantor hereby expressly covenants and agrees for the benefit of the Guarantied Parties that all obligations and liabilities of the Borrower to such Guarantor
of whatever description, including without limitation, all intercompany receivables of such Guarantor from the Borrower (collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Guarantied Obligations.
If an Event of Default shall exist, then no Guarantor shall accept any direct or indirect payment (in cash, property or securities, by setoff or otherwise) from the Borrower on account of or in any manner in respect of any Junior Claim until all of
the Guarantied Obligations have been indefeasibly paid in full. 
 Section 14. Avoidance Provisions. It is the
intent of each Guarantor, the Administrative Agent and the other Guarantied Parties that in any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the
obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including without limitation,
(a) Section 548 of the Bankruptcy Code of 1978, as amended (the “Bankruptcy Code”) and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of
Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties)
shall be determined in any such Proceeding are referred to as the “Avoidance Provisions”. Accordingly, to the extent that the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions,
the maximum Guarantied Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Guarantied Obligations are deemed to have been incurred under the Avoidance Provisions, would not
cause the obligations of any Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties), to be subject to avoidance under the Avoidance Provisions. This Section is intended solely to preserve the rights of the
Administrative Agent and the other Guarantied Parties hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person
shall have any right or claim under this Section as against the Guarantied Parties that would not otherwise be available to such Person under the Avoidance Provisions. 
 Section 15. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the financial condition of the Borrower and the other Loan Parties, and of all other
circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that neither of the Administrative Agent nor any other
Guarantied Party shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks. 

  
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 Section 16. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

SECTION 17. WAIVER OF JURY TRIAL. 
 (a) EACH GUARANTOR, AND EACH OF THE ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN SUCH GUARANTOR, THE
ADMINISTRATIVE AGENT OR ANY OF THE OTHER GUARANTIED PARTES WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE
GUARANTORS, THE ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY
HERETO ARISING OUT OF THIS GUARANTY. 
 (b) EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY
ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, ANY ISSUING BANK, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY
RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO, AND EACH OF THE ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE
JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.
EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM
THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT OR ANY OTHER GUARANTIED PARTY OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OR ANY OTHER GUARANTIED PARTY
OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
 (c) THE PROVISIONS OF THIS SECTION HAVE BEEN
CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE
TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS GUARANTY. 

  
 B-6

 Section 18. Loan Accounts. The Administrative Agent and each Lender may maintain
books and accounts setting forth the amounts of principal, interest and other sums paid and payable with respect to the Guarantied Obligations arising under or in connection with the Credit Agreement, and in the case of any dispute relating to any
of the outstanding amount, payment or receipt of any of the Guarantied Obligations or otherwise, the entries in such books and accounts shall constitute prima facie evidence of amounts and other matters set forth therein. The failure of the
Administrative Agent or any Lender to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its obligations hereunder. 
 Section 19. Waiver of Remedies. No delay or failure on the part of the Administrative Agent or any other Guarantied Party in the exercise of any right or remedy it may have against any
Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Administrative Agent or any other Guarantied Party of any such right or remedy shall preclude any other or further exercise thereof or the
exercise of any other such right or remedy. 
 Section 20. Termination. This Guaranty shall remain in full force and
effect with respect to each Guarantor until payment in full in cash of the Guarantied Obligations and the other Obligations and the termination or cancellation of the Credit Agreement in accordance with its terms. 

Section 21. Successors and Assigns. Each reference herein to the Administrative Agent or any other Guarantied Party shall be
deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each reference herein to each
Guarantor shall be deemed to include such Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Guarantied Parties may, in accordance with the applicable provisions of the Credit Agreement, assign, transfer or
sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying any Guarantor’s obligations
hereunder. Subject to Section 13.9. of the Credit Agreement, each Guarantor hereby consents to the delivery by the Administrative Agent and any other Guarantied Party to any Eligible Assignee or Participant (or any prospective Eligible Assignee
or Participant) of any financial or other information regarding the Borrower or any Guarantor. No Guarantor may assign or transfer its obligations hereunder to any Person without the prior written consent of all Lenders and any such assignment or
other transfer to which all of the Lenders have not so consented shall be null and void. 
 Section 22. JOINT AND
SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND
LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER. 
 Section 23. Amendments. This Guaranty may not be amended
except in writing signed by the Administrative Agent and each Guarantor, subject to Section 13.7 of the Credit Agreement. 

Section 24. Payments. All payments to be made by any Guarantor pursuant to this Guaranty shall be made in Dollars, in
immediately available funds to the Administrative Agent at its Principal Office, not later than 1:00 p.m. Central time, on the date one Business Day after demand therefor. 
 Section 25. Notices. All notices, requests and other communications hereunder shall be in writing (including facsimile transmission or similar writing) and shall be given (a) to each
Guarantor at its 

  
 B-7

 
address set forth below its signature hereto, (b) to the Administrative Agent or any other Guarantied Party at its address for notices provided for in the Credit Agreement, or (c) as to
each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if mailed, when received; (ii) if telecopied, when
transmitted (with confirmation); or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received. 

Section 26. Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 27. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction of this Guaranty. 

Section 28. Limitation of Liability. Neither the Administrative Agent nor any other Guarantied Party, nor any affiliate,
officer, director, employee, attorney, or agent of the Administrative Agent or any other Guarantied Party, shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them upon, any claim for
any special, indirect, incidental, or consequential damages suffered or incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty or any of the other Credit Documents, or any of the transactions contemplated
by this Guaranty, the Credit Agreement or any of the other Loan Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Administrative Agent or any other Guarantied Party or any of the Administrative Agent’s or any other
Guarantied Party’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Guaranty, the Credit Agreement or any of the
other Credit Documents, or any of the transactions contemplated by thereby. 
 Section 29. Electronic Delivery of
Certain Information. Each Guarantor acknowledges and agrees that information regarding the Guarantor may be delivered electronically pursuant to Section 9.5 of the Credit Agreement. 

Section 30. Definitions. (a) For the purposes of this Guaranty: 

“Proceeding” means any of the following: (x) any Guarantor shall: (i) commence a voluntary case under the
Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up,
or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any petition filed against it in an involuntary case under such bankruptcy laws or other Applicable Laws or consent to any
proceeding or action described in the immediately following subsection (z); (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee,
or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts as they become due; or (vi) make a general assignment for the benefit of creditors; (y) the
board of directors (or similar governing body) of any Guarantor or any committee thereof shall adopt any resolution or otherwise authorize any action to approve any of the actions referred to in this definition of “Proceeding”; or
(z) a case or other proceeding shall be commenced against any Guarantor in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or under any
other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person,
or of 

  
 B-8

 
all or any substantial part of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding shall continue undismissed or
unstayed for a period of 60 consecutive days, or an order granting the remedy or other relief requested in such case or proceeding (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws)
shall be entered. 
 (b) Terms not otherwise defined herein are used herein with the respective meanings given them in the
Credit Agreement. 
 [Signatures on Following Page] 

  
 B-9

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

					
	[GUARANTOR]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 

					
	
	Address for Notices for all Guarantors:
	
	c/o SAUL CENTERS, INC.
	7501 Wisconsin Ave., Suite 1500 E
	Bethesda, MD 20814
	Attention:	 	    Scott V. Schneider
	Facsimile:	 	    (301) 986-6023
	Telephone:	 	    (301) 986-6022

  
 B-10

 ANNEX I 
 FORM OF ACCESSION AGREEMENT 
 THIS ACCESSION AGREEMENT dated as of
            ,         , executed and delivered by
                            , a
                     (the “New Guarantor”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the
“Administrative Agent”) for the Lenders under that certain Credit Agreement dated as of May 21, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Saul
Holdings Limited Partnership (the “Borrower”), the Lenders from time to time parties thereto (the “Lenders”), the Issuing Banks from time to time parties thereto (the “Issuing Banks”), Wells Fargo Bank, National
Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto, for its benefit and the benefit of the Lenders and the Issuing Banks (the Administrative Agent, the Lenders and the Issuing Banks, each
individually a “Guarantied Party” and collectively, the “Guarantied Parties”). 
 WHEREAS, pursuant to the
Credit Agreement, the Administrative Agent and the Lenders have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 

WHEREAS, New Guarantor is owned or controlled by the Borrower, or is otherwise an Affiliate of the Borrower; 

WHEREAS, the Borrower, the New Guarantor and the other Subsidiaries of the Borrower, though separate legal entities, are mutually
dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Administrative Agent, the Lenders and the Issuing Banks through
their collective efforts; 
 WHEREAS, New Guarantor acknowledges that it will receive direct and indirect benefits from the
Administrative Agent, the Lenders and the Issuing Banks making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, New Guarantor is willing to guarantee the Borrower’s obligations to the
Administrative Agent, the Lenders and the Issuing Banks on the terms and conditions contained herein; and 
 WHEREAS, the New
Guarantor’s execution and delivery of this Agreement is a condition to the Administrative Agent and the Lenders continuing to make such financial accommodations to the Borrower. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the New Guarantor,
the New Guarantor agrees as follows: 
 Section 1. Accession to Guaranty. The New Guarantor hereby agrees that it is
a “Guarantor” under that certain Guaranty dated as of May 21, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”) made by each of the Guarantors party thereto in favor of the
Administrative Agent and the other Guarantied Parties and assumes all obligations of a “Guarantor” thereunder, all as if the New Guarantor had been an original signatory to the Guaranty. Without limiting the generality of the foregoing,
the New Guarantor hereby: 
 (a) irrevocably and unconditionally guarantees the due and punctual payment and performance when
due, whether at stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty); 

  
 B-11

 (b) makes to the Administrative Agent and the other Guarantied Parties as of the date hereof
each of the representations and warranties contained in Section 5 of the Guaranty as to itself as a Guarantor and agrees to be bound by each of the covenants contained in Section 6 of the Guaranty; and 

(c) consents and agrees to each provision set forth in the Guaranty. 

SECTION 2. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 3. Definitions.
Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given them in the Credit Agreement. 
 [Signatures on Next Page] 

  
 B-12

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

					
	[NEW GUARANTOR]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	(CORPORATE SEAL)
	
	Address for Notices:

 

					
	c/o SAUL CENTERS, INC.
	7501 Wisconsin Ave., Suite 1500 E
	Bethesda, MD 20814
	Attention:	 	    Scott V. Schneider
	Facsimile:	 	    (301) 986-6023
	Telephone:	 	    (301) 986-6022

  

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

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 B-13

 EXHIBIT C 
 FORM OF NOTICE OF BORROWING 

                    ,
20     
 Wells Fargo Bank, National Association 
 Minneapolis Loan Center 
 733 Marquette Avenue, 10th Floor 
 Minneapolis, MN 55402 
 Attention:
                                        

 Ladies and Gentlemen: 
 Reference is made to that certain Credit Agreement dated as of May 21, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and
among Saul Holdings Limited Partnership (the “Borrower”), the Lenders from time to time parties thereto (the “Lenders”), the Issuing Banks from time to time parties thereto, Wells Fargo Bank, National Association, as
Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

 

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

  

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

  

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

 [Check one box only] 
  

	 	 ̈	Base Rate Loan 

	 	 ̈	LIBOR Loan, with an initial Interest Period for a duration of: 

 [Check one box only] 
  

	 	 ̈	one month 

	 	 ̈	two months 

	 	 ̈	three months 

	 	 ̈	six months 

	 	 ̈	other:
                                        

 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the
date of the making of the requested Revolving Loans, and after making such Revolving Loans, (a) no Default or Event of Default exists or would exist, and none of the limits specified in Section 2.14. would be violated; and (b) the
representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, are and shall be true and correct in all material respects (except in the case of any representation
or warranty qualified by materiality, in which case such representation and warranty shall be true and correct in all respects) 

  
 C-1

 
with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and correct in all material respects (except in the case of any representation or warranty qualified by materiality, in which case such representation and warranty shall be true and correct in all
respects) on and as of such earlier date) and except for changes in factual circumstances not expressly prohibited under the Loan Documents. In addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the
making of the requested Revolving Loans contained in Article VI. of the Credit Agreement will have been satisfied (or waived in accordance with the terms of the Credit Agreement) at the time such Revolving Loans are made. 

 

					
	SAUL HOLDINGS LIMITED PARTNERSHIP
		
	By:	 	Saul Centers, Inc., its General Partner
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 C-2

 EXHIBIT D 
 FORM OF NOTICE OF CONTINUATION 

                    ,
20     
 Wells Fargo Bank, National Association 
 Minneapolis Loan Center 
 733 Marquette Avenue, 10th Floor 
 Minneapolis, MN 55402 
 Attention:
                                        

 Ladies and Gentlemen: 
 Reference is made to that certain Credit Agreement dated as of May 21, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and
among Saul Holdings Limited Partnership (the “Borrower”), the Lenders from time to time parties thereto (the “Lenders”), the Issuing Banks from time to time parties thereto, Wells Fargo Bank, National Association, as
Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

Pursuant to Section 2.8. of the Credit Agreement, the Borrower hereby requests a Continuation of Loans under the Credit Agreement,
and in that connection sets forth below the information relating to such Continuation as required by such Section of the Credit Agreement: 
  

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

  

	 	2.	The aggregate principal amount of the Loans subject to the requested Continuation is $         and the portion of such principal
amount as to which such Continuation is requested is $        . 

  

	 	3.	The current Interest Period of the Loans subject to such Continuation ends on
                    , 20    . 

  

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

[Check one box only] 
  

	 	 ̈	one month 

	 	 ̈	two months 

	 	 ̈	three months 

	 	 ̈	six months 

 [Continued on next
page] 

  
 D-1

 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the
date hereof, as of the proposed date of the requested Continuation, and after giving effect to such Continuation, no Default or Event of Default exists or will exist. 
 If notice of the requested Continuation was given previously by telephone, this notice shall be considered the written confirmation of such telephone notice required under Section 2.8. of the Credit
Agreement. 
  

					
	SAUL HOLDINGS LIMITED PARTNERSHIP
		
	By:	 	Saul Centers, Inc., its General Partner
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 D-2

 EXHIBIT E 
 FORM OF NOTICE OF CONVERSION 

                    ,
20     
 Wells Fargo Bank, National Association 
 Minneapolis Loan Center 
 733 Marquette Avenue, 10th Floor 
 Minneapolis, MN 55402 
 Attention:
                                        

 Ladies and Gentlemen: 
 Reference is made to that certain Credit Agreement dated as of May 21, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and
among Saul Holdings Limited Partnership (the “Borrower”), the Lenders from time to time parties thereto (the “Lenders”), the Issuing Banks from time to time parties thereto, Wells Fargo Bank, National Association, as
Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

Pursuant to Section 2.9. of the Credit Agreement, the Borrower hereby requests a Conversion of Loans of one Type into Loans of
another Type under the Credit Agreement, and in that connection sets forth below the information relating to such Conversion as required by such Section of the Credit Agreement: 

 

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

  

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

 [Check one box only] 
  

	 	 ̈	Base Rate Loan 

	 	 ̈	LIBOR Loan 

  

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

  

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

[Check one box only] 
  

	 	 ̈	Base Rate Loan 

	 	 ̈	LIBOR Loan, with an initial Interest Period for a duration of: 

  
 E-1

 [Check one box only] 

 

	 	 ̈	one month 

	 	 ̈	two months 

	 	 ̈	three months 

	 	 ̈	six months 

	 	 ̈	other:
                                        

 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the
proposed date of the requested Conversion, and after giving effect to such Conversion, no Default or Event of Default exists or will exist. 
 If notice of the requested Conversion was given previously by telephone, this notice shall be considered the written confirmation of such telephone notice required under Section 2.9. of the Credit
Agreement. 
  

					
	SAUL HOLDINGS LIMITED PARTNERSHIP
		
	By:	 	Saul Centers, Inc., its General Partner
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 E-2

 EXHIBIT F 
 FORM OF NOTICE OF SWINGLINE BORROWING 

                    ,
20     
 Wells Fargo Bank, National Association 
 Minneapolis Loan Center 
 733 Marquette Avenue, 10th Floor 
 Minneapolis, MN 55402 
 Attention:
                                        

 Ladies and Gentlemen: 
 Reference is made to that certain Credit Agreement dated as of May 21, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and
among Saul Holdings Limited Partnership (the “Borrower”), the Lenders from time to time parties thereto (the “Lenders”), the Issuing Banks from time to time parties thereto, Wells Fargo Bank, National Association, as
Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

 

	 	1.	Pursuant to Section 2.4(b) of the Credit Agreement, the Borrower hereby requests that the Swingline Lender make a Swingline Loan to the Borrower in an amount equal
to $        . 

  

	 	2.	The Borrower requests that such Swingline Loan be made available to the Borrower on
                    , 20    . 

  

	 	3.	The Borrower requests that the proceeds of such Swingline Loan be made available to the Borrower by
                        . 

 The Borrower hereby certifies to the Administrative Agent, the Swingline Lender and the other Lenders that as of the date hereof, as of the date of the making of the requested Swingline Loan, and after
the making of such Swingline Loan, (a) no Default or Event of Default exists or would exist, and none of the limits specified in Section 2.14. of the Credit Agreement would be violated; and (b) the representations and warranties made
or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, are and shall be true and correct in all material respects (except in the case of any representation or warranty qualified by
materiality, in which case such representation and warranty shall be true and correct in all respects) with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate
solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of any representation or warranty qualified by materiality, in which case such representation
and warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances not expressly prohibited under the Loan Documents. In addition, the Borrower certifies to the Administrative
Agent and the Lenders that all conditions to the making of the requested Swingline Loan contained in Article VI. of the Credit Agreement will have been satisfied (or waived in accordance with the terms of the Credit Agreement) at the time such
Swingline Loan is made. 

  
 F-1

 [Continued on next page] 

  
 F-2

 If notice of the requested borrowing of this Swingline Loan was previously given by
telephone, this notice is to be considered the written confirmation of such telephone notice required by Section 2.3(b) of the Credit Agreement. 

 

					
	SAUL HOLDINGS LIMITED PARTNERSHIP
		
	By:	 	Saul Centers, Inc., its General Partner
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 F-3

 EXHIBIT G 
 FORM OF REVOLVING NOTE 
  

			
	$            	 	                    ,
20    

 FOR VALUE RECEIVED, the undersigned, SAUL HOLDINGS LIMITED PARTNERSHIP (the
“Borrower”) hereby unconditionally promises to pay to the order of
                                         
                    (the “Lender”), in care of Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative
Agent”), to its address at Minneapolis Loan Center of Administrative Agent, 733 Marquette Avenue, 10th Floor, Minneapolis, MN 55402, or at such other address as may be specified by the Administrative Agent to the Borrower, the principal sum of
                                         
                    AND     /100 DOLLARS ($        ), or such lesser amount as may be the then
outstanding and unpaid balance of all Revolving Loans made by the Lender to the Borrower pursuant to, and in accordance with the terms of, the Credit Agreement. 
 The Borrower further agrees to pay interest at said office, in Dollars, on the unpaid principal amount owing hereunder from time to time on the dates and at the rates and at the times specified in the
Credit Agreement. 
 This Revolving Note is one of the “Revolving Notes” referred to in that certain Credit Agreement
dated as of May 21, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the Lenders from time to time parties thereto (the “Lenders”), the
Issuing Banks from time to time parties thereto, the Administrative Agent, and the other parties thereto, and is subject to, and entitled to, all provisions and benefits thereof. Capitalized terms used herein and not defined herein shall have the
respective meanings given to such terms in the Credit Agreement. The Credit Agreement, among other things, (a) provides for the making of Revolving Loans by the Lender to the Borrower from time to time in an aggregate amount not to exceed at
any time outstanding the Dollar amount first above mentioned, (b) permits the prepayment of the Loans by the Borrower subject to certain terms and conditions and (c) provides for the acceleration of the Revolving Loans upon the occurrence
of certain specified events. 
 The Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to
exercise, and no delay in exercising any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights. 
 Time is of the essence for this Note. 
 [This Note is given in
replacement of the Revolving Note dated                      , 20    , in the original principal amount of
$         previously delivered to the Lender under the Credit Agreement. THIS NOTE IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER OR IN CONNECTION
WITH THE OTHER NOTE.]1 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND
TO BE FULLY PERFORMED, IN SUCH STATE. 
  

	1 	 Language to be included in case of an assignment and need to issue a replacement note to an existing Lender, either because such Lender’s
Commitment has increased or decreased from what it was initially. 

  
 G-1

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

					
	SAUL HOLDINGS LIMITED PARTNERSHIP
		
	By:	 	Saul Centers, Inc., its General Partner
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 G-2

 EXHIBIT H 
 FORM OF SWINGLINE NOTE 
  

			
	$            	 	                     ,
20    

 FOR VALUE RECEIVED, the undersigned, SAUL HOLDINGS LIMITED PARTNERSHIP (the
“Borrower”), hereby promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Swingline Lender”) to its address at Minneapolis Loan Center of Administrative Agent, 733 Marquette Avenue, 10th Floor, Minneapolis, MN 55402, or at such other address as may
be specified by the Swingline Lender to the Borrower, the principal sum of
                                         
                    AND NO/100 DOLLARS ($        ) (or such lesser amount as shall equal the aggregate unpaid
principal amount of Swingline Loans made by the Swingline Lender to the Borrower under the Credit Agreement), on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount owing
hereunder, at the rates and on the dates provided in the Credit Agreement. 
 The date, amount of each Swingline Loan, and each
payment made on account of the principal thereof, shall be recorded by the Swingline Lender on its books and, prior to any transfer of this Swingline Note (this “Note”), endorsed by the Swingline Lender on the schedule attached hereto or
any continuation thereof, provided that the failure of the Swingline Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing under the Credit Agreement
or hereunder in respect of the Swingline Loans. 
 This Note is the “Swingline Note” referred to in that certain
Credit Agreement dated as of May 21, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the Lenders from time to time parties thereto (the
“Lenders”), the Issuing Banks from time to time parties thereto, Wells Fargo Bank, National Association, as Administrative Agent, and the other parties thereto, and evidences Swingline Loans made to the Borrower thereunder. Terms used but
not otherwise defined in this Note have the respective meanings assigned to them in the Credit Agreement. 
 The Credit
Agreement provides for the acceleration of the maturity of this Note upon the occurrence of certain events and for prepayments of Swingline Loans upon the terms and conditions specified therein. 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND
TO BE FULLY PERFORMED, IN SUCH STATE. 
 The Borrower hereby waives presentment for payment, demand, notice of demand, notice of
non-payment, protest, notice of protest and all other similar notices. 
 Time is of the essence for this Note. 

  
 H-1

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

					
	SAUL HOLDINGS LIMITED PARTNERSHIP
		
	By:	 	Saul Centers, Inc., its General Partner
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 H-2

 SCHEDULE OF SWINGLINE LOANS 

This Note evidences Swingline Loans made under the within-described Credit Agreement to the Borrower, on the dates and in the principal
amounts set forth below, subject to the payments and prepayments of principal set forth below: 
  

									
	 Date of Loan
	  	Principal
Amount of
Loan	  	Amount Paid
or Prepaid	  	Unpaid
Principal
Amount	  	Notation
Made By
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 H-3

 Loan No. 1005595 
 EXHIBIT I 
 TRANSFER AUTHORIZER DESIGNATION 

(For Disbursement of Loan Proceeds by Funds Transfer) 

 

											
	 ̈ NEW	  	 ̈ REPLACE PREVIOUS DESIGNATION	  	  ̈ ADD
	  	  ̈ CHANGE
	  	 ̈ DELETE LINE NUMBER	  	

 The following representatives of SAUL HOLDINGS LIMITED PARTNERSHIP (“Borrower”) are authorized to request the
disbursement of Loan Proceeds and initiate funds transfers for Loan Number 1005595 assigned to the unsecured revolving credit facility evidenced by that certain Credit Agreement dated as of May 21, 2012 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the Lenders from time to time parties thereto (the “Lenders”), the Issuing Banks from time to time parties thereto, Wells Fargo Bank,
National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. The Administrative Agent is authorized to rely on this Transfer Authorizer Designation until it has received a new Transfer
Authorizer Designation signed by Borrower, even in the event that any or all of the foregoing information may have changed. 
  

							
	 	  	 Name
	  	 Title
	  	 Maximum
Wire

Amount

		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

 [Continued on next page] 

  
 I-1

 Loan No. 1005595 

 

 Beneficiary Bank and Account Holder Information 

1. 
  

			
	 Transfer Funds to (Receiving Party Account Name):

	
	 Receiving Party Account Number:

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

 2. 
  

			
	 Transfer Funds to (Receiving Party Account Name):

	
	 Receiving Party Account Number:

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

 3. 
  

			
	 Transfer Funds to (Receiving Party Account Name):

	
	 Receiving Party Account Number:

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

  

	1	Maximum Wire Amount may not exceed the Loan Amount. 

  
 I-2

 Loan No. 1005595 

 

 Date:
                    , 20     
  

					
	“BORROWER”
	
	 SAUL HOLDINGS LIMITED PARTNERSHIP,
 a Maryland limited partnership

		
	By:	 	Saul Centers, Inc., its General Partner
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 I-3

 EXHIBIT J 
 FORM OF OPINION OF COUNSEL TO THE BORROWER AND GUARANTORS 
 [ATTACHED] 

  
 J-1

 EXHIBIT K 
 FORM OF COMPLIANCE CERTIFICATE 
 Reference is made to that certain Credit
Agreement dated as of                      , 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among Saul Holdings Limited Partnership (the “Borrower”), the Lenders from time to time parties thereto (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the
“Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given to them in the Credit Agreement. 

Pursuant to Section 9.3 of the Credit Agreement, the undersigned hereby certifies to the Administrative Agent and the Lenders that:

 1. (a) The undersigned has reviewed the terms of the Credit Agreement and has made a review of the transactions, financial
condition and other affairs of the Borrower and its Subsidiaries as of, and during the [quarterly][annual] accounting period ending on
                    , 20     and (b) such review has not disclosed the existence during such accounting period, and the
undersigned does not have knowledge of the existence, as of the date hereof, of any condition or event constituting a Default or Event of Default [except as set forth on Attachment A hereto, which accurately describes the nature of the conditions(s)
or event(s) that constitute (a) Default(s) or (an) Event(s) of Default and the actions which the Borrower (is taking)(is planning to take) with respect to such condition(s) or event(s)]. 

2. Schedule 1 attached hereto accurately and completely sets forth the calculations required to establish compliance with
Section 10.1 of the Credit Agreement on the date of the financial statements for the accounting period set forth above. 

3. Borrower’s Funds from Operations for such [quarterly][annual] accounting period ending on
                    , 20     were $         (subject to correction arising in the course
of audit). 
 4. The representations and warranties of the Borrower and the other Loan Parties contained in the Credit Agreement
and the other Loan Documents are true and correct in all material respects (except in the case of any representation or warranty qualified by materiality, in which case such representation and warranty shall be true and correct in all respects),
except to the extent such representations or warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of any representation
or warranty qualified by materiality, in which case such representation and warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances not expressly prohibited under the Credit
Agreement or the other Loan Documents. 

  
 K-1

 IN WITNESS WHEREOF, the undersigned has signed this Compliance Certificate on and as of
                    , 20    . 

 

			
	SAUL HOLDINGS LIMITED PARTNERSHIP
		
	By:	 	Saul Centers, Inc., its General Partner
		
	By:	 	  

 

			
	Name:	 	  

	Title:	 	Chief Financial Officer

  
 K-2Exhibit 10.2

 Exhibit 10.2 
 Execution Version 
 GUARANTY 

THIS GUARANTY dated as of May 21, 2012 executed and delivered by each of the undersigned and the other Persons from time to time
party hereto pursuant to the execution and delivery of an Accession Agreement in the form of Annex I hereto (all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor
of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the Lenders under that certain Credit Agreement dated as of May 21, 2012 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), by and among Saul Holdings Limited Partnership (the “Borrower”), the Lenders from time to time parties thereto (the “Lenders”), the Issuing Banks from time
to time parties thereto (the “Issuing Banks”), the Administrative Agent, and the other parties thereto, for its benefit and the benefit of the Lenders and the Issuing Banks (the Administrative Agent, the Lenders and the Issuing Banks, each
individually a “Guarantied Party” and collectively, the “Guarantied Parties”). 
 WHEREAS, pursuant to the
Credit Agreement, the Administrative Agent and the Lenders have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 

WHEREAS, each Guarantor is owned or controlled by the Borrower, or is otherwise an Affiliate of the Borrower; 

WHEREAS, the Borrower, each Guarantor and the other Subsidiaries of the Borrower, though separate legal entities, are mutually dependent
on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Administrative Agent, the Lenders and the Issuing Banks through their
collective efforts; 
 WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the
Administrative Agent, the Lenders and the Issuing Banks making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, each Guarantor is willing to guarantee the Borrower’s obligations to the
Administrative Agent, the Lenders and the Issuing Banks on the terms and conditions contained herein; and 
 WHEREAS, each
Guarantor’s execution and delivery of this Guaranty is a condition to the Administrative Agent and the other Guarantied Parties’ making, and continuing to make, such financial accommodations to the Borrower. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each
Guarantor agrees as follows: 
 Section 1. Guaranty. Each Guarantor hereby absolutely, irrevocably and
unconditionally guaranties the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all
indebtedness and obligations owing by the Borrower or any other Loan Party to any Lender or the Administrative Agent under or in connection with the Credit Agreement and any other Loan Document to which the Borrower or such other Loan Party is a
party, including without limitation, the repayment of all principal of the Revolving Loans and Swingline Loans, all Letter of Credit Liabilities, and the payment of all interest, fees, charges, reasonable attorneys’ fees and other amounts
payable to any Lender, the Issuing Banks or the Administrative Agent thereunder; (b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (c) all expenses, including, without

 
limitation, reasonable attorneys’ fees and disbursements, that are incurred by the Administrative Agent or any other Guarantied Party in the enforcement of any of the foregoing or any
obligation of such Guarantor hereunder; and (d) all other Obligations. 
 Section 2. Guaranty of Payment and Not of
Collection. This Guaranty is a guaranty of payment, and not of collection, and a debt of each Guarantor for its own account. Accordingly, the Guarantied Parties shall not be obligated or required before enforcing this Guaranty against any
Guarantor: (a) to pursue any right or remedy the Guarantied Parties may have against the Borrower, any other Loan Party or any other Person or commence any suit or other proceeding against the Borrower, any other Loan Party or any other Person
in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Loan Party or any other Person; (c) to make demand of the Borrower, any other Loan Party or any other Person; or (d) to
enforce or seek to enforce or realize upon any collateral security held by the Guarantied Parties which may secure any of the Guarantied Obligations. 
 Section 3. Guaranty Absolute. Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of
any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Guarantied Parties with respect thereto. The liability of each Guarantor under this Guaranty shall be absolute, irrevocable and
unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including
without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof): 
 (a) (i) any
change in the amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any change in the time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver
of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document or any other document or instrument evidencing or relating to any Guarantied Obligations, or (iv) any waiver, renewal,
extension, addition, or supplement to, or deletion from, or any other action or inaction under or in respect of, the Credit Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Guarantied
Obligations or any other instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 
 (b) any lack of validity or enforceability of the Credit Agreement or any of the other Loan Documents (the “Credit Documents”) or any other document, instrument or agreement referred to therein
or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 
 (c) any furnishing to the
Guarantied Parties of any security for the Guarantied Obligations, or any sale, exchange, release or surrender of, or realization on, any collateral securing any of the Guarantied Obligations; 

(d) any settlement or compromise by the Borrower or any other Loan Party of any of the Guarantied Obligations, any security therefor, or
any liability of any other party with respect to the Guarantied Obligations, or any subordination of the payment of the Guarantied Obligations to the payment of any other liability of the Borrower or any other Loan Party; 

(e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to
such Guarantor, the Borrower, any other Loan Party or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 

  
 2 

 (f) any act or failure to act by the Borrower, any other Loan Party or any other Person
which may adversely affect such Guarantor’s subrogation rights, if any, against the Borrower or any other Loan Party to recover payments made under this Guaranty; 
 (g) any nonperfection or impairment of any security interest or other Lien on any collateral, if any, securing in any way any of the Guarantied Obligations; 

(h) any application of sums paid by the Borrower, any Guarantor or any other Person with respect to the liabilities of the Borrower to
the Guarantied Parties, regardless of what liabilities of the Borrower remain unpaid; 
 (i) any defect, limitation or
insufficiency in the borrowing powers of the Borrower or in the exercise thereof; or 
 (j) any other circumstance which might
otherwise constitute a defense available to, or a discharge of, a Guarantor hereunder (other than indefeasible payment in full in cash or release or termination of the obligations of any Guarantor hereunder by the Guarantied Parties pursuant to the
terms of the Credit Agreement). 
 Section 4. Action with Respect to Guarantied Obligations. The Guarantied Parties
may, at any time and from time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in Section 3. and may otherwise:
(a) amend, modify, alter or supplement the terms of any of the Guarantied Obligations, including, but not limited to, extending or shortening the time of payment of any of the Guarantied Obligations or changing the interest rate that may accrue
on any of the Guarantied Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Credit Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the
Guarantied Obligations; (d) release any Loan Party or other Person liable in any manner for the payment or collection of the Guarantied Obligations; (e) exercise, or refrain from exercising, any rights against the Borrower, any other Loan
Party or any other Person; and (f) apply any sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the Guarantied Parties shall elect, in the case of each of the foregoing clauses (a) through
(e) above, pursuant to the terms of the Credit Agreement and the other Loan Documents. 
 Section 5.
Representations and Warranties. Each Guarantor hereby makes to the Administrative Agent and the other Guarantied Parties all of the representations and warranties made by the Borrower with respect to such Guarantor in the Credit Agreement and
the other Loan Documents, as if the same were set forth herein in full mutatis mutandis.  
 Section 6.
Covenants. Each Guarantor will comply with all covenants with which the Borrower is to cause such Guarantor to comply under the terms of the Credit Agreement or any of the other Loan Documents. 

Section 7. Waiver. Each Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of acceptance
hereof or any presentment, demand, protest or notice of any kind, other than demand for payment hereunder, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of
such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder. 
 Section 8.
Inability to Accelerate Loan. If the Guarantied Parties or any of them are prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the Guarantied 

  
 3 

 
Obligations by reason of any automatic stay or otherwise, the Administrative Agent and/or the other Guarantied Parties shall be entitled to receive from each Guarantor, upon demand therefor, the
sums which otherwise would have been due had such demand or acceleration occurred. 
 Section 9. Reinstatement of
Guarantied Obligations. If claim is ever made on the Administrative Agent or any other Guarantied Party for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and the
Administrative Agent or such other Guarantied Party repays all or part of said amount by reason of (a) any judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any
such claim effected by the Administrative Agent or such other Guarantied Party with any such claimant (including the Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree,
order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the cancellation of the Credit Agreement, any of the other Loan Documents, or any other instrument evidencing any liability of the Borrower, and such
Guarantor shall be and remain liable to the Administrative Agent or such other Guarantied Party for the amounts so repaid or recovered to the same extent as if such amount had never originally been paid to the Administrative Agent or such other
Guarantied Party, except to the extent such amount is determined, in a final, non-appealable judgment by a court of competent jurisdiction, to have been collected by the Administrative Agent or such other Guarantied Party in violation of the Credit
Agreement or other Loan Document. 
 Section 10. Subrogation. Upon the making by any Guarantor of any payment
hereunder for the account of the Borrower, such Guarantor shall be subrogated to the rights of the payee against the Borrower; provided, however, that such Guarantor shall not enforce any right or receive any payment by way of
subrogation or otherwise take any action in respect of any other claim or cause of action such Guarantor may have against the Borrower arising by reason of any payment or performance by such Guarantor pursuant to this Guaranty, unless and until all
of the Guarantied Obligations have been indefeasibly paid and performed in full. If any amount shall be paid to such Guarantor on account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such
amount in trust for the benefit of the Guarantied Parties and shall forthwith pay such amount to the Administrative Agent to be credited and applied against the Guarantied Obligations, whether matured or unmatured, in accordance with the terms of
the Credit Agreement or to be held by the Administrative Agent as collateral security for any Guarantied Obligations existing. 

Section 11. Payments Free and Clear. All sums payable by each Guarantor hereunder, whether of principal, interest, fees,
expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes, subject to Section 3.10. of the Credit Agreement), and if such Guarantor is required by
Applicable Law or by any Governmental Authority to make any such deduction or withholding such Guarantor shall pay to the Administrative Agent and the Lenders such additional amount as will result in the receipt by the Administrative Agent and the
Lenders of the full amount payable hereunder had such deduction or withholding not occurred or been required. 

Section 12. Set-off. In addition to any rights now or hereafter granted under any of the other Loan Documents or Applicable
Law and not by way of limitation of any such rights, each Guarantor hereby authorizes each Guarantied Party, at any time while an Event of Default exists, without any prior notice to such Guarantor or to any other Person, any such notice being
hereby expressly waived, but in the case of a Lender or an Issuing Bank subject to receipt of the prior written consent of the Administrative Agent and Requisite Lenders, exercised in their sole discretion, to set-off and to appropriate and to apply
any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, such Issuing
Bank or such Lender or any affiliate of the 

  
 4 

 
Administrative Agent, such Issuing Bank, or such Lender to or for the credit or the account of the Borrower against and on account of any of the Guarantied Obligations, although such obligations
shall be contingent or unmatured. 
 Section 13. Subordination. Each Guarantor hereby expressly covenants and agrees
for the benefit of the Guarantied Parties that all obligations and liabilities of the Borrower to such Guarantor of whatever description, including without limitation, all intercompany receivables of such Guarantor from the Borrower (collectively,
the “Junior Claims”) shall be subordinate and junior in right of payment to all Guarantied Obligations. If an Event of Default shall exist, then no Guarantor shall accept any direct or indirect payment (in cash, property or securities, by
setoff or otherwise) from the Borrower on account of or in any manner in respect of any Junior Claim until all of the Guarantied Obligations have been indefeasibly paid in full. 

Section 14. Avoidance Provisions. It is the intent of each Guarantor, the Administrative Agent and the other Guarantied
Parties that in any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of such
Guarantor to the Guarantied Parties) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including without limitation, (a) Section 548 of the Bankruptcy Code of 1978, as amended (the
“Bankruptcy Code”) and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under which
the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties) shall be determined in any such Proceeding are referred to as the “Avoidance
Provisions”. Accordingly, to the extent that the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Guarantied Obligations for which such Guarantor shall be liable
hereunder shall be reduced to that amount which, as of the time any of the Guarantied Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of any Guarantor hereunder (or any other obligations
of such Guarantor to the Guarantied Parties), to be subject to avoidance under the Avoidance Provisions. This Section is intended solely to preserve the rights of the Administrative Agent and the other Guarantied Parties hereunder to the maximum
extent that would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as against the Guarantied Parties
that would not otherwise be available to such Person under the Avoidance Provisions. 
 Section 15. Information.
Each Guarantor assumes all responsibility for being and keeping itself informed of the financial condition of the Borrower and the other Loan Parties, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied
Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that neither of the Administrative Agent nor any other Guarantied Party shall have any duty whatsoever to advise any Guarantor of
information regarding such circumstances or risks. 
 Section 16. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

  
 5 

 SECTION 17. WAIVER OF JURY TRIAL. 

(a) EACH GUARANTOR, AND EACH OF THE ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, ACKNOWLEDGES
THAT ANY DISPUTE OR CONTROVERSY BETWEEN SUCH GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OF THE OTHER GUARANTIED PARTES WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY,
TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE GUARANTORS, THE ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN
WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS GUARANTY. 
 (b) EACH GUARANTOR IRREVOCABLY
AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, ANY ISSUING
BANK, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND
OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO, AND EACH OF THE ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES BY ACCEPTING THE BENEFITS
HEREOF, IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN
INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT OR ANY OTHER GUARANTIED PARTY OR THE ENFORCEMENT
BY THE ADMINISTRATIVE AGENT OR ANY OTHER GUARANTIED PARTY OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
 (c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS
AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS GUARANTY. 
 Section 18. Loan Accounts. The Administrative Agent and each Lender may maintain books and accounts setting forth the amounts of principal, interest and other sums paid and payable with
respect to the Guarantied Obligations arising under or in connection with the Credit Agreement, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of any of the Guarantied Obligations or otherwise, the
entries in such books and accounts shall constitute prima facie evidence of 

  
 6 

 
amounts and other matters set forth therein. The failure of the Administrative Agent or any Lender to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of
any of its obligations hereunder. 
 Section 19. Waiver of Remedies. No delay or failure on the part of the
Administrative Agent or any other Guarantied Party in the exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Administrative Agent or
any other Guarantied Party of any such right or remedy shall preclude any other or further exercise thereof or the exercise of any other such right or remedy. 
 Section 20. Termination. This Guaranty shall remain in full force and effect with respect to each Guarantor until payment in full in cash of the Guarantied Obligations and the other
Obligations and the termination or cancellation of the Credit Agreement in accordance with its terms. 
 Section 21.
Successors and Assigns. Each reference herein to the Administrative Agent or any other Guarantied Party shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the
Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each reference herein to each Guarantor shall be deemed to include such Guarantor’s successors and assigns, upon whom this Guaranty also shall be
binding. The Guarantied Parties may, in accordance with the applicable provisions of the Credit Agreement, assign, transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the
consent of, or notice to, any Guarantor and without releasing, discharging or modifying any Guarantor’s obligations hereunder. Subject to Section 13.9. of the Credit Agreement, each Guarantor hereby consents to the delivery by the
Administrative Agent and any other Guarantied Party to any Eligible Assignee or Participant (or any prospective Eligible Assignee or Participant) of any financial or other information regarding the Borrower or any Guarantor. No Guarantor may assign
or transfer its obligations hereunder to any Person without the prior written consent of all Lenders and any such assignment or other transfer to which all of the Lenders have not so consented shall be null and void. 

Section 22. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND
ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER. 

Section 23. Amendments. This Guaranty may not be amended except in writing signed by the Administrative Agent and each
Guarantor, subject to Section 13.7 of the Credit Agreement. 
 Section 24. Payments. All payments to be made by
any Guarantor pursuant to this Guaranty shall be made in Dollars, in immediately available funds to the Administrative Agent at its Principal Office, not later than 1:00 p.m. Central time, on the date one Business Day after demand therefor.

 Section 25. Notices. All notices, requests and other communications hereunder shall be in writing (including
facsimile transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Administrative Agent or any other Guarantied Party at its address for notices provided for
in the Credit Agreement, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if mailed, when
received; (ii) if telecopied, when transmitted (with confirmation); or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received.

  
 7 

 Section 26. Severability. In case any provision of this Guaranty shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 27. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction
of this Guaranty. 
 Section 28. Limitation of Liability. Neither the Administrative Agent nor any other Guarantied
Party, nor any affiliate, officer, director, employee, attorney, or agent of the Administrative Agent or any other Guarantied Party, shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of
them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty or any of the other Credit Documents, or any of the
transactions contemplated by this Guaranty, the Credit Agreement or any of the other Loan Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Administrative Agent or any other Guarantied Party or any of the Administrative
Agent’s or any other Guarantied Party’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Guaranty, the Credit
Agreement or any of the other Credit Documents, or any of the transactions contemplated by thereby. 
 Section 29.
Electronic Delivery of Certain Information. Each Guarantor acknowledges and agrees that information regarding the Guarantor may be delivered electronically pursuant to Section 9.5 of the Credit Agreement. 

Section 30. Definitions. 
 (a) For the purposes of this Guaranty: 
 “Proceeding” means any
of the following: (x) any Guarantor shall: (i) commence a voluntary case under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other
Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any petition filed against it
in an involuntary case under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection (z); (iv) apply for or consent to, or fail to contest in a timely and
appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts
as they become due; or (vi) make a general assignment for the benefit of creditors; (y) the board of directors (or similar governing body) of any Guarantor or any committee thereof shall adopt any resolution or otherwise authorize any
action to approve any of the actions referred to in this definition of “Proceeding”; or (z) a case or other proceeding shall be commenced against any Guarantor in any court of competent jurisdiction seeking: (i) relief under the
Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or
(ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any substantial part of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such
case or proceeding shall continue undismissed or unstayed for a period of 60 consecutive days, or an order granting the remedy or other relief requested in such case or proceeding (including, but not limited to, an order for relief under such
Bankruptcy Code or such other federal bankruptcy laws) shall be entered. 

  
 8 

 (b) Terms not otherwise defined herein are used herein with the respective meanings given
them in the Credit Agreement. 
 [Signatures on Following Page] 

  
 9 

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

			
	SAUL CENTERS, INC., as a Guarantor
		
	By:	 	 /s/ B. Francis Saul II

			
	      Name:	  	 B. Francis Saul II

	      Title:	  	 CEO

	
	Address for Notices for all Guarantors:
	
	 c/o SAUL CENTERS, INC.
 7501 Wisconsin Ave., Suite 1500 E
 Bethesda, MD
20814

 
			
	Attention:	  	Scott V. Schneider
	Facsimile:	  	(301) 986-6023
	Telephone:	  	(301) 986-6022
	
	SAUL SUBSIDIARY I LIMITED PARTNERSHIP, as a Guarantor
	
	By: Saul Centers, Inc., General Partner

 
			
		
	By:	 	 /s/ B. Francis Saul II

			
	      Name:	 	 B. Francis Saul II

	      Title:	 	 CEO

	
	11503 ROCKVILLE PIKE LLC, as a Guarantor
	
	By: Saul Centers, Inc., Manager

 
			
		
	By:	 	 /s/ B. Francis Saul II

			
	      Name:	 	 B. Francis Saul II

	      Title:	 	 CEO

	
	WESTVIEW VILLAGE CENTER LLC, as a Guarantor
	
	By: Saul Centers, Inc., Manager

 
			
		
	By:	 	 /s/ B. Francis Saul II

			
	      Name:	 	 B. Francis Saul II

	      Title:	 	 CEO

 Signature Page to Guaranty 

Saul Holdings Limited Partnership 

 
			
	KENTLANDS LOT 1, LLC, as a Guarantor
	
	By: Saul Centers, Inc., Manager

 
			
		
	By:	 	 /s/ B. Francis Saul II

			
	      Name:	 	 B. Francis Saul II

	      Title:	 	 CEO

	
	BRIGGS CHANEY PLAZA, LLC, as a Guarantor
	
	By: Saul Centers, Inc., Manager

 
			
		
	By:	 	 /s/ B. Francis Saul II

			
	      Name:	 	 B. Francis Saul II

	      Title:	 	 CEO

	
	AVENEL VI, INC., as a Guarantor

 
			
		
	By:	 	 /s/ B. Francis Saul II

			
	      Name:	 	 B. Francis Saul II

	      Title:	 	 CEO

	
	METRO PIKE CENTER LLC, as a Guarantor
	
	By: Saul Centers, Inc., Manager

 
			
		
	By:	 	 /s/ B. Francis Saul II

			
	      Name:	 	 B. Francis Saul II

	      Title:	 	 CEO

 Signature Page to Guaranty 

Saul Holdings Limited Partnership 

 ANNEX I 
 FORM OF ACCESSION AGREEMENT 
 THIS ACCESSION AGREEMENT dated as of
            ,         , executed and delivered by
                            , a
                     (the “New Guarantor”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the
“Administrative Agent”) for the Lenders under that certain Credit Agreement dated as of May 21, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Saul
Holdings Limited Partnership (the “Borrower”), the Lenders from time to time parties thereto (the “Lenders”), the Issuing Banks from time to time parties thereto (the “Issuing Banks”), Wells Fargo Bank, National
Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto, for its benefit and the benefit of the Lenders and the Issuing Banks (the Administrative Agent, the Lenders and the Issuing Banks, each
individually a “Guarantied Party” and collectively, the “Guarantied Parties”). 
 WHEREAS, pursuant to the
Credit Agreement, the Administrative Agent and the Lenders have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 

WHEREAS, New Guarantor is owned or controlled by the Borrower, or is otherwise an Affiliate of the Borrower; 

WHEREAS, the Borrower, the New Guarantor and the other Subsidiaries of the Borrower, though separate legal entities, are mutually
dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Administrative Agent, the Lenders and the Issuing Banks through
their collective efforts; 
 WHEREAS, New Guarantor acknowledges that it will receive direct and indirect benefits from the
Administrative Agent, the Lenders and the Issuing Banks making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, New Guarantor is willing to guarantee the Borrower’s obligations to the
Administrative Agent, the Lenders and the Issuing Banks on the terms and conditions contained herein; and 
 WHEREAS, the New
Guarantor’s execution and delivery of this Agreement is a condition to the Administrative Agent and the Lenders continuing to make such financial accommodations to the Borrower. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the New Guarantor,
the New Guarantor agrees as follows: 
 Section 1. Accession to Guaranty. The New Guarantor hereby agrees that it is
a “Guarantor” under that certain Guaranty dated as of May 21, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”) made by each of the Guarantors party thereto in favor of the
Administrative Agent and the other Guarantied Parties and assumes all obligations of a “Guarantor” thereunder, all as if the New Guarantor had been an original signatory to the Guaranty. Without limiting the generality of the foregoing,
the New Guarantor hereby: 
 (a) irrevocably and unconditionally guarantees the due and punctual payment and performance when
due, whether at stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty); 

 (b) makes to the Administrative Agent and the other Guarantied Parties as of the date
hereof each of the representations and warranties contained in Section 5 of the Guaranty as to itself as a Guarantor and agrees to be bound by each of the covenants contained in Section 6 of the Guaranty; and 

(c) consents and agrees to each provision set forth in the Guaranty. 

SECTION 2. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 3. Definitions. Capitalized
terms used herein and not otherwise defined herein shall have their respective defined meanings given them in the Credit Agreement. 
 [Signatures on Next Page] 

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

			
	[NEW GUARANTOR]
		
	By:	 	  

 

			
	      Name:	  	  

	      Title:	  	  

	
	(CORPORATE SEAL)
	
	Address for Notices:
	
	c/o SAUL CENTERS, INC.
	7501 Wisconsin Ave., Suite 1500 E
	Bethesda, MD 20814
	Attention:	  	Scott V. Schneider
	Facsimile:	  	(301) 986-6023
	Telephone:	  	(301) 986-6022

  

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

		
	By:	 	  

			
	      Name:	 	  

	      Title:

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