Document:

Amended
and Restated Credit Agreement

 

Dated
as of March 28, 2017

 

among

 

UMH
Properties, Inc.,

 

The
Guarantors From Time to Time Parties Hereto,

 

the
Lenders from time to time parties hereto,

 

and

 

Bank
of Montreal,

as
Administrative Agent

 

 

 

BMO
Capital Markets, as Sole Lead Arranger and Sole Book Runner

 

    	 

    	 	 	 

    

 

Table
of Contents

 

	Section	 	Heading	 	Page
	 	 	 	 	 
	Section
    1.	 	The
    Credit Facility	 	2
	 	 	 	 	 
	Section
    1.1.	 	Commitments	 	2
	Section
    1.2.	 	Reserved	 	2
	Section
    1.3.	 	Letters
    of Credit	 	2
	Section
    1.4.	 	Applicable
    Interest Rates	 	6
	Section
    1.5.	 	Minimum
    Borrowing Amounts; Maximum Eurodollar Loans	 	7
	Section
    1.6.	 	Manner
    of Borrowing Loans and Designating Applicable Interest Rates	 	8
	Section
    1.7.	 	Maturity
    of Loans	 	9
	Section
    1.8.	 	Prepayments	 	10
	Section
    1.9.	 	Default
    Rate	 	10
	Section
    1.10.	 	Evidence
    of Indebtedness	 	11
	Section
    1.11.	 	Funding
    Indemnity	 	12
	Section
    1.12.	 	Commitment
    Terminations	 	12
	Section
    1.13.	 	Substitution
    of Lenders	 	13
	Section
    1.14.	 	Defaulting
    Lenders	 	13
	Section
    1.15.	 	Increase
    in Commitments	 	16
	Section
    1.16.	 	Extension
    of Termination Date	 	16
	 	 	 	 	 
	Section
    2.	 	Fees	 	17
	 	 	 	 	 
	Section
    2.1.	 	Fees	 	17
	 	 	 	 	 
	Section
    3.	 	Place
    and Application of Payments	 	17
	 	 	 	 	 
	Section
    3.1.	 	Place
    and Application of Payments	 	17
	Section
    3.2.	 	Account
    Debit	 	19
	 	 	 	 	 
	Section
    4.	 	Guaranties	 	19
	 	 	 	 	 
	Section
    4.1.	 	Guaranties	 	19
	Section
    4.2.	 	Further
    Assurances	 	19
	Section
    4.3.	 	Depository
    Bank	 	19
	 	 	 	 	 
	Section
    5.	 	Definitions;
    Interpretation	 	20
	 	 	 	 	 
	Section
    5.1.	 	Definitions	 	20
	Section
    5.2.	 	Interpretation	 	42
	Section
    5.3.	 	Change
    in Accounting Principles	 	42
	 	 	 	 	 
	Section
    6.	 	Representations
    and Warranties	 	43
	 	 	 	 	 
	Section
    6.1.	 	Organization
    and Qualification	 	43

 

    	 

    	 	 	 

    

 

	Section
    6.2.	 	Subsidiaries	 	43
	Section
    6.3.	 	Authority
    and Validity of Obligations	 	43
	Section
    6.4.	 	Use
    of Proceeds; Margin Stock	 	44
	Section
    6.5.	 	Financial
    Reports	 	44
	Section
    6.6.	 	No
    Material Adverse Change	 	44
	Section
    6.7.	 	Full
    Disclosure	 	44
	Section
    6.8.	 	Trademarks,
    Franchises, and Licenses	 	45
	Section
    6.9.	 	Governmental
    Authority and Licensing	 	45
	Section
    6.10.	 	Good
    Title	 	45
	Section
    6.11.	 	Litigation
    and Other Controversies	 	45
	Section
    6.12.	 	Taxes	 	45
	Section
    6.13.	 	Approvals	 	46
	Section
    6.14.	 	Affiliate
    Transactions	 	46
	Section
    6.15.	 	Investment
    Company	 	46
	Section
    6.16.	 	ERISA	 	46
	Section
    6.17.	 	Compliance
    with Laws	 	46
	Section
    6.18.	 	OFAC	 	47
	Section
    6.19.	 	Other
    Agreements	 	48
	Section
    6.20.	 	Solvency	 	48
	Section
    6.21.	 	No
    Default	 	48
	Section
    6.22.	 	No
    Broker Fees.	 	48
	Section
    6.23.	 	Condition
    of Property; Casualties; Condemnation	 	48
	 	 	 	 	 
	Section
    7.	 	Conditions
    Precedent	 	49
	 	 	 	 	 
	Section
    7.1.	 	All
    Credit Events	 	49
	Section
    7.2.	 	Initial
    Credit Event	 	50
	Section
    7.3.	 	Eligible
    Property Additions and Deletions to the Borrowing Base	 	51
	 	 	 	 	 
	Section
    8.	 	Covenants	 	52
	 	 	 	 	 
	Section
    8.1.	 	Maintenance
    of Existence	 	52
	Section
    8.2.	 	Maintenance
    of Properties	 	52
	Section
    8.3.	 	Taxes
    and Assessments	 	53
	Section
    8.4.	 	Insurance	 	53
	Section
    8.5.	 	Financial
    Reports	 	53
	Section
    8.6.	 	Inspection	 	56
	Section
    8.7.	 	Liens	 	56
	Section
    8.8.	 	Investments,
    Acquisitions, Loans and Advances	 	56
	Section
    8.9.	 	Mergers,
    Consolidations and Sales	 	58
	Section
    8.10.	 	Maintenance
    of Subsidiaries	 	59
	Section
    8.11.	 	ERISA	 	59
	Section
    8.12.	 	Compliance
    with Laws	 	60
	Section
    8.13.	 	Compliance
    with OFAC Sanctions Programs and Anti-Corruption Laws	 	60
	Section
    8.14.	 	Burdensome
    Contracts With Affiliates	 	61

 

    	 	-ii-	 

    	 	 	 

    

 

	Section
    8.15.	 	No
    Changes in Fiscal Year	 	61
	Section
    8.16.	 	Formation
    of Subsidiaries	 	62
	Section
    8.17.	 	Change
    in the Nature of Business	 	62
	Section
    8.18.	 	Use
    of Proceeds	 	62
	Section
    8.19.	 	No
    Restrictions	 	62
	Section
    8.20.	 	Financial
    Covenants	 	62
	Section
    8.21.	 	Electronic
    Delivery of Certain Information	 	63
	Section
    8.22.	 	Post-Closing
    Matters	 	63
	 	 	 	 	 
	Section
    9.	 	Events
    of Default and Remedies	 	64
	 	 	 	 	 
	Section
    9.1.	 	Events
    of Default	 	64
	Section
    9.2.	 	Non-Bankruptcy
    Defaults	 	66
	Section
    9.3.	 	Bankruptcy
    Defaults	 	66
	Section
    9.4.	 	Collateral
    for Undrawn Letters of Credit	 	67
	Section
    9.5.	 	Notice
    of Default	 	68
	 	 	 	 	 
	Section
    10.	 	Change
    in Circumstances	 	68
	 	 	 	 	 
	Section
    10.1.	 	Change
    of Law	 	68
	Section
    10.2.	 	Unavailability
    of Deposits or Inability to Ascertain, or Inadequacy of, LIBOR	 	69
	Section
    10.3.	 	Increased
    Cost and Reduced Return	 	69
	Section
    10.4.	 	Lending
    Offices	 	71
	Section
    10.5.	 	Discretion
    of Lender as to Manner of Funding	 	71
	 	 	 	 	 
	Section
    11.	 	The
    Administrative Agent	 	71
	 	 	 	 	 
	Section
    11.1.	 	Appointment
    and Authorization of Administrative Agent	 	71
	Section
    11.2.	 	Administrative
    Agent and its Affiliates	 	71
	Section
    11.3.	 	Action
    by Administrative Agent	 	72
	Section
    11.4.	 	Consultation
    with Experts	 	72
	Section
    11.5.	 	Liability
    of Administrative Agent; Credit Decision	 	72
	Section
    11.6.	 	Indemnity	 	73
	Section
    11.7.	 	Resignation
    of Administrative Agent and Successor Administrative Agent	 	73
	Section
    11.8.	 	L/C
    Issuer.	 	74
	Section
    11.9.	 	Hedging
    Liability and Bank Product Obligations	 	74
	Section
    11.10.	 	Designation
    of Additional Agents	 	74
	 	 	 	 	 
	Section
    12.	 	Miscellaneous	 	75
	 	 	 	 	 
	Section
    12.1.	 	Taxes	 	75
	Section
    12.2.	 	Other
    Taxes	 	78
	Section
    12.3.	 	No
    Waiver, Cumulative Remedies	 	78
	Section
    12.4.	 	Non-Business
    Days	 	79
	Section
    12.5.	 	Survival
    of Representations	 	79
	Section
    12.6.	 	Survival
    of Indemnities	 	79

 

    	 	-iii-	 

    	 	 	 

    

 

	Section
    12.7.	 	Sharing
    of Set-Off	 	79
	Section
    12.8.	 	Notices	 	79
	Section
    12.9.	 	Counterparts;
    Integration; Effectiveness.	 	80
	Section
    12.10.	 	Successors
    and Assigns	 	81
	Section
    12.11.	 	Participants	 	81
	Section
    12.12.	 	Assignments	 	82
	Section
    12.13.	 	Amendments	 	84
	Section
    12.14.	 	Headings	 	85
	Section
    12.15.	 	Costs
    and Expenses; Indemnification	 	85
	Section
    12.16.	 	Set-off	 	86
	Section
    12.17.	 	Entire
    Agreement	 	87
	Section
    12.18.	 	Waiver
    of Jury Trial	 	87
	Section
    12.19.	 	Severability
    of Provisions	 	87
	Section
    12.20.	 	Excess
    Interest	 	87
	Section
    12.21.	 	Construction	 	88
	Section
    12.22.	 	Lender’s
    and L/C Issuer’s Obligations Several	 	88
	Section
    12.23.	 	Governing
    Law; Jurisdiction; Consent to Service of Process	 	88
	Section
    12.24.	 	USA
    Patriot Act	 	89
	Section
    12.25.	 	Confidentiality	 	89
	Section
    12.26.	 	Limitation
    of Recourse	 	90
	Section
    12.27.	 	Amendment
    and Restatement	 	90
	Section
    12.28.	 	Equalization
    of Loans and Commitments	 	90
	Section
    12.29.	 	Acknowledgement
    and Consent to Bail-In of EEA Financial Institutions	 	91
	 	 	 	 	 
	Section
    13.	 	The
    Guarantees	 	91
	 	 	 	 	 
	Section
    13.1.	 	The
    Guarantees	 	91
	Section
    13.2.	 	Guarantee
    Unconditional	 	92
	Section
    13.3.	 	Discharge
    Only upon Payment in Full; Reinstatement in Certain Circumstances	 	93
	Section
    13.4.	 	Subrogation	 	93
	Section
    13.5.	 	Waivers	 	93
	Section
    13.6.	 	Limit
    on Recovery	 	93
	Section
    13.7.	 	Stay
    of Acceleration	 	94
	Section
    13.8.	 	Benefit
    to Guarantors	 	94
	Section
    13.9.	 	Guarantor
    Covenants	 	94
	Section
    13.10.	 	Keepwell	 	94
	Section
    13.11.	 	Subordination	 	94
	 	 	 	 	 
	Signature
    Page	 	 	 	1

 

	Exhibit
    A	—	Notice
    of Payment Request
	Exhibit
    B	—	Notice
    of Borrowing
	Exhibit
    C	—	Notice
    of Continuation/Conversion
	Exhibit
    D	—	Revolving
    Note
	Exhibit
    E	—	Compliance
    Certificate
	Exhibit
    F	—	Assignment
    and Acceptance
	Exhibit
    G	—	Additional
    Guarantor Supplement
	Exhibit
    H	—	Commitment
    Amount Increase Request
	Exhibit
    I	—	Borrowing
    Base Certificate
	Exhibit
    J-1 	—	Form
    of U.S. Tax Compliance Certificate
	Exhibit
    J-2	—	Form
    of U.S. Tax Compliance Certificate
	Exhibit
    J-3	—	Form
    of U.S. Tax Compliance Certificate
	Exhibit
    J-4	—	Form
    of U.S. Tax Compliance Certificate
	 	 	 
	Schedule
    1.1	—	Commitments
	Schedule
    1.2	—	Initial
    Borrowing Base Properties
	Schedule
    6.2	—	Subsidiaries

 

    	 	-iv-	 

    	 	 	 

    

 

Amended
and Restated Credit Agreement

 

This
Amended and Restated Credit Agreement (this “Agreement”) is entered into as of March 28, 2017, by and among
UMH Properties, Inc., a Maryland corporation, operating as a qualified real estate investment trust under Sections 856 through
860 of the Code (the “Borrower”), the Guarantors from time to time party to this Agreement, the several financial
institutions from time to time party to this Agreement, as Lenders, and Bank of Montreal,
a Canadian chartered bank acting through its Chicago branch, as Administrative
Agent as provided herein. All capitalized terms used herein without definition shall have the same meanings herein as such terms
are defined in Section 5.1 hereof.

 

Preliminary
Statement

 

A.
The Borrower, the lenders party thereto (the “Existing Lenders”), the Guarantors party thereto, and the Administrative
Agent previously entered into a Credit Agreement dated as of March 29, 2013 (as heretofore amended or otherwise modified, the
“Existing Credit Agreement”). Pursuant to the Existing Credit Agreement, the Administrative Agent and the Existing
Lenders agreed, among other things, to extend a $35,000,000 revolving credit facility to the Borrower.

 

B.
The Borrower has requested that (i) the maturity date under the Existing Credit Agreement be extended, (ii) the amount of the
revolving credit facility available under the Existing Credit Agreement be increased, (iii) certain other amendments be made to
the Existing Credit Agreement, and (iv) for the sake of clarity and convenience, the Existing Credit Agreement be restated in
its entirety as so amended, and the Administrative Agent and the Lenders have agreed to such requests on the terms and conditions
set forth in this Agreement.

 

C.
This Agreement amends and restates the Existing Credit Agreement in its entirety and from and after the date of this Agreement,
all references to the Existing Credit Agreement in any Loan Document or in any other instrument or document shall, without more,
be deemed to refer to this Agreement. This Agreement shall become effective as of the date hereof, and supercede all provisions
of the Existing Credit Agreement as of such date, upon the execution of this Agreement by each of the parties hereto and fulfillment
of the conditions precedent contained in Section 7.2 hereof.

 

D.
This Agreement shall constitute for all purposes an amendment to the Existing Credit Agreement and not a new or substitute agreement.

 

Now,
Therefore, in consideration of the mutual agreements
contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

 

    	 	 	 

    	 	 	 

    

 

Section
1. The Credit Facility.

 

Section
1.1. Commitments. Subject to the terms and conditions hereof, each Lender, by its acceptance hereof, severally agrees to make
a loan or loans (individually a “Loan” and collectively for all the Lenders the “Loans”)
in U.S. Dollars to the Borrower from time to time on a revolving basis up to the amount of such Lender’s Commitment, subject
to any reductions thereof pursuant to the terms hereof, before the Termination Date. The sum of the aggregate principal amount
of Loans and L/C Obligations at any time outstanding shall not exceed the lesser of (i) the Commitments of all Lenders in effect
at such time and (ii) the Borrowing Base as then determined and computed. Each Borrowing of Loans shall be made ratably by the
Lenders in proportion to their respective Percentages. As provided in Section 1.6(a) hereof, the Borrower may elect that each
Borrowing of Loans be either Base Rate Loans or Eurodollar Loans. Loans may be repaid and the principal amount thereof reborrowed
before the Termination Date, subject to the terms and conditions hereof.

 

Section
1.2. Reserved.

 

Section
1.3. Letters of Credit. (a) General Terms. Subject to the terms and conditions hereof, as part of the Revolving Credit,
the L/C Issuer shall issue standby and commercial letters of credit (each a “Letter of Credit”) for the account
of the Borrower or any one or more of its Subsidiaries in an aggregate undrawn face amount up to the L/C Sublimit. Each Letter
of Credit shall be issued by the L/C Issuer, but each Lender shall be obligated to reimburse the L/C Issuer for such Lender’s
Percentage of the amount of each drawing thereunder and, accordingly, each Letter of Credit shall constitute usage of the Commitment
of each Lender pro rata in an amount equal to its Percentage of the L/C Obligations then outstanding.

 

(b)
Applications. At any time before the Termination Date, the L/C Issuer shall, at the request of the Borrower, issue one
or more Letters of Credit in U.S. Dollars, in a form reasonably satisfactory to the L/C Issuer, with expiration dates no later
than the earlier of 12 months from the date of issuance (or which are cancelable not later than 12 months from the date of issuance)
or thirty (30) days prior to the Termination Date (subject to the sentence below in respect of Letters of Credit with expiration
dates that are automatically extended), in an aggregate face amount up to the L/C Sublimit, upon the receipt of an application
duly executed by the Borrower for the relevant Letter of Credit in the form then customarily prescribed by the L/C Issuer for
the Letter of Credit requested (each an “Application”). Notwithstanding anything contained in any Application
to the contrary: (i) the Borrower shall pay fees in connection with each Letter of Credit as set forth in Section 2.1 hereof,
(ii) except as otherwise provided in Section 1.8 or Section 1.14 hereof, unless an Event of Default is then continuing, the L/C
Issuer will not call for the funding by the Borrower of any amount under a Letter of Credit before being presented with a drawing
thereunder, and (iii) if the L/C Issuer is not timely reimbursed for the amount of any drawing under a Letter of Credit on the
date such drawing is paid, unless a Loan shall be made on such date in the amount of the Reimbursement Obligations and the proceeds
thereof applied to pay such Reimbursement Obligations as contemplated by the last sentence of Section 1.3(c) hereof, the Borrower’s
obligation to reimburse the L/C Issuer for the amount of such drawing shall bear interest (which the Borrower hereby promises
to pay) from and after the date such drawing is paid at a rate per annum equal to the sum of the Applicable Margin plus the Base
Rate from time to time in effect (computed on the basis of a year of 365 or 366 days, as the case may be, and the actual number
of days elapsed). If the L/C Issuer issues any Letter of Credit with an expiration date that is automatically extended unless
the L/C Issuer gives notice that the expiration date will not so extend beyond its then scheduled expiration date, then the L/C
Issuer will give such notice of non-renewal before the time necessary to prevent such automatic extension if before such required
notice date: (i) the expiration date of such Letter of Credit if so extended would be after the date that is thirty (30) days
prior to the Termination Date, (ii) the Commitments have been terminated, or (iii) a Default or an Event of Default is then continuing
and either the Administrative Agent or the Required Lenders (with notice to the Administrative Agent) have given the L/C Issuer
instructions not to so permit the extension of the expiration date of such Letter of Credit. The L/C Issuer agrees to issue amendments
to the Letter(s) of Credit increasing the amount, or extending the expiration date, thereof at the request of the Borrower subject
to the conditions of Section 7 hereof and the other terms of this Section 1.3.

 

    	 	-2-	 

    	 

    

 

(c)
The Reimbursement Obligations. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under
such Letter of Credit, the L/C Issuer shall promptly notify the Borrower and the Administrative Agent thereof. Subject to Sections
1.3(b) and 1.6(c) hereof, the obligation of the Borrower to reimburse the L/C Issuer for all drawings under a Letter of Credit
(a “Reimbursement Obligation”) shall be governed by the Application related to such Letter of Credit, except
that reimbursement shall be made by no later than 1:00 p.m. (Chicago time) on the date when each drawing is to be paid if the
Borrower has been informed of such drawing by the L/C Issuer on or before 11:00 a.m. (Chicago time) on the date when such drawing
is to be paid or, if notice of such drawing is given to the Borrower after 11:00 a.m. (Chicago time) on the date when such drawing
is to be paid, by no later than 12:00 Noon (Chicago time) on the following Business Day, in immediately available funds at the
Administrative Agent’s principal office in Chicago, Illinois or such other office as the Administrative Agent may designate
in writing to the Borrower (who shall thereafter cause to be distributed to the L/C Issuer such amount(s) in like funds). If the
Borrower does not make any such reimbursement payment on the date due and the Participating Lenders fund their participations
therein in the manner set forth in Section 1.3(e) below, then all payments thereafter received by the Administrative Agent in
discharge of any of the relevant Reimbursement Obligations shall be distributed in accordance with Section 1.3(e) below.

 

(d)
Obligations Absolute. The Borrower’s obligation to reimburse L/C Obligations as provided in subsection (c) of this
Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this
Agreement and the relevant Application under any and all circumstances whatsoever and irrespective of (i) any lack of validity
or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document
presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue
or inaccurate in any respect, (iii) payment by the L/C Issuer under a Letter of Credit against presentation of a draft or other
document that does not strictly comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever,
whether or not similar to any of the foregoing, that might, but for the provisions of this Section 1.3, constitute a legal or
equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder, except, in each case,
to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the
Borrower to the extent permitted by applicable Legal Requirements) suffered by the Borrower that are caused by the L/C Issuer’s
gross negligence or willful misconduct on the part of the L/C Issuer (as finally determined by a court of competent jurisdiction).
None of the Administrative Agent, the Lenders, or the L/C Issuer shall have any liability or responsibility by reason of or in
connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective
of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission
or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required
to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the
control of the L/C Issuer; provided that the foregoing shall not be construed to excuse the L/C Issuer from liability to
the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived
by the Borrower to the extent permitted by applicable Legal Requirements) suffered by the Borrower that are caused by the L/C
Issuer’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit
comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct
on the part of the L/C Issuer (as determined by a court of competent jurisdiction by final and non-appealable judgment), the L/C
Issuer shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting
the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial
compliance with the terms of a Letter of Credit, the L/C Issuer may, in its sole discretion, either accept and make payment upon
such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse
to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of
Credit.

 

    	 	-3-	 

    	 

    

 

(e)
The Participating Interests. Each Lender (other than the Lender acting as L/C Issuer in issuing the relevant Letter of
Credit), by its acceptance hereof, severally agrees to purchase from the L/C Issuer, and the L/C Issuer hereby agrees to sell
to each such Lender (a “Participating Lender”), an undivided percentage participating interest (a “Participating
Interest”), to the extent of its Percentage, in each Letter of Credit issued by, and each Reimbursement Obligation owed
to, the L/C Issuer. Upon any failure by the Borrower to pay any Reimbursement Obligation at the time required on the date the
related drawing is to be paid, as set forth in Section 1.3(c) above, or if the L/C Issuer is required at any time to return to
the Borrower or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement
Obligation, each Participating Lender shall, not later than the Business Day it receives a certificate in the form of Exhibit
A hereto from the L/C Issuer (with a copy to the Administrative Agent) to such effect, if such certificate is received before
1:00 p.m. (Chicago time), or not later than 1:00 p.m. (Chicago time) the following Business Day, if such certificate is received
after such time, pay to the Administrative Agent for the account of the L/C Issuer an amount equal to such Participating Lender’s
Percentage of such unpaid or recaptured Reimbursement Obligation together with interest on such amount accrued from the date the
related payment was made by the L/C Issuer to the date of such payment by such Participating Lender at a rate per annum equal
to: (i) from the date the related payment was made by the L/C Issuer to the date two (2) Business Days after payment by such Participating
Lender is due hereunder, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance
with industry rules on interbank compensation for each such day and (ii) from the date two (2) Business Days after the date such
payment is due from such Participating Lender to the date such payment is made by such Participating Lender, the Base Rate in
effect for each such day. Each such Participating Lender shall thereafter be entitled to receive its Percentage of each payment
received in respect of the relevant Reimbursement Obligation and of interest paid thereon, with the L/C Issuer retaining its Percentage
thereof as a Lender hereunder. The several obligations of the Participating Lenders to the L/C Issuer under this Section 1.3 shall
be absolute, irrevocable, and unconditional under any and all circumstances whatsoever and shall not be subject to any set-off,
counterclaim or defense to payment which any Participating Lender may have or have had against the Borrower, the L/C Issuer, the
Administrative Agent, any Lender or any other Person whatsoever. Without limiting the generality of the foregoing, such obligations
shall not be affected by any Default or Event of Default or by any reduction or termination of any Commitment of any Lender, and
each payment by a Participating Lender under this Section 1.3 shall be made without any offset, abatement, withholding or reduction
whatsoever.

 

    	 	-4-	 

    	 

    

 

(f)
Indemnification. The Participating Lenders shall, to the extent of their respective Percentages, indemnify the L/C Issuer
(to the extent not reimbursed by the Borrower) against any cost, expense (including reasonable counsel fees and disbursements),
claim, demand, action, loss or liability (except such as result from such L/C Issuer’s gross negligence or willful misconduct
as determined by a court of competent jurisdiction by final and non-appealable judgment) that the L/C Issuer may suffer or incur
in connection with any Letter of Credit issued by it. The obligations of the Participating Lenders under this Section 1.3(f) and
all other parts of this Section 1.3 shall survive termination of this Agreement and of all Applications, Letters of Credit, and
all drafts and other documents presented in connection with drawings thereunder.

 

(g)
Manner of Requesting a Letter of Credit. The Borrower shall provide at least five (5) Business Days’ advance written
notice to the Administrative Agent of each request for the issuance of a Letter of Credit, such notice in each case to be accompanied
by an Application for such Letter of Credit properly completed and executed by the Borrower and, in the case of an extension or
amendment or an increase in the amount of a Letter of Credit, a written request therefor, in a form reasonably acceptable to the
Administrative Agent and the L/C Issuer, in each case, together with the fees called for by this Agreement. The Administrative
Agent shall promptly notify the L/C Issuer of the Administrative Agent’s receipt of each such notice (and the L/C Issuer
shall be entitled to assume that the conditions precedent to any such issuance, extension, amendment or increase have been satisfied
unless notified to the contrary by the Administrative Agent or the Required Lenders) and the L/C Issuer shall promptly notify
the Administrative Agent and the Lenders of the issuance of the Letter of Credit so requested.

 

(h)
Replacement of the L/C Issuer. The L/C Issuer may be replaced at any time by written agreement among the Borrower, the
Administrative Agent, the replaced L/C Issuer and the successor L/C Issuer. The Administrative Agent shall notify the Lenders
of any such replacement of the L/C Issuer. At the time any such replacement shall become effective, the Borrower shall pay all
unpaid fees accrued for the account of the replaced L/C Issuer. From and after the effective date of any such replacement (i)
the successor L/C Issuer shall have all the rights and obligations of the L/C Issuer under this Agreement with respect to Letters
of Credit to be issued thereafter and (ii) references herein to the term “L/C Issuer” shall be deemed to refer to
such successor or to any previous L/C Issuer, or to such successor and all previous L/C Issuers, as the context shall require.
After the replacement of a L/C Issuer hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have
all the rights and obligations of a L/C Issuer under this Agreement with respect to Letters of Credit issued by it prior to such
replacement, but shall not be required to issue additional Letters of Credit.

 

    	 	-5-	 

    	 

    

 

Section
1.4. Applicable Interest Rates. (a) Base Rate Loans. Each Base Rate Loan made or maintained by a Lender shall bear
interest (computed on the basis of a year of 365 or 366 days, as the case may be, and the actual days elapsed) on the unpaid principal
amount thereof from the date such Loan is advanced, or created by conversion from a Eurodollar Loan, until maturity (whether by
acceleration or otherwise) at a rate per annum equal to the sum of the Applicable Margin plus the Base Rate from time to time
in effect, payable by the Borrower on each Interest Payment Date and at maturity (whether by acceleration or otherwise).

 

“Base
Rate” means, for any day, the rate per annum equal to the greatest of: (a) the rate of interest announced or otherwise
established by the Administrative Agent from time to time as its prime commercial rate, or its equivalent, for U.S. Dollar loans
to borrowers located in the United States as in effect on such day, with any change in the Base Rate resulting from a change in
said prime commercial rate to be effective as of the date of the relevant change in said prime commercial rate (it being acknowledged
and agreed that such rate may not be the Administrative Agent’s best or lowest rate), (b) the sum of (i) the Federal Funds
Rate for such day, plus (ii) 1/2 of 1%, and (c) the LIBOR Quoted Rate for such day plus 1.00%. As used herein, the
term “LIBOR Quoted Rate” means, for any day, the rate per annum equal to the quotient of (i) the rate per annum
(rounded upwards, if necessary, to the next higher one hundred-thousandth of a percentage point) for deposits in U.S. Dollars
for a one-month interest period as reported on the applicable Bloomberg screen page (or such other commercially available source
providing such quotations as may be designated by the Administrative Agent from time to time) as of 11:00 a.m. (London, England
time) on such day (or, if such day is not a Business Day, on the immediately preceding Business Day) divided by (ii) one (1) minus
the Eurodollar Reserve Percentage, provided that in no event shall the “LIBOR Quoted Rate” be less than 0.00%.

 

(b)
Eurodollar Loans. Each Eurodollar Loan made or maintained by a Lender shall bear interest during each Interest Period it
is outstanding (computed on the basis of a year of 360 days and actual days elapsed) on the unpaid principal amount thereof from
the date such Loan is advanced or continued, or created by conversion from a Base Rate Loan, until maturity (whether by acceleration
or otherwise) at a rate per annum equal to the sum of the Applicable Margin plus the Adjusted LIBOR applicable for such Interest
Period, payable by the Borrower on each Interest Payment Date and at maturity (whether by acceleration or otherwise).

 

“Adjusted
LIBOR” means, for any Borrowing of Eurodollar Loans, a rate per annum determined in accordance with the following formula:

 

	 	Adjusted
    LIBOR	=	LIBOR	 
	 	 	 	1
    - Eurodollar Reserve Percentage	 

 

    	 	-6-	 

    	 

    

 

“Eurodollar
Reserve Percentage” means the maximum reserve percentage, expressed as a decimal, at which reserves (including, without
limitation, any emergency, marginal, special, and supplemental reserves) are imposed by the Board of Governors of the Federal
Reserve System (or any successor) on “eurocurrency liabilities”, as defined in such Board’s Regulation
D (or any successor thereto), subject to any amendments of such reserve requirement by such Board or its successor, taking into
account any transitional adjustments thereto. For purposes of this definition, the relevant Loans shall be deemed to be “eurocurrency
liabilities” as defined in Regulation D without benefit or credit for any prorations, exemptions or offsets under Regulation
D. The Eurodollar Reserve Percentage shall be adjusted automatically on and as of the effective date of any change in any such
reserve percentage.

 

“LIBOR”
means, for an Interest Period for a Borrowing of Eurodollar Loans, (a) the LIBOR Index Rate for such Interest Period, if such
rate is available, and (b) if the LIBOR Index Rate cannot be determined, the arithmetic average of the rates of interest per annum
(rounded upwards, if necessary, to the nearest 1/100 of 1%) at which deposits in U.S. Dollars in immediately available funds are
offered to the Administrative Agent at 11:00 a.m. (London, England time) two (2) Business Days before the beginning of such Interest
Period by three (3) or more major banks in the interbank eurodollar market selected by the Administrative Agent for delivery on
the first day of and for a period equal to such Interest Period and in an amount equal or comparable to the principal amount of
the Eurodollar Loan scheduled to be made as part of such Borrowing, provided that in no event shall “LIBOR” be less
than 0.00%.

 

“LIBOR
Index Rate” means, for any Interest Period, the rate per annum (rounded upwards, if necessary, to the next higher one
hundred-thousandth of a percentage point) for deposits in U.S. Dollars for a period equal to such Interest Period, as reported
on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated
by the Administrative Agent from time to time) as of 11:00 a.m. (London, England time) on the day two (2) Business Days before
the commencement of such Interest Period.

 

(c)
Rate Determinations. The Administrative Agent shall determine each interest rate applicable to the Loans and the Reimbursement
Obligations hereunder, and its good faith determination thereof shall be conclusive and binding except in the case of manifest
error.

 

Section
1.5. Minimum Borrowing Amounts; Maximum Eurodollar Loans. Each Borrowing of Base Rate Loans shall be in an amount not less
than $100,000. Each Borrowing of Eurodollar Loans advanced, continued or converted to a Eurodollar Loan shall be in an amount
equal to $500,000 or such greater amount which is an integral multiple of $100,000. Without the Administrative Agent’s consent,
there shall not be more than five (5) Borrowings of Eurodollar Loans outstanding hereunder.

 

    	 	-7-	 

    	 

    

 

Section
1.6. Manner of Borrowing Loans and Designating Applicable Interest Rates. (a) Notice to the Administrative Agent. The
Borrower shall give notice to the Administrative Agent by no later than 12:00 noon (Chicago time): (i) at least three (3) Business
Days before the date on which the Borrower requests the Lenders to advance a Borrowing of Eurodollar Loans and (ii) on the date
the Borrower requests the Lenders to advance a Borrowing of Base Rate Loans. The Loans included in each Borrowing shall bear interest
initially at the type of rate specified in such notice of a new Borrowing. Thereafter, subject to the terms and conditions hereof,
the Borrower may from time to time elect to change or continue the type of interest rate borne by each Borrowing or, subject to
the minimum amount requirement for each outstanding Borrowing set forth in Section 1.5 hereof, a portion thereof, as follows:
(i) if such Borrowing is of Eurodollar Loans, on the last day of the Interest Period applicable thereto, the Borrower may continue
part or all of such Borrowing as Eurodollar Loans or convert part or all of such Borrowing into Base Rate Loans or (ii) if such
Borrowing is of Base Rate Loans, on any Business Day, the Borrower may convert all or part of such Borrowing into Eurodollar Loans
for an Interest Period or Interest Periods specified by the Borrower. The Borrower shall give all such notices requesting the
advance, continuation or conversion of a Borrowing to the Administrative Agent by telephone, telecopy, or other telecommunication
device acceptable to the Administrative Agent (which notice shall be irrevocable once given and, if by telephone, shall be promptly
confirmed in writing), substantially in the form attached hereto as Exhibit B (Notice of Borrowing) or Exhibit C (Notice of Continuation/Conversion),
as applicable, or in such other form acceptable to the Administrative Agent. Notice of the continuation of a Borrowing of Eurodollar
Loans for an additional Interest Period or of the conversion of part or all of a Borrowing of Base Rate Loans into Eurodollar
Loans must be given by no later than 12:00 noon (Chicago time) at least three (3) Business Days before the date of the requested
continuation or conversion. All such notices concerning the advance, continuation or conversion of a Borrowing shall specify the
date of the requested advance, continuation or conversion of a Borrowing (which shall be a Business Day), the amount of the requested
Borrowing to be advanced, continued or converted, the type of Loans to comprise such new, continued or converted Borrowing and,
if such Borrowing is to be comprised of Eurodollar Loans, the Interest Period applicable thereto. No Borrowing of Eurodollar Loans
shall be advanced, continued, or created by conversion if any Default or Event of Default is then continuing. The Borrower agrees
that the Administrative Agent may rely on any such telephonic, telecopy or other telecommunication notice given by any person
the Administrative Agent in good faith believes is an Authorized Representative without the necessity of independent investigation,
and in the event any such notice by telephone conflicts with any written confirmation such telephonic notice shall govern if the
Administrative Agent has acted in reliance thereon.

 

(b)
Notice to the Lenders. The Administrative Agent shall give prompt telephonic, telecopy or other telecommunication notice
to each Lender of any notice from the Borrower received pursuant to Section 1.6(a) above and, if such notice requests the Lenders
to make Eurodollar Loans, the Administrative Agent shall give notice to the Borrower and each Lender by like means of the interest
rate applicable thereto promptly after the Administrative Agent has made such determination.

 

(c)
Borrower’s Failure to Notify. If the Borrower fails to give notice pursuant to Section 1.6(a) above of the continuation
or conversion of any outstanding principal amount of a Borrowing of Eurodollar Loans before the last day of its then current Interest
Period within the period required by Section 1.6(a) and such Borrowing is not prepaid in accordance with Section 1.8(a), such
Borrowing shall automatically be converted into a Borrowing of Base Rate Loans. In the event the Borrower fails to give notice
pursuant to Section 1.6(a) above of a Borrowing equal to the amount of a Reimbursement Obligation and has not notified the Administrative
Agent by 12:00 noon (Chicago time) on the day such Reimbursement Obligation becomes due that it intends to repay such Reimbursement
Obligation through funds not borrowed under this Agreement, the Borrower shall be deemed to have requested a Borrowing of Base
Rate Loans under the Revolving Credit on such day in the amount of the Reimbursement Obligation then due, which Borrowing shall
be applied to pay the Reimbursement Obligation then due.

 

    	 	-8-	 

    	 

    

 

(d)
Disbursement of Loans. Not later than 1:00 p.m. (Chicago time) on the date of any requested advance of a new Borrowing,
subject to Section 7 hereof, each Lender shall make available its Loan comprising part of such Borrowing in funds immediately
available at the principal office of the Administrative Agent in Chicago, Illinois (or at such other location as the Administrative
Agent shall designate). The Administrative Agent shall make the proceeds of each new Borrowing available to the Borrower on the
date of such Borrowing as instructed by the Borrower.

 

(e)
Administrative Agent Reliance on Lender Funding. Unless the Administrative Agent shall have been notified by a Lender prior
to (or, in the case of a Borrowing of Base Rate Loans, by 1:00 p.m. (Chicago time) on) the date on which such Lender is scheduled
to make payment to the Administrative Agent of the proceeds of a Loan (which notice shall be effective upon receipt) that such
Lender does not intend to make such payment, the Administrative Agent may assume that such Lender has made such payment when due
and the Administrative Agent may in reliance upon such assumption (but shall not be required to) make available to the Borrower
the proceeds of the Loan to be made by such Lender and, if any Lender has not in fact made such payment to the Administrative
Agent, such Lender shall, on demand, pay to the Administrative Agent the amount made available to the Borrower attributable to
such Lender together with interest thereon in respect of each day during the period commencing on the date such amount was made
available to the Borrower and ending on (but excluding) the date such Lender pays such amount to the Administrative Agent at a
rate per annum equal to: (i) from the date the related advance was made by the Administrative Agent to the date two (2) Business
Days after payment by such Lender is due hereunder, the greater of the Federal Funds Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation for each such day and (ii) from the date two (2) Business
Days after the date such payment is due from such Lender to the date such payment is made by such Lender, the Base Rate in effect
for each such day. If such amount is not received from such Lender by the Administrative Agent immediately upon demand, the Borrower
will, on demand, repay to the Administrative Agent the proceeds of the Loan attributable to such Lender with interest thereon
at a rate per annum equal to the interest rate applicable to the relevant Loan, but without such payment being considered a payment
or prepayment of a Loan under Section 1.11 hereof so that the Borrower will have no liability under such Section with respect
to such payment.

 

Section
1.7. Maturity of Loans. Each Loan, including both the outstanding principal balance thereof and any accrued but unpaid interest
thereon, shall mature and be due and payable by the Borrower on the Termination Date.

 

    	 	-9-	 

    	 

    

 

Section
1.8. Prepayments. (a) Optional. The Borrower may prepay in whole or in part (but, if in part, only in an amount not
less than $50,000 and, in each case, in an amount such that the minimum amount required for a Borrowing pursuant to Section 1.5
hereof remains outstanding) any Borrowing (i) in the case of a Borrowing of Eurodollar Loans, at any time upon three (3) Business
Days prior notice by the Borrower to the Administrative Agent or (ii) in the case of a Borrowing of Base Rate Loans, upon notice
delivered by the Borrower to the Administrative Agent no later than 12:00 noon (Chicago time) on the date of prepayment (or, in
any case, such shorter period of time then agreed to by the Administrative Agent), such prepayment to be made by the payment of
the principal amount to be prepaid and, in the case of any Eurodollar Loans, accrued interest thereon to the date fixed for prepayment
plus any amounts due the Lenders under Section 1.11 hereof.

 

(b)
Mandatory.

 

(i)
If at any time the sum of the unpaid principal balance of the Loans and the L/C Obligations then outstanding shall be in excess
of the Borrowing Base as determined and computed in the most recent Borrowing Base Certificate delivered in accordance with Section
8.5(d) hereof, the Borrower shall, within three (3) Business Days following delivery of such Borrowing Base Certificate and without
notice or demand, pay the amount of the excess to the Administrative Agent for the account of the Lenders as a mandatory prepayment
on such Obligations, with each such prepayment first to be applied to the Loans until paid in full with any remaining balance
to be held by the Administrative Agent in the Collateral Account as security for the Obligations owing with respect to the Letters
of Credit.

 

(ii)
Unless the Borrower otherwise directs, prepayments of Loans under this Section 1.8(b) shall be applied first to Borrowings of
Base Rate Loans until payment in full thereof with any balance applied to Borrowings of Eurodollar Loans in the order in which
their Interest Periods expire. Each prepayment of Loans under this Section 1.8(b) shall be made by the payment of the principal
amount to be prepaid and, in the case of any Eurodollar Loans, accrued interest thereon to the date of prepayment together with
any amounts due the Lenders under Section 1.11 hereof. Each prefunding of L/C Obligations shall be made in accordance with Section
9.4 hereof.

 

(c)
Borrowings. Any amount of Loans paid or prepaid before the Termination Date may, subject to the terms and conditions of
this Agreement, be borrowed, repaid and borrowed again.

 

Section
1.9. Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or
after acceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before
entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations,
letter of credit fees and other amounts at a rate per annum equal to:

 

(a)
for any Base Rate Loan, the sum of 3.0% plus the Applicable Margin plus the Base Rate from time to time in effect;

 

(b)
for any Eurodollar Loan, the sum of 3.0% plus the rate of interest in effect thereon at the time of such default until
the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.0% plus the
Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;

 

    	 	-10-	 

    	 

    

 

(c)
for any Reimbursement Obligation, the sum of 3.0% plus the amounts due under Section 1.3 with respect to interest on such
Reimbursement Obligation;

 

(d)
for any Letter of Credit, the sum of 3.0% plus the amounts due under this Agreement with respect to interest on such Letter
of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay letter of credit fee due under
Section 2.1 with respect to such Letter of Credit); and

 

(e)
for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 3.0% plus the Applicable
Margin plus the Base Rate from time to time in effect;

 

provided,
however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant
to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the
Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand
of the Administrative Agent at the request or with the consent of the Required Lenders.

 

Section
1.10. Evidence of Indebtedness. (a) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including
the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

 

(b)
The Administrative Agent shall also maintain accounts in which it will record (i) the amount of each Loan made hereunder, the
type thereof and the Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to
become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder from the Borrower and each Lender’s share thereof.

 

(c)
The entries maintained in the accounts maintained pursuant to paragraphs (a) and (b) above shall be prima facie evidence
of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative
Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower
to repay the Obligations in accordance with their terms.

 

(d)
Any Lender may request that its Loans be evidenced by a promissory note or notes in the forms of Exhibit D (each a “Note”
and collectively, the “Notes”). In such event, the Borrower shall prepare, execute and deliver to such
Lender a Note payable to such Lender or its registered assigns in the amount of its Commitment. Thereafter, the Loans evidenced
by such Note or Notes and interest thereon shall at all times (including after any assignment pursuant to Section 12.12) be represented
by one or more Notes payable to the order of the payee named therein or any assignee pursuant to Section 12.12, except to the
extent that any such Lender or assignee subsequently returns any such Note for cancellation and requests that such Loans once
again be evidenced as described in subsections (a) and (b) above.

 

    	 	-11-	 

    	 

    

 

Section
1.11. Funding Indemnity. If any Lender shall incur any loss, cost or expense (including, without limitation, any loss, cost
or expense incurred by reason of the liquidation or re-employment of deposits or other funds acquired by such Lender to fund or
maintain any Eurodollar Loan or the relending or reinvesting of such deposits or amounts paid or prepaid to such Lender) as a
result of:

 

(a)
any payment, prepayment or conversion of a Eurodollar Loan on a date other than the last day of its Interest Period,

 

(b)
any failure (because of a failure to meet the conditions of Section 7 or otherwise) by the Borrower to borrow or continue a Eurodollar
Loan, or to convert a Base Rate Loan into a Eurodollar Loan, on the date specified in a notice given pursuant to Section 1.6(a)
hereof,

 

(c)
any failure by the Borrower to make any payment of principal on any Eurodollar Loan when due (whether by acceleration or otherwise),
or

 

(d)
any acceleration of the maturity of a Eurodollar Loan as a result of the occurrence of any Event of Default hereunder,

 

then,
upon the demand of such Lender, the Borrower shall pay to such Lender such amount as will reimburse such Lender for such loss,
cost or expense. If any Lender makes such a claim for compensation, it shall provide to the Borrower, with a copy to the Administrative
Agent, a certificate setting forth the amount of such loss, cost or expense in reasonable detail (including an explanation of
the basis for and the computation of such loss, cost or expense) and the amounts shown on such certificate shall be deemed prima
facie correct.

 

Section
1.12. Commitment Terminations. (a) Optional Terminations. The Borrower shall have the right at any time and from time
to time, upon five (5) Business Days prior written notice to the Administrative Agent (or such shorter period of time agreed to
by the Administrative Agent), to terminate the Commitments without premium or penalty and in whole or in part, any partial termination
to be (i) in an amount not less than $1,000,000 and (ii) allocated ratably among the Lenders in proportion to their respective
Percentages, provided that the Commitments may not be reduced to an amount less than the sum of the aggregate principal amount
of Loans and L/C Obligations then outstanding. Any termination of the Commitments below the L/C Sublimit then in effect shall
reduce the L/C Sublimit by a like amount. The Administrative Agent shall give prompt notice to each Lender of any such termination
of the Commitments.

 

(b)
Reinstatement. Any termination of the Commitments pursuant to this Section 1.12 may not be reinstated.

 

    	 	-12-	 

    	 

    

 

Section
1.13. Substitution of Lenders. In the event (a) the Borrower receives a claim from any Lender for compensation under Section
10.3 or 12.1 hereof, (b) the Borrower receives notice from any Lender of any illegality pursuant to Section 10.1 hereof, (c) any
Lender is then a Defaulting Lender, or (d) a Lender fails to consent to an amendment or waiver requested under Section 12.13 hereof
at a time when the Required Lenders have approved such amendment or waiver (any such Lender referred to in clause (a), (b), (c),
or (d) above being hereinafter referred to as an “Affected Lender”), the Borrower may, in addition to any other
rights the Borrower may have hereunder or under applicable Legal Requirements, require, at its expense, any such Affected Lender
to assign, at par, without recourse, all of its interest, rights, and obligations hereunder (including all of its Commitments
and the Loans and participation interests in Letters of Credit and other amounts at any time owing to it hereunder and the other
Loan Documents) to an Eligible Assignee specified by the Borrower, provided that (i) such assignment shall not conflict
with or violate any law, rule or regulation or order of any court or other Governmental Authority, (ii) the Borrower shall have
paid to the Affected Lender all monies (together with amounts due such Affected Lender under Section 1.11 hereof as if the Loans
owing to it were prepaid rather than assigned) other than such principal owing to it hereunder, and (iii) the assignment is entered
into in accordance with, and subject to the consents required by, Section 12.12 hereof (provided any assignment fees and reimbursable
expenses due thereunder shall be paid by the Borrower).

 

Section
1.14. Defaulting Lenders. (a) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in
this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender,
to the extent permitted by applicable Legal Requirements:

 

(i)
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 Section 12.13 hereof.

 

(ii)
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 mandatory, at maturity, pursuant to Section 9 or otherwise) or
received by the Administrative Agent from a Defaulting Lender pursuant to Section 12.7 hereto 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 any L/C Issuer hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting Exposure with respect
to such Defaulting Lender in accordance with Section 9.4; fourth, as the Borrower may request (so long as no Default or
Event of Default is then continuing), 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
the L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit
issued under this Agreement, in accordance with Section 9.4; sixth, to the payment of any amounts owing to the Lenders,
the L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C Issuer 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 is then continuing, 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 L/C Obligations 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 Section 7.1 hereof were
satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations 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 Obligations owed to, such Defaulting
Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata
in accordance with their Percentages of the relevant Commitments without giving effect to Section 1.14(a)(iv) below. 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 Section 1.14(a)(ii) shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto.

 

    	 	-13-	 

    	 

    

 

(iii)
Certain Fees.

 

(A)
No Defaulting Lender shall be entitled to receive any commitment fee 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).

 

(B)
Each Defaulting Lender shall be entitled to receive L/C Participation Fees for any period during which that Lender is a Defaulting
Lender only to the extent allocable to its Percentage of the stated amount of Letters of Credit for which it has provided Cash
Collateral pursuant to Section 9.4 hereof.

 

(C)
With respect to any L/C Participation Fee not required to be paid to any Defaulting Lender pursuant to clause (B) above, the Borrower
shall 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 L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant
to clause (iv) below.

 

(iv)
Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation
in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Percentages of the
relevant Commitments (calculated without regard to such Defaulting Lender’s Commitments) but only to the extent that (x)
the conditions set forth in Section 7.1 hereof 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 Loans and interests
in L/C Obligations of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Credit Commitment. No reallocation
hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that
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.

 

    	 	-14-	 

    	 

    

 

(v)
Cash Collateral. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower
shall, without prejudice to any right or remedy available to them hereunder or under law, Cash Collateralize the L/C Issuer’s
Fronting Exposure in accordance with the procedures set forth in Section 9.4.

 

(b)
Defaulting Lender Cure. If the Borrower, the Administrative Agent and each L/C Issuer agree in writing that a 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 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 to be held pro rata by the Lenders in accordance with their respective Percentages of the
relevant Commitments (without giving effect to Section 1.14(a)(iv) hereof), whereupon such Lender will cease to be a Defaulting
Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf
of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise
expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release
of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

(c)
New Letters of Credit. So long as any Lender is a Defaulting Lender, no L/C Issuer 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.

 

    	 	-15-	 

    	 

    

 

Section
1.15. Increase in Commitments. The Borrower may, from time to time, on any Business Day prior to the Termination Date, increase
the aggregate amount of the Commitments by delivering a commitment amount increase request substantially in the form attached
hereto as Exhibit H or in such other form acceptable to the Administrative Agent at least five (5) Business Days prior to the
desired effective date of such increase (the “Commitment Amount Increase”) identifying one or more additional
Lenders (or additional Commitments for existing Lender(s) or by a combination of existing Lenders and additional Lenders) and
the amount of its Commitment (or additional amount of its Commitment(s)); provided, however, that (i) the aggregate amount
of the Commitments shall not be incurred to an amount in excess of $125,000,000, (ii) any Commitment Amount Increase shall be
in an amount not less than $5,000,000, (iii) no Event of Default shall have occurred and be continuing at the time of the request
or the effective date of the Commitment Amount Increase, and (iv) all representations and warranties contained in Section 6 hereof
shall be true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) at
the time of such request and on the effective date of such Commitment Amount Increase (except to the extent such representations
and warranties relate to an earlier date, in which case they are true and correct in all material respects (where not already
qualified by materiality, otherwise in all respects) as of such date). The effective date of the Commitment Amount Increase shall
be as set forth in the related commitment amount increase request. Upon the effectiveness thereof, the new Lender(s) (or, if applicable,
existing Lender(s)) shall advance Loans in an amount sufficient such that after giving effect to its advance each Lender shall
have outstanding its Percentage of Loans. It shall be a condition to such effectiveness that (i) if any Eurodollar Loans are outstanding
on the date of such effectiveness, such Eurodollar Loans shall be deemed to be prepaid on such date and the Borrower shall pay
any amounts owing to the Lenders pursuant to Section 1.10 hereof and (ii) the Borrower shall not have terminated any portion of
the Commitments pursuant to Section 1.11 hereof. The Borrower agrees to pay any reasonable and documented, out-of-pocket expenses
of the Administrative Agent relating to any Commitment Amount Increase and, solely to the extent agreed upon in writing between
Administrative Agent and the Borrower (it being acknowledged that Borrower shall have no obligation to enter into any such agreement),
any arrangement fees related thereto. Notwithstanding anything herein to the contrary, no Lender shall have any obligation to
increase its Commitment and no Lender’s Commitment shall be increased without its consent thereto, and each Lender may at
its option, unconditionally and without cause, decline to increase its Commitment.

 

Section
1.16. Extension of Termination Date. The Borrower may, by notice to the Administrative Agent (which shall promptly deliver
a copy to each of the Lenders) given at least forty-five (45) days and not more than ninety (90) days prior to the Initial Termination
Date, request that Lenders extend the Initial Termination Date through March 26, 2021. Upon the Borrower’s timely delivery
of such notice to the Administrative Agent and provided, that (i) no Default or Event of Default has occurred and is continuing
(both on the date the notice is delivered and on the Initial Termination Date), (ii) all representations and warranties contained
in Section 6 hereof shall be true and correct in all material respects (where not already qualified by materiality, otherwise
in all respects) on the date the notice is delivered and on the Initial Termination Date Increase (except to the extent such representations
and warranties relate to an earlier date, in which case they are true and correct in all material respects (where not already
qualified by materiality, otherwise in all respects) as of such date), and (iii) the Borrower has paid in immediately available
funds the Extension Fee on or prior to the Initial Termination Date, the Termination Date shall be extended to March 26, 2021.
Should the Termination Date be extended, the terms and conditions of this Agreement will apply during the extension period, and
from and after the date of such extension, the term “Termination Date” shall mean March 26, 2021.

 

    	 	-16-	 

    	 

    

 

Section
2. Fees.

 

Section
2.1. Fees. (a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the ratable account of the Lenders
in accordance with their Percentages a commitment fee at a rate per annum equal to (x) 0.25% if the average daily Unused Commitments
are less than 50% of the Commitments then in effect and (y) 0.35% if the average daily Unused Commitments are greater than or
equal to 50% of the Commitments then in effect (computed on the basis of a year of 360 days and the actual number of days elapsed)
and determined based on the average daily Unused Commitments during such previous quarter. Such commitment fee shall be payable
quarterly in arrears on the last day of each March, June, September, and December in each year (commencing June 30, 2017) and
on the Termination Date, unless the Commitments are terminated in whole on an earlier date, in which event the commitment fee
for the period to the date of such termination in whole shall be calculated and paid on the date of such termination. Any such
commitment fee for the first quarter ending after the Closing Date shall be prorated according to the number of days this Agreement
was in effect during such quarter.

 

(b)
Letter of Credit Fees. On the date of issuance or extension, or increase in the amount, of any Letter of Credit pursuant
to Section 1.3 hereof, the Borrower shall pay to the L/C Issuer for its own account a fronting fee equal to 0.125% of the face
amount of (or of the increase in the face amount of) such Letter of Credit. Quarterly in arrears, on the last day of each March,
June, September, and December, commencing on the first such date occurring after the date hereof, the Borrower shall pay to the
Administrative Agent, for the ratable benefit of the Lenders in accordance with their Percentages, a letter of credit fee (the
“L/C Participation Fee”) at a rate per annum equal to the Applicable Margin (computed on the basis of a year
of 360 days and the actual number of days elapsed) in effect during each day of such quarter applied to the daily average face
amount of Letters of Credit outstanding during such quarter. In addition, the Borrower shall pay to the L/C Issuer for its own
account the L/C Issuer’s standard issuance, drawing, negotiation, amendment, cancellation, assignment, and other administrative
fees for each Letter of Credit as established by the L/C Issuer from time to time.

 

(c)
Administrative Agent and Other Fees. The Borrower shall pay to the Administrative Agent, for its own use and benefit and
for the benefit of the Lenders, as applicable, the fees agreed to between the Administrative Agent and the Borrower in a fee letter
dated March 1, 2017, or as otherwise agreed to in writing between the Borrower and the Administrative Agent.

 

Section
3. Place and Application of Payments.

 

Section
3.1. Place and Application of Payments. All payments of principal of and interest on the Loans and the Reimbursement Obligations,
and of all other Obligations payable by the Borrower under this Agreement and the other Loan Documents, shall be made by the Borrower
to the Administrative Agent by no later than 12:00 Noon (Chicago time) on the due date thereof at the office of the Administrative
Agent in Chicago, Illinois (or such other location as the Administrative Agent may designate to the Borrower), for the benefit
of the Lender(s) or L/C Issuer entitled thereto. Any payments received after such time shall be deemed to have been received by
the Administrative Agent on the next Business Day. All such payments shall be made in U.S. Dollars, in immediately available funds
at the place of payment, in each case without set-off or counterclaim. The Administrative Agent will promptly thereafter cause
to be distributed like funds relating to the payment of principal or interest on Loans and on Reimbursement Obligations in which
the Lenders have purchased Participating Interests ratably to the Lenders and like funds relating to the payment of any other
amount payable to any Lender to such Lender, in each case to be applied in accordance with the terms of this Agreement. If the
Administrative Agent causes amounts to be distributed to the Lenders in reliance upon the assumption that the Borrower will make
a scheduled payment and such scheduled payment is not so made, each Lender shall, on demand, repay to the Administrative Agent
the amount distributed to such Lender together with interest thereon in respect of each day during the period commencing on the
date such amount was distributed to such Lender and ending on (but excluding) the date such Lender repays such amount to the Administrative
Agent, at a rate per annum equal to: (i) from the date the distribution was made to the date two (2) Business Days after payment
by such Lender is due hereunder, the Federal Funds Rate for each such day and (ii) from the date two (2) Business Days after the
date such payment is due from such Lender to the date such payment is made by such Lender, the Base Rate in effect for each such
day.

 

    	 	-17-	 

    	 

    

 

Anything
contained herein to the contrary notwithstanding (including, without limitation, Section 1.8(b) hereof), all payments and collections
received in respect of the Obligations and all payments under or in respect of the Guaranties received, in each instance, by the
Administrative Agent or any of the Lenders after acceleration or the final maturity of the Obligations or termination of the Commitments
as a result of an Event of Default shall be remitted to the Administrative Agent and distributed as follows:

 

(a)
first, to the payment of any outstanding costs and expenses incurred by the Administrative Agent in protecting, preserving or
enforcing rights under the Loan Documents, and in any event including all costs and expenses of a character which the Borrower
has agreed to pay the Administrative Agent under Section 12.15 hereof (such funds to be retained by the Administrative Agent for
its own account unless it has previously been reimbursed for such costs and expenses by the Lenders, in which event such amounts
shall be remitted to the Lenders to reimburse them for payments theretofore made to the Administrative Agent);

 

(b)
second, to the payment of any outstanding interest and fees due under the Loan Documents to be allocated pro rata in accordance
with the aggregate unpaid amounts owing to each holder thereof;

 

(c)
third, to the payment of principal on the Loans, unpaid Reimbursement Obligations, together with amounts to be held by the Administrative
Agent as collateral security for any outstanding L/C Obligations pursuant to Section 9.4 hereof (until the Administrative Agent
is holding an amount of cash equal to the then outstanding amount of all such L/C Obligations), and Hedging Liability, the aggregate
amount paid to, or held as collateral security for, the Lenders and L/C Issuer and, in the case of Hedging Liability, their Affiliates
to be allocated pro rata in accordance with the aggregate unpaid amounts owing to each holder thereof;

 

    	 	-18-	 

    	 

    

 

(d)
fourth, to the payment of all other unpaid Obligations and all other indebtedness, obligations, and liabilities of the Borrower
and the Guarantors evidenced by the Loan Documents (including, without limitation, Bank Product Obligations) to be allocated pro
rata in accordance with the aggregate unpaid amounts owing to each holder thereof; and

 

(e)
finally, to the Borrower or whoever else may be lawfully entitled thereto.

 

Section
3.2. Account Debit. The Borrower hereby irrevocably authorizes the Administrative Agent to, solely during the continuation
of an Event of Default, charge any of the Borrower’s deposit accounts maintained with the Administrative Agent for the amounts
from time to time necessary to pay any then due Obligations; provided that the Borrower acknowledges and agrees that the
Administrative Agent shall not be under an obligation to do so and the Administrative Agent shall not incur any liability to the
Borrower or any other Person for the Administrative Agent’s failure to do so.

 

Section
4. Guaranties.

 

Section
4.1. Guaranties. The payment and performance of the Obligations, Hedging Liability, and Bank Product Obligations shall at
all times be guaranteed by each Subsidiary that owns a Borrowing Base Property pursuant to Section 13 hereof or pursuant to one
or more guaranty agreements in form and substance reasonably acceptable to the Administrative Agent, as the same may be amended,
modified or supplemented from time to time (individually a “Guaranty” and collectively the “Guaranties”
and each such Subsidiary executing and delivering this Agreement as a Guarantor or any such separate Guaranty being referred
to herein as a “Guarantor” and collectively the “Guarantors”).

 

Section
4.2. Further Assurances. In the event the Borrower desires to include any additional Eligible Property in the Borrowing Base
Value after the Closing Date, to the extent that such Eligible Property is not owned by an existing Guarantor, as a condition
to the inclusion of such Eligible Property in the Borrowing Base Value, the Borrower shall cause the Subsidiary which owns such
Eligible Property to execute a Guaranty or an Additional Guarantor Supplement in the form of Exhibit G attached hereto (the “Additional
Guarantor Supplement”) as the Administrative Agent may then require, and the Borrower shall also deliver to the Administrative
Agent, or cause such Subsidiary to deliver to the Administrative Agent, at the Borrower’s cost and expense, such other instruments,
documents, certificates, and opinions reasonably required by the Administrative Agent in connection therewith.

 

Section
4.3. Depository Bank. The Borrower shall maintain the Depository Account with the Administrative Agent (or one of its Affiliates,
as designated in writing by the Administrative Agent to the Borrower).

 

    	 	-19-	 

    	 

    

 

Section
5. Definitions; Interpretation.

 

Section
5.1. Definitions. The following terms when used herein shall have the following meanings:

 

“Act”
is defined in Section 12.24 hereof.

 

“Additional
Guarantor Supplement” is defined in Section 4.2 hereof.

 

“Adjusted
LIBOR” is defined in Section 1.4(b) hereof.

 

“Adjusted
Property NOI” means, for any Rolling Period, (i) with respect to any Real Property owned for more than twelve (12) months,
the Property NOI minus the Annual Capital Expenditure Reserve for such Real Property, and (ii) with respect to any Real
Property owned for twelve (12) months or less, the Pro Forma Property NOI for such Real Property computed on an annualized basis
minus the Annual Capital Expenditure Reserve for such Real Property.

 

“Administrative
Agent” means Bank of Montreal, in its capacity as Administrative Agent hereunder, and any successor in such capacity
pursuant to Section 11.7 hereof.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Affected
Lender” is defined in Section 1.13 hereof.

 

“Affiliate”
means any Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, another
Person. A Person shall be deemed to control another Person for purposes of this definition if such Person possesses, directly
or indirectly, the power to direct, or cause the direction of, the management and policies of the other Person, whether through
the ownership of voting securities, common directors, trustees or officers, by contract or otherwise; provided that, in
any event for purposes of this definition, other than with respect to the Borrower, any Person that owns, directly or indirectly,
5% or more of the securities having the ordinary voting power for the election of directors or governing body of a corporation
or 5% or more of the partnership or other ownership interest of any other Person (other than as a limited partner of such other
Person) will be deemed to control such corporation or other Person. Notwithstanding the foregoing, for purposes of the Loan Documents,
Monmouth Real Estate Investment Corp. and its subsidiaries shall not be deemed to be Affiliates of the Borrower or any Subsidiary.

 

“Agreement”
means this Credit Agreement, as the same may be amended, modified, restated or supplemented from time to time pursuant to
the terms hereof.

 

“Annual
Capital Expenditure Reserve” means, with respect to any Real Property, an amount equal to the product of (i) $50 multiplied
by (ii) the number of Sites located on such Real Property.

 

    	 	-20-	 

    	 

    

 

“Anti-Corruption
Law” means the FCPA and any law, rule or regulation of any jurisdiction concerning or relating to bribery or corruption
that are applicable to the Borrower or any Subsidiary or Affiliate.

 

“Applicable
Margin” means, with respect to Loans, Reimbursement Obligations, and letter of credit fees payable under Section 2.1
hereof, until the first Pricing Date, the rates per annum shown opposite Level II below, and thereafter from one Pricing Date
to the next, the Applicable Margin means the rates per annum determined in accordance with the following schedule:

 

	Level	 	Total Indebtedness to Total

Asset Value Ratio for Such

Pricing Date	 	Applicable Margin for Base Rate Loans and Reimbursement Obligations shall be:	 	 	Applicable Margin for Eurodollar Loans and Letter of credit Fee Shall Be:	 
	I	 	Less than or equal to 0.40 to 1.00	 	 	0.75	%	 	 	1.75	%
	II	 	Less than or equal to 0.45 to 1.00, but greater than 0.40 to 1.00	 	 	1.00	%	 	 	2.00	%
	III	 	Less than or equal to 0.50 to 1.00, but greater than 0.45 to 1.00	 	 	1.25	%	 	 	2.25	%
	IV	 	Greater than 0.50 to 1.00	 	 	1.50	%	 	 	2.50	%

 

For
purposes hereof, the term “Pricing Date” means, for any Fiscal Quarter of the Borrower ending on or after June
30, 2017, the date on which the Administrative Agent is in receipt of the Borrower’s most recent Compliance Certificate
and financial statements (and, in the case of the year-end financial statements, audit report) (the “Borrower Information”)
for the Fiscal Quarter then ended, pursuant to Section 8.5 hereof. The Applicable Margin shall be established based on the Total
Indebtedness to Total Asset Value Ratio for the most recently completed Fiscal Quarter and the Applicable Margin established on
a Pricing Date shall remain in effect until the next Pricing Date. If the Borrower has not delivered the Borrower Information
by the date the same is required to be delivered under Section 8.5 hereof, then until such Borrower Information is delivered,
the Applicable Margin shall be the highest Applicable Margin (i.e., Level IV shall apply). If the Borrower subsequently
delivers such Borrower Information before the next Pricing Date, the Applicable Margin established by such late delivered Borrower
Information shall take effect from the date of delivery until the next Pricing Date. In all other circumstances, the Applicable
Margin established by such Borrower Information shall be in effect from the Pricing Date that occurs immediately after the end
of the Fiscal Quarter covered by such Borrower Information until the next Pricing Date. Each determination of the Applicable Margin
made by the Administrative Agent in accordance with the foregoing shall be conclusive and binding on the Borrower and the Lenders
if reasonably determined. The parties understand that the Applicable Margin set forth herein shall be determined and may be adjusted
from time to time based upon 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 the Lenders, 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 Applicable Margin
for such period shall be automatically recalculated using the 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
within five (5) Business Days of receipt of such written notice such additional interest or fees due to the Administrative Agent,
for the account of each Lender holding Commitments and Loans at the time the additional interest and fee payment is received.
Any recalculation of the Applicable Margin 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 or any Lender’s other rights under this Agreement.

 

    	 	-21-	 

    	 

    

 

“Application”
is defined in Section 1.3(b) hereof.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity
or an Affiliate of an entity that administers or manages a Lender.

 

“Asset
Under Development” means any Real Property under construction (excluding any completed Real Property under minor renovation
and any Real Property that is substantially completed with an Occupancy Rate of at least 65%).

 

“Assignment
and Acceptance” means an assignment and acceptance entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 12.12 hereof), and accepted by the Administrative Agent, in substantially the
form of Exhibit F or any other form approved by the Administrative Agent.

 

“Authorized
Representative” means those persons shown on the list of officers provided by the Borrower pursuant to Section 7.2 hereof
or on any update of any such list provided by the Borrower to the Administrative Agent, or any further or different officers of
the Borrower so named by any Authorized Representative of the Borrower in a written notice to the Administrative Agent.

 

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect
of any liability of an EEA Financial Institution.

 

“Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which
is described in the EU Bail-In Legislation Schedule.

 

“Bank
Products” means each and any of the following bank products and services provided to the Borrower or any Guarantor by
any Lender or any of its Affiliates: (a) credit or charge cards for commercial customers (including, without limitation, “commercial
credit cards” and purchasing cards), (b) stored value cards and (c) depository, cash management and treasury management
services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts
and interstate depository network services).

 

    	 	-22-	 

    	 

    

 

“Bank
Product Obligations” of the Borrower and the Guarantors means any and all of their obligations, whether absolute or
contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications
thereof and substitutions therefor) in connection with Bank Products.

 

“Bankruptcy
Event” means, with respect to any Person, any event of the type described in clause (j) or (k) of Section 9.1 hereof
with respect to such Person.

 

“Base
Rate” is defined in Section 1.4(a) hereof.

 

“Base
Rate Loan” means a Loan bearing interest at a rate specified in Section 1.4(a) hereof.

 

“Borrower”
is defined in the introductory paragraph of this Agreement.

 

“Borrowing”
means the total of Loans of a single type advanced, continued for an additional Interest Period, or converted from a different
type into such type by the Lenders on a single date and, in the case of Eurodollar Loans, for a single Interest Period. Borrowings
of Loans are made and maintained ratably from each of the Lenders according to their Percentages. A Borrowing is “advanced”
on the day Lenders advance funds comprising such Borrowing to the Borrower, is “continued” on the date
a new Interest Period for the same type of Loans commences for such Borrowing, and is “converted” when such
Borrowing is changed from one type of Loans to the other, all as determined pursuant to Section 1.6 hereof.

 

“Borrowing
Base” means, at any date of its determination, the lesser of (i) an amount equal to 60% of the Borrowing Base Value
of all Borrowing Base Properties on such date and (ii) an amount equal to the Debt Service Coverage Amount of all Borrowing Base
Properties on such date.

 

“Borrowing
Base Certificate” means the certificate in the form of Exhibit I hereto, or in such other form reasonably acceptable
to the Administrative Agent, to be delivered to the Administrative Agent pursuant to Sections 7.2(j), 7.3 and 8.5 hereof.

 

“Borrowing
Base Determination Date” means each date on which the Borrowing Base is certified in writing to the Administrative Agent,
which shall occur as follows:

 

(a)
Quarterly. For quarterly certifications, as of the last day of each Fiscal Quarter.

 

(b)
Property Adjustments. Following each addition or deletion of an Eligible Property, promptly following such addition or
deletion.

 

    	 	-23-	 

    	 

    

 

“Borrowing
Base NOI” means, with respect to any Rolling Period, the aggregate Property NOI attributable to the Eligible Properties
for such period.

 

“Borrowing
Base Property” means, as at any date of determination, any Eligible Property which is taken into account in calculating
the Borrowing Base Value.

 

“Borrowing
Base Requirements” means with respect to the calculation of the Borrowing Base, collectively, that (a) the Borrowing
Base Value shall at all times be equal to or in excess of $35,000,000; (b) (i) to the extent that the aggregate Commitments of
the Lenders are less than $75,000,000, no more than 20% of the Borrowing Base Value may be comprised of any one Eligible Property,
and (ii) to the extent that the aggregate Commitments of the Lenders are greater than or equal to $75,000,000, no more than 15%
of the Borrowing Base Value may be comprised of any one Eligible Property; and (c) the weighted average (based on Borrowing Base
Value) Occupancy Rate of all Eligible Properties included in the Borrowing Base shall be no less than 70%.

 

“Borrowing
Base Value” means, as at any date of its determination, an amount equal to the quotient of (a) the Borrowing Base NOI
for the most recent Rolling Period divided by (b) the Capitalization Rate.

 

“Business
Day” means any day (other than a Saturday or Sunday) on which banks are not authorized or required to close in Chicago,
Illinois and, if the applicable Business Day relates to the advance or continuation of, or conversion into, or payment of a Eurodollar
Loan, on which banks are dealing in U.S. Dollar deposits in the interbank eurodollar market in London, England.

 

“Capital
Lease” means any lease of Property which in accordance with GAAP is required to be capitalized on the balance sheet
of the lessee.

 

“Capitalization
Rate” means 7.50% for all Real Properties.

 

“Capitalized
Lease Obligation” means, for any Person, the amount of the liability shown on the balance sheet of such Person in respect
of a Capital Lease determined in accordance with GAAP.

 

“Cash
Collateralize” means, to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more
of the L/C Issuer or Lenders, as collateral for L/C Obligations or obligations of Lenders to fund participations in respect of
L/C Obligations, cash or deposit account balances subject to a first priority perfected security interest in favor of the Administrative
Agent or, if the Administrative Agent and each applicable L/C Issuer 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 each applicable L/C
Issuer. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds
of such cash collateral and other credit support.

 

    	 	-24-	 

    	 

    

 

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments
and Reauthorization Act of 1986, 42 U.S.C. §§9601 et seq., and any future amendments.

 

“Change
in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any Governmental Authority, or (c) the making or issuance of any request,
rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding
anything herein to the contrary,(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations,
guidelines or directives thereunder or issued in connection therewith shall be deemed to be a “Change in Law”, regardless
of the date enacted, adopted or issued and (y) 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 “Change in Law”,
regardless of the date enacted, adopted or issued.

 

“Change
of Control” means any of (a) the acquisition by 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) at any time of beneficial ownership
of 20% or more of the outstanding capital stock or other equity interests of the Borrower on a fully-diluted basis, (b) the failure
of individuals who are members of the board of directors (or similar governing body) of the Borrower on the Closing Date (together
with any new or replacement directors whose initial nomination for election was approved by a majority of the directors who were
either directors on the Closing Date or previously so approved) to constitute a majority of the board of directors (or similar
governing body) of the Borrower, or (c) any “Change of Control” (or words of like import), as defined in any agreement
or indenture relating to any issue of Indebtedness of the Borrower or any Guarantor shall occur.

 

“Closing
Date” means the date of this Agreement.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and any successor statute thereto.

 

“Collateral
Account” is defined in Section 9.4 hereof.

 

“Commitment”
means, as to any Lender, the obligation of such Lender to make Loans and to participate in Letters of Credit issued for the
account of the Borrower hereunder in an aggregate principal or face amount at any one time outstanding not to exceed the amount
set forth opposite such Lender’s name on Schedule 1 attached hereto and made a part hereof, as the same may be reduced or
modified at any time or from time to time pursuant to the terms hereof. The Borrower and the Lenders acknowledge and agree that
the Commitments of the Lenders, in the aggregate, are equal to $50,000,000 on the Closing Date.

 

“Commitment
Amount Increase” is defined in Section 1.13 hereof.

 

    	 	-25-	 

    	 

    

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute.

 

“Compliance
Certificate” is defined in Section 8.5 hereof.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profit Taxes.

 

“Controlled
Group” means all members of a controlled group of corporations and all trades or businesses (whether or not incorporated)
under common control which, together with the Borrower, are treated as a single employer under Section 414 of the Code.

 

“Credit
Event” means the advancing of any Loan, or the issuance of, or extension of the expiration date or increase in the amount
of, any Letter of Credit.

 

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

 

“Debt
Service” means, with reference to any period, the sum of (a) Interest Expense for such period and (b) the greater of
(i) zero or (ii) scheduled principal amortization paid on Total Indebtedness for such period (exclusive of any balloon payments
or prepayments of principal paid on such Total Indebtedness).

 

“Debt
Service Coverage Amount” means, for the applicable Eligible Properties, the principal amount of a loan that would be
serviced by the Adjusted Property NOI for the four Fiscal Quarter period most recently ended (and for which financial statements
have been delivered pursuant to Section 8.5 hereof) at a debt service coverage ratio of 1.50 to 1.00 with interest and principal
payments (in each case assuming a 25-year amortization) at the greater of (i) 6.50% per annum, and (ii) the 10-year treasury rate
on the last day of such period plus 2.50%.

 

“Default”
means any event or condition the occurrence of which would, with the passage of time or the giving of notice, or both, constitute
an Event of Default.

 

“Defaulting
Lender” means, subject to Section 1.14(b), any 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 Lender notifies the Administrative
Agent and the Borrower in writing that such failure is the result of such Lender’s 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 L/C Issuer or any other Lender any other
amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two (2) Business
Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any L/C Issuer 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 Lender’s obligation to fund a Loan hereunder and states that such position is based on
such Lender’s 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 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, at any time after the Closing Date,
(i) become the subject of a proceeding under any Debtor Relief Law, (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, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent
company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with
immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment
on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts
or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under
clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting
Lender (subject to Section 1.14(b)) upon delivery of written notice of such determination to the Borrower, the L/C Issuer and
each Lender.

 

    	 	-26-	 

    	 

    

 

“Depository
Account” means that certain account maintained by the Borrower with BMO Harris Bank N.A. (Account #431-084-3) or any
successor account thereto.

 

“Dividends”
means any dividend paid (or declared and then payable), as the case may be, in cash on any equity security issued by the Borrower.

 

“EBITDA”
means, for any period, determined on a consolidated basis of the Borrower and its Subsidiaries in accordance with GAAP, net
income (or loss) for such period plus, without duplication and to the extent included as an expense in the calculation
of net income (or loss) for such period, the sum of (i) depreciation and amortization expense; (ii) Interest Expense; (iii) income
tax expense; (iv) extraordinary, unrealized or non-recurring losses, including impairment charges; and (v) reasonable transaction
costs and expenses incurred during such period in connection with acquisitions permitted hereunder, minus, without duplication
and to the extent included as income in the calculation of net income (or loss) for such period, (a) funds received by the Borrower
or a Subsidiary as rent but which are reserved for capital expenses; (b) extraordinary or unrealized gains (including gains on
the sale of assets); and (c) income tax benefits.

 

“EEA
Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which
is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent
of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country
which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent.

 

    	 	-27-	 

    	 

    

 

“EEA
Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA
Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any other Person (other than
a natural person) approved by (i) the Administrative Agent, (ii) the L/C Issuer, and (iii) unless an Event of Default has occurred
and is continuing, the Borrower (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding
the foregoing, “Eligible Assignee” shall not include the Borrower, any Subsidiary or any other Affiliate of the Borrower
or any Subsidiary.

 

“Eligible
Property” means, as of any Borrowing Base Determination Date, any Real Property owned by the Borrower or a Subsidiary
which satisfies the following conditions:

 

(a)
such Real Property is one hundred percent (100%) owned in fee simple by the Borrower or any Subsidiary;

 

(b)
such Real Property is located in the contiguous United States;

 

(c)
if the Property Owner is the Borrower, (i) neither the Borrower’s beneficial ownership interest in such Real Property nor
the Real Property is subject to any Lien (other than Permitted Liens) or to any negative pledge and (ii) the Borrower has the
unilateral right to sell, transfer or otherwise dispose of such Real Property and to create a Lien on such Real Property as security
for Indebtedness;

 

(d)
if the Property Owner is a Subsidiary, (i) neither the Borrower’s beneficial ownership interest in such Subsidiary nor the
Real Property is subject to any Lien (other than Permitted Liens) or to any negative pledge, (ii) the Subsidiary has the unilateral
right to sell, transfer or otherwise dispose of such Real Property and to create a Lien on such Real Property as security for
Indebtedness, and (iii) the Subsidiary has provided an Additional Guarantor Supplement or a separate Guaranty to the Administrative
Agent pursuant to Section 4.2 hereof;

 

(e)
such Real Property has an Occupancy Rate of at least 45%;

 

(f)
the Administrative Agent shall have received, to the extent requested by it, historic operating statements for such Real Property
for the previous three (3) years, if available, and historic rent rolls for such Real Property for the previous three (3) years,
if available;

 

    	 	-28-	 

    	 

    

 

(g)
such Real Property, based on the Borrower’s and, if the Property Owner is a Subsidiary, such Subsidiary’s actual knowledge,
is free of all material structural defects or major architectural deficiencies, material title defects, material environmental
conditions or other adverse matters which, individually or collectively, would reasonably be expected to materially impair the
value of such Real Property;

 

(h)
no more than 10% of the Tenants of such Real Property are more than 60 days in arrears on base rental or other similar payments
due under their applicable Leases, but without taking into any Tenant which is making payments in respect of base rental or other
similar payments that are delinquent pursuant to a written payment plan with the Borrower or the applicable Subsidiary; and

 

(i)
if the Property Owner is not the Borrower, unless the same have previously been delivered to the Administrative Agent, such Property
Owner shall have delivered to the Administrative Agent a copy, certified as true and correct by a duly authorized officer of such
Property Owner, of each of the following: (i) the Property Owner’s articles of incorporation, by-laws, partnership agreement
or operating agreement, as applicable, (ii) certificates of existence, good standing and authority to do business from each appropriate
state authority, and (iii) partnership, corporate or limited liability company, as applicable, authorizations authorizing the
execution, delivery and performance of the applicable Guaranty.

 

“Environmental
Claim” means any investigation, notice, violation, demand, allegation, action, suit, injunction, judgment, order, consent
decree, penalty, fine, lien, proceeding or claim (whether administrative, judicial or private in nature) arising (a) pursuant
to, or in connection with an actual or alleged violation of, any Environmental Law, (b) in connection with any Hazardous Material,
(c) from any abatement, removal, remedial, corrective or response action in connection with a Hazardous Material, Environmental
Law or order of a Governmental Authority or (d) from any actual or alleged damage, injury, threat or harm to health, safety, natural
resources or the environment.

 

“Environmental
Law” means any current or future Legal Requirement pertaining to (a) the protection of health, safety and the indoor
or outdoor environment, (b) the conservation, management or use of natural resources and wildlife, (c) the protection or use of
surface water or groundwater, (d) the management, manufacture, possession, presence, use, generation, transportation, treatment,
storage, disposal, Release, threatened Release, abatement, removal, remediation or handling of, or exposure to, any Hazardous
Material or (e) pollution (including any Release to air, land, surface water or groundwater), and any amendment, rule, regulation,
order or directive issued thereunder.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute thereto.

 

    	 	-29-	 

    	 

    

 

“EU
Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or
any successor Person), as in effect from time to time.

 

“Eurodollar
Loan” means a Loan bearing interest at the rate specified in Section 1.4(b) hereof.

 

“Eurodollar
Reserve Percentage” is defined in Section 1.4(b) hereof.

 

“Event
of Default” means any event or condition identified as such in Section 9.1 hereof.

 

“Excluded
Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or
any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s
failure for any reason not to constitute an “eligible contract participant” as defined in the Commodity Exchange Act
and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest becomes effective
with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such
exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security
interest is or becomes illegal.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed
on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant
to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant
to an assignment request by the Borrower under Section 1.14 hereof) or (ii) such Lender changes its lending office, except in
each case to the extent that, pursuant to Section 13.1 amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office,
(c) Taxes attributable to such Recipient’s failure to comply with Section 13.1(b) or Section 13.1(d), and (d) any U.S. federal
withholding Taxes imposed under FATCA.

 

“Existing
Lenders” is defined in the Preliminary Statements of this Agreement.

 

“Extension
Fee” means an extension fee payable by the Borrower to the Administrative Agent for the ratable benefit of the Lenders
as a condition to the extension of the Initial Termination Date pursuant to Section 1.16 hereto in an amount equal to 0.15% of
the Commitments then in effect.

 

    	 	-30-	 

    	 

    

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

 

“FCPA”
means the Foreign Corrupt Practices Act, 15 U.S.C. §§78dd-1, et seq.

 

“Federal
Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds
transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business
Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day
shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day,
and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the
average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to the Administrative Agent on such day
on such transactions as determined by the Administrative Agent; provided that in no event shall the Federal Funds Rate
be less than 0.00%.

 

“Fiscal
Quarter” means each of the three-month periods ending on March 31, June 30, September 30 and December 31 of each Fiscal
Year.

 

“Fiscal
Year” means each twelve-month period ending on December 31.

 

“Fixed
Charges” means, with reference to any period, Debt Service for such period, plus required distributions (other
than distributions by the Borrower to holders of operating partnership units and distributions by Borrower to common and preferred
equity holders) made or to be made during such period, plus payments of base rent under Ground Leases made or to be made
during such period, unless such payments are deducted from Property NOI and EBITDA.

 

“Floating
Rate Debt” means, as of any date of determination, all Indebtedness with a variable interest rate that is not subject
to a Hedging Agreement providing protection against fluctuations in interest rates.

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, with respect to any L/C Issuer, such Defaulting Lender’s
Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by such L/C Issuer other than L/C Obligations
as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized
in accordance with the terms hereof.

 

“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.

 

“GAAP”
means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the U.S. accounting
profession), which are applicable to the circumstances as of the date of determination.

 

    	 	-31-	 

    	 

    

 

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

 

“Ground
Lease” means a long term lease of real Property granted by the fee owner of the real Property.

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect,
(a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to
purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property,
securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof,
(c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor
so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee
shall not include endorsements for collection or deposit in the ordinary course of business.

 

“Guarantor”
and “Guarantors” are defined in Section 4.1 hereof.

 

“Guaranty”
and “Guaranties” are defined in Section 4.1 hereof.

 

“Hazardous
Material” means any substance, chemical, compound, product, solid, gas, liquid, waste, byproduct, pollutant, contaminant
or material which is hazardous or toxic and is regulated under Environmental Law, and includes, without limitation, (a) asbestos,
polychlorinated biphenyls and petroleum (including crude oil or any fraction thereof) and (b) any material classified or regulated
as “hazardous” or “toxic” or words of like import pursuant to an Environmental Law.

 

“Hazardous
Material Activity” means any activity, event or occurrence involving a Hazardous Material, including, without limitation,
the manufacture, possession, presence, use, generation, transportation, treatment, storage, disposal, Release, threatened Release,
abatement, removal, remediation, handling of or corrective or response action to any Hazardous Material.

 

    	 	-32-	 

    	 

    

 

“Hedging
Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities,
or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction
or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on
account of services provided by current or former directors, officers, employees or consultants of the Borrower or its Subsidiaries
shall be a Hedging Agreement.

 

“Hedging
Liability” means the liability of the Borrower or any Guarantor to any of the Lenders, or any Affiliates of such Lenders
in respect of any Hedging Agreement as the Borrower or such Guarantor, as the case may be, may from time to time enter into with
any one or more of the Lenders party to this Agreement or their Affiliates, whether absolute or contingent and howsoever and whensoever
created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor);
provided, however, that, with respect to any Guarantor, Hedging Liability Guaranteed by such Guarantor shall exclude all
Excluded Swap Obligations.

 

“Indebtedness”
means for any Person (without duplication) (a) all indebtedness created, assumed or incurred in any manner by such Person
representing money borrowed (including by the issuance of debt securities), (b) all indebtedness for the deferred purchase price
of property or services (other than trade accounts payable arising in the ordinary course of business which are not more than
one hundred eighty (180) days past due), (c) all indebtedness secured by any Lien upon Property of such Person, whether or not
such Person has assumed or become liable for the payment of such indebtedness, (d) all Capitalized Lease Obligations of such Person,
(e) all obligations of such Person on or with respect to letters of credit, bankers’ acceptances and other similar extensions
of credit whether or not representing obligations for borrowed money and (f) all net obligations of such Person under any Hedging
Agreement.

 

“Indemnified
Taxes” means (a) all Taxes other than Excluded Taxes and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Initial
Borrowing Base Properties” means, collectively, each Real Property listed on Schedule 1.1 and “Initial Borrowing
Base Property” means any of such Real Property.

 

“Initial
Termination Date” means March 27, 2020.

 

“Interest
Expense” means, with respect to a Person for any period of time, the interest expense whether paid, accrued or capitalized
(without deduction of consolidated interest income) of such Person for such period. Interest Expense shall exclude any amortization
of (i) deferred financing fees, including the write-off of such fees relating to the early retirement of the related Indebtedness,
and (ii) debt discounts (but only to the extent such discounts do not exceed 3.0% of the initial face principal amount of the
related Indebtedness).

 

“Interest
Payment Date” means (a) with respect to any Eurodollar Loan, the last day of each Interest Period with respect to such
Eurodollar Loan and, if the applicable Interest Period is longer than (3) three months, each day occurring every three (3) months
after the commencement of such Interest Period, (b) with respect to any Base Rate Loan, the last day of every calendar quarter,
and (c) with respect to any Eurodollar Loan and/or any Base Rate Loan, the Termination Date.

 

    	 	-33-	 

    	 

    

 

“Interest
Period” means the period commencing on the date a Borrowing of Eurodollar Loans is advanced, continued, or created by
conversion and ending one (1), two (2), three (3), or six (6) months thereafter, provided, however, that:

 

(i)
no Interest Period shall extend beyond the Termination Date;

 

(ii)
whenever the last day of any Interest Period would otherwise be a day that is not a Business Day, the last day of such Interest
Period shall be extended to the next succeeding Business Day, provided that, if such extension would cause the last day
of an Interest Period for a Borrowing of Eurodollar Loans to occur in the following calendar month, the last day of such Interest
Period shall be the immediately preceding Business Day; and

 

(iii)
for purposes of determining an Interest Period for a Borrowing of Eurodollar Loans, a month means a period starting on one day
in a calendar month and ending on the numerically corresponding day in the next calendar month; provided, however, that
if there is no numerically corresponding day in the month in which such an Interest Period is to end or if such an Interest Period
begins on the last Business Day of a calendar month, then such Interest Period shall end on the last Business Day of the calendar
month in which such Interest Period is to end.

 

“Land
Assets” means any Real Property which is not an Asset Under Development and on which no significant improvements have
been constructed. For the avoidance of doubt, Land Assets shall not include any Real Property upon which any Sites have been,
or are in the process of being, developed.

 

“L/C
Issuer” means Bank of Montreal, in its capacity as the issuer of Letters of Credit hereunder, and its successors in
such capacity as provided in Section 1.3(h) hereof.

 

“L/C
Obligations” means the aggregate undrawn face amounts of all outstanding Letters of Credit and all unpaid Reimbursement
Obligations.

 

“L/C
Participation Fee” is defined in Section 2.1(c) hereof.

 

“L/C
Sublimit” means $5,000,000, as such amount may be reduced pursuant to the terms hereof.

 

“Lease”
means each existing or future lease, sublease, license, or other similar agreement under the terms of which any Person has
or acquires any right to occupy any Real Property or any part thereof, or interest therein, as the same may be amended, supplemented
or modified.

 

    	 	-34-	 

    	 

    

 

“Legal
Requirement” means any treaty, convention, statute, law, regulation, ordinance, license, permit, governmental approval,
injunction, judgment, order, consent decree or other requirement of any Governmental Authority, whether federal, state, or local.

 

“Lenders”
means and includes Bank of Montreal and the other financial institutions from time to time party to this Agreement, including
each assignee Lender pursuant to Section 12.12 hereof.

 

“Lending
Office” is defined in Section 10.4 hereof.

 

“Letter
of Credit” is defined in Section 1.3(a) hereof.

 

“LIBOR”
is defined in Section 1.4(b) hereof.

 

“LIBOR
Index Rate” is defined in Section 1.4(b) hereof.

 

“LIBOR
Quoted Rate” is defined in Section 1.4(a) hereof.

 

“Lien”
means any mortgage, lien, security interest, pledge, charge or encumbrance of any kind in respect of any Property, including
the interests of a vendor or lessor under any conditional sale, Capital Lease or other title retention arrangement.

 

“Loan”
and “Loans” are defined in Section 1.1 hereof and, as so defined, include a Base Rate Loan or a Eurodollar
Loan, each of which is a “type” of Loan hereunder.

 

“Loan
Documents” means this Agreement, the Notes (if any), the Applications, the Guaranties, if any, and each other instrument
or document to be delivered hereunder or thereunder or otherwise in connection therewith.

 

“Material
Adverse Effect” means (a) a material adverse change in, or material adverse effect upon, the operations, business, Property
or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole, (b) a material impairment of the
ability of the Borrower or any Guarantor to perform its obligations under any Loan Document or (c) a material adverse effect upon
the legality, validity, binding effect or enforceability against the Borrower or any Guarantor of any Loan Document or the rights
and remedies of the Administrative Agent and the Lenders thereunder.

 

“Moody’s”
means Moody’s Investors Service, Inc., or any successor thereof.

 

“Note”
and “Notes” are defined in Section 1.10 hereof.

 

“Obligations”
means all obligations of the Borrower to pay principal and interest on the Loans, all Reimbursement Obligations owing under
the Applications, all fees and charges payable hereunder, and all other payment obligations of the Borrower or any Guarantor arising
under or in relation to any Loan Document, in each case whether now existing or hereafter arising, due or to become due, direct
or indirect, absolute or contingent, and howsoever evidenced, held or acquired.

 

    	 	-35-	 

    	 

    

 

“Occupancy
Rate” means for any Real Property, the percentage of the Sites of such Real Property leased by Tenants pursuant to bona
fide Leases, in each case, which Tenants are not subject to a then continuing Bankruptcy Event, or if subject to a then continuing
Bankruptcy Event (i) the trustee in bankruptcy of such Tenant shall have accepted and assumed such Lease or the Tenant shall be
not more than 60 days in arrears on base rental or other similar payments due under the Leases; (ii) to the extent that the Tenant
shall have filed, and the bankruptcy court shall have approved, the Tenant’s plan for reorganization, the Tenant shall be
performing its obligations pursuant to the approved plan of reorganization; or (iii) the status of such Tenant’s Lease shall
be otherwise reasonably acceptable to the Administrative Agent.

 

“OFAC”
means the United States Department of Treasury Office of Foreign Assets Control.

 

“OFAC
Event” is defined in Section 8.13(c) hereof.

 

“OFAC
Sanctions Programs” means all laws, regulations, and Executive Orders administered by OFAC, including without limitation,
the Bank Secrecy Act, anti-money laundering laws (including, without limitation, the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56 (a/k/a the USA Patriot Act)), and all
economic and trade sanction programs administered by OFAC, any and all similar United States federal laws, regulations or Executive
Orders (whether administered by OFAC or otherwise), and any similar laws, regulations or orders adopted by any State within the
United Statesand Blocked Persons maintained by OFAC.

 

“Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan
or Loan Document).

 

“Other
Recourse Debt” means, as of the date of determination, all Indebtedness (including the face amount of all outstanding
letters of credit) which is recourse to, or has a deficiency guaranty provided by, the Borrower or any Guarantor (directly or
by a guaranty thereof, but without duplication), other than with respect to the Loans, Hedging Liability, Bank Product Obligations
and other Obligations. For the avoidance of doubt, any guaranty by the Borrower or a Guarantor pursuant to which customary carveouts
to the non-recourse liability of the primary obligor of the related indebtedness are guaranteed shall not constitute Other Recourse
Debt.

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 1.13 hereof).

 

    	 	-36-	 

    	 

    

 

“Participating
Interest” is defined in Section 1.3(e) hereof.

 

“Participating
Lender” is defined in Section 1.3(e) hereof.

 

“Patriot
Act” is defined in Section 7.2(o) hereof.

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any Person succeeding to any or all of its functions under ERISA.

 

“Percentage”
means, for each Lender, the percentage of the Commitments represented by such Lender’s Commitment or, if the Commitments
have been terminated, the percentage held by such Lender (including through participation interests in Reimbursement Obligations)
of the aggregate principal amount of all Loans and L/C Obligations then outstanding.

 

“Permitted
Liens” means each of the following: (a) Liens for taxes, assessments and governmental charges or levies to the extent
not required to be paid under Section 8.3; (b) Liens imposed by law, such as materialmen’s, mechanics’, carriers’,
workmen’s and repairmen’s Liens and other similar Liens arising in the ordinary course of business securing obligations
that are not overdue or that are being contested in good faith and by proper proceedings and as to which appropriate reserves
are being maintained; (c) pledges or deposits to secure obligations under workers’ compensation laws or similar legislation
or to secure public or statutory obligations; (d) easements, zoning restrictions, rights of way and other encumbrances on title
to real property that, in the aggregate, do not materially and adversely affect the value of such real property or the use of
such real property for its present purposes; (e) deposits to secure the performance of bids, trade contracts (other than for borrowed
money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of like nature incurred
in the ordinary course of business; (f) Liens in favor of the United States of America for amounts paid to the Borrower or any
Guarantor as progress payments under government contracts entered into by it; (g) attachment, judgment and other similar Liens
arising in connection with court, reference or arbitration proceedings, provided that the same have been in existence less than
twenty (20) days, that the same have been discharged or that execution or enforcement thereof has been stayed pending appeal;
(h) the rights of tenants or lessees under leases or subleases not interfering with the ordinary conduct of business of such Person;
(i) Liens in favor of the Administrative Agent for its benefit and/or the benefit of the Lenders and the L/C Issuer; and (j) Liens
on Real Properties that are not Borrowing Base Properties.

 

“Person”
means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization
or any other entity or organization, including a government or agency or political subdivision thereof.

 

“Plan”
means any employee pension benefit plan covered by Title IV of ERISA or subject to the minimum funding standards under Section
412 of the Code that either (a) is maintained by a member of the Controlled Group for employees of a member of the Controlled
Group or (b) is maintained pursuant to a collective bargaining agreement or any other arrangement under which more than one employer
makes contributions and to which a member of the Controlled Group is then making or accruing an obligation to make contributions
or has within the preceding five plan years made contributions.

 

    	 	-37-	 

    	 

    

 

“Pro
Forma Property NOI” means, with respect to any Real Property owned for twelve (12) months or less, the aggregate amount
of (i) Property Income minus (ii) Property Expenses plus (ii) unusual or nonrecurring expenses associated with the
acquisition of such Real Property, in each case to the extent earned or incurred during the period such Real Property has been
owned by the Borrower or a Guarantor, as applicable.

 

“Property”
or “Properties” means, as to any Person, all types of real (including the Real Property), personal, tangible,
intangible or mixed property owned by such Person whether or not included in the most recent balance sheet of such Person and
its subsidiaries under GAAP, including, as to the Borrower or any Subsidiary, any Real Property owned by it.

 

“Property
Expenses” means, as to any Real Property, the costs (including, but not limited to, payroll, taxes, assessments, insurance,
utilities, landscaping and other similar charges) of operating and maintaining such Real Property, which are the responsibility
of the Borrower or the applicable Subsidiary that are not paid directly by the applicable Tenant, but excluding depreciation,
amortization and interest costs.

 

“Property
Income” means, as to any Real Property, cash rents (excluding non-cash straight-line rent) and other cash revenues received
by the Borrower or a Subsidiary in the ordinary course for such Real Property, but excluding security deposits and prepaid rent
except to the extent applied in satisfaction of applicable Tenants’ obligations for rent.

 

“Property
NOI” means, with respect to any Real Property for any Rolling Period (without duplication) the aggregate amount of (i)
Property Income for such period minus (ii) Property Expenses for such period.

 

“Property
Owner” means the Person who owns fee title interest in and to a Real Property.

 

“Qualified
ECP Guarantor” means, in respect of any Swap Obligation, each Guarantor that has total assets exceeding $10,000,000
at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation
or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations
promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time
by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Rating”
means the debt rating provided by S&P or Moody’s with respect to the unsecured senior long-term non-credit enhanced
debt of a Person.

 

    	 	-38-	 

    	 

    

 

“RCRA”
means the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976 and Hazardous and Solid
Waste Amendments of 1984, 42 U.S.C. §§6901 et seq., and any future amendments.

 

“Real
Property” or “Real Properties” means the real property owned by the Borrower or any of its Subsidiaries.

 

“Recipient”
means (a) the Administrative Agent, (b) the L/C Issuer, and (c) any Lender, as applicable.

 

“Reimbursement
Obligation” is defined in Section 1.3(c) hereof.

 

“REIT
Shares” is defined in Section 8.8(f) hereof.

 

“Release”
means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, migrating,
dumping, or disposing into the indoor or outdoor environment, including, without limitation, the abandonment or discarding of
barrels, drums, containers, tanks or other receptacles containing or previously containing any Hazardous Material.

 

“Required
Lenders” means, as of the date of determination thereof, at least two (2) Lenders whose outstanding Loans, interests
in Letters of Credit and Unused Commitments constitute more than 66 2/3% of the sum of the total outstanding Loans, interests
in Letters of Credit, and Unused Commitments of the Lenders.

 

“Responsible
Officer” means, with respect to the Borrower, the chief executive officer, the chief financial officer, chief legal
officer or the chief operating officer of the Borrower or such Subsidiary.

 

“Revolving
Credit” means the credit facility for making Loans and issuing Letters of Credit described in Sections 1.1 and 1.3 hereof.

 

“Revolving
Credit Availability” means, as of any time the same is to be determined, the amount (if any) by which (a) the lesser
of (1) the Borrowing Base as then determined and computed in accordance with this Agreement and (2) the Revolving Credit Commitments
as then in effect exceeds (b) the aggregate principal amount of Loans and L/C Obligations then outstanding.

 

“Rolling
Period” means, as of any date, the four Fiscal Quarters ending on or immediately preceding such date.

 

“S&P”
means Standard & Poor’s Ratings Services Group, a Standard & Poor’s Financial Services LLC business.

 

“Site”
means, with respect to any Real Property, each individual pad for a manufactured home located on such Real Property.

 

    	 	-39-	 

    	 

    

 

“Stock”
means shares of capital stock, beneficial or partnership interests, participations or other equivalents (regardless of how
designated) of or in a corporation or equivalent entity, whether voting or non-voting, and includes, without limitation, common
stock, but excluding any preferred stock or other preferred equity securities.

 

“Stock
Equivalents” means all securities (other than Stock) convertible into or exchangeable for Stock at the option of the
holder, and all warrants, options or other rights to purchase or subscribe for any stock, whether or not presently convertible,
exchangeable or exercisable.

 

“Subsidiary”
means, as to any particular parent corporation or organization, any other corporation or organization more than 50% of the
outstanding Voting Stock of which is at the time directly or indirectly owned by such parent corporation or organization or by
any one or more other entities which are themselves subsidiaries of such parent corporation or organization. Unless otherwise
expressly noted herein, the term “Subsidiary” means a Subsidiary of the Borrower or of any of its direct or
indirect Subsidiaries.

 

“Swap
Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

 

“Tangible
Net Worth” means for each applicable period, total equity reflected on the Borrower’s consolidated balance sheet
as reported in its Form 10-K or 10-Q, as applicable, less all amounts reported as assets on such consolidated balance sheet in
the event that the same constitute an intangible asset under GAAP.

 

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

 

“Tenant”
means any Person leasing, subleasing or otherwise occupying any portion of a Real Property under a Lease.

 

“Termination
Date” means the earliest of (i) the Initial Termination Date, as such date may be extended pursuant to Section 1.16,
and (ii) the date on which the Commitments are terminated in whole pursuant to Section 1.12, 9.2 or 9.3 hereof.

 

“Total
Asset Value” means, as of any date of determination, an amount equal to the sum of (a) for all Real Properties owned
for twelve (12) months or more, the quotient of (i) the consolidated Adjusted Property NOI from such Real Properties for the most
recent Rolling Period divided by (ii) the Capitalization Rate, plus (b) for all Real Properties owned for less than
twelve (12) months, the aggregate purchase price of such Real Properties, plus (c) unrestricted cash, unrestricted cash
equivalents and marketable securities owned by the Borrower and its Subsidiaries as of the end of such Rolling Period, plus
(d) the par value of mortgage note receivables reflected on the Borrower’s consolidated balance sheet as reported in
its Form 10-K or 10-Q, as applicable; provided that the amount added to Total Asset Value for such mortgage note receivables
shall not exceed 10% of Total Asset Value, plus (e) the par value of inventory consisting of manufactured homes for sale
reflected on the Borrower’s consolidated balance sheet as reported in its Form 10-K or 10-Q, as applicable; provided
that the amount added to Total Asset Value for such inventory shall not exceed 5% of Total Asset Value, plus (f) the
book value of investments permitted under clauses (j), (k), (l) and (m) of Section 8.8, to the extent otherwise permitted in this
Agreement.

 

    	 	-40-	 

    	 

    

 

“Total
Indebtedness” means, as of a given date, all liabilities of the Borrower and its Subsidiaries which would, in conformity
with GAAP, be properly classified as a liability on a consolidated balance sheet of the Borrower and its Subsidiaries as of such
date, excluding any amounts categorized as accrued expenses, accrued dividends, deposits held, deferred revenues, minority interests
and other liabilities not directly associated with the borrowing of money.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of Illinois.

 

“Unfunded
Vested Liabilities” means, for any Plan at any time, the amount (if any) by which the present value of all vested nonforfeitable
accrued benefits under such Plan exceeds the fair market value of all Plan assets allocable to such benefits, all determined as
of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability
of a member of the Controlled Group to the PBGC or the Plan under Title IV of ERISA.

 

“Unused
Commitments” means, at any time, the difference between the Commitments then in effect and the aggregate outstanding
principal amount of Loans and L/C Obligations.

 

“U.S.
Dollars” and “$” each means the lawful currency of the United States of America.

 

“U.S.
Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S.
Tax Compliance Certificate” has the meaning assigned to such term in subsection (f) of Section 12.1.

 

“Voting
Stock” of any Person means capital stock or other equity interests of any class or classes (however designated) having
ordinary power for the election of directors or other similar governing body of such Person, other than stock or other equity
interests having such power only by reason of the happening of a contingency.

 

“Welfare
Plan” means a “welfare plan” as defined in Section 3(1) of ERISA.

 

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

    	 	-41-	 

    	 

    

 

Section
5.2. Interpretation. The foregoing definitions are equally applicable to both the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.”
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,”
“hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in
its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules
shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any
law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented
from time to time, and (f) the words “asset” and “property” shall be construed to have the same meaning
and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights. All references to time of day herein are references to Chicago, Illinois, time unless otherwise specifically
provided. Where the character or amount of any asset or liability or item of income or expense is required to be determined or
any consolidation or other accounting computation is required to be made for the purposes of this Agreement, it shall be done
in accordance with GAAP except where such principles are inconsistent with the specific provisions of this Agreement.

 

Section
5.3. Change in Accounting Principles. If, after the date of this Agreement, there shall occur any change in GAAP from
those used in the preparation of the financial statements referred to in Section 6.5 hereof and such change shall result in a
change in the method of calculation of any financial covenant, standard or term found in this Agreement, either the Borrower
or the Required Lenders may, by written notice to the Lenders and the Borrower, respectively, require that the Lenders and
the Borrower negotiate in good faith to amend such covenants, standards, and terms so as equitably to reflect such change in
accounting principles, with the desired result being that the criteria for evaluating the financial condition of the Borrower
and its Subsidiaries shall be the same as if such change had not been made. No delay by the Borrower or the Required Lenders
in requiring such negotiation shall limit their right to so require such a negotiation at any time after such a change in
accounting principles. Until any such covenant, standard, or term is amended in accordance with this Section 5.3, financial
covenants shall be computed and determined in accordance with GAAP in effect prior to such change in accounting principles.
Without limiting the generality of the foregoing, the Borrower shall neither be deemed to be in compliance with any financial
covenant hereunder nor out of compliance with any financial covenant hereunder if such state of compliance or noncompliance,
as the case may be, would not exist but for the occurrence of a change in accounting principles after the Closing
Date.

 

    	 	-42-	 

    	 

    

 

Section
6. Representations and Warranties

 

The
Borrower represents and warrants to the Administrative Agent, the Lenders, and the L/C Issuer as follows:

 

Section
6.1. Organization and Qualification. The Borrower is duly organized, validly existing, and in good standing as a corporation
under the laws of the State of Maryland and operates as a qualified real estate investment trust under Sections 856 through 860
of the Code. The Borrower has full and adequate power to own its Property and conduct its business as now conducted, and is duly
licensed or qualified and in good standing in each jurisdiction in which the nature of the business conducted by it or the nature
of the Property owned or leased by it requires such licensing or qualifying, except where the failure to do so would not be reasonably
expected to have a Material Adverse Effect.

 

Section
6.2. Subsidiaries. Each Guarantor is duly organized, validly existing, and in good standing under the laws of the jurisdiction
in which it is organized, has full and adequate power to own its Property and conduct its business as now conducted, and is duly
licensed or qualified and in good standing in each jurisdiction in which the nature of the business conducted by it or the nature
of the Property owned or leased by it requires such licensing or qualifying, except where the failure to do so would not be reasonably
expected to have a Material Adverse Effect. Schedule 6.2 hereto is a correct and complete copy of the organizational chart of
the Borrower and the Subsidiaries as of the Closing Date (including with respect to future periods as to which this representation
is required to be remade, as updated from time to time as provided in Section 8.5(l)) and identifies the jurisdiction of organization
of the Borrower and each Subsidiary. All of the outstanding shares of capital stock and other equity interests of each Subsidiary
are validly issued and outstanding and, with respect to Subsidiaries that are corporations, fully paid and nonassessable, and
all such shares and other equity interests indicated on Schedule 6.2 as owned by the Borrower or a Subsidiary are owned, beneficially
and of record, by the Borrower or such Subsidiary free and clear of all Liens (other than Permitted Liens). There are no outstanding
commitments or other obligations of any Subsidiary to issue, and no options, warrants or other rights of any Person to acquire,
any shares of any class of capital stock or other equity interests of any Subsidiary.

 

Section
6.3. Authority and Validity of Obligations. The Borrower has full right and authority to enter into this Agreement and the
other Loan Documents executed by it, to make the borrowings herein provided for and to perform all of its obligations hereunder
and under the other Loan Documents executed by it. Each Guarantor has full right and authority to enter into the Loan Documents
executed by it, to guarantee the Obligations, Hedging Liability, and Bank Product Obligations and to perform all of its obligations
under the Loan Documents executed by it. The Loan Documents delivered by the Borrower and each Guarantor have been duly authorized,
executed, and delivered by such Persons and constitute valid and binding obligations of the Borrower and each Guarantor enforceable
against them in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether the application
of such principles is considered in a proceeding in equity or at law); and this Agreement and the other Loan Documents do not,
nor does the performance or observance by the Borrower or any Guarantor of any of the matters and things herein or therein provided
for, (a) contravene or constitute a default under any provision of law or any judgment, injunction, order or decree binding upon
the Borrower or any Guarantor or any provision of the organizational documents (e.g., charter, certificate or articles
of incorporation and by-laws, certificate or articles of association and operating agreement, partnership agreement, or other
similar organizational documents) of the Borrower or any Guarantor, (b) contravene or constitute a default under any covenant,
indenture or agreement of or affecting the Borrower or any Guarantor or any of their Property, in each case where such contravention
or default, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, or (c) result in
the creation or imposition of any Lien on any Property of the Borrower or any Guarantor (other than in favor of the Administrative
Agent for its benefit and/or the benefit of the Lenders and the L/C Issuer).

 

    	 	-43-	 

    	 

    

 

Section
6.4. Use of Proceeds; Margin Stock. The Borrower shall use the proceeds of the Revolving Credit to refinance existing indebtedness,
to fund acquisitions, to finance capital expenditures, real estate related investments and working capital, and for such other
legal and proper purposes as are consistent with all applicable Legal Requirements. Neither the Borrower nor any Guarantor is
engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation
U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Loan or any other extension of
credit made hereunder will be used to purchase or carry any such margin stock or to extend credit to others for the purpose of
purchasing or carrying any such margin stock. Margin stock (as hereinabove defined) constitutes less than 25% of the assets of
the Borrower and the Guarantors.

 

Section
6.5. Financial Reports. The consolidated balance sheet of the Borrower and its Subsidiaries as of December 31, 2016, and the
related consolidated statements of income, retained earnings and cash flows of the Borrower and its Subsidiaries for the Fiscal
Year then ended, and accompanying notes thereto, which financial statements are accompanied by the unqualified audit report of
independent public accountants heretofore furnished to the Administrative Agent and the Lenders, fairly present the consolidated
financial condition of the Borrower and its Subsidiaries as at said dates and the consolidated results of their operations and
cash flows for the periods then ended in conformity with GAAP applied on a consistent basis. To the Borrower’s knowledge,
neither the Borrower nor any Subsidiary has contingent liabilities which are material to it and are required to be set forth in
its financial statements or notes thereto in accordance with GAAP other than as indicated on such financial statements and notes
thereto (including with respect to future periods as to which this representation is required to be remade, on the financial statements
furnished pursuant to Section 8.5 hereof.

 

Section
6.6. No Material Adverse Change. Since December 31, 2016, there has been no change in the condition (financial or otherwise)
of the Borrower or any Subsidiary except those occurring in the ordinary course of business, none of which individually or in
the aggregate could reasonably be expected to have a Material Adverse Effect.

 

Section
6.7. Full Disclosure. The statements and information furnished to the Administrative Agent and the Lenders in connection with
the negotiation of this Agreement and the other Loan Documents and the commitments by the Lenders to provide all or part of the
financing contemplated hereby do not contain any untrue statements of a material fact or omit a material fact necessary to make
the material statements contained herein or therein, not misleading, the Administrative Agent and the Lenders acknowledging that
as to any projections furnished to the Administrative Agent and the Lenders, the Borrower only represents that the same were prepared
on the basis of information and estimates the Borrower believed to be reasonable.

 

    	 	-44-	 

    	 

    

 

Section
6.8. Trademarks, Franchises, and Licenses. The Borrower and its Subsidiaries own, possess, or have the right to use all necessary
patents, licenses, franchises, trademarks, trade names, trade styles, copyrights, trade secrets, know how, and confidential commercial
and proprietary information necessary to conduct their businesses as now conducted, without known conflict with any patent, license,
franchise, trademark, trade name, trade style, copyright or other proprietary right of any other Person, in each case, where the
failure to own, possess or have such rights could reasonably be expected to have a Material Adverse Effect.

 

Section
6.9. Governmental Authority and Licensing. The Borrower and its Subsidiaries have received all licenses, permits, and approvals
of all federal, state, and local governmental authorities, if any, necessary to conduct their businesses, in each case where the
failure to obtain or maintain the same could reasonably be expected to have a Material Adverse Effect. No investigation or proceeding,
which, if adversely determined, could reasonably be expected to result in revocation or denial of any material license, permit
or approval, is pending or, to the knowledge of the Borrower, threatened.

 

Section
6.10. Good Title. The Borrower and its Subsidiaries have good and defensible title (or valid leasehold interests) to their
assets as reflected on the most recent consolidated balance sheet of the Borrower and its Subsidiaries furnished to the Administrative
Agent and the Lenders (except for sales of assets in the ordinary course of business), except to the extent the failure to have
such good and defensible title (or valid leasehold interests) could not reasonably be expected to have a Material Adverse Effect.
The assets owned by the Borrower and each Guarantor are subject to no Liens, other than Permitted Liens.

 

Section
6.11. Litigation and Other Controversies. There is no litigation or governmental or arbitration proceeding or labor controversy
pending, nor to the knowledge of the Borrower threatened, against the Borrower or any Subsidiary or any of their Property which
if adversely determined, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

Section
6.12. Taxes. All material tax returns required to be filed by the Borrower or any Subsidiary in any jurisdiction have, in
fact, been filed, and all taxes, assessments, fees, and other governmental charges upon the Borrower or any Subsidiary or upon
any of its Property, income or franchises, which are shown to be due and payable in such returns, have been paid, except such
taxes, assessments, fees and governmental charges, if any, as are being contested in good faith and by appropriate proceedings
which prevent enforcement of the matter under contest and as to which adequate reserves established in accordance with GAAP have
been provided, except where the failure to pay such taxes, assessments, fees and other governmental charges could not reasonably
be expected to have a Material Adverse Effect. The Borrower does not know of any proposed additional tax assessment against the
Borrower or its Subsidiaries for which adequate provisions in accordance with GAAP have not been made on their accounts. Adequate
provisions in accordance with GAAP for taxes on the books of the Borrower and each Subsidiary have been made for all open years,
and for its current fiscal period.

 

    	 	-45-	 

    	 

    

 

Section
6.13. Approvals. Except those already received, no authorization, consent, license or exemption from, or filing or registration
with, any court or governmental department, agency or instrumentality, nor any approval or consent of any other Person, is or
will be necessary to the valid execution, delivery or performance by the Borrower or any Guarantor of any Loan Document.

 

Section
6.14. Affiliate Transactions. Except as permitted by Section 8.14 hereof, none of the Borrower or any Subsidiary is a party
to any contracts or agreements with any of its Affiliates on terms and conditions which are less favorable to the Borrower or
such Subsidiary than would be usual and customary in similar contracts or agreements between Persons not affiliated with each
other.

 

Section
6.15. Investment Company. Neither the Borrower nor any Subsidiary is an “investment company” or a company “controlled”
by an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

Section
6.16. ERISA. The Borrower and each other member of its Controlled Group has fulfilled its obligations under the minimum funding
standards of and is in compliance in all material respects with ERISA and the Code to the extent applicable to it and has not
incurred any liability to the PBGC or a Plan under Title IV of ERISA other than a liability to the PBGC for premiums under Section
4007 of ERISA where any such failure to fulfill its obligations, individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect. None of the Borrower or any Subsidiary has any material contingent liabilities with respect
to any post-retirement benefits under a Welfare Plan, other than liability for continuation coverage described in article 6 of
Title I of ERISA.

 

Section
6.17. Compliance with Laws. (a) The Borrower and its Subsidiaries are in compliance with the requirements of all Legal Requirements
applicable to or pertaining to their Property or business operations (including, without limitation, the Occupational Safety and
Health Act of 1970, the Americans with Disabilities Act of 1990, zoning regulations and laws and regulations establishing quality
criteria and standards for air, water, land and toxic or hazardous wastes and substances), where any such non-compliance, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

(b)
Without limiting the representations and warranties set forth in Section 6.17(a) above, except for such matters, individually
or in the aggregate, which could not reasonably be expected to result in a Material Adverse Effect, the Borrower represents and
warrants that: (i) the Borrower and its Subsidiaries, and each of the Real Properties, comply in all material respects with all
applicable Environmental Laws; (ii) the Borrower and its Subsidiaries have obtained all governmental approvals required for their
operations and each of the Real Properties by any applicable Environmental Law; (iii) the Borrower and its Subsidiaries have not,
and the Borrower has no knowledge of any other Person who has, caused any Release, threatened Release or disposal of any Hazardous
Material at, on, about, or off any of the Real Properties in any material quantity (other than to the extent remediated in accordance
with applicable Environmental Laws) and, to the knowledge of the Borrower, none of the Real Properties are adversely affected
by any Release, threatened Release or disposal of a Hazardous Material originating or emanating from any other property; (iv)
the Borrower and its Subsidiaries have no notice or knowledge that the Real Properties contain or have contained any: (1) other
than to the extent remediated in accordance with applicable Environmental Laws, underground storage tank or material amounts of
asbestos containing building material, (2) landfills or dumps, (3) hazardous waste management facility as defined pursuant to
RCRA or any comparable state law (other than any private sewage treatment plant maintained at any Real Property in compliance
with Environmental Laws), or (4) site on or nominated for the National Priority List promulgated pursuant to CERCLA or any state
remedial priority list promulgated or published pursuant to any comparable state law; (v) the Borrower and its Subsidiaries have
not used a material quantity of any Hazardous Material and have conducted no Hazardous Material Activity at any of the Real Properties;
(vi) the Borrower and its Subsidiaries have no material liability for response or corrective action, natural resource damage or
other harm pursuant to CERCLA, RCRA or any comparable state law; (vii) the Borrower and its Subsidiaries are not subject to, have
no notice or knowledge of and are not required to give any notice of any Environmental Claim involving the Borrower or any Subsidiary
or any of the Real Properties, and there are no conditions or occurrences at any of the Real Properties which could reasonably
be anticipated to form the basis for an Environmental Claim against the Borrower or any Subsidiary or such Real Properties; (viii)
none of the Real Properties are subject to any, and the Borrower has no knowledge of any imminent restriction on the ownership,
occupancy, use or transferability of the Real Properties in connection with any (1) Environmental Law or (2) Release, threatened
Release or disposal of a Hazardous Material, which would affect the lawful use of any such Real Property as currently used; and
(ix) there are no conditions or circumstances at any of the Real Properties which pose an unreasonable risk to the environment
or the health or safety of Persons.

 

    	 	-46-	 

    	 

    

 

(c)
The Borrower and each of its Subsidiaries is in material compliance with all Anti-Corruption Laws. The Borrower and each of its
Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws. Neither the Borrower nor
any Subsidiary has made a payment, offering, or promise to pay, or authorized the payment of, money or anything of value (a) in
order to assist in obtaining or retaining business for or with, or directing business to, any foreign official, foreign political
party, party official or candidate for foreign political office, (b) to a foreign official, foreign political party or party official
or any candidate for foreign political office, and (c) with the intent to induce the recipient to misuse his or her official position
to direct business wrongfully to the Borrower or such Subsidiary or to any other Person, in violation of any Anti-Corruption Laws.

 

Section
6.18. OFAC. (a) The Borrower is in compliance with the requirements of all OFAC Sanctions Programs applicable to it, (b) each
Subsidiary is in compliance with the requirements of all OFAC Sanctions Programs applicable to such Subsidiary, (c) the Borrower
has provided to the Administrative Agent, the L/C Issuer, and the Lenders all information requested by them regarding the Borrower,
the Subsidiaries and other Affiliates of the Borrower necessary for the Administrative Agent, the L/C Issuer, and the Lenders
to comply with all applicable OFAC Sanctions Programs, and (d) to the Borrower’s knowledge, neither the Borrower nor any
of the Subsidiaries or other Affiliates of the Borrower is, as of the Closing Date, named on the current OFAC SDN List.

 

    	 	-47-	 

    	 

    

 

Section
6.19. Other Agreements. Neither the Borrower nor any Subsidiary is in default under the terms of any covenant, indenture or
agreement of or affecting such Person or any of its Property, which default, if uncured, could reasonably be expected to have
a Material Adverse Effect.

 

Section
6.20. Solvency. The Borrower and its Subsidiaries, taken as a whole, are solvent, able to pay their debts as they become due,
and have sufficient capital to carry on their business as presently conducted and all businesses (if any) which are currently
contemplated to be undertaken by them.

 

Section
6.21. No Default. No Default or Event of Default has occurred and is continuing.

 

Section
6.22. No Broker Fees. No broker’s or finder’s fee or commission owing to any broker or finder engaged by the Borrower
or any Subsidiary will be payable with respect hereto or any of the transactions contemplated thereby; and the Borrower hereby
agrees to indemnify the Administrative Agent and the Lenders against, and agrees that it will hold the Administrative Agent and
the Lenders harmless from, any such claim, demand, or liability for any such broker’s or finder’s fees alleged to
have been incurred by the Borrower in connection herewith or therewith and any expenses (including reasonable attorneys’
fees) arising in connection with any such claim, demand, or liability.

 

Section
6.23. Condition of Property; Casualties; Condemnation. Except to the extent that the same could not reasonably be expected
to result in a Material Adverse Effect, each Real Property, in all material respects (a) is in good repair, working order and
condition, normal wear and tear excepted, (b) is free of material structural defects, (c) is not subject to material deferred
maintenance, (d) has and will have all building systems contained therein in good repair, working order and condition, normal
wear and tear excepted and (e) is not located in a flood plain or flood hazard area, or if located in a flood plain or flood hazard
area is covered by full replacement cost flood insurance. For the avoidance of doubt, in no event shall the representations contained
in the foregoing clause (a) through (d) be deemed to be applicable to any Property owned by a Tenant. None of the Real Properties
is currently adversely affected as a result of any fire, explosion, earthquake, flood, drought, windstorm, accident, strike or
other labor disturbance, embargo, requisition or taking of property or cancellation of contracts, permits or concessions by a
Governmental Authority, riot, activities of armed forces or acts of God or of any public enemy which is not in the process of
being repaired in any case in which such conditions, individually or in the aggregate, could reasonably be expected to result
in a Material Adverse Effect. No condemnation or other like proceedings that has had, or could reasonably be expected to result
in, a Material Adverse Effect, is pending, served or, to the knowledge of the Borrower, threatened against any Real Property.
Promptly after the reasonable request of the Administrative Agent, the Borrower shall deliver a current property condition report,
in form and substance reasonably acceptable to Administrative Agent from an independent engineering or architectural firm reasonably
acceptable to Administrative Agent, with respect to any Borrowing Base Property specified by Administrative Agent that, in the
reasonable determination of the Administrative Agent, has a material maintenance or structural issue that would materially and
adversely affect the value or use of such Eligible Property; provided that the Administrative Agent shall be entitled to
make only one (1) such request during the term of this Agreement unless an Event of Default has occurred and is continuing.

 

    	 	-48-	 

    	 

    

 

Section
7. Conditions Precedent.

 

Section
7.1. All Credit Events. At the time of each Credit Event:

 

(a)
each of the representations and warranties set forth herein and in the other Loan Documents shall be and remain true and correct
in all material respects (where not already qualified by materiality, otherwise in all respects) as of said time, except to the
extent the same expressly relate to an earlier date, in which case the same shall be true and correct in all material respects
(where not already qualified by materiality, otherwise in all respects) as of such earlier date;

 

(b)
no Default or Event of Default shall have occurred and be continuing or would occur as a result of such Credit Event and, after
giving effect to such extension of credit, the Revolving Credit Availability, as then determined and computed, shall be no less
than $0;

 

(c)
in the case of a Borrowing, the Administrative Agent shall have received the notice required by Section 1.6 hereof, and the L/C
Issuer shall have received (i) in the case of the issuance of any Letter of Credit, a duly completed Application for such Letter
of Credit together with any fees called for by Section 2.1 hereof, and (ii) in the case of an extension or increase in the amount
of a Letter of Credit, a written request therefore, in a form reasonably acceptable to the L/C Issuer, together with any fees
called for by Section 2.1 hereof; and

 

(d)
such Credit Event shall not violate any order, judgment or decree of any court or other authority or any provision of law or regulation
applicable to the Administrative Agent, the L/C Issuer or any Lender (including, without limitation, Regulation U of the Board
of Governors of the Federal Reserve System) as then in effect.

 

Each
request for a Borrowing hereunder and each request for the issuance of, increase in the amount of, or extension of the expiration
date of, a Letter of Credit shall be deemed to be a representation and warranty by the Borrower on the date on such Credit Event
as to the facts specified in subsections (a) through (c), inclusive, of this Section 7.1; provided, however, that the Lenders
may continue to make advances under the Revolving Credit, in the sole discretion of the Lenders, notwithstanding the failure of
the Borrower to satisfy one or more of the conditions set forth above and any such advances so made shall not be deemed a waiver
of any Default or Event of Default or other condition set forth above that may then exist.

 

    	 	-49-	 

    	 

    

 

Section
7.2. Initial Credit Event. Before or concurrently with the initial Credit Event:

 

(a)
the Administrative Agent shall have received this Agreement duly executed by the Borrower, each Guarantor, the L/C Issuer, and
the Lenders;

 

(b)
if requested by any Lender, the Administrative Agent shall have received, for such Lender, a duly executed Note of the Borrower
dated the Closing Date and otherwise in compliance with the provisions of Section 1.10 hereof;

 

(c)
the Administrative Agent shall have received evidence of insurance required to be maintained under the Loan Documents;

 

(d)
the Administrative Agent shall have received copies of the Borrower’s and each Guarantor’s articles of incorporation
and bylaws (or comparable organizational documents) and any amendments thereto, certified in each instance by an authorized officer
of the Borrower (on behalf of itself and in its capacity as a direct or indirect owner of each Guarantor);

 

(e)
the Administrative Agent shall have received copies of resolutions authorizing the execution, delivery and performance by the
Borrower and each Guarantor of this Agreement and the other Loan Documents to which it is a party and the consummation of the
transactions contemplated hereby and thereby, together with specimen signatures of the persons authorized to execute such documents
on the Borrower’s and each Guarantor’s behalf, all certified in each instance by an authorized officer of the Borrower
(on behalf of itself and in its capacity as a direct or indirect owner of each Guarantor);

 

(f)
the Administrative Agent shall have received copies of the certificates of good standing for the Borrower and each Guarantor (dated
no earlier than thirty (30) days prior to the Closing Date) from the office of the secretary of the state (or similar office)
of its incorporation or organization and of each state in which an Initial Borrowing Base Property is located;

 

(g)
the Administrative Agent shall have received a list of the Borrower’s Authorized Representatives;

 

(h)
the Administrative Agent shall have received the initial fees called for by Section 2.1 hereof;

 

(i)
the capital and organizational structure of the Borrower and its Subsidiaries shall be reasonably satisfactory to the Administrative
Agent;

 

(j)
the Administrative Agent shall have received (i) a pro forma Compliance Certificate calculated as of the Closing Date;
and (ii) a Borrowing Base Certificate showing computation of the Revolving Credit Availability with the inclusion of the Initial
Borrowing Base Properties, each in form and substance acceptable to the Administrative Agent;

 

    	 	-50-	 

    	 

    

 

(k)
the Administrative Agent shall have received a fully executed Internal Revenue Service Form W-9 for the Borrower and each Guarantor;
and the Administrative Agent and the Borrower shall have received the Internal Revenue Service Forms and any applicable attachments
required by Section 12.1(b);

 

(l)
the Administrative Agent shall have received such other agreements, instruments, documents, certificates, and opinions as the
Administrative Agent may reasonably request; and

 

(m)
the Administrative Agent and any Lender shall have received any information or materials reasonably required by the Administrative
Agent or such Lender in order to assist the Administrative Agent or such Lender in maintaining compliance with (i) the USA Patriot
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) and (ii) any applicable
“know your customer” or similar rules and regulations.

 

Section
7.3. Eligible Property Additions and Deletions to the Borrowing Base. As of the Closing Date, the Borrower represents and
warrants to the Lenders and the Administrative Agent that the Initial Borrowing Base Properties qualify as Eligible Properties
and that the information provided on Schedule 1.1 is true and correct.

 

In
the event that any Borrowing Base Property shall at any time cease to constitute an Eligible Property, (i) the Borrower shall,
as soon as reasonably possible after obtaining knowledge thereof, notify the Administrative Agent in writing of the same and (ii)
such Real Property shall automatically cease to constitute a Borrowing Base Property from the date that the same ceased to constitute
an Eligible Property (and the Property NOI of such Real Property shall therefore be excluded from the calculation of Borrowing
Base NOI) until such time as the same again qualifies as an Eligible Property and is added by the Borrower as a Borrowing Base
Property in accordance with the next succeeding paragraph. Similarly, in the event that, at any time, the Borrowing Base Requirements
shall be violated, (A) the Borrower shall, as soon as reasonably possible after obtaining knowledge thereof, notify the Administrative
Agent in writing of the same, which written notice shall include a designation by the Borrower of the Real Property or Real Properties
to be deleted as Borrowing Base Properties in order to restore compliance with the Borrowing Base Requirements, and (B) each such
Real Property shall automatically cease to constitute a Borrowing Base Property from the date of such written notice (and the
Property NOI of such Real Property shall therefore be excluded from the calculation of Borrowing Base NOI) until such time as
the same is added by the Borrower as a Borrowing Base Property in accordance with the next succeeding paragraph (provided that
the addition of the same at such time does not result in a violation of the Borrowing Base Requirements).

 

Upon
not less than ten (10) Business Days prior written notice from the Borrower to the Administrative Agent, the Borrower may, from
time to time, designate that a Real Property be added (subject to the other requirements for a Real Property qualifying as an
Eligible Property) or deleted as a Borrowing Base Property. Such notice shall be accompanied by a Borrowing Base Certificate setting
forth the components of the Borrowing Base as of the addition or deletion of the designated Real Property as a Borrowing Base
Property, and with respect to a deletion, Borrower’s certification in such detail as reasonably required by the Administrative
Agent that no Default or Event of Default is then continuing (including after taking into account the deletion of such Borrowing
Base Property) and that such deletion shall not cause the other Borrowing Base Properties to violate the Borrowing Base Requirements.
No addition of a Real Property as a Borrowing Base Property shall be permitted unless it adds not less than $2,000,000 to the
then-existing Borrowing Base Value, and all such additions shall be subject to reasonable approval by the Administrative Agent.

 

    	 	-51-	 

    	 

    

 

Notwithstanding
anything contained in this Agreement to the contrary, the Administrative Agent with the consent of the Required Lenders in their
discretion may, at the Borrower’s request, allow a Real Property to qualify as an Eligible Property despite the failure
of such Real Property to otherwise qualify as an Eligible Property.

 

Upon
the deletion of a Real Property as a Borrowing Base Property (whether automatically or as a result of an election by the Borrower,
as described above), the Guarantor which owned such Real Property, but that does not otherwise own any other Borrowing Base Property,
shall, upon the Borrower’s written request, be released from its obligations under this Agreement or, if applicable, its
separate Guaranty pursuant to documentation reasonably acceptable to the Borrower and the Administrative Agent.

 

Section
8. Covenants.

 

The
Borrower agrees that, so long as any credit is available to or in use by the Borrower hereunder, except to the extent compliance
in any case or cases is cured or waived in writing pursuant to the terms of Section 12.13 hereof:

 

Section
8.1. Maintenance of Existence. (i) The Borrower shall, and shall cause each Guarantor to, preserve and maintain its existence,
except as otherwise provided in Section 8.10(c) hereof. The Borrower shall, and shall cause each Guarantor to, preserve and keep
in force and effect all licenses, permits, franchises, approvals, patents, trademarks, trade names, trade styles, copyrights,
and other proprietary rights necessary to the proper conduct of its business, except where the failure to do so could not reasonably
be expected to have a Material Adverse Effect.

 

(ii)
(a) At least one class of common stock of the Borrower shall at all times be duly listed on the New York Stock Exchange, Inc.,
the NYSE Amex or The NASDAQ Stock Market and (b) the Borrower shall timely file all reports required to be filed by it with the
New York Stock Exchange, Inc., the NYSE Amex or The NASDAQ Stock Market, as applicable, and the Securities and Exchange Commission.

 

Section
8.2. Maintenance of Properties. The Borrower shall, and shall cause each Guarantor to, maintain, preserve, and keep all of
its Property in working condition and order (ordinary wear and tear and damage by casualty excepted), and the Borrower and each
Guarantor shall, from time to time, make all necessary repairs, renewals, replacements, additions, and betterments to its Property
so that such Property shall at all times be fully preserved and maintained, except (i) to the extent that, in the reasonable business
judgment of such Person, any such Property is no longer necessary for the proper conduct of the business of such Person and (ii)
where the failure to do so could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse
Effect. The Borrower shall not, and shall not permit any Guarantor to, amend, modify or terminate any material contract or agreement
to which it is a party if such amendment, modification or termination or waiver could reasonably be expected to cause a Material
Adverse Effect.

 

    	 	-52-	 

    	 

    

 

Section
8.3. Taxes and Assessments. The Borrower and each Guarantor shall, or shall cause its Tenants to, duly pay and discharge all
taxes, rates, assessments, fees, and governmental charges upon or against it or its Property, in each case before the same become
delinquent and before penalties accrue thereon, unless and to the extent that the same are being contested in good faith and by
appropriate proceedings which prevent enforcement of the matter under contest and adequate reserves are provided therefor.

 

Section
8.4. Insurance. The Borrower shall insure and keep insured, and shall cause each Subsidiary to insure and keep insured, with
good and responsible insurance companies all insurable Property owned by it which is of a character usually insured by Persons
similarly situated and operating like Properties against loss or damage from such hazards and risks (including flood insurance
with respect to any improvements on real Property consisting of building or parking facilities in an area designated by a governmental
body as having special flood hazards), and in such amounts, as are insured by Persons similarly situated and operating like Properties;
and the Borrower shall insure, and shall cause each Subsidiary to insure, such other hazards and risks (including, without limitation,
business interruption, employers’ and public liability risks) with good and responsible insurance companies as and to the
extent usually insured by Persons similarly situated and conducting similar businesses. The Borrower shall, upon the request of
the Administrative Agent, furnish to the Administrative Agent and the Lenders a certificate setting forth in summary form the
nature and extent of the insurance maintained pursuant to this Section 8.4.

 

Section
8.5. Financial Reports. The Borrower shall, and shall cause each Subsidiary to, maintain a standard system of accounting in
accordance with GAAP and shall furnish to the Administrative Agent, each Lender, the L/C Issuer and each of their duly authorized
representatives such information respecting the business and financial condition of the Borrower and each Subsidiary as the Administrative
Agent or such Lender may reasonably request; and without any request, shall furnish to the Administrative Agent for distribution
to the Lenders and L/C Issuer:

 

(a)
as soon as available, and in any event no later than ninety (90) days after the last day each Fiscal Year of the Borrower (commencing
with the 2017 Fiscal Year), a copy of the consolidated balance sheet of the Borrower and its Subsidiaries as of the last day of
the Fiscal Year then ended and the consolidated statements of income, retained earnings, and cash flows of the Borrower and its
Subsidiaries for the Fiscal Year then ended, and accompanying notes thereto, each in reasonable detail showing in comparative
form the figures for the previous Fiscal Year, accompanied by an unqualified opinion of independent public accountants of recognized
national standing, selected by the Borrower and reasonably satisfactory to the Administrative Agent (the Administrative Agent
hereby approving PFK O’Connor Davies, the independent public accountants engaged by the Borrower as of the Closing Date),
to the effect that the consolidated financial statements have been prepared in accordance with GAAP and present fairly in all
material respects in accordance with GAAP the consolidated financial condition of the Borrower and its Subsidiaries as of the
close of such Fiscal Year and the results of their operations and cash flows for the Fiscal Year then ended and that an examination
of such accounts in connection with such financial statements has been made in accordance with generally accepted auditing standards
and, accordingly, such examination included such tests of the accounting records and such other auditing procedures as were considered
necessary in the circumstances;

 

    	 	-53-	 

    	 

    

 

(b)
within the period provided in subsection (a) above, the written statement of the accountants who certified the audit report thereby
required that in the course of their audit they have obtained no knowledge of any Default or Event of Default, or, if such accountants
have obtained knowledge of any such Default or Event of Default, they shall disclose in such statement the nature and period of
the existence thereof;

 

(c)
as soon as available, and in any event no later than forty-five (45) days after the last day of each of the first three Fiscal
Quarters of each Fiscal Year of the Borrower (commencing with the Fiscal Quarter ending on June 30, 2017), a copy of the consolidated
balance sheet of the Borrower and its Subsidiaries as of the last day of such Fiscal Quarter and the consolidated statements of
income, retained earnings, and cash flows of the Borrower and its Subsidiaries for the Fiscal Quarter and for the Fiscal Year-to-date
period then ended, each in reasonable detail showing, in comparative form, the figures for the corresponding date and period in
the previous Fiscal Year, prepared by the Borrower in accordance with GAAP (subject to the absence of footnote disclosures and
year-end audit adjustments) and certified to by its chief financial officer or another officer of the Borrower reasonably acceptable
to the Administrative Agent;

 

(d)
as soon as available, and in any event within (i) forty-five (45) days after the last day of each of the first three Fiscal Quarters
of each Fiscal Year (commencing with the Fiscal Quarter ending on June 30, 2013) and (ii) ninety (90) days after the last day
of the last Fiscal Quarter of each Fiscal Year (commencing with the 2013 Fiscal Year), a Borrowing Base Certificate showing the
computation of the Borrowing Base in reasonable detail as of the close of business on the last day of such Fiscal Quarter, prepared
by the Borrower and certified to by its chief financial officer or another officer of the Borrower reasonably acceptable to the
Administrative Agent;

 

(e)
with each of the financial statements delivered pursuant to subsections (a) and (c) above, a compliance certificate (“Compliance
Certificate”) in the form attached hereto as Exhibit E signed by the chief financial officer of the Borrower or another
officer of the Borrower reasonably acceptable to the Administrative Agent to the effect that to such officer’s knowledge
and belief no Default or Event of Default has occurred during the period covered by such statements or, if any such Default or
Event of Default has occurred during such period, setting forth a description of such Default or Event of Default and specifying
the action, if any, taken or being taken by the Borrower or any Subsidiary to remedy the same. Such certificate shall also set
forth the calculations supporting such statements in respect of Section 8.20 hereof;

 

    	 	-54-	 

    	 

    

 

(f)
promptly after receipt thereof, any additional written reports, management letters or other detailed information contained in
writing concerning significant aspects of the Borrower’s or any Subsidiary’s operations and financial affairs
given to it by its independent public accountants;

 

 (g) promptly
after the sending or filing thereof, copies of each financial statement, report, notice or proxy statement sent by the Borrower
or any Subsidiary to its stockholders or other equity holders, and upon written request from the Administrative Agent, copies
of each regular, periodic or special report, registration statement or prospectus (including all Form 10-K, Form 10-Q and Form
8-K reports) filed by the Borrower or any Subsidiary with any securities exchange or the Securities and Exchange Commission or
any successor agency;

 

 (h) promptly
after receipt thereof, a copy of each audit made by any regulatory agency of the books and records of the Borrower or any Subsidiary
or of notice of any material noncompliance with any applicable Legal Requirements relating to the Borrower or any Subsidiary,
or its business;

 

 (i) as
soon as available, and in any event within thirty (30) days after the end of each Fiscal Year of the Borrower, a copy of the Borrower’s
budget for the following year including consolidated projections of revenues, expenses and balance sheet on a quarter-by-quarter
basis, with such projections in reasonable detail prepared by the Borrower and in form satisfactory to the Administrative Agent
(which shall include a summary of all significant assumptions made in preparing such budget);

 

 (j) notice
of any Change of Control;

 

 (k) promptly
after any Responsible Officer of the Borrower obtaining knowledge thereof, written notice of (i) any threatened (in writing) or
pending litigation or governmental or arbitration proceeding or labor controversy against the Borrower or any Subsidiary or any
of their Property which could reasonably be expected to have a Material Adverse Effect, (ii) the occurrence of any other matter
which could reasonably be expected to have a Material Adverse Effect or (iii) the occurrence of any Default or Event of Default;

 

 (l) with
each of the financial statements delivered pursuant to subsections (a) and (c) above, if there have been any changes to the organizational
chart of the Borrower and the Subsidiaries during the most recently ended Fiscal Quarter, a revised organizational chart, together
with a summary of the changes; and

 

    	 	-55-	 

    	 

    

 

 (m) promptly
after the request of any Lender, any other information or report reasonably requested by a Lender provided that any such requested
information or report is available or can be generated by the Borrower using commercially reasonable efforts;

 

provided,
however, to the extent such items set forth above are filed with the Securities and Exchange Commission or otherwise are publicly
available, the Borrower shall be deemed to have satisfied this covenant once it provides notice to the Administrative Agent of
such availability.

 

 Section
8.6. Inspection. The Borrower shall, and shall cause each Subsidiary to, permit the Administrative Agent and each of its
duly authorized representatives and agents, during normal business hours, to visit and inspect any of its Property, corporate
books, and financial records, to examine and make copies of its books of accounts and other financial records (which shall be
subject to the confidentiality requirements of Section 12.25 hereof), and to discuss its affairs, finances, and accounts with,
and to be advised as to the same by, its officers, employees and independent public accountants (and by this provision the Borrower
hereby authorizes such accountants to discuss with the Administrative Agent the finances and affairs of the Borrower and its Subsidiaries)
at such reasonable times and intervals as the Administrative Agent may designate and, so long as no Default or Event of Default
is then continuing, with reasonable prior notice to the Borrower. The Administrative Agent shall use reasonable efforts to coordinate
inspections undertaken in accordance with this Section 8.6 to (i) minimize the administrative burden of such inspections on the
Borrower and their Subsidiaries, (ii) minimize the interference with the business of the Borrower and their Subsidiaries and (iii)
not disturb the occupancy of any Real Property by any Tenant.

 

 Section
8.7. Liens. The Borrower shall not, nor shall it permit any Guarantor to, create, incur or permit to exist any Lien
of any kind on any Property owned by any such Person, other than Permitted Liens.

 

 Section
8.8. Investments, Acquisitions, Loans and Advances. The Borrower shall not, nor shall it permit any Subsidiary to (i) directly
or indirectly, make, retain or have outstanding any investments (whether through the purchase of stock or obligations or otherwise)
in any Person, real property or improvements on real property, or any loans, advances, lines of credit, mortgage loans or other
financings (including pursuant to sale/leaseback transactions) to any other Person, or (ii) acquire any real property, improvements
on real property or all or any substantial part of the assets or business of any other Person or division thereof; provided,
however, that the foregoing shall not apply to nor operate to prevent, with respect to the Borrower or any Subsidiary, any
of the following:

 

 (a) investments
in direct obligations of the United States of America or of any agency or instrumentality thereof whose obligations constitute
full faith and credit obligations of the United States of America, provided that any such obligations shall mature within one
(1) year of the date of issuance thereof;

 

 (b) investments
in commercial paper with a Rating of at least P-1 by Moody’s and at least A-1 by S&P maturing within one (1) year of
the date of issuance thereof;

 

    	 	-56-	 

    	 

    

 

 (c) investments
in certificates of deposit issued by any Lender or by any United States commercial bank having capital and surplus of not less
than $100,000,000 which have a maturity of one (1) year or less;

 

 (d) investments
in repurchase obligations with a term of not more than seven (7) days for underlying securities of the types described in subsection
(a) above entered into with any bank meeting the qualifications specified in subsection (c) above, provided all such agreements
require physical delivery of the securities securing such repurchase agreement, except those delivered through the Federal Reserve
Book Entry System;

 

 (e) investments
in money market funds that invest solely, and which are restricted by their respective charters to invest solely, in investments
of the type described in the immediately preceding subsections (a), (b), (c), and (d) above;

 

 (f) the
Borrower’s investments from time to time in Stock and Stock Equivalents (including, for the avoidance of doubt, marketable
securities) issued by any real estate company or real estate investment trust (“REIT Shares”); provided
that at least 90% of such REIT Shares shall issued by real estate companies listed on the New York Stock Exchange, Inc., the
NYSE AMEX or the NASDAQ Stock Market;

 

 (g) the
Borrower’s investments from time to time in its Subsidiaries, and investments made from time to time by a Subsidiary in
one or more of its Subsidiaries;

 

 (h) intercompany
advances made from time to time among the Borrower and its Subsidiaries in the ordinary course of business to finance working
capital needs;

 

 (i) investments
from time to time in individual Real Properties (including Eligible Properties) or in entities which own such individual Real
Properties (including Eligible Properties), provided that such investment does not cause a breach of the financial covenants set
forth in Section 8.20 hereof or clauses (k), (l) or (m) below;

 

 (j) cash
investments in joint ventures in an amount not to exceed in the aggregate at any one time outstanding 10% of the Total Asset Value
at such time;

 

 (k) investments
in Assets Under Development in an amount not to exceed in the aggregate at any one time outstanding 10% of the Total Asset Value
at such time;

 

 (l) investments
in Land Assets in an amount not to exceed in the aggregate at any one time outstanding 10% of the Total Asset Value at such time;

 

 (m)
investments in Ground Leases in an amount not to exceed in the aggregate at any one time outstanding 10% of the Total Asset Value
at such time;

 

 (n)
investments in deposit account and securities accounts opened in the ordinary course of business and in compliance with the terms
of this Agreement;

 

    	 	-57-	 

    	 

    

 

 (o) investments
pursuant to Hedging Agreements that are not otherwise prohibited by the terms of this Agreement;

 

 (p) investments
in manufactured homes for lease or resale; and

 

 (q) purchase
money loans made by UMH Sales and Finance Inc. (a Subsidiary), or any successor thereto, to purchasers of manufactured homes;
and

 

(r)
other investments in addition to those otherwise permitted by this Section in an amount not to exceed in the aggregate at any
one time 5% of the Total Asset Value at such time.

 

Investments
of the type described in clauses (j), (k), (l), (m), and (r) immediately preceding shall, at no time, exceed in the aggregate
at any one time, 20% of the Total Asset Value of the Borrower and its Subsidiaries at such time. In determining the amount of
investments, acquisitions, loans, and advances permitted under this Section, investments and acquisitions shall always be taken
at the book value (as defined in GAAP) thereof, and loans and advances shall be taken at the principal amount thereof then remaining
unpaid.

 

 Section
8.9. Mergers, Consolidations and Sales. Except with the prior written consent of the Required Lenders (which shall not
be unreasonably withheld, conditioned or delayed), the Borrower shall not, nor shall it permit any Subsidiary to, be a party to
any merger or consolidation, or sell, transfer, lease or otherwise dispose of all or any part of its Property, including any disposition
of Property as part of a sale and leaseback transaction, or in any event sell or discount (with or without recourse) any of its
notes or accounts receivable; provided, however, so long as no Default or Event of Default is then continuing, this Section
shall not apply to nor operate to prevent:

 

 (a) the
sale, transfer, lease or other disposition of Property of the Borrower or any of its Subsidiaries to one another in the ordinary
course of its business;

 

 (b) the
merger of any Subsidiary with and into the Borrower or any other Subsidiary, provided that, in the case of any merger involving
the Borrower, the Borrower is the entity surviving the merger;

 

 (c) the
sale, transfer or other disposition of any tangible personal property in the ordinary course of business;

 

 (d) Leases
of portions of any Real Property to Tenants;

 

 (e) the
sale, transfer, lease or other disposition of manufactured homes in the ordinary course of business of the Borrower or any Subsidiary;

 

 (f) the
sale or transfer of REIT Shares;

 

    	 	-58-	 

    	 

    

 

 (g) any
sale, transfer, lease or other disposition of Property of the Borrower or any Subsidiary (including any disposition of Property
as part of a sale and leaseback transaction) that is not otherwise expressly permitted by the foregoing clauses and for net consideration
that is not more than ten percent (10%) of the Total Asset Value of the Borrower (i) for the 2016 Fiscal Year, on the date of
this Agreement, or (ii) for any subsequent Fiscal Year, the last day of the Fiscal Year immediately preceding such sale, transfer,
lease or other disposition;

 

 (h) any
merger if it results in the simultaneous payoff in immediately available funds of the Obligations;

 

 (i) to
the extent constituting an Investment, transactions expressly permitted under Section 8.8; and

 

 (j) any
issuance, assignment, sale or transfer of Stock or other equity interests of the Borrower so long as such issuance, assignment,
sale or transfer shall not cause a Change of Control to occur.

 

 Section
8.10. Maintenance of Subsidiaries. The Borrower shall not assign, sell or transfer, nor shall it permit any Guarantor to
issue, assign, sell or transfer, any shares of capital stock or other equity interests of a Guarantor to any Person that is not
a wholly-owned direct or indirect subsidiary of the Borrower; provided, however, that the foregoing shall not operate to
prevent (a) Liens on the capital stock or other equity interests of Guarantors granted to the Administrative Agent, (b) the issuance,
sale and transfer to any Person of any shares of capital stock of a Guarantor solely for the purpose of qualifying, and to the
extent legally necessary to qualify, such person as a director of such Subsidiary, and (c) any transaction permitted by Section
8.9(b) above.

 

 Section
8.11. ERISA. The Borrower shall, and shall cause each Subsidiary to, promptly pay and discharge all obligations and liabilities
arising under ERISA of a character which if unpaid or unperformed could reasonably be expected to result in the imposition of
a Lien against any of its Property. The Borrower shall, and shall cause each Subsidiary to, promptly notify the Administrative
Agent and each Lender of: (a) the occurrence of any reportable event (as defined in Section 4043 of ERISA) with respect to a Plan,
(b) receipt of any notice from the PBGC of its intention to seek termination of any Plan or appointment of a trustee therefor,
(c) its intention to terminate or withdraw from any Plan, and (d) the occurrence of any event with respect to any Plan which would
result in the incurrence by the Borrower or any Subsidiary of any material liability, fine or penalty, or any material increase
in the contingent liability of the Borrower or any Subsidiary with respect to any post-retirement Welfare Plan benefit. The Borrower
shall not, and shall not permit any Subsidiary to, permit any of its respective assets to become or be deemed to be “plan
assets” within the meaning of ERISA, the Code or any of the respective regulations promulgated thereunder.

 

    	 	-59-	 

    	 

    

 

 Section
8.12. Compliance with Laws. (a) The Borrower shall, and shall cause each Subsidiary to, comply in all respects with all
Legal Requirements applicable to or pertaining to its Property or business operations, where any such non-compliance, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

 (b) The
Borrower shall, and shall cause each Subsidiary to, at all times, do the following to the extent the failure to do so, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect: (i) comply in all material respects with,
and maintain each of the Real Properties in compliance in all material respects with, all applicable Environmental Laws; (ii)
use commercially reasonable efforts to require that each Tenant of any of the Real Properties or any part thereof comply in all
material respects with all applicable Environmental Laws; (iii) obtain and maintain in full force and effect all material governmental
approvals required by any applicable Environmental Law for operations at each of the Real Properties; (iv) cure any material violation
of applicable Environmental Laws by it or at any of the Real Properties; (v) not allow the presence or operation at any of the
Real Properties of any (1) landfill or dump or (2) hazardous waste management facility or solid waste disposal facility as defined
pursuant to RCRA or any comparable state law (other than any private sewage treatment plant maintained at any Real Property in
compliance with Environmental Laws); (vi) not manufacture, use, generate, transport, treat, store, release, dispose or handle
any Hazardous Material at any of the Properties except in the ordinary course of its business and in compliance with Environmental
Laws; (vii) within ten (10) Business Days after receipt of written notice of the same in connection with the Borrower, any Subsidiary
or any of the Real Properties, notify the Administrative Agent in writing of, and provide any reasonably requested documents with
respect to, any of the following: (1) any material liability for response or corrective action, natural resource damage or other
harm pursuant to CERCLA, RCRA or any comparable state law; (2) any material Environmental Claim; (3) any material violation of
an Environmental Law or material Release, threatened Release or disposal of a Hazardous Material; (4) any restriction on the ownership,
occupancy, use or transferability arising pursuant to any (x) Release, threatened Release or disposal of a Hazardous Material
or (y) Environmental Law; or (5) any environmental, natural resource, health or safety condition which could reasonably be expected
to have a Material Adverse Effect; (viii) conduct, at its expense, any investigation, study, sampling, testing, abatement, cleanup,
removal, remediation or other response action necessary to remove, remediate, clean up or abate any material Release, threatened
Release or disposal of a Hazardous Material as required to be performed by any applicable Environmental Law, (ix) abide by and
observe any restrictions on the use of the Real Properties imposed by any Governmental Authority as set forth in a deed or other
instrument affecting the Borrower’s or any Subsidiary’s interest therein; (x) promptly provide or otherwise make available
to the Administrative Agent any reasonably requested environmental record concerning the Real Properties which the Borrower or
any Subsidiary possesses or can reasonably obtain; and (xi) perform, satisfy, and implement any operation or maintenance actions
required by any Governmental Authority or Environmental Law or included in any no further action letter or covenant not to sue
issued by any Governmental Authority under any Environmental Law.

 

 Section
8.13. Compliance with OFAC Sanctions Programs and Anti-Corruption Laws. (a) The Borrower shall at all times comply with
the requirements of all OFAC Sanctions Programs applicable to the Borrower and shall cause each of its Subsidiaries to comply
with the requirements of all OFAC Sanctions Programs applicable to such Subsidiary.

 

    	 	-60-	 

    	 

    

 

 (b) The
Borrower shall provide the Administrative Agent, the L/C Issuer, and the Lenders any information regarding the Borrower, its Subsidiaries
and its other Affiliates necessary for the Administrative Agent, the L/C Issuer, and the Lenders to comply with all applicable
OFAC Sanctions Programs; subject, however, in the case of Affiliates (other than the Subsidiaries), to the Borrower’s ability
to provide information applicable to them.

 

 (c) If
the Borrower obtains actual knowledge or receives any written notice that the Borrower, any Subsidiary, or any officer, director
or Affiliate of the Borrower or that any Person that owns or controls any such Person is the target of any OFAC Sanctions Programs
or is located, organized or resident in a country or territory that is, or whose government is, the subject of any OFAC Sanctions
Programs (such occurrence, an “OFAC Event”), the Borrower shall promptly (i) give written notice to the Administrative
Agent and the Lenders of such OFAC Event, and (ii) comply in all material respects with all applicable laws with respect to such
OFAC Event (regardless of whether the target Person is located within the jurisdiction of the United States of America), including
the OFAC Sanctions Programs, and the Borrower hereby authorizes and consents to the Administrative Agent and the Lenders taking
any and all steps the Administrative Agent or the Lenders deem necessary, in their sole but reasonable discretion, to avoid violation
of all applicable laws with respect to any such OFAC Event, including the requirements of the OFAC Sanctions Programs (including
the freezing and/or blocking of assets and reporting such action to OFAC).

 

 (d) The
Borrower will not, directly or, to the Borrower’s knowledge, indirectly, use the proceeds of the Facilities, or lend, contribute
or otherwise make available such proceeds to any other Person, (i) to fund any activities or business of or with any Person or
in any country or territory, that, at the time of such funding, is, or whose government is, the subject of any OFAC Sanctions
Programs, or (ii) in any other manner that would result in a violation of OFAC Sanctions Programs or Anti-Corruption Laws by any
Person (including any Person participating in the facilities hereunder, whether as underwriter, lender, advisor, investor, or
otherwise).

 

 (e) The
Borrower will not, nor will it permit any Subsidiary to, violate any Anti-Corruption Law in any material respect.

 

 (f) The
Borrower will maintain in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries, and
its directors, officers, employees, and agents with applicable Anti-Corruption Laws.

 

 Section
8.14. Burdensome Contracts With Affiliates. The Borrower shall not, nor shall it permit any Subsidiary to, enter into any
contract, agreement or business arrangement with any of its Affiliates on terms and conditions which are less favorable to the
Borrower or such Subsidiary than would be usual and customary in similar contracts, agreements or business arrangements between
Persons not affiliated with each other.

 

 Section
8.15. No Changes in Fiscal Year. The Fiscal Year of the Borrower and its Subsidiaries ends on December 31 of each year;
and the Borrower shall not, nor shall it permit any Subsidiary to, change its Fiscal Year from its present basis.

 

    	 	-61-	 

    	 

    

 

 Section
8.16. Formation of Subsidiaries. Promptly upon the formation or acquisition of any Guarantor, the Borrower shall provide
the Administrative Agent and the Lenders notice thereof and timely comply with the requirements of Section 4.2 hereof.

 

 Section
8.17. Change in the Nature of Business. The Borrower shall not, nor shall it permit any Subsidiary to, engage in any business
or activity if, as a result thereof, the general nature of the business of the Borrower or any Subsidiary would be changed in
any material respect from the general nature of the business engaged in by it as of the Closing Date, provided that nothing herein
shall be deemed to prohibit or restrict the Borrower or any Subsidiary from engaging in any business which is reasonably related
to the core business engaged in by it on the Closing Date.

 

 Section
8.18. Use of Proceeds. The Borrower shall use the credit extended under this Agreement solely for the purposes set forth
in, or otherwise permitted by, Section 6.4 hereof.

 

 Section
8.19. No Restrictions. Except as provided herein, the Borrower shall not, nor shall it permit any Guarantor to, directly
or indirectly create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any
kind on the ability of the Borrower or any Guarantor to: (a) pay Dividends or make any other distribution on any Subsidiary’s
capital stock or other equity interests owned by the Borrower or any other Subsidiary, (b) pay any indebtedness owed to the Borrower
or any other Subsidiary, (c) make loans or advances to the Borrower or any other Subsidiary, (d) transfer any of its Property
to the Borrower or any other Subsidiary; provided, however, that the foregoing does not apply to any limitation on transfers
of property this is subject to a Permitted Lien, or (e) guarantee the Obligations, Hedging Liability, and Bank Product Obligations
and/or grant Liens on its assets to the Administrative Agent.

 

 Section
8.20. Financial Covenants.

 

 (a) Maximum
Total Indebtedness to Total Asset Value Ratio. As of the Closing Date and the last day of each Fiscal Quarter commencing with
the Fiscal Quarter ending June 30, 2017, the Borrower shall not permit the ratio of (i) Total Indebtedness as of such date to
(ii) Total Asset Value as of such date to be greater than 0.60 to 1.00.

 

 (b) Minimum
EBITDA to Fixed Charges Ratio. As of the Closing Date and the last day of each Fiscal Quarter commencing with the Fiscal Quarter
ending June 30, 2017, the Borrower shall not permit the ratio of (i) EBITDA for the Rolling Period then ended to (ii) Fixed Charges
for such Rolling Period to be less than 1.50 to 1.00.

 

 (c) [Intentionally
Omitted].

 

 (d) Maximum
Other Recourse Debt to Total Asset Value Ratio. As of the Closing Date and the last day of each Fiscal Quarter commencing
with the Fiscal Quarter ending June 30, 2017, the Borrower shall not permit the ratio of (i) Other Recourse Debt as of the last
day of such Fiscal Quarter to (ii) Total Asset Value as of such date to be greater than 0.20 to 1.00.

 

    	 	-62-	 

    	 

    

 

 (e) Maintenance
of Net Worth. The Borrower shall, as of the Closing Date and the last day of each Fiscal Quarter of the Borrower commencing
with the Fiscal Quarter ending June 30, 2017, maintain a Tangible Net Worth of not less than the sum of (a) $253,000,000 plus
(b) 85% of the aggregate net proceeds received by the Borrower or any of its Subsidiaries after the Closing Date in connection
with any offering of Stock or Stock Equivalents of the Borrower or the Subsidiaries.

 

 (f) Maximum
Floating Rate Debt. The Borrower shall not at any time permit the aggregate outstanding amount of Floating Rate Debt of the
Borrower and its Subsidiaries to exceed 25% of the Total Asset Value at such time.

 

 Section
8.21. Electronic Delivery of Certain Information. (a) Documents, including financial reports to be delivered pursuant to
Section 8.5 hereof, required to be delivered pursuant to this Agreement may be delivered by electronic communication and delivery,
including, the Internet, including the website maintained by the Securities and Exchange Commission, e-mail or intranet websites
to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored
or hosted by the Administrative Agent) provided that the foregoing shall not apply to (i) notices to any Lender (or the L/C Issuer)
pursuant to Section 1. The Administrative Agent 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 on the date and time on which the Administrative
Agent or the Borrower posts such documents or the documents become available on a commercial website and the Borrower notifies
the Administrative Agent of said posting by causing an e-mail notification to be sent to an e-mail address specified from time
to time by the Administrative Agent 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 on a Business Day, said posting date and time shall be deemed to have
commenced as of 9:00 a.m. Chicago time on the opening of business on the next Business Day for the recipient. Notwithstanding
anything contained herein, in every instance the Borrower shall be required to provide paper copies of the certificates required
by Sections 8.5(d) and 8.5(e) to the Administrative Agent. Except for the certificates required by Sections 8.5(d) and 8.5(e),
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.

 

 (b) Documents
required to be delivered pursuant to Section 1 may be delivered electronically to a website provided for such purpose by the Administrative
Agent pursuant to the procedures provided to the Borrower by the Administrative Agent.

 

 Section
8.22. Post-Closing Matters. Promptly, but in any event no later than thirty (30) days after the Closing Date, the Borrower
shall have delivered or caused to be delivered to the Administrative Agent, a duly executed opinion of counsel to the Borrower
and each Guarantor, in form and substance reasonably satisfactory to the Administrative Agent.

 

    	 	-63-	 

    	 

    

 

Section
9. Events of Default and Remedies.

 

 Section
9.1. Events of Default. Any one or more of the following shall constitute an “Event of Default”
hereunder:

 

 (a) default
in the payment when due of (i) all or any part of the principal of any Loan (whether at the stated maturity thereof or at any
other time provided for in this Agreement, including a mandatory prepayment required by Section 1.8(b)), (ii) any Reimbursement
Obligation (except in any case in which a Loan has been made in the amount of the Reimbursement Obligations then due and the proceeds
thereof applied to pay such Reimbursement Obligations as contemplated by Section 1.2(c)) (iii) any payment when due of any interest
or (iv) any fee or other Obligation payable hereunder or under any other Loan Document, with such default in payment continuing
for (A) in the case of the foregoing clauses (ii) and (iii), three (3) Business Days after receipt of written notice thereof from
the Administrative Agent and (B) in the case of the foregoing clause (iv), five (5) Business Days after receipt of written notice
thereof from the Administrative Agent;

 

 (b) default
in the observance or performance of any covenant set forth in Sections 8.1, 8.5, 8.7, 8.8, 8.9, 8.10, 8.11, 8.20 or 8.22 hereof;

 

 (c) default
in the observance or performance of any other provision hereof or of any other Loan Document which is not remedied within thirty
(30) days after the earlier of (i) the date on which such failure shall first become known to any Responsible Officer of the Borrower
and (ii) written notice thereof is given to the Borrower by the Administrative Agent; provided, however, if such a default
is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and provided further that the Borrower
shall have commenced to cure such default within such thirty (30) day period and thereafter diligently and expeditiously proceeds
to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for the Borrower in the
exercise of due diligence to cure such default, provided such additional period shall not exceed sixty (60) days;

 

 (d) any
representation or warranty made herein or in any other Loan Document or in any certificate furnished to the Administrative Agent
or the Lenders pursuant hereto or thereto or in connection with any transaction contemplated hereby or thereby proves untrue in
any material respect as of the date of the issuance or making or deemed making thereof;

 

 (e) any
event occurs or condition exists (other than those described in subsections (a) through (d) above) which is specified as an event
of default under any of the other Loan Documents (and the related grace and/or cure period, if any, shall have expired), or any
of the Loan Documents shall for any reason not be or shall cease to be in full force and effect or is declared to be null and
void;

 

    	 	-64-	 

    	 

    

 

 (f) default
(with expiration of any grace and/or cure periods related thereto) shall occur under (x) any Indebtedness issued, assumed or guaranteed
by the Borrower or any Guarantor aggregating in excess of (i) with respect to any recourse Indebtedness issued, assumed or guaranteed
by the Borrower or any Guarantor, $1,000,000 in the aggregate, or (ii) respect to any other Indebtedness issued, assumed or guaranteed
by the Borrower or any Guarantor, $5,000,000 in the aggregate, or a default (with expiration of any grace and/or cure periods
related thereto) shall occur with respect to any Indebtedness issued, assumed or guaranteed by the Borrower or any Guarantor,
and such default shall continue for a period of time sufficient to permit the acceleration of the maturity of any such Indebtedness
(whether or not such maturity is in fact accelerated);

 

 (g) any
judgment or judgments, writ or writs or warrant or warrants of attachment, or any similar process or processes, shall be entered
or filed against the Borrower or any Guarantor, or against any of its respective Property, in an aggregate amount in excess of
$5,000,000 (except to the extent fully covered by insurance pursuant to which the insurer has accepted liability therefor in writing),
and which remains undischarged, unvacated, unbonded or unstayed for a period of sixty (60) days;

 

 (h) the
Borrower or any Guarantor, or any member of its Controlled Group, shall fail to pay when due an amount or amounts aggregating
in excess of $5,000,000 which it shall have become liable to pay to the PBGC or to a Plan under Title IV of ERISA; or notice of
intent to terminate a Plan or Plans having aggregate Unfunded Vested Liabilities in excess of $5,000,000 (collectively, a “Material
Plan”) shall be filed under Title IV of ERISA by the Borrower or any Guarantor, or any other member of its Controlled
Group, any plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA
to terminate or to cause a trustee to be appointed to administer any Material Plan or a proceeding shall be instituted by a fiduciary
of any Material Plan against the Borrower or any Guarantor, or any member of its Controlled Group, to enforce Section 515 or 4219(c)(5)
of ERISA and such proceeding shall not have been dismissed within thirty (30) days thereafter; or a condition shall exist by reason
of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated;

 

 (i) any
Change of Control shall occur;

 

 (j) the
Borrower or any Guarantor shall (i) admit in writing its inability to pay, its debts generally as they become due, (ii) make an
assignment for the benefit of creditors, (iii) apply for, seek, consent to or acquiesce in, the appointment of a receiver, custodian,
trustee, examiner, liquidator or similar official for it or any substantial part of its Property, (iv) institute any proceeding
seeking to have entered against it an order for relief under the United States Bankruptcy Code, as amended, to adjudicate it insolvent,
or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under
any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading
denying the material allegations of any such proceeding filed against it within sixty (60) days, (v) take any board of director
or shareholder action (including the convening of a meeting) in furtherance of any matter described in parts (i) through (iv)
above, or (vi) fail to contest in good faith any appointment or proceeding described in Section 9.1(k) hereof;

 

    	 	-65-	 

    	 

    

 

 (k) an
order for relief under the United States Bankruptcy Code, as amended, shall have entered involuntarily against the Borrower or
any Guarantor or a custodian, receiver, trustee, examiner, liquidator or similar official shall be appointed for the Borrower
or any Guarantor, or any substantial part of its Property and such appointment continues undischarged or such proceeding continues
undismissed or unstayed for a period of sixty (60) days;

 

 (l) the
Common Stock of Borrower fails to be duly listed on the New York Stock Exchange, Inc., the NYSE Amex or The NASDAQ Stock Market.

 

 Section
9.2. Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of
Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice
to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of
the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders,
declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding
Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other
amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed
by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, the Borrower immediately either
(i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative
Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C
Issuer such Letter of Credit for cancellation, and the Borrower agrees to immediately take such action and acknowledges and agrees
that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative
Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether
or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving
notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other
Lenders, but the failure to do so shall not impair or annul the effect of such notice.

 

 Section
9.3. Bankruptcy Defaults. When any Event of Default described in subsections (j) or (k) of Section 9.1 hereof with respect
to the Borrower has occurred and is continuing, all outstanding Loans shall immediately become due and payable together with all
other amounts payable under the Loan Documents without presentment, demand, protest or notice of any kind, the obligation of the
Lenders to extend further credit pursuant to any of the terms hereof shall immediately terminate and, with respect to each Letter
of Credit then outstanding, the Borrower immediately either (i) pay to the Administrative Agent the full amount then available
for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount
thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellation, the Borrower acknowledging
and agreeing that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and
that the Lenders, and the Administrative Agent on their behalf, shall have the right to require the Borrower to specifically perform
such undertaking whether or not any draws or other demands for payment have been made under any of the Letters of Credit.

 

    	 	-66-	 

    	 

    

 

 Section
9.4. Collateral for Undrawn Letters of Credit. (a) If the prepayment of the amount available for drawing under any or all
outstanding Letters of Credit is required under Section 1.8(b), Section 1.14, Section 9.2 or Section 9.3 above, the Borrower shall
forthwith pay the amount required to be so prepaid, to be held by the Administrative Agent as provided in subsection (b) below.

 

 (b) All
amounts prepaid pursuant to subsection (a) above shall be held by the Administrative Agent in one or more separate collateral
accounts (each such account, and the credit balances, properties, and any investments from time to time held therein, and any
substitutions for such account, any certificate of deposit or other instrument evidencing any of the foregoing and all proceeds
of and earnings on any of the foregoing being collectively called the “Collateral Account”) as security for,
and for application by the Administrative Agent (to the extent available) to, the reimbursement of any payment under any Letter
of Credit then or thereafter made by the L/C Issuer, and to the payment of the unpaid balance of all other Obligations (and to
all Hedging Liability and Bank Product Obligations). The Collateral Account shall be held in the name of and subject to the exclusive
dominion and control of the Administrative Agent for the benefit of the Administrative Agent, the Lenders, and the L/C Issuer.
If and when requested by the Borrower, the Administrative Agent shall invest funds held in the Collateral Account from time to
time in direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United
States of America with a remaining maturity of one year or less, provided that the Administrative Agent is irrevocably
authorized to sell investments held in the Collateral Account when and as required to make payments out of the Collateral Account
for application to amounts then due and owing from the Borrower to the L/C Issuer, the Administrative Agent or the Lenders. If
the Borrower shall have made payment of all obligations referred to in subsection (a) above required under Section 1.8(b) hereof,
if any, at the request of the Borrower the Administrative Agent shall release to the Borrower amounts held in the Collateral Account
so long as at the time of the release and after giving effect thereto no Default or Event of Default is then continuing. If the
Borrower shall have made payment of all obligations referred to in subsection (a) above required under Section 9.2 or 9.3 hereof,
so long as no Letters of Credit, Commitments, Loans or other Obligations, Hedging Liability, or Bank Product Obligations remain
outstanding, at the request of the Borrower the Administrative Agent shall release to the Borrower any remaining amounts held
in the Collateral Account.

 

 (c) At
any time that there shall exist a Defaulting Lender, within one Business Day following the written request of the Administrative
Agent or any L/C Issuer (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the L/C Issuers’
Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 1.14(a)(iv) and any Cash Collateral
provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

 

    	 	-67-	 

    	 

    

 

 (i) Grant
of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant
to the Administrative Agent, for the benefit of the L/C Issuers, and agree to maintain, a first priority security interest in
all such Cash Collateral as security for such Defaulting Lender’s obligation to fund participations in respect of L/C Obligations,
to be applied pursuant to clause (ii) below. 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 L/C Issuer as herein provided, or that the total
amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower shall, 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).

 

 (ii) Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 9.4 or Section
1.14 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund
participations in respect of L/C Obligations (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.

 

 (iii) Termination
of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce any L/C Issuer’s Fronting Exposure
shall no longer be required to be held as Cash Collateral pursuant to this Section 9.4(c) following (A) the elimination of the
applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (B) the determination
by the Administrative Agent and the L/C Issuer that there exists excess Cash Collateral; provided that, subject to Section
1.14 the Person providing Cash Collateral and the L/C Issuer may agree that Cash Collateral shall be held to support future anticipated
Fronting Exposure or other obligations and provided further that to the extent that such Cash Collateral was provided by
the Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents.

 

 Section
9.5. Notice of Default. The Administrative Agent shall give notice to the Borrower under Section 9.1(c) hereof promptly
upon being requested to do so by any Lender and shall thereupon notify all the Lenders thereof.

 

Section
10. Change in Circumstances.

 

 Section
10.1. Change of Law. Notwithstanding any other provisions of this Agreement or any other Loan Document, if at any time
any Change in Law makes it unlawful for any Lender to make or continue to maintain any Eurodollar Loans or to perform its obligations
as contemplated hereby, such Lender shall promptly give notice thereof to the Borrower and such Lender’s obligations to
make or maintain Eurodollar Loans under this Agreement shall be suspended until it is no longer unlawful for such Lender to make
or maintain Eurodollar Loans. The Borrower shall prepay on demand the outstanding principal amount of any such affected Eurodollar
Loans, together with all interest accrued thereon and all other amounts then due and payable to such Lender under this Agreement;
provided, however, subject to all of the terms and conditions of this Agreement, the Borrower may then elect to borrow
the principal amount of the affected Eurodollar Loans from such Lender by means of Base Rate Loans from such Lender, which Base
Rate Loans shall not be made ratably by the Lenders but only from such affected Lender.

 

    	 	-68-	 

    	 

    

 

 Section
10.2. Unavailability of Deposits or Inability to Ascertain, or Inadequacy of, LIBOR. If on or prior to the first day of
any Interest Period for any Borrowing of Eurodollar Loans:

 

 (a) the
Administrative Agent determines in good faith that deposits in U.S. Dollars (in the applicable amounts) are not being offered
to it in the interbank eurodollar market for such Interest Period, or that by reason of circumstances affecting the interbank
eurodollar market adequate and reasonable means do not exist for ascertaining the applicable LIBOR, or

 

 (b) the
Required Lenders in good faith advise the Administrative Agent that (i) LIBOR as determined by the Administrative Agent will not
adequately and fairly reflect the cost to such Lenders of funding their Eurodollar Loans for such Interest Period or (ii) that
the making or funding of Eurodollar Loans becomes impracticable,

 

then
the Administrative Agent shall forthwith give notice thereof to the Borrower and the Lenders, whereupon until the Administrative
Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, the obligations of the Lenders
to make Eurodollar Loans shall be suspended.

 

 Section
10.3. Increased Cost and Reduced Return. (a) If any Change in Law shall:

 

 (i) subject
any Lender (or its Lending Office) or the L/C Issuer to any Tax (other than (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (d) of the definition of Excluded Taxes, and (C) Connection Income Taxes) with respect to its Eurodollar Loans, its
Notes, its Letter(s) of Credit, or its participation in any thereof, any Reimbursement Obligations owed to it or its obligation
to make Eurodollar Loans, issue a Letter of Credit, or to participate therein, or shall change the basis of taxation of payments
to any Lender (or its Lending Office) or the L/C Issuer of the principal of or interest on its Eurodollar Loans, Letter(s) of
Credit, or participations therein or any other amounts due under this Agreement or any other Loan Document in respect of its Eurodollar
Loans, Letter(s) of Credit, any participation therein, any Reimbursement Obligations owed to it, or its obligation to make Eurodollar
Loans, or issue a Letter of Credit, or acquire participations therein (except for changes in the basis or rate of (A) Indemnified
Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes); or

 

 (ii) impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement (including, without
limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System, but excluding with respect to
any Eurodollar Loans any such requirement included in an applicable Eurodollar Reserve Percentage) against assets of, deposits
with or for the account of, or credit extended by, any Lender (or its Lending Office) or the L/C Issuer or shall impose on any
Lender (or its Lending Office) or the L/C Issuer or on the interbank market any other condition affecting its Eurodollar Loans,
its Notes, its Letter(s) of Credit, or its participation in any thereof, any Reimbursement Obligation owed to it, or its obligation
to make Eurodollar Loans, or to issue a Letter of Credit, or to participate therein;

 

    	 	-69-	 

    	 

    

 

and
the result of any of the foregoing is to increase the cost to such Lender (or its Lending Office) or the L/C Issuer of making
or maintaining any Eurodollar Loan, issuing or maintaining a Letter of Credit, or participating therein, or to reduce the amount
of any sum received or receivable by such Lender (or its Lending Office) or the L/C Issuer under this Agreement or under any other
Loan Document with respect thereto, by an amount deemed by such Lender or L/C Issuer to be material, then, within 15 days after
demand by such Lender or L/C Issuer (with a copy to the Administrative Agent), the Borrower shall be obligated to pay to such
Lender or L/C Issuer such additional amount or amounts as will compensate such Lender or L/C Issuer for such increased cost or
reduction.

 

 (b) If
any Lender or L/C Issuer determines that any Change in Law affecting such Lender or L/C Issuer or any lending office of such Lender
or such Lender’s or L/C Issuer’s holding company, if any, regarding capital or liquidity requirements, has or would
have the effect of reducing the rate of return on such Lender’s or L/C Issuer’s capital or on the capital of such
Lender’s or L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender
or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by any L/C
Issuer, to a level below that which such Lender or L/C Issuer or such Lender’s or L/C Issuer’s holding company could
have achieved but for such Change in Law (taking into consideration such Lender’s or L/C Issuer’s policies and the
policies of such Lender’s or L/C Issuer’s holding company with respect to capital adequacy), then from time to time,
within 15 days after demand by such Lender or L/C Issuer (with a copy to the Administrative Agent), the Borrower shall pay to
such Lender or L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or L/C Issuer
or such Lender’s or L/C Issuer’s holding company for any such reduction suffered.

 

 (c) A
certificate of a Lender or L/C Issuer claiming compensation under this Section 10.3 and setting forth the additional amount or
amounts to be paid to it hereunder shall be conclusive if reasonably determined. In determining such amount, such Lender or L/C
Issuer may use any reasonable averaging and attribution methods.

 

(d)
The Borrower shall not be required to compensate a Lender or L/C Issuer pursuant to this Section for any increased costs
incurred or reductions suffered more than six (6) months prior to the date that such Lender or L/C Issuer, as the case may
be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s
or L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the
period of retroactive effect thereof).

 

    	 	-70-	 

    	 

    

 

 Section
10.4. Lending Offices. Each Lender may, at its option, elect to make its Loans hereunder at the branch, office or affiliate
specified on the appropriate signature page hereof (each a “Lending Office”) for each type of Loan available
hereunder or at such other of its branches, offices or affiliates as it may from time to time elect and designate in a written
notice to the Borrower and the Administrative Agent. To the extent reasonably possible, a Lender shall designate an alternative
branch or funding office with respect to its Eurodollar Loans to reduce any liability of the Borrower to such Lender under Section
10.3 hereof or to avoid the unavailability of Eurodollar Loans under Section 10.2 hereof, so long as such designation is not otherwise
disadvantageous to the Lender.

 

 Section
10.5. Discretion of Lender as to Manner of Funding. Notwithstanding any other provision of this Agreement, each Lender
shall be entitled to fund and maintain its funding of all or any part of its Loans in any manner it sees fit, it being understood,
however, that for the purposes of this Agreement all determinations hereunder with respect to Eurodollar Loans shall be made as
if each Lender had actually funded and maintained each Eurodollar Loan through the purchase of deposits in the interbank eurodollar
market having a maturity corresponding to such Loan’s Interest Period, and bearing an interest rate equal to LIBOR for such
Interest Period.

 

Section
11. The Administrative Agent.

 

 Section
11.1. Appointment and Authorization of Administrative Agent. Each Lender and the L/C Issuer hereby appoints Bank of Montreal
as the Administrative Agent under the Loan Documents and hereby authorizes the Administrative Agent to take such action as Administrative
Agent 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. The Lenders and L/C Issuer expressly agree that the Administrative
Agent is not acting as a fiduciary of the Lenders or the L/C Issuer in respect of the Loan Documents, the Borrower or otherwise,
and nothing herein or in any of the other Loan Documents shall result in any duties or obligations on the Administrative Agent
or any of the Lenders or L/C Issuer except as expressly set forth herein.

 

 Section
11.2. Administrative Agent and its Affiliates. The Administrative Agent shall have the same rights and powers under this
Agreement and the other Loan Documents as any other Lender and may exercise or refrain from exercising such rights and power as
though it were not the Administrative Agent, and the Administrative Agent and its affiliates may accept deposits from, lend money
to, and generally engage in any kind of business with the Borrower or any Affiliate of the Borrower as if it were not the Administrative
Agent under the Loan Documents. The term “Lender” as used herein and in all other Loan Documents, unless the
context otherwise clearly requires, includes the Administrative Agent in its capacity as a Lender (if applicable).

 

    	 	-71-	 

    	 

    

 

 Section
11.3. Action by Administrative Agent. If the Administrative Agent receives from the Borrower a written notice of an Event
of Default pursuant to Section 8.5(k) hereof, the Administrative Agent shall promptly give each of the Lenders and L/C Issuer
written notice thereof. The obligations of the Administrative Agent under the Loan Documents are only those expressly set forth
therein. Without limiting the generality of the foregoing, the Administrative Agent shall not be required to take any action hereunder
with respect to any Default or Event of Default, except as expressly provided in Sections 9.2 and 9.5. Unless and until the Required
Lenders give such direction, the Administrative Agent may (but shall not be obligated to) take or refrain from taking such actions
as it deems appropriate and in the best interest of all the Lenders and L/C Issuer. In no event, however, shall the Administrative
Agent be required to take any action in violation of applicable Legal Requirements or of any provision of any Loan Document, and
the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder or under any other Loan
Document unless it first receives any further assurances of its indemnification from the Lenders that it may require, including
prepayment of any related expenses and any other protection it requires against any and all costs, expenses, and liabilities which
may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall be entitled to
assume that no Default or Event of Default exists unless notified in writing to the contrary by a Lender, the L/C Issuer, or the
Borrower. In all cases in which the Loan Documents do not require the Administrative Agent to take specific action, the Administrative
Agent shall be fully justified in using its discretion in failing to take or in taking any action thereunder. Any instructions
of the Required Lenders, or of any other group of Lenders called for under the specific provisions of the Loan Documents, shall
be binding upon all the Lenders and the holders of the Obligations.

 

 Section
11.4. Consultation with Experts. The Administrative Agent may consult with legal counsel, independent public accountants,
and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance
with the advice of such counsel, accountants or experts.

 

 Section
11.5. Liability of Administrative Agent; Credit Decision. Neither the Administrative Agent nor any of its directors, officers,
agents or employees shall be liable for any action taken or not taken by it in connection with the Loan Documents: (i) with the
consent or at the request of the Required Lenders or (ii) in the absence of its own gross negligence or willful misconduct as
determined by a court of competent jurisdiction by final non-appealable judgment. Neither the Administrative Agent nor any of
its directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into or verify: (i)
any statement, warranty or representation made in connection with this Agreement, any other Loan Document or any Credit Event;
(ii) the performance or observance of any of the covenants or agreements of the Borrower or any Subsidiary contained herein or
in any other Loan Document; (iii) the satisfaction of any condition specified in Section 7 hereof, except receipt of items required
to be delivered to the Administrative Agent; or (iv) the validity, effectiveness, genuineness, enforceability, perfection, value,
worth or collectability hereof or of any other Loan Document or of any other documents or writing furnished in connection with
any Loan Document; and the Administrative Agent makes no representation of any kind or character with respect to any such matter
mentioned in this sentence. The Administrative Agent may execute any of its duties under any of the Loan Documents by or through
employees, agents, and attorneys-in-fact and shall not be answerable to the Lenders, the L/C Issuer, the Borrower, or any other
Person for the default or misconduct of any such agents or attorneys-in-fact selected with reasonable care. The Administrative
Agent shall not incur any liability by acting in reliance upon any notice, consent, certificate, other document or statement (whether
written or oral) believed by it to be genuine or to be sent by the proper party or parties. In particular and without limiting
any of the foregoing, the Administrative Agent shall have no responsibility for confirming the accuracy of any Compliance Certificate
or other document or instrument received by it under the Loan Documents. The Administrative Agent may treat the payee of any Obligation
as the holder thereof until written notice of transfer shall have been filed with the Administrative Agent signed by such payee
in form satisfactory to the Administrative Agent. Each Lender and L/C Issuer acknowledges that it has independently and without
reliance on the Administrative Agent or any other Lender or L/C Issuer, and based upon such information, investigations and inquiries
as it deems appropriate, made its own credit analysis and decision to extend credit to the Borrower in the manner set forth in
the Loan Documents. It shall be the responsibility of each Lender and L/C Issuer to keep itself informed as to the creditworthiness
of the Borrower and its Subsidiaries, and the Administrative Agent shall have no liability to any Lender or L/C Issuer with respect
thereto.

 

    	 	-72-	 

    	 

    

 

 Section
11.6. Indemnity. The Lenders shall ratably, in accordance with their respective Percentages, indemnify and hold the Administrative
Agent, and its directors, officers, employees, agents, and representatives harmless from and against any liabilities, losses,
costs or expenses suffered or incurred by it under any Loan Document or in connection with the transactions contemplated thereby,
regardless of when asserted or arising, except to the extent they are promptly reimbursed for the same by the Borrower and except
to the extent that any event giving rise to a claim was caused by the gross negligence or willful misconduct of the party seeking
to be indemnified as determined by a court of competent jurisdiction by final non-appealable judgment. The obligations of the
Lenders under this Section 11.6 shall survive termination of this Agreement. The Administrative Agent shall be entitled to offset
amounts received for the account of a Lender under this Agreement against unpaid amounts due from such Lender to the Administrative
Agent or any L/C Issuer hereunder (whether as fundings of participations, indemnities or otherwise, and with any amounts offset
for the benefit of the Administrative Agent to be held by it for its own account and with any amounts offset for the benefit of
a L/C Issuer to be remitted by the Administrative Agent to or for the account of such L/C Issuer), but shall not be entitled to
offset against amounts owed to the Administrative Agent or any L/C Issuer or by any Lender arising outside of this Agreement and
the other Loan Documents.

 

 Section
11.7. Resignation of Administrative Agent and Successor Administrative Agent. The Administrative Agent may resign at any
time by giving written notice thereof to the Lenders, the L/C Issuer, and the Borrower. Upon any such resignation of the Administrative
Agent, the Required Lenders shall have the right to appoint a successor Administrative Agent, which shall so long as no Event
of Default has occurred and is continuing, be reasonably acceptable to the Borrower. If no successor Administrative Agent shall
have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative
Agent’s giving of notice of resignation then the retiring Administrative Agent may, on behalf of the Lenders, appoint a
successor Administrative Agent, which shall so long as no Event of Default has occurred and is continuing, be reasonably acceptable
to the Borrower, and which may be any Lender hereunder or any commercial bank, or an Affiliate of a commercial bank, having an
office in the United States of America and having a combined capital and surplus of at least $200,000,000. Upon the acceptance
of its appointment as the Administrative Agent hereunder, such successor Administrative Agent shall thereupon succeed to and become
vested with all the rights and duties of the retiring Administrative Agent under the Loan Documents, and the retiring Administrative
Agent shall be discharged from its duties and obligations thereunder. After any retiring Administrative Agent’s resignation
hereunder as Administrative Agent, the provisions of this Section 11 and all protective provisions of the other Loan Documents
shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent, but no successor
Administrative Agent shall in any event be liable or responsible for any actions of its predecessor. If the Administrative Agent
resigns and no successor is appointed, the rights and obligations of such Administrative Agent shall be automatically assumed
by the Required Lenders and the Borrower shall be directed to make all payments due each Lender and L/C Issuer hereunder directly
to such Lender or L/C Issuer.

 

    	 	-73-	 

    	 

    

 

 Section
11.8. L/C Issuer. The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it
and the documents associated therewith. The L/C Issuer shall have all of the benefits and immunities (i) provided to the Administrative
Agent in this Section 11 with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of
Credit issued by it or proposed to be issued by it and the Applications pertaining to such Letters of Credit made or to be made
hereunder as fully as if the term “Administrative Agent”, as used in this Section 11, included the L/C Issuer with
respect to such acts or omissions and (ii) as additionally provided in this Agreement with respect to such L/C Issuer.

 

 Section
11.9. Hedging Liability and Bank Product Obligations. By virtue of a Lender’s execution of this Agreement or an assignment
agreement pursuant to Section 12.12 hereof, as the case may be, any Affiliate of such Lender with whom the Borrower or any Subsidiary
has entered into an agreement creating Hedging Liability or Bank Product Obligations shall be deemed a Lender party hereto for
purposes of any reference in a Loan Document to the parties for whom the Administrative Agent is acting, it being understood and
agreed that the rights and benefits of such Affiliate under the Loan Documents consist exclusively of such Affiliate’s right
to share in payments and collections out of the Guaranties as more fully set forth in Section 3.1 hereof. In connection with any
such distribution of payments and collections, or any request for the release of the Guaranties and the Administrative Agent’s
Liens in connection with the termination of the Commitments and the payment in full of the Obligations, the Administrative Agent
shall be entitled to assume no amounts are due to any Lender or its Affiliate with respect to Hedging Liability or Bank Product
Obligations unless such Lender has notified the Administrative Agent in writing of the amount of any such liability owed to it
or its Affiliate prior to such distribution or payment or release of Guaranties.

 

 Section
11.10. Designation of Additional Agents. The Administrative Agent shall have the continuing right, for purposes hereof,
at any time and from time to time to designate one or more of the Lenders (and/or its or their Affiliates) as “syndication
agents,” “documentation agents,” “book runners,” “lead arrangers,” “arrangers”
or other designations for purposes hereto, but such designation shall have no substantive effect, and such Lenders and their Affiliates
shall have no additional powers, duties or responsibilities as a result thereof.

 

    	 	-74-	 

    	 

    

 

Section
12. Miscellaneous.

 

 Section
12.1. Taxes.

 

 (a) Certain
Defined Terms. For purposes of this Section, the term “Lender” includes any L/C Issuer and the term “applicable
law” includes FATCA.

 

 (b) Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower or any Guarantor under any Loan Document
shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as
determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from
any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding
and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable
law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower or the applicable Guarantor shall be increased
as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable
to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received
had no such deduction or withholding been made.

 

 (c) Payment
of Other Taxes by Borrower and Guarantors. The Borrower and Guarantors shall timely pay to the relevant Governmental Authority
in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other
Taxes.

 

 (d) Indemnification
by Borrower and Guarantor. The Borrower and Guarantors shall jointly and severally indemnify each Recipient, within ten (10)
days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or
attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from
a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of
such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

 (e) Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor,
for (i) any Indemnified Taxes or Other Taxes attributable to such Lender (but only to the extent that the Borrower or any Guarantor
has not already indemnified the Administrative Agent for such Indemnified Taxes or Other Taxes and without limiting the obligation
of the Borrower and the Guarantors to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions
of Section 12.11 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender,
in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative
Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any
and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the
Lender from any other source against any amount due to the Administrative Agent under this subsection (e).

 

    	 	-75-	 

    	 

    

 

 (f) Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower or any Guarantor to a Governmental Authority
pursuant to this Section, the Borrower or such Guarantor shall deliver to the Administrative Agent the original or a certified
copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

 (g) Status
of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments
made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested
by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In
addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation
prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or
the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.
Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Section 12.1(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the
Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

 (ii) Without
limiting the generality of the foregoing:

 

 (A) any
Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or
the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;

 

 (B) any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
whichever of the following is applicable:

 

 (i) in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any
other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

    	 	-76-	 

    	 

    

 

 (ii) executed
originals of IRS Form W-8ECI;

 

 (iii) in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x)
a certificate substantially in the form of Exhibit I-1 to the effect that such Foreign Lender is not a “bank” within
the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of
Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code
(a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or

 

 (iv) to
the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-2 or Exhibit I-3, IRS Form W-9, and/or
other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership
and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign
Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-4 on behalf of each such direct and
indirect partner;

 

 (C) any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S.
federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law
to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

 (D) if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed
by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA
or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

    	 	-77-	 

    	 

    

 

Each
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect,
it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal
inability to do so.

 

 (h) 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 (including by the payment of additional amounts pursuant
to this Section), 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 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 subsection (h) (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 subsection (h), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this subsection (h) 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 Tax subject to indemnification had not been deducted, withheld or
otherwise imposed and the indemnification payments or additional amounts giving rise to such refund had never been paid. This
subsection 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.

 

 (i) Survival.
Each party’s obligations under this Section shall survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

 Section
12.2. Other Taxes. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law,
or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

 Section
12.3. No Waiver, Cumulative Remedies. No delay or failure on the part of the Administrative Agent, the L/C Issuer, or any
Lender, or on the part of the holder or holders of any of the Obligations, in the exercise of any power or right under any Loan
Document shall operate as a waiver thereof or as an acquiescence in any default, nor shall any single or partial exercise of any
power or right preclude any other or further exercise thereof or the exercise of any other power or right. The rights and remedies
hereunder of the Administrative Agent, the L/C Issuer, the Lenders, and of the holder or holders of any of the Obligations are
cumulative to, and not exclusive of, any rights or remedies which any of them would otherwise have.

 

    	 	-78-	 

    	 

    

 

 Section
12.4. Non-Business Days. Subject to the definition of Interest Period, if any payment hereunder becomes due and payable
on a day which is not a Business Day, the due date of such payment shall be extended to the next succeeding Business Day on which
date such payment shall be due and payable. In the case of any payment of principal falling due on a day which is not a Business
Day, interest on such principal amount shall continue to accrue during such extension at the rate per annum then in effect, which
accrued amount shall be due and payable on the next scheduled date for the payment of interest.

 

 Section
12.5. Survival of Representations. All representations and warranties made herein or in any other Loan Document or in certificates
given pursuant hereto or thereto shall survive the execution and delivery of this Agreement and the other Loan Documents, and
shall continue in full force and effect with respect to the date as of which they were made as long as any credit is in use or
available hereunder.

 

 Section
12.6. Survival of Indemnities. All indemnities and other provisions relative to reimbursement to the Lenders and
L/C Issuer of amounts sufficient to protect the yield of the Lenders and L/C Issuer with respect to the Loans and Letters of Credit,
including, but not limited to, Sections 1.11, 10.3, and 12.15 hereof, shall survive the termination of this Agreement and the
other Loan Documents and the payment of the Obligations.

 

 Section
12.7. Sharing of Set-Off. Each Lender agrees with each other Lender a party hereto that if such Lender shall receive and
retain any payment, whether by set-off or application of deposit balances or otherwise, on any of the Loans or Reimbursement Obligations
in excess of its ratable share of payments on all such Obligations then outstanding to the Lenders, then such Lender shall purchase
for cash at face value, but without recourse, ratably from each of the other Lenders such amount of the Loans or Reimbursement
Obligations, or participations therein, held by each such other Lenders (or interest therein) as shall be necessary to cause such
Lender to share such excess payment ratably with all the other Lenders; provided, however, that if any such purchase is
made by any Lender, and if such excess payment or part thereof is thereafter recovered from such purchasing Lender, the related
purchases from the other Lenders shall be rescinded ratably and the purchase price restored as to the portion of such excess payment
so recovered, but without interest. For purposes of this Section 12.7, amounts owed to or recovered by the L/C Issuer in connection
with Reimbursement Obligations in which Lenders have been required to fund their participation shall be treated as amounts owed
to or recovered by the L/C Issuer as a Lender hereunder.

 

 Section
12.8. Notices. Except as otherwise specified herein, all notices hereunder and under the other Loan Documents shall be
in writing (including, without limitation, notice by telecopy) and shall be given to the relevant party at its address or facsimile
number set forth below, or such other address or facsimile number as such party may hereafter specify by notice to the Administrative
Agent and the Borrower given by courier, by United States certified or registered mail, by telecopy or by other telecommunication
device capable of creating a written record of such notice and its receipt. Notices under the Loan Documents to any Lender shall
be addressed to its address or facsimile number set forth on its Administrative Questionnaire; and notices under the Loan Documents
to the Borrower, any Guarantor, the Administrative Agent, or L/C Issuer shall be addressed to its respective address or facsimile
number set forth below:

 

    	 	-79-	 

    	 

    

 

	to
        the Borrower or any Guarantor:

         

        UMH
        Properties, Inc.

        3499
        Route 9 North, Suite 3C

        Juniper
        Business Plaza

        Freehold,
        New Jersey 07728

        Attention: Anna
        Chew

        Telephone: (732)
        577-4033

        Email: achew@umh.com

        Fax: (732)
        577-9980

         

        with
        a copy to:

         

        Perkins
        Coie LLP

        131
        S. Dearborn Street, Suite 1700

        Chicago,
        Illinois 60603

        Attention:
        Matthew Shebuski, Esq.

        Telephone: (312)
        324-8437

        Email:
        mshebuski@perkinscoie.com

        Fax:
         (312) 324-9437
	to
        the Administrative Agent or L/C Issuer:

         

        Bank
        of Montreal

        115
        South LaSalle Street

        Chicago,
        Illinois 60603

        Attention: Lloyd
        Baron

        Telephone: 312-461-6812

        Email: llyod.baron@bmo.com

        Fax: (312)
        293-8409

 

Each
such notice, request or other communication shall be effective (i) if given by facsimile, when such facsimile is delivered to
the facsimile number specified in this Section 12.8 or in the relevant Administrative Questionnaire and a confirmation of such
facsimile has been received by the sender, (ii) if given by mail, upon receipt or first refusal of delivery or (iii) if given
by any other means, when delivered at the addresses specified in this Section 12.8 or in the relevant Administrative Questionnaire;
provided that any notice given pursuant to Section 1 hereof shall be effective only upon receipt.

 

 Section
12.9. Counterparts; Integration; Effectiveness.. (a) Counterparts; Integration; Effectiveness. This Agreement may
be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original,
but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and any
separate letter agreements with respect to fees payable to the Administrative Agent, constitute the entire contract among the
parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. Except as provided in Section 7.2, this Agreement shall become effective when it shall
have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that,
when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature
page of this Agreement by facsimile or in electronic (e.g., “pdf” or “tif”) format shall be effective
as delivery of a manually executed counterpart of this Agreement. For purposes of determining compliance with the conditions specified
in Section 7.2 hereof, each Lender and L/C Issuer that has signed this Agreement shall be deemed to have consented to, approved
or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable
or satisfactory to a Lender or L/C Issuer unless the Administrative Agent shall have received notice from such Lender or L/C Issuer
prior to the Closing Date specifying its objection thereto.

 

    	 	-80-	 

    	 

    

 

 (b) Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment and Acceptance shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use
of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Legal Requirements,
including the Federal Electronic Signatures in Global and National Commerce Act, the Illinois State Electronic Commerce Security
Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

 Section
12.10. Successors and Assigns. This Agreement shall be binding upon the Borrower and the Guarantors and their successors
and assigns, and shall inure to the benefit of the Administrative Agent, the L/C Issuer, and each of the Lenders, and the benefit
of their respective successors and assigns, including any subsequent holder of any of the Obligations. The Borrower and the Guarantors
may not assign any of their rights or obligations under any Loan Document without the written consent of all of the Lenders and,
with respect to any Letter of Credit or the Application therefor, the L/C Issuer.

 

 Section
12.11. Participants. Each Lender shall have the right at its own cost to grant participations (to be evidenced by one or
more agreements or certificates of participation) in the Loans made and Reimbursement Obligations and/or Commitments held by such
Lender at any time and from time to time to one or more other Persons; provided that no such participation shall relieve any Lender
of any of its obligations under this Agreement, and, provided, further that no such participant shall have any rights under this
Agreement except as provided in this Section 12.11, and the Administrative Agent shall have no obligation or responsibility to
such participant. Any agreement pursuant to which such participation is granted shall provide that the granting Lender shall retain
the sole right and responsibility to enforce the obligations of the Borrower under this Agreement and the other Loan Documents
including, without limitation, the right to approve any amendment, modification or waiver of any provision of the Loan Documents,
except that such agreement may provide that such Lender will not agree to any modification, amendment or waiver of the Loan Documents
that would reduce the amount of or postpone any fixed date for payment of any Obligation in which such participant has an interest.
Any party to which such a participation has been granted shall have the benefits of Section 1.11 and Section 10.3 hereof. The
Borrower and each Guarantor authorizes each Lender to disclose to any participant or prospective participant under this Section
12.11 any financial or other information pertaining to each Guarantor, the Borrower or any Subsidiary, provided that such participant
or prospective participant shall be subject to the provisions of Section 12.25.

 

    	 	-81-	 

    	 

    

 

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

 

 (i) Minimum
Amounts. (A) In the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the
Loans and participation interest in L/C Obligations 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 subsection (a)(i)(A)
of this Section 12.12, the aggregate amount of the Commitment (which for this purpose includes Loans and participation interest
in L/C Obligations outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance
of the Loans and participation interest in L/C Obligations of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent or, if “Effective
Date” is specified in the Assignment and Acceptance, as of the Effective Date specified in such Assignment and Acceptance)
shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and
is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed);

 

 (ii) Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loans or the Commitments.

 

 (iii) Required
Consents. No consent shall be required for any assignment except to the extent required by Section 12.12(a)(i)(B) and,
in addition:

 

 (a) the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default
has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender
or an Approved Fund; 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 thereof;

 

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

 

 (c) the
consent of the L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any assignment that
increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding).

 

    	 	-82-	 

    	 

    

 

 (iv) Assignment
and Acceptance. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and
Acceptance, together with a processing and recordation fee of $3,500, and the assignee, if it is not a Lender, shall deliver to
the Administrative Agent an Administrative Questionnaire.

 

 (v) No
Assignment to Borrower, Guarantors, Affiliates or Defaulting Lenders. No such assignment shall be made to the Borrower, any
Subsidiary or any other Affiliate of the Borrower, or to a Defaulting Lender.

 

 (vi) No
Assignment to Natural Persons. No such assignment shall be made to a natural person.

 

 (vii) Notice
to Borrower. Whether or not the consent of the Borrower is required under clause (iii) above with respect to any assignment,
the Administrative Agent shall give the Borrower notice of such assignment promptly following the consummation thereof.

 

Subject
to acceptance and recording thereof by the Administrative Agent pursuant to Section 12.12(b) hereof, 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 Acceptance, 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 Acceptance, be released
from its obligations under this Agreement (and, in the case of an Assignment and Acceptance 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 12.6 and 12.15 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
Section 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 Section 12.11 hereof.

 

 (b) Register.
The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices in
Chicago, Illinois, a copy of each Assignment and Acceptance 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 absent manifest
error, 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 or L/C Issuer that grants a participation as described in Section 12.11 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 made and Reimbursement Obligations
and/or Commitments or other obligations under this Agreement (the “Participant Register”); provided that no
Lender or L/C Issuer 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 Loans made and Reimbursement
Obligations and/or Commitments or other obligations under this Agreement) except to the extent that such disclosure is necessary
to establish that such Obligation or Commitment is in registered form under Section 5f.103-1(c) of the Treasury Regulations or
is otherwise required by this Agreement. The entries in the Participant Register shall be conclusive absent manifest error, and
such Lender or L/C Issuer 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.

 

    	 	-83-	 

    	 

    

 

 (c) Any
Lender may at any time pledge or grant a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any such pledge or grant to a Federal Reserve Bank, and this Section 12.12 shall not apply
to any such pledge or grant of a security interest; provided that no such pledge or grant of a security interest shall
release a Lender from any of its obligations hereunder or substitute any such pledgee or secured party for such Lender as a party
hereto; provided further, however, the right of any such pledgee or grantee (other than any Federal Reserve Bank) to further
transfer all or any portion of the rights pledged or granted to it, whether by means of foreclosure or otherwise, shall be at
all times subject to the terms of this Agreement.

 

 Section
12.13. Amendments. Any provision of this Agreement or the other Loan Documents may be amended or waived if, but only if,
such amendment or waiver is in writing and is signed by (a) the Borrower, (b) the Required Lenders (or the Administrative Agent
acting at the direction of the Required Lenders), and (c) if the rights or duties of the Administrative Agent or the L/C Issuer
are affected thereby, the Administrative Agent or the L/C Issuer, as applicable; provided that:

 

 (i) no
amendment or waiver pursuant to this Section 12.13 shall (A) increase any Commitment of any Lender without the consent of such
Lender or (B) reduce the amount of or postpone the date for any scheduled payment of any principal of or interest on any Loan
or of any Reimbursement Obligation or of any fee payable hereunder without the consent of the Lender to which such payment is
owing or which has committed to make such Loan or Letter of Credit (or participate therein) hereunder;

 

 (ii) no
amendment or waiver pursuant to this Section 12.13 shall, unless signed by each Lender, extend the Termination Date, release the
Borrower or any Guarantor (expect as provided for in this Agreement), change the definition of Required Lenders, change the provisions
of this Section 12.13, or affect the number of Lenders required to take any action hereunder or under any other Loan Document;
and

 

 (iii) no
amendment to Section 13 hereof shall be made without the consent of the Guarantors affected thereby.

 

Notwithstanding
anything to the contrary herein, (1) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver
or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected
Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitments
of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or
modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more
adversely than other affected Lenders shall require the consent of such Defaulting Lender, (2) if the Administrative Agent and
the Borrower have jointly identified an obvious error or any error or omission of a technical nature, in each case, in any provision
of the Loan Documents, then the Administrative Agent and the Borrower shall be permitted to amend such provision, and (3) guarantees
and related documents executed by the Borrower or any Guarantor in connection with this Agreement may be in a form reasonably
determined by the Administrative Agent and may be amended, supplemented or waived without the consent of any Lender if such amendment,
supplement or waiver is delivered in order to (x) comply with local law or advice of local counsel, (y) cure ambiguities, omissions,
mistakes or defects or (z) cause such guarantee or other document to be consistent with this Agreement and the other Loan Documents.

 

    	 	-84-	 

    	 

    

 

 Section
12.14. Headings. Section headings used in this Agreement are for reference only and shall not affect the construction of
this Agreement.

 

 Section
12.15. Costs and Expenses; Indemnification. (a) The Borrower agrees to pay all reasonable and documented out-of-pocket
costs and expenses of the Administrative Agent in connection with the preparation, negotiation, syndication, and administration
of the Loan Documents, including, without limitation, the reasonable and documented out-of-pocket fees and disbursements of counsel
to the Administrative Agent), in connection with the preparation and execution of the Loan Documents, and any amendment, waiver
or consent related thereto, whether or not the transactions contemplated herein are consummated. The Borrower agrees to pay to
the Administrative Agent, the L/C Issuer, each Lender, and any other holder of any Obligations outstanding hereunder, all documented
out-of-pocket costs and expenses reasonably incurred or paid by the Administrative Agent, the L/C Issuer, such Lender, or any
such holder, including reasonable and documented out-of-pocket attorneys’ fees and disbursements and court costs, in connection
with any Default or Event of Default hereunder or in connection with the enforcement of any of the Loan Documents (including all
such costs and expenses incurred in connection with any proceeding under the United States Bankruptcy Code involving the Borrower
or any Guarantor as a debtor thereunder). The Borrower further agrees to indemnify the Administrative Agent, the L/C Issuer, each
Lender, and any security trustee therefor, and their respective directors, officers, employees, agents, financial advisors, and
consultants (each such Person being called an “Indemnitee”) against all losses, claims, damages, penalties,
judgments, liabilities and expenses (including, without limitation, all reasonable and documented out-of-pocket fees and disbursements
of counsel for any such Indemnitee and all reasonable and documented out-of-pocket expenses of litigation or preparation therefor,
whether or not the Indemnitee is a party thereto, or any settlement arrangement arising from or relating to any such litigation)
which any of them may pay or incur arising out of or relating to any Loan Document or any of the transactions contemplated thereby
or the direct or indirect application or proposed application of the proceeds of any Loan or Letter of Credit, other than other
than (i) those which arise from the gross negligence or willful misconduct of the party claiming indemnification, (ii) a material
breach of such Indemnitee’s obligations under the Loan Documents, as determined in a final non-appealable judgment of a
court of competent jurisdiction or (iii) any dispute solely among Indemnitees (provided, that the Borrower agrees to indemnify
the Administrative Agent in any such dispute between the Administrative Agent and any Lender). The Borrower, upon demand by the
Administrative Agent, the L/C Issuer, or a Lender at any time, shall reimburse the Administrative Agent, the L/C Issuer, or such
Lender for any reasonable legal or other expenses (including, without limitation, all reasonable fees and disbursements of counsel
for any such Indemnitee) incurred in connection with investigating or defending against any of the foregoing (including any settlement
costs relating to the foregoing) except to the extent the same is due to the gross negligence or willful misconduct of the party
to be indemnified. To the extent permitted by applicable Legal Requirements, the Borrower and the Guarantors shall not assert,
and each hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement
or the other Loan Documents or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby
or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. The obligations of the parties under this Section
12.15 shall survive the termination of this Agreement.

 

    	 	-85-	 

    	 

    

 

 (b) The
Borrower unconditionally agrees to forever indemnify, defend and hold harmless, and covenants not to sue for any claim for contribution
against, each Indemnitee for any damages, loss or reasonable and documented out-of-pocket costs and expenses, including without
limitation, response, remedial or removal costs and all reasonable and documented out-of-pocket fees and disbursements of counsel
for any such Indemnitee, arising out of any of the following: (i) any Hazardous Material Activity at any of the Real Properties,
(ii) the violation of any Environmental Law by the Borrower or any Subsidiary or otherwise occurring on or with respect to any
Real Property, (iii) any claim for personal injury or property damage in connection with the Borrower or any Subsidiary or otherwise
occurring on or with respect to any Real Property, and (iv) the inaccuracy or breach of any environmental representation, warranty
or covenant by the Borrower or any Subsidiary made herein or in any other Loan Document evidencing or securing any Obligations
or setting forth terms and conditions applicable thereto or otherwise relating thereto, except for damages arising from the willful
misconduct or gross negligence of the relevant Indemnitee. This indemnification shall survive the payment and satisfaction of
all Obligations and the termination of this Agreement for a period of five (5) years, and shall remain in force beyond the expiration
of any applicable statute of limitations and payment or satisfaction in full of any single claim under this indemnification. This
indemnification shall be binding upon the successors and assigns of the Borrower and shall inure to the benefit of each Indemnitee
and its successors and assigns.

 

 Section
12.16. Set-off. In addition to any rights now or hereafter granted under the Loan Documents or applicable Legal Requirements
and not by way of limitation of any such rights, during the continuance of any Event of Default, with the prior written consent
of the Administrative Agent, each Lender, the L/C Issuer, each subsequent holder of any Obligation, and each of their respective
affiliates, is hereby authorized by the Borrower and each Guarantor at any time or from time to time, without notice to the Borrower
or such Guarantor or to any other Person, any such notice being hereby expressly waived, 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 in whatever currency denominated, but not including trust accounts) and any other indebtedness
at any time held or owing by that Lender, L/C Issuer, subsequent holder, or affiliate, to or for the credit or the account of
the Borrower or such Guarantor, whether or not matured, against and on account of the Obligations then due to that Lender, L/C
Issuer, or subsequent holder under the Loan Documents, including, but not limited to, all claims of any nature or description
arising out of or connected with the Loan Documents, irrespective of whether or not (a) that Lender, L/C Issuer, or subsequent
holder shall have made any demand hereunder or (b) the principal of or the interest on the Loans and other amounts due hereunder
shall have become due and payable pursuant to Section 9 and although said obligations and liabilities, or any of them, may be
contingent or unmatured.

 

    	 	-86-	 

    	 

    

 

 Section
12.17. Entire Agreement. The Loan Documents constitute the entire understanding of the parties thereto with respect to
the subject matter thereof and any prior agreements, whether written or oral, with respect thereto are superseded hereby.

 

 Section
12.18. Waiver of Jury Trial. Each party hereto hereby irrevocably waives, to the
fullest extent permitted by applicable Legal Requirements, any right it may have to a trial by jury in any legal proceeding directly
or indirectly arising out of or relating to any Loan Document or the transactions contemplated thereby (whether based on contract,
tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party has represented,
expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and
(b) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the
mutual waivers and certifications in this Section.

 

 Section
12.19. Severability of Provisions. Any provision of any Loan Document which is unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such unenforceability without invalidating the remaining provisions hereof
or affecting the validity or enforceability of such provision in any other jurisdiction. All rights, remedies and powers provided
in this Agreement and the other Loan Documents may be exercised only to the extent that the exercise thereof does not violate
any applicable mandatory provisions of law, and all the provisions of this Agreement and other Loan Documents are intended to
be subject to all applicable mandatory provisions of law which may be controlling and to be limited to the extent necessary so
that they will not render this Agreement or any of the other Loan Documents invalid or unenforceable.

 

 Section
12.20. Excess Interest. Notwithstanding any provision to the contrary contained herein or in any other Loan Document, no
such provision shall require the payment or permit the collection of any amount of interest in excess of the maximum amount of
interest permitted by applicable Legal Requirements to be charged for the use or detention, or the forbearance in the collection,
of all or any portion of the Loans or other obligations outstanding under this Agreement or any other Loan Document (“Excess
Interest”). If any Excess Interest is provided for, or is adjudicated to be provided for, herein or in any other Loan
Document, then in such event (a) the provisions of this Section 12.20 shall govern and control, (b) neither the Borrower nor any
guarantor or endorser shall be obligated to pay any Excess Interest, (c) any Excess Interest that the Administrative Agent or
any Lender may have received hereunder shall, at the option of the Administrative Agent, be (i) applied as a credit against the
then outstanding principal amount of Obligations hereunder and accrued and unpaid interest thereon (not to exceed the maximum
amount permitted by applicable Legal Requirements), (ii) refunded to the Borrower, or (iii) any combination of the foregoing,
(d) the interest rate payable hereunder or under any other Loan Document shall be automatically subject to reduction to the maximum
lawful contract rate allowed under applicable usury laws (the “Maximum Rate”), and this Agreement and the other
Loan Documents shall be deemed to have been, and shall be, reformed and modified to reflect such reduction in the relevant interest
rate, and (e) neither the Borrower nor any guarantor or endorser shall have any action against the Administrative Agent or any
Lender for any damages whatsoever arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing,
if for any period of time interest on any of Borrower’s Obligations is calculated at the Maximum Rate rather than the applicable
rate under this Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable
on the Borrower’s Obligations shall remain at the Maximum Rate until the Lenders have received the amount of interest which
such Lenders would have received during such period on the Borrower’s Obligations had the rate of interest not been limited
to the Maximum Rate during such period.

 

    	 	-87-	 

    	 

    

 

 Section
12.21. Construction. The parties acknowledge and agree that the Loan Documents shall not be construed more favorably in
favor of any party hereto based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially
to the negotiation of the Loan Documents. The provisions of this Agreement relating to Subsidiaries shall only apply during such
times as the Borrower has one or more Subsidiaries.

 

 Section
12.22. Lender’s and L/C Issuer’s Obligations Several. The obligations of the Lenders and L/C Issuer hereunder
are several and not joint. Nothing contained in this Agreement and no action taken by the Lenders or L/C Issuer pursuant hereto
shall be deemed to constitute the Lenders and L/C Issuer a partnership, association, joint venture or other entity.

 

Section
12.23. Governing Law; Jurisdiction; Consent to Service of Process. (a) This agreement,
the Notes and the other Loan Documents (except as otherwise specified therein), and the rights and duties of the parties hereto,
shall be construed and determined in accordance with the laws of the State of Illinois without regard to conflicts of law principles
that would require application of the laws of another jurisdiction.

 

 (b) Each
party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of
the United States District Court for the Northern District of Illinois and of any Illinois State court sitting in the City of
Chicago, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document,
or for recognition or enforcement of any judgment, and each party hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such Illinois State court or, to the extent
permitted by applicable Legal Requirements, in such federal court. Each party hereto hereby agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by applicable Legal Requirements. Nothing in this Agreement or any other Loan Document or otherwise shall affect
any right that any party hereto may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan
Document against the Borrower or any Guarantor or its respective properties in the courts of any jurisdiction.

 

    	 	-88-	 

    	 

    

 

(c) Each party hereto hereby
irrevocably and unconditionally waives, to the fullest extent permitted by applicable Legal Requirements, any objection which it
may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement
or any other Loan Document in any court referred to in Section 12.23(b). Each party hereto hereby irrevocably waives, to the fullest
extent permitted by applicable Legal Requirements, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

(d) Each party to this
Agreement irrevocably consents to service of process in any action or proceeding arising out of or relating to any Loan Document,
in the manner provided for notices (other than telecopy or e-mail) in Section 12.8. Nothing in this Agreement or any other Loan
Document will affect the right of any party to this Agreement to serve process in any other manner permitted by applicable Legal
Requirements.

 

Section
12.24. USA Patriot Act. Each Lender and L/C Issuer that is subject to the requirements of the USA Patriot Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to
the requirements of the Act, it is required to obtain, verify, and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will allow such Lender or L/C Issuer to identify the
Borrower in accordance with the Act

 

Section
12.25. Confidentiality. Each of the Administrative Agent, the Lenders, and the L/C Issuer severally agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’
directors, officers, employees and agents, including accountants, legal counsel and other advisors to the extent any such Person
has a need to know such Information (it being understood that the Persons to whom such disclosure is made will first be informed
of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested
by any regulatory authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners),
(c) to the extent required by applicable Legal Requirements or by any subpoena or similar legal process, (d) to any other party
hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or
proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject
to an agreement containing provisions substantially the same as those of this Section 12.25, to (A) any assignee of or participant
in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement or (B) any actual
or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower or any Subsidiary
and its obligations, (g) with the prior written consent of the Borrower, (h) to the extent such Information (A) becomes publicly
available other than as a result of a breach of this Section 12.25 or (B) becomes available to the Administrative Agent, any Lender
or the L/C Issuer on a non-confidential basis from a source other than the Borrower or any Subsidiary or any of their directors,
officers, employees or agents, including accountants, legal counsel and other advisors; (i) to rating agencies if requested or
required by such agencies in connection with a rating relating to the Loans or the Commitments hereunder, (j) to Gold Sheets and
other similar bank trade publications (such information to consist solely of deal terms and other information regarding the credit
facilities evidenced by this Agreement customarily found in such publications), or (k) to entities which compile and publish information
about the syndicated loan market, provided that only basic information about the pricing and structure of the transaction
evidenced hereby may be disclosed pursuant to this subsection (k). For purposes of this Section 12.25, “Information”
means all information received from the Borrower or any of the Subsidiaries or from any other Person on behalf of the Borrower
or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information
that is available to the Administrative Agent, any Lender or the L/C Issuer on a non-confidential basis prior to disclosure
by the Borrower or any of its Subsidiaries or from any other Person on behalf of the Borrower or any of the Subsidiaries.

 

    	 	-89-	 

    	 

     

Section 12.26. Limitation
of Recourse. There shall be full recourse to the Borrower and the Guarantors and all of their assets and properties for the
Obligations and any other liability under the Loan Documents. Subject to clauses (i) and (ii) of the following sentence, in no
event shall any directors, officers, employees or agents of the Borrower or any of its Subsidiaries be personally liable or obligated
for the Obligations or any other liability under the Loan Documents. Nothing herein contained shall limit or be construed to (i)
release any such director, officer, employee or agent from liability for his or her fraudulent actions, misappropriation of funds
or willful misconduct or (ii) limit or impair the exercise of remedies with respect to the Borrower and the Guarantors under the
Loan Documents. The provisions of this Section 12.26 shall survive the termination of this Agreement.

 

Section 12.27. Amendment
and Restatement. This Agreement shall become effective on the Effective Date and shall supersede all provisions of the Existing
Credit Agreement as of such date. From and after the Effective Date all references made to the Existing Credit Agreement in any
Loan Document or in any other instrument or document shall, without more, be deemed to refer to this Agreement. This Agreement
amends and restates the Existing Credit Agreement and is not intended to be or operate as a novation or an accord and satisfaction
of the Existing Credit Agreement or the indebtedness, obligations and liabilities of the Borrower or the Guarantors evidenced or
provided for thereunder.

 

Section 12.28. Equalization
of Loans and Commitments. Upon the satisfaction of the conditions precedent set forth in Section 7.2 hereof, all loans outstanding
under the Existing Credit Agreement shall remain outstanding as the initial Borrowing of Loans under this Agreement and, in connection
therewith, the Borrowers shall be deemed to have prepaid all outstanding Eurodollar Loans on the Effective Date and shall pay to
each Lender who is currently a party to the Existing Credit Agreement any compensation due such Lender under Section 1.11 of the
Existing Credit Agreement as a result thereof. On the Effective Date, the Lenders each agree to make such purchases and sales of
interests in the outstanding Loans between themselves so that each Lender is then holding its relevant Percentage of outstanding
Loans. Such purchases and sales shall be arranged through the Administrative Agent and each Lender hereby agrees to execute such
further instruments and documents, if any, as the Administrative Agent may reasonably request in connection therewith.

 

    	 	-90-	 

    	 

     

Section 12.29. Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto (including any party becoming a party hereto
by virtue of an Assignment and Acceptance) acknowledges that any liability of any EEA Financial Institution arising under any Loan
Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a) the application
of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable
to it by any party hereto that is an EEA Financial Institution; and

 

(b) the effects
of any Bail-in Action on any such liability, including, if applicable:

 

(i) a reduction
in full or in part or cancellation of any such liability;

 

(ii) a conversion
of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent
undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other
Loan Document; or

 

(iii) the variation
of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.

 

Section
13. The Guarantees.

 

Section 13.1. The Guarantees.
To induce the Lenders and L/C Issuer to provide the credits described herein and in consideration of benefits expected to accrue
to the Borrower by reason of the Commitments and for other good and valuable consideration, receipt of which is hereby acknowledged,
the Guarantors party hereto (including any Guarantor formed or acquired after the Closing Date executing an Additional Guarantor
Supplement in the form attached hereto as Exhibit F or such other form acceptable to the Administrative Agent) hereby unconditionally
and irrevocably guarantee jointly and severally to the Administrative Agent, the L/C Issuer, the Lenders, and their Affiliates,
the due and punctual payment of all present and future Obligations, Hedging Liability and Bank Product Obligations, including,
but not limited to, the due and punctual payment of principal of and interest on the Loans, the Reimbursement Obligations, Hedging
Liability and Bank Product Obligations, and the due and punctual payment of all other obligations now or hereafter owed by the
Borrower under the Loan Documents and the due and punctual payment of all Hedging Liability and Bank Product Obligations, in each
case as and when the same shall become due and payable, whether at stated maturity, by acceleration, or otherwise, according to
the terms hereof and thereof (including all interest, costs, fees, and charges after the entry of an order for relief against the
Borrower or such other obligor in a case under the United States Bankruptcy Code, the Canadian Bankruptcy Legislation or any similar
proceeding, whether or not such interest, costs, fees and charges would be an allowed claim against the Borrower or any such obligor
in any such proceeding); provided, however, that with respect to any Guarantor, its Guarantee of Hedging Liability of the
Borrower or any Guarantor shall exclude all Excluded Swap Obligations. In case of failure by the Borrower or other obligor punctually
to pay any obligations guaranteed hereby, each Guarantor hereby unconditionally agrees to make such payment or to cause such payment
to be made punctually as and when the same shall become due and payable, whether at stated maturity, by acceleration, or otherwise,
and as if such payment were made by the Borrower or such obligor.

 

    	 	-91-	 

    	 

     

Section 13.2. Guarantee
Unconditional. The obligations of each Guarantor under this Section 13 shall be unconditional and absolute and, without limiting
the generality of the foregoing, shall not be released, discharged, or otherwise affected by:

 

(a) any extension,
renewal, settlement, compromise, waiver, or release in respect of any obligation of the Borrower or other obligor or of any other
guarantor under this Agreement or any other Loan Document or by operation of law or otherwise;

 

(b) any modification
or amendment of or supplement to this Agreement or any other Loan Document or any agreement relating to Hedging Liability or Bank
Product Obligations;

 

(c) any change
in the corporate existence, structure, or ownership of, or any insolvency, bankruptcy, reorganization, or other similar proceeding
affecting, the Borrower or other obligor, any other guarantor, or any of their respective assets, or any resulting release or discharge
of any obligation of the Borrower or other obligor or of any other guarantor contained in any Loan Document;

 

(d) the existence
of any claim, set-off, or other rights which the Borrower or other obligor or any other guarantor may have at any time against
the Administrative Agent, any Lender, or any other Person, whether or not arising in connection herewith;

 

(e) any failure
to assert, or any assertion of, any claim or demand or any exercise of, or failure to exercise, any rights or remedies against
the Borrower or other obligor, any other guarantor, or any other Person or Property;

 

(f) any application
of any sums by whomsoever paid or howsoever realized to any obligation of the Borrower or other obligor, regardless of what obligations
of the Borrower or other obligor remain unpaid;

 

(g) any invalidity
or unenforceability relating to or against the Borrower or other obligor or any other guarantor for any reason of this Agreement
or of any other Loan Document or any agreement relating to Hedging Liability or Bank Product Obligations, or any provision of applicable
Legal Requirements purporting to prohibit the payment by the Borrower or other obligor or any other guarantor of the principal
of or interest on any Loan or any Reimbursement Obligation or any other amount payable under the Loan Documents or any agreement
relating to Hedging Liability or Bank Product Obligations; or

 

    	 	-92-	 

    	 

     

(h) any other
act or omission to act or delay of any kind by the Administrative Agent, any Lender, or any other Person or any other circumstance
whatsoever that might, but for the provisions of this paragraph, constitute a legal or equitable discharge of the obligations of
any Guarantor under this Section 13.

 

Section 13.3. Discharge
Only upon Payment in Full; Reinstatement in Certain Circumstances. Each Guarantor’s obligations under this Section 13
shall remain in full force and effect until the Commitments are terminated, all Letters of Credit have expired, and the principal
of and interest on the Loans and all other amounts payable by the Borrower and the Guarantors under this Agreement and all other
Loan Documents and, if then outstanding and unpaid, all Hedging Liability and Bank Product Obligations have been paid in full.
If at any time any payment of the principal of or interest on any Loan or any Reimbursement Obligation or any other amount payable
by the Borrower or other obligor or any Guarantor under the Loan Documents or any agreement relating to Hedging Liability or Bank
Product Obligations is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy, or reorganization of
the Borrower or other obligor or of any guarantor, or otherwise, each Guarantor’s obligations under this Section 13 with
respect to such payment shall be reinstated at such time as though such payment had become due but had not been made at such time.

 

Section 13.4. Subrogation.
Each Guarantor agrees it will not exercise any rights which it may acquire by way of subrogation by any payment made hereunder,
or otherwise, until all the obligations guaranteed hereby shall have been paid in full subsequent to the termination of all the
Commitments and expiration of all Letters of Credit. If any amount shall be paid to a Guarantor on account of such subrogation
rights at any time prior to the later of (x) the payment in full of the Obligations, Bank Product Obligations and Hedging Liability
and all other amounts payable by the Borrower hereunder and under the other Loan Documents and (y) the termination of the Commitments
and expiration of all Letters of Credit, such amount shall be held in trust for the benefit of the Administrative Agent and the
Lenders (and their Affiliates) and shall forthwith be paid to the Administrative Agent for the benefit of the Lenders (and their
Affiliates) or be credited and applied upon the Obligations, Bank Product Obligations and Hedging Liability, whether matured or
unmatured, in accordance with the terms of this Agreement.

 

Section 13.5. Waivers.
Each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest, and any notice except as specifically provided
for herein, as well as any requirement that at any time any action be taken by the Administrative Agent, any Lender, or any other
Person against the Borrower or other obligor, another guarantor, or any other Person.

 

Section 13.6. Limit
on Recovery. Notwithstanding any other provision hereof, the right of recovery against each Guarantor under this Section 13
shall not exceed $1.00 less than the lowest amount which would render such Guarantor’s obligations under this Section 13
void or voidable under applicable Legal Requirements, including, without limitation, fraudulent conveyance law.

 

    	 	-93-	 

    	 

     

Section 13.7. Stay of
Acceleration. If acceleration of the time for payment of any amount payable by the Borrower or other obligor under this Agreement
or any other Loan Document or any agreement relating to Hedging Liability or Bank Product Obligations, is stayed upon the insolvency,
bankruptcy or reorganization of the Borrower or such obligor, all such amounts otherwise subject to acceleration under the terms
of this Agreement or the other Loan Documents or any agreement relating to Hedging Liability or Bank Product Obligations, shall
nonetheless be payable by the Guarantors hereunder forthwith on demand by the Administrative Agent made at the request of the Required
Lenders.

 

Section 13.8. Benefit
to Guarantors. The Borrower and the Guarantors are engaged in related businesses and integrated to such an extent that the
financial strength and flexibility of the Borrower has a direct impact on the success of each Guarantor. Each Guarantor will derive
substantial direct and indirect benefit from the extensions of credit hereunder.

 

Section 13.9. Guarantor
Covenants. Each Guarantor shall take such action as the Borrower is required by this Agreement to cause such Guarantor to take,
and shall refrain from taking such action as the Borrower is required by this Agreement to prohibit such Guarantor from taking.

 

Section 13.10. Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such
funds or other support as may be needed from time to time by the Borrower and each other Guarantor to honor all of its obligations
under this Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under
this Section for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this
Section, or otherwise under this Guaranty, as it relates to such Borrower or other Guarantor, voidable under applicable Legal Requirements
relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP
Guarantor under this Section shall remain in full force and effect until discharged in accordance with Section 13.3. Each Qualified
ECP Guarantor intends that this Section constitute, and this Section shall be deemed to constitute, a “keepwell, support,
or other agreement” for the benefit of the Borrower and each other Guarantor for all purposes of Section 1a(18)(A)(v)(II)
of the Commodity Exchange Act.

 

Section 13.11. Subordination.
Each Guarantor (each referred to herein as a “Subordinated Creditor”) hereby subordinates the payment of all
indebtedness, obligations, and liabilities of the Borrower or any other Guarantor owing to such Subordinated Creditor, whether
now existing or hereafter arising, to the indefeasible payment in full in cash of all Obligations, Hedging Liability, and Bank
Product Obligations. During the continuance of any Event of Default or Default under Sections 9.1 (a), (j) or (k), subject to Section
13.4, any such indebtedness, obligation, or liability of the Borrower or any other Guarantor owing to such Subordinated Creditor
shall be enforced and performance received by such Subordinated Creditor as trustee for the benefit of the holders of the Obligations,
Hedging Liability, and Bank Product Obligations and, upon the acceleration of the Indebtedness under Section 9.2 or 9.3 hereof,
the proceeds thereof shall be paid over to the Administrative Agent for application to the Obligations, Hedging Liability, and
Bank Product Obligations (whether or not then due), but without reducing or affecting in any manner the liability of such Guarantor
under this Section 13.

 

[Signature
Pages to Follow]

 

    	 	-94-	 

    	 

     

This Amended and Restated
Credit Agreement is entered into between us for the uses and purposes hereinabove set forth as of the date first above written.

 

	 	“Borrower”
	 	 
	 	UMH Properties, Inc.
	 	 
	 	By	/s/ Anna T. Chew
	 	Name:	Anna T. Chew
	 	Title:	Vice President
	 	 	 
	 	“Administrative Agent and L/C Issuer”
	 	 
	 	
        Bank
        of Montreal, as L/C Issuer and as

        Administrative Agent

	 	 	 
	 	By 	/s/ Lloyd Baron
	 	Name	Lloyd Baron
	 	Title	Director

 

[SIGNATURE PAGE TO AMENDED
AND RESTATED CREDIT AGREEMENT (UMH PROPERTIES, INC.)]

 

    	 

    	 

     

 

	 	“Lenders”
	 	 
	 	Bank of Montreal, as a Lender
	 	 	 
	 	By 	/s/ Lloyd Baron
	 	Name	Lloyd Baron
	 	Title	Director

 

    	 	-2-	 

    	 

     

	 	“Guarantors”
	 	 
	 	UMH IN Countryside Estates, LLC
	 	 	 
	 	By 	/s/ Anna T. Chew
	 	Name	Anna T. Chew
	 	Title	Vice President
	 	 	 
	 	Mobile Home Village, Inc.
	 	 	 
	 	By 	/s/ Anna T. Chew
	 	Name	Anna T. Chew
	 	Title	Vice President
	 	 	 
	 	United Mobile Homes of Ohio, Inc.
	 	 	 
	 	By 	/s/ Anna T. Chew
	 	Name 	Anna T. Chew
	 	Title	Vice President
	 	 	 
	 	United Mobile Homes of Pennsylvania, Inc.
	 	 	 
	 	By 	/s/ Anna T. Chew
	 	Name	Anna T. Chew
	 	Title	Vice President
	 	 	 
	 	UMH PA City View, LLC
	 	 	 
	 	By 	/s/ Anna T. Chew
	 	Name	Anna T. Chew
	 	Title	Vice President
	 	 	 
	 	UMH TN Countryside Village, LLC
	 	 	 
	 	By 	/s/ Anna T. Chew
	 	Name	Anna T. Chew
	 	Title	Vice President

 

    	 	-3-	 

    	 

     

Exhibit
A

 

Notice
of Payment Request

 

[Date]

 

[Name of Lender]

[Address]

 

Attention:

 

Reference is made to the
Amended and Restated Credit Agreement, dated as of March 28, 2017, among UMH Properties, Inc., as Borrower, the Guarantors from
time to time party thereto, the Lenders from time to time party thereto, and Bank of Montreal, as Administrative Agent (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used
herein and not defined herein have the meanings assigned to them in the Credit Agreement. [The Borrower has failed to pay its Reimbursement
Obligation in the amount of $____________. Your Percentage of the unpaid Reimbursement Obligation is $_____________] or [__________________________
has been required to return a payment by the Borrower of a Reimbursement Obligation in the amount of $_______________. Your Percentage
of the returned Reimbursement Obligation is $_______________.]

 

 

	 	Very truly yours,
	 	 
	 	Bank of Montreal, as L/C Issuer
	 	 	 
	 	By	 
	 	Name	 
	 	Title	 

 

    	 

    	 

     

Exhibit
B

 

Notice
of Borrowing

 

Date:__________________
, ____

 

	To:	Bank of Montreal, as Administrative Agent for the Lenders from time to time parties to the Amended and Restated Credit Agreement, dated as of March 28, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among UMH Properties, Inc., as Borrower, the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and Bank of Montreal, as Administrative Agent

 

Ladies and Gentlemen:

 

The undersigned, UMH Properties,
Inc. (the “Borrower”), refers to the Credit Agreement, the terms defined therein being used herein as therein
defined, and hereby gives you notice irrevocably, pursuant to Section 1.6 of the Credit Agreement, of the Borrowing specified below:

 

1. The Business
Day of the proposed Borrowing is ___________, ____.

 

2. The aggregate
amount of the proposed Borrowing is $______________.

 

3. The Borrowing
is being advanced under the Revolving Credit.

 

4. The Borrowing
is to be comprised of $___________ of [Base Rate] [Eurodollar] Loans.

 

[5. The duration
of the Interest Period for the Eurodollar Loans included in the Borrowing shall be ____________ months.]

 

The undersigned hereby
certifies that the following statements are true on the date hereof, and will be true on the date of the proposed Borrowing, before
and after giving effect thereto and to the application of the proceeds therefrom:

 

(a) the representations
and warranties of the Borrower contained in Section 6 of the Credit Agreement are true and correct in all material respects (where
not already qualified by materiality, otherwise in all respects) as though made on and as of such date (except to the extent the
same expressly relate to an earlier date, in which case they shall be true and correct in all material respects (where not already
qualified by materiality, otherwise in all respects) as of such earlier date); and

 

    	 

    	 

     

(b) no Default
or Event of Default has occurred and is continuing or would result from such proposed Borrowing.

 

	 	UMH Properties, Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

     

Exhibit
C

 

Notice
of Continuation/Conversion

 

Date: ____________, ____

 

	To:	Bank of Montreal, as Administrative Agent for the Lenders from time to time parties to the Amended and Restated Credit Agreement dated as of March 28, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among UMH Properties, Inc., as Borrower, the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and Bank of Montreal, as Administrative Agent

 

Ladies and Gentlemen:

 

The undersigned, UMH Properties,
Inc. (the “Borrower”), refers to the Credit Agreement, the terms defined therein being used herein as therein
defined, and hereby gives you notice irrevocably, pursuant to Section 1.6 of the Credit Agreement, of the [conversion] [continuation]
of the Loans specified herein, that:

 

1. The conversion/continuation
Date is __________, ____.

 

2. The aggregate
amount of the Loans to be [converted] [continued] is $______________.

 

3. The Loans
are to be [converted into] [continued as] [Eurodollar] [Base Rate] Loans.

 

4. [If applicable:]
The duration of the Interest Period for the Loans included in the [conversion] [continuation] shall be _________ months.

 

The undersigned hereby
certifies that the following statements are true on the date hereof, and will be true on the proposed conversion/continuation date,
before and after giving effect thereto and to the application of the proceeds therefrom:

 

(a) the representations
and warranties of the Borrower contained in Section 6 of the Credit Agreement are true and correct in all material respects (where
not already qualified by materiality, otherwise in all respects) as though made on and as of such date (except to the extent the
same expressly relate to an earlier date, in which case they shall be true and correct in all material respects (where not already
qualified by materiality, otherwise in all respects) as of such earlier date); and

 

    	 

    	 

     

(b) no Default
or Event of Default has occurred and is continuing, or would result from such proposed [conversion] [continuation].

 

	 	UMH Properties, Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	-2-	 

    	 

     

Exhibit
D

 

Revolving
Note

 

	U.S. $ _____________	_________ __, 20 __

 

For
Value Received, the undersigned, UMH Properties, Inc., a Maryland corporation (the “Borrower”), hereby
promises to pay to ____________________ (the “Lender”) or its permitted assigns on the Termination Date of the
hereinafter defined Credit Agreement, at the principal office of the Administrative Agent in Chicago Illinois (or such other location
as the Administrative Agent may designate to the Borrower), in immediately available funds, the principal sum of ___________________
Dollars ($__________) or, if less, the aggregate unpaid principal amount of all Loans made by the Lender to the Borrower pursuant
to the Credit Agreement, together with interest on the principal amount of each Loan from time to time outstanding hereunder at
the rates, and payable in the manner and on the dates, specified in the Credit Agreement.

 

This Revolving Note (this
“Note”) is one of the Notes referred to in the Amended and Restated Credit Agreement dated as of March 28, 2017,
among the Borrower, the Guarantors party thereto, the Lenders parties thereto, the L/C Issuer and Bank of Montreal, as Administrative
Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
and this Note and the holder hereof are entitled to all the benefits provided for thereby or referred to therein, to which Credit
Agreement reference is hereby made for a statement thereof. All defined terms used in this Note, except terms otherwise defined
herein, shall have the same meaning as in the Credit Agreement. This Note shall be governed by and construed in accordance with
the internal laws of the State of Illinois.

 

Voluntary prepayments may
be made hereon, certain prepayments are required to be made hereon, and this Note may be declared due prior to the expressed maturity
hereof, all in the events, on the terms and in the manner as provided for in the Credit Agreement.

 

The Borrower hereby waives
demand, presentment, protest or notice of any kind hereunder.

 

	 	UMH Properties, Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

     

Exhibit
E

 

Compliance
Certificate

 

	To:	Bank of Montreal, as Administrative

Agent under, and the Lenders party to,

the Credit Agreement described below

 

This Compliance Certificate
is furnished to the Administrative Agent and the Lenders pursuant to that certain Amended and Restated Credit Agreement dated as
of March 28, 2017, among UMH Properties, Inc., as Borrower, the Guarantors party thereto, the Administrative Agent and the Lenders
party thereto (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).
Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto in the Credit
Agreement.

 

The
Undersigned hereby certifies that:

 

1. I am the duly elected
____________ of UMH Properties, Inc.;

 

2. I have reviewed the
terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions
and conditions of the Borrower and its Subsidiaries during the accounting period covered by the attached financial statements;

 

3. The examinations described
in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or the occurrence of any event which
constitutes a Default or Event of Default during or at the end of the accounting period covered by the attached financial statements
or as of the date of this Compliance Certificate, except as set forth below;

 

4. The financial statements
required by Section 8.5 of the Credit Agreement and being furnished to you concurrently with this Compliance Certificate are true,
correct and complete as of the date and for the periods covered thereby; and

 

5. The Schedule I hereto
sets forth financial data and computations evidencing the Borrower’s compliance with certain covenants of the Credit Agreement,
all of which data and computations are, to the best of my knowledge, true, complete and correct and have been made in accordance
with the relevant Sections of the Credit Agreement.

 

    	 

    	 

     

Described below are the
exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event, the period during which it has
existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event:

 

 

 

 

 

 

 

 

 

 

 

 

The foregoing certifications,
together with the computations set forth in Schedule I hereto and the financial statements delivered with this Certificate in support
hereof, are made and delivered this ______ day of __________________, 20__.

 

	 	UMH Properties, Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	-2-	 

    	 

     

Schedule
I

to
Compliance Certificate

 

 

 

Compliance
Calculations

for
Amended and Restated Credit Agreement

dated as of March 28, 2017

 

Calculations
as of _____________, _______

 

	A.	Maximum Total Indebtedness to Total Asset Value Ratio (Section 8.20(a))	 
	 	 	 
	 	1. Total Indebtedness	$___________
	 	 	 
	 	2. Total Asset Value as calculated on Exhibit A hereto	___________
	 	 	 
	 	3. Ratio of Line A1 to Line A2	____:1.0
	 	 	 
	 	4. Line A3 must not exceed	0.60:1.0
	 	 	 
	 	5. The Borrower is in compliance (circle yes or no)	yes/no
	 	 	 
	B.	Minimum EBITDA to Fixed Charges Ratio (Section 8.20(b))	 
	 	 	 
	 	1. Net income (or loss)	$___________
	 	 	 
	 	2. Depreciation and amortization expense	___________
	 	 	 
	 	3. Interest Expense	___________
	 	 	 
	 	4. Income tax expense	___________
	 	 	 
	 	5. Extraordinary, unrealized or non-recurring losses	___________
	 	 	 
	 	6. Reasonable transaction costs and expenses incurred in connection with acquisitions	___________
	 	 	 
	 	7. Sum of Lines B2, B3, B4, B5 and B6	___________
	 	 	 
	 	8. Rent reserved for capital expenditures	___________
	 	 	 
	 	9. Extraordinary or unrealized gains	___________
	 	 	 
	 	10. Income tax benefits	___________
	 	 	 
	 	11. Sum of Lines B8, B9 and B10	___________
	 	 	 
	 	12. Line B1 plus Line B7 minus Line B11 (“EBITDA”)	___________
	 	 	 
	 	13. Interest Expense	___________
	 	 	 
	 	14. Scheduled principal amortization	___________

 

    	 	-3-	 

    	 

     

	 	15. Line B13 plus Line B14 (“Debt Service”)	___________
	 	 	 
	 	16. Required distributions	___________
	 	 	 
	 	17. Ground Lease payments	___________
	 	 	 
	 	18. Sum of Lines B15, B16 and B17 (“Fixed Charges”)	___________
	 	 	 
	 	19. Ratio of Line B12 to Line B18	____:1.0
	 	 	 
	 	20. Line B19 shall not be less than	1.50:1.0
	 	 	 
	 	21. The Borrower is in compliance (circle yes or no)	yes/no
	 	 	 
	C.	[Intentionally Omitted.]	 
	 	 	 
	D.	Maximum Other Recourse Debt to Total Asset Value Ratio (Section 8.20(d))	 
	 	 	 
	 	1. Other Recourse Debt	$___________
	 	 	 
	 	2. Total Asset Value as calculated on Exhibit A hereto	___________
	 	 	 
	 	3. Ratio of Line D1 to Line D2	____:1.0
	 	 	 
	 	4. Line D3 shall not exceed	0.20:1.0
	 	 	 
	 	5. The Borrower is in compliance (circle yes or no)	yes/no
	 	 	 
	E.	Tangible Net Worth (Section 8.20(e))	 
	 	 	 
	 	1. Tangible Net Worth	$___________
	 	 	 
	 	2. Aggregate net proceeds of Stock and Stock Equivalent offerings since the Closing Date	___________
	 	 	 
	 	3. 85% of Line E2	___________
	 	 	 
	 	4. Closing Date Tangible Net Worth ($253,000,000) plus Line E3 	___________
	 	 	 
	 	5. Line E1 shall not be less than Line E4	 
	 	 	 
	 	6. The Borrower is in compliance (circle yes or no)	yes/no
	 	 	 
	F.	Maximum Floating Rate Debt (Section 8.20(f))	 
	 	 	 
	 	1. Floating Rate Debt	$___________
	 	 	 
	 	2. Total Asset Value	___________
	 	 	 
	 	3. Line F1 divided by Line F2	___________
	 	 	 
	 	4. Line F3 shall not exceed 25% of Total Asset Value	 
	 	 	 
	 	5. The Borrower is in compliance (circle yes or no)	yes/no

 

    	 	-4-	 

    	 

     

	G.	Investments (Joint Ventures) (Section 8.8(j))	 
	 	 	 
	 	1. Cash Investments in Joint Ventures	$___________
	 	 	 
	 	2. Total Asset Value	___________
	 	 	 
	 	3. Line G1 divided by Line G2	___________
	 	 	 
	 	4. Line G3 shall not exceed 10% of Total Asset Value	 
	 	 	 
	 	5. The Borrower is in compliance (circle yes or no)	yes/no
	 	 	 
	H.	Investments (Assets Under Development) (Section 8.8(k))	 
	 	 	 
	 	1. Investments in Assets Under Development	$___________
	 	 	 
	 	2. Total Asset Value	___________
	 	 	 
	 	3. Line H1 divided by Line H2	___________
	 	 	 
	 	4. Line H3 shall not exceed 10% of Total Asset Value	 
	 	 	 
	 	5. The Borrower is in compliance (circle yes or no)	yes/no
	 	 	 
	I.	Investments (Unimproved Land) (Section 8.8(l))	 
	 	 	 
	 	1. Investments in unimproved land holdings	$___________
	 	 	 
	 	2. Total Asset Value	___________
	 	 	 
	 	3. Line I1 divided by Line I2	___________
	 	 	 
	 	4. Line I3 shall not exceed 10% of Total Asset Value	 
	 	 	 
	 	5. The Borrower is in compliance (circle yes or no)	yes/no
	 	 	 
	J.	Investments (Ground Leases) (Section 8.8(m))	 
	 	 	 
	 	1. Investments in Ground Leases	$___________
	 	 	 
	 	2. Total Asset Value	___________
	 	 	 
	 	3. Line J1 divided by Line J2	___________
	 	 	 
	 	4. Line J3 shall not exceed 10% of Total Asset Value	 
	 	 	 
	 	5. The Borrower is in compliance (circle yes or no)	yes/no
	 	 	 
	K.	Investments (Other) (Section 8.8(r))	 
	 	 	 
	 	1. Other Investments	$___________
	 	 	 
	 	2. Total Asset Value	___________
	 	 	 
	 	3. Line K1 divided by Line K2	___________
	 	 	 
	 	4. Line K3 shall not exceed 5% of Total Asset Value	 

 

    	 	-5-	 

    	 

     

	 	5. The Borrower is in compliance (circle yes or no)	yes/no
	 	 	 
	L.	Aggregate Investment Limitation to Total Asset Value (Section 8.8)	 
	 	 	 
	 	1. Sum of Lines G1, H1, I1, J1 and K1	$___________
	 	 	 
	 	2. Total Asset Value	____________
	 	 	 
	 	3. Line L1 divided by Line L2	___________
	 	 	 
	 	4. Line L3 shall not exceed 20% of Total Asset Value	 
	 	 	 
	 	5. The Borrower is in compliance (circle yes or no)	yes/no

 

    	 	-6-	 

    	 

     

Exhibit
A to Schedule I

to
Compliance Certificate

of
UMH Properties, Inc.

 

This Exhibit A is attached
to Schedule I to the Compliance Certificate of UMH Properties, Inc. dated [________], 20__ and delivered to Bank of Montreal,
as Administrative Agent, and the Lenders party to the Credit Agreement referred to therein. The undersigned hereby certifies that
the following is a true, correct and complete calculation of Total Asset Value as of the last day of the Fiscal Quarter most recently
ended:

 

[Insert Calculation]

 

 

	 	UMH Properties, Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	-7-	 

    	 

     

Exhibit
B to Schedule I

to
Compliance Certificate

of
UMH Properties, Inc.

 

This Exhibit B is attached
to Schedule I to the Compliance Certificate of UMH Properties, Inc. dated [_______], 20__ and delivered to Bank of Montreal,
as Administrative Agent, and the Lenders party to the Credit Agreement referred to therein. The undersigned hereby certifies that
the following is a true, correct and complete calculation of Adjusted Property NOI for all Properties for the Rolling Period most
recently ended:

 

	Property	 	Property Income	 	 	Minus	 	 	Property Expenses	 	 	Minus	 	 	Annual Capital Expenditure Reserve	 	 	equals	 	 	Adjusted Property NOI
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	$________	 	 	-	 	 	$______________	 	 	-	 	 	 	 	 	=	 	 	$___________
	 	 	$________	 	 	-	 	 	$______________	 	 	-	 	 	 	 	 	=	 	 	$___________
	 	 	$________	 	 	-	 	 	$______________	 	 	-	 	 	 	 	 	=	 	 	$___________
	 	 	$________	 	 	-	 	 	$______________	 	 	-	 	 	 	 	 	=	 	 	$___________

 

	Total Adjusted Property NOI for all Properties:	$_____________

 

	 	UMH Properties, Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	-8-	 

    	 

     

Exhibit
F

 

Assignment
and Acceptance

 

Dated _____________, _______

 

Reference is made to the
Amended and Restated Credit Agreement dated as of March 28, 2017 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”) among UMH Properties, Inc., the Guarantors from time to time party thereto,
the Lenders and L/C Issuer parties thereto, and Bank of Montreal, as Administrative Agent (the “Administrative Agent”).
Terms defined in the Credit Agreement are used herein with the same meaning.

 

______________________________________________________
(the “Assignor”) and _________________________ (the “Assignee”) agree as follows:

 

1. The Assignor
hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, the amount and specified
percentage interest shown on Annex I hereto of the Assignor’s rights and obligations under the Credit Agreement as of the
Effective Date (as defined below), including, without limitation, the Assignor’s Commitments as in effect on the Effective
Date and the Loans, if any, owing to the Assignor on the Effective Date and the Assignor’s Percentage of any outstanding
L/C Obligations.

 

2. The Assignor
(i) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such
interest is free and clear of any adverse claim, lien, or encumbrance of any kind; (ii) makes no representation or warranty and
assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Credit
Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any
other instrument or document furnished pursuant thereto; and (iii) makes no representation or warranty and assumes no responsibility
with respect to the financial condition of the Borrower or any Subsidiary or the performance or observance by the Borrower or any
Subsidiary of any of their respective obligations under the Credit Agreement or any other instrument or document furnished pursuant
thereto.

 

3. The Assignee
(i) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements
delivered to the Lenders pursuant to Section 8.5(b) and (c) thereof and such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Assignment and Acceptance; (ii) agrees that it will, independently
and without reliance upon the Administrative Agent, the Assignor 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; (iii) appoints and authorizes the Administrative Agent to take such action as Administrative Agent on its behalf and
to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by
the terms thereof, together with such powers as are reasonably incidental thereto; (iv) agrees that it will perform in accordance
with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender;
and (v) specifies as its lending office (and address for notices) the offices set forth on its Administrative Questionnaire.

 

    	 

    	 

     

4. As consideration
for the assignment and sale contemplated in Annex I hereof, the Assignee shall pay to the Assignor on the Effective Date in Federal
funds the amount agreed upon between them. It is understood that commitment and/or letter of credit fees accrued to the Effective
Date with respect to the interest assigned hereby are for the account of the Assignor and such fees accruing from and including
the Effective Date are for the account of the Assignee. Each of the Assignor and the Assignee hereby agrees that if it receives
any amount under the Credit Agreement which is for the account of the other party hereto, it shall receive the same for the account
of such other party to the extent of such other party’s interest therein and shall promptly pay the same to such other party.

 

5. The effective
date for this Assignment and Acceptance shall be ___________ (the “Effective Date”). Following the execution
of this Assignment and Acceptance, it will be delivered to the Administrative Agent for acceptance and recording by the Administrative
Agent and, if required, the Borrower.

 

6. Upon such
acceptance and recording, as of the Effective Date, (i) the Assignee shall be a party to the Credit Agreement and, to the extent
provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall,
to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the
Credit Agreement.

 

7. Upon such
acceptance and recording, from and after the Effective Date, the Administrative Agent shall make all payments under the Credit
Agreement in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest and commitment
fees with respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under
the Credit Agreement for periods prior to the Effective Date directly between themselves.

 

    	 	-2-	 

    	 

     

8. This Assignment
and Acceptance shall be governed by, and construed in accordance with, the internal laws of the State of Illinois.

 

	 	[Assignor Lender]
	 	 	 
	 	By	 
	 	Name	 
	 	Title	 
	 	 	 
	 	[Assignee Lender]
	 	 	 
	 	By	 
	 	Name	 
	 	Title	 

 

Accepted
and consented this

____ day of _____________

 

	UMH Properties, Inc.
	 	 	 
	By	 	 
	Name	 	 
	Title	 	 

 

Accepted and consented
to by the Administrative

Agent and L/C Issuer this ___ day of _________

 

Bank
of Montreal, as Administrative Agent

and L/C Issuer

 

	By	 	 
	Name	 	 
	Title	 	 

 

    	 	-3-	 

    	 

     

Annex
I

to
Assignment and Acceptance

 

The assignee hereby purchases
and assumes from the assignor the following interest in and to all of the Assignor’s rights and obligations under the Credit
Agreement as of the effective date.

 

	Facility Assigned	 	Aggregate

 Commitment/Loans

 for All Lenders	 	Amount of

 Commitment/Loans

 Assigned	 	Percentage Assigned

 of Commitment/Loans
	 	 	 	 	 	 	 
	Revolving Credit	 	$____________	 	$____________	 	_____%

 

    	 	-4-	 

    	 

     

Exhibit G

 

Additional Guarantor Supplement

______________, ___

 

Bank of Montreal, as Administrative
Agent for the Lenders named in the Amended and Restated Credit Agreement dated as of March 28, 2017, among UMH Properties, Inc.,
as Borrower, the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and the Administrative
Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”)

 

Ladies and Gentlemen:

 

Reference is made to the
Credit Agreement described above. Terms not defined herein which are defined in the Credit Agreement shall have for the purposes
hereof the meaning provided therein.

 

The undersigned, [name
of Subsidiary Guarantor], a [jurisdiction of incorporation or organization] hereby elects to be a “Guarantor”
for all purposes of the Credit Agreement, effective from the date hereof. The undersigned confirms that each of the representations
and warranties set forth in Section 6 of the Credit Agreement in respect of a Guarantor are true and correct as to the undersigned
as of the date hereof and the undersigned shall comply with and perform each of the covenants and obligations set forth in, and
to be bound in all respects by the terms of, the Credit Agreement that are applicable to a Guarantor, including, without limitation,
the provisions of Sections 8 and 13 of the Credit Agreement that are applicable to a Guarantor, in each case, to the same extent
and with the same force and effect as if the undersigned were a signatory party thereto.

The undersigned acknowledges
that this Agreement shall be effective upon its execution and delivery by the undersigned to the Administrative Agent, and it shall
not be necessary for the Administrative Agent or any Lender, or any of their Affiliates entitled to the benefits hereof, to execute
this Agreement or any other acceptance hereof. This Agreement shall be construed in accordance with and governed by the internal
laws of the State of Illinois.

 

	 	Very truly yours,
	 	 
	 	[Name of Subsidiary Guarantor]
	 	 
	 	By	 
	 	Name	 
	 	Title	 

 

    	 

    	 

    

 

Exhibit H

 

Commitment Amount Increase Request

 

______________, _____

 

	To:	Bank of Montreal, as Administrative Agent for the Lenders parties to the Amended and Restated Credit Agreement dated as of March 28, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among UMH Properties, Inc., as Borrower, the Guarantors from time to time party thereto, certain Lenders party thereto, and Bank of Montreal, as Administrative Agent

 

Ladies and Gentlemen:

 

The undersigned, UMH Properties,
Inc. (the “Borrower”) hereby refers to the Credit Agreement and requests that the Administrative Agent consent
to an increase in the aggregate Commitments (the “Commitment Amount Increase”), in accordance with Section 1.15
of the Credit Agreement, to be effected by [an increase in the Commitment of [name of existing Lender] [the addition of [name
of new Lender] (the “New Lender”) as a Lender under the terms of the Credit Agreement]. Capitalized terms
used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.

 

After giving effect to
such Commitment Amount Increase, the Commitment of the [Lender] [New Lender] shall be $_____________.

 

[Include paragraphs
1-4 for a New Lender]

 

1. The New Lender hereby
confirms that it has received a copy of the Loan Documents and the exhibits related thereto, together with copies of the documents
which were required to be delivered under the Credit Agreement as a condition to the making of the Loans and other extensions of
credit thereunder. The New Lender acknowledges and agrees that it has made and will continue to make, independently and without
reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate,
its own credit analysis and decisions relating to the Credit Agreement. The New Lender further acknowledges and agrees that the
Administrative Agent has not made any representations or warranties about the credit worthiness of the Borrower or any other party
to the Credit Agreement or any other Loan Document or with respect to the legality, validity, sufficiency or enforceability of
the Credit Agreement or any other Loan Document or the value of any security therefor.

 

2.Except as otherwise provided
in the Credit Agreement, effective as of the date of acceptance hereof by the Administrative Agent, the New Lender (i) shall be
deemed automatically to have become a party to the Credit Agreement and have all the rights and obligations of a “Lender”
under the Credit Agreement as if it were an original signatory thereto and (ii) agrees to be bound by the terms and conditions
set forth in the Credit Agreement as if it were an original signatory thereto.

 

    	 	 	 

    	 

     

3. The New Lender shall
deliver to the Administrative Agent an Administrative Questionnaire.

 

[4. The New Lender has
delivered, if appropriate, to the Borrower and the Administrative Agent (or is delivering to the Borrower and the Administrative
Agent concurrently herewith) the tax forms referred to in [Section 12.1] of the Credit Agreement.]*

 

This
Agreement shall be deemed to be a contractual obligation under, and shall be governed by and construed in accordance with, the
internal laws of the state of Illinois.

 

The Commitment Amount Increase
shall be effective when the executed consent of the Administrative Agent is received or otherwise in accordance with Section 1.15
of the Credit Agreement, but not in any case prior to ___________________, ____. It shall be a condition to the effectiveness of
the Commitment Amount Increase that all expenses referred to in Section 1.15 of the Credit Agreement shall have been paid.

 

The Borrower hereby certifies
that no Default or Event of Default has occurred and is continuing.

 

 

 

* Insert
bracketed paragraph if New Lender is organized under the law of a jurisdiction other than the United States of America or a state
thereof.

 

    	 	-2-	 

    	 

     

Please indicate the Administrative
Agent’s consent to such Commitment Amount Increase by signing the enclosed copy of this letter in the space provided below.

 

	 	Very truly yours,
	 	 
	 	UMH Properties, Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	
        [New
        or existing Lender Increasing Commitments]

         

	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

The undersigned hereby consents on

this __ day of _____________, _____

to the above-requested Commitment

Amount Increase.

 

Bank of Montreal,

as Administrative Agent

 

	By	 	 
	Name	 	 
	Title	 	 

 

    	 	-3-	 

    	 

     

Exhibit
I

 

Borrowing Base Certificate

 

	To:	
        Bank of Montreal, as Administrative

        Agent under, and the Lenders party to,

        the Credit Agreement described below.

 

Pursuant to the terms of
the Amended and Restated Credit Agreement dated as of March 28, 2017, among UMH Properties, Inc., as Borrower, the Guarantors from
time to time party thereto, the Lenders from time to time party thereto and Bank of Montreal, as Administrative Agent (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), we submit this Borrowing
Base Certificate to you and certify that the calculation of the Borrowing Base set forth below and on any Exhibits to this Certificate
is true, correct and complete as of the Borrowing Base Determination Date.

 

	 	A.	Borrowing Base Determination Date: __________________ ____, 20__.
	 	 	 
	 	B.	The Borrowing Base and Revolving Credit Availability as of the Borrowing Base Determination Date is calculated as:

  

	 	1.	60% of the Borrowing Base Value as calculated on Exhibit A hereto	$_________________
	 	 	 	 
	 	2.	Debt Service Coverage Amount of all Borrowing Base Properties as calculated on Exhibit B hereto	$_________________
	 	 	 	 
	 	3.	Lesser of Line 1 and Line 2 

(the “Borrowing Base”)	$_________________
	 	 	 	 
	 	4.	Commitments as then in effect	$_________________
	 	 	 	 
	 	5.	Lesser of Line 3 and Line 4	$_________________
	 	 	 	 
	 	6.	Aggregate principal amount of outstanding Loans and L/C Obligations	$_________________
	 	 	 	 
	 	7.	Line 5 minus Line 6 (the “Revolving Credit Availability”)	$_________________

 

    	 	 	 

    	 

    

  

The foregoing certifications,
together with the computations set forth in Schedule I hereto are made and delivered this ______ day of __________________ 20__.

 

	 	UMH Properties, Inc. 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	-5-	 

    	 

     

Exhibit
A to Borrowing Base Certificate

of
UMH Properties, Inc.

 

This Exhibit A is attached
to the Borrowing Base Certificate of UMH Properties, Inc. for the Borrower Base Determination Date of ___________ ____, 20__ and
delivered to Bank of Montreal, as Administrative Agent, and the Lenders party to the Credit Agreement referred to therein. The
undersigned hereby certifies that the following is a true, correct and complete calculation of Borrowing Base Value as of the Borrowing
Base Determination Date set forth above:

 

[Insert Calculation
or attach Schedule with exclusions for concentration limits]

 

	Borrowing Base Value of all Borrowing Base Properties:	$__________

 

Borrowing Base Requirements:

 

	A.	Borrowing Base Value

 

	 	1.	Borrowing Base Value	$___________
	 	 	 	 
	 	2.	Line A1 shall not be less than $35,000,000	 
	 	 	 	 
	 	3.	The Borrower is in compliance (circle yes or no)	yes/no

 

	B.	Individual Eligible Property Value

 

	 	1.	The Percentage of Borrowing Base Value of each Eligible Property is set forth [above or on the attached Schedule] and the largest Borrowing Base Value or any Eligible Property is $___________ for the ___________ Eligible Property.	 
	 	 	 	 
	 	2.	No Eligible Property comprises more than (i) to the extent that the aggregate Commitments are less than $75,000,000, 20% of the Borrowing Base Value, and (ii) to the extent that the aggregate Commitments are greater than or equal to $75,000,000, 15% of the Borrowing Base Value	 

 

	C.	Average Occupancy Rate

 

	 	1.	The Occupancy Rate of each Borrowing Base Property is set forth [above or on the attached Schedule] and the weighted average Occupancy Rate of all Borrowing Base Properties is ____%.	___________%
	 	 	 	 
	 	2.	Line C1 shall not be less than 70%	 
	 	 	 	 
	 	3.	The Borrower is in compliance (circle yes or no)	yes/no

 

    	 	-6-	 

    	 

     

Exhibit
B to Borrowing Base Certificate

of
UMH Properties, Inc.

 

This Exhibit B is attached
to the Borrowing Base Certificate of UMH Properties, Inc. for the Borrower Base Determination Date of ___________ ____, 20__ and
delivered to Bank of Montreal, as Administrative Agent, and the Lenders party to the Credit Agreement referred to therein. The
undersigned hereby certifies that the following is a true, correct and complete calculation of Debt Service Coverage Amount as
of the Borrowing Base Determination Date set forth above:

 

	Eligible Properties	 	
        Aggregate Debt Service Coverage

        Amount as Calculated on

        Annex I to this Certificate

	See Annex 1	 	$__________

 

    	 	-7-	 

    	 

     

Annex
I to Borrowing Base Certificate

of
UMH Properties, Inc.

 

[Borrower to attach.]

 

    	 	-8-	 

    	 

     

Schedule
I

Commitments

 

	Lender	 	 	
        Commitment
	 
	Bank of Montreal	 	 	$	50,000,000	 
	Total:	 	 	$	50,000,000	 

 

    	 	-9-	 

    	 

     

Schedule
1.1

Initial Borrowing Base Properties

 

	Property and Location	 	Property Owner
	Countryside Estate, Muncie, IN	 	UMH IN Countryside Estates, LLC
	Woodlawn Village, Eatontown, NJ	 	Mobile Home Village, Inc.
	River Valley Estates, Marion, OH	 	United Mobile Homes of Ohio, Inc.
	Sandy Valley Estate, Magnolia, OH	 	United Mobile Homes of Ohio, Inc.
	Spreading Oak Village, Athens, OH	 	United Mobile Homes of Ohio, Inc.
	Wood Valley, Caledonia, OH	 	United Mobile Homes of Ohio, Inc.
	Laurel Woods, Cresson, PA	 	United Mobile Homes of Pennsylvania, Inc.
	Pine Valley Estates, Apollo, PA	 	United Mobile Homes of Pennsylvania, Inc.
	Cross Keys Village, Duncansville, PA	 	UMH Properties, Inc.
	Pine Ridge Village/Pine Manor, Carlisle, PA	 	UMH Properties, Inc.
	Port Royal Village, Belle Vernon, PA	 	UMH Properties, Inc.
	Countryside Village, Columbia, TN	 	UMH TN Countryside Village, LLC
	City View, Lewistown, PA	 	UMH PA City View, LLC

 

    	 	 	 

    	 

     

Schedule 6.2

 

Subsidiaries

 

[See
Organizational Charts On Following Pages]ALGODON
WINES & LUXURY DEVELOPMENT GROUP, INC.

 

2016
EQUITY incentive plan

 

(as
amended as of July 29, 2016)

 

 

 

 

 

 

    	 	 	 

     

    

 

Table
of Contents

 

	Section
    1.	Purpose	1
	 	 	 
	Section
    2.	Definitions	1
	 	 	 
	Section
    3.	Administration	4
	 	 	 
	(a)	Power
    and Authority of the Committee	4
	(b)	Delegation	5
	(c)	Power
    and Authority of the Board	5
	(d)	Previously
    Granted Options	5
	(e)	Actions
    Taken in Good Faith	6
	(f)	Costs
    of Administration	6
	 	 	 
	Section
    4.	Shares
    Available for Awards	6
	 	 	 
	(a)	Shares
    Available	6
	(b)	Accounting
    for Awards	6
	(c)	Adjustments	7
	(d)	Code
    Section 162(m) Award Limitations Under the Plan	7
	 	 	 
	Section
    5.	Eligibility	7
	 	 	 
	Section
    6.	Awards	8
	 	 	 
	(a)	Options	8
	(b)	Stock
    Appreciation Rights	9
	(c)	Restricted
    Stock and Restricted Stock Units	9
	(d)	Performance
    Awards	10
	(e)	Other
    Stock Grants	11
	(f)	Other
    Stock-Based Awards	11
	(g)	General	11
	 	 	 
	Section
    7.	Events
    Affecting Oustanding Awards	13
	 	 	 
	(a)	Additional
    Definitions for this Section	13
	(b)	Termination
    of Service Resulting from Death or Disability	13
	(c)	Termination
    of Service Resulting from Other than Death or Disability	14
	(d)	Change in Control	15
	 	 	
	Section
    8.	Amendment
    and Termination; Adjustments	15
	 	 	 
	(a)	Amendments
    to the Plan	15
	(b)	Amendments
    to Awards	16
	(c)	Correction
    of Defects, Omissions and Inconsistencies	16

 

    	 	-i-	 

     

    

 

	Section
    9.	Income
    Tax Withholding	16
	 	 	 
	Section
    10.	General
    Provisions	17
	 	 	 
	(a)	No
    Rights to Awards	17
	(b)	Award
    Agreements	17
	(c)	Plan
    Provisions Control	17
	(d)	No
    Rights of Stockholders	17
	(e)	No
    Limit on Other Compensation Arrangements	17
	(f)	No
    Right to Employment	17
	(g)	Governing
    Law	18
	(h)	Severability	18
	(i)	No
    Trust or Fund Created	18
	(j)	Other
    Benefits	18
	(k)	No
    Fractional Shares	18
	(l)	Headings	18
	(m)	Section
    16 Compliance; Section 162(m) Administration	18
	(n)	Conditions
    Precedent to Issuance of Shares; Notices	19
	(o)	Participant’s
    Agreement and Acknowledgements Regarding Taxes	19
	 	 	 
	Section
    11.	Section
    409A	20
	 	 	 
	(a)	Time
    and Form of Payment	20
	(b)	Delay
    in Payment	20
	(c)	Key
    Definitions	20
	(d)	Amendments	20
	 	 	 
	Section
    12.	Effective
    Date of the Plan	21
	 	 	 
	Section
    13.	Term
    of the Plan	21

 

    	 	-ii-	 

     

    

 

ALGODON
WINES & LUXURY DEVELOPMENT GROUP, INC.

 

2016
EQUITY incentive plan

 

Section
1.Purpose

 

The
purpose of the Plan is to promote the long-term retention of key employees of the Company and other persons or entities who are
in a position to make significant contributions to the success of the Company, to further reward these employees and other persons
or entities for their contributions to the Company’s success, to provide additional incentive to these employees and other
persons or entities to continue to make similar contributions in the future, and to further align the interests of these employees
and other persons or entities with those of the Company’s stockholders. These purposes will be achieved by granting to such
employees one or more Awards authorized by the Plan.

 

Section
2.Definitions

 

As
used in the Plan, the following terms shall have the meanings set forth below:

 

(a)“Affiliate”
shall mean (i) any entity that, directly or indirectly through one or more intermediaries, is controlled by the Company and (ii)
any entity in which the Company has a significant equity interest, in each case as determined by the Committee.

 

(b)“Award” shall mean any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance
Award, Other Stock Grant or Other Stock-Based Award granted under the Plan.

 

(c)“Award
Agreement” shall mean any written agreement, contract or other instrument or document evidencing any Award granted under
the Plan. An Award Agreement may be in an electronic medium and need not be signed by a representative of the Company or the Participant.
Each Award Agreement shall be subject to the applicable terms and conditions of the Plan and any other terms and conditions (not
inconsistent with the Plan) determined by the Committee.

 

(d)“Board”
shall mean the Board of Directors of the Company.

 

(e)“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder.

 

(f)“Committee”
shall mean a committee of Directors designated by the Board to administer the Plan, which shall initially be the Company’s
compensation committee. The Committee shall be comprised of not less than such number of Directors as shall be required to permit
Awards granted under the Plan to qualify under Rule 16b-3 and Section 162(m) of the Code, and each member of the Committee shall
be a “Non-Employee Director.” In the absence of any Committee of Non-Employee Directors, the term “Committee”
when used herein shall refer to the entire Board.

 

    	 	 	 

     

    

 

(g)“Company”
shall mean Algodon Wines & Luxury Development Group, Inc., a Delaware corporation, including all current and future subsidiaries,
and any successor corporation.

 

(h)“Director”
shall mean a member of the Board, including any Non-Employee Director.

 

(i)“Eligible
Person” shall mean any employee, officer, consultant, advisor, independent contractor or director providing services
to the Company or any Affiliate who the Committee determines to be an Eligible Person.

 

(j)“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(k)“Fair
Market Value” shall mean, with respect to any property, the fair market value of such property determined by such methods
or procedures as shall be established from time to time by the Committee. Notwithstanding the foregoing, the Fair Market Value
of a Share, as of a given date, shall be determined as follows:

 

(i)       If
the Shares are listed on any established stock exchange or traded on a national market system, including platforms on the OTC
Markets, Inc., the Fair Market Value of a Share shall be the average closing sale price for such share (or the closing bid, if
no sale was reported) as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the
Shares) on the ten trading days preceding such day of determination, as reported in The Wall Street Journal or such other
source as the Committee deems reliable. If there are no reported sales during any of the ten preceding trading days, the calculation
of Fair Market Value under this sub-paragraph shall include the closing price from the immediately prior day or days needed to
reach an average based on ten days.

 

(ii)       In
the absence of such markets for the Shares, the Fair Market Value shall be determined in good faith by the Committee using a reasonable
application of a reasonable valuation method.

 

(l)“Incentive
Stock Option” shall mean an option granted under Section 6(a) of the Plan that is intended to qualify as an “incentive
stock option” in accordance with the terms of Section 422 of the Code or any successor provision.

 

(m)“Non-Employee
Director” shall mean any Director: (i) who is not also an employee of the Company or an Affiliate within the meaning
of Rule 16b-3; and (ii) who is an “outside director” within the meaning of Section 162(m) of the Code.

 

(n)“Non-Qualified
Stock Option” shall mean an option granted under Section 6(a) of the Plan that is not an Incentive Stock Option.

 

(o)“Option”
shall mean an Incentive Stock Option or a Non-Qualified Stock Option.

 

(p)“Other Stock Grant”
shall mean any right granted under Section 6(e) of the Plan.

 

    	 	-2-	 

     

    

 

(q)“Other Stock-Based Award”
shall mean any right granted under Section 6(f) of the Plan.

 

(r)“Participant” shall
mean an Eligible Person designated to be granted an Award under the Plan.

 

(s)“Performance Award”
shall mean any right granted under Section 6(d) of the Plan.

 

(t)“Performance
Goal” shall mean one or more of the following performance goals, either individually, alternatively or in any combination,
applied on a corporate, subsidiary, division, business unit or line of business basis: sales, revenue, costs, expenses (including
expense efficiency ratios and other expense measures), earnings (including one or more of net profit after tax, gross profit,
operating profit, earnings before interest and taxes, earnings before interest, taxes, depreciation and amortization and net earnings),
earnings per share, earnings per share from continuing operations, operating income, pre-tax income, operating income margin,
net income, margins (including one or more of gross, operating and net income margins), returns (including one or more of return
on actual or pro forma assets, net assets, equity, investment, capital and net capital employed), stockholder return (including
total stockholder return relative to an index or peer group), stock price, economic value added, cash generation, cash flow, unit
volume, working capital, market share, cost reductions and strategic plan development and implementation. Such goals may reflect
absolute entity or business unit performance or a relative comparison to the performance of a peer group of entities or other
external measure of the selected performance criteria. Pursuant to rules and conditions adopted by the Committee on or before
the 90th day of the applicable performance period for which Performance Goals are established, the Committee may appropriately
adjust any evaluation of performance under such goals to exclude the effect of certain events, including any of the following
events: asset write-downs; litigation or claim judgments or settlements; changes in tax law, accounting principles or other such
laws or provisions affecting reported results; severance, contract termination and other costs related to exiting certain business
activities; and gains or losses from the disposition of businesses or assets or from the early extinguishment of debt.

 

(u)“Person” shall mean any individual or entity, including a corporation, partnership, limited liability
company, association, joint venture or trust.

 

(v)“Plan” shall
mean the Algodon Wines & Luxury Development Group, Inc. 2016 Equity Incentive Plan, as amended from time to time, the provisions
of which are set forth herein.

 

(w)“Restricted Stock” shall mean any Share granted under Section 6(c) of the Plan.

 

(x)“Restricted Stock Unit” shall mean any unit granted under Section 6(c) of the Plan evidencing the right
to receive a Share (or a cash payment equal to the Fair Market Value of a Share) at some future date.

 

(y)“Rule 16b-3” shall mean Rule 16b-3 promulgated by the Securities and Exchange Commission under the Securities
Exchange Act of 1934, as amended, or any successor rule or regulation.

 

    	 	-3-	 

     

    

 

(z)“Securities Act” shall mean the Securities Act of 1933, as amended.

 

(aa)“Share” or “Shares” shall mean a share or shares of common stock, $0.01 par value
per share, of the Company or such other securities or property as may become subject to Awards pursuant to an adjustment made
under Section 4(c) of the Plan.

 

(bb)“Stock Appreciation Right” shall mean any right granted under Section 6(b) of the Plan.

 

Section
3.Administration

 

 (a)        Power and Authority of the Committee . The Plan shall be administered by the Committee. Subject to the express provisions of the Plan and to applicable law, the Committee shall have full power and authority to: 

 

(i)       designate
Participants; 

 

(ii)       determine
the type or types of Awards to be granted to each Participant under the Plan; 

 

(iii)       determine
the number of Shares to be covered by (or the method by which payments or other rights are to be determined in connection with)
each Award;

 

(iv)       determine
the terms and conditions of any Award or Award Agreement; 

 

(v)       amend
the terms and conditions of any Award or Award Agreement and accelerate the exercisability of any Option or waive any restrictions
relating to any Award; 

 

(vi)       determine
whether, to what extent and under what circumstances Awards may be exercised in cash, Shares, other securities, other Awards or
other property, or canceled, forfeited or suspended; 

 

(vii)       interpret
and administer the Plan and any instrument or agreement, including an Award Agreement, relating to the Plan; 

 

(viii)       establish,
amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration
of the Plan;

 

(ix)       make
any other determination and take any other action that the Committee deems necessary or desirable for the administration of the
Plan; and 

 

(x)       adopt
such modifications, rules, procedures, and sub-plans as may be necessary or desirable to comply with provisions of the laws of
non-U.S. jurisdictions in which the Company or an Affiliate may operate, including, without limitation, establishing any special
rules for Affiliates, Eligible Persons or Participants located in any particular country, in order to meet the objectives of the
Plan and to ensure the viability of the intended benefits of Awards granted to Participants located in such non-United States
jurisdictions. 

 

    	 	-4-	 

     

    

 

Unless
otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or with
respect to the Plan, any Award, or any Award Agreement shall be within the sole discretion of the Committee, may be made at any
time and shall be final, conclusive and binding upon any Eligible Person and any holder or beneficiary of any Award. The Company
intends that Awards under the Plan shall avoid application of Section 409A of the Code and thereby avoid any adverse tax results
thereunder. The Committee shall administer and interpret the Plan and all Award Agreements in a manner consistent with this intent.
In this regard, if any provision of the Plan or an Award Agreement would result in adverse tax consequences under Section 409A
of the Code, the Committee may amend that provision (or take any other action reasonably necessary) to avoid any adverse tax results
and no action taken to comply with Section 409A of the Code shall be deemed to impair or otherwise adversely affect the rights
of any holder of an Award or beneficiary thereof.

 

(b)       Delegation.
The Committee may delegate its powers and duties under the Plan to one or more Directors (including a Director who is also an
officer of the Company) or a committee of Directors, subject to such terms, conditions and limitations as the Committee may establish
in its sole discretion; provided, however, that the Committee shall not delegate its powers and duties under the
Plan

 

(i)       with
regard to officers or directors of the Company or any Affiliate who are subject to Section 16 of the Exchange Act or 

 

(ii)       in
such a manner as would cause the Plan not to comply with the requirements of Section 162(m) of the Code. 

 

(c)       Power
and Authority of the Board . Notwithstanding anything to the contrary contained herein, the Board may, at any time and
from time to time, without any further action of the Committee, exercise the powers and duties of the Committee under the
Plan, unless the exercise of such powers and duties by the Board would cause the Plan not to comply with the requirements of
Section 162(m) of the Code. The Board’s approval of a grant of an Award under the Plan, including the names of
Participants and the size of the Award, including the number of Shares subject to the Award, shall be reflected in minutes of
meetings held by the Board or in written consents signed by members of the Board. Once approved by the Board, each Award
shall be evidenced by such written instrument, containing such terms as are required by the Plan and such other terms,
consistent with the provisions of the Plan, as may be approved from time to time by the Board.

 

(d)       Previously
Granted Options. There are outstanding options for the purchase of Shares granted by the Company to Eligible Persons pursuant
to the Company’s existing stock option plans (the “Pre-Existing Plan”). Options which are outstanding under
the Pre-Existing Plan as of the effective date of this Plan shall continue to be exercisable and shall be governed by and be subject
to the terms of the Pre-Existing Plan and the stock option agreements evidencing their issuance. The number of Shares that may
be issued under the Plan shall not be reduced by (i) the number of Shares subject at such time to options granted and outstanding
under the Pre-Existing Plan, or (ii) the number of Shares issued under the Pre-Existing Plan after the effective date of this
Plan.

 

    	 	-5-	 

     

    

 

(e)       Actions
Taken in Good Faith. No member of the Committee or Board shall be liable for any action taken or determination made in good
faith with respect to the Plan or any Award granted under the Plan. Further, except for the express obligations of the Company
under the Plan and under Awards granted in accordance with the provisions of the Plan, the Company shall have no liability with
respect to any Award, or to any Participant or any transferee of Shares from any Participant, including, but not limited to, any
tax liabilities, capital losses, or other costs or losses incurred by any Participant or any such transferee.

 

(f)       Costs
of Administration. All costs incurred in connection with the administration and operation of the Plan shall be paid by the
Company.

 

Section
4.Shares Available for Awards

 

 (a)       Shares Available. Subject to adjustment as provided in Section 4(c) of the Plan, the aggregate number of Shares that may be issued under the Plan, excluding shares issued under the Pre-Existing Plan, shall be 1,224,308 Shares, plus an automatic annual increase to be added on January 1 of each year equal to 2.5% of the total number of Shares outstanding on such date (including for this purpose any Shares issuable upon conversion of any outstanding capital stock of the Company).

 

(i)       Any
Shares subject to an Award issued under this Plan or the Pre-Existing Plan that are canceled, forfeited or expire prior to exercise
or realization, either in full or in part, shall be added to the total number of Shares available for an Award to be made under
the Plan.

 

(ii)       Shares
to be issued under the Plan may be either authorized but unissued Shares or Shares re-acquired and held in treasury. 

 

(iii)       Notwithstanding
the foregoing, (A) the number of Shares available for granting Incentive Stock Options under the Plan shall not exceed the aggregate
number of Shares that may be issued under the Plan, subject to adjustment as provided in Section 4(c) of the Plan and subject
to the provisions of Section 422 or 424 of the Code or any successor provision and (B) the number of Shares available for granting
Restricted Stock and Restricted Stock Units shall not exceed 500,000, subject to adjustment as provided in Section 4(c) of the
Plan. Shares tendered by Participants as full or partial payment to the Company upon exercise of an Award, and Shares withheld
by or otherwise remitted to the Company to satisfy a Participant’s tax withholding obligations with respect to an Award,
shall become available for issuance under the Plan.

 

    	 	-6-	 

     

    

 

(b)       Accounting
for Awards. For purposes of this Section 4, if an Award entitles the holder thereof to receive or purchase Shares, the number
of Shares covered by such Award or to which such Award relates shall be counted on the date of grant of such Award against the
aggregate number of Shares available for granting Awards under the Plan. If any Shares covered by an Award or to which an Award
relates are not purchased or are forfeited, or if an Award otherwise terminates without delivery of any Shares, then the number
of Shares counted against the aggregate number of Shares available under the Plan with respect to such Award, to the extent of
any such forfeiture or termination, shall again be available for granting Awards under the Plan. For Stock Appreciation Rights
settled in Shares upon exercise, the aggregate number of Shares with respect to which the Stock Appreciation Right is exercised,
rather than the number of Shares actually issued upon exercise, shall be counted against the number of Shares available for Awards
under the Plan. Awards that do not entitle the holder thereof to receive or purchase Shares, and Awards that are denominated at
the time of grant as payable only in cash and that are settled in cash, shall not be counted against the aggregate number of Shares
available for Awards under the Plan.

 

(c)       Adjustments.
In the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, Shares,
other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,
split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or
other rights to purchase Shares or other securities of the Company or other similar corporate transaction or event affects the
Shares such that an adjustment is determined by the Committee to be appropriate in order to prevent dilution or enlargement of
the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it
may deem equitable, adjust any or all of

 

(i)       the
number and type of Shares (or other securities or other property) that thereafter may be made the subject of Awards, 

 

(ii)       the
number and type of Shares (or other securities or other property) subject to outstanding Awards, and 

 

(iii)       the
purchase price or exercise price with respect to any Award; 

 

provided,
however, that no such adjustment shall be made to any Award to the extent that it would, in the view of the Company, cause
such Award to be subject to Section 409A of the Code, and the number of Shares covered by any Award or to which such Award relates
shall always be a whole number.

 

(d)        Code
Section 162(m) Award Limitations Under the Plan. Subject to adjustment as provided in Section 4(c), no Participant may
be granted (i) Options or Stock Appreciation Rights with respect to more than 500,000 Shares per year or (ii) Restricted
Stock Awards, Restricted Stock Unit Awards, Performance Awards and/or Other Share-Based Awards that are intended to comply
with the performance-based exception under Code Section 162(m) and are denominated in Shares with respect to more than
500,000 Shares per year.

 

Section
5.Eligibility

 

Any
Eligible Person shall be eligible to be designated a Participant. In determining which Eligible Persons shall receive an Award
and the terms of any Award, the Committee may take into account the nature of the services rendered by the respective Eligible
Persons, their present and potential contributions to the success of the Company or such other factors as the Committee, in its
discretion, shall deem relevant. Notwithstanding the foregoing, an Incentive Stock Option may only be granted to full-time or
part-time employees (which term as used herein includes, without limitation, officers and directors who are also employees), and
an Incentive Stock Option shall not be granted to an employee of an Affiliate unless such Affiliate is also a “subsidiary
corporation” of the Company within the meaning of Section 424(f) of the Code or any successor provision.

 

    	 	-7-	 

     

    

 

Section
6.Awards

 

(a)       Options.
The Committee is hereby authorized to grant Options to Eligible Persons with the following terms and conditions and with such
additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine:

 

(i)       Exercise
Price. The purchase price per Share purchasable under an Option shall be determined by the Committee; provided, however,
that such purchase price shall not be less than 100% of the Fair Market Value of a Share on the date of grant of such Option.

 

(ii)       Option
Term. The term of each Option shall be fixed by the Committee at the time of grant.

 

(iii)       Time
and Method of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in
part and the method or methods by which, and the form or forms (including, without limitation, cash, Shares, other securities,
other Awards or other property, or any combination thereof, having a Fair Market Value on the exercise date equal to the applicable
exercise price) in which, payment of the exercise price with respect thereto may be made or deemed to have been made. Without
intending to limit the foregoing, if the market price of Shares subject to an Option exceeds the exercise price of the Option
at the time of its exercise, the Board may cancel the Option and cause the Company to pay in cash or in Shares to the person exercising
the Option an amount equal to the difference between the Fair Market Value of the Shares which would have been purchased pursuant
to the exercise (determined on the date the Option is canceled) and the aggregate exercise price which would have been paid. 

 

(iv)       Incentive
Stock Options. Notwithstanding anything in the Plan to the contrary, the following additional provisions shall apply to the
grant of stock options which are intended to qualify as Incentive Stock Options:

 

(A)       To
the extent that the aggregate Fair Market Value (determined at the time of grant) of the Shares with respect to which Incentive
Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company and
its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according to the order in which they
were granted) shall be treated as Non-Qualified Stock Options.

 

(B)       All
Incentive Stock Options must be granted within ten years from the earlier of the date on which this Plan was adopted by the Board
or the date this Plan was approved by the stockholders of the Company.

 

    	 	-8-	 

     

    

 

(C)       Unless
sooner exercised, all Incentive Stock Options shall expire and no longer be exercisable no later than 10 years after the date
of grant; provided, however, that in the case of a grant of an Incentive Stock Option to a Participant who, at the
time such Option is granted, owns (within the meaning of Section 422 of the Code) stock possessing more than 10% of the total
combined voting power of all classes of stock of the Company or of its Affiliate, such Incentive Stock Option shall expire and
no longer be exercisable no later than 5 years from the date of grant.

 

(D)       The
purchase price per Share for an Incentive Stock Option shall be not less than 100% of the Fair Market Value of a Share on the
date of grant of the Incentive Stock Option; provided, however, that, in the case of the grant of an Incentive Stock
Option to a Participant who, at the time such Option is granted, owns (within the meaning of Section 422 of the Code) stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or of its Affiliate, the purchase price
per Share purchasable under an Incentive Stock Option shall be not less than 110% of the Fair Market Value of a Share on the date
of grant of the Incentive Stock Option.

 

(E)       Any
Incentive Stock Option authorized under the Plan shall contain such other provisions as the Committee shall deem advisable, but
shall in all events be consistent with and contain all provisions required in order to qualify the Option as an Incentive Stock
Option.

 

(b)       Stock
Appreciation Rights. The Committee is hereby authorized to grant Stock Appreciation Rights to Eligible Persons subject to
the terms of the Plan and any applicable Award Agreement. Each Stock Appreciation Right granted under the Plan shall, upon exercise,
confer on the holder the right to receive, as determined by the Committee, cash or a number of Shares equal to the excess of (i)
the Fair Market Value of one Share on the date of exercise (or, if the Committee shall so determine, at any time during a specified
period before or after the date of exercise) over (ii) the grant price of the Stock Appreciation Right as determined by the Committee,
which grant price shall not be less than 100% of the Fair Market Value of one Share on the date of grant of the Stock Appreciation
Right. Subject to the terms of the Plan and any applicable Award Agreement, the grant price, term, methods of exercise, dates
of exercise, methods of settlement and any other terms and conditions (including conditions or restrictions on the exercise thereof)
of any Stock Appreciation Right shall be as determined by the Committee.

 

(c)       Restricted
Stock and Restricted Stock Units. The Committee is hereby authorized to grant Restricted Stock and Restricted Stock Units
to Eligible Persons with the following terms and conditions and with such additional terms and conditions not inconsistent with
the provisions of the Plan as the Committee shall determine:

 

(i)       Restrictions.
Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the Committee may impose (including,
without limitation, any limitation on the right to vote a Share of Restricted Stock, or prohibition against the right to receive
any dividend or other right or property with respect thereto), which restrictions may lapse separately or in combination at such
time or times, in such installments or otherwise as the Committee may deem appropriate.

 

    	 	-9-	 

     

    

 

(ii)       Issuance
and Delivery of Shares. Any Restricted Stock granted under the Plan shall be issued at the time such Awards are granted and
may be evidenced in such manner as the Committee may deem appropriate, including book-entry registration or issuance of a stock
certificate or certificates, which certificate or certificates shall be held by the Company. Such certificate or certificates
shall be registered in the name of the Participant and shall bear an appropriate legend referring to the restrictions applicable
to such Restricted Stock. Shares representing Restricted Stock that is no longer subject to restrictions shall be delivered to
the Participant promptly after the applicable restrictions lapse or are waived. In the case of Restricted Stock Units, no Shares
shall be issued at the time such Awards are granted. Upon the lapse or waiver of restrictions and the restricted period relating
to Restricted Stock Units evidencing the right to receive Shares, such Shares shall be issued and delivered to the holder of the
Restricted Stock.

 

(iii)       Forfeiture.
Except as otherwise determined by the Committee, upon a Participant’s termination of employment or resignation or removal
as a Director (in either case as determined under criteria established by the Committee) during the applicable restriction period,
all applicable Shares of Restricted Stock and Restricted Stock Units at such time subject to restriction shall be forfeited and
reacquired by the Company; provided, however, that the Committee may, when it finds that a waiver would be in the
best interests of the Company, waive in whole or in part any or all remaining restrictions with respect to Shares of Restricted
Stock or Restricted Stock Units.

 

(d)       Performance
Awards. The Committee is hereby authorized to grant Performance Awards to Eligible Persons subject to the terms of the Plan.
A Performance Award granted under the Plan (i) may be denominated or payable in cash, Shares (including, without limitation, Restricted
Stock and Restricted Stock Units), other securities, other Awards or other property and (ii) shall confer on the holder thereof
the right to receive payments, in whole or in part, upon the achievement of such performance goals during such performance periods
as the Committee shall establish. Subject to the terms of the Plan, the performance goals to be achieved during any performance
period, the length of any performance period, the amount of any Performance Award granted, the amount of any payment or transfer
to be made pursuant to any Performance Award and any other terms and conditions of any Performance Award shall be determined by
the Committee. Performance Awards denominated in Shares (including, without limitation, Restricted Stock and Restricted Stock
Units) that are granted to Eligible Persons who may be “covered employees” under Section 162(m) and that are intended
to be “qualified performance based compensation” within the meaning of Section 162(m), to the extent required by Section
162(m), shall be conditioned solely on the achievement of one or more objective Performance Goals established by the Committee
within the time prescribed by Section 162(m), and shall otherwise comply with the requirements of Section 162(m).

 

(e)       Other
Stock Grants. The Committee is hereby authorized, subject to the terms of the Plan, to grant to Eligible Persons Shares without
restrictions thereon as are deemed by the Committee to be consistent with the purpose of the Plan.

 

    	 	-10-	 

     

    

 

(f)       Other
Stock-Based Awards. The Committee is hereby authorized to grant to Eligible Persons, subject to the terms of the Plan, such
other Awards that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related
to, Shares (including, without limitation, securities convertible into Shares), as are deemed by the Committee to be consistent
with the purpose of the Plan. Shares or other securities delivered pursuant to a purchase right granted under this Section 6(f)
shall be purchased for such consideration, which may be paid by such method or methods and in such form or forms (including, without
limitation, cash, Shares, other securities, other Awards or other property or any combination thereof), as the Committee shall
determine.

 

(g)       General

 

(i)       Consideration
for Awards. Awards may be granted for no cash consideration or for any cash or other consideration as determined by the Committee
and required by applicable law. 

 

(ii)       Requirements
for Issuance of Shares and Effectiveness of Awards. Except as specifically provided by the Plan or the instrument evidencing
an Award, a Participant shall not become a stockholder of the Company until (A) the Participant makes any required payments in
respect of the Shares issued or issuable pursuant to the Award; (b) the Participant furnishes the Company with any required agreements,
certificates, letters or other instruments; and (c) the Participant actually receives the Shares. Subject to any terms and conditions
imposed by the Plan or the instrument evidencing an Award, upon the occurrence of all of the conditions set forth in the immediately
preceding sentence, a Participant shall have all rights of a stockholder with respect to such Shares, including, but not limited
to, the right to vote such Shares and to receive dividends and other distributions paid with respect to such Shares.

 

(iii)       Awards
May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either alone or in addition
to, in tandem with or in substitution for any other Award or any award granted under any plan of the Company or any Affiliate.
Awards granted in addition to or in tandem with other Awards or in addition to or in tandem with awards granted under any such
other plan of the Company or any Affiliate may be granted either at the same time as or at a different time from the grant of
such other Awards or awards.

 

(iv)       Forms
of Payment under Awards. Subject to the terms of the Plan and any applicable Award Agreement, payments or transfers to be
made by the Company or an Affiliate upon the grant, exercise or payment of an Award may be made in such form or forms as the Committee
shall determine (including, without limitation, cash, Shares, other securities, other Awards or other property or any combination
thereof), and may be made in a single payment or transfer, or in installments, in each case in accordance with rules and procedures
established by the Committee. Such rules and procedures may include, without limitation, provisions for the payment or crediting
of reasonable interest on installment or deferred payments.

 

    	 	-11-	 

     

    

 

(v)       Limits
on Transfer of Awards. No Award (other than Other Stock Grants) and no right under any such Award shall be transferable by
a Participant otherwise than by will or by the laws of descent and distribution and the Company shall not be required to recognize
any attempted assignment of such rights by any Participant; provided, however, that, if so determined by the Committee,
a Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights
of the Participant and receive any property distributable with respect to any Award upon the death of the Participant; provided,
further, that, if so determined by the Committee, a Participant may transfer a Non-Qualified Stock Option to any “family
member” (as such term is defined in the General Instructions to Form S-8 (or successor to such Instructions or such Form))
at any time that such Participant holds such Option, provided that the Participant may not receive any consideration for
such transfer, the “family member” may not make any subsequent transfers other than by will or by the laws of descent
and distribution and the Company receives written notice of such transfer, provided, further, that, if so determined
by the Committee and except in the case of an Incentive Stock Option, Awards may be transferable as determined by the Committee.
Except as otherwise determined by the Committee (for Awards other than an Incentive Stock Option), each Award or right under any
such Award shall be exercisable during the Participant’s lifetime only by the Participant or, if permissible under applicable
law, by the Participant’s guardian or legal representative. Except as otherwise determined by the Committee (for Awards
other than an Incentive Stock Option), no Award or right under any such Award may be pledged, alienated, attached or otherwise
encumbered, and any purported pledge, alienation, attachment or other encumbrance thereof shall be void and unenforceable against
the Company or any Affiliate.

 

(vi)       Term
of Awards. Subject to Section 6(a)(iv)(C), the term of each Award shall be for such period as may be determined by the Committee.

 

(vii)       Restrictions;
Securities Exchange Listing. Notwithstanding any other provision of the Plan, the Company shall not be obligated to deliver
any Shares pursuant to the Plan or to remove any restriction from Shares previously delivered under the Plan: (A) until all conditions
to the Award have been satisfied or removed; (B) until, in the opinion of counsel to the Company, all applicable federal and state
laws and regulations have been complied with; (C) if the Shares are at the time listed on any stock exchange or included for quotation
on an inter-dealer system, until the shares to be delivered have been listed or included or authorized to be listed or included
on such exchange or system upon official notice or notice of issuance; (D) if it might cause the Company to issue or sell more
Shares than the Company is then legally entitled to issue or sell; and (e) until all other legal matters in connection with the
issuance and delivery of such Shares have been approved by counsel to the Company.

 

(viii)       Limits
on Sale of Shares. All Shares or other securities delivered under the Plan pursuant to any Award or the exercise thereof shall
be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, applicable
federal or state securities laws and regulatory requirements, and the Committee may direct appropriate stop transfer orders and
cause other legends to be placed on the certificates for such Shares or other securities to reflect such restrictions. 

 

    	 	-12-	 

     

    

 

(ix)       Prohibition
on Repricing. Except as provided in Section 4(c) hereof, no Option or Stock Appreciation Right may be amended to reduce its
initial exercise price and no Option or Stock Appreciation Right shall be canceled and replaced with an Option or Options or Stock
Appreciation Right having a lower exercise price, without the approval of the stockholders of the Company or unless there would
be no material adverse effect on the Company’s financial statements as prepared in accordance with Generally Accepted Accounting
Principles.

 

Section
7.Events Affecting Oustanding Awards

 

(a)       Additional
Definitions for this Section.

 

(i)       “Change
in Control” shall mean the occurrence of any of the following events: (A) One Person (or more than one Person acting
as a group) acquires ownership of stock of the Company that, together with the stock held by such person or group, constitutes
more than 50% of the total fair market value or total voting power of the stock of the Company; provided, that, a Change
in Control shall not occur if any Person (or more than one Person acting as a group) owns more than 50% of the total fair market
value or total voting power of the Company’s stock and acquires additional stock; (B) One Person (or more than one Person
acting as a group) acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition)
ownership of the Company’s stock possessing 50% or more of the total voting power of the stock of the Company; or (C) A
majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election is
not endorsed by a majority of the Board before the date of appointment or election.

 

(ii)       “Status
Change” shall mean where a Participant ceases to be an Employee or there is a termination of the consulting service
or other relationship in respect of which a non-Employee Participant was granted an Award.

 

(b)       Termination
of Service Resulting from Death or Disability. If a Participant suffers a Status Change by reason of death or permanent disability
(as determined by the Board), the following rules shall apply, unless otherwise determined by the Board:

 

(i)       All
Options held by the Participant at the time of such Status Change, to the extent then exercisable, will continue to be exercisable
by the Participant’s heirs, executor, administrator or other legal or personal representative, for a period of six months
after the Participant’s Status Change. After the expiration of such six month period, all such Options shall terminate.
In no event, however, shall an Option remain exercisable beyond the latest date on which it could have been exercised without
regard to this Section 7. All Options held by a Participant at the time of such Status Change that are not then exercisable shall
terminate upon such Status Change.

 

(ii)       All
Restricted Stock held by the Participant at the time of such Status Change shall immediately become free of all restrictions and
conditions.

 

    	 	-13-	 

     

    

 

(iii)       Any
payment or benefit under a Performance Award to which the Participant was not irrevocably entitled at the time of such Status
Change shall be forfeited and the Award canceled as of the time of such Status Change.

 

(c)       Termination
of Service Resulting from Other than Death or Disability. If a Participant suffers a Status Change other than by reason of
death or permanent disability, the following rules shall apply, unless otherwise determined by the Board at the time of grant
of an Award:

 

(i)       All
Options held by the Participant at the time of such Status Change, to the extent then exercisable, will continue to be exercisable
by the Participant for a period of one month after the Participant’s Status Change. After the expiration of such one month
period, all such Options shall terminate. In no event however, shall an Option remain exercisable beyond the latest date on which
it could have been exercised without regard to this Section 7. All Options held by a Participant at the time of such Status Change
that are not then exercisable shall terminate upon such Status Change.

 

(ii)       All
Restricted Stock held by the Participant at the time of such Status Change shall immediately become free of all restrictions and
conditions, unless such Status Change results from a voluntary resignation or termination for Cause (as defined herein), in which
event all Restricted Stock held by the Participant at the time of the Status Change shall be transferred to the Company (and,
in the event the certificates representing such Restricted Stock are held by the Company, such Restricted Stock shall be so transferred
without any further action by the Participant).

 

(iii)       Any
payment or benefit under a Performance Award to which the Participant was not irrevocably entitled at the time of such Status
Change shall be forfeited and the Award canceled as of the date of such Status Change.

 

(iv)       A
termination by the Company of a Participant’s employment with or service to the Company shall be for “Cause”
only if the Board determined that the Participant: (1) was guilty of gross negligence or willful misconduct in the performance
of his or her duties for the Company; (2) had failed to perform the requirements of their job position or function in any material
respect; (3) had breached or violated, in a material respect, any agreement between the Participant and the Company or any of
the Company’s policy statements regarding conflicts-of-interest, insider trading or confidentiality; (4) had committed a
material act of dishonesty or breach of trust; (5) had engaged in conduct that was potentially detrimental to the business, reputation,
character and standing of the Company; or (6) had committed a felony. Determination of Cause shall be made by the Board in its
sole discretion. 

 

(v)       For
all purposes of this Section 7, if a Participant is an Employee of an Affiliate that ceases to be an Affiliate, then the Participant’s
employment with the Company will be deemed to have been terminated by the Company without Cause, unless the Participant is transferred
to the Company or another Affiliate. Further, the employment with the Company of a Participant will not be deemed to have been
terminated if the Participant is transferred from the Company to an Affiliate, or vice versa, or from one Affiliate of the Company
to another.

 

    	 	-14-	 

     

    

 

(d)       Change
in ControlIn the event of a Change in Control, the following rules will apply, unless otherwise expressly provided by
the Board at the time of the grant of an Award or unless determined by the Board in accordance with the provisions of this section:

 

(i)       50%
of each unvested outstanding Option shall automatically become exercisable in full six months after the occurrence of such Change
in Control or, if sooner, upon a termination by the Company of the Participant’s employment with or service to the Company
for any reason other than for Cause. This provision shall not prevent an Option from becoming exercisable sooner where it would
otherwise have become exercisable under such Option during such period.

 

(ii)       50%
of each unvested outstanding share of Restricted Stock shall automatically become free of all restrictions and conditions six
months after the occurrence of such Change in Control or, if sooner, upon a termination by the Company of the Participant’s
employment with or service to the Company for any reason other than for Cause. This provision shall not prevent the earlier lapse
of any restrictions or conditions on Restricted Stock that would otherwise have lapsed during such period.

 

(iii)       Conditions
on Performance Awards which relate only to the passage of time and continued employment shall automatically terminate six months
after the occurrence of such Change in Control or, if sooner, upon a termination by the Company of the participant’s employment
with or service to the Company for any reason other than for Cause. This provision shall not prevent the earlier lapse of any
conditions relating to the passage of time and continued employment that would otherwise have lapsed during such period. Performance
or other conditions (other than conditions relating only to the passage of time and continued employment) shall continue to apply
unless otherwise provided in the instrument evidencing the Award or in any other agreement between the Participant and the Company
or unless otherwise agreed to by the Board.

 

(iv)       The
Board shall have discretion, on a case by case basis, to increase the percentage of unvested outstanding Options or Restricted
Stock that shall vest upon a Change in Control.

 

Section
8.Amendment and Termination; Adjustments

 

(a)       Amendments
to the Plan. The Board may amend, alter, suspend, discontinue or terminate the Plan at any time; provided, however,
that, notwithstanding any other provision of the Plan or any Award Agreement, without the approval of the stockholders of the
Company, no such amendment, alteration, suspension, discontinuation or termination shall be made that, absent such approval:

 

(i)       violates
the rules or regulations of the Financial Industry Regulatory Authority, Inc. (FINRA) or any other securities exchange that are
applicable to the Company;

 

    	 	-15-	 

     

    

 

(ii)       causes
the Company to be unable, under the Code, to grant Incentive Stock Options under the Plan;

 

(iii)       increases
the number of shares authorized under the Plan as specified in Section 4(a);

 

(iv)       permits
the award of Options or Stock Appreciation Rights at a price less than 100% of the Fair Market Value of a Share on the date of
grant of such Option or Stock Appreciation Right, as prohibited by Sections 6(a)(i) and 6(b) of the Plan or the repricing of Options
or Stock Appreciation Rights, as prohibited by Section 6(g)(ix) of the Plan; or

 

(v)       would
prevent the grant of Options or Stock Appreciation Rights that would qualify under Section 162(m) of the Code.

 

(b)       Amendments
to Awards. The Committee may waive any conditions of or rights of the Company under any outstanding Award, prospectively or
retroactively. Except as otherwise provided herein or in an Award Agreement, the Committee may not amend, alter, suspend, discontinue
or terminate any outstanding Award, prospectively or retroactively, if such action would adversely affect the rights of the holder
of such Award, without the consent of the Participant or holder or beneficiary thereof, except as provided under Section 11 of
this Plan.

 

(c)       Correction
of Defects, Omissions and Inconsistencies. The Committee may correct any defect, supply any omission or reconcile any inconsistency
in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect.

 

Section
9.Income Tax Withholding

 

In
order to comply with all applicable federal, state or local income tax laws or regulations, the Company may take such action as
it deems appropriate to ensure that all applicable federal, state, local or foreign payroll, withholding, income or other taxes,
which are the sole and absolute responsibility of a Participant, are withheld or collected from such Participant. In order to
assist a Participant in paying all or a portion of the applicable taxes to be withheld or collected upon exercise or receipt of
(or the lapse of restrictions relating to) an Award, the Committee, in its discretion and subject to such additional terms and
conditions as it may adopt, may permit the Participant to satisfy such tax obligation by (a) electing to have the Company withhold
a portion of the Shares otherwise to be delivered upon exercise or receipt of (or the lapse of restrictions relating to) such
Award with a Fair Market Value equal to the amount of such taxes or (b) delivering to the Company Shares other than Shares issuable
upon exercise or receipt of (or the lapse of restrictions relating to) such Award with a Fair Market Value equal to the amount
of such taxes. The election, if any, must be made on or before the date that the amount of tax to be withheld is determined.

 

Section
10.General Provisions

 

(a)       No
Rights to Awards. No Eligible Person or other Person shall have any claim to be granted any Award under the Plan, and there
is no obligation for uniformity of treatment of Eligible Persons or holders or beneficiaries of Awards under the Plan. The terms
and conditions of Awards need not be the same with respect to any Participant or with respect to different Participants.

 

    	 	-16-	 

     

    

 

(b)       Award
Agreements. No Participant will have rights under an Award granted to such Participant unless and until an Award Agreement
shall have been duly executed on behalf of the Company and, if requested by the Company, signed by the Participant, or until such
Award Agreement is delivered and, if required by the Committee, accepted through any electronic medium in accordance with procedures
established by the Committee.

 

(c)       Plan
Provisions Control. In the event that any provision of an Award Agreement conflicts with or is inconsistent in any respect
with the terms of the Plan as set forth herein or subsequently amended, the terms of the Plan shall control.

 

(d)       No
Rights of Stockholders. Except with respect to Shares of Restricted Stock as to which the Participant has been granted the
right to vote, neither a Participant nor the Participant’s legal representative shall be, or have any of the rights and
privileges of, a stockholder of the Company with respect to any Shares issuable to such Participant upon the exercise or payment
of any Award, in whole or in part, unless and until such Shares have been issued in the name of such Participant or such Participant’s
legal representative without restrictions thereto.

 

(e)       No
Limit on Other Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting
or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable
or applicable only in specific cases.

 

(f)       No
Right to Employment. The grant of an Award shall not be construed as giving a Participant the right to be retained in the
employ, or as giving a Director of the Company or an Affiliate the right to continue as a Director or an Affiliate of the Company
or any Affiliate, nor will it affect in any way the right of the Company or an Affiliate to terminate such employment at any time,
with or without cause or remove a Director in accordance with applicable law. In addition, the Company or an Affiliate may at
any time dismiss a Participant from employment, or terminate the term of a Director of the Company or an Affiliate, free from
any liability or any claim under the Plan or any Award, unless otherwise expressly provided in the Plan or in any Award Agreement.
Nothing in this Plan shall confer on any person any legal or equitable right against the Company or any Affiliate, directly or
indirectly, or give rise to any cause of action at law or in equity against the Company or an Affiliate. The Awards granted hereunder
shall not form any part of the wages or salary of any Eligible Person for purposes of severance pay or termination indemnities,
irrespective of the reason for termination of employment. Under no circumstances shall any person ceasing to be an employee of
the Company or any Affiliate be entitled to any compensation for any loss of any right or benefit under the Plan which such employee
might otherwise have enjoyed but for termination of employment, whether such compensation is claimed by way of damages for wrongful
or unfair dismissal, breach of contract or otherwise. By participating in the Plan, each Participant shall be deemed to have accepted
all the conditions of the Plan and the terms and conditions of any rules and regulations adopted by the Committee and shall be
fully bound thereby.

 

    	 	-17-	 

     

    

 

(g)       Governing
Law. The validity, construction and effect of the Plan or any Award, and any rules and regulations relating to the Plan or
any Award, shall be determined in accordance with the law of the state of Delaware, without regard to such state’s conflict
of law rules.

 

(h)       Severability.
If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction
or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed
or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination
of the Committee, materially altering the purpose or intent of the Plan or the Award, such provision shall be stricken as to such
jurisdiction or Award, and the remainder of the Plan or any such Award shall remain in full force and effect.

 

(i)       No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any
kind or a fiduciary relationship between the Company or any Affiliate and an Eligible Person or any other Person. To the extent
that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall
be no greater than the right of any unsecured general creditor of the Company or any Affiliate.

 

(j)       Other
Benefits. No compensation or benefit awarded to or realized by any Participant under the Plan shall be included for the purpose
of computing such Participant’s compensation under any compensation-based retirement, disability, or similar plan of the
Company unless required by law or otherwise provided by such other plan.

 

(k)       No
Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee
shall determine whether cash shall be paid in lieu of any fractional Shares or whether such fractional Shares or any rights thereto
shall be canceled, terminated or otherwise eliminated.

 

(l)       Headings.
Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings
shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.

 

(m)       Section
16 Compliance; Section 162(m) Administration. The Plan is intended to comply in all respects with Rule 16b-3 or any successor
provision, as in effect from time to time, and in all events the Plan shall be construed in accordance with the requirements of
Rule 16b-3. If any Plan provision does not comply with Rule 16b-3 as hereafter amended or interpreted, the provision shall be
deemed inoperative. The Board of Directors, in its absolute discretion, may bifurcate the Plan so as to restrict, limit or condition
the use of any provision of the Plan with respect to persons who are officers or directors subject to Section 16 of the Exchange
Act without so restricting, limiting or conditioning the Plan with respect to other Eligible Persons. The Company intends to have
the Plan administered in accordance with the requirements for the award of “qualified performance-based compensation”
within the meaning of Section 162(m) of the Code.

 

    	 	-18-	 

     

    

 

(n)       Conditions
Precedent to Issuance of Shares; Notices. 

 

(i)       Shares
shall not be issued pursuant to the exercise or payment of the purchase price relating to an Award unless such exercise or payment
and the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, including, without
limitation, the Securities Act, the Exchange Act, the rules and regulations promulgated thereunder, the requirements of any applicable
stock exchange and the laws of the state of Delaware. As a condition to the exercise or payment of the purchase price relating
to such Award, the Company may require that the person exercising or paying the purchase price represent and warrant that the
Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the
opinion of counsel for the Company, such a representation and warranty is required by law.

 

(ii)       All
notices with respect to the Plan shall be in writing and shall be hand delivered or sent by certified mail or reputable overnight
delivery service, expenses prepaid. Notices to the Company or the Board shall be delivered or sent to the Company’s headquarters
to the attention of its Chief Executive Officer. Notices to any Participant or holder of Shares issued pursuant to an Award shall
be sufficient if delivered or sent to such person’s address as it appears in the regular records of the Company or the Company’s
transfer agent.

 

(o)       Participant’s
Agreement and Acknowledgements Regarding Taxes.

 

(i)       By
accepting an Award, each Participant agrees that the Company, to the extent permitted or required by law, shall have the right
(but not the obligation) to deduct a sufficient number of shares or money due to the Participant upon exercise of an Option or
an Stock Appreciation Right or the grant of Restricted Stock or a Restricted Stock Unit to allow the Company to pay federal, state
and local taxes of any kind required by law to be withheld upon the exercise or payment of such Award from any payment of any
kind otherwise due to the Participant. The Company shall not be obligated to advise any Participant of the existence of any tax
or the amount which the Company will be so required to withhold.

 

(ii)       By
accepting an Award, each Participant acknowledges that the Company has advised such Participant to discuss the grant of such Award
with the Recipient’s tax, legal, investment, and other advisors as the Participant and such advisors determine to be appropriate,
and that such consultation shall include (to the extent determined by the Participant and Participant’s advisors) a discussion
of the advisability of making an election under Section 83 of the Internal Revenue Code.

 

(iii)       Participant
further acknowledges that: (A) Section 83 of the Code taxes as ordinary income the difference between the purchase price for Shares
and the Fair Market Value of Shares as of the date any forfeiture restrictions on the Shares terminates or lapses; (B) Participant
may elect to be taxed at the time the Shares are issued, rather than when and as the forfeiture restrictions terminate or lapse
(if ever), by filing an election under Section 83(b) of the Code with the Internal Revenue Service within thirty days from the
date the Shares were issued; and (C) it is Participant’s responsibility (and not the Company’s) to file timely the
election under Section 83(b), even if Participant requests the Company or its representatives to make that filing on its behalf.

 

    	 	-19-	 

     

    

 

Section
11.Section 409A

 

(a)       Time
and Form of Payment. Notwithstanding anything contained in this Plan or in an Award Agreement to the contrary, the time and
form of payment of an Award that is subject to the limitations imposed by Section 409A of the Code, shall be set forth in the
applicable Award Agreement on or before the time at which the Participant obtains a legally binding right to the Award (or such
other time permitted under Section 409A of the Code) and such time and form of payment shall comply with the requirements of Section
409A of the Code.

 

(b)       Delay
in Payment. Notwithstanding anything contained in this Plan or an Award Agreement to the contrary, if the Participant is deemed
by the Company at the time of the Participant’s “separation from service” with the Company to be a “specified
employee” as determined under Section 409A of the Code, any “nonqualified deferred compensation” to which the
Participant is entitled in connection with such separation from service after taking into account all applicable exceptions from
Section 409A, shall not be paid or commence payment until the date that is the first business day following the six month period
after the Participant’s separation from service (or if earlier, the Participant’s death). Such delay in payment shall
only be effected with respect to each separate payment to the extent required to avoid adverse tax treatment to the Participant
under Section 409A of the Code. Any compensation which would have otherwise been paid during the delay period (whether in a lump
sum or in installments) in the absence of this Section 11(b) shall be paid to the Participant (or his or her beneficiary or estate)
in a lump sum payment on the first business day following the expiration of the delay period.

 

(c)       Key
Definitions. For purposes of this Plan, the term “termination of employment” shall mean “separation from
service” and the terms “separation from service,” “specified employee” and “nonqualified deferred
compensation” shall have the meanings ascribed to the terms pursuant to Section 409A and other applicable guidance.

 

(d)       Amendments.
Notwithstanding anything in the Plan to the contrary, the Plan and Awards granted under the Plan are intended to be eligible for
certain regulatory exceptions to the limitations of, or to comply with, the requirements of Section 409A of the Code. The Committee,
in the exercise of its sole discretion and without the consent of the Participant, may amend or modify the terms of an Award in
any manner and delay the payment of any amounts payable pursuant to an Award to the minimum extent necessary to reasonably comply
with the requirements of Section 409A of the Code, provided that the Company shall not be required to assume any increased economic
burden. No action taken by the Committee with respect to the requirements of Section 409A of the Code shall be deemed to adversely
affect a Participant’s rights with respect to an Award or to require the consent of such Participant. The Committee reserves
the right to make additional changes to the Plan and Awards from time to time to the extent it deems necessary with respect to
Section 409A of the Code.

 

    	 	-20-	 

     

    

 

Section
12.Effective Date of the Plan

 

The
Plan shall be effective upon its adoption by the Board, provided, however, that in the event the Plan is not approved
by the stockholders of the Company within one year thereafter, no Option granted pursuant to this Plan shall qualify as an Incentive
Stock Option.

 

Section
13.Term of the Plan

 

No
Award shall be granted under the Plan after ten years from the earlier of the date of adoption of the Plan by the Board or the
date of stockholder approval or any earlier date of discontinuation or termination established pursuant to Section 8(a) of the
Plan. However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted
may extend beyond such date, and the authority of the Committee provided for hereunder with respect to the Plan and any Awards,
and the authority of the Board to amend the Plan, shall extend beyond the termination of the Plan.

 

    	 	-21-

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