Document:

Amended and Restated Subordinated Convertible Loan Facility and Security Agmt

 Exhibit 10.22 
 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY 
 BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE 
 COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF
1933, AS AMENDED. 
 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS. 

AMENDED AND RESTATED SUBORDINATED 
 CONVERTIBLE LOAN FACILITY 
 AND 

SECURITY AGREEMENT 
 by and between 
 KPCB HOLDINGS, INC., AS NOMINEE, 

as Agent and Lender, 
 THE OTHER PARTIES NAMED HEREIN, 
 each as a Lender, 

and 
 ENPHASE
ENERGY, INC., 
 as Borrower 

 This AMENDED AND RESTATED SUBORDINATED CONVERTIBLE LOAN FACILITY AND SECURITY AGREEMENT
(this or the “Agreement”) is made as of November 16, 2011 (the “Effective Date”) by and among Enphase Energy, Inc., a Delaware corporation (“Borrower”), KPCB Holdings, Inc., as nominee, a
California corporation (“KPCB”), as a Lender hereunder and in its capacity as Agent on behalf of the Lenders hereunder, and the other Persons named herein or who may become parties hereto (together with KPCB, referred to herein
individually as a “Lender” and collectively as the “Lenders”), as Lenders, in accordance with the terms of this Agreement. 
 A. The Borrower and the Lenders entered into a Subordinated Convertible Loan Facility and Security Agreement dated as of June 14, 2011 (the “Original Agreement”). 

B. The Borrower and the Lenders wish to amend the Original Agreement to increase the maximum amount of Advances of credit which may be
made or extended by the Lenders to the Borrower from $50 million to $80 million on the terms set forth in this Agreement. 
 C.
In connection with the increase in the amount of the total Advances (as defined below), Borrower has agreed to issue, and certain of the Lenders have agreed to, at the election of such Lenders, either acquire in connection with the initial Loans
hereunder certain warrants to purchase shares of common stock of Borrower in the form attached as Exhibit F (together with warrants to purchase shares of common stock of Borrower acquired pursuant to the Original Agreement, sometimes
collectively referred to herein as the “Warrants”), or purchase that number of shares of Borrower’s common stock, par value $0.00001 per share (the “Common Stock”), and at the purchase price, as set forth
opposite the name of the applicable Lender on Schedule I-B hereto, as further provided in Section 2.1(d). 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree to amend and restate the Original Agreement as follows: 
 AGREEMENT

 1. Definitions and Construction. 

1.1 Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings:

 “Account Control Agreement” means an agreement acceptable to Agent which perfects via control Agent’s
security interest in, on behalf of the Lenders, Borrower’s deposit accounts and/or accounts holding securities. 

“Advance” means any advance of credit by the Lenders to Borrower being provided by the Lenders to Borrower pursuant to
this Agreement, and “Advances” means, collectively, all such advances. 
 “Affiliate” means,
with respect to any specified Person, such Person’s principal or any other Person who or which, directly or indirectly, controls, is controlled by, or is under common control with such Person or such Person’s principal, including, without
limitation, any general partner, managing member or partner, officer or director of such Person or such Person’s principal or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing
members of, or shares the same management company with, such Person or such Person’s principal. 

  
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 “Agent” means KPCB, not in its individual capacity, but solely in its
capacity as administrative agent on behalf of and for the ratable benefit of the Lenders under this Agreement. 

“Agreement” has the meaning given such term in the preamble of this Agreement, as amended, amended and restated,
modified, joined, supplemented or as otherwise modified from time to time. 
 “Assignment” has the meaning
given such term in Section 12.2 of this Agreement. 
 “Bank of the West Account” has the meaning
given such term in Section 7.13 of this Agreement. 
 “Borrower” has the meaning given such term in
the preamble of this Agreement. 
 “Business Day” means any day that is not a Saturday, Sunday, or other day on
which banking institutions are authorized or required to close in San Francisco, California. 
 “Change in
Control” has the meaning given such term in Section 7.7 of this Agreement. 
 “Claim” has
the meaning given such term in Section 10.3 of this Agreement 
 “Code” means the Uniform
Commercial Code as adopted and in effect in the State of California, as amended from time to time; provided that if by reason of mandatory provisions of law, the creation and/or perfection or the effect of perfection or non-perfection
of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than California, the term “Code” shall also mean the Uniform Commercial Code as in effect from time to time in such
jurisdiction for purposes of the provisions hereof relating to such creation, perfection or effect of perfection or non-perfection. 
 “Collateral” has the meaning given such term in Section 4.1 of this Agreement. 
 “Commitment Amount(s)” means, with respect to each Lender under this Agreement, the maximum amount such Lender may be obligated to provide hereunder in respect of the funding of Advances
set forth in Schedule I-A to this Agreement, as such schedule may be amended or otherwise modified from time to time. The aggregate Commitment Amount of the Lenders on the Effective Date shall be $80,000,000. 

“Commitment Termination Date” means the earliest to occur of (i) June 14, 2013, (ii) the consummation of
a Subsequent Equity Financing, and (iii) the occurrence of the Maturity Date. 
 “Common Stock” has the
meaning given such term in the recitals of this Agreement. 
 “Contingent Obligation” means, as applied to any
Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to (i) any indebtedness, lease, dividend, letter of credit or other obligation of another; (ii) any obligations with respect to undrawn letters
of credit, corporate credit cards, or merchant services issued or provided for the account of that Person; and (iii) all obligations arising under any agreement or arrangement designed to protect such Person against fluctuation in interest
rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent
Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in
respect thereof 

  
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as determined by the Lenders in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support
arrangement. 
 “Default” means any event which with the passing of time or the giving of notice or both would
become an Event of Default hereunder. 
 “Default Rate” means the per annum rate of interest equal to five
percent (5%) over the applicable Loan Rate, but such rate shall in no event be more than the highest rate permitted by applicable law to be charged on commercial loans in a default situation. 

“Disclosure Schedule” means Exhibit A attached hereto. 

“Environmental Laws” means all foreign, federal, state or local laws, statutes, common law duties, rules, regulations,
ordinances and codes, together with all administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authorities, in each case relating to environmental, health, safety and land use
matters, including the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Clean Air Act, the Federal Water Pollution Control Act of 1972, the Solid Waste Disposal Act, the Federal Resource Conservation and Recovery
Act, the Toxic Substances Control Act and the Emergency Planning and Community Right-to-Know Act. 

“Equipment” means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles,
tools, parts and attachments in which Borrower has any interest. 
 “Equity Securities” of any Person means
(a) all common stock, preferred stock, participations, shares, partnership interests, membership interests or other equity interests in and of such Person (regardless of how designated and whether or not voting or non-voting) and (b) all
warrants, options and other rights to acquire any of the foregoing. 
 “ERISA” has the meaning given to such
term in Section 7.12 of this Agreement. 
 “Event of Default” has the meaning given to such term in
Section 8 of this Agreement. 
 “Exchange Act” means the Securities and Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder. 
 “Foreign Accounts” has the meaning given such
term in Section 7.13 of this Agreement. 
 “French Account” has the meaning given such term in
Section 7.13 of this Agreement. 
 “Funding Certificate” means a certificate executed by a
Responsible Officer of Borrower substantially in the form of Exhibit B or such other form as the Agent may agree to accept. 
 “Funding Date” means any date on which an Advance is made to or on account of Borrower under this Agreement. 
 “GAAP” means generally accepted accounting principles as in effect in the United States of America from time to time, consistently applied. 

“Governmental Authority” means (a) any federal, state, county, municipal or foreign government, or political
subdivision thereof, (b) any governmental or quasi-governmental agency, authority, board, 

  
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bureau, commission, department, instrumentality or public body, (c) any court or administrative tribunal, or (d) with respect to any Person, any arbitration tribunal or other
non-governmental authority to whose jurisdiction that Person has consented. 
 “Gross Profit” means, with
respect to any period, the gross profit of Borrower and its Subsidiaries as determined in accordance with GAAP consistently applied and consistent with the methodology reflected in Borrower’s financial statements for the fiscal year ended
December 31, 2010 audited by Deloitte & Touche LLP. 
 “Hazardous Materials” means all those
substances which are regulated by, or which may form the basis of liability under, any Environmental Law, including all substances identified under any Environmental Law as a pollutant, contaminant, hazardous waste, hazardous constituent, special
waste, hazardous substance, hazardous material, or toxic substance, or petroleum or petroleum derived substance or waste. 

“Indebtedness” means (a) all indebtedness for borrowed money or the deferred purchase price of property or services
(excluding trade payables aged less than one hundred eighty (180) days), including without limitation reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds,
debentures or similar instruments, (c) all capital lease obligations and (d) all Contingent Obligations. 

“Indemnified Person” has the meaning given such term in Section 10.3 of this Agreement. 

“Intellectual Property” means all of Borrower’s right, title and interest in and to patents, patent rights (and
applications and registrations therefor and divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same), trademarks and service marks (and applications and registrations therefor and the goodwill associated
therewith), inventions, copyrights (including applications and registrations therefor and like protections in each work or authorship and derivative work thereof), mask works (and applications and registrations therefor), trade names, trade styles,
software and computer programs, source code, object code, trade secrets, methods, processes, know how, drawings, specifications, descriptions, and all memoranda, notes, and records with respect to any research and development, all whether now owned
or subsequently acquired or developed by Borrower and all licenses to use the foregoing, whether in tangible or intangible form or contained on magnetic media readable by machine together with all such magnetic media (but not including embedded
computer programs and supporting information included within the definition of “goods” under the Code). 

“Interest Payment Date” means the first day of each month commencing on July 1, 2011, provided that if any such day
is not a Business Day, such Interest Payment Date shall be extended to the next succeeding Business Day and interest shall accrue for each day of such extension. 
 “Inventory” means all inventory in which Borrower has or acquires any interest, including work in process and finished products intended for sale or lease or to be furnished under a
contract of service, of every kind and description now or at any time hereafter owned by or in the custody or possession, actual or constructive, of Borrower, including such inventory as is temporarily out of its custody or possession or in transit
and including any returns upon any accounts or other proceeds, including insurance proceeds, resulting from the sale or disposition of any of the foregoing and any documents of title representing any of the above, and Borrower’s books relating
to any of the foregoing. 
 “Investment” means the purchase or acquisition of any capital stock, equity
interest, or any obligations or other securities of, or any interest in, any Person, or the extension of any advance, loan, 

  
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extension of credit (excluding inter-company trade payables aged less than one hundred eighty (180) days) or capital contribution to, or any other investment in, or deposit with, any Person.

 “IPO” means Borrower’s first underwritten public offering of its common stock under the Securities Act.

 “Initial Advance” has the meaning given such term in Section 2.1(a) of this Agreement.

 “Italian Account” has the meaning given such term in Section 7.13 of this Agreement. 

“Landlord Agreement” means an agreement substantially in the form provided by Lender to Borrower or such other form as
Lender may agree to accept. 
 “Lender” means each of the Persons named in Schedule I-A to this
Agreement, as such schedule may be amended or otherwise modified from time to time. 
 “Lenders’ Expenses”
means all reasonable costs or expenses (including reasonable attorneys’ fees and expenses) incurred by Agent in connection with the preparation, negotiation, documentation, administration and funding of the Loan Documents; and the Agent’s
and/or Lenders’ reasonable attorneys’ fees, costs and expenses incurred in amending, modifying, enforcing or defending the Loan Documents (including fees and expenses of appeal or review), including the exercise of any rights or remedies
afforded hereunder or under applicable law, whether or not suit is brought, whether before or after bankruptcy or insolvency, including without limitation all fees and costs incurred by Agent or the Lenders in connection with enforcement of the
Lenders’ rights in a bankruptcy or insolvency proceeding filed by or against Borrower or its Property; provided that the Borrower shall only pay for the reasonable fees and expenses of one legal counsel (for clarity, other than with respect to
in-house counsel for any Lender and the internal allocated costs of such in-house counsel to the extent applicable) for the Lenders in connection with any such amendment, modification, enforcement or defense of the Loan Documents . 

“Lien” means any voluntary or involuntary security interest, pledge, bailment, lease, mortgage, hypothecation,
conditional sales and title retention agreement, encumbrance or other lien with respect to any Property in favor of any Person. 

“Loan” means the advance of credit by the Lenders pursuant to Advances under this Agreement, and
“Loans” means collectively all such Advances. 
 “Loan Documents” means, collectively, this
Agreement, each Note, each Warrant, any Landlord Agreement, any Account Control Agreement and all other documents, instruments and agreements entered into in connection with this Agreement and the Original Agreement, all as amended or extended from
time to time. 
 “Loan Rate” means the fixed per annum rate of interest (based on a 360-day year of twelve
30-day months) equal to 9.00%. 
 “Major Lender” means any Lender which holds more than $1,000,000 of the
Indebtedness outstanding under this Agreement at any time or any Lender which funded not less than $1,000,000 of the aggregate Initial Advance under this Agreement. 
 “Maturity Date” means (A) the earlier of (i) June 14, 2014 (ii) the consummation of a Change in Control, or (iii) the consummation of an IPO, or
(B) if earlier, the date of acceleration of Advances following an Event of Default or the date of prepayment, whichever is applicable. 

  
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 “New Zealand Account” has the meaning given such term in
Section 7.13 of this Agreement. 
 “Note” means each promissory note executed in connection with
the Loans in substantially the form of Exhibit C attached hereto, and collectively, “Notes” means all such promissory notes. 
 “Obligations” means all debt, principal, interest, fees, charges, expenses and attorneys’ fees and costs and other amounts, obligations, covenants, and duties owing by Borrower to
Agent or any Lender of any kind and description pursuant to or evidenced by the Loan Documents (other than any Warrant(s) in favor of any Lender), whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter
arising, including all Lenders’ Expenses. 
 “Officer’s Certificate” means a certificate executed by
a Responsible Officer substantially in the form of Exhibit E or such other form as Lender may agree to accept. 

“Payment Date” has the meaning given such term in Section 2.2(a) of this Agreement. 

“Permitted Indebtedness” means and includes: 

(a) Indebtedness of Borrower to the Lenders; 

(b) Indebtedness arising from the endorsement of instruments in the ordinary course of business; 

(c) Indebtedness existing on the date hereof and set forth on the Disclosure Schedule; 

(d) Indebtedness (i) in an aggregate principal amount not exceeding Thirty Three Million Dollars ($33,000,000) (or
such higher amount as may be approved in writing by the Required Lenders) in favor of Bridge, Comerica and the other lenders pursuant to the Senior Secured Loan and Security Agreement or any amendment to the Senior Secured Loan and Security
Agreement or new agreement with Bridge, Comerica and the other lenders with terms substantially as set forth in the term sheet previously provided by Borrower to the Agent, and (ii) in an aggregate principal amount not exceeding Twelve Million
Dollars ($12,000,000) (or such higher amount as may be approved in writing by the Required Lenders) in favor of Horizon and any other lenders pursuant to the Senior Subordinated Secured Loan and Security Agreement; 

(e) Indebtedness secured by a lien described in clause (g) of the defined term “Permitted Liens,” provided
(i) such Indebtedness does not exceed the lesser of the cost or fair market value of the equipment financed with such Indebtedness (in each case measured at the time of incurrence of such Indebtedness) and (ii) such Indebtedness does not
exceed Five Million Dollars ($5,000,000) (or such higher amount as may be approved in writing by the Required Lenders) in the aggregate at any given time; and 
 (f) Indebtedness to Oracle America, Inc. or one of its affiliates, including Oracle Credit Corporation in an aggregate amount not to exceed $500,000; 

(g) Inter-company Indebtedness incurred in the ordinary course of business; 

(h) Other Indebtedness in an aggregate amount not exceeding Seven Hundred Fifty Thousand Dollars ($750,000) (or such
higher amount as may be approved in writing by the Required Lenders) at any time; 

  
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 (i) Subordinated Debt; and 

(j) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness
(a) through (i) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

“Permitted Investments” means and includes any of the following Investments as to which Lender has a perfected security
interest: 
 (a) Deposits and deposit accounts with commercial banks organized under the laws of the United
States or a state thereof to the extent: (i) the deposit accounts of each such institution are insured by the Federal Deposit Insurance Corporation up to the legal limit; and (ii) each such institution has an aggregate capital and surplus
of not less than One Hundred Million Dollars ($100,000,000); 
 (b) Investments made in accordance with
Borrower’s board approved short term investment policy; 
 (c) Investments in marketable obligations issued
or fully guaranteed by the United States and maturing not more than one (1) year from the date of issuance; 

(d) Investments in open market commercial paper rated at least “A1” or “P1” or higher by a national
credit rating agency and maturing not more than one (1) year from the creation thereof; 
 (e) Investments
pursuant to or arising under currency agreements or interest rate agreements entered into in the ordinary course of business; 
 (f) Investments consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or
directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by Borrower’s Board of Directors; not to exceed Two Hundred Fifty Thousand Dollars
($250,000) in the aggregate in any fiscal year; 
 (g) Investments (including debt obligations) received in
connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 

(h) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and
suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (g) shall not apply to Investments of Borrower in any Subsidiary; 

(i) Investments in Subsidiaries made in the ordinary course of business, not to exceed Four Million Five Hundred Thousand
and 00/100 Dollars ($4,500,000) in the aggregate in any fiscal year; 
 (j)(x) joint ventures or strategic
alliances in the ordinary course of Borrower’s business consisting of the nonexclusive licensing of technology, the development of technology or the providing of technical support, provided that any cash investments by Borrower do not exceed
Five Hundred Thousand Dollars ($500,000) in the aggregate in any fiscal year; and (y) strategic alliances with 

  
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particular customers in which such customers will share in the research and development expense of Borrower associated with the incorporation by such customers of microinverters purchased from
Borrower into solar panels produced by such customers; and 
 (k) Other Investments in an amount not in excess of
an aggregate amount equal to Two Hundred Fifty Thousand Dollars ($250,000) at any time. 
 “Permitted Liens”
means and includes: 
 (a) the Lien created by this Agreement; 

(b) Liens for fees, taxes, levies, imposts, duties or other governmental charges of any kind which are not yet delinquent
or which are being contested in good faith by appropriate proceedings which suspend the collection thereof (provided that such appropriate proceedings do not involve any substantial danger of the sale, forfeiture or loss of any
material item of Collateral which in the aggregate is material to Borrower and that Borrower has adequately bonded such Lien or reserves sufficient to discharge such Lien have been provided on the books of Borrower); 

(c) Liens identified on the Disclosure Schedule; 

(d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other similar Liens
arising in the ordinary course of business and which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings (provided that such appropriate proceedings do not
involve any substantial danger of the sale, forfeiture or loss of any material item of Collateral or Collateral which in the aggregate is material to Borrower and that Borrower has adequately bonded such Lien or reserves sufficient to discharge such
Lien have been provided on the books of Borrower); 
 (e) Liens granted in connection with Indebtedness permitted
under subsection (d) of the definition of Permitted Indebtedness; provided that such liens shall be subject to the Subordination Agreement; 
 (f) non-exclusive licenses of Intellectual Property entered into in the ordinary course of business, and licenses of Intellectual Property that could not result in a legal transfer of title of the
licensed property that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discreet geographical areas outside of the United States. 

(g) Liens (i) upon or in any equipment which was not financed by Lender acquired or held by Borrower or any of its
Subsidiaries to secure the purchase price of such equipment or indebtedness incurred solely for the purpose of financing the acquisition of such equipment, or (ii) existing on such equipment at the time of its acquisition, provided that the
Lien is confined solely to the property so acquired and improvements thereon, and the proceeds of such equipment; 
 (h) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens
imposed by ERISA); 
 (i) Liens arising from attachments or judgments, orders, or decrees in circumstances not
constituting an Event of Default under Sections 8.5 and 8.8; 

  
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 (j) Liens in favor of customs and revenue authorities incurred in the
ordinary course of business to secure payment of custom duties in connection with the importation of goods; 

(k) leases or subleases of real property granted in the ordinary course of Borrower’s business (or, if referring to
another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the ordinary course of Borrower’s business
(or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting a security interest therein; and 

(l) Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of the
type described in clauses (a) through (k) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed
or refinanced does not increase; 
 “Person” means and includes any individual, any partnership, any
corporation, any business trust, any joint stock company, any limited liability company, any unincorporated association or any other entity and any domestic or foreign national, state or local government, any political subdivision thereof, and any
department, agency, authority or bureau of any of the foregoing. 
 “PIK Interest” has the meaning given such
term in Section 2.2. 
 “Property” means any interest in any kind of property or asset, whether
real, personal or mixed, whether tangible or intangible. 
 “Pro Rata Share” has the meaning given such term in
Section 2.1(a) of this Agreement. 
 “Required Lenders” means those Lenders holding more than 60%
of the Indebtedness outstanding under this Agreement. 
 “Responsible Officer” has the meaning given such term
in Section 6.3 of this Agreement. 
 “Rights to Payment” has the meaning given such term in
Section 4.1(g) of this Agreement. 
 “Securities Act” means the Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder. 
 “Senior Secured Loan and Security Agreement” means
that certain Amended and Restated Loan and Security Agreement dated as of March 24, 2011 by and among Borrower, as the “Borrower” thereunder, Bridge Bank, National Association (“Bridge”), as a “Lender” and
the “Collateral Agent” thereunder, and Comerica Bank (“Comerica”), as a “Lender” thereunder, as modified, amended and/or restated from time to time. 

“Senior Subordinated Secured Loan and Security Agreement” means that certain Amended and Restated Venture Loan and
Security Agreement dated as of March 25, 2011 by and among Borrower, as the “Borrower” thereunder, and each of Horizon Technology Finance Corporation, a Delaware corporation (“Horizon Technology”) and Horizon Credit
LLC, a Delaware limited liability company (“Horizon Credit,” and together with Horizon Technology, referred to herein as “Horizon”) as “Lenders” and/or “Holders” thereunder, as modified, amended
and/or restated from time to time. 

  
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 “Solvent” has the meaning given such term in Section 5.11 of
this Agreement. 
 “Subordinated Debt” means any debt incurred by Borrower that is subordinated to the debt
owing by Borrower to Lender hereunder or under any of the Loan Documents on terms acceptable to the Lenders (and identified as being such by Borrower and Lenders). 
 “Subordination Agreement” means one (1) or more subordination agreements and/or intercreditor agreement (as modified, amended and/or restated from time to time) among each of Bridge,
Comerica, and the Agent on behalf of the Lenders hereunder, and between Horizon and Agent on behalf of the Lenders hereunder, in respect of the subordination of the Encumbrances and Indebtedness evidenced by this Agreement and all Advances made
hereunder in relation to the Indebtedness evidenced by the Senior Secured Loan and Security Agreement and the Senior Subordinated Secured Loan and Security Agreement, in form and substance satisfactory to the Agent. 

“Subsequent Advance” has the meaning given such term in Section 2.1(a) of this Agreement. 

“Subsequent Equity Financing” means the next round or rounds of equity financing, subsequent to the Effective Date, in
which Borrower issues and sells shares of its capital stock (other than shares of capital stock sold in a transaction that would be exempt from the anti-dilution rights of the holders of Borrower’s preferred stock pursuant to clauses
(i) through (viii) of Article V, Section 5.8 of Borrower’s certificate of incorporation, as currently in effect) for aggregate cash proceeds in excess of $10,000,000. 

“Subsidiary” means any corporation or other entity of which a majority of the outstanding Equity Securities entitled to
vote for the election of directors or other governing body (otherwise than as the result of a default) is owned by Borrower directly or indirectly through Subsidiaries, including without limitation Enphase Energy SAS, Enphase Energy SRL and Enphase
Energy New Zealand Limited. 
 “Third Party Equipment” has the meaning given such term in
Section 4.8 of this Agreement. 
 “Transfer” has the meaning given such term in
Section 7.4 of this Agreement. 
 “Warrants” has the meaning given such term in the recitals
hereto. 
 “Warranty Claim Rate” means, with respect to a given period of time, the ratio of (i) the
number of microinverters shipped by or on behalf of Borrower during such period of time (x) that have been subject to a return merchandise authorization (“RMA”) or warranty claim or (y) for which Borrower has received
written notice of a RMA, warranty claim or for which Borrower has knowledge of an event or circumstance that is likely to give rise to a RMA or warranty claim, over (ii) the total number of microinverters shipped by or on behalf of Borrower
during such period of time. For purposes of this definition, Borrower will be deemed to have knowledge of such event or circumstance if (A) such event or circumstance is reflected in one or more documents (whether written or electronic,
including electronic emails sent to or by an executive officer or director of Borrower or a Subsidiary or (B) if such knowledge could be obtained from reasonable inquiry of persons employed or engaged by Borrower or such Subsidiary charged with
principal administrative or operational responsibility for such matter for such entity (if an executive officer of Borrower or such Subsidiary does not already have such principal administrative or operational responsibility). 

1.2 Construction. References in this Agreement to “Articles,” “Sections,” “Exhibits,”
“Schedules” and “Annexes” are to recitals, articles, sections, exhibits, schedules and annexes herein and hereto unless otherwise indicated. References in this Agreement and each of the other Loan Documents to any document,
instrument or agreement shall include (a) all exhibits, schedules, annexes and other 

  
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attachments thereto, (b) all documents, instruments or agreements issued or executed in replacement thereof, and (c) such document, instrument or agreement, or replacement or
predecessor thereto, as amended, modified and supplemented from time to time and in effect at any given time. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement or any
other Loan Document shall refer to this Agreement or such other Loan Document, as the case may be, as a whole and not to any particular provision of this Agreement or such other Loan Document, as the case may be. The words “include” and
“including” and words of similar import when used in this Agreement or any other Loan Document shall not be construed to be limiting or exclusive. Unless otherwise indicated in this Agreement or any other Loan Document, all accounting
terms used in this Agreement or any other Loan Document shall be construed, and all accounting and financial computations hereunder or thereunder shall be computed, in accordance with GAAP, and all terms describing Collateral shall be construed in
accordance with the Code. The terms and information set forth on the cover page of this Agreement are incorporated into this Agreement. 
 2. Loans; Repayment. 
 2.1 Commitment; Purchase of
Warrants or Common Stock. 
 (a) The Commitment Amount. The Lenders have on June 14, 2011, made
an initial Advance in an aggregate amount of $12,500,000 (the “Initial Advance”) in the amounts for each Lender set forth on Schedule I-A hereto. Subject to the terms and conditions of this Agreement and relying upon the
representations and warranties of Borrower set forth herein, the Lenders listed on Schedule I-B hereto (the “Second Advance Lenders”) agree, severally and not jointly, to make an Advance on the Effective Date in an aggregate
amount of $7,500,000 (the “Second Advance”) in the amounts for each Lender set forth on Schedule I-B hereto. In addition, subject to the terms and conditions of this Agreement and relying upon the representations and
warranties of Borrower set forth herein, the Lenders agree to make one or more subsequent Advances, in a minimum aggregate amount of $500,000 for any such subsequent Advance (each, a “Subsequent Advance”), in accordance with each
Lender’s pro rata share of the aggregate Commitment Amount (“Pro Rata Share”) as set forth on Schedule I-A, of such Subsequent Advance, up to an aggregate maximum amount of Subsequent Advances of $60,000,000.
Notwithstanding the foregoing, to the extent that as of any Funding Request Notice Date (as defined in Section 2.5 below) the Company has filed (and not withdrawn) a registration statement on Form S-1 (or any successor or similar form)
with the Securities and Exchange Commission for a public offering of securities, the Company may at its discretion limit participation in the Subsequent Advances to the Lenders set forth on Schedule I-C. In such event, the non-participating
Lenders shall be deemed to have waived any right to participate in such Subsequent Advance. In the event that participation in the Subsequent Advance is limited to the Lenders on Schedule I-C, such Lenders may in their sole discretion fund,
in addition to their Pro Rata Share of the Advance, an amount equal to Pro Rata Share of the Advances of the Lenders not listed on Schedule I-C based on the Pro Rata Share of the Advance for each such Lender relative to the Pro Rata Share of
the Advance for all the Lenders listed on Schedule I-C. 
 (b) Failures to Fund Commitment Amount.
If Borrower has requested an Advance pursuant to Section 2.5(a) of this Agreement and all of the conditions to the Lender’s obligation to make such Advance as set forth in Section 3 have been satisfied or waived, then
(A) if a Lender has nonetheless failed to advance his, her or its Pro Rata Share of an Advance (hereinafter, with respect to any applicable Lender, referred to as the “Unfunded Capital Commitment Amount”) and such failure is
not remedied within five Business Days after written notice thereof is provided by Borrower to such Lender (the date of such notice, a “Default Notice Date”), in addition to any other remedies Borrower may have for breach of this
Agreement, such Lender shall be assessed and shall immediately pay to Borrower a fee in an amount equal to 5% multiplied by the amount of such Lender’s Unfunded Capital Commitment Amount (such Lender hereinafter referred to as a
“Defaulting Lender”), and (B) if such Defaulting Lender 

  
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fails to fund such Unfunded Capital Commitment Amount within ten Business Days after the proposed Default Notice Date, in addition to any other remedies Borrower may have for breach of this
Agreement, such Defaulting Lender shall be assessed and shall immediately pay to Borrower an additional fee in an amount equal to 5% multiplied by the amount of such Defaulting Lender’s Unfunded Capital Commitment Amount, such Defaulting Lender
shall forfeit the right to participate in any future requests for Advances made by Borrower, and the other non-Defaulting Lenders who participated in such Advance may fund their respective pro rata shares of the Unfunded Capital Commitment Amount of
the Defaulting Lender based on the Pro Rata Share of the Advance for such non-Defaulting Lenders relative to the Pro Rata Share of the Advance for all the non-Defaulting Lenders. To the extent that any Defaulting Lender does not pay the fee, the
amount of the outstanding Obligations for such Defaulting Lender shall be reduced by the amount of such fee. In no event shall a Lender be deemed a Defaulting Lender if the Lender is unable to make a Subsequent Advance because the Company limits
participation in the Subsequent Advances to the Lenders on Schedule I-C pursuant to Section 2.1(a) above. 
 (c) Loans Evidenced by Notes. The obligation of Borrower to repay the unpaid principal amount of and all PIK Interest on the Loans shall be evidenced by one or more Notes. 

(d) Issuance of Warrants or Common Stock. On the Funding Date for the Initial Advance, the Company issued to each
Lender specified on Schedule I-A hereto, shares of Common Stock of the Company or warrants to purchase shares of Common Stock of the Company as set forth on Schedule I-A. On the Funding Date for the Second Advance, (i) for each
Lender participating in the Second Advance specified on Schedule I-B hereto as purchasing shares of Common Stock, Borrower shall issue and sell to such Lender, and such Lender shall purchase from Borrower, the number of shares of Common Stock
set forth opposite such Lender’s name on Schedule I-B hereto, at a purchase price of $0.58 per share, and in connection with such purchase the Lender hereby makes to Borrower the representations and warranties set forth in Section 5
of Schedule II, and (ii) for each other Lender participating in the Second Advance, the Company shall issue such Lender a Warrant covering the number of shares of Common Stock set forth opposite such Lender’s name in Schedule
I-B hereto. 
 (e) Use of Proceeds. The proceeds of the Loans shall be used solely for working capital
and other general corporate purposes of Borrower. 
 (f) Termination of Commitment to Lend.
Notwithstanding anything in the Loan Documents, the Lenders obligation to lend the undisbursed portion of the Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at the Required Lenders’ sole election, the
occurrence of any Default or Event of Default hereunder, and (ii) the applicable Commitment Termination Date. 
 2.2 Conversion; Payments. 
 (a) Lender’s Option to
Convert. The outstanding balances of the Loans made hereunder shall be convertible into capital stock of Borrower on the terms and conditions set forth in Schedule II to this Agreement. 

(b) Repayment of Initial Advance, Second Advance and Subsequent Advances. Subject to the terms and conditions of
the Subordination Agreement, all Loans made under this Agreement (including all unpaid principal, accrued interest and PIK Interest thereon) shall be due and payable in full on the Maturity Date, except to the extent a Loan has been prepaid pursuant
to Section 2.3 or converted into capital stock of Borrower pursuant to Schedule II. 

  
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 (c) Interest on Loans. Subject to Sections 2.2(a) and
(b), the Loans shall bear interest (in addition to any “original issue discount” as defined in the IRC) at the Loan Rate from the date of the applicable Advance, compounding monthly on each Interest Payment Date; provided,
however, Borrower shall not pay such interest in cash but instead all such accrued and unpaid interest shall be paid in kind as described in the immediately following sentence, on each Interest Payment Date (any such interest paid in kind,
the “PIK Interest”). All interest due and payable hereunder by Borrower shall be capitalized, added to the then-outstanding principal amount of the Loans as additional principal obligations hereunder on and as of such Interest
Payment Date and shall automatically constitute a part of the outstanding principal amount of the Loans for all purposes hereof (including the accrual of interest thereon at the rates applicable to the Loans generally). Any determination of the
principal amount outstanding under the Loans after giving effect to any PIK Interest hereunder or otherwise that is reasonably made by the Agent or the Lenders in good faith shall be prima facie evidence of the correctness of such determination in
the absence of manifest error. All computations of interest (including interest at the Default Rate, if applicable) shall be based on a year of twelve 30-day months. Notwithstanding any other provision hereof, the amount of interest payable
hereunder shall not in any event exceed the maximum amount permitted by the law applicable to interest charged on commercial loans. 
 (d) Application of Payments. All payments due to the Lenders hereunder prior to an Event of Default shall be applied as follows: (1) first, to Lenders’ Expenses then due and owing, if
applicable, and (2) second, pro rata to the outstanding Loans under Advances made by the Lenders. After an Event of Default, all payments and application of proceeds shall be made as set forth in Section 9.7. 

(e) Default Rate. Borrower shall pay interest at a per annum rate equal to the Default Rate on any amounts required
to be paid by Borrower under this Agreement or the other Loan Documents, payable with respect to each Loan, accrued and unpaid interest, and any fees or other amounts which remain unpaid after such amounts are due. If an Event of Default has
occurred and the Obligations have been accelerated (whether automatically or by Lender’s election), Borrower shall pay interest on the aggregate, outstanding accelerated balance hereunder from the date of the Event of Default until all Events
of Default are cured, at a per annum rate equal to the Default Rate. 
 2.3 Prepayments. 

(a) Mandatory Prepayment Upon an Acceleration. If a Loan is accelerated following the occurrence of an Event of
Default pursuant to Section 9.1(a) hereof, then Borrower, in addition to any other amounts which may be due and owing hereunder, shall immediately pay to Lender the amount set forth in Section 2.3(b) below, as if Borrower had
opted to prepay on the date of such acceleration. 
 (b) Subject to the terms of Section 2.3(a), no
prepayments shall be permitted with respect to the Convertible Portion of the Loans (as defined in Schedule II to this Agreement). Upon ten (10) Business Days’ prior written notice to each Lender, Borrower may, at its option, at any
time, prepay all or any portion of the Loans comprising only the Non-Convertible Portion of the Loans by paying to such Lender an amount equal to (i) any accrued and unpaid interest and PIK Interest on the outstanding principal balance of such
Loan(s); (ii) the outstanding principal balance of such Loan(s) and (iii) all other sums, if any, that shall have become due and payable hereunder. 
 2.4 Other Payment Terms. 
 (a) Place and Manner.
Borrower shall make all payments due to the Lenders in lawful money of the United States. All payments of principal, PIK Interest, fees and other amounts 

  
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payable by Borrower hereunder shall be made, in immediately available funds, not later than 10:00 a.m. Pacific time, on the date on which such payment is due. Borrower shall make such
payments to each Lender via wire transfer in immediately available funds or ACH or by certified check at the address set forth for such Lender in Schedule I-A hereto, as indicated by such Lender in Schedule I-A (or in a writing
delivered by such Lender to Borrower from and after the Effective Date). 
 (b) Date. Whenever any payment
is due hereunder on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall be included in the computation of interest or fees, as the case may be. 

2.5 Procedure for Making the Loans. 

(a) Notice. Borrower shall notify each Lender in writing (which may be via electronic mail) of the Funding Date and
deliver a completed Funding Certificate by 5:00 p.m. Eastern on a date (the “Funding Request Notice Date”) at least five (5) Business Days in advance of the desired Funding Date (it being understood that the Lenders shall have
five (5) Business Days from the delivery of such written notice and completed Funding Certificate to review and verify the information set forth in the applicable Funding Certificate and the satisfaction of the conditions precedent for the
requested Advance and to confirm the satisfaction of the conditions precedent for such Advance by and through the Agent acting on the Lenders’ behalf with respect to such confirmation to Borrower, including by means of requests for the
production of additional information by the Agent to Borrower), unless the Lenders elect at the Lenders’ sole discretion to allow the Funding Date to be within five (5) Business Days of Borrower’s notice and delivery of a Funding
Certificate the notice of which election would be made by the Agent at the direction of such Lenders to Borrower. Any such written notice and Funding Certificate delivered to the Lenders after 5:00 p.m. Eastern on the Funding Request Notice Date
shall be deemed received the following Business Day by the Lenders. Borrower’s execution and delivery to each of the Lenders of a Note shall be Borrower’s agreement to the terms and calculations thereunder and hereunder with respect to the
Advance made by such Lender. Each Lender’s several and not joint obligation to make any Advance shall be expressly subject to the satisfaction of the conditions set forth in Section 3. 

(b) Disbursement. Each Lender shall, in accordance with such Lender’s Pro Rata Share of such Advance, disburse
the proceeds of each Loan by wire transfer to Borrower at the account specified in the Funding Certificate for such Loan. Disbursements shall be made net of any Lenders’ Expenses owing at the time of such disbursement. 

3. Conditions of Loans and Acquisition of Warrants or Common Stock. 

3.1 Conditions Precedent to Closing. At the time of the execution and delivery of the Original Agreement, the Agent
received, in form and substance satisfactory to the Agent, all of the following (unless the Required Lenders agreed to waive such condition or document, in which case such condition or document shall be a condition precedent to the making of the
applicable Advance by the Lenders and shall be deemed added to Section 3.2): 
 (a) Loan
Agreement. The Original Agreement duly executed by Borrower, the Agent and the Lenders. 
 (b)
Secretary’s Certificate. A certificate of the secretary or assistant secretary of Borrower with copies of the following documents attached: (i) the certificate of incorporation and bylaws of Borrower certified by Borrower as being
complete and in full force and effect on the date thereof, (ii) incumbency and representative signatures, and (iii) resolutions authorizing the execution and delivery 

  
 - 14 -

 
of the Original Agreement and each of the other Loan Documents entered in and/or delivered by Borrower in connection with the Original Agreement. 

(c) Good Standing Certificates. A good standing certificate from Borrower’s state of incorporation and the
state in which Borrower’s principal place of business is located, each dated as of a recent date. 
 (d)
Certificate of Insurance. Evidence of the insurance coverage required by Section 6.8 of this Agreement. 
 (e) Consents. All necessary consents of shareholders and other third parties with respect to the execution, delivery and performance of this Agreement, the Warrants and the other Loan Documents.

 (f) Legal Opinion. A legal opinion of Borrower’s counsel in form satisfactory to Agent, in
substantially the form attached as Exhibit D hereto. 
 (g) Account Control Agreements.
Account Control Agreements for all of Borrower’s deposit accounts and accounts holding securities, except for the Italian Account, the French Account, the New Zealand Account and the Bank of the West Account, duly executed by all of the parties
thereto, in the forms provided by or reasonably acceptable to Agent. 
 (h) Other Documents. Such other
documents and completion of such other matters, as Agent may reasonably deem necessary or appropriate. 
 3.2
Conditions Precedent to Making the Initial Advance and Acquisition of Warrant or Common Stock. Each Lender’s several and not joint obligation to make the Initial Advance and either acquire Warrants or purchase Common Stock, as further
described in Sections 2.1(a) and/or 2.1(d), as applicable, was further subject to the following conditions precedent: 
 (a) No Default. No Default or Event of Default shall have occurred and be continuing. 
 (b) Representations and Warranties. The representations and warranties of Borrower in the Original Agreement and the other Loan Documents entered in and/or delivered by Borrower in connection with
the Original Agreement shall be true, accurate, and complete in all material respects on the funding date of the Initial Advance. 
 (c) Landlord Agreements. Borrower shall have provided the Agent with a Landlord Agreement in form and substance reasonably satisfactory to the Agent or each location where Borrower’s books and
records and the Collateral are located (unless Borrower is the fee owner thereof). 
 (d) Note. Borrower
shall have duly executed and delivered to each of the Lenders a Note in the amount of such Lender’s Pro Rata Share of the Initial Advance. 
 (e) UCC Financing Statements. The Agent shall have received such documents, instruments and agreements, including UCC financing statements or amendments to UCC financing statements, as the Agent
shall reasonably request to evidence the perfection and priority of the security interests granted to the Agent on behalf of the Lenders pursuant to Section 4. Borrower authorizes the Agent to file any UCC financing statements,
continuations of or amendments to UCC financing statements it deems necessary to perfect its security interest in the Collateral. 

  
 - 15 -

 (f) Funding Certificate. Borrower shall have duly executed and
delivered to each Lender a Funding Certificate for the Initial Advance. 
 (g) Intercreditor Agreement. An
intercreditor and/or subordination agreement with respect to the Indebtedness constituting Permitted Indebtedness under subsections (c), (d) and (e) of the definition of Permitted Indebtedness, executed by the banks, financial institutions
and other lenders or authorized agents thereof, providing such Indebtedness. 
 (h) Warrant. Borrower
shall have executed and delivered to each Lender electing to receive a Warrant an original Warrant, covering that number of shares of Common Stock set forth in Schedule I-A to the Original Agreement for such Lender. 

(i) Common Stock. Borrower shall have executed and delivered to each Lender electing to purchase Common Stock an
original stock certificate evidencing that number of shares of Common Stock set forth in Schedule I-A to the Original Agreement for such Lender. 
 (j) Lenders’ Expenses. Borrower shall have paid (or provided for the payment of) all Lenders’ Expenses owing as of the Funding Date for the Initial Advance. 

(k) Other Documents. Such other documents and completion of such other matters, as Agent may reasonably deem
necessary or appropriate. 
 3.3 Conditions Precedent to Making the Second Advance and Acquisition of Warrant
or Common Stock. Each Second Advance Lender’s several and not joint obligation to make the Second Advance and either acquire Warrants or purchase Common Stock, as further described in Sections 2.1(a) and/or 2.1(d), as
applicable, is further subject to the following conditions precedent: 
 (a) Agreement. This Agreement
duly executed by Borrower, each Second Advance Lender, the Agent and the Required Lenders. 
 (b) No
Default. No Default or Event of Default shall have occurred and be continuing. 
 (c) Representations and
Warranties. The representations and warranties of Borrower in this Agreement and the other Loan Documents shall be true, accurate, and complete in all material respects on the proposed funding date of the Second Advance, except as set forth in
the Disclosure Schedule delivered on such funding date. 
 (d) Note. Borrower shall have duly executed and
delivered to each of the Second Advance Lenders a Note in the principal amount set forth on Schedule I-B. 

(e) Warrant. Borrower shall have executed and delivered to each Second Advance Lender electing to receive a Warrant
an original Warrant, covering that number of shares of Common Stock set forth in Schedule I-B to this Agreement for such Lender. 
 (f) Common Stock. Borrower shall have executed and delivered to each Second Advance Lender electing to purchase Common Stock an original stock certificate evidencing that number of shares of Common
Stock set forth in Schedule I-B to this Agreement for such Lender 

  
 - 16 -

 (g) Consents. All necessary consents of shareholders and other third
parties with respect to the execution, delivery and performance of this Agreement, the Second Advance, the Warrants and the other Loan Documents shall have been obtained. 

(h) Lenders’ Expenses. Borrower shall have paid (or provided for the payment of) all Second Advance
Lenders’ Expenses owing as of the Funding Date for the Second Advance, up to a maximum of $20,000. 
 (i)
Amendments to Senior Loan Agreements and Intercreditor Agreements. Amendment to the loan agreements and subordination agreement with respect to the Indebtedness constituting Permitted Indebtedness under subsections (c), (d) and
(e) of the definition of Permitted Indebtedness, executed by the banks, financial institutions and other lenders or authorized agents thereof, providing such Indebtedness. 

(j) Funding Certificate. Borrower shall have duly executed and delivered to each Second Advance Lender a Funding
Certificate for the Second Advance. 
 (k) Legal Opinion. A legal opinion of Borrower’s counsel in
form satisfactory to Agent, in substantially the form attached as Exhibit D hereto. 
 (l) Other
Documents. Such other documents and completion of such other matters, as Agent may reasonably deem necessary or appropriate shall have been obtained. 
 3.4 Condition to the Subsequent Advances. For each Subsequent Advance requested by Borrower, each Lender’s several and not joint obligation to make such Subsequent Advance shall be subject to
the following conditions precedent: 
 (a) Second Advance. The conditions set forth in Sections
3.1, 3.2 and 3.3 shall have been satisfied, and the Lenders shall have made the Second Advance. 
 (b) Funding Certificate. Borrower shall have duly executed and delivered to each Lender a Funding Certificate for such Subsequent Advance. 

(c) No Default. No Default or Event of Default shall have occurred and be continuing. 

(d) Representations and Warranties. The representations and warranties of Borrower in this Agreement and the other
Loan Documents shall be true, accurate, and complete in all material respects on the proposed funding date of the Subsequent Advance. 
 (e) Note. Borrower shall have duly executed and delivered to each of the Lenders investing in such Subsequent Advance a Note in the form set forth in Exhibit C in the principal amount of such
Lender’s Pro Rata Share of such Subsequent Advance. 
 (f) Gross Profit Condition. Borrower shall
have had, as of the end of the most recently ended fiscal quarter, minimum Gross Profit for the period of two consecutive quarters then most recently ended of not less than the following: 

 

					
	Sum of Two Consecutive Fiscal Quarter Period	  	Gross Profit	 
	 For fiscal quarter ending March 31, 2011 and fiscal quarter ending June 30, 2011
	  	$	2,700,000	  

  
 - 17 -

					
	 For fiscal quarter ending June 30, 2011 and fiscal quarter ending September 30, 2011
	  	$	7,400,000	  
	 For fiscal quarter ending September 30, 2011 and fiscal quarter ending December 31, 2011
	  	$	10,600,000	  
	 For fiscal quarter ending December 31, 2011 and fiscal quarter ending March 31, 2012
	  	$	7,500,000	  
	 For fiscal quarter ending March 31, 2012 and fiscal quarter ending June 30, 2012
	  	$	5,600,000	  
	 For fiscal quarter ending June 30, 2012 and fiscal quarter ending September 30, 2012
	  	$	9,500,000	  
	 For fiscal quarter ending September 30, 2012 and fiscal quarter ending December 31, 2012
	  	$	12,800,000	  

 (g) Inverter Warranty Claims. The Warranty Claim Rate for microinverters shipped by
or on behalf of Borrower during both (i) the three (3) month and (ii) the six (6) month period preceding the date of Borrower’s Funding Certificate for such Subsequent Advance shall be no more than one percent (1%).

 (h) Limitation on Number of Advances Per Quarter. During the calendar quarter in which such Subsequent
Advance is requested, Borrower shall have requested no more than one (1) other Subsequent Advance. 
 (i)
Lenders’ Expenses. Borrower shall have paid (or provided for the payment of) all Lenders’ Expenses owing as of the Funding Date for such Subsequent Advance. 

(j) Other Documents. Borrower shall have executed and delivered to the Agent such other documents, and completed
such other matters, as the Agent may reasonably deem necessary or appropriate. 
 3.5 Covenant to Deliver.
Borrower agrees (not as a condition but as a covenant) to deliver to Agent and/or each Lender, as the case may be, each item required to be delivered to Agent and/or such Lender as a condition to each Advance, if such Advance is advanced. Borrower
expressly agrees that the extension of such Advance prior to the receipt by Agent and/or such Lender of any such item shall not constitute a waiver by Agent and/or such Lender of Borrower’s obligation to deliver such item, and any such
extension in the absence of a required item shall be in Agent’s sole discretion (with respect to any matters set forth in Sections 3.1, 3.2, 3.3 or 3.4 expressly subject to Agent’s sole discretion) and/or such
Lender’s discretion (with respect to any matters set forth in Sections 3.1, 3.2, 3.3 or 3.4 expressly subject to a Lender’s sole discretion). 

3.6 Lender Representations and Covenants. In connection with the issuance of the Notes and Warrants, each Lender
makes the representations and warranties and covenants set forth in Section 5 of Schedule II. 
 4. Creation of Security
Interest. 
 4.1 Grant of Security Interest. Borrower grants to Agent, for the ratable benefit of each
Lender, a valid and continuing security interest in all presently existing and hereafter acquired or arising Collateral in order to secure prompt, full and complete payment of any and all Obligations (other than the Warrants and inchoate indemnity
obligations) and in order to secure prompt, full and complete performance by Borrower of each of its covenants and duties under each of the Loan Documents (other than the Warrant). The “Collateral” shall mean and include all right,
title, interest, claims and demands 

  
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of Borrower in and to all personal property of Borrower, including, without limitation, all of the following: 

(a) All goods (and embedded computer programs and supporting information included within the definition of
“goods” under the Code) and equipment now owned or hereafter acquired, including, without limitation, all laboratory equipment, computer equipment, office equipment, machinery, fixtures, vehicles (including motor vehicles and trailers),
and any interest in any of the foregoing, and all attachments, accessories, accessions, replacements, substitutions, additions, and improvements to any of the foregoing, wherever located; 

(b) All inventory now owned or hereafter acquired, including, without limitation, all merchandise, raw materials, parts,
supplies, packing and shipping materials, work in process and finished products including such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returns upon any accounts or other proceeds,
including insurance proceeds, resulting from the sale or disposition of any of the foregoing and any documents of title representing any of the above, and Borrower’s books relating to any of the foregoing; 

(c) All contract rights and general intangibles (except to the extent included within the definition of Intellectual
Property), now owned or hereafter acquired, including, without limitation, goodwill, license agreements, franchise agreements, blueprints, drawings, purchase orders, customer lists, route lists, infringements, claims, software, computer programs,
computer disks, computer tapes, literature, reports, catalogs, design rights, income tax refunds, payment intangibles, commercial tort claims, payments of insurance and rights to payment of any kind; 

(d) All now existing and hereafter arising accounts, contract rights, royalties, license rights, license fees and all
other forms of obligations owing to Borrower arising out of the sale or lease of goods, the licensing of technology or the rendering of services by Borrower (subject, in each case, to the contractual rights of third parties to require funds received
by Borrower to be expended in a particular manner), whether or not earned by performance, and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Borrower and Borrower’s
books relating to any of the foregoing; 
 (e) All documents, cash, deposit accounts, letters of credit (whether
or not the letter of credit is evidenced by a writing), certificates of deposit, instruments, promissory notes, chattel paper (whether tangible or electronic) and investment property, including, without limitation, all securities, whether
certificated or uncertificated, security entitlements, securities accounts, commodity contracts and commodity accounts, and all financial assets held in any securities account or otherwise, wherever located, now owned or hereafter acquired and
Borrower’s books relating to the foregoing; 
 (f) Any and all claims, rights and interests in any of the
above and all substitutions for, additions and accessions to and proceeds thereof, including, without limitation, insurance, condemnation, requisition or similar payments and proceeds of the sale or licensing of Intellectual Property to the extent
such proceeds no longer constitute Intellectual Property; and 
 (g) Notwithstanding the foregoing, the
Collateral shall not include any Intellectual Property; provided, however, that the Collateral shall include all accounts receivables, accounts, and general intangibles that consist of rights to payment and proceeds from the sale,
licensing or disposition of all or any part, or rights in, the foregoing (the “Rights to Payment”). Notwithstanding the foregoing, if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the
underlying Intellectual Property is necessary to have a security interest in the Rights to Payment, then the 

  
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Collateral shall automatically, and effective as of the date hereof, include the Intellectual Property to the extent necessary to permit perfection of Lender’s security interest in the
Rights to Payment. 
 Notwithstanding the foregoing, the term “Collateral” shall not include (A) equipment
identified on Annex I to the Disclosure Schedule, or (B) or rights of Borrower as a licensee; in each case of (A) and (B) to the extent the granting of a security interest therein (i) would be contrary to applicable law or
(ii) is prohibited by or would constitute a default under any agreement or document governing such property (but only to the extent such prohibition is enforceable under applicable law); provided that upon the termination or lapsing of any such
prohibition, such property shall automatically be part of the Collateral; and provided further that the provisions of this paragraph shall in no case exclude from the definition of “Collateral” any Accounts, proceeds of the disposition of
any property, or general intangibles consisting of rights to payment, all of which shall at all times constitute “Collateral”; and provided further that any Equipment financed by Agent or the Lenders, if any, will at all times constitute
“Collateral”. 
 4.2 After-Acquired Property. If Borrower shall at any time acquire a commercial
tort claim, as defined in the Code, Borrower shall immediately notify Agent in writing signed by Borrower of the brief details thereof and grant to Lender in such writing a security interest therein and in the proceeds thereof, all upon the terms of
this Agreement, with such writing to be in form and substance satisfactory to Lender. 
 4.3 Duration of
Security Interest. Agent’s security interest in the Collateral shall continue until the payment in full and the satisfaction of all Obligations (other than inchoate indemnity obligations) and termination of Agent and each of the other
Lender’s commitment to fund the Loans, whereupon such security interest shall terminate. Agent shall, at Borrower’s sole cost and expense, execute such further documents and take such further actions as may be reasonably necessary to make
effective the release contemplated by this Section 4.3, including duly authorizing and delivering termination statements for filing in all relevant jurisdictions under the Code. 

4.4 Location and Possession of Collateral. Other than for Borrower’s personal property located at Flextronics
and for Transfers permitted under Section 7.4, the Collateral is and shall remain in the possession of Borrower at its location listed on the cover page hereof or as set forth in the Disclosure Schedule. Borrower shall remain in full
possession, enjoyment and control of the Collateral (except only as may be otherwise required by Agent for perfection of its security interest therein) and so long as no Event of Default has occurred, shall be entitled to manage, operate and use the
same and each part thereof with the rights and franchises appertaining thereto; provided that the possession, enjoyment, control and use of the Collateral shall at all time be subject to the observance and performance of the terms of
this Agreement. 
 4.5 Delivery of Additional Documentation Required. Borrower shall from time to time
execute and deliver to Agent, at the request of Lender, all financing statements and other documents Agent may reasonably request, in form satisfactory to Agent, to perfect and continue Agent’s perfected security interests in the Collateral and
in order to consummate fully all of the transactions contemplated under the Loan Documents. 
 4.6 Right to
Inspect. Agent (through any of its officers, directors, employees, or agents) shall have the right, upon reasonable prior notice, from time to time during Borrower’s usual business hours, to inspect Borrower’s books and records and to
make copies thereof and to inspect, test, and appraise the Collateral in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral. 

4.7 Protection of Intellectual Property. Borrower shall (i) protect, defend and maintain the validity and
enforceability of its Intellectual Property to the extent Borrower deems it appropriate to 

  
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do so in its reasonable business judgment and promptly advises Lender in writing of material infringements, and (ii) not allow any Intellectual Property material to Borrower’s business
to be abandoned, forfeited or dedicated to the public without Agent’s written consent. 
 4.8 Lien
Subordination. Agent agrees that the Liens granted to it hereunder on behalf of and for the ratable benefit of the Lenders under this Agreement shall be subordinate in payment and to the Liens to secure the Indebtedness permitted under clauses
(c), (d) and (e) of the definition of Permitted Indebtedness subject to and in accordance with the terms and provisions of the Subordination Agreement. So long as no Event of Default has occurred, Agent agrees to execute and deliver such
agreements and documents as may be reasonably requested by Borrower from time to time which set forth the payment and lien subordination described in this Section 4.8 and the Subordination Agreement and are reasonably acceptable to
Agent. 
 5. Representations and Warranties. Except as set forth in the Disclosure Schedule, Borrower represents and
warrants as follows: 
 5.1 Organization and Qualification. Borrower is a corporation duly organized and
validly existing under the laws of its state of incorporation and qualified and licensed to do business in, and is in good standing in, any state in which the conduct of its business or its ownership of Property requires that it be so qualified or
in which the Collateral is located, except for such states as to which any failure to so qualify would not have a material adverse effect on Borrower. 
 5.2 Authority; Valid Issuance of Common Stock. Borrower has all necessary power and authority to execute, deliver, and perform in accordance with the terms thereof, the Loan Documents to which it
is a party. Borrower has all requisite power and authority to own and operate its Property and to carry on its businesses as now conducted. Borrower has obtained all licenses, permits, approvals and other authorizations necessary for the operation
of its business. All shares of Common Stock to be purchased by Lenders hereunder are duly authorized, validly issued, fully paid and non-assessable, and free of any Liens except for restrictions on transfer provided for herein or under applicable
federal and state securities laws. 
 5.3 Conflict with Other Instruments, etc. Neither the execution and
delivery of any Loan Document to which Borrower is a party nor the consummation of the transactions therein contemplated nor compliance with the terms, conditions and provisions thereof will conflict with or result in a breach of any of the terms,
conditions or provisions of the certificate of incorporation, the by-laws, or any other organizational documents of Borrower or any law or any regulation, order, writ, injunction or decree of any court or governmental instrumentality or any material
agreement or instrument to which Borrower is a party or by which it or any of its Property is bound or to which it or any of its Property is subject, or constitute a default thereunder or result in the creation or imposition of any Lien, other than
Permitted Liens. 
 5.4 Authorization; Enforceability. The execution and delivery of this Agreement, the
granting of the security interest in the Collateral, the incurring of the Loans, the execution and delivery of the other Loan Documents to which Borrower is a party and the consummation of the transactions herein and therein contemplated have each
been duly authorized by all necessary action on the part of Borrower. No authorization, consent, approval, license or exemption of, and no registration, qualification, designation, declaration or filing with, or notice to, any Person is, was or will
be necessary to (i) the valid execution and delivery of any Loan Document to which Borrower is a party, (ii) the performance of Borrower’s obligations under any Loan Document, or (iii) the granting of the security interest in the
Collateral, except for filings in connection with the perfection of the security interest in any of the Collateral or the issuance of the Warrants. The Loan Documents have been duly executed and

  
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delivered and constitute legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, except as the enforceability thereof may be limited by
bankruptcy, insolvency or other similar laws of general application relating to or affecting the enforcement of creditors’ rights or by general principles of equity. 

5.5 No Prior Encumbrances. Borrower has good and marketable title to the Collateral, free and clear of Liens except
for Permitted Liens. Borrower has good title and ownership of, or is licensed under, all of Borrower’s current Intellectual Property. Borrower has not received any communications alleging that Borrower has violated, or by conducting its
business as proposed, would violate any proprietary rights of any other Person. Borrower has no knowledge of any infringement or violation by it of the intellectual property rights of any third party and has no knowledge of any violation or
infringement by a third party of any of its Intellectual Property. The Collateral and the Intellectual Property constitute substantially all of the assets and property of Borrower. 

5.6 Name; Location of Chief Executive Office, Principal Place of Business and Collateral. Except as set forth on
the Disclosure Schedule, Borrower has not done business under any name other than that specified on the signature page hereof. Borrower’s jurisdiction of incorporation, chief executive office, principal place of business, and the place where
Borrower maintains its records concerning the Collateral are presently located in the state and at the address set forth on the cover page of this Agreement. The Collateral is presently located at the address set forth on the cover page hereof or as
set forth in the Disclosure Schedule. 
 5.7 Litigation. There are no actions or proceedings pending by or
against Borrower before any court or administrative agency in which an adverse decision could have a material adverse effect on Borrower or the aggregate value of the Collateral. Borrower does not have knowledge of any such pending or threatened
actions or proceedings. 
 5.8 Financial Statements. All financial statements relating to Borrower or any
Affiliate that have been or may hereafter be delivered by Borrower to Agent present fairly in all material respects Borrower’s financial condition as of the date thereof and Borrower’s results of operations for the period then ended.

 5.9 No Material Adverse Effect. No event has occurred and no condition exists which could reasonably be
expected to have a material adverse effect on the financial condition, business or operations of Borrower since December 31, 2010; provided that any adverse effect that results from general economic or industry conditions, which do not affect
Borrower in a disproportionate manner relative to other participants in the economy or such industry, as applicable, shall be disregarded in determining whether there has been or would be a material adverse effect on Borrower. 

5.10 Full Disclosure. No representation, warranty or other statement made by Borrower in any Loan Document
(including the Disclosure Schedule), certificate or written statement furnished to Lender contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained in such certificates or
statements not misleading. There is no fact known to Borrower which materially adversely affects, or which could in the future be reasonably expected to materially adversely affect, its ability to perform its obligations under this Agreement.

 5.11 Solvency, Etc. Borrower is Solvent (as defined below) and, after the execution and delivery
of the Loan Documents and the consummation of the transactions contemplated thereby, Borrower will be Solvent. “Solvent” means, with respect to any Person on any date, that on such date such Person is able to pay its debts
(including trade debts) as they mature. 

  
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 5.12 Subsidiaries. Borrower has no Subsidiaries as of the date hereof
other than Enphase Energy SAS, Enphase Energy SRL and Enphase Energy New Zealand Limited. 
 5.13 Catastrophic
Events; Labor Disputes. Neither Borrower nor its properties is or has been affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or other casualty that
could reasonably be expected to have a material adverse effect on the financial condition, business or operations of Borrower. There are no disputes presently subject to grievance procedure, arbitration or litigation under any of the collective
bargaining agreements, employment contracts or employee welfare or incentive plans to which Borrower is a party, and there are no strikes, lockouts, work stoppages or slowdowns, or, to the knowledge of Borrower, jurisdictional disputes or organizing
activity occurring or threatened which could reasonably be expected to have a material adverse effect on the financial condition, business or operations of Borrower. 

5.14 Certain Agreements of Officers, Employees and Consultants. To the knowledge of Borrower, no officer,
employee or consultant of Borrower is, or is now expected to be, in violation of any term of any employment contract, proprietary information agreement, nondisclosure agreement, noncompetition agreement or any other material contract or agreement or
any restrictive covenant relating to the right of any such officer, employee or consultant to be employed by Borrower because of the nature of the business conducted or to be conducted by Borrower or relating to the use of trade secrets or
proprietary information of others, and to Borrower’s knowledge, the continued employment of Borrower’s officers, employees and consultants does not subject Borrower to any material liability for any claim or claims arising out of or in
connection with any such contract, agreement, or covenant. 
 5.15 No Present Intention to Terminate. To
the knowledge of Borrower, no officer of Borrower, and no employee or consultant of Borrower whose termination, either individually or in the aggregate, could reasonably be expected to have a material adverse effect on the financial condition,
business or operations of Borrower, has any present intention of terminating his or her employment or consulting relationship with Borrower. 
 6. Affirmative Covenants. Borrower, until the full and complete payment of the Obligations (other than inchoate indemnity obligations), covenants and agrees that: 

6.1 Good Standing. Borrower shall maintain its corporate existence and its good standing in its jurisdiction of
incorporation and maintain qualification in each jurisdiction in which the failure to so qualify could reasonably be expected to have a material adverse effect on the financial condition, operations or business of Borrower. Borrower shall maintain
in force all licenses, approvals and agreements, the loss of which could reasonably be expected to have a material adverse effect on its financial condition, operations or business. 

6.2 Government Compliance. Borrower shall comply with all statutes, laws, ordinances and government rules and
regulations to which it is subject, noncompliance with which could reasonably be expected to materially adversely affect the financial condition, operations or business of Borrower. 

6.3 Financial Statements, Reports, Certificates. Until such time as Borrower shall have become a publicly reporting
company under the Exchange Act, Borrower shall deliver to Agent and each of the Major Lenders (and any other Lender upon such Lender’s written request to Borrower): (a) as soon as available, but in any event within thirty (30) days
after the end of each month, a company prepared balance sheet, income statement and cash flow statement covering Borrower’s operations during such period, certified by Borrower’s president, controller or chief financial officer (each, a
“Responsible Officer”); (b) as soon as available, but in any event within one hundred eighty (180) days 

  
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after the end of Borrower’s fiscal year commencing with Borrowers’ fiscal year 2010, audited financial statements of Borrower prepared in accordance with GAAP, together with an
unqualified opinion (other than a qualification for a going concern) on such financial statements of a nationally recognized or other independent public accounting firm reasonably acceptable to Agent; (c) as soon as available, but in any event
within ninety (90) days after the end of Borrower’s fiscal year or the date of Borrower’s board of directors’ adoption, Borrower’s operating budget and plan for the next fiscal year and (d) such other financial
information as the Lenders may reasonably request from time to time. In addition, Borrower shall deliver to Agent and each of the Major Lenders (and any other Lender upon such Lender’s written request to Borrower): (i) promptly upon
becoming available, copies of all statements, reports and notices sent or made available generally by Borrower to its security holders; and (ii) immediately upon receipt of notice thereof, a report of any material legal actions pending or
threatened against Borrower or the commencement of any action, proceeding or governmental investigation involving Borrower is commenced that is reasonably expected to result in damages or costs to Borrower of Two Hundred Fifty Thousand Dollars
($250,000). 
 6.4 Certificates of Compliance. Until such time as Borrower shall have become a publicly
reporting company under the Exchange Act, each time financial statements are furnished pursuant to Section 6.3 above, Borrower shall deliver to Agent an Officer’s Certificate signed by a Responsible Officer in the form of, and certifying
to the matters set forth in Exhibit E hereto. 
 6.5 Notice of Defaults. As soon as possible, and
in any event within five (5) days after the discovery of an Event of Default, Borrower shall provide the Agent with an Officer’s Certificate setting forth the facts relating to or giving rise to such Event of Default and the action which
Borrower proposes to take with respect thereto. 
 6.6 Taxes. Borrower shall make due and timely payment
or deposit of all federal, state, and local taxes, assessments, or contributions required of it by law or imposed upon any Property belonging to it, and will execute and deliver to the Agent, on demand, appropriate certificates attesting to the
payment or deposit thereof; and Borrower will make timely payment or deposit of all tax payments and withholding taxes required of it by applicable laws, including those laws concerning F.I.C.A., F.U.T.A., state disability, and local, state, and
federal income taxes, and will, upon request, furnish Lender with proof satisfactory to Agent indicating that Borrower has made such payments or deposits; provided that Borrower need not make any payment if the amount or validity of
such payment is contested in good faith by appropriate proceedings which suspend the collection thereof (provided that such proceedings do not involve any substantial danger of the sale, forfeiture or loss of any material item of Collateral
or Collateral which in the aggregate is material to Borrower and that Borrower has adequately bonded such amounts or reserves sufficient to discharge such amounts have been provided on the books of Borrower). 

6.7 Use; Maintenance. Borrower shall keep and maintain all items of equipment and other similar types of personal
property that form any significant portion or portions of the Collateral in good operating condition and repair and shall make all necessary replacements thereof and renewals thereto so that the value and operating efficiency thereof shall at all
times be maintained and preserved. Borrower shall not permit any such material item of Collateral to become a fixture to real estate or an accession to other personal property, without the prior written consent of Lender. Borrower shall not permit
any such material item of Collateral to be operated or maintained in violation of any applicable law, statute, rule or regulation. With respect to items of leased equipment (to the extent Agent has any security interest in any residual
Borrower’s interest in such equipment under the lease), Borrower shall keep, maintain, repair, replace and operate such leased equipment in accordance with the terms of the applicable lease. 

  
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 6.8 Insurance. Borrower shall keep its business and the Collateral
insured for risks and in amounts, as the Agent may reasonably request. Insurance policies shall be in a form, with companies, and in amounts that are satisfactory to Agent. All property policies shall have a lender’s loss payable endorsement
showing Agent on behalf of and for the ratable benefit of the Lenders as an additional loss payee and all liability policies shall show Agent as an additional insured. Borrower shall provide Agent at least twenty (20) days notice before
cancellation of its insurance policies. At Agent’s request, Borrower shall deliver certified copies of policies and evidence of all premium payments. Proceeds payable under any property policy shall, at Agent’s option, be payable to Agent
on behalf of and for the ratable benefit of the Lenders on account of the Obligations. Notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of any
property policy, toward the replacement or repair of destroyed or damaged property; provided that (i) any such replaced or repaired property (a) shall be of equal or like value as the replaced or repaired Collateral and (b) shall be
deemed Collateral in which Lender has been granted a first priority security interest and (ii) after the occurrence and during the continuation of an Event of Default all proceeds payable under such property policy shall, at the option of
Lender, be payable to Lender, on account of the Obligations. If Borrower fails to obtain insurance as required under Section 6.8 or to pay any amount or furnish any required proof of payment to third persons and Lender, Lender may make
all or part of such payment or obtain such insurance policies required in Section 6.8, and take any action under the policies Lender deems prudent. On or prior to the first Funding Date and prior to each policy renewal, Borrower shall
furnish to Lender certificates of insurance or other evidence satisfactory to Lender that insurance complying with all of the above requirements is in effect. 
 6.9 Security Interest. Assuming the proper filing of one or more financing statement(s) identifying the Collateral with the proper state and/or local authorities, the security interests in the
Collateral granted to Lender pursuant to this Agreement (i) constitute and will continue to constitute first priority security interests (except to the extent any Permitted Liens may have a superior priority to Agent’s Lien under this
Agreement) and (ii) are and will continue to be superior and prior to the rights of all other creditors of Borrower (except to the extent of such Permitted Liens). 

6.10 Further Assurances. At any time and from time to time Borrower shall execute and deliver such further
instruments and take such further action as may reasonably be requested by Agent to make effective the purposes of this Agreement, including without limitation, the continued perfection and priority of Agent’s security interest in the
Collateral. 
 6.11 Subsidiaries. Borrower, upon Agent’s reasonable request, shall cause any
Subsidiary of Borrower to provide Lender with a guaranty of the Obligations and a security interest in such Subsidiary’s assets to secure such guaranty. Borrower shall not create or otherwise have any Subsidiaries after the date hereof, except
for Subsidiaries for which Borrower obtained Agent’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed) or as set forth in the Disclosure Schedule and otherwise subject to the first sentence of this
Section 6.11. 
 6.12 Notices Regarding Warranty Claim Rate. If as of the first day of any
calendar month prior to the Commitment Termination Date, the Warranty Claim Rate for microinverters shipped by or on behalf of Borrower during either the (i) the preceding three (3) month period or (ii) the preceding six
(6) month period is greater than one percent (1%), then Borrower shall notify the Agent in writing (within 7 days after the beginning of such calendar month) and shall provide such information relating to related warranty claims as Agent (on
behalf of the Lenders) may reasonably request. 
 7. Negative Covenants. Borrower, until the full and complete payment of
the Obligations (other than inchoate indemnity obligations), covenants and agrees that Borrower shall not without Agent’s prior written consent, which shall not be unreasonably withheld: 

  
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 7.1 Chief Executive Office. Change its name, jurisdiction of
incorporation, chief executive office, principal place of business or any of the items set forth in Section 1 of the Disclosure Schedule without thirty (30) days prior written notice to Agent. 

7.2 Collateral Control. Subject to its rights under Section 4.4 and other than for Transfers permitted
under Section 7.4, remove any items of Collateral from Borrower’s facility located at the address set forth on the cover page hereof or as set forth on the Disclosure Schedule. 

7.3 Liens. Create, incur, assume or suffer to exist any Lien of any kind upon any of Borrower’s Property,
whether now owned or hereafter acquired, except Permitted Liens. 
 7.4 Other Dispositions of Collateral.
Convey, sell, lease or otherwise dispose of all or any part of the Collateral to any Person (collectively, a “Transfer”), except for: (i) Transfers of inventory in the ordinary course of business; (ii) Transfers of
worn-out or obsolete equipment; (iii) Transfers permitted under subclause (f) of the definition of Permitted Liens with respect to Collateral, (iv) Transfers in connection with Permitted Liens and Permitted Investments; or
(v) Transfers that are not otherwise permitted under this Section 7.4 in an amount not to exceed Two Hundred Fifty Thousand Dollars ($100,000) in the aggregate in any fiscal year. 

7.5 Distributions. (i) Pay any dividends or make any distributions on its Equity Securities;
(ii) purchase, redeem, retire, defease or otherwise acquire for value any of its Equity Securities (other than repurchases pursuant to the terms of employee stock purchase plans, employee restricted stock agreements or similar arrangements in
an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000)); (iii) return any capital to any holder of its Equity Securities as such; (iv) make any distribution of assets, Equity Securities, obligations or securities
to any holder of its Equity Securities as such; or (v) set apart any sum for any such purpose; provided, however, Borrower may pay dividends payable solely in Borrower’s common stock. 

7.6 Mergers or Acquisitions. Merge or consolidate with or into any other Person (other than mergers or
consolidations of a Subsidiary into another Subsidiary or into Borrower) or acquire all or substantially all of the capital stock or assets of another. 
 7.7 Change in Ownership. (A) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower or reasonably related thereto or
(B) have a material change in its ownership of greater than forty nine percent (49%) (other than by the sale by Borrower of Borrower’s Equity Securities in a public offering or to venture capital investors so long as Borrower
identifies to the Agent the venture capital investors prior to the closing of the investment) (clause (B) of this Section 7.7 referred to in this Agreement sometimes as a “Change in Control”). 

7.8 Transactions With Affiliates/Subsidiaries. (a) Enter into any contractual obligation with any Affiliate or
engage in any other transaction with any Affiliate except (i) upon terms at least as favorable to Borrower as an arms-length transaction with Persons who are not Affiliates of Borrower or are otherwise approved by the disinterested members of
Borrower’s board of directors, and (ii) Borrower’s sale of equity and debt securities (provided that such debt securities are Subordinated Debt) to venture capital or other strategic investors or (b) create a Subsidiary, unless,
at Agent’s election, such Subsidiary guarantees the Obligations and grants a security interest in its assets to secure such guaranty, provided that Lender further agrees not to unreasonably withhold, condition or delay its consent to the
creation of a Subsidiary. 

  
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 7.9 Indebtedness Payments. (i) Prepay, redeem, purchase,
defease or otherwise satisfy in any manner prior to the scheduled repayment thereof any Indebtedness for borrowed money or lease obligations (other than (i) Indebtedness or lease obligations in an aggregate amount not to exceed $250,000 per
fiscal year, (ii) amounts due or permitted to be prepaid under this Agreement, or (iii) Permitted Indebtedness including without limitation under any revolving credit agreement constituting Permitted Indebtedness under clause (d) of
the definition of Permitted Indebtedness and Indebtedness owing to Atel Ventures, Inc. (collectively, the “Excluded Indebtedness”)), (ii) amend, modify or otherwise change the terms of any Indebtedness for borrowed money or
lease obligations (other than Excluded Indebtedness) so as to accelerate the scheduled repayment thereof or (iii) repay any notes to officers, directors or shareholders other than converting any such notes into equity securities of the company.

 7.10 Indebtedness. Create, incur, assume or permit to exist any Indebtedness except Permitted
Indebtedness. 
 7.11 Investments. Make any Investment except for Permitted Investments. 

7.12 Compliance. Become an “investment company” or a company controlled by an “investment
company” under the Investment Company Act of 1940 or undertake as one of its important activities extending credit to purchase or carry margin stock, or use the proceeds of any Loan for that purpose; fail to meet the minimum funding
requirements of the Employment Retirement Income Security Act of 1974, and its regulations, as amended from time to time (“ERISA”), permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply
with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business or operations or could reasonably be expected to cause a
material adverse change, or permit any of its Subsidiaries to do so. 
 7.13 Maintenance of Accounts.
(i) Maintain any deposit account or account holding securities owned by Borrower except (a) accounts with the lender providing Borrower with Indebtedness permitted under subsection (d) of the definition of Permitted Indebtedness or
(b) accounts with respect to which Lender is able to take such actions as it deems necessary to obtain a perfected security interest in such accounts through one or more Account Control Agreements; or (ii) grant or allow any other Person
(other than Lender) to perfect a security interest in, or enter into any agreements with any Persons (other than Lender) accomplishing perfection via control as to any of its deposit accounts or accounts holding securities other than in favor of the
lender providing Borrower with Indebtedness permitted under subsection (d) of the definition of Permitted Indebtedness. Notwithstanding the foregoing, Borrower may maintain: (1) a deposit account at Banca Popolare di Milano, BPM,
subsidiary 129, having account number [***] (the “Italian Account”), (2) a deposit account with BNP Paribas having account number [***] (the “French Account” and collectively with the Italian Account, the
“Foreign Accounts”), (3) a deposit account with Bank of the West, having an account number of [***] (the “Bank of the West Account”) and (4) a deposit account with Bank of New Zealand, having an account
number of [***] (the “New Zealand Account”), provided that (x) less than One Million Euros (€ 1,000,000) in the aggregate is maintained by Borrower in the Foreign Accounts and (y) less than Five Thousand Dollars
($5,000) is maintained by Borrower in the Bank of the West Account. 
 7.14 Negative Pledge Regarding
Intellectual Property. Create, incur, assume or suffer to exist any Lien of any kind upon any Intellectual Property or Transfer any Intellectual Property (other 

  
 [***] = CERTAIN INFORMATION
ON THIS PAGE HAS BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS. 
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 than for Transfers permitted under subclause (f) of the definition of Permitted Liens),
whether now owned or hereafter acquired. 
 7.15 Inventory and Equipment. Store Inventory or Equipment with an aggregate
value in excess of Fifty Thousand Dollars ($50,000) with a bailee, warehouseman, or other third party other than Flextronics (international or domestic locations) unless the third party has been notified of Lender’s security interest and Lender
(a) has received an acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Lender’s benefit or (b) is in pledge possession of the warehouse receipt, where negotiable, covering such Inventory
or Equipment. Store or maintain any Equipment or Inventory with an aggregate value in excess of Fifty Thousand Dollars ($50,000) at a location other than at Flextronics (international or domestic locations) or the location set forth in
Section 10 of this Agreement. Notwithstanding the foregoing, Borrower may maintain up to One Million Dollars ($1,000,000) in raw materials in transit (from Borrower’s supplier(s) to Flextronics’ manufacturing facility in China),
without complying with (a) or (b), above. 
 8. Events of Default. Any one or more of the following events shall
constitute an “Event of Default” by Borrower under this Agreement: 
 8.1 Failure to Pay.
If Borrower fails to (i) make any payment of principal or interest under a Loan when due and payable or when declared due and payable in accordance with the Loan Documents or (ii) pay any other portion of the Obligations within five
(5) days after receipt of written notice from Lender that such payment is due. 
 8.2 Certain Covenant
Defaults. If Borrower fails to perform any obligation under violates any of the covenants contained in Section 7 of this Agreement. 
 8.3 Other Covenant Defaults. If Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant, or agreement contained in this Agreement (other than
as set forth in Sections 8.1, 8.2 or 8.4 through 8.11), in any of the other Loan Documents and Borrower has failed to cure such default within fifteen (15) days of the occurrence of such default. During this fifteen (15) day period,
the failure to cure the default is not an Event of Default (but no Loan will be made during the cure period). 

8.4 Seizure of Assets, Etc. If any material portion of Borrower’s assets is attached, seized, subjected to a
writ or distress warrant, or is levied upon, or comes into the possession of any trustee, receiver or Person acting in a similar capacity and such attachment, seizure, writ or distress warrant or levy has not been removed, discharged or rescinded
within ten (10) days, or if Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other claim becomes a lien or encumbrance upon
any material portion of Borrower’s assets, or if a notice of lien, levy, or assessment is filed of record with respect to any of Borrower’s assets by the United States Government, or any department, agency, or instrumentality thereof, or
by any state, county, municipal, or governmental agency, and the same is not paid within ten (10) days after Borrower receives notice thereof; provided that none of the foregoing shall constitute an Event of Default where such
action or event is stayed or an adequate bond has been posted pending a good faith contest by Borrower. 
 8.5
Service of Process. The service of process upon Agent or any Lender seeking to attach by a trustee or other process any funds of Borrower on deposit or otherwise held by Agent or such Lender, or the delivery upon Agent or any Lender of a
notice of foreclosure by any Person seeking to attach or foreclose on any funds of Borrower on deposit or otherwise held by Agent or any Lender, or the delivery of a notice of foreclosure or exclusive control to any entity holding or maintaining

  
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Borrower’s deposit accounts or accounts holding securities by any Person (other than any of the Lenders) seeking to foreclose or attach any such accounts or securities. 

8.6 Default on Indebtedness. One or more defaults or events of default shall exist under any agreement with any
third party or parties which consists of the failure to pay any Indebtedness at maturity or which results in a right by such third party or parties, whether or not exercised, to accelerate the maturity of Indebtedness in an aggregate amount in
excess of Two Hundred Fifty Thousand Dollars ($250,000) provided, however, that the Event of Default under this Section 8.6 caused by a default or event of default under such other agreement shall be cured or waived for
purposes of this Agreement upon Agent receiving written notice from the party asserting such default of such cure or waiver of the default under such other agreement, if at the time of such cure or waiver under such other agreement (x) the
Lenders have not declared an Event of Default under this Agreement and/or exercised any rights with respect thereto; (y) any such cure or waiver does not result in an Event of Default under any other provision of this Agreement or any Loan
Document; and (z) in connection with any such cure or waiver under such other agreement, the terms of any agreement with such third party are not modified or amended in any manner which could in the good faith judgment of Lender be materially
less advantageous to Borrower or any Subsidiary. 
 8.7 Judgments. If a judgment or judgments for the
payment of money in an amount, individually or in the aggregate, of at least Two Hundred Fifty Thousand Dollars ($250,000) shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of ten (10) days or more.

 8.8 Misrepresentations. If any material misrepresentation or material misstatement exists now or
hereafter in any warranty, representation, statement, certification, or report made to Lender by Borrower or any officer, employee, agent, or director of Borrower. 

8.9 Unenforceable Loan Document. If any Loan Document shall in any material respect cease to be, or Borrower shall
assert that any Loan Document is not, a legal, valid and binding obligation of Borrower enforceable in accordance with its terms. 
 8.10 Involuntary Insolvency Proceeding. If a proceeding shall have been instituted in a court having jurisdiction in the premises seeking a decree or order for relief in respect of Borrower in an
involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or for the appointment of a receiver, liquidator, assignee, custodian, trustee (or similar official) of Borrower or for any substantial
part of its Property, or for the winding-up or liquidation of its affairs, and such proceeding shall remain undismissed or unstayed and in effect for a period of forty five (45) consecutive days or such court shall enter a decree or order
granting the relief sought in such proceeding. 
 8.11 Voluntary Insolvency Proceeding. If Borrower shall
commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment
of or taking possession by a receiver, liquidator, assignee, trustee, custodian (or other similar official) of Borrower or for any substantial part of its Property, or shall make a general assignment for the benefit of creditors, or shall fail
generally to pay its debts as they become due, or shall take any corporate action in furtherance of any of the foregoing. 
 9.
Lenders’ Rights and Remedies. 
 9.1 Rights and Remedies. Upon the occurrence of any Default
or Event of Default, the Lenders shall not have any further obligation to advance money or extend credit to or for the benefit of 

  
 - 29 -

 
Borrower. In addition, upon the occurrence of an Event of Default, the Agent, on behalf of and for ratable the benefit of the Lenders, shall have the rights, options, duties and remedies of a
secured party as permitted by law and, in addition to and without limitation of the foregoing, the Agent may, with the written consent or at the written direction of the Required Lenders, without notice of election and without demand, do any one or
more of the following, all of which are authorized by Borrower: 
 (a) Acceleration of Obligations.
Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, including (i) any accrued and unpaid interest, (ii) the unpaid principal balance of the Loans and (iii) all other sums, if
any, that shall have become due and payable hereunder, immediately due and payable (provided that upon the occurrence of an Event of Default described in Section 8.10 or 8.11 all Obligations shall become immediately due and
payable without any action by Agent or any of the Lenders); 
 (b) Protection of Collateral. Make such
payments and do such acts as Agent considers necessary or reasonable to protect Agent’s security interest in the Collateral, on behalf of and for the ratable benefit of the Lenders. Borrower agrees to assemble the Collateral if Agent requires
and to make the Collateral available to Agent as Agent may designate. Borrower authorizes Agent and its designees and agents to enter the premises where the Collateral is located, to take and maintain possession of the Collateral, or any part of it,
and to pay, purchase, contest, or compromise any Lien which in Agent’s determination appears or is claimed to be prior or superior to its security interest and to pay all expenses incurred in connection therewith. With respect to any of
Borrower’s owned premises, Borrower hereby grants Agent a license to enter into possession of such premises and to occupy the same, without charge, for up to one hundred twenty (120) days in order to exercise any of Agent’s rights or
remedies provided herein, at law, in equity, or otherwise; 
 (c) Preparation of Collateral for Sale.
Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided for herein) the Collateral. Agent and its agents and any purchasers at or after foreclosure are hereby granted a
non-exclusive, irrevocable, perpetual, fully paid, royalty-free license or other right, solely pursuant to the provisions of this Section 9.1, to use, without charge, Borrower’s Intellectual Property, including without limitation,
labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any Property of a similar nature, now or at any time hereafter owned or acquired by Borrower or in which
Borrower now or at any time hereafter has any rights; provided that such license shall only be exercisable in connection with the disposition of Collateral upon Agent’s exercise of its remedies hereunder; 

(d) Sale of Collateral. Sell the Collateral at either a public or private sale, or both, by way of one or more
contracts or transactions, for cash or on terms, in such manner and at such places (including Borrower’s premises) as Agent determines are commercially reasonable; and 

(e) Purchase of Collateral. Credit bid and purchase all or any portion of the Collateral at any public sale.

 Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by
Borrower. 
 9.2 Set Off Right. Agent and the Lenders may set off and apply to the Obligations any and all
indebtedness at any time owing to or for the credit or the account of Borrower or any other assets of Borrower in Agent’s or any Lender’s possession or control. 

  
 - 30 -

 9.3 Effect of Sale. Upon the occurrence of an Event of Default, to
the extent permitted by law, Borrower covenants that it will not at any time insist upon or plead, or in any manner whatsoever claim or take any benefit or advantage of, any stay or extension law now or at any time hereafter in force, nor claim,
take nor insist upon any benefit or advantage of or from any law now or hereafter in force providing for the valuation or appraisement of the Collateral or any part thereof prior to any sale or sales thereof to be made pursuant to any provision
herein contained, or to the decree, judgment or order of any court of competent jurisdiction; nor, after such sale or sales, claim or exercise any right under any statute now or hereafter made or enacted by any state or otherwise to redeem the
property so sold or any part thereof, and, to the full extent legally permitted, except as to rights expressly provided herein, hereby expressly waives for itself and on behalf of each and every Person, except decree or judgment creditors of
Borrower, acquiring any interest in or title to the Collateral or any part thereof subsequent to the date of this Agreement, all benefit and advantage of any such law or laws, and covenants that it will not invoke or utilize any such law or laws or
otherwise hinder, delay or impede the execution of any power herein granted and delegated to Agent, but will suffer and permit the execution of every such power as though no such power, law or laws had been made or enacted. Any sale, whether under
any power of sale hereby given or by virtue of judicial proceedings, shall operate to divest all right, title, interest, claim and demand whatsoever, either at law or in equity, of Borrower in and to the Property sold, and shall be a perpetual bar,
both at law and in equity, against Borrower, its successors and assigns, and against any and all Persons claiming the Property sold or any part thereof under, by or through Borrower, its successors or assigns. 

9.4 Power of Attorney in Respect of the Collateral. Borrower does hereby irrevocably appoint Agent (which
appointment is coupled with an interest), the true and lawful attorney in fact of Borrower with full power of substitution, for it and in its name to file any notices of security interests, financing statements and continuations and amendments
thereof pursuant to the Code or federal law, as may be necessary to perfect, or to continue the perfection of Agent’s security interests in the Collateral. Borrower does hereby irrevocably appoint Agent (which appointment is coupled with an
interest) on the occurrence of an Event of Default, the true and lawful attorney in fact of Borrower with full power of substitution, for it and in its name: (a) to ask, demand, collect, receive, receipt for, sue for, compound and give
acquittance for any and all rents, issues, profits, avails, distributions, income, payment draws and other sums in which a security interest is granted under Section 4 with full power to settle, adjust or compromise any claim thereunder
as fully as if Agent were Borrower itself; (b) to receive payment of and to endorse the name of Borrower to any items of Collateral (including checks, drafts and other orders for the payment of money) that come into Agent’s possession or
under Agent’s control; (c) to make all demands, consents and waivers, or take any other action with respect to, the Collateral; (d) in Agent’s discretion to file any claim or take any other action or proceedings, either in its
own name or in the name of Borrower or otherwise, which Agent may reasonably deem necessary or appropriate to protect and preserve the right, title and interest of Agent in and to the Collateral; (e) endorse Borrower’s name on any checks
or other forms of payment or security; (f) sign Borrower’s name on any invoice or bill of lading for any account or drafts against account debtors; (g) make, settle, and adjust all claims under Borrower’s insurance policies;
(h) settle and adjust disputes and claims about the accounts directly with account debtors, for amounts and on terms Agent determines reasonable; (i) transfer the Collateral into the name of Agent or a third party as the Code permits; and
(j) to otherwise act with respect thereto as though Agent were the outright owner of the Collateral. 
 9.5
Lenders’ Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to third persons or entities, as required under the terms of this Agreement, then Agent, with the written consent or at the written
direction of the Required Lenders, may do any or all of the following: (a) make payment of the same or any part thereof; or (b) obtain and maintain insurance policies of the type discussed in Section 6.8 of this Agreement, and
take any action with respect to such policies as Agent deems prudent. Any amounts paid or deposited by Agent shall constitute Lenders’ 

  
 - 31 -

 
Expenses (and payable and reimbursable to Agent), shall be immediately due and payable, shall bear interest at the Default Rate and shall be secured by the Collateral. Any payments made by Agent
or any Lender shall not constitute an agreement by Agent or such Lender to make similar payments in the future or a waiver by Agent or such Lender of any Event of Default under this Agreement. Borrower shall pay all reasonable fees and expenses,
including without limitation, Lenders’ Expenses, incurred by Agent or any Lender in the enforcement or attempt to enforce any of the Obligations hereunder not performed when due. 

9.6 Remedies Cumulative. Each of Agent’s and each Lender’s rights and remedies under this Agreement, the
Loan Documents, and all other agreements shall be cumulative. Agent and each Lender shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Agent or any Lender of one right
or remedy shall be deemed an election, and no waiver by Agent or such Lender of any Event of Default on Borrower’s part shall be deemed a continuing waiver. No delay by Agent or any Lender shall constitute a waiver, election, or acquiescence by
it. 
 9.7 Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part
thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Agent or any Lender, at the time of or received by Agent or any Lender after the occurrence of an Event of Default hereunder) shall be
paid to and applied as follows: 
 (a) First, to the payment of out-of-pocket costs and expenses,
including all amounts expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable
legal expenses and attorneys’ fees, incurred or made hereunder by Agent and the Lenders, including, without limitation, Lenders’ Expenses; 
 (b) Second, to the payment to each Lender, on a ratable basis, of the amount then owing or unpaid on the Loans for any accrued and unpaid interest, the amounts which would have otherwise come due
under Section 2.3(b)(ii), if the Loans had been voluntarily prepaid, the principal balance of the Loans, and all other Obligations with respect to the Loans held by such Lender (provided, however, if such proceeds shall be
insufficient to pay in full the whole amount so due, owing or unpaid upon the Loans, then to the unpaid interest thereon, then to the amounts which would have otherwise come due under Section 2.3(b)(ii), if the Loans had been voluntarily
prepaid, then to the principal balance of the Loans, and then to the payment of other amounts then payable to Lender under any of the Loan Documents); and 
 (c) Third, to the payment of the surplus, if any, to Borrower, its successors and assigns, or to the Person lawfully entitled to receive the same. 

9.8 Reinstatement of Rights. If Agent and any Lender shall have proceeded to enforce any right under this Agreement
or any other Loan Document by foreclosure, sale, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely, then and in every such case (unless otherwise ordered by a
court of competent jurisdiction), Agent and any such Lender shall be restored to its former position and rights hereunder with respect to the Property subject to the security interest created under this Agreement. 

10. Waivers; Indemnification. 
 10.1 Demand; Protest. Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity,

  
 - 32 -

 
release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees at any time held by the Lenders on which Borrower may in any way be
liable. 
 10.2 Lender’s Liability for Collateral. So long as Agent or any Lender complies with its
obligations, if any, under the Code, neither Agent nor any Lender shall in any way or manner be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage thereto occurring or arising in any manner or fashion
from any cause other than Lender’s gross negligence or willful misconduct; (c) any diminution in the value thereof; or (d) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person whomsoever. All
risk of loss, damage or destruction of the Collateral shall be borne by Borrower. 
 10.3 Indemnification and
Waiver. Whether or not the transactions contemplated hereby shall be consummated: 
 (a) General
Indemnity. Borrower agrees upon demand to pay or reimburse each Lender for all liabilities, obligations and out-of-pocket expenses, including all Lenders’ Expenses and reasonable fees and expenses of counsel for Lender from time to time
arising in connection with the enforcement or collection of sums due under the Loan Documents, and in connection with any amendment or modification of the Loan Documents or any “work-out” in connection with the Loan Documents. Borrower
shall indemnify, reimburse and hold each Lender, and each of its respective successors, assigns, agents, attorneys, officers, directors, equity holders, servants, agents and employees (each an “Indemnified Person”) harmless from and
against all liabilities, losses, damages, actions, suits, demands, claims of any kind and nature (including claims relating to environmental discharge, cleanup or compliance), all costs and expenses whatsoever to the extent they may be incurred or
suffered by such Indemnified Person in connection therewith (including reasonable attorneys’ fees and expenses), fines, penalties (and other charges of any applicable Governmental Authority), licensing fees relating to any item of Collateral,
damage to or loss of use of property (including consequential or special damages to third parties or damages to Borrower’s property), or bodily injury to or death of any person (including any agent or employee of Borrower) (each, a
“Claim”), directly or indirectly relating to or arising out of the use of the proceeds of the Loans or otherwise, the falsity of any representation or warranty of Borrower or Borrower’s failure to comply with the terms of this
Agreement or any other Loan Document. The foregoing indemnity shall cover, without limitation, (i) any Claim in connection with a design or other defect (latent or patent) in any item of equipment or product included in the Collateral,
(ii) any Claim for infringement of any patent, copyright, trademark or other intellectual property right, (iii) any Claim resulting from the presence on or under or the escape, seepage, leakage, spillage, discharge, emission or release of
any Hazardous Materials on the premises owned, occupied or leased by Borrower, including any Claims asserted or arising under any Environmental Law, (iv) any Claim for negligence or strict or absolute liability in tort, or (v) any Claim
asserted as to or arising under any Account Control Agreement or any Landlord Agreement; provided, however, Borrower shall not indemnify any Lender for any liability incurred by such Lender as a direct and sole result of such
Lender’s gross negligence or willful misconduct. Such indemnities shall continue in full force and effect, notwithstanding the expiration or termination of this Agreement. Upon any Lender’s written demand, Borrower shall assume and
diligently conduct, at its sole cost and expense, the entire defense of such Lender, each of its members, partners, and each of their respective, agents, employees, directors, officers, equity holders, successors and assigns against any indemnified
Claim described in this Section 10.3(a). Borrower shall not settle or compromise any Claim against or involving any Lender without first obtaining such Lender’s written consent thereto, which consent shall not be unreasonably
withheld. 
 (b) Waiver. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT OR ANYWHERE
ELSE, BORROWER AGREES THAT IT 

  
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SHALL NOT SEEK FROM LENDER UNDER ANY THEORY OF LIABILITY (INCLUDING ANY THEORY IN TORTS), ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES. 

(c) Survival; Defense. The obligations in this Section 10.3 shall survive payment of all other
Obligations pursuant to Section 12.8. At the election of any Indemnified Person, Borrower shall defend such Indemnified Person using legal counsel satisfactory to such Indemnified Person in such Person’s reasonable discretion, at
the sole cost and expense of Borrower. All amounts owing under this Section 10.3 shall be paid within thirty (30) days after written demand. 
 11. Notices. Unless otherwise provided in this Agreement, all notices or demands by any party relating to this Agreement or any other agreement entered into in connection herewith shall be in
writing and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid or electronic mail) shall be personally delivered or sent by certified mail, postage prepaid, return receipt
requested, by prepaid nationally recognized overnight courier, or by electronic mail or prepaid facsimile to Borrower or to Agent, as the case may be, at their respective addresses set forth below, and with respect to any other Lender, at their
respective addresses set forth on Schedule I-A hereto: 
  

			
	 If to Borrower:
	  	 Enphase Energy, Inc.
 201
1st Street, Suite 300

Petaluma, CA 94952
 Attention: Chief Financial
Officer, Sanjeev Kumar
 Fax: (707) 763-0784
 Ph: (707) 763-4784
 Email: skumar@enphaseenergy.com

		
	 If to Agent:
	  	 KPCB Holdings, Inc., as nominee
 2750 Sand Hill Road
 Menlo Park, CA 94025
 Attention: Ben Kortlang
 Email: bkortlang@kpcb.com

		
	With a copy to (which shall not constitute the giving of notice):	  	 Fenwick & West LLP
 801
California Street
 Mountain View, CA 94041
 Attention: Sayre E. Stevick

		
	 If to any other Lender:
	  	Per the address facsimile number and electronic mail address set forth in Schedule I-A to this Agreement.

 The parties hereto may change the address at which they are to receive notices hereunder, by notice in
writing in the foregoing manner given to the other. All such notices or demands shall be deemed to have been duly made or given: on the same day and at such time if personally delivered; three (3) Business Days after delivery by certified mail,
postage prepaid, return receipt requested; one (1) Business Day after delivery by prepaid nationally recognized overnight courier; and on the same day and at such time if effected through electronic mail or prepaid facsimile (confirmed to have
been received in the case of facsimile transmissions) on or prior to 5:00 p.m. Pacific or if thereafter the next Business Day. 

  
 - 34 -

 12. Conversion; Agent and Agency; General Provisions. 

12.1 Agent and Agency. Each of the Lenders hereunder acknowledges and agrees with and consents to the terms and
provisions set forth in Schedule III to this Agreement with regard to KPCB’s role as Agent under this Agreement. 
 12.2 Successors and Assigns. This Agreement and the Loan Documents shall bind and inure to the benefit of the respective successors and permitted assigns of each of the parties; provided,
however, neither this Agreement nor any rights hereunder may be assigned by Borrower without the prior written consent of the Required Lenders, which consent may be granted or withheld in the sole discretion of the Required Lenders. Each
Lender shall have the right without the consent of or notice to Borrower to sell, transfer, assign, negotiate, or grant participations (an “Assignment”) in all or any part of, or any interest in such Lender’s rights and benefits
hereunder provided that such Lender shall cause to be executed and delivered by any such assignee an acknowledgement and consent that such assignee agrees to be bound by all the terms and provisions of this Agreement and the Loan
Documents; provided further that, unless the prior written consent of Borrower shall have been obtained by such Lender, such Lender shall not sell, transfer, assign, negotiate or grant any participations in Advances held or in favor of
such Lender to any competitor of Borrower set forth on Schedule 12.2 of the Disclosure Schedule and such Lender must sell, transfer and assign not less than the lesser of $1,000,000 in Advances held by or in favor of such Lender or 100% of
all Advances held by or in favor of such Lender. Each Lender may disclose the Loan Documents and any other financial or other information relating to Borrower or any Subsidiary to any potential participant or assignee of any of the Loans,
provided that such participant or assignee agrees to protect the confidentiality of such documents and information using the same measures that it uses to protect its own confidential information. 

12.3 Time of Essence. Time is of the essence for the performance of all obligations set forth in this Agreement.

 12.4 Severability of Provisions. Each provision of this Agreement shall be severable from every other
provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. 

12.5 Entire Agreement; Construction; Amendments and Waivers. 

(a) Entire Agreement. This Agreement and each of the other Loan Documents dated as of the date hereof, taken
together, constitute and contain the entire agreement among Borrower, Agent and the Lenders and supersede any and all prior agreements, negotiations, correspondence, understandings and communications between the parties, whether written or oral,
respecting the subject matter hereof. Borrower acknowledges that it is not relying on any representation or agreement made by any Lender or any employee, attorney or agent thereof, other than the specific agreements set forth in this Agreement and
the Loan Documents. 
 (b) Construction. This Agreement is the result of negotiations between and has been
reviewed by each of Borrower, Agent and each Lender as of the date hereof and their respective counsel; accordingly, this Agreement shall be deemed to be the product of the parties hereto, and no ambiguity shall be construed in favor of or against
Borrower, Agent or any Lender. Each of Borrower, Agent and each Lender agree that they intend the literal words of this Agreement and the other Loan Documents and that no parol evidence shall be necessary or appropriate to establish Borrower’s,
Agent’s or such Lender’s actual intentions. 

  
 - 35 -

 (c) Amendments and Waivers. Any and all discharges or waivers of, or
consents to any departures from any provision of this Agreement or of any of the other Loan Documents shall not be effective without the written consent of the Required Lenders. Any and all amendments and modifications of this Agreement or of any of
the other Loan Documents shall not be effective without the written consent of Borrower and the Required Lenders. Any waiver or consent with respect to any provision of the Loan Documents shall be effective only in the specific instance and for the
specific purpose for which it was given. No notice to or demand on Borrower in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances. Any amendment, modification, waiver or consent affected in
accordance with this Section 12.5(c) shall be binding upon the Lenders and on Borrower; provided, however, that (1) any amendment, modification, waiver or consent that treats or affects a Lender in a materially unequal fashion as
compared to all other Lenders shall require the consent of the Lender receiving such unequal treatment; and (2) any amendment, modification, waiver or consent that (i) increases the Commitment Amount or the Pro Rata Share of any Lender,
(ii) decreases the principal amount of the Note held by any Lender (other than pursuant to Section 2.1(b)) or the number of shares issuable to any Lender upon the exercise of any Warrant held by such Lender, or (iii) increases the
Conversion Price applicable to the conversion of any Note held by a Lender (other than any adjustment pursuant to Section 4 of Schedule II to this Agreement), shall require the consent of the affected Lender. 

12.6 Reliance by Lender. All covenants, agreements, representations and warranties made herein by Borrower shall be
deemed to be material to and to have been relied upon by each Lender, notwithstanding any investigation by such Lender. 
 12.7 No Set-Offs by Borrower. All sums payable by Borrower pursuant to this Agreement or any of the other Loan Documents shall be payable without notice or demand and shall be payable in United
States Dollars without set-off or reduction of any manner whatsoever. 
 12.8 Counterparts. This Agreement
may be executed in any number of counterparts and by different parties on separate counterparts (including signatures delivered by facsimile or other electronic means), each of which, when executed and delivered, shall be deemed to be an original,
and all of which, when taken together, shall constitute but one and the same Agreement. 
 12.9 Survival.
All covenants, representations and warranties made in this Agreement shall continue in full force and effect so long as any Obligations or commitment to fund remain outstanding. The obligations of Borrower to indemnify the Lenders with respect to
the expenses, damages, losses, costs and liabilities described in Section 10.3 shall survive until all applicable statute of limitations periods with respect to actions that may be brought against the Lenders have run. 

13. Relationship of Parties. Borrower and each Lender acknowledge, understand and agree that the relationship between Borrower, on
the one hand, and such Lender, on the other, is, and at all time shall remain solely that of a borrower and lender. Such Lender shall not under any circumstances be construed to be a partner or a joint venturer of Borrower or any of its Affiliates;
nor shall such Lender under any circumstances be deemed to be in a relationship of confidence or trust or a fiduciary relationship with Borrower or any of its Affiliates, or to owe any fiduciary duty to Borrower or any of its Affiliates. Such Lender
does not undertake or assume any responsibility or duty to Borrower or any of its Affiliates to select, review, inspect, supervise, pass judgment upon or otherwise inform Borrower or any of its Affiliates of any matter in connection with its or
their Property, any Collateral held by such Lender or the operations of Borrower or any of its Affiliates. Borrower and each of its Affiliates shall rely entirely on their own judgment with respect to such matters, and any review, inspection,
supervision, exercise of judgment or supply of information undertaken or assumed by such Lender in connection with 

  
 - 36 -

 
such matters is solely for the protection of such Lender and neither Borrower nor any Affiliate is entitled to rely thereon. 

14. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE INTERNAL LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. EACH OF BORROWER AND LENDER HEREBY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE NORTHERN DISTRICT OF
CALIFORNIA. BORROWER AND LENDER HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS,
TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. 
 15. Waiver of Conflicts. Each party
to this Agreement acknowledges that Cooley LLP (“Cooley”), outside general counsel to the Borrower, has in the past performed and is or may now or in the future represent one or more Lenders or their affiliates in matters unrelated to the
transactions contemplated by this Agreement (the “Subordinated Loan Facility”), including representation of such Purchasers or their affiliates in matters of a similar nature to the Subordinated Loan Facility. The applicable rules
of professional conduct require that Cooley inform the parties hereunder of this representation and obtain their consent. Cooley has served as outside general counsel to the Borrower and has negotiated the terms of the Loans solely on behalf of the
Borrower. The Borrower and each Lender hereby (a) acknowledge that they have had an opportunity to ask for and have obtained information relevant to such representation, including disclosure of the reasonably foreseeable adverse consequences of
such representation; (b) acknowledge that with respect to the Subordinated Loan Facility, Cooley has represented solely the Borrower, and not any Lender or any stockholder, director or employee of the Borrower or any Lender; and (c) gives
its informed consent to Cooley’s representation of the Borrower in the Subordinated Loan Facility. 
 16.
Confidentiality. Each Lender agrees not to disclose the Company’s bank account information contained in Section 7.13 or in any funding certificate or other documents provided to such Lender in connection with this Agreement and
shall use such information only for purposes of making Advances pursuant to the terms of this Agreement. 
 [Remainder of page
intentionally left blank.] 

  
 - 37 -

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date first above written. 
   
  
			
	BORROWER:
	
	ENPHASE ENERGY, INC.
		
	By:	 	/s/ Sanjeev Kumar
		
	Name:	 	 
		
	Title:	 	 

   
  
			
	AGENT AND LENDER:
	
	KPCB HOLDINGS, INC., AS NOMINEE
		
	By:	 	/s/ John Denniston
		
	Name:	 	John Denniston
		
	Title:	 	Senior Vice President

   
  
  

  

SIGNATURE PAGE TO THE AMENDED AND RESTATED SUBORDINATED CONVERTIBLE LOAN FACILITY 

AND SECURITY AGREEMENT OF ENPHASE ENERGY, INC. 

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

			
	 LENDERS:
  

BAY PARTNERS XI, L.P.

		
	By: 	 	Bay Management Company XI, LLC, General Partner
		
	By:	 	/s/ Neal Dempsey
		 	Neal Dempsey, Manager
	
	BAY PARTNERS XI PARALLEL FUND, L.P.
		
	By: 	 	Bay Management Company XI, LLC, General Partner
		
	By:	 	/s/ Neal Dempsey
		 	Neal Dempsey, Manager

   

	Address:	490 South California Avenue, Suite 200 

 Palo Alto, CA 94306 
   
  

 

  

SIGNATURE PAGE TO THE AMENDED AND RESTATED SUBORDINATED CONVERTIBLE LOAN FACILITY 

AND SECURITY AGREEMENT OF ENPHASE ENERGY, INC. 

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

			
	 LENDERS:
  

MADRONE PARTNERS, L.P.

		
	By: 	 	Madrone Capital Partners, LLC, its general partner
		
	By:	 	/s/ Jameson McJunkin
		
	Name:	 	Jameson McJunkin
	Title:	 	Managing Member

   

	Address:	3000 Sand Hill Road 

 Building 1,
Suite 150 
 Menlo Park, CA 94025 
   

 
  

  

SIGNATURE PAGE TO THE AMENDED AND RESTATED SUBORDINATED CONVERTIBLE LOAN FACILITY 

AND SECURITY AGREEMENT OF ENPHASE ENERGY, INC. 

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

			
	 LENDERS:
  

THIRD POINT PARTNERS QUALIFIED L.P.

THIRD POINT PARTNERS L.P.
 THIRD POINT
OFFSHORE MASTER FUND L.P.
 THIRD POINT ULTRA MASTER FUND L.P.

		
	By: 	 	Third Point LLC
		
	By:	 	/s/ James P. Gallagher
		
	Name:	 	James P. Gallagher
	Title:	 	CAO

   

	Address:	c/o Third Point LLC 

 390 Park Ave., 18th Floor 
 New York, NY 10022 

Attn: James P. Gallagher 
   

 
  

  

SIGNATURE PAGE TO THE AMENDED AND RESTATED SUBORDINATED CONVERTIBLE LOAN FACILITY 

AND SECURITY AGREEMENT OF ENPHASE ENERGY, INC. 

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

			
	 LENDERS:
  

APPLIED VENTURES LLC

		
	By:	 	/s/ J. Christopher Moran
		
	Name:	 	J. Christopher Moran
	Title:	 	Vice President, General Manager

   

	Address:	c/o Applied Materials, Inc. 

3050 Bowers Avenue 
 Santa Clara, CA 95054-3299 
   
  

 

  

SIGNATURE PAGE TO THE AMENDED AND RESTATED SUBORDINATED CONVERTIBLE LOAN FACILITY 

AND SECURITY AGREEMENT OF ENPHASE ENERGY, INC. 

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

			
	 LENDERS:
  

PCG CLEAN ENERGY & TECHNOLOGY FUND (EAST) LLC

		
	By:	 	/s/ Mark A. Nydam
		
	Name:	 	Mark A. Nydam
	Title:	 	Managing Director

   

	Address:	1200 Prospect Street, Suite 200 

La Jolla, CA 92037 
   

 
  

  

SIGNATURE PAGE TO THE AMENDED AND RESTATED SUBORDINATED CONVERTIBLE LOAN FACILITY 

AND SECURITY AGREEMENT OF ENPHASE ENERGY, INC. 

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

			
	 LENDERS:
  

CALPERS CLEAN ENERGY & TECHNOLOGY FUND, LLC

	BY:	 	CD CALPERS CLEAN ENERGY AND TECHNOLOGY MANAGEMENT LLC, its Manager
		
	BY: 	 	Capital Dynamics, Inc., its Sole Member
		
	By:	 	/s/ Andrew Beaton
		
	Name:	 	Andrew Beaton
	Title:	 	Managing Director
		
	By:	 	/s/ Spencer Punter
		
	Name:	 	Spencer Punter
	Title:	 	Director

   
  

 

  

SIGNATURE PAGE TO THE AMENDED AND RESTATED SUBORDINATED CONVERTIBLE LOAN FACILITY 

AND SECURITY AGREEMENT OF ENPHASE ENERGY, INC. 

 LIST OF EXHIBITS AND SCHEDULES 

 

			
	 Schedule I-A
	  	Lenders, Commitment Amounts, Pro Rata Share, Warrants and Common Stock for Initial Advance 
		
	 Schedule I-B
	  	Lenders, Amount of Second Advance, Warrants and Common Stock for Second Advance 
		
	 Schedule I-C
	  	Institutional Lenders 
		
	 Schedule II
	  	Terms for Conversion of Outstanding Balance on Advances 
		
	 Schedule III
	  	Agent and Agency 
		
	 Exhibit A
	  	Disclosure Schedule (including Annex I thereto) 
		
	 Exhibit B
	  	Funding Certificate 
		
	 Exhibit C
	  	Form of Note 
		
	 Exhibit D
	  	Form of Legal Opinion 
		
	 Exhibit E
	  	Form of Officer’s Certificate 
		
	 Exhibit F
	  	Form of Warrant 

  

 SCHEDULE I-A 

Lenders, Lender Commitment Amounts, Pro Rata Share, Warrants & Common Stock for Initial Advance 

 

																													
	 Lender
	  	Commitment
Amount	 	  	Share of
Initial
Advance	 	  	Pro Rata
Share
(Initial
Advance)	 	 	Pro Rata
Share
(Subsequent
Advance)	 	 	Warrants for
Common Stock
issued in
connection with
Initial Advance
(No. of
Shares)	 	  	No. of Shares
of
Common
Stock
Purchased in
connection
with Initial
Advance	 	  	Purchase Price
of Shares of
Common Stock
Purchased in
connection with
Initial
Advance	 
	 KPCB Holdings, Inc.,

as nominee
 c/o Kleiner Perkins
 Caufield & Byers

2750 Sand Hill Road

Menlo Park, CA
 94025
	  	$	40,000,000.00	  	  	$	6,250,000.00	  	  	 	50.00	% 	 	 	50.00	% 	 	 	—  	  	  	 	1,293,103	  	  	$	749,999.74	  
	 Bay Partners XI, L.P.

490 South California

Avenue, Suite 200

Palo Alto, CA 94306
	  	$	4,273,405.39	  	  	$	566,674.05	  	  	 	4.53	% 	 	 	5.34	% 	 	 	—  	  	  	 	117,242	  	  	$	68,000.36	  
	 Bay Partners XI

Parallel Fund, L.P.

490 South California

Avenue, Suite 200

Palo Alto, CA 94306
	  	$	21,477.35	  	  	$	2,848.00	  	  	 	0.01	% 	 	 	0.03	% 	 	 	—  	  	  	 	590	  	  	$	342.20	  
	 Madrone Partners, L.P.

3000 Sand Hill Road

Building 1, Suite 150

Menlo Park, CA 94025
	  	$	10,115,617.53	  	  	$	1,536,450.67	  	  	 	12.29	% 	 	 	12.64	% 	 	 	—  	  	  	 	317,886	  	  	$	184,373.88	  
	 CalPERS Clean Energy and Technology Fund, LLC

c/o Capital Dynamics

2550 Sand Hill Road,

Suite #150
 Menlo Park, CA 94025
	  	$	3,310,425.53	  	  	$	438,978.30	  	  	 	3.51	% 	 	 	4.14	% 	 	 	90,823	  	  	 	—  	  	  	 	—  	  

  

																													
	 Third Point Partners Qualified LP

c/o Third Point LLC

390 Park Ave., 18th Flr
 New York, NY 10022
	  	$	1,890,838.81	  	  	$	287,197.55	  	  	 	2.28	% 	 	 	2.36	% 	 	 	59,420	  	  	 	—  	  	  	 	—  	  
	 Third Point Partners LP

c/o Third Point LLC

390 Park Ave., 18th Flr
 New York, NY 10022
	  	$	1,142,514.01	  	  	$	173,535.27	  	  	 	1.39	% 	 	 	1.43	% 	 	 	35,903	  	  	 	—  	  	  	 	—  	  
	 Third Point Offshore Master Fund, L.P.

c/o Third Point LLC

390 Park Ave., 18th Flr
 New York, NY 10022
	  	$	8,817,779.84	  	  	$	1,339,323.45	  	  	 	10.71	% 	 	 	11.02	% 	 	 	277,101	  	  	 	—  	  	  	 	—  	  
	 Third Point Ultra Master Fund, L.P.

c/o Third Point LLC

390 Park Ave., 18th Flr
 New York, NY 10022
	  	$	1,224,437.54	  	  	$	185,978.55	  	  	 	1.49	% 	 	 	1.53	% 	 	 	38,478	  	  	 	—  	  	  	 	—  	  
	 PCG Clean Energy & Technology Fund (East) LLC

1200 Prospect Street,

Suite 200
 La Jolla, CA 92037
	  	$	1,627,955.82	  	  	$	219,489.15	  	  	 	1.76	% 	 	 	2.03	% 	 	 	—  	  	  	 	45,411	  	  	$	26,338.38	  
	 Robert Schwartz

1277 Borregas Ave.

Sunnyvale, CA 94089
	  	$	50,000.00	  	  	$	12,500.00	  	  	 	0.10	% 	 	 	0.06	% 	 	 	2,586	  	  	 	—  	  	  	 	—  	  
	 G&W Ventures, LLC

1383 N. McDowell
 Blvd., Suite 200
 Petaluma, CA 94954

Attn: Matthew White
	  	$	50,375.00	  	  	$	12,593.75	  	  	 	0.10	% 	 	 	0.06	% 	 	 	—  	  	  	 	2,605	  	  	$	1,510.90	  

  

																													
	 G&W Ventures, LLC

1383 N. McDowell Blvd.,

Suite 200
 Petaluma, CA 94954
 Attn: Matthew White
	  	$	50,375.00	  	  	$	12,593.75	  	  	 	0.10	% 	 	 	0.06	% 	 	 	—  	  	  	 	2,605	  	  	$	1,510.90	  
	 Tom Birdsall and Rebecca Green

2767 Clay Street
 San Francisco, CA 94115
	  	$	94,600.00	  	  	$	23,650.00	  	  	 	0.19	% 	 	 	0.12	% 	 	 	—  	  	  	 	4,893	  	  	$	2,837.94	  
	 Restatement of James

H. Carstensen 1995

Revocable Trust dated,

March 13, 2000

11904 Harrington St.

Bakersfield, CA 93311
	  	$	50,000.00	  	  	$	12,500.00	  	  	 	0.10	% 	 	 	0.06	% 	 	 	—  	  	  	 	2,586	  	  	$	1,499.88	  
	 Redstone Investments LLC

Attn: David Scott

P.O Box 1334
 Kenwood, CA 95452
	  	$	49,550.00	  	  	$	12,387.50	  	  	 	0.10	% 	 	 	0.06	% 	 	 	—  	  	  	 	2,562	  	  	$	1,485.96	  
	 John F. Nichols

Revocable Trust, under Agreement dated June 12, 1998

6300 N. Sagewood H-102

Park City, UT 84098
	  	$	371,100.00	  	  	$	92,775.00	  	  	 	0.74	% 	 	 	0.46	% 	 	 	19,194	  	  	 	—  	  	  	 	—  	  
	 TGI Holdings, LLC

Attn: Michael B. Targoff

600 Third Avenue
 New York, NY 10016
	  	$	699,750.00	  	  	$	174,937.50	  	  	 	1.40	% 	 	 	0.87	% 	 	 	—  	  	  	 	36,193	  	  	$	20,991.94	  

  

																													
	 Donald and Maureen Green Living Trust

Donald Green, Trustee

950 Shiloh Vista
 Santa Rosa, CA 95403
	  	$	729,200.00	  	  	$	182,300.00	  	  	 	1.46	% 	 	 	0.91	% 	 				  	 	37,717	  	  	$	21,875.86	  
	 Ellen Schwab

34 Houston Street

San Francisco, CA 94133
	  	$	96,700.00	  	  	$	24,175.00	  	  	 	0.19	% 	 	 	0.12	% 	 	 	5,001	  	  	 	—  	  	  	 	—  	  
	 Timothy Lash

17 Stony Brook Road

Darien, CT 06820
	  	$	81,350.00	  	  	$	20,337.50	  	  	 	0.16	% 	 	 	0.10	% 	 	 	4,207	  	  	 	—  	  	  	 	—  	  
	 Applied Ventures, LLC

c/o Applied Materials, Inc.

3050 Bowers Avenue,

MS0105
 Santa Clara, CA 95054
	  	$	4,019,548.11	  	  	$	610,525.00	  	  	 	4.88	% 	 	 	5.02	% 	 	 	126,315	  	  	 	—  	  	  	 	—  	  
	 Daniel Loeb

390 Park Ave., 18th Floor

New York, NY 10022
	  	$	706,800.00	  	  	$	176,700.00	  	  	 	1.41	% 	 	 	0.88	% 	 	 	36,558	  	  	 	—  	  	  	 	—  	  
	 James A. Stern Trust

F/B/O Peter Stern

38 Taylor Lane
 Harrison, NY 10528
	  	$	263,100.00	  	  	$	65,775.00	  	  	 	0.53	% 	 	 	0.33	% 	 	 	—  	  	  	 	13,608	  	  	$	7,892.64	  
	 James A. Stern Trust

F/B/O David Stern

38 Taylor Lane
 Harrison, NY 10528
	  	$	263,100.00	  	  	$	65,775.00	  	  	 	0.53	% 	 	 	0.33	% 	 	 	—  	  	  	 	13,608	  	  	$	7,892.64	  

  

 SCHEDULE I-B 

Lenders Second Advance, Warrants & Common Stock for Second Advance 

 

																					
	 Lender
	  	Amount of
Second Advance	 	  	Warrants for
Common Stock
issued in
connection with
Second Advance
(No.
of Shares)	 	  	No. of Shares
of 
Common Stock
Purchased in
connection with
Second Advance	 	  	Purchase Price of
Shares of Common
Stock Purchased in
connection
with
Second Advance	 	  	Total Amount for
Second Advance
(Wire Amount)	 
	 KPCB Holdings, Inc., as nominee

c/o Kleiner Perkins Caufield & Byers

2750 Sand Hill Road

Menlo Park, CA 94025
	  	$	3,750,000.00	  	  	 	—  	  	  	 	905,172	  	  	$	524,999.76	  	  	$	4,274,999.76	  
	 Bay Partners XI, L.P.

490 South California Avenue,

Suite 200
 Palo Alto, CA 94306
	  	$	501,677.29	  	  	 	—  	  	  	 	121,094	  	  	$	70,234.52	  	  	$	571,911.81	  
	 Bay Partners XI Parallel Fund, L.P.

490 South California Avenue,

Suite 200
 Palo Alto, CA 94306
	  	$	2,521.33	  	  	 	—  	  	  	 	608	  	  	$	352.64	  	  	$	2,873.97	  
	 Madrone Partners, L.P.

3000 Sand Hill Road

Building 1, Suite 150

Menlo Park, CA 94025
	  	$	992,453.71	  	  	 	—  	  	  	 	239,557	  	  	$	138,943.06	  	  	$	1,131,396.77	  
	 CalPERS Clean Energy and Technology Fund, LLC

c/o Capital Dynamics 2550 Sand Hill Road, Suite #150

Menlo Park, CA 94025
	  	$	388,628.08	  	  	 	93,806	  	  	 	—  	  	  	 	—  	  	  	$	388,628.08	  

  

																					
	 Third Point Partners Qualified LP

c/o Third Point LLC

390 Park Ave., 18th Flr
 New York, NY 10022
	  	$	185,512.15	  	  	 	44,778	  	  	 	—  	  	  	 	—  	  	  	$	185,512.15	  
	 Third Point Partners LP

c/o Third Point LLC

390 Park Ave., 18th Flr
 New York, NY 10022
	  	$	112,093.23	  	  	 	27,056	  	  	 	—  	  	  	 	—  	  	  	$	112,093.23	  
	 Third Point Offshore Master Fund, L.P.

c/o Third Point LLC

390 Park Ave., 18th Flr
 New York, NY 10022
	  	$	865,121.51	  	  	 	208,822	  	  	 	—  	  	  	 	—  	  	  	$	865,121.51	  
	 Third Point Ultra Master Fund, L.P.

c/o Third Point LLC

390 Park Ave., 18th Flr
 New York, NY 10022
	  	$	120,130.83	  	  	 	28,997	  	  	 	—  	  	  	 	—  	  	  	$	120,130.83	  
	 PCG Clean Energy & Technology

Fund (East) LLC
 1200 Prospect Street, Suite 200
 La Jolla,
CA 92037
	  	$	187,499.80	  	  				  	 	45,258	  	  	$	26,249.64	  	  	$	213,749.44	  
	 Applied Ventures, LLC

c/o Applied Materials, Inc.

3050 Bowers Avenue, MS0105

Santa Clara, CA 95054
	  	$	394,362.02	  	  	 	95,190	  	  	 	—  	  	  	 	—  	  	  	$	394,362.02	  
	 TOTALS:
	  	$	7,499,999.95	  	  	 	498,649	  	  	 	1,311,689	  	  	$	760,779.62	  	  	$	8,260,779.57	  

  

 SCHEDULE I-C 

Institutional Lenders 

KPCB Holdings, Inc., as nominee 
 Bay Partners
XI, L.P. 
 Bay Partners XI Parallel Fund, L.P. 
 Madrone Partners, L.P. 
 CalPERS Clean Energy and Technology Fund, LLC 

Third Point Partners Qualified LP 
 Third Point
Partners LP 
 Third Point Offshore Master Fund, L.P. 
 PCG Clean Energy & Technology Fund LLC 
 PCG Clean Energy & Technology Fund
(East) LLC 
 Applied Ventures, LLC 

 SCHEDULE II 

Terms for Conversion of Outstanding Balance on Advances 
 1. DEFINITION. The following definitions shall apply for all purposes of this Schedule II to the Agreement: 
 “Actual Conversion Amount” means the amount of the outstanding balance of a Loan (including for clarity the aggregate outstanding principal and all accrued interest and PIK Interest
in respect of such Loan) converted into Conversion Stock pursuant to Section 2 of this Schedule II. 

“Actual Conversion Date” means the date on which any of the outstanding balance of a Loan is converted pursuant to
Section 2 of this Schedule II. 
 “Conversion Price” means the lower of (a) $0.98 or
(b) the lowest per share selling price of any shares of capital stock sold by Borrower following the Effective Date, other than shares of capital stock sold in a transaction that would be exempt from the anti-dilution rights of the holders of
Borrower’s preferred stock pursuant to clauses (i) through (viii) of Article V, Section 5.8 of Borrower’s certificate of incorporation, as in effect on the Effective Date. The Conversion Price is subject to adjustment as
provided herein. 
 “Conversion Stock” means Borrower’s Common Stock. The number and character of shares
of Conversion Stock are subject to adjustment as provided in Section 4 of this Schedule II and the term “Conversion Stock” shall include the stock and other securities and property that are, on the Actual Conversion
Date, receivable or issuable upon such conversion of a Note in accordance with Section 4 of this Schedule II. 
 “Dividend Event” has the meaning set forth in Section 4.2 of this Schedule II. 
 “Lost Note Documentation” means documentation reasonably satisfactory to Borrower with regard to a lost or stolen Note, including, if required by Borrower, an affidavit of lost note and
an indemnification agreement by the respective Lender in favor of Borrower with respect to such lost or stolen Note. 

“Maximum Conversion Amount” means: 
 (a) with respect to any Loan comprising part of the Initial Advance or Second Advance, the amount of the entire outstanding balance of such Loan (including for clarity the aggregate outstanding principal
and all accrued interest and PIK Interest in respect of such Loan), and 
 (b) with respect to any Loan comprising part of a
Subsequent Advance, an amount equal to fifty percent (50%) of the initial outstanding principal amount of such Loan plus all accrued interest and PIK Interest in respect of such portion of the principal amount (the outstanding balance of the
Initial Advance, the Second Advance and convertible portion of the Subsequent Advances being sometimes referred to herein as the “Convertible Portion of the Loans” and the non-convertible portion of the Subsequent Advances being
referred to herein as the “Non-Convertible Portion of the Loans”)); provided that if the Maturity Date occurs by reason of an IPO and either (i) Borrower is prohibited from paying, (ii) the Lenders are otherwise
prohibited from receiving or accepting payment for, or (iii) Borrower otherwise fails to pay when due the outstanding balance on any Subsequent Advance due in connection with the consummation of the IPO, including without limitation by reason
of a default or event of default under the Senior Secured Loan and Security Agreement and/or the Senior Subordinated Secured Loan and Security 

  
 1 

 
Agreement or the application of the terms of the Subordination Agreement, then the “Maximum Conversion Amount” with respect to the foregoing clause (b) shall be deemed to be one
hundred percent (100%) of the amount of the outstanding balance of such Loans. 
 “Reorganization Event”
has the meaning set forth in Section 4.3 of this Schedule II. 
 “Stock Event” has the
meaning set forth in Section 4.4 of this Schedule II. 
 2. CONVERSION. 

2.1 Optional Conversion Prior to Repayment. Upon the election of a Lender with respect to any Loan made by it,
which election shall be exercised by written notice from such Lender given to Borrower prior to Borrower’s repayment in full of the outstanding balance of such Loan (which election, in the event the Maturity Date is anticipated to occur due to
the consummation of a Change in Control or IPO, may at Lender’s option be made contingent upon the completion of such Change in Control or IPO), the entire Maximum Conversion Amount of such Loan, or any portion thereof as specified in such
election of the Lender, shall be cancelled and converted into that number of shares of Conversion Stock obtained by dividing (i) the entire Maximum Conversion Amount of such Loan or portion thereof specified by the Lender, by (ii) the
Conversion Price. 
 2.2 Timing of Conversion; Tender of Note for Conversion. In connection with a
conversion pursuant to Section 2.1, a Lender shall deliver the original Note corresponding to such Loan (or Lost Note Documentation, if applicable) to Borrower. If a Lender elects to convert only a portion of the Loan represented by a
Note, then promptly after (and in any event within 7 days after) receipt of the original Note (or Lost Note Documentation, if applicable) Borrower shall re-issue such Lender a new Note reflecting the portion of such Loan that was not converted and
remains outstanding. If a Lender delivers written notice of an election to convert a Loan (or portion thereof) within the time period specified in Section 2.1, the conversion of such Loan (or portion thereof) into Conversion Stock shall
be deemed to occur upon the earlier of (i) the date of such Lender’s written notice (unless the Lender has elected to make conversion of the Loan contingent on the consummation of a Change in Control or IPO) and (ii) immediately prior
to the Maturity Date, without regard to whether Lender has then delivered to Borrower the Note(s) corresponding to the Loan so converted (or the Lost Note Documentation where applicable) or executed any other documents. 

2.3 Termination of Rights. Except for the right to obtain certificates representing the Conversion Stock under
Section 3 below, all rights with respect to a Loan (or portion thereof) converted pursuant this Section 2 shall terminate upon the effective conversion of such Loan (or portion thereof) as provided in Section 2.1
above. 
 3. CERTIFICATES; NO FRACTIONAL SHARES. Subject to Section 2.2 above, as soon as practicable
after conversion of a Loan pursuant to Section 2.1 above, Borrower at its expense will register such shares of Conversion Stock in Borrower’s stockholder register in the name of the applicable Lender and will cause to be issued in
the name of such Lender and to be delivered to such Lender, a certificate or certificates for the number of shares of Conversion Stock to which such Lender shall be entitled upon such conversion (bearing such legends as may be required by applicable
state and federal securities laws in the opinion of legal counsel of Borrower, by Borrower’s Certificate of Incorporation and Bylaws and by any agreement between Borrower and such Lender), together with any other securities and property to
which such Lender is entitled upon such conversion under the terms of such Loan; provided that in the event that the conversion is effected upon an IPO, Borrower may issue uncertificated shares. No fractional shares shall be issued upon conversion
of a Loan. If upon any conversion of a Loan, a fraction of a share would otherwise be issued, then in lieu of such fractional share, Borrower shall 

 
pay to the applicable Lender an amount in cash equal to such fraction of a share multiplied by the applicable Conversion Price. 

4. ADJUSTMENT PROVISIONS. So long as any of the aggregate balance of the Loans remains outstanding, the number and character of
shares of Conversion Stock issuable upon conversion of a Loan upon an Actual Conversion Date and, to the extent set forth in this Section 4, the Conversion Price therefor, are each subject to adjustment upon each occurrence of an
adjustment event described in Sections 4.1 through 4.4 below occurring between the Effective Date and such Actual Conversion Date: 
 4.1 Adjustment for Stock Splits and Stock Dividends. The Conversion Price and the number of shares of Conversion Stock shall each be proportionally adjusted to reflect any stock dividend, stock
split, reverse stock split or other similar event affecting the number of outstanding shares of Conversion Stock without the payment of consideration to Borrower therefor at any time before an Actual Conversion Date. 

4.2 Adjustment for Other Dividends and Distributions. If Borrower shall make or issue, or shall fix a record
date for the determination of eligible holders of its capital stock entitled to receive, a dividend or other distribution payable with respect to the Conversion Stock that is payable in securities of Borrower (other than issuances with respect to
which adjustment is made under Section 4.1 or 4.3 of this Schedule II), or in assets (other than cash dividends) (each, a “Dividend Event”), and such dividend or other distribution is actually made, then, and in
each such case, a Lender, upon conversion of an Actual Conversion Amount at any time after such Dividend Event, shall receive, in addition to the Conversion Stock issuable upon such conversion of its Note, the securities or other assets that would
have been issuable to such Lender had such Lender, immediately prior to such Dividend Event, converted such Actual Conversion Amount into Conversion Stock. 
 4.3 Adjustment for Consolidation or Merger. If Borrower shall consolidate with or merge into one or more other corporations or other entities (and for clarity the Loans shall not have already been
repaid and/or are not being repaid in connection with the consummation of such consolidation or merger), and pursuant to such consolidation or merger stock, other securities or other property is issued or paid to holders of Conversion Stock (each, a
“Reorganization Event”), then, and in each such case, a Lender, upon conversion of an Actual Conversion Amount after the consummation of such Reorganization Event, shall be entitled to receive (in lieu of the stock or other securities and
property that such Lender would have been entitled to receive under the terms of its Note upon such conversion but for such Reorganization Event), the stock or other securities or property that such Lender would have been entitled to receive upon
the consummation of such Reorganization Event if, immediately prior to such Reorganization Event, such Lender had converted such Actual Conversion Amount into Conversion Stock, all subject to further adjustment as provided herein, and the successor
corporation or other successor entity in such Reorganization Event shall duly execute and deliver to such Lender a supplement to such Note acknowledging such corporation’s or other entity’s obligations under such Note; and in each such
case, the terms of such Note shall be applicable to the shares of stock or other securities or property receivable upon the conversion of such Note after the consummation of such Reorganization Event. 

4.4 Conversion of Stock. In each case not otherwise covered in Section 4.3 above where (i) all the
outstanding Conversion Stock is converted, pursuant to the terms of Borrower’s Certificate of Incorporation, into other securities or property, or (ii) the Conversion Stock otherwise ceases to exist or to be authorized under
Borrower’s Certificate of Incorporation (each a “Stock Event”), then Lender, upon conversion of this Note at any time after such Stock Event, shall receive, in lieu of the number of shares of Conversion Stock that would have
been issuable upon conversion of this Note immediately prior to such Stock Event, the stock and other securities and property that Lender would 

 
have been entitled to receive upon the Stock Event, if immediately prior to such Stock Event, Lender had converted the Actual Conversion Amount into Conversion Stock. 

4.5 Notice of Adjustments. Borrower shall promptly give written notice of each adjustment of the Conversion Price
or the number or type of shares of Conversion Stock or other securities or property issuable upon conversion of a Note that is required under this Section 4. The notice shall describe the adjustment or readjustment and show in reasonable
detail the facts on which the adjustment or readjustment is based. 
 4.6 Reservation of Stock. If the number of shares
of Conversion Stock or other securities authorized and reserved for issuance upon conversion of the Notes shall not be sufficient to effect the conversion of the aggregate Maximum Conversion Amounts of the Notes, then Borrower shall take such
corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Conversion Stock or other securities issuable upon conversion of the Notes as shall be sufficient for such purpose. 

5. REPRESENTATIONS AND WARRANTIES AND COVENANTS OF THE LENDERS 
 5.1 Purchase for Own Account. Each Lender represents that it is acquiring the Notes, the Warrants, the Conversion Stock and the Common Stock, as the case may be (collectively, the
“Securities”), solely for its own account and beneficial interest for investment and not for sale or with a view to distribution of the Securities or any part thereof, has no present intention of selling (in connection with a
distribution or otherwise), granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention. Notwithstanding the foregoing, KPCB Holdings, Inc. is acquiring the
Securities as a nominee. 
 5.2 Information and Sophistication. Without lessening or obviating the representations and
warranties of the Borrower set forth in Section 5 of the Loan Agreement, each Lender hereby: (i) acknowledges that it has received all the information it has requested from the Borrower and it considers necessary or appropriate for
deciding whether to acquire the Securities, (ii) represents that it has had an opportunity to ask questions and receive answers from the Borrower regarding the terms and conditions of the offering of the Securities and to obtain any additional
information necessary to verify the accuracy of the information given the Lender and (iii) further represents that it has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risk of
this investment. 
 5.3 Ability to Bear Economic Risk. Each Lender acknowledges that investment in the Securities
involves a high degree of risk, and represents that it is able, without materially impairing its financial condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of its investment. 

5.4 Further Limitations on Disposition. Without in any way limiting the representations set forth above, each Lender further
agrees not to make any disposition of all or any portion of the Securities unless and until: 
 (a) There is then
in effect a Registration Statement under the Act covering such proposed disposition and such disposition is made in accordance with such Registration Statement; or 

(b) The Lender shall have notified the Borrower of the proposed disposition and shall have furnished the Borrower with a
detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Borrower, such Lender shall have furnished the 

 
Borrower with an opinion of counsel, reasonably satisfactory to the Borrower, that such disposition will not require registration under the Act or any applicable state securities laws, provided
that no such opinion shall be required for dispositions in compliance with Rule 144, except in unusual circumstances. 

Notwithstanding the provisions of paragraphs (a) and (b) above, no such registration statement or opinion of counsel shall be
required: (i) for any transfer of any Conversion Stock, Common Stock and shares of Common Stock issued or issuable upon exercise of any Warrant in compliance with SEC Rule 144 or Rule 144A, or (ii) for any transfer of any Conversion Stock,
Common Stocker shares of Common Stock issued or issuable upon exercise of any Warrant that is a partnership, limited liability company or corporation to (A) a partner (or retired partner) or member (or retired member) of such Lender in
accordance with partnership or limited liability company interests or stock or other equity interests of such entity or (B) an Affiliate of such Lender that is a limited liability company or corporation, or (iii) for any transfers by gift,
will or intestate succession to any spouse or lineal descendants or ancestors, if all transferees agree in writing to be subject to the terms hereof to the same extent as if they were Lenders hereunder. 

5.5 Accredited Investor Status. Each Lender is an “accredited investor” as such term is defined in Rule 501 under
the Act. 
 5.7 Lock-Up Agreement. Each Lender acknowledges that the Conversion Stock, Common Stock and any shares of
Common Stock issued upon exercise of the Warrant held by such Lender shall be bound by the lock-up provisions set forth in Section 1.13 of the Amended and Restated Investors’ Rights Agreement dated as of March 15, 2010 by and between
the Borrower and certain investors in the Borrower, to which Lender, or an Affiliate of the Lender, is a party. 
 [Remainder of
Page Intentionally Left Blank] 

 SCHEDULE III 

Terms relating to Agent and Agency 
 Each of the Lenders hereby irrevocably appoints the Agent as its agent and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the terms
of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. Without limiting the generality of the foregoing, the Agent is hereby expressly authorized to execute, and thereby to bind each Lender to,
(i) any and all documents (including releases) with respect to the Collateral and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Loan Documents and
(ii) the Subordination Agreement. 
 The person serving as the Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent, and such person and its affiliates may provide debt financing, equity capital or other services (including financial advisory services) to any of the
Lenders (or any person engaged in similar business as that engaged in by any of the Lenders) as if such person was not performing the duties specified herein, and may accept fees and other consideration from any of the Lenders for services in
connection with this Agreement and otherwise without having to account for the same to the Lenders. 
 Agent shall not have any
duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has
occurred and is continuing, (b) Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that such Agent is instructed in writing
to exercise by the Required Lenders, and (c) except as expressly set forth in the Loan Documents, Agent shall not have any duty to disclose, nor shall it be liable for the failure to disclose, any information relating to Borrower or any of the
Subsidiaries that is communicated to or obtained by the person serving as Agent and/or Collateral Agent or any of its Affiliates in any capacity. Agent shall not be liable for any action taken or not taken by it with the consent or at the request of
the Required Lenders or in the absence of its own gross negligence or willful misconduct. Agent shall not be deemed to have knowledge of any Default unless and until written notice thereof is given to such Agent by Borrower or a Lender, and Agent
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document
delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or
genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Section 3 of the Loan Agreement or elsewhere in any Loan Document, other than to confirm receipt
of items expressly required to be delivered to such Agent. 
 Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper person. Agent may also rely upon any statement made to
it orally or by telephone and believed by it to have been made by the proper person, and shall not incur any liability for relying thereon. Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other
experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by it. Agent and any such sub-agent may perform any and all its duties and

 
exercise its rights and powers by or through their respective Affiliates. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Affiliates of each
Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the Credit Facilities as well as activities as Agent. 
 Subject to the appointment and acceptance of a successor Agent as provided below, Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, if no Event of Default
has occurred and is continuing, with the consent of the Borrower which shall not be unreasonably conditioned, withheld or delayed, the Required Lenders shall have the right, to appoint a successor. If no successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent which shall be one of the other
Lenders under this Agreement, or an Affiliate of any such Lender. Upon the acceptance of its appointment as Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the
retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder. The Borrower shall pay the reasonable fees of a successor Agent. After an Agent’s resignation hereunder, the provisions of this Schedule
III shall continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Affiliates in respect of any actions taken or omitted to be taken by any of them while acting as Agent. 

Each Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Agent or any other Lender and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement or any other Loan Document, any related agreement or any document
furnished hereunder or thereunder. 
 Each Lender hereby further authorizes Agent, on behalf of and for the ratable benefit of
Lenders, to enter into each Loan Document as secured party and to be the agent for and representative of Lenders thereunder, and each Lender agrees to be bound by the terms of each Loan Document; provided that Agent shall not (i) enter into or
consent to any material amendment, modification, termination or waiver of any provision contained in any Loan Document or (ii) release any Collateral (except as otherwise expressly permitted or required pursuant to the terms of this Agreement
or the applicable Loan Document), in each case without the prior consent of Required Lenders; provided further, however, that, without further written consent or authorization from Lenders, Agent may execute any documents or instruments
necessary to (a) release any Lien encumbering any item of Collateral that is the subject of a sale or other disposition of assets permitted by this Agreement or to which Required Lenders have otherwise consented, or (b) subordinate the
Liens of Agent, on behalf of Lenders, to any Liens permitted by the definition of Permitted Liens (other than those Liens which are the subject of the Subordination Agreement). Anything contained in any of the Loan Documents to the contrary
notwithstanding, Borrower, Agent and each Lender hereby agree that (1) no Lender shall have any right individually to realize upon any of the Collateral under or otherwise enforce any Loan Document, it being understood and agreed that all
powers, rights and remedies under the Loan Documents may be exercised solely by Agent for the ratable benefit of Lenders in accordance with the terms thereof, and (2) in the event of a foreclosure by Agent on any of the Collateral pursuant to a
public or private sale, Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale and Agent, as agent for and representative of Lenders (but not any Lender or Lenders in its or their respective individual capacities
unless Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any

 
such public sale, to use and apply any of the Obligations as a credit on account of the purchase price for any Collateral payable by Agent at such sale. 

 EXHIBIT A 
 DISCLOSURE SCHEDULE 
 November 16, 2011 

Permitted Indebtedness: 

Indebtedness to Atel Ventures, Inc. in an aggregate principal amount outstanding on the date of the Agreement of approximately $46,000
pursuant to that certain Master Loan and Security Agreement No. ENPHX, dated as of December 15, 2008, and any and all Loan Schedules, exhibits, riders and supplements thereto, and which is secured by the equipment financed with the proceeds
thereof. 
 Indebtedness under the AEL Financial Lease Agreement, dated as of September 2008, in an aggregate principal amount
outstanding on the date of the Agreement of approximately $11,000, and which is secured by the equipment financed with the proceeds thereof. 
 Indebtedness under three leases with Wells Fargo, dated between April 2008 and February 2010, totaling less than $5000 on the date of the Agreement. 

Indebtedness under the Loan and Security Agreement with Hercules Technology Growth Capital, Inc. dated as of June 13, 2011.

 Permitted Liens: 
 Liens in favor of ATEL Ventures, Inc. securing Atel Debt. 
 Liens in favor of AEL
Financial, LLC, subsequently assigned to National City 
 Commercial Capital Corporation. 

Liens in favor of Hercules Technology Growth Capital. 
 Disclosure to Section 4.4: Other than the Borrower’s headquarters listed in Section 1 and at the following contract manufacturers, Flextronics and Phoenix Contact GmbH & Co.
KG, the Collateral is located at the following addresses: 
 201 1st Street, Petaluma, California 

1450 N. McDowell, Petaluma, California 
 1758 Corporate Circle, Petaluma, California 
 5401 Old Redwood Hwy, Petaluma,
California 

 Airport Center, Building #3, 3201 Elder Street, Suite 104, Boise, ID 83705 

9 Baigent Way, Middleton, Christchurch, New Zealand 8024 
 Room 32D, No. 18, North Caoxi Road, Xujiahui District, Shanghai, China 
 The
Company is also currently negotiating a lease for office and engineering space located at 2388 Walsh Avenue, Santa Clara, California and expects that certain Collateral will be located there upon occupancy. 

Disclosure to Section 5.6: In July 2007 Borrowing changed its corporate name form PVI Solutions, Inc. to Enphase Energy, Inc. 

Disclosure to Section 5.12: The Borrower intends to set up a wholly-owned subsidiary in Canada prior to December 31, 2011. 

Disclosure to Section 6.11: The Borrower intends to set up a wholly-owned subsidiary in Canada prior to December 31, 2011. 

Disclosure to Section 7.1: Borrowing intends to relocate its headquarters to1420 N. McDowell Blvd., Petaluma, CA 94952 upon substantial
completion of tenant improvements currently anticipated to November/December 2011. 
 Disclosure to Section 12.2: The competitors of
Borrowers are companies that design, and manufacture inverters for the solar market. 
 Section 1. Information For UCC Financing
Statements and Searches and Deposit Accounts and Accounts Holding Securities. 
 (a) The exact corporate name
of Borrower as it appears in its Certificate of Incorporation, as amended to date is: Enphase Energy, Inc. 
 (b)
Borrower’s state of incorporation is: Delaware. 
 (c) The organizational ID number of Borrower from its
jurisdiction of incorporation is 4118583. 
 (d) Borrower’s taxpayer identification number is 20-4645388.

 (e) The following is a list of all corporate names, dba or trade names used by Borrower in the past five
years: PVI Solutions Inc. 
 (f) The following is a list of all Subsidiaries of Borrower: Enphase Energy SAS,
Enphase Energy SRL and Enphase Energy New Zealand Limited 
 (g) The address of Borrower’s headquarters and
chief executive office is: 201 First St., Suite 300, Petaluma, CA 94952. 

 (h) The following is a list of all States where Borrower’s headquarters
and chief executive office has been located in the past five years: California. 
 (i) The following is a list of
all States where Borrower’s property and assets have been located in the past five years: California, Idaho. 
 (j) The following is a list of all of Borrower’s deposit accounts (bank name, address and account names and numbers): 

Bridge Bank, 55 Almaden Blvd. San Jose, CA 95113-1608 

Operating Checking [***] 
 Payroll ZBA Checking [***] 
 Business Money Market Tech [***]

 Comerica Bank, 226 Airport Parkway, Suite 100, San Jose, CA 95110 

Commercial checking [***] 
 Business Money Market Account [***] 
 (k) The following is a list
of all of Borrower’s accounts holding securities (broker/bank name, address and account names and numbers): None. 
 [***] = CERTAIN
INFORMATION ON THIS PAGE HAS BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS. 

 Annex 1 
 The following equipment is not included in the Collateral: 
 Equipment purchased
or leased pursuant to the agreements with Atel Ventures, Inc., AEL Financial Lease Agreement, GE Capital, or Wells Fargo or Hercules Capital. 

 EXHIBIT B 
 FUNDING CERTIFICATE 
 The undersigned, being the duly elected and acting
[                    ] of ENPHASE ENERGY, INC., a Delaware corporation (“Borrower”), does hereby certify to (i) KPCB
HOLDINGS, INC., AS NOMINEE (“KPCB”), as agent on behalf of and for the ratable benefit of the Lenders (“Agent”) under that certain Amended and Restated Subordinated Convertible Loan Facility and Security Agreement
dated as of November         , 2011 by and among Borrower, KPCB, as Agent and a Lender, and the other Lenders named therein and party thereto (the “Loan Agreement”; with other
capitalized terms used below having the meanings ascribed thereto in the Loan Agreement) and (ii) to each of the Lenders that as of the date hereof and as of the Funding Date: 

1. The representations and warranties made by Borrower in Section 5 of the Loan Agreement and in the other Loan Documents are
true and correct in all material respects as of the date hereof. 
 2. No event or condition has occurred that would constitute
a Default or an Event of Default under the Loan Agreement or any other Loan Document. 
 3. Borrower is in compliance with the
covenants and requirements contained in Sections 4, 6 and 7 of the Loan Agreement. 
 4. All conditions referred to in
Section 3 of the Loan Agreement to the making of the Loan to be made on or about the date hereof have been satisfied. 
 5. As of the [date hereof] [date of the most recently ended fiscal quarter], Borrower’s Gross Profit for the period of two consecutive quarters most recently ended (the “Applicable Two Fiscal
Quarter Period”) is $[                    ]. The minimum Gross Profit required by the Loan Agreement for the Applicable Two Fiscal
Quarter Period is $[                    ]. Borrower is in compliance with this requirement. 

6. As of the date hereof, the Warranty Claim Rate for microinverters shipped by or on behalf of Borrower during both (i) the three
(3) month and (ii) six (6) month period ending the day immediately preceding the date of this certificate is [      ]%. The Loan Agreement requires that such percentage be no greater than 1%.
Borrower is in compliance with this requirement. 
 7. The gross amount of the Advance requested hereby is:
$                    . The proceeds for the Advance shall be disbursed as follows: 

Total disbursements from the Lenders: 
 Loan Amount
                              $[          
  ] 
 Less: 

Lenders Legal Fees
                            $ 
 Net Proceeds due from the Lenders:             $ 

  
 1 

 8. The aggregate net proceeds of the Advance in the amount of
$                     shall be transferred to Borrower’s account as follows: 

Account Name: Enphase Energy, Inc 

	 	Bank Name:	Bridge Bank, N.A. 

	 	Bank Address:	55 Almaden Blvd 

 San Jose, CA
95113 

	 	Account Number:	 

	 	ABA Number:	 

  Dated:
            , 2011 
  

			
	BORROWER:
	ENPHASE ENERGY, INC.
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  
 2 

 EXHIBIT C 
 SECURED PROMISSORY NOTE 
  

			
	$                    	 	Dated:                    , 20[    ]

  FOR VALUE RECEIVED, the undersigned, ENPHASE ENERGY, INC., a Delaware corporation
(“Borrower”), HEREBY PROMISES TO PAY to [            ], a [            ] (“Lender”) the
principal amount of [            ] Dollars ($[            ]) (the “Loan”) made to Borrower by Lender pursuant to
the Loan Agreement (as defined below), and to pay all other amounts due with respect to the Loan on the dates and in the amounts set forth in the Loan Agreement. 
 Interest on the principal amount of this Note from the date of this Note shall accrue at a fixed rate equal to the Loan Rate as set forth herein, or, if applicable, the Default Rate. The Loan Rate for
this Note is 9% per annum based on a year of twelve 30-day months, compounding monthly and subject to the terms and conditions of the Loan Agreement. If the Funding Date is not the first day of the month, interim interest accruing from the
Funding Date through the last day of that month shall be paid on the first calendar day of the next calendar month. Commencing on the date hereof, through and including             ,
200_, on the [            ] day of each month (each an “Interest Payment Date”) Borrower shall make payments of accrued interest on the terms and conditions and in
the manner set forth in the Loan Agreement; provided that so long as no Event of Default has occurred and is continuing and subject to the immediately succeeding sentence, Borrower shall not be required to pay such interest in cash but
instead all such accrued and unpaid interest shall accumulate as PIK Interest and accrete to the outstanding principal balance of any Loans associated with this Note, as described in the Loan Agreement. 

If not sooner paid, all outstanding amounts hereunder and under the Loan Agreement shall become due and payable on the Maturity Date (as
defined in the Loan Agreement). 
 Principal, interest and all other amounts due with respect to the Loan, are payable in lawful
money of the United States of America to Lender as set forth in the Loan Agreement. The principal amount of this Note and the interest rate applicable thereto, and all payments made with respect thereto, shall be recorded by Lender and, prior to any
transfer hereof, endorsed on the grid attached hereto which is part of this Note. 
 This Note is referred to in, and is
entitled to the benefits of, the Subordinated Convertible Loan Facility and Security Agreement by and among Borrower, KPCB Holdings, Inc., as nominee, as a Lender and as Agent on behalf of and for the ratable benefit of the Lenders, and the other
Lenders named therein (as amended, amended and restated, joined, supplemented or otherwise modified from time to time, the “Loan Agreement”). The Loan Agreement, among other things, (a) provides for the making of secured Loans
to Borrower, and (b) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events. All capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Loan Agreement.

 This Note and the obligation of Borrower to repay the unpaid principal amount of the Loan, interest on the Loan and all other
amounts due Lender under the Loan Agreement is secured under the Loan Agreement. 
 THIS NOTE IS SUBJECT TO THE TERMS AND
CONDITIONS OF THAT CERTAIN SUBORDINATION AGREEMENT (AS DEFINED IN THE LOAN AGREEMENT), AND THE LIEN AND THE SECURITY INTEREST GRANTED UNDER THE LOAN AGREEMENT AND THE RIGHTS TO RECEIVE PAYMENTS, INCLUDING BUT NOT LIMITED TO PIK INTEREST, ARE SUBJECT
TO THE TERMS AND CONDITIONS OF THE SUBORDINATION AGREEMENT. 

 Presentment for payment, demand, notice of protest and all other demands and notices of any
kind in connection with the execution, delivery, performance and enforcement of this Note are hereby waived. 
 Borrower shall
pay all reasonable fees and expenses, including, without limitation, reasonable attorneys’ fees and costs, incurred by Lender in the enforcement or attempt to enforce any of Borrower’s obligations hereunder not performed when due. This
Note shall be governed by, and construed and interpreted in accordance with, the laws of the State of California. 
 IN WITNESS
WHEREOF, Borrower has caused this Note to be duly executed by one of its officers thereunto duly authorized on the date hereof. 
  

			
	BORROWER:
	ENPHASE ENERGY, INC.
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

 EXHIBIT D 
 FORM OF LEGAL OPINION OF BORROWER’S COUNSEL 
 November 16, 2011 

To the persons and entities listed on Schedule I-B of 
 the Subordinated Convertible Loan Facility 
 and Security Agreement 

Re: Subordinated Convertible Loan Facility and Security Agreement 
 Ladies and Gentlemen: 
 We have acted as counsel for Enphase Energy, Inc., a
Delaware corporation (“Borrower”), in connection with the extension of loans to the Borrower pursuant to that certain Amended and Restated Subordinated Convertible Loan Facility and Security Agreement dated as of
November 16, 2011 (the “Loan Facility Agreement”), by and among the Borrower, the lenders listed on Schedule I-A to the Loan Facility Agreement (each a “Lender” and collectively the
“Lenders”), and KPCB Holdings, Inc., as Nominee, as a Lender pursuant to the Loan Facility Agreement and in its capacity as Agent on behalf of the Lenders. 

This opinion is furnished to you at the request and on behalf of the Borrower pursuant to Section 3.3(k) of the Loan Facility
Agreement. For convenience, unless otherwise indicated, all capitalized terms used in this opinion letter are to have the respective meanings given to them in the Loan Facility Agreement. 

In connection with this opinion, we have examined the following documents, each of which is dated as of November 16, 2011 unless
another date is specified below: 
  

	 	1.	the Loan Facility Agreement; 

  

	 	2.	the warrants to purchase common stock of the Company issued on November 16, 2011 pursuant to the Loan Facility Agreement (the
“Warrants”); 

  

	 	3.	the secured convertible promissory notes issued by the Company on November 16, 2011 pursuant to the Loan Facility Agreement (the
“Notes”); 

  

	 	4.	the Amended and Restated Certificate of Incorporation of Borrower, as filed with the Secretary of State of the State of Delaware on March 15, 2010, and as
amended by the Certificate of Amendments filed on May 21, 2010 and June 14, 2011, as certified by the Secretary of the Borrower not to have been further amended, modified, supplemented or restated since such date and to be in full force
and effect as of the date of this opinion letter (the “Charter”); and 

	 	5.	the Bylaws of Borrower as certified by the Secretary of Borrower not to have been amended, modified, supplemented or restated since such date and to be in full
force and effect as of the date of this opinion letter. 

 Items (1) through (3) above will from time to
time hereinafter be collectively referred to as the “Loan Documents”. Items (4) and (5) above are hereinafter collectively referred to as the “Organizational Documents.” 

In connection with this opinion, we have examined and relied upon the representations and warranties as to factual matters contained in
and made pursuant to the Loan Documents by the various parties and upon originals or copies certified to our satisfaction of such records, agreements, documents, certificates, opinions, memoranda and other instruments as in our judgment are
necessary or appropriate to enable us to render the opinions expressed below. As to certain factual matters, we have relied upon certificates of an officer of the Borrower and have not sought to independently verify such matters. 

Where we render an opinion “to our knowledge” or concerning an item “known to us” or our opinion otherwise refers to
our knowledge, it is based solely upon (a) an inquiry of attorneys currently within this firm who worked on this transaction and (b) receipt of a certificate executed by an officer of the Borrower covering such matters. We have made no
further investigation. 
 In rendering the opinions expressed below, we have assumed, without investigation: 

 

	 	(a)	the genuineness and authenticity of all signatures on original written documents (except that such assumption is not made with respect to the signatures of the
person executing the Loan Documents on behalf of the Borrower); 

  

	 	(b)	the authenticity of all documents submitted to us as originals; 

  

	 	(c)	the conformity to originals of all documents submitted to us as copies; 

 

	 	(d)	the accuracy, completeness and authenticity of certificates of public officials; 

 

	 	(e)	the due incorporation or formation, valid existence, good standing and the corporate or similar power to enter into, and perform in accordance with their
respective terms, the Loan Documents, of all parties thereto (except that such assumption is not made with respect to the Borrower); 

  

	 	(f)	the due authorization, execution and delivery of all documents (except that such assumption is not made with respect to the due authorization, execution and
delivery of the Loan Documents by the Borrower), in each case where the authorization, execution and delivery thereof by such parties are prerequisites to the effectiveness of such documents; 

 

	 	(g)	the legal capacity of all individuals executing and delivering documents to so execute and deliver; 

 

	 	(h)	that the Loan Documents are obligations binding upon all parties thereto (except that such assumption is not made with respect to the Borrower); and

  

	 	(i)	there are no extrinsic agreements or understandings among the parties to the Loan Documents that would modify or interpret the terms of the Loan Documents or the
respective rights or obligations of the parties thereunder. 

 We have also assumed, without investigation, that each party to the Loan Documents other
than the Company has filed any required California franchise or income tax returns and has paid any required California franchise, income or similar taxes. 
 Our opinion is expressed only with respect to the federal laws of the United States of America, the laws of the State of California and the General Corporation Law of the State of Delaware. Opinions of
counsel in Delaware have not been obtained. We express no opinion as to whether the laws of any particular jurisdiction apply, and no opinion to the extent that the laws of any jurisdiction other than those identified above are applicable to the
subject matter hereof. 
 Our opinion in paragraph 1 below with respect to the good standing of the Company and with respect to
the Company’s qualifications to do business as a foreign corporation, we have relied solely upon an examination of certificates of the Secretaries of State of the indicated jurisdictions as of a recent date. We have made no further
investigation. 
 We express no opinion relative to usury, or the applicability or effect of (a) any law, rule or
regulation relating to securities or to the sale or issuance thereof, (b) any pension, employee benefit or tax laws, including, without limitation, the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, as amended,
and other similar laws, statutes, rules, acts, regulations or ordinances, or any decrees or decisional law with respect thereto, (c) any federal or state law, rule or regulation relating to antitrust, unfair competition or trade practice laws,
(d) compliance with fiduciary duties by the Company’s Board of Directors or stockholders, (e) any federal or state environmental, land use, safety or similar law, laws or regulations, (f) compliance with any antifraud law, rule
or regulation relating to securities or the sale or issuance thereof, (g) compliance with safe harbors for disinterested Board of Director or stockholder approvals; (h) compliance with state securities or blue sky laws except as
specifically set forth below; (i) compliance with the Investment Company Act of 1940; (j) compliance with laws that place limitations on corporate distributions; (k) Regulations T, U or X of the Board of Governors of the Federal
Reserve System; or (l) local law. 
 With regard to our opinion in paragraph 4 below with respect to securities of Borrower
to be issued after the date hereof, we express no opinion as to whether, notwithstanding its current reservation of shares of Common Stock, future issuances of securities of Borrower and/or antidilution adjustments to outstanding securities of
Borrower will cause the Warrants to be exercisable for more Shares (as defined in the Warrants) than the number of shares of Common Stock that then remain authorized but unissued. 

With regard to our opinion in paragraph 7 concerning exemption from registration, our opinion is expressed only with respect to the offer
and sale of the Notes, Warrants and shares of Common Stock without regard to any offers or sales of other securities occurring prior to or subsequent to the date hereof. 
 On the basis of the foregoing, in reliance thereon, and with the foregoing qualifications, we are of the opinion that: 
  

	 	1.	Borrower has been duly incorporated and is validly existing and in good standing under the laws of the State of Delaware, and is duly qualified and authorized to
do business in the State of California. 

  

	 	2.	Borrower has the requisite corporate power to execute and deliver the Loan Documents and to perform its obligations thereunder. 

 

	 	3.	The Loan Documents have been duly authorized, executed and delivered by Borrower and constitute valid, legal and binding agreements of Borrower that is party
thereto, and are enforceable in accordance with their terms. 

	 	4.	The Common Stock purchased by certain of the Lenders on the date of the Second Advance, the Shares (as defined in the Warrants) issuable pursuant to exercise of
the Warrants, and the Conversion Stock issuable upon conversion of the Notes, assuming conversion as of the date hereof, have been duly authorized and reserved for issuance by Borrower and, when issued in accordance with the terms of the Loan
Facility Agreement and Warrants, will be validly issued, fully paid and nonassessable. 

  

	 	5.	Neither the execution nor the delivery by Borrower of the Loan Documents will result in a violation of the Organizational Documents as in effect on the date
hereof, or violate, in any material respect (i) any California or United States federal law, governmental rule or regulation, which in our experience is typically applicable to transactions of the nature contemplated by the Loan Documents, or
(ii) any order, writ, judgment, injunction, decree, determination or award which has been entered against Borrower and of which we are aware. 

  

	 	6.	To our knowledge, there is no action, suit, investigation or proceeding pending against Borrower in any court or before any governmental commission, agency,
board or authority that questions the validity of the Loan Documents. 

  

	 	7.	Assuming the accuracy of the representations and warranties of the Lenders set forth in Section 5 of Schedule II to the Loan Facility Agreement, the offer
and sale of the Common Stock purchased by certain of the Lenders on the date of the Second Advance and the issuance of the Notes and the Warrants on the date of the Second Advance are exempt from the registration requirements of the Securities Act
of 1933, as amended, subject to the timely filing of a Form D pursuant to Securities and Exchange Commission Regulation D. 

 The
opinions expressed herein are subject to and limited by the following additional qualifications, assumptions, limitations and exceptions: 
 (a) The legality, validity, binding nature and enforceability of Borrower’s obligations under the Loan Documents may be subject to or limited by (i) general equity principles and the
limitations on the availability of equitable relief, including, without limitation, specific performance, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether in a proceeding in equity or at law; (ii) the
effect of applicable bankruptcy, insolvency, fraudulent transfer or conveyance, reorganization, arrangement, dissolution, moratorium or other similar laws relating to or affecting creditors’ rights generally; (iii) limitations created by
or arising under statute or case law on (A) a debtor’s or guarantor’s ability to waive rights or benefits or (B) a party’s ability to enforce its rights due to a waiver or other conduct by the party which is inconsistent
with its intent to enforce such rights; and (iv) limitations imposed by law and public policy on indemnification or exculpation. 
 (b) We express no opinion as to the enforceability of “choice of forum” or “consent to jurisdiction” or “waiver of jury trial” provisions contained in any of the Loan
Documents. 
 (c) Our opinions are subject to the effect of the limitations imposed by the California
Uniform Commercial Code relating to or affecting the rights and remedies available to secured creditors. 

(d) We express no opinion as to the enforceability of provisions in the Loan Documents (a) imposing late
charges, premiums, penalties, or forfeitures, (b) imposing an increase in interest rate upon delinquency in payment or the occurrence of a default or (c) requiring any prepayment fee, breakage or yield maintenance charges, including,
without limitation, a requirement for the payment thereof upon the occurrence of a default under the Loan Documents for whatever cause or upon acceleration of the Obligations. 

 (e) We express no opinion as to the creation, relative priority or
perfection of any security interest, lien, charge or other encumbrance purported to be created by or under the Loan Documents, nor as to the effect of any such security interest, lien, charge or other encumbrance on any rights or interests, if any,
of any Person. 
 (f) We have assumed that the Lender (i) will act fairly, in good faith and in a
commercially reasonable and prudent manner in exercising its rights and (ii) will not trespass or commit any breach of peace in any taking of possession of any of the Collateral. 
 Our opinions set forth above are limited to the matters expressly set forth in this opinion letter, and no opinion is implied or may be inferred beyond the matters expressly stated. This opinion speaks
only as to law and facts in effect or existing as of the date hereof and we undertake no obligation or responsibility to update or supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention or any changes
in law which may hereafter occur. 
 [SIGNATURE PAGE FOLLOWS] 

 This opinion letter is intended solely for the benefit of the addressees of this letter, and
is not to be made available to or relied upon by any other Person, firm or entity without our prior written consent. 
 Very truly yours,

  

			
	COOLEY LLP
		
	By:	 	 
		 	John H. Sellers

 EXHIBIT E 
 FORM OF OFFICER’S CERTIFICATE 
 TO: KPCP Holdings, Inc., as nominee,
as Agent for the Lenders under the Loan Agreement 
 Reference is made to the AMENDED AND RESTATED SUBORDINATED CONVERTIBLE LOAN
FACILTY AND SECURITY AGREEMENT dated as of November             , 2011 (as it may be amended, amended and restated, joined, supplemented or otherwise modified from time to time, the
“Loan Agreement”) by and among ENPHASE ENERGY, INC. (“Borrower”), KPCB Holdings, Inc., as nominee, a Delaware corporation (“KPCB”), as a Lender hereunder and in its capacity as Agent on behalf of
the Lenders hereunder, and the other Persons named herein or who may become parties hereto (together with KPCB, referred to herein individually as a “Lender” and collectively as the “Lenders”), as Lenders, in
accordance with the terms of this Agreement. Unless otherwise defined herein, capitalized terms have the meanings given such terms in the Loan Agreement. 
 The undersigned Responsible Officer of Borrower hereby certifies to Agent on behalf of and for the ratable benefit of the Lenders that: 

 

	1.	No Event of Default has occurred under the Loan Agreement. (If an Event of Default has occurred, specify the nature and extent thereof and the action Borrower proposes
to take with respect thereto.) 

  

	2.	The information provided in Section 1 of the Disclosure Schedule is currently true and accurate, except as noted below. 

 

	3.	Borrower is in compliance with the provisions of Sections 4, 6 and 7 of the Loan Agreement, except as noted below. 

 

	4.	Attached herewith are the [monthly financial statements pursuant to Section 6.3(a) of the Loan Agreement/annual audited financial statements pursuant to
Section 6.3(b) of the Loan Agreement]. These have been prepared in accordance with GAAP and are consistent from one period to the next except as noted below. 

NOTES TO ABOVE CERTIFICATIONS: 

 

			
	BORROWER:
	
	ENPHASE ENERGY, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 1SEVENTH AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

 Exhibit 10.1 
 Execution Version 
 SEVENTH AMENDED AND RESTATED 

REVOLVING CREDIT AGREEMENT 
 DATED AS OF NOVEMBER 18, 2011 
 AMONG 

DUKE REALTY LIMITED PARTNERSHIP 
 AS BORROWER, 
 DUKE REALTY CORPORATION 

AS GENERAL PARTNER AND GUARANTOR, 
 JPMORGAN CHASE BANK, N.A. 
 AS ADMINISTRATIVE AGENT AND LENDER,

 J.P. MORGAN SECURITIES LLC AND 
 WELLS FARGO SECURITIES, LLC 
 AS JOINT LEAD ARRANGERS AND JOINT BOOK
RUNNERS, 
 AND 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 AS SYNDICATION AGENT

 AND 
 REGIONS BANK, 
 UBS SECURITIES LLC, 

MORGAN STANLEY BANK, N.A., AND 
 THE BANK OF NOVA SCOTIA, 
 AS DOCUMENTATION AGENTS 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I    DEFINITIONS
	  	 	1	  
		
	 ARTICLE II    THE CREDIT
	  	 	21	  
			
	 2.1.
	 	 Commitment
	  	 	21	  
	 2.2.
	 	 Final Principal Payment
	  	 	22	  
	 2.3.
	 	 Loans
	  	 	22	  
	 2.4.
	 	 Applicable Margins
	  	 	22	  
	 2.5.
	 	 Facility Fee
	  	 	22	  
	 2.6.
	 	 Other Fees
	  	 	22	  
	 2.7.
	 	 Voluntary Reduction of Aggregate Commitment Amount
	  	 	23	  
	 2.8.
	 	 Minimum Amount of Each Advance
	  	 	23	  
	 2.9.
	 	 Optional Principal Payments
	  	 	23	  
	 2.10.
	 	 Method of Selecting Types and Interest Periods for New Advances
	  	 	23	  
	 2.11.
	 	 Conversion and Continuation of Outstanding Advances
	  	 	24	  
	 2.12.
	 	 Changes in Interest Rate, Etc.
	  	 	24	  
	 2.13.
	 	 Rates Applicable After Default
	  	 	25	  
	 2.14.
	 	 Swing Line Loans
	  	 	25	  
	 2.15.
	 	 Competitive Bid Loans
	  	 	26	  
	 2.16.
	 	 Method of Payment
	  	 	30	  
	 2.17.
	 	 Notes; Telephonic Notices
	  	 	30	  
	 2.18.
	 	 Interest Payment Dates; Interest and Fee Basis
	  	 	31	  
	 2.19.
	 	 Notification of Advances, Interest Rates and Prepayments
	  	 	31	  
	 2.20.
	 	 Lending Installations
	  	 	31	  
	 2.21.
	 	 Non-Receipt of Funds by the Administrative Agent
	  	 	32	  
	 2.22.
	 	 Usury
	  	 	32	  
	 2.23.
	 	 Applications of Moneys Received
	  	 	33	  
	 2.24.
	 	 Defaulting Lenders
	  	 	34	  
		
	 ARTICLE III    THE LETTER OF CREDIT SUBFACILITY
	  	 	35	  
			
	 3.1.
	 	 Obligations to Issue
	  	 	35	  
	 3.2.
	 	 Types and Amounts
	  	 	36	  
	 3.3.
	 	 Conditions
	  	 	36	  
	 3.4.
	 	 Procedure for Issuance of Facility Letters of Credit
	  	 	37	  
	 3.5.
	 	 Administration; Reimbursement by Lenders
	  	 	38	  
	 3.6.
	 	 Reimbursement by Borrower
	  	 	39	  
	 3.7.
	 	 Obligations Absolute
	  	 	39	  
	 3.8.
	 	 Actions of Issuing Bank
	  	 	40	  
	 3.9.
	 	 Indemnification
	  	 	40	  
	 3.10.
	 	 Lenders’ Indemnification
	  	 	41	  
	 3.11.
	 	 Participation
	  	 	41	  
	 3.12.
	 	 Compensation for Facility Letters of Credit
	  	 	42	  
	 3.13.
	 	 Expiration after the Termination Date
	  	 	42	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 3.14.
	 	 Letter of Credit Collateral Account
	  	 	42	  
		
	 ARTICLE IV    CHANGE IN CIRCUMSTANCES
	  	 	44	  
			
	 4.1.
	 	 Yield Protection
	  	 	44	  
	 4.2.
	 	 Changes in Capital Adequacy Regulations
	  	 	45	  
	 4.3.
	 	 Availability of Types of Advances
	  	 	45	  
	 4.4.
	 	 Funding Indemnification
	  	 	46	  
	 4.5.
	 	 Taxes
	  	 	46	  
	 4.6.
	 	 Lender Statements; Survival of Indemnity
	  	 	48	  
	 4.7.
	 	 Replacement of Lenders under Certain Circumstances
	  	 	48	  
		
	 ARTICLE V    CONDITIONS PRECEDENT
	  	 	49	  
			
	 5.1.
	 	 Effective Date
	  	 	49	  
	 5.2.
	 	 Each Credit Extension
	  	 	51	  
		
	 ARTICLE VI    REPRESENTATIONS AND WARRANTIES
	  	 	52	  
			
	 6.1.
	 	 Existence
	  	 	52	  
	 6.2.
	 	 Authorization and Validity
	  	 	52	  
	 6.3.
	 	 No Conflict; Government Consent
	  	 	52	  
	 6.4.
	 	 Financial Statements; Material Adverse Change
	  	 	53	  
	 6.5.
	 	 Taxes
	  	 	53	  
	 6.6.
	 	 Litigation and Guarantee Obligations
	  	 	53	  
	 6.7.
	 	 Subsidiaries
	  	 	53	  
	 6.8.
	 	 ERISA
	  	 	53	  
	 6.9.
	 	 Accuracy of Information
	  	 	54	  
	 6.10.
	 	 Margin Stock
	  	 	54	  
	 6.11.
	 	 Material Agreements
	  	 	54	  
	 6.12.
	 	 Compliance With Laws
	  	 	54	  
	 6.13.
	 	 Ownership of Properties
	  	 	54	  
	 6.14.
	 	 Investment Company Act
	  	 	54	  
	 6.15.
	 	 Public Utility Holding Company Act
	  	 	54	  
	 6.16.
	 	 Solvency
	  	 	54	  
	 6.17.
	 	 Insurance
	  	 	55	  
	 6.18.
	 	 REIT Status
	  	 	55	  
	 6.19.
	 	 Environmental Matters
	  	 	55	  
	 6.20.
	 	 Unencumbered Assets
	  	 	56	  
	 6.21.
	 	 Plan Assets; Prohibited Transactions
	  	 	58	  
		
	 ARTICLE VII    COVENANTS
	  	 	58	  
			
	 7.1.
	 	 Financial Reporting
	  	 	58	  
	 7.2.
	 	 Use of Proceeds
	  	 	60	  
	 7.3.
	 	 Notice of Default
	  	 	61	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 7.4.
	 	 Conduct of Business
	  	 	61	  
	 7.5.
	 	 Taxes
	  	 	61	  
	 7.6.
	 	 Insurance
	  	 	61	  
	 7.7.
	 	 Compliance with Laws
	  	 	61	  
	 7.8.
	 	 Maintenance of Properties
	  	 	61	  
	 7.9.
	 	 Inspection
	  	 	62	  
	 7.10.
	 	 Maintenance of Status
	  	 	62	  
	 7.11.
	 	 Dividends
	  	 	62	  
	 7.12.
	 	 Merger; Sale of Assets
	  	 	62	  
	 7.13.
	 	 General Partner’s Ownership and Control of Borrower
	  	 	63	  
	 7.14.
	 	 Sale and Leaseback
	  	 	63	  
	 7.15.
	 	 Liens
	  	 	63	  
	 7.16.
	 	 Affiliates
	  	 	64	  
	 7.17.
	 	 Interest Rate Hedging
	  	 	64	  
	 7.18.
	 	 Subsidiary Guaranty
	  	 	64	  
	 7.19.
	 	 Consolidated Net Worth
	  	 	65	  
	 7.20.
	 	 Indebtedness and Cash Flow Covenants
	  	 	65	  
	 7.21.
	 	 Environmental Matters
	  	 	66	  
	 7.22.
	 	 Intentionally Omitted
	  	 	67	  
	 7.23.
	 	 Borrower’s Partnership Agreement
	  	 	67	  
	 7.24.
	 	 Intentionally Omitted
	  	 	67	  
	 7.25.
	 	 Notice of Rating Change
	  	 	67	  
		
	 ARTICLE VIII    DEFAULTS
	  	 	67	  
		
	 ARTICLE IX    ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	  	 	70	  
			
	 9.1.
	 	 Acceleration
	  	 	70	  
	 9.2.
	 	 Amendments
	  	 	71	  
	 9.3.
	 	 Preservation of Rights
	  	 	72	  
		
	 ARTICLE X    GENERAL PROVISIONS
	  	 	72	  
			
	 10.1.
	 	 Survival of Representations
	  	 	72	  
	 10.2.
	 	 Governmental Regulation
	  	 	73	  
	 10.3.
	 	 Headings
	  	 	73	  
	 10.4.
	 	 Entire Agreement
	  	 	73	  
	 10.5.
	 	 Several Obligations; Benefits of this Agreement
	  	 	73	  
	 10.6.
	 	 Expenses; Indemnification
	  	 	73	  
	 10.7.
	 	 Numbers of Documents
	  	 	74	  
	 10.8.
	 	 Accounting
	  	 	74	  
	 10.9.
	 	 Severability of Provisions
	  	 	74	  
	 10.10.
	 	 Nonliability of Lenders
	  	 	74	  
	 10.11.
	 	 Publicity
	  	 	74	  

  
 iii

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 10.12.
	 	 CHOICE OF LAW
	  	 	75	  
	 10.13.
	 	 CONSENT TO JURISDICTION
	  	 	75	  
	 10.14.
	 	 WAIVER OF JURY TRIAL
	  	 	75	  
	 10.15.
	 	 Agent Responsibilities
	  	 	75	  
	 10.16.
	 	 USA PATRIOT ACT NOTIFICATION
	  	 	76	  
		
	 ARTICLE XI    THE ADMINISTRATIVE AGENT AND AGREEMENTS AMONG
LENDERS
	  	 	76	  
			
	 11.1.
	 	 Appointment; Nature of Relationship
	  	 	76	  
	 11.2.
	 	 Powers
	  	 	76	  
	 11.3.
	 	 General Immunity
	  	 	77	  
	 11.4.
	 	 No Responsibility for Loans, Recitals, etc.
	  	 	77	  
	 11.5.
	 	 Action on Instructions of Lenders
	  	 	77	  
	 11.6.
	 	 Employment of Agents and Counsel
	  	 	77	  
	 11.7.
	 	 Reliance on Documents; Counsel
	  	 	77	  
	 11.8.
	 	 Administrative Agent’s Reimbursement and Indemnification
	  	 	78	  
	 11.9.
	 	 Rights as a Lender
	  	 	78	  
	 11.10.
	 	 Lender Credit Decision
	  	 	78	  
	 11.11.
	 	 Successor Administrative Agent
	  	 	79	  
	 11.12.
	 	 Notice of Defaults
	  	 	80	  
	 11.13.
	 	 Copies of Documents
	  	 	80	  
		
	 ARTICLE XII    SETOFF; RATABLE PAYMENTS
	  	 	80	  
			
	 12.1.
	 	 Setoff
	  	 	80	  
	 12.2.
	 	 Ratable Payments
	  	 	80	  
		
	 ARTICLE XIII    BENEFIT OF AGREEMENT; ASSIGNMENTS;
PARTICIPATIONS
	  	 	80	  
			
	 13.2.
	 	 Participations
	  	 	81	  
	 13.3.
	 	 Assignments
	  	 	82	  
	 13.4.
	 	 Designation of Lender to Make Competitive Bid Loans
	  	 	83	  
	 13.5.
	 	 Dissemination of Information
	  	 	84	  
	 13.6.
	 	 Tax Treatment
	  	 	84	  
		
	 ARTICLE XIV    NOTICES
	  	 	85	  
			
	 14.1.
	 	 Notices; Effectiveness; Electronic Communication
	  	 	85	  
	 14.2.
	 	 Change of Address, Etc.
	  	 	86	  
		
	 ARTICLE XV    COUNTERPARTS
	  	 	86	  
			
	 15.1.
	 	 Counterparts; Effectiveness
	  	 	86	  
	 15.2.
	 	 Electronic Execution of Assignments
	  	 	86	  
		
	 ARTICLE XVI    TRANSITIONAL ARRANGEMENTS
	  	 	86	  

  
 iv 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 16.1.
	 	 Existing Credit Agreement Superseded
	  	 	86	  
	 16.2.
	 	 Interest and Fees Under Existing Credit Agreement
	  	 	86	  
	 16.3.
	 	 Existing Guaranties
	  	 	87	  

  

  
 v 

 Exhibits 
 Exhibit A - Pricing Schedule 
 Exhibit B1 - Form of Note 

Exhibit B2 - Form of Competitive Bid Note 
 Exhibit C1 - Form of Competitive Bid Quote Request 
 Exhibit C2 - Invitation
Competitive Bid Quotes 
 Exhibit C3 - Competitive Bid Quote 

Exhibit D - Form of Opinion 
 Exhibit E - Loan/Credit Related Money Transfer Instruction 
 Exhibit F - Compliance
Certificate 
 Exhibit H - Assignment and Assumption Agreement 

Exhibit I - Designation Agreement 
 Exhibit J - Amendment to Seventh Amended and Restated Revolving Credit Agreement 

Exhibit K - Form of Subsidiary Guaranty 
 Schedules 
 Schedule SG - Subsidiary Guarantors 

Schedule EG - Eligible Ground Leases 
 Schedule L - Commitments of Lenders 
 Schedule 1 - Subsidiaries and Other
Investments 
 Schedule 2 - Indebtedness and Liens 
 Schedule 3 - Unencumbered Assets 
 Schedule 6.19 - Environmental Matters

  
 vi 

 SEVENTH AMENDED AND RESTATED 

REVOLVING CREDIT AGREEMENT 
 This Agreement, dated as of November 18, 2011, is among Duke Realty Limited Partnership, an Indiana limited partnership (the “Borrower”), Duke Realty Corporation, an Indiana
corporation (the “General Partner” and the “Guarantor”), J.P. Morgan Securities LLC, as Lead Left Arranger (“JPMorgan”) and Wells Fargo Securities, LLC, as Lead Right Arranger (together with
JPMorgan, the “Arrangers”), JPMorgan Chase Bank, N.A. (“JPMCB”) as a Lender and not individually, but as “Administrative Agent”, and the several banks, financial institutions and other entities from
time to time parties to this Agreement (the “Lenders”). 
 RECITALS 

A. The Borrower is primarily engaged in the business of purchasing, developing, owning, operating, leasing and managing
industrial, office and retail properties. 
 B. The General Partner, the Borrower’s sole general partner,
is listed on the New York Stock Exchange and is qualified as a real estate investment trust. The General Partner owns approximately 97.3% of the total partnership units in the Borrower and various limited partners in the Borrower own approximately
2.7% of such partnership units. 
 C. The Borrower, General Partner, the Administrative Agent, and certain of
the Lenders are parties to a Sixth Amended and Restated Revolving Credit Agreement dated as of November 20, 2009 (as previously amended, the “Existing Credit Agreement”) pursuant to which the Lenders that are parties thereto
agreed to make loans to the Borrower. 
 D. The Borrower and the General Partner have requested that the Lenders
amend and restate the Existing Credit Agreement as provided herein. 
 NOW, THEREFORE, in consideration of the
mutual covenants and agreements herein contained, the parties hereto amend and restate in its entirety the Existing Credit Agreement as follows: 
 ARTICLE I 
 DEFINITIONS 

As used in this Agreement: 
 “ABR Advance” means an Advance which bears interest at the ABR Rate. 
 “ABR Applicable Margin” means, as of any date, the Applicable Margin in effect on such date with respect to ABR Advances and ABR Loans. 

“ABR Loan” means a Loan which bears interest at the ABR Rate. 

 “ABR Rate” means, for any day, a rate per annum equal to
(i) the Alternate Base Rate for such day plus (ii) ABR Applicable Margin for such day, in each case changing when and as the Alternate Base Rate changes. 

“Absolute Interest Period” means, with respect to a Competitive Bid Loan made at an Absolute Rate, a period of
one, two, three or six months as requested by Borrower in a Competitive Bid Quote Request and confirmed by a Lender in a Competitive Bid Quote but in no event extending beyond the Termination Date. If an Absolute Interest Period would end on a day
which is not a Business Day, such Absolute Interest Period shall end on the next succeeding Business Day. 

“Absolute Rate” means a fixed rate of interest (rounded to the nearest 1/100 of 1%) for an Absolute Interest
Period with respect to a Competitive Bid Loan offered by a Lender and accepted by the Borrower at such rate. 

“Acquisition Asset” means, as of any date of determination, any improved, income-producing Project that has
been owned by the Borrower, the General Partner or their Subsidiaries for fewer than twenty-four (24) months, unless the Borrower has made a one-time election to treat such Project as a Stabilized Property (and no longer treat such Project as
an Acquisition Asset). 
 “Administrative Agent” means JPMCB in its capacity as contractual
representative for the Lenders pursuant to Article XI, and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article XI. 

“Advance” means a borrowing hereunder consisting of the aggregate amount of the several Loans (including Swing
Line Loans and Competitive Bid Loans) made by some or all of the Lenders to the Borrower of the same Type and, in the case of LIBOR Advances, for the same Interest Period. 

“Adjusted EBITDA” means EBITDA less Capital Expenditure Reserve Amount. 

“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under
common control with such Person. A Person shall be deemed to control another Person if the controlling Person owns 15% or more of any class of voting securities (or other ownership interests) of the controlled Person or possesses, directly or
indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise. In no event shall the Administrative Agent or any Lender be deemed to be an
Affiliate of the Borrower. 
 “Aggregate Commitment” means the aggregate of the Commitments of all the
Lenders, which initially shall be $850,000,000, and which may be increased to an amount not exceeding $1,250,000,000 in accordance with Section 2.1. 

“Agreement” means this Seventh Amended and Restated Revolving Credit Agreement, as it may be amended or
modified and in effect from time to time. 

  
 -2-

 “Allocated Facility Amount” means, at any time, the sum of all
then outstanding Advances and the then outstanding Facility Letter of Credit Obligations. 
 “Alternate
Base Rate” means, for any day, a rate of interest per annum equal to the highest of (i) the Prime Rate for such day, (ii) the sum of the Federal Funds Effective Rate for such day plus 0.5% per annum and (iii) the LIBOR Base
Rate for a one month LIBOR Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the LIBOR Base Rate for any day shall be based on the rate
appearing on the Reuters BBA Libor Rates Page 3750 (or on any successor or substitute page of such page) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds
Effective Rate or the LIBOR Base Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the LIBOR Base Rate, respectively. 

“Applicable Margin” means the applicable margin set forth in the table in Exhibit A used in calculating
the interest rate applicable to the various Types of Advances which shall vary from time to time in accordance with the Borrower’s long term unsecured debt ratings. 

“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. 

“Arrangers” means J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and their respective successors, in
their capacities as Joint Lead Arrangers and Joint Book Runners. 
 “Article” means an article of this
Agreement unless another document is specifically referenced. 
 “Assets Under Development” means, as
of any date of determination, any Project owned by the Borrower or any of its Subsidiaries on which the construction of new income-producing building or buildings has been commenced and is continuing. Any such Project shall be treated as an Asset
Under Development until the earlier of 18 months after the date of completion of construction or the achievement of an occupancy rate of 85%, unless the Borrower has made a one-time election to treat such Project as a Stabilized Property (and no
longer treat such Project as an Asset Under Development). 
 “Authorized Officer” means any of
Christie B. Kelly, Mark J. Milnamow, Dennis D. Oklak, Howard L. Feinsand, Mark A. Denien, Michael D. Pitts or James R. Windmiller acting singly. The list of Authorized Officers may be changed by a notice to Administrative Agent from one of the
Authorized Officers. 
 “Borrower” means Duke Realty Limited Partnership, an Indiana limited
partnership, and its successors and permitted assigns. 
 “Borrowing Date” means a date on which an
Advance is made hereunder. 
 “Borrowing Notice” is defined in Section 2.10. 

  
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 “Business Day” means (i) with respect to any borrowing,
payment or rate selection of LIBOR Advances, a day (other than a Saturday or Sunday) on which banks generally are open in New York, New York for the conduct of substantially all of their commercial lending activities and on which dealings in United
States dollars are carried on in the London interbank market and (ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in New York, New York for the conduct of substantially all of their
commercial lending activities. 
 “Capital Expenditure Reserve Amount” means, for any quarter, $0.20
per square foot multiplied by the total square footage of all in-service Projects owned by the Borrower, General Partner and their Subsidiaries as of the last day of such quarter, as publicly reported in the consolidated quarterly or annual
financial statements of the General Partner, the Borrower and their Subsidiaries included in the General Partner’s filings with the SEC on Forms 10Q or 10K, divided by four. 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated)
of capital stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation and any and all warrants or options to purchase any of the foregoing. 

“Capitalized Lease” of a Person means any lease of Property imposing obligations on such Person, as lessee
thereunder, which are required in accordance with GAAP to be capitalized on a balance sheet of such Person. 

“Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person under
Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP. 
 “Cash Equivalents” means, as of any date, (i) securities issued or directly and fully guaranteed or insured by the United States Government or any agency or instrumentality thereof having
maturities of not more than one year from such date, (ii) time deposits and certificates of deposit having maturities of not more than one year from such date and issued by any domestic commercial bank having (A) senior long-term unsecured
debt rated at least A or the equivalent thereof by S&P, A or the equivalent thereof by Fitch or A2 or the equivalent thereof by Moody’s and (B) capital and surplus in excess of $500,000,000, and (iii) commercial paper rated at
least A-2 or the equivalent thereof by S&P, at least A-2 or the equivalent thereof by Fitch or P-2 or the equivalent thereof by Moody’s and in any such case maturing within three hundred and sixty (360) days from such date. 

“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 or governmental or quasi-governmental rule, regulation or treaty, (b) any change in any law or governmental or quasi-governmental 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 and whether or not failure to comply therewith would be
unlawful) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and 

  
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all requests, rules, guidelines or directives thereunder or issued in connection therewith 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 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. 
 “Closing Date” means the date of this Agreement.

 “Co-Agents” means the Co-Agents identified in the cover page to this Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.

 “Commitment” means, for each Lender, the obligation of such Lender to make Loans to, and
participate in Swing Line Loans and in Facility Letters of Credit issued upon the application of, the Borrower in an aggregate amount not exceeding the amount set forth on Schedule L hereto or as set forth in any Notice of Assignment relating
to any assignment that has become effective pursuant to Section 13.3.2, as such amount may be modified from time to time pursuant to the terms hereof. 

“Competitive Bid Borrowing Notice” is defined in Section 2.15(f). 

“Competitive Bid Lender” means a Lender or Designated Lender which has a Competitive Bid Loan outstanding.

 “Competitive Bid Loan” is a Loan made pursuant to Section 2.15 hereof. 

“Competitive Bid Note” means the promissory note payable to the order of each Lender in the form attached
hereto as Exhibit B-2 to be used to evidence any Competitive Bid Loans which such Lender elects to make (collectively, the “Competitive Bid Notes”). 

“Competitive Bid Quote” means a response submitted by a Lender to the Administrative Agent or the Borrower, as
the case may be with respect to an Invitation for Competitive Bid Quotes in the form attached as Exhibit C-3. 
 “Competitive Bid Quote Request” means a written request from Borrower to Administrative Agent in the form attached as Exhibit C-1. 

“Competitive LIBOR Margin” means, with respect to any Competitive Bid Loan for a LIBOR Interest Period, the
percentage established in the applicable Competitive Bid Quote which is to be used to determine the interest rate applicable to such Competitive Bid Loan. 
 “Condemnation” is defined in Section 8.9. 

“Consolidated Net Income” means, for any period, consolidated net income (or loss) of the General Partner, the
Borrower and their Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any other Person accrued prior to the date it becomes a
Subsidiary of the 

  
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General Partner or the Borrower or is merged into or consolidated with the General Partner, the Borrower or any of their Subsidiaries and (b) the undistributed earnings of any Subsidiary to
the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any contractual obligation or requirement of law applicable to such Subsidiary. 

“Consolidated Net Worth” means, as of any date of determination, an amount equal to total equity (as reported
on the consolidated balance sheet of the Borrower in accordance with GAAP) plus accumulated depreciation (as reported on such balance sheet in accordance with GAAP). 

“Consolidated Secured Indebtedness” means, as of any date of determination, the sum of (a) the aggregate
principal amount of all Indebtedness of the General Partner, the Borrower and their respective Subsidiaries outstanding at such date which is secured by a Lien on any asset of the General Partner, the Borrower or any of their respective Subsidiaries
and (b) the excess, if any, of (i) the aggregate principal amount of all Unsecured Indebtedness of the Subsidiaries of the General Partner or the Borrower over (ii) $5,000,000, determined on a consolidated basis in accordance
with GAAP and (c) the General Partner’s and Borrower’s pro rata share of any secured debt in Investment Affiliates. 
 “Consolidated Total Indebtedness” means, as of any date of determination, all Indebtedness of the General Partner, the Borrower and their respective Subsidiaries outstanding at such date,
determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Unsecured Indebtedness”
means, as of any date of determination, the sum of the aggregate principal amount of all Funded Debt of the General Partner, the Borrower and their wholly-owned Subsidiaries outstanding at such date which does not constitute Consolidated Secured
Indebtedness of such Persons. 
 “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 General Partner, the Borrower or any of their Subsidiaries, are treated as a single employer under Section 414 of the Code.

 “Conversion/Continuation Notice” is defined in Section 2.11. 

“Credit Extension” means the making of an Advance or the issuance of a Facility Letter of Credit. 

“Debt Service” means, for any fiscal quarter, Interest Expense plus scheduled principal amortization payments
(excluding balloon payments), provided that in the case of amortization payments made less frequently than quarterly, 25% of the aggregate amortization payments for the fiscal year including such fiscal quarter shall be included in Debt
Service for such quarter. 
 “Default” means a Default described in Article VIII. 

  
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 “Defaulting Lender” means any Lender, as reasonably determined by
the Administrative Agent, that has (a) failed to fund any portion of its Loans or participations in Facility Letters of Credit or Swing Line Loans within three (3) Business Days of the date required to be funded by it hereunder,
(b) notified the Borrower, the Administrative Agent, the Issuing Bank, the Swing Line Lender or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to
the effect that it does not intend to comply with its funding obligations under this Agreement or under any other agreements with any Person in which it commits to extend credit, unless, in the case of such a statement with respect to another
agreement, such Lender has affirmed in writing to the Borrower and the Administrative Agent that it intends to comply with its obligations under this Agreement, (c) otherwise failed to pay over to the Administrative Agent or any other Lender
any other amount required to be paid by it hereunder within three (3) Business Days of the date when due, unless the subject of a good faith dispute, or (d) (i) become or is insolvent or has a parent company that has become or is
insolvent or (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its
business or custodian, appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy
or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian appointed for it, or has taken any
action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment, provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity
Interest in such Lender or parent company thereof by a Governmental Authority or agency thereof. 

“Designated Lender” means any Person who has been designated by a Lender to fund Competitive Bid Loans.

 “Designating Lender” is defined in Section 13.4. 

“Designation Agreement” means a designation agreement entered into by a Lender (other than a Designated Lender)
and a Designated Lender, and accepted by the Administrative Agent and Borrower, in substantially the form of Exhibit I hereto. 
 “Earnings From Service Operations” means the sum of “general contractor revenue” minus “general contractor costs” plus revenues from other service fee-based
services, such as property management, asset management and construction management minus “service operations general expenses” plus gains (or minus losses) from “disposition of build-for-sale properties”, as each
of such terms is reported on the consolidated financial statements of the General Partner, the Borrower and their Subsidiaries. 
 “EBITDA” means operating income before extraordinary and non-recurring items, non-cash impairment charges, losses/gains on sales of Properties that are not merchant building Properties, gains on
merchant building Properties to the extent of impairment charges previously taken in connection with such merchant building Properties, equity in earnings of Investment Affiliates and minority interest in earnings, as reported by the General
Partner, the Borrower and their Subsidiaries in accordance with GAAP, plus (i) Interest Expense (excluding the General Partner’s and the Borrower’s pro rata share of interest expense of Investment Affiliates),

  
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depreciation, amortization and income tax (if any) expense plus (ii) (without redundancy) the General Partner’s and the Borrower’s pro rata share of Net Operating Income from
Investment Affiliates. For avoidance of doubt, “nonrecurring items” include, but is not limited to, gains and losses on early retirement or extinguishment of debt; severance and other restructuring charges; and transaction costs of
acquisitions that are not permitted to be capitalized. Notwithstanding the above, gains on merchant build Properties representing greater than 5% of EBITDA will be excluded from the calculation of EBITDA. 

“Eligible Ground Lease” means a ground lease that (i) (a) provides for the fee interest to be
mortgaged as additional security for any leasehold mortgage at the option of the tenant, so long as there is no superior mortgage on the fee interest, (b) contains an option for the tenant to purchase the fee interest at a nominal sum, so
long as such option can be collaterally assigned to a lender and there is no superior mortgage on the fee interest or (c) contains notice rights, default cure rights, bankruptcy new lease rights and other customary provisions in the lease
(or provides for similar provisions in a separate agreement) that taken as a whole would constitute a financeable ground lease to a prudent institutional lender in the business of making commercial real estate loans, and (ii) in the case of
clause (i) (a) or (c) above, has a minimum remaining term of thirty (30) years, including tenant controlled renewal or extension options, as of the date of determination. The Eligible Ground Leases as of the date of this
Agreement are listed on Schedule EG. 
 “Environmental Laws” means any and all foreign,
Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other requirements of law (including common law) regulating, relating to or imposing liability
or standards of conduct concerning protection of human health or the environment, as now or may at any time hereafter be in effect, in each case to the extent the foregoing are applicable to the General Partner, the Borrower or any Subsidiary or any
of their respective assets or Projects. 
 “Equity Interests” means shares of capital stock,
partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or
acquire any such equity interest. 
 “Equity Value” means, with respect to any Subsidiary of the
General Partner or the Borrower, Net Operating Income of the assets of such Subsidiary capitalized at an 7.75% rate less any Indebtedness of such Subsidiary or, in the case of assets acquired by such Subsidiary after the closing of the Facility and
for a period of one year after acquisition, the purchase price of such asset less any Indebtedness at such Subsidiary attributable to such asset. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder. 

“Excluded Taxes” means, in the case of each Lender or applicable Lending Installation and the Administrative
Agent, taxes imposed on its overall income or net worth, and franchise taxes imposed on it, by (i) the jurisdiction under the laws of which such Lender or the Administrative Agent is incorporated or organized or (ii) the jurisdiction in
which the Administrative Agent’s or such Lender’s principal executive office or such Lender’s applicable Lending Installation is located. 

  
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 “Facility Fee” is defined in Section 2.5. 

“Facility Letter of Credit” means a Letter of Credit issued hereunder. 

“Facility Letter of Credit Exposure” means, at any time, the sum of the Facility Letter of Credit Obligations
at such time. The Facility Letter of Credit Exposure of any Lender at any time shall be its Percentage of the total Facility Letter of Credit Exposure at such time. 

“Facility Letter of Credit Obligations” means, as at the time of determination thereof, all liabilities,
whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

 “Federal Funds Effective Rate” means, for any day, an interest rate per annum equal to the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the immediately preceding
Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 10 a.m. (Chicago time) on such day on such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent in its sole discretion. 
 “Fixed Charges” means, for any fiscal quarter, Debt Service for such quarter plus Preferred Dividends. 
 “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. 
 “Funded Debt” means, with respect to any Person, the sum,
without duplication, of (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary
course of business and payable in accordance with customary practices), to the extent such obligations constitute indebtedness for the purposes of GAAP, (c) any other indebtedness of such Person which is evidenced by a note, bond, debenture or
similar instrument, and (d) all Capitalized Lease Obligations. For the avoidance of doubt, Funded Debt shall not include Guarantee Obligations or reimbursement obligations in respect of letters of credit. 

“Funded Percentage” means, with respect to any Lender at any time, a percentage equal to a fraction the
numerator of which is the amount actually disbursed and outstanding to Borrower by such Lender at such time (including Swing Line Loans and Competitive Bid Loans), and the denominator of which is the total amount disbursed and outstanding to
Borrower by all of the Lenders at such time (including Swing Line Loans and Competitive Bid Loans). 

  
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 “Funds From Operations” means, for any period, Consolidated Net
Income for such period without giving effect to depreciation and amortization, gains or losses from extraordinary items, gains or losses on sales of previously depreciated real estate, non-cash, non-recurring charges, including adjustments for
repurchase or redemption of preferred stock and real estate impairment charges, and non-cash adjustments made pursuant to ASC 480. 
 “GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time, applied in a manner consistent with that used in preparing the financial
statements referred to in Section 6.4. 
 “General Partner” means Duke Realty Corporation,
an Indiana corporation, the sole general partner of the Borrower, and its successors and assigns. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof and
any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Guarantee Obligation” means, as to any Person (the “guaranteeing person”), any obligation (determined without duplication) of (a) the guaranteeing person or
(b) another Person (including, without limitation, any bank under any Letter of Credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counter-indemnity or similar obligation, in either case guaranteeing or
in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including,
without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds
(1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase
property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the
owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The
amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the maximum stated amount of the primary obligation relating to such Guarantee Obligation (or, if less, the maximum stated liability set forth in the instrument
embodying such Guarantee Obligation), provided, that in the absence of any such stated amount or stated liability, the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in
respect thereof as determined by the Borrower in good faith. Notwithstanding the foregoing, the term Guarantee Obligation shall only include the portion of a Guarantee by Borrower or General Partner of Indebtedness of an Investment Affiliate which
is secured by a Lien on any assets (“Investment Affiliate Debt”) that is greater than 50% of the value of the properties securing the Investment Affiliate Debt. (with value computed by capitalizing the Property Operating Income from
Stabilized Properties at a rate of 7.75%, and for other properties at lower of GAAP book value or appraised value based on appraisals received by the Borrower, if any); provided that the aggregate amount so excluded as Guarantee Obligations cannot
exceed 2.5% of Total Asset Value. For purposes of 

  
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this definition, to the extent that the Borrower is required to include any guarantees given on tax increment financing (or any other type of public financing where a government entity
contributes to the project costs) and the amount contributed by the government entity is deducted from the book value of the property in accordance with GAAP, then the Borrower shall adjust the property value to exclude the deduction if the Borrower
is using GAAP book value to determine property value. 
 “Guarantor” means the General Partner in its
capacity as the guarantor under the Guaranty. 
 “Guaranty” means that certain Seventh Amended and
Restated Guaranty of even date herewith executed by the Guarantor in favor of the Administrative Agent, for the ratable benefit of the Lenders, as it may be amended or modified and in effect from time to time. 

“Indebtedness” of any Person at any date means without duplication, (a) all indebtedness of such Person
for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary
practices), to the extent such obligations constitute indebtedness for the purposes of GAAP, (c) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (d) all Capitalized Lease
Obligations, (e) all obligations of such Person in respect of acceptances issued or created for the account of such Person, (f) all Guarantee Obligations of such Person (excluding in any calculation of consolidated indebtedness of the
Borrower, Guarantee Obligations of the Borrower in respect of primary obligations of any Subsidiary), (g) all Reimbursement Obligations of such Person for letters of credit and other contingent liabilities to the extent not otherwise included
under another clause of this definition, (h) Rate Management Obligations, (i) all liabilities secured by any lien (other than liens for taxes not yet due and payable) on any property owned by such Person even though such Person has not
assumed or otherwise become liable for the payment thereof, (j) any repurchase obligation or liability of such Person or any of its Subsidiaries with respect to accounts or notes receivable sold by such Person or any of its Subsidiaries,
(k) any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the consolidated balance sheet of such Person, (l) such Person’s pro rata share of debt in
Investment Affiliates and (m) any loans where such Person is liable as a general partner. 

“Indemnified Parties” means the Arrangers and the Administrative Agent. 

“Interest Expense” means all interest expense of the General Partner, the Borrower and their Subsidiaries
determined in accordance with GAAP plus (i) the General Partner’s and the Borrower’s pro rata share of interest expense in Investment Affiliates, (ii) capitalized interest not covered by an interest reserve from a loan facility,
(iii) 100% of any accrued, or paid interest incurred on any obligation for which the Borrower or the General Partner is wholly or partially liable under repayment, interest carry, or performance guarantees, or other relevant liabilities,
provided that (x) no expense shall be included more than once in such calculation even if it falls within more than one of the foregoing categories and (y) all non-cash interest expense shall be excluded from the definition of Interest
Expense. 

  
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 “Interest Period” means a LIBOR Interest Period or Absolute
Interest Period. 
 “Investment” of a Person means any loan, advance (other than commission, travel
and similar advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade), deposit account or contribution
of capital by such Person to any other Person or any investment in, or purchase or other acquisition of, the stock, partnership interests, notes, debentures or other securities of any other Person made by such Person. 

“Investment Affiliate” means any Person in which the General Partner or the Borrower, directly or indirectly,
has an ownership interest, whose financial results are not consolidated under GAAP with the financial results of the General Partner or the Borrower on the consolidated financial statements of the General Partner or the Borrower. 

“Invitation for Competitive Bid Quotes” means a written notice to the Lenders from the Administrative Agent in
the form attached as Exhibit C-2 for Competitive Bid Loans made pursuant to Section 2.15. 
 “Issuing Bank” means, with respect to each Facility Letter of Credit, the Lender which issues such Facility Letter of Credit. 

“Lender Affiliate” means, (a) with respect to any Lender, (i) an Affiliate of such Lender or
(ii) any entity (whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary course of its business and is
administered or managed by a Lender or an Affiliate of such Lender and (b) with respect to any Lender that is a fund which invests in bank loans and similar extensions of credit, any other fund that invests in bank loans and similar extensions
of credit and is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
 “Lenders” means the lending institutions listed on the signature pages of this Agreement, their respective successors and assigns and any other lending institutions that subsequently become
parties to this Agreement pursuant to Section 13.3 and except when used in reference to an obligation of the Lenders which is based on their Percentage of the Aggregate Commitment, each Designated Lender. 

“Lending Installation” means, with respect to a Lender, any office, branch, subsidiary or affiliate of such
Lender. 
 “Letter of Credit” of a Person means a letter of credit or similar instrument which is
issued upon the application of such Person or upon which such Person is an account party or for which such Person is in any way liable. 
 “Letter of Credit Collateral Account” is defined in Section 3.14. 
 “LIBOR Advance” means an Advance which bears interest at a LIBOR Rate, whether a ratable Advance based on the LIBOR Applicable Margin or a Competitive Bid Loan based on a Competitive LIBOR
Margin. 

  
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 “LIBOR Applicable Margin” means, as of any date with respect to
any LIBOR Interest Period, the Applicable Margin in effect for such LIBOR Interest Period as determined in accordance with Section 2.4 hereof. 
 “LIBOR Base Rate” means, with respect to a LIBOR Advance for the relevant LIBOR Interest Period, the rate appearing on Reuters BBA Libor Rates Page 01 (or on any successor or substitute
page of such page) providing rate quotations comparable to those currently provided on such page of such page, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar
deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such LIBOR Interest Period, as the rate for dollar deposits with a maturity comparable to such LIBOR Interest Period.
In the event that such rate is not available at such time for any reason, then the “LIBOR Base Rate” with respect to such LIBOR Advance for such LIBOR Interest Period shall be the rate at which dollar deposits of $5,000,000 and for
a maturity comparable to such LIBOR Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two
(2) Business Days prior to the commencement of such LIBOR Interest Period. 
 “LIBOR Interest
Period” means with respect to a LIBOR Advance, a period of one, two, three or six months commencing on a Business Day selected by the Borrower pursuant to this Agreement. Such LIBOR Interest Period shall end on (but exclude) the day which
corresponds numerically to such date one, two, three or six months thereafter, provided, however, that if there is no such numerically corresponding day in such next, second, third or sixth succeeding month, such LIBOR Interest Period shall end on
the last Business Day of such next, second, third or sixth succeeding month. If a LIBOR Interest Period would otherwise end on a day which is not a Business Day, such LIBOR Interest Period shall end on the next succeeding Business Day, provided,
however, that if said next succeeding Business Day falls in a new calendar month, such LIBOR Interest Period shall end on the immediately preceding Business Day. In no event shall a LIBOR Interest Period extend beyond the then current Termination
Date. 
 “LIBOR Loan” means a Loan which bears interest at a LIBOR Rate. 

“LIBOR Rate” means, with respect to a LIBOR Advance for the relevant LIBOR Interest Period, the sum of
(i) the quotient of (a) the LIBOR Base Rate applicable to such LIBOR Interest Period, divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to such LIBOR Interest Period, plus (ii) the LIBOR
Applicable Margin in effect on the day that such LIBOR Base Rate was determined. The LIBOR Rate shall be rounded to the next higher multiple of 1/100 of 1% if the rate is not a multiple of 1/16 of 1% or of 1/100 of 1%. 

“Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, Capitalized Lease or other
title retention agreement). 
 “Loan” means, with respect to a Lender, such Lender’s portion of
any Advance. 

  
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 “Loan Documents” means this Agreement, the Notes, the Guaranty,
the Subsidiary Guaranties, and any other document from time to time evidencing or securing indebtedness or obligations incurred by the General Partner or the Borrower under this Agreement, as any of the foregoing may be amended or modified from time
to time. 
 “Managing Agent” means the managing agent(s) identified in the cover page to this
Agreement. 
 “Material Adverse Effect” means a material adverse effect on (i) the business,
Property, financial condition or results of operations of the General Partner, the Borrower and their Subsidiaries, taken as a whole, (ii) the ability of the General Partner or the Borrower to perform their obligations under the Loan Documents,
or (iii) the validity or enforceability of any of the Loan Documents or the rights or remedies of the Administrative Agent or the Lenders thereunder. 
 “Material Subsidiary” means a Subsidiary owning assets with a value greater than $2,000,000. 
 “Materials of Environmental Concern” means any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or
wastes, defined or regulated as such in or under any Environmental Law, including, without limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation. 

“Maximum Legal Rate” means the maximum nonusurious interest rate, if any, that at any time or from time to time
may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or in the Note or other Loan Documents, under the laws of such state or states whose laws are held by any court of
competent jurisdiction to govern the interest rate provisions of the Loan. 
 “Moody’s” means
Moody’s Investors Service, Inc. and its successors. 
 “Multiemployer Plan” means a Plan
maintained pursuant to a collective bargaining agreement or any other arrangement to which the General Partner, the Borrower or any member of the Controlled Group is a party to which more than one employer is obligated to make contributions.

 “Net Operating Income” means, with respect to any Investment Affiliate or Subsidiary, for any
period, such entity’s operating income minus all operating expenses (as determined in accordance with GAAP) incurred in connection with and directly attributable to the generation of such operating income but excluding interest expense and
other debt service charges and any non-cash charges such as depreciation or amortization of financing costs. 

“Note” means a promissory note, in substantially the form of Exhibit B-1 hereto, duly executed by the
Borrower and payable to the order of a Lender in the amount of its Commitment, including any amendment, modification, renewal or replacement of such promissory note or a competitive bid note, in substantially the form of Exhibit B-2 hereto,
duly executed by the Borrower and payable to the order of a Competitive Bid Lender, including any amendment, modification, renewal or replacement of such note. 

  
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 “Notice of Assignment” is defined in Section 13.3.2.

 “Obligations” means the Advances, the Facility Letter of Credit Obligations and all accrued and
unpaid fees and all other obligations of Borrower to the Administrative Agent or the Lenders arising under this Agreement or any of the other Loan Documents. 
 “Outstanding Credit Exposure” means, as to any Lender at any time, the sum of (i) the aggregate principal amount of its Loans outstanding at such time, plus (ii) an amount equal to its
Percentage of the Facility Letter of Credit Obligations at such time plus (iii) an amount equal to its Percentage of the aggregate principal amount of Swing Line Loans outstanding at such time. 

“Other Taxes” is defined in Section 4.5(ii). 

“Participants” is defined in Section 13.2.1. 

“Payment Date” means, with respect to the payment of interest accrued on any ABR Advance, the first Business
Day of each calendar month. 
 “PBGC” means the Pension Benefit Guaranty Corporation, or any successor
thereto. 
 “Percentage” means, with respect to any Lender, the percentage of the Aggregate
Commitments represented by such Lender’s Commitment; provided that solely for the purposes of Section 2.24(c) when a Defaulting Lender shall exist, “Percentage” shall mean the percentage of the Aggregate Commitments
(disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Percentages shall be determined based upon the Commitments most recently in effect, giving effect
to any assignments. 
 “Permitted Liens” are defined in Section 7.15. 

“Person” means any natural person, corporation, firm, joint venture, partnership, association, enterprise,
trust or other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof. 
 “Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code as to which the General
Partner, the Borrower or any member of the Controlled Group may have any liability. 
 “Preferred
Dividends” shall mean, for any period, without duplication of such amounts as constitute intercompany debts or distributions, the sum of (a) dividends or distributions due and payable or accrued during such period on preferred stock issued
by General Partner or a Subsidiary, and (b) distributions which are the functional equivalent of preferred dividends (i.e., which the issuer is required to make prior to distributions on another class or other classes of partnership interests)
and which are due and payable or accrued during such period on preferred partnership interests issued by Borrower or any other Subsidiary. 

  
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 “Pre-Stabilized Property” means, as of any date of determination,
any income-producing Project in which construction has been completed for more than 18 months but which has not yet achieved an occupancy rate of 85%. Any such Project shall be treated as a Pre-Stabilized Property until it achieves an occupancy rate
of 85%, unless the Borrower has made a one-time election to treat such Project as a Stabilized Property (and no longer treat such Project as a Pre-Stabilized Property). 

“Prime Rate” means a rate per annum equal to the prime rate of interest publicly announced from time to time by
Administrative Agent or its parent (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. 
 “Project” means any real estate asset owned or operated by the Borrower or any Subsidiary and operated or intended to be operated as an office, medical office, industrial or retail property.

 “Property” of a Person means any and all property, whether real, personal, tangible, intangible, or
mixed, of such Person, or other assets owned, leased or operated by such Person. 
 “Property Operating
Income” means, with respect to any Project or other real estate asset, for any period, earnings from rental operations (computed in accordance with GAAP) attributable to such Project or other real estate asset plus depreciation, amortization
and interest expense for such period, and, if such period is less than a year, adjusted by straight lining various ordinary operating expenses which are payable less frequently than once during every such period (e.g. real estate taxes and
insurance). 
 “Purchasers” is defined in Section 13.3.1. 

“Rate Management Obligations” of a Person means any and all payment obligations of such Person then due under
(i) any and all Rate Management Transactions, and (ii) any and all cancellations, buybacks, reversals, terminations or assignments of any Rate Management Transactions, in each case net of liabilities owed by the counterparties thereto and
net of any collateral consisting of cash, cash equivalents or letters of credit held solely for such payment obligations. 
 “Rate Management Transaction” means any transaction (including an agreement with respect thereto) now existing or hereafter entered by the Borrower or any Subsidiary which is a rate swap, basis
swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction,
forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions) or any combination thereof, whether linked to one
or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time
in effect and any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal
Reserve System. 

  
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 “Reimbursement Obligations” means at any time, the aggregate of
the Obligations of the Borrower to the Lenders, the Issuing Bank and the Administrative Agent in respect of all unreimbursed payments or disbursements made by the Lenders, the Issuing Bank and the Agent under or in respect of the Facility Letters of
Credit. 
 “Reportable Event” means a reportable event as defined in Section 4043 of ERISA and
the regulations issued under such section, with respect to a Plan, excluding, however, such events as to which the PBGC by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the
occurrence of such event, provided, however, that a failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waiver of the notice
requirement in accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code. 

“Required Lenders” means Lenders having in the aggregate greater than 50% of the Aggregate Commitment (not held
by Defaulting Lenders who are not entitled to vote) or, if the Aggregate Commitment has been terminated, Lenders holding in the aggregate greater than 50% of the aggregate Outstanding Credit Exposure (not held by Defaulting Lenders who are not
entitled to vote). 
 “Reserve Requirement” means, with respect to a LIBOR Interest Period, the
maximum aggregate reserve requirement on Eurocurrency liabilities. 
 “SEC” means the Securities and
Exchange Commission. 
 “Section” means a numbered section of this Agreement, unless another document
is specifically referenced. 
 “Single Employer Plan” means a Plan maintained by the General Partner
or the Borrower or any member of the Controlled Group for employees of the General Partner or the Borrower or any member of the Controlled Group. 
 “Stabilized Property” means, as of any date of determination, any income-producing Project in which construction of improvements has been completed and which has achieved an occupancy rate of
85%. 
 “Subsidiary” means, as to any Person, a corporation, partnership or other entity of which
shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other
managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person, including all subsidiaries
consolidated pursuant to GAAP (other than subsidiaries that are so consolidated because of the application of FASB Accounting Standards Codification 810-10 and do not otherwise meet the control tests described above). Unless otherwise qualified, all
references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower or the General Partner. 

  
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 “Subsidiary Guarantor” means a Subsidiary of Borrower or General
Partner which executes and delivers a Subsidiary Guaranty so that the Project owned by such Subsidiary shall qualify as an Unencumbered Asset. The Subsidiary Guarantors as of the date of this Agreement are listed on Schedule SG.

 “Subsidiary Guaranty” means any guaranty executed and delivered by any Subsidiary Guarantor,
substantially in the form of Exhibit K, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Substantial Portion” means, with respect to the Property of the General Partner, the Borrower or their Subsidiaries, taken as a whole, Property which (i) represents more than 25% of the
consolidated assets of the General Partner, the Borrower and their Subsidiaries as disclosed on the most recently issued quarterly consolidated financial statements of the General Partner, the Borrower and their Subsidiaries, or (ii) is
responsible for more than 25% of the consolidated net sales of the General Partner, the Borrower and their Subsidiaries as reflected in the financial statements referred to in clause (i) above. 

“Swing Line Exposure” means, at any time, the aggregate principal amount of all Swing Line Loans outstanding at
such time. The Swing Line Exposure of any Lender at any time shall be its Percentage of the total Swing Line Exposure at such time. 
 “Swing Line Lender” shall mean Administrative Agent, in its capacity as a Lender. 
 “Swing Line Loans” means loans of up to $80,000,000 made by the Swing Line Lender in accordance with Section 2.14 hereof. 

“Syndication Agent” means the Syndication Agents identified on the cover page of this Agreement. 

“S&P” means Standard & Poor’s Ratings Group and its successors. 

“Taxes” means any and all present or future taxes, duties, levies, imposts, deductions, charges or
withholdings, and any and all liabilities with respect to the foregoing, but excluding Excluded Taxes and Other Taxes. 
 “Termination Date” means December 1, 2015 or any earlier date on which the Aggregate Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof. The Borrower may
extend the originally scheduled Termination Date for a period of up to one (1) year provided that (x) the Borrower provides written notice of such extension at least thirty (30) days but not more than ninety (90) days prior to
the originally scheduled Termination Date, (y) no Default exists on the date of such notice, and (z) the Borrower pays an extension fee equal to 0.20% of the Aggregate Commitment by or on the originally scheduled Termination Date.

 “Total Asset Value” means the sum without duplication of: (a) Total Property Operating Income
for all Stabilized Properties for the preceding quarter multiplied by four, capitalized at 7.75%, plus (b) Earnings From Service Operations for the preceding 12 full calendar months capitalized at 12.5%, plus (c) 100% of the GAAP book
value of Assets Under Development plus (d) 50% of the GAAP book value of Pre-Stabilized Assets, plus (e) the GAAP book value of 

  
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Acquisition Assets plus (f) the amount of any Unrestricted Cash and Cash Equivalents (excluding restricted tenant security deposits, cash pledged to secure letters of credit and other
indebtedness and other restricted deposits); provided that any amount of Unrestricted Cash and Cash Equivalents netted against Consolidated Total Indebtedness or Consolidated Secured Indebtedness per Sections 7.20 (ii) or (iv) shall be
excluded from the calculation of Total Asset Value, plus (g) the lower of book value or appraised value based on appraisals received by the Borrower, if any, of land not under development. The amount described in clause (b) excludes gains
on merchant build Properties from Earnings From Service Operations, and the amount described in clause (c) cannot exceed 10% of Total Asset Value. For purposes of this definition, if the Borrower has included guarantees related to any tax
increment financing (or any other type of public financing where a government entity contributes to the project costs) as described in the definition of “Guarantee Obligation”, then the Total Asset Value of any Project subject to such
financing shall be adjusted to exclude the related deduction in book value of such Project if the Borrower is using GAAP book value to determine the Total Asset Value of such Project. 

For purposes of determining Total Asset Value, the contributions to Total Asset Value from investments in (i) land
not under development, (ii) non-office/medical office/industrial/retail property holdings (excluding cash), (iii) stock holdings, (iv) mortgages, (v) passive non-real estate investments, and (vi) joint ventures and
partnerships, will be capped as follows: (1) the Total Asset Value attributable to the first category (land not under development) shall not exceed 13% of Total Asset Value, (2) the Total Asset Value attributable to any one of categories
(ii) through (v) shall not exceed 10% of Total Asset Value, (3) the Total Asset Value attributable to the sixth category (joint ventures and partnerships) shall not exceed 25% of Total Asset Value, and (4) the Total Asset Value
attributable to all the foregoing investment categories will be limited, in the aggregate, to not more than 30% of Total Asset Value. Notwithstanding the foregoing Borrower shall be permitted to include investments in assets based in Canada or
Mexico in the determination of Total Asset Value provided the leases on those assets are paid in United States Dollars or Canadian Dollars and Total Asset Value attributable to same shall not exceed 10% of Total Asset Value. 

For purposes of the preceding paragraph, non-revenue-generating investments and non-Project-revenue-generating assets
will be valued at the lower of GAAP book value or appraised value based on appraisals received by the Borrower, if any. 
 “Total Liabilities” means all Indebtedness plus all other GAAP liabilities of the Borrower, General Partner and their respective Subsidiaries. 

“Total Property Operating Income” means the sum of (i) earnings from rental operations (computed in
accordance with GAAP) plus depreciation, amortization and interest expense (adjusted for any acquisitions and divestitures), and (ii) (without redundancy) the Borrower’s pro rata share of Net Operating Income from Investment Affiliates.
The earnings from rental operations shall be adjusted to include pro forma earnings (as substantiated to the satisfaction of the Administrative Agent) for an entire quarter for any property acquired or placed in service during the quarter and to
exclude earnings during such quarter from any property not owned as of the end of the quarter. 

“Transferee” is defined in Section 13.5. 

  
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 “Type” means, with respect to any Advance, its nature as a ABR
Advance or a LIBOR Advance. 
 “Unencumbered Asset” means, with respect to any Project which is in
service, as of the end of any fiscal quarter, the circumstance that such asset on such date (a) is not subject to any Liens or claims (including restrictions on transferability or assignability) of any kind (including any such Lien, claim or
restriction imposed by the organizational documents of the Borrower or any Subsidiary, but excluding Permitted Liens other than those identified in Sections 7.15(v) and (vi)), (b) is not subject to any agreement (including
(i) any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset, and (ii) if applicable, the organizational documents of the Borrower or any Subsidiary) which prohibits or limits the ability
of the General Partner, the Borrower or any of their Subsidiaries to create, incur, assume or suffer to exist any Lien upon any assets or Capital Stock of the General Partner, the Borrower or any of their Subsidiaries, and (c) is not subject to
any agreement (including any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset) which entitles any Person to the benefit of any Lien (but excluding Permitted Liens other than those identified in
Sections 7.15(v) and (vi)) on any assets or Capital Stock of the General Partner, the Borrower or any of their Subsidiaries, or would entitle any Person to the benefit of any Lien (but excluding Permitted Liens other than those
identified in Sections 7.15(v) and (vi)) on such assets or Capital Stock upon the occurrence of any contingency (including, without limitation, pursuant to an “equal and ratable” clause), (d) is 100% owned in fee
simple or ground-leased under an Eligible Ground Lease by (i) the Borrower, (ii) a Subsidiary Guarantor or (iii) a wholly-owned Subsidiary of the Borrower (x) that is not a Guarantor, (y) that is not liable for any
Indebtedness (including any guarantees of Indebtedness of another Person) and (z) that is not the subject of an event of the type described in Sections 8.7 or 8.8 (an “Unencumbered Property Subsidiary”), and
(e) is in compliance with the representations in Section 6.20. For the purposes of this Agreement, any Property of a Subsidiary shall not be deemed to be unencumbered unless both (i) such Property and (ii) all Capital
Stock of such Subsidiary held by the General Partner or the Borrower is unencumbered. 
 “Unencumbered
Property Subsidiary” is defined in the definition of “Unencumbered Asset” above. 

“Unfunded Liabilities” means the amount (if any) by which the present value of all vested nonforfeitable
benefits under all Single Employer Plans exceeds the fair market value of all such Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans. 

“Unmatured Default” means an event which but for the lapse of time or the giving of notice, or both, would
constitute a Default. 
 “Unrestricted Cash and Cash Equivalents” means, as of any date of
determination, the sum of (a) the aggregate amount of Unrestricted cash then held by the Borrower or any of its consolidated Subsidiaries and (b) the aggregate amount of Unrestricted Cash Equivalents (valued at the lower of cost and fair
market value) then held by the Borrower or any of its consolidated Subsidiaries. As used in this definition, “Unrestricted” means the specified asset is not subject to any Liens or claims of any kind in favor of any Person. 

  
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 “Wholly-Owned Subsidiary” of a Person means (i) any
Subsidiary all of the outstanding voting securities of which shall at the time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned
Subsidiaries of such Person, or (ii) any partnership, association, joint venture or similar business organization 100% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. 

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.

 ARTICLE II 
 THE CREDIT 
 2.1. Commitment. From and
including the date of this Agreement and prior to the Termination Date, each Lender severally agrees, subject to the terms and conditions set forth in this Agreement, to make Loans to the Borrower from time to time prior to the Termination Date,
provided that the making of any such Loan will not cause the total of the outstanding principal balance of all Loans (including Swing Line Loans and Competitive Bid Loans) and the Facility Letter of Credit Obligations to exceed the Aggregate
Commitment. Except for Swing Line Loans and Competitive Bid Loans, each Lender shall fund its Percentage of each Advance and no Lender will be required to fund any amount, which when aggregated with such Lender’s Percentage of: (i) all
other Advances (other than Competitive Bid Loans) then outstanding, (ii) Facility Letter of Credit Obligations, and (iii) all Swing Line Loans, would exceed such Lender’s Commitment. Subject to the terms of this Agreement, the
Borrower may borrow, repay and reborrow at any time prior to the Termination Date. The Commitments of each Lender to lend hereunder shall expire on the Termination Date. The Aggregate Commitment may be increased by up to $400,000,000 in the
aggregate from time to time by the addition of a new Lender or the increase of the Commitment of an existing Lender with the consent of only the Borrower, the Administrative Agent, and the new or existing Lender providing such additional Commitment
so long as the Aggregate Commitment does not exceed $1,250,000,000 less any voluntary reductions pursuant to Section 2.7. Such increases shall be evidenced by the execution and delivery of an Amendment Regarding Increase in the form of
Exhibit J attached hereto by the Borrower, the Administrative Agent and the new Lender or existing Lender providing such additional Commitment, a copy of which shall be forwarded to each Lender by the Administrative Agent promptly after
execution thereof. On the effective date of each such increase in the Aggregate Commitment, the Borrower and the Administrative Agent shall cause the new or existing Lenders providing such increase to hold its or their Percentage of all ratable
Advances outstanding at the close of business on such day, by either funding more than its or their Percentage of new ratable Advances made on such date or purchasing shares of outstanding ratable Loans held by the other Lenders or a combination
thereof. The Lenders agree to cooperate in any required sale and purchase of outstanding ratable Advances to achieve such result. Borrower agrees to pay all fees associated with the increase in the Aggregate Commitment including any amounts due
under Section 4.4 in connection with any reallocation of LIBOR Advances. In no event will such new or existing Lenders providing the increase be required to fund or purchase a portion of any Competitive Bid Loan or Swing Line Loan to
comply with this Section on such date. No Lender shall be required to increase its Commitment in connection with the increase in the Aggregate Commitment herein described. 

  
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 2.2. Final Principal Payment. The Borrower promises to pay and shall
pay all outstanding Advances and all other unpaid Obligations in full on the Termination Date. 
 2.3.
Loans. Each Advance hereunder shall consist of Loans made from the several Lenders ratably in proportion to the ratio that their respective Commitments bear to the Aggregate Commitment except for Swing Line Loans which shall be made by the
Swing Line Lender in accordance with Section 2.14 and Competitive Bid Loans made in accordance with Section 2.15. The Advances may be ABR Advances or LIBOR Advances, or a combination thereof, selected by the Borrower in
accordance with Sections 2.10 and 2.11. 
 2.4. Applicable Margins. The ABR Applicable
Margin and the LIBOR Applicable Margin to be used in calculating the interest rate applicable to different Types of Advances shall vary from time to time in accordance with the long-term unsecured debt ratings of the Borrower as set forth in the
table attached as Exhibit A. In the event that a rating agency shall discontinue its ratings of the REIT industry or the Borrower, a mutually agreeable substitute rating agency may be selected by the Required Lenders and the Borrower.

 If a rating agency downgrade or discontinuance results in an increase in the ABR Applicable Margin, the LIBOR
Applicable Margin or Facility Fee Rate and if such downgrade or discontinuance is reversed and the affected Applicable Margin is restored within ninety (90) days thereafter, at the Borrower’s request, the Borrower shall receive a credit
against interest next due the Lenders equal to interest accrued from time to time during such period of downgrade or discontinuance and actually paid by the Borrower on the Advances at the differential between such Applicable Margins, and the
differential of the Facility Fees paid during such period of downgrade. 
 If a rating agency upgrade results in
a decrease in the ABR Applicable Margin, LIBOR Applicable Margin or Facility Fee Rate and if such upgrade is reversed and the affected Applicable Margin is restored within ninety (90) days thereafter, Borrower shall be required to pay an amount
to the Lenders equal to the interest differential on the Advances and the differential on the Facility Fees during such period of upgrade. 
 2.5. Facility Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee (the “Facility Fee”) calculated at a per annum percentage
(“Facility Fee Rate”) of the total Aggregate Commitment. The Facility Fee Rate shall vary from time to time based on the Borrower’s long term unsecured debt rating as set forth in the table attached hereto as Exhibit A,
and determined in a manner consistent with the provisions of Section 2.4 relating to Applicable Margins, and the Facility Fee shall be payable quarterly in arrears on the last day of each calendar quarter hereafter beginning
December 31, 2011 and on the Termination Date. 
 2.6. Other Fees. The Borrower will pay to the
Arrangers, to the Administrative Agent and to Administrative Agent for the benefit of the Lenders on or before the date hereof the fees specified in that certain Fee Letter dated September 23, 2011. 

  
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 2.7. Voluntary Reduction of Aggregate Commitment Amount. Upon at
least fifteen (15) days prior irrevocable written notice (or telephone notice promptly confirmed in writing) to the Administrative Agent, Borrower shall have the right, without premium or penalty, to terminate permanently the Aggregate
Commitment in whole or in part provided that (a) Borrower may not reduce the Aggregate Commitment below the Allocated Facility Amount at the time of such requested reduction, and (b) any such partial termination shall be in the minimum
aggregate amount of Five Million Dollars ($5,000,000.00) or any integral multiple of Five Million Dollars ($5,000,000.00) in excess thereof. Any partial termination of the Aggregate Commitment shall be applied pro rata to each Lender’s
Commitment. 
 2.8. Minimum Amount of Each Advance. Each LIBOR Advance shall be in the minimum amount of
$2,000,000 (and in multiples of $1,000,000 if in excess thereof), and each ABR Advance shall be in the minimum amount of $1,000,000 (and in multiples of $500,000 if in excess thereof), provided, however, that any ABR Advance may be in the amount of
the unused Aggregate Commitment. 
 2.9. Optional Principal Payments. The Borrower may from time to time
pay, without penalty or premium, all or any part of outstanding ABR Advances provided Administrative Agent receives notice of the payment by 10:00 a.m. Chicago time and the payment by 3:00 p.m. Chicago time. The Administrative Agent will notify
the Lenders by 11:00 a.m. of any such notice received. The Borrower may from time to time pay a LIBOR Advance, provided a LIBOR Advance may not be paid prior to the last day of the applicable Interest Period unless accompanied by any amount due
pursuant to Section 4.4. A Competitive Bid Loan may not be paid prior to its maturity, provided, however, that if a Competitive Bid Loan becomes due prior to its stated maturity due to acceleration of the Obligations, then payment of
such Competitive Bid Loan shall be accompanied by any amount due pursuant to Section 4.4. 
 2.10.
Method of Selecting Types and Interest Periods for New Advances. The Borrower shall select the Type of Advance and, in the case of each LIBOR Advance, the Interest Period applicable to each Advance from time to time. The Borrower shall give
the Administrative Agent irrevocable notice (a “Borrowing Notice”) (i) not later than 10:00 a.m. Chicago time, at least one (1) Business Day before the Borrowing Date of each ABR Advance, (ii) not later than
10:00 a.m. Chicago time, at least three (3) Business Days before the Borrowing Date for each LIBOR Advance, and (iii) not later than 11:00 a.m. Chicago time on the Borrowing Date for each Swing Line Loan, specifying: 

(a) the Borrowing Date, which shall be a Business Day, of such Advance, 

(b) the aggregate amount of such Advance, 

(c) the Type of Advance selected (which must be a ABR Advance in the case of the Swing Line Loans), and 

(d) in the case of each LIBOR Advance, the Interest Period applicable thereto. 

Not later than noon (Chicago time) on each Borrowing Date, each Lender shall make available its Loan or Loans, in funds
immediately available in Chicago to the Administrative Agent at its address specified pursuant to Article XIV. The Lenders shall not be obligated to match fund their LIBOR Advances. The Administrative Agent will make the funds so received
from the Lenders available to the Borrower. 

  
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 No Interest Period may end after the Termination Date and, unless all of the
Lenders otherwise agree in writing, in no event may there be more than seven (7) different Interest Periods for LIBOR Advances (other than Competitive Bid Loans) outstanding at any one time. 

2.11. Conversion and Continuation of Outstanding Advances. ABR Advances shall continue as ABR Advances unless and
until such ABR Advances are converted into LIBOR Advances. Each LIBOR Advance shall continue as a LIBOR Advance until the end of the then applicable Interest Period therefor, at which time such LIBOR Advance shall be automatically converted into an
ABR Advance unless the Borrower shall have given the Administrative Agent a Conversion/Continuation Notice requesting that, at the end of such Interest Period, such LIBOR Advance continue as a LIBOR Advance for the same or another Interest Period.
Subject to the terms of Section 2.8, the Borrower may elect from time to time to convert all or any part of an Advance of any Type into any other Type of Advance; provided that any conversion of any LIBOR Advance shall be made on, and
only on, the last day of the Interest Period applicable thereto. The Borrower shall give the Administrative Agent irrevocable notice (a “Conversion/Continuation Notice”) of each conversion of an Advance or continuation of a LIBOR
Advance not later than 10:00 a.m. (Chicago time) at least one (1) Business Day, in the case of a conversion into an ABR Advance, or three (3) Business Days, in the case of a conversion into or continuation of a LIBOR Advance, prior to the
date of the requested conversion or continuation, specifying: 
 (i) the requested date which
shall be a Business Day, of such conversion or continuation; 
 (ii) the aggregate amount and
Type of the Advance which is to be converted or continued; and 
 (iii) the amount and Type(s) of
Advance(s) into which such Advance is to be converted or continued and, in the case of a conversion into or continuation of a LIBOR Advance, the duration of the Interest Period applicable thereto. 

2.12. Changes in Interest Rate, Etc. Each ABR Advance shall bear interest on the outstanding principal amount
thereof, for each day from and including the date such Advance is made or is converted from a LIBOR Advance into a ABR Advance pursuant to Section 2.11 to but excluding the date it becomes due or is converted into a LIBOR Advance
pursuant to Section 2.11 hereof, at a rate per annum equal to the ABR Rate for such day. Changes in the rate of interest on that portion of any Advance maintained as a ABR Advance will take effect simultaneously with each change in the
Alternate Base Rate. Each LIBOR Advance shall bear interest from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined as applicable to such
LIBOR Advance. 

  
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 2.13. Rates Applicable After Default. Notwithstanding anything to the
contrary contained in Section 2.10, 2.11 or 2.12, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of
the Required Lenders notwithstanding any provision of Section 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued beyond its current term as a
LIBOR Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2
requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) each LIBOR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus
2% per annum and (ii) each ABR Advance shall bear interest at a rate per annum equal to the ABR Rate otherwise applicable to the ABR Advance plus 2% per annum and the Facility Letter of Credit Fee shall increase by 2% per annum;
provided that such rates and increase in the Facility Letter of Credit Fee shall become applicable automatically without notice to the Borrower or an election or action by the Administrative Agent or any Lender if a Default occurs under
Section 8.7 or Section 8.8, or a Default occurs relating to the payment of principal or interest, unless waived by the Required Lenders. 

2.14. Swing Line Loans. In addition to the other options available to Borrower hereunder, up to $80,000,000 shall
be available for Swing Line Loans subject to the following terms and conditions. Swing Line Loans shall be made available for same day borrowings provided that notice is given in accordance with Section 2.10 hereof. All Swing Line Loans
shall bear interest at the ABR Rate. In no event shall the Swing Line Lender be required to fund a Swing Line Loan if it would increase the sum of (i) the Swing Line Lender’s Percentage of the total aggregate outstanding Swing Line Loans
hereunder, plus (ii) its Percentage of Facility Letter of Credit Obligations, plus (iii) its other outstanding Loans (other than Competitive Bid Loans) to an amount in excess of its Commitment or if it would cause the Allocated Facility
Amount to exceed the Aggregate Commitment. Each Swing Line Loan shall be paid in full by the Borrower on or before the fifth (5th) day after the Borrowing Date for such Swing Line Loan. In addition, the Swing Line Lender (i) may at any
time in its sole discretion with respect to any outstanding Swing Line Loan, or (ii) shall on the fifth (5th) day after the Borrowing Date of any Swing Line Loan, require each Lender (including the Swing Line Lender) to make a Loan in the
amount of such Lender’s Percentage of such Swing Line Loan (including, without limitation, any interest accrued and unpaid thereon), for the purpose of repaying such Swing Line Loan. Not later than noon (Chicago time) on the date of any notice
received pursuant to this Section 2.14 (provided such notice is given by 10:00 A.M. Chicago time), each Lender shall make available its required Loan, in funds immediately available in Chicago to the Administrative Agent at its address
specified pursuant to Article XIV. Revolving Loans made pursuant to this Section 2.14 shall initially be ABR Loans and thereafter may be continued as ABR Loans or converted into LIBOR Loans in the manner provided in
Section 2.11 and subject to the other conditions and limitations set forth in this Article II. Unless a Lender shall have notified the Swing Line Lender, prior to its making any Swing Line Loan, that any applicable condition precedent
set forth in Sections 5.1 or 5.2 had not then been satisfied, such Lender’s obligation to make Loans pursuant to this Section 2.14 to repay Swing Line Loans shall be unconditional, continuing, irrevocable and absolute
and shall not be affected by any circumstances, including, without limitation, (a) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Administrative Agent, the Swing Line Lender or any other
Person, (b) the occurrence or continuance of a Default or Unmatured Default, (c) any adverse change in the 

  
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condition (financial or otherwise) of the Borrower, or (d) any other circumstances, happening or event whatsoever. In the event that any Lender fails to make payment to the Administrative
Agent of any amount due under this Section 2.14, the Administrative Agent shall be entitled to receive, retain and apply against such obligation the principal and interest otherwise payable to such Lender hereunder until the
Administrative Agent receives such payment from such Lender or such obligation is otherwise fully satisfied. In addition to the foregoing, if for any reason any Lender fails to make payment to the Administrative Agent of any amount due under this
Section 2.14, such Lender shall be deemed, at the option of the Administrative Agent, to have unconditionally and irrevocably purchased from the Swing Line Lender, without recourse or warranty, an undivided interest and participation in
the applicable Swing Line Loan in the amount of such payment not made by such Lender, and such interest and participation may be recovered from such Lender together with interest thereon at the Federal Funds Effective Rate for each day during the
period commencing on the date of demand and ending on the date such amount is received. Swing Line Loans may be outstanding for a maximum of ten (10) days during any calendar month. On the Termination Date, the Borrower shall repay in full the
outstanding principal balance of the Swing Line Loans. 
 2.15. Competitive Bid Loans. 

(a) Competitive Bid Option. In addition to ratable Advances pursuant to Section 2.3, but subject to
the terms and conditions of this Agreement (including, without limitation the limitation set forth in Section 2.1 as to the maximum amount of all Loans and the Facility Letter of Credit Obligations not exceeding the Aggregate
Commitment), the Borrower may, as set forth in this Section 2.15, request the Lenders, prior to the Termination Date, to make offers to make Competitive Bid Loans to the Borrower. Each Lender may, but shall have no obligation to, make
such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 2.15. Competitive Bid Loans shall be evidenced by the Competitive Bid Notes. 

(b) Competitive Bid Quote Request. When the Borrower wishes to request offers to make Competitive Bid Loans under
this Section 2.15, it shall transmit to the Administrative Agent by telecopy a Competitive Bid Quote Request substantially in the form of Exhibit C-1 hereto so as to be received no later than (i) 10:00 a.m. (Chicago
time) at least five (5) Business Days prior to the Borrowing Date proposed therein, in the case of a request for a Competitive LIBOR Margin or (ii) 9:00 a.m. (Chicago time) at least one (1) Business Day prior to the Borrowing Date
proposed therein, in the case of a request for an Absolute Rate specifying: 
 (i) the proposed
Borrowing Date for the proposed Competitive Bid Loan, 
 (ii) the requested aggregate principal
amount of such Competitive Bid Loan which must be at least $10,000,000 and an integral multiple of $1,000,000, 
 (iii) whether the Competitive Bid Quotes requested are to set forth a Competitive LIBOR Margin or an Absolute Rate, or both, and 

  
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 (iv) the LIBOR Interest Period, if a Competitive LIBOR
Margin is requested, or the Absolute Interest Period, if an Absolute Rate is requested. 
 The Borrower may request offers to
make Competitive Bid Loans for more than one (but not more than five) Interest Periods in a single Competitive Bid Quote Request. No Competitive Bid Quote Request shall be given within five (5) Business Days (or such other number of days as the
Borrower and the Administrative Agent may agree) of any other Competitive Bid Quote Request. A Competitive Bid Quote Request that does not conform substantially to the form of Exhibit C-1 hereto shall be rejected, and the Administrative Agent
shall promptly notify the Borrower of such rejection by telecopy. 
 (c) Invitation for Competitive Bid
Quotes. Promptly and in any event before the close of business on the same Business Day of receipt of a Competitive Bid Quote Request that is not rejected pursuant to Section 2.15(b), the Administrative Agent shall send to each of
the Lenders by telecopy an Invitation for Competitive Bid Quotes substantially in the form of Exhibit C-2 hereto, which shall constitute an invitation by the Borrower to each Lender to submit Competitive Bid Quotes offering to make the
Competitive Bid Loans to which such Competitive Bid Quote Request relates in accordance with this Section 2.15. 
 (d) Submission and Contents of Competitive Bid Quotes. 
 (i) Each Lender may, in its sole discretion, submit a Competitive Bid Quote containing an offer or offers to make Competitive Bid Loans in response to any Invitation for Competitive Bid Quotes. Each
Competitive Bid Quote must comply with the requirements of this Section 2.15(d) and must be submitted to the Administrative Agent by telex or telecopy at its offices not later than (a) 9:00 a.m. (Chicago time) at least three
(3) Business Days prior to the proposed Borrowing Date, in the case of a request for a Competitive LIBOR Margin or (b) 9:00 a.m. (Chicago time) on the proposed Borrowing Date, in the case of a request for an Absolute Rate (or, in either
case upon reasonable prior notice to the Lenders, such other time and rate as the Borrower and the Administrative Agent may agree); provided that Competitive Bid Quotes submitted by the Administrative Agent may only be submitted if the
Administrative Agent notifies the Borrower of the terms of the Offer or Offers contained therein no later than 60 minutes prior to the latest time at which the relevant Competitive Bid Quotes must be submitted by the other Lenders. Subject to the
Borrower’s compliance with all other conditions to disbursement herein, any Competitive Bid Quote so made shall be irrevocable except with the written consent of the Administrative Agent given on the instructions of the Borrower. 

(ii) Each Competitive Bid Quote shall be in substantially the form of Exhibit C-3 hereto and shall
in any case specify: 
 (1) the proposed Borrowing Date, which shall be the same as that set
forth in the applicable Invitation for Competitive Bid Quotes, 

  
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 (2) the principal amount of the Competitive Bid Loan for
which each such offer is being made, which principal amount (x) may be greater than, less than or equal to the Commitment of the quoting Lender, (y) must be at least $5,000,000 and an integral multiple of $1,000,000, and (z) may not
exceed the principal amount of Competitive Bid Loans for which offers are requested, 
 (3) as
applicable, the Competitive LIBOR Margin and Absolute Rate offered for each such Competitive Bid Loan, 
 (4) the minimum amount, if any, of the Competitive Bid Loan which may be accepted by the Borrower, and 

(5) the identity of the quoting Lender, provided that such Competitive Bid Loan may be funded by such
Lender’s Designated Lender as provided in Section 2.15(j), regardless of whether that is specified in the Competitive Bid Quote. 

(iii) The Administrative Agent shall reject any Competitive Bid Quote that: 

(1) is not substantially in the form of Exhibit C-3 hereto or does not specify all of the
information required by Section 2.15(d)(ii), 
 (2) contains qualifying, conditional
or similar language, other than any such language contained in Exhibit C-3 hereto, 

(3) proposes terms other than or in addition to those set forth in the applicable Invitation for
Competitive Bid Quotes, or 
 (4) arrives after the time set forth in
Section 2.15(d)(i). 
 If any Competitive Bid Quote shall be rejected pursuant to this
Section 2.15(d)(iii), then the Administrative Agent shall notify the relevant Lender of such rejection as soon as practical. 
 (e) Notice to Borrower. The Administrative Agent shall promptly notify the Borrower of the terms (i) of any Competitive Bid Quote submitted by a Lender that is in accordance with
Section 2.15(d) and (ii) of any Competitive Bid Quote that amends, modifies or is otherwise inconsistent with a previous Competitive Bid Quote submitted by such Lender with respect to the same Competitive Bid Quote Request. Any such
subsequent Competitive Bid Quote shall be disregarded by the Administrative Agent unless such subsequent Competitive Bid Quote specifically states that it is submitted solely to correct a manifest error in such former Competitive Bid Quote. The
Administrative Agent’s notice to the Borrower shall specify the aggregate principal amount of Competitive Bid Loans for which offers have been received for each Interest Period specified in the related Competitive Bid Quote Request and the
respective principal amounts and Competitive LIBOR Margins or Absolute Rate, as the case may be, so offered. 

  
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 (f) Acceptance and Notice by Borrower. Not later than (i) 10:00
a.m. (Chicago time) at least three (3) Business Days prior to the proposed Borrowing Date in the case of a request for a Competitive LIBOR Margin or (ii) 10:00 a.m. (Chicago time) on the proposed Borrowing Date, in the case of a request
for an Absolute Rate (or, in either case upon reasonable prior notice to the Lenders, such other time and date as the Borrower and the Administrative Agent may agree), the Borrower shall notify the Administrative Agent of its acceptance or rejection
of the offers so notified to it pursuant to Section 2.15(e); provided, however, that the failure by the Borrower to give such notice to the Administrative Agent shall be deemed to be a rejection of all such offers. In the case of
acceptance, such notice (a “Competitive Bid Borrowing Notice”) shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The Borrower may accept any Competitive Bid Quote in whole or in part
(subject to the terms of Section 2.15(d)(iii)); provided that: 
 (i) the aggregate
principal amount of all Competitive Bid Loans to be disbursed on a given Borrowing Date may not exceed the applicable amount set forth in the related Competitive Bid Quote Request, 

(ii) acceptance of offers may only be made on the basis of ascending Competitive LIBOR Margins or Absolute
Rates, as the case may be, and 
 (iii) the Borrower may not accept any offer that is described
in Section 2.15(d)(iii) or that otherwise fails to comply with the requirements of this Agreement. 

(g) Allocation by Administrative Agent. If offers are made by two or more Lenders with the same Competitive LIBOR
Margins or Absolute Rates, as the case may be, for a greater aggregate principal amount than the amount in respect of which offers are accepted for the related Interest Period, the principal amount of Competitive Bid Loans in respect of which such
offers are accepted shall be allocated by the Administrative Agent among such Lenders as nearly as possible (in such multiples, not greater than $1,000,000, as the Administrative Agent may deem appropriate) in proportion to the aggregate principal
amount of such offers provided, however, that no Lender shall be allocated any Competitive Bid Loan which is less than the minimum amount which such Lender has indicated that it is willing to accept. Allocations by the Administrative Agent of the
amounts of Competitive Bid Loans shall be conclusive in the absence of manifest error. The Administrative Agent shall promptly, but in any event on the same Business Day, notify each Lender of its receipt of a Competitive Bid Borrowing Notice and
the principal amounts of the Competitive Bid Loans allocated to each participating Lender. 
 (h)
Administration Fee. The Borrower hereby agrees to pay to the Administrative Agent an administration fee of $2,500 per each Competitive Bid Quote Request transmitted by the Borrower to the Administrative Agent pursuant to
Section 2.15(b). Such administration fee shall be payable monthly in arrears on the first Business Day of each month and on the Final Termination Date (or such earlier date on which the Aggregate Commitment shall terminate or be
cancelled) for any period then ending for which such fee, if any, shall not have been theretofore paid. 

  
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 (i) Other Terms. Any Competitive Bid Loan shall not reduce the
Commitment of the Lender making such Competitive Bid Loan, and each such Lender shall continue to be obligated to fund its full Percentage of all pro rata Advances and participate in Swing Line Loans and Facility Letters of Credit under the
Facility. In no event can the aggregate amount of all Competitive Bid Loans at any time exceed fifty percent (50%) of the then Aggregate Commitment. Competitive Bid Loans shall not be prepaid prior to the end of the applicable Interest Period.
Competitive Bid Loans may not be continued and, if not repaid at the end of the Interest Period applicable thereto, shall (subject to the conditions set forth in this Agreement) be replaced by new Competitive Bid Loans made in accordance with this
Section 2.15 or by ratable Advances in accordance with Section 2.11. 
 (j)
Designated Lenders. A Lender may designate its Designated Lender to fund a Competitive Bid Loan on its behalf as described in Section 2.15(d)(ii)(5). Any Designated Lender which funds a Competitive Bid Loan shall on and after the
time of such funding become the obligee under such Competitive Bid Loan and be entitled to receive payment thereof when due. No Lender shall be relieved of its obligation to fund a Competitive Bid Loan, and no Designated Lender shall assume such
obligation, prior to the time such Competitive Bid Loan is funded. 
 2.16. Method of Payment. All
payments of the Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the Administrative Agent at the Administrative Agent’s address specified pursuant to Article XIV, or at
any other Lending Installation of the Administrative Agent specified in writing by the Administrative Agent to the Borrower, by noon (Chicago time) on the date when due and shall be applied by the Administrative Agent among the Lenders in accordance
with the class or type of Obligation being paid. Each payment delivered to the Administrative Agent for the account of any Lender shall be delivered by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent
received at such Lender’s address specified pursuant to Article XIV or at any Lending Installation specified in a notice received by the Administrative Agent from such Lender promptly, which payment is expected to be made to such Lender
by the close of business on the same Business Day received by Administrative Agent if received by noon (Chicago time) but shall in any event not be made to such Lender later than the next Business Day, provided that the Administrative Agent
shall pay to each such Lender interest thereon, at the lesser of (i) the Federal Funds Effective Rate and (ii) the rate of interest applicable to such Loans, from the Business Day such funds are received by the Administrative Agent in
immediately available funds (provided, if such funds are not received by the Administrative Agent by noon (Chicago time), such period shall commence on the Business Day immediately following the day such funds are received) until such funds
are paid to each such Lender. The Administrative Agent is hereby authorized to charge the account of the Borrower maintained with Administrative Agent for each payment of any of the Obligations as it becomes due hereunder. 

2.17. Notes; Telephonic Notices. Each Lender is hereby authorized to record the principal amount of each of its
Loans and each repayment on the schedule attached to its Note, provided, however, that the failure to so record shall not affect the Borrower’s obligations under such Note. Each Lender’s books and records, including without limitation, the
information, if any, recorded by the Lender on the Schedule attached to its Note, shall be deemed to be prima facia correct. The Borrower hereby authorizes the Lenders and the Administrative Agent to

  
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extend, convert or continue Advances, effect selections of Types of Advances and to transfer funds based on telephonic notices made by any person or persons the Administrative Agent or any Lender
in good faith believes to be acting on behalf of the Borrower. The Borrower agrees to deliver promptly to the Administrative Agent a written confirmation signed by an Authorized Officer of each telephonic notice, if such confirmation is requested by
the Administrative Agent or any Lender. If the written confirmation differs in any material respect from the action taken by the Administrative Agent and the Lenders, the records of the Administrative Agent and the Lenders shall govern absent
manifest error. 
 2.18. Interest Payment Dates; Interest and Fee Basis. Interest accrued on each ABR
Advance shall be payable on each Payment Date, commencing with the first such date to occur after the date hereof, on any date on which such ABR Advance is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that
portion of the outstanding principal amount of any ABR Advance converted into a LIBOR Advance on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each LIBOR Advance shall be payable on the last day of
its applicable Interest Period, on any date on which such LIBOR Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Advance having an Interest Period longer than three months shall also be
payable on the last day of each three-month interval during such Interest Period. Interest accruing at the rate set forth in Section 2.13 shall be payable on demand. Interest, Facility Fees and Facility Letter of Credit Fees shall be
calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received prior to noon (Chicago time) at the place of
payment. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time
shall be included in computing interest in connection with such payment. 
 2.19. Notification of Advances,
Interest Rates and Prepayments. Promptly after receipt thereof (but in no event later than one (1) Business Day prior to the proposed Borrowing Date for a ABR Advance or three (3) Business Days prior to the proposed Borrowing Date for
a LIBOR Advance) the Administrative Agent will notify each Lender of the contents of each Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Administrative Agent will notify each Lender of the
interest rate applicable to each LIBOR Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate. 

2.20. Lending Installations. Each Lender may book its Loans and its participation in Facility Letters of Credit at
any Lending Installation selected by such Lender and may change its Lending Installation from time to time. All terms of this Agreement shall apply to any such Lending Installation and the Notes shall be deemed held by each Lender for the benefit of
such Lending Installation. Each Lender may, by written or telex notice to the Administrative Agent and the Borrower, designate a Lending Installation through which Loans will be made by it or Facility Letters of Credit will be issued by it and for
whose account Loan payments or payments with respect to Facility Letters of Credit are to be made. 

  
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 2.21. Non-Receipt of Funds by the Administrative Agent.
(a) Unless the Borrower or a Lender, as the case may be, notifies the Administrative Agent prior to the date on which it is scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of a Loan or
(ii) in the case of the Borrower, a payment of principal, interest or fees to the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been
made. The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in fact made such
payment to the Administrative Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period
commencing on the date such amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (i) in the case of payment by a Lender, the Federal Funds Effective
Rate for such day or (ii) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan. 
 (b) Notwithstanding anything to the contrary in Section 2.23, if any Lender shall fail to make any payment required to be made by it pursuant to Sections 2.10, 2.14, 2.21(a), 3.5, 3.11 or 11.8
hereof, then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender and for the benefit of the
Administrative Agent, the Swing Line Lender or the Issuing Bank to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) so long as such Lender has unsatisfied obligations
under such Sections, hold any such amounts in a segregated account as cash collateral for, and application to, any such unsatisfied obligations or any contingent reimbursement obligations of such Lender with respect to then outstanding Swing Line
Loans and outstanding Facility Letters of Credit; in the case of each of (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 

2.22. Usury. This Agreement and each Note are subject to the express condition that at no time shall the Borrower
be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject any Lender (including the Swing Line Lender or any Designated Lender) to either civil or criminal liability as a result of being in excess of
the Maximum Legal Rate. If by the terms of this Agreement or the Loan Documents, the Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the interest
rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not
on account of the interest due hereunder. All sums paid or agreed to be paid to a Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and
spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so
long as the Loan is outstanding. 

  
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 2.23. Applications of Moneys Received. All moneys collected or
received by the Administrative Agent on account of the Facility directly or indirectly, shall be applied in the following order of priority with respect to each payment so collected or received: 

(i) to the payment of all reasonable costs incurred in the collection of such moneys of which the
Administrative Agent shall have given notice to the Borrower; 
 (ii) to the reimbursement of any
yield protection due to the Lenders in accordance with Section 4.1; 
 (iii) (A) to
the payment of any fee due pursuant to Section 3.12(b) in connection with the issuance of a Facility Letter of Credit to the Issuing Bank, (B) subject to Section 2.24, to the payment of the Facility Fee to the Lenders, if then
due, in accordance with their respective Percentages and (C) to the payment of the Administrative Agent’s Fee to the Administrative Agent if then due; 

(iv) (a) in case the entire unpaid principal of the Obligations shall not have become due and payable, the
whole amount received as interest and Facility Letter of Credit Fee then due to the Lenders (other than Defaulting Lenders) as their respective Percentages appear (except to the extent there are Swing Line Loans or Competitive Bid Loans outstanding
in which event the full amount of interest attributable to the Swing Line Loans and Competitive Bid Loans shall be payable to the Swing Line Lender and Competitive Bid Lenders, respectively, unless the Swing Line Lender or Competitive Bid Lender
shall be a Defaulting Lender), and the whole amount, if any, received as principal then due to the Lenders, first to the Swing Line Lender, unless the Swing Line Lender shall be a Defaulting Lender, to repay any outstanding Swing Line Loans and then
to the Lenders as their respective Funded Percentages appear, or (b) in case the entire unpaid principal of the Obligations shall have become due and payable, as a result of a Default or otherwise, to the payment of the whole amount then due
and payable on the Loan for principal, together with interest thereon at the Default Rate or the interest rate, as applicable, first to the Swing Line Lender, unless the Swing Line Lender shall be a Defaulting Lender, for all such amounts due in
connection with Swing Line Loans and then to the Lenders (other than Defaulting Lenders) as their respective Funded Percentages appear until paid in full and then to the Letter of Credit Collateral Account until the full amount of Facility Letter of
Credit Obligations is on deposit therein; and 
 (v) subject to Section 2.24, to the payment
of any sums due to each Defaulting Lender (provided that Administrative Agent shall have the right to setoff against such sums any amounts due from such Defaulting Lender). 

  
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 2.24. Defaulting Lenders. 

Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the
following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) fees shall cease to
accrue on the unused portion of the Commitment of such Defaulting Lender pursuant to Section 2.5, and fees shall continue to accrue on the used portion of the Commitment of such Defaulting Lender pursuant to Section 2.5, but shall
not be payable to such Defaulting Lender by the Borrower until such Defaulting Lender ceases to be a Defaulting Lender; 
 (b) the Commitment and Outstanding Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders have taken or may take any action hereunder
(including any consent to any amendment or waiver pursuant to Section 9.2), provided that any waiver, amendment or modification that increases the Commitment of a Defaulting Lender, forgives all or any portion of the principal amount of any
Loan or Reimbursement Obligation or interest thereon owing to a Defaulting Lender, reduces the Applicable Margin on the underlying interest rate options owing to a Defaulting Lender or extends the Termination Date shall require the consent of such
Defaulting Lender; 
 (c) if any Swing Line Exposure or Facility Letter of Credit Exposure exists at the time a
Lender becomes a Defaulting Lender then: 
 (i) all or any part of such Swing Line Exposure and
Facility Letter of Credit Exposure shall be reallocated among the non-Defaulting Lenders in accordance with their respective Percentages but only to the extent (x) the sum of all non-Defaulting Lenders’ Outstanding Credit Exposures plus
such Defaulting Lender’s Swing Line Exposure and Facility Letter of Credit Exposure does not exceed the total of all non-Defaulting Lenders’ Commitments, (y) the sum of each non-Defaulting Lender’s Outstanding Credit Exposures
would not exceed its Commitment and (z) the conditions set forth in Section 5.2 are satisfied at such time; and 
 (ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall (x) first, within one (1) Business Day following notice by the
Administrative Agent, prepay such Swing Line Exposure and (y) second, within five (5) Business Days following notice by the Administrative Agent, cash collateralize such Defaulting Lender’s Facility Letter of Credit Exposure (after
giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 3.14 for so long as such Facility Letter of Credit Exposure is outstanding; 

(iii) if the Borrower cash collateralizes any portion of such Defaulting Lender’s Facility Letter of
Credit Exposure pursuant to Section 2.24(c), the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.12(a) with respect to such Defaulting Lender’s Facility Letter of Credit Exposure during
the period such Defaulting Lender’s Facility Letter of Credit Exposure is cash collateralized; 

  
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 (iv) if the Facility Letter of Credit Exposure of the
non-Defaulting Lenders is reallocated pursuant to Section 2.24(c), then the fees payable to the Lenders pursuant to Section 2.5 and Section 3.12(a) shall be adjusted in accordance with such non-Defaulting Lenders’ Percentages; or

 (v) if any Defaulting Lender’s Facility Letter of Credit Exposure is neither cash
collateralized nor reallocated pursuant to Section 2.24(c), then, without prejudice to any rights or remedies of the Issuing Bank or any Lender hereunder, all Facility Fees that otherwise would have been payable to such Defaulting Lender
(solely with respect to the portion of such Defaulting Lender’s Commitment that was utilized by such Facility Letter of Credit Exposure) and Facility Letter of Credit Fees payable under Section 3.12(a) with respect to such Defaulting
Lender’s Facility Letter of Credit Exposure shall be payable to the Issuing Bank until such Facility Letter of Credit Exposure is cash collateralized and/or reallocated; and 

(d) so long as any Lender is a Defaulting Lender, the Swing Line Lender shall not be required to fund any Swing Line Loan
and the Issuing Bank shall not be required to issue, amend or increase any Facility Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will
be provided by the Borrower in the amount of the Defaulting Lender’s Facility Letter of Credit Exposure in accordance with Section 2.24(c), and participating interests in any such newly issued or increased Facility Letter of Credit or
newly made Swing Line Loan shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.24(c)(i) (and Defaulting Lenders shall not participate therein). 

In the event that the Administrative Agent, the Borrower, the Issuing Bank and the Swing Line Lender each agrees that a
Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swing Line Exposure and Facility Letter of Credit Exposure of the Lenders shall be readjusted to reflect the inclusion of such
Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Competitive Loans and Swing Line Loans) as the Administrative shall determine may be necessary in order for such Lender to
hold such Loans in accordance with its Percentage. 
 ARTICLE III 

THE LETTER OF CREDIT SUBFACILITY 
 3.1. Obligations to Issue. Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Borrower and the General Partner herein set forth,
the Issuing Bank hereby agrees to issue for the account of Borrower, one or more Facility Letters of Credit in accordance with this Article III, and to renew, extend, increase, decrease, or otherwise modify each Facility Letter of Credit
(“Modify”, and each such action, a 

  
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“Modification”) from time to time during the period commencing on the date hereof and ending on the Business Day prior to the Termination Date. Any Lender shall have the right to
decline to be the Issuing Bank for a Facility Letter of Credit provided that if no other Lender agrees to be the Issuing Bank then Administrative Agent shall agree to do so. 

3.2. Types and Amounts. The Issuing Bank shall not have any obligation to: 

(i) issue or Modify any Facility Letter of Credit if the aggregate maximum amount then available for
drawing under Letters of Credit issued by such Issuing Bank, after giving effect to the Facility Letter of Credit or Modification requested hereunder shall exceed any limit imposed by law or regulation upon such Issuing Bank; 

(ii) issue or Modify any Facility Letter of Credit if, after giving effect thereto, the Facility Letter of
Credit Obligations would exceed $80,000,000 or the Allocated Facility Amount would exceed the Aggregate Commitment; 
 (iii) issue any Facility Letter of Credit having an expiration date after the Termination Date; provided that (a) a Facility Letter of Credit may contain a provision providing for automatic
extension of the expiration date in the absence of a non-renewal from the Administrative Agent, but in no event shall any such provision permit the extension of the expiration date of such Facility Letter of Credit beyond the Termination Date except
in accordance with clause (b) of this proviso, and (b) the Issuing Bank may issue a Facility Letter of Credit having an expiration date which is after the Termination Date so long as such expiration date is not later than the first
anniversary of the Termination Date and the Borrower complies with Sections 3.13 and 3.14 hereof; or 
 (iv) issue any Facility Letter of Credit having an expiration date which is more than fifteen (15) months after the date of its issuance; provided that (a) a Facility Letter of Credit may
contain a provision providing for automatic extension of the expiration date in the absence of a non-renewal from the Administrative Agent, but in no event shall any such provision permit the extension of the expiration date of such Facility Letter
of Credit beyond the Termination Date except in accordance with clause (b) of this proviso, and (b) the Issuing Bank may issue a Facility Letter of Credit having an expiration date which is after the Termination Date so long as such
expiration date is not later than the first anniversary of the Termination Date and the Borrower complies with Sections 3.13 and 3.14 hereof. 
 3.3. Conditions. In addition to being subject to the satisfaction of the conditions contained in Section 5.2 hereof, the obligation of the Issuing Bank to issue any Facility Letter of
Credit is subject to the satisfaction in full of the following conditions: 
 (i) the Borrower
shall have delivered to the Issuing Bank at such times and in such manner as the Issuing Bank may reasonably prescribe such documents and materials as may be reasonably required pursuant to the terms of the proposed Facility Letter of Credit (it
being understood that if any inconsistency exists between such documents and the Loan Documents, the terms of the Loan Documents shall control) and the proposed Facility Letter of Credit shall be reasonably satisfactory to the Issuing Bank as to
form and content; 

  
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 (ii) as of the date of issuance, no order, judgment or
decree of any court, arbitrator or governmental authority shall purport by its terms to enjoin or restrain the Issuing Bank from issuing the requested Facility Letter of Credit and no law, rule or regulation applicable to the Issuing Bank and no
request or directive (whether or not having the force of law) from any governmental authority with jurisdiction over the Issuing Bank shall prohibit or request that the Issuing Bank refrain from the issuance of Letters of Credit generally or the
issuance of the requested Facility Letter or Credit in particular; and 
 (iii) there shall not
exist any Default or Unmatured Default. 
 3.4. Procedure for Issuance of Facility Letters of Credit.

 (a) Borrower shall give the Issuing Bank and the Administrative Agent at least five (5) Business
Days’ prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (a “Letter of Credit Request”) (except that, in lieu of such written notice, the Borrower may give the Issuing Bank and
the Administrative Agent telephonic notice of such request if confirmed in writing by delivery to the Issuing Bank and the Administrative Agent (i) immediately (A) of a telecopy of the written notice required hereunder which has been
signed by an Authorized Officer, or (B) of a telex containing all information required to be contained in such written notice and (ii) promptly (but in no event later than the requested date of issuance) of the written notice required
hereunder containing the original signature of an authorized officer); such notice shall specify: 
 (1) the stated amount of the Facility Letter of Credit requested (which stated amount shall not be less than $50,000); 

(2) the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter
of Credit (the “Issuance Date”); 
 (3) the date on which such requested
Facility Letter of Credit is to expire (which date shall be a Business Day and, except as otherwise permitted by Section 3.2(iii) or 3.2(iv), shall in no event be later than the earlier of fifteen months after the Issuance Date and the
Termination Date); 
 (4) the purpose for which such Facility Letter of Credit is to be issued;
and 
 (5) the Person for whose benefit the requested Facility Letter of Credit is to be issued.

  
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 At the time such request is made, the Borrower shall also provide the Administrative Agent
and the Issuing Bank with a copy of the form of the Facility Letter of Credit that the Borrower is requesting be issued, which shall be subject to the approval of the Issuing Bank and Administrative Agent. Such notice, to be effective, must be
received by such Issuing Bank and the Administrative Agent not later than 2:00 p.m. (Chicago time) on the last Business Day on which notice can be given under this Section 3.4(a). Administrative Agent shall promptly give a copy of the
Letter of Credit Request to the other Lenders. 
 (b) Subject to the terms and conditions of this Article III
and provided that the applicable conditions set forth in Section 4.2 hereof have been satisfied, such Issuing Bank shall, on the Issuance Date, issue a Facility Letter of Credit on behalf of the Borrower in accordance with the Letter of Credit
Request and the Issuing Bank’s usual and customary business practices (including the execution of a letter of credit application on the Issuing Bank’s standard forms) unless the Issuing Bank has actually received (i) written notice
from the Borrower specifically revoking the Letter of Credit Request with respect to such Facility Letter of Credit, (ii) written notice from a Lender, which complies with the provisions of Section 3.11(a), or (iii) written or
telephonic notice from the Administrative Agent stating that the issuance of such Facility Letter of Credit would violate Section 3.2. 
 (c) The Issuing Bank shall give the Administrative Agent and the Borrower written or telex notice, or telephonic notice confirmed promptly thereafter in writing, of the issuance of a Facility Letter of
Credit (the “Issuance Notice”) and Administrative Agent shall promptly give a copy of the Issuance Notice to the other Lenders. 
 (d) The Issuing Bank shall not extend or modify any Facility Letter of Credit unless the requirements of this Section 3.4 are met as though a new Facility Letter of Credit was being requested and
issued. 
 3.5. Administration; Reimbursement by Lenders. Upon receipt from the beneficiary of any
Facility Letter of Credit of any demand for payment under such Facility Letter of Credit, the Issuing Bank shall notify the Administrative Agent and the Administrative Agent shall promptly notify the Borrower and each other Lender as to the amount
to be paid by the Issuing Bank as a result of such demand and the proposed payment date (the “LC Payment Date”). The responsibility of the Issuing Bank to the Borrower and each Lender shall be only to determine that the documents
(including each demand for payment) delivered under each Facility Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Facility Letter of Credit. The Issuing Bank shall endeavor to exercise
the same care in the issuance and administration of the Facility Letter of Credits as it does with respect to letters of credit in which no participations are granted, it being understood that in the absence of any gross negligence or willful
misconduct by the Issuing Bank, each Lender shall be unconditionally and irrevocably liable without regard to the occurrence of any Default or any condition precedent whatsoever, to reimburse the Issuing Bank on demand for (i) such
Lender’s Percentage of the amount of each payment made by the Issuing Bank under each Facility Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to Section 3.6 below, plus (ii) interest on
the foregoing amount to be reimbursed by such Lender, for each day from the date of the Issuing Bank’s demand for such reimbursement (or, if such demand is made after 11:00 a.m. (Chicago time) on such date, from the next succeeding Business
Day) to the date on which such Lender pays the amount to be reimbursed by it, at a rate of interest per annum equal to the Federal Funds Effective Rate for the first three (3) days and, thereafter, at a rate of interest equal to the rate
applicable to ABR Advances. 

  
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 3.6. Reimbursement by Borrower. The Borrower shall be irrevocably and
unconditionally obligated to reimburse the Issuing Bank on or before the applicable LC Payment Date for any amounts to be paid by the Issuing Bank upon any drawing under any Facility Letter of Credit, without presentment, demand, protest or other
formalities of any kind; provided that neither the Borrower nor any Lender shall hereby be precluded from asserting any claim for direct (but not consequential) damages suffered by the Borrower or such Lender to the extent, but only to the
extent, caused by (i) the willful misconduct or gross negligence of the Issuing Bank in determining whether a request presented under any Facility Letter of Credit issued by it complied with the terms of such Facility Letter of Credit or
(ii) the Issuing Bank’s failure to pay under any Facility Letter of Credit issued by it after the presentation to it of a request strictly complying with the terms and conditions of such Facility Letter of Credit. All such amounts paid by
the Issuing Bank and remaining unpaid by the Borrower shall bear interest, payable on demand, for each day until paid at a rate per annum equal to (x) the rate applicable to ABR Advances for such day if such day falls on or before the
applicable LC Payment Date and (y) the sum of 2% plus the rate applicable to ABR Advances for such day if such day falls after such LC Payment Date. The Issuing Bank will pay to each Lender ratably in accordance with its Percentage all amounts
received by it from the Borrower for application in payment, in whole or in part, of the Reimbursement Obligation in respect of any Facility Letter of Credit issued by the Issuing Bank, but only to the extent such Lender has made payment to the
Issuing Bank in respect of such Facility Letter of Credit pursuant to Section 3.5. Subject to the terms and conditions of this Agreement (including without limitation the submission of a Borrowing Notice in compliance with
Section 2.10 and the satisfaction of the applicable conditions precedent set forth in Article V), the Borrower may request an Advance hereunder for the purpose of satisfying any Reimbursement Obligation. 

3.7. Obligations Absolute. The Borrower’s obligations under Section 3.6 shall be absolute and
unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower may have or have had against the Issuing Bank, any Lender or any beneficiary of a Facility Letter of Credit. The
Borrower further agrees with the Issuing Bank and the Lenders that the Issuing Bank and the Lenders shall not be responsible for, and the Borrower’s Reimbursement Obligation in respect of any Facility Letter of Credit shall not be affected by,
among other things, the validity or genuineness of documents or of any endorsements thereon, even if such documents should in fact prove to be in any or all respects invalid, fraudulent or forged, or any dispute between or among the Borrower, any of
its Affiliates, the beneficiary of any Facility Letter of Credit or any financing institution or other party to whom any Facility Letter of Credit may be transferred or any claims or defenses whatsoever of the Borrower or of any of its Affiliates
against the beneficiary of any Facility Letter of Credit or any such transferee. The Issuing Bank shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted,
in connection with any Facility Letter of Credit. The Borrower agrees that any action taken or omitted by the Issuing Bank or any Lender under or in connection with each Facility Letter of Credit and the related drafts and documents, if done without
gross negligence or willful misconduct, shall be binding upon the Borrower and shall not put the Issuing Bank or any Lender under any liability to the Borrower. Nothing in this Section 3.7 is intended to limit the right of the Borrower
to make a claim against the Issuing Bank for damages as contemplated by the proviso to the first sentence of Section 3.6. 

  
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 3.8. Actions of Issuing Bank. The Issuing Bank shall be entitled to
rely, and shall be fully protected in relying, upon any Facility Letter of Credit, draft, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other
document believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by the Issuing Bank. The
Issuing Bank shall be fully justified in failing or refusing to take any action under this Agreement unless it shall first have received such advice or concurrence of the Required Lenders as it reasonably deems appropriate or it shall first be
indemnified to its reasonable satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Notwithstanding any other provision of this Article 3.8, the
Issuing Bank shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be
binding upon the Lenders and any future holders of a participation in any Facility Letter of Credit. 
 3.9.
Indemnification. The Borrower hereby agrees to indemnify and hold harmless each Lender, the Issuing Bank and the Administrative Agent, and their respective directors, officers, agents, attorneys, professional advisors and employees from and
against any and all claims and damages, losses, liabilities, costs or expenses which such Lender, the Issuing Bank, the Administrative Agent or their respective directors, officers, agents, attorneys, professional advisors and employees, may incur
(or which may be claimed against such Lender, the Issuing Bank or the Administrative Agent by any Person whatsoever) by reason of or in connection with the issuance, execution and delivery or transfer of or payment or failure to pay under any
Facility Letter of Credit or any actual or proposed use of any Facility Letter of Credit, including, without limitation, any claims, damages, losses, liabilities, costs or expenses which the Issuing Bank may incur by reason of or in connection with
(i) the failure of any other Lender to fulfill or comply with its obligations to the Issuing Bank hereunder (but nothing herein contained shall affect any rights the Borrower may have against any defaulting Lender) or (ii) by reason of or
on account of the Issuing Bank issuing any Facility Letter of Credit which specifies that the term “Beneficiary” included therein includes any successor by operation of law of the named Beneficiary, but which Facility Letter of
Credit does not require that any drawing by any such successor Beneficiary be accompanied by a copy of a legal document, satisfactory to the Issuing Bank, evidencing the appointment of such successor Beneficiary; provided that the Borrower
shall not be required to indemnify any Lender, the Issuing Bank or the Administrative Agent or their respective directors, officers, agents, attorneys, professional advisors and employees for any claims, damages, losses, liabilities, costs or
expenses to the extent, but only to the extent, caused by (x) the willful misconduct or gross negligence of the Issuing Bank in determining whether a request presented under any Facility Letter of Credit complied with the terms of such Facility
Letter of Credit or (y) the Issuing Bank’s failure to pay under any Facility Letter of Credit after the presentation to it of a request strictly complying with the terms and conditions of such Facility Letter of Credit. Nothing in this
Section 3.9 is intended to limit the obligations of the Borrower under any other provision of this Agreement. 

  
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 3.10. Lenders’ Indemnification. Each Lender shall, ratably in
accordance with its Percentage, indemnify the Issuing Bank, its affiliates and their respective directors, officers, agents, attorneys, professional advisors and employees (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 indemnitees’ gross negligence or willful misconduct or the Issuing Bank’s failure to pay under any Facility
Letter of Credit after the presentation to it of a request strictly complying with the terms and conditions of the Facility Letter of Credit) that such indemnitees may suffer or incur in connection with this Article III or any action taken or
omitted by such indemnitees hereunder. 
 3.11. Participation. 

(a) Immediately upon issuance by the Issuing Bank of any Facility Letter of Credit or Modification in accordance with the
procedures set forth in Section 3.4, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Bank, without recourse, representation or warranty, an undivided interest and participation equal
to such Lender’s Percentage in such Facility Letter of Credit (including, without limitation, all obligations of the Borrower with respect thereto) and any security therefor or guaranty pertaining thereto; provided that a Letter of Credit
issued by the Issuing Bank shall not be deemed to be a Facility Letter of Credit for purposes of this Section 3.11 if the Issuing Bank shall have received written notice from any Lender on or before the Business Day prior to the date of its
issuance of such Letter of Credit that one or more of the conditions contained in Section 5.2 is not then satisfied, and in the event the Issuing Bank receives such a notice it shall have no further obligation to issue any Facility Letter of
Credit until such notice is withdrawn by that Lender or the Issuing Bank receives a notice from the Administrative Agent that such condition has been effectively waived in accordance with the provisions of this Agreement. Each Lender’s
obligation to make further Loans to the Borrower (other than any payments such Lender is required to make under subparagraph (b) below) or issue any letters of credit on behalf of Borrower shall be reduced by such Lender’s pro rata share
of each Facility Letter of Credit outstanding. 
 (b) Whenever the Issuing Bank receives a payment on account of
a Reimbursement Obligation, including any interest thereon, the Issuing Bank shall promptly pay to the Administrative Agent and the Administrative Agent shall promptly pay to each Lender which has funded its participating interest therein, in
immediately available funds, an amount equal to such Lender’s Percentage thereof. 
 (c) Upon the request
of the Administrative Agent or any Lender, an Issuing Bank shall furnish to such Administrative Agent or Lender copies of any Facility Letter of Credit to which that Issuing Bank is party and such other documentation as may reasonably be requested
by the Administrative Agent or Lender. 
 (d) The obligations of a Lender to make payments to the Administrative
Agent for the account of each Issuing Bank with respect to a Facility Letter of Credit shall be absolute, unconditional and irrevocable, not subject to any counterclaim, setoff, qualification or exception whatsoever other than a failure of any such
Issuing Bank to comply with the terms of this Agreement relating to the issuance of such Facility Letter of Credit and shall be made in accordance with the terms and conditions of this Agreement under all circumstances. 

  
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 3.12. Compensation for Facility Letters of Credit. 

(a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders, based upon the
Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) with respect to each Facility Letter of Credit that is equal to the LIBOR Applicable Margin in effect from time to time. The Facility Letter
of Credit Fee relating to any Facility Letter of Credit shall be due and payable in arrears in equal installments on each Payment Date and, to the extent any such fees are then due and unpaid, on the Termination Date. The Administrative Agent shall
promptly remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. 
 (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee of 0.15% of the face amount of each Facility Letter of Credit, payable by the Borrower on the Issuance
Date for each such Facility Letter of Credit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and
processing draws thereunder. 
 3.13. Expiration after the Termination Date. Notwithstanding anything
contained herein to the contrary, if any Facility Letters of Credit, by their terms, shall mature after the Termination Date, then, on and after the Termination Date, the provisions of this Agreement shall remain in full force and effect with
respect to such Facility Letters of Credit, and the Borrower shall comply with the provisions of Section 3.14. 
 3.14. Letter of Credit Collateral Account. 
 (a) If, at any
time and from time to time, any Facility Letter of Credit shall have been issued, renewed or extended hereunder so that such Facility Letter of Credit shall expire on a date after the Termination Date, then, on the date that such Facility Letter of
Credit is so issued, renewed or extended, the Borrower shall pay to the Administrative Agent, on behalf of the Lenders, in same day funds at the Administrative Agent’s office specified in Article XIV, for deposit in a special cash collateral
account (the “Letter of Credit Collateral Account”) to be maintained in the name of the Administrative Agent (on behalf of the Lenders) and under its sole dominion and control at such place as shall be designated by the
Administrative Agent, an amount equal to 100% of the amount of the Letter of Credit Obligations under such Facility Letter of Credit. Such Letter of Credit Account shall also be funded to the extent required by Section 9.1. Interest shall
accrue on the Letter of Credit Collateral Account at a rate equal to the rate on overnight funds. 
 (b) The
Borrower hereby pledges, assigns and grants to the Administrative Agent, as Administrative Agent for its benefit and the ratable benefit of the Lenders a lien on and a security interest in, the following collateral (the “Letter of Credit
Collateral”): 
 (i) the Letter of Credit Collateral Account, all cash deposited therein
and all certificates and instruments, if any, from time to time representing or evidencing the Letter of Credit Collateral Account; 

  
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 (ii) all notes, certificates of deposit and other
instruments from time to time hereafter delivered to or otherwise possessed by the Administrative Agent for or on behalf of the Borrower in substitution for or in respect of any or all of the then existing Letter of Credit Collateral; 

(iii) all interest, dividends, cash, instruments and other property from time to time received, receivable
or otherwise distributed in respect of or in exchange for any or all of the then existing Letter of Credit Collateral; and 
 (iv) to the extent not covered by the above clauses, all proceeds of any or all of the foregoing Letter of Credit Collateral. 

(c) The lien and security interest granted hereby secures the payment of all obligations of the Borrower now or hereafter
existing hereunder and under any other Loan Document. 
 (d) The Borrower hereby authorizes the Administrative
Agent for the ratable benefit of the Lenders to apply, from time to time after funds are deposited in the Letter of Credit Collateral Account and for so long as a Default has occurred and is continuing, funds then held in the Letter of Credit
Collateral Account to the payment of any amounts, in such order as the Administrative Agent may elect, as shall have become due and payable by the Borrower to the Lenders in respect of the Facility Letters of Credit. 

(e) Neither the Borrower nor any Person claiming or acting on behalf of or through the Borrower shall have any right to
withdraw any of the funds held in the Letter of Credit Collateral Account. Notwithstanding the foregoing, the Borrower may from time to time at the end of any fiscal quarter request that the Administrative Agent return to the Borrower any funds on
deposit in the Letter of Credit Collateral Account in excess of the amounts required to be on deposit therein pursuant to Section 3.14(a), and, so long as no Default or Unmatured Default has occurred and is continuing, the Administrative Agent
shall comply with such request. 
 (f) The Borrower agrees that it will not (i) sell or otherwise dispose
of any interest in the Letter of Credit Collateral or (ii) create or permit to exist any lien, security interest or other charge or encumbrance upon or with respect to any of the Letter of Credit Collateral, except for the security interest
created by this Section 3.14. 
 (g) If any Default shall have occurred and be continuing:

 (i) The Administrative Agent may, in its sole discretion, without notice to the Borrower
except as required by law and at any time from time to time, charge, set off or otherwise apply all or any part of first, (x) amounts previously drawn on any Facility Letter of Credit that have not been reimbursed by the Borrower and
(y) any Facility Letter of Credit Obligations described in clause (b) of the definition thereof that are then due and payable and second, any other unpaid Obligations then due and payable against the Letter of Credit Collateral
Account or any part thereof, in such order as the Administrative Agent shall elect. The rights of the Administrative Agent under this Section 3.14 are in addition to any rights and remedies which any Lender may have. 

  
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 (ii) The Administrative Agent may also exercise, in its sole
discretion, in respect of the Letter of Credit Collateral Account, in addition to the other rights and remedies provided herein or otherwise available to it, all the rights and remedies of a secured party upon default under the Uniform Commercial
Code in effect in the State of New York at that time. 
 (iii) The Administrative Agent shall be
deemed to have exercised reasonable care in the custody and preservation of the Letter of Credit Collateral if the Letter of Credit Collateral is accorded treatment substantially equal to that which the Administrative Agent accords its own property,
it being understood that, assuming such treatment, the Administrative Agent shall not have any responsibility or liability with respect thereto. 
 (iv) At such time as all Defaults have been cured or waived in writing, all fees and expenses, if any, owing to the Lenders paid in full, and all Facility Letters of Credit returned to the Issuing Bank
and cancelled, all amounts remaining in the Letter of Credit Collateral Account shall be promptly returned to the Borrower. Absent such cure or written waiver, any surplus of the funds held in the Letter of Credit Collateral Account and remaining
after return of all Facility Letters of Credit to the Issuing Bank and payment in full of all of the Obligations of the Borrower hereunder and under any other Loan Document after the Termination Date shall be paid promptly to the Borrower or to
whomsoever may be lawfully entitled to receive such surplus. 
 The terms of this Section 3.14 shall only
apply in the event that (a) a Facility Letter of Credit will expire by its terms after the Termination Date or (b) the Borrower must otherwise cash-collateralize Facility Letters of Credit pursuant to Section 2.24(c) or
Section 9.1. 
 ARTICLE IV 
 CHANGE IN CIRCUMSTANCES 
 4.1. Yield
Protection. 
 If any Change in Law: 

(a) subjects any Lender or any applicable Lending Installation or the Issuing Bank to any Taxes, or changes the basis of
taxation of payments (other than with respect to Excluded Taxes) to any Lender or any applicable Lending Installation or the Issuing Bank in respect of its LIBOR Loans, Facility Letters of Credit or participations therein, or 

(b) imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation or the Issuing Bank (other than reserves and assessments taken into account in determining the interest rate
applicable to LIBOR Advances), or 

  
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 (c) imposes any other condition the result of which is to increase the cost
to any Lender or any applicable Lending Installation or the Issuing Bank of making, funding or maintaining its LIBOR Loans, or of issuing or participating in Facility Letters of Credit, or reduces any amount receivable by any Lender or any
applicable Lending Installation or the Issuing Bank in connection with its LIBOR Loans, Facility Letters of Credit or participations therein, or requires any Lender or any applicable Lending Installation or the Issuing Bank to make any payment
calculated by reference to the amount of LIBOR Loans, Facility Letters of Credit or participations therein held or interest or LC Fees received by it, by an amount deemed material by such Lender or the Issuing Bank as the case may be, 

and the result of any of the foregoing would be to increase the cost to such Lender or applicable Lending Installation or the Issuing
Bank, as the case may be, of making or maintaining its LIBOR Loans or Commitment or of issuing or participating in Facility Letters of Credit or to reduce the return received by such Lender or applicable Lending Installation or the Issuing Bank, as
the case may be, in connection with such LIBOR Loans, Commitment, Facility Letters of Credit or participations therein, then, within 15 days after demand by such Lender or the Issuing Bank, as the case may be, the Borrower shall pay such Lender or
the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the case may be, for such increased cost or reduction in amount received. 

4.2. Changes in Capital Adequacy Regulations. 

If a Lender or the Issuing Bank in good faith determines the amount of capital required or expected to be maintained by
such Lender or the Issuing Bank, any Lending Installation of such Lender or the Issuing Bank or any corporation controlling such Lender or the Issuing Bank is increased as a result of a Change in Law regarding capital or liquidity adequacy, then,
within fifteen (15) days after demand by such Lender or the Issuing Bank, the Borrower shall pay such Lender or the Issuing Bank the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased capital
which such Lender or the Issuing Bank in good faith determines is attributable to this Agreement, its Outstanding Credit Exposure or its obligation to make Loans and issue or participate in Facility Letters of Credit, as the case may be, hereunder
(after taking into account such Lender’s or the Issuing Bank’s policies as to capital adequacy). 

4.3. Availability of Types of Advances. 

If any Lender in good faith determines that maintenance of any of its LIBOR Loans at a suitable Lending Installation
would violate any applicable law, rule, regulation or directive, whether or not having the force of law, the Administrative Agent shall suspend the availability of the affected Type of Advance and require any LIBOR Advances of the affected Type to
be repaid (together with any amounts due pursuant to Section 4.4); or if the Required Lenders in good faith determine that (i) deposits of a type or maturity appropriate to match fund LIBOR Advances are not available, or
(ii) an interest rate applicable to a Type of Advance does not accurately reflect the cost of making a LIBOR Advance of such Type, then, the Administrative 

  
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Agent shall suspend the availability of the affected Type of Advance with respect to any LIBOR Advances made after the date of any such determination. If the Borrower is required to so repay a
LIBOR Advance, the Borrower may concurrently with such repayment borrow from the Lenders, in the amount of such repayment, a Loan bearing interest at the Alternate Base Rate. 

4.4. Funding Indemnification. 

If any payment of a ratable LIBOR Advance or a Competitive Bid Loan is made by the Borrower on a date which is not the
last day of the applicable Interest Period, or otherwise occurs because of acceleration or prepayment, or a ratable LIBOR Advance or a Competitive Bid Loan is not made, continued, converted or prepaid on the date specified by the Borrower for any
reason other than default by the Lenders or as a result of unavailability pursuant to Section 4.3, or the assignment of a LIBOR Advance or Competitive Bid Loan pursuant to Section 4.7 or the conversion of a LIBOR Advance
shall occur on a day other than the last day of an Interest Period therefor, the Borrower will indemnify each Lender for any loss or cost incurred by it resulting therefrom, including, without limitation, any loss or cost in liquidating or employing
deposits acquired to fund or maintain the ratable LIBOR Advance or Competitive Bid Loan, as the case may be, and shall pay all such losses or costs within fifteen (15) days after written demand therefor. Nothing in this Section 4.4
shall authorize the prepayment of a Competitive Bid Loan prior to the end of the applicable Interest Period. 

4.5. Taxes. 

(i) All payments by the Borrower to or for the account of any Lender, the Issuing Bank or the
Administrative Agent hereunder or under any Note shall be made free and clear of and without deduction for any and all Taxes. If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Lender
or the Administrative Agent, (a) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 4.5) such Lender, the
Issuing Bank or the Administrative Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (b) the Borrower shall make such deductions, (c) the Borrower shall pay the full
amount deducted to the relevant authority in accordance with applicable law and (d) the Borrower shall furnish to the Administrative Agent the original copy of a receipt evidencing payment thereof within thirty (30) days after such payment
is made. 
 (ii) In addition, the Borrower hereby agrees to pay any present or future stamp or
documentary taxes and any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or under any Note or from the execution or delivery of, or otherwise with respect to, this Agreement or any Note
(“Other Taxes”). 
 (iii) The Borrower hereby agrees to indemnify the
Administrative Agent and each Lender for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed on amounts payable under this Section 4.5) paid by the Administrative Agent or such Lender
as a result of its Commitment, any Loans made by it hereunder, or otherwise in connection with its participation in this Agreement and 

  
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any liability (including penalties, interest and expenses) arising therefrom or with respect thereto. Payments due under this indemnification shall be made within thirty (30) days after the
date the Administrative Agent or such Lender makes demand therefor pursuant to Section 4.6. 
 (iv) Each Lender that is not incorporated under the laws of the United States of America or a state thereof (each a “Non-U.S. Lender”) agrees that it will, not more than ten
(10) Business Days after the date of this Agreement, (i) deliver to the Administrative Agent two duly completed copies of United States Internal Revenue Service Form W-8BEN or W-8ECI, certifying in either case that such Lender is entitled
to receive payments under this Agreement without deduction or withholding of any United States federal income taxes, and (ii) deliver to the Administrative Agent a United States Internal Revenue Form W-8 or W-9, as the case may be, and certify
that it is entitled to an exemption from United States backup withholding tax. Each Non-U.S. Lender further undertakes to deliver to each of the Borrower and the Administrative Agent (x) renewals or additional copies of such form (or any
successor form) on or before the date that such form expires or becomes obsolete, and (y) after the occurrence of any event requiring a change in the most recent forms so delivered by it, such additional forms or amendments thereto as may be
reasonably requested by the Borrower or the Administrative Agent. All forms or amendments described in the preceding sentence shall certify that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any
United States federal income taxes, unless an event (including without limitation any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms
inapplicable or which would prevent such Lender from duly completing and delivering any such form or amendment with respect to it and such Lender advises the Borrower and the Administrative Agent that it is not capable of receiving payments without
any deduction or withholding of United States federal income tax. 
 (v) For any period during
which a Non-U.S. Lender has failed to provide the Borrower with an appropriate form pursuant to clause (iv), above (unless such failure is due to a change in treaty, law or regulation, or any change in the interpretation or administration thereof by
any governmental authority, occurring subsequent to the date on which a form originally was required to be provided), such Non-U.S. Lender shall not be entitled to indemnification under this Section 4.5 with respect to Taxes imposed by
the United States. 
 (vi) Any Lender that is entitled to an exemption from or reduction of
withholding tax with respect to payments under this Agreement or any Note pursuant to the law of any relevant jurisdiction or any treaty shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by
applicable law, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate following receipt of such documentation. 

  
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 (vii) If the U.S. Internal Revenue Service or any other
governmental authority of the United States or any other country or any political subdivision thereof asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the
appropriate form was not delivered or properly completed, because such Lender failed to notify the Administrative Agent of a change in circumstances which rendered its exemption from withholding ineffective, or for any other reason), such Lender
shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax, withholding therefor, or otherwise, including penalties and interest, and including taxes imposed by any jurisdiction on
amounts payable to the Administrative Agent under this subsection, together with all costs and expenses related thereto (including attorneys fees and time charges of attorneys for the Administrative Agent, which attorneys may be employees of the
Administrative Agent). The obligations of the Lenders under this Section 4.5(vii) shall survive the payment of the Obligations and termination of this Agreement. 

4.6. Lender Statements; Survival of Indemnity. 

Each Lender shall use its reasonable efforts to designate an alternate Lending Installation with respect to its LIBOR
Loans to reduce any liability of the Borrower to such Lender under Sections 4.1, 4.2 and 4.5 or to avoid the unavailability of Advances under Section 4.3, so long as such designation does not reduce such
Lender’s income or increase such Lender’s liabilities and is made on terms that, in the sole judgment of such Lender, do not cause such Lender to suffer any economic, legal or regulatory disadvantage. Each Lender shall deliver a written
statement of such Lender to the Borrower (with a copy to the Administrative Agent) as to the amount due, if any, under Section 4.1, 4.2, 4.4 or 4.5. Such written statement shall set forth in reasonable detail the
calculations upon which such Lender determined such amount and shall be final, conclusive and binding on the Borrower in the absence of manifest error. Determination of amounts payable under such Sections in connection with a LIBOR Loan shall be
calculated as though each Lender funded its LIBOR Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the LIBOR Rate applicable to such Loan, whether in fact that is the
case or not. Unless otherwise provided herein, the amount specified in the written statement of any Lender shall be payable on demand after receipt by the Borrower of such written statement. The obligations of the Borrower under Sections 4.1,
4.2, 4.4 and 4.5 shall survive payment of the Obligations and termination of this Agreement. 
 4.7. Replacement of Lenders under Certain Circumstances. 

The Borrower shall be permitted to replace any Lender which (a) is subject to claims for additional payments under
Section 4.1 or Section 4.2, (b) is not capable of receiving payments without any deduction or withholding of United States federal income tax pursuant to Section 4.5, (c) cannot maintain its LIBOR Loans at a suitable
Lending Installation pursuant to Section 4.6 or (d) becomes a Defaulting Lender, with a replacement bank or other financial institution; provided that (i) such replacement eliminates the circumstances giving rise to such
replacement right and does not conflict with any applicable legal or regulatory requirements affecting the remaining Lenders, (ii) no Default or (after notice thereof to Borrower) no Unmatured Default shall have occurred and be continuing at
the time of such replacement, (iii) the Borrower shall repay (or the replacement bank or institution shall purchase, at par) all Loans and other amounts owing to such replaced Lender prior to the date of replacement, (iv) the Borrower
shall be liable to such replaced Lender under Sections 4.4 and 4.6 if any LIBOR Loan 

  
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owing to such replaced Lender shall be prepaid (or purchased) other than on the last day of the Interest Period relating thereto, (v) the replacement bank or institution, if not already a
Lender, and the terms and conditions of such replacement, shall be reasonably satisfactory to the Administrative Agent, (vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of
Section 13.3 (provided that the Borrower shall be obligated to pay the processing fee referred to therein), (vii) until such time as such replacement shall be consummated, the Borrower shall continue to pay all amounts payable
hereunder without setoff, deduction, counterclaim or withholding and (viii) any such replacement shall not be deemed to be a waiver of any rights which the Borrower, the Administrative Agent or any other Lender shall have against the replaced
Lender. 
 ARTICLE V 
 CONDITIONS PRECEDENT 
 5.1. Effective Date.
This Agreement shall not become effective, and the Lenders shall not be required to make the initial Credit Extension hereunder unless (a) the Borrower shall have paid all fees due and payable to the Lenders and the Administrative Agent
hereunder, and (b) the Borrower shall have complied with the requirements below and furnished to the Administrative Agent, in form and substance satisfactory to the Lenders and their counsel and with sufficient copies for the Lenders, the
following: 
 (i) The duly executed originals of the Loan Documents, including the Notes, payable
to the order of each of the Lenders, the Guaranty, the Subsidiary Guaranties from each Subsidiary Guarantor on the Closing Date, and this Agreement; 

(ii) Certified copies of (a) the articles of incorporation of the General Partner and the certificate
of limited partnership of the Borrower, both with all amendments and certified by the appropriate governmental officer of the State of Indiana as of a recent date, and (b) the articles of incorporation, articles of formation or certificate of
limited partnership of each of the Subsidiary Guarantors on the Closing Date, certified by the appropriate governmental officer of the state of formation, as well as any other information required by Section 326 of the USA PATRIOT Act or
necessary for the Administrative Agent or any Lender to verify the identity of the General Partner and Borrower as required by Section 326 of the USA PATRIOT Act; 

(iii) Certificates of good standing for the General Partner and the Borrower, certified by the appropriate
governmental officer of the State of Indiana, certificates of good standing for each Subsidiary Guarantor on the Closing Date, certified by the appropriate governmental officer of the state of formation, and if requested by Administrative Agent,
foreign qualification certificates for the General Partner, the Borrower and the Subsidiary Guarantors, certified by the appropriate governmental officer, for each jurisdiction where the failure to so qualify or be licensed (if required) would have
a Material Adverse Effect; 
 (iv) Copies, certified by an officer of the General Partner, of
(1) its formation documents (including by-laws), together with all amendments thereto, (2) the formation documents (including the Partnership Agreement) of the Borrower, together with all amendments thereto and (3) the formation
documents of each of the Subsidiary Guarantors on the Closing Date; 

  
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 (v) An incumbency certificate, executed by an officer of the
General Partner, which shall identify by name and title and bear the signature of the Persons authorized to sign the Loan Documents on behalf of the General Partner, the Borrower and each Subsidiary Guarantor and to make borrowings hereunder on
behalf of the Borrower, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower; 

(vi) Copies, certified by the Secretary or Assistant Secretary, of the General Partner’s Board of
Directors’ resolutions (and resolutions of other bodies, if any are deemed necessary by counsel for any Lender) authorizing the Advances provided for herein and the execution, delivery and performance of the Loan Documents to be executed and
delivered by the General Partner, the Borrower and the Subsidiary Guarantors hereunder; 
 (vii)
A written opinion of counsel to the General Partner, the Borrower and the Subsidiary Guarantors, addressed to the Lenders in substantially the form of Exhibit D hereto; 

(viii) A certificate, signed by an officer of the General Partner on behalf of the Borrower and for
itself, stating that on the initial Borrowing Date no Default or Unmatured Default has occurred and is continuing and that all representations and warranties of the General Partner and the Borrower are true and correct as of the initial Borrowing
Date, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower; 

(ix) The most recent financial statements of the General Partner and the Borrower and a certificate from
an officer of the General Partner that no material adverse change in the General Partner’s or the Borrower’s financial condition has occurred since September 30, 2011; 

(x) UCC financing statement, judgment, and tax lien searches with respect to the General Partner, the
Borrower and the Subsidiary Guarantors from their states of organization and the states where they have their principal place of business; 
 (xi) Evidence of sufficient Unencumbered Assets (which evidence if requested by Administrative Agent may include mortgage releases and title policies) to assist the Administrative Agent in determining the
Borrower’s compliance with the covenants set forth in Article VII herein; 
 (xii)
Written money transfer instructions, in substantially the form of Exhibit E hereto, addressed to the Administrative Agent and signed by an Authorized Officer, together with such other related money transfer authorizations as the
Administrative Agent may have reasonably requested; 

  
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 (xiii) Evidence that all parties whose consent is required
for Borrower, General Partner or the Subsidiary Guarantors to execute the Loan Documents have provided such consents; 
 (xiv) The Administrative Agent shall have determined that (i) since September 30, 2011 there is an absence of any material adverse change or disruption in primary or secondary loan syndication
markets, financial markets or in capital markets generally that would likely impair syndication of the Loans hereunder and (ii) the Borrower has fully cooperated with the Administrative Agent’s syndication efforts including, without
limitation, by providing the Administrative Agent with information regarding the Borrower’s operations and prospects and such other information as the Administrative Agent deems necessary to successfully syndicate the Loans hereunder;

 (xv) Such other documents as any Lender or its counsel may have reasonably requested, the form
and substance of which documents shall be acceptable to the parties and their respective counsel. 
 Until such time as the
foregoing conditions are satisfied, the initial disbursement hereunder has been made, and all indebtedness under the Existing Credit Agreement is paid in full, the Existing Credit Agreement shall remain in effect. From and after the satisfaction of
such conditions, this Agreement shall be in effect, the Existing Credit Agreement shall be of no further force or effect, and each of the new Lenders that are parties to this Agreement shall be added as Lenders and the Commitments of all Lenders
shall be as set forth on Schedule L hereto. 
 5.2. Each Credit Extension. The Lenders shall not
be required to make any Credit Extension (including Swing Line Loans) other than an Advance or Swing Line Loan that, after giving effect thereto and to the application of the proceeds thereof, does not increase the aggregate amount of outstanding
Advances (including Swing Line Loans) and Competitive Bid Loans and other than an extension, renewal or amendment of a Facility Letter of Credit that does not increase the face amount thereof, unless on the applicable Borrowing Date (or date of such
Credit Extension): 
 (i) There exists no Default or Unmatured Default; 

(ii) The representations and warranties contained in Article VI are true and correct as of
such Borrowing Date (or date of such Credit Extension) with respect to the General Partner, the Borrower and to any Subsidiary in existence (as applicable) on such Borrowing Date (or date of such Credit Extension), except to the extent any such
representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall be true and correct on and as of such earlier date provided that for those representations made to the Borrower’s best
knowledge, Borrower shall not be required to make any specific inquiry to determine the accuracy of a representation and warranty as of a Borrowing Date, as long as such inquiry is made on a quarterly basis in connection with the delivery of its
quarterly compliance certificate; and 

  
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 (iii) All legal matters incident to the making of such
Advance (including Swing Line Loans) or Credit Extension shall be satisfactory to the Lenders and their counsel. 
 Each Borrowing Notice or request for issuance of a Facility Letter of Credit with respect to each such Credit Extension (including Swing Line Loans) shall constitute a representation and warranty by the
Borrower that the conditions contained in Sections 5.2(i) and (ii) have been satisfied. Any Lender may require a duly completed compliance certificate in substantially the form of Exhibit F hereto (including all schedules
or exhibits) as a condition to making an Advance (including Swing Line Loans); provided that the calculations contained therein shall be based on the most recent quarterly information available. 

ARTICLE VI 

REPRESENTATIONS AND WARRANTIES 
 The General Partner and the Borrower each respectively (unless otherwise noted) represents and warrants to the Lenders that: 

6.1. Existence. It is duly organized, validly existing and in good standing under the laws of the State of
Indiana, with its principal place of business in Indianapolis, Indiana and is duly qualified as a foreign corporation or partnership, properly licensed (if required), in good standing and has all requisite authority to conduct its business in each
jurisdiction in which its business is conducted. Each of its Material Subsidiaries is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has all requisite authority to conduct its business in
each jurisdiction in which its business is conducted. 
 6.2. Authorization and Validity. It has the
power and authority and legal right to execute and deliver the Loan Documents and to perform its obligations thereunder. The execution and delivery by it of the Loan Documents and the performance of its obligations thereunder have been duly
authorized by proper proceedings, and the Loan Documents constitute legal, valid and binding obligations of, respectively, the General Partner or the Borrower enforceable against such entity in accordance with their terms, except as enforceability
may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and general principles of equity. 
 6.3. No Conflict; Government Consent. Neither the execution and delivery by it of the Loan Documents, nor the consummation of the transactions therein contemplated, nor compliance with the
provisions thereof will violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on, respectively, the General Partner or the Borrower or any of such entity’s Material Subsidiaries or such entity’s or
any Material Subsidiary’s articles of incorporation, by-laws, certificate of limited partnership or partnership agreement or the provisions of any indenture, instrument or agreement to which such entity or any of its Material Subsidiaries is a
party or is subject, or by which it, or its Property, is bound, or conflict with or constitute a default thereunder, or result in the creation or imposition of any Lien in, of or on the Property of such entity or a Material Subsidiary pursuant to
the terms of any such indenture, instrument or agreement. No order, consent, approval, license, authorization, or 

  
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validation of, or filing, recording or registration with, or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to authorize, or is required in
connection with the execution, delivery and performance of, or the legality, validity, binding effect or enforceability of, any of the Loan Documents. 
 6.4. Financial Statements; Material Adverse Change. The September 30, 2011 consolidated financial statements of the General Partner, the Borrower and their Subsidiaries heretofore delivered to
the Lenders were prepared in accordance with GAAP in effect on the date such statements were prepared and fairly present the consolidated financial condition and operations of the General Partner, the Borrower and their Subsidiaries at such date and
the consolidated results of their operations for the period then ended. Since September 30, 2011, there has been no change in the business, Property, financial condition or results of operations of the General Partner, the Borrower and their
Subsidiaries (including any litigation, arbitration, governmental investigation, proceeding or inquiry) which could have a Material Adverse Effect. 
 6.5. Taxes. It and its Subsidiaries have filed all United States federal tax returns and all other tax returns which are required to be filed and have paid all taxes due pursuant to said returns or
pursuant to any assessment received by, respectively, the General Partner or the Borrower or any of its Subsidiaries except such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided. No tax liens
have been filed and no claims are being asserted with respect to any such taxes. The charges, accruals and reserves on the books of the General Partner, the Borrower and its Subsidiaries in respect of any taxes or other governmental charges are
adequate. 
 6.6. Litigation and Guarantee Obligations. Except as disclosed in the General Partner’s
most recent filings with the SEC on Form 10-K and Form 10-Q, as of the Closing Date, there is no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the knowledge of any of its officers, threatened against or
affecting the General Partner, the Borrower or any of their Subsidiaries which could have a Material Adverse Effect. It has no material contingent obligations not provided for or disclosed in the financial statements referred to in
Section 7.1. 
 6.7. Subsidiaries. Schedule 1 hereto contains an accurate list of all of the
presently existing Subsidiaries of such entity, setting forth their respective jurisdictions of incorporation and the percentage of their respective capital stock owned by it or its Subsidiaries. All of the issued and outstanding shares of capital
stock of such Subsidiaries have been duly authorized and issued and are fully paid and non-assessable. 
 6.8.
ERISA. The Unfunded Liabilities of all Single Employer Plans do not in the aggregate exceed $1,000,000. Neither it nor any other member of the Controlled Group has incurred, or is reasonably expected to incur, any withdrawal liability to
Multiemployer Plans in excess of $250,000 in the aggregate. Each Plan complies in all material respects with all applicable requirements of law and regulations, no Reportable Event has occurred with respect to any Plan, neither it nor any other
members of the Controlled Group has withdrawn from any Plan or initiated steps to do so, and no steps have been taken to reorganize or terminate any Plan. 

  
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 6.9. Accuracy of Information. All factual information furnished by or
on behalf of such entity or any of its Subsidiaries to the Administrative Agent or any Lender for purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all other such factual information hereafter furnished
by or on behalf of such entity or any of its Subsidiaries to the Administrative Agent or any Lender will be, true and accurate (taken as a whole) on the date as of which such information is dated or certified and not incomplete by omitting to state
any material fact necessary to make such information (taken as a whole) not misleading at such time. 
 6.10.
Margin Stock. It does not hold any margin stock (as defined in Regulation U). 
 6.11. Material
Agreements. Neither it nor any Subsidiary is a party to any agreement or instrument or subject to any charter or other corporate restriction which could have a Material Adverse Effect. Neither it nor any Subsidiary is in default in the
performance, observance or fulfillment of any of the obligations, covenants or conditions contained in (i) any agreement to which it is a party, which default could have a Material Adverse Effect or (ii) any agreement or instrument
evidencing or governing Indebtedness. 
 6.12. Compliance With Laws. It and its Subsidiaries have
complied, to the best of their knowledge, with all applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government or any instrumentality or agency thereof, having jurisdiction over the conduct of their
respective businesses or the ownership of their respective Property. Neither it nor any Subsidiary has received any notice to the effect that its operations are not in material compliance with any of the requirements of applicable federal, state and
local environmental, health and safety statutes and regulations or the subject of any federal or state investigation evaluating whether any remedial action is needed to respond to a release of any toxic or hazardous waste or substance into the
environment, which non-compliance or remedial action could have a Material Adverse Effect. 
 6.13. Ownership
of Properties. On the date of this Agreement, it and its Subsidiaries will have good title, free of all Liens other than those permitted by Section 7.15, to all of the Property and assets reflected in the financial statements as
owned by it. 
 6.14. Investment Company Act. Neither it 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. 
 6.15. Public Utility Holding Company Act. Neither it nor any Subsidiary is a “holding company” or a “subsidiary company” of a “holding company”, or an
“affiliate” of a “holding company” or of a “subsidiary company” of a “holding company”, within the meaning of the Public Utility Holding Company Act of 1935, as amended. 

6.16. Solvency. (i) Immediately after the Closing Date and immediately following the making of each Loan and
after giving effect to the application of the proceeds of such Loans, (a) the fair value of the assets of the General Partner, the Borrower and their Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and
liabilities, subordinated, contingent or otherwise, of the General Partner, the Borrower and their Subsidiaries on a 

  
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consolidated basis; (b) the present fair saleable value of the Property of the General Partner, the Borrower and their Subsidiaries on a consolidated basis will be greater than the amount
that will be required to pay the probable liability of the General Partner, the Borrower and their Subsidiaries on a consolidated basis on their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities
become absolute and matured; (c) the General Partner, the Borrower and their Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become
absolute and matured; and (d) the General Partner, the Borrower and their Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now
conducted and are proposed to be conducted after the date hereof. 
 (ii) It does not intend to, or to permit
any of its Subsidiaries to, and does not believe that it or any of its Subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such
Subsidiary and the timing of the amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such Subsidiary. 
 6.17. Insurance. It and its Subsidiaries carry insurance on their Projects with financially sound and reputable insurance companies, in such amounts, with such deductibles and covering such risks
as are at least comparable to the coverage maintained by institutional owners of similar properties as evidenced by insurance certificates provided to Administrative Agent, including, without limitation: 

(i) Property and casualty insurance (including coverage for flood and other water damage for any Project
located within a 100-year flood plain) in the amount of the replacement cost of the improvements at the Project; 
 (ii) Loss of rental income insurance in the amount not less than one year’s gross revenues from the Projects; and 

(iii) Comprehensive general liability insurance in the amount of $20,000,000 per occurrence. 

6.18. REIT Status. The General Partner is in good standing on the New York Stock Exchange, is qualified as a real
estate investment trust and currently is in compliance with all provisions of the Code applicable to qualification as a real estate investment trust. 
 6.19. Environmental Matters. Except as set forth on Schedule 6.19, each of the following representations and warranties is true and correct on and as of the Closing Date (taking into account
the effects of any operation and maintenance, remediation, clean-up or similar plans that have been entered into in accordance with any applicable Environment Laws) except to the extent that the facts and circumstances giving rise to any such
failure to be so true and correct, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: 
 (i) To the best knowledge of, respectively, the General Partner or the Borrower, the Projects of such entity and its Subsidiaries do not contain, and have not previously contained, any Materials of
Environmental Concern in amounts or concentrations which constitute or constituted a violation of, or could reasonably give rise to liability under, Environmental Laws. In making this statement, General Partner and Borrower are assuming (except to
the extent that either of them has actual knowledge to the contrary) that any Person handling any Materials of Environmental Concern at any Project will do so in a reasonable manner and in accordance with all legal requirements. 

  
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 (ii) To the best knowledge of such entity, the Projects of
such entity and its Subsidiaries and all operations at the Projects are in compliance, and have in the last two years been in compliance, with all applicable Environmental Laws, and there is no contamination at, under or about the Projects of such
entity and its Subsidiaries, or violation of any Environmental Law with respect to the Projects of such entity and its Subsidiaries. 
 (iii) Neither it nor any of its Subsidiaries has received from any governmental authority any notice of violation, alleged violation, non-compliance, liability or potential liability regarding
environmental matters or compliance with Environmental Laws with regard to any of the Projects, nor does it have knowledge or reason to believe that any such notice will be received or is being threatened, nor has any proceeding been brought or
complaint filed by any party alleging any such violation, non-compliance, liability or potential liability. 
 (iv) To the best knowledge of such entity, Materials of Environmental Concern have not been transported or disposed of from the Projects of such entity and its Subsidiaries in violation of, or in a manner
or to a location which could reasonably give rise to liability under, Environmental Laws, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Projects of such entity and its
Subsidiaries in violation of, or in a manner that could give rise to liability under, any applicable Environmental Laws. 
 (v) No judicial proceedings or governmental or administrative action is pending, or, to the knowledge of such entity, threatened, under any Environmental Law to which such entity or any of its
Subsidiaries is or will be named as a party with respect to the Projects of such entity and its Subsidiaries, nor to Borrower’s knowledge are there any consent decrees or other decrees, consent orders, administrative order or other orders, or
other administrative of judicial requirements outstanding under any Environmental Law with respect to the Projects of such entity and its Subsidiaries. 

(vi) To the best knowledge of such entity, there has been no release or threat of release of Materials of
Environmental Concern at or from the Projects of such entity and its Subsidiaries, or arising from or related to the operations of such entity and its Subsidiaries in connection with the Projects in violation of or in amounts or in a manner that
could give rise to liability under Environmental Laws. 
 6.20. Unencumbered Assets. Schedule 3
hereto contains a complete and accurate description of Unencumbered Assets as of the Closing Date and as supplemented from time to time in connection with the delivery of a compliance certificate pursuant to Section 7.1 hereof, including
the entity that owns or ground leases each Unencumbered Asset. Any supplements in 

  
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connection with the delivery of a compliance certificate shall specifically highlight the changes in Schedule 3. With respect to each Project identified from time to time as an
Unencumbered Asset, except to the extent disclosed in writing to the Lenders and approved by the Required Lenders (which approval shall not be unreasonably withheld), Borrower hereby represents and warrants as follows except to the extent the
failure of such representation and warranty to be true would not materially adversely affect the use and operation of such Project for its intended use or its marketability or value: 

6.20.1 No portion of any improvement on the Unencumbered Asset is located in an area identified by the
Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if
located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 7.6 hereof. 
 6.20.2 To the Borrower’s knowledge, the Unencumbered Asset and the present use and occupancy thereof are in material compliance with all applicable zoning ordinances (without reliance upon adjoining
or other properties except to the extent allowed by applicable laws), building codes, land use and Environmental Laws, and other similar laws (“Applicable Laws”). 

6.20.3 The Unencumbered Asset is served by all utilities required for the current or contemplated use
thereof. All utility service is provided by public utilities and the Unencumbered Asset has accepted or is equipped to accept such utility service. 

6.20.4 All public roads and streets necessary for service of and access to the Unencumbered Asset for the
current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. 

6.20.5 The Unencumbered Asset is served by public water and sewer systems or, if the Unencumbered Asset is
not serviced by a public water and sewer system, such alternate systems are adequate and meet, in all material respects, all requirements and regulations of, and otherwise complies in all material respects with, all Applicable Laws with respect to
such alternate systems. 
 6.20.6 Borrower is not aware of any latent or patent structural or
other significant deficiency of the Unencumbered Asset. The Unencumbered Asset is free of damage and waste that would materially and adversely affect the value of the Unencumbered Asset other than damage which has been covered by insurance, is in
good repair and there is no material deferred maintenance other than ordinary deferred maintenance given the age of the asset for which adequate reserves exist. The Unencumbered Asset is free from material damage caused by fire or other casualty.
There is no pending or, to the actual knowledge of Borrower threatened condemnation proceedings affecting the Unencumbered Asset, or any material part thereof. 

  
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 6.20.7 Except for matters insured by title insurance, all
improvements on the Unencumbered Asset lie within the boundaries and building restrictions of the legal description of record of the Unencumbered Asset, no such improvements encroach upon easements benefiting the Unencumbered Asset other than
encroachments that do not materially adversely affect the use or occupancy of the Unencumbered Asset and no improvements on adjoining properties encroach upon the Unencumbered Asset or easements benefiting the Unencumbered Asset other than
encroachments that do not materially adversely affect the use or occupancy of the Unencumbered Asset. All material amenities, access routes or other items that materially benefit the Unencumbered Asset are under direct control of Borrower,
constitute permanent easements that benefit all or part of the Unencumbered Asset or are public property, and the Unencumbered Asset, by virtue of such easements or otherwise, is contiguous to a physically open, dedicated all weather public street,
and has the necessary permits for ingress and egress. 
 6.20.8 There are no material delinquent
taxes, ground rents, water charges, sewer rents, assessments, insurance premiums, leasehold payments, or other outstanding charges affecting the Unencumbered Asset except to the extent such items are being contested in good faith and as to which
adequate reserves have been provided. 
 A breach of any of the representations and warranties contained in this
Section 6.20 with respect to a Project shall disqualify such Project from being an Unencumbered Asset for so long as such breach continues (unless otherwise approved by the Required Lenders) but shall not constitute a Default (unless the
elimination of such Property as an Unencumbered Asset and the failure to designate a replacement Unencumbered Asset or otherwise cure such breach in accordance with this Agreement results in a Default under one of the other provisions of this
Agreement). 
 6.21. Plan Assets; Prohibited Transactions. Neither Borrower, any Subsidiary nor any
member of the Controlled Group maintains any Plan. The Borrower is not an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101 of an employee benefit plan (as defined in Section 3(3) of ERISA) which is
subject to Title I of ERISA or any plan (within the meaning of Section 4975 of the Code), and neither the execution of this Agreement nor the making of Credit Extensions hereunder gives rise to a prohibited transaction within the meaning of
Section 406 of ERISA or Section 4975 of the Code. 
 ARTICLE VII 

COVENANTS 
 During the term of this Agreement and until payment in full of the Obligations and termination of the Commitments, unless the Required Lenders shall otherwise consent in writing: 

7.1. Financial Reporting. The General Partner and the Borrower will maintain, for themselves and each Subsidiary,
a system of accounting established and administered in accordance with GAAP, and furnish to the Lenders: 
 (i) As soon as available, but in any event not later than fifty (50) days after the close of each fiscal quarter, for the General Partner (consolidated with the Borrower and their Subsidiaries), an
unaudited consolidated balance sheet as of the close of each such period and the related unaudited consolidated statements of income and retained earnings and of cash flows of the General Partner, the Borrower and their Subsidiaries for such period
and the portion of the fiscal year through the end of such period, setting forth in each case in comparative form the figures for the previous year, all certified by the General Partner’s chief financial officer or chief accounting officer;

  
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 (ii) As soon as available, but in any event not later than
fifty (50) days after the close of each fiscal quarter, for the General Partner, the Borrower and their Subsidiaries, related reports in form and substance satisfactory to the Lenders, all certified by the entity’s chief financial officer
or chief accounting officer, including a statement of Funds From Operations, a description of Unencumbered Assets, a statement of Guarantee Obligations, including a description of any guaranties of Investment Affiliate Debt excluded from Guarantee
Obligations pursuant to the definition thereof, along with a certification that the conditions for exclusion are met and such back-up information as may be requested by Administrative Agent, a report listing and describing all newly acquired
Projects, including their Property Operating Income, cost and secured or unsecured Indebtedness assumed in connection with such acquisition, if any, summary Project information for all Projects, including, without limitation, their Property
Operating Income, occupancy rates, square footage, property type and date acquired or built, and such other information as may be requested; 
 (iii) As soon as available, but in any event not later than ninety (90) days after the close of each fiscal year, for the General Partner (consolidated with the Borrower and their Subsidiaries),
audited financial statements, including a consolidated balance sheet as at the end of such year and the related consolidated statements of income and retained earnings and of cash flows for such year, setting forth in each case in comparative form
the figures for the previous year, reported on by KPMG LLP, or the other top four accounting firms by size (or other independent certified public accountants of nationally recognized standing acceptable to Administrative Agent) without a “going
concern” or like qualification or exception, or qualification arising out of the scope of the audit; 
 (iv) As soon as available, but in any event not later than ninety (90) days after the close of each fiscal year, for the General Partner, the Borrower and their Subsidiaries, related reports in form
and substance satisfactory to the Lenders, certified by the entity’s chief financial officer or chief accounting officer, including reports containing taxable income and Property Operating Income for each individual property; 

(v) Together with the quarterly and annual financial statements required hereunder, a compliance
certificate in substantially the form of Exhibit F hereto signed by the General Partner’s and the Borrower’s chief financial officers or chief accounting officers showing the calculations and computations necessary to determine
compliance with this Agreement and stating that no Default or Unmatured Default exists, or if any Default or Unmatured Default exists, stating the nature and status thereof; 

(vi) As soon as possible and in any event within ten (10) days after the General Partner or the
Borrower knows that any Reportable Event has occurred with respect to any Plan, a statement, signed by the chief financial officer of such entity, describing said Reportable Event and the action which such entity proposes to take with respect
thereto; 

  
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 (vii) As soon as possible and in any event within ten
(10) days after receipt by the General Partner or the Borrower, a copy of (a) any notice or claim to the effect that the General Partner, the Borrower or any of their Subsidiaries is or may be liable to any Person as a result of the
release by such entity, any of its Subsidiaries, or any other Person of any toxic or hazardous waste or substance into the environment, and (b) any notice alleging any violation of any federal, state or local environmental, health or safety law
or regulation by the General Partner or the Borrower or any of their Subsidiaries, which, in either case, could have a Material Adverse Effect; 
 (viii) Promptly upon the furnishing thereof to the shareholders of the General Partner or the partners of the Borrower, copies of all proxy statements so furnished which may be made available by
electronic means; 
 (ix) Promptly upon the filing thereof, copies of all financial statements
and reports on Form 10-K and Form 10-Q which the General Partner, the Borrower or any of their Subsidiaries files with the SEC, which may be made available by electronic means; 

(x) Promptly upon the distribution thereof to the press or the public, copies of all press releases, which
may be made available by electronic means; and 
 (xi) Such other information (including, without
limitation, financial statements, information regarding operations and business affairs, public information filed with the SEC, and financial statements, reports and other information distributed to the shareholders of the General Partner or the
partners of the Borrower) as the Administrative Agent or any Lender may from time to time reasonably request. 

If any information which is required to be furnished to the Lenders under this Section 7.1 is required by law
or regulation to be filed by the Borrower with a government body on an earlier date than is hereby required, then the information required hereunder shall be furnished to the Lenders at such earlier date. 

7.2. Use of Proceeds. The General Partner and the Borrower will, and will cause each of their Subsidiaries to, use
the proceeds of the Advances for the general business purposes of the Borrower, including, but not limited to, working capital needs and interim financing for property acquisitions of new Projects, construction of new improvements or expansions of
existing improvements on Projects, to repay outstanding Advances and to purchase the preferred or common stock of the General Partner. The General Partner and the Borrower will not, nor will they permit any Subsidiary to, use any of the proceeds of
the Advances (i) to purchase or carry any “margin stock” (as defined in Regulation G or U) or (ii) to fund any purchase of, or offer for, any Capital Stock of any Person, unless such Person has consented to such offer prior to
any public announcements relating thereto and the Required Lenders have consented to such use of the proceeds of such Advance, except that the General Partner may repurchase any of its preferred or common stock that constitutes “margin
stock” so long as such repurchase does not violate Regulations U or X or otherwise constitute a Default or an Unmatured Default. 

  
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 7.3. Notice of Default. The General Partner and the Borrower will
give, and will cause each of their Subsidiaries to give, prompt notice in writing to the Lenders of the occurrence of (i) any Default or Unmatured Default and (ii) of any other development, financial or otherwise, which could reasonably be
expected to have a Material Adverse Effect. 
 7.4. Conduct of Business. The General Partner and the
Borrower will do, and will cause each of their Subsidiaries to do, all things necessary to remain duly incorporated and/or duly qualified, validly existing and in good standing as a real estate investment trust, corporation, general partnership or
limited partnership, as the case may be, in its jurisdiction of incorporation/formation and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted and to carry on and conduct its businesses
in substantially the same manner as it is presently conducted and, specifically, neither the General Partner, the Borrower nor their respective Subsidiaries will undertake any business other than the acquisition, development, ownership, management,
operation and leasing of office, medical office, industrial and retail properties and ancillary businesses specifically related thereto, including its third party construction business and investments in (i) land, (ii) non-office,
non-medical office, non-industrial, and non-retail property holdings (excluding cash), (iii) stock holdings, (iv) mortgages (v) passive non-real estate investments and (vi) joint ventures and partnerships. 

7.5. Taxes. The General Partner and the Borrower will pay, and will cause each of their Subsidiaries to pay, when
due all taxes, assessments and governmental charges and levies upon them of their income, profits or Projects, except those which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set
aside. 
 7.6. Insurance. The General Partner and the Borrower will, and will cause each of their
Subsidiaries to, maintain with financially sound and reputable insurance companies insurance on all their Property in such amounts and covering such risks as is consistent with sound business practice and the representation made by Borrower in
Section 6.17, and the General Partner and the Borrower will furnish to any Lender upon request full information as to the insurance carried. 
 7.7. Compliance with Laws. The General Partner and the Borrower will, and will cause each of their Subsidiaries to, comply in all material respects with all laws, rules, regulations, orders, writs,
judgments, injunctions, decrees or awards to which they may be subject. 
 7.8. Maintenance of
Properties. The General Partner and the Borrower will, and will cause each of their Subsidiaries to, do all things necessary to maintain, preserve, protect and keep its Property in good repair, working order and condition, and make all necessary
and proper repairs, renewals and replacements so that their businesses carried on in connection therewith may be properly conducted at all times. 

  
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 7.9. Inspection. The General Partner and the Borrower will, and will
cause each of their Subsidiaries to, permit the Lenders, by their respective representatives and agents, to inspect any of the Projects, corporate books and financial records of the General Partner, the Borrower and each of their Subsidiaries, to
examine and make copies of the books of accounts and other financial records of the General Partner, the Borrower and each of their Subsidiaries, and to discuss the affairs, finances and accounts of the General Partner, the Borrower and each of
their Subsidiaries, and to be advised as to the same by, their respective officers at such reasonable times and intervals as the Lenders may designate. 
 7.10. Maintenance of Status. The General Partner shall at all times (i) remain a corporation listed and in good standing on the New York Stock Exchange, and (ii) maintain its status as a
real estate investment trust in compliance with all applicable provisions of the Code. 
 7.11.
Dividends. Provided there is not a continuing Default under Section 8.1 or Section 8.2, and there is not a continuing Default under Section 8.3 relating to a breach of any of the covenants contained in
Section 7.20, the General Partner and its Subsidiaries shall be permitted to declare and pay dividends on their Capital Stock from time to time in amounts determined by the General Partner, provided, however, that subject
to the terms of the next sentence, in no event shall the General Partner or any of its Subsidiaries declare or pay dividends on their Capital Stock if dividends paid in any period of four fiscal quarters, in the aggregate, would exceed 95% of Funds
From Operations for such period. Notwithstanding the foregoing, the General Partner shall be permitted to distribute whatever amount of dividends is necessary to maintain its tax status as a real estate investment trust, provided there is
not a continuing Default under Sections 8.1 or 8.2. 
 7.12. Merger; Sale of
Assets. (a) The General Partner and the Borrower will not, nor will they permit any of their Subsidiaries to, enter into any merger, consolidation, reorganization or liquidation or transfer or otherwise dispose of all or a Substantial
Portion of their Property, except for such transactions that occur between the General Partner, the Borrower and/or the Wholly-Owned Subsidiaries of Borrower or General Partner, provided, however, the General Partner or the Borrower
may merge with or acquire other companies as partnerships so long as: 
 (i) After giving effect
to such merger or acquisition, no provision of this Agreement will have been violated; and 

(ii) the General Partner or the Borrower will be the surviving entity. 

The Borrower will notify all of the Lenders of all material acquisitions, dispositions, mergers or asset purchases regardless of whether
or not the Required Lenders must first give their written consent. 
 (b) The General Partner and the Borrower
will not, and will not permit any of their Subsidiaries to, sell, transfer or otherwise dispose of any Property unless after giving effect thereto no Default or Unmatured Default exists or would exist; provided that the Borrower shall deliver to the
Administrative Agent and the Lenders written notice not less than five (5) Business Days prior to a sale, transfer or other disposition of any Unencumbered Assets, in a single transaction or series of related transactions, for consideration in
excess of $500,000,000. In addition, simultaneously with delivery of any such notice, the Borrower shall deliver to the Administrative Agent a certificate of the General Partner’s and the Borrower’s chief financial officers or chief
accounting officers certifying that the Borrower is in compliance in all material 

  
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respects with this Agreement and the other Loan Documents and would be in compliance with the financial covenants set forth in Sections 7.19 and 7.20 on a pro-forma basis using the most recent
quarterly financial statements then available and after giving effect to the proposed transaction (or will be after making the required prepayments described in the next paragraph), along with a certification that the Borrower has no knowledge of
any facts or circumstances that would make any such information inaccurate, incomplete or otherwise misleading in any material respect. 
 To the extent such proposed transaction would result in a failure to comply with the covenants set forth herein, the Borrower shall apply the proceeds of such transaction (together with such additional
amounts as may be required), to prepay the Obligations in an amount, as determined by the Administrative Agent, equal to that which would be required to reduce the Obligations so that Borrower will be in compliance with the covenants set forth
herein upon the consummation of the contemplated transaction. Amounts so prepaid shall be applied to the Obligations in accordance with Section 2.23. 

7.13. General Partner’s Ownership and Control of Borrower. The General Partner will not relinquish, and will
not allow any reduction in, its ownership or control of the Borrower and will not allow or suffer to exist any pledge, other encumbrance or the conversion to limited partnership interests of any of the general partnership interests in the Borrower;
provided that (i) the General Partner’s ownership of the Borrower, including any interests held by Wholly Owned Subsidiaries of the General Partner, may be reduced to 67% by the issuance of additional limited partnership units, so
long as the General Partner remains the sole general partner of Borrower, (ii) the General Partner shall not transfer any partnership interest in the Borrower to a Wholly Owned Subsidiary of the General Partner unless such Subsidiary does not
own any material assets other than its partnership interests in Borrower and (iii) the General Partner shall not pledge its partnership interest in the Borrower. 

7.14. Sale and Leaseback. The General Partner and the Borrower will not, nor will they permit any of their
Subsidiaries to, sell or transfer any of its Projects in order to concurrently or subsequently lease as lessee such or similar Projects. 
 7.15. Liens. The General Partner and the Borrower will not, nor will they permit any of their Subsidiaries to, create, incur, or suffer to exist any Lien in, of or on the Property of the General
Partner, the Borrower or any of their Subsidiaries, except: 
 (i) Liens for taxes, assessments
or governmental charges or levies on their Property if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings and for which adequate reserves shall
have been set aside on their books; 
 (ii) Liens imposed by law, such as carriers’,
warehousemen’s and mechanics’ liens and other similar liens arising in the ordinary course of business which secure payment of obligations not more than ninety (90) days past due or which are being contested in good faith by
appropriate proceedings and for which adequate reserves shall have been set aside on its books; 

  
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 (iii) Liens arising out of pledges or deposits under
worker’s compensation laws, unemployment insurance, old age pensions, or other social security or retirement benefits, or similar legislation; 

(iv) Utility easements, access easements, building restrictions, license agreements, park association
covenants and such other encumbrances or charges against real property as are of a nature generally existing with respect to properties of a similar character and which do not in any material way impair the marketability of the same or interfere
with the use thereof in the business of the General Partner, the Borrower or their Subsidiaries; 

(v) Liens existing on the date hereof and described in Schedule 2 hereto; 

(vi) Liens arising in connection with any Indebtedness permitted hereunder to the extent such Liens will
not result in a violation of any of the provisions of this Agreement; and 
 (vii) Liens which
are rights of first offer, refusal or options to purchase granted to third parties which grant such third party the right to purchase. 
 Liens permitted pursuant to this Section 7.15 shall be deemed to be “Permitted Liens”. 

7.16. Affiliates. The General Partner and the Borrower will not, nor will they permit any of their Subsidiaries
to, enter into any transaction (including, without limitation, the purchase or sale of any Property or service) with, or make any payment or transfer to, any Affiliate except in the ordinary course of business and pursuant to the reasonable
requirements of the General Partner’s, the Borrower’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the General Partner, the Borrower or such Subsidiary than the General Partner, the Borrower or
such Subsidiary would obtain in a comparable arms-length transaction. 
 7.17. Interest Rate Hedging. The
General Partner and the Borrower will not enter into or remain liable upon, nor will they permit any Subsidiary to enter into or remain liable upon, any agreements, devices or arrangements designed to protect at least one of the parties thereto from
the fluctuations of interest rates, exchange rates or forward rates applicable to such party’s assets, liabilities or exchange transactions, including, but not limited to, interest rate exchange agreements, forward currency exchange agreements,
interest rate cap or collar protection agreements, forward rate currency or interest rate options unless such agreement, device or arrangement was entered into by the General Partner or the Borrower in the ordinary course of its business for the
purpose of hedging interest rate risk to the General Partner or the Borrower or any Subsidiary. 
 7.18.
Subsidiary Guaranty. (a) The Borrower will cause any Subsidiary which (i) owns or ground leases an Unencumbered Asset and (ii) is liable for any Indebtedness (including any guarantees of debt of another person) to enter into a
Subsidiary Guaranty, if the Borrower desires that the Project owned by such Subsidiary qualify as an Unencumbered Asset and be included in the calculation of the financial covenant in Section 7.20(iii), and will also deliver to the
Administrative Agent for the benefit of the Lenders (concurrently with the inclusion of any Project as an Unencumbered Asset) the following items: 

(i) a Subsidiary Guaranty, or a joinder agreement in respect of any existing Subsidiary Guaranty;

  
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 (ii) a certificate signed by the President, a Vice
President, or a chief financial officer or chief accounting officer of the Borrower making representations and warranties to the effect of those contained in Section 6.1, Section 6.2 and Section 6.3, with respect to such Subsidiary
Guarantor and the Subsidiary Guaranty and in Section 6.20 with respect to the Unencumbered Assets owned by such Subsidiary Guarantor, as applicable; and 

(iii) an opinion of counsel addressed to each Lender and reasonably satisfactory to the Administrative
Agent, to the effect that the Subsidiary Guaranty has been duly authorized, executed and delivered by such Subsidiary Guarantor and that the Subsidiary Guaranty constitutes the legal, valid and binding contract and agreement of such Subsidiary
Guarantor enforceable in accordance with its terms, except as an enforcement of such terms may be limited by bankruptcy, insolvency, fraudulent conveyance and similar laws affecting creditors’ rights generally and be general equitable
principles. 
 (b) Other than during the continuance of a Default or an Unmatured Default, the Subsidiary
Guaranty of any Subsidiary Guarantor shall be released without the further consent of the Lenders if and when (i) a Project is sold or transferred by a Subsidiary Guarantor and all of the Projects owned by such Subsidiary Guarantor shall
thereby cease (not thereby creating a Default or an Unmatured Default) to be Unencumbered Assets or (ii) such Subsidiary becomes an Unencumbered Property Subsidiary and is therefore no longer required to be a Subsidiary Guarantor in order for
the Projects owned by such Subsidiary to qualify as Unencumbered Assets, provided the foregoing shall never permit the release of the Guaranty of the General Partner. At the request and expense of the Borrower, the Administrative Agent shall execute
and deliver an instrument confirming such release. 
 7.19. Consolidated Net Worth. The Borrower, as of
the last day of any fiscal quarter, shall maintain a Consolidated Net Worth of not less than the sum of (i) $3,100,000,000, plus (ii) seventy percent (70%) of the aggregate increases in total equity (as reported on the consolidated
balance sheet of the Borrower) after September 30, 2011, by reason of the issuance and sale of Equity Interests of the Borrower (other than (x) the issuance and sale of preferred Equity Interests in substitution and replacement of other
preferred Equity Interests of the Borrower that have been redeemed or otherwise acquired to the extent that the net proceeds from such issuance and sale do not exceed the amount that was redeemed or otherwise acquired, (y) issuances to the
Borrower and (z) the issuance of common Equity Interests in exchange for preferred Equity Interests), including upon any conversion of debt securities of the Borrower into such Equity Interests. 

7.20. Indebtedness and Cash Flow Covenants. The General Partner on a consolidated basis with the Borrower and
their Subsidiaries shall not, as of the last day of any fiscal quarter, permit: 
 (i) the ratio
of Adjusted EBITDA to Fixed Charges to be less than 1.50 to 1.0 for the preceding 12 full calendar months throughout the remaining term of the Facility; 

  
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 (ii) Consolidated Total Indebtedness (net of, as of such
date of determination, an amount equal to the lesser of (x) the amount of Unrestricted Cash and Cash Equivalents in excess of $30,000,000 and (y) the amount of Consolidated Total Indebtedness that matures within twenty-four
(24) months of such date of determination) to exceed sixty percent (60%) of Total Asset Value, provided that such ratio may exceed sixty percent (60%) but may not exceed sixty-five percent (65%) as at the end of no more than two
quarters during the term of this Agreement; 
 (iii) The ratio obtained by dividing (a) the
sum of (i) Property Operating Income from Unencumbered Assets that are wholly-owned by the Borrower, a Subsidiary Guarantor or an Unencumbered Property Subsidiary for such quarter minus the Capital Expenditure Reserve Amount for such
wholly-owned Unencumbered Assets for such quarter plus (ii) Earnings from Service Operations for such quarter (limited to 15% of the sum of Property Operating Income from wholly owned Unencumbered Assets and Earnings from Service Operations) by
(b) the interest incurred on all Consolidated Unsecured Indebtedness for such quarter to be less than 1.75 to 1.0 for the quarter then ended; or 

(iv) Consolidated Secured Indebtedness (net of, as of such date of determination, an amount equal to the
lesser of (x) the amount of Unrestricted Cash and Cash Equivalents in excess of $30,000,000 and (y) the amount of Consolidated Secured Indebtedness that matures within twenty-four (24) months of such date of determination) to exceed
thirty percent (30%) of Total Asset Value. 
 7.21. Environmental Matters. The General Partner and
the Borrower will and will cause each of their Subsidiaries to: 
 (i) Subject to any remediation
programs described on Schedule 6.19, comply with, and use its commercially reasonable efforts to ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws and obtain and comply with and maintain, and use
its best efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws, except to the extent that failure to
do so could not be reasonably expected to have a Material Adverse Effect; 
 (ii) Subject to any
remediation programs described on Schedule 6.19, conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply in all material
respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, except to the extent that (a) the same are being contested in good faith by appropriate proceedings and the pendency of such
proceedings could not be reasonably expected to have a Material Adverse Effect, or (b) the General Partner has determined in good faith that contesting the same is not in the best interests of the General Partner, the Borrower and their
Subsidiaries and the failure to contest the same could not be reasonably expected to have a Material Adverse Effect; and 

  
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 (iii) defend, indemnify and hold harmless the Administrative
Agent and each Lender, and their respective employees, agents, officers and directors, from and against any claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature known or unknown,
contingent or otherwise, arising out of, or in any way relating to the violation of, noncompliance with or liability under any Environmental Laws applicable to the operations of the General Partner, the Borrower, their Subsidiaries or the Projects,
or any orders, requirements or demands of Governmental Authorities related thereto, including, without limitation, attorney’s and consultant’s fees, investigation and laboratory fees, response costs, court costs and litigation expenses,
except to the extent that any of the foregoing arise out of the gross negligence or willful misconduct of the party seeking indemnification therefor. 
 The indemnity contained in (iii) above shall continue in full force and effect regardless of the termination of this Agreement. 

7.22. Intentionally Omitted. 

7.23. Borrower’s Partnership Agreement. The General Partner shall not consent to any changes to
Borrower’s partnership agreement, other than changes in the ordinary course of business, without providing prior written notice to the Administrative Agent. The General Partner shall not consent to any change to Borrower’s Partnership
Agreement that would be materially adverse to the Lenders without obtaining the prior written consent of the Administrative Agent. 
 7.24. Intentionally Omitted. 
 7.25. Notice of Rating
Change. The Borrower shall notify the Administrative Agent promptly if there is any change in the long term unsecured debt rating of the Borrower from Moody’s or S&P. 

ARTICLE VIII 
 DEFAULTS 
 The occurrence of any one or more of the
following events shall constitute a Default: 
 8.1. Nonpayment of any principal payment on any Note, Loan or
Reimbursement Obligation when due. 
 8.2. Nonpayment of interest upon any Note or Loan or of any Facility Fee
or Facility Letter of Credit Fee or other payment Obligations under any of the Loan Documents within five (5) Business Days after the same becomes due. 
 8.3. The breach of any of the terms or provisions of Sections 7.2, 7.3, 7.10 through 7.20 and 7.23. 

  
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 8.4. Any representation or warranty made or deemed made by or on behalf of
the General Partner, the Borrower or any of their Subsidiaries to the Lenders or the Administrative Agent under or in connection with this Agreement, any Credit Extension, or any certificate or information delivered in connection with this Agreement
or any other Loan Document shall be untrue or inaccurate in any material respect on the date as of which made; provided, however, that as to any such untrue or inaccurate representation, warranty, acknowledgement or statement which was
unintentionally submitted to the Administrative Agent or the Lenders and which can be made true and correct by action of Borrower, Borrower shall have a period of thirty (30) days following the date of such representation, warranty
acknowledgement or statement to undertake and complete all action necessary to make such representation, warranty, acknowledgement or statement true and correct in all material respects. 

8.5. The breach (other than a breach which constitutes a Default under Section 8.1, 8.2, 8.3 or
8.4) of any of the terms or provisions of this Agreement which is not remedied within thirty (30) days after written notice from the Administrative Agent or any Lender; provided, however, if such breach is susceptible of cure but cannot
be cured within such 30-day period and Borrower is proceeding diligently and in good faith to cure such breach, such thirty (30) day period shall be extended for up to an additional thirty (30) days, not to exceed a total of sixty
(60) days, as shall be necessary for Borrower in the exercise of due diligence to cure such breach. 
 8.6.
Failure of the General Partner, the Borrower or any of their Subsidiaries to pay when due any Indebtedness (other than (a) Indebtedness that is non-recourse to the General Partner, the Borrower or the Subsidiaries and (b) the Indebtedness
hereunder) aggregating in excess of $50,000,000 and such failure shall continue after the applicable grace or cure period, if any, specified in any agreement or instrument relating to such Indebtedness; or the General Partner, the Borrower or any of
their Subsidiaries defaults in the performance or observance of any agreement or condition relating to such Indebtedness that results in any such Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without
the giving of notice, the lapse of time or both) the holder or holders of any such Indebtedness or any trustee or agent on its or their behalf to cause any such Indebtedness to become due, or to require the prepayment, repurchase, redemption or
defeasance thereof, prior to its scheduled maturity; provided that this Section 8.6 shall not apply (x) to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness or (y) to secured Indebtedness for which a forbearance, extension or restructuring agreement is in effect that prevents the holder or holders of such Indebtedness or any trustee or agent on its or their behalf from declaring such
Indebtedness to become due prior to its scheduled maturity. For purposes of clause (a) of this Section 8.6, the term “non-recourse” shall mean Indebtedness for which the General Partner, the Borrower or any Subsidiary is
not liable other than (i) as to its interest in a specifically identified property or asset and (ii) with respect to fraud, misappropriation, and other customary “bad act carve-outs” under the applicable agreements relating to
such Indebtedness, but only so long as no such “bad act carve-out” event has occurred. For purposes of this Section 8.6, the $50,000,000 threshold for Indebtedness to which this Section 8.6 applies shall include
only the portion of Indebtedness that is recourse to the General Partner, the Borrower or any Subsidiary. 

  
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 8.7. The General Partner, the Borrower or any Subsidiary having more than
$10,000,000 of Equity Value shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (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 Portion of its Property, (iv) institute any proceeding seeking an order for relief under the
Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it as a bankrupt or 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, or have an involuntary proceeding seeking such relief
filed against it and such proceeding shall continue undismissed for sixty (60) days, (v) take any corporate action to authorize or effect any of the foregoing actions set forth in this Section 8.7, (vi) fail to contest in
good faith any appointment or proceeding described in Section 8.8 and maintain adequate reserves for such contest in accordance with GAAP or (vii) not pay, or admit in writing its inability to pay, its debts generally as they become
due. 
 8.8. A receiver, trustee, examiner, liquidator or similar official shall be appointed for the General
Partner, the Borrower or any Subsidiary having more than $10,000,000 of Equity Value or any Substantial Portion of its Property, or a proceeding described in Section 8.7(iv) shall be instituted against the General Partner, the Borrower
or any such Subsidiary and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of sixty (60) consecutive days. 

8.9. Any court, government or governmental agency shall condemn, seize or otherwise appropriate, or take custody or
control of (each a “Condemnation”), all or any portion of the Projects of the Borrower and its Subsidiaries which, when taken together with all other Property of the Borrower and its Subsidiaries so condemned, seized, appropriated,
or taken custody or control of, during the twelve-month period ending with the month in which any such Condemnation occurs, constitutes a Substantial Portion of their Property. 

8.10. The General Partner, the Borrower or any of their Subsidiaries shall fail within sixty (60) days to pay, bond
or otherwise discharge any judgments or orders for the payment of money in an amount which, when added to all other judgments or orders outstanding against the General Partner, the Borrower or any Subsidiary would exceed $10,000,000 in the
aggregate, which have not been stayed on appeal or otherwise appropriately contested in good faith, with adequate reserves therefor having been maintained in accordance with GAAP. 

8.11. The General Partner, the Borrower or any other member of the Controlled Group shall have been notified by the
sponsor of a Multiemployer Plan that it has incurred withdrawal liability to such Multiemployer Plan in an amount which, when aggregated with all other amounts required to be paid to Multiemployer Plans by the General Partner, the Borrower or any
other member of the Controlled Group as withdrawal liability (determined as of the date of such notification), exceeds $1,000,000 or requires payments exceeding $100,000 per annum. 

8.12. The General Partner, the Borrower or any other member of the Controlled Group shall have been notified by the
sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, if as a result of such reorganization or termination the aggregate annual contributions of the General
Partner, the Borrower and the other members of the Controlled Group (taken as a whole) to all 

  
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Multiemployer Plans which are then in reorganization or being terminated have been or will be increased over the amounts contributed to such Multiemployer Plans for the respective plan years of
each such Multiemployer Plan immediately preceding the plan year in which the reorganization or termination occurs by an amount exceeding $1,000,000. 
 8.13. Failure to remediate within the time period permitted by law or governmental order, after all administrative hearings and appeals have been concluded (or within a reasonable time in light of the
nature of the problem if no specific time period is so established), material environmental problems related to Projects of the Borrower and its Subsidiaries if the affected Projects have an aggregate book value in excess of $20,000,000. 

8.14. The occurrence of any default under any Loan Document or the breach of any of the terms or provisions of any Loan
Document, which default or breach continues beyond any period of grace therein provided. 
 8.15. Any of the
Loan Documents shall be revoked, rescinded, repudiated or otherwise cease to be in full force and effect, or any of the General Partner, the Borrower or the Subsidiary Guarantors shall assert that any of the Loan Documents has been revoked,
rescinded or terminated (other than in accordance with its terms). 
 8.16. The breach by the Borrower or any
Subsidiary of any term, provision or condition contained in any Rate Management Transaction or any transaction of the type described in the definition of “Rate Management Transaction,” whether or not any Lender or Affiliate of a Lender is
a party thereto, which continues beyond any applicable grace period. 
 8.17. (a) The acquisition of ownership,
directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of Equity Interests of the General Partner
representing more than 30% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the General Partner; (b) occupation of a majority of the seats (other than vacant seats) on the board of directors
of the General Partner by Persons who were neither (i) nominated by the board of directors of the General Partner nor (ii) appointed by directors so nominated; or (c) the acquisition by any Person or group, directly or indirectly, by
contract or otherwise of the power to exercise control over Equity Interests of the General Partner representing more than 30% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the General Partner.

 ARTICLE IX 
 ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 

9.1. Acceleration. If any Default described in Section 8.7 or 8.8 occurs with respect to the
Borrower, the Commitments and all other obligations of the Lenders to make Loans and of the Issuing Bank to issue Facility Letters of Credit hereunder shall automatically terminate and the Obligations shall immediately become due and payable without
any election or action on the part of the Administrative Agent or any Lender and without presentment, demand, protest or notice of any kind, all of which the Borrower hereby expressly waives. If any other Default

  
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occurs, the Administrative Agent may, and will if directed by the Required Lenders, terminate or suspend the Commitments and all other obligations of the Lenders to make Loans hereunder and to
issue Facility Letters of Credit, whereupon (in the case of termination) the Commitments shall terminate, or declare the Obligations to be due and payable, or both, whereupon the Obligations shall become immediately due and payable, without
presentment, demand, protest or notice of any kind, all of which the Borrower hereby expressly waives. 
 In
addition to the foregoing, following the occurrence of a Default and so long as any Facility Letter of Credit has not been fully drawn and has not been cancelled or expired by its terms, upon demand by the Administrative Agent (which Administrative
Agent agrees to make if requested to by the Required Lenders) and automatically upon the occurrence of any Default described in Section 8.7 or 8.8 the Borrower shall deposit in the Letter of Credit Collateral Account cash in an
amount equal to 100% of the aggregate undrawn face amount of all outstanding Facility Letters of Credit and all fees and other amounts due or which may become due with respect thereto. The funds in the Letter of Credit Collateral Account shall be
subject to the provisions of Section 3.14 hereof. 
 If, within thirty (30) days after
acceleration of the maturity of the Obligations or termination of the obligations of the Lenders to make Loans hereunder or to issue Facility Letters of Credit as a result of any Default (other than any Default as described in
Section 8.7 or 8.8 with respect to the Borrower) and before any judgment or decree for the payment of the Obligations shall have been obtained or entered, the Required Lenders (in their sole discretion) shall so direct, the
Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or termination. 

9.2. Amendments. Subject to the provisions of this Article IX, the Required Lenders (or the Administrative Agent
with the consent in writing of the Required Lenders), the Borrower and the General Partner may enter into written agreements supplemental hereto for the purpose of amending or modifying any provisions to the Loan Documents or changing in any manner
the rights of the Lenders or the Borrower hereunder or waiving any Default or any provision hereunder; provided, however, that no such supplemental agreement shall, without the consent of all Lenders: 

(i) Extend the Termination Date or forgive all or any portion of the principal amount of any Loan or
Reimbursement Obligation or accrued interest thereon or the Facility Fee or Facility Letter of Credit Fee, reduce the Applicable Margins on the underlying interest rate options or otherwise modify or add to such Applicable Margins or interest rate
options, or extend the time of payment of any of the Obligations. 
 (ii) Release the General
Partner from the Guaranty, or materially modify the Guaranty or waive a material provision of the Guaranty. 
 (iii) Change the percentage specified in the definition of Required Lenders. 
 (iv) Increase the amount of the Aggregate Commitment to an amount in excess of $1,250,000,000. 

  
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 (v) Permit the Borrower to assign or allow another Person to
assume its rights under this Agreement. 
 (vi) Amend this Section 9.2. 

(vii) Amend Section 2.23 such that the order of priority of payments is changed or payments
that are now required to be applied in accordance with the Percentages or Funded Percentages of the Lenders shall be applied in any other manner. 
 No amendment of any provision of this Agreement relating to the Administrative Agent shall be effective without the written consent of the Administrative Agent, no amendment of any provision relating to
the Issuing Bank shall be effective without the consent of the Issuing Bank, and no amendment increasing the Commitment of any Lender shall be effective without the written consent of such Lender. No amendment of Section 2.24 shall be effective
without the written consent of the Administrative Agent, the Swing Line Lender and the Issuing Bank. The approval of the Required Lenders shall not be required to increase the Aggregate Commitment in accordance with Section 2.1.

 Notwithstanding the foregoing: (1) no amendment, waiver, or consent shall, unless in writing and signed
by the Designating Lender on behalf of its respective Designated Lender affected thereby, (a) subject such Designated Lender to any additional obligations, (b) reduce the principal of, interest on, or the amounts due with respect to, the
Competitive Bid Loan Note made payable to such Designated Lender, (c) postpone any date fixed for any payment of principal of, or interest on, or other amounts due with respect to, the Competitive Bid Note made payable to such Designated
Lender, or (d) amend the definition of Required Lenders hereunder in a manner which adversely affects the rights of such Designated Lender. 
 9.3. Preservation of Rights. No delay or omission of the Lenders or the Administrative Agent to exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of
any Default or an acquiescence therein, and the making of a Loan notwithstanding the existence of a Default or the inability of the Borrower to satisfy the conditions precedent to such Loan shall not constitute any waiver or acquiescence. Any single
or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall
be valid unless in writing signed by the Lenders required pursuant to Section 9.2, and then only to the extent in such writing specifically set forth. All remedies contained in the Loan Documents or by law afforded shall be cumulative
and all shall be available to the Administrative Agent and the Lenders until the Obligations have been paid in full. 

ARTICLE X 

GENERAL PROVISIONS 
 10.1. Survival of Representations. All representations and warranties of the Borrower contained in this Agreement shall survive delivery of the Notes and the making of the Loans herein
contemplated. 

  
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 10.2. Governmental Regulation. Anything contained in this Agreement
to the contrary notwithstanding, neither the Issuing Bank nor any Lender shall be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 

10.3. Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern
the interpretation of any of the provisions of the Loan Documents. 
 10.4. Entire Agreement. The Loan
Documents embody the entire agreement and understanding among the Borrower, the General Partner, the Administrative Agent, the Issuing Bank and the Lenders and supersede all prior commitments, agreements and understandings among the Borrower, the
Administrative Agent, the Issuing Bank and the Lenders relating to the subject matter thereof, except for the agreement of the Borrower to pay certain fees to the Administrative Agent and the agreement of the Administrative Agent to pay certain fees
to the Lenders. 
 10.5. Several Obligations; Benefits of this Agreement. The respective obligations of
the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The failure of any Lender to perform any of its
obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective
successors and assigns. 
 10.6. Expenses; Indemnification. The Borrower shall reimburse the Indemnified
Parties on demand for any costs, internal charges and reasonable out-of-pocket expenses (including, without limitation, all reasonable fees for consultants and reasonable fees and expenses for attorneys for the Indemnified Parties, which attorneys
may be employees of the Indemnified Parties) paid or incurred by the Indemnified Parties (whether in their capacity as arrangers, or, in the case of JPMCB in its capacity as Administrative Agent) in connection with the preparation, negotiation,
execution, delivery, review, amendment, modification, and administration of the Loan Documents. The Borrower also agrees to reimburse the Indemnified Parties, the Issuing Bank and the Lenders for any costs, internal charges and reasonable
out-of-pocket expenses (including, without limitation, all reasonable fees and expenses for attorneys for the Indemnified Parties, the Issuing Bank and the Lenders, which attorneys may be employees of the Indemnified Parties, the Issuing Bank or the
Lenders) paid or incurred by the Indemnified Parties (whether in their capacity as arrangers, or, in the case of JPMCB, in its capacity as Administrative Agent), the Issuing Bank or any Lender in connection with the collection and enforcement of the
Loan Documents (including, without limitation, any workout). The Borrower further agrees to indemnify the Indemnified Parties, the Issuing Bank and each Lender and their directors, officers, employees, agents, attorneys and professional advisors
against all losses, claims, damages, penalties, judgments, liabilities and reasonable expenses (including, without limitation, all expenses of litigation or preparation therefor whether or not such entity is a party thereto) which any of them may
pay or incur arising out of or relating to this Agreement, the other Loan Documents, the Projects, the transactions contemplated hereby or the direct or indirect application or proposed application of the proceeds of any Credit Extension hereunder.
The obligations of the Borrower under this Section 10.7 shall survive the termination of this Agreement. 

  
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 10.7. Numbers of Documents. All statements, notices, closing
documents, and requests hereunder shall be furnished to the Administrative Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders. 

10.8. Accounting. All computations of financial ratios and covenants to be made in this Agreement (including in
the definitions) shall be made without giving effect to required GAAP adjustments regarding treatment of non-cash interest on Indebtedness that is convertible to Equity Interests. Except as provided to the contrary herein, all accounting terms used
herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with GAAP in a manner consistent with that used in preparing the financial statements referred to in Section 6.4. If at any time any
change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and the Borrower, the Administrative Agent or the Required Lenders shall so request, the Administrative Agent, the Lenders and the
Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders), provided that, until so amended, such ratio
or requirement shall continue to be computed in accordance with GAAP prior to such change therein. If at any time any change in reporting on the consolidated financial statements of the General Partner, the Borrower and their Subsidiaries would
affect the computation of any financial ratio or requirement set forth in any Loan Document, and the Borrower, the Administrative Agent or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate
in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in reporting (subject to the approval of the Required Lenders), provided that, until so amended, such ratio or requirement shall
continue to be computed in accordance with the reporting prior to such change therein 
 10.9. Severability
of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions
in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable. 

10.10. Nonliability of Lenders. The relationship between the General Partner and the Borrower, on the one hand,
and the Lenders, the Issuing Bank, the Arrangers and the Administrative Agent, on the other, shall be solely that of borrower and lender. Neither the Administrative Agent, the Arrangers, the Issuing Bank nor any Lender shall have any fiduciary
responsibilities to the General Partner and the Borrower. Neither the Administrative Agent, the Arrangers, the Issuing Bank, nor any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection
with any phase of the Borrower’s business or operations. 
 10.11. Publicity. The Lenders shall have
the right to do a tombstone publicizing the transaction contemplated hereby without the consent of the Borrower or General Partner. 

  
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 10.12. CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING
A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 

10.13. CONSENT TO JURISDICTION. THE GENERAL PARTNER AND THE BORROWER EACH HEREBY IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS AND THE GENERAL PARTNER AND THE BORROWER EACH HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY
WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY
LENDER TO BRING PROCEEDINGS AGAINST THE GENERAL PARTNER OR THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE GENERAL PARTNER OR THE BORROWER AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE
ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN SUCH COURTS. 

10.14. WAIVER OF JURY TRIAL. THE GENERAL PARTNER, THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY
WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED
THEREUNDER. 
 10.15. Agent Responsibilities. Borrower, the Administrative Agent and each Lender
acknowledges and agrees that the obligations of the Syndication Agent, the Documentation Agent, the Managing Agents, and the Co-Agents (collectively, the “Other Agents”) hereunder shall be limited to those obligations that are
expressly set forth herein, if any, or in any other written agreement with such parties, and the Other Agents shall not be required to take any other action or assume any liability except as may be required in their capacity as a Lender hereunder.
Borrower, the Administrative Agent and each Lender agrees that the indemnifications set forth herein for the benefit of the Administrative Agent shall also run to the benefit of each Other Agent to the extent such Other Agent incurs any loss, cost
or damage arising from its agency capacity hereunder. 

  
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 10.16. USA PATRIOT ACT NOTIFICATION. The following notification is
provided to Borrower pursuant to Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318: 
 IMPORTANT
INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies
each person or entity that opens an account, including any deposit account, treasury management account, loan, other extension of credit, or other financial services product. What this means for Borrower: When Borrower opens an account, if Borrower
is an individual, Administrative Agent and the Lenders will ask for Borrower’s name, residential address, tax identification number, date of birth, and other information that will allow Administrative Agent and the Lenders to identify Borrower,
and, if Borrower is not an individual, Administrative Agent and the Lenders will ask for Borrower’s name, tax identification number, business address, and other information that will allow Administrative Agent and the Lenders to identify
Borrower. Administrative Agent and the Lenders may also ask, if Borrower is an individual, to see Borrower’s driver’s license or other identifying documents, and, if Borrower is not an individual, to see Borrower’s legal
organizational documents or other identifying documents. 
 ARTICLE XI 

THE ADMINISTRATIVE AGENT AND AGREEMENTS AMONG LENDERS 

11.1. Appointment; Nature of Relationship. JPMCB is hereby appointed by each of the Lenders as its contractual
representative (herein referred to as the “Agent”) hereunder and under each other Loan Document, and each of the Lenders irrevocably authorizes the Agent to act as the contractual representative of such Lender with the rights and
duties expressly set forth herein and in the other Loan Documents. The Agent agrees to act as such contractual representative upon the express conditions contained in this Article XI. Notwithstanding the use of the defined term “Agent,” it
is expressly understood and agreed that the Agent shall not have any fiduciary responsibilities to any Lender by reason of this Agreement or any other Loan Document and that the Agent is merely acting as the contractual representative of the Lenders
with only those duties as are expressly set forth in this Agreement and the other Loan Documents. In its capacity as the Lenders’ contractual representative, the Agent (i) does not hereby assume any fiduciary duties to any of the Lenders,
(ii) is a “representative” of the Lenders within the meaning of the term “secured party” as defined in the New York Uniform Commercial Code and (iii) is acting as an independent contractor, the rights and duties of
which are limited to those expressly set forth in this Agreement and the other Loan Documents. Each of the Lenders hereby agrees to assert with respect to the Loan Documents and administration of the Loan, no claim against the Agent on any agency
theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender hereby waives. 
 11.2. Powers. The Administrative Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated to the Administrative Agent by the terms of each thereof,
together with such powers as are reasonably incidental thereto. The Administrative Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action thereunder except any action specifically provided by the Loan
Documents to be taken by the Administrative Agent. 

  
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 11.3. General Immunity. Neither the Administrative Agent nor any of
its directors, officers, agents or employees shall be liable to the Borrower, the Lenders or any Lender for any action lawfully taken or omitted to be taken by it or them hereunder or under any other Loan Document or in connection herewith or
therewith except for its or their own gross negligence or willful misconduct. 
 11.4. No Responsibility for
Loans, Recitals, etc. Except where the failure to do so constitutes gross negligence or willful misconduct, 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 any Loan Document or any borrowing hereunder; (ii) the performance or observance of any of the covenants or agreements of any obligor
under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each Lender; (iii) the satisfaction of any condition specified in Article V, except receipt of items required to be
delivered to the Administrative Agent; (iv) the validity, effectiveness or genuineness of any Loan Document or any other instrument or writing furnished in connection therewith; or (v) the value, sufficiency, creation, perfection or
priority of any interest in any collateral security. 
 11.5. Action on Instructions of Lenders. The
Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Required Lenders or, where consent of all Lenders
is required, all Lenders, and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders and on all holders of Notes. The Administrative Agent shall be fully justified in failing or refusing to
take any action hereunder and under any other Loan Document unless it shall first be indemnified to its reasonable satisfaction by the Lenders pro rata against any and all liability, cost and expense that it may incur by reason of taking or
continuing to take any such action. 
 11.6. Employment of Agents and Counsel. The Administrative Agent
may execute any of its duties as Administrative Agent hereunder and under any other Loan Document by or through employees, agents, and attorneys-in-fact and so long as it exercises reasonable care in the selection of such parties, the Administrative
Agent shall not be answerable to the Lenders, except as to money or securities received by it or its authorized agents, for the default or misconduct of any such parties. The Administrative Agent shall be entitled to advice of counsel concerning all
matters pertaining to the agency hereby created and its duties hereunder and under any other Loan Document. 

11.7. Reliance on Documents; Counsel. The Administrative Agent shall be entitled to rely upon any Note, notice,
consent, certificate, affidavit, letter, telegram, facsimile, telex, electronic mail message, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, and, in respect to
legal matters, upon the opinion of counsel selected by the Administrative Agent, which counsel may be employees of the Administrative Agent. For purposes of determining compliance with the conditions specified in Section 5.1, each Lender
that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless
the Administrative Agent shall have received notice from such Lender prior to the applicable date stating in reasonable detail its objection thereto. 

  
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 11.8. Administrative Agent’s Reimbursement and Indemnification.
The Lenders agree to reimburse and indemnify the Administrative Agent ratably in proportion to their respective Commitments (determined at the time such reimbursement or indemnity is sought) for any reasonable amounts not reimbursed by the Borrower
or Guarantor for which the Administrative Agent (in its capacity as such) is entitled to reimbursement or indemnification by the Borrower or Guarantor under the Loan Documents including reasonable out-of-pocket expenses in connection with the
preparation, execution, delivery of the Loan Documents, (ii) for any other reasonable out-of-pocket expenses incurred by the Administrative Agent on behalf of the Lenders, in connection with the administration and enforcement of the Loan
Documents and (iii) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the
Administrative Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby, or the enforcement of any of the terms thereof or of any such other
documents, provided that no Lender shall be liable for (i) any of the foregoing to the extent they arise from the gross negligence or willful misconduct of the Administrative Agent, or (ii) any costs or expenses of the
Administrative Agent’s in-house legal staff and personnel. The obligations of the Lenders under this Section 11.8 shall survive payment of the Obligations and termination of this Agreement, and shall not be reduced by the
designation of a Designated Lender to fund Competitive Bid Loans on behalf of a Lender, provided that each Designated Lender shall be jointly and severally liable with the Designating Lender for the Designating Lender’s Share (as hereinafter
determined) of the amounts due from such Designating Lender. The Designated Lender’s Share of amounts due shall be equal to such amount due multiplied by a fraction whose numerator is the amount funded by the Designated Lender (but in no event
more than the amount of Designating Lender’s Commitment) and whose denominator is the amount of the Designating Lender’s Commitment. 
 11.9. Rights as a Lender. In the event the Administrative Agent is a Lender, the Administrative Agent shall have the same rights and powers and the same duties and obligations hereunder and under
any other Loan Document as any Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, at any time when the Administrative Agent is a Lender, unless the context
otherwise indicates, include the Administrative Agent in its individual capacity. The Administrative Agent may accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or other transaction, in addition to those
contemplated by this Agreement or any other Loan Document, with the Borrower or any of its Subsidiaries in which the Borrower or such Subsidiary is not restricted hereby from engaging with any other Person. 

11.10. Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on the financial statements prepared by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and
the other Loan Documents. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such 

  
 -78-

 
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents.
Except for any notice, report, document or other information expressly required to be furnished to the Lenders by the Administrative Agent or Arrangers hereunder, neither the Administrative Agent nor the Arrangers shall have any duty or
responsibility (either initially or on a continuing basis) to provide any Lender with any notice, report, document, credit information or other information concerning the affairs, financial condition or business of the Borrower or any of its
Affiliates that may come into the possession of the Administrative Agent or Arrangers (whether or not in their respective capacity as Administrative Agent or Arrangers) or any of their Affiliates. 

11.11. Successor Administrative Agent. The Administrative Agent may resign at any time by giving written notice
thereof to the Lenders and the Borrower, and the Administrative Agent shall be deemed to have automatically resigned if it is no longer a Lender, such resignation in either case to be effective upon the appointment of a successor Administrative
Agent or, if no successor Administrative Agent has been appointed, forty-five (45) days after the retiring Administrative Agent gives notice of its intention to resign or ceases to be a Lender, as the case may be. The Administrative Agent may
be removed at any time with good cause by written notice received by the Administrative Agent from the Required Lenders, such removal to be effective on the date specified by the Required Lenders. Upon any such resignation or removal, the Required
Lenders shall have the right to appoint, on behalf of the Borrower and the Lenders, a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required Lenders within thirty (30) days after a
resigning Administrative Agent’s giving notice of its intention to resign, then the resigning Administrative Agent may appoint, on behalf of the Borrower and the Lenders, a successor Administrative Agent. If the Administrative Agent has
resigned or been removed and no successor Administrative Agent has been appointed within forty-five (45) days, the Lenders shall perform all the duties of the Administrative Agent hereunder and the Borrower shall make all payments in respect of
the Obligations to the applicable Lender and for all other purposes shall deal directly with the Lenders. No successor Administrative Agent shall be deemed to be appointed hereunder until such successor Administrative Agent has accepted the
appointment. Any such successor Administrative Agent shall be a commercial bank (or a subsidiary thereof) having capital and retained earnings of at least $500,000,000, except that if the successor Administrative Agent is a subsidiary of a bank,
such capital and retained earnings requirement shall apply only to the parent bank. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon
succeed to and become vested with all the rights, powers, privileges and duties of the resigning or removed Administrative Agent. Upon the effectiveness of the resignation or removal of the Administrative Agent, the resigning or removed
Administrative Agent and the successor Administrative Agent shall pro rate any agency fees, and the resigning or removed Administrative Agent shall be discharged from its duties and obligations thereafter arising hereunder and under the Loan
Documents. After the effectiveness of the resignation or removal of an Administrative Agent, the provisions of this Article XI shall continue in effect for the benefit of such Administrative Agent in respect of any actions taken or omitted to
be taken by it while it was acting as the Administrative Agent hereunder and under the other Loan Documents. 

  
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 11.12. Notice of Defaults. If a Lender becomes aware of a Default or
Unmatured Default, such Lender shall notify the Administrative Agent of such fact provided that the failure to give such notice shall not create liability on the part of a Lender. Upon receipt of such notice that a Default or Unmatured Default has
occurred, the Administrative Agent shall promptly notify each of the Lenders of such fact. 
 11.13. Copies
of Documents. Within fifteen (15) Business Days after a request by a Lender to the Administrative Agent for documents furnished to the Administrative Agent by the Borrower, the Administrative Agent shall provide copies of such documents to
such Lender. 
 ARTICLE XII 
 SETOFF; RATABLE PAYMENTS 
 12.1. Setoff. In
addition to, and without limitation of, any rights of the Lenders under applicable law, if the Borrower becomes insolvent, however evidenced, or any Default or Unmatured Default occurs, any and all deposits (including all account balances, whether
provisional or final and whether or not collected or available) and any other Indebtedness at any time held or owing by any Lender or any of its Affiliates to or for the credit or account of the Borrower may be offset and applied toward the payment
of the Obligations owing to such Lender, whether or not the Obligations, or any part hereof, shall then be due. 

12.2. Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon its Loans
(other than payments received pursuant to Sections 4.1, 4.2 or 4.4) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Loans held by the other
Lenders so that after such purchase each Lender will hold its ratable proportion of Loans. If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for its
Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral ratably in proportion to their Loans. In case any such
payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made. 
 ARTICLE XIII

 BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 

13.1. The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of the Borrower and
the Lenders and their respective successors and assigns permitted hereby, except that (i) the Borrower shall not have the right to assign its rights or obligations under the Loan Documents without the prior written consent of each Lender,
(ii) any assignment by any Lender must be made in compliance with Section 13.3, and (iii) any transfer by Participation must be made in compliance with Section 13.2. Any attempted assignment or transfer by any party
not made in compliance with this Section 13.1 shall be null and void, unless such attempted assignment or transfer is treated as a participation in accordance with Section 13.3.2. The parties to this Agreement acknowledge
that clause (ii) of this Section 13.1 relates only to absolute assignments and this Section 13.1 does not prohibit assignments creating 

  
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security interests, including, without limitation, (x) any pledge or assignment by any Lender of all or any portion of its rights under this Agreement and any Note to a Federal Reserve Bank
or (y) in the case of a Lender which is a Fund, any pledge or assignment of all or any portion of its rights under this Agreement and any Note to its trustee in support of its obligations to its trustee; provided, however, that no such pledge
or assignment creating a security interest shall release the transferor Lender from its obligations hereunder unless and until the parties thereto have complied with the provisions of Section 13.3. The Administrative Agent may treat the Person
which made any Loan or which holds any Note as the owner thereof for all purposes hereof unless and until such Person complies with Section 13.3; provided, however, that the Administrative Agent may in its discretion (but shall not be required
to) follow instructions from the Person which made any Loan or which holds any Note to direct payments relating to such Loan or Note to another Person. Any assignee of the rights to any Loan or any Note agrees by acceptance of such assignment to be
bound by all the terms and provisions of the Loan Documents. Any request, authority or consent of any Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Loan (whether or not a Note
has been issued in evidence thereof), shall be conclusive and binding on any subsequent holder or assignee of the rights to such Loan. 
 13.2. Participations. 
 13.2.1 Permitted
Participants; Effect. Any Lender may at any time, sell participating interests in any Outstanding Credit Exposure of such Lender, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender under the Loan
Documents to any Person other than the General Partner, the Borrower or any of their Affiliates. Any Person to whom such a participating interest is sold is a “Participant”. In the event of any such sale by a Lender of participating
interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, such Lender shall remain the
holder of any such Note for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if such Lender had not sold such participating interests, and the Borrower and the Administrative
Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under the Loan Documents. 

13.2.2 Voting Rights. Each Lender shall retain the sole right to approve, without the consent of
any Participant, any amendment, modification or waiver of any provision of the Loan Documents other than any amendment, modification or waiver with respect to any Loan or Commitment in which such Participant has an interest which forgives principal,
interest or fees or reduces the interest rate or fees payable with respect to any such Loan or Commitment or postpones any date fixed for any regularly-scheduled payment of principal of, or interest or fees on, any such Loan or Commitment or
releases any guarantor of any such Loan or releases any substantial portion of collateral, if any, securing such Loan, or changes the definition of Required Lenders. 

  
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 13.2.3 Benefit of Setoff. The General Partner and the
Borrower each agrees that each Participant shall be deemed to have the right of setoff provided in Section 12.1 in respect of its participating interest in amounts owing under the Loan Documents to the same extent as if the amount of its
participating interest were owing directly to it as a Lender under the Loan Documents, provided that each Lender shall retain the right of setoff provided in Section 12.1 with respect to the amount of participating interests sold to each
Participant. The Lenders agree to share with each Participant, and each Participant, by exercising the right of setoff provided in Section 13.1, agrees to share with each Lender, any amount received pursuant to the exercise of its right
of setoff, such amounts to be shared in accordance with Section 12.2 as if each Participant were a Lender. 
 13.3. Assignments. 
 13.3.1 Permitted
Assignments. Any Lender may at any time assign to one or more banks or other entities (other than the General Partner, the Borrower or any of their Affiliates) (“Purchasers”) all or any part of its rights and obligations under
the Loan Documents. Such assignment shall be substantially in the form of Exhibit H or in such other form as may be agreed to by the parties thereto. Each such assignment with respect to a Purchaser which is not a Lender or an Affiliate of a
Lender or an Approved Fund shall either be in an amount equal to the entire applicable Commitment and Loans of the assigning Lender or (unless each of the Borrower and the Agent otherwise consents) be in an aggregate amount not less than $5,000,000.
The amount of the assignment shall be based on the Commitment or outstanding Loans (if the Commitment has been terminated) subject to the assignment, determined as of the date of such assignment or as of the “Trade Date,” if the
“Trade Date” is specified in the assignment. 
 13.3.2 Consents. The consent of
the Borrower shall be required prior to an assignment becoming effective unless the Purchaser is a Lender, an Affiliate of a Lender or an Approved Fund, provided that the consent of the Borrower shall not be required if a Default has occurred and is
continuing. The consent of the Agent shall be required prior to an assignment becoming effective. Any consent required under this Section 13.3.2 shall not be unreasonably withheld or delayed. 

13.3.3 Effect; Effective Date. Upon (i) delivery to the Administrative Agent of a notice of
assignment, substantially in the form attached as Exhibit I to Exhibit H hereto (a “Notice of Assignment”), together with any consents required by Section 13.3.2, and (ii) payment of a $3,500 fee to
the Administrative Agent for processing such assignment (unless the assignment is to an affiliate of the Lender in which case no fee shall be charged), such assignment shall become effective on the effective date specified in such Notice of
Assignment. The Notice of Assignment shall contain a representation by the Purchaser to the effect that none of the consideration used to make the purchase of the Commitment and Outstanding Credit Exposure under the applicable assignment agreement
are “plan assets” as defined under ERISA and that the rights and interests of the Purchaser in and under the Loan Documents will not be “plan assets” under ERISA. On and after the effective date of such assignment, such Purchaser
shall for all purposes be a Lender party to this Agreement and any other Loan Document executed by the Lenders and shall have all the rights and obligations of a Lender under the Loan Documents, to the same extent as if it were an original party
thereto, and the transferor 

  
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Lender shall be released with respect to the Commitment and Outstanding Credit Exposure assigned to such Purchaser without any further consent or action by the Borrower, the other Lenders or the
Administrative Agent. In the case of an assignment covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a Lender hereunder but shall continue to be entitled to the benefits of, and
subject to, those provisions of this Agreement and the other Loan Documents which survive payment of the Obligations and termination of the applicable agreement. Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this Section 13.3 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 13.2. Upon the consummation of
any assignment to a Purchaser pursuant to this Section 13.3.2, the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so that replacement Notes are issued to such transferor Lender and new
Notes or, as appropriate, replacement Notes, are issued to such Purchaser, in each case in principal amounts reflecting their Commitment, as adjusted pursuant to such assignment. 

13.3.4 Register. The Administrative Agent, acting solely for this purpose as an agent of the
Borrower, shall maintain at one of its offices in New York, New York a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts
of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive 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 at any reasonable time and from time to time upon reasonable prior notice. 
 13.4. Designation of
Lender to Make Competitive Bid Loans. Any Lender (each a “Designating Lender”) may at any time designate one or more Designated Lenders to fund Competitive Bid Loans which the Designating Lender is required to fund subject to
the terms of this Section 13.4 and the provisions in Section 13.3 shall not apply to such designation. No Lender shall be entitled to make more than two such designations. The parties to each such designation shall execute
and deliver to the Administrative Agent, for its acceptance, a Designation Agreement in the form of Exhibit I. Upon its receipt of an appropriately completed Designation Agreement executed by a Designating Lender and a Designee
representing that it is a Designated Lender, the Administrative Agent will accept such Designation Agreement and give prompt notice thereof to the Borrower, whereupon, from and after the effective date specified in the Designation Agreement, the
Designated Lender shall become a party to this Agreement with a right to make Competitive Bid Loans on behalf of its Designating Lender pursuant to Section 2.15 after the Borrower has accepted a Competitive Bid (or a portion thereof) of
the Designating Lender. Each Designating Lender shall serve as the agent for the Designated Lender and shall on behalf of the Designated Lender give and receive all communications and notices and take all actions hereunder, including without
limitation votes, approvals, waivers, consents and amendments under or relating to this Agreement or the other Loan Documents. Any such notice, communications, vote approval, waiver, consent or amendment shall be signed

  
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by the Designating Lender as agent for the Designated Lender and shall not be signed by the Designated Lender. The Borrower, the Administrative Agent and the Lenders may rely thereon without any
requirement that the Designated Lender sign or acknowledge the same, and without any specific designation that the Designating Lender is signing in an agency capacity. The parties hereto agree not to institute or join any other person in instituting
against any Designated Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy or similar law, for one year and a day after the Termination Date. This
Section 13.4 shall survive the termination of this Agreement. 
 13.5. Dissemination of
Information. The General Partner and the Borrower authorize each Lender to disclose any and all information in such Lender’s possession concerning the creditworthiness of the General Partner, the Borrower and their Subsidiaries to any
Participant or Purchaser or any other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee and any swap counterparty as prospective swap counterparty with whom a
Lender has entered or is considering entering into a transaction to hedge such Lender’s credit risk in connection with this Facility. 
 13.6. Tax Treatment. If any interest in any Loan Document is transferred to any Transferee which is organized under the laws of any jurisdiction other than the United States or any State thereof,
such Transferee shall, concurrently with the effectiveness of such transfer, comply with the provisions of Section 2.22. 

  
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 ARTICLE XIV 
 NOTICES 
 14.1. Notices; Effectiveness;
Electronic Communication. 
 (a) Notices Generally. Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by telecopier as follows: 
 (i) if to
the Borrower, or any other party to a Loan Document at its address or telecopier number set forth on the signature page hereof; 
 (ii) if to the Administrative Agent, at its address or telecopier number set forth on the signature page hereof; 

(iii) if to the Issuing Bank, at its address or telecopier number set forth on the signature page hereof;

 (iv) if to a Lender, to it at its address (or telecopier number) set forth in its
Administrative Questionnaire. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail,
shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of
business on the next Business Day for the recipient). Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). 

(b) Electronic Communications. Notices and other communications to the Lenders and the Issuing Bank hereunder may
be delivered or furnished by electronic communication (including e-mail and internet or intranet websites) pursuant to procedures approved by the Administrative Agent or as otherwise determined by the Administrative Agent, provided that the
foregoing shall not apply to notices to any Lender or the Issuing Bank pursuant to Article II if such Lender or the Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by
electronic communication. The Administrative Agent or the Borrower may, in its respective discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it or as it
otherwise determines, provided that such determination or approval may be limited to particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from
the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not given during the normal business hours of
the recipient, 

  
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such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an
Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and
identifying the website address therefor. 
 14.2. Change of Address, Etc. Any party hereto may change
its address or telecopier number for notices and other communications hereunder by notice to the other parties hereto. 

ARTICLE XV 

COUNTERPARTS 
 15.1. Counterparts; 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. Except as provided in Article V, 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 which, when taken together, bear the signatures of each of the parties hereto, and the initial disbursement hereunder has been made, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 

15.2. Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any assignment and assumption agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, or other state laws based on the Uniform Electronic Transactions Act. 
 ARTICLE XVI 

TRANSITIONAL ARRANGEMENTS. 
 16.1. Existing Credit Agreement Superseded. This Agreement shall supersede the Existing Credit Agreement in its entirety, except as provided in this Article 16. On the Closing Date, the rights and
obligations of the parties under the Existing Credit Agreement and the “Notes” defined therein shall be subsumed within and be governed by this Agreement and the Notes; provided however, that any of the “Loans” (as defined
in the Existing Credit Agreement) outstanding under the Existing Credit Agreement shall, for purposes of this Agreement, be Loans hereunder. The Lenders’ interests in such Loans and participations in any Letters of Credit shall be reallocated
on the Closing Date in accordance with each Lender’s applicable Commitment. 
 16.2. Interest and Fees
Under Existing Credit Agreement. All interest and all commitment, facility and other fees and expenses owing or accruing under or in respect of the Existing Credit Agreement shall be calculated as of the Closing Date (prorated in the case of any
fractional periods), and shall be paid on the Closing Date in accordance with the method specified in the Existing Credit Agreement, as if the Existing Credit Agreement were still in effect. 

  
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 16.3. Existing Guaranties. The Administrative Agent and all Lenders
hereby agree that any and all “Subsidiary Guaranties” executed and delivered under the Existing Credit Agreement (or any predecessor agreement) and in effect on the Closing Date are hereby terminated and of no further force or effect as of
the Closing Date. 
 [INTENTIONAL END OF PAGE] 

  
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 IN WITNESS WHEREOF, the Borrower, the Guarantor, the Lenders and the
Administrative Agent have executed this Agreement as of the date first above written. 
  

					
	 DUKE REALTY LIMITED PARTNERSHIP, an
 Indiana limited partnership

		
	 By:
	 	 DUKE REALTY CORPORATION, an
 Indiana corporation, its General Partner 

			
		 	 By:
	 	 /s/ CHRISTIE B. KELLY

		 	 Print Name: Christie B. Kelly 

		 	 Title:
	 	 EVP & CFO

  

			
	 c/o Duke Realty Corporation
 600 East 96th
Street, Suite 100
 Indianapolis, Indiana 46240

	
	 Attention: Christie B. Kelly
 Telephone: (317) 808-6065
 Facsimile:
 (317) 808-6794

	
	 With a copy to:

	
	 Howard L. Feinsand
 600 East 96th Street, Suite 100
 Indianapolis, Indiana 46240

	
	 Telephone: 770-717-3267
 Facsimile:  770-717-3314

  
 S-1

 
			
	 DUKE REALTY CORPORATION, an Indiana
 corporation

		
	 By:
	 	 /s/ CHRISTIE B. KELLY

	 Print Name: Christie B. Kelly

	 Title:
	 	 EVP & CFO

  

			
	 600 East 96th Street, Suite 100
 Indianapolis, Indiana 46240

	
	 Attention: Christie B. Kelly
 Telephone: (317) 808-6065
 Facsimile:
 (317) 808-6794

	
	 With a copy to:

	
	 Howard L. Feinsand
 600 East 96th Street, Suite 100
 Indianapolis, Indiana 46240

	
	 Telephone: 770-717-3267
 Facsimile:  770-717-3314

  
 S-2

 
			
	 JPMORGAN CHASE BANK, N.A., Individually and

as Administrative Agent, Swing Line Lender
 and Issuing Bank

		
	 By:
	 	 /s/ BRENDAN M. POE 

	 Name:
	 	 Brendan M. Poe

	 Title:
	 	 Vice President

  

			
	 383 Madison Avenue
 24th Floor
 New York, NY 10179

	
	 Attention: Brendan Poe
 Telephone: 212-622-8173
 Facsimile: 212-270-2157

  
 S-3

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ WINITA LAU

	 Name:
	 	 Winita Lau

	 Title:
	 	 Vice President

  
 S-4

 
			
	 MORGAN STANLEY BANK, NA

		
	 By:
	 	 /s/ MICHAEL KING

	 Name:
	 	 Michael King

	 Title:
	 	 Authorized Signatory

  
 S-5

 
			
	 REGIONS FINANCIAL CORPORATION

		
	 By:
	 	 /s/ PAUL E. BURGAN 

	 Name:
	 	 Paul E. Burgan

	 Title:
	 	 Vice President

  
 S-6

 
			
	 THE BANK OF NOVA SCOTIA

		
	 By:
	 	 /s/ GEORGE M. SHERMAN

	 Name:
	 	 George M. Sherman

	 Title:
	 	 Director

  
 S-7

 
			
	 UBS AG, STAMFORD BRANCH

		
	 By:
	 	 /s/ IRJA R. OTSA

	 Name:
	 	 Irja R. Otsa

	 Title:
	 	 Associate Director

		
	 By:
	 	 /s/ Mary E. Evans

	 Name:
	 	 Mary E. Evans

	 Title:
	 	 Associate Director

  
 S-8

 
			
	 BARCLAYS BANK PLC

		
	 By:
	 	 /s/ DIANE ROLFE

	 Name:
	 	 Diane Rolfe

	 Title:
	 	 Director

  
 S-9

 
			
	 PNC BANK, NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ SARAH E. BEESON 

	 Name:
	 	 Sarah E. Beeson

	 Title:
	 	 Vice President

  
 S-10

 
			
	 ROYAL BANK OF CANADA

		
	 By:
	 	 /s/ MEREDITH MAJESTY

	 Name:
	 	 Meredith Majesty

	 Title:
	 	 Authorized Signatory

  
 S-11

 
			
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH

		
	 By:
	 	 /s/ MIKHAIL FAYBUSOVICH 

	 Name:
	 	 Mikhail Faybusovich

	 Title:
	 	 Director

 
			
		
	 By:
	 	 /s/ VIPUL DHADDA 

	 Name:
	 	 Vipul Dhadda

	 Title:
	 	 Associate

  
 S-12

 
			
	 SUNTRUST BANK

		
	 By:
	 	 /s/ JESSICA W. PHILLIPS

	 Name:
	 	 Jessica W. Phillips

	 Title:
	 	 Vice President

  
 S-13

 
			
	 U.S. BANK NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ CURT STEINER 

	 Name:
	 	 Curt Steiner

	 Title:
	 	 Senior Vice President

  
 S-14

 
			
	 THE NORTHERN TRUST COMPANY

		
	 By:
	 	 /s/ BLAKE J. LUNT 

	 Name:
	 	 Blake J. Lunt

	 Title:
	 	 Second Vice President

  
 S-15

 EXHIBIT A 
 PRICING SCHEDULE 
  

															
	 S&P Rating
	  	Moody’s Rating	  	LIBOR
Applicable
Margin	 	 	ABR
Applicable
Margin	 	 	Facility
Fee Rate	 
	 Below BBB- or unrated
	  	Below Baa3 or unrated	  	 	1.85	% 	 	 	0.85	% 	 	 	0.45	% 
	 BBB-
	  	Baa3	  	 	1.50	% 	 	 	0.50	% 	 	 	0.35	% 
	 BBB
	  	Baa2	  	 	1.25	% 	 	 	0.25	% 	 	 	0.25	% 
	 BBB+
	  	Baa1	  	 	1.075	% 	 	 	0.075	% 	 	 	0.20	% 
	 A- or higher
	  	A3 or higher	  	 	1.00	% 	 	 	0	% 	 	 	0.175	% 

 For the purposes of this Schedule, the following terms have the following meanings,
subject to the final paragraph of this Schedule: 
 “Moody’s Rating” means, at any time, the
rating issued by Moody’s Investors Service, Inc. and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement. 

“S&P Rating” means, at any time, the rating issued by Standard and Poor’s, and then in effect with
respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement. 
 The Applicable Margin and Facility Fee Rate shall be determined in accordance with the foregoing table based on the Borrower’s rating as determined from its then-current Moody’s Rating and
S&P Rating. 
 In the event that the Moody’s Rating and the S&P Rating do not match, then the
higher of such two ratings shall determine pricing; provided, however, that (i) if such two ratings are two gradations apart, then the rating that is between the two differing ratings shall determine pricing and (ii) if the Moody’s
Rating and the S&P Rating are more than two gradations apart, then the rating used to determine pricing shall be equal to one gradation below the higher of the ratings. 

The credit rating in effect on any date for the purposes of this Schedule is that in effect at the close of business on
such date. If at any time the Borrower has no Moody’s Rating and no S&P Rating, then the Applicable Margin and Facility Fee Rate will be based on an S&P Rating of below BBB- and a Moody’s Rating of below Baa3. 

  
 Ex. A-1

 EXHIBIT B-1 
 NOTE 

                 , 2011 

Duke Realty Limited Partnership, an Indiana limited partnership (the “Borrower”) promises to pay to the
order of                      (the “Lender”) the aggregate unpaid principal amount of all Loans made by the Lender to
the Borrower pursuant to Article II of the Seventh Amended and Restated Revolving Credit Agreement hereinafter referred to, in immediately available funds at the main office of JPMorgan Chase Bank, N.A. in New York, New York, as Administrative
Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the remaining unpaid principal of and accrued and unpaid interest on the Loans in full on the
Termination Date. 
 The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or
to otherwise record in accordance with its usual practice, the date and amount of each Loan and the date and amount of each principal payment hereunder. 
 This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Seventh Amended and Restated Revolving Credit Agreement (as the same may be amended or modified, the
“Agreement”), dated as of November 18, 2011, among the Borrower, Duke Realty Corporation, as Guarantor and General Partner, JPMorgan Chase Bank, N.A., individually and as the Administrative Agent, and the other lenders named
therein, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Note, including the terms and conditions under which this Note may be prepaid or its maturity date accelerated. Capitalized terms used
herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement. 
 If
there is an Unmatured Default or Default under the Agreement or any other Loan Document and Administrative Agent exercises the remedies provided under the Agreement and/or any of the Loan Documents for the Lenders, then in addition to all amounts
recoverable by the Administrative Agent and the Lenders under such documents, the Administrative Agent and the Lenders shall be entitled to receive reasonable attorneys fees and expenses incurred by Administrative Agent and the Lenders in connection
with the exercise of such remedies. 
 Borrower and all endorsers severally waive presentment, protest and
demand, notice of protest, demand and of dishonor and nonpayment of this Note, and any and all lack of diligence or delays in collection or enforcement of this Note, and expressly agree that this Note, or any payment hereunder, may be extended from
time to time, and expressly consent to the release of any party liable for the obligation secured by this Note, the release of any of the security for this Note, the acceptance of any other security therefor, or any other indulgence or forbearance
whatsoever, all without notice to any party and without affecting the liability of the Borrower and any endorsers hereof. 
 This Note shall be governed and construed under the internal laws of the State of New York. 

  
 Ex. B1-1

 BORROWER AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT UNDER THIS PROMISSORY NOTE OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS PROMISSORY NOTE AND
AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY. 
  

					
	 DUKE REALTY LIMITED PARTNERSHIP

		
	 By:
	 	 DUKE REALTY CORPORATION, its
 General Partner

			
		 	 By:
	 	 
		 	 Print Name:
	 	 
		 	 Title:
	 	 

  
 Ex. B1-2

 SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO 
 NOTE OF DUKE
REALTY LIMITED PARTNERSHIP 
 DATED             , 2011

  

									
	 Date
	  	Principal
Amount
of Loan	  	Maturity
of Interest
Period	  	Maturity
Principal
Amount Paid	  	Unpaid
Balance

  
 Ex. B1-3

 EXHIBIT B-2 
 FORM OF COMPETITIVE BID NOTE 

                    , 2011

 On or before the last day of each “Interest Period” applicable to a “Competitive Bid
Loan”, as defined in that certain Seventh Amended and Restated Revolving Credit Agreement dated as of November 18, 2011 (as the same may be amended or modified, the “Agreement”) between DUKE REALTY LIMITED PARTNERSHIP, an
Indiana limited partnership (“Borrower”), DUKE REALTY CORPORATION, an Indiana corporation (“Guarantor”), JPMORGAN CHASE BANK, N.A., a national bank organized under the laws of the United States of America,
individually and as Administrative Agent for the Lenders (as such terms are defined in the Agreement), and the other lenders identified therein, Borrower promises to pay to the order of
                                         
    (the “Lender”), or its successors and assigns, the unpaid principal amount of such Competitive Bid Loan made by the Lender to the Borrower pursuant to Section 2.15 of the Agreement, in immediately
available funds at the office of the Administrative Agent in New York, New York, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay any remaining unpaid
principal amount of such Competitive Bid Loans under this Competitive Bid Note (“Note”) in full on or before the Termination Date in accordance with the terms of the Agreement. 

The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in
accordance with its usual practice, the date, amount and due date of each Competitive Bid Loan and the date and amount of each principal payment hereunder. 
 This Note is issued pursuant to, and is entitled to the security under and benefits of, the Agreement and the other Loan Documents, to which Agreement and Loan Documents, as they may be amended from time
to time, reference is hereby made for, inter alia, a statement of the terms and conditions under which this Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and not otherwise defined herein are used
with the meanings attributed to them in the Agreement. 
 If there is an Unmatured Default or Default under the
Agreement or any other Loan Document and Administrative Agent exercises its remedies provided under the Agreement and/or any of the Loan Documents for the Lenders, then in addition to all amounts recoverable by the Lenders under such documents,
Administrative Agent and the Lenders shall be entitled to receive reasonable attorneys fees and expenses incurred by Administrative Agent and the Lenders in connection with the exercise of such remedies. 

Borrower and all endorsers severally waive presentment, protest and demand, notice of protest, demand and of dishonor and
nonpayment of this Note (except as otherwise expressly provided for in the Agreement), and any and all lack of diligence or delays in collection or enforcement of this Note, and expressly agree that this Note, or any payment hereunder, may be
extended from time to time, and expressly consent to the release of any party liable for the obligation secured by this Note, the release of any of the security of this Note, the acceptance of any other security therefor, or any other indulgence or
forbearance whatsoever, all without notice to any party and without affecting the liability of the Borrower and any endorsers hereof. 

  
 Ex. B2-1

 This Note shall be governed and construed under the internal laws of the
State of New York. 
 BORROWER AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL
BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT UNDER THIS PROMISSORY NOTE OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS NOTE AND AGREE THAT ANY SUCH ACTION OR
PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 
  

					
	 DUKE REALTY LIMITED PARTNERSHIP

		
	 By:
	 	 DUKE REALTY CORPORATION, its
 General Partner

			
		 	 By:
	 	 
		 	 Print Name:
	 	 
		 	 Title:
	 	 

  
 Ex. B2-2

 PAYMENTS OF PRINCIPAL 

 

					
	 Date
	  	 Unpaid
 Principal
Balance
	  	Notation
Made by

  
 Ex. B2-3

 EXHIBIT C-1 
 FORM OF COMPETITIVE BID QUOTE REQUEST 
 (Section 2.15(b))

  

	 To:
	 JPMorgan Chase Bank, N.A., 

	     
	 as administrative agent (the “Agent”) 

 

	 From:
	 Duke Realty Limited Partnership (“Borrower”) 

 

	 Re:
	 Seventh Amended and Restated Credit Agreement dated as of November 18, 2011, as amended among the Borrower, the Lenders from time to time party
thereto, JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders (as amended, supplemented or otherwise modified from time to time through the date hereof, the “Agreement”) 

1. Capitalized terms used herein have the meanings assigned to them in the Agreement. 

2. We hereby give notice pursuant to Section 2.15(b) of the Agreement that we request Competitive Bid Quotes for the
following proposed Competitive Bid Loan(s): 
 Borrowing Date:
                    , 20     

Principal Amount1
                                         
                           Interest Period2 
 3. Such Competitive Bid Quotes should offer [a Competitive LIBOR Margin] [an Absolute Rate]. 
 4. Upon acceptance by the undersigned of any or all of the Competitive Bid Loans offered by Lenders in response to this request, the undersigned shall be deemed to affirm as of the Borrowing Date thereof
the representations and warranties made in Article VI of the Agreement. 
  

					
	 DUKE REALTY LIMITED PARTNERSHIP

		
	 By:
	 	 DUKE REALTY CORPORATION, its
 General Partner

			
		 	 By:
	 	 
		 	 Print Name:
	 	 
		 	 Title:
	 	 

  

	
1 
	 Amount must be at least $10,000,000 and an integral multiple of $1,000,000. 

	
2 
	 One, two, three or six months subject to the provisions of the definitions of LIBOR Interest Period and Absolute Interest Period.

  
 Ex. C1-1

 EXHIBIT C-2 
 INVITATION FOR COMPETITIVE BID QUOTES 
 (Section 2.15(c))

  

	 To:
	 Each of the Lenders party to 

 the Agreement referred to below 
  

	 Re:
	 Invitation for Competitive Bid Quotes to 

 Duke Realty Limited Partnership (the “Borrower”) 

Pursuant to Section 2.15(c) of the Seventh Amended and Restated Credit Agreement dated as of November 18, 2011
as amended from time to time, among the Borrower, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A. as Administrative Agent for the Lenders (as amended, supplemented or otherwise modified from time to time through the date
hereof, the “Agreement”), we are pleased on behalf of the Borrower to invite you to submit Competitive Bid Quotes to the Borrower for the following proposed Competitive Bid Loan(s): 

Borrowing Date:
                            , 20__ 

Principal Amount
                                         
                           Interest Period 

Such Competitive Bid Quotes should offer [a Competitive LIBOR Margin] [an Absolute Rate]. Your Competitive Bid
Quote must comply with Section 2.15(c) of the Agreement and the foregoing. Capitalized terms used herein have the meanings assigned to them in the Agreement. 

Please respond to this invitation by no later than [9:00 a.m.] (Chicago time) on
                            , 20__. 

 

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

		
	 By:
	 	 
	 Title:
	 	 

  
 Ex. C2-1

 EXHIBIT C-3 
 COMPETITIVE BID QUOTE 
 (Section 2.15(d)) 

                      
          , 20__ 
  

	 To:
	 JPMorgan Chase Bank, N.A., 

 as Administrative Agent 
  

	 Re:
	 Competitive Bid Quote to Duke Realty Limited Partnership 

(the “Borrower”) 

In response to your invitation on behalf of the Borrower dated
                                , 20__, we hereby make the following Competitive
Bid Quote pursuant to Section 2.15(d) of the Agreement hereinafter referred to and on the following terms: 
 1. Quoting
Lender: __________________________________________________________________________ 
 2. Person to contact at Quoting Lender:

 3. Borrowing Date: _________________________________________________________________________________________________________________________________ 1 
 4. We hereby offer to make Competitive Bid Loan(s) in the following principal
amounts, for the following Interest Periods and at the following rates: 
  

									
	 Principal

Amount2
	 	Interest
Period3	 	[Competitive
LIBOR
Margin4]	 	[Absolute
Rate 5]	 	Minimum
Amount6 

  

	
1 
	 As specified in the related Invitation For Competitive Bid Quotes. 

	
2 
	 Principal amount bid for each Interest Period may not exceed the principal amount requested. Bids must be made for at least $5,000,000 and integral
multiples of $1,000,000. 

	
3 
	 One, two, three or six months, as specified in the related Invitation For Competitive Bid Quotes. 

	
4 
	 Competitive LIBOR Margin for the applicable LIBOR Interest Period. Specify percentage (rounded to the nearest 1/100 of 1%) and specify whether
“PLUS” or “MINUS”. 

	
5 
	 Specify rate of interest per annum (rounded to the nearest 1/100 of 1%). 

	
6 
	 Specify minimum amount, if any, which the Borrower may accept (see Section 2.15(d)(ii)(d)). 

  
 Ex. C3-1

 We understand and agree that the offer(s) set forth above, subject to the
satisfaction of the applicable conditions set forth in the Seventh Amended and Restated Credit Agreement dated as of November 18, 2011, among the Borrower, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as
Administrative Agent for the lenders (as amended, supplemented or otherwise modified from time to time through the date hereof, the “Agreement”), irrevocably obligates us to make the Competitive Bid Loan(s) for which any offer(s)
are accepted, in whole or in part. Capitalized terms used herein and not otherwise defined herein shall have their meanings as defined in the Agreement. 

 

			
	 Very truly yours,

 
 [NAME OF LENDER]

		
	 By:
	 	 
	 Title:
	 	 

  
 Ex. C3-2

 EXHIBIT D 
 FORM OF OPINION 

  
 Ex. D-1

 ALSTON&BIRD LLP 

One Atlantic Center 
 1201 West Peachtree Street 
 Atlanta, GA 30309-3424 

404-881-7000 

Fax: 404-253-8141 

www.alston.com 

November 18, 2011 
 To the Parties Listed on the 
 Attached Schedule A 

 

	 Re:
	 Seventh Amended and Restated Revolving Credit Agreement, dated as of November 18, 2011, by and among Duke Realty Limited Partnership, as borrower
(the “Borrower”), Duke Realty Corporation, as general partner and guarantor (the “General Partner”), certain of their respective subsidiaries, as guarantors (collectively, as identified in the Agreement, the
“Subsidiary Guarantors” and, together with the Borrower and the General Partner, the “Duke Entities”), JPMorgan Chase Bank, N.A., individually and as administrative agent (the “Lender”), J.P. Morgan
Securities LLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint book runners (together, the “Arrangers”), and each of the other lenders named therein (the “Agreement”) 

Ladies and Gentlemen: 
 We are counsel for the Borrower, an Indiana limited partnership, and the General Partner, an Indiana corporation, and have represented the Duke Entities in connection with their execution and delivery of
the Agreement, which provides, among other things, for the Borrower to take Advances in an aggregate principal amount of $850,000,000, with the ability to increase such amount to an amount not exceeding $1,250,000,000 at any one time outstanding,
and the other documents listed on Schedule B attached hereto (such documents, together with the Agreement, the “Loan Documents”). This opinion letter is being furnished to you, at your request, pursuant to subparagraph
(vii) of Section 5.1 of the Agreement. Capitalized terms used in this opinion letter and not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. 

In the capacity described above, we have considered such matters of law and of fact, including the examination of
originals or copies, certified or otherwise identified to our satisfaction, of such records and documents of the Duke Entities, including without limitation, resolutions adopted by the boards of directors or other governing bodies or controlling
entities of the Duke Entities and organizational documents of the Duke Entities, certificates of officers and representatives of the Duke Entities (who, in our judgment, are likely to know the facts upon which the opinion or confirmation will be
based), certificates of public officials and such other documents as we have deemed appropriate as a basis for the opinions hereinafter set forth. Among other things, we have examined originals or copies of the following executed documents, all
dated or dated as of November 18, 2011, unless otherwise indicated: 
  

	 	 (i)
	 the Loan Documents; 

  
 Ex. D-2

 November 18, 2011 

Page 3 
  

	 	 (ii)
	 Certificates of officers of the Duke Entities (the “Officer’s Certificates”); 

 

	 	 (iii)
	 Certificates evidencing, or attesting to, the corporate approvals of the Duke Entities in respect of the Loan Documents; and

  

	 	 (iv)
	 The articles of incorporation, bylaws, certificates of limited partnership, limited partnership agreements and partnership agreements dated as of
their respective dates of filing, adoption, approval, amendment or restatement for each of the Duke Entities. 

 As to certain factual matters relevant to this opinion letter, we have relied, conclusively, upon the representations and warranties made in the Loan Documents by the parties thereto, certificates and
statements of responsible officers of the Duke Entities, and certificates of public officials. Except to the extent expressly set forth herein, we have made no independent investigations with regard thereto, and, accordingly, we do not express any
opinion or belief as to matters that might have been disclosed by independent verification. Statements in this opinion letter regarding the valid existence and good standing of any of the Duke Entities in their respective States of incorporation or
organization, as the case may be, are based solely upon the certificates provided by the Secretary of State (or other comparable officer or official) of such States, copies of which have been delivered, or made available, to you on the date hereof
in satisfaction of the conditions specified in Article 5 of the Agreement, and are limited to the meaning ascribed to such certificates. For purposes of such opinions, we also have assumed that those certificates have remained correct and accurate
since the dates thereof. We note that, with respect to Duke Realty Ohio, an Indiana general partnership, no such certificate is obtainable under Indiana law and our opinion is accordingly limited. 

In rendering the opinions expressed below, we have assumed (i) the due organization, valid existence and good
standing of each of the parties to the Loan Documents, other than the Duke Entities, (ii) the genuineness of all signatures on all documents (other than the signature(s) of the Duke Entities), (iii) the legal capacity and competence of all
natural persons, (iv) the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies and the authenticity of the originals of such
documents, (v) the accuracy, completeness and authenticity of certificates of public officials, (vi) the due authorization, execution and delivery of the Loan Documents by all parties thereto, other than the Duke Entities, and that the
Loan Documents are the legal, valid and binding obligations of all parties thereto, other than the Duke Entities, enforceable against such parties in accordance with their terms, (vii) all parties to the Loan Documents, other than the Duke
Entities, have the full power, capacity, authority and legal right to enter into such agreements and to perform their respective obligations thereunder, (viii) the execution, delivery and performance by each party, other than the Duke Entities,
of the Loan Documents to which it is a party, does not and will not violate or otherwise cause a default under the articles or certificate of incorporation, bylaws or other governing documents of such party, or any law or regulation of any
Governmental Authority or determination of an arbitrator or a court or other Governmental Authority or the contracts and other agreements to which any such party is a 

  
 Ex. D-3

 November 18, 2011 

Page 4 
  

 
party, (ix) that all representations and warranties made by the parties in the Loan Documents to which they are a party are true and correct, (x) that the Loan Documents have not been
executed after the commission by any of the Duke Entities of an act of insolvency, or in contemplation thereof, or with the intent to hinder, delay or defraud its creditors, (xi) that the Loan Documents represent bona fide and
arm’s-length transactions undertaken by the Duke Entities in good faith for fair and adequate consideration, (xii) the absence of duress, fraud, or mutual mistake of material facts on the part of the parties to the Loan Documents,
(xiii) all terms and conditions of, or relating to, the transactions contemplated by the Loan Documents are correctly and completely embodied in the Loan Documents, (xiv) the Lenders, including the Competitive Bid Lenders and Swing Line
Lender, have the power and authority to make the Advances and provide the other financial accommodations specified in the Agreement, as applicable, (xv) the Administrative Agent and the Lenders, including the Competitive Bid Lenders and Swing
Line Lender, will exercise their rights and remedies under the Loan Documents in a commercially reasonable manner. 
 Except as set forth herein, our opinions set forth below are limited to the laws of the State of New York and the applicable federal laws of the United States, and we do not express any opinion herein
concerning any other laws, except with respect to the opinion paragraphs numbered (1), (2) (3), (4) and, with respect to authorization and execution, (5) our opinions are limited to (i) the Indiana Business Corporation Law,
(ii) the Indiana Revised Uniform Limited Partnership Act, (iii) the Indiana Limited Liability Company Act, and (iv) the Delaware Limited Liability Company Act, in each case, as applicable, and, in each case, without regard to the
decisional law of such jurisdiction (based, in each case, solely upon a review of the codification of such statutes appearing in Westlaw 2011). 
 Whenever any opinion or confirmation set forth in this opinion letter with respect to the existence or absence of facts or other matters is qualified by the words “to our
knowledge,” “known to us,” “to our attention” or other words of similar meaning, the quoted words mean the current and actual awareness by lawyers in the “primary lawyer group” of factual matters
that such lawyers recognize as being relevant to the opinion or confirmation so qualified. “Primary lawyer group” means Mark Kanaly and Scott Brown, the lawyers in our firm primarily responsible for representing the Duke Entities with
respect to the transactions contemplated by the Loan Documents. 
 Based upon the foregoing, and subject,
in all respects, to the assumptions, qualifications and limitations set forth in this opinion letter, it is our opinion that: 
  

	 	 (1)
	 The General Partner is a corporation validly existing and in good standing under the laws of the State of Indiana. 

 

	 	 (2)
	 The Borrower is a limited partnership validly existing and in good standing under the laws of the State of Indiana. 

 

	 	 (3)
	 Each of the Subsidiary Guarantors, other than Duke Realty Ohio, with respect to which we express no opinion, is validly existing and in good
standing under the laws of its respective state of incorporation or organization, as the case may be. 

  
 Ex. D-4

 November 18, 2011 

Page 5 
  

	 	 (4)
	 The execution and delivery of the Loan Documents by the Duke Entities do not, and if the Duke Entities were now to perform their respective
obligations under the Loan Documents would not, such performance would not: 

  

	 	 (a)
	 require any consent of the shareholders or limited partners, as appropriate, of the Duke Entities, except for those consents previously obtained by
the Duke Entities; 

  

	 	 (b)
	 result in any violation of a existing federal or state constitution, statute, regulation, rule, order, law, judgment or writ which, to our
Knowledge, the Duke Entities are subject (except for State or foreign securities laws, as to which we express no opinion); 

  

	 	 (c)
	 result in a violation of the articles of incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation,
or limited liability company agreement, as appropriate, of the Duke Entities; 

  

	 	 (d)
	 result in a breach or default under any material written agreements filed as exhibits pursuant to Item 10 of Rule 601 of the Securities and
Exchange Commission’s Regulation S-K to the Borrower’s and the General Partner’s Annual Reports on Form 10-K for the year ended December 31, 2008 or to any of the Borrower’s and the General Partner’s Quarterly Reports
on Form 10-Q or Current Reports on Form 8-K filed since the date of such Annual Report, to which the Duke Entities are a party or by which the Duke Entities or their respective assets are bound and which our law firm has been advised are the only
material agreements to which the Duke Entities are parties; or 

  

	 	 (e)
	 result in the creation or imposition of any Lien pursuant to the provisions of any of the material agreements specified in clause (d) above;

 except, in the case of subparagraphs (a), (b), (d) and (e) above, such consents,
violations, breaches, defaults and Liens as would not, individually or in the aggregate, have a Material Adverse Effect. 
  

	 	 (5)
	 The execution, delivery and performance by each of the Duke Entities of each of the Loan Documents to which it is a party are within such Duke
Entity’s corporate, partnership or limited liability company powers and have been duly authorized by all requisite corporate, partnership or limited liability company action, as applicable, on the part of such Duke Entity. Each of the Loan
Documents was duly executed and delivered by the Duke Entities and constitutes valid and binding obligations of the Duke Entities enforceable in accordance with its terms. 

 

	 	 (6)
	 To our Knowledge, there are no legal or governmental proceedings pending or threatened against the Duke Entities, which, if adversely determined,
could reasonably be expected to have a Material Adverse Effect. 

  

	 	 (7)
	 To our Knowledge, no consent, approval, authorization, adjudication or order of any governmental authority in respect of the Duke Entities is
required in connection with the execution and delivery of the Loan Documents, or, if required, such consent, approval, authorization, adjudication or order has either been obtained or the failure to obtain it will not have a Material Adverse Effect.

  
 Ex. D-5

 November 18, 2011 

Page 6 
  

	 	 (8)
	 Based upon a certificate of an officer of the General Partner, neither the Borrower nor the General Partner is required to register as an
“investment company” as such term is defined in the Investment Company Act of 1940. 

  

	 	 (9)
	 Based upon a certificate of an officer of the General Partner, neither the Borrower nor the General Partner is engaged principally in the business
of extending credit for the purpose of purchasing or carrying any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System. The foregoing opinions are subject to and limited by (i) the
effects of general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity), the application of which may, among other things, deny parties thereto certain rights and remedies granted to them
under the Loan Documents, including, without limitation, rights to specific performance, injunctive relief and the appointment of a receiver; (ii) the effect of bankruptcy, insolvency, fraudulent transfer, liquidation, reorganization,
moratorium, conservatorship, receivership or other similar laws of general applicability affecting the rights and remedies of creditors generally; and (iii) certain other limitations that exist relating to the rights of set-off, reimbursement
(including, without limitation for attorney’s fees and other expenses), indemnification, exculpation or contribution by virtue of public policy. In addition, no opinion is expressed with respect to the validity, binding effect, or
enforceability of any provision of the Loan Documents: 

  

	 	 (a)
	 providing for choice of governing law; 

  

	 	 (b)
	 requiring indemnification for, or providing exculpation, release, or exemption from liability for, action or inaction, to the extent such action or
inaction involves negligence or willful misconduct on the part of the indemnified party, or to the extent otherwise contrary to public policy; 

  

	 	 (c)
	 that has the effect of waiving the right to jury trial, statutes of limitation, marshaling of assets or similar requirements, or consenting or
waiving objections to the jurisdiction of certain courts, or the venue or forum for judicial actions; 

  

	 	 (d)
	 providing that waivers or consents by a party may not be given effect unless in writing or in compliance with particular requirements, or that a
party’s course of dealing, course of performance, or the like or failure or delay in taking action may not constitute a waiver of related rights or provisions, or that one or more waivers may not under certain circumstances constitute a waiver
of other matters of the same kind; 

  

	 	 (e)
	 providing that a party has the right to pursue multiple remedies without regard to other remedies elected or that all remedies are cumulative;

  

	 	 (f)
	 providing that modifications to such documents may only be made in writing or that the provisions of such documents are severable;

  
 Ex. D-6

 November 18, 2011 

Page 7 
  

	 	 (g)
	 purporting to permit the exercise, under certain circumstances, of rights or remedies without notice or without providing opportunity to cure
failures to perform; 

  

	 	 (h)
	 purporting to require a waiver of defenses, setoffs, or counterclaims; 

 

	 	 (i)
	 providing that determinations by a party or a party’s designee are conclusive or deemed conclusive; 

 

	 	 (j)
	 purporting to authorize a party to act in its sole discretion; 

 

	 	 (k)
	 purporting to effect waivers of constitutional, statutory or equitable rights or the effect of applicable laws; 

 

	 	 (l)
	 purporting to excuse a party for liability for its own acts; 

 

	 	 (m)
	 purporting to waive certain rights of guarantors; 

  

	 	 (n)
	 purporting to apply course of dealing, course of performance, or the like, to modify the terms of an agreement or the respective rights or
obligations of the parties under an agreement; 

  

	 	 (o)
	 purporting to require the mitigation of damages; or 

 

	 	 (p)
	 purporting to establish rights of set off. 

In addition to the other qualifications and exceptions stated elsewhere in this opinion letter, certain remedies provided
under the terms of the Loan Documents may be further limited or rendered unenforceable by applicable law, but such law does not, in our opinion, make the remedies afforded by the Loan Documents inadequate for the practical realization of the
benefits purported to be provided thereby. We express no opinion as to the effectiveness of any waiver by any of the parties to the Loan Documents of its rights under state law. 

The Loan Documents contain provisions to the effect that the acceptance by the Lenders of a past-due installment or the
waiver by the Lenders of other performance by any of the Duke Entities shall not be deemed a waiver of the Lenders’ right thereafter to cause the Agreement to be in default and to accelerate the Loans and other obligations of the Borrowers
owing in connection therewith. We are unable to opine that the above-described provisions would be enforceable under all circumstances unless the Lenders shall: (i) first provide written notice to the Borrowers that subsequent defaults will not
be accepted but will result in the Borrowers being declared in default under the Loan Documents; and (ii) thereafter timely and diligently pursue their default remedies under the Loan Documents. 

We express no opinion on the enforceability of any provisions contained in the Loan Documents that impose liquidated
damages, penalties or forfeiture. We also express no opinion on the enforceability of any provisions of the Loan Documents providing for late charges or for interest at a “default rate,” which may be limited or preempted by state law.

  
 Ex. D-7

 November 18, 2011 

Page 8 
  

 This opinion letter is provided to you for your use solely in connection
with the transactions contemplated by the Loan Documents and may not be used, circulated, quoted or otherwise referred to or relied upon by any other person or for any other purpose without our express written consent or used in any other
transaction or context, except that this opinion letter may be furnished to actual and potential assignees and participants of the Lenders. The only opinions rendered by us in this opinion letter consist of those matters set forth in numbered
paragraphs (1) – (9) hereof, and no opinion may be implied or inferred beyond those opinions expressly stated herein. This opinion letter is rendered as of the date hereof and we make no undertaking, and expressly disclaim any duty,
to supplement or update this opinion letter, if, after the date hereof, facts or circumstances come to our attention or changes in the law occur which could affect such opinion. 

  
 Ex. D-8

 SCHEDULE A 

 

	
	 JPMorgan Chase Bank, N.A.

	 Wells Fargo Bank, National Association

	 Morgan Stanley Bank, NA

	 Regions Bank

	 The Bank of Nova Scotia

	 UBS AG, Stamford Branch

	 Barclays Bank PLC

	 PNC Bank, National Association

	 Royal Bank of Canada

	 Credit Suisse AG, Cayman Islands Branch

	 SunTrust Bank

	 U.S. Bank National Association

	 The Northern Trust Company

  
 Ex. D-9

 SCHEDULE B 

 

	 1.
	 The Agreement 

  

	 2.
	 Promissory note payable to JPMorgan Chase Bank, N.A. in the amount of $100,000,000.00. 

 

	 3.
	 Promissory note payable to Wells Fargo Bank, National Association in the amount of $100,000,000.00. 

 

	 4.
	 Promissory note payable to Morgan Stanley Bank, NA in the amount of $72,250,000.00. 

 

	 5.
	 Promissory note payable to Regions Bank in the amount of $72,250,000.00. 

 

	 6.
	 Promissory note payable to The Bank of Nova Scotia in the amount of $72,250,000.00. 

 

	 7.
	 Promissory note payable to UBS AG, Stamford Branch in the amount of $72,250,000.00. 

 

	 8.
	 Promissory note payable to Barclays Bank PLC in the amount of $62,000,000.00. 

 

	 9.
	 Promissory note payable to PNC Bank, National Association in the amount of $62,000,000.00. 

 

	 10.
	 Promissory note payable to Royal Bank of Canada in the amount of $62,000,000.00. 

 

	 11.
	 Promissory note payable to Credit Suisse AG, Cayman Islands Branch in the amount of $50,000,000.00. 

 

	 12.
	 Promissory note payable to SunTrust Bank in the amount of $50,000,000.00. 

 

	 13.
	 Promissory note payable to U.S. Bank National Association in the amount of $50,000,000.00. 

 

	 14.
	 Promissory note payable to The Northern Trust Company $25,000,000.00. 

 

	 15.
	 Subsidiary Guaranty by Duke Realty Ohio. 

  

	 16.
	 Subsidiary Guaranty by Duke Construction Limited Partnership. 

 

	 17.
	 Subsidiary Guaranty by Dugan Realty, LLC. 

  

	 18.
	 Subsidiary Guaranty by Dugan Financing, LLC. 

  

	 19.
	 Subsidiary Guaranty by DRCS 936, LLC. 

  
 Ex. D-10

 EXHIBIT E 
 LOAN/CREDIT RELATED MONEY TRANSFER INSTRUCTION 
  

	 To:
	 JPMorgan Chase Bank, N.A., 

	  
	 as Administrative Agent (the “Agent”) under the Agreement 

	  
	 Described Below 

  

	 Re:
	 Seventh Amended and Restated Credit Agreement, dated as of November 18, 2011 (as amended, modified, renewed or extended from time to time, the
“Agreement”), among Duke Realty Limited Partnership, an Indiana limited partnership (the “Borrower”), Duke Realty Corporation, an Indiana corporation, JPMorgan Chase Bank, N.A., individually, and as Administrative
Agent, and the Lenders named therein. Terms used herein and not otherwise defined shall have the meanings assigned thereto in the Agreement. 

 The Agent is specifically authorized and directed to act upon the following standing money transfer instructions with respect to the proceeds of Advances or other extensions of credit from time to time
until receipt by the Agent of a specific written revocation of such instructions by the Borrower, provided, however, that the Agent may otherwise transfer funds as hereafter directed in writing by the Borrower in accordance with Section 14.1 of
the Credit Agreement or based on any telephonic notice made in accordance with Section 2.18 of the Agreement. 
 Facility
Identification
Number(s)                                       
                                         
                                         
                                        

Customer/Account
Name                                        
                                         
                                         
                                         
          
 Transfer Funds
To                                        
                                         
                                         
                                         
                      
  

			
	 	 	
		
	 	 	

 For Account
No.                                        
                                         
                                         
                                         
                          
 Reference/Attention
To                                        
                                         
                                         
                                         
              
  

					
	 Authorized Officer (Customer Representative) 
	 		 	 Date

			
	  	 		 	  
	 (Please Print) 
	 		 	Signature

  

					
	 Bank Officer Name
	 		 	 Date

			
	  	 		 	  
	 (Please Print) 
	 		 	Signature

 (Deliver Completed Form to Credit Support Staff For Immediate Processing) 

  
 Ex. E-1

 EXHIBIT F 
 COMPLIANCE CERTIFICATE 
  

	 To:
	 The Administrative Agent and the Lenders 

	  
	 who are parties to the Credit Agreement described below 

This Compliance Certificate is furnished pursuant to that certain Seventh Amended and Restated Credit Agreement, dated as
of November 18, 2011 (as amended, modified, renewed or extended from time to time, the “Agreement”) among Duke Realty Limited Partnership, an Indiana limited partnership (the “Borrower”), Duke Realty
Corporation, an Indiana corporation (“General Partner”), JPMorgan Chase Bank, N.A., individually, and as Administrative Agent, and the Lenders named therein. Unless otherwise defined herein, capitalized terms used in this Compliance
Certificate have the meanings ascribed thereto in the Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES THAT:

 1. I am the duly elected
                     of the General Partner of the Borrower; 

2. I have reviewed the terms of the 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 event which constitutes a Default or Unmatured Default during or at the end of
the accounting period covered by the attached financial statements or as of the date of this Certificate, except as set forth below; and 
 4. Schedule I attached hereto sets forth financial data and computations evidencing the Borrower’s compliance with certain covenants of the Agreement, all of which data and computations are true,
complete and correct. 
 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: 

 

			
	 	 	
		
	 	 	
		
	 	 	
		
	 	 	

  
 Ex. F-1

 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        . 

 

					
	 DUKE REALTY LIMITED PARTNERSHIP

		
	 By:
	 	 DUKE REALTY CORPORATION, its
 General Partner

		
	 By:
	 	 
	 Print
	 	 Name:
	 	 
	 Title:
	 	 

 [SAMPLE] 
 SCHEDULE I TO COMPLIANCE CERTIFICATE 
 Schedule of Compliance as of
             with 
 Provisions
    ,     ,      and      of the Agreement 

 EXHIBIT H 
 ASSIGNMENT AND ASSUMPTION AGREEMENT 
 This Assignment and
Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the
“Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby
irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below, the interest in and to all
of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto that represents the amount and percentage interest identified below of all of the
Assignor’s outstanding rights and obligations under the respective facilities identified below (including without limitation any letters of credit, guaranties and swing line loans included in such facilities and, to the extent permitted to be
assigned under applicable law, all claims (including without limitation contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity), suits, causes of action and any other right of the Assignor against
any Person whether known or unknown arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby) (the “Assigned Interest”). Such
sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 

1. Assignor:
                                         
            
 2. Assignee:
                                         
            [and is an Affiliate/Approved Fund of [identify Lender]11 
 3. Borrower(s): Duke Realty Limited Partnership 
 4. Administrative Agent:
JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement. 
 5. Credit Agreement: The Seventh Amended
and Restated Credit Agreement dated as of November 18, 2011 among Duke Realty Limited Partnership, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents party thereto. 

6. Assigned Interest: 

 

	
1 
	 Select as applicable. 

  
 Ex. H-1

													
	 Facility Assigned
	  	Aggregate Amount of
Commitment/Loans for all
Lenders*	 	  	Amount of
Commitment/Loans
Assigned*	 	  	Percentage Assigned of
Commitment/Loans2	 
	 ____________3
	  	$	 	  	  	$	 	  	  	 	_______	% 
	 ____________
	  	$	 	  	  	$	 	  	  	 	_______	% 
	 ____________
	  	$	 	  	  	$	 	  	  	 	_______	% 

 7. Trade Date:
                                         
                                         
  4 

Effective Date:
                    , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF
RECORDATION OF TRANSFER BY THE ADMINISTRATIVE AGENT.] 
 The terms set forth in this Assignment and Assumption
are hereby agreed to: 
  

					
	 ASSIGNOR

	
	 [NAME OF ASSIGNOR]

		
	 By:
	 	 
		 	 Title:
	 	 
	
	 ASSIGNEE

	
	 [NAME OF ASSIGNEE]

		
	 By:
	 	 
		 	 Title:
	 	 

  
 Ex. H-2

			
	 [Consented to
and]5 Accepted:

	
	 [NAME OF ADMINISTRATIVE AGENT],
 as Administrative Agent

		
	 By:
	 	 
	 Title:
	 	 

  

			
	 [Consented
to:]6

	
	 [NAME OF RELEVANT PARTY]

		
	 By:
	 	 
	 Title:
	 	 

  

	 *
	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

	
2 
	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	
3 
	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g.
“Revolving Credit Commitment,” “Term Loan Commitment,”, etc.) 

	
4 
	 Insert if satisfaction of minimum amounts is to be determined as of the Trade Date. 

	
5 
	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	
6 
	 To be added only if the consent of the Borrower and/or other parties (e.g. Swing Line Lender, Issuing Bank) is required by the terms of the Credit
Agreement. 

  
 Ex. H-3

 ANNEX 1 
 TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

1.1 Assignor. The Assignor represents and warrants that (i) it is the legal and beneficial owner of the
Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby. Neither the Assignor nor any of its officers, directors, employees, agents or attorneys shall be responsible for (i) any statements, warranties or representations made in or in
connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency, perfection, priority, collectibility, or value of the Loan Documents or any collateral
thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, (iv) the performance or observance by the Borrower, any of its Subsidiaries or
Affiliates or any other Person of any of their respective obligations under any Loan Document, (v) inspecting any of the property, books or records of the Borrower, or any guarantor, or (vi) any mistake, error of judgment, or action taken
or omitted to be taken in connection with the Loans or the Loan Documents. 
 1.2 Assignee. The Assignee
(a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender
thereunder, (iii) agrees that its payment instructions and notice instructions are as set forth in Schedule 1 to this Assignment and Assumption, (iv) confirms that none of the funds, monies, assets or other consideration being used to make
the purchase and assumption hereunder are “plan assets” as defined under ERISA and that its rights, benefits and interests in and under the Loan Documents will not be “plan assets” under ERISA, (v) agrees to indemnify and
hold the Assignor harmless against all losses, costs and expenses (including, without limitation, reasonable attorneys’ fees) and liabilities incurred by the Assignor in connection with or arising in any manner from the Assignee’s
non-performance of the obligations assumed under this Assignment and Assumption, (vi) it has received a copy of the Credit Agreement, together with copies of financial statements 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 Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the
Administrative Agent or any other Lender, and (vii) attached as Schedule 1 to this Assignment and Assumption is any documentation required to be delivered by the Assignee with respect to its tax status pursuant to the terms of the Credit
Agreement, duly completed and executed by the Assignee and (b) agrees that (i) it will, independently and without reliance on 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 Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan
Documents are required to be performed by it as a Lender. 

  
 Ex. H-4

 2. Payments. The Assignee shall pay the Assignor, on the Effective
Date, the amount agreed to by the Assignor and the Assignee. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts)
to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 

3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the
parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of
New York. 

  
 Ex. H-5

 ADMINISTRATIVE QUESTIONNAIRE 

(Schedule to be supplied by Closing Unit or Trading Documentation Unit) 

(For Forms for Primary Syndication call Peterine Svoboda at 312-732-8844) 

(For Forms after Primary Syndication call Jim Bartz at 312-732-1242) 

US AND NON-US TAX INFORMATION REPORTING REQUIREMENTS 
 (Schedule to be supplied by Closing Unit or Trading Documentation Unit) 
 (For
Forms for Primary Syndication call Peterine Svoboda at 312-732-8844) 
 (For Forms after Primary Syndication call Jim Bartz at
312-732-1242) 

  
 Ex. H-6

 EXHIBIT I 
 DESIGNATION AGREEMENT 
 Dated
                    , 20     

Reference is made to the Seventh Amended and Restated Credit Agreement dated as of November 18, 2011 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”) among Duke Realty Limited Partnership, an Indiana limited partnership (the “Borrower”), Duke Realty Corporation, an Indiana corporation,
the Banks parties thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”) for the Lenders. Terms defined in the Credit Agreement are used herein with the same meaning. 

                   
                                         
                                 (the “Designor”),
                                         
    (the “Designee”), the Administrative Agent and the Borrower agree as follows: 
 1. The Designor hereby designates the Designee, and the Designee hereby accepts such designation, to have a right to make Competitive Bid Loans pursuant to Section 2.15 of the Credit Agreement. Any
assignment by Designor to Designee of its rights to make a Competitive Bid Loan pursuant to such Section 2.15 shall be effective at the time of the funding for such Competitive Bid Loan and not before such time. 

2. The Designor makes no representation or warranty and assumes no responsibility pursuant to this Designation Agreement
with respect to (a) any statements, warranties or representations made in or in connection with any Loan Document or the execution, legality, validity, enforceability, genuineness, sufficiency or value of any Loan Document or any other
instrument and document furnished pursuant thereto and (b) the financial condition of the Borrower or any Loan Party of the performance or observance by the Borrower or any Loan Party or any of their respective obligations under any Loan
Document or any other instrument or document furnished pursuant thereto. (It is acknowledged that the Designor may make representations and warranties of the type described above in other agreements to which the Designor is a party.) 

3. The Designee (a) confirms that it has received a copy of each Loan Document, together with copies of the
financial statements referred to in Section 7.1 of the Credit Agreement and such other documents and information as it has deemed appropriate to make its own independent credit analysis and decision to enter into this Designation Agreement;
(b) agrees that it will, independently and without reliance upon the Administrative Agent, the Designor 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 Loan Document; (c) confirms that it is a Designated Lender; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and
discretion under any Loan Document as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (e) agrees that it will perform in accordance with their
terms all of the obligations which by the terms of any Loan Document are required to be performed by it as a Lender. 

  
 Ex. I-1

 4. The Designee hereby appoints Designor as Designee’s agent and
attorney in fact, and grants to Designor an irrevocable power of attorney, to deliver and receive all communications and notices under the Credit Agreement and other Loan Documents and to exercise on Designee’s behalf all rights to vote and to
grant and made approvals, waivers, consents or amendment to or under the Credit Agreement or other Loan Documents. Any document executed by the Designor on the Designee’s behalf in connection with the Credit Agreement or other Loan Documents
shall be binding on the Designee. The Borrower, the Administrative Agent and each of the Banks may rely on and are beneficiaries of the preceding provisions. 
 5. Following the execution of this Designation Agreement by the Designor and its Designee, it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent. The
effective date for this Designation Agreement (the “Effective Date”) shall be the date of acceptance hereof by the Administrative Agent, unless otherwise specified on the signature page thereto. 

6. Neither the Administrative Agent nor the Borrower shall institute, or join any other person in instituting, against
the Designee any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy or similar law at any time that the Designee has any outstanding debt or other securities which
are rated by Fitch, Moody’s or any other rating agency or at any time within one year and one day after the date such debt or other securities have been repaid in full. 

7. The Designor unconditionally agrees to pay or reimburse the Designee and save the Designee harmless against all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed or asserted by any of the parties to the Loan Documents against the Designee, in
its capacity as such, in any way relating to or arising out of this Designation Agreement or any other Loan Documents or any action taken or omitted by the Designee hereunder or thereunder, provided that the Designor shall not be liable for
any portion of such liabilities, obligations, losses, damage, penalties, actions, judgments, suits, costs, expenses or disbursements if the same results from the Designee’s gross negligence or willful misconduct. 

8. Upon such acceptance and recording by the Administrative Agent, as of the Effective Date, the Designee shall be a
party to the Credit Agreement with a right to make Competitive Bid Loans as pursuant to Section 2.15 of the Credit Agreement and the rights and obligations of a Lender related thereto. 

9. This Designation Agreement shall be governed by, and construed in accordance with, the laws of the State of New York,
without reference to the provisions thereof regarding conflicts of law. 
 10. This Designation Agreement may be
executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery
of an executed counterpart of a signature page to this Designation Agreement by facsimile transmission shall be effective as of delivery of a manually executed counterpart of this Designation Agreement. 

  
 Ex. I-2

 IN WITNESS WHEREOF, the Designor and the Designee, intending to be legally
bound, have caused this Designation Agreement to be executed by their officers thereunto duly authorized as of the date first above written. 
 Effective
Date1
                        , 20     

 

			
	  	 	 as

	 Designee
	 	

 
			
		
	 By:
	 	 
	 Title:
	 	 

 
			
		
	  	 	 as

	 Designee
	 	

 
			
		
	 By:
	 	 
	 Title:
	 	 

 
			
	
	 Applicable Lending Office (and address for notices):

		
	 Attention:
	 	 

 
			
	 Re:  Account No.
	 	 

 Accepted this              day
of                     , 20     
  

											
	 JPMORGAN CHASE BANK, N.A.,
	 		 	 DUKE REALTY LIMITED PARTNERSHIP 

	 as Administrative Agent
	 		 	
					
		 		 		 	 By:
	 	 DUKE REALTY CORPORATION, its
 General Partner 

						
	 By:
	 	 	 		 		 	 By:
	 	 
	 Title:
	 	 	 		 		 	 Title:
	 	 

  
  

	
1 
	 This date should be no earlier than five Business Days after the delivery of this Designation Agreement to the Administrative Agent.

  
 Ex. I-3

 EXHIBIT J 
 AMENDMENT TO SEVENTH AMENDED AND RESTATED REVOLVING CREDIT 
 AGREEMENT

 This Amendment to the Seventh Amended and Restated Revolving Credit Agreement (the
“Amendment”) is made as of                     ,
            , by and among Duke Realty Limited Partnership (“Borrower”), Duke Realty Corporation (“Guarantor”), JPMorgan Chase Bank, N.A.,
individually and as “Administrative Agent”, and one or more new or existing “Lenders” shown on the signature pages hereof. 
 R E C I T A L S 

A. Borrower, Guarantor, Administrative Agent and certain other Lenders have entered into an Seventh Amended and Restated Credit Agreement
dated as of November 18, 2011 (as amended, the “Credit Agreement”). All capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Credit Agreement. 

B. Pursuant to the terms of the Credit Agreement, the Lenders initially agreed to provide Borrower with a revolving credit facility in an
aggregate principal amount of up to $850,000,000. The Borrower, Guarantor, the Administrative Agent and the Lenders now desire to amend the Credit Agreement in order to, among other things (i) increase the Aggregate Commitment to
$            ,000,000; and (ii) admit [name of new banks] as “Lenders” under the Credit Agreement. 

NOW, THEREFORE, in consideration of the foregoing Recitals and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENTS 

1. The foregoing Recitals to this Amendment hereby are incorporated into and made part of this Amendment. 

2. From and after
                    ,              (the “Effective Date”)
(i) [name of new banks] shall be considered as “Lenders” under the Credit Agreement and the Loan Documents, and (ii) [name of existing lenders] shall each be deemed to have increased its Commitment to
the amount shown next to their respective signatures on the signature pages of this Amendment, each having a Commitment in the amount shown next to their respective signatures on the signature pages of this Amendment. The Borrower shall, on or
before the Effective Date, execute and deliver to each of such new or existing Lenders a new or amended and restated Note in the amount of such Commitment (and in the case of a new Lender, a Competitive Bid Note as well). 

3. From and after the Effective Date, the Aggregate Commitment shall equal Million Dollars
($            ,000,000). 
 4. For purposes
of Section 13.1 of the Credit Agreement (Giving Notice), the address(es) and facsimile number(s) for [name of new banks] shall be as specified below their respective signature(s) on the signature pages of this Amendment.

  
 Ex. J-1

 5. The Borrower and Guarantor hereby represent and warrant that, as of the
Effective Date, there is no Default or Unmatured Default, the representations and warranties contained in Article VI of the Agreement are true and correct as of such date and the Borrower and Guarantor have no offsets or claims against any of
the Lenders. 
 6. As expressly modified as provided herein, the Credit Agreement shall continue in full force
and effect, and Guarantor reaffirms all of its obligations under the Guaranty. 
 7. This Amendment may be
executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart. 

  
 Ex. J-2

 IN WITNESS WHEREOF, the parties have executed and delivered this Amendment
as of the date first written above. 
  

									
	 DUKE REALTY LIMITED PARTNERSHIP
	 		 	 JPMORGAN CHASE BANK, N.A.,

		 		 	 Individually and as Administrative Agent

	 By:
	 	 DUKE REALTY CORPORATION, its General Partner 
	 		 		 	
					
	 By:
	 	 	 		 	 By:
	 	 

									
	 Print Name:
	 	 	 		 	 Print Name:
	 	 

									
	 Title:
	 	 	 		 	 Title:
	 	 
			
	 c/o Duke Realty Corporation
 600 East 96th Street, Suite 100
 Indianapolis, Indiana 46240
	 		 	
			
	 Attention:    Christie B. Kelly

Telephone:  (317) 808-6065

Facsimile:    (317) 808-6794
	 		 	 383 Madison Avenue
 24th Floor
 New York, NY 10179

Attention: Brendan Poe
 Telephone: 212-622-8173
 Facsimile: 212-270-2157

									
			
	 DUKE REALTY CORPORATION
	 		 	
					
	 By:
	 	 	 		 		 	

									
	 Print Name:
	 	 	 		 		 	

									
	 Title:
	 	 	 		 		 	

									
			
	 c/o Duke Realty Corporation
 600 East 96th Street, Suite 100
 Indianapolis, Indiana 46240

 

Attention:    Christie B. Kelly

Telephone:  (317) 808-6065

Facsimile:    (317) 808-6794
	 		 	

  
 Ex. J-3

									
	 Amount of Commitment: $
                    
	 		 	 [NAME OF NEW LENDER] 

					
		 		 		 	 By:
	 	 
		 		 		 	 Print Name:___________________________________________

		 		 		 	 Title:________________________________________________

									
			
		 		 	 [Address of New Lender]

					
		 		 		 	 Attention:
	 	 
		 		 		 	 Telephone:
	 	 
		 		 		 	 Facsimile:
	 	 

  
 Ex. J-4

 EXHIBIT K 
 FORM OF SUBSIDIARY GUARANTY 
 This Guaranty is made as of
                        ,              by
                    , a
                     (“Guarantor”), to and for the benefit of JPMorgan Chase Bank, N.A., individually
(“JPMCB”) and as administrative agent (“Administrative Agent”) for itself and the lenders under the Credit Agreement (as defined below) and their respective successors and assigns (collectively, the
“Lenders”). 
 RECITALS 

A. Duke Realty Limited Partnership, an Indiana limited partnership (“Borrower”), Duke Realty
Corporation, an Indiana corporation (the “General Partner”), JPMorgan Chase Bank, N.A., individually, and as Administrative Agent, and the Lenders have entered into a Seventh Amended and Restated Revolving Credit Agreement dated as
of November 18, 2011 (as amended, modified or restated from time to time, the “Credit Agreement”) pursuant to which the Lenders have agreed to provide Borrower with a revolving credit facility with an initial Aggregate
Commitment of $850,000,000, which can be increased to an amount of up to $1,250,000,000 (the “Facility”). All capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Credit
Agreement. 
 B. Borrower has executed and delivered or will execute and deliver to the Lenders promissory notes
in the principal amount of each Lender’s Commitment as evidence of Borrower’s indebtedness to each such Lender with respect to the Facility (the promissory notes described above, together with any amendments or allonges thereto, or
restatements, replacements or renewals thereof, and/or new promissory notes to new Lenders under the Credit Agreement, are collectively referred to herein as the “Notes”). 

C. Guarantor is a Subsidiary of [Borrower] [General Partner]. Guarantor acknowledges that the extension of credit
by the Administrative Agent and the Lenders to Borrower pursuant to the Credit Agreement will benefit Guarantor by making funds available to Guarantor through Borrower and by enhancing the financial strength of the consolidated group of which
Guarantor and Borrower are members. 

  
 Ex. K

 AGREEMENTS 

NOW, THEREFORE, Guarantor, in consideration of the matters described in the foregoing Recitals, which Recitals are
incorporated herein and made a part hereof, and for other good and valuable consideration, hereby agrees as follows: 
 1. Guarantor absolutely, unconditionally, and irrevocably guarantees to each of the Lenders: 
 (a) the full and prompt payment of the principal of and interest on the Notes when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, and the prompt payment of
all sums which may now be or may hereafter become due and owing under the Notes, the Credit Agreement, and the other Loan Documents; 
 (b) the payment of all Enforcement Costs (as hereinafter defined in Paragraph 7 hereof); and 
 (c) the full, complete, and punctual observance, performance, and satisfaction of all of the obligations, duties, covenants, and agreements of Borrower under the Credit Agreement and the Loan Documents.

 All amounts due, debts, liabilities, and payment obligations described in subparagraphs (a) and (b) of this
Paragraph 1 are referred to herein as the “Facility Indebtedness.” All obligations described in subparagraph (c) of this Paragraph 1 are referred to herein as the “Obligations.” The
provisions of this Guaranty are severable, and in any action or proceeding involving any state corporate law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the
obligations of Guarantor under this Guaranty would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount of such Guarantor’s liability under this Guaranty, then, notwithstanding any other provision
of this Guaranty to the contrary, the amount of such liability shall, without any further action by Guarantor, the Administrative Agent or any Lender, be automatically limited and reduced to the highest amount that is valid and enforceable as
determined in such action or proceeding (such highest amount determined hereunder being the Guarantor’s “Maximum Liability”). This provision with respect to the Maximum Liability of the Guarantor is intended solely to preserve
the rights of the Administrative Agent on behalf of each Lender hereunder to the maximum extent not subject to avoidance under applicable law, and neither the Guarantor nor any other person or entity shall have any right or claim under this
provision with respect to the Maximum Liability, except to the extent necessary so that the obligations of Guarantor hereunder shall not be rendered voidable under applicable law. In the event Guarantor shall make any payment or payments under this
Guaranty each other guarantor of the Facility Indebtedness shall contribute to Guarantor an amount equal to such non-paying guarantor’s pro rata share (based on their respective maximum liabilities hereunder and under such other guaranty) of
such payment or payments made by Guarantor, provided that such contribution right shall be subordinate and junior in right of payment in full of all the Facility Indebtedness to Lenders. The obligations of the Guarantor hereunder shall be those of a
primary obligor and not merely as surety, provided that the foregoing shall not cause the Guarantor to be deemed a co-maker under the Notes. 

  
 Ex. K-2

 2. In the event of any default by Borrower in making payment of the Facility
Indebtedness, or in performance of the Obligations, as aforesaid, in each case beyond the expiration of any applicable grace period, Guarantor agrees, on demand by the Administrative Agent to pay all the Facility Indebtedness and to perform all the
Obligations as are then or thereafter become due and owing or are to be performed under the terms of the Notes, the Credit Agreement, and the other Loan Documents. 

3. Guarantor does hereby waive (i) notice of acceptance of this Guaranty by the Administrative Agent and the Lenders
and any and all notices and demands of every kind which may be required to be given by any statute, rule or law, (ii) any defense, right of setoff or other claim which Guarantor may have against Borrower or which Guarantor or Borrower may have
against the Administrative Agent or the Lenders or the holder of a Note, (iii) presentment for payment, demand for payment (other than as provided for in Paragraph 2 above), notice of nonpayment (other than as provided for in
Paragraph 2 above) or dishonor, protest and notice of protest, diligence in collection and any and all formalities which otherwise might be legally required to charge Guarantor with liability, (iv) any failure by the Administrative
Agent and the Lenders to inform Guarantor of any facts the Administrative Agent and the Lenders may now or hereafter know about Borrower, the Facility, or the transactions contemplated by the Credit Agreement, it being understood and agreed that the
Administrative Agent and the Lenders have no duty so to inform and that Guarantor is fully responsible for being and remaining informed by Borrower of all circumstances bearing on the existence or creation, or the risk of nonpayment of the Facility
Indebtedness or the risk of nonperformance of the Obligations, and (v) any and all right to cause a marshalling of assets of Borrower or any other action by any court or governmental body with respect thereto, or to cause the Administrative
Agent and the Lenders to proceed against any other security given to a Lender in connection with the Facility Indebtedness or the Obligations. Credit may be granted or continued from time to time by the Lenders to Borrower without notice to or
authorization from Guarantor, regardless of the financial or other condition of Borrower at the time of any such grant or continuation. The Administrative Agent and the Lenders shall have no obligation to disclose or discuss with Guarantor their
assessment of the financial condition of Borrower. Guarantor acknowledges that no representations of any kind whatsoever have been made by the Administrative Agent and the Lenders to Guarantor. No modification or waiver of any of the provisions of
this Guaranty shall be binding upon the Administrative Agent and the Lenders except as expressly set forth in a writing duly signed and delivered on behalf of the Administrative Agent and the Lenders. Guarantor further agrees that any exculpatory
language contained in the Credit Agreement, the Notes, and the other Loan Documents shall in no event apply to this Guaranty, and will not prevent the Administrative Agent and the Lenders from proceeding against Guarantor to enforce this Guaranty.

 4. Guarantor further agrees that Guarantor’s liability as guarantor shall in no way be impaired by any
renewals or extensions which may be made from time to time, with or without the knowledge or consent of Guarantor of the time for payment of interest or principal under a Note or by any forbearance or delay in collecting interest or principal under
a Note, or by any waiver by the Administrative Agent and the Lenders under the Credit Agreement, or any other Loan Documents, or by the Administrative Agent or the Lenders’ failure or election not to pursue any other remedies they may have
against Borrower, or by any change or modification in a Note, the Credit Agreement, or any other Loan Documents, or by the acceptance by the Administrative Agent or the Lenders of any security or any increase, substitution or change

  
 Ex. K-3

 
therein, or by the release by the Administrative Agent and the Lenders of any security or any withdrawal thereof or decrease therein, or by the application of payments received from any source to
the payment of any obligation other than the Facility Indebtedness, even though a Lender might lawfully have elected to apply such payments to any part or all of the Facility Indebtedness, it being the intent hereof that Guarantor shall remain
liable as principal for payment of the Facility Indebtedness and performance of the Obligations until all indebtedness has been paid in full and the other terms, covenants and conditions of the Credit Agreement, and other Loan Documents and this
Guaranty have been performed, notwithstanding any act or thing which might otherwise operate as a legal or equitable discharge of a surety. Guarantor further understands and agrees that the Administrative Agent and the Lenders may at any time enter
into agreements with Borrower to amend and modify a Note, the Credit Agreement or any of the other Loan Documents, or any thereof, and may waive or release any provision or provisions of a Note, the Credit Agreement, or any other Loan Document and,
with reference to such instruments, may make and enter into any such agreement or agreements as the Administrative Agent, the Lenders and Borrower may deem proper and desirable, without in any manner impairing this Guaranty or any of the
Administrative Agent and the Lenders’ rights hereunder or any of Guarantor’s obligations hereunder. 

5. This is an absolute, unconditional, complete, present and continuing guaranty of payment and performance and not of
collection. Guarantor agrees that its obligations hereunder shall be joint and several with any and all other guarantees given in connection with the Facility from time to time. Guarantor agrees that this Guaranty may be enforced by the
Administrative Agent and the Lenders without the necessity at any time of resorting to or exhausting any security or collateral, if any, given in connection herewith or with a Note, the Credit Agreement, or any of the other Loan Documents or by
resorting to any other guaranties, and Guarantor hereby waives the right to require the Administrative Agent and the Lenders to join Borrower in any action brought hereunder or to commence any action against or obtain any judgment against Borrower
or to pursue any other remedy or enforce any other right. Guarantor further agrees that nothing contained herein or otherwise shall prevent the Administrative Agent and the Lenders from pursuing concurrently or successively all rights and remedies
available to them at law and/or in equity or under a Note, the Credit Agreement or any other Loan Documents, and the exercise of any of their rights or the completion of any of their remedies shall not constitute a discharge of any of
Guarantor’s obligations hereunder, it being the purpose and intent of Guarantor that the obligations of such Guarantor hereunder shall be primary, absolute, independent and unconditional under any and all circumstances whatsoever. Neither
Guarantor’s obligations under this Guaranty nor any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner whatsoever by any impairment, modification, change, release or limitation of the liability of
Borrower under a Note, the Credit Agreement or any other Loan Document or by reason of Borrower’s bankruptcy or by reason of any creditor or bankruptcy proceeding instituted by or against Borrower. This Guaranty shall continue to be effective
and be deemed to have continued in existence or be reinstated (as the case may be) if at any time payment of all or any part of any sum payable pursuant to a Note, the Credit Agreement or any other Loan Document is rescinded or otherwise required to
be returned by the payee upon the insolvency, bankruptcy, or reorganization of the payor, all as though such payment to such Lender had not been made, regardless of whether such Lender contested the order requiring the return of such payment.
The obligations of Guarantor pursuant to the preceding sentence shall survive any termination, cancellation, or release of this Guaranty. 

  
 Ex. K-4

 6. This Guaranty shall be assignable by a Lender to any assignee of all or a
portion of such Lender’s rights under the Loan Documents. 
 7. If: (i) this Guaranty, a Note, or any
of the Loan Documents are placed in the hands of an attorney for collection or is collected through any legal proceeding; (ii) an attorney is retained to represent the Administrative Agent or any Lender in any bankruptcy, reorganization,
receivership, or other proceedings affecting creditors’ rights and involving a claim under this Guaranty, a Note, the Credit Agreement, or any Loan Document; (iii) an attorney is retained to enforce any of the other Loan Documents or to
provide advice or other representation with respect to the Loan Documents in connection with an enforcement action or potential enforcement action; or (iv) an attorney is retained to represent the Administrative Agent or any Lender in any other
legal proceedings whatsoever in connection with this Guaranty, a Note, the Credit Agreement, any of the Loan Documents, or any property subject thereto (other than any action or proceeding brought by any Lender or participant against the
Administrative Agent alleging a breach by the Administrative Agent of its duties under the Loan Documents), then Guarantor shall pay to the Administrative Agent or such Lender upon demand all reasonable attorney’s fees, costs and expenses,
including, without limitation, court costs, filing fees and all other costs and expenses incurred in connection therewith (all of which are referred to herein as “Enforcement Costs”), in addition to all other amounts due hereunder.

 8. The parties hereto intend that each provision in this Guaranty comports with all applicable local, state
and federal laws and judicial decisions. However, if any provision or provisions, or if any portion of any provision or provisions, in this Guaranty is found by a court of law to be in violation of any applicable local, state or federal ordinance,
statute, law, administrative or judicial decision, or public policy, and if such court should declare such portion, provision or provisions of this Guaranty to be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent of
all parties hereto that such portion, provision or provisions shall be given force to the fullest possible extent that they are legal, valid and enforceable, that the remainder of this Guaranty shall be construed as if such illegal, invalid,
unlawful, void or unenforceable portion, provision or provisions were not contained therein, and that the rights, obligations and interest of the Administrative Agent and the Lender or the holder of a Note under the remainder of this Guaranty shall
continue in full force and effect. 
 9. Any indebtedness of Borrower to Guarantor now or hereafter existing is
hereby subordinated to the Facility Indebtedness. Guarantor will not seek, accept, or retain for Guarantor’s own account, any payment from Borrower on account of such subordinated debt at any time when a Default or Unmatured Default exists
under the Credit Agreement or the Loan Documents, and any such payments to Guarantor made while any Default or Unmatured Default then exists under the Credit Agreement or the Loan Documents on account of such subordinated debt shall be collected and
received by Guarantor in trust for the Lenders and shall be paid over to the Administrative Agent on behalf of the Lenders on account of the Facility Indebtedness without impairing or releasing the obligations of Guarantor hereunder. 

10. Guarantor hereby subordinates to the Facility Indebtedness any and all claims and rights, including, without
limitation, subrogation rights, contribution rights, reimbursement rights and setoff rights, which Guarantor may have against Borrower arising from a payment made by Guarantor under this Guaranty and agrees that, until the entire Facility
Indebtedness is paid in 

  
 Ex. K-5

 
full, not to assert or take advantage of any subrogation rights of Guarantor or the Lenders or any right of Guarantor or the Lenders to proceed against (i) Borrower for reimbursement, or
(ii) any other guarantor or any collateral security or guaranty or right of offset held by the Lenders for the payment of the Facility Indebtedness and performance of the Obligations, nor shall Guarantor seek or be entitled to seek any
contribution or reimbursement from Borrower or any other guarantor in respect of payments made by Guarantor hereunder. It is expressly understood that the agreements of Guarantor set forth above constitute additional and cumulative benefits given to
the Lenders for their security and as an inducement for their extension of credit to Borrower. 
 11. Any
amounts received by a Lender from any source on account of any indebtedness may be applied by such Lender toward the payment of such indebtedness, and in such order of application, as a Lender may from time to time elect. 

12. The Guarantor further agrees that all payments to be made hereunder shall be made without setoff or counterclaim and
free and clear of, and without deduction for, any taxes, levies, imposts, duties, charges, fees, deductions, withholdings or restrictions or conditions of any nature whatsoever now or hereafter imposed, levied, collected, withheld or assessed by any
country or by any political subdivision or taxing authority thereof or therein (“Taxes”). If any Taxes are required to be withheld from any amounts payable to the Administrative Agent hereunder, the amounts so payable to the
Administrative Agent shall be increased to the extent necessary to yield to the Administrative Agent (after payment of all Taxes) the amounts payable hereunder in the full amounts so to be paid. Whenever any Tax is paid by Guarantor, as promptly as
possible thereafter, Guarantor shall send the Administrative Agent an official receipt showing payment thereof, together with such additional documentary evidence as may be required from time to time by the Administrative Agent. 

13. Guarantor represents and warrants that: (a) this Guaranty: (i) has been authorized by all necessary action;
(ii) does not conflict with or violate any agreement, constitutive document, instrument, law, regulation or order applicable to Guarantor; and (iii) does not require the consent or approval of any person or entity, including but not
limited to any governmental authority, or any filing or registration of any kind; and (iv) is the legal, valid and binding obligation of Guarantor enforceable against Guarantor in accordance with its terms except to the extent that enforcement
may be limited by applicable bankruptcy, insolvency and other similar laws affecting creditor’s rights generally. 
 14. Guarantor hereby submits to personal jurisdiction in the State of New York for the enforcement of this Guaranty and waives any and all personal rights to object to such jurisdiction for the purposes
of litigation to enforce this Guaranty. Guarantor hereby consents to the jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York and any
appellate court from any thereof, in any action, suit, or proceeding which the Administrative Agent or a Lender may at any time wish to file in connection with this Guaranty or any related matter. Guarantor hereby agrees that an action, suit, or
proceeding to enforce this Guaranty may be brought in any such courts and hereby waives any objection which Guarantor may have to the laying of the venue of any such action, suit, or proceeding in any such court; provided, however, that the
provisions of this Paragraph shall not be deemed to preclude the Administrative Agent or a Lender from filing any such action, suit, or proceeding in any other appropriate forum. 

  
 Ex. K-6

 15. All notices and other communications provided to any party hereto under
this Agreement or any other Loan Document shall be in writing or by telex or by facsimile and addressed or delivered to such party at its address set forth below or at such other address as may be designated by such party in a notice to the other
parties. Any notice, if mailed and properly addressed with postage prepaid, shall be deemed given when received; any notice, if transmitted by facsimile, shall be deemed given when transmitted. Notice may be given as follows: 

To Guarantor: 
  

			
	 c/o Duke Realty Corporation

600 East 96th Street, Suite 100

Indianapolis, Indiana 46240

	 Attention:
	  	 Christie B. Kelly 

		
	 Telephone:
	  	 (317) 808-6065 

	 Facsimile:
	  	 (317) 808-6794 

 With a copy to: 

 

			
	 Howard L. Feinsand

600 East 96th Street, Suite 100

Indianapolis, Indiana 46240

		
	 Telephone:
	  	 (770) 717-3267

	 Facsimile:
	  	 (770) 717-3314

 To JPMorgan Chase Bank, N.A. as Administrative Agent and as a Lender: 

 

			
	 JPMorgan Chase Bank, N.A.

383 Madison Avenue

24th Floor

New York, NY 10179

	 Attention:
	  	 Brendan Poe

		
	 Telephone:
	  	 (212) 622-8173

	 Facsimile:
	  	 (212) 270-2157

 With a copy to: 

 

			
	 Bingham McCutchen LLP

One Federal Street

Boston, MA 02110

		
	 Attention:
	  	 Stephen M. Miklus, Esq.

	 Telephone:
	  	 (617) 951-8364

	 Facsimile:
	  	 (617) 951-8736

 If to any other Lender, to its address set forth in the Credit Agreement. 

16. This Guaranty shall be binding upon the heirs, executors, legal and personal representatives, successors and assigns
of Guarantor and shall inure to the benefit of the Administrative Agent and the Lenders’ successors and assigns. 

  
 Ex. K-7

 17. This Guaranty shall be construed and enforced under the internal laws of
the State of New York. 
 18. GUARANTOR, THE ADMINISTRATIVE AGENT AND THE LENDERS, BY THEIR ACCEPTANCE
HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT UNDER THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF
THIS GUARANTY AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 
 IN WITNESS WHEREOF, Guarantor has delivered this Guaranty in the State of New York as of the date first written above. 

 

			
	
                             
                           , a
                    

		
	 By:
	 	 
	 Its:
	 	 

  
 Ex. K-8

 SCHEDULE SG 
 SUBSIDIARY GUARANTORS 
 Duke Realty Corporation Subsidiary Guarantors

 September 30, 2011 
 September 30, 2011 
 Subsidiary Guarantors, as Defined

  

	 	 1
	 Duke Realty Ohio 

  

	 	 2
	 Duke Construction Limited Partnership 

  

	 	 3
	 Dugan Realty, LLC 

  

	 	 4
	 Dugan Financing, LLC 

  

	 	 5
	 DRCS 936, LLC 

  
 Schedule SG

 SCHEDULE EG 
 ELIGIBLE GROUND LEASES 
 Duke Realty Corporation 

Line of Credit Covenants 
 Eligible Ground Leases 
 9/30/2011 

 

							
	 Name
	  	 City
	  	 State
	  	 Ground Lessee

	 Adena Health System
	  	 Chillicothe
	  	OH	  	 BD Adena Development, LLC

	 Baylor Administration Building
	  	 Dallas
	  	TX	  	 DRLP

	 Edward Plainfield MOB I
	  	 Plainfield
	  	IL	  	 BD Plainfield Development, LLC

	 Franklin Township POB
	  	 Indianapolis
	  	IN	  	 DCLP

	 Mercy Hospital Clermont MOB
	  	 Batavia
	  	OH	  	 BD Clermont Development, LLC

	 Parkview Ambulatory
	  	 Ft. Wayne
	  	IN	  	 Physicians Office Building of Ft. Wayne, LLC

	 St. Francis US31 & Southport Rd
	  	 Indianapolis
	  	IN	  	 DCLP

	 St. Mary’s Heart Institute
	  	 Evansville
	  	IN	  	 BD SMMC Development, LLC

	 St. Vincent Northeast
	  	 Fishers
	  	IN	  	 BD Northeast Medical Center Development, LLC

	 Baylor Plano MOB
	  	 Plano
	  	TX	  	 DRLP

	 SJRMC Edison Lakes MOB
	  	 Mishawaka
	  	IN	  	 BD SJRMC Edison Lakes, LLC

	 Middle Tenn Med Ctr
	  	 Murfreesboro
	  	TN	  	 BD MTMC Murfreesboro Development, LLC

	 New Hampton Place
	  	 Snellville
	  	GA	  	 BremnerDuke Eastside Development, LLC

	 Seton Hays MOB
	  	 Kyle
	  	TX	  	 BremnerDuke-Kyle Development I, LLC

	 Baylor McKinney
	  	 McKinney
	  	TX	  	 BremnerDuke McKinney Development I, LLC

	 Marquette Gen Health Sys MOB
	  	 Escanaba
	  	MI	  	 Duke Realty Escanaba Development, LLC

	 WakeMed Raleigh Medical Park
	  	 Raleigh
	  	NC	  	 BremnerDuke WakeMed Development, LLC

	 WakeMed Brier Creek Healthplex
	  	 Raleigh
	  	NC	  	 Duke Realty Brier Creek Development, LLC

	 REX Holly Springs MOB
	  	 Holly Springs
	  	NC	  	 BremnerDuke Holly Springs Development, LLC

	 Tenet N Fulton MOB @ Roswell
	  	 Roswell
	  	GA	  	 Duke Realty North Fulton Development, LLC

	 Riverport Tower
	  	 Maryland Heights
	  	MO	  	 DRLP

	 Braselton II
	  	 Braselton
	  	GA	  	 DRLP

	 311 Elm
	  	 Cincinnati
	  	OH	  	 DRLP

	 Radiant II
	  	 Alpharetta
	  	GA	  	 DRLP

  
 Schedule EG

 Schedule L 

Loan Commitments 
  

					
	 Lender
	  	Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	$	100,000,000.00	  
	 Wells Fargo Bank, National Association
	  	$	100,000,000.00	  
	 Morgan Stanley Bank, NA
	  	$	72,250,000.00	  
	 Regions Bank
	  	$	72,250,000.00	  
	 The Bank of Nova Scotia
	  	$	72,250,000.00	  
	 UBS AG, Stamford Branch 
	  	$	72,250,000.00 	  
	 Barclays Bank PLC
	  	$	62,000,000.00	  
	 PNC Bank, National Association 
	  	$	62,000,000.00 	  
	 Royal Bank of Canada
	  	$	62,000,000.00	  
	 Credit Suisse AG, Cayman Islands Branch
	  	$	50,000,000.00	  
	 SunTrust Bank
	  	$	50,000,000.00	  
	 U.S. Bank National Association
	  	$	50,000,000.00	  
	 The Northern Trust Company
	  	$	25,000,000.00	  
		  	  
	  
	 
	 Total:
	  	$	850,000,000.00	  
		  	  
	  
	 

 SCHEDULE 1 
 SUBSIDIARIES AND OTHER INVESTMENTS 
 (See Section 6.7)

 Duke Realty Corporation and Subsidiaries 
 Listing of Subsidiaries and Investment Affiliates 
 September 30,
2011 
  

					
	 Entity
	  	 State of Incorporation

or Organization
	  	 Name under which
 Subsidiary Conducts
 Business

	 Subsidiaries
	  		  	
	 Duke Acquisition, Inc.
	  	Georgia	  	 Duke Acquisition, Inc.

	 Duke Realty Ohio
	  	Indiana	  	 Duke Realty Ohio

	 Duke Construction Limited Partnership
	  	Indiana	  	 Duke Construction Limited Partnership

	 Duke Realty Construction, Inc.
	  	Indiana	  	 Duke Realty Construction, Inc.

	 Duke Realty Services, LLC
	  	Indiana	  	 Duke Realty Services, LLC

	 Duke Realty Services Limited Partnership
	  	Indiana	  	 Duke Realty Services Limited Partnership

	 Duke Realty Limited Partnership
	  	Indiana	  	 Duke Realty Limited Partnership

	 Duke Business Centers Corporation
	  	Indiana	  	 Duke Business Centers Corporation

	 Kenwood Office Associates
	  	Ohio	  	 Kenwood Office Developers Limited Partnership

	 Mark Center TMP, LLC
	  	Delaware	  	 Mark Center TMP, LLC

	 BD Adena Development, LLC
	  	Indiana	  	 BD Adena Development, LLC

	 BD Adena Financing, LLC
	  	Indiana	  	 BD Adena Financing, LLC

	 Physicians Office Building of Fort Wayne, LLC
	  	Indiana	  	 Physician Office Building of Fort Wayne, LLC

	 BD Fort Wayne Financing, LLC
	  	Indiana	  	 BD Fort Wayne Financing, LLC

	 BD Center Pointe, LLC
	  	Georgia	  	 BD Center Pointe, LLC

	 Dugan Realty, LLC
	  	Indiana	  	 Dugan Realty, L.L.C.

	 BremnerDuke - AOA Arlington Development, L.P. 
	  	Indiana	  	 Bremner/Duke - AOA Arlington Development, L.P.

	 Duke/Hawk, L.L.C.
	  	Indiana	  	 Duke/Hawk, L.L.C.

			
	 Investment Affiliates
	  		  	
			
	 B/D Limited Partnership
	  	Indiana	  	 B/D Limited Partnership

	 Cincinnati Development Group Limited Liability
Company
	  	Ohio	  	 Cincinnati Development Group Limited Liability
Company

	 Dugan Texas, LLC
	  	Delaware	  	 Dugan Texas, LLC

	 Hillside Partnership One LP
	  	Georgia	  	 Hillside Partnership One

	 Horizon Park Developers, Inc.
	  	Georgia	  	 Horizon Park Developers, Inc.

	 Lamida Group, L.L.C.
	  	Indiana	  	 Lamida Group, L.L.C.

	 Northwinds Land, L.P.
	  	Georgia	  	 Northwinds Land, L.P.

	 Cincinnati Development Group/Other Ventures LLC
	  	Ohio	  	 Cincinnati Development Group/Other Ventures LLC

	 Dugan Millenia LLC
	  	Delaware	  	 Dugan Millenia LLC

	 Park Creek Venture
	  	Indiana	  	 Park Creek Venture

	 BCC Cancer Center Venture, L.P.
	  	Delaware	  	 BCC Cancer Center Venture, LP

	 BremnerDuke Mary Shiels Development, L.P.
	  	Indiana	  	 BremnerDuke Mary Shiels Development, L.P.

	 AD West End, LLC
	  	Indiana	  	 AD West End, LLC

	 Browning/Duke, LLC
	  	Delaware	  	 Browning/Duke, LLC

	 DRCS, LLC
	  	Delaware	  	 DRCS, LLC

	 P&L Duke 3630 Peachtree, L.P.
	  	Georgia	  	 P&L Duke 3630 Peachtree, L.P.

	 Quantico Real Estate, LLC
	  	Delaware	  	 Quantico Real Estate, LLC

	 Lafayette Real Estate, LLC
	  	Delaware	  	 Lafayette Real Estate, LLC

	 Duke/Kane, LLC
	  	Delaware	  	 Duke/Kane, LLC

	 200 GR, LLC
	  	Ohio	  	 200 GR, LLC

	 Linden Development, LLC
	  	New Jersey	  	 Linden Development, LLC

	 Duke/Hulfish, LLC
	  	Delaware	  	 Duke/Hulfish, LLC

	 HHC-Duke Realty Development, LLC
	  	Indiana	  	 HHC-Duke Realty Development, LLC

	 HHC-Duke Realty FOB, LLC
	  	Indiana	  	 HHC-Duke Realty FOB, LLC

	 Pinnacle Media, LLC
	  	Indiana	  	 Pinnacle Media, LLC

			
	 Note:
	  		  	
			
	 Single member LLCs were excluded from the above.
	  		  	

  
 Schedule 1 - 1

 SCHEDULE 2 
 INDEBTEDNESS AND LIENS 
 (See Section 7.15) 

Duke Realty Corporation 
 Encumbered In Service Property Listing 
 For the Period Ending 9/30/11

  

							
	 Project Name
	  	City	  	State	 
	 Wholly Owned
	  		  			
	 In-Service
	  		  			
	 Aegon (11/1/2014)
	  		  			
	 Northwinds III
	  	 Alpharetta
	  	 	GA	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Aegon
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Aegon (11/1/2014)
	  		  			
	 Northwinds IV
	  	 Alpharetta
	  	 	GA	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Aegon
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 TIAA (10/01/2013)
	  		  			
	 Airport Center 1
	  	 West Palm Beach
	  	 	FL	  
	 Airport Center 3
	  	 West Palm Beach
	  	 	FL	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned TIAA
	  	 # of Projects -
	  	 	2	  
		  	  
	  	  
	  
	 
	 TIAA (10/01/2013)
	  		  			
	 Airport Center 2
	  	 West Palm Beach
	  	 	FL	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned TIAA
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Allianz (03/10/2019)
	  		  			
	 Preston Ridge IV
	  	 Alpharetta
	  	 	GA	  
	 Brookside II
	  	 Alpharetta
	  	 	GA	  
	 Brookside I
	  	 Alpharetta
	  	 	GA	  
	 Northlake III-Grnd Whse
	  	 Northlake
	  	 	IL	  
	 Park 55 Bldg. 1
	  	 Romeoville
	  	 	IL	  
	 Genera Corporation
	  	 Aurora
	  	 	IL	  
	 Carol Stream IV
	  	 Carol Stream
	  	 	IL	  
	 Northlake I
	  	 Northlake
	  	 	IL	  
	 555 Joliet Road
	  	 Bolingbrook
	  	 	IL	  
	 Chapco Carton Company
	  	 Bolingbrook
	  	 	IL	  
	 880 North Enterprise Street
	  	 Aurora
	  	 	IL	  
	 Freeport X
	  	 Coppell
	  	 	TX	  
	 Apollo Industrial Ctr III
	  	 Eagan
	  	 	MN	  
	 Apollo Industrial Ctr II
	  	 Eagan
	  	 	MN	  
	 Apollo Industrial Ctr I
	  	 Eagan
	  	 	MN	  
		  	  
	  	  
	  
	 
	 Total Allianz
	  	 # of Projects -
	  	 	15	  
		  	  
	  	  
	  
	 
	 Allianz (03/10/2019)
	  		  			
	 625 Braselton Pkwy
	  	 Braselton
	  	 	GA	  
	 Riverway Central
	  	 Rosemont
	  	 	IL	  
	 Riverway East
	  	 Rosemont
	  	 	IL	  
	 Riverway West
	  	 Rosemont
	  	 	IL	  
	 Groveport Commerce Center #437
	  	 Groveport
	  	 	OH	  
	 Groveport Commerce Center #168
	  	 Groveport
	  	 	OH	  
	 Groveport Commerce Center #345
	  	 Groveport
	  	 	OH	  
	 Groveport Commerce Center #667
	  	 Groveport
	  	 	OH	  
	 Point West VII
	  	 Coppell
	  	 	TX	  
	 Point West VI
	  	 Coppell
	  	 	TX	  
		  	  
	  	  
	  
	 
	 Total Allianz
	  	 # of Projects -
	  	 	10	  
		  	  
	  	  
	  
	 
	 Allianz (06/15/2013)
	  		  			
	 Estrella Buckeye
	  	 Phoenix
	  	 	AZ	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Allianz
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 

  
 Schedule 2 - 1

 Duke Realty Corporation 

Encumbered In Service Property Listing 
 For the Period Ending 9/30/11 
  

							
	 Project Name
	  	 City
	  	State	 
	 Allstate (10/01/2016)
	  		  			
	 Four-Forty Business Center II
	  	 Nashville
	  	 	 TN    
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Allstate
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 CBRE (01/01/2013)
	  		  			
	 Atlantic Business Center 1
	  	 Pompano Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned CBRE
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 TIAA (10/01/2013)
	  		  			
	 Atlantic Business Center 3
	  	 Pompano Beach
	  	 	 FL
	  
	 Atlantic Business Center 7A
	  	 Pompano Beach
	  	 	 FL
	  
	 Atlantic Business Center 7B
	  	 Pompano Beach
	  	 	 FL
	  
	 Atlantic Business Center 2
	  	 Pompano Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned TIAA
	  	 # of Projects -
	  	 	4	  
		  	  
	  	  
	  
	 
	 TIAA (10/01/2013)
	  		  			
	 Atlantic Business Center 4A
	  	 Pompano Beach
	  	 	 FL
	  
	 Atlantic Business Center 5A
	  	 Pompano Beach
	  	 	 FL
	  
	 Atlantic Business Center 5B
	  	 Pompano Beach
	  	 	 FL
	  
	 Atlantic Business Center 6A
	  	 Pompano Beach
	  	 	 FL
	  
	 Atlantic Business Center 6B
	  	 Pompano Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned TIAA
	  	 # of Projects -
	  	 	5	  
		  	  
	  	  
	  
	 
	 TIAA (5/1/2015)
	  		  			
	 Atlantic Business Center 4B
	  	 Pompano Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned TIAA
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 TIAA (7/1/2015)
	  		  			
	 Atlantic Business Center 9
	  	 Pompano Beach
	  	 	 FL
	  
	 Atlantic Business Center 8
	  	 Pompano Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned TIAA
	  	 # of Projects -
	  	 	2	  
		  	  
	  	  
	  
	 
	 CMBS-6650 Sugarloaf (5/11/15)
	  		  			
	 6650 Sugarloaf Parkway
	  	 Duluth
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned CMBS-6650 Sugarloaf
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Berkadia Commercial Mortgage (6/10/12)
	  		  			
	 Copans Business Park 1
	  	 Pompano Beach
	  	 	 FL
	  
	 Copans Business Park 2
	  	 Pompano Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Berkadia Commercial Mortgage
	  	 # of Projects -
	  	 	2	  
		  	  
	  	  
	  
	 
	 AXA Equitable (11/10/15)
	  		  			
	 Crossroads Business Park 1
	  	 Plantation
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned AXA Equitable
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Bank of America (8/1/17)
	  		  			
	 Crossroads Business Park 2
	  	 Plantation
	  	 	 FL
	  
	 Crossroads Business Park 3
	  	 Plantation
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Bank of America
	  	 # of Projects -
	  	 	2	  
		  	  
	  	  
	  
	 
	 Bank of America (4/1/13)
	  		  			
	 Crossroads Business Park 4
	  	 Plantation
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Bank of America
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 

  

 Duke Realty Corporation 

Encumbered In Service Property Listing 
 For the Period Ending 9/30/11 
  

							
	 Project Name
	  	 City
	  	State	 
	 TIAA (10/01/2013)
	  		  			
	 Gateway Center 7
	  	 Boynton Beach
	  	 	 FL    
	  
	 Gateway Center 6
	  	 Boynton Beach
	  	 	 FL
	  
	 Gateway Center 5
	  	 Boynton Beach
	  	 	 FL
	  
	 Gateway Center 1
	  	 Boynton Beach
	  	 	 FL
	  
	 Gateway Center 4
	  	 Boynton Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned TIAA
	  	 # of Projects -
	  	 	5	  
		  	  
	  	  
	  
	 
	 TIAA (10/01/2013)
	  		  			
	 Gateway Center 2
	  	 Boynton Beach
	  	 	 FL
	  
	 Gateway Center 3
	  	 Boynton Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned TIAA
	  	 # of Projects -
	  	 	2	  
		  	  
	  	  
	  
	 
	 TIAA (5/1/2015)
	  		  			
	 Gateway Center 8
	  	 Boynton Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned TIAA
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Frost Bank (04/20/2012)
	  		  			
	 Baylor Ortho Hosp-Arlington
	  	 Arlington
	  	 	 TX
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Frost Bank
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Northwestern Mutual (10/1/12)
	  		  			
	 World Park Bldg 30
	  	 Cincinnati
	  	 	 OH
	  
	 World Park Building 29
	  	 Cincinnati
	  	 	 OH
	  
	 World Park Bldg 17
	  	 Cincinnati
	  	 	 OH
	  
	 Hillsdale Technecenter 1
	  	 Indianapolis
	  	 	 IN
	  
	 Hillsdale Technecenter 2
	  	 Indianapolis
	  	 	 IN
	  
	 Hillsdale Technecenter 3
	  	 Indianapolis
	  	 	 IN
	  
	 Lebanon Building 2
	  	 Lebanon
	  	 	 IN
	  
	 Lebanon Building 1(Amer Air)
	  	 Lebanon
	  	 	 IN
	  
	 Park 100 Building 48
	  	 Indianapolis
	  	 	 IN
	  
	 Park 100 Building 49
	  	 Indianapolis
	  	 	 IN
	  
	 Park 100 Building 50
	  	 Indianapolis
	  	 	 IN
	  
	 Park 100 Building 52
	  	 Indianapolis
	  	 	 IN
	  
	 Park 100 Building 53
	  	 Indianapolis
	  	 	 IN
	  
	 Park 100 Building 54
	  	 Indianapolis
	  	 	 IN
	  
	 Park 100 Building 56
	  	 Indianapolis
	  	 	 IN
	  
	 Park 100 Building 57
	  	 Indianapolis
	  	 	 IN
	  
	 Park 100 Building 58
	  	 Indianapolis
	  	 	 IN
	  
	 Park 100 Building 59
	  	 Indianapolis
	  	 	 IN
	  
	 Park 100 Building 60
	  	 Indianapolis
	  	 	 IN
	  
	 Park 100 Building 62
	  	 Indianapolis
	  	 	 IN
	  
	 Park 100 Building 67
	  	 Indianapolis
	  	 	 IN
	  
	 Park 100 Building 68
	  	 Indianapolis
	  	 	 IN
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Northwestern Mutual
	  	 # of Projects -
	  	 	22	  
		  	  
	  	  
	  
	 
	 CMBS-Wells Fargo (11/11/2016)
	  		  			
	 2775 Premiere Parkway
	  	 Duluth
	  	 	 GA
	  
	 3079 Premiere Parkway
	  	 Duluth
	  	 	 GA
	  
	 2855 Premiere Parkway
	  	 Duluth
	  	 	 GA
	  
	 Camp Creek Bldg 1400
	  	 Atlanta
	  	 	 GA
	  
	 Camp Creek Bldg 1800
	  	 East Point
	  	 	 GA
	  
	 Camp Creek Bldg 2000
	  	 East Point
	  	 	 GA
	  
	 Camp Creek Bldg 2400
	  	 East Point
	  	 	 GA
	  

  

 Duke Realty Corporation 

Encumbered In Service Property Listing 
 For the Period Ending 9/30/11 
  

							
	 Project Name
	  	 City
	  	State	 
	 Camp Creek Bldg 2600
	  	 East Point
	  	 	 GA    
	  
	 250 Declaration Drive
	  	 McDonough
	  	 	 GA
	  
	 6655 Sugarloaf
	  	 Duluth
	  	 	 GA
	  
	 2850 Premiere Parkway
	  	 Duluth
	  	 	 GA
	  
	 3201 Centre Parkway
	  	 East Point
	  	 	 GA
	  
	 Weyerhaeuser BTS
	  	 Lawrenceville
	  	 	 GA
	  
	 3900 North Commerce
	  	 East Point
	  	 	 GA
	  
	 4200 N. Commerce-Hartsfield WH
	  	 East Point
	  	 	 GA
	  
	 Lebanon Building 4
	  	 Lebanon
	  	 	 IN
	  
	 Lebanon Building 9
	  	 Lebanon
	  	 	 IN
	  
	 Plainfield Building 1
	  	 Plainfield
	  	 	 IN
	  
	 Plainfield Building 2
	  	 Plainfield
	  	 	 IN
	  
	 Plainfield Building 3
	  	 Plainfield
	  	 	 IN
	  
	 Lebanon Building 13
	  	 Lebanon
	  	 	 IN
	  
	 Lebanon Building 12
	  	 Lebanon
	  	 	 IN
	  
	 Plainfield Building 5
	  	 Plainfield
	  	 	 IN
	  
	 Lebanon Building 14
	  	 Lebanon
	  	 	 IN
	  
	 Plainfield Building 8
	  	 Plainfield
	  	 	 IN
	  
	 198 Gulfstream
	  	 Savannah
	  	 	 GA
	  
	 163 Portside Court
	  	 Savannah
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total CMBS-Wells Fargo
	  	 # of Projects -
	  	 	27	  
		  	  
	  	  
	  
	 
	 Genworth Financial (12/31/2017)
	  		  			
	 250 Grange Road
	  	 Savannah
	  	 	 GA
	  
	 248 Grange Road
	  	 Savannah
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Genworth Financial
	  	 # of Projects -
	  	 	2	  
		  	  
	  	  
	  
	 
	 Genworth Financial (07/31/2012)
	  		  			
	 80 Coleman Blvd.
	  	 Savannah
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Genworth Financial
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Genworth Financial(01/31/2017)
	  		  			
	 318 Grange Road
	  	 Port Wentworth
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Genworth Financial
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Genworth Financial(05/31/2018)
	  		  			
	 151 Portside Court
	  	 Savannah
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Genworth Financial
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Genworth Financial (07/31/2025)
	  		  			
	 175 Portside Court
	  	 Savannah
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Genworth Financial
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Genworth Financial (03/31/2026)
	  		  			
	 246 Jimmy Deloach Parkway
	  	 Savannah
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Genworth Financial
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Genworth Financial (03/31/2026)
	  		  			
	 246 Grange Road
	  	 Port Wentworth
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Genworth Financial
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Genworth Financial (08/31/2026)
	  		  			
	 100 Ocean Link Way-Godley Rd
	  	 Port Wentworth
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Genworth Financial
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 

  

 Duke Realty Corporation 

Encumbered In Service Property Listing 
 For the Period Ending 9/30/11 
  

							
	 Project Name
	  	 City
	  	State	 
	 Genworth Financial (4/30/17)
	  		  			
	 1086 Orafold Pkwy
	  	 Ellabell
	  	 	 GA    
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Genworth Financial
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Genworth Financial (3/31/27)
	  		  			
	 200 Ocean Link Way
	  	 Savannah
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Genworth Financial
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Genworth Financial (3/31/27)
	  		  			
	 500 Expansion Blvd
	  	 Port Wentworth
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Genworth Financial
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Genworth Financial (8/31/17)
	  		  			
	 400 Expansion Blvd
	  	 Port Wentworth
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Genworth Financial
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Genworth Financial (8/31/17)
	  		  			
	 605 Expansion Blvd
	  	 Port Wentworth
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Genworth Financial
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Great West (6/01/19)
	  		  			
	 405 Expansion Blvd
	  	 Port Wentworth
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Great West
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Great West (6/01/19)
	  		  			
	 600 Expansion Blvd
	  	 Port Wentworth
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Great West
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Jackson National (1/1/2012)
	  		  			
	 Enterprise Industrial Center
	  	 Mendota Heights
	  	 	 MN
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Jackson National
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Jackson National (1/1/2012)
	  		  			
	 Hampshire Dist Center North
	  	 Bloomington
	  	 	 MN
	  
	 Hampshire Dist Center South
	  	 Bloomington
	  	 	 MN
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Jackson National
	  	 # of Projects -
	  	 	2	  
		  	  
	  	  
	  
	 
	 Jackson National (2/1/2012)
	  		  			
	 Medicine Lake Indus. Center
	  	 Plymouth
	  	 	 MN
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Jackson National
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Kenwood Office Assoc Bonds (9/1/2025)
	  		  			
	 8230 Kenwood Commons
	  	 Cincinnati
	  	 	 OH
	  
	 8280 Kenwood Commons
	  	 Cincinnati
	  	 	 OH
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Kenwood Office Assoc Bonds
	  	 # of Projects -
	  	 	2	  
		  	  
	  	  
	  
	 
	 Legacy (5/1/2018)
	  		  			
	 1400 Sewells Point Road
	  	 Norfolk
	  	 	 VA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Legacy
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Metlife (11/01/2013)
	  		  			
	 194 Gulfstream
	  	 Savannah
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Metlife
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 
	 Metlife (01/01/2015)
	  		  			
	 190 Gulfstream
	  	 Savannah
	  	 	 GA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Metlife
	  	 # of Projects -
	  	 	1	  
		  	  
	  	  
	  
	 

  

  

 Duke Realty Corporation 

Encumbered In Service Property Listing 
 For the Period Ending 9/30/11 
  

							
	 Project Name
	  	 City
	  	State	 
	 Metlife (1/1/2017)
	  		  			
	 Cornerstone Business Center
	  	 Hopkins
	  	 	 MN    
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Metlife
	  	 # of Projects -
	  	 	    1	  
		  	  
	  	  
	  
	 
	 CMBS-Morehead (5/8/2014)
	  		  			
	 Morehead Medical Plaza I
	  	 Charlotte
	  	 	 NC
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned CMBS-Morehead
	  	 # of Projects -
	  	 	    1	  
		  	  
	  	  
	  
	 
	 CMBS-Sumner Baytown (3/1/2016)
	  		  			
	 Cedar Crossing
	  	 Baytown
	  	 	 TX
	  
	 Sumner Transit
	  	 Sumner
	  	 	 WA
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned CMBS-Sumner Baytown
	  	 # of Projects -
	  	 	    2	  
		  	  
	  	  
	  
	 
	 Nationwide Life Insurance (8/20/2012)
	  		  			
	 3000 Perimeter Park Dr (Met 1)
	  	 Morrisville
	  	 	 NC
	  
	 2900 Perimeter Park Dr (Met 2)
	  	 Morrisville
	  	 	 NC
	  
	 2800 Perimeter Park Dr (Met 3)
	  	 Morrisville
	  	 	 NC
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Nationwide Life Insurance
	  	 # of Projects -
	  	 	    3	  
		  	  
	  	  
	  
	 
	 TIAA (7/1/2015)
	  		  			
	 Copans Business Park 3
	  	 Pompano Beach
	  	 	 FL
	  
	 Copans Business Park 4
	  	 Pompano Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned TIAA
	  	 # of Projects -
	  	 	    2	  
		  	  
	  	  
	  
	 
	 TIAA (5/1/2015)
	  		  			
	 Park Central Business Park 7
	  	 Pompano Beach
	  	 	 FL
	  
	 Park Central Business Park 2
	  	 Pompano Beach
	  	 	 FL
	  
	 Park Central Business Park 3
	  	 Pompano Beach
	  	 	 FL
	  
	 Park Central Business Park 4
	  	 Pompano Beach
	  	 	 FL
	  
	 Park Central Business Park 5
	  	 Pompano Beach
	  	 	 FL
	  
	 Park Central Business Park 6
	  	 Pompano Beach
	  	 	 FL
	  
	 Park Central Business Park 1
	  	 Pompano Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned TIA
	  	 # of Projects -
	  	 	    7	  
		  	  
	  	  
	  
	 
	 AXA Equitable (11/10/15)
	  		  			
	 Park Central Business Park 14
	  	 Pompano Beach
	  	 	 FL
	  
	 Park Central Business Park 15
	  	 Pompano Beach
	  	 	 FL
	  
	 Park Central Business Park 33
	  	 Pompano Beach
	  	 	 FL
	  
	 Park Central Business Park 8-9
	  	 Pompano Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned AXA Equitable
	  	 # of Projects -
	  	 	    4	  
		  	  
	  	  
	  
	 
	 TIAA (5/1/2015)
	  		  			
	 Park Central Business Park 10
	  	 Pompano Beach
	  	 	 FL
	  
	 Park Central Business Park 11
	  	 Pompano Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned TIAA
	  	 # of Projects -
	  	 	    2	  
		  	  
	  	  
	  
	 
	 Prudential (1/15/2021)
	  		  			
	 1717 Busse Road, Elk Grove IL
	  	 Elk Grove Village
	  	 	 IL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Prudential
	  	 # of Projects -
	  	 	    1	  
		  	  
	  	  
	  
	 
	 TIAA (5/1/2015)
	  		  			
	 Sample 95 Business Park 1
	  	 Pompano Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned TIAA
	  	 # of Projects -
	  	 	    1	  
		  	  
	  	  
	  
	 

  

 Duke Realty Corporation 

Encumbered In Service Property Listing 
 For the Period Ending 9/30/11 
  

							
	 Project Name
	  	 City
	  	State	 
	 Prudential (7/5/2017)
	  		  			
	 Sample 95 Business Park 2
	  	 Pompano Beach
	  	 	 FL    
	  
	 Park Central Business Park 12
	  	 Pompano Beach
	  	 	 FL
	  
	 Sample 95 Business Park 3
	  	 Pompano Beach
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Prudential
	  	 # of Projects -
	  	 	    3	  
		  	  
	  	  
	  
	 
	 Triangle Bonds (9/1/2014)
	  		  			
	 Triangle Office Park
	  	 Cincinnati
	  	 	 OH
	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Triangle Bonds
	  	 # of Projects -
	  	 	    1	  
		  	  
	  	  
	  
	 
	 Unum (04/01/2019)
	  		  			
	 Howard 220
	  	 Niles
	  	 	 IL
	  
	 2275 Cabot Drive
	  	 Lisle
	  	 	 IL
	  
	 One West
	  	 Indianapolis
	  	 	 IN
	  
	 Trapp Road Commerce Center I
	  	 Eagan
	  	 	 MN
	  
	 Trapp Road Commerce Center II
	  	 Eagan
	  	 	 MN
	  
	 Airpark East-800 Commerce Dr.
	  	 Nashville
	  	 	 TN
	  
	 Brentwood South Bus Ctr VI
	  	 Franklin
	  	 	 TN
	  
		  	  
	  	  
	  
	 
	 Total Unum
	  	 # of Projects -
	  	 	    7	  
		  	  
	  	  
	  
	 
	 AXA Equitable (11/10/15)
	  		  			
	 Westport Business Park 1
	  	 Davie
	  	 	 FL
	  
	 Westport Business Park 2
	  	 Davie
	  	 	 FL
	  
	 Westport Business Park 3
	  	 Davie
	  	 	 FL
	  
		  	  
	  	  
	  
	 
	 Total AXA Equitable
	  	 # of Projects -
	  	 	    3	  
		  	  
	  	  
	  
	 
	 Total Wholly Owned Encumbered
	  	 # of Projects -
	  	 	    173	  
		  	  
	  	  
	  
	 

  

 DUKE REALTY 
 DEBT SUMMARY  
 September 30, 2011 

 

									
	 LENDER
	  	MATURITY
DATE	 	  	PRINCIPAL
BALANCE
9/30/2011	 
	 SECURED DEBT
	  				  			
	 Jackson National Life Insurance III
	  	 	1/1/12	  	  	 	106,700	  
	 Jackson National Life Insurance IV
	  	 	1/1/12	  	  	 	245,409	  
	 Jackson National Life Insurance V
	  	 	2/1/12	  	  	 	226,022	  
	 Frost Bank
	  	 	4/20/12	  	  	 	16,076,253	  
	 Berkadia Commercial Mortgage
	  	 	6/10/12	  	  	 	6,972,702	  
	 Genworth Financial
	  	 	7/31/12	  	  	 	1,358,086	  
	 Nationwide Life Insurance
	  	 	8/20/12	  	  	 	384,988	  
	 Northwestern Mutual
	  	 	10/1/12	  	  	 	87,561,827	  
	 CBRE
	  	 	1/1/13	  	  	 	6,441,451	  
	 Bank of America
	  	 	4/1/13	  	  	 	10,087,740	  
	 Allianz
	  	 	6/15/13	  	  	 	4,173,545	  
	 TIAA
	  	 	10/1/13	  	  	 	19,152,846	  
	 TIAA
	  	 	10/1/13	  	  	 	22,468,293	  
	 TIAA
	  	 	10/1/13	  	  	 	18,257,209	  
	 TIAA
	  	 	10/1/13	  	  	 	8,458,242	  
	 TIAA
	  	 	10/1/13	  	  	 	9,098,948	  
	 TIAA
	  	 	10/1/13	  	  	 	3,881,045	  
	 Metlife
	  	 	11/1/13	  	  	 	384,593	  
	 CMBS - Morehead
	  	 	5/8/14	  	  	 	32,900,000	  
	 Triangle Bonds
	  	 	9/1/14	  	  	 	1,745,000	  
	 Aegon
	  	 	11/1/14	  	  	 	12,877,394	  
	 Aegon
	  	 	11/1/14	  	  	 	12,255,726	  
	 Metlife
	  	 	1/1/15	  	  	 	1,087,333	  
	 TIAA
	  	 	5/1/15	  	  	 	17,175,101	  
	 TIAA
	  	 	5/1/15	  	  	 	9,795,175	  
	 TIAA
	  	 	5/1/15	  	  	 	7,245,746	  
	 TIAA
	  	 	5/1/15	  	  	 	4,562,136.05	  
	 TIAA
	  	 	5/1/15	  	  	 	10,063,535	  
	 CMBS - 6650 Sugarloaf
	  	 	5/11/15	  	  	 	5,434,648	  
	 TIAA
	  	 	7/1/15	  	  	 	7,779,535	  
	 TIAA
	  	 	7/1/15	  	  	 	8,598,433	  
	 AXA Equitable
	  	 	11/10/15	  	  	 	16,630,599	  
	 AXA Equitable
	  	 	11/10/15	  	  	 	11,177,596	  
	 AXA Equitable
	  	 	11/10/15	  	  	 	9,454,207	  
	 CMBS - Sumner Baytown
	  	 	3/1/16	  	  	 	27,885,984	  
	 Allstate
	  	 	10/1/16	  	  	 	2,787,448	  
	 CMBS - Wells Fargo
	  	 	11/11/16	  	  	 	318,976,000	  
	 Metlife
	  	 	1/1/17	  	  	 	3,078,270	  
	 Genworth Financial
	  	 	1/31/17	  	  	 	1,802,275	  
	 Genworth Financial
	  	 	4/30/17	  	  	 	10,420,101	  
	 Prudential
	  	 	7/5/17	  	  	 	27,000,000	  
	 Bank of America
	  	 	8/1/17	  	  	 	30,800,000	  
	 Genworth Financial
	  	 	8/31/17	  	  	 	5,828,557	  
	 Genworth Financial
	  	 	8/31/17	  	  	 	9,896,231	  
	 Wells Fargo
	  	 	11/11/17	  	  	 	5,700,000	  
	 Wells Fargo
	  	 	11/11/17	  	  	 	6,000,000	  
	 Genworth Financial
	  	 	12/31/17	  	  	 	4,623,107	  
	 Legacy
	  	 	5/1/18	  	  	 	2,173,253	  
	 Genworth Financial
	  	 	5/31/18	  	  	 	2,694,525	  

 DUKE REALTY 

DEBT SUMMARY  
 September 30, 2011 
  

									
	 LENDER
	  	MATURITY
DATE	 	  	PRINCIPAL
BALANCE
9/30/2011	 
	 Allianz
	  	 	3/10/19	  	  	 	113,000,000	  
	 Allianz
	  	 	3/10/19	  	  	 	114,000,000	  
	 Unum
	  	 	4/1/19	  	  	 	41,558,733	  
	 Great West
	  	 	6/1/19	  	  	 	2,114,831	  
	 Great West
	  	 	6/1/19	  	  	 	6,056,106	  
	 Prudential
	  	 	1/5/21	  	  	 	13,867,913	  
	 Genworth Financial
	  	 	7/31/25	  	  	 	11,917,671	  
	 Kenwood Office Associates
	  	 	9/1/25	  	  	 	4,300,000	  
	 Genworth Financial
	  	 	3/31/26	  	  	 	3,280,322	  
	 Genworth Financial
	  	 	3/31/26	  	  	 	5,398,043	  
	 Genworth Financial
	  	 	8/31/26	  	  	 	9,722,832	  
	 Genworth Financial
	  	 	3/31/27	  	  	 	6,556,750	  
	 Genworth Financial
	  	 	3/31/27	  	  	 	4,152,608	  
		  				  	  
	  
	 
	 Total Secured Debt
	  				  	 	1,179,709,620	  
		  				  	  
	  
	 
	 UNSECURED DEBT
	  				  			
	 Senior Exchangeable Unsecured Notes
	  	 	12/1/11	  	  	 	167,643,000	  
	 Wells Fargo - BD Center Pointe
	  	 	7/27/12	  	  	 	21,000,000	  
	 Senior Unsecured Notes
	  	 	8/15/12	  	  	 	150,000,000	  
	 Medium Term Notes
	  	 	10/1/12	  	  	 	50,000,000	  
	 Senior Unsecured Notes
	  	 	5/15/13	  	  	 	150,000,000	  
	 Senior Unsecured Notes
	  	 	5/15/13	  	  	 	275,000,000	  
	 Senior Unsecured Notes
	  	 	8/15/14	  	  	 	250,000,000	  
	 Senior Unsecured Notes
	  	 	2/15/15	  	  	 	250,000,000	  
	 Senior Unsecured Notes
	  	 	3/1/16	  	  	 	150,000,000	  
	 Senior Unsecured Notes
	  	 	2/15/17	  	  	 	450,000,000	  
	 Senior Unsecured Notes
	  	 	1/15/18	  	  	 	300,000,000	  
	 Senior Unsecured Notes
	  	 	8/15/19	  	  	 	250,000,000	  
	 Senior Unsecured Notes
	  	 	3/15/20	  	  	 	250,000,000	  
	 Allegiance
	  	 	6/5/20	  	  	 	20,506,846	  
	 Medium Term Notes
	  	 	6/15/28	  	  	 	50,000,000	  
		  				  	  
	  
	 
	 Total Unsecured Debt
	  				  	 	2,784,149,846	  
		  				  	  
	  
	 
	 UNSECURED LINE OF CREDIT
	  				  			
	 Unsecured LOC ($850m)
	  	 	2/28/13	  	  	 	284,000,000	  
	 Wells Fargo - BD Center Pointe
	  	 	7/27/12	  	  	 	20,293,369	  
		  				  	  
	  
	 
	 Total Unsecured LOC
	  				  	 	304,293,369	  
		  				  	  
	  
	 
	 Total Duke Realty Corporation
	  				  	 	4,268,152,835	  
		  				  	  
	  
	 

  

 DUKE REALTY 
 Joint Venture Debt Summary 
 September 30, 2011 

 

									
	 JOINT VENTURE
	  	MATURITY
DATE	 	  	JV
BALANCE
9/30/11	 
	 Browning/Duke Construction - B of A
	  	 	11/11	  	  	 	11,242,789	  
	 Browning/Duke Land - B of A
	  	 	11/11	  	  	 	26,786,336	  
	 Linden - HSBC
	  	 	3/12	  	  	 	50,906,250	  
	 Park Creek - SWIB
	  	 	5/12	  	  	 	23,700,000	  
	 Duke/Kane LLC - SunTrust
	  	 	3/13	  	  	 	49,744,488	  
	 Cincinnati Dev Group - Star Bank
	  	 	6/13	  	  	 	538,536	  
	 AD West End LLC Land - Regions
	  	 	9/13	  	  	 	14,400,000	  
	 AD West End LLC Construction - Regions
	  	 	9/13	  	  	 	85,000,000	  
	 BD Mary Shiels - BBVA Compass
	  	 	11/14	  	  	 	14,638,956	  
	 3630 Peachtree (ST Office) - B of A
	  	 	7/15	  	  	 	85,303,375	  
		  				  	  
	  
	 
	 Total 
	  				  	$	362,260,730	  
		  				  	  
	  
	 
	 Duke/Hulfish J.V.
	  				  			
	 Duke/Hulfish - 40/86
	  	 	10/13	  	  	 	99,200,000	  
	 Duke/Hulfish - 40/86
	  	 	1/14	  	  	 	50,800,000	  
	 Duke/Hulfish - MetLife
	  	 	12/15	  	  	 	90,842,943	  
	 Duke/Princeton Point West - Wells Fargo
	  	 	12/16	  	  	 	11,772,900	  
	 Duke/Princeton Parkcenter - Wells Fargo
	  	 	6/18	  	  	 	24,622,000	  
	 Duke/Princeton McAuley - Principal
	  	 	9/18	  	  	 	14,000,000	  
	 Duke/Princeton Easton III - Wells Fargo
	  	 	2/19	  	  	 	6,884,500	  
	 Duke/Princeton - Woodmen
	  	 	9/21	  	  	 	14,425,000	  
	 Duke/Princeton Sam Houston - Principal
	  	 	9/21	  	  	 	11,000,000	  
	 Duke/Princeton - John Hancock
	  	 	10/21	  	  	 	156,250,000	  
		  				  	  
	  
	 
	 Total Duke/Hulfish
	  				  	$	479,797,343	  
		  				  	  
	  
	 
	 Eaton Vance Fund
	  				  			
	 Liberty II - Prudential
	  	 	8/14	  	  	$	23,724,731	  
	 4805 Stonecroft - State Farm
	  	 	12/15	  	  	 	7,115,467	  
	 4803 Stonecroft - Mony Life
	  	 	3/16	  	  	 	12,797,565	  
	 Liberty III - Mony Life
	  	 	6/16	  	  	 	29,111,398	  
	 Quantico Buildings LLC - Capmark
	  	 	3/17	  	  	 	131,250,000	  
	 Lafayette Buildings LLC - Midland
	  	 	3/17	  	  	 	203,250,000	  
	 Mark Center 1801/1901 - NWML
	  	 	12/19	  	  	 	15,967,025	  
	 Mark Center 2001 - Guardian Life
	  	 	1/20	  	  	 	35,517,021	  
	 Liberty I - Capmark
	  	 	11/23	  	  	 	7,815,571	  
		  				  	  
	  
	 
	 Total Eaton Vance Fund
	  				  	$	466,548,779	  
		  				  	  
	  
	 
	 Dugan Texas
	  				  			
	 Dugan Texas - ING
	  	 	1/14	  	  	$	17,439,421	  
		  				  	  
	  
	 
	 TOTAL JOINT VENTURE DEBT
	  				  	$	1,326,046,272	  
		  				  	  
	  
	 

 SCHEDULE 3 
 UNENCUMBERED ASSETS 
 (See Section 6.20) 

Duke Realty Corporation 
 Unencumbered In Service Property Listing 
 September 30, 2011

  

							
	 Name
	  	 City
	  	 State
	  	 Legal Ownership

	 Goodyear One
	  	 Goodyear
	  	 AZ
	  	 DRLP

	 Riverside Business Center
	  	 Phoenix
	  	 AZ
	  	 DRLP

	 Century Distribution Center
	  	 Lynwood
	  	 CA
	  	 DRLP

	 Celebration Business Center II
	  	 Celebration
	  	 FL
	  	 DRLP

	 Celebration Business Center I
	  	 Celebration
	  	 FL
	  	 DRLP

	 Celebration Office Center I
	  	 Celebration
	  	 FL
	  	 DRLP

	 Celebration Office Center II
	  	 Celebration
	  	 FL
	  	 DRLP

	 Park 27 Distribution Center I
	  	 Davenport
	  	 FL
	  	 DRLP

	 Park 27 Distribution Center II
	  	 Davenport
	  	 FL
	  	 DRLP

	 Northpoint IV
	  	 Lake Mary
	  	 FL
	  	 DRLP

	 Northpoint II
	  	 Lake Mary
	  	 FL
	  	 DRLP

	 Northpoint I
	  	 Lake Mary
	  	 FL
	  	 DRLP

	 Parksouth Distribution Ctr. B
	  	 Orlando
	  	 FL
	  	 DRLP

	 Parksouth Distribution Ctr. F
	  	 Orlando
	  	 FL
	  	 Duke Secured Financing 2009 -1Pac, LLC

	 Parksouth Distribution Ctr. D
	  	 Orlando
	  	 FL
	  	 DRLP

	 Parksouth Distribution Ctr. A
	  	 Orlando
	  	 FL
	  	 DRLP

	 Parksouth Distribution Ctr. E
	  	 Orlando
	  	 FL
	  	 Duke Secured Financing 2009 -1Pac, LLC

	 Parksouth Distribution Ctr. H
	  	 Orlando
	  	 FL
	  	 Duke Secured Financing 2009 -1Pac, LLC

	 Parksouth Distribution Ctr. C
	  	 Orlando
	  	 FL
	  	 DRLP

	 Southcenter I-Brede/Allied BTS
	  	 Orlando
	  	 FL
	  	 DRLP

	 Parksouth-Benjamin Moore BTS
	  	 Orlando
	  	 FL
	  	 DRLP

	 Crossroads VII
	  	 Orlando
	  	 FL
	  	 DRLP

	 Crossroads VIII
	  	 Orlando
	  	 FL
	  	 DRLP

	 Pembroke Gardens
	  	 Pembroke Pines
	  	 FL
	  	 AD Pembroke Gardens LLC

	 Royal Palm I
	  	 Plantation
	  	 FL
	  	 DRLP

	 Royal Palm II
	  	 Plantation
	  	 FL
	  	 DRLP

	 Pompano Commerce Ctr I
	  	 Pompano Beach
	  	 FL
	  	 Duke-27 Avenue, LLC

	 Pompano Commerce Ctr III
	  	 Pompano Beach
	  	 FL
	  	 Duke-27 Avenue, LLC

	 Sample 95 Business Park 4
	  	 Pompano Beach
	  	 FL
	  	 DUKE SAMPLE 4, LLC

	 Sawgrass - Building B
	  	 Sunrise
	  	 FL
	  	 DRLP

	 Sawgrass - Building A
	  	 Sunrise
	  	 FL
	  	 DRLP

	 Sawgrass Pointe I
	  	 Sunrise
	  	 FL
	  	 DRLP

	 Sawgrass Pointe II
	  	 Sunrise
	  	 FL
	  	 DRLP

	 Fairfield Distribution Ctr I
	  	 Tampa
	  	 FL
	  	 DRLP

	 Fairfield Distribution Ctr II
	  	 Tampa
	  	 FL
	  	 DRLP

	 Fairfield Distribution Ctr III
	  	 Tampa
	  	 FL
	  	 DRLP

	 Fairfield Distribution Ctr IV
	  	 Tampa
	  	 FL
	  	 DRLP

	 Fairfield Distribution Ctr V
	  	 Tampa
	  	 FL
	  	 DRLP

	 Fairfield Distribution Ctr VI
	  	 Tampa
	  	 FL
	  	 DRLP

	 Fairfield Distribution Ctr VII
	  	 Tampa
	  	 FL
	  	 DRLP

	 Fairfield Distrib. Ctr. VIII
	  	 Tampa
	  	 FL
	  	 DRLP

	 Eagle Creek Business Ctr. II
	  	 Tampa
	  	 FL
	  	 DRLP

	 Eagle Creek Business Ctr. III
	  	 Tampa
	  	 FL
	  	 DRLP

	 Eagle Creek Business Ctr. I
	  	 Tampa
	  	 FL
	  	 DRLP

	 Highland Oaks I
	  	 Tampa
	  	 FL
	  	 Duke Secured Financing 2009 -1Pac, LLC

	 Highland Oaks II
	  	 Tampa
	  	 FL
	  	 Duke Secured Financing 2009 -1Pac, LLC

	 Highland Oaks V
	  	 Tampa
	  	 FL
	  	 Duke Secured Financing 2009 -1Pac, LLC

	 Highland Oaks III
	  	 Tampa
	  	 FL
	  	 Duke Secured Financing 2009 -1Pac, LLC

	 Highland Oaks IV
	  	 Tampa
	  	 FL
	  	 DRLP

	 Crossroads Marketplace
	  	 Titusville
	  	 FL
	  	 DRLP

	 Park of Commerce 1
	  	 West Palm Beach
	  	 FL
	  	 DUKE PPC 1,2,3, LLC

	 Park of Commerce 3
	  	 West Palm Beach
	  	 FL
	  	 DUKE PPC 1,2,3, LLC

	 1320 Ridgeland Parkway
	  	 Alpharetta
	  	 GA
	  	 DRLP

	 1345 Ridgeland Parkway
	  	 Alpharetta
	  	 GA
	  	 DRLP

	 1335 Ridgeland Parkway
	  	 Alpharetta
	  	 GA
	  	 DRLP

	 Radiant I
	  	 Alpharetta
	  	 GA
	  	 DRLP

	 Northwinds VII
	  	 Alpharetta
	  	 GA
	  	 DRLP

	 Radiant II
	  	 Alpharetta
	  	 GA
	  	 DRLP

	 800 North Point Parkway
	  	 Alpharetta
	  	 GA
	  	 DRLP

	 900 North Point Parkway
	  	 Alpharetta
	  	 GA
	  	 DRLP

	 Northwinds I
	  	 Alpharetta
	  	 GA
	  	 DRLP

	 Northwinds II
	  	 Alpharetta
	  	 GA
	  	 DRLP

	 Northwinds Restaurant
	  	 Alpharetta
	  	 GA
	  	 DRLP

	 Northwinds V
	  	 Alpharetta
	  	 GA
	  	 DRLP

	 Northwinds VI
	  	 Alpharetta
	  	 GA
	  	 DRLP

	 Northwinds Village
	  	 Alpharetta
	  	 GA
	  	 DRLP

	 1190 West Druid Hills Drive
	  	 Atlanta
	  	 GA
	  	 DRLP

	 Braselton II
	  	 Braselton
	  	 GA
	  	 DRLP

	 1350 Braselton Parkway
	  	 Braselton
	  	 GA
	  	 DRLP

	 2450 Meadowbrook Parkway
	  	 Duluth
	  	 GA
	  	 Dugan Financing, LLC

	 2500 Meadowbrook Parkway
	  	 Duluth
	  	 GA
	  	 Dugan Financing, LLC

	 2625 Pinemeadow Court
	  	 Duluth
	  	 GA
	  	 Dugan Financing, LLC

  
 Schedule 3

 Duke Realty Corporation 

Unencumbered In Service Property Listing 
 September 30, 2011 
  

							
	 Name
	  	 City
	  	 State
	  	 Legal Ownership

	 2660 Pinemeadow Court
	  	 Duluth
	  	 GA
	  	 Dugan Financing, LLC

	 2450 Satellite Boulevard
	  	 Duluth
	  	 GA
	  	 Dugan Financing, LLC

	 Sugarloaf Office I
	  	 Duluth
	  	 GA
	  	 DRLP

	 3885 Crestwood Parkway
	  	 Duluth
	  	 GA
	  	 DRLP

	 3805 Crestwood Parkway
	  	 Duluth
	  	 GA
	  	 DRLP

	 Sugarloaf Office IV
	  	 Duluth
	  	 GA
	  	 DRLP

	 Hampton Green Office I
	  	 Duluth
	  	 GA
	  	 DRLP

	 Sugarloaf Office V
	  	 Duluth
	  	 GA
	  	 DRLP

	 Sugarloaf Office II (3039)
	  	 Duluth
	  	 GA
	  	 DRLP

	 Sugarloaf Office III (2810)
	  	 Duluth
	  	 GA
	  	 DRLP

	 Sugarloaf VI
	  	 Duluth
	  	 GA
	  	 DRLP

	 Sugarloaf VII
	  	 Duluth
	  	 GA
	  	 DRLP

	 Camp Creek Building 1200
	  	 East Point
	  	 GA
	  	 DRLP

	 3909 North Commerce
	  	 East Point
	  	 GA
	  	 DRLP

	 Camp Creek Building 1000
	  	 East Point
	  	 GA
	  	 DRLP

	 3000 Centre Parkway
	  	 East Point
	  	 GA
	  	 DRLP

	 1500 Centre Parkway
	  	 East Point
	  	 GA
	  	 DRLP

	 1100 Centre Parkway
	  	 East Point
	  	 GA
	  	 DRLP

	 4800 N. Commerce Dr. (Site Q)
	  	 East Point
	  	 GA
	  	 DRLP

	 Huntcrest I
	  	 Lawrenceville
	  	 GA
	  	 DRLP

	 Huntcrest II
	  	 Lawrenceville
	  	 GA
	  	 DRLP

	 Huntcrest III
	  	 Lawrenceville
	  	 GA
	  	 DRLP

	 Huntcrest IV
	  	 Lawrenceville
	  	 GA
	  	 DRLP

	 120 Declaration Drive
	  	 McDonough
	  	 GA
	  	 DRLP

	 602 Expansion Blvd
	  	 Port Wentworth
	  	 GA
	  	 DRLP

	 Center Pointe I and II
	  	 Sandy Springs
	  	 GA
	  	 BD Center Pointe, LLC

	 2509 Dean Forest Rd - Westport
	  	 Savannah
	  	 GA
	  	 DRLP

	 150 Portside Court
	  	 Savannah
	  	 GA
	  	 Duke Savannah, LLC

	 235 Jimmy Deloach Parkway
	  	 Savannah
	  	 GA
	  	 Duke Savannah, LLC

	 239 Jimmy Deloach Parkway
	  	 Savannah
	  	 GA
	  	 Duke Savannah, LLC

	 New Hampton Place
	  	 Snellville
	  	 GA
	  	 Bremner Duke Eastside Development, LLC

	 90 Horizon Drive
	  	 Suwanee
	  	 GA
	  	 Dugan Financing, LLC

	 225 Horizon Drive
	  	 Suwanee
	  	 GA
	  	 Dugan Financing, LLC

	 250 Horizon Drive
	  	 Suwanee
	  	 GA
	  	 Dugan Financing, LLC

	 70 Crestridge Drive
	  	 Suwanee
	  	 GA
	  	 Dugan Financing, LLC

	 2780 Horizon Ridge
	  	 Suwanee
	  	 GA
	  	 Dugan Financing, LLC

	 2800 Vista Ridge Drive
	  	 Suwanee
	  	 GA
	  	 Dugan Financing, LLC

	 25 Crestridge Drive
	  	 Suwanee
	  	 GA
	  	 Dugan Financing, LLC

	 1000 Northbrook Parkway
	  	 Suwanee
	  	 GA
	  	 Dugan Financing, LLC

	 Genera Corp. BTS
	  	 Suwanee
	  	 GA
	  	 Dugan Realty, LLC

	 Atrium II
	  	 Arlington Heights
	  	 IL
	  	 DRLP

	 Butterfield 550
	  	 Aurora
	  	 IL
	  	 DRLP

	 525 North Enterprise Street
	  	 Aurora
	  	 IL
	  	 DRLP

	 615 North Enterprise Street
	  	 Aurora
	  	 IL
	  	 DRLP

	 3737 East Exchange
	  	 Aurora
	  	 IL
	  	 DRLP

	 444 North Commerce Street
	  	 Aurora
	  	 IL
	  	 DRLP

	 535 Exchange
	  	 Aurora
	  	 IL
	  	 DRLP

	 Meridian Office Service Center
	  	 Aurora
	  	 IL
	  	 DRLP

	 Dawes Transportation
	  	 Bolingbrook
	  	 IL
	  	 DRLP

	 Crossroads 1
	  	 Bolingbrook
	  	 IL
	  	 Dugan Realty, LLC

	 Crossroads 3
	  	 Bolingbrook
	  	 IL
	  	 Dugan Realty, LLC

	 Carol Stream III
	  	 Carol Stream
	  	 IL
	  	 Dugan Realty, LLC

	 Carol Stream I
	  	 Carol Stream
	  	 IL
	  	 Dugan Realty, LLC

	 250 Kehoe Blvd, Carol Stream
	  	 Carol Stream
	  	 IL
	  	 DRLP

	 2180 South Wolf Road
	  	 Des Plaines
	  	 IL
	  	 DRLP

	 Executive Towers I
	  	 Downers Grove
	  	 IL
	  	 DRLP

	 Executive Towers II
	  	 Downers Grove
	  	 IL
	  	 DRLP

	 Executive Towers III
	  	 Downers Grove
	  	 IL
	  	 DRLP

	 O’Hare Distribution Ctr
	  	 Franklin Park
	  	 IL
	  	 DRLP

	 Melrose Business Center
	  	 Melrose Park
	  	 IL
	  	 Dugan Realty, LLC

	 1835 Jefferson
	  	 Naperville
	  	 IL
	  	 DRLP

	 175 Ambassador Drive
	  	 Naperville
	  	 IL
	  	 Dugan Realty, LLC

	 2000 York Road
	  	 Oak Brook
	  	 IL
	  	 Duke York Road, LLC

	 Edward Plainfield MOB I
	  	 Plainfield
	  	 IL
	  	 DRLP

	 Crossroads 2
	  	 Romeoville
	  	 IL
	  	 Dugan Realty, LLC

	 Crossroads 5
	  	 Romeoville
	  	 IL
	  	 Dugan Realty, LLC

	 O’Hare International Ctr I
	  	 Rosemont
	  	 IL
	  	 OIC Midwest, LLC

	 O’Hare International Ctr II
	  	 Rosemont
	  	 IL
	  	 OIC Midwest, LLC

	 Oakmont Tech Center
	  	 Westmont
	  	 IL
	  	 DRLP

	 Ortho Indy West-MOB
	  	 Brownsburg
	  	 IN
	  	 DRLP

	 Ortho Indy West-Surgery Center
	  	 Brownsburg
	  	 IN
	  	 DRLP

	 Hamilton Crossing I
	  	 Carmel
	  	 IN
	  	 DRLP

  

 Duke Realty Corporation 

Unencumbered In Service Property Listing 
 September 30, 2011 
  

							
	 Name
	  	 City
	  	 State
	  	 Legal Ownership

	 Hamilton Crossing II
	  	 Carmel
	  	 IN
	  	 DRLP

	 Hamilton Crossing IV
	  	 Carmel
	  	 IN
	  	 DRLP

	 Hamilton Crossing III
	  	 Carmel
	  	 IN
	  	 DRLP

	 Hamilton Crossing VI
	  	 Carmel
	  	 IN
	  	 DRLP

	 St. Mary’s Heart Institute
	  	 Evansville
	  	 IN
	  	 DRLP

	 St. Vincent Northeast ED
	  	 Fishers
	  	 IN
	  	 DRLP

	 St. Vincent Northeast MOB
	  	 Fishers
	  	 IN
	  	 DRLP

	 St. Vincent Northeast OPC
	  	 Fishers
	  	 IN
	  	 DRLP

	 Exit 5 Building 1
	  	 Fishers
	  	 IN
	  	 DRLP

	 Exit 5 Building 2
	  	 Fishers
	  	 IN
	  	 DRLP

	 Parkview Ambulatory - Imaging
	  	 Ft. Wayne
	  	 IN
	  	 POB of Ft. Wayne, LLC

	 Parkview Ambulatory Svcs - MOB
	  	 Ft. Wayne
	  	 IN
	  	 POB of Ft. Wayne, LLC

	 Parkview Ambulatory - Oncology
	  	 Ft. Wayne
	  	 IN
	  	 POB of Ft. Wayne, LLC

	 Parkview Ambulatory-Outpatient
	  	 Ft. Wayne
	  	 IN
	  	 POB of Ft. Wayne, LLC

	 8071 Township Line Road
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 St. Francis US31 &Southport Rd
	  	 Indianapolis
	  	 IN
	  	 DCLP

	 Franklin Township POB
	  	 Indianapolis
	  	 IN
	  	 DCLP

	 Park 100 Building 109
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Park 100 Building 122
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Hillsdale Technecenter 6
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Hillsdale Technecenter 5
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Hillsdale Technecenter 4
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Park 100 Building 98
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Park 100 Building 96
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Franklin Road Business Center
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 6061 Guion Rd
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Park 100 Building 100
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Park 100 Building 127
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Park Fletcher Building 33
	  	 Indianapolis
	  	 IN
	  	 Dugan-SSP Realty, L.L.C.

	 Park Fletcher Building 34
	  	 Indianapolis
	  	 IN
	  	 Dugan-SSP Realty, L.L.C.

	 Park Fletcher Building 36
	  	 Indianapolis
	  	 IN
	  	 Dugan-SSP Realty, L.L.C.

	 Park Fletcher Building 35
	  	 Indianapolis
	  	 IN
	  	 Dugan-SSP Realty, L.L.C.

	 Park Fletcher Building 37
	  	 Indianapolis
	  	 IN
	  	 Dugan-SSP Realty, L.L.C.

	 Park Fletcher Building 39
	  	 Indianapolis
	  	 IN
	  	 Dugan-SSP Realty, L.L.C.

	 Park Fletcher Building 38
	  	 Indianapolis
	  	 IN
	  	 Dugan-SSP Realty, L.L.C.

	 Park Fletcher Building 40
	  	 Indianapolis
	  	 IN
	  	 Dugan-SSP Realty, L.L.C.

	 Park Fletcher Building 42
	  	 Indianapolis
	  	 IN
	  	 Dugan-SSP Realty, L.L.C.

	 Park Fletcher Building 41
	  	 Indianapolis
	  	 IN
	  	 Dugan-SSP Realty, L.L.C.

	 Park 100 Bldg 31
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Park 465
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Park 100 Building 141
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Georgetown Rd. Bldg 1
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Georgetown Rd. Bldg 2
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Georgetown Rd. Bldg 3
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 North Airport Park Bldg 2
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 112
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 128
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 129
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 131
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 133
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 39
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 63
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 64
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 66
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 79
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 80
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 83
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 84
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 87
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 97
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 3200 North Elizabeth
	  	 Indianapolis
	  	 IN
	  	 Dugan Realty, LLC

	 Park 100 Building 116
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Park 100 Building 118
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 River Road Building II
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 One Parkwood Crossing
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Three Parkwood Crossing
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 River Road Building I
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Woodland Corporate Park I
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Four Parkwood Crossing
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Woodland Corporate Park II
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Five Parkwood Crossing
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Woodland Corporate Park III
	  	 Indianapolis
	  	 IN
	  	 DRLP

  

 Duke Realty Corporation 

Unencumbered In Service Property Listing 
 September 30, 2011 
  

							
	 Name
	  	 City
	  	 State
	  	 Legal Ownership

	 Six Parkwood Crossing
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Park 100 Building 124
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Woodland Corporate Park V
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Eight Parkwood Crossing
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Park 100 Building 102
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Nine Parkwood Crossing
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Park 100 Building 110
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Park 100 Building 111
	  	 Indianapolis
	  	 IN
	  	 Dugan Financing, LLC

	 Woodland Corporate Park VI
	  	 Indianapolis
	  	 IN
	  	 DRLP

	 Seven Parkwood Crossing-W/O
	  	 Indianapolis
	  	 IN
	  	 Duke/Hawk, LLC

	 St. Elizabeth 3920 Building A
	  	 Lafayette
	  	 IN
	  	 DCLP

	 St. Elizabeth 3900 Building B
	  	 Lafayette
	  	 IN
	  	 DCLP

	 Lebanon Building 6
	  	 Lebanon
	  	 IN
	  	 Dugan Financing, LLC

	 SJRMC Edison Lakes MOB
	  	 Mishawaka
	  	 IN
	  	 DRLP

	 Marketplace at Anson
	  	 Zionsville
	  	 IN
	  	 DCLP

	 Empire Commerce Center
	  	 Florence
	  	 KY
	  	 Dugan Realty, LLC

	 7910 Kentucky Drive
	  	 Florence
	  	 KY
	  	 Dugan Realty, LLC

	 7920 Kentucky Drive
	  	 Florence
	  	 KY
	  	 Dugan Realty, LLC

	 Southpark Building 4
	  	 Hebron
	  	 KY
	  	 DRLP

	 CR Services
	  	 Hebron
	  	 KY
	  	 DRLP

	 Hebron Building 1
	  	 Hebron
	  	 KY
	  	 DRLP

	 Hebron Building 2
	  	 Hebron
	  	 KY
	  	 DRLP

	 Skyport Building 1
	  	 Hebron
	  	 KY
	  	 Dugan Financing, LLC

	 Skyport Building 2
	  	 Hebron
	  	 KY
	  	 Dugan Financing, LLC

	 Skyport Building 3
	  	 Hebron
	  	 KY
	  	 Dugan Financing, LLC

	 Skyport Building 4
	  	 Hebron
	  	 KY
	  	 Dugan Financing, LLC

	 Southpark Building 1
	  	 Hebron
	  	 KY
	  	 Dugan Financing, LLC

	 Southpark Building 3
	  	 Hebron
	  	 KY
	  	 Dugan Financing, LLC

	 Skyport Building 5
	  	 Hebron
	  	 KY
	  	 Dugan Realty, LLC

	 5901 Holabird Ave
	  	 Baltimore
	  	 MD
	  	 DRLP

	 5003 Holabird Ave
	  	 Baltimore
	  	 MD
	  	 DRLP

	 7300 Northland Drive
	  	 Brooklyn Park
	  	 MN
	  	 DRLP

	 Crosstown North Bus. Ctr. 2
	  	 Brooklyn Park
	  	 MN
	  	 DRLP

	 Crosstown North Bus. Ctr. 1
	  	 Brooklyn Park
	  	 MN
	  	 DRLP

	 Crosstown North Bus. Ctr. 4
	  	 Brooklyn Park
	  	 MN
	  	 DRLP

	 Crosstown North Bus. Ctr. 5
	  	 Brooklyn Park
	  	 MN
	  	 DRLP

	 Crosstown North Bus. Ctr. 6
	  	 Brooklyn Park
	  	 MN
	  	 DRLP

	 Crosstown North Bus. Ctr. 10
	  	 Brooklyn Park
	  	 MN
	  	 DRLP

	 Crosstown North Bus. Ctr. 12
	  	 Brooklyn Park
	  	 MN
	  	 DRLP

	 Silver Bell Commons
	  	 Eagan
	  	 MN
	  	 DRLP

	 Gateway North 1
	  	 Otsego
	  	 MN
	  	 DRLP

	 MoneyGram Tower
	  	 St. Louis Park
	  	 MN
	  	 DRLP

	 1600 Tower
	  	 St. Louis Park
	  	 MN
	  	 DRLP

	 DukePort V
	  	 Bridgeton
	  	 MO
	  	 Dugan Financing, LLC

	 DukePort VI
	  	 Bridgeton
	  	 MO
	  	 Dugan Financing, LLC

	 DukePort VII
	  	 Bridgeton
	  	 MO
	  	 Dugan Financing, LLC

	 DukePort IX
	  	 Bridgeton
	  	 MO
	  	 Dugan Realty, LLC

	 DukePort I
	  	 Bridgeton
	  	 MO
	  	 Dugan Realty, LLC

	 DukePort II
	  	 Bridgeton
	  	 MO
	  	 Dugan Realty, LLC

	 101 South Hanley
	  	 Clayton
	  	 MO
	  	 DRLP

	 Corporate Center, Earth City
	  	 Earth City
	  	 MO
	  	 DRLP

	 Corporate Trail Distribution
	  	 Earth City
	  	 MO
	  	 DRLP

	 Rider Trail
	  	 Earth City
	  	 MO
	  	 DRLP

	 3300 Pointe 70
	  	 Earth City
	  	 MO
	  	 DRLP

	 Lindbergh Distribution Center
	  	 Hazelwood
	  	 MO
	  	 DRLP

	 14000 Riverport Drive
	  	 Maryland Heights
	  	 MO
	  	 DRLP

	 Riverport Distribution
	  	 Maryland Heights
	  	 MO
	  	 DRLP

	 Riverport 1
	  	 Maryland Heights
	  	 MO
	  	 DRLP

	 Riverport 2
	  	 Maryland Heights
	  	 MO
	  	 DRLP

	 Riverport III
	  	 Maryland Heights
	  	 MO
	  	 DRLP

	 Riverport IV
	  	 Maryland Heights
	  	 MO
	  	 DRLP

	 Riverport Tower
	  	 Maryland Heights
	  	 MO
	  	 DRLP

	 13900 Riverport Drive
	  	 Maryland Heights
	  	 MO
	  	 DRLP

	 Westport Center I
	  	 St. Louis
	  	 MO
	  	 DRLP

	 Westport Center II
	  	 St. Louis
	  	 MO
	  	 DRLP

	 Westport Center III
	  	 St. Louis
	  	 MO
	  	 DRLP

	 Westport Center V
	  	 St. Louis
	  	 MO
	  	 DRLP

	 Lakeside Crossing Building III
	  	 St. Louis
	  	 MO
	  	 DRLP

	 Lakeside Crossing Building One
	  	 St. Louis
	  	 MO
	  	 DRLP

	 Lakeside Crossing Building II
	  	 St. Louis
	  	 MO
	  	 DRLP

	 Westview Place
	  	 St. Louis
	  	 MO
	  	 DRLP

	 Laumeier I
	  	 St. Louis
	  	 MO
	  	 DRLP

  

 Duke Realty Corporation 

Unencumbered In Service Property Listing 
 September 30, 2011 
  

							
	 Name
	  	 City
	  	 State
	  	 Legal Ownership

	 Laumeier II
	  	 St. Louis
	  	 MO
	  	 DRLP

	 Westmark
	  	 St. Louis
	  	 MO
	  	 DRLP

	 540 Maryville Centre
	  	 St. Louis
	  	 MO
	  	 DRLP

	 550 Maryville Centre
	  	 St. Louis
	  	 MO
	  	 DRLP

	 635-645 Maryville Centre
	  	 St. Louis
	  	 MO
	  	 DRLP

	 655 Maryville Centre
	  	 St. Louis
	  	 MO
	  	 DRLP

	 Laumeier IV
	  	 St. Louis
	  	 MO
	  	 DRLP

	 520 Maryville Centre
	  	 St. Louis
	  	 MO
	  	 DRLP

	 Westport Place
	  	 St. Louis
	  	 MO
	  	 DRLP

	 Woodsmill Commons II (400)
	  	 St. Louis
	  	 MO
	  	 DRLP

	 Woodsmill Commons I (424)
	  	 St. Louis
	  	 MO
	  	 DRLP

	 Lakeside Crossing V
	  	 St. Louis
	  	 MO
	  	 DRLP

	 530 Maryville Centre
	  	 St. Louis
	  	 MO
	  	 DRLP

	 625 Maryville Centre
	  	 St. Louis
	  	 MO
	  	 DRLP

	 100 Regency Forest Drive
	  	 Cary
	  	 NC
	  	 DRLP

	 6501 Weston Parkway
	  	 Cary
	  	 NC
	  	 DRLP

	 200 Regency Forest Drive
	  	 Cary
	  	 NC
	  	 DRLP

	 1805 T.W. Alexander Drive
	  	 Durham
	  	 NC
	  	 DRLP

	 600 Greenfield North
	  	 Garner
	  	 NC
	  	 DRLP

	 700 Greenfield North
	  	 Garner
	  	 NC
	  	 DRLP

	 800 Greenfield North
	  	 Garner
	  	 NC
	  	 DRLP

	 900 Greenfield North
	  	 Garner
	  	 NC
	  	 DRLP

	 1 Butterball Lane
	  	 Garner
	  	 NC
	  	 DCLP

	 200 Innovation Drive
	  	 Morrisville
	  	 NC
	  	 DRLP

	 2600 Perimeter Park Dr
	  	 Morrisville
	  	 NC
	  	 DRLP

	 101 Innovation Ave(Woodlk III)
	  	 Morrisville
	  	 NC
	  	 DRLP

	 100 Innovation Avenue (Woodlk)
	  	 Morrisville
	  	 NC
	  	 DRLP

	 507 Airport Blvd
	  	 Morrisville
	  	 NC
	  	 DRLP

	 501 Innovation Ave.
	  	 Morrisville
	  	 NC
	  	 DRLP

	 2700 Perimeter Park
	  	 Morrisville
	  	 NC
	  	 DRLP

	 1000 Innovation (Woodlk 6)
	  	 Morrisville
	  	 NC
	  	 DRLP

	 1200 Innovation (Woodlk 7)
	  	 Morrisville
	  	 NC
	  	 DRLP

	 Woodlake VIII
	  	 Morrisville
	  	 NC
	  	 DRLP

	 2250 Perimeter Park
	  	 Morrisville
	  	 NC
	  	 DRLP

	 2000 Perimeter Park Drive
	  	 Morrisville
	  	 NC
	  	 DRLP

	 1800 Perimeter Park Drive
	  	 Morrisville
	  	 NC
	  	 DRLP

	 1700 Perimeter Park Drive
	  	 Morrisville
	  	 NC
	  	 DRLP

	 1600 Perimeter Park Drive
	  	 Morrisville
	  	 NC
	  	 DRLP

	 1500 Perimeter Park Drive
	  	 Morrisville
	  	 NC
	  	 DRLP

	 2400 Perimeter Park Drive
	  	 Morrisville
	  	 NC
	  	 DRLP

	 1100 Perimeter Park Drive
	  	 Morrisville
	  	 NC
	  	 DRLP

	 5150 McCrimmon Pkwy
	  	 Morrisville
	  	 NC
	  	 DRLP

	 5151 McCrimmon Pkwy
	  	 Morrisville
	  	 NC
	  	 DRLP

	 5200 East Paramount
	  	 Morrisville
	  	 NC
	  	 DRLP

	 5200 West Paramount
	  	 Morrisville
	  	 NC
	  	 DCLP

	 2450 Perimeter Park Drive
	  	 Morrisville
	  	 NC
	  	 DRLP

	 Lenovo BTS II
	  	 Morrisville
	  	 NC
	  	 DRLP

	 Perimeter One
	  	 Morrisville
	  	 NC
	  	 DRLP

	 5221 Paramount Parkway
	  	 Morrisville
	  	 NC
	  	 DRLP

	 3800 Paramount Parkway
	  	 Morrisville
	  	 NC
	  	 DRLP

	 Market at Perimeter Park-Bld A
	  	 Morrisville
	  	 NC
	  	 DRLP

	 Lenovo BTS I
	  	 Morrisville
	  	 NC
	  	 DRLP

	 Walnut Creek Business Park #1
	  	 Raleigh
	  	 NC
	  	 DRLP

	 Walnut Creek Business Park #2
	  	 Raleigh
	  	 NC
	  	 DRLP

	 Walnut Creek Business Park #3
	  	 Raleigh
	  	 NC
	  	 DRLP

	 Walnut Creek IV
	  	 Raleigh
	  	 NC
	  	 DRLP

	 Walnut Creek V
	  	 Raleigh
	  	 NC
	  	 DRLP

	 801 Jones Franklin Road
	  	 Raleigh
	  	 NC
	  	 DRLP

	 5520 Capital Center Drive
	  	 Raleigh
	  	 NC
	  	 DRLP

	 Brook Forest I
	  	 Raleigh
	  	 NC
	  	 DRLP

	 Crabtree Overlook
	  	 Raleigh
	  	 NC
	  	 DRLP

	 5540 Centerview Drive
	  	 Raleigh
	  	 NC
	  	 DRLP

	 5565 Centerview Drive
	  	 Raleigh
	  	 NC
	  	 DRLP

	 Mercy Hospital Clermont MOB
	  	 Batavia
	  	 OH
	  	 DCLP

	 Huntington Bank Building
	  	 Blue Ash
	  	 OH
	  	 DRLP

	 Lake Forest Place
	  	 Blue Ash
	  	 OH
	  	 DRLP

	 Westlake Center
	  	 Blue Ash
	  	 OH
	  	 DRLP

	 Northmark Building 1
	  	 Blue Ash
	  	 OH
	  	 DRLP

	 Adena Health Pavilion
	  	 Chillicothe
	  	 OH
	  	 BD Adena Development, LLC

	 Adena Health System OPC
	  	 Chillicothe
	  	 OH
	  	 BD Adena Development, LLC

	 World Park Bldg 8
	  	 Cincinnati
	  	 OH
	  	 Dugan Financing, LLC

	 World Park Bldg 9
	  	 Cincinnati
	  	 OH
	  	 Dugan Financing, LLC

  

 Duke Realty Corporation 

Unencumbered In Service Property Listing 
 September 30, 2011 
  

							
	 Name
	  	 City
	  	 State
	  	 Legal Ownership

	 World Park Building 11
	  	 Cincinnati
	  	 OH
	  	 Dugan Financing, LLC

	 World Park Building 14
	  	 Cincinnati
	  	 OH
	  	 Dugan Financing, LLC

	 World Park Building 15
	  	 Cincinnati
	  	 OH
	  	 Dugan Financing, LLC

	 World Park Building 16
	  	 Cincinnati
	  	 OH
	  	 Dugan Financing, LLC

	 World Park Building 18
	  	 Cincinnati
	  	 OH
	  	 Dugan Financing, LLC

	 World Park Building 28
	  	 Cincinnati
	  	 OH
	  	 Dugan Financing, LLC

	 World Park Building 31
	  	 Cincinnati
	  	 OH
	  	 Dugan Financing, LLC

	 8790 Governors Hill
	  	 Cincinnati
	  	 OH
	  	 DRLP

	 8600/8650 Governors Hill Dr.
	  	 Cincinnati
	  	 OH
	  	 DRLP

	 311 Elm
	  	 Cincinnati
	  	 OH
	  	 DRLP

	 Remington Park Building B
	  	 Cincinnati
	  	 OH
	  	 DRLP

	 Remington Park Building A
	  	 Cincinnati
	  	 OH
	  	 DRLP

	 Blue Ash Office Center VI
	  	 Cincinnati
	  	 OH
	  	 DRLP

	 Kenwood Executive Center
	  	 Cincinnati
	  	 OH
	  	 DRLP

	 Pfeiffer Woods
	  	 Cincinnati
	  	 OH
	  	 DRLP

	 Kenwood Medical Office Bldg.
	  	 Cincinnati
	  	 OH
	  	 DRLP

	 Pfeiffer Place
	  	 Cincinnati
	  	 OH
	  	 DRLP

	 Towers of Kenwood
	  	 Cincinnati
	  	 OH
	  	 DRLP

	 Western Ridge
	  	 Cincinnati
	  	 OH
	  	 BD Western Ridge, LLC

	 Western Ridge MOB II
	  	 Cincinnati
	  	 OH
	  	 Duke Realty Western Ridge, LLC

	 Easton Way One
	  	 Columbus
	  	 OH
	  	 DRLP

	 Easton Way Two
	  	 Columbus
	  	 OH
	  	 DRLP

	 Easton Way Three
	  	 Columbus
	  	 OH
	  	 DRLP

	 4400 Easton Commons
	  	 Columbus
	  	 OH
	  	 DRLP

	 Governors Pointe 4770
	  	 Deerfield Township
	  	 OH
	  	 DRLP

	 Governors Pointe 4705
	  	 Deerfield Township
	  	 OH
	  	 DRLP

	 Governors Pointe 4605
	  	 Deerfield Township
	  	 OH
	  	 DRLP

	 Governors Pointe 4660
	  	 Deerfield Township
	  	 OH
	  	 DRLP

	 Governors Pointe 4680
	  	 Deerfield Township
	  	 OH
	  	 DRLP

	 Deerfield Crossing A
	  	 Deerfield Township
	  	 OH
	  	 DRLP

	 Deerfield Crossing B
	  	 Deerfield Township
	  	 OH
	  	 DRLP

	 Qwest
	  	 Dublin
	  	 OH
	  	 DRLP

	 5555 Parkcenter Circle
	  	 Dublin
	  	 OH
	  	 DRLP

	 4700 Lakehurst Court
	  	 Dublin
	  	 OH
	  	 DRLP

	 5500 Glendon Court
	  	 Dublin
	  	 OH
	  	 DRLP

	 5555 Glendon Court
	  	 Dublin
	  	 OH
	  	 DRLP

	 Scioto Corporate Center
	  	 Dublin
	  	 OH
	  	 DRLP

	 Parkwood Place
	  	 Dublin
	  	 OH
	  	 DRLP

	 Compmanagement
	  	 Dublin
	  	 OH
	  	 DRLP

	 Atrium II, South Tower
	  	 Dublin
	  	 OH
	  	 DRLP

	 Atrium II, North Tower
	  	 Dublin
	  	 OH
	  	 DRLP

	 Blazer I
	  	 Dublin
	  	 OH
	  	 DRLP

	 Blazer II
	  	 Dublin
	  	 OH
	  	 DRLP

	 Parkwood II
	  	 Dublin
	  	 OH
	  	 DRLP

	 Emerald III
	  	 Dublin
	  	 OH
	  	 DRLP

	 Union Centre Industrial Park 2
	  	 Fairfield
	  	 OH
	  	 DRLP

	 Thunderbird Building 1
	  	 Fairfield
	  	 OH
	  	 DRLP

	 SouthPointe Building A
	  	 Grove City
	  	 OH
	  	 Dugan Realty, LLC

	 SouthPointe Building B
	  	 Grove City
	  	 OH
	  	 Dugan Realty, LLC

	 SouthPointe Building C
	  	 Grove City
	  	 OH
	  	 Dugan Realty, LLC

	 6600 Port Road
	  	 Groveport
	  	 OH
	  	 DRLP

	 Rickenbacker 936
	  	 Groveport
	  	 OH
	  	 DRCS 936, LLC

	 Freedom Square I
	  	 Independence
	  	 OH
	  	 DRLP

	 Corporate Plaza II
	  	 Independence
	  	 OH
	  	 DRLP

	 Corporate Plaza I
	  	 Independence
	  	 OH
	  	 DRLP

	 Freedom Square II
	  	 Independence
	  	 OH
	  	 DRLP

	 Freedom Square III
	  	 Independence
	  	 OH
	  	 DRLP

	 Oak Tree Place
	  	 Independence
	  	 OH
	  	 DRLP

	 Park Center Plaza I
	  	 Independence
	  	 OH
	  	 DRLP

	 Park Center Plaza II
	  	 Independence
	  	 OH
	  	 DRLP

	 Park Center Plaza III
	  	 Independence
	  	 OH
	  	 DRLP

	 6525 West Campus Oval
	  	 New Albany
	  	 OH
	  	 DRLP

	 Great Northern Corp Center I
	  	 North Olmsted
	  	 OH
	  	 DRLP

	 Great Northern Corp Center II
	  	 North Olmsted
	  	 OH
	  	 DRLP

	 Great Northern Corp Center III
	  	 North Olmsted
	  	 OH
	  	 DRLP

	 Rock Run Center
	  	 Seven Hills
	  	 OH
	  	 DRLP

	 Rock Run North
	  	 Seven Hills
	  	 OH
	  	 DRLP

	 Mosteller Distribution Ctr. I
	  	 Sharonville
	  	 OH
	  	 DRLP

	 Mosteller Distribution Ctr. II
	  	 Sharonville
	  	 OH
	  	 DRLP

	 World Park at Union Centre 11
	  	 West Chester
	  	 OH
	  	 DRLP

	 World Park at Union Centre 10
	  	 West Chester
	  	 OH
	  	 DRLP

	 World Park at Union Centre 1
	  	 West Chester
	  	 OH
	  	 Dugan Financing, LLC

  

 Duke Realty Corporation 

Unencumbered In Service Property Listing 
 September 30, 2011 
  

							
	 Name
	  	 City
	  	 State
	  	 Legal Ownership

	 World Park at Union Centre 2
	  	 West Chester
	  	 OH
	  	 Dugan Financing, LLC

	 World Park at Union Centre 3
	  	 West Chester
	  	 OH
	  	 Dugan Financing, LLC

	 World Park at Union Centre 4
	  	 West Chester
	  	 OH
	  	 Dugan Financing, LLC

	 World Park at Union Centre 5
	  	 West Chester
	  	 OH
	  	 Dugan Financing, LLC

	 World Park at Union Centre 6
	  	 West Chester
	  	 OH
	  	 Dugan Financing, LLC

	 World Park at Union Centre 8
	  	 West Chester
	  	 OH
	  	 Dugan Financing, LLC

	 World Park at Union Centre 9
	  	 West Chester
	  	 OH
	  	 Dugan Realty, LLC

	 World Park at Union Centre 7
	  	 West Chester
	  	 OH
	  	 Dugan Realty, LLC

	 Centre Pointe III
	  	 West Chester
	  	 OH
	  	 DRLP

	 Centre Pointe I
	  	 West Chester
	  	 OH
	  	 DRLP

	 Centre Pointe II
	  	 West Chester
	  	 OH
	  	 DRLP

	 Centre Pointe IV
	  	 West Chester
	  	 OH
	  	 DRLP

	 Centre Pointe VI
	  	 West Chester
	  	 OH
	  	 DRLP

	 Restoration Hardware BTS
	  	 West Jefferson
	  	 OH
	  	 DRLP

	 15 Commerce Parkway
	  	 West Jefferson
	  	 OH
	  	 DRLP

	 Shoppes at Montage
	  	 Moosic
	  	 PA
	  	 Shoppes at Montage, LLC

	 Brentwood South Bus Ctr III
	  	 Brentwood
	  	 TN
	  	 DRLP

	 Brentwood South Bus Ctr I
	  	 Brentwood
	  	 TN
	  	 DRLP

	 Brentwood South Bus Ctr II
	  	 Brentwood
	  	 TN
	  	 DRLP

	 Creekside Crossing I
	  	 Brentwood
	  	 TN
	  	 DRLP

	 Creekside Crossing II
	  	 Brentwood
	  	 TN
	  	 DRLP

	 Creekside Crossing III
	  	 Brentwood
	  	 TN
	  	 DRLP

	 Creekside Crossing IV
	  	 Brentwood
	  	 TN
	  	 DRLP

	 Brentwood South Bus Ctr V
	  	 Franklin
	  	 TN
	  	 DRLP

	 Brentwood South Bus Ctr IV
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Grove Flex Center II
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Grove Flex Center I
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Grove Business Ctr V
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Grove Business Ctr III
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Grove Business Ctr II
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Grove Business Ctr I
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Grove Flex Center III
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Grove Flex Center IV
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Grove Business Center IV
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Corporate Center 300
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Grove Office Center I
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Corporate Center 100
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Corporate Center 200
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Grove Office Center II
	  	 Franklin
	  	 TN
	  	 DRLP

	 Aspen Corporate Center 400
	  	 Franklin
	  	 TN
	  	 DRLP

	 Pk 840 Logistics Cnt. Bldg 653
	  	 Lebanon
	  	 TN
	  	 DRLP

	 Middle Tenn Med Ctr - MOB
	  	 Murfreesboro
	  	 TN
	  	 BD MTMC Murfreesboro Development, LLC

	 Middle Tenn Med Ctr - OPC
	  	 Murfreesboro
	  	 TN
	  	 BD MTMC Murfreesboro Development, LLC

	 Four-Forty Business Center IV
	  	 Nashville
	  	 TN
	  	 DRLP

	 Nashville Business Center I
	  	 Nashville
	  	 TN
	  	 DRLP

	 Four-Forty Business Center V
	  	 Nashville
	  	 TN
	  	 DRLP

	 Four-Forty Business Center III
	  	 Nashville
	  	 TN
	  	 DRLP

	 Four-Forty Business Center I
	  	 Nashville
	  	 TN
	  	 DRLP

	 Nashville Business Center II
	  	 Nashville
	  	 TN
	  	 DRLP

	 Riverview Office Building
	  	 Nashville
	  	 TN
	  	 DRLP

	 One Allen Center
	  	 Allen
	  	 TX
	  	 DCLP

	 Baylor Administration Building
	  	 Dallas
	  	 TX
	  	 DRLP

	 Riverpark Bldg 700
	  	 Fort Worth
	  	 TX
	  	 DRLP

	 Duke Bridges III
	  	 Frisco
	  	 TX
	  	 DCLP

	 Grand Lakes II
	  	 Grand Prairie
	  	 TX
	  	 DRLP

	 Grand Lakes I
	  	 Grand Prairie
	  	 TX
	  	 DRLP

	 Point North One
	  	 Houston
	  	 TX
	  	 DRLP

	 Westland I
	  	 Houston
	  	 TX
	  	 DRLP

	 Westland II
	  	 Houston
	  	 TX
	  	 DRLP

	 Duke Intermodal I
	  	 Hutchins
	  	 TX
	  	 DRLP

	 Seton Hays MOB I
	  	 Kyle
	  	 TX
	  	 Bremner Duke Seton-Kyle Development I, LLC

	 Barbours Cut I
	  	 Morgans Point
	  	 TX
	  	 DRLP

	 Barbours Cut II
	  	 Morgans Point
	  	 TX
	  	 DRLP

	 5560 Tennyson Parkway
	  	 Plano
	  	 TX
	  	 DRLP

	 5556 Tennyson Parkway
	  	 Plano
	  	 TX
	  	 DRLP

	 Baylor Plano MOB
	  	 Plano
	  	 TX
	  	 DRLP

	 Bayport Logistics Center
	  	 Sea Brook
	  	 TX
	  	 DRLP

	 Stafford Distribution Center
	  	 Stafford
	  	 TX
	  	 DRLP

	 15002 Northridge Dr.
	  	 Chantilly
	  	 VA
	  	 Westfields Northridge 29G, LLC

	 15004 Northridge Dr.
	  	 Chantilly
	  	 VA
	  	 Westfields Northridge 29G, LLC

	 15006 Northridge Dr.
	  	 Chantilly
	  	 VA
	  	 Westfields Northridge 29G, LLC

	 22714 Glenn Drive
	  	 Sterling
	  	 VA
	  	 TransDulles 22714 Glenn, LLC

	 22800 Davis Drive
	  	 Sterling
	  	 VA
	  	 TransDulles 22800, LLC

	 103 Industrial Drive
	  	 Suffolk
	  	 VA
	  	 DRLP

	 101 Industrial Drive, Bldg. A
	  	 Suffolk
	  	 VA
	  	 DRLP

		  	  
	  	  
	  	
	 Total Wholly Owned Unencumbered
	  	 # of Projects -
	  	499	  	
		  	  
	  	  
	  	

  

 SCHEDULE 6.19 
 ENVIRONMENTAL MATTERS 
 Duke Realty Corporation 

Schedule 6.19 
 Environmental Matters 
 September 30, 2011 

The following properties are being remediated pursuant to a state or federal approved clean-up, remediation or similar plan. 

Wholly Owned Properties 
  

							
	 Chesapeake Commerce Center
	  		  		  	
	 5003 Holabird Ave
	  	 Industrial Building
	  	 Baltimore, MD
	  	 Unencumbered

	 5901 Holabird Ave
	  	 Industrial Building
	  	 Baltimore, MD
	  	 Unencumbered

		  	 Land
	  	 Baltimore, MD
	  	 Unencumbered

	 Chino
	  	 Land
	  	 Chino, CA
	  	 Unencumbered

	 Norman Point IV
	  	 Land
	  	 Bloomington, MN
	  	 Unencumbered

	 2000 York Road
	  	 Industrial Building
	  	 Oak Brook, IL
	  	 Unencumbered

	 Joint Venture Properties
	  		  		  	
	 Linden
	  	 Land
	  	 Linden, NJ
	  	 Encumbered

	 Rickenbacker
	  	 Land
	  	 Columbus, OH
	  	 Unencumbered

  
 Schedule 6.19

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