Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 TERM LOAN
AGREEMENT 
 DATED AS OF NOVEMBER 22, 2016 

AMONG 
 RETAIL PROPERTIES OF
AMERICA, INC., 
 AS BORROWER, 

AND 
 CAPITAL ONE, NATIONAL
ASSOCIATION, 
 AS ADMINISTRATIVE AGENT, 

CAPITAL ONE, NATIONAL ASSOCIATION, PNC CAPITAL MARKETS LLC, TD BANK, N.A., and REGIONS BANK, 

AS JOINT LEAD ARRANGERS AND JOINT BOOK MANAGERS, 

TD BANK, N.A., 
 AS SYNDICATION
AGENT, 
 PNC CAPITAL MARKETS LLC and REGIONS BANK, 

AS CO-DOCUMENTATION AGENT, 
 AND

 CERTAIN LENDERS 
 FROM TIME TO
TIME PARTIES HERETO, 
 AS LENDERS 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS
	  	 	1	  
		
	 ARTICLE II. THE CREDIT
	  	 	21	  
	 2.1.
	 	 Advances
	  	 	21	  
	 2.2.
	 	 Ratable and Non Ratable Advances
	  	 	22	  
	 2.3.
	 	 Final Principal Payment
	  	 	22	  
	 2.4.
	 	 Unused Fee
	  	 	22	  
	 2.5.
	 	 Commitment Termination Fee
	  	 	22	  
	 2.6.
	 	 Other Fees
	  	 	22	  
	 2.7.
	 	 Minimum Amount of Each Advance
	  	 	22	  
	 2.8.
	 	 Principal Payments
	  	 	23	  
	 2.9.
	 	 Method of Selecting Types and Interest Periods for New Advances
	  	 	23	  
	 2.10.
	 	 Conversion and Continuation of Outstanding Advances
	  	 	24	  
	 2.11.
	 	 Changes in Interest Rate, Etc.
	  	 	24	  
	 2.12.
	 	 Rates Applicable After Default
	  	 	25	  
	 2.13.
	 	 Method of Payment
	  	 	25	  
	 2.14.
	 	 Notes; Telephonic Notices
	  	 	25	  
	 2.15.
	 	 Interest Payment Dates; Interest and Fee Basis
	  	 	26	  
	 2.16.
	 	 Intentionally Omitted
	  	 	26	  
	 2.17.
	 	 Notification of Advances, Interest Rates and Prepayments
	  	 	26	  
	 2.18.
	 	 Lending Installations
	  	 	26	  
	 2.19.
	 	 Non-Receipt of Funds by the Administrative Agent
	  	 	26	  
	 2.20.
	 	 Replacement of Lenders under Certain Circumstances
	  	 	27	  
	 2.21.
	 	 Usury
	  	 	27	  
	 2.22.
	 	 Increase in Commitments; Additional Loans
	  	 	27	  
	 2.23.
	 	 Pro Rata Treatment
	  	 	28	  
		
	 ARTICLE III. CHANGE IN CIRCUMSTANCES
	  	 	29	  
	 3.1.
	 	 Yield Protection
	  	 	29	  
	 3.2.
	 	 Changes in Capital Adequacy Regulations
	  	 	29	  
	 3.3.
	 	 Availability of Types of Advances
	  	 	30	  
	 3.4.
	 	 Funding Indemnification
	  	 	30	  
	 3.5.
	 	 Taxes
	  	 	30	  
	 3.6.
	 	 Lender Statements; Survival of Indemnity; Delay in Requests
	  	 	32	  
	 3.7.
	 	 Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	  	 	33	  
		
	 ARTICLE IV. CONDITIONS PRECEDENT
	  	 	33	  
	 4.1.
	 	 Closing
	  	 	33	  
	 4.2.
	 	 Each Advance
	  	 	35	  
		
	 ARTICLE V. REPRESENTATIONS AND WARRANTIES
	  	 	35	  
	 5.1.
	 	 Existence
	  	 	35	  
	 5.2.
	 	 Authorization and Validity
	  	 	35	  
	 5.3.
	 	 No Conflict; Government Consent
	  	 	35	  
	 5.4.
	 	 Financial Statements; Material Adverse Effect
	  	 	36	  
	 5.5.
	 	 Taxes
	  	 	36	  
	 5.6.
	 	 Litigation and Guarantee Obligations
	  	 	36	  

  
 -i- 

							
	 5.7.
	 	 Subsidiaries
	  	 	36	  
	 5.8.
	 	 ERISA
	  	 	36	  
	 5.9.
	 	 Accuracy of Information
	  	 	36	  
	 5.10.
	 	 Regulations U and X
	  	 	37	  
	 5.11.
	 	 [Intentionally Omitted]
	  	 	37	  
	 5.12.
	 	 Compliance With Laws
	  	 	37	  
	 5.13.
	 	 Ownership of Properties
	  	 	37	  
	 5.14.
	 	 Investment Company Act
	  	 	37	  
	 5.15.
	 	 [Intentionally Omitted]
	  	 	37	  
	 5.16.
	 	 Solvency
	  	 	37	  
	 5.17.
	 	 Insurance
	  	 	38	  
	 5.18.
	 	 Borrower Status
	  	 	38	  
	 5.19.
	 	 Environmental Matters
	  	 	38	  
	 5.20.
	 	 OFAC; Sanctions Representation
	  	 	39	  
	 5.21.
	 	 Intellectual Property
	  	 	40	  
	 5.22.
	 	 Broker’s Fees
	  	 	40	  
	 5.23.
	 	 Unencumbered Pool Properties
	  	 	40	  
	 5.24.
	 	 No Bankruptcy Filing
	  	 	40	  
	 5.25.
	 	 No Fraudulent Intent
	  	 	40	  
	 5.26.
	 	 Transaction in Best Interests of Borrower and Subsidiary Guarantors; Consideration
	  	 	40	  
	 5.27.
	 	 Subordination
	  	 	41	  
	 5.28.
	 	 [Intentionally Omitted]
	  	 	41	  
	 5.29.
	 	 Anti-Terrorism Laws
	  	 	41	  
		
	 ARTICLE VI. COVENANTS
	  	 	42	  
	 6.1.
	 	 Financial Reporting
	  	 	42	  
	 6.2.
	 	 Use of Proceeds
	  	 	43	  
	 6.3.
	 	 Notice of Default
	  	 	44	  
	 6.4.
	 	 Conduct of Business
	  	 	44	  
	 6.5.
	 	 Taxes
	  	 	44	  
	 6.6.
	 	 Insurance
	  	 	44	  
	 6.7.
	 	 Compliance with Laws
	  	 	44	  
	 6.8.
	 	 Maintenance of Properties
	  	 	44	  
	 6.9.
	 	 Inspection
	  	 	45	  
	 6.10.
	 	 Maintenance of Status
	  	 	45	  
	 6.11.
	 	 Dividends
	  	 	45	  
	 6.12.
	 	 Merger
	  	 	45	  
	 6.13.
	 	 [Intentionally Omitted]
	  	 	45	  
	 6.14.
	 	 Sale and Leaseback
	  	 	45	  
	 6.15.
	 	 [Intentionally Omitted]
	  	 	45	  
	 6.16.
	 	 Liens
	  	 	46	  
	 6.17.
	 	 Affiliates
	  	 	46	  
	 6.18.
	 	 Financial Undertakings
	  	 	46	  
	 6.19.
	 	 [Intentionally Omitted]
	  	 	46	  
	 6.20.
	 	 [Intentionally Omitted]
	  	 	46	  
	 6.21.
	 	 Indebtedness and Cash Flow Covenants
	  	 	47	  
	 6.22.
	 	 Environmental Matters
	  	 	47	  
	 6.23.
	 	 [Intentionally Omitted]
	  	 	48	  
	 6.24.
	 	 [Intentionally Omitted]
	  	 	48	  
	 6.25.
	 	 Negative Pledges
	  	 	48	  

  
 -ii- 

							
	 6.26.
	 	 Subsidiary Guaranty
	  	 	48	  
	 6.27.
	 	 Amendments to Organizational Documents
	  	 	49	  
		
	 ARTICLE VII. DEFAULTS
	  	 	49	  
		
	 ARTICLE VIII. ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	  	 	51	  
	 8.1.
	 	 Acceleration
	  	 	51	  
	 8.2.
	 	 Amendments
	  	 	52	  
	 8.3.
	 	 Preservation of Rights
	  	 	54	  
	 8.4.
	 	 Insolvency of Borrower
	  	 	54	  
	 8.5.
	 	 Application of Funds
	  	 	54	  
		
	 ARTICLE IX. GENERAL PROVISIONS
	  	 	54	  
	 9.1.
	 	 Survival of Representations
	  	 	54	  
	 9.2.
	 	 Governmental Regulation
	  	 	54	  
	 9.3.
	 	 Taxes
	  	 	55	  
	 9.4.
	 	 Headings
	  	 	55	  
	 9.5.
	 	 Entire Agreement
	  	 	55	  
	 9.6.
	 	 Several Obligations; Benefits of the Agreement
	  	 	55	  
	 9.7.
	 	 Expenses; Indemnification
	  	 	55	  
	 9.8.
	 	 Numbers of Documents
	  	 	56	  
	 9.9.
	 	 Accounting
	  	 	56	  
	 9.10.
	 	 Severability of Provisions
	  	 	56	  
	 9.11.
	 	 Nonliability of Lenders
	  	 	56	  
	 9.12.
	 	 CHOICE OF LAW
	  	 	56	  
	 9.13.
	 	 CONSENT TO JURISDICTION
	  	 	57	  
	 9.14.
	 	 WAIVER OF JURY TRIAL
	  	 	57	  
	 9.15.
	 	 USA Patriot Act Notice
	  	 	57	  
		
	 ARTICLE X. THE ADMINISTRATIVE AGENT
	  	 	57	  
	 10.1.
	 	 Appointment
	  	 	57	  
	 10.2.
	 	 Powers
	  	 	58	  
	 10.3.
	 	 General Immunity
	  	 	58	  
	 10.4.
	 	 No Responsibility for Loans, Recitals, Etc.
	  	 	58	  
	 10.5.
	 	 Action on Instructions of Lenders
	  	 	58	  
	 10.6.
	 	 Employment of Agents and Counsel
	  	 	59	  
	 10.7.
	 	 Reliance on Documents; Counsel
	  	 	59	  
	 10.8.
	 	 Administrative Agent’s Reimbursement and Indemnification
	  	 	59	  
	 10.9.
	 	 Rights as a Lender
	  	 	59	  
	 10.10.
	 	 Lender Credit Decision
	  	 	59	  
	 10.11.
	 	 Successor Administrative Agent
	  	 	60	  
	 10.12.
	 	 Notice of Defaults
	  	 	61	  
	 10.13.
	 	 Requests for Approval
	  	 	61	  
	 10.14.
	 	 Defaulting Lenders
	  	 	61	  
	 10.15.
	 	 Additional Agents
	  	 	62	  
		
	 ARTICLE XI. SETOFF; RATABLE PAYMENTS
	  	 	62	  
	 11.1.
	 	 Setoff
	  	 	62	  
	 11.2.
	 	 Ratable Payments
	  	 	62	  

  
 -iii- 

							
		
	 ARTICLE XII. BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
	  	 	63	  
	 12.1.
	 	 Successors and Assigns
	  	 	63	  
	 12.2.
	 	 Participations
	  	 	63	  
	 12.3.
	 	 Assignments
	  	 	64	  
	 12.4.
	 	 Dissemination of Information
	  	 	65	  
	 12.5.
	 	 Tax Treatment
	  	 	66	  
		
	 ARTICLE XIII. NOTICES
	  	 	66	  
	 13.1.
	 	 Giving Notice
	  	 	66	  
	 13.2.
	 	 Change of Address
	  	 	66	  
	 13.3.
	 	 Electronic Delivery of Information
	  	 	66	  
		
	 ARTICLE XIV. COUNTERPARTS
	  	 	67	  

  

			
	SCHEDULE I	  	Commitments
	SCHEDULE 1	  	Unencumbered Pool Properties
	SCHEDULE 2	  	Subsidiary Guarantors as of Agreement Effective Date
		
	EXHIBIT A	  	Applicable Margin
	EXHIBIT B	  	Form of Note
	EXHIBIT C	  	Form of Amendment Regarding Increase
	EXHIBIT D	  	Form of Compliance Certificate
	EXHIBIT E	  	Form of Subsidiary Guaranty
	EXHIBIT F	  	Form of Borrowing Notice
	EXHIBIT G	  	Form of Assignment Agreement

  
 -iv- 

 TERM LOAN AGREEMENT 

This Term Loan Agreement (the “Agreement”) dated as of November 22, 2016, is among RETAIL PROPERTIES OF AMERICA, INC., a
corporation organized under the laws of the State of Maryland (the “Borrower”), CAPITAL ONE, NATIONAL ASSOCIATION, a national banking association, and the several banks, financial institutions and other entities from time to time
parties to the Agreement (collectively, the “Lenders”), and CAPITAL ONE, NATIONAL ASSOCIATION, not individually, but as “Administrative Agent”. 

RECITALS 
 A. The Borrower
is primarily engaged in the business of purchasing, owning, operating, leasing and managing retail properties. 
 B. The Borrower is
qualified as a real estate investment trust under Section 856 of the Code. 
 C. The Borrower has requested that the Administrative Agent
and the Lenders enter into this Agreement to make available to the Borrower a delayed-draw term loan facility in the maximum aggregate principal amount of up to $200,000,000.00, subject to increase to up to $300,000,000.00. The Administrative Agent
and those Lenders executing this Agreement have agreed to do so on the terms set forth herein. 
 NOW, THEREFORE, in consideration of the
mutual covenants and agreements herein contained, the parties hereto agree as follows: 
 ARTICLE I. 

DEFINITIONS 
 As used in
this Agreement: 
 “Acquisition” means any transaction, or any series of related transactions, consummated on or after the date of
this Agreement, by which the Borrower or any of its Subsidiaries (i) acquires any going business or all or substantially all of the assets of any partnership, limited liability company, firm, corporation or division thereof, whether through purchase
of assets, merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary
voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding partnership or membership interests of a
partnership or limited liability company. 
 “Adjusted EBITDA” means, as of any date, the Consolidated Net Income for the most
recent four (4) full fiscal quarters of the Borrower for which financial results have been reported, as adjusted, without duplication, by (i) deducting therefrom any income attributable to Excluded Tenants; (ii) adding or deducting for, as
appropriate, any adjustment made under GAAP for straight lining of rents, gains or losses from sales of assets, extraordinary items, impairment and other non-cash charges, depreciation, amortization, interest expenses, taxes and the Consolidated
Group Pro Rata Share of interest, taxes, depreciation and amortization in Investment Affiliates; (iii) deducting therefrom the Capital Expenditure Reserve Deduction for such period and (iv) adding back all master lease income (not to exceed 5% of
Consolidated Net Income). 

 “Adjusted Unencumbered Pool NOI” means, as of any date, the then-current Unencumbered
Pool Property NOI less the Capital Expenditure Reserve Deduction for the then-current Unencumbered Pool Properties. 

“Administrative Agent” means Capital One, National Association in its capacity as agent for the Lenders pursuant to Article
X, and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article X. 

“Advance” means a borrowing hereunder consisting of the aggregate amount of the several Loans made by one or more of the Lenders to
the Borrower of the same Type and, in the case of LIBOR Rate Advances, for the same Interest Period. 
 “Affiliate” of any Person
means any other Person directly or indirectly controlling, controlled by or under common control with such Person, provided, however, in no event shall Administrative Agent or Lender be an Affiliate of the Borrower. A Person shall be deemed to
control another Person if the controlling Person owns 10% 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. 
 “Aggregate
Commitment” means, as of any date, the aggregate amount of the then-current Commitments of all the Lenders, which is, as of the Agreement Effective Date, $200,000,000, as such amount may be increased pursuant to Section 2.22 hereof.

“Agreement” is defined in the Recitals hereto.

“Agreement Effective Date” means the date this Agreement has been fully executed and delivered by the Borrower and the Lenders and
the conditions set forth in Section 4.1 have been fulfilled or waived in accordance with the terms hereof.
 “Alternate Base
Rate” means, for any day, the LIBOR Market Index Rate; provided, that if for any reason the LIBOR Market Index Rate is unavailable, Alternate Base Rate shall mean the per annum rate of interest equal to the Federal Funds Effective Rate
plus one and one-half of one percent (1.50%). The Alternate Base Rate shall be determined on a daily basis. 
 “Amendment
Regarding Increase” means an Amendment Regarding Increase substantially in the form of Exhibit C attached hereto pursuant to which an existing Lender or a new Lender provides a new Commitment, increases an existing Commitment, makes a
new Loan or increases the amount of any existing Loan, as the case may be, as contemplated by Section 2.22. 
 “Anti-Corruption
Laws” means all applicable laws of any jurisdiction concerning or relating to bribery, corruption or money laundering, including without limitation, the Foreign Corrupt Practices Act of 1977, as amended. 

“Anti-Terrorism Laws” is defined in Section 5.29. 

“Applicable Margin” means the applicable margin set forth in the pricing schedules contained in Exhibit A attached hereto
used in calculating the interest rate applicable to the various Types of Advances, subject to the conditions set forth in Exhibit A with respect to the effective date of changes in such applicable margins. 

  
 -2- 

 “Applicable Provisions” means any of the definitions of “Qualifying Unencumbered
Pool Property”, “Subsidiary Guarantor”, “Subsidiary Guaranty”, “Unencumbered Pool Property”, or “Unencumbered Pool Value” or the provisions of Article V, Article VI, Article VII, or Section 9.9 (excluding
the last sentence thereof), or, in each case, any other defined terms associated or encompassed therein. 
 “Approved Proposed
Modification” means an approval by the “Required Lenders” (as defined in the Existing KB/WF Agreement) of (x) the addition of eligible properties to the “Unencumbered Property Pool” (as defined in the Existing KB/WF
Agreement) which does not meet one or more of the criteria for a “Qualifying Unencumbered Pool Property” (as defined in the Existing KB/WF Agreement), or (y) a proposal to modify, waive or restate, or request a consent or approval with
respect to, the provisions of the Existing KB/WF Agreement dealing with the matters contained in the Applicable Provisions (including any associated or encompassed definitions) in writing (which may include a written waiver of an existing actual or
potential default or event of default that is intended to be eliminated by such modification, restatement or waiver). 

“Arrangers” means the Lead Arranger, PNC Capital Markets LLC, TD Bank, N.A., and Regions Bank. 

“Article” means an article of this Agreement unless another document is specifically referenced.

“Authorized Officer” means any of the President, Chief Financial Officer and Chief Operating Officer, or any of the Chairman and
Chief Executive Officer, or the Chief Accounting Officer or any Executive Vice President of the Borrower, or any other executive officer or authorized agent approved by the Administrative Agent on behalf of the Lenders acting singly. 

“Availability Termination Date” means May 22, 2017. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of
any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

“Borrower” is defined in the Recitals hereto.

“Borrowing Date” means a date on which an Advance is made hereunder. 

“Borrowing Notice” is defined in Section 2.9.

“Business Day” means (i) with respect to any borrowing, payment or rate selection of LIBOR Rate 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 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.

  
 -3- 

 “Capital Expenditure Reserve Deduction” means, with respect to any group of Projects as
of any date, $0.15 per annum per gross leaseable square foot of such Projects, times either (A) in the case of calculation of Adjusted EBITDA, as to each Project, the weighted average square footage of such Projects owned by the Consolidated Group
at any time during the most recent four (4) fiscal quarters of Borrower for which financial results have been reported or (B) in the case of the calculation of Adjusted Unencumbered Pool NOI, as to each Project, the square footage of such Projects
included in the Unencumbered Pool as of such date.
 “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.

“Capitalization Rate” means six and three-quarter percent (6.75%).

“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 (a) securities issued or directly and fully guaranteed or insured by the United States of America or any
agency or instrumentally thereof (provided that the full faith and credit of the United States of America is pledged in support thereof) having maturities of not more than twelve months from the date of acquisition, (b) Dollar denominated time and
demand deposits and certificates of deposit of (i) any Lender or any of its Affiliates; (ii) any domestic commercial bank having capital and surplus in excess of $500,000,000 or (iii) any bank whose short-term commercial paper rating from S&P is
at least A-2 or the equivalent thereof or from Moody’s is at least P-2 or the equivalent thereof (any such bank being an “Approved Bank”), in each case with maturities of not more than two (2) years from the date of acquisition, (c)
commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by, any domestic corporation rated A-2 (or the equivalent thereof) or better by
S&P or P-2 (or the equivalent thereof) or better by Moody’s and maturing within one (1) year of the date of acquisition, (d) repurchase agreements with a bank or trust company (including any of the Lenders) or securities dealer having
capital and surplus in excess of $500,000,000 for direct obligations issued by or fully guaranteed by the United States of America in which a Borrower or their Subsidiaries shall have a perfected first priority security interest (subject to no other
Liens) and having, on the date of purchase thereof, a fair market value of at least 100% of the amount of the repurchase obligations and (e) Investments, classified in accordance with GAAP as current assets, in money market investment programs
registered under the Investment Company Act of 1940, as amended, which are administered by financial institutions having capital of at least $500,000,000 and the portfolios of which are limited to investments of the character described in the
foregoing subdivisions (a) through (d).
 “Change” is defined in Section 3.2. 

“Change in Control” means 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 Securities and Exchange Commission thereunder as in effect on the date hereof) of Capital Stock representing more than 50% of the aggregate ordinary voting power
represented by the issued and outstanding Capital Stock of the Borrower.

  
 -4- 

 “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 on the terms and
conditions set forth herein not exceeding the amount set forth for such Lender on Schedule I as such Lender’s “Commitment Amount”, as set forth in an Amendment Regarding Increase executed by such Lender pursuant to Section 2.22
or as set forth in any Notice of Assignment relating to any assignment that has become effective pursuant to Section 12.3(ii), as such amount may be modified from time to time pursuant to the terms hereof. 

“Commitment Termination Fee” is defined in Section 2.5. 

“Compliance Certificate” means a certificate substantially in the form of Exhibit D attached hereto executed by an Authorized
Officer of the Borrower. 
 “Consolidated Debt Service” means, for any period, without duplication, (a) Consolidated Interest
Expense for such period plus (b) the aggregate amount of scheduled principal payments attributable to Consolidated Outstanding Indebtedness (excluding optional principal payments, principal payments contingent on excess cash flow from a
related Project and balloon payments made at maturity in respect of any such Indebtedness), plus (c) a percentage of all such principal payments made during such period by any Investment Affiliate on Indebtedness taken into account in
calculating Consolidated Interest Expense, equal to the greater of (x) the percentage of the principal amount of such Indebtedness for which any member of the Consolidated Group is liable and (y) the Consolidated Group Pro Rata Share of such
Investment Affiliate. 
 “Consolidated Group” means the Borrower and all Subsidiaries which are consolidated with it for financial
reporting purposes under GAAP.
 “Consolidated Group Pro Rata Share” means, with respect to any Investment Affiliate, the
percentage of the total equity ownership interests held by the Consolidated Group in the aggregate, in such Investment Affiliate determined by calculating the greater of (i) the percentage of the issued and outstanding stock, partnership interests
or membership interests in such Investment Affiliate held by the Consolidated Group in the aggregate and (ii) the percentage of the total book value of such Investment Affiliate that would be received by the Consolidated Group in the aggregate, upon
liquidation of such Investment Affiliate, after repayment in full of all Indebtedness of such Investment Affiliate.
 “Consolidated
Interest Expense” means, for any period without duplication, the sum of (a) the amount of interest expense, determined in accordance with GAAP, of the Consolidated Group for such period attributable to Consolidated Outstanding Indebtedness
during such period (excluding prepayment penalties and costs associated with early extinguishment of debt, to the extent constituting interest expense in accordance with GAAP) plus (b) the applicable Consolidated Group Pro Rata Share of any interest
expense, determined in accordance with GAAP, of each Investment Affiliate, for such period, whether recourse or non-recourse.

“Consolidated Net Income” means, for any period, consolidated net income (or loss) of the Consolidated Group for such period
determined on a consolidated basis in accordance with GAAP.
 “Consolidated NOI” means, as of any date, for any entity or group of
entities without duplication, the aggregate Net Operating Income for the most recent four (4) fiscal quarters for which financial results have been reported from all Projects owned by such entity or group of entities as of the end of such period of
four (4) fiscal quarters.

  
 -5- 

 “Consolidated Outstanding Indebtedness” means, as of any date of determination, without
duplication, the sum of (a) all Indebtedness of the Consolidated Group outstanding at such date, determined on a consolidated basis in accordance with GAAP (whether recourse or non-recourse), plus, without duplication, (b) the applicable
Consolidated Group Pro Rata Share of any Indebtedness of each Investment Affiliate other than Indebtedness of such Investment Affiliate to a member of the Consolidated Group.

“Construction in Progress” means, as of any date, the book value of any Projects then under development provided that a Project
shall no longer be included in Construction in Progress and shall be valued based on its Net Operating Income upon the earlier of (i) the first anniversary after substantial completion (which shall mean the receipt of a temporary certificate of
occupancy or a final certificate of occupancy) of such Project and (ii) the last day of the first full fiscal quarter in which the Net Operating Income attributable to such Project for such fiscal quarter multiplied by four (4) and then divided by
the Capitalization Rate exceeds the book value of such Project.
 “Controlled Group” means all members of a controlled group of
corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code.

“Conversion/Continuation Notice” is defined in Section 2.10.

“Credit Rating” means, as of any date, with respect to any of Fitch, Moody’s or S&P, the most recent credit rating assigned
to the senior, unsecured, non-credit enhanced, long-term debt of the Borrower issued by such rating agency prior to such date.

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

“Default” means an event described in Article VII.

“Default Rate” means the interest rate which may apply during the continuance of a Default pursuant to Section 2.12.

“Defaulting Lender” means, subject to Section 10.14(f), (a) any Lender that has failed to (i) fund all or any portion of its Loans
within two Business Days of the date such Loans were required to be funded hereunder or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b)
any Lender that has notified the Borrower and the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder or under other agreements in which it commits to extend credit, or has made a public statement
to that effect (unless (1) such writing has been delivered to Borrower and Administrative Agent, and (2) such writing or public statement relates solely to such Lender’s obligation to fund a Loan hereunder and states that such position is based
on such Lender’s good faith determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement and, in the case of a
writing, shall be accompanied by reasonably detailed documented evidence supporting such determination) cannot be satisfied), (c) any Lender that has failed, within two Business Days after written request by the Administrative Agent or the Borrower,
to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon timely
receipt of such 

  
 -6- 

 
written confirmation by the Administrative Agent and the Borrower), or (d) any Lender that has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under
any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the
Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of
the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the
jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements
made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be
deemed to be a Defaulting Lender (subject to Section 10.14(f)) upon delivery of written notice of such determination to the Borrower and each Lender. 

“Disclosure Letter” means that certain letter from Borrower addressed to the Administrative Agent on behalf of the Lenders and dated
as of the Agreement Effective Date, which discloses certain matters relevant to Section 5.5, Section 6.5 and/or Section 7.5 (or certain other Sections in this Agreement, as set forth therein). 

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

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

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

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 
 “Eligible
Assignee” means (a) any Lender, (b) any Affiliate of a Lender or fund related to a Lender, (c) any commercial bank having a combined capital and surplus of $5,000,000,000 or more, (d) the central bank of any country which is a member of the
Organization for Economic Cooperation and Development, (e) any savings bank, savings and loan association or similar financial institution which (A) has a net worth of $500,000,000 or more, (B) is regularly engaged in the business of lending money
and extending credit under credit facilities substantially similar to those extended under this Agreement and (C) is operationally and procedurally able to meet the obligations of a Lender hereunder to the same degree as a commercial bank, and (f)
any other financial institution (including a mutual fund or other fund) approved by the Administrative Agent and, unless a Default shall have occurred and be continuing, Borrower (such approval not to be unreasonably withheld or delayed, and the
failure of Borrower to expressly grant or deny any such approval within five (5) days after written request being deemed to be the grant of such approval) having total assets of $500,000,000 or more which meets the requirements set forth in
subclauses (B) and (C) of clause (e) above; provided that each Eligible Assignee must either (a) be organized under the Laws of the United States of America, any State thereof or the District of

  
 -7- 

 
Columbia or (b) be organized under the Laws of the Cayman Islands or any country which is a member of the Organization for Economic Cooperation and Development, or a political subdivision of such
a country, and (i) act hereunder through a branch, agency or funding office located in the United States of America and (ii) be exempt from withholding of tax on interest. Notwithstanding anything herein to the contrary, at no time shall Borrower,
its Affiliates, or any Subsidiary thereof, be considered an “Eligible Assignee.” 
 “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 Borrower or any Subsidiaries or any
of its respective assets or Projects.
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and any rule or regulation issued thereunder.
 “EU Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation
Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 
 “Excluded Taxes”
means, in the case of each Lender or applicable Lending Installation and the Administrative Agent, (a) taxes imposed on or measured by its overall net income (however determined), and franchise taxes imposed on it, by any jurisdiction with taxing
authority over the Lender and (b) any U.S. federal withholding taxes imposed under FATCA. 
 “Excluded Tenants” means, as of any
date, any tenant leasing more than 15,000 square feet of gross leaseable area at one of the Projects pursuant to a lease that has more than twelve (12) month remaining on its then applicable term, that either (a) is subject to a voluntary or
involuntary petition for relief under any federal or state bankruptcy codes or insolvency law unless either (x) such lease is assumed in bankruptcy by or on behalf of such tenant or (y) all or a material portion of the gross leasable area that is
the subject of such lease, is then also the subject of a new or replacement lease with a tenant that intends to take occupancy of the applicable space when available or (b) is not operating its business in its demised premises at such Project unless
such non-operating tenant is, or such non-operating tenant’s lease obligations are guaranteed by an entity whose then current long-term, unsecured debt obligations are rated BBB- or above by S&P and Baa3 or above by Moody’s. 

“Existing KB/WF Agreement” means that certain Fourth Amended and Restated Credit Agreement, dated as of January 6, 2016, by and
among, the Borrower, as borrower, the Existing KB/WF Lenders, and KeyBank National Association, in its capacity as administrative agent for the Existing KB/WF Lenders, as the same may be amended or modified from time to time. 

“Existing KB/WF Lenders” means the financial institutions from time to time party to the Existing KB/WF Agreement as lenders. 

“Facility Obligations” means all Obligations other than the Related Swap Obligations. 

“Facility Termination Date” means November 22, 2023. 

“FASB” means the Financial Accounting Standards Board. 

  
 -8- 

 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement
(or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section
1471(c) of the Code. 
 “Federal Funds Effective Rate” shall mean, for any day, the rate per annum (rounded upward to the nearest
one one-hundredth of one percent (1/100 of 1%)) announced by the Federal Reserve Bank of New York on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the previous
trading day, as computed and announced by such Federal Reserve Bank in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds Effective Rate.” If the
Federal Funds Effective Rate determined as provided above would be less than zero, the Federal Funds Effective Rate shall be deemed to be zero. 

“Fee Letter” is defined in Section 2.6.

“Financeable Ground Lease” means, a ground lease reasonably satisfactory to the Administrative Agent on behalf of the Lenders, which
must provide customary protections for a potential leasehold mortgagee (“Mortgagee”) such as (i) a remaining term, including any optional extension terms exercisable unilaterally by the tenant, of no less than 25 years, (ii) a
provision that the ground lease will not be terminated until the Mortgagee has received notice of a default, has had a reasonable opportunity to cure and has failed to do so, (iii) provision for a new lease to the Mortgagee as tenant on the same
terms if the ground lease is terminated for any reason, (iv) transferability of the tenant’s interest under the ground lease by the Mortgagee without any requirement for consent of the ground lessor unless based on delivery of customary
assignment and assumption agreements from the transferor and transferee, (v) the ability of the tenant to mortgage tenant’s interest under the ground lease without any requirement for consent of the ground lessor and (vi) provisions that the
tenant under the ground lease (or the leasehold mortgagee) has customary protections with respect to the application of insurance proceeds or condemnation awards attributable to the tenant’s interest under the ground lease and related
improvements.
 “Financial Contract” of a Person means (i) any exchange-traded or over-the-counter futures, forward, swap or
option contract or other financial instrument with similar characteristics, or (ii) any Rate Management Transaction.
 “Financial
Undertaking” of a Person means 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.

“First Mortgage Receivable” means any Indebtedness owing to a member of the Consolidated Group which is secured by a first-priority
mortgage, deed to secure debt or deed of trust on commercial real estate and which has been designated by the Borrower as a “First Mortgage Receivable” in its most recent Compliance Certificate. 

“Fitch” means Fitch Ratings, Inc. and its successors. 

“Fixed Charge Coverage Ratio” means (i) Adjusted EBITDA divided by (ii) the sum of (A) Consolidated Debt Service for the most recent
four (4) fiscal quarters for which financial results of Borrower have been reported, plus (B) all Preferred Dividends, if any, payable with respect to such four (4) fiscal quarters.

  
 -9- 

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

“Floating Rate Advance” means an Advance which bears interest at the Floating Rate.

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

“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 6.1.
 “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 (including any
supranational bodies such as the European Union or the European Central Bank).
 “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 therefore, (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 or guarantees by the Borrower of liabilities under any interest rate lock agreement utilized to facilitate Secured Indebtedness of another member of the Consolidated Group or an Investment
Affiliate. 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, or if such liability is conditioned upon the taking of certain actions or the occurrence of certain conditions beyond
non-payment or non-performance by the primary obligor, such as liability under non-recourse carveout guaranties, the amount of such Guarantee Obligation shall be such guaranteeing Person’s reasonably anticipated liability in respect thereof as
determined by the Borrower in good faith with respect to any such Guarantee Obligations of the Consolidated Group.
 “Hazardous
Materials” means all contaminants, vibrations, sound, odor, explosive or radioactive substances or wastes and hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos
containing materials, polychlorinated biphenyls, radon gas, mold, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

  
 -10- 

 “Indebtedness” of any Person at any date means without duplication, (a) all
indebtedness of such Person for borrowed money including without limitation any repurchase obligation or liability of such Person with respect to securities, accounts or notes receivable sold by such Person, (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), in each case evidenced by a binding agreement (excluding
premiums or discounts on debt required to be recognized under 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 Consolidated Group, Guarantee Obligations of one member
of the Consolidated Group in respect of primary obligations of any other member of the Consolidated Group), (g) all reimbursement obligations of such Person for letters of credit and other contingent liabilities, (h) any Net Mark-to-Market Exposure,
(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 and (j) all obligations of
such Person in respect of any 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.

“Initial Aggregate Commitment” means the Aggregate Commitment as of the Agreement Effective Date. 

“Interest Period” means a LIBOR Interest Period.

“Investment” of a Person means any Property owned by such Person, including without limitation, 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 Consolidated Group, directly or indirectly, has made an Investment and whose
financial results are not consolidated under GAAP with the financial results of the Consolidated Group.
 “Investment Grade
Rating” means a Credit Rating of BBB-/Baa3 or higher from either of S&P or Moody’s, respectively.
 “Investment Grade
Rating Date” means, at any time after the Borrower has received an Investment Grade Rating from either S&P or Moody’s, the date specified by the Borrower in a written notice to the Administrative Agent and the Lenders as the date on
which it irrevocably elects to have the Applicable Margin determined based on the Borrower’s Credit Rating. 
 “Lead
Arranger” means Capital One, National Association. 
 “Lenders” means the lending institutions listed on the signature pages
hereof, their respective successors and assigns, and any other lending institutions that subsequently become parties to this Agreement, and having a Commitment or holding a Loan.

  
 -11- 

 “Lending Installation” means, with respect to a Lender, any office, branch, subsidiary
or affiliate of such Lender.
 “Leverage Ratio” means Consolidated Outstanding Indebtedness divided by Total Asset Value,
expressed as a percentage.
 “LIBOR Base Rate” means, with respect to any LIBOR Rate Advance for any LIBOR Interest Period, the
rate of interest obtained by dividing (i) the rate of interest per annum (expressed to the fifth decimal place) determined on the basis of the rate for deposits in Dollars for a period equal to the applicable LIBOR Interest Period which appears on
Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London time) two Business Days prior to the first day of the applicable LIBOR Interest Period by (ii) a percentage equal to 1 minus the stated maximum rate
(stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal
Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Rate Loans is determined or any applicable category of extensions of credit or other assets which includes loans by
an office of any Lender outside of the United States of America). If, for any reason, the rate referred to in the preceding clause (i) does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then the rate to be used
for such clause (i) shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank market to the Administrative Agent at
approximately 11:00 a.m. (London time) two Business Days prior to the first day of the applicable LIBOR Interest Period for a period equal to such LIBOR Interest Period and if such deposit rates cannot be determined, then the rate to be used for
such clause (i) shall be otherwise independently determined by the Administrative Agent from an alternate, substantially independent source available to Administrative Agent or shall be calculated by Administrative Agent by substantially similar
methodology as that theretofore used to determine such offered rate. Any change in the maximum rate of reserves described in the preceding clause (ii) shall result in a change in LIBOR on the date on which such change in such maximum rate
becomes effective. If LIBOR Base Rate determined as provided above would be less than zero, LIBOR Base Rate shall be deemed to be zero.

“LIBOR Interest Period” means, with respect to each amount bearing interest at a LIBOR based rate, a period of one, three or six
months or, if available to all applicable Lenders, 7 days, commencing on a Business Day, as selected by Borrower; provided, however, that (i) any LIBOR Interest Period which would otherwise end on a day which is not a Business Day
shall continue to and end on the next succeeding Business Day, unless the result would be that such LIBOR Interest Period would be extended to the next succeeding calendar month, in which case such LIBOR Interest Period shall end on the next
preceding Business Day and (ii) any LIBOR Interest Period which begins on a day for which there is no numerically corresponding date in the calendar month in which such LIBOR Interest Period would otherwise end shall instead end on the last Business
Day of such calendar month. 
 “LIBOR Market Index Rate” means, for any day, LIBOR Base Rate as of that day that would be
applicable for a LIBOR Rate Loan having a one-month Interest Period determined at approximately 10:00 a.m. for such day (rather than 11:00 a.m. (London time) two Business Days prior to the first day of such LIBOR Interest Period as otherwise
provided in the definition of “LIBOR Base Rate”), or if such day is not a Business Day, the immediately preceding Business Day. The LIBOR Market Index Rate shall be determined on a daily basis. 

“LIBOR Rate” means, for any LIBOR Interest Period for a Loan or Advance, the sum of (A) the LIBOR Base Rate applicable thereto
divided by one minus the then current Reserve Requirement and (B) the Applicable Margin in effect from time to time during the applicable LIBOR Interest Period, changing when and as the Applicable Margin changes.

  
 -12- 

 “LIBOR Rate Advance” means an Advance which bears interest at a LIBOR Rate. 

“LIBOR Rate Loan” means a Loan which bears interest at a LIBOR Rate.

“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, a term loan made by such Lender pursuant to Article II, including, without
limitation, any Additional Loan made under Section 2.22. 
 “Loan Documents” means this Agreement, the Disclosure Letter, the
Subsidiary Guaranty, if any, the Notes and any other document from time to time evidencing or securing indebtedness incurred by the Borrower under this Agreement, as any of the foregoing may be amended or modified from time to time.

“Management Fees”, means, with respect to each Project for any period, an amount equal to the greater of (i) actual management fees
payable with respect thereto and (ii) three percent (3%) per annum on the aggregate base rent and percentage rent due and payable under leases at such Project.

“Marketable Securities” means Investments in Capital Stock or debt securities issued by any Person (other than an Investment
Affiliate) which are publicly traded on a national exchange, excluding Cash Equivalents.
 “Material Acquisition” means any
acquisition by the Borrower or any Subsidiary in which the assets acquired exceed 10.0% of the consolidated total assets of the Borrower and its Subsidiaries determined under GAAP as of the last day of the most recently ending fiscal quarter of the
Borrower for which financial statements are publicly available. 
 “Material Adverse Effect” means a material adverse effect on
(i) the business, property or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Borrower and the Subsidiary Guarantors, taken as a whole, to perform their obligations under the Loan
Documents, or (iii) the validity or enforceability of any of the Loan Documents. A material adverse effect on the validity or enforceability of the Subsidiary Guaranty solely with respect to one or more Subsidiary Guarantors that do not,
individually or collectively, constitute Material Subsidiaries shall not be a Material Adverse Effect hereunder, except to the extent the same would result in a Material Adverse Effect pursuant to either clause (i) or (ii) above. 

“Material Subsidiary” means, at any time of determination, (a) any individual Subsidiary to which more than $150,000,000 of
then-current Total Asset Value is directly or indirectly attributable and (b) each Subsidiary in a group of Subsidiaries (the “Group”) to which more than $150,000,000 of then-current Total Asset Value is directly attributable on a
collective basis to such Group, but only as and to the extent that there is a material adverse effect on the validity or enforceability of the Subsidiary Guaranty with respect to all Subsidiaries in such Group. 

“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.

  
 -13- 

 “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 hereof.
 “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 Borrower or any member of the Controlled Group is a party to which more than one employer is obligated to make contributions.

“Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan
Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that an agreement that
conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the
encumbrance of specific assets, shall not constitute a Negative Pledge.
 “Net Mark-to-Market Exposure” of a Person means, as of
any date of determination, the excess (if any) of all unrealized losses over all unrealized profits of such Person arising from Rate Management Transactions or any other Financial Contract. “Unrealized losses” means the fair market value
of the cost to such Person of replacing such Rate Management Transaction or other Financial Contract as of the date of determination (assuming the Rate Management Transaction or other Financial Contract were to be terminated as of that date), and
“unrealized profits” means the fair market value of the gain to such Person of replacing such Rate Management Transaction or other Financial Contract as of the date of determination (assuming such Rate Management Transaction or other
Financial Contract were to be terminated as of that date).
 “Net Operating Income” means, with respect to any Project for any
period, “property rental and other income” (as determined by GAAP) attributable to such Project accruing for such period, without regard for straight-lining of rents or any amortization related to above-market or below-market leases,
plus all master lease income (not to exceed to 5% of Net Operating Income), minus the amount of all expenses (as determined in accordance with GAAP) incurred in connection with and directly attributable to the ownership and operation of such
Project for such period, including, without limitation, Management Fees and amounts accrued for the payment of real estate taxes and insurance premiums, but excluding any general and administrative expenses related to the operation of the Borrower,
any interest expense, or other debt service charges, impairment charges, the effects of straight-lining of ground lease rent, bad debt expenses related to the straight-lining of rents and any other non-cash charges such as depreciation or
amortization of financing costs.
 “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such
time. 
 “Non-U.S. Lender” is defined in Section 3.5(iv).

  
 -14- 

 “Note” means any one of those promissory notes substantially in the form of Exhibit
B attached hereto from Borrower in favor of the Lenders, including any amendment, modification, renewal or replacement of any such promissory note, provided that, at the request of any Lender, a Note payable to such Lender shall not be issued
and the Obligations of the Borrower hereunder to such Lender shall be evidenced entirely by this Agreement and the other Loan Documents with the same effect as if a Note had been issued to such Lender.

“Notice of Assignment” is defined in Section 12.3(ii).

“Obligations” means the Advances, the Related Swap 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, including all payments and other obligations that may accrue after the commencement of any action or proceeding described in
Sections 7.7 and 7.8.
 “OFAC” means the U.S. Department of the Treasury’s Office of Foreign
Assets Control and any successor thereto. 
 “Other Taxes” is defined in Section 3.5(ii).

“Outstanding Facility Amount” means, at any time, the sum of all then outstanding Advances. 

“Participants” is defined in Section 12.2(i).

“Patriot Act” is defined in Section 9.15. 

“Payment Date” means, with respect to the payment of interest accrued on any Advance, the fifteenth day of each calendar month,
subject, in the case of any Payment Date in respect of interest on the Advances, to adjustment in accordance with the Modified Following Business Day Convention (as defined in the 2000 ISDA Definitions (as published by the International Swaps and
Derivatives Association, Inc.)).
 “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.

“Percentage” means for each Lender the ratio that such Lender’s Commitment bears to the Aggregate Commitment, or if the
Commitments have been terminated, the ratio that such Lender’s combined outstanding Loans bears to the total outstanding Advances, in each case expressed as a percentage. 

“Permitted Liens” are defined in Section 6.16.

“Person” means any natural person, corporation, limited liability company, 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 Borrower or any member of the Controlled Group may have any liability.
 “Preferred
Dividends” means, with respect to any entity, dividends or other distributions which are payable to holders of any ownership interests in such entity which entitle the holders of such ownership interests to be paid on a preferred basis prior to
dividends or other distributions to the holders 

  
 -15- 

 
of other types of ownership interests in such entity, provided that distributions payable by IW JV 2009 LLC to Inland Equity Investors, LLC or any of its successors or assigns shall be excluded
from “Preferred Dividends”. 
 “Prepayment Premium” means a premium payable pro rata to the Lenders equal to the
following amount for the following periods: 
  

			
	 If Prepayment occurs
	 	 Prepayment Fee

	On or before May 22, 2017	 	2.0% of the aggregate principal amount of Loans prepaid.
		
	After May 22, 2017 but on or before the first anniversary of the Effective Date	 	1.5% of the aggregate principal amount of Loans prepaid.
		
	After the first anniversary of the Effective Date but on or prior to the second anniversary of the Effective Date	 	1.0% of the aggregate principal amount of Loans prepaid.
		
	Any date after the 2nd anniversary of the Effective Date	 	0.0% of the aggregate principal amount of Loans prepaid.

 “Project” means any real estate asset located in the United States owned by the Borrower or any of
its Subsidiaries or any Investment Affiliate, and operated or intended to be operated primarily as a retail property, an office property, an industrial property or a mixed use property. For purposes of this Agreement, if only a portion of such
a real estate asset is then the subject of a material redevelopment, the Borrower may, subject to the reasonable approval of the Administrative Agent, elect to treat such portion as a Project separate and distinct from the remaining portion of such
real estate asset.
 “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. 
 “Purchasers” is defined in Section 12.3(i).

“Qualifying Unencumbered Pool Property” means any Project which, as of any date of determination, (a) is located in the United
States; (b) is wholly owned by the Borrower or a Wholly-Owned Subsidiary in fee simple or leased, as lessee, by the Borrower or a Wholly-Owned Subsidiary under the terms of a Financeable Ground Lease; (c) is free of all structural defects or major
architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the profitable operation of such
Project; and (d) is not, nor is any direct or indirect interest of the Borrower or any Subsidiary therein, subject to any Lien other than Permitted Liens set forth in clauses (i) through (iv) of Section 6.16 or to any Negative Pledge (other
than Negative Pledges permitted under clause (ii) of Section 6.25). No asset shall be deemed to be unencumbered unless both such asset and all Capital Stock of the Subsidiary owning such asset is unencumbered. Nothing in this Agreement shall
prohibit a 

  
 -16- 

 
Subsidiary from having other Unsecured Indebtedness or unsecured Guarantee Obligations and the existence of such Unsecured Indebtedness or unsecured Guarantee Obligations shall not prevent any
Project owned by such Subsidiary from qualifying as a Qualifying Unencumbered Pool Property. 
 “Rate Management Transaction”
means any transaction (including an agreement with respect thereto) now existing or hereafter entered into by the Borrower 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.
 “Recourse Indebtedness” means any Indebtedness of the Borrower or any other member of the Consolidated Group with
respect to which the liability of the obligor is not limited to the obligor’s interest in specified assets securing such Indebtedness, other than with respect to customary exceptions for certain acts or types of liability such as environmental
liability, fraud and other customary nonrecourse carveouts unless they are judicially determined to have been triggered and then only to the extent of such determination.

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and any
successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System.

“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.

“Regulation X” means Regulation X 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. 

“Related Swap Obligations” means, as of any date, all of the obligations of Borrower arising under any then outstanding Swap
Contracts entered into between Borrower and any Lender or Affiliate of any Lender in respect of the Obligations arising under this Agreement or any of the other Loan Documents. 

“Release” means any releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
migrating, disposing, or dumping or any Hazardous Material into the environment.
 “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 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.

  
 -17- 

 “Required Lenders” means, as of any date, Lenders having more than 50% of the aggregate
amount of the Commitments (or after the making of the initial Advance, the aggregate outstanding principal amount of the Loans); provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be
disregarded and excluded, and (ii) at all times when there are two or more Lenders (excluding Defaulting Lenders), the term “Required Lenders” shall in no event mean less than two Lenders.

“Reserve Requirement” means, with respect to a LIBOR Rate Loan and LIBOR Interest Period, that percentage (expressed as a decimal)
which is in effect on such day, as prescribed by the Federal Reserve Board or other Governmental Authority or agency having jurisdiction with respect thereto for determining the maximum reserves (including, without limitation, basic, supplemental,
marginal and emergency reserves) for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D) maintained by a member bank of the Federal Reserve System. 

“Sanctioned Country” means, at any time, a country or territory which is, or whose government is, the subject or target of any
Sanctions. 
 “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by any Governmental Authority of the United States of America, including without limitation, OFAC or the U.S. Department of State, or by the United Nations Security Council, the European Union or any other Governmental Authority, (b) any
Person located, operating, organized or resident in a Sanctioned Country, (c) any agency, political subdivision or instrumentality of the government of a Sanctioned County or (d) any Person controlled by any Person or agency described in any of the
preceding clauses (a) through (c). 
 “Sanctions” means any sanctions or trade embargoes imposed, administered or enforced by any
Governmental Authority of the United States of America, including without limitation, OFAC or the U.S. Department of State, or by the United Nations Security Council, the European Union or any other Governmental Authority. 

“Section” means a numbered section of this Agreement, unless another document is specifically referenced.

“Secured Indebtedness” means any Indebtedness of the Borrower or any other member of the Consolidated Group which is secured by a
Lien (other than Permitted Liens set forth in clauses (i) through (iv) of Section 6.16) on a Project, any ownership interests in any Person or any other assets which had, in the aggregate, a value in excess of the amount of such Indebtedness
at the time such Indebtedness was incurred. Notwithstanding the foregoing, Secured Indebtedness shall exclude Recourse Indebtedness that is secured solely by ownership interests in another Person that owns a Project which is encumbered by a mortgage
securing Indebtedness.
 “Single Employer Plan” means a Plan maintained by the Borrower or any member of the Controlled Group for
employees of the Borrower or any member of the Controlled Group.
 “Single Tenant Project” means any Project that is leased (or is
being constructed to be leased) to a single tenant.
 “S&P” means Standard & Poor’s Ratings Group and its
successors.
 “Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary
voting power of which shall at the time be owned or controlled, directly or indirectly, by 

  
 -18- 

 
such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company, joint venture or similar business
organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary
of the Borrower.
 “Subsidiary Guarantor” means, as of any date, each Subsidiary of the Borrower, if any, which is then a party to
the Subsidiary Guaranty pursuant to Section 6.26.
 “Subsidiary Guaranty” means the guaranty, if any, substantially in the
form of Exhibit E attached hereto and executed and delivered pursuant to Section 6.26, including any joinders executed by additional Subsidiary Guarantors, if any after the Agreement Effective Date.

“Substantial Portion” means, with respect to the Property of the Borrower and its Subsidiaries, Property which represents more than
10% of then-current Total Asset Value.
 “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.

“Total Asset Value” means, as of any date, (i) (A) the Consolidated NOI attributable to Projects owned by the Borrower or a member
of the Consolidated Group (excluding 100% of the Consolidated NOI attributable to Projects not owned for at least four (4) full fiscal quarters as of the end of the fiscal quarter for which Consolidated NOI is calculated and provided that the
contribution to Consolidated NOI on account of any Project shall not in any event be a negative number) divided by (B) the Capitalization Rate, plus (ii) 100% of the price paid for any such Projects first acquired by the Borrower or a member of the
Consolidated Group during such four (4) full fiscal quarter period, plus (iii) cash, Cash Equivalents and Marketable Securities owned by the Consolidated Group as of the end of such fiscal quarter, plus (iv) the Consolidated Group Pro Rata Share of
(A) Consolidated NOI attributable to Projects owned by Investment Affiliates (excluding Consolidated NOI attributable to Projects not owned for the entire four (4) full fiscal quarters on which Consolidated NOI is calculated and provided that the
contribution to Consolidated NOI on account of any Project shall not in any event be a negative number) divided by (B) the Capitalization Rate, plus (v) the Consolidated Group Pro Rata Share of the price paid for such Projects first acquired by an
Investment Affiliate during such four (4) full fiscal quarters, plus (vi) Construction in Progress at book value, plus (vii) First Mortgage Receivables owned by the Consolidated Group (at the lower of book value or market value), plus (viii)
Unimproved Land at book value. To the extent the amount of Total Asset Value attributable to Unimproved Land, Investments in Investment Affiliates, Construction in Progress, First Mortgage Receivables and Marketable Securities would exceed 25%
of Total Asset Value, such excess shall be excluded from Total Asset Value; provided, however that to the extent the amount of Total Asset Value attributable to (v) Unimproved Land exceeds 5% of the Total Asset Value, (w) Investment
Affiliates exceeds 15% of the Total Asset Value, (x) Construction in Progress exceeds 10% of the Total Asset Value, (y) First Mortgage Receivables exceeds 5% of the Total Asset Value or (z) Marketable Securities exceeds 5% of Total Asset Value, such
excess shall be excluded from Total Asset Value. 
 “Transferee” is defined in Section 12.4.

“Type” means, with respect to any Advance, its nature as either a Floating Rate Advance or LIBOR Rate Advance.

  
 -19- 

 “Unencumbered Interest Coverage Ratio” means, as of any date, the aggregate Net
Operating Income for the most recent fiscal quarter for which financial results have been reported attributable to Unencumbered Pool Properties as of any such date divided by the Unsecured Interest Expense for such period.

“Unencumbered Leverage Ratio” means, as of any date, the then-current Unsecured Indebtedness of the Consolidated Group (but
excluding from such Unsecured Indebtedness any Guarantee Obligations) divided by the then-current Unencumbered Pool Value.

“Unencumbered Pool” means as of any date, all then-current Unencumbered Pool Properties. 

“Unencumbered Pool Property” means, as of any date, any Project which is a Qualifying Unencumbered Pool Property as of such date.

 “Unencumbered Pool Property NOI” means, as of any date, the aggregate Net Operating Income for the most recent four (4) fiscal
quarters for which financial results have been reported attributable to Unencumbered Pool Properties as of such date.
 “Unencumbered
Pool Value” means, as of any date, the sum of (a)(i) the aggregate Adjusted Unencumbered Pool NOI attributable to all Unencumbered Pool Properties which have been owned by the Borrower or a Subsidiary for the most recent four (4) full fiscal
quarters for which financial results of Borrower have been reported (provided that the contribution to Adjusted Unencumbered Pool NOI on account of any Unencumbered Pool Property shall not in any event be a negative number) divided by (ii)
the Capitalization Rate plus (b) the aggregate acquisition cost of all Unencumbered Pool Properties which have not been so owned by a Subsidiary for such period of four (4) consecutive entire fiscal quarters, plus (c) unencumbered
Unimproved Land and Construction in Progress, both at book value. For purposes of this definition, to the extent (i) the value attributable to Unimproved Land and any other land not included in Unimproved Land and Construction in Progress, would
exceed 10% of the Unencumbered Pool Value, (ii) the value attributable to any one (1) Unencumbered Pool Property would exceed 15% of the Unencumbered Pool Value, (iii) the aggregate value attributable to those Single Tenant Projects which are leased
to the same tenant (or Affiliates of the same tenant), would exceed 15% of the Unencumbered Pool Value; (iv) the aggregate value attributable to all Single Tenant Projects where the remaining unexpired term of the lease of such Single Tenant Project
to the tenant of such Single Tenant Project (without giving effect to any unexercised options of such tenant to extend the term of such lease) is less than five (5) years, would exceed 15% of the Unencumbered Pool Value, or (v) the aggregate value
attributable to Unencumbered Pool Properties which are occupied pursuant to Financeable Ground Leases would exceed 20% of Unencumbered Pool Value, each such excess amount shall be excluded from Unencumbered Pool Value.

“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.

“Unimproved Land” means, as of any date, any land which (i) is not appropriately zoned for retail development, (ii) does not have
access to all necessary utilities or (iii) does not have access to publicly dedicated streets, unless such land has been designated in writing by the Borrower in a certificate delivered to the Administrative Agent as land that is reasonably expected
to satisfy all such criteria within twelve (12) months after such date. For purposes of clarification, if any, such land shall be deemed to be included in Construction in Progress as of such date of designation and from and after such date shall not
be considered Unimproved Land.

  
 -20- 

 “Unmatured Default” means an event which but for the lapse of time or the giving of
notice, or both, would constitute a Default.
 “Unsecured Indebtedness” means, with respect to any Person, all Indebtedness of
such Person for borrowed money that does not constitute Secured Indebtedness.
 “Unsecured Interest Expense” means, for any
period, all Consolidated Interest Expense for such period attributable to Unsecured Indebtedness. 
 “Unused Fee” is defined in
Section 2.4.
 “Unused Fee Percentage” means, with respect to any day during a calendar quarter, 0.20% per annum. 

“Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the beneficial ownership 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, limited liability company,
association, joint venture or similar business organization 100% of the beneficial ownership of which shall at the time be so owned or controlled. 

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

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

ARTICLE II. 
 THE CREDIT

 2.1. Advances.

(a) Generally. Subject to the terms and conditions of this Agreement, the Lenders severally agree to make Advances
through the Administrative Agent to the Borrower in Dollars from time to time prior to, with respect to the Initial Aggregate Commitment, the Availability Termination Date, provided that:

(i) the making of any such Advance will not cause the aggregate original principal amount of all Advances to exceed the
Aggregate Commitment; 
 (ii) the making of any such Advance will not cause the Unencumbered Leverage Ratio to exceed the
maximum percentage then permitted under Section 6.21(iii); and 
 (iii) the Lenders shall not be obligated to make an Advance
in respect of the Initial Aggregate Commitment on more than three (3) occasions (including any Advance made on the Agreement Effective Date) unless each Lender shall otherwise agree. 

  
 -21- 

 Subject to Section 2.2, the Advances may be Floating Rate Advances or LIBOR Rate
Advances. Each Lender shall fund its Percentage of each such Advance and no Lender will be required to fund any amounts which would cause such Lender’s Loans to exceed its Commitment. This facility (“Facility”) is a
term loan facility. Any Advances that are repaid may not be reborrowed. From and after the Agreement Effective Date, pursuant to the provisions of Section 2.22, one or more Lenders may agree to increase their Commitments, issue new
Commitments, or make Additional Loans, in each case, at the times and on the terms and conditions agreed by such Lenders and the Borrower as set forth in the applicable Amendment Regarding Increase. 

(b) Availability Termination Date. On the Availability Termination Date, the undrawn portion of the Initial
Aggregate Commitment shall be permanently terminated, the Lenders shall have no further obligation to make Advances in respect of their respective portions of such undrawn Initial Aggregate Commitment hereunder, and the Borrower shall pay to the
Administrative Agent the Commitment Termination Fee, if any, as set forth in Section 2.5. 
 2.2. Ratable and Non Ratable
Advances. Except as set forth in Section 2.22, Advances hereunder shall consist of Loans made by the Lenders ratably based on each such Lender’s Percentage. The Advances may be Floating Rate Advances, LIBOR Rate Advances or
a combination thereof, selected by the Borrower in accordance with Sections 2.8 and 2.9. 
 2.3. Final Principal
Payment. Any outstanding Advances, and all other unpaid Obligations shall be paid in full by the Borrower on the Facility Termination Date. 

2.4. Unused Fee. Subject to the terms of this Section 2.4, if the Borrower requests Advances with an aggregate principal amount
of less than the entire Initial Aggregate Commitment to be made on the Agreement Effective Date, the Borrower agrees to pay to the Administrative Agent, for the account of each Lender, an unused facility fee (the “Unused Fee”) equal
to an aggregate amount computed on a daily basis from the Agreement Effective Date until the Availability Termination Date by multiplying (i) the Unused Fee Percentage applicable to such day, expressed as a per diem rate, times (ii) the
amount of the unused Initial Aggregate Commitment on such day. The Unused Fee shall be payable quarterly in arrears on the first Business Day of each calendar quarter (for the prior calendar quarter) commencing on April 3, 2017; provided
that, and notwithstanding the foregoing, if, on or prior to January 31, 2017, the Lenders shall make Advances pursuant to Section 2.1(a) with an aggregate principal amount of at least the entire Initial Aggregate Commitment, no Unused
Fee shall be due and/or payable by the Borrower hereunder for any period. 
 2.5. Commitment Termination Fee. The Borrower
agrees to pay to the Administrative Agent, for the account of each Lender, on the Availability Termination Date, a commitment termination fee (the “Commitment Termination Fee”) equal to an aggregate amount computed by multiplying
(i) 0.75%, times (ii) the amount of the unused Initial Aggregate Commitment. The Commitment Termination Fee, if any, shall be due and payable on the Availability Termination Date. 

2.6. Other Fees. The Borrower agrees to pay all fees payable to the Administrative Agent and the Arrangers pursuant to (i) the
Borrower’s letter agreement with the Administrative Agent and the Lead Arranger dated as of November 22, 2016 (the “Fee Letter”) and (ii) such other written agreements regarding this Agreement with any other of the
Arrangers.
 2.7. Minimum Amount of Each Advance. Each Advance shall be in the minimum amount of $25,000,000; provided,
however, that any Advance may be in a lesser amount equal to the amount of the unused Aggregate Commitment.

  
 -22- 

 2.8. Principal Payments.

(a) Optional. The Borrower may from time to time pay all or any part of outstanding Advances without penalty or premium
other than, in each case, the Prepayment Premium then due, if any, which Prepayment Premium shall be paid concurrently with such prepayment. A Floating Rate Advance may be paid without prior notice to the Administrative Agent. A LIBOR Rate
Advance may be paid on the last day of the applicable Interest Period or, if and only if the Borrower pays any amounts due to the Lenders under Sections 3.4 and 3.5 as a result of such prepayment, on a day prior to such last day. Unless otherwise
directed by the Borrower by written notice to the Administrative Agent, all principal payments made when no Default has occurred and is continuing shall be applied to repay all outstanding Advances on a pro rata basis. If a Default has occurred and
is continuing such principal payment shall be applied as provided in Section 8.5. 
 (b) Mandatory. Mandatory
partial principal payments, together with the Prepayment Premium then due in respect of such payment, if any, shall be due from time to time if, (i) due to an increase in the aggregate amount of Unsecured Indebtedness of the Consolidated Group or
any reduction in the Unencumbered Pool Value or in the Adjusted Unencumbered Pool NOI, whether by an Unencumbered Pool Property failing to continue to satisfy the requirement for qualification as a Qualifying Unencumbered Pool Property or by a
reduction in the Unencumbered Pool Value or the Adjusted Unencumbered Pool NOI attributable to any Unencumbered Pool Property, the Unsecured Indebtedness of the Consolidated Group (excluding from such Unsecured Indebtedness any Guarantee
Obligations) shall be in excess of the maximum amount permitted to be outstanding under clause (iii) of Section 6.21 or (ii) without limiting the effect of any other provision of this Agreement requiring such a principal payment, any of the
Obligations described in clause (i) of Section 2.1(a) shall be in excess of the maximum amount set forth in the applicable clause. Such principal payments shall be in the amount needed to restore Borrower to compliance with such
covenants or such maximum amount. Such mandatory principal payments shall be due and payable (i) in the case of any such reduction arising from results reported in a quarterly financial statement of Borrower and related Compliance Certificate,
ten (10) Business Days after delivery of such quarterly financial statement and Compliance Certificate under Section 6.1 evidencing such reduction or (ii) in all other cases, ten (10) Business Days after Borrower’s receipt of written
notice from the Administrative Agent of the existence of any condition requiring any such mandatory principal payment (which written notice shall include reasonably detailed evidence in support of such determination). 

2.9. 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 Rate Advance, the LIBOR Interest Period applicable to each Advance from time to time in accordance with this Section or Section 2.10, as applicable. The Borrower shall give the Administrative Agent irrevocable notice (a
“Borrowing Notice”) in the form attached as Exhibit F and made a part hereof (i) not later than 1:00 p.m. New York, New York time on the Business Day immediately preceding the Borrowing Date of each Floating Rate Advance and
(ii) not later than 10:00 a.m. New York, New York time, at least three (3) Business Days before the Borrowing Date for each LIBOR Rate Advance, which shall specify:

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

(ii) the aggregate amount of such Advance, 

(iii) the Type of Advance selected, and 

  
 -23- 

 (iv) in the case of each LIBOR Rate Advance, the LIBOR Interest Period applicable
thereto.
 Each Lender shall make available its Loan or Loans, in funds immediately available in New York, New York to the Administrative
Agent at its address specified pursuant to Article XIII on each Borrowing Date not later than noon (New York, New York time). The Administrative Agent will make the funds so received from the Lenders available to the Borrower at the
Administrative Agent’s aforesaid address.
 No LIBOR Interest Period may end after the Facility Termination Date and, unless the
Required Lenders otherwise agree in writing, in no event may there be more than seven (7) different LIBOR Interest Periods for LIBOR Rate Advances outstanding at any one time. 

2.10. Conversion and Continuation of Outstanding Advances. Floating Rate Advances shall continue as Floating Rate Advances unless and
until such Floating Rate Advances are converted into LIBOR Rate Advances. Each LIBOR Rate Advance shall continue as a LIBOR Rate Advance until the end of the then applicable Interest Period therefor, at which time such LIBOR Rate Advance shall be
automatically converted into a Floating Rate 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 Rate Advance either
continue as a LIBOR Rate Advance for the same or another Interest Period or be converted to an Advance of another Type. Subject to the terms of Section 2.7, the Borrower may elect from time to time to convert all or any part of a Floating
Rate Advance into a LIBOR Rate Advance and vice versa; provided that any conversion of any LIBOR Rate 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 to a LIBOR Rate Advance or continuation of a LIBOR Rate Advance not later than 10:00 a.m. (New York, New York time), at least three
Business Days, in the case of a conversion into or continuation of a LIBOR Rate 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 Rate Advance, the duration of the Interest Period applicable thereto. 
 2.11. Changes in
Interest Rate, Etc. Each Floating Rate 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 Rate Advance into a Floating Rate Advance
pursuant to Section 2.10 to but excluding the date it becomes due or is converted into a LIBOR Rate Advance pursuant to Section 2.10 hereof, at a rate per annum equal to the Floating Rate applicable to such Advance in effect from time
to time. Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Alternate Base Rate. Each LIBOR Rate 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 LIBOR Rate applicable to such LIBOR Rate Advance. 

  
 -24- 

 2.12. Rates Applicable After Default. Notwithstanding anything to the contrary contained
in Section 2.9 or 2.10, 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 8.2 requiring consent of affected Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued as a LIBOR Rate 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 8.2 requiring consent of affected Lenders to changes in interest rates),
declare that (i) each LIBOR Rate Advance shall bear interest for the remainder of the applicable Interest Period at the LIBOR Rate otherwise applicable to such LIBOR Rate Advance for such Interest Period plus 4% per annum and (ii) each Floating Rate
Advance shall bear interest at a rate per annum equal to the Floating Rate otherwise applicable to the Floating Rate Advance plus 4% per annum; provided, however, that the Default Rate shall become applicable automatically if a Default occurs
under Section 7.1 or 7.2, unless waived by the Required Lenders. 
 2.13. Method of Payment. 

(i) All payments of the Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in immediately
available Dollars to the Administrative Agent on behalf of the applicable Lenders at the Administrative Agent’s address specified pursuant to Article XIII, or at any other Lending Installation of the Administrative Agent specified in
writing by the Administrative Agent to the Borrower, by noon (New York, New York time) on the date when due and shall be applied by the Administrative Agent in accordance with the applicable terms of this Agreement. 

(ii) As provided elsewhere herein, all Lenders’ interests in the Advances, and all Lenders’ interests in the
Loan Documents shall be ratable undivided interests and none of such Lenders’ interests shall have priority over the others. Each payment delivered to the Administrative Agent for the account of any Lender or amount to be applied or paid by the
Administrative Agent to any Lender shall be paid promptly (on the same day as received by the Administrative Agent if received prior to noon (New York, New York time) on such day and otherwise on the next Business Day) 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 XIII or at any Lending Installation specified in a notice received by the Administrative Agent from such
Lender. Payments received by the Administrative Agent on behalf of the Lenders but not timely funded to the Lenders shall bear interest payable by the Administrative Agent at the Federal Funds Effective Rate from the date due until the date paid.
The Administrative Agent is hereby authorized to charge the account of the Borrower maintained with Capital One, National Association for each payment of principal, interest and fees as it becomes due hereunder.

2.14. 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. The Borrower hereby authorizes the Lenders and the Administrative Agent on behalf
of the Lenders to extend, convert or continue Advances, effect selections of Types of Advances and to transfer funds based on telephonic notices made by any Authorized Officer. The Borrower agrees to deliver promptly to the Administrative Agent
a written confirmation, if such confirmation is requested by the Administrative Agent or any Lender, of each telephonic notice signed by an Authorized Officer. If the written confirmation differs in any material respect from the action taken by
the Administrative Agent and the Lenders, the records of 

  
 -25- 

 
the Administrative Agent and the Lenders shall govern absent manifest error. The Administrative Agent will at the request of the Borrower, from time to time, but not more often than monthly,
provide Borrower with the amount of the outstanding Aggregate Commitment and the applicable interest rate for a LIBOR Rate Advance. Upon a Lender’s furnishing to Borrower an affidavit to such effect, if a Note is mutilated, destroyed, lost
or stolen, Borrower shall deliver to such Lender, in substitution therefore, a new note containing the same terms and conditions as such Note being replaced. 

2.15. Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Advance shall be payable on each Payment Date,
commencing with the first such date to occur after the date hereof, at maturity, whether by acceleration or otherwise, and at the repayment in full of the Advance. Interest, Unused Fees, and all other 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 (New York, New York 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. 
 2.16. Intentionally Omitted.

2.17. Notification of Advances, Interest Rates and Prepayments. The Administrative Agent will notify each Lender of the contents of
each Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder not later than the close of business on the Business Day such notice is received by the Administrative Agent. The Administrative Agent will notify
each Lender of the interest rate applicable to each LIBOR Rate Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

2.18. Lending Installations. Each Lender may book its Loans 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 notice to
the Administrative Agent and the Borrower, designate a Lending Installation through which Loans will be made by it and for whose account Loan payments are to be made.

2.19. Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or a Lender, as the case may be, notifies the
Administrative Agent prior to the time at which it is scheduled to make payment to the Administrative Agent on behalf of the Lenders 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, or will be, 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 Type of Loan. If such Lender so repays such amount and interest thereon to the Administrative Agent within one Business Day after such demand, all interest accruing on the Loan not funded by
such Lender during such period shall be payable to such Lender when received from the Borrower.

  
 -26- 

 2.20. Replacement of Lenders under Certain Circumstances. The Borrower shall be permitted
to replace any Lender which (a) has demanded compensation from Borrower under Section 3.1 or 3.2, or (b) is not capable of receiving payments without any deduction or withholding of United States federal income tax pursuant to
Section 3.5, or (c) cannot maintain its LIBOR Rate Loans at a suitable Lending Installation pursuant to Section 3.3 or (d) either voted against or failed to respond to any written request made by the Administrative Agent seeking
approval of any amendment to or waiver of any provision of this Agreement, if at least the Required Lenders voted in favor of such proposed amendment or waiver or (e) is a Defaulting Lender; with a replacement bank or other financial institution,
provided that (i) such replacement does not conflict with any applicable legal or regulatory requirements affecting the 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 3.4 and 3.6 if any LIBOR Rate Loan 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 or not an Eligible Assignee, 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 12.3 (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 pay all
additional amounts (if any) required pursuant to Section 3.5 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.
 2.21. Usury. This Agreement, each Note and each other Loan Document are subject to the express condition that at no time
shall Borrower be obligated or required to pay interest on the principal balance of any Loan at a rate which could subject any Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If by the terms of
this Agreement or the other Loan Documents, 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 any Lender for the use, forbearance, or detention of the sums due under any Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term
of the applicable Loans until payment in full so that the rate or amount of interest on account of such Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to such Loan for so long as such Loan is
outstanding.
 2.22. Increase in Commitments; Additional Loans.

(a) Increase in Commitments. Borrower shall have the right exercisable no more than three (3) times, upon at least
10 Business Days’ notice to the Administrative Agent and the Lenders, to request (i) increases in the Commitments or (ii) the making of additional Loans (the “Additional Loans”) by up to $100,000,000 to a maximum aggregate
amount not to exceed $300,000,000 (reduced to the extent Borrower has repaid any Advances) by either adding new lenders as Lenders (subject to the Administrative Agent’s prior written approval of the identity of any such new lender if it is not
an Eligible Assignee) or obtaining the agreement, which shall be at such Lender’s or Lenders’ sole discretion, of one or more of the then current Lenders to increase its or their Commitments or to make Additional Loans. Each such
increase in the Commitments or the making of Additional Loans must be an aggregate minimum amount of $5,000,000 and integral multiples of $5,000,000 in excess thereof. Such increases may be 

  
 -27- 

 
increases in Commitments (prior to the Availability Termination Date or as otherwise agreed by the Lenders) or the making of Additional Term Loans or a combination thereof. Effecting any
increase of the Commitments or the making of Additional Loans under this Section is subject to the following conditions precedent: (x) no Default or Unmatured Default has occurred, is then continuing or shall be in existence on the effective
date of such increase of Commitments or making Additional Loans, (y) the representations and warranties (subject in all cases to all materiality qualifiers and other exceptions in such representations and warranties) contained in Article V
shall be true and correct as of the effective date of such increase, 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 have been true and
correct on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents, and (z) the Administrative Agent shall have received an Amendment Regarding Increase by the Borrower, the Administrative
Agent and the new lender or existing Lender providing such increase of Commitments or Additional Loans, a copy of which shall be forwarded to each Lender by the Administrative Agent promptly after execution thereof and all documentation and opinions
as the Administrative Agent may reasonably request, in form and substance satisfactory to the Administrative Agent. In no event will any existing Lender be obligated to provide any portion of any such increase of Commitments or making of
Additional Loans unless such Lender shall specifically agree in writing to provide such increase of Commitments or make Additional Loans at such time. On the effective date of any such increase of Commitments or making of Additional Loans,
Borrower shall pay to the institutions arranging such increases such fees as may be agreed to by such institutions and the Borrower and to each new lender or then-current Lender providing such increase of Commitments or making Additional Loans the
up-front fee agreed to between Borrower and such party. In addition, the Subsidiary Guarantors, if any, shall execute a consent to such increase of Commitments or making of Additional Loans ratifying and continuing their obligations under the
Subsidiary Guaranty. If, at any time when the Lenders still have an obligation to make further Loans pursuant to the terms hereof, a Person becomes a new Lender having a Commitment under this Agreement, or if any existing Lender is increasing
its Commitment, such Lender shall on the date it becomes a Lender hereunder (or in the case of an existing Lender, increases its Commitment) (and as a condition thereto) purchase from the other Lenders its Percentage (determined with respect to the
Lenders’ respective Commitments and after giving effect to the increase of Commitments) of any outstanding Loans, by making available to the Administrative Agent for the account of such other Lenders, in same day funds, an amount equal to (A)
the portion of the outstanding principal amount of such Loans to be purchased by such Lender, plus (B) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Loans. The Lenders
agree to cooperate in any required sale and purchase of outstanding Advances to achieve such result. In no event shall the aggregate Commitments and Loans exceed $300,000,000 without the approval of all Lenders which are not then Defaulting
Lenders.
 2.23. Pro Rata Treatment. Except to the extent otherwise provided herein: (a) the making of Loans under Section
2.1.(a) shall be made from the Lenders, pro rata according to the amounts of their respective Commitments; (b) each payment or prepayment of principal of Loans shall be made for the account of the Lenders pro rata in accordance with the
respective unpaid principal amounts of the Loans held by them; (c) each payment of interest on Loans shall be made for the account of the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the
respective Lenders; and (d) the Conversion and Continuation of Loans of a particular Type shall be made pro rata among the Lenders according to the amounts of their respective Loans, and the then current Interest Period for each Lender’s
portion of each such Loan of such Type shall be coterminous. 

  
 -28- 

 ARTICLE III. 

CHANGE IN CIRCUMSTANCES 

3.1. Yield Protection. If, on or after the date of this Agreement, the adoption of any law or any governmental or quasi-governmental
rule, regulation, policy, guideline or directive (whether or not having the force of law), or any change in the interpretation or administration thereof by any governmental or quasi-governmental authority, central bank or comparable agency charged
with the interpretation or administration thereof, or compliance by any Lender or applicable Lending Installation with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency or any
other Change: 
 (i) subjects any Lender or any applicable Lending Installation to any Taxes, or changes the basis of
taxation of payments (other than with respect to Excluded Taxes) to any Lender in respect of its LIBOR Rate Loans, or 
 (ii)
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 (other than reserves and assessments taken into account in determining the interest rate applicable to LIBOR Rate Advances), or 

(iii) imposes any other condition the result of which is to increase the cost to any Lender or any applicable Lending
Installation of making, funding or maintaining its LIBOR Rate Loans, or reduces any amount receivable by any Lender or any applicable Lending Installation in connection with its LIBOR Rate Loans, or requires any Lender or any applicable Lending
Installation to make any payment calculated by reference to the amount of LIBOR Rate Loans, by an amount deemed material by such Lender as the case may be, 

and the result of any of the foregoing is to increase the cost to such Lender or applicable Lending Installation, as the case may be, of making or maintaining
its LIBOR Rate Loans or Commitment, if any, or to reduce the return received by such Lender or applicable Lending Installation in connection with such LIBOR Rate Loans or Commitment, then, within 15 days of a demand by such Lender accompanied by
reasonable evidence of the occurrence of the applicable event under clauses (i), (ii) or (iii) above, the Borrower shall pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduction in amount
received.
 3.2. Changes in Capital Adequacy Regulations. If a Lender in good faith determines the amount of capital or liquidity
required or expected to be maintained by such Lender, any Lending Installation of such Lender or any corporation controlling such Lender is increased as a result of a Change (as hereinafter defined), then, within 15 days of demand by such Lender,
the Borrower shall pay such Lender the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased capital which such Lender in good faith determines is attributable to this Agreement, its outstanding
credit exposure hereunder or its obligation to make Loans hereunder (after taking into account such Lender’s policies as to capital adequacy). “Change” means (i) any change after the Agreement Effective Date in the Risk-Based Capital
Guidelines or (ii) any adoption of or change in any other law, governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or not having the force of law) after the Agreement Effective Date which
affects the amount of capital or liquidity required or expected to be maintained by any Lender or any lending office of such Lender or any corporation controlling any Lender. Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, 

  
 -29- 

 
guidelines and directives promulgated thereunder and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a “Change”, regardless of the date adopted, issued, promulgated or
implemented. “Risk-Based Capital Guidelines” means (i) the risk-based capital guidelines in effect in the United States on the Agreement Effective Date, including transition rules, and (ii) the corresponding capital regulations promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, including transition rules, and
any amendments to such guidelines, rules and regulations adopted prior to the Agreement Effective Date.
 3.3. Availability of Types of
Advances. If any Lender in good faith determines that maintenance of any of its LIBOR Rate Loans at a suitable Lending Installation would violate any applicable law, rule, regulation or directive, whether or not having the force of law, such
Lender shall promptly notify the Administrative Agent thereof and the Administrative Agent shall, with written notice to Borrower, suspend the availability of LIBOR Rate Advances and require any LIBOR Rate Advances to be repaid; or if the Required
Lenders in good faith determine that (i) deposits of a type or maturity appropriate to match fund LIBOR Rate Advances are not available, the Administrative Agent shall, with written notice to Borrower, suspend the availability of LIBOR Rate Advances
with respect to any LIBOR Rate Advances made after the date of any such determination, or (ii) an interest rate applicable to a LIBOR Rate Advance does not accurately reflect the cost of making such a LIBOR Rate Advance, then, if for any reason
whatsoever the provisions of Section 3.1 are inapplicable, the Administrative Agent shall, with written notice to Borrower, suspend the availability of any LIBOR Rate Advances made after the date of any such determination. If the Borrower is
required to so repay a LIBOR Rate Advance, such LIBOR Rate Advances shall be converted to Floating Rate Advances.
 3.4. Funding
Indemnification. If any payment of a LIBOR Rate Advance occurs on a date which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, or a LIBOR Rate Advance is not made or continued 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 3.3, the Borrower will indemnify each Lender for any loss or cost incurred by it resulting therefrom,
including, without limitation, any loss or cost (incurred or expected to be incurred) in liquidating or employing deposits acquired to fund or maintain the LIBOR Rate Advance and shall pay all such losses or costs within fifteen (15) days after
written demand therefor.
 3.5. Taxes.

(i) All payments by the Borrower to or for the account of any Lender or the Administrative Agent on behalf of the Lenders
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 on behalf of the Lenders, (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 3.5) such Lender or the
Administrative Agent on behalf of the Lenders (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 30 days after such payment is made.

  
 -30- 

 (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 3.5) paid by the Administrative Agent on behalf of the Lenders or such Lender and any liability
(including penalties, interest and expenses) arising therefrom or with respect thereto. Payments due under this indemnification shall be made within 30 days of the date the Administrative Agent or such Lender makes demand therefore pursuant to
Section 3.6.
 (iv) Each Lender that is not incorporated under the laws of the United States of America, a state
thereof or the District of Columbia (each a “Non-U.S. Lender”) agrees that it will, not more than ten Business Days after the date it becomes a party to this Agreement, (i) deliver to the Borrower and the Administrative Agent two
duly completed copies of United States Internal Revenue Service Form W-8BEN (or W-8BEN-E, as applicable) 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 Borrower and 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 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 3.5 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 

  
 -31- 

 
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.
 (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 3.5(vii) shall survive the payment of the Obligations and termination of this Agreement and any such Lender obligated to indemnify the Administrative
Agent shall not be entitled to indemnification from the Borrower with respect to such amounts, whether pursuant to this Article III or otherwise, except to the extent the Borrower participated in the actions giving rise to such liability.

 (viii) If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative
Agent at the time or times prescribed by applicable law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)
of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to
determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (viii), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 
 3.6. Lender Statements; Survival of Indemnity; Delay in Requests. To
the extent reasonably possible, each Lender shall designate an alternate Lending Installation with respect to its LIBOR Rate Loans to reduce any liability of the Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or to
avoid the unavailability of LIBOR Rate Advances under Section 3.3, so long as such designation is not, in the reasonable judgment of such Lender, disadvantageous to such Lender. 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 Sections 3.1, 3.2, 3.4 or 3.5. 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 Rate Loan shall be calculated as though each Lender
funded its LIBOR Rate 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.

  
 -32- 

 
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 3.1, 3.2, 3.4 and 3.5 shall survive payment of the Obligations and termination of this Agreement. Failure or delay on the part of any Lender to demand compensation pursuant to
Section 3.1 or 3.2 shall not constitute a waiver of the right of such Lender to demand such compensation; provided that Borrower shall not be required to compensate a Lender pursuant to Section 3.1 or 3.2, as applicable,
for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender notifies Borrower of the Change giving rise to such increased costs or reductions, and of such Lender’s intention to claim
compensation therefor (except that, if the Change giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof). 

3.7. Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan
Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) Application. The application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such
liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b)
Effect. The effects of any Bail-in Action on any such liability, including, if applicable: 
 (1) a reduction in
full or in part or cancellation of any such liability; 
 (2) a conversion of all, or a portion of, such liability into
shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by
it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 
 (3) the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

ARTICLE IV. 
 CONDITIONS
PRECEDENT 
 4.1. Closing. On or prior to the Agreement Effective Date (i) the Borrower shall (i) have paid all applicable fees
due and payable to the Lenders, the Lead Arranger and the Administrative Agent hereunder, and (ii) the Borrower shall have furnished to the Administrative Agent, the following:

(a) The duly executed originals of the Loan Documents, including the Notes payable to the order of each of the Lenders, this
Agreement and the Disclosure Letter; 
 (b) Certificates of good standing for the Borrower from the State of Maryland,
certified by the appropriate governmental officer and dated not more than sixty (60) days prior to the Agreement Effective Date;

  
 -33- 

 (c) Copies of the formation documents (including code of regulations, if
appropriate) of the Borrower, certified by an officer of the Borrower, together with all amendments thereto;
 (d) Incumbency
certificates, executed by an officer of the Borrower, which shall identify by name and title the Persons authorized to sign the Loan Documents 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; 
 (e) Copies of
resolutions of the board of directors, sole member or other governing body, as applicable, of the Borrower (and with respect to the resolutions of the board of directors of the Borrower certified by a Secretary or an Assistant Secretary of the
Borrower), authorizing the Advances provided for herein, with respect to the Borrower, and the execution, delivery and performance of the Loan Documents to be executed and delivered by the Borrower; 

(f) A written opinion of the Borrower’s counsel, addressed to the Lenders in such form as the Administrative Agent may
reasonably approve; 
 (g) A certificate, signed by an officer of the Borrower, stating that on the initial Borrowing Date
(i) no Default or Unmatured Default has occurred and is continuing, (ii) all representations and warranties of the Borrower are true and correct, (iii) Borrower has not suffered any material adverse changes, and (iv) no action, suit, investigation
or proceeding, pending or threatened, exists in any court or before any arbitrator or Governmental Authority that purports to materially and adversely affect the Borrower or any transaction contemplated hereby, or that could have a Material Adverse
Effect on the Borrower or any transaction contemplated hereby or on the ability of the Borrower to perform its obligations under the Loan Documents, provided that such certificate is in fact true and correct; 

(h) The most recent financial statements of the Borrower; 

(i) Written money transfer instructions 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; 
 (j)
Evidence that all upfront fees due to each of the Lenders under the Fee Letter have been paid, or will be paid out of the proceeds of the initial Advance hereunder; 

(k) A certificate signed by an officer of the Borrower, setting forth in reasonable detail the calculation of the Unencumbered
Pool Value; 
 (l) All information requested by the Administrative Agent and each Lender in order to comply with applicable
“know your customer” and anti-money laundering rules and regulations, including without limitation, the Patriot Act; and 

(m) Such other documents as any Lender or its counsel may have reasonably requested, the form and substance of which documents
shall be reasonably and customarily acceptable to the parties and their respective counsel.

  
 -34- 

 4.2. Each Advance. The Lenders shall not be required to make any Advance unless on the
applicable Borrowing Date, after giving effect to such Advance: 
 (i) There exists no Default or Unmatured Default; and 

(ii) The representations and warranties contained in Article V are true and correct as of such Borrowing Date or date of
issuance, 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 have been true and correct on and as of such earlier date) and except for changes
in factual circumstances not prohibited under the Loan Documents. 
 Each Borrowing Notice with respect to each such Advance shall
constitute a representation and warranty by the Borrower that the conditions contained in Sections 4.2(i) and (ii) have been satisfied.

ARTICLE V. 

REPRESENTATIONS AND WARRANTIES

The Borrower represents and warrants to the Administrative Agent and Lenders that: 

5.1. Existence. The Borrower is a corporation duly organized and validly existing under the laws of the State of Maryland. The Borrower
has its principal place of business in Oak Brook, Illinois and is duly qualified as a foreign entity, 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, except where the failure to be so qualified, licensed and in good standing and to have the requisite authority could not reasonably be expected to have a Material Adverse Effect. Each Subsidiary Guarantor, if any, is duly
organized and validly existing under the laws of its jurisdiction of organization, and is duly qualified as a foreign entity, properly licensed (if required), and in good standing, and has all requisite authority to conduct its business, in each
jurisdiction in which its business is conducted, except where the failure to be so organized, validly existing, qualified, licensed, in good standing and to have the requisite authority could not reasonably be expected to have a Material Adverse
Effect.
 5.2. Authorization and Validity. Each of the Borrower and the Subsidiary Guarantors, if any, has the corporate power and
authority and legal right to execute and deliver the Loan Documents to which it is a party and to perform its respective obligations thereunder, except, solely with respect to the Subsidiary Guarantors, where the failure to have such power,
authority and legal right could not reasonably be expected to have a Material Adverse Effect. The execution and delivery by each of the Borrower and the Subsidiary Guarantors, if any, of the Loan Documents to which it is a party and the
performance of its respective obligations thereunder have been duly authorized by proper corporate proceedings, except, solely with respect to the Subsidiary Guarantors, if any, where the failure to have been duly authorized could not reasonably be
expected to have a Material Adverse Effect. The Loan Documents constitute legal, valid and binding obligations of the Borrower and the Subsidiary Guarantors, if any, party thereto enforceable against the Borrower and the Subsidiary Guarantors,
if any and as applicable, 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 except, solely with respect to the
Subsidiary Guarantors, if any, where the failure of the Loan Documents to be legal, valid, binding and enforceable obligations could not reasonably be expected to have a Material Adverse Effect. 

5.3. No Conflict; Government Consent. Neither the execution and delivery by the Borrower or any of the Subsidiary Guarantors, if any,
of the Loan Documents to which any of them is a party, 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 the Borrower or any of its Subsidiaries or the Borrower’s or any Subsidiary’s articles of incorporation, bylaws, articles of organization, articles of formation, certificates of trust, limited partnership certificates,

  
 -35- 

 
operating agreements, trust agreements, or limited partnership agreements, or the provisions of any indenture, instrument or agreement to which the Borrower or any of its Subsidiaries is a party
or is subject, or by which it, or its Property, is bound, or conflict with or constitute a default thereunder, except where such violation, conflict or default would not have a Material Adverse Effect, or result in the creation or imposition of any
Lien (other than Permitted Liens set forth in Section 6.16) in, of or on the Property of the Borrower or a Subsidiary pursuant to the terms of any such indenture, instrument or agreement. No order, consent, approval, license, authorization,
or 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 for the legality, validity, binding effect or
enforceability of, any of the Loan Documents.
 5.4. Financial Statements; Material Adverse Effect. All consolidated financial
statements of the Borrower and its Subsidiaries heretofore or hereafter delivered to the Lenders were prepared in accordance with GAAP in effect on the preparation date of such statements and fairly present in all material respects the consolidated
financial condition and operations of the Borrower and its Subsidiaries at such date and the consolidated results of their operations for the period then ended, subject, in the case of interim financial statements, to normal and customary year-end
adjustments. Since December 31, 2014, there has been no change in the business, properties, or condition (financial or otherwise) of the Borrower and its Subsidiaries which could reasonably be expected to have a Material Adverse Effect. 

5.5. Taxes. The Borrower 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 the Borrower or any of its Subsidiaries except (a) such taxes, if any, as are being contested in good faith and as to which adequate
reserves have been provided and (b) with respect to the Subsidiaries, to the extent the failure to so file any such returns or to pay any such taxes could not reasonably be expected to have a Material Adverse Effect. As of the Agreement
Effective Date, except as set forth in the Disclosure Letter, no tax liens have been filed and no claims are being asserted with respect to such taxes. The charges, accruals and reserves on the books of the Borrower and its Subsidiaries, taken as a
whole, in respect of any taxes or other governmental charges are adequate.
 5.6. Litigation and Guarantee Obligations. There is no
litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the knowledge of any of their officers, threatened against or affecting the Borrower or any of its Subsidiaries which could reasonably be expected to have a
Material Adverse Effect. The Borrower has no material contingent obligations not provided for or disclosed in the financial statements referred to in Section 6.1. 

5.7. Subsidiaries. All of the issued and outstanding shares of capital stock of all Subsidiary Guarantors, if any, that are
corporations have been duly authorized and issued and are fully paid and non-assessable, except to the extent that the failure or non-compliance of the same could not reasonably be expected to have a Material Adverse Effect. 

5.8. ERISA. The Unfunded Liabilities of all Single Employer Plans do not in the aggregate exceed $1,000,000. Neither Borrower 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 Borrower 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. 
 5.9. Accuracy of Information. To Borrower’s knowledge, no information, exhibit or report
furnished by the Borrower or any of its Subsidiaries to the Administrative Agent or to any Lender in 

  
 -36- 

 connection with the negotiation of, or compliance with, the Loan Documents contained any material misstatement of
fact or omitted to state a material fact or any fact necessary to make the statements contained therein not misleading provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in
good faith based upon assumptions that Borrower believed to be reasonable at the time. 
 5.10. Regulations U and X. The Borrower has
not used the proceeds of any Advance to buy or carry any margin stock (as defined in Regulation U or Regulation X) in violation of the terms of this Agreement. 

5.11. [Intentionally Omitted]. 

5.12. Compliance With Laws. The Borrower and its Subsidiaries have complied 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, except for any non-compliance which
would not have a Material Adverse Effect. Neither Borrower nor any Subsidiary has received any written notice to the effect that their 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. 
 5.13. Ownership of Properties. On the
date of this Agreement, the Borrower and its Subsidiaries will have good and marketable title, free of all Liens other than those permitted by Section 6.16, to all of the Property and assets reflected in the financial statements as owned by
it, other than those assets represented by mortgage receivables that are required to be consolidated despite the fact that title to the mortgaged assets is not in the Borrower or any of its Subsidiaries and except, solely with respect to the
Subsidiaries, to the extent that the failure to have such title or the existence of such Liens could not reasonably be expected to have a Material Adverse Effect. 

5.14. Investment Company Act. Neither the Borrower nor any Subsidiary is an “investment company” or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. 
 5.15.
[Intentionally Omitted]. 
 5.16. Solvency. 

(i) Immediately after the Agreement Effective 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 Borrower and its Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, subordinated, contingent or otherwise, of
the Borrower and its Subsidiaries on a consolidated basis; (b) the present fair saleable value of the Property of the Borrower and its Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable
liability of the Borrower and its 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 Borrower and its
Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become 

  
 -37- 

 
absolute and matured; and (d) the Borrower and its 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) The Borrower does not intend
to, or to permit any Subsidiary Guarantor to, and does not believe that it or any Subsidiary Guarantor will, incur debts beyond their 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 Guarantor 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 Guarantor, except, solely with respect to the Subsidiary Guarantors, to the
extent the same could not reasonably be expected to have a Material Adverse Effect.
 5.17. Insurance The Borrower and its
Subsidiaries carry insurance on their Projects, including the Unencumbered Pool Properties, with financially sound and reputable insurance companies, in such amounts, with such deductibles and covering such risks as are customarily carried by
companies engaged in similar businesses and owning similar Projects in localities where the Borrower and its Subsidiaries operate, 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 Projects (to the extent replacement cost insurance is maintained by companies engaged in similar business and owning similar properties); 

(ii) Builder’s risk insurance for any Project under construction in the amount of the construction cost of such
Project;
 (iii) Loss of rental income insurance in the amount not less than one year’s gross revenues from the
Projects; and 
 (iv) Comprehensive general liability or umbrella insurance in the amount of $20,000,000 per occurrence.

5.18. Borrower Status. The Borrower is qualified as a real estate investment trust under Section 856 of the Code and currently is in
compliance in all material respects with all provisions of the Code applicable to the qualification of the Borrower as a real estate investment trust.

5.19. Environmental Matters. Each of the following representations and warranties is true and correct on and as of the Agreement
Effective Date 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:

(a) To the knowledge of the Borrower, the Projects of the Borrower and its Subsidiaries do not contain any Materials of
Environmental Concern in amounts or concentrations which constitute a violation of, or could reasonably give rise to liability of the Borrower or any Subsidiary under, Environmental Laws. 

(b) To the knowledge of the Borrower, (i) the Projects of the Borrower and its Subsidiaries and all operations at the Projects
are in compliance with all applicable Environmental Laws, and (ii) with respect to all Projects owned by the Borrower and/or its 

  
 -38- 

 
Subsidiaries (x) for at least two (2) years, have in the last two years, or (y) for less than two (2) years, have for such period of ownership, been in compliance in all material respects with
all applicable Environmental Laws.
 (c) Neither the Borrower nor any of its Subsidiaries has received any written 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 the Borrower have knowledge or reason to believe that
any such notice will be received or is being threatened. 
 (d) To the knowledge of the Borrower, Materials of Environmental
Concern have not been transported or disposed of from the Projects of the Borrower and its Subsidiaries in violation of, or in a manner or to a location which could reasonably give rise to liability of the Borrower or any Subsidiary 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 the Borrower and its Subsidiaries in violation of, or in a manner that could give rise to
liability of the Borrower or any Subsidiary under, any applicable Environmental Laws.
 (e) No judicial proceedings or
governmental or administrative action is pending, or, to the knowledge of the Borrower, threatened, under any Environmental Law to which the Borrower or any of its Subsidiaries is or, to the Borrower’s knowledge, will be named as a party with
respect to the Projects of the Borrower and its Subsidiaries, nor 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 the Borrower and its Subsidiaries.
 (f) To the knowledge of the Borrower,
there has been no release or threat of release of Materials of Environmental Concern at or from the Projects of the Borrower and its Subsidiaries, or arising from or related to the operations of the Borrower 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. 
 5.20. OFAC;
Sanctions Representation. The Borrower is not, and shall not be at any time, a person with whom the Lenders are restricted from doing business under the regulations of OFAC (including, those Persons named on OFAC’s Specially Designated and
Blocked Persons list) or under any statute, executive order (including, the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental
action and is not and shall not engage in any dealings or transactions or otherwise be associated with such persons. In addition, the Borrower hereby agrees to provide to the Administrative Agent any information that the Administrative Agent deems
necessary from time to time in order to ensure compliance with all applicable Laws concerning money laundering and similar activities.    The Borrower has implemented and maintains in effect policies and procedures designed to
ensure compliance by the Borrower, its Subsidiaries and the Borrower’s and its Subsidiaries’ respective directors, officers, employees and agents (in their capacities as such) with Anti-Corruption Laws and applicable Sanctions, and the
Borrower, its Subsidiaries and the Borrower’s, its Subsidiaries’ and, to the knowledge of the Borrower, their respective directors, officers, employees and agents are in compliance with Anti-Corruption Laws and applicable Sanctions in all
material respects. None of the Borrower or its Subsidiaries is, or derives any of its assets or operating income from investments in or transactions with, a Sanctioned Person and, to the knowledge of the Borrower, none of the respective
directors, officers, or to the knowledge of the Borrower, employees or agents of the Borrower or any of its Subsidiaries is a Sanctioned Person. 

  
 -39- 

 5.21. Intellectual Property. Except as could not reasonably be expected to have a
Material Adverse Effect: 
 (i) Borrower and each of its Subsidiaries owns or has the right to use, under valid license
agreements or otherwise, all material patents, licenses, franchises, trademarks, trademark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual Property”) necessary to the conduct of their
respective businesses as now conducted and as contemplated by the Loan Documents, without known conflict with any patent, license, franchise, trademark, trade secret, trade name, copyright, or other proprietary right of any other Person; 

(ii) Borrower and each of its Subsidiaries have taken all such steps as they deem reasonably necessary to protect their
respective rights under and with respect to such Intellectual Property; 
 (iii) No claim has been asserted by any Person
with respect to the use of any Intellectual Property by Borrower or any of its Subsidiaries, or challenging or questioning the validity or effectiveness of any Intellectual Property; and 

(iv) The use of such Intellectual Property by Borrower and each of its Subsidiaries does not infringe on the rights of any
Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on the part of the Borrower or any of its Subsidiaries. 

5.22. Broker’s Fees. No broker’s or finder’s fee, commission or similar compensation will be payable with respect to the
transactions contemplated hereby. Except as provided in the Fee Letter, no other similar fees or commissions will be payable by any Lender for any other services rendered to the Borrower, any of the Subsidiaries of the Borrower or any other Person
ancillary to the transactions contemplated hereby. 
 5.23. Unencumbered Pool Properties. As of the Agreement Effective Date,
Schedule 1 is, in all material respects, a correct and complete list of all Unencumbered Pool Properties. Each of the assets included by the Borrower in calculations of the Unencumbered Pool Value satisfies all of the requirements contained
in this Agreement for the same to be included therein. 
 5.24. No Bankruptcy Filing. Borrower is not contemplating either the filing
of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of its assets or property, and Borrower has no knowledge of any Person contemplating the filing of any such petition against Borrower. 

5.25. No Fraudulent Intent. Neither the execution and delivery of this Agreement or any of the other Loan Documents nor the performance
of any actions required hereunder or thereunder is being undertaken by Borrower with or as a result of any actual intent by any of such Persons to hinder, delay or defraud any entity to which Borrower is now or will hereafter become indebted. 

5.26. Transaction in Best Interests of Borrower; Consideration. The transaction evidenced by this Agreement and the other Loan
Documents is in the best interests of Borrower. The direct and indirect benefits to inure to Borrower pursuant to this Agreement and the other Loan Documents constitute substantially more than “reasonably equivalent value” (as such term is
used in §548 of the Bankruptcy Code) and “valuable consideration,” “fair value,” and “fair consideration” (as such terms are used in any applicable state fraudulent conveyance law), in exchange for the benefits to
be provided by Borrower pursuant to this Agreement and the other Loan Documents. Borrower and its Subsidiaries constitute a single integrated financial enterprise and each receives a benefit from the availability of credit under this Agreement. 

  
 -40- 

 5.27. Subordination. Borrower is not a party to or bound by any agreement, instrument or
indenture that may require the subordination in right or time of payment of any of the Obligations to any other indebtedness or obligation of any such Persons. 

5.28. [Intentionally Omitted]. 

5.29. Anti-Terrorism Laws. 

(i) None of the Borrower, any of its Subsidiaries or, to the Borrower’s knowledge, any of its other Affiliates is in
violation of any laws or regulations relating to terrorism or money laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the “Executive Order”) and the
Patriot Act. 
 (ii) None of the Borrower, any of its Subsidiaries or, to the Borrower’s knowledge, any of its other
Affiliates, or any of its brokers or other agents acting or benefiting from the Facility is a Prohibited Person. A “Prohibited Person” is any of the following: 

(1) a person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; 

(2) a person or entity owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the Annex
to, or is otherwise subject to the provisions of, the Executive Order; 
 (3) a person or entity with whom any Lender is
prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 
 (4) a person or entity who
commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; or 
 (5) a
person or entity that is named as a “specially designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or
other replacement official publication of such list. 
 (iii) None of the Borrower, any of its Subsidiaries or, to the
Borrower’s knowledge, any of its other Affiliates or any of its brokers or other agents acting in any capacity in connection with the Facility (1) conducts any business or engages in making or receiving any contribution of funds, goods or
services to or for the benefit of any Prohibited Person, (2) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order, or (3) engages in or conspires to engage in
any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 

  
 -41- 

 Borrower shall not (1) conduct any business or engage in making or receiving any contribution of
funds, goods or services to or for the benefit of any Prohibited Person, (2) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order or any other Anti-Terrorism Law,
or (3) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law (and Borrower shall deliver to
Administrative Agent any certification or other evidence requested from time to time by Administrative Agent in its reasonable discretion, confirming Borrower’s compliance herewith). 

ARTICLE VI. 
 COVENANTS

 During the term of this Agreement, unless the Required Lenders shall otherwise consent in writing: 

6.1. Financial Reporting. The Borrower will maintain for the Consolidated Group a system of accounting established and administered in
accordance with GAAP, and furnish to the Administrative Agent and the Lenders: 
 (i) As soon as available, but in any event
not later than 45 days after the close of each fiscal quarter, for the Borrower and its Subsidiaries, financial statements prepared in accordance with GAAP, including an unaudited consolidated balance sheet as of the close of each such period and
the related unaudited consolidated income statement and statement of cash flows of the Borrower and its 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, if any, all certified by an Authorized Officer of the Borrower; 
 (ii) As soon as
available, but in any event not later than 45 days after the close of each fiscal quarter, for the Borrower and its Subsidiaries, the following reports in form and substance reasonably satisfactory to the Administrative Agent, all certified by an
Authorized Officer of the Borrower: 
 (1) a schedule listing all Projects and summary information for each Project,
including location, square footage, occupancy, Net Operating Income, debt, and such additional information on all Projects as may be reasonably requested by the Administrative Agent, and 

(2) a statement of the Adjusted Unencumbered Pool NOI and occupancy percentage of the Unencumbered Pool as of the end of the
prior fiscal quarter. 
 (iii) As soon as available, but in any event not later than 90 days after the close of each fiscal
year, for the Borrower and its 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, without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, prepared by independent certified
public accountants of nationally recognized standing reasonably acceptable to Administrative Agent, and indicating no material weakness in Borrower’s internal controls, together with such additional information and consolidating schedules as
may be reasonably requested by the Administrative Agent; 

  
 -42- 

 (iv) As soon as available, but in any event not later than 90 days after the
close of each fiscal year for the Borrower and its Subsidiaries, a statement detailing the contributions to Consolidated NOI from each individual Project for the prior fiscal year in form and substance reasonably satisfactory to the Administrative
Agent, certified by an Authorized Officer of the Borrower; 
 (v) Together with the quarterly and annual financial statements
required hereunder, a Compliance Certificate showing the calculations and computations necessary to determine compliance with this Agreement and stating that, to the knowledge of the Authorized Officer signing such Compliance Certificate, no Default
or Unmatured Default exists, or if, to such Authorized Officer’s knowledge, any Default or Unmatured Default exists, stating the nature and status thereof;

(vi) As soon as possible and in any event within 10 days after an Authorized Officer of the Borrower knows that any Reportable
Event has occurred with respect to any Plan, a statement, signed by an Authorized Officer of the Borrower, describing said Reportable Event and the action which the Borrower proposes to take with respect thereto;

(vii) As soon as possible and in any event within 10 days after receipt by an Authorized Officer of the Borrower, a copy of (a)
any notice or claim to the effect that the Borrower or any of its Subsidiaries is or may be liable to any Person as a result of the release by the Borrower, 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 such Borrower or any of its Subsidiaries, which, in either case, could have a Material Adverse
Effect;
 (viii) Promptly upon the furnishing thereof to the shareholders of the Borrower, copies of all financial
statements, reports and proxy statements so furnished, including without limitation all form 10-K and 10-Q reports filed with the SEC; and 

(ix) Such other information (including, without limitation, financial statements for the Borrower and non-financial
information) as the Administrative Agent or any Lender may from time to time reasonably request. 
 6.2. Use of Proceeds. 

(a) The Borrower will use the proceeds of the Advances solely (i) to finance the cost of the Borrower’s or its
Subsidiaries’ acquisition, development and redevelopment of Projects, and related tenant improvements, capital expenditures, leasing commissions, (ii) for bridge debt financing for acquisitions, and (iii) for working capital, including without
limitation, the repurchase of any common shares of the Borrower (subject to clause (b) below), payment of “earn-outs,” other payments Borrower or any Subsidiary is contractually obligated to make as a result of any prior acquisitions of
Projects, contractually obligated payments for redemptions of membership interests under limited liability company operating agreements, and margin payments with respect to Marketable Securities. 

  
 -43- 

 (b) The Borrower will not, nor will it permit any Subsidiary to, use any of the
proceeds of the Advances (i) to purchase or carry any “margin stock” (as defined in Regulation U or Regulation X) if such usage could constitute a violation of Regulation U or Regulation X by any Lender, (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, or (iii) directly or, to the knowledge of the Borrower, indirectly in any manner which would violate
Anti-Corruption Laws, Anti-Terrorism Laws or applicable Sanctions.
 6.3. Notice of Default. The Borrower will give, and will cause
each of its Subsidiaries to give, notice in writing to the Administrative Agent and the Lenders of the occurrence of any Default or Unmatured Default promptly after an Authorized Officer obtains knowledge of the same and of any other development,
financial or otherwise (including the filing of material litigation), which could reasonably be expected to have a Material Adverse Effect.

6.4. Conduct of Business. The Borrower will do, and will cause each of its Subsidiaries to do, all things necessary to remain duly
incorporated or duly qualified, validly existing and in good standing as a real estate investment trust, corporation, general partnership, limited partnership, or limited liability company, as the case may be, in its jurisdiction of
incorporation/formation (except with respect to mergers permitted pursuant to Section 6.12) 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 they are presently conducted where the failure to do so could reasonably be expected to have a Material Adverse Effect and, specifically, neither the Borrower nor its Subsidiaries may undertake any
business other than the acquisition, development, ownership, management, operation and leasing of Projects, and any business activities and investments incidental thereto. 

6.5. Taxes. The Borrower will pay, and will cause each Subsidiary to pay, when due all federal, state and all other material taxes,
assessments and governmental charges and levies upon them or their income, profits or Projects, except (i) those which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set aside and
(ii) as set forth in the Disclosure Letter.
 6.6. Insurance. The Borrower will, and will cause each of its Subsidiaries to, maintain
insurance which is consistent with the representation contained in Section 5.17 on all their Property and the Borrower will furnish to any Lender upon reasonable request full information as to the insurance carried.

6.7. Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations,
orders, writs, judgments, injunctions, decrees or awards to which they may be subject, the violation of which could reasonably be expected to have a Material Adverse Effect.    The Borrower will maintain in effect and enforce
policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, Anti-Terrorism Laws and applicable Sanctions. 

6.8. Maintenance of Properties. The Borrower will, and will cause each of its Subsidiaries to, do all things necessary to maintain,
preserve, protect and keep their respective Projects and Properties, reasonably necessary for the continuous operation of the Projects, in good repair, working order and condition, ordinary wear and tear excepted, except where the failure to do so
could not reasonably be expected to have a Material Adverse Effect.

  
 -44- 

 6.9. Inspection. The Borrower will, and will cause each of its Subsidiaries to, permit the
Administrative Agent or any Lender (which shall be coordinated through the Administrative Agent) upon reasonable prior written notice to an Authorized Officer and at no cost or expense to Borrower (unless a Default shall then exist), by their
respective representatives and agents, to inspect any of the Projects, corporate books and financial records of the Borrower and each of its Subsidiaries, to examine and make copies of the books of accounts and other financial records of the
Borrower and each of its Subsidiaries, and to discuss the affairs, finances and accounts of the Borrower and each of its Subsidiaries with officers thereof, and to be advised as to the same by, their respective officers at such reasonable times and
intervals as the Lenders may designate.
 6.10. Maintenance of Status. The Borrower shall at all times maintain its status as a real
estate investment trust in compliance with all applicable provisions of the Code relating to such status.
 6.11. Dividends. Subject
to the following sentence, Borrower may (i) make any distributions in redemption of any Capital Stock of the Borrower and (ii) make or declare any dividends or similar distributions with respect to its common Capital Stock; provided that
during the continuation of any Default, the Borrower shall not declare or make any such dividends or distributions except that the Borrower may declare and make cash distributions to its shareholders in an aggregate amount not to exceed the greater
of (x) an amount equal to ninety percent (90%) of Borrower’s real estate investment trust taxable income and (y) the minimum amount necessary for the Borrower to remain in compliance with Section 6.10. If a Default specified in
Section 7.1, Section 7.6 or Section 7.7 shall exist, or if as a result of the occurrence of any other Default any of the Obligations have been accelerated pursuant to Section 8.1, the Borrower shall not, and shall not
permit any Subsidiary to, make any dividends or distributions to any Person other than the Borrower or a Subsidiary; provided that, in the case of a Subsidiary that is not a Wholly-Owned Subsidiary, such Subsidiary may make distributions to
holders of Capital Stock in such Subsidiary ratably according to the holders’ respective holdings of the type of Capital Stock in respect of which such distributions are being made and provided further that the Borrower may, in all events, make
cash distributions to its shareholders in an aggregate amount equal to the minimum amount necessary for Borrower to remain in compliance with Section 6.10. 

6.12. Merger. The Borrower will not, nor will it permit any of its Subsidiaries to, enter into any merger (other than mergers in which
the Borrower (in any merger involving the Borrower) or one of its Subsidiaries is the survivor and mergers of Subsidiaries as part of transactions that are not otherwise prohibited by the Agreement or any other Loan Document), consolidation,
reorganization or liquidation or transfer or otherwise dispose of all or a Substantial Portion of their Properties, except for (a) such transactions that occur between Subsidiaries or between the Borrower and a Subsidiary, (b) mergers solely to
change the jurisdiction of organization of a Subsidiary, (c) transfers to or from any co-owner of an interest in any Subsidiary pursuant to buy/sell or similar rights granted in such Subsidiary’s organizational documents and (d) mergers
involving Subsidiaries to which a Substantial Portion of Total Asset Value is not attributable collectively.
 6.13. [Intentionally
Omitted].
 6.14. Sale and Leaseback. The Borrower will not, nor will it permit any of its Subsidiaries to, sell or transfer a
Substantial Portion of its Property in order to concurrently or subsequently lease such Property as lessee.
 6.15. [Intentionally
Omitted].

  
 -45- 

 6.16. Liens. The Borrower will not, nor will it permit any of its Subsidiaries to,
create, incur, or suffer to exist any Lien in, of or on the Property of the Borrower or any of its Subsidiaries, except:

(i) Liens for taxes, assessments or governmental charges or levies on its 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 its books, or which are on a Project whose contribution to Total
Asset Value is either less than the outstanding principal balance of Secured Indebtedness encumbering such Project or does not exceed such principal balance by more than five percent (5%); 

(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 60 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 their
books; 
 (iii) Liens arising out of pledges or deposits under workers’ compensation laws, unemployment insurance, old
age pensions, or other social security or retirement benefits, or similar legislation;
 (iv) Easements, restrictions 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 adversely affect the marketability of the same or adversely
interfere with the use thereof in the business of the Borrower or its Subsidiaries; 
 (v) Liens arising out of
non-compliance with the requirements of Section 6.5, as and to the extent set forth in the Disclosure Letter; and 

(vi) Liens other than Liens described in subsections (i) through (iv) above arising in connection with any Indebtedness
permitted hereunder to the extent such Liens will not result in a Default in any of Borrower’s covenants herein. 
 Liens permitted pursuant to this
Section 6.16 shall be deemed to be “Permitted Liens”. 
 6.17. Affiliates. The Borrower will not, nor will it permit
any of its 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 Borrower’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary than the Borrower or such Subsidiary would obtain in a comparable
arms-length transaction. 
 6.18. Financial Undertakings. The Borrower will not enter into or remain liable upon, nor will it permit
any Subsidiary to enter into or remain liable upon, any Financial Undertaking, except to the extent entered into for the purpose of protecting the Borrower and its Subsidiaries against increases in interest payable by them under variable interest
Indebtedness.
 6.19. [Intentionally Omitted]. 

6.20. [Intentionally Omitted].

  
 -46- 

 6.21. Indebtedness and Cash Flow Covenants. The Borrower on a consolidated basis with its
Subsidiaries shall not permit:
 (i) the Leverage Ratio to exceed 60.0%; provided, that if such ratio is greater than
60.0%, then the Borrower shall be deemed to be in compliance with this Section 6.21(i) so long as (a) the Borrower completed a Material Acquisition during the quarter in which such ratio first exceeded 60.0%, (b) such ratio does not exceed
60.0% for a period of more than one fiscal quarter immediately following the fiscal quarter in which such Material Acquisition was completed, (c) the Borrower has not maintained compliance with this Section 6.21(i) in reliance on this proviso
more than two times during the term of this Agreement and (d) such ratio is not greater than 65.0% at any time;
 (ii) the
Fixed Charge Coverage Ratio to be less than 1.50 to 1.00; 
 (iii) the Unencumbered Leverage Ratio to exceed 60.0%; provided,
that if such ratio is greater than 60.0%, then the Borrower shall be deemed to be in compliance with this Section 6.21(iii) so long as (a) the Borrower completed a Material Acquisition during the quarter in which such ratio first exceeded
60.0%, (b) such ratio does not exceed 60.0% for a period of more than one fiscal quarter immediately following the fiscal quarter in which such Material Acquisition was completed, (c) the Borrower has not maintained compliance with this Section
6.21(iii) in reliance on this proviso more than two times during the term of this Agreement and (d) such ratio is not greater than 65.0% at any time; provided, further, that no breach of this Section 6.21(iii) shall occur (or be deemed to
have occurred) unless and until Borrower has failed to make the principal payments required to restore compliance with this covenant as provided in Section 2.8(b); 

(iv) the Unencumbered Interest Coverage Ratio to be less than 1.75 to 1:00; and 

(v) Secured Indebtedness to be more than forty-five percent (45%) of Total Asset Value. 

6.22. Environmental Matters. The Borrower and its Subsidiaries shall: 

(a) Comply with, and use all 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 all reasonable 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; provided that in no event shall the Borrower or its Subsidiaries be required to modify
the terms of leases, or renewals thereof, with existing tenants (i) at Projects owned by the Borrower or its Subsidiaries as of the date hereof, or (ii) at Projects hereafter acquired by the Borrower or its Subsidiaries as of the date of such
acquisition, to add provisions to such effect. 
 (b) 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
(i) 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 (ii) the Borrower has determined in good faith that contesting
the same is not in the best interests of the Borrower and its Subsidiaries and the failure to contest the same could not be reasonably expected to have a Material Adverse Effect. 

  
 -47- 

 (c) Defend, indemnify and hold harmless Administrative Agent and each Lender, and
its respective officers, directors, agents and representatives 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 Borrower, its 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 therefore. This indemnity shall continue in full force and effect regardless of the termination of this Agreement. 

(d) Prior to the acquisition of a new Project after the Agreement Effective Date, perform or cause to be performed a
commercially reasonable environmental investigation with respect to such Project. In connection with any such investigation, Borrower shall cause to be prepared a report of such investigation, to be made available to any Lenders upon reasonable
request, for informational purposes and to assure compliance with the specifications and procedures. 
 6.23. [Intentionally
Omitted].
 6.24. [Intentionally Omitted]. 

6.25. Negative Pledges. The Borrower agrees that neither the Borrower nor any other members of the Consolidated Group shall enter into
or be subject to any agreement governing any Indebtedness which constitutes a Negative Pledge other than (i) restrictions on further subordinate Liens on Projects encumbered by a mortgage, deed to secure debt or deed of trust securing such
Indebtedness, (ii) covenants in any Unsecured Indebtedness requiring that the Consolidated Group maintain a pool of unencumbered properties of a size determined by reference to the total amount of Unsecured Indebtedness of the Consolidated Group on
substantially similar terms to those provisions contained herein regarding the Unencumbered Pool (including without limitation clauses (iii) and (iv) of Section 6.21 above), but that do not generally prohibit the encumbrance of the Borrower’s
or the Consolidated Group’s assets, or the encumbrance of any specific assets or (iii) Negative Pledges with respect to any Project that is not an Unencumbered Pool Property (it being agreed that a Project that is included as an Unencumbered
Pool Property that becomes subject to a Negative Pledge not otherwise permitted under clause (d) of the definition of the term “Qualifying Unencumbered Pool Property” shall be deemed removed as an Unencumbered Pool Property).

6.26. Subsidiary Guaranty.

(a) The Borrower shall cause each Wholly-Owned Subsidiary which satisfies either of the following applicable conditions to execute and deliver
to the Administrative Agent a joinder to the Subsidiary Guaranty in the form of Exhibit A attached to the form of Subsidiary Guaranty (or if the Subsidiary Guaranty is not then in effect, the Subsidiary Guaranty executed by such Subsidiary)
within 10 Business Days of such Subsidiary first satisfying such condition: (x) such Subsidiary incurs, acquires or suffers to exist Guarantee Obligations, or otherwise becomes obligated with respect to, any Indebtedness of another Person or (y)(i)
such Subsidiary owns an Unencumbered Pool Property or other asset the value of which is included in the determination of Unencumbered Pool Value and (ii) such Subsidiary, or any 

  
 -48- 

 
other Subsidiary that directly or indirectly owns any Capital Stock in such Subsidiary, incurs, acquires or suffers to exist (whether as a borrower, co-borrower, guarantor or other obligor) any
Recourse Indebtedness. Together with each such joinder (or if the Subsidiary Guaranty is not then in effect, the Subsidiary Guaranty), the Borrower shall cause to be delivered to the Administrative Agent the organizational documents,
certificates of good standing, resolutions and a legal opinion regarding such Subsidiary Guarantor, all in form and substance reasonably satisfactory to the Administrative Agent and consistent with the corresponding items delivered by the Borrower
under Section 4.1(ii). At the time any Subsidiary becomes a Subsidiary Guarantor, the Borrower shall be deemed to make to the Administrative Agent and the Lenders all of the representations and warranties (subject in all cases to all
materiality qualifiers and other exceptions in such representations and warranties) contained in the Agreement and the other Loan Documents to the extent they apply to such Subsidiary Guarantor. 

(b) From time to time, the Borrower may request, upon not less than two (2) Business Days prior written notice to the Administrative Agent,
that a Subsidiary Guarantor be released from the Subsidiary Guaranty, and upon receipt of such request the Administrative Agent shall release, such Subsidiary Guarantor from the Subsidiary Guaranty so long as: (i) such Subsidiary Guarantor is not,
or immediately upon its release will not be, required to be a party to the Subsidiary Guaranty under the immediately preceding subsection (a), (ii) no Unmatured Default or Default will exist immediately following such release; and (iii) the
representations and warranties (subject in all cases to all materiality qualifiers and other exceptions in such representations and warranties) contained in Article V shall be true and correct as of the date of such release and immediately
after giving effect to such release, 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 have been true and correct on and as of such earlier
date) and except for changes in factual circumstances not prohibited under the Loan Documents. Delivery by the Borrower to the Administrative Agent of any such request shall constitute a representation by the Borrower that the matters set forth
in the preceding sentence (both as of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct with respect to such request. The Administrative Agent shall execute such documents and
instruments as the Borrower may reasonably request, and at the Borrower’s sole cost and expense, to evidence such release. 
 6.27.
Amendments to Organizational Documents. As and to the extent the same would have a Material Adverse Effect, the Borrower shall not permit any amendment to be made to its organizational documents without the prior written consent of the
Required Lenders. 
 ARTICLE VII. 

DEFAULTS 
 The occurrence
of any one or more of the following events shall constitute a Default: 
 7.1. Nonpayment of any principal payment due hereunder or under
any Note when due. Nonpayment of interest hereunder or upon any Note or of any Unused Fee or other payment Obligations under any of the Loan Documents within five (5) Business Days after the same becomes due. 

7.2. The breach of any of the terms or provisions of Article VI (other than Sections 6.1, 6.2, 6.5, 6.7,
6.8, 6.16, 6.22, 6.25 and 6.26). 
 7.3 Any representation or warranty made or deemed made by or on
behalf of the Borrower or any other members of the Consolidated Group to the Lenders or the Administrative Agent under or in connection with the Agreement, any Loan, or any material certificate or information delivered in connection with the
Agreement or any other Loan Document shall be materially false on the date as of which made. 

  
 -49- 

 7.4. The breach by the Borrower (other than a breach which constitutes a Default under Section
7.1, 7.2 or 7.3) of any of the terms or provisions of the Agreement which is not remedied within thirty (30) days after written notice from the Administrative Agent or any Lender. 

7.5. Failure of the Borrower or any other member of the Consolidated Group to pay when due any Recourse Indebtedness with respect to which the
aggregate recourse liability exceeds $50,000,000 (excluding certain Indebtedness as set forth in the Disclosure Letter)(any such Recourse Indebtedness in excess of such limit being referred to herein as “Material Indebtedness”); or
the default by the Borrower or any other member of the Consolidated Group in the performance of any term, provision or condition contained in any agreement, or any other event shall occur or condition exist, which causes, or permits, any such
Material Indebtedness to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the stated maturity thereof. 

7.6 The Borrower or any other member of the Consolidated Group (other than any such other member of the Consolidated Group that, together with
all other members of the Consolidated Group (other than Borrower) then subject to any proceeding or condition described in this Section or the immediately following Section 7.7, does not account for more than 5.0% of Total Asset Value at such
time) 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, (v) take any corporate action to authorize or effect any of the foregoing actions set forth
in this Section 7.6, (vi) fail to contest in good faith any appointment or proceeding described in Section 7.7 or (vii) admit in writing its inability to pay its debts generally as they become due. 

7.7. A receiver, trustee, examiner, liquidator or similar official shall be appointed for the Borrower or any other member of the Consolidated
Group (other than any such other member of the Consolidated Group that, together with all other members of the Consolidated Group (other than Borrower) then subject to any proceeding or condition described in this Section or the immediately
preceding Section 7.6, does not account for more than 5.0% of Total Asset Value at such time) or for any Substantial Portion of the Property of the Borrower or such other member of the Consolidated Group, or a proceeding described in
Section 7.6(iv) shall be instituted against the Borrower or any such other member of the Consolidated Group and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of ninety (90)
consecutive days. 
 7.8. The Borrower or any other member of the Consolidated Group shall fail within sixty (60) days to pay, bond or
otherwise discharge any judgments or orders issued in proceedings with respect to which Borrower or such member has been properly served or has been given due and proper written notice for the payment of money in an amount which, (excluding,
however, any such judgments or orders related to any then outstanding Indebtedness which is not Recourse Indebtedness and which was not paid when due or is otherwise in default as described in Section 7.5 above, not to exceed, if such
Indebtedness is included in Material Indebtedness, in the aggregate the $150,000,000 limit set forth in such Section 7.5 if such limit is then applicable), when added to all other judgments or orders outstanding against the Borrower or any
other member of the Consolidated Group would exceed $50,000,000 in the aggregate, which have not been stayed on appeal or otherwise appropriately contested in good faith.

  
 -50- 

 7.9. 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 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 $500,000 per annum. 

7.10. 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 Borrower and the other members of the Controlled
Group (taken as a whole) to all 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 $500,000. 
 7.11. The
occurrence of any “Default” as defined in 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. 

7.12. The attempted revocation, challenge, disavowment, or termination by the Borrower or any Subsidiary Guarantor of any of the Loan
Documents. 
 7.13. Any Change in Control shall occur. 

ARTICLE VIII. 

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 

8.1. Acceleration. If any Default described in Section 7.6 or 7.7 occurs with respect to the Borrower, the obligations of
the Lenders to make Loans hereunder shall automatically terminate and the Facility Obligations shall immediately become due and payable without any election or action on the part of the Administrative Agent or any Lender. If any other Default
occurs, so long as a Default exists Lenders shall have no obligation to make any Loans and the Required Lenders, at any time prior to the date that such Default has been fully cured, may permanently terminate the obligations of the Lenders to make
Loans hereunder and declare the Facility Obligations to be due and payable, or both, whereupon (i) if the Required Lenders have elected to accelerate, the Facility Obligations shall become immediately due and payable, without presentment, demand,
protest or notice of any kind, all of which the Borrower hereby expressly waives and (ii) if any automatic or optional acceleration has occurred, the Administrative Agent, as directed by the Required Lenders (or if no such direction is given within
30 days after a request for direction, as the Administrative Agent deems in the best interests of the Lenders, in its sole discretion, until receipt of a subsequent direction from the Required Lenders), shall use its good faith efforts to collect,
including without limitation, by filing and diligently pursuing judicial action, all amounts owed by the Borrower under the Loan Documents and to exercise all other rights and remedies available under applicable law.

If, within 10 days after acceleration of the maturity of the Facility Obligations or termination of the obligations of the Lenders to make
Loans hereunder as a result of any Default (other than any Default as described in Section 7.6 or 7.7 with respect to the Borrower) and before any judgment or decree for the payment of the Facility Obligations due shall have been
obtained or entered, all of the 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.

  
 -51- 

 8.2. Amendments.

(a) Subject to the provisions of this Article VIII, the Required Lenders (or the Administrative Agent with the consent in writing of the
Required Lenders) and the Borrower may enter into agreements supplemental hereto for the purpose of adding 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 hereunder. Subject to the immediately following subsections (b) and (c), any term of this Agreement or of any other Loan Document relating to the rights or obligations of the Lenders may be amended, and the performance or observance by
the Borrower or any Subsidiary of any such terms may be waived (either generally or in a particular instance and either retroactively or prospectively) with, and only with, the written consent of the Required Lenders (and, in the case of an
amendment to any Loan Document, the written consent of the Borrower and any Subsidiary which is a party thereto). Notwithstanding anything to the contrary contained in this Section, the Fee Letter may only be amended, and the performance or
observance by the Borrower thereunder may only be waived, in a writing executed by the parties thereto. 
 (b) Additional Lender
Consents. In addition to the foregoing requirements, no amendment, waiver or consent shall: 
 (i) Extend the
Facility Termination Date without the written consent of each Lender;
 (ii) Forgive all or any portion of the principal
amount of any Loan or accrued interest thereon or of the Unused Fee or Commitment Termination Fee, reduce any of the Applicable Margins (or modify any definition herein which would have the effect of reducing any of the Applicable Margins) or the
underlying interest rate options or extend the time of payment of any such principal, interest, Unused Fees or Commitment Termination Fee without the written consent of each Lender affected thereby;

(iii) Release any Subsidiary Guarantor, except as permitted in Section 6.26, from any liability it may undertake with
respect to the Obligations without the written consent of all of the Lenders;
 (iv) Modify the definition of the term
“Required Lenders” or “Percentage” or (except as otherwise provided in the immediately following clause (v)), modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any
rights hereunder or to modify any provision hereof, without the written consent of all of the Lenders; 
 (v) Increase the
Aggregate Commitment beyond $300,000,000 without the written consent of all of the Lenders, provided that no Commitment of a Lender can be increased without the consent of such Lender;

(vi) Amend the definitions of “Commitment” or “Percentage” without the written consent of all of the
Lenders; 
 (vii) Permit the Borrower to assign its rights under the Agreement or otherwise release the Borrower from any
portion of the Obligations without the written consent of all of the Lenders;

  
 -52- 

 (viii) Cause any collateral security held by the Administrative Agent on behalf
of any of the Lenders to be held other than on a pro rata basis without the written consent of all of the Lenders;
 (ix)
Cause any Subsidiary Guarantor to guarantee the Obligations on any basis other than a pro rata basis without the written consent of all of the Lenders; or

(x) Amend Sections 2.13, 2.23, 8.1, 8.2, 8.5 or 11.2, without the written consent of all of the
Lenders.
 (c) Deemed Lender Consents. Notwithstanding anything to the contrary contained in this Agreement, the Administrative
Agent, the Lenders and the Borrower unconditionally acknowledge and agree that: (i) any Lender that is, or has an Affiliate that is, an Existing KB/WF Lender shall be deemed to have consented to a proposal to modify, waive or restate, or a request
for a consent or approval with respect to, any Applicable Provision in the same manner as (to the maximum extent possible, and otherwise to the maximum manner consistent with) any amendment, waiver, approval, consent or modification of the
corresponding provisions of the Existing KB/WF Agreement pursuant to an Approved Proposed Modification that was approved by such Lender or any of its Affiliates in their capacity as an Existing KB/WF Lender and (ii) upon such deemed consent by
Lenders described in the immediately preceding subclause (i) (together with the consent of any other Lenders under this Agreement, if necessary) constituting the Required Lenders hereunder, the Applicable Provisions of the Loan Documents shall be
concurrently deemed to be modified or restated, or such waiver, consent or approval granted with respect thereto, in the same manner as (to the maximum extent possible, and otherwise to the maximum manner consistent with) such Approved Proposed
Modification (and the applicable parties agree, upon request from the Borrower or the Administrative Agent, to execute and deliver a written document memoralizing such amendment, modification, restatement, waiver, consent, or approval) unless both
(x) the amendment, waiver, or modification of any Applicable Provision that is the subject of such Approved Proposed Modification expressly requires the consent of each Lender or each Lender affected thereby under the immediately preceding
subsection (b) and (y) at least one Lender hereunder is not also an Existing KB/WF Lender. For all purposes hereunder, in the event that the Administrative Agent is an Existing KB/WF Lender (or has an Affiliate that is an Existing KB/WF
Lender), subject only to first having obtained the consent or approval of the Required Lenders, if applicable, Administrative Agent shall be deemed to have consented to the modification, waiver or restatement, or the request for a consent or
approval with respect to, such Applicable Provision, in its capacity as the Administrative Agent hereunder, as and to the extent Administrative Agent is deemed to have consented to such matter in its capacity as a Lender under this subsection
(c). Notwithstanding anything to the contrary contained in this Section, this subsection (c) may only be amended with the prior written consent of the Administrative Agent and the Borrower. 

No amendment of any provision of the Agreement relating to the Administrative Agent shall be effective without the written consent of the Administrative
Agent. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent
of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased, reinstated or extended, and the scheduled
date for payment of any amount owing to such Defaulting Lender may not be extended, without the written consent of such Defaulting Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that
by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the written consent of such Defaulting Lender.

  
 -53- 

 8.3. 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 8.2, 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.

8.4. Insolvency of Borrower. In the event of the insolvency of the Borrower, the Commitments shall automatically terminate, the Lenders
shall have no obligation to make further disbursements of the Facility, and the outstanding principal balance of the Facility, including accrued and unpaid interest thereon, shall be immediately due and payable. 

8.5. Application of Funds. If a Default exists, any amounts received on account of the Obligations shall be applied by the
Administrative Agent in the following order:
 (a) to payment of that portion of the Obligations constituting fees,
indemnities, expenses and other amounts (including attorney costs and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;

(b) to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and
interest) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause (b) payable to
them;
 (c) to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and other
Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause (c) payable to them;

(d) to payment of that portion of the Obligations constituting unpaid principal of the Loans, ratably among the Lenders in
proportion to the respective amounts described in this clause (d) held by them; and 
 (e) the balance, if any, after all of
the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.
 ARTICLE IX. 

GENERAL PROVISIONS 
 9.1.
Survival of Representations. All representations and warranties of the Borrower contained in the Agreement shall survive delivery of the Notes and the making of the Loans herein contemplated.

9.2. Governmental Regulation. Anything contained in the Agreement to the contrary notwithstanding, no Lender shall be obligated to
extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation.

  
 -54- 

 9.3. Taxes. Any taxes (excluding taxes on the overall net income of any Lender) or other
similar assessments or charges made by any governmental or revenue authority in respect of the Loan Documents shall be paid by the Borrower, together with interest and penalties, if any. 

9.4. 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.
 9.5. Entire Agreement. The Loan Documents embody the entire agreement and
understanding among the Borrower, the Administrative Agent and the Lenders and supersede all prior commitments, agreements and understandings among the Borrower, the Administrative Agent and the Lenders relating to the subject matter thereof.

9.6. Several Obligations; Benefits of the 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. The Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to the Agreement and their respective successors and assigns.

9.7. Expenses; Indemnification. The Borrower shall reimburse the Administrative Agent for any costs, internal charges and out-of-pocket
expenses (including, without limitation, all reasonable fees for consultants and fees and reasonable expenses for attorneys for the Administrative Agent, which attorneys may be employees of the Administrative Agent), paid or incurred by the
Administrative Agent in connection with the administration, amendment, modification, and enforcement of the Loan Documents, provided that reimbursement for such fees and expenses for attorneys will be limited to one counsel for the Administrative
Agent and, if applicable, one local counsel in each material jurisdiction for the Administrative Agent. The Borrower also agrees to reimburse the Administrative Agent and the Lenders for any reasonable costs, internal charges and out-of-pocket
expenses (including, without limitation, all fees and reasonable expenses for attorneys for the Administrative Agent and the Lenders, which attorneys may be employees of the Administrative Agent or the Lenders), paid or incurred by the
Administrative Agent or any Lender in connection with the collection and enforcement of the Loan Documents (including, without limitation, any workout), provided that reimbursement for such fees and expenses for attorneys will be limited to one
additional counsel for all of the Lenders, if applicable, one additional counsel per specialty area and one local counsel per applicable jurisdiction, and additional counsel as necessary in the event of an actual or potential conflict of interest
among the Lenders and the Administrative Agent. The Borrower further agrees to indemnify the Administrative Agent, each Lender and their Affiliates, and their directors, employees, and officers against all losses, claims, damages, penalties,
judgments, liabilities and expenses (including, without limitation, all reasonable fees and expenses for attorneys of the indemnified parties, all expenses of litigation or preparation therefore whether or not the Administrative Agent, or any Lender
is a party thereto) which any of them may pay or incur arising out of or relating to (i) the Agreement, (ii) the entering into the Agreement, (iii) the establishment of the Facility, (iv) the other Loan Documents, (v) the Projects, (vi) the
Administrative Agent or any Lender as creditors in possession of Borrower’s information, (vii) the Administrative Agent or any Lender as material creditors being alleged to have direct or indirect influence, (viii) the transactions contemplated
hereby, or (ix) the direct or indirect application or proposed application of the proceeds of any Loan hereunder, except to the extent that any of the foregoing arise out of the gross negligence or willful misconduct of the party seeking
indemnification therefor as determined in a final non-appealable judgment of a court of competent jurisdiction. The Borrower agrees not to assert any claim against the Administrative Agent or any Lender, any of their respective Affiliates, or any of
their or their respective Affiliates’ officers, directors, employees, attorneys and agents, on any theory of liability, for consequential or punitive damages arising out of or otherwise relating to any facility hereunder, the

  
 -55- 

 
actual or proposed use of the Loans, the Loan Documents or the transactions contemplated thereby. The Borrower agrees that during the term of the Agreement, it shall under no circumstances claim,
and hereby waives, any right of offset, counterclaim or defense against the Administrative Agent or any Lender with respect to the Obligations arising from, due to, related to or caused by any obligations, liability or other matter or circumstance
which is not the Obligations and is otherwise unrelated to the Agreement. Any assignee of a Lender’s interest in and to the Agreement, its Note and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or
defenses which are unrelated to such documents which the Borrower may otherwise have against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by the Borrower in any action or proceeding
brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by the Borrower. The obligations of the
Borrower under this Section shall survive the termination of the Agreement.
 9.8. Numbers of Documents. If requested by the
Administrative Agent, any statement, notice, closing document, or request hereunder shall be furnished to the Administrative Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders.

9.9. Accounting. 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; provided that, 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 either the Borrower 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 appropriate Lenders pursuant to Section 8.2); provided further that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower
shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement
made before and after giving effect to such change in GAAP. Notwithstanding the foregoing, for all purposes relating to covenant calculation under this Agreement, including without limitation, the calculations set forth in Section 6.21
hereof, all calculations hereunder shall, at Borrower’s election, be made without regard to new, revised or modified leasing standards that have been or may hereafter be adopted by the FASB and that are first effective after the Agreement
Effective Date.
 9.10. 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.
 9.11. Nonliability of Lenders. The
relationship between the Borrower, on the one hand, and the Lenders and the Administrative Agent, on the other, shall be solely that of borrowers and lender. Neither the Administrative Agent nor any Lender shall have any fiduciary responsibilities
to the Borrower. Neither the Administrative Agent 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.

9.12. 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 (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

  
 -56- 

 9.13. CONSENT TO JURISDICTION. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR ILLINOIS STATE COURT SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER 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 BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY 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 A COURT
IN NEW YORK, NEW YORK.
 9.14. WAIVER OF JURY TRIAL. 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.
 9.15. USA Patriot Act Notice. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender)
hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record, and the Borrower shall
promptly provide upon each request from the Administrative Agent or a Lender, information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify the Borrower in accordance with the Patriot Act.
 9.16. Promotional
Material. Borrower authorizes Administrative Agent and each of the Lenders to issue press releases, advertisements, other promotional materials and other disclosures (including disclosures to league tables and similar services) in
connection with Administrative Agent’s or such Lender’s own promotional and marketing activities, and describing the basic terms of the Loans consistent with information found on a “tombstone” and Administrative Agent’s or
such Lender’s participation in the Loans.
 ARTICLE X. 

THE ADMINISTRATIVE AGENT 

10.1. Appointment. Capital One, National Association, is hereby appointed Administrative Agent hereunder and under each other Loan
Document, and each of the Lenders irrevocably authorizes the Administrative Agent to act as the agent of such Lender. The Administrative Agent agrees to act as such upon the express conditions contained in this Article X. Notwithstanding the
use of the defined term “Administrative Agent,” it is expressly understood and agreed that the Administrative Agent shall not have any fiduciary responsibilities to any Lender by reason of the Agreement or any other Loan

  
 -57- 

 
Document and that the Administrative Agent is merely acting as the contractual representative of the Lenders with only those duties as are expressly set forth in the Agreement and the other Loan
Documents. In its capacity as the Lenders’ contractual representative, the Administrative Agent (i) shall perform its duties with respect to the administration of the Facility in the same manner as it does when it is the sole lender under this
type of facility but 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 Illinois 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 the Agreement and the other Loan Documents. Each of the Lenders hereby agrees to assert no claim against the Administrative
Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender hereby waives, provided that the Administrative Agent shall, in any case, not be released from liability to the Lenders for
damages or losses incurred by them as a result of the Administrative Agent’s gross negligence or willful misconduct.
 10.2.
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.

10.3. 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 (i) any action 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
or, in the case of the Administrative Agent, its breach of an express obligation under the Agreement; or (ii) any determination by the Administrative Agent that compliance with any law or any governmental or quasi-governmental rule, regulation,
order, policy, guideline or directive (whether or not having the force of law) requires the Advances and Commitments hereunder to be classified as being part of a “highly leveraged transaction”.

10.4. No Responsibility for Loans, Recitals, Etc. 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 IV, 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; (v) the value, sufficiency, creation,
perfection, or priority of any interest in any collateral security; or (vi) the financial condition of the Borrower. Except as otherwise specifically provided herein, the Administrative Agent shall have no duty to disclose to the Lenders information
that is not required to be furnished by the Borrower to the Administrative Agent at such time, but is voluntarily furnished by the Borrower to the Administrative Agent (either in its capacity as Administrative Agent or in its individual
capacity).
 10.5. 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 percentage of the Lenders needed to take such action or refrain from taking such action, and such instructions and any
action taken or failure to act pursuant thereto shall be binding on all of the Lenders. The Lenders hereby acknowledge that the Administrative Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the
provisions of the Agreement or any other Loan Document unless it shall be requested in 

  
 -58- 

 
writing to do so by the Required Lenders. 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.

10.6. 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 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
agents or attorneys-in-fact selected by it with reasonable care. 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.
 10.7. Reliance on Documents; Counsel. The Administrative Agent shall be entitled to rely upon any Note, notice, consent,
certificate, affidavit, letter, telegram, 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.
 10.8. Administrative Agent’s
Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify the Administrative Agent ratably in proportion to their respective Percentage (i) for any amounts not reimbursed by the Borrower for which the Administrative Agent
is entitled to reimbursement by the Borrower under the Loan Documents, (ii) for any other expenses incurred by the Administrative Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement
of the Loan Documents, if not paid by Borrower 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 (including without limitation, for any such
amounts incurred by or asserted against the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders), or the enforcement of any of the terms thereof or of any such
other documents, provided that no Lender shall be liable for any of the foregoing to the extent they arise from the gross negligence or willful misconduct or a breach of the Administrative Agent’s express obligations and undertakings to the
Lenders. The obligations of the Lenders and the Administrative Agent under this Section 10.8 shall survive payment of the Obligations and termination of the Agreement.

10.9. Rights as a Lender. In the event the Administrative Agent is a Lender, the Administrative Agent shall have the same rights and
powers 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 the Agreement or any other Loan Document, with the Borrower or any of its Subsidiaries in which the Borrower or such Subsidiaries are not restricted hereby from engaging with any other Person. The
Administrative Agent, in its individual capacity, is not obligated to remain a Lender.
 10.10. 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

  
 -59- 

 
its own credit analysis and decision to enter into the 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 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 Agreement and the other Loan
Documents.
 10.11. Successor Administrative Agent. Except as otherwise provided below, Capital One, National Association shall at
all times serve as the Administrative Agent during the term of this Agreement. The Administrative Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower, such resignation to be effective upon the appointment of
a successor Administrative Agent or, if no successor Administrative Agent has been appointed, forty-five days after the retiring Administrative Agent gives notice of its intention to resign (except that in the case of any collateral security held by
the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed). The
Administrative Agent may be removed at any time if the Administrative Agent (i) is found by a court of competent jurisdiction in a final, non-appealable judgment to have committed gross negligence, bad faith or willful misconduct in the course of
performing its duties hereunder or (ii) has become a Defaulting Lender under clause (d) of the definition of such term by written notice received by the Administrative Agent from the Required Lenders (but excluding, for purposes of calculating the
percentage needed to constitute Required Lenders in such instance, the Commitment of the Administrative Agent from the Aggregate Commitment and the Advances held by the Administrative Agent from the total outstanding Advances), such removal to be
effective on the date specified by such Lenders. Upon any such resignation or removal, the Required Lenders shall have the right, with approval of the Borrower (so long as no Default shall then be in existence), which such approval shall not be
unreasonably withheld or delayed, 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 and, if applicable, so approved by
the Borrower, within forty-five days after the 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. Notwithstanding the previous sentence, the Administrative Agent may at any time without the consent of any Lender (but, so long as no Default shall then be in existence, with the consent of the Borrower), appoint any of its Affiliates which
is a commercial bank as a successor Administrative Agent hereunder. If the Administrative Agent has resigned or been removed and no successor Administrative Agent has been appointed, the Lenders may 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 in all events be a commercial bank having capital and retained earnings of at least $500,000,000. 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 shall be discharged from its duties and obligations hereunder and under the Loan Documents arising
from and after such date. After the effectiveness of the resignation or removal of an Administrative Agent, the provisions of this Article X 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.

  
 -60- 

 10.12. 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 or upon it
otherwise having actual knowledge of any Default or Unmatured Default, the Administrative Agent shall notify each of the Lenders of such fact.

10.13. Requests for Approval. If the Administrative Agent requests in writing the consent or approval of a Lender, such Lender shall
respond and either approve or disapprove definitively in writing to the Administrative Agent within ten Business Days (or sooner if such notice specifies a shorter period for responses based on Administrative Agent’s good faith determination
that circumstances exist warranting its request for an earlier response) after such written request from the Administrative Agent. If the Lender does not so respond, that Lender shall be deemed to have approved the request, unless the consent or
approval of affected Lenders or such Lender is required for the requested action as provided under any of clauses (i) through (x) of Section 8.2(b), in which event, subject to Section 8.2(c), failure to so respond shall not be deemed
to be an approval of such request.
 10.14. Defaulting Lenders. Notwithstanding anything to the contrary contained in this Agreement,
if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

(a) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to
this Agreement shall be restricted as set forth in the definition of Required Lenders and in Section 8.2. 
 (b) Defaulting Lender
Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or
received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.1 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by
such Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Default or Unmatured Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund
its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to satisfy such
Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by
any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default or Unmatured Default exists, to the payment of any amounts owing to the
Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such
Defaulting Lender or as otherwise directed by a court of competent jurisdiction. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to
this subsection shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (c)
Certain Fees. No Defaulting Lender shall be entitled to receive any fee payable under Section 2.4 or 2.5, as applicable, for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any
such fee that otherwise would have been required to have been paid to that Defaulting Lender). 
 (d) Intentionally Omitted. 

  
 -61- 

 (e) Intentionally Omitted. 

(f) Defaulting Lender Cure. If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting
Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion
of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held pro rata by the Lenders in accordance with their respective Percentages, as applicable,
whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and
provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from
such Lender having been a Defaulting Lender. 
 10.15. Additional Agents. None of the Documentation Agents or the Syndication Agent
as designated on the cover of the Agreement have any rights or obligations under the Loan Documents as a result of such designation or of any actions undertaken in such capacity, such parties having only those rights or obligations arising hereunder
in their capacities as a Lender.
 ARTICLE XI. 

SETOFF; RATABLE PAYMENTS 

11.1. Setoff. In addition to, and without limitation of, any rights of the Lenders under applicable law, if any Default occurs and is
continuing, 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 at any time prior to the date that such Default has been fully cured, whether or not the Obligations, or any part hereof, shall
then be due. Notwithstanding anything to the contrary in this Section, if any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further
application in accordance with the provisions of Section 10.14 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders
and (y) such Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. 

11.2. 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 3.1, 3.2, 3.4 or 3.5) and such payment should be distributed to the Lenders in accordance with Section 2.23 or 8.5, as applicable, 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 accordance with Section 2.23 or 8.5, as applicable. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made.

  
 -62- 

 ARTICLE XII. 

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 

12.1. Successors and Assigns. 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, except that (i) the Borrower shall not have the right to assign its rights or obligations under the Loan Documents and (ii) any assignment by any Lender must be made in compliance
with Section 12.3. The parties to the Agreement acknowledge that clause (ii) of this Section 12.1 relates only to absolute assignments and does not prohibit assignments creating security interests, including, without limitation, (x)
any pledge or assignment by any Lender of all or any portion of its rights under the 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
the 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 12.3. 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 12.3; 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.
 12.2. Participations. 

(i) Permitted Participants; Effect. Any Lender may, in the ordinary course of its business and in accordance with
applicable law, at any time sell to one or more banks, financial institutions, pension funds, or any other funds or entities (“Participants”) participating interests in any Loan owing to such Lender, any Note held by such Lender, any
Commitment of such Lender or any other interest of such Lender under the Loan Documents. 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 the 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. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of
each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any
obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under
any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant 

  
 -63- 

 
Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(ii) 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 would require consent of affected
Lenders or such Lender pursuant to the terms of any of clauses (i) through (x) of Section 8.2(b).
 (iii) Benefit
of Setoff. The Borrower agrees that each Participant which has previously advised the Borrower in writing of its purchase of a participation in a Lender’s interest in its Loans shall be deemed to have the right of setoff provided in
Section 11.1 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. Each Lender
shall retain the right of setoff provided in Section 11.1 with respect to the amount of participating interests sold to each Participant, provided that such Lender and Participant may not each setoff amounts against the same portion of the
Obligations, so as to collect the same amount from the Borrower twice. The Lenders agree to share with each Participant, and each Participant, by exercising the right of setoff provided in Section 11.1, 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 11.2 as if each Participant were a Lender.

12.3. Assignments. 

(i) Permitted Assignments. Any Lender may, in accordance with applicable law, at any time assign to any Eligible
Assignee, without any approval from the Borrower except as provided in the definition thereof and set forth in this Section 12.3 (any such assignees being referred to herein as “Purchasers”), all or any portion (greater than
or equal to $5,000,000 for each assignee, so long as the hold position of the assigning Lender is not less than $5,000,000) of its rights and obligations under the Loan Documents. Notwithstanding the foregoing, no approval of the Borrower shall be
required for any such assignment if a Default has occurred and is then continuing. Such assignment shall be substantially in the form of Exhibit G hereto or in such other form as may be agreed to by the parties thereto (an “Assignment
Agreement”). The consent of the Administrative Agent shall be required prior to an assignment becoming effective with respect to a Purchaser which is not a Lender or an Affiliate thereof or fund related thereto. Such consent shall not be
unreasonably withheld or delayed.
 (ii) 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 G hereto (a “Notice of Assignment”), together with any consents required by Section 12.3(i), and (ii) payment of a $3,500 fee
by the assignor or assignee to the Administrative Agent for processing such assignment, 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 Loans under the applicable assignment agreement 

  
 -64- 

 
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 the 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 hereto, and no further consent or action by the Borrower, the Lenders or the Administrative Agent shall be required to release the transferor Lender, and the transferor Lender shall automatically be
released on the effective date of such assignment, with respect to the percentage of the Aggregate Commitment and Loans assigned to such Purchaser. Upon the consummation of any assignment to a Purchaser pursuant to this Section 12.3(ii), 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 its Commitment, as adjusted pursuant to such assignment. 
 (iii) In connection
with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such
additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating
actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor
hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as
appropriate) its full pro rata share of all applicable Loans, in accordance with its Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective
under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

(iv) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower
(such agency being solely for tax purposes), shall maintain at the Administrative Agent’s office a copy of each Notice of Assignment (and attached Assignment Agreement) and a register for the recordation of the names and addresses of the
Lenders, and the Commitments of, and principal amounts (and stated interest) 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 shall 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. The Register
shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

12.4. Dissemination of Information. The Borrower authorizes each Lender to disclose 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 any and all information in such Lender’s possession concerning the creditworthiness of the Borrower and its
Subsidiaries.

  
 -65- 

 12.5. 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, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of
Section 3.5.
 ARTICLE XIII. 

NOTICES 
 13.1. Giving
Notice. Except as otherwise permitted by Section 2.14 with respect to borrowing notices, all notices and other communications provided to any party hereto under the Agreement or any other Loan Document shall be in writing and addressed or
delivered to such party at its address set forth below its signature hereto or at such other address (or to counsel for such party) 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.

13.2. Change of Address. The Borrower, the Administrative Agent and any Lender may each change the address for service of notice upon
it by a notice in writing to the other parties hereto.
 13.3. Electronic Delivery of Information. 

(a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the
Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the
foregoing shall not apply to (i) notices to any Lender pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent and the Borrower that it cannot or does not want to receive electronic communications. The
Administrative Agent and the Borrower hereby agree to accept notices and other communications to the other party hereunder by electronic delivery pursuant to procedures approved by both the Administrative Agent and the Borrower for all or particular
notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered on the date and at the time on which the Administrative Agent or the Borrower posts such documents or the documents become available
on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient,
said posting date and time shall be deemed to have commenced as of 9:00 a.m. local time on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of
any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for Compliance Certificates, the
Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request
for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

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

  
 -66- 

 ARTICLE XIV. 

COUNTERPARTS 
 This
Agreement 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. This Agreement shall be effective when it
has been executed by the Borrower, the Administrative Agent and the Lenders and each party has notified the Administrative Agent, either by electronic transmission by email with a pdf copy or other electronic reproduction of an executed page
attached or by telephone, that it has taken such action.
 (Remainder of page intentionally left blank.)

  
 -67- 

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

			
	RETAIL PROPERTIES OF AMERICA, INC.
		
	By:	 	 /s/ Heath Fear

	Print Name:	 	Heath Fear
	Title:	 	EVP, CFO
	
	 2021 Spring Road, Suite 200
 Oak
Brook, IL 60523
 Phone: 630-634-4230
 Facsimile:
630-756-4185
 Attention: Heath Fear, CFO

	
	with a copy to:
	
	 2021 Spring Road, Suite 200
 Oak
Brook, IL 60523
 Phone: 630-634-4190
 Facsimile:
630-282-7465
 Attention: Paula C. Maggio, Esq.

  
 Signature Page to Term
Loan Agreement 
 S-1 

 
			
	CAPITAL ONE, NATIONAL ASSOCIATION, as Administrative Agent and as a Lender
		
	By:	 	 /s/ Barbara Heubner

	Print Name:	 	Barbara Heubner
	Title:	 	Vice President
	
	 Capital One, National Association

1680 Capital One Drive, 10th Floor
 McLean, Virginia 22102

Phone: 703-720-6769
 Facsimile: 703-720-2026

Attention: Barbara Heubner

	
	With a copy to:
	
	 Capital One, National Association

299 Park Avenue, 31st Floor

New York, NY 10170
 Phone: 646-836-5268

Facsimile: 888-246-3710

	E-mail: Thomas.Kornobis@capitalone.com
	 Attention: Thomas Kornobis, Commercial Loan Operations

  
 Signature Page to Term
Loan Agreement 
 S-2 

 
			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Joel Dalson

	Print Name:	 	Joel Dalson
	Title:	 	Senior Vice President
	
	 PNC Bank, National Association
 One
North Franklin Street, Suite 2150
 Chicago, IL 60606
 Phone:
312-338-2226
 Facsimile: 312-384-4623
 Attention: Joel
Dalson

  
 Signature Page to Term
Loan Agreement 
 S-3 

 
			
	TD BANK, N.A., as a Lender
		
	By:	 	 /s/ Clarke Cronin

	Print Name:	 	Clarke Cronin
	Title:	 	Vice President
	
	 TD Bank, N.A.
 200 State Street, 10th Floor
 Boston, MA 02109

Phone: 617-737-3649
 Facsimile:

E-mail: Clarke.cronin@td.com
 Attention: Clarke
Cronin

  
 Signature Page to Term
Loan Agreement 
 S-4 

 
			
	REGIONS BANK, as a Lender
		
	By:	 	 /s/ Michael Evans

	Print Name:	 	Michael Evans
	Title:	 	Senior Vice President
	
	 Regions Bank
 1717 McKinney Avenue,
Suite 1200
 Dallas, TX 75202
 Phone: 469-608-2788

Facsimile: 469-608-2842
 Attention: Mike Evans

  
 Signature Page to Term
Loan Agreement 
 S-5 

 
			
	BRANCH BANKING AND TRUST COMPANY, as a Lender
		
	By:	 	 /s/ Ahaz A. Armstrong

	Print Name:	 	Ahaz A. Armstrong
	Title:	 	Senior Vice President
	
	 Branch Banking & Trust Company

200 West 2nd Street

Winston Salem, NC 27101
 Phone: 336-733-2575

Facsimile: 336-733-2740
 Attention: Ahaz A.
Armstrong

  
 Signature Page to Term
Loan Agreement 
 S-6 

 SCHEDULE I 

COMMITMENTS 
  

									
	 Lender
	  	Commitment
Amount	 	  	Commitment
Percentage	 
	 CAPITAL ONE, NATIONAL ASSOCIATION
	  	$	55,000,000.00	  	  	 	27.50	% 
	 PNC BANK, NATIONAL ASSOCIATION
	  	$	40,000,000.00	  	  	 	20.00	% 
	 TD BANK, N.A.
	  	$	40,000,000.00	  	  	 	20.00	% 
	 REGIONS BANK
	  	$	35,000,000.00	  	  	 	17.50	% 
	 BRANCH BANKING & TRUST COMPANY
	  	$	30,000,000.00	  	  	 	15.00	% 
		  	  
	  
	 	  	  
	  
	 
	 Totals
	  	$	200,000,000	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 

 SCHEDULE 1 

UNENCUMBERED POOL PROPERTIES 
 See
attached.

 Retail Properties of America, Inc. 

Quarterly Compliance - Unencumbered Pool 

As of September 30, 2016 
  

					
	 Unencumbered Pool Value
	  			
	 Total Unencumbered Pool Value
	  	 	3,450,651,996	  
	 Plus: Unencumbered Unimproved Land and Construction in Progress (Not to exceed 10%)
	  	 	—  	  
	 Less: Any Unencumbered Pool Property exceeding 15% of Unencumbered Pool Value
	  	 	—  	  
	 Less: Any single tenant property consisting of greater than 15% of Unencumbered Pool
Value
	  	 	—  	  
	 Less: Single tenant properties with less than 5yrs on remaining lease term, which in aggregate
exceed 15% of Unencumbered Pool Value (Sch G)
	  	 	—  	  
	 Less: Financeable ground leases exceeding 20% of unencumbered pool value (Sc. G)
	  	 	—  	  
		  	  
	  
	 
	 Unencumbered Pool Value
	  	 	3,450,651,996	  

  

																											
	 Unencumbered Pool

Property
	 	Property Type	 	GLA	 	 	TTM NOI	 	 	Cap Ex Adjust	 	 	Adjusted NOI	 	 	NOI Capped at 6.75%	 	 	Occ %	 
	 La Plaza Del Norte
	 	Retail	 	 	319,946	  	 	 	4,212,701	  	 	 	0.15	  	 	 	4,164,709	  	 	 	61,699,396	  	 	 	100.0	% 
	 Plaza Santa Fe II
	 	Retail	 	 	224,223	  	 	 	3,079,882	  	 	 	0.15	  	 	 	3,046,248	  	 	 	45,129,601	  	 	 	99.4	% 
	 Watauga Pavillion
	 	Retail	 	 	205,472	  	 	 	2,316,972	  	 	 	0.15	  	 	 	2,286,151	  	 	 	33,868,899	  	 	 	94.2	% 
	 Gateway Plaza
	 	Retail	 	 	365,266	  	 	 	2,567,520	  	 	 	0.15	  	 	 	2,512,730	  	 	 	37,225,629	  	 	 	96.4	% 
	 Davis Towne Crossing
	 	Retail	 	 	37,295	  	 	 	712,688	  	 	 	0.15	  	 	 	707,094	  	 	 	10,475,467	  	 	 	100.0	% 
	 Mansfield Towne Crossing
	 	Retail	 	 	111,778	  	 	 	1,538,977	  	 	 	0.15	  	 	 	1,522,211	  	 	 	22,551,269	  	 	 	97.8	% 
	 Shops at Forest Commons
	 	Retail	 	 	34,725	  	 	 	791,235	  	 	 	0.15	  	 	 	786,026	  	 	 	11,644,837	  	 	 	92.3	% 
	 Parkway Towne Crossing
	 	Retail	 	 	190,742	  	 	 	2,979,412	  	 	 	0.15	  	 	 	2,950,800	  	 	 	43,715,561	  	 	 	99.9	% 
	 Gateway Station
	 	Retail	 	 	23,348	  	 	 	453,964	  	 	 	0.15	  	 	 	450,462	  	 	 	6,673,508	  	 	 	78.6	% 
	 Grapevine Crossing
	 	Retail	 	 	125,381	  	 	 	1,595,853	  	 	 	0.15	  	 	 	1,577,046	  	 	 	23,363,646	  	 	 	98.8	% 
	 Lakepointe Towne Center
	 	Retail	 	 	196,630	  	 	 	1,819,329	  	 	 	0.15	  	 	 	1,789,835	  	 	 	26,516,072	  	 	 	63.6	% 
	 CVS - Lawton
	 	Retail	 	 	10,908	  	 	 	202,978	  	 	 	0.15	  	 	 	201,342	  	 	 	2,982,845	  	 	 	100.0	% 
	 Clearlake Shores
	 	Retail	 	 	60,202	  	 	 	904,325	  	 	 	0.15	  	 	 	895,294	  	 	 	13,263,619	  	 	 	98.0	% 
	 Galvez Shopping Center
	 	Retail	 	 	30,397	  	 	 	683,394	  	 	 	0.15	  	 	 	678,834	  	 	 	10,056,807	  	 	 	96.1	% 
	 HQ Building
	 	Retail	 	 	116,404	  	 	 	1,604,617	  	 	 	0.15	  	 	 	1,587,157	  	 	 	23,513,434	  	 	 	100.0	% 
	 Stonebridge Plaza
	 	Retail	 	 	33,700	  	 	 	642,376	  	 	 	0.15	  	 	 	637,321	  	 	 	9,441,792	  	 	 	91.8	% 
	 Humblewood Shopping Center
	 	Retail	 	 	85,682	  	 	 	1,013,374	  	 	 	0.15	  	 	 	1,000,522	  	 	 	14,822,544	  	 	 	100.0	% 
	 Colony Square
	 	Retail	 	 	435,245	  	 	 	3,049,258	  	 	 	0.15	  	 	 	2,983,972	  	 	 	44,206,987	  	 	 	98.2	% 
	 Royal Oaks Village II
	 	Retail	 	 	59,811	  	 	 	505,154	  	 	 	0.15	  	 	 	496,182	  	 	 	7,350,851	  	 	 	88.4	% 
	 Target South Center
	 	Retail	 	 	61,837	  	 	 	1,002,399	  	 	 	0.15	  	 	 	993,124	  	 	 	14,712,946	  	 	 	95.7	% 
	 Streets of Yorktown
	 	Retail	 	 	85,183	  	 	 	2,372,545	  	 	 	0.15	  	 	 	2,359,767	  	 	 	34,959,513	  	 	 	87.2	% 
	 Lake Worth Towne Crossing
	 	Retail	 	 	260,261	  	 	 	3,049,486	  	 	 	0.15	  	 	 	3,010,447	  	 	 	44,599,208	  	 	 	98.5	% 
	 Rivery Town Crossing
	 	Retail	 	 	74,266	  	 	 	780,065	  	 	 	0.15	  	 	 	768,925	  	 	 	11,391,485	  	 	 	76.8	% 
	 Gateway Station II
	 	Retail	 	 	102,129	  	 	 	1,529,866	  	 	 	0.15	  	 	 	1,514,547	  	 	 	22,437,732	  	 	 	100.0	% 
	 The Shops at Legacy
	 	Retail	 	 	392,206	  	 	 	10,384,212	  	 	 	0.15	  	 	 	10,325,381	  	 	 	152,968,615	  	 	 	100.0	% 
	 Cypress Mill Plaza
	 	Retail	 	 	116,406	  	 	 	1,272,073	  	 	 	0.15	  	 	 	1,254,612	  	 	 	18,586,845	  	 	 	97.9	% 
	 New Forest Crossing
	 	Retail	 	 	148,065	  	 	 	1,411,534	  	 	 	0.15	  	 	 	1,389,324	  	 	 	20,582,578	  	 	 	100.0	% 
	 Huebner Oaks Center
	 	Retail	 	 	287,258	  	 	 	5,721,188	  	 	 	0.15	  	 	 	5,678,099	  	 	 	84,119,987	  	 	 	98.6	% 
	 Cedar Park Town Center
	 	Retail	 	 	179,288	  	 	 	2,586,430	  	 	 	0.15	  	 	 	2,559,537	  	 	 	37,919,061	  	 	 	100.0	% 
	 Shops at Quarterfield/Metro Sq
	 	Retail	 	 	61,667	  	 	 	1,014,342	  	 	 	0.15	  	 	 	1,005,092	  	 	 	14,890,255	  	 	 	100.0	% 
	 Newnan Crossing
	 	Retail	 	 	416,232	  	 	 	4,612,514	  	 	 	0.15	  	 	 	4,550,079	  	 	 	67,408,581	  	 	 	99.6	% 
	 Pavilion at Kings Grant
	 	Retail	 	 	286,197	  	 	 	2,649,851	  	 	 	0.15	  	 	 	2,606,922	  	 	 	38,621,060	  	 	 	85.2	% 
	 Eastwood Towne Center
	 	Retail	 	 	332,751	  	 	 	6,162,688	  	 	 	0.15	  	 	 	6,112,776	  	 	 	90,559,641	  	 	 	96.0	% 
	 Lakewood Towne Center
	 	Retail	 	 	503,544	  	 	 	5,244,245	  	 	 	0.15	  	 	 	5,168,713	  	 	 	76,573,528	  	 	 	91.8	% 
	 Shoppes of Prominence Point
	 	Retail	 	 	85,442	  	 	 	830,520	  	 	 	0.15	  	 	 	817,704	  	 	 	12,114,132	  	 	 	92.6	% 
	 Boulevard at The Capital Ctr
	 	Retail	 	 	485,404	  	 	 	5,141,680	  	 	 	0.15	  	 	 	5,068,870	  	 	 	75,094,365	  	 	 	59.4	% 
	 Governor’s Marketplace
	 	Retail	 	 	243,107	  	 	 	2,308,916	  	 	 	0.15	  	 	 	2,272,450	  	 	 	33,665,925	  	 	 	79.9	% 
	 Low Country Village
	 	Retail	 	 	139,859	  	 	 	1,642,711	  	 	 	0.15	  	 	 	1,621,732	  	 	 	24,025,661	  	 	 	100.0	% 
	 Towson Circle
	 	Retail	 	 	117,880	  	 	 	748,227	  	 	 	0.15	  	 	 	730,545	  	 	 	10,822,896	  	 	 	36.6	% 
	 Quakertown
	 	Retail	 	 	61,839	  	 	 	1,089,420	  	 	 	0.15	  	 	 	1,080,144	  	 	 	16,002,133	  	 	 	100.0	% 
	 Manchester Meadows
	 	Retail	 	 	453,104	  	 	 	1,986,679	  	 	 	0.15	  	 	 	1,918,713	  	 	 	28,425,380	  	 	 	80.9	% 
	 Centre at Laurel
	 	Retail	 	 	157,857	  	 	 	3,330,895	  	 	 	0.15	  	 	 	3,307,216	  	 	 	48,995,796	  	 	 	96.1	% 
	 Henry Town Center
	 	Retail	 	 	437,144	  	 	 	5,354,249	  	 	 	0.15	  	 	 	5,288,678	  	 	 	78,350,780	  	 	 	100.0	% 
	 Five Forks
	 	Retail	 	 	70,177	  	 	 	858,343	  	 	 	0.15	  	 	 	847,817	  	 	 	12,560,245	  	 	 	95.3	% 
	 Lincoln Plaza
	 	Retail	 	 	537,321	  	 	 	5,285,160	  	 	 	0.15	  	 	 	5,204,562	  	 	 	77,104,622	  	 	 	99.0	% 
	 CVS - Sylacauga
	 	Retail	 	 	10,055	  	 	 	223,207	  	 	 	0.15	  	 	 	221,698	  	 	 	3,284,419	  	 	 	100.0	% 
	 Zurich Towers
	 	Office	 	 	895,418	  	 	 	10,071,880	  	 	 	0.15	  	 	 	9,937,568	  	 	 	147,223,224	  	 	 	100.0	% 
	 Fairgrounds Plaza
	 	Retail	 	 	93,165	  	 	 	2,015,473	  	 	 	0.15	  	 	 	2,001,498	  	 	 	29,651,820	  	 	 	91.1	% 
	 Ashland & Roosevelt
	 	Retail	 	 	105,138	  	 	 	1,511,727	  	 	 	0.15	  	 	 	1,495,956	  	 	 	22,162,317	  	 	 	100.0	% 
	 Brickyard
	 	Retail	 	 	261,369	  	 	 	4,306,910	  	 	 	0.15	  	 	 	4,267,704	  	 	 	63,225,249	  	 	 	93.5	% 
	 Rite Aid - Chattanooga
	 	Retail	 	 	10,908	  	 	 	219,675	  	 	 	0.15	  	 	 	218,038	  	 	 	3,230,200	  	 	 	100.0	% 
	 Walgreens - Northwoods
	 	Retail	 	 	16,335	  	 	 	420,060	  	 	 	0.15	  	 	 	417,610	  	 	 	6,186,817	  	 	 	100.0	% 
	 Page Field Commons
	 	Retail	 	 	319,359	  	 	 	3,524,748	  	 	 	0.15	  	 	 	3,476,845	  	 	 	51,508,809	  	 	 	92.6	% 
	 West Town Market
	 	Retail	 	 	67,883	  	 	 	818,617	  	 	 	0.15	  	 	 	808,434	  	 	 	11,976,807	  	 	 	100.0	% 
	 Crown Theater
	 	Retail	 	 	74,170	  	 	 	1,301,605	  	 	 	0.15	  	 	 	1,290,479	  	 	 	19,118,214	  	 	 	100.0	% 
	 Home Depot Center
	 	Retail	 	 	136,123	  	 	 	1,311,457	  	 	 	0.15	  	 	 	1,291,039	  	 	 	19,126,500	  	 	 	100.0	% 
	 Red Bug Village
	 	Retail	 	 	26,204	  	 	 	641,329	  	 	 	0.15	  	 	 	637,398	  	 	 	9,442,935	  	 	 	92.4	% 
	 Chantilly Crossing
	 	Retail	 	 	80,044	  	 	 	2,044,798	  	 	 	0.15	  	 	 	2,032,791	  	 	 	30,115,425	  	 	 	89.4	% 
	 Wilton Square
	 	Retail	 	 	438,097	  	 	 	3,465,256	  	 	 	0.15	  	 	 	3,399,542	  	 	 	50,363,584	  	 	 	100.0	% 
	 Bed Bath & Beyond Plaza (NY)
	 	Retail	 	 	61,639	  	 	 	1,216,206	  	 	 	0.15	  	 	 	1,206,960	  	 	 	17,880,894	  	 	 	100.0	% 
	 Century III Plaza
	 	Retail	 	 	284,099	  	 	 	2,834,298	  	 	 	0.15	  	 	 	2,791,683	  	 	 	41,358,269	  	 	 	100.0	% 
	 Orange Plaza
	 	Retail	 	 	58,210	  	 	 	868,510	  	 	 	0.15	  	 	 	859,779	  	 	 	12,737,462	  	 	 	100.0	% 
	 Lowe’s/Bed, Bath & Beyond
	 	Retail	 	 	158,063	  	 	 	1,498,892	  	 	 	0.15	  	 	 	1,475,182	  	 	 	21,854,551	  	 	 	100.0	% 
	 Orchard - Kohl’s
	 	Retail	 	 	165,758	  	 	 	1,861,905	  	 	 	0.15	  	 	 	1,837,041	  	 	 	27,215,421	  	 	 	98.6	% 
	 Eckerd - Yorkshire
	 	Retail	 	 	12,000	  	 	 	193,965	  	 	 	0.15	  	 	 	192,165	  	 	 	2,846,889	  	 	 	100.0	% 
	 Eckerd - Amherst, Sheridan Dr
	 	Retail	 	 	10,908	  	 	 	350,178	  	 	 	0.15	  	 	 	348,542	  	 	 	5,163,585	  	 	 	100.0	% 
	 Eckerd - Grand Island
	 	Retail	 	 	10,908	  	 	 	200,842	  	 	 	0.15	  	 	 	199,206	  	 	 	2,951,195	  	 	 	100.0	% 
	 Eckerd - North Chili
	 	Retail	 	 	10,908	  	 	 	202,619	  	 	 	0.15	  	 	 	200,982	  	 	 	2,977,518	  	 	 	100.0	% 
	 Eckerd - Tonawanda
	 	Retail	 	 	12,738	  	 	 	284,802	  	 	 	0.15	  	 	 	282,891	  	 	 	4,190,981	  	 	 	100.0	% 
	 Eckerd - Rochester, Culver Rd
	 	Retail	 	 	10,908	  	 	 	287,126	  	 	 	0.15	  	 	 	285,490	  	 	 	4,229,477	  	 	 	0.0	% 

																													
	 Property
	 	Property Type	 	 	GLA	 	 	TTM NOI	 	 	Cap Ex Adjust	 	 	Adjusted NOI	 	 	NOI Capped
at 6.75%	 	 	Occ %	 
	 Eckerd - Irondequiot
	 	 	Retail	  	 	 	12,738	  	 	 	347,815	  	 	 	0.15	  	 	 	345,904	  	 	 	5,124,503	  	 	 	100.0	% 
	 Eckerd - Hudson
	 	 	Retail	  	 	 	10,908	  	 	 	291,230	  	 	 	0.15	  	 	 	289,593	  	 	 	4,290,272	  	 	 	100.0	% 
	 Eckerd - Amherst, Transit Rd
	 	 	Retail	  	 	 	13,824	  	 	 	392,130	  	 	 	0.15	  	 	 	390,056	  	 	 	5,778,609	  	 	 	100.0	% 
	 Eckerd - W Seneca, Harlem Rd
	 	 	Retail	  	 	 	13,813	  	 	 	334,658	  	 	 	0.15	  	 	 	332,586	  	 	 	4,927,202	  	 	 	100.0	% 
	 Northwood Crossing
	 	 	Retail	  	 	 	159,997	  	 	 	1,489,634	  	 	 	0.15	  	 	 	1,465,634	  	 	 	21,713,097	  	 	 	100.0	% 
	 King Philip’s Crossing
	 	 	Retail	  	 	 	105,940	  	 	 	1,477,672	  	 	 	0.15	  	 	 	1,461,781	  	 	 	21,656,013	  	 	 	100.0	% 
	 Walter’s Crossing
	 	 	Retail	  	 	 	125,698	  	 	 	2,169,968	  	 	 	0.15	  	 	 	2,151,113	  	 	 	31,868,346	  	 	 	100.0	% 
	 East Stone Commons
	 	 	Retail	  	 	 	271,198	  	 	 	2,377,848	  	 	 	0.15	  	 	 	2,337,169	  	 	 	34,624,720	  	 	 	90.5	% 
	 Gerry Centennial Plaza
	 	 	Retail	  	 	 	153,343	  	 	 	2,005,885	  	 	 	0.15	  	 	 	1,982,884	  	 	 	29,376,054	  	 	 	96.7	% 
	 Jefferson Commons
	 	 	Retail	  	 	 	307,662	  	 	 	4,460,842	  	 	 	0.15	  	 	 	4,414,692	  	 	 	65,402,849	  	 	 	89.4	% 
	 Stony Creek II
	 	 	Retail	  	 	 	51,126	  	 	 	671,936	  	 	 	0.15	  	 	 	664,267	  	 	 	9,840,998	  	 	 	100.0	% 
	 Azalea Square III
	 	 	Retail	  	 	 	81,880	  	 	 	1,060,379	  	 	 	0.15	  	 	 	1,048,097	  	 	 	15,527,362	  	 	 	100.0	% 
	 Fordham Place
	 	 	Retail	  	 	 	262,407	  	 	 	9,321,020	  	 	 	0.15	  	 	 	9,281,659	  	 	 	137,506,056	  	 	 	100.0	% 
	 Pelham Manor
	 	 	Retail	  	 	 	228,493	  	 	 	3,989,144	  	 	 	0.15	  	 	 	3,954,870	  	 	 	58,590,663	  	 	 	100.0	% 
	 Heritage Square
	 	 	Retail	  	 	 	52,799	  	 	 	1,168,320	  	 	 	0.15	  	 	 	1,160,400	  	 	 	17,191,108	  	 	 	98.6	% 
	 Commons at Royal Palm
	 	 	Retail	  	 	 	158,267	  	 	 	700,913	  	 	 	0.15	  	 	 	677,173	  	 	 	10,032,197	  	 	 	80.3	% 
	 John’s Creek Village
	 	 	Retail	  	 	 	192,158	  	 	 	3,128,327	  	 	 	0.15	  	 	 	3,099,503	  	 	 	45,918,565	  	 	 	96.4	% 
	 Avondale Plaza
	 	 	Retail	  	 	 	39,228	  	 	 	949,239	  	 	 	0.15	  	 	 	943,355	  	 	 	13,975,629	  	 	 	100.0	% 
	 Downtown Crown
	 	 	Retail	  	 	 	254,944	  	 	 	7,103,716	  	 	 	0.15	  	 	 	7,065,475	  	 	 	104,673,697	  	 	 	89.3	% 
	 Fort Evans Plaza II
	 	 	Retail	  	 	 	228,923	  	 	 	4,398,281	  	 	 	0.15	  	 	 	4,363,942	  	 	 	64,650,997	  	 	 	96.5	% 
	 Merrifield
	 	 	Retail	  	 	 	84,928	  	 	 	3,173,024	  	 	 	0.15	  	 	 	3,160,284	  	 	 	46,819,027	  	 	 	100.0	% 
	 Tysons Corner
	 	 	Retail	  	 	 	37,720	  	 	 	1,460,654	  	 	 	0.15	  	 	 	1,454,996	  	 	 	21,555,499	  	 	 	100.0	% 
	 MacArthur Crossing
	 	 	Retail	  	 	 	111,035	  	 	 	2,188,384	  	 	 	0.15	  	 	 	2,171,729	  	 	 	32,173,762	  	 	 	93.2	% 
	 Woodinville Plaza
	 	 	Retail	  	 	 	132,804	  	 	 	1,590,886	  	 	 	0.15	  	 	 	1,570,966	  	 	 	23,273,565	  	 	 	91.2	% 
	 Pacheco Pass
	 	 	Retail	  	 	 	194,304	  	 	 	2,873,345	  	 	 	0.15	  	 	 	2,844,200	  	 	 	42,136,289	  	 	 	96.4	% 
	 Vail Ranch Plaza
	 	 	Retail	  	 	 	101,766	  	 	 	1,600,920	  	 	 	0.15	  	 	 	1,585,655	  	 	 	23,491,191	  	 	 	100.0	% 
	 Southlake Town Square Office
	 	 	Retail	  	 	 	22,603	  	 	 	358,487	  	 	 	0.15	  	 	 	355,096	  	 	 	5,260,687	  	 	 	0.0	% 
	 Bed Bath & Beyond Plaza (FL) Ground Lease
	 				 	 	—  	  	 	 	464,063	  	 	 	0.15	  	 	 	464,063	  	 	 	6,875,000	  	 	 	0.0	% 
	 Coal Creek Marketplace
	 	 	Retail	  	 	 	55,874	  	 	 	940,177	  	 	 	0.15	  	 	 	931,796	  	 	 	13,804,385	  	 	 	100.0	% 
	 Heritage Towne Crossing
	 	 	Retail	  	 	 	80,563	  	 	 	1,638,621	  	 	 	0.15	  	 	 	1,626,537	  	 	 	24,096,842	  	 	 	94.6	% 
	 Oswego Commons
	 	 	Retail	  	 	 	187,656	  	 	 	2,232,261	  	 	 	0.15	  	 	 	2,204,112	  	 	 	32,653,515	  	 	 	60.0	% 
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
		 				 	 	15,828,585	  	 	 	217,080,110	  	 	 	0.15	  	 	 	214,705,822	  	 	 	3,180,826,996	  	 	 	93.5	% 
						
	 Unencumbered Development Properties
	 	 	 	 	 	 	 	 	 	 	 	Book Value	 	 	 	 
	 South Billings
	 				 				 				 				 				 	 	3,000,000	  	 			
		 				 				 				 				 				 	  
	  
	 	 			
		 				 				 				 				 				 	 	3,000,000	  	 			
							
	 Property owned less than 12 months
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Acquisition Price	 	 	 	 
	 Royal Oaks - Trader Joes
	 				 	 	12,292	  	 	 	192,669	  	 	 	0.15	  	 	 	190,826	  	 	 	6,841,000	  	 	 	100.0	% 
	 Towson Square
	 				 	 	138,178	  	 	 	1,784,699	  	 	 	0.15	  	 	 	1,763,972	  	 	 	39,707,000	  	 	 	96.6	% 
	 Shoppes at Hagerstown
	 				 	 	112,997	  	 	 	1,371,604	  	 	 	0.15	  	 	 	1,354,655	  	 	 	27,055,000	  	 	 	91.9	% 
	 Merrifield Town Center II
	 				 	 	75,835	  	 	 	1,427,150	  	 	 	0.15	  	 	 	1,415,775	  	 	 	45,676,000	  	 	 	100.0	% 
	 Oak Brook Promenade
	 				 	 	183,230	  	 	 	2,089,340	  	 	 	0.15	  	 	 	2,061,855	  	 	 	65,954,000	  	 	 	87.3	% 
	 Ashland & Roosvelt Ground Lease
	 				 	 	—  	  	 	 	445,090	  	 	 	0.15	  	 	 	445,090	  	 	 	13,850,000	  	 	 	0.0	% 
	 Tacoma South
	 				 	 	230,657	  	 	 	1,058,592	  	 	 	0.15	  	 	 	1,023,994	  	 	 	39,400,000	  	 	 	97.4	% 
	 Eastside
	 				 	 	67,071	  	 	 	443,810	  	 	 	0.15	  	 	 	433,750	  	 	 	23,842,000	  	 	 	93.9	% 
	 Woodinville Anchor Space
	 				 	 	38,000	  	 	 	127,056	  	 	 	0.15	  	 	 	121,356	  	 	 	4,500,000	  	 	 	100.0	% 
		 				 	  
	  
	 	 	  
	  
	 	 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
		 				 	 	858,260	  	 	 	8,940,011	  	 				 	 	8,811,272	  	 	 	266,825,000	  	 	 	94.5	% 
		 				 	  
	  
	 	 	  
	  
	 	 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total Unencumbered Pool
	 				 	 	16,686,845	  	 	 	226,020,121	  	 				 	 	223,517,094	  	 	 	3,450,651,996	  	 	 	93.5	% 

  

 SCHEDULE 2 

SUBSIDIARY GUARANTORS AS OF AGREEMENT EFFECTIVE DATE 

None. 

 EXHIBIT A 

APPLICABLE MARGINS 

Prior to the Investment Grade Rating Date, the interest due hereunder with respect to the Advances shall vary from time to time and shall be
determined by reference to the then-current Leverage Ratio. Any such change in the Applicable Margins shall be made on the fifth (5th) day subsequent to the date on which the Administrative
Agent receives a Compliance Certificate pursuant to Section 6.1(v) with respect to the preceding fiscal quarter of Borrower, provided that the Administrative Agent does not in good faith object to the information provided in such
certificate. In the event any such Compliance Certificate is not delivered by Borrower when due under Section 6.1(v) the Administrative Agent shall have the right, if so directed by the Required Lenders, to increase the Applicable
Margins to the next higher level until such Compliance Certificate is delivered, by delivering written notice thereof to Borrower. Such changes shall be given prospective effect only, and no recalculation shall be done with respect to interest
accrued prior to the date of such change in the Applicable Margins. If any such Compliance Certificate shall later be determined to be incorrect and as a result higher Applicable Margins should have been in effect for any period, Borrower shall
pay to the Administrative Agent for the benefit of the Lenders all additional interest and fees which would have accrued if the original Compliance Certificate had been correct, as shown on an invoice to be prepared by the Administrative Agent and
delivered to Borrower, on the next Payment Date following delivery of such invoice or on demand of the Administrative Agent if the Aggregate Commitments have terminated. The per annum Applicable Margins that will be either added to the
Alternate Base Rate to determine the Floating Rate or added to LIBOR Base Rate to determine the LIBOR Rate for any LIBOR Interest Period shall be determined as follows:
  

			
	 Leverage Ratio
	  	Applicable
Margin
	 <40%
	  	1.70%
	 340%, <45%
	  	1.75%
	 345%, <50%
	  	1.90%
	 350%, <55%
	  	2.05%
	 355%, <60%
	  	2.35%
	 360%
	  	2.55%

 On, and at all times after, the Investment Grade Rating Date, the Applicable Margins thereafter shall vary from time to time
and shall be determined by reference to the then-current Credit Ratings of Borrower. Any subsequent change in any of the Borrower’s Credit Ratings which would cause a different level to be applicable shall be effective as of the first day
of the first calendar month immediately following the month in which the Administrative Agent receives written notice delivered by the Borrower that such change in a Credit Rating has occurred; provided, however, if the Borrower has
not delivered the notice required but the Administrative Agent becomes aware that any of the Borrower’s Credit Ratings have changed, then the Administrative Agent shall adjust the level effective as of the first day of the first calendar month
following the date the Administrative Agent becomes aware of such change in Borrower’s Credit Ratings. The per annum Applicable Margins that will be either added to the Alternate Base Rate to determine the Floating Rate or added to LIBOR
Base Rate to determine the LIBOR Rate for any LIBOR Interest Period shall be determined as follows:
  

			
	 Credit Rating (S&P and
Moody’s)
	  	Applicable
Margin
	 At least A- or A3
	  	1.50%
	 At least BBB+ or Baa1
	  	1.55%
	 At least BBB or Baa2
	  	1.65%
	 At least BBB- or Baa3
	  	1.90%
	 Below BBB- and Baa3
	  	2.45%

  
 A-1 

 If each of Fitch, Moody’s, and S&P assigns a Credit Rating to the Borrower and such Credit Ratings
correspond to different levels in the above table, the Applicable Margin will be determined based on (i) the level corresponding to the highest Credit Rating of the assigned Credit Ratings if such Credit Ratings differ by only one level or (ii) the
average of the two highest Credit Ratings if they differ by two or more levels (unless the average is not a recognized level, in which case the Applicable Margin will be based on the level corresponding to the second highest Credit Rating). If
only two of Fitch, Moody’s, and S&P assign a Credit Rating to the Borrower and such Credit Ratings correspond to different levels in the above table, the Applicable Margins will be determined based on (i) the level corresponding to the
higher Credit Rating of the assigned Credit Ratings if such Credit Ratings differ by only one level or (ii) the median of the two Credit Ratings if they differ by two or more levels (unless the median is not a recognized level, in which case the
Applicable Margin will be based on the credit rating one level below the level corresponding to the higher Credit Rating). If only one rating agency assigns a Credit Rating to the Borrower and such rating agency is either Moody’s or S&P,
the Applicable Margins will be determined based on the level corresponding to the Credit Rating assigned by such rating agency. During any period after the Investment Grade Rating Date when neither Moody’s nor S&P assigns a Credit
Rating to the Borrower, the Applicable Margin shall be determined based on a Credit Rating of “Below BBB- and Baa3”, effective in each case as of the first day of the first calendar month immediately following the month in which the
Administrative Agent receives written notice delivered by the Borrower that such cessation has occurred; provided, however, if the Borrower has not delivered the notice required but the Administrative Agent becomes aware of such
cessation, then the Administrative Agent shall adjust the level effective as of the first day of the first calendar month following the date the Administrative Agent becomes aware of such cessation. 

 

  
 A-2 

 EXHIBIT B 

FORM OF NOTE 

NOTE 
 [DATE] 

Retail Properties of America, Inc., a corporation organized under the laws of the State of Maryland (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 Term Loan Agreement, dated as of November [22], 2016, among the Borrower, Capital One, National Association, individually and as Administrative Agent (the “Administrative Agent”), and the other
Lenders named therein (as amended, modified, supplemented, restated, or renewed, from time to time, the “Agreement”), in immediately available funds at the Administrative Agent’s address specified pursuant to Article XIII of
the Agreement, or at any other Lending Installation of the Administrative Agent specified in writing by the Administrative Agent to the Borrower, 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 remaining unpaid principal of and accrued and unpaid interest on the Loans in full on the Facility Termination Date or such earlier date as may be required under 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 and amount of each Loan and the date and amount of each principal payment hereunder, provided, that the failure of the Lender to make such a recordation or any error in such recordation shall not affect the obligations of the
Borrower to make the payments of principal and interest in accordance with the terms of this Note (this “Note”) and the Agreement. 

This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Agreement and 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 a Default under the Agreement or any other Loan Document and Administrative
Agent exercises the remedies provided under the Agreement and any other Loan Document 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 the 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 therefore, 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. 

  
 B-1 

 This Note shall be governed and construed under the internal laws of the State of New York. 

(Remainder of page intentionally left blank.) 

  
 B-2 

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

			
	RETAIL PROPERTIES OF AMERICA, INC.
		
	By:	 	  

	Print Name:	 	
	Title:	 	

  
 B-3 

 SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO 
 NOTE OF RETAIL PROPERTIES OF
AMERICA, INC., 
 DATED
                     
  

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

  
 B-4 

 EXHIBIT C 

FORM OF AMENDMENT REGARDING INCREASE 

This Amendment Regarding Increase (this “Amendment”) is made as of
            , 201     (the “Effective Date”), by and among Retail Properties of America, Inc. (the “Borrower”), Capital One, National
Association, as Administrative Agent (the “Administrative Agent”), and one or more existing or new “Lenders” shown on the signature pages hereof. 

RECITALS 
 A. Borrower,
Administrative Agent and certain other Lenders have entered into a Term Loan Agreement dated as of November [22], 2016 (as amended, modified, supplemented, restated, or renewed, from time to time, the “Loan Agreement”). All
capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Loan Agreement. 
 B. Pursuant to the
terms of the Loan Agreement, the Lenders initially agreed to provide Borrower with certain term loan credit facilities of up to $200,000,000. Borrower and the Administrative Agent on behalf of the Lenders now desire to amend the Loan Agreement
in order to, among other things, [(i)] [increase the aggregate Commitments to][make additional Loans in the amount of] $         [; and (ii) admit [name of new banks] as “Lenders” under the Loan
Agreement]1. 
 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 Loan Agreement and the Loan Documents,]2 and [(ii) [name of existing Lenders] shall each
be deemed to have [increased its Commitment]3, each [making additional Loans]4 as of the Effective Date in the amount set forth for such Lender
on Schedule I of this Amendment. Borrower shall, on or before the Effective Date, execute and deliver to each new Lender a Note to evidence the Loans to be made by such Lender. 

3. From and after the Effective Date, the aggregate [Commitments/ Loans] shall equal          Dollars
($    ,000,000) and the Aggregate Commitments shall equal          Dollars ($    ,000,000). 

 

	1 	To be used if any new Lenders are joining the Loan Agreement. 

	2 	To be used if any new Lenders are joining the Loan Agreement. 

	3 	To be used if any existing Lenders are increasing their respective Commitments. 

	4 	To be used if any existing Lenders are making additional Loans. 

  
 C-1 

 4. For purposes of Section 13.1 of the Loan 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. 

5. Borrower hereby represents and warrants that, as of the Effective Date, no Default or Unmatured Default has occurred, is continuing or is
in existence, the representations and warranties (subject in all cases to all materiality qualifiers and other exceptions in such representations and warranties) contained in Article V of the Loan Agreement are true and correct as of the Effective
Date, 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 was true and correct on and as of such earlier date) and except for changes in factual
circumstances not prohibited under the Loan Documents and Borrower has no offsets or claims against any of the Lenders. 
 6. As expressly
modified as provided herein, the Loan Agreement shall continue in full force and effect. 
 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. 

(Remainder of page intentionally left blank.) 

  
 C-2 

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

			
	RETAIL PROPERTIES OF AMERICA, INC., a Maryland corporation
		
	By:	 	  

	Print Name:	 	  

	Title:	 	  

	
	CAPITAL ONE, NATIONAL ASSOCIATION, as
	Administrative Agent
		
	By:	 	  

	Print Name:	 	  

	Title:	 	  

	
	[NAME OF EXISTING LENDER]
		
	By:	 	  

	Print Name:	 	  

	Title:	 	  

	
	[NAME OF NEW LENDER]
		
	By:	 	  

	Print Name:	 	  

	Title:	 	  

	
	  

	  

	  

	Phone:	 	  

	Facsimile:	 	  

	Attention:	 	  

  
 C-3 

 Schedule I 

[Commitments][Term Loans] 

  
 C-4 

 EXHIBIT D 

COMPLIANCE CERTIFICATE 
 Capital
One, National Association, as Administrative Agent 
 299 Park Avenue, 31st Floor 

New York, NY 10170 
 Attention: Thomas Kornobis, Commercial Loan
Operations 
  

	 	Re:	Term Loan Agreement dated as of November [22], 2016 (as amended, modified, supplemented, restated, or renewed, from time to time, the “Agreement”) between RETAIL PROPERTIES OF AMERICA, INC. (the
“Borrower”), CAPITAL ONE, NATIONAL ASSOCIATION, as Administrative Agent for itself and the other lenders parties thereto from time to time (“Lenders”), and the Lenders. 

Reference is made to the Agreement. Capitalized terms used in this Compliance Certificate (including schedules and other attachments
hereto, this “Certificate”) without definition have the meanings specified in the Agreement. 
 Pursuant to applicable
provisions of the Agreement, Borrower hereby certifies to the Lenders that the information furnished in the attached schedules, including, without limitation, each of the calculations listed below are true, correct and complete in all material
respects as of the last day of the fiscal periods subject to the financial statements and associated covenants being delivered to the Lenders pursuant to the Agreement together with this Certificate (such statements the “Financial
Statements” and the periods covered thereby the “reporting period”) and for such reporting period. 
 The
undersigned hereby further certifies to the Lenders that: 
 1. Compliance with Financial Covenants. Schedule A 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. 

2. Review of Condition. The undersigned has reviewed the terms of the Agreement, including, but not limited to, the representations and
warranties of the Borrower set forth in the Agreement and the covenants of the Borrower set forth in the Agreement, and has made, or caused to be made under his or her supervision, a review in reasonable detail of the transactions and condition of
the Borrower through the reporting periods. 
 3. Representations and Warranties. To the undersigned’s actual knowledge, the
representations and warranties of the Borrower contained in the Loan Documents, including those contained in the Agreement, are true and accurate in all material respects as of the date hereof and were true and accurate in all material respects at
all times during the reporting period (except, in each case, 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 have been true and correct on and as of
such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents as expressly noted on Schedule B hereto). 

  
 D-1 

 4. Covenants. To the undersigned’s actual knowledge, during the reporting period, the
Borrower observed and performed all of the respective covenants and other agreements under the Agreement and the Loan Documents, and satisfied each of the conditions contained therein to be observed, performed or satisfied by the Borrower, except as
expressly noted on Schedule B hereto. 
 5. No Unmatured Default. To the undersigned’s actual knowledge, no Default or Unmatured
Default exists as of the date hereof or existed at any time during the reporting period, except as expressly noted on Schedule B hereto. 

IN WITNESS WHEREOF, this Certificate is executed by the undersigned this      day of
            , 201    . 
  

			
	RETAIL PROPERTIES OF AMERICA, INC.
		
	By:	 	  

	Print Name:	 	
	Title:	 	

  
 D-2 

 SCHEDULE A TO COMPLIANCE CERTIFICATE 

COMPLIANCE CALCULATIONS 

  
 D-3 

 SCHEDULE B TO COMPLIANCE CERTIFICATE 

EXCEPTIONS, IF ANY 

  
 D-4 

 EXHIBIT E 

FORM OF SUBSIDIARY GUARANTY 

SUBSIDIARY GUARANTY 

This Subsidiary Guaranty (this “Guaranty”) is made as of
                    , by the parties identified in the signature pages thereto, and any Joinder to Guaranty hereafter delivered (collectively, the
“Subsidiary Guarantors”), to and for the benefit of Capital One, National Association, individually (“Capital One”) and as administrative agent (“Administrative Agent”), for itself and the lenders
under the Loan Agreement (as defined below) and their respective successors and assigns (collectively, the “Lenders”). 

RECITALS 
 A. Retail
Properties of America, Inc., a corporation organized under the laws of the State of Maryland (“Borrower”), and Subsidiary Guarantors have requested that the Lenders make a term loan credit facility available to Borrower in an
aggregate principal amount of $200,000,000, subject to possible future increase to an aggregate of $300,000,000 (the “Facility”). 

B. The Lenders have agreed to make available the Facility to Borrower pursuant to the terms and conditions set forth in a Term Loan
Agreement dated as of November [22], 2016 among Borrower, Capital One, individually, and as Administrative Agent, and the Lenders named therein (as amended, modified, supplemented, restated, or renewed, from time to time, the “Loan
Agreement”). All capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Loan Agreement. 

C. Borrower has executed and delivered or will execute and deliver to the Lenders promissory notes in the principal amount of each
Lender’s Commitment and/or Loans, as applicable, as evidence, in addition to the Loan Agreement, 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 Loan Agreement, are collectively referred to herein as the “Notes”). 

D. Subsidiary Guarantors are Wholly-Owned Subsidiaries of Borrower. Subsidiary Guarantors acknowledge that the extension of credit by the
Administrative Agent and the Lenders to Borrower pursuant to the Loan Agreement will benefit Subsidiary Guarantors by making funds available to Subsidiary Guarantors through Borrower and by enhancing the financial strength of the consolidated group
of which Subsidiary Guarantors and Borrower are members. The execution and delivery of this Guaranty by Subsidiary Guarantors are conditions precedent to the performance by the Lenders of their obligations under the Loan Agreement. 

  
 E-1 

 AGREEMENTS 

NOW, THEREFORE, Subsidiary Guarantors, 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 agree as follows: 
 1. Each Subsidiary Guarantor
absolutely, unconditionally, and irrevocably guaranties to each of the Lenders, jointly with the other Subsidiary Guarantors and severally, as a primary obligor and not merely as a surety: 

(a) the full and prompt payment of the principal of and interest on the Facility Obligations 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 Loan 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 Loan 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.” Subsidiary Guarantors and Lenders agree that Subsidiary Guarantors’ obligations hereunder shall not exceed the greater of: (i) the aggregate amount of all monies received, directly or indirectly, by Subsidiary
Guarantors from Borrower after the date hereof (whether by loan, capital infusion or other means), or (ii) the maximum amount of the Facility Indebtedness not subject to avoidance under Title 11 of the United States Code, as same may be amended from
time to time, or any applicable state law (the “Bankruptcy Code”). To that end, to the extent such obligations would otherwise be subject to avoidance under the Bankruptcy Code if Subsidiary Guarantors are not deemed to have
received valuable consideration, fair value or reasonably equivalent value for its obligations hereunder, each Subsidiary Guarantor’s obligations hereunder shall be reduced to that amount which, after giving effect thereto, would not render
such Subsidiary Guarantor insolvent, or leave such Subsidiary Guarantor with an unreasonably small capital to conduct its business, or cause such Subsidiary Guarantor to have incurred debts (or intended to have incurred debts) beyond its ability to
pay such debts as they mature, as such terms are determined, and at the time such obligations are deemed to have been incurred, under the Bankruptcy Code. In the event a Subsidiary Guarantor shall make any payment or payments under this Guaranty,
each other Subsidiary Guarantor of the Facility Indebtedness shall contribute to such Subsidiary Guarantor an amount equal to such nonpaying Subsidiary Guarantor’s pro rata share (based on their respective maximum liabilities hereunder) of such
payment or payments made by such Subsidiary Guarantor, provided that such contribution right shall be subordinate and junior in right of payment in full of all the Facility Indebtedness to Lenders. Subsidiary Guarantors and

  
 E-2 

 
Lenders further agree that Subsidiary Guarantors’ obligations hereunder with regard to the Facility Obligations shall be determined in accordance with the terms hereof and Subsidiary
Guarantors’ obligations hereunder are not intended to be determined by or subject to the definition of “Guarantee Obligations” in the Loan Agreement.

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, Subsidiary Guarantors agree, on demand by the Administrative Agent or the holder of a Note, 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 Loan Agreement, and the other Loan Documents. 

3. Subsidiary Guarantors do 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 set-off or other claim which Subsidiary Guarantors may have against Borrower or which Subsidiary Guarantors or
Borrower may have against the Administrative Agent or the Lenders or the holder of a Note, including, without limitation, the defense of the statute of limitations in any action hereunder and any defense that may arise by reason of the incapacity,
lack of authority, death or disability of Borrower, any Subsidiary Guarantor or any other Person, the revocation or repudiation hereof by a Subsidiary Guarantor or the revocation or repudiation of any of the Loan Documents by Borrower or any
other Person, the failure of the Administrative Agent (on behalf of the Lenders) to file or enforce a claim against the estate (either in administration, bankruptcy or any other proceeding) of Borrower or any other Person, or the unenforceability in
whole or in part of any Loan Document, (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 Subsidiary Guarantors with liability, (iv) any failure by the Administrative Agent and the Lenders to inform Subsidiary
Guarantors of any facts the Administrative Agent and the Lenders may now or hereafter know about Borrower, the Facility, or the transactions contemplated by the Loan Agreement, it being understood and agreed that the Administrative Agent and the
Lenders have no duty so to inform and that Subsidiary Guarantors are 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, (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, (vi) any invalidity or unenforceability of any portion of the Facility Indebtedness or any Loan Documents, and (vii) any amendment
or waiver of the Facility Indebtedness, including without limitation any of the actions described in Paragraph 4 below. Credit may be granted or continued from time to time by the Lenders to Borrower without notice to or authorization from
Subsidiary Guarantors, 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 Subsidiary Guarantors the
Lenders’ assessment of the financial condition of Borrower. Subsidiary Guarantors acknowledge that no representations of 

  
 E-3 

 
any kind whatsoever have been made by the Administrative Agent or the Lenders to Subsidiary Guarantors. No modification or waiver of any of the provisions of this Guaranty shall be binding upon
the Administrative Agent or the Lenders except as expressly set forth in a writing duly signed and delivered on behalf of the Administrative Agent and the Lenders. Subsidiary Guarantors further agree that any exculpatory language contained in the
Loan 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 Subsidiary Guarantors to enforce this Guaranty. 

4. Subsidiary Guarantors further agree that Subsidiary Guarantors’ 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 Subsidiary Guarantors 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 Loan 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 Loan 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 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, or by any present or future law, regulation or order of any jurisdiction (whether of right or in fact) or of any
agency thereof purporting to reduce, amend, restructure or otherwise affect any term of the Facility Indebtedness or Obligations or any Loan Document, or by any change in the corporate existence, structure, or ownership of Borrower, or by any lack
of validity or enforceability of any Loan Document, or by any other setoff, recoupment, defense or counterclaim whatsoever (in any case, whether based on contract, tort or any other theory) with respect to the Loan Documents or the transactions
contemplated thereby, it being the intent hereof that Subsidiary Guarantors 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 Loan 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. Subsidiary
Guarantors further understand and agree that the Administrative Agent and the Lenders may at any time enter into agreements with Borrower to amend and modify a Note, the Loan Agreement or any of the other Loan Documents, or any other documents
related thereto, and may waive or release any provision or provisions of a Note, the Loan 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 Subsidiary Guarantors’ obligations hereunder. Each
of the Subsidiary Guarantors agrees not to assert any claim against the Administrative Agent or any Lender, any of their respective Affiliates, or any of their or their respective Affiliates, officers, directors, employees, attorneys and agents, on
any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Facility, the actual or proposed use of the Loans, the Loan Documents or the transactions contemplated thereby. 

  
 E-4 

 5. This is an absolute, unconditional, complete, present and continuing guaranty of payment
and performance and not of collection. Subsidiary Guarantors agree that their obligations hereunder are joint and several as among them and shall be joint and several with any and all other guaranties given in connection with the Facility from time
to time. Subsidiary Guarantors agree 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 Loan Agreement, or any of the other Loan Documents or by or resorting to any other guaranties, and Subsidiary Guarantors hereby waive 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. Subsidiary Guarantors further agree 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 Loan 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 Subsidiary Guarantors’ obligations hereunder, it being the purpose and intent of Subsidiary Guarantors that the obligations of such Subsidiary
Guarantors hereunder shall be primary, absolute, independent and unconditional under any and all circumstances whatsoever. Neither Subsidiary Guarantors’ 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 Loan 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 Facility Indebtedness or any sum payable pursuant to a Note, the Loan 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 Subsidiary Guarantors pursuant to the preceding
sentence shall survive any termination, cancellation, or release of this Guaranty. 
 6. This Guaranty is a continuing guaranty of the
payment of all Facility Indebtedness and performance of all Obligations now or hereafter existing and shall remain in full force and effect until payment in full of all Facility Indebtedness and other amounts payable under this Guaranty and
performance of all Obligations. 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 and by the Administrative Agent to any of its successors or assigns in such
capacity. 
 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 

  
 E-5 

 
Guaranty, a Note, the Loan 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 Loan 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 Subsidiary Guarantors 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 Subsidiary Guarantors now or hereafter existing is hereby subordinated to the Facility
Indebtedness. Subsidiary Guarantors will not seek, accept, or retain for Subsidiary Guarantors’ own account, any payment from Borrower on account of such subordinated debt at any time when a Default exists under the Loan Agreement or the Loan
Documents, and any such payments to Subsidiary Guarantors made while any Default then exists under the Loan Agreement or the Loan Documents on account of such subordinated debt shall be collected and received by Subsidiary Guarantors 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 Subsidiary Guarantors hereunder. 

10. Subsidiary Guarantors hereby subordinate to the Facility Indebtedness any and all claims and rights, including, without limitation,
subrogation rights, contribution rights, reimbursement rights and set-off rights, which Subsidiary Guarantors may have against Borrower arising from a payment made by Subsidiary Guarantors under this Guaranty and agree that, until the entire
Facility Indebtedness is paid in full, not to assert or take advantage of any subrogation rights of Subsidiary Guarantors or the Lenders or any right of Subsidiary Guarantors 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 Subsidiary Guarantors seek or be entitled to seek any
contribution or reimbursement from Borrower or any other guarantor in 

  
 E-6 

 
respect of payments made by Subsidiary Guarantors hereunder. It is expressly understood that the agreements of Subsidiary Guarantors 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. The Subsidiary
Guarantors hereby agree as among themselves that, if any Subsidiary Guarantor shall make an Excess Payment (as defined below), such Subsidiary Guarantor shall have a right of contribution from each other Subsidiary Guarantor in an amount equal to
such other Subsidiary Guarantor’s Contribution Share (as defined below) of such Excess Payment. The payment obligations of any Subsidiary Guarantor under this paragraph shall be subordinate and subject in right of payment to the
Obligations until the entire Facility Indebtedness is paid in full, and none of the Subsidiary Guarantors shall exercise any right or remedy under this paragraph against any other Subsidiary Guarantor until the entire Facility Indebtedness is paid
in full. Subject to the immediately preceding paragraph 10, this paragraph shall not be deemed to affect any claims or rights, including, without limitation, subrogation rights, contribution rights, reimbursement rights and set-off rights, that
any Subsidiary Guarantor may have under applicable law against the Borrower in respect of any payment of the Facility Indebtedness or the Obligations. Notwithstanding the foregoing, all rights of contribution against any Subsidiary Guarantor
shall terminate from and after such time, if ever, that such Subsidiary Guarantor shall cease to be a Subsidiary Guarantor in accordance with Section 6.26 of the Loan Agreement. For purposes of this paragraph, the following terms have the
indicated meanings: 
 (a) “Contribution Share” means, for any Subsidiary Guarantor in respect of any Excess Payment made
by any other Subsidiary Guarantor, the ratio (expressed as a percentage) as of the date of such Excess Payment of (i) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts
and liabilities of such Subsidiary Guarantor (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Subsidiary Guarantor hereunder) to (ii) the amount by which the aggregate present fair
salable value of all assets and other properties of the Borrower and the Subsidiary Guarantors other than the maker of such Excess Payment exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and
unliquidated liabilities, but excluding the obligations of the Borrower and the Subsidiary Guarantors) of the Borrower and the Subsidiary Guarantors other than the maker of such Excess Payment; provided, however, that, for purposes of
calculating the Contribution Shares of the Subsidiary Guarantors in respect of any Excess Payment, any Subsidiary Guarantor that became a Subsidiary Guarantor subsequent to the date of any such Excess Payment shall be deemed to have been a
Subsidiary Guarantor on the date of such Excess Payment and the financial information for such Subsidiary Guarantor as of the date such Subsidiary Guarantor became a Subsidiary Guarantor shall be utilized for such Subsidiary Guarantor in connection
with such Excess Payment. 
 (b) “Excess Payment” means the amount paid by any Subsidiary Guarantor in excess of its
Ratable Share (as defined below) of the Facility Indebtedness. 

  
 E-7 

 (c) “Ratable Share” means, for any Subsidiary Guarantor in respect of any
payment of the Facility Indebtedness, the ratio (expressed as a percentage) as of the date of such payment of the Facility Indebtedness of (i) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds
the amount of all debts and liabilities of such Subsidiary Guarantor (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Subsidiary Guarantor hereunder) to (ii) the amount by which the
aggregate present fair salable value of all assets and other properties of the Borrower and the Subsidiary Guarantors exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and unliquidated
liabilities, but excluding the obligations of the Borrower and the Subsidiary Guarantors hereunder) of the Borrower and the Subsidiary Guarantors; provided, however, that, for purposes of calculating the Ratable Shares of the
Subsidiary Guarantors in respect of any payment of the Facility Indebtedness, any Subsidiary Guarantor that became a Subsidiary Guarantor subsequent to the date of any such payment shall be deemed to have been a Subsidiary Guarantor on the date of
such payment and the financial information for such Subsidiary Guarantor as of the date such Subsidiary Guarantor became a Subsidiary Guarantor shall be utilized for such Guarantor in connection with such payment. 

12. 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. 
 13. Subsidiary Guarantors hereby
irrevocably and unconditionally submit to personal jurisdiction in the State of New York for the enforcement of this Guaranty and waive any and all personal rights to object to such jurisdiction for the purposes of litigation to enforce this
Guaranty. Subsidiary Guarantors hereby consent to the jurisdiction of either the Supreme Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District Court for 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. Subsidiary Guarantors hereby agree that an
action, suit, or proceeding to enforce this Guaranty may be brought in any state or federal court in the State of New York and hereby waives any objection which Subsidiary Guarantors 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. The
Subsidiary Guarantors irrevocably consent to service of process in the manner provided for notices herein. Nothing in this Guaranty will affect the right of the Administrative Agent to serve process in any other manner permitted by law. 

  
 E-8 

 14. All notices and other communications provided to any party hereto under this Agreement
or any other Loan Document shall be in writing 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 Subsidiary Guarantors: 
 c/o
Retail Properties of America, Inc. 
 2021 Spring Road, Suite 200 

Oak Brook, Illinois 60523 

Attention: [                    ] 

Telephone: 630-634-4230 

Facsimile: 630-756-4185 

With a copy to: 
 Retail
Properties of America, Inc. 
 2021 Spring Road, Suite 200 

Oak Brook, Illinois 60523 

Attention: [                    ] 

Telephone: 630-634-4190 

Facsimile: 630-282-7465 

If to the Administrative Agent or any Lender, to its address set forth in the Loan Agreement. 

15. This Guaranty shall be binding upon the heirs, executors, legal and personal representatives, successors and assigns of Subsidiary
Guarantors and shall inure to the benefit of the Administrative Agent and the Lenders’ successors and assigns. 
 16. This
Guaranty shall be governed by, and construed and enforced under, the internal laws of the State of New York. 

17. SUBSIDIARY GUARANTORS, 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. 
 18. Neither the execution and delivery by the
Subsidiary Guarantors of this Guaranty, nor the consummation of the transactions contemplated by the Loan Agreement, nor compliance with the provisions thereof will violate any law, rule, regulation, order, writ, judgment, injunction, decree or
award binding on any of the Subsidiary Guarantors or their respective articles of organization, articles of formation, certificates of trust, limited partnership certificates, operating agreements, trust agreements, or limited partnership
agreements, or the provisions of any indenture, instrument or agreement to which any of the Subsidiary Guarantors is a party or is subject, or by which it, or its Property, is bound, or conflict with or constitute a default thereunder, except where
such violation, conflict or default would not have a Material Adverse 

  
 E-9 

 
Effect, or result in the creation or imposition of any Lien (other the Liens created pursuant to the Loan Agreement) in, of or on the Property of such Subsidiary Guarantor pursuant to the terms
of any such indenture, instrument or agreement. No order, consent, approval, license, authorization, or 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, this Guaranty. 

19. From time to time, additional parties may execute a joinder substantially in the form of Exhibit A hereto, and thereby become a party
to this Guaranty. From and after delivery of such joinder, the Subsidiary delivering such joinder shall be a Subsidiary Guarantor, and be bound by all of the terms and provisions of this Guaranty. From time to time, certain Subsidiary
Guarantors shall be released from their obligations under this Guaranty upon satisfaction of the conditions to such release established pursuant to Section 6.26 of the Loan Agreement. 

(Remainder of page intentionally left blank.) 

  
 E-10 

 IN WITNESS WHEREOF, Subsidiary Guarantors have delivered this Subsidiary Guaranty as of the date
first written above. 
  

			
	[GUARANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 E-11 

			
	Accepted:
	
	CAPITAL ONE, NATIONAL ASSOCIATION,
as Administrative Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Subsidiary Guaranty] 

  
 E-12 

 EXHIBIT A TO SUBSIDIARY GUARANTY 

FORM OF JOINDER TO GUARANTY 

THIS JOINDER is executed as of             , 20     by the
undersigned, each of which hereby agrees as follows: 
 1. All capitalized terms used herein and not defined in this Joinder shall have
the meanings provided in that certain Subsidiary Guaranty (as amended, modified, supplemented, restated, or renewed, from time to time, the “Guaranty”) dated as of
                    , executed for the benefit of Capital One, National Association, as Administrative Agent for itself and certain other Lenders,
and the Lenders, with respect to Loans from the Lenders to Retail Properties of America, Inc. (“Borrower”). 
 2. As
required by the Loan Agreement, each of the undersigned is executing this Joinder to become a party to the Guaranty. 
 3. Each and every
term, condition, representation, warranty, and other provision of the Guaranty, by this reference, is incorporated herein as if set forth herein in full and the undersigned agrees to fully and timely perform each and every obligation of a Subsidiary
Guarantor under such Guaranty. 
 [INSERT SUBSIDIARY GUARANTOR SIGNATURE BLOCKS AND FEIN NUMBER] 

 

											
		  		  		  	  

						
	 FEIN NO.
	  	
                   
 
	  		  		  		  	
					
		  		  		  	 By:
	  	  

						
		  		  		  		  	 By:
	  	  

		  		  		  		  	 Its:
	  	

  
 E-13 

 EXHIBIT F 

FORM OF BORROWING NOTICE 

Date:                     

Capital One, National Association, as Administrative Agent 
 299
Park Avenue, 31st Floor 
 New York, NY 10170 
 Attention:
Thomas Kornobis, Commercial Loan Operations 
 Borrowing Notice 

Retail Properties of America, Inc. hereby requests a Loan Advance pursuant to Section 2.9 of the Term Loan Agreement dated as of November [22], 2016
(as amended, modified, supplemented, restated, or renewed, from time to time, the “Loan Agreement”), among Retail Properties of America, Inc., the Lenders referenced therein, and you, as Administrative Agent for the
Lenders. Capitalized terms used herein and not otherwise defined herein shall have the meanings attributed to them in the Loan Agreement 
 An Advance
is requested to be made in the amount of $        , to be made on                     . Such Loan shall be a
[LIBOR Rate] [Floating Rate] Advance. [The applicable LIBOR Interest Period shall be                     .] 

The proceeds of the requested Advance shall be directed to the following account: 

Wiring Instructions: 
 (Bank
Name) 
 (ABA No.) 

(Beneficiary) 
 (Account No. to
Credit) 
 (Notification Requirement) 

  
 F-1 

 In support of this request, Retail Properties of America, Inc. hereby represents and warrants to
the Administrative Agent and the Lenders that all requirements of Section 4.2 of the Loan Agreement in connection with such Advance have been satisfied at the time such proceeds are disbursed. 

 

			
	Date:	 	  

	
	For Borrower: Retail Properties of America, Inc.
		
	By:	 	  

	Name:	 	
	Its:	 	

  
 F-2 

 EXHIBIT G 

FORM OF ASSIGNMENT AGREEMENT 

This Assignment Agreement (this “Assignment Agreement”) between
                     (the “Assignor”) and
                     (the “Assignee”) is dated as of             ,
20    . The parties hereto agree as follows: 
 1. PRELIMINARY STATEMENT. The Assignor is a party to a Term
Loan Agreement dated November [22], 2016 (as amended, modified, supplemented, restated, or renewed, from time to time, the “Loan Agreement”) described in Item 1 of Schedule 1 attached hereto (“Schedule 1”). Capitalized terms used
herein and not otherwise defined herein shall have the meanings attributed to them in the Loan Agreement. 
 2. ASSIGNMENT AND
ASSUMPTION. The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, an interest in and to the Assignor’s rights and obligations under the Loan Agreement such that after giving
effect to such assignment, the Assignee shall have purchased pursuant to this Assignment Agreement the percentage interest specified in Item 3 of Schedule 1 of all outstanding rights and obligations under the Loan Agreement and the other Loan
Documents. The Commitment purchased by the Assignee hereunder is set forth in Item 4 of Schedule 1. 
 3. EFFECTIVE DATE. The
effective date of this Assignment Agreement (the “Effective Date”) shall be the later of the date specified in Item 5 of Schedule 1 or two (2) Business Days (or such shorter period agreed to by Capital One, National Association, as
Administrative Agent under the Loan Agreement (the “Agent”)) after a Notice of Assignment substantially in the form of Exhibit “I” attached hereto has been delivered to the Agent. Such Notice of Assignment shall include the
consent of the Agent if required by Section 12.3(i) of the Loan Agreement. In no event will the Effective Date occur if the payments required to be made by the Assignee to the Assignor on the Effective Date under Section 4 hereof are
not made on the proposed Effective Date. The Assignor will notify the Assignee of the proposed Effective Date no later than the Business Day prior to the proposed Effective Date. As of the Effective Date, (i) the Assignee shall have the rights and
obligations of a Lender under the Loan Documents with respect to the rights and obligations assigned to the Assignee hereunder and (ii) the Assignor shall relinquish its rights and be released from its corresponding obligations under the Loan
Documents with respect to the rights and obligations assigned to the Assignee hereunder. 
 4. PAYMENTS OBLIGATIONS. On and after the
Effective Date, the Assignee shall be entitled to receive from the Agent all payments of principal, interest and fees with respect to the interest assigned hereby. The Assignee shall advance funds directly to the Agent with respect to all Loans and
reimbursement payments made on or after the Effective Date with respect to the interest assigned hereby. In consideration for the sale and assignment of Loans hereunder, the Assignee shall pay the Assignor, on the Effective Date, an amount equal to
the principal amount of the portion of all Loans assigned to the Assignee hereunder which is outstanding on the Effective Date. The Assignee will promptly remit to the Assignor (i) the portion of any principal payments assigned hereunder and
received from the Agent and (ii) any amounts of interest on Loans and fees received from the Agent to the extent either (i) or (ii) 

  
 G-1 

 
relate to the portion of the Loans assigned to the Assignee hereunder for periods prior to the Effective Date and have not been previously paid by the Assignee to the Assignor. In the event that
either party hereto receives any payment to which the other party hereto is entitled under this Assignment Agreement, then the party receiving such amount shall promptly remit it to the other party hereto. 

5. REPRESENTATIONS OF THE ASSIGNOR: LIMITATIONS ON THE ASSIGNOR’S LIABILITY. The Assignor represents and warrants: (a) that
it is the legal and beneficial owner of the interest being assigned by it hereunder, (b) that such interest is free and clear of any adverse claim created by the Assignor, and (c) that it has all necessary right and authority to enter into this
Assignment. It is understood and agreed that the assignment and assumption hereunder is made without recourse to the Assignor and that the Assignor makes no other representation or warranty of any kind to the Assignee. Neither the Assignor nor any
of its officers, directors, employees, agents or attorneys shall be responsible for (i) the due execution, legality, validity, enforceability, genuineness, sufficiency or collectability of any Loan Document, including without limitation, documents
granting the Assignor and the other Lenders a security interest in assets of the Borrower or any guarantor, (ii) any representation, warranty or statement made in or in connection with any of the Loan Documents, (iii) the financial condition or
creditworthiness of the Borrower or any guarantor, (iv) the performance of or compliance with any of the terms or provisions of any of the Loan Documents, (v) inspecting any of the Property, books or records of the Borrowers, (vi) the validity,
enforceability, perfection, priority, condition, value or sufficiency of any collateral securing or purporting to secure the Loans or (vii) any mistake, error of judgment, or action taken or omitted to be taken in connection with the Loans or the
Loan Documents. 
 6. REPRESENTATIONS OF THE ASSIGNEE. The Assignee (i) confirms that it has received a copy of the Loan
Agreement, together with copies of the financial statements requested by the Assignee and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment Agreement, (ii)
agrees that it will, independently and without reliance upon the 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, (iii) appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under the Loan Documents as are delegated to the Agent by the terms thereof, together with such
powers as are reasonably incidental thereto, (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender, (v) agrees that its payment
instructions and notice instructions are as set forth in the attachment to Schedule 1, and (vi) 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.

7. INDEMNITY. The Assignee agrees to indemnify and hold the Assignor harmless against any and 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 by Assignee under this

  
 G-2 

 
Assignment Agreement on and after the Effective Date. The Assignor agrees to indemnify and hold the Assignee harmless against any and all losses, costs and expenses (including, without
limitation, reasonable attorneys’ fees) and liabilities incurred by the Assignee in connection with or arising in any manner from the Assignor’s non-performance of the obligations assigned to Assignee under this Assignment Agreement prior
to the Effective Date. 
 8. SUBSEQUENT ASSIGNMENTS. After the Effective Date, the Assignee shall have the right pursuant to
Section 12.3(i) of the Loan Agreement to assign the rights which are assigned to the Assignee hereunder to any entity or person, provided that (i) any such subsequent assignment does not violate any of the terms and conditions of the Loan
Documents or any law, rule, regulation, order, writ, judgment, injunction or decree and that any consent required under the terms of the Loan Documents has been obtained and (ii) unless the prior written consent of the Assignor is obtained, the
Assignee is not thereby released from its obligations to the Assignor hereunder, if any remain unsatisfied, including, without limitation, its obligations under Sections 4 and 7 hereof. 

9. REDUCTIONS OF AGGREGATE COMMITMENT. If any reduction in the Commitment occurs between the date of this Assignment Agreement and
the Effective Date, the percentage interest specified in Item 3 of Schedule 1 shall remain the same, but the dollar amount purchased shall be recalculated based on the reduced Commitment. 

10. ENTIRE AGREEMENT. This Assignment Agreement and the attached Notice of Assignment embody the entire agreement and
understanding between the parties hereto and supersede all prior agreements and understandings between the parties hereto relating to the subject matter hereof. 

11. GOVERNING LAW. This Assignment Agreement shall be governed by, and construed in accordance with, the internal law, and not the
law of conflicts, of the State of New York. 
 12. NOTICES. Notices shall be given under this Assignment Agreement in the manner
set forth in the Loan Agreement. For the purpose hereof, the addresses of the parties hereto (until notice of a change is delivered) shall be the address set forth in the attachment to Schedule 1. 

(Remainder of page intentionally left blank.) 

  
 G-3 

 IN WITNESS WHEREOF, the parties hereto have executed this Assignment Agreement by their duly
authorized officers as of the date first above written. 
  

			
	ASSIGNOR:
	
	[                    ]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ASSIGNEE:
	
	[                    ]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	[Consented to by:
	
	CAPITAL ONE, NATIONAL ASSOCIATION,
	as Administrative Agent
		
	By:	 	  

	Name:	 	
	Title:	 	                                      
                                 
]5

  
  

	5 	If consent of Administrative Agent is required pursuant to Section 12.3(i) of the Credit Agreement. 

  
 G-4 

 SCHEDULE 1 

to Assignment Agreement 
  

									
	1.	  	Description and Date of Loan Agreement: Term Loan Agreement dated as of November [22], 2016, by and among Retail Properties of America, Inc., the lenders party thereto, and Capital One, National Association, as
Administrative Agent	   
		
	2.	  	Date of Assignment Agreement:             , 20    	  
		
	3.	  	Amounts (as of date of Item 2 above):	  
				
		  	a.  	  	Commitment of Assignor under Loan Agreement.	  	$	                	  
				
		  	b.  	  	Assignee’s Percentage of Commitment of Assignor purchased under this Assignment Agreement.**	  	 	    	% 
				
		  	c.  	  	Loans of Assignor outstanding under Loan Agreement.	  	$	        	  
				
		  	d.  	  	Assignee’s Percentage of the Loans of Assignor purchased under this Assignment Agreement.**	  	 	    	% 
			
	4.	  	Aggregate amount of Assignor’s Loans purchased under this Assignment Agreement.	  	$	        	  
			
	5.	  	Proposed Effective Date:	  			

  

									
	Accepted and Agreed:	 		 	
		
	[NAME OF ASSIGNOR]	 	[NAME OF ASSIGNEE]
					
	By:	 	  
	 		 	By:	 	  

	Title:	 		 		 	Title:	 	

  

	**	Percentage taken to 10 decimal places. 

  
 G-5 

 Attachment to SCHEDULE 1 to ASSIGNMENT AGREEMENT 

Attach Assignor’s Administrative Information Sheet, which must 

include notice address for the Assignor and the Assignee 

[to be provided by Capital One] 

  
 G-6 

 EXHIBIT “I” 

to Assignment Agreement 
 NOTICE
OF ASSIGNMENT 
             ,      

 

	To:	  Capital One, National Association, as Administrative Agent (the “Agent”) 

  299 Park Avenue, 31st Floor 

  New York, NY 10170 

  Attention: Thomas Kornobis, Commercial Loan Operations 

  Borrower: 

  Retail Properties of America, Inc. 

  2021 Spring Road, Suite 200 

  Oak Brook, Illinois 60523 

  Attention: Heath Fear, CFO 
  

	From:	[NAME OF ASSIGNOR] (the “Assignor”) 

   [NAME OF ASSIGNEE] (the
“Assignee”) 
 1. We refer to that Term Loan Agreement dated as of November [22], 2016 (the “Loan Agreement”)
described in Item 1 of Schedule 1 (“Schedule 1”) attached to the Assignment Agreement, dated as of             , (the “Assignment”) by and between the Assignor and
Assignee. A copy of the Assignment is included with this Notice of Assignment. Capitalized terms used herein and not otherwise defined herein shall have the meanings attributed to them in the Loan Agreement. 

2. This Notice of Assignment (this “Notice”) is given and delivered to the Agent pursuant to Section 12.3(ii) of the
Loan Agreement. 
 3. The Assignor and the Assignee have entered into the Assignment, pursuant to which, among other things, the
Assignor has sold, assigned, delegated and transferred to the Assignee, and the Assignee has purchased, accepted and assumed from the Assignor the percentage interest specified in Item 3 of Schedule 1 of all outstandings, rights and obligations
under the Loan Agreement. The Effective Date of the Assignment shall be the later of the date specified in Item 5 of Schedule 1 or two (2) Business Days (or such shorter period as agreed to by the Agent) after this Notice of Assignment and any fee
required by Section 12.3(ii) of the Loan Agreement have been delivered to the Agent, provided that the Effective Date shall not occur if any condition precedent agreed to by the Assignor and the Assignee has not been satisfied. 

4. The Assignor and the Assignee hereby give to the Agent notice of the assignment and delegation referred to in the Assignment. The
Assignor will confer with the Agent before the date specified in Item 5 of Schedule 1 to determine if the Assignment Agreement will become 

  
 G-7 

 
effective on such date pursuant to Section 3 hereof, and will confer with the Agent to determine the Effective Date pursuant to Section 3 hereof if it occurs thereafter. The Assignor shall notify
the Agent if the Assignment Agreement does not become effective on any proposed Effective Date as a result of the failure to satisfy the conditions precedent agreed to by the Assignor and the Assignee. At the request of the Agent, the Assignor will
give the Agent written confirmation of the satisfaction of the conditions precedent. 
 5. If Notes are outstanding on the Effective
Date, the Assignor and the Assignee request and direct that the Agent prepare and cause the Borrowers to execute and deliver new Notes or, as appropriate, replacements notes, to the Assignor and the Assignee. The Assignor and, if applicable, the
Assignee each agree to deliver to the Agent the original Note received by it from the Borrowers upon its receipt of a new Note in the appropriate amount. 

6. The Assignee advises the Agent that notice and payment instructions are set forth in the attachment to Schedule 1. 

7. The Assignee hereby represents and warrants that none of the funds, monies, assets or other consideration being used to make the
purchase pursuant to the Assignment 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. 

8. [The Assignee authorizes the Agent to act as its agent under the Loan Documents in accordance with the terms thereof. The Assignee
acknowledges that the Agent has no duty to supply information with respect to the Borrowers or the Loan Documents to the Assignee until the Assignee becomes a party to the Loan Agreement.]6 

 

									
	NAME OF ASSIGNOR	 		 	NAME OF ASSIGNEE
					
	By:	 	  
	 		 	By:	 	  

	Title:	 		 		 	Title:	 	
	
	 ACKNOWLEDGED AND, IF REQUIRED BY THE LOAN AGREEMENT, CONSENTED TO

	BY:	 		 		 		 	
		 		 	 CAPITAL ONE, NATIONAL ASSOCIATION,

		 		 		 	 AS ADMINISTRATIVE AGENT

					
		 		 		 	 By:
	 	  

		 		 		 	 Title:
	 	

 [Attach photocopy of the Assignment] 
  

 

	6 	May be eliminated if Assignee is a party to the Loan Agreement prior to the Effective Date. 

  
 G-8Exhibit 10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of November 29, 2016, between Vuzix Corporation, a Delaware corporation
(the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors
and assigns, a “Purchaser” and collectively the “Purchasers”).

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act
of 1933, as amended (the “Securities Act”), the Company desires to issue and sell to each Purchaser, and each
Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in
this Agreement.

 

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1             
 Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the
following terms have the meanings set forth in this Section 1.1:

 

“Acquiring Person”
shall have the meaning ascribed to such term in Section 4.5.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

     

     

    

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii)
the Company’s obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than
the third Trading Day following the date hereof.

 

“Closing
Statement” means the Closing Statement in the form on Annex A attached hereto.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

“Company
Counsel” means Sichenzia Ross Ference Kesner LLP, with offices located at 61 Broadway, New York, NY 10006.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(s).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company
pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors
or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the
Company, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities
exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement,
provided that such securities have not been amended since the date of this Agreement to increase the number of such securities
or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits
or combinations) or to extend the term of such securities, and (c) securities issued pursuant to acquisitions or strategic transactions
approved by a majority of the disinterested directors of the Company, provided that any such issuance shall only be to a Person
(or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset
in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to
the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in securities.

 

     

     

    

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(aa).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(p).

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(n).

 

“Per
Share Purchase Price” equals $7.25, subject to adjustment for reverse and forward stock splits, stock dividends, stock
combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Placement
Agent” means Chardan Capital Markets, LLC.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Prospectus”
means the final prospectus filed for the Registration Statement.

 

“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with
the Commission and delivered by the Company to each Purchaser at the Closing.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

“Registration
Statement” means the effective registration statement with Commission file No. 333-209304 which registers the sale of
the Shares to the Purchasers.

 

     

     

    

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means the Shares.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares”
means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include the location and/or reservation of borrowable shares of Common Stock). 

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares purchased hereunder as specified below
such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,”
in United States dollars and in immediately available funds.

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a), and shall, where applicable, also include any direct
or indirect subsidiary of the Company formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New
York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement and any other documents or agreements executed in connection with the transactions contemplated
hereunder.

 

     

     

    

“Transfer
Agent” means Computershare Trust Company, the current transfer agent of the Company, with a mailing address of 350 Indiana
Street, Suite 800, Golden Colorado 80401 and a facsimile number of _______________, and any successor transfer agent of the Company.

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.12(b).

 

ARTICLE II.

PURCHASE AND SALE

 

2.1             
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent
with the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally
and not jointly, agree to purchase, up to an aggregate of $[___,000,000 of Shares. Each Purchaser shall deliver to the Company,
via wire transfer or a certified check, immediately available funds equal to such Purchaser’s Subscription Amount as set
forth on the signature page hereto executed by such Purchaser and the Company shall deliver to each Purchaser its respective Shares
as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section
2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing
shall occur at the offices of Company Counsel or such other location as the parties shall mutually agree.

 

2.2             
Deliveries.

 

(a)               
On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)                
this Agreement duly executed by the Company;

 

(ii)              
a legal opinion of Company Counsel, in form and substance reasonably acceptable to the Purchaser;

 

(iii)            
a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis
via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) Shares equal to such Purchaser’s
Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser; and

 

(iv)            
the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b)              
On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

 

     

     

    

 

(i)                
this Agreement duly executed by such Purchaser; and

 

(ii)              
such Purchaser’s Subscription Amount by wire transfer to the account specified in writing by the Company or as otherwise
directed by the Placement Agent for delivery to the account of the Company.

 

2.3             
Closing Conditions.

 

(a)       The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)                
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless
as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)              
all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall
have been performed; and

 

(iii)            
the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)              
The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions
being met:

 

(i)                
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained
herein (unless as of a specific date therein, in which case they shall be accurate as of such date);

 

(ii)              
all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall
have been performed;

 

(iii)            
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)            
there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

(v)              
from the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or
the Company’s principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported
by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose
trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the
United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or
other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market
which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities
at the Closing.

 

     

     

    

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1             
Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure
Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure
contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and
warranties to each Purchaser:

 

(a)               
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a).
The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear
of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully
paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries,
all other references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

(b)              
Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with
the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.
Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles
of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified
to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of
the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on
the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations,
assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii)
a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under
any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been
instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification.

 

(c)               
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action
on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders
in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction
Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in
accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

     

     

    

(d)              
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction
Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated
hereby and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s
certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien
upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other
instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary
is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required
Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities
laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case
of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(e)               
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order
of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents,
other than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus
Supplement, (iii) application(s) to each applicable Trading Market for the listing of the Shares for trading thereon in the time
and manner required thereby and (iv) such filings as are required to be made under applicable state securities laws (collectively,
the “Required Approvals”).

 

(f)               
Issuance of the Securities; Registration. The Securities are duly authorized and, when issued and paid for in accordance
with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all
Liens imposed by the Company. The Company has reserved from its duly authorized capital stock the maximum number of shares of Common
Stock issuable pursuant to this Agreement. The Company has prepared and filed the Registration Statement in conformity with the
requirements of the Securities Act, which became effective on February 4, 2016 (the “Effective Date”),
including the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement.
The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of
the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings
for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required
by the rules and regulations of the Commission, shall file the Prospectus with the Commission pursuant to Rule 424(b). At the time
the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date,
the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of
the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments
or supplements thereto, at time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed
and will conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading.

 

(g)              
Capitalization. The capitalization of the Company is as set forth on Schedule 3.1(g). The Company has not
issued any capital stock since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise
of employee stock options under the Company’s stock option plans, the issuance of shares of Common Stock to employees pursuant
to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents
outstanding as of the date of the most recently filed periodic report under the Exchange Act. Except as set forth on Schedule
3.1(g), no Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate
in the transactions contemplated by the Transaction Documents. Except as a result of the purchase and sale of the Securities, there
are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to,
or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe
for or acquire, any shares of Common Stock or the capital stock of any Subsidiary, or contracts, commitments, understandings or
arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common
Stock Equivalents or capital stock of any Subsidiary. The issuance and sale of the Securities will not obligate the Company or
any Subsidiary to issue shares of Common Stock or other securities to any Person except for Intel Corporation (other than the Purchasers)
and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price
under any of such securities. There are no outstanding securities or instruments of the Company or any Subsidiary that contain
any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company
or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any
stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement. All of the outstanding
shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance
with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights
or similar rights to subscribe for or purchase securities. No further approval or authorization of any stockholder, the Board of
Directors or others is required for the issuance and sale of the Securities. There are no stockholders agreements, voting agreements
or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge
of the Company, between or among any of the Company’s stockholders.

 

     

     

    

(h)              
SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d)
thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to
file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together
with the Prospectus and the Prospectus Supplement, being collectively referred to herein as the “SEC Reports”)
on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of
the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject
to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all material
respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect
at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting
principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified
in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes
required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of
unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(i)                
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial
statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date
hereof, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a
Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables
and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required
to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission,
(iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution
of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of
its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant
to existing Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment
of information. Except for the issuance of the Securities contemplated by this Agreement or as set forth on Schedule 3.1(i),
no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or
exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets
or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this
representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation
is made.

 

(j)                
Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the
knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before
or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability
of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably
be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof,
is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws
or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated,
any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission
has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or
any Subsidiary under the Exchange Act or the Securities Act.

 

(k)              
Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of
the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s
or its Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company
or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the
Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no
executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment
contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract
or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer
does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company
and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment
and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

     

     

    

(l)                
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has
occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary
under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation
of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of
its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree
or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance
or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to
taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except
in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(m)            
Environmental Laws.The Company and its Subsidiaries (i) are in compliance with all federal, state, local and
foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater,
land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals,
pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into
the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments,
licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder
(“Environmental Laws”); (ii) have received all permits licenses or other approvals required of them under applicable
Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such
permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to
have, individually or in the aggregate, a Material Adverse Effect.

 

(n)              
Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued
by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as
described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a
Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice
of proceedings relating to the revocation or modification of any Material Permit.

 

(o)              
Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property
owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company
and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such
property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries
and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance
with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under
lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company
and the Subsidiaries are in compliance.

 

(p)              
Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications,
trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual
property rights and similar rights necessary or required for use in connection with their respective businesses as described in
the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual
Property Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that
any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be
abandoned, within two (2) years from the date of this Agreement, except with respect to possible expirations of existing granted
patents. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included
within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate
or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect.
To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by
another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures
to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

     

     

    

(q)              
Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries
are engaged, including, but not limited to, directors and officers insurance coverage at least equal to $5,000,000. Neither the
Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without
a significant increase in cost.

 

(r)                
Transactions With Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors
of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is
presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors),
including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental
of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring
payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer,
director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner,
in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement
for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock
option plan of the Company.

 

(s)               
Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all
applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable
rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date.
Except as disclosed in the SEC Reports, the Company and the Subsidiaries maintain a system of internal accounting controls sufficient
to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general or specific authorizations,
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization,
and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. Except as disclosed in the SEC Reports, tthe Company and the Subsidiaries have established
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries
and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the
reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified
in the Commission’s rules and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure
controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic
report under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently
filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure
controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes
in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries
that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the
Company and its Subsidiaries.

 

(t)                
Certain Fees. Except as set forth in the Prospectus Supplement, no brokerage or finder’s fees or commissions
are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent,
investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers
shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees
of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

 

     

     

    

(u)              
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for
the Securities, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company
Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment company”
subject to registration under the Investment Company Act of 1940, as amended.

 

(v)              
Registration Rights. Except as set forth in schedule 3.1(v), no Person has any right to cause the Company
or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

 

(w)            
Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange
Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the
registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating
terminating such registration. The Company has not, in the 12 months preceding the date hereof, received notice from any Trading
Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing
or maintenance requirements of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable
future continue to be, in compliance with all such listing and maintenance requirements. The Common Stock is currently eligible
for electronic transfer through the Depository Trust Company or another established clearing corporation and the Company is current
in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such
electronic transfer.

 

(x)              
Application of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any,
in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under
a rights agreement) or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar
charter documents) or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of
the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including
without limitation as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities.

 

(y)              
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or
their agents or counsel with any information that it believes constitutes or might constitute material, non-public information
which is not otherwise disclosed in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely
on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on
behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions
contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light
of the circumstances under which they were made, not misleading. The press releases disseminated by the Company during the twelve
months preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made and when made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made
any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth
in Section 3.2 hereof.

 

     

     

    

(z)               
No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in
Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this
offering of the Securities to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval
provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

(aa)           
Solvency. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect
to the receipt by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s
assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities
(including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital
to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular
capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability
thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate
all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in
respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability
to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).
The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation
under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. Schedule 3.1(aa)
sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which
the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x)
any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary
course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether
or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties
by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business;
and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance
with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

(bb)          
Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to
result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state
and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which
it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined
to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the
payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There
are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the
Company or of any Subsidiary know of no basis for any such claim.

 

     

     

    

(cc)           
Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary,
any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for
unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii)
made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties
or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made
by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material
respect any provision of FCPA.

 

(dd)         
Accountants. The Company’s accounting firm is set forth on Schedule 3.1(dd) of the Disclosure Schedules.
To the knowledge and belief of the Company, such accounting firm (i) is a registered public accounting firm as required by the
Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company’s
Annual Report for the fiscal year ending December 31, 2016.

 

(ee)           
 Acknowledgment Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each
of the Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents
and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor
or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated
thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction
Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The
Company further represents to each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction
Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

(ff)            
Acknowledgement Regarding Purchaser’s Trading Activity.
Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(e) and 4.14 hereof), it
is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has
any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative”
securities based on securities issued by the Company or to hold the Securities for any specified term; (ii) past or future open
market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or “derivative”
transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price
of the Company’s publicly-traded securities; (iii) any Purchaser, and counter-parties in “derivative” transactions
to which any such Purchaser is a party, directly or indirectly, presently may have a “short” position in the Common
Stock, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party
in any “derivative” transaction. The Company further understands and acknowledges that (y) one or more Purchasers
may engage in hedging activities at various times during the period that the Securities are outstanding, and (z) such hedging
activities (if any) could reduce the value of the existing stockholders' equity interests in the Company at and after the
time that the hedging activities are being conducted.  The Company acknowledges that such aforementioned hedging activities
do not constitute a breach of any of the Transaction Documents.

 

     

     

    

(gg)          
Regulation M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has, (i) taken,
directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation
for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting
another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to
the Company’s placement agent in connection with the placement of the Securities.

 

(hh)          
Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director,
officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

(ii)              
U.S. Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation
within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request.

 

(jj)              
Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding
Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve
System (the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls,
directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent
or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(kk)          
Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in
compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the
“Money Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the
knowledge of the Company or any Subsidiary, threatened.

 

3.2             
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents
and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein):

 

(a)               
Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate,
partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated
by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement
and performance by such Purchaser of the transactions contemplated by this Agreement have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction
Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance
with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

     

     

    

 

(b)              
Understandings or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has
no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such
Securities (this representation and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration
Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities
hereunder in the ordinary course of its business.

 

(c)               
Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof is either:
(i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act
or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act.

 

(d)              
Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge,
sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective
investment in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the
economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)               
Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents
(including all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions
as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions
of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the
Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can
acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. 
Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such
Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired. 
Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities
and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser
agrees need not be provided to it.  In connection with the issuance of the Securities to such Purchaser, neither the Placement
Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

(f)               
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser
has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed
any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time
that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company
setting forth the material pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution
hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment
decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth
above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision
to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s
representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents
and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained
herein shall constitute a representation or warranty, or preclude any actions, with respect to the identification of the availability
of, or securing of, available shares to borrow in order to effect Short Sales or similar transactions in the future.

 

     

     

    

The Company acknowledges
and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right
to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties
contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this
Agreement or the consummation of the transaction contemplated hereby.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1             
Furnishing of Information. Until the earliest of the time that (i) no Purchaser owns Securities or the Company covenants
to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be
filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting
requirements of the Exchange Act.

 

4.2             
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect
of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities
for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing
of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

4.3             
Securities Laws Disclosure; Publicity. The Company shall (a) by 9:00 a.m. (New York City time) on the Trading Day
immediately following the date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby,
and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the Commission within
the time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchasers
that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or
any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions
contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges
and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company,
any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any
of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company and each Purchaser shall consult with
each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor
any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the
Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any
press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required
by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or
communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the
name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent
of such Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction Documents
with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company
shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b).

 

4.4             
Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any
other Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination,
poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue
of receiving Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

     

     

    

4.5             
Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated
by the Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it,
nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes,
or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have
consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands
and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.
To the extent that the Company delivers any material, non-public information to a Purchaser without such Purchaser’s consent,
the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its
Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of
its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of,
such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that any
notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company
or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form
8-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions
in securities of the Company.

 

4.6             
Use of Proceeds. Except as set forth on Schedule 4.7 attached hereto, the Company shall use the net proceeds
from the sale of the Securities hereunder for working capital purposes and shall not use such proceeds: (a) for the satisfaction
of any portion of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s
business and prior practices), (b) for the redemption of any Common Stock or Common Stock Equivalents, (c) for the settlement of
any outstanding litigation or (d) in violation of FCPA or OFAC regulations.

 

4.7             
Indemnification of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold
each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a
functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person
who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each,
a “Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages,
costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and
costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of
the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents
or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any
stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated
by the Transaction Documents (unless such action is based upon a breach of such Purchaser Party’s representations, warranties
or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder
or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which constitutes
fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought against any Purchaser Party in respect
of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing,
and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the
Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the
defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent
that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a
reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion
of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party,
in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.
The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected
without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but
only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the
representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction
Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the
course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein
shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities
the Company may be subject to pursuant to law.

 

     

     

    

4.8             
Reservation of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve
and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling
the Company to issue Shares pursuant to this Agreement.

 

4.9 
Listing of Common Stock. The Company hereby agrees to use best efforts to maintain the listing or quotation of the
Common Stock on the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply
to list or quote all of the Shares on such Trading Market and promptly secure the listing of all of the Shares on such Trading
Market. The Company further agrees, if the Company applies to have the Common Stock traded on any other Trading Market, it will
then include in such application all of the Shares, and will take such other action as is necessary to cause all of the Shares
to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary
to continue the listing and trading of its Common Stock on a Trading Market and will comply in all respects with the Company’s
reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility
of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation, including,
without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in
connection with such electronic transfer.

 

4.10         
Subsequent Equity Sales.

 

(a)               
From the date hereof until the earlier of (i) 45 days after the Closing Date or (ii) the Trading Day following the date
that the Common Stock’s closing price exceeds $9.00 (subject to adjustment for forward and reverse stock splits and the like)
for a period of 10 consecutive Trading Days, neither the Company nor any Subsidiary shall issue, enter into any agreement to issue
or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents.

 

(b)              
From the date hereof until 180 days after the Closing Date, the Company shall be prohibited from effecting or entering into
an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents (or a
combination of units thereof) involving a Variable Rate Transaction. “Variable Rate Transaction” means a transaction
in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for,
or include the right to receive additional shares of Common Stock either (A) at a conversion price, exercise price or exchange
rate or other price that is based upon and/or varies with the trading prices of or quotations for the shares of Common Stock at
any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that
is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence
of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Stock
or (ii) enters into any agreement, including, but not limited to, an equity line of credit, whereby the Company may issue securities
at a future determined price. Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such
issuance, which remedy shall be in addition to any right to collect damages.

 

     

     

    

(c)               
Notwithstanding the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance, except that no Variable
Rate Transaction shall be an Exempt Issuance.

 

4.11         
Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be
offered or paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same
consideration is also offered to all of the parties to this Agreement. For clarification purposes, this provision constitutes a
separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company
to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with
respect to the purchase, disposition or voting of Securities or otherwise.

 

4.12         
Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants
that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales,
including Short Sales of any of the Company’s securities during the period commencing with the execution of this Agreement
and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial
press release as described in Section 4.4.  Each Purchaser, severally and not jointly
with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed
by the Company pursuant to the initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality
of the existence and terms of this transaction and the information included in the Disclosure Schedules.  Notwithstanding
the foregoing and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and
agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions
in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced
pursuant to the initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting
any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the
transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in
Section 4.4 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company
to the Company or its Subsidiaries after the issuance of the initial press release as described in Section 4.4.  Notwithstanding
the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage
separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions
made by the portfolio managers managing other portions of such Purchaser’s assets, the covenant set forth above shall only
apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the
Securities covered by this Agreement.

 

4.13         
Capital Changes. Until the 90 days after the Closing Date, the Company shall not undertake a reverse or forward stock
split or reclassification of the Common Stock without the prior written consent of the Purchasers holding a majority in interest
of the Shares.

 

     

     

    

ARTICLE V.

MISCELLANEOUS

 

5.1             
Termination.  This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder
only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the
other parties, if the Closing has not been consummated on or before December 6, 2016; provided, however, that no
such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

5.2             
Fees and Expenses. The Company shall deliver to each Purchaser, prior to the Closing, a completed and executed copy
of the Closing Statement, attached hereto as Annex A. Except as expressly set forth in the Transaction Documents to the
contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other
expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.
The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any
instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and
duties levied in connection with the delivery of any Securities to the Purchasers.

 

5.3             
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and
the Prospectus Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof
and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge
have been merged into such documents, exhibits and schedules.

 

5.4             
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or
communication is delivered via facsimile or email attachment at the facsimile number or email address as set forth on the signature
pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of
transmission, if such notice or communication is delivered via facsimile or email attachment at the facsimile number or email address
as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time)
on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for
such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided
pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

5.5             
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a
written instrument signed, in the case of an amendment, by the Company and the Purchasers who purchased at least 67% in interest
of the Shares based on the initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement
of any such waived provision is sought; provided, that if any amendment, modification or waiver disproportionately and adversely
impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers)
shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall
be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition
or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise
of any such right. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations
of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent
of such adversely affected Purchaser, Any amendment effected in accordance with accordance with this Section 5.5 shall be binding
upon each Purchaser and holder of Securities and the Company.

 

     

     

    

5.6             
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not
be deemed to limit or affect any of the provisions hereof.

 

5.7             
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any
Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound,
with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8             
No Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and
warranties of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement
is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section
5.8.

 

5.9             
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction
Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without
regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought
against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents)
shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits
to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with
respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any
Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding
is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action
or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under
Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action
or Proceeding.

 

     

     

    

5.10         
Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

5.11         
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile or “.pdf” signature page were an original thereof.

 

5.12         
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

5.13         
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any
similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option
under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided,
then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant
notice, demand or election in whole or in part without prejudice to its future actions and rights.

 

5.14         
Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen
or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in
the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence
reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under
such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance
of such replacement Securities.

 

5.15         
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery
of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The
parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any
such obligation the defense that a remedy at law would be adequate.

 

     

     

    

5.16         
Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction
Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.17         
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction
Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way
for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained
herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to
constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without
limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for
any other Purchaser to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented
by its own separate legal counsel in its review and negotiation of the Transaction Documents. The Company has elected to provide
all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required
or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement
and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers
collectively and not between and among the Purchasers.

 

5.18         
Liquidated Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing
under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated
damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial
liquidated damages or other amounts are due and payable shall have been canceled.

 

5.19         
Saturdays, Sundays, Holidays, etc.If the last or appointed day for the taking of any action or the expiration
of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised
on the next succeeding Business Day.

 

5.20         
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity
to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
thereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be
subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions
of the Common Stock that occur after the date of this Agreement.

 

5.21         
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY
OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY,
UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature Pages Follow)

 

     

     

    

IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

 

	
        VUZIX CORPORATION

         

         
	Address for Notice:
	
        By:__________________________________________

        Name:

        Title:

        With a copy to (which shall not constitute notice):
	Fax:
	
         

         

         

         
	 

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

     

     

    

[PURCHASER SIGNATURE PAGES TO VUZIX
SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

Name of Purchaser: ________________________________________________________

 

Signature of Authorized Signatory of
Purchaser: _________________________________

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Email Address of Authorized Signatory:_________________________________________

 

Facsimile Number of Authorized Signatory: __________________________________________

 

Address for Notice to Purchaser:

 

 

 

Address for Delivery of Securities to Purchaser (if not same
as address for notice):

 

 

 

 

Subscription Amount: $_________________

 

Shares: _________________

 

EIN Number: _______________________

  

     

     

    

 

Annex A 

 

CLOSING STATEMENT

 

Pursuant to the attached Securities Purchase
Agreement, dated as of the date hereto, the purchasers shall purchase up to $[___________ of Common Stock from Vuzix Corporation,
a Delaware corporation (the “Company”). All funds will be wired into an account maintained by the Company. All
funds will be disbursed in accordance with this Closing Statement.

 

Disbursement
Date:[________ ___, 20__

 

	
        I. PURCHASE PRICE

         
	 
	 	Gross Proceeds to be Received 	$
	 	 
	
        II.       DISBURSEMENTS

         
	 
	 	 	$
	 	 	$
	 	 	$
	 	 	$
	 	 	$
	 	 
	Total Amount Disbursed:	$
	 	 
	 	 
	 	 
	
        WIRE INSTRUCTIONS:

         

         
	 
	
        To: _____________________________________

         

         

         

         

         
	 
	
        To: _____________________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}]]