Document:

EX-10.1

 Exhibit 10.1 
  

 
  

 
 

 
 SEVENTH AMENDMENT TO CREDIT
AGREEMENT 
 dated as of June 13, 2014 

among 
 Memorial
Production Operating LLC, 
 as Borrower, 

The Guarantors Party Hereto, 

Wells Fargo Bank, National Association, 

as Administrative Agent, 

JPMorgan Chase Bank, N.A., 

as Syndication Agent, 

Royal Bank of Canada, The Royal Bank of Scotland plc, Union Bank, N.A., and 

Comerica Bank, 
 as
Co-Documentation Agents, 
 and 

The Lenders Party Hereto 
  

 
 Wells Fargo
Securities, LLC and J.P. Morgan Securities LLC 
 Co-Lead Arrangers and Joint Bookrunners 

 
  

 

 SEVENTH AMENDMENT TO CREDIT
AGREEMENT 
 This SEVENTH AMENDMENT TO
CREDIT AGREEMENT (this “Seventh Amendment”), dated as of June 13, 2014 (the “Seventh Amendment Effective Date”), is among MEMORIAL PRODUCTION
OPERATING LLC, a limited liability company formed under the laws of the State of Delaware (the “Borrower”); MEMORIAL PRODUCTION PARTNERS LP, a limited partnership formed
under the laws of the State of Delaware (the “Parent”); each of the other undersigned guarantors (together with the Borrower and the Parent, collectively, the “Loan Parties”); each of the Lenders that is a signatory
hereto; and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its successors, the “Administrative
Agent”). 
 Recitals 

A. The Borrower, the Parent, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of
December 14, 2011 (as amended prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have, subject to the terms and conditions set forth therein, made certain credit available to and on behalf of the
Borrower. 
 B. The Borrower has advised the Administrative Agent and the Lenders that the Borrower has entered into that certain Purchase
and Sale Agreement dated as of May 2, 2014 and attached hereto as Exhibit A (such version, the “Merit Acquisition Agreement”, and together with all agreements, instruments, bills of sale, assignments, and documents
executed and/or delivered in connection therewith, collectively, as amended, the “Merit Acquisition Documents”), among Merit Management Partners I, L.P., a Delaware limited partnership, Merit Energy Partners III, L.P., a Delaware
limited partnership, Merit Pipeline Company, LLC, a Delaware limited liability company, and Merit Energy Company, LLC, a Delaware limited liability company, collectively, as seller, and Borrower, as buyer, pursuant to which the Borrower will
directly acquire the Oil and Gas Properties listed on Exhibit A and Exhibit A-1 of the Merit Acquisition Agreement (collectively, the “Merit Acquisition Assets”), as more particularly described in the Merit Acquisition Agreement
(such acquisition, the “Merit Acquisition”). 
 C. The parties hereto desire to provide for the automatic increase of the
Borrowing Base to an amount equal to the sum of (i) the Borrowing Base in effect immediately prior to the effectiveness of the increase in the Borrowing Base provided for in Section 3 hereof, plus (ii) $570,000,000,
which increase is to be effective immediately prior to the consummation of the Merit Acquisition on the Merit Acquisition Closing Date (as defined below). 

D. The Borrower has requested that SunTrust Bank, BMO Harris Bank, N.A., Cadence Bank, N.A., Deutsche Bank AG New York Branch, and Associated
Bank, N.A. (each a “New Lender” and, collectively, the “New Lenders”) become Lenders hereunder with Maximum Credit Amounts and Elected Commitments in the amounts as shown on Annex I to the Credit Agreement (as
amended hereby). 

 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. Defined Terms. Each capitalized term which is defined in the Credit Agreement, but which is not defined in this Seventh
Amendment, shall have the meaning ascribed such term in the Credit Agreement, as amended hereby. Unless otherwise indicated, all section references in this Seventh Amendment refer to the Credit Agreement. 

Section 2. Amendments as of Seventh Amendment Effective Date. In reliance on the representations, warranties, covenants and
agreements contained in this Seventh Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Credit Agreement shall be amended effective as of the Seventh Amendment Effective Date in the
manner provided in this Section 2. 
 2.1 Additional Definitions. Section 1.02 of the Credit Agreement is hereby
amended to add thereto in alphabetical order the following definitions which shall read in full as follows: 

“Seventh Amendment” means that certain Seventh Amendment to Credit Agreement dated as of June 13, 2014,
among the Borrower, the Parent, the other Guarantors, the Administrative Agent and the Lenders. 
 “Seventh Amendment
Effective Date” means June 13, 2014. 
 2.2 Amended Definitions. The definitions of “Aggregate Elected
Commitment Amounts” and “Loan Documents” contained in Section 1.02 of the Credit Agreement are hereby amended and restated in their entirety to read in full as follows: 

“Aggregate Elected Commitment Amounts” at any time shall equal the sum of the Elected Commitments, as the same
may be increased, reduced or terminated pursuant to Section 2.06(c). As of the Seventh Amendment Effective Date, the Aggregate Elected Commitment Amounts are $870,000,000. 

“Loan Documents” means this Agreement, the First Amendment, the Second Amendment, the Third Amendment, the
Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment, the Notes, the Letter of Credit Agreements, the Letters of Credit, the Agency Fee Letter, and the Security Instruments. 

2.3 Amendment to Section 12.04 of the Credit Agreement. Sections 12.04(b)(iv) and 12.04(c)(i) of the Credit Agreement are each
hereby amended by deleting the reference to “acting solely for this purpose as an agent of the Borrower” contained therein and inserting in lieu thereof in each instance a reference to “acting solely for this purpose as a
non-fiduciary agent of the Borrower”. 
 2.4 Amendment to Section 12.11 of the Credit Agreement. Clause (b) of the
first sentence of Section 12.11 of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows: 

 (b) to the extent requested by any regulatory authority or self-regulatory
authority, 
 2.5 Replacement of Annex I. Annex I to the Credit Agreement is hereby replaced in its entirety with Annex I
attached hereto and Annex I attached hereto shall be deemed to be attached as Annex I to the Credit Agreement. 
 Section 3.
Borrowing Base Increase upon Consummation of the Merit Acquisition. In reliance on the representations, warranties, covenants and agreements contained in this Seventh Amendment, and subject to the satisfaction of the conditions precedent set
forth in Section 5 hereof, the Loan Parties, Administrative Agent, and Lenders hereby agree that the Borrowing Base shall be automatically redetermined and increased to an amount equal to the sum of (a) the Borrowing Base in effect
immediately prior to giving effect to the increase in the Borrowing Base provided for in this Section 3, plus (b) $570,000,000.00, which increase pursuant to this Section 3 is to be effective immediately prior to
the consummation of the Merit Acquisition on the Merit Acquisition Closing Date. The Borrowing Base shall remain at such level until the next Scheduled Redetermination, the next Interim Redetermination or other adjustment to the Borrowing Base
thereafter, whichever occurs first pursuant to the Credit Agreement as amended hereby. The redetermination of the Borrowing Base provided for in this Section 3, if it occurs, shall not be construed or deemed to be a Scheduled
Redetermination or an Interim Redetermination for purposes of Section 2.07 of the Credit Agreement. 
 Section 4. Conditions
Precedent to this Seventh Amendment. The effectiveness of the amendments to the Credit Agreement contained in Section 2 and Section 7 hereof, and the increase of the Borrowing Base set forth in Section 3
hereof is subject to the following: 
 4.1 The Administrative Agent shall have received counterparts of this Seventh Amendment from the Loan
Parties and each of the Lenders (including the New Lenders). 
 4.2 The Administrative Agent shall have received all fees and other amounts
due and payable on or prior to the Seventh Amendment Effective Date. 
 4.3 The Administrative Agent shall have received such other
documents as the Administrative Agent or counsel to the Administrative Agent may reasonably request. 
 The Administrative Agent shall
notify the Borrower and the Lenders of the effectiveness of this Seventh Amendment, and such notice shall be conclusive and binding. 

Section 5. Conditions to Borrowing Base Increase upon Consummation of the Merit Acquisition. The increase of the Borrowing Base
provided for in Section 3 hereof shall only occur if each of the following conditions is satisfied: 
 5.1 Each of the conditions
set forth in Section 4 hereof shall have been satisfied. 
 5.2 The closing date of the Merit Acquisition and the acquisition of
all of the Merit Acquisition Assets (the “Merit Acquisition Closing Date”) occurs on or prior to August 31, 2014. 

 5.3 The Administrative Agent shall have received (a) a certificate of a Responsible Officer
of the Borrower certifying: (i) that the Borrower is concurrently consummating the Merit Acquisition and directly acquiring all of the Merit Acquisition Assets in accordance with all Governmental Requirements and the terms of the Merit
Acquisition Documents, with all of the material conditions precedent thereto having been satisfied in all material respects by the parties thereto and with no provision of such Merit Acquisition Documents having been waived, amended, supplemented or
otherwise modified in any material respect without the approval of the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed; provided, that, for the avoidance of doubt, it shall be reasonable for the
Administrative Agent to withhold its consent to any such waiver or amendment that removes any Oil and Gas Properties (other than a waiver or amendment which removes up to $10,000,000 of Oil and Gas Properties (as determined by the Administrative
Agent) from the Merit Acquisition Assets)); and (ii) as to the final purchase price for the Merit Acquisition after giving effect to all adjustments as of the Merit Acquisition Closing Date and specifying, by category, the amount of such
adjustments; (b) original counterparts or copies, certified as true and complete by a Responsible Officer of the Borrower, of each of the Merit Acquisition Documents not previously delivered and certified to the Administrative Agent, which
Merit Acquisition Documents shall have terms and conditions reasonably satisfactory to the Administrative Agent; and (c) such other related documents and information as the Administrative Agent shall have reasonably requested. 

5.4 No Default, Event of Default, or Borrowing Base Deficiency exists immediately prior to or after giving effect to such increase in the
Borrowing Base. 
 5.5 After giving effect to the Merit Acquisition and any additional title information and Security Instruments delivered
by the Borrower to the Administrative Agent in connection therewith, (A) the Administrative Agent shall have received title information satisfactory to it on at least 80% of the total value of the Oil and Gas Properties evaluated in the most
recent Reserve Report (as supplemented by any applicable Reserve Reports relating to the Merit Acquisition Assets) and (B) the Mortgaged Properties shall represent at least 80% of the total value of the Oil and Gas Properties evaluated in the
most recent Reserve Report (as supplemented by any applicable Reserve Reports relating to the Merit Acquisition Assets). 
 5.6 The
Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Merit Acquisition Closing Date including, without limitation, a Commitment increase fee for the benefit of each Increasing Lender (as defined
below), in an amount for each such Increasing Lender equal to a percentage of the amount of such Increasing Lender’s Increased Commitment (as defined below) determined by reference to the rates set forth on the Increased Commitment Fee Grid
attached as Schedule 1 hereto based upon the amount of such Increasing Lender’s commitment to the Borrowing Base established in Section 3 hereof (as such commitment was set forth in either (x) a customary commitment
letter delivered by such Lender to the Administrative Agent or (y) the consent form delivered by such Lender to the Administrative Agent in response to the memorandum posted by the Administrative Agent to SyndTrak on May 19, 2014, in each
case regardless of such Lender’s final allocated Commitment after giving effect to Sections 3 and 7 hereof). As used herein, “Increasing Lender” means each Lender (including the New Lenders) whose Commitment after giving
effect to Sections 3 and 7 hereof exceeds such Lender’s Commitment, if any, that was in effect (a) with respect to each Lender other than Capital One, National Association and Cargill, Incorporated,

 
on October 1, 2013 (after giving effect to the increase in the Borrowing Base to $920,000,000 on such date) and (b) with respect to Capital One, National Association and Cargill,
Incorporated, on April 16, 2014 (after giving effect to the increase in the Borrowing Base to $870,000,000.00 on such date), and “Increased Commitment” means the amount of such excess. 

5.7 The Administrative Agent shall be reasonably satisfied with the environmental condition of the Merit Acquisition Assets. 

5.8 The Administrative Agent shall have received evidence reasonably satisfactory to the Administrative Agent that, concurrently with the
funding of any Loans on the Merit Acquisition Closing Date and application of the proceeds thereof, all Liens encumbering the Merit Acquisition Assets will be released (other than the Liens securing the Indebtedness and created pursuant to the
Security Instruments and Excepted Liens identified in clauses (a) to (d) and (f) of the definition thereof, subject to the provisos at the end of such definition). 

5.9 The Administrative Agent shall have received such duly executed Security Instruments including, without limitation, such mortgages and
deeds of trust and amendments and/or supplements thereto, in each case as shall be reasonably requested by, and in form and substance reasonably satisfactory to, the Administrative Agent. 

5.10 The Administrative Agent shall have received an opinion of (i) Akin Gump Strauss Hauer & Feld L.L.P., special counsel to
the Loan Parties, and (ii) local counsel in the State of Wyoming and any other jurisdiction reasonably requested by the Administrative Agent, in each case in form and substance reasonably acceptable to the Administrative Agent and its counsel.

 5.11 The Administrative Agent shall have received duly executed Notes payable to each Lender requesting a Note in a principal amount
equal to its Maximum Credit Amount (as amended by Section 7 hereof) dated as of the Merit Acquisition Closing Date. 
 5.12 The
Administrative Agent shall have received, with respect to any Building (as defined in the applicable Flood Insurance Regulation) or Manufactured (Mobile) Home (as defined in the applicable Flood Insurance Regulation) acquired in the Merit
Acquisition, evidence reasonably satisfactory to the Administrative Agent that (a) such Loan Party maintains Flood Insurance for such Building or Manufactured (Mobile) Home or (b) such Building or Manufactured (Mobile) Home is not located
in a Special Flood Hazard Area. 
 5.13 The Administrative Agent shall have received such other documents as the Administrative Agent or
counsel to the Administrative Agent may reasonably request. 
 Section 6. Return of Promissory Notes. Promptly upon receipt of
any replacement Note under Section 5.11 hereof, each Lender shall return to the Administrative Agent (for delivery to the Borrower for cancellation) any other Note in such Lender’s possession that was previously delivered to such
Lender under the Credit Agreement. 
 Section 7. Amendment to Annex I of the Credit Agreement as of Merit Acquisition Closing
Date. In reliance on the representations, warranties, covenants and agreements contained in this Seventh Amendment, after giving effect to Section 2.3 hereof and subject to the 

 
satisfaction of the conditions precedent set forth in Section 5 hereof, effective as of the Merit Acquisition Closing Date, Annex I to the Credit Agreement shall be automatically
replaced in its entirety with Annex I-A attached hereto (without any further action required by any party) and Annex I-A attached hereto shall be deemed to be attached as Annex I to the Credit Agreement. After giving effect to this
Section 7 and any Borrowings made on the Merit Acquisition Closing Date, (a) each Lender who holds Loans in an aggregate amount less than its Applicable Percentage (after giving effect to this Section 7) of all Loans
shall advance new Loans which shall be disbursed to the Administrative Agent and used to repay Loans outstanding to each Lender who holds Loans in an aggregate amount greater than its Applicable Percentage of all Loans, (b) each Lender’s
participation in each Letter of Credit, if any, shall be automatically adjusted to equal its Applicable Percentage (after giving effect to this Section 7), (c) such other adjustments shall be made as the Administrative Agent shall
specify so that the Revolving Credit Exposure applicable to each Lender equals its Applicable Percentage (after giving effect to this Section 7) of the aggregate Revolving Credit Exposure of all Lenders and (d) the Borrower shall be
required to make any break-funding payments required under Section 5.02 of the Credit Agreement resulting from the Loans and adjustments described in this Section 7. 

Section 8. New Lenders. Each New Lender hereby joins in, becomes a party to, and agrees to comply with and be bound by the terms
and conditions of the Credit Agreement as a Lender thereunder and under each and every other Loan Document to which any Lender is required to be bound by the Credit Agreement as amended hereby, to the same extent as if such New Lender were an
original signatory thereto. Each New Lender hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement as amended hereby as are delegated
to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto. Each New Lender represents and warrants that (a) it has full power and authority, and has taken all action
necessary, to execute and deliver this Seventh Amendment, to consummate the transactions contemplated hereby and to become a party to, and a Lender under, the Credit Agreement as amended hereby, (b) it has received a copy of the Credit
Agreement and copies of the most recent financial statements delivered pursuant to Section 8.01 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
Seventh Amendment and to become a Lender on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (c) from and after the Seventh Amendment Effective
Date, it shall be a party to and be bound by the provisions of the Credit Agreement as amended hereby and the other Loan Documents and have the rights and obligations of a Lender thereunder. If the Merit Acquisition Closing Date does not occur, and
the conditions set forth in Section 5 hereof are not satisfied, in each case, on or prior to August 31, 2014, any New Lender with a Maximum Credit Amount of $0.00 shall automatically cease to be a Lender for all purposes under the
Credit Agreement and the other Loan Documents as of September 1, 2014. 
 Section 9. Representations and Warranties; Etc.
Each Loan Party hereby affirms: (a) that as of the date hereof, all of the representations and warranties contained in each Loan Document to which such Loan Party is a party are true and correct in all material respects as though made on and as
of the date hereof (unless made as of a specific earlier date, in which case, was true as of such date and except to the extent that any such representation and warranty 

 
is qualified by materiality, in which case such representation and warranty shall continue to be true and correct in all respects), (b) no Defaults exist under the Loan Documents or will,
after giving effect to this Seventh Amendment, exist under the Loan Documents and (c) no Material Adverse Effect has occurred. 

Section 10. Miscellaneous. 

10.1 Confirmation and Effect. The provisions of the Credit Agreement (as amended by this Seventh Amendment) shall remain in full force
and effect in accordance with its terms following the effectiveness of this Seventh Amendment. Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof’, “herein”, or words of like
import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference to the Credit Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean
and be a reference to the Credit Agreement as amended hereby. 
 10.2 Ratification and Affirmation of Loan Parties. Each of the Loan
Parties hereby expressly (a) acknowledges the terms of this Seventh Amendment, (b) ratifies and affirms its obligations under the Guaranty Agreement and the other Loan Documents to which it is a party, as amended hereby,
(c) acknowledges, renews and extends its continued liability under the Guaranty Agreement and the other Loan Documents to which it is a party, as amended hereby, (d) ratifies and affirms all Liens granted pursuant to the Loan Documents to
secure the Indebtedness, and (e) agrees that its guarantee under the Guaranty Agreement and the other Loan Documents to which it is a party remains in full force and effect with respect to the Indebtedness, as amended hereby. 

10.3 Counterparts. This Seventh Amendment may be executed by one or more of the parties hereto in any number of separate counterparts,
and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Seventh Amendment by facsimile or electronic (e.g. pdf) transmission shall be effective as delivery of a manually executed
original counterpart hereof. 
 10.4 No Oral Agreement. THIS WRITTEN SEVENTH
AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN
CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL
AGREEMENTS BETWEEN THE PARTIES. 
 10.5 Governing Law.
THIS SEVENTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND
ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. 

10.6 Payment of Expenses. The Borrower agrees to pay or reimburse the Administrative Agent for all of its out-of-pocket costs and
expenses incurred in connection with this Seventh Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the
Administrative Agent. 

 10.7 Severability. Any provision of this Seventh Amendment which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 10.8 Successors and Assigns.
This Seventh Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

[signature pages follow] 

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

									
	BORROWER:	 	MEMORIAL PRODUCTION OPERATING LLC,
		 	a Delaware limited liability company
				
		 		 	By:	 	Memorial Production Partners LP,
		 		 		 	its sole member
				
		 		 	By:	 	Memorial Production Partners GP LLC,
		 		 		 	its general partner
					
		 		 		 	By:	 	/s/ Andrew J. Cozby
		 		 		 	Name:	 	Andrew J. Cozby
		 		 		 	Title:	 	Vice President & Chief Financial Officer
		
	GUARANTORS:	 	MEMORIAL PRODUCTION PARTNERS LP,
		 	a Delaware limited partnership
				
		 		 	By:	 	Memorial Production Partners GP LLC,
		 		 		 	its general partner
					
		 		 		 	By:	 	/s/ Andrew J. Cozby
		 		 		 	Name:	 	Andrew J. Cozby
		 		 		 	Title:	 	Vice President & Chief Financial Officer
		
		 	COLUMBUS ENERGY, LLC,
		 	a Delaware limited liability company
				
		 		 	By:	 	Memorial Production Operating LLC, its sole member
				
		 		 	By:	 	Memorial Production Partners LP, its sole member
				
		 		 	By:	 	Memorial Production Partners GP LLC, its general partner
					
		 		 		 	By:	 	/s/ Andrew J. Cozby
		 		 		 	Name:	 	Andrew J. Cozby
		 		 		 	Title:	 	Vice President & Chief Financial Officer

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

 
							
	 WHT ENERGY PARTNERS LLC,

a Delaware limited liability company

			
		 	By:	 	 Memorial Production Operating LLC,

its sole member

			
		 	By:	 	 Memorial Production Partners LP,

its sole member

			
		 	By:	 	 Memorial Production Partners GP LLC,

its general partner

				
		 		 	By:	 	/s/ Andrew J. Cozby
		 		 	Name:	 	Andrew J. Cozby
		 		 	Title:	 	Vice President & Chief Financial Officer
	
	 RISE ENERGY OPERATING, LLC,

a Delaware limited liability company

			
		 	By:	 	 Memorial Production Operating LLC,

its sole member

			
		 	By:	 	 Memorial Production Partners LP,

its sole member

			
		 	By:	 	 Memorial Production Partners GP LLC,

its general partner

				
		 		 	By:	 	/s/ Andrew J. Cozby
		 		 	Name:	 	Andrew J. Cozby
		 		 	Title:	 	Vice President & Chief Financial Officer

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

 
							
	 RISE ENERGY MINERALS, LLC,

a Delaware limited liability company

			
		 	By:	 	 Rise Energy Operating, LLC,
 its
sole member

			
		 	By:	 	 Memorial Production Operating LLC,

its sole member

			
		 	By:	 	 Memorial Production Partners LP,

its sole member

			
		 	By:	 	 Memorial Production Partners GP LLC,

its general partner

				
		 		 	By:	 	/s/ Andrew J. Cozby
		 		 	Name:	 	Andrew J. Cozby
		 		 	Title:	 	Vice President & Chief Financial Officer
	
	 RISE ENERGY BETA, LLC,

a Delaware limited liability company

			
		 	By:	 	 Rise Energy Operating, LLC,
 its
sole member

			
		 	By:	 	 Memorial Production Operating LLC,

its sole member

			
		 	By:	 	 Memorial Production Partners LP,

its sole member

			
		 	By:	 	 Memorial Production Partners GP LLC,

its general partner

				
		 		 	By:	 	/s/ Andrew J. Cozby
		 		 	Name:	 	Andrew J. Cozby
		 		 	Title:	 	Vice President & Chief Financial Officer

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

 
							
	 MEMORIAL PRODUCTION FINANCE CORPORATION,

a Delaware corporation

			
		 	By:	 	/s/ Andrew J. Cozby
		 	Name:	 	Andrew J. Cozby
		 	Title:	 	Vice President & Chief Financial Officer
	
	WHT CARTHAGE LLC, a Delaware limited liability company
			
		 	By:	 	 WHT Energy Partners LLC,
 its sole
member

			
		 	By:	 	Memorial Production Operating LLC, its sole member
			
		 	By:	 	Memorial Production Partners LP, its sole member
			
		 	By:	 	Memorial Production Partners GP LLC, its general partner
				
		 		 	By:	 	/s/ Andrew J. Cozby
		 		 	Name:	 	Andrew J. Cozby
		 		 	Title:	 	Vice President & Chief Financial Officer
	
	 MEMORIAL ENERGY SERVICES LLC,
 a
Delaware limited liability company

			
		 	By:	 	Memorial Production Operating LLC, its sole member
			
		 	By:	 	 Memorial Production Partners LP,

its sole member

			
		 	By:	 	Memorial Production Partners GP LLC,
		 		 	its general partner
				
		 		 	By:	 	/s/ Andrew J. Cozby
		 		 	Name:	 	Andrew J. Cozby
		 		 	Title:	 	Vice President & Chief Financial Officer

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

 
							
	MEMORIAL MIDSTREAM LLC,
	a Texas limited liability company
			
		 	By:	 	 Memorial Production Operating LLC,

its sole member

			
		 	By:	 	 Memorial Production Partners LP,

its sole member

			
		 	By:	 	Memorial Production Partners GP LLC,
		 		 	its general partner
				
		 		 	By:	 	/s/ Andrew J. Cozby
		 		 	Name:	 	Andrew J. Cozby
		 		 	Title:	 	Vice President & Chief Financial Officer
	
	 PROSPECT ENERGY, LLC,
 a Colorado
limited liability company

			
		 	By:	 	 Memorial Production Operating LLC,

its sole member

			
		 	By:	 	 Memorial Production Partners LP,

its sole member

			
		 	By:	 	Memorial Production Partners GP LLC,
		 		 	its general partner
				
		 		 	By:	 	/s/ Andrew J. Cozby
		 		 	Name:	 	Andrew J. Cozby
		 		 	Title:	 	Vice President & Chief Financial Officer

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

 ADMINISTRATIVE AGENT AND LENDER: 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Issuing Bank and a Lender
		
	By:	 	 /s/ Michael Real

	Name:	 	Michael Real
	Title:	 	Director

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

					
	LENDER:	 	JPMORGAN CHASE BANK, N.A., as a Lender
			
		 	By:	 	/s/ Ryan Aman
		 	Name:	 	Ryan Aman
		 	Title:	 	Authorized Officer

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

					
	LENDER:	 	CITIBANK, N.A., as a Lender
			
		 	By:	 	/s/ Peter Kardos
		 	Name:	 	Peter Kardos
		 	Title:	 	Vice-President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

					
	LENDER:	 	COMERICA BANK, as a Lender
			
		 	By:	 	 /s/ Jeffery Treadway

		 	Name:	 	Jeffery Treadway
		 	Title:	 	Senior Vice President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

					
	 LENDER:
	 	ROYAL BANK OF CANADA, as a Lender
			
		 	By:	 	/s/ Kristan Spivey
		 	Name:	 	Kristan Spivey
		 	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	 LENDER:
	 		 	 THE ROYAL BANK OF SCOTLAND PLC, as a

Lender

				
		 		 	By:	 	/s/ Sanjay Remond
		 		 	Name:	 	Sanjay Remond
		 		 	Title:	 	Director

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 		 	 U.S. BANK NATIONAL ASSOCIATION, as a

Lender

				
		 		 	By:	 	/s/ Justin M. Alexander
		 		 	Name:	 	Justin M. Alexander
		 		 	Title:	 	Senior Vice President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

					
	LENDER:	 	UNION BANK, N.A., as a Lender
			
		 	By:	 	/s/ Stacy A. Goldstein
		 	Name:	 	Stacy A. Goldstein
		 	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

					
	 LENDER:
	 	BARCLAYS BANK PLC, as a Lender
			
		 	By:	 	/s/ Vanessa Kurbatskiy
		 	Name:	 	Vanessa Kurbatskiy
		 	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	 LENDER:
	 		 	BANK OF AMERICA, N.A., as a Lender
				
		 		 	By:	 	/s/ Raza Jafferi
		 		 	Name:	 	Raza Jafferi
		 		 	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

					
	LENDER:	 	NATIXIS, as a Lender
			
		 	By:	 	/s/ Louis P. Laville, III
		 	Name:	 	Louis P. Laville, III
		 	Title:	 	Managing Director
			
		 	By:	 	/s/ Stuart Murray
		 	Name:	 	Stuart Murray
		 	Title:	 	Managing Director

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

  

							
	 LENDER:
	 		 	 AMEGY BANK NATIONAL ASSOCIATION, as

a Lender

				
		 		 	By:	 	/s/ Charles W. Patterson
		 		 	Name:	 	Charles W. Patterson
		 		 	Title:	 	Senior Vice President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 		 	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
				
		 		 	By:	 	/s/ Dixon Schultz
		 		 	Name:	 	Dixon Schultz
		 		 	Title:	 	Managing Director

  

							
				
		 		 	By:	 	/s/ Ting Lee
		 		 	Name:	 	Ting Lee
		 		 	Title:	 	Director

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

					
	 LENDER:
	 	ING CAPITAL LLC, as a Lender
			
		 	By:	 	/s/ Juli Bieser
		 	Name:	 	Juli Bieser
		 	Title:	 	Director
			
		 	By:	 	/s/ Charles Hall
		 	Name:	 	Charles Hall
		 	Title:	 	Managing Director

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 	 	 	REGIONS BANK, as a Lender
				
		 		 	By:	 	/s/ Daniel G. Steele
		 		 	Name:	 	Daniel G. Steele
		 		 	Title:	 	Senior Vice President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 		 	 SANTANDER BANK, N.A., formerly known as

Sovereign Bank, N.A. as a Lender

				
		 		 	By:	 	/s/ Aidan Lanigan
		 		 	Name:	 	Aidan Lanigan
		 		 	Title:	 	Senior Vice President
				
		 		 	By:	 	/s/ Puiki Lok
		 		 	Name:	 	Puiki Lok
		 		 	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 	 	 	GOLDMAN SACHS BANK USA, as a Lender
				
		 		 	By:	 	/s/ Mark Walton
		 		 	Name:	 	Mark Walton
		 		 	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 	 	 	 BRANCH BANKING AND TRUST COMPANY,

as a Lender

				
		 		 	By:	 	/s/ Parul June
		 		 	Name:	 	Parul June
		 		 	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 		 	COMPASS BANK, as a Lender
				
		 		 	By:	 	/s/ Kathleen J. Bowen
		 		 	Name:	 	Kathleen J. Bowen
		 		 	Title:	 	Senior Vice President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 		 	 CANADIAN IMPERIAL BANK OF COMMERCE,

NEW YORK BRANCH, as a Lender

				
		 		 	By:	 	/s/ Richard Antl
		 		 	Name:	 	Richard Antl
		 		 	Title:	 	Authorized Signatory
				
		 		 	By:	 	/s/ William M. Reid
		 		 	Name:	 	William M. Reid
		 		 	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 		 	UBS AG, STAMFORD BRANCH, as a Lender
				
		 		 	By:	 	/s/ Lana Gifas
		 		 	Name:	 	Lana Gifas
		 		 	Title:	 	Director
				
		 		 	By:	 	/s/ Jennifer Anderson
		 		 	Name:	 	Jennifer Anderson
		 		 	Title:	 	Associate Director

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 		 	CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender
				
		 		 	By:	 	/s/ Michael Higgins
		 		 	Name:	 	Michael Higgins
		 		 	Title:	 	Director

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 	 	 	CARGILL, INCORPORATED, as a Lender
				
		 		 	By:	 	/s/ Deborah Theisen
		 		 	Name:	 	Deborah Theisen
		 		 	Title:	 	Vice President & Controller

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 	 	 	SUNTRUST BANK, as a Lender
				
		 		 	By:	 	/s/ Shannon Juhan
		 		 	Name:	 	Shannon Juhan
		 		 	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 	 	 	BMO HARRIS BANK, N.A., as a Lender
				
		 		 	By:	 	/s/ Gumaro Tijerina
		 		 	Name:	 	Gumaro Tijerina
		 		 	Title:	 	Managing Director

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 	 	 	CADENCE BANK, N.A., as a Lender
				
		 		 	By:	 	/s/ Eric Broussard
		 		 	Name:	 	Eric Broussard
		 		 	Title:	 	Senior Vice President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 	 	 	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
				
		 		 	By:	 	/s/ Michael Getz
		 		 	Name:	 	Michael Getz
		 		 	Title:	 	Vice President
				
		 		 	By:	 	/s/ Michael Shannon
		 		 	Name:	 	Michael Shannon
		 		 	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

							
	LENDER:	 	 	 	ASSOCIATED BANK, N.A., as a Lender
				
		 		 	By:	 	/s/ Brian Caddell
		 		 	Name:	 	Brian Caddell
		 		 	Title:	 	Senior Vice President

  
 [SIGNATURE
PAGE TO SEVENTH AMENDMENT TO CREDIT AGREEMENT – 

MEMORIAL PRODUCTION OPERATING LLC] 

 Annex I 

LIST OF MAXIMUM CREDIT AMOUNTS AND ELECTED COMMITMENTS 

Aggregate Maximum Credit Amounts and Elected Commitments 
  

													
	 Name of Lender
	  	Applicable
Percentage	 	 	Maximum Credit
Amount	 	  	Elected
Commitment	 
	 Wells Fargo Bank, National Association
	  	 	10.02936032	% 	 	$	200,587,206.40	  	  	$	87,255,434.79	  
	 JPMorgan Chase Bank, N.A.
	  	 	10.02936032	% 	 	$	200,587,206.39	  	  	$	87,255,434.78	  
	 The Royal Bank of Scotland plc
	  	 	5.80647176	% 	 	$	116,129,435.29	  	  	$	50,516,304.35	  
	 Comerica Bank
	  	 	5.80647176	% 	 	$	116,129,435.29	  	  	$	50,516,304.35	  
	 Union Bank, N.A.
	  	 	5.80647176	% 	 	$	116,129,435.29	  	  	$	50,516,304.35	  
	 Royal Bank of Canada
	  	 	5.80647176	% 	 	$	116,129,435.29	  	  	$	50,516,304.35	  
	 Citibank, N.A.
	  	 	5.80647176	% 	 	$	116,129,435.29	  	  	$	50,516,304.35	  
	 Barclays Bank PLC
	  	 	5.80647176	% 	 	$	116,129,435.29	  	  	$	50,516,304.35	  
	 Bank of America, N.A.
	  	 	5.80647176	% 	 	$	116,129,435.29	  	  	$	50,516,304.35	  
	 Natixis
	  	 	3.90617191	% 	 	$	78,123,438.28	  	  	$	33,983,695.65	  
	 U.S. Bank National Association
	  	 	3.90617191	% 	 	$	78,123,438.28	  	  	$	33,983,695.65	  
	 Credit Agricole Corporate and Investment Bank
	  	 	3.90617191	% 	 	$	78,123,438.28	  	  	$	33,983,695.65	  
	 ING Capital LLC
	  	 	3.90617191	% 	 	$	78,123,438.28	  	  	$	33,983,695.65	  
	 Regions Bank
	  	 	3.90617191	% 	 	$	78,123,438.28	  	  	$	33,983,695.65	  
	 Amegy Bank National Association
	  	 	2.63930535	% 	 	$	52,786,106.94	  	  	$	22,961,956.52	  
	 Santander Bank, N.A., f/k/a Sovereign Bank, N.A.
	  	 	2.63930535	% 	 	$	52,786,106.94	  	  	$	22,961,956.52	  
	 Branch Banking and Trust Company
	  	 	2.63930535	% 	 	$	52,786,106.94	  	  	$	22,961,956.52	  
	 Compass Bank
	  	 	2.63930535	% 	 	$	52,786,106.94	  	  	$	22,961,956.52	  
	 Canadian Imperial Bank of Commerce, New York Branch
	  	 	2.63930535	% 	 	$	52,786,106.94	  	  	$	22,961,956.52	  
	 UBS AG, Stamford Branch
	  	 	2.63930535	% 	 	$	52,786,106.94	  	  	$	22,961,956.52	  
	 Capital One, National Association
	  	 	2.29885057	% 	 	$	45,977,011.49	  	  	$	20,000,000.00	  
	 Goldman Sachs Bank USA
	  	 	1.05572214	% 	 	$	21,114,442.78	  	  	$	9,184,782.61	  
	 Cargill, Incorporated
	  	 	0.57471264	% 	 	$	11,494,252.87	  	  	$	5,000,000.00	  
	 SunTrust Bank
	  	 	0.00000000	% 	 	$	0.00	  	  	$	0.00	  
	 BMO Harris Bank, N.A.
	  	 	0.00000000	% 	 	$	0.00	  	  	$	0.00	  
	 Cadence Bank, N.A.
	  	 	0.00000000	% 	 	$	0.00	  	  	$	0.00	  
	 Deutsche Bank AG New York Branch
	  	 	0.00000000	% 	 	$	0.00	  	  	$	0.00	  
	 Associated Bank, N.A
	  	 	0.00000000	% 	 	$	0.00	  	  	$	0.00	  
		  	  
	  
	 	 	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	 	100.00	% 	 	$	2,000,000,000.00	  	  	$	870,000,000.00	  

  
 Annex I–1 

 Annex I-A 

LIST OF MAXIMUM CREDIT AMOUNTS AND ELECTED COMMITMENTS 

Aggregate Maximum Credit Amounts and Elected Commitments 
  

													
	 Name of Lender
	  	Applicable
Percentage	 	 	Maximum Credit
Amount	 	  	Elected
Commitment	 
	 Wells Fargo Bank, National Association
	  	 	6.94444444	% 	 	$	138,888,888.90	  	  	$	100,000,000.00	  
	 JPMorgan Chase Bank, N.A.
	  	 	6.94444444	% 	 	$	138,888,888.90	  	  	$	100,000,000.00	  
	 Bank of America, N.A.
	  	 	6.94444444	% 	 	$	138,888,888.90	  	  	$	100,000,000.00	  
	 Citibank, N.A.
	  	 	6.94444444	% 	 	$	138,888,888.90	  	  	$	100,000,000.00	  
	 Barclays Bank PLC
	  	 	4.16666667	% 	 	$	83,333,333.33	  	  	$	60,000,000.00	  
	 Compass Bank
	  	 	4.16666667	% 	 	$	83,333,333.33	  	  	$	60,000,000.00	  
	 Canadian Imperial Bank of Commerce, New York Branch
	  	 	4.16666667	% 	 	$	83,333,333.33	  	  	$	60,000,000.00	  
	 Comerica Bank
	  	 	4.16666667	% 	 	$	83,333,333.33	  	  	$	60,000,000.00	  
	 Credit Agricole Corporate and Investment Bank
	  	 	4.16666667	% 	 	$	83,333,333.33	  	  	$	60,000,000.00	  
	 ING Capital LLC
	  	 	4.16666667	% 	 	$	83,333,333.33	  	  	$	60,000,000.00	  
	 Natixis
	  	 	4.16666667	% 	 	$	83,333,333.33	  	  	$	60,000,000.00	  
	 Royal Bank of Canada
	  	 	4.16666667	% 	 	$	83,333,333.33	  	  	$	60,000,000.00	  
	 Union Bank, N.A.
	  	 	4.16666667	% 	 	$	83,333,333.33	  	  	$	60,000,000.00	  
	 U.S. Bank National Association
	  	 	4.16666667	% 	 	$	83,333,333.33	  	  	$	60,000,000.00	  
	 Capital One, National Association
	  	 	3.47222222	% 	 	$	69,444,444.44	  	  	$	50,000,000.00	  
	 UBS AG, Stamford Branch
	  	 	3.47222222	% 	 	$	69,444,444.44	  	  	$	50,000,000.00	  
	 BMO Harris Bank, N.A.
	  	 	2.56944444	% 	 	$	51,388,888.89	  	  	$	37,000,000.00	  
	 Branch Banking and Trust Company
	  	 	2.56944444	% 	 	$	51,388,888.89	  	  	$	37,000,000.00	  
	 Regions Bank
	  	 	2.56944444	% 	 	$	51,388,888.89	  	  	$	37,000,000.00	  
	 The Royal Bank of Scotland plc
	  	 	2.56944444	% 	 	$	51,388,888.89	  	  	$	37,000,000.00	  
	 Santander Bank, N.A., f/k/a Sovereign Bank, N.A.
	  	 	2.56944444	% 	 	$	51,388,888.89	  	  	$	37,000,000.00	  
	 Amegy Bank National Association
	  	 	1.87500000	% 	 	$	37,500,000.00	  	  	$	27,000,000.00	  
	 Associated Bank, N.A
	  	 	1.87500000	% 	 	$	37,500,000.00	  	  	$	27,000,000.00	  
	 Cadence Bank, N.A.
	  	 	1.87500000	% 	 	$	37,500,000.00	  	  	$	27,000,000.00	  
	 Deutsche Bank AG New York Branch
	  	 	1.87500000	% 	 	$	37,500,000.00	  	  	$	27,000,000.00	  
	 SunTrust Bank
	  	 	1.87500000	% 	 	$	37,500,000.00	  	  	$	27,000,000.00	  
	 Goldman Sachs Bank USA
	  	 	1.04166667	% 	 	$	20,833,333.33	  	  	$	15,000,000.00	  
	 Cargill, Incorporated
	  	 	0.34722223	% 	 	$	6,944,444.44	  	  	$	5,000,000.00	  
		  	  
	  
	 	 	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	 	100.00	% 	 	$	2,000,000,000.00	  	  	$	1,440,000,000.00	  

  
 Annex I-A–1 

 Schedule 1 

INCREASING LENDERS’ INCREASED COMMITMENT FEE 
  

									
	 Increased Commitment Fee
Grid

	 Lender’s “commitment”

(as set forth in such Lender’s customary commitment letter or consent form, as applicable, regardless
of final allocation)
	  	<$50,000,000.00	  	>$50,000,000.00
<100,000,000.00	  	>100,000,000.00
<$175,000,000.00	  	>$175,000,000.00
	 Increased Commitment Fee Rate
	  	30 bps (0.300%)	  	35 bps (0.350%)	  	37.5 bps (0.375%)	  	40 bps (0.400%)

  
 Schedule 1–1 

 Exhibit A 

MERIT ACQUISITION AGREEMENT 

[Attached] 

  
 Exhibit A–1 

 Exhibit A 

Execution Version 

PURCHASE AND SALE AGREEMENT 

BY AND AMONG 
 MERIT
MANAGEMENT PARTNERS I, L.P. 
 MERIT ENERGY PARTNERS III, L.P. 

MERIT PIPELINE COMPANY, LLC 

MERIT ENERGY COMPANY, LLC 

AS SELLER 
 AND 

MEMORIAL PRODUCTION OPERATING LLC 

AS BUYER 
 Executed on
May 2, 2014 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1        THE TRANSACTION
	  	 	1	  
			
	 Section 1.1
	 	Purchase and Sale	  	 	1	  
			
	 Section 1.2
	 	Assets	  	 	1	  
			
	 Section 1.3
	 	Excluded Assets	  	 	4	  
			
	 Section 1.4
	 	Effective Time; Proration of Costs and Revenues	  	 	5	  
			
	 Section 1.5
	 	Delivery of Records	  	 	6	  
		
	 ARTICLE 2        PURCHASE PRICE
	  	 	6	  
			
	 Section 2.1
	 	Purchase Price	  	 	6	  
			
	 Section 2.2
	 	Adjustments to Purchase Price	  	 	7	  
			
	 Section 2.3
	 	Deposit	  	 	9	  
			
	 Section 2.4
	 	Allocated Values	  	 	9	  
			
	 Section 2.5
	 	Suspended Funds	  	 	9	  
		
	 ARTICLE 3         TITLE MATTERS
	  	 	9	  
			
	 Section 3.1
	 	Seller’s Title	  	 	9	  
			
	 Section 3.2
	 	Notice of Title Defect Adjustments	  	 	10	  
			
	 Section 3.3
	 	Casualty or Condemnation Loss	  	 	15	  
			
	 Section 3.4
	 	Limitations on Applicability	  	 	16	  
		
	 ARTICLE 4         ENVIRONMENTAL MATTERS
	  	 	16	  
			
	 Section 4.1
	 	Assessment	  	 	16	  
			
	 Section 4.2
	 	NORM, Wastes and Other Substances	  	 	18	  
			
	 Section 4.3
	 	Environmental Defects	  	 	18	  
			
	 Section 4.4
	 	Inspection Indemnity	  	 	20	  
			
	 Section 4.5
	 	Exclusive Remedy	  	 	20	  
		
	 ARTICLE 5         REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	20	  
			
	 Section 5.1
	 	Generally	  	 	20	  
			
	 Section 5.2
	 	Existence and Qualification	  	 	21	  
			
	 Section 5.3
	 	Power	  	 	21	  
			
	 Section 5.4
	 	Authorization and Enforceability	  	 	21	  
			
	 Section 5.5
	 	No Conflicts	  	 	22	  
			
	 Section 5.6
	 	Liability for Brokers’ Fees    	  	 	22	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 5.7
	 	Litigation	  	 	22	  
			
	 Section 5.8
	 	Taxes and Assessments	  	 	22	  
			
	 Section 5.9
	 	Compliance with Laws	  	 	23	  
			
	 Section 5.10
	 	Material Contracts	  	 	23	  
			
	 Section 5.11
	 	Payments for Hydrocarbon Production	  	 	25	  
			
	 Section 5.12
	 	Outstanding Capital Commitments	  	 	25	  
			
	 Section 5.13
	 	Imbalances	  	 	25	  
			
	 Section 5.14
	 	Condemnation	  	 	26	  
			
	 Section 5.15
	 	Bankruptcy	  	 	26	  
			
	 Section 5.16
	 	Preference Rights and Transfer Requirements	  	 	26	  
			
	 Section 5.17
	 	Foreign Person	  	 	26	  
			
	 Section 5.18
	 	No Defined Benefit Plans	  	 	26	  
			
	 Section 5.19
	 	Governmental Authorizations	  	 	26	  
			
	 Section 5.20
	 	Seller Affiliate Obligations	  	 	27	  
			
	 Section 5.21
	 	Wells; Casualty Events	  	 	27	  
			
	 Section 5.22
	 	Liens	  	 	27	  
			
	 Section 5.23
	 	Receipt of Proceeds; Payment of Expenses	  	 	27	  
			
	 Section 5.24
	 	Audits	  	 	27	  
			
	 Section 5.25
	 	Vehicle Lease Buyout Amount	  	 	28	  
			
	 Section 5.26
	 	Material Pipelines	  	 	28	  
			
	 Section 5.27
	 	Environmental Laws	  	 	28	  
			
	 Section 5.28
	 	Insurance	  	 	28	  
			
	 Section 5.29
	 	Security Arrangements	  	 	28	  
		
	 ARTICLE 6        REPRESENTATIONS AND WARRANTIES OF BUYER
	  	 	28	  
			
	 Section 6.1
	 	Existence and Qualification	  	 	28	  
			
	 Section 6.2
	 	Power	  	 	29	  
			
	 Section 6.3
	 	Authorization and Enforceability	  	 	29	  
			
	 Section 6.4
	 	No Conflicts	  	 	29	  
			
	 Section 6.5
	 	Liability for Brokers’ Fees	  	 	29	  
			
	 Section 6.6
	 	Litigation    	  	 	29	  

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 6.7
	 	Financing	  	 	29	  
			
	 Section 6.8
	 	Limitation	  	 	30	  
			
	 Section 6.9
	 	SEC Disclosure	  	 	30	  
			
	 Section 6.10
	 	Bankruptcy	  	 	30	  
			
	 Section 6.11
	 	Qualification	  	 	30	  
			
	 Section 6.12
	 	Consents	  	 	30	  
			
	 Section 6.13
	 	Independent Evaluation	  	 	30	  
		
	 ARTICLE 7         COVENANTS OF THE PARTIES
	  	 	31	  
			
	 Section 7.1
	 	HSR Act	  	 	31	  
			
	 Section 7.2
	 	Government Reviews	  	 	31	  
			
	 Section 7.3
	 	Notification of Breaches	  	 	32	  
			
	 Section 7.4
	 	Letters-in-Lieu; Assignments; Operatorship	  	 	33	  
			
	 Section 7.5
	 	Public Announcements	  	 	33	  
			
	 Section 7.6
	 	Operation of Business	  	 	33	  
			
	 Section 7.7
	 	Preference Rights and Transfer Requirements	  	 	34	  
			
	 Section 7.8
	 	Tax Matters	  	 	36	  
			
	 Section 7.9
	 	Further Assurances	  	 	39	  
			
	 Section 7.10
	 	Record Retention	  	 	39	  
			
	 Section 7.11
	 	Bonds, Letters of Credit and Guarantees	  	 	39	  
			
	 Section 7.12
	 	Cure of Misrepresentations	  	 	40	  
			
	 Section 7.13
	 	Plugging, Abandonment, Decommissioning and Other Costs	  	 	40	  
			
	 Section 7.14
	 	Employee Matters	  	 	40	  
			
	 Section 7.15
	 	Release of Liens	  	 	41	  
			
	 Section 7.16
	 	Representatives	  	 	42	  
			
	 Section 7.17
	 	SEC Matters	  	 	42	  
			
	 Section 7.18
	 	Transition Services	  	 	43	  
		
	 ARTICLE 8         CONDITIONS TO CLOSING
	  	 	43	  
			
	 Section 8.1
	 	Conditions of Seller to Closing	  	 	43	  
			
	 Section 8.2
	 	Conditions of Buyer to Closing    	  	 	44	  

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE 9         CLOSING
	  	 	46	  
			
	 Section 9.1
	 	Time and Place of Closing	  	 	46	  
			
	 Section 9.2
	 	Obligations of Seller at Closing	  	 	46	  
			
	 Section 9.3
	 	Obligations of Buyer at Closing	  	 	47	  
			
	 Section 9.4
	 	Closing Adjustments and Closing Payment	  	 	48	  
		
	 ARTICLE 10        TERMINATION
	  	 	50	  
			
	 Section 10.1
	 	Termination	  	 	50	  
			
	 Section 10.2
	 	Effect of Termination	  	 	51	  
			
	 Section 10.3
	 	Distribution of Deposit Upon Termination	  	 	51	  
			
	 Section 10.4
	 	Availability of Equitable Relief	  	 	51	  
		
	 ARTICLE 11         POST-CLOSING OBLIGATIONS; INDEMNIFICATION; LIMITATIONS;
DISCLAIMERS AND WAIVERS
	  	 	52	  
			
	 Section 11.1
	 	Assumed Obligations	  	 	52	  
			
	 Section 11.2
	 	Survival	  	 	54	  
			
	 Section 11.3
	 	Indemnification by Seller	  	 	54	  
			
	 Section 11.4
	 	Indemnification by Buyer	  	 	55	  
			
	 Section 11.5
	 	Indemnification Proceedings	  	 	56	  
			
	 Section 11.6
	 	Limitations on Indemnities	  	 	57	  
			
	 Section 11.7
	 	Release	  	 	57	  
			
	 Section 11.8
	 	Disclaimers	  	 	58	  
			
	 Section 11.9
	 	Waiver of Trade Practices Acts	  	 	59	  
			
	 Section 11.10
	 	Recording	  	 	60	  
			
	 Section 11.11
	 	Non-Compensatory Damages	  	 	60	  
			
	 Section 11.12
	 	Disclaimer of Application of Anti-Indemnity Statutes	  	 	60	  
		
	 ARTICLE 12         MISCELLANEOUS
	  	 	61	  
			
	 Section 12.1
	 	Counterparts	  	 	61	  
			
	 Section 12.2
	 	Notices	  	 	61	  
			
	 Section 12.3
	 	Sales or Use Tax Recording Fees and Similar Taxes and Fees	  	 	62	  
			
	 Section 12.4
	 	Expenses	  	 	63	  
			
	 Section 12.5
	 	Change of Name    	  	 	63	  

  
 -iv- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 12.6
	 	Governing Law and Venue	  	 	63	  
			
	 Section 12.7
	 	Captions	  	 	63	  
			
	 Section 12.8
	 	Waivers	  	 	63	  
			
	 Section 12.9
	 	Assignment	  	 	64	  
			
	 Section 12.10
	 	Entire Agreement	  	 	64	  
			
	 Section 12.11
	 	Amendment	  	 	64	  
			
	 Section 12.12
	 	No Third-Party Beneficiaries	  	 	64	  
			
	 Section 12.13
	 	References	  	 	64	  
			
	 Section 12.14
	 	Construction	  	 	65	  
			
	 Section 12.15
	 	Conspicuousness	  	 	65	  
			
	 Section 12.16
	 	Severability	  	 	65	  
			
	 Section 12.17
	 	Time of Essence	  	 	65	  

  
 -v- 

 EXHIBITS 
  

			
	Exhibit A              	  	Leases
	Exhibit A-1	  	Wells and Units
	Exhibit B	  	Form of Assignment, Conveyance and Bill of Sale
	Exhibit C	  	Intentionally Omitted
	Exhibit D	  	Allocated Values
	Exhibit E	  	Permits
	Exhibit F	  	Letters-in-Lieu

 SCHEDULES 
  

			
	Schedule 1.1(b)    	  	Permitted Encumbrances
	Schedule 1.2(d)	  	Contracts
	Schedule 1.2(e)	  	Easements
	Schedule 1.2(g)	  	Pipelines
	Schedule 1.2(l)	  	Vehicles and Vessels
	Schedule 1.2(m)	  	Geologic Data
	Schedule 1.2(r)	  	Bairoil Office
	Schedule 1.3(e)	  	Excluded Assets
	Schedule 5.1(a)	  	Seller’s Knowledge Individuals
	Schedule 5.1(b)	  	Buyer’s Knowledge Individuals
	Schedule 5.7	  	Proceedings
	Schedule 5.8	  	Taxes
	Schedule 5.9	  	Compliance with Law
	Schedule 5.11	  	Funds Held in Suspense
	Schedule 5.12	  	Outstanding Capital Commitments
	Schedule 5.13	  	Imbalances
	Schedule 5.19	  	Governmental Authorizations
	Schedule 5.21	  	Wells
	Schedule 5.23	  	Receipt of Proceeds; Payment of Expenses
	Schedule 5.24	  	Audits
	Schedule 5.25	  	Vehicle Lease Buyout Amount
	Schedule 5.27	  	Environmental Matters
	Schedule 5.28	  	Insurance
	Schedule 7.6	  	Operation of Business
	Schedule 7.7	  	Preference Rights and Transfer Requirements
	Schedule 7.11	  	Security Arrangements
	Schedule 7.14	  	Business Employees
	Schedule 7.18	  	Certain Employees of Seller

  
 vi 

 DEFINITIONS 

“Adjusted Purchase Price” means the Purchase Price after calculating and applying the adjustments set forth in
Section 2.2. 
 “Adjustment Period” means the period between the Effective Time and the Closing Date.

 “AFE” means authority for expenditure. 

“Affiliates” with respect to any Person, means any Person that directly or indirectly controls, is controlled by or is
under common control with such Person. The concept of control, controlling or controlled as used in the aforesaid context means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
another, whether through the ownership of voting securities, by contract or otherwise. No Person is deemed an Affiliate of any Person by reason of the exercise or existence of rights, interests or remedies under this Agreement. 

“Agreed Accounting Firm” is defined in Section 9.4(c).

 “Agreed Interest Rate” means the rate of interest published in the Wall Street Journal from time
to time, as the one-month London Interbank Offered Rate (LIBOR) plus 75 basis points, with adjustments in that rate to be made on the same day as any change in that rate. 

“Agreement” means this Purchase and Sale Agreement together with all exhibits and schedules attached hereto. 

“Allocated Value” is defined in Section 2.4. 

“Assessment” is defined in Section 4.1(b). 

“Assets” is defined in Section 1.2. 

“Assumed Obligations” is defined in Section 11.1. 

“Bairoil Office” means that certain office facility located at 101 Primrose Ave., Bairoil,
Wyoming 82322, including the land on which such office is situated, as more particularly described on Schedule 1.2(r). 

“Barrel” or “Bbl” means 42 U.S. gallons. 

“Business Day” means each calendar day except Saturdays, Sundays, and Federal holidays. 

“Business Employees” means those full time and part time employees (hourly and salaried) of Seller
identified on Schedule 7.14. 
 “Buyer” is defined in the preamble
hereto. 
 “Buyer Indemnified Persons” is defined in Section
11.3. 

  
 vii 

 “Buyer Plans” is defined in Section 7.14(c). 

“Buyer’s Representatives” is defined in Section 4.1(a).

 “Claim” or “Claims” means any demand, claim or notice sent or given by a Person
to another Person in which the former asserts that it has suffered a Loss or has become party to a Proceeding that is the responsibility of the latter Person. 

“Claim Notice” is defined in Section 11.2(b). 

“Closing” is defined in Section 9.1. 

“Closing Date” means the date on which Closing occurs. 

“Closing Payment” is defined in Section 9.4(a). 

“Closing Statements” means the Preliminary Closing Statement and the Final Closing Statement. 

“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985. 

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

“Confidentiality Agreement” means that certain confidentiality agreement dated March 11, 2014, by and between
Merit Energy Company, LLC and Memorial Resource Development LLC. 
 “Contracts” is defined in
Section 1.2(d). 
 “Conveyance” is defined in Section 3.1(b). 

“Conveyed Hydrocarbons” is defined in Section 1.2(h) 

“Cure Period” is defined in Section 3.2(c). 

“Customary Post-Closing Consents” means consents and approvals for the assignment of the Assets to Buyer from
Governmental Bodies that are customarily obtained after the assignment of properties similar to the Assets. 
 “Defensible
Title” means the title of Seller with respect to the Units, Leases, Wells or other Assets shown in Exhibit D, except for and subject to Permitted Encumbrances and except as otherwise stated on Exhibit D: (i) entitles
Seller to receive a Net Revenue Interest, all without reduction, suspension or termination of such interests throughout the productive life of such Unit, Lease Well, or other Asset, of not less than the Net Revenue Interest shown in Exhibit D
for such Unit, Lease, Well, or other Asset, except (solely to the extent that such actions do not cause a breach of Seller’s covenants under Section 7.6) for (A) decreases in connection with those operations in which Seller,
with Buyer’s consent, may from and after the Execution Date become a non-consenting co-owner, (B) decreases resulting from the establishment or amendment from and after the Effective Time of pools or units, (C) decreases in connection
with 

  
 viii 

 
any payouts of non-consent penalties as reflected in Exhibit D, and (D) decreases required to allow other working interest owners to make up past underproduction or pipelines to make
up past under deliveries described on Schedule 5.13; (ii) obligates Seller to bear a percentage of the costs and expenses for the maintenance and development of, and operations relating to, any Unit, Lease, Well or other Asset shown in
Exhibit D not greater than the Working Interest shown in Exhibit D for such Unit, Lease, Well, or other Asset throughout the productive life of such Unit, Lease, Well or other Asset, except for (A) increases resulting from
contribution requirements with respect to co-owners who elect or are deemed to have elected to go “non-consent” under applicable operating agreements after the Execution Date or as reflected in Exhibit D and (B) increases that
are accompanied by at least a proportionate increase in Seller’s Net Revenue Interest; and with respect to such Unit, Lease, Well, or other Asset throughout the productive life of such Unit, Lease, Well, or other Asset; (iii) is free and
clear of liens, encumbrances, obligations, security interests, irregularities, pledges or other defects (other than Permitted Encumbrances). 

“Deposit” is defined in Section 2.3. 

“DOJ” means the Antitrust Division of the Department of Justice. 

“DTPA” is defined in Section 11.9(a). 

“Easements” is defined in Section 1.2(e). 

“Effective Time” is defined in Section 1.4(a). 

“Emission Reduction Credits” means (i) any surplus reductions in greenhouse gas emissions that exceed the amount
of reductions required under federal, state, or local laws and which Seller has generated, registered, certified, claimed, purchased, or holds as of the Closing Date pursuant to the requirements of the Governmental Authority with jurisdiction over
the applicable trading program; and (ii) any emission offsets of criteria pollutants used for attainment demonstrations and nonattainment permitting that Seller has banked as of the Closing Date pursuant to the requirements of the Governmental
Authority with jurisdiction over the applicable emission offset banking program. 
 “Environmental Claim
Date” means June 13, 2014.  
 “Environmental Defect” is defined in
Section 4.3. 
 “Environmental Defect Amount” is
defined in Section 4.3. 
 “Environmental Defect Deductible” means
and amount equal to three percent (3%) of the unadjusted Purchase Price. 
 “Environmental Defect
Notice” is defined in Section 4.3. 
 “Environmental
Laws” means, as the same may have been amended, superseded or replaced, any federal, state or local statute, law, regulation, ordinance, rule, order or decree including any rule of common law, relating to (i) the control of any
potential pollutant or 

  
 ix 

 
protection of the environment, including air, water or land, (ii) the generation, handling, treatment, storage, disposal or transportation of waste materials, or (iii) the regulation of
or exposure to Hazardous Materials alleged to be harmful, including the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq. (“CERCLA”); the Resource Conservation and
Recovery Act, 42 U.S.C. § 6901 et seq. (“RCRA”); the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; the Clean Air Act, 42 U.S.C. § 7401 et seq. the Hazardous Materials
Transportation Act, 49 U.S.C. § 5101 et seq.; the Toxic Substances Control Act, 15 U.S.C. §§ 2601 through 2629; the Oil Pollution Act, 33 U.S.C. § 2701 et seq.; the Emergency Planning and Community Right-to-Know
Act, 42 U.S.C. § 11001 et seq.; the Safe Drinking Water Act, 42 U.S.C. §§ 300f through 300j; the Federal Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. § 136 et seq.; the Occupational Safety and Health Act, 29 U.S.C.
§ 651 et seq. to the extent that it relates to protection of workers or the public from exposure to Hazardous Materials.; and all applicable related law, whether local, state, territorial, or national, of any Governmental
Body having jurisdiction over the property in question addressing pollution or protection of human health, safety, natural resources or the environment and all regulations implementing the foregoing. The term “Environmental Laws” includes
all judicial and administrative decisions, orders, directives and decrees issued by a Governmental Body pursuant to the foregoing. 

“Environmental Liabilities” means any and all Losses, costs (including costs of remediation), damages, damages,
settlements, consulting fees, expenses, penalties, fines, fees, interest, orphan share, prejudgment and post-judgment interest, court costs, attorneys’ fees, and other liabilities incurred or imposed (i) pursuant to any order, notice of
responsibility, directive (including requirements embodied in Environmental Laws), injunction, judgment or similar act (including settlements) by any Governmental Body to the extent arising out of any violation of, or remedial or other response or
corrective obligation under, any Environmental Laws that are attributable to the ownership or operation of the Assets prior to, on or after the Effective Time or (ii) pursuant to any claim or cause of action by a Governmental Body or other
Person for personal injury, property damage, damage to natural resources, remediation or response costs to the extent arising out of any exposure to Hazardous Materials, any violation of, or any remediation or obligation under, any Environmental
Laws which is attributable to the ownership or operation of the Assets prior to, on or after the Effective Time. 

“Equipment” is defined in Section 1.2(f). 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“ERISA Affiliate” means any entity, trade or business that is a member of a group described in Section 414(b),
(c), (m) or (o) of the Code or Section 4001(b) of ERISA that include the Seller, or that is the member of the same “controlled group” within the meaning of Section 4001(a)(14) of ERISA. 

“Estimated Taxes” is defined in Section 7.8(c)(i). 

“Excluded Assets” is defined in Section 1.3. 

“Excluded Obligations” is defined in Section 11.1. 

  
 x 

 “Execution Date” is defined in the preamble hereto. 

“Final Adjustment” is defined in Section 9.4(b). 

“Final Closing Statement” is defined in Section 9.4(b).

 “Final Purchase Price” is defined in Section
9.4(b). 
 “Final Settlement Date” is defined in
Section 9.4(b). 
 “Financial Statements” is defined
in Section 7.17. 
 “FTC” means the Federal Trade Commission.

 “Fundamental Representations” is defined in Section
11.2(a). 
 “Geologic Data” means all (i) seismic, geological, geochemical or
geophysical data (including cores and other physical samples of materials from wells or tests) belonging to Seller or licensed from third parties relating to the Properties that can be transferred without additional consideration to such third
parties (or including such licensed data if Buyer agrees to pay such additional consideration), and (ii) interpretations of seismic, geological, geochemical or geophysical data belonging to Seller or licensed from third parties that can be
transferred without additional consideration to such third parties (or including such licensed data if Buyer agrees to pay such additional consideration). 

“Governmental Authorizations” is defined in Section 5.19.

 “Governmental Body” or “Governmental Bodies” means any federal, state, local,
municipal or other government; any governmental, regulatory or administrative agency, commission, body or other authority exercising or entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority
or power; and any court or governmental tribunal, including any tribal authority having jurisdiction. 
 “Gross
Production Taxes” is defined in Section 7.8(c)(i). 
 “Hazardous
Material” means (i) any “hazardous substance,” as defined by CERCLA, (ii) any “hazardous waste” or “solid waste,” in either case as defined by RCRA, and any analogous state statutes, and any
regulations promulgated thereunder, (iii) any solid, hazardous, dangerous or toxic chemical, material, waste or substance regulated by any applicable Environmental Laws, (iv) any radioactive material, including any naturally occurring
radioactive material, and any source, special or byproduct material as defined in 42 U.S.C. 2011 et seq. and any amendments or authorizations thereof, (v) any regulated asbestos-containing materials in any form or condition, (vi) any
regulated polychlorinated biphenyls in any form or condition, and (vii) petroleum, petroleum hydrocarbons or any fraction or byproducts thereof. 

“Hedges” means any swap, collar, floor, cap, option or other contract that is intended to eliminate or reduce the risk
of fluctuations in the price of Hydrocarbons. 

  
 xi 

 “HSR Act” means the Hart-Scott Rodino Antitrust Improvements Act of 1976,
as amended, and the rules and regulations promulgated thereunder. 
 “Hydrocarbons” means oil, gas, casinghead gas,
condensate and other gaseous and liquid hydrocarbons or any combination thereof and sulphur and other minerals, liquids and products extracted from or produced with the foregoing. 

“Imbalance” or “Imbalances” means any over-production, under-production, over-delivery,
under-delivery or similar imbalance of Hydrocarbons produced from or allocated to the Assets, regardless of whether such over-production, under-production, over-delivery, under-delivery or similar imbalance arises at the wellhead, pipeline,
gathering system, transportation system, processing plant or other location. 
 “Income Taxes” means
all Taxes based upon, measured by, or calculated with respect to (i) gross or net income or gross or net receipts or profits (including, but not limited to, franchise Tax and any capital gains, alternative minimum Taxes, net worth and any Taxes
on items of Tax preference, but not including sales, use, goods and services, real or personal property transfer or other similar Taxes), (ii) multiple bases (including, but not limited to, corporate franchise, doing business or occupation
Taxes) if one or more of the bases upon which such Tax may be based upon, measured by, or calculated with respect to, is described in clause (i) above, or (iii) withholding Taxes measured with reference to or as a substitute for any Tax
described in clauses (i) or (ii) above, and (iv) and any penalties, additions to Tax, and interest levied or assessed with respect to a Tax described in clauses (i), (ii), or (iii), but not including Severance Taxes, Property Taxes,
sales Taxes and Transfer Taxes. 
 “Indemnified Party” is defined in
Section 11.5(a). 
 “Indemnifying Party” is defined
in Section 11.5(a). 
 “Indemnity Deductible” is
defined in Section 11.3(d). 
 “Independent Expert”
is defined in Section 4.3. 
 “Individual Environmental Threshold”
means One Hundred Twenty-Five Thousand Dollars ($125,000.00). 
 “Individual Title Threshold” means One Hundred
Twenty-Five Thousand Dollars ($125,000.00). 
 “Invasive Activity” means any sampling, boring, excavating, drilling
or other invasive investigative activity with respect to the Properties. 
 “Lands” is defined in
Section 1.2(a). 
 “Laws” means all statutes, laws, rules, regulations, ordinances, orders and codes of
Governmental Bodies. 
 “Leases” is defined in Section 1.2(a). 

  
 xii 

 “Loss” or “Losses” means any and all debts,
obligations and other liabilities (whether absolute, accrued, contingent, fixed or otherwise, or whether known or unknown, or due or to become due or otherwise), diminution in value, monetary damages, fines, fees, Taxes (but excluding Income Taxes),
penalties, interest obligations, deficiencies, losses and expenses (including amounts paid in settlement, interest, court costs, costs of investigators, reasonable fees and expenses of attorneys, accountants, financial advisors and other experts,
and other actual out of pocket expenses incurred in investigating and preparing for or in connection with any Proceeding). 

“Lowest Cost Response” means the response required or allowed under Environmental Laws that addresses the condition
present at the lowest reasonable cost (considered as a whole taking into consideration any material negative impact such response may have on the operations of the relevant assets and any potential material additional costs or liabilities that may
likely arise as a result of such response) as compared to any other response that is required or allowed under Environmental Laws. 

“Material Adverse Effect” means any effect that is material and adverse to the ownership, operation or value of the
Assets, individually or taken as a whole, and as currently operated; provided, however, that “Material Adverse Effect” does not include (i) any effect resulting from entering into this Agreement or the announcement of the transactions
contemplated by this Agreement, (ii) any effect resulting from changes in general market, economic, financial or political conditions or any outbreak of hostilities or war, (iii) any effect that affects the Hydrocarbon exploration,
production, development, processing, gathering and/or transportation industry generally (including changes in commodity prices or general market prices in the Hydrocarbon exploration, production, development, processing, gathering and/or
transportation industry generally), and (iv) any effect resulting from a change in Laws or regulatory policies. 

“Material Contracts” is defined in Section 5.10(a).

 “Material Environmental Defect” means an uncured Environmental Defect that exceeds the Individual
Environmental Threshold. 
 “Material Indemnification Matter” is defined in Section
11.3(d). 
 “Material Title Benefit” means a Title Benefit that exceeds the
Individual Title Threshold. 
 “Material Title Defect” means an uncured Title Defect that exceeds the Individual
Title Threshold. 
 “Net Revenue Interest” means a share of the Hydrocarbons produced, saved and marketed from any
Unit, Lease, Well or other Asset (after satisfaction of all Royalties). 
 “NORM” means naturally occurring
radioactive material. 
 “Notice Period” is defined in Section 11.5(a). 

  
 xiii 

 “Operated Asset Overhead” is defined in
Section 1.4(b). 
 “Operated Assets” means Assets operated by
Seller. 
 “Permits” is defined in Section 1.2(k). 

“Permitted Encumbrances” means any or all of the following: 

(i) Royalties, sliding scale royalties, reversionary interests and other burdens on production, to the extent that any such burdens do not,
individually or in the aggregate, reduce Seller’s Net Revenue Interest below that shown in Exhibit D or increase Seller’s Working Interest above that shown in Exhibit D without a proportionate increase in the Net Revenue
Interest; 
 (ii) all Leases, unit agreements, pooling agreements, operating agreements, Hydrocarbon production sales contracts, division
orders and other contracts, agreements and instruments applicable to the Assets, to the extent that they do not, (A) individually or in the aggregate, reduce Seller’s Net Revenue Interest below that shown in Exhibit D or increase
Seller’s Working Interest above that shown in Exhibit D without a proportionate increase in the Net Revenue Interest; or (B) materially impair the value of the applicable Assets or materially interfere with the use or operation of
the Assets; 
 (iii) Preference Rights applicable to this or any future transaction; 

(iv) Transfer Requirements applicable to this or any future transaction; 

(v) liens for current Taxes or assessments not yet delinquent or, if delinquent, being contested in good faith in the normal course of business
and described on Schedule 1.1(b); 
 (vi) materialman’s, mechanic’s, repairman’s, employee’s, contractor’s,
operator’s and other similar liens or charges arising in the ordinary course of business for amounts not yet delinquent (including any amounts being withheld as provided by Law); 

(vii) Customary Post-Closing Consents and required notices, filings or other actions by Governmental Bodies in connection with the sale or
conveyance of the Assets or interests therein pursuant to this or to any future transaction if they are not required or customarily obtained prior to the sale or conveyance; 

(viii) rights of reassignment arising upon final intention to abandon or release the Assets, or any of them; 

(ix) easements, rights-of-way, servitudes, permits, surface leases and other rights in respect of surface operations, to the extent that they
do not (A) reduce Seller’s Net Revenue Interest below that shown in Exhibit D, (B) increase Seller’s Working Interest above that shown in Exhibit D without a proportionate increase in Net Revenue Interest, or
(C) detract in any material respect from the value of, or interfere in any material respect with the use, ownership or operation of, the Assets subject thereto or affected thereby (as currently used, owned and operated) and which would be
acceptable by a reasonably prudent purchaser engaged in the business of owning and operating oil and gas properties; 

  
 xiv 

 (x) calls on Hydrocarbon production under existing Contracts; 

(xi) all rights reserved to, or vested in, any Governmental Body to control or regulate any of the Assets in any manner, and all obligations
and duties under all applicable Laws or under any franchise, grant, license or permit issued by any such Governmental Body; provided that the foregoing do not reduce Seller’s Net Revenue Interest below that shown in Exhibit D or increase
Seller’s Working Interest above that shown in Exhibit D without a proportionate increase in the Net Revenue Interest; 
 (xii)
any encumbrance affecting the Assets that is discharged by Seller at or prior to Closing; 
 (xiii) any liens, charges, encumbrances, defects
or irregularities that do not, individually or in the aggregate, detract in any material respect from the value of, or interfere in any material respect with the use or ownership of, the Assets subject thereto or affected thereby, which would be
accepted by a reasonably prudent purchaser engaged in the business of owning and operating oil and gas properties, and which do not reduce Seller’s Net Revenue Interest below that shown in Exhibit D, or increase Seller’s Working
Interest above that shown in Exhibit D without a proportionate increase in Net Revenue Interest; 
 (xiv) matters that would otherwise
be considered Title Defects but that do not meet the Individual Title Threshold; 
 (xv) Imbalances associated with the Assets for which an
adjustment to the Purchase Price is made pursuant to Section 2.2; 
 (xvi) liens granted under applicable joint operating
agreements; 
 (xvii) Title Defects expressly waived by Buyer in writing; and 

(xviii) any matters set forth on Schedule 1.1(b) to this Agreement. 

“Person” means any individual, firm, corporation, partnership, limited liability company, joint venture, association,
trust, unincorporated organization, Governmental Body or any other entity. 
 “Personal Property” is
defined in Section 1.2(g). 
 “Pipelines” is defined in
Section 1.2(g). 
 “Preference Property” is defined in Section
7.7(b). 
 “Preference Right” means any right or agreement that enables any Person
to purchase or acquire any Asset or any interest therein or portion thereof as a result of or in connection with (i) the sale, assignment or other transfer of any Asset or any interest therein or portion thereof, or (ii) the execution or
delivery of this Agreement or the consummation or performance of the terms and conditions contemplated by this Agreement. 

  
 -xv- 

 “Preliminary Closing Statement” is defined in
Section 9.4(a). 
 “Proceeding” is defined in
Section 5.7. 
 “Properties” is defined in Section 1.2(c). 

“Property Costs” is defined in Section 1.4(b). 

“Property Taxes” means all ad valorem, real property, personal property, and all other Taxes and similar obligations,
and any penalties, additions to Tax, and interest levied or assessed thereon, assessed against the Assets or based upon or measured by the ownership of the Assets, but not including Income Taxes, Severance Taxes, Transfer Taxes, and sales Taxes.

 “Purchase Price” is defined in Section 2.1. 

“Records” is defined in Section 1.2(j). 

“REGARDLESS OF FAULT” means WITHOUT REGARD TO THE CAUSE OR CAUSES OF ANY CLAIM, INCLUDING,
EVEN THOUGH A CLAIM IS CAUSED IN WHOLE OR IN PART BY: 
 OTHER THAN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, THE NEGLIGENCE (WHETHER
SOLE, JOINT, CONCURRENT, COMPARATIVE, CONTRIBUTORY, ACTIVE OR PASSIVE), STRICT LIABILITY, OR OTHER FAULT OF THE SELLER INDEMNIFIED PERSONS OR THE BUYER INDEMNIFIED PERSONS; AND/OR 

A PRE-EXISTING DEFECT, WHETHER PATENT OR LATENT, OF THE PREMISES OF BUYER’S PROPERTY OR SELLER’S PROPERTY (INCLUDING WITHOUT
LIMITATION THE ASSETS), INVITEES AND/OR THIRD PARTIES; AND/OR 
 THE UNSEAWORTHINESS OF ANY VESSEL OR UNAIRWORTHINESS OF ANY AIRCRAFT
OF A PARTY WHETHER CHARTERED, OWNED, OR PROVIDED BY THE BUYER INDEMNIFIED PERSONS, SELLER INDEMNIFIED PERSONS, INVITEES AND/OR THIRD PARTIES. 

“Retained Asset” is defined in Section 7.7(c). 

“Retained Employee Liabilities” means any liabilities or obligations of Seller or any of its Affiliates (i) to
employees of Seller or any of its Affiliates arising under WARN, as a result of actions taken by Seller or any of its Affiliates on or prior to the Closing Date, (ii) arising out of claims by or on behalf of employees of Seller or any of its
Affiliates with respect to events that occur on or prior to the Closing Date and that relate to their employment with, or the terminations of their employment from, Seller, (iii) with respect to employees of Seller or any of

  
 xvi 

 
its Affiliates arising under any “employee benefit plan” (as defined in Section 3(3) of ERISA) that is or has been sponsored by, contributed to, or maintained by, Seller or any of
its Affiliates, (iv) arising under ERISA for which Buyer may have any liability under ERISA solely as a result of the consummation of the transaction contemplated by this Agreement or with respect to which the Assets may be subject to a lien
for any liabilities under ERISA, and (v) arising out of Claims asserted by any employee of Seller or any of its Affiliates for bodily injury or death. 

“Royalties” means all royalties, overriding royalties, production payments, net profits interests or other similar
burdens on or measured by production of Hydrocarbons. 
 “SEC” means the United States Securities and Exchange
Commission. 
 “Security Arrangements” is defined in Section
7.11. 
 “Seller” is defined in the preamble hereto. 

“Seller Indemnified Persons” is defined in Section 11.4.

 “Seller Representative” is defined in Section
7.16. 
 “Severance Taxes” means all extraction, production, excise, net proceeds,
severance, gross products, windfall profit and all other Taxes and similar obligations, and any penalties, additions to Tax, and interest levied or assessed thereon, with respect to the Assets that are based upon or measured by the production of
Hydrocarbons or the receipt of proceeds therefrom, but not including Property Taxes, Income Taxes, Transfer Taxes, and sales Taxes. 

“Stored Hydrocarbons” is defined in Section 1.2(h).

 “Suspended Funds” means those proceeds from the sale of Hydrocarbons attributable to the Assets and
payable to owners of working interests, Royalties and other similar interests that are held by Seller in suspense as of the Closing Date including royalty proceeds held in suspense. 

“Tax Returns” means any report, return, information statement, payee statement or other information, or any amendment
thereof, required to be provided to any Governmental Body with respect to Taxes, including any return of an affiliated, combined or unitary group, and any and all work papers relating thereto. 

“Taxes” means all federal, state, local and foreign income, profits, franchise, sales, use, ad valorem, property,
severance, production, excise, stamp, documentary, real property transfer or gain, gross receipts, goods and services, registration, capital, transfer or withholding taxes or other governmental fees or charges imposed by any taxing authority,
including any interest, penalties or additional amounts which may be imposed with respect thereto, and including any liability for any of the foregoing items that arises by reason of transferee or successor liability. 

“Termination Date” means August 5, 2014, as such may be extended pursuant to Section 8.1(e) or
Section 8.2(e). 
 “Third Party Claim” is defined in Section
11.5(a). 

  
 xvii 

 “Title Arbitrator” is defined in Section
3.2(i). 
 “Title Benefit” means any right, circumstance or condition that operates
to (i) increase the Net Revenue Interest of Seller in any Unit, Lease, Well or other Asset shown on Exhibit D, without causing a greater than proportionate increase in Seller’s Working Interest above that shown in Exhibit D
or (ii) decrease the Working Interest of Seller in any Unit, Lease, Well or other Asset shown on Exhibit D, without causing a decrease in Seller’s Net Revenue Interest shown in Exhibit D. 

“Title Benefit Amount” means the increase in the Allocated Value for a Unit, Lease, Well or other Asset in Exhibit
D caused by a Title Benefit, as determined pursuant to Section 3.2(h). 
 “Title Benefit Deductible”
means an amount equal to three percent (3%) of the unadjusted Purchase Price. 
 “Title Benefit Notice” is
defined in Section 3.2(b). 
 “Title Claim Date” means June 13, 2014. 

“Title Defect” means any lien, charge, encumbrance, Royalty, obligation (including contract obligation), defect, or
other matter (including without limitation a discrepancy in Net Revenue Interest or Working Interest) that causes Seller not to have Defensible Title in and to the Units, Leases, Wells or other Assets shown on Exhibit D; provided that the
following do not constitute Title Defects: 
 (i) defects based solely on (A) lack of information in Seller’s files, or
(B) references to a document(s) if such document(s) is not in Seller’s files and if such references do not constitute constructive notice of such document(s) under Wyoming law with respect to the Wyoming based Assets; 

(ii) defects arising out of lack of corporate or other entity authorization unless Buyer provides affirmative evidence that the action was not
authorized and results in another Person’s superior claim of title to the relevant Asset; 
 (iii) defects based on failure to record
Leases issued by any state or federal Governmental Body, or any assignments of such Leases, in the real property, conveyance or other records of the county in which such Property is located, provided that (A) such Leases or assignments were
properly filed in the Governmental Body’s records, (B) this clause (iii) shall not include defects arising from the existence of an assignment or other document filed in the county records where a Property is located that contradicts
or diminishes the title of Seller, as reflected by the instruments filed only in the Governmental Body’s records and (C) recording in the real property, conveyance or other records of the county in which such Property is located is not
required to perfect Seller’s title against claims by third parties; 
 (iv) defects based on failure to record Leases issued by any
state or federal Governmental Body, or any assignments of such Leases, in the real property, conveyance or other records of the state or federal Governmental Body in which such Property is located; 

  
 xviii 

 
provided, (A) that such Leases or assignments were filed in the real property, conveyance or other records of the county or parish in which such Property is located; (B) that
title to such Property, as reflected in the real property, conveyance or other records of state or federal Governmental Body in which such Property is located, is vested in Seller’s immediate predecessor in interest and (C) that no Claim
of superior title has been made by any Person in the ten (10) years preceding the Execution Date; 
 (v) defects based on failure to
record Easements in the real property, conveyance or other records of the county in which such Property is located, provided that no Claim of superior title to such Easement has been made by any Person in the ten (10) years preceding the
Execution Date; 
 (vi) defects based on a gap in Seller’s chain of title in the county records as to Leases, unless such gap is
affirmatively shown to exist in such records by an abstract of title, title opinion or landman’s title chain (which documents must be included in a Title Defect Notice); 

(vii) defects that have been cured by applicable Laws of limitation or prescription; 

(viii) defects arising out of a lack of survey; 

(ix) defects based on a lack of “Record Title” in the real property, conveyance or other records of state or federal Governmental
Body in which such Property is located; provided, that Seller possesses “Operating Rights” or a working interest in the relevant Property; and 

(x) defects based on the actual or potential affects a sliding-scale royalty and/or step-scale royalty may have on the Net Revenue Interest or
working interest in and to any Well, Unit or other Asset as described in the Leases set forth on Exhibit A. 

“Title Defect Amount” is defined in Section 3.2(d)(i).

 “Title Defect Deductible” means an amount equal to three percent (3%) of the unadjusted Purchase
Price. 
 “Title Defect Notice” is defined in Section 3.2(a).
 
 “Title Defect Property” is defined in Section
3.2(a). 
 “Transfer Requirement” means any consent, approval, authorization or
permit of, or filing with or notification to, any Person that is required to be obtained, made or complied with for or in connection with any sale, assignment or transfer of any Asset or any interest therein; provided, however, that
“Transfer Requirement” does not include any consent of, notice to, filing with, or other action by any Governmental Body in connection with the sale or conveyance of Leases or interests therein or Easements or interests therein, if they
are not required prior to the assignment of such Leases, Easements or interests or they are customarily obtained subsequent to the sale or conveyance (including consents from state agencies). 

  
 xix 

 “Transfer Taxes” is defined in Section 12.3. 

“Transferred Employee” is defined in Section 7.14(b).

 “Treasury” means the United States Department of the Treasury. 

“Units” is defined in Section 1.2(c). 

“Vehicle Lease Buyout Amount” means any amounts actually paid by Seller and/or its Affiliates to buyout, purchase,
cancel or otherwise terminate any leases pertaining to the vehicles and vessels conveyed to Buyer pursuant to the terms of this Agreement. 

“WARN” means the Worker Adjustment and Retraining Notification Act of 1988, as amended (or similar state or local
law). 
 “Wells” is defined in Section 1.2(b). 

“Working Interest” means, with respect to any Unit, Lease, Well or other Asset, the interest (expressed as a decimal)
in and to such Unit, Lease, Well or other Asset that is burdened with the obligation to bear and pay costs and expenses of maintenance, development and operations on or in connection with such Unit, Lease, Well or other Asset, but without regard to
the effect of any Royalties, carried interests, reversionary interests and other burdens upon, measured by or payable out of production therefrom. 

  
 xx 

 PURCHASE AND SALE AGREEMENT 

This Purchase and Sale Agreement is executed on May 2, 2014 (the “Execution Date”), by and between MERIT
MANAGEMENT PARTNERS I, L.P., MERIT ENERGY PARTNERS III, L.P., MERIT PIPELINE COMPANY, LLC and MERIT ENERGY COMPANY, LLC, each a Delaware limited partnership or limited liability company, as the case may be, (collectively,
“Seller”), and MEMORIAL PRODUCTION OPERATING LLC, a Delaware limited liability company (“Buyer”). 

RECITALS 
 A. Seller owns
various oil and gas properties more fully described in the exhibits hereto. 
 B. Seller desires to sell to Buyer and Buyer desires to
purchase from Seller the properties and rights of Seller described in this Agreement, in the manner and upon the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises and of the mutual promises, representations, warranties, covenants, conditions and agreements
contained in this Agreement, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound by the terms of this Agreement, agree as follows: 

ARTICLE 1 
 THE
TRANSACTION 
 Section 1.1 Purchase and Sale. 

At the Closing, and upon the terms and subject to the conditions of this Agreement, Seller will sell, transfer and convey the Assets to Buyer
and Buyer will purchase, accept and pay for the Assets and assume the Assumed Obligations. 
 Section 1.2 Assets. 

The term “Assets” means, subject to the terms and conditions of this Agreement, all of Seller’s right, title,
interest and estate, real or personal, recorded or unrecorded, movable or immovable, tangible or intangible, in and to the following (but excluding the Excluded Assets): 

(a) All of the oil and gas leases; subleases and other leaseholds; net profits interests; carried interests; farmout rights; options;
production payments; fee mineral interests; Royalty interests; and other properties and interests described on Exhibit A (collectively, the “Leases”), together with each and every kind and character of right,
title, claim and interest that Seller has in and to the lands covered by the Leases or the lands currently pooled, unitized, communitized or consolidated therewith whether or not described on Exhibit A (the “Lands”);

  
 1 

 (b) All Hydrocarbon, water, disposal or injection wells located on the Lands or Leases or on the
pooled, communitized or unitized acreage that includes all or any part of the Leases, whether producing, shut-in, abandoned or temporarily abandoned, and including, the wells shown on Exhibit A-1, whether producing, shut-in, abandoned or
temporarily abandoned (collectively, the “Wells”); 
 (c) All interest of Seller derived from the Leases in or to any
currently existing pools or units that include any Lands or all or a part of any Leases or include any Wells, including those pools or units shown on Exhibit A-1 (the “Units”) and all tenements, hereditaments and
appurtenances belonging to the Leases and Units (together with the Leases, Lands, Units and Wells, the “Properties”), and including all interest of Seller derived from the Leases in production of Hydrocarbons from any such
Unit, whether such Unit production of Hydrocarbons comes from Wells located on or off of a Lease; 
 (d) All contracts, agreements and
instruments by which the Properties are bound, or that relate to or are otherwise applicable to the Properties, but only to the extent such contracts are valid and existing and applicable to the Properties rather than Seller’s other properties,
including, but not limited to, operating agreements, unitization, pooling and communitization agreements, declarations and orders, joint venture agreements, farmin and farmout agreements, exploration agreements, participation agreements, exchange
agreements, transportation or gathering agreements, agreements for the sale and purchase of oil, gas, casinghead gas or processing agreements to the extent applicable to the Properties or the Hydrocarbons produced from the Properties, including
those identified on Schedule 1.2(d) (collectively referred to as “Contracts”), but excluding any master service agreements and any contracts, agreements and instruments to the extent transfer is restricted by
third-party agreement or applicable Law and the necessary consents to transfer are not obtained pursuant to Section 7.7 and provided that the defined term “Contracts” does not include the instruments constituting the Leases or
Easements; 
 (e) All easements, permits, licenses, servitudes, rights-of-way, surface leases and other surface rights
(“Easements”) appurtenant to, and used or held for use in connection with the Properties (including those identified on Schedule 1.2(e)), but excluding any permits and other rights to the extent transfer is
restricted by third-party agreement or applicable Law and the necessary consents to transfer are not obtained pursuant to Section 7.7; 

(f) All equipment, machinery, fixtures and other tangible personal property (other than vehicles or vessels that are addressed specifically by
Section 1.2(l)) and improvements located on the Properties or the Easements, in or on the Bairoil Office, or associated with the Assets and used or held for use primarily in connection with the operation of the Properties (collectively,
“Equipment”); 
 (g) All flow lines, pipelines, gathering systems and appurtenances thereto located on the Properties
or the Easements or used, or held for use, in connection with the operation of the Properties, including those described on Schedule 1.2(g) (“Pipelines” and, together with the Equipment and Wells, “Personal
Property”); 

  
 2 

 (h) All Hydrocarbons produced from or attributable to the Properties from and after the Effective
Time (the “Conveyed Hydrocarbons”); and all Hydrocarbons existing in stock tanks above the tap or upstream of a pipeline connection, as the case may be, including pipeline inventories and linefill, as of the Effective Time
(the “Stored Hydrocarbons”); and all make-up rights attributable to the period of time from and after the Effective Time with respect to take-or-pay arrangements; 

(i) All Imbalances as of the Effective Time; 

(j) All (originals and electronic copies in Seller’s possession) lease files; land files; well files; gas and oil sales contract files;
gas processing files; division order files; abstracts; title opinions; land surveys; logs; maps; engineering data and reports; interpretive data, technical evaluations and technical outputs; and other books, records, data, files, and accounting
records, in each case to the extent related to the Assets, or used or held for use in connection with the maintenance or operation thereof, but excluding (i) any books, records, data, files, logs, maps, evaluations, outputs and accounting
records to the extent disclosure or transfer would result in a violation of applicable Law or is restricted by any Transfer Requirement to a third party not Affiliated with Seller that is not satisfied pursuant to Section 7.7,
(ii) computer or communications software or intellectual property (including tapes, codes, data and program documentation and all tangible manifestations and technical information relating thereto), (iii) attorney-client privileged
communications and work product of Seller’s or any of its Affiliates’ legal counsel (other than title opinions), (iv) reserve studies and evaluations, except as provided for in Section 1.2(m), and (v) records relating
to the negotiation and consummation of the sale of the Assets (subject to such exclusions, the “Records”); provided, however, that Seller may retain copies of such Records as Seller has reasonably determined may
be required for existing litigation, tax, accounting, and auditing purposes; 
 (k) All permits, water rights (including water withdrawal,
storage, discharge, treatment, injection and disposal rights), licenses, registrations, consents, orders, approvals, variances, exemptions, waivers, franchises, rights and other authorizations issued by any Governmental Body and emission or
pollution credits, allowances or other allocations (the “Permits”) appurtenant to, and used or held or eligible for use in connection with, the ownership or operation of any of the Properties or Personal Property, including,
without limitation, those listed on Exhibit E, but excluding any of the foregoing to the extent transfer is restricted by third-party agreement or applicable Law and the necessary consents to transfer are not obtained pursuant to Section
7.7; 
 (l) Those vehicles and vessels specifically listed on Schedule 1.2(l); 

(m) All Geologic Data specifically listed on Schedule 1.2(m); 

(n) All trade credits, account receivables, note receivables, take-or-pay amounts receivable, and other receivables attributable to the Assets
with respect to any period of time on or after the Effective Time; 
 (o) Indemnity, contribution, and other such rights in favor of Seller
or its Affiliates, to the extent relating to obligations or liabilities assumed by Buyer pursuant to this Agreement or otherwise borne or paid by Buyer or with respect to which Buyer has an obligation to indemnify Seller; 

  
 3 

 (p) Liens and security interests in favor of Seller, whether choate or inchoate, under any Law or
Contract to the extent arising from, or relating to, the ownership, operation, or sale or other disposition on or after the Effective Time of any of the Assets or to the extent arising in favor of Seller as the operator or non-operator of any
Property; 
 (q) All rights of Seller to audit the records of any Person and to receive refunds or payments of any nature, and all amounts of
money relating thereto, whether before, on, or after the Effective Time, to the extent relating to the obligations assumed by Buyer pursuant to this Agreement or with respect to which Buyer has an obligation to indemnify Seller; and 

(r) The Bairoil Office including all personal computers, associated peripherals and radio and telephone equipment located therein or on the
other Assets. 
 Section 1.3 Excluded Assets. 

Notwithstanding the foregoing, the Assets do not include, and there is excepted, reserved and excluded from the purchase and sale contemplated
in this Agreement (collectively, the “Excluded Assets”): 
 (a) all corporate, partnership, limited liability
company, financial, income and franchise tax and legal records of Seller that relate to Seller’s business generally (whether or not relating to the Assets), and all books, records and files that relate primarily to the Excluded Assets and those
records retained by Seller pursuant to Section 1.2(j) and copies of any other Records retained by Seller pursuant to Section 1.5; 

(b) all reserve estimates, economic estimates, and, except to the extent included in Schedule 1.2(m), all logs, interpretive data,
technical evaluations and technical outputs; 
 (c) all rights to any refund of Taxes or other costs or expenses borne by Seller or
Seller’s predecessors in interest and title attributable to periods prior to the Effective Time; 
 (d) Seller’s area-wide bonds,
permits and licenses or other permits, licenses or authorizations used in the conduct of Seller’s business generally; 
 (e) those items
listed in Schedule 1.3(e); 
 (f) all trade credits, carbon dioxide Emission Reduction Credits, account receivables, note receivables,
take-or-pay amounts receivable, and other receivables attributable to the Assets with respect to any period of time prior to the Effective Time; 

(g) all work product of Seller’s attorneys (other than title opinions), records relating to the negotiation and consummation of the
transactions contemplated hereby and documents and instruments that are subject to the attorney-client privilege; 
 (h) all claims and
causes of action (including any claims for insurance proceeds) arising from acts, omissions or events or damage to or destruction of property with respect to all periods prior to the Effective Time; 

  
 4 

 (i) except to the extent specifically provided in Section 1.2(l), all right, title
and interest of Seller in and to vehicles or vessels used in connection with the Assets; 
 (j) any agreements excluded from the definition
of “Contracts” in Section 1.2(d) (provided this exclusion shall not include the Leases or Easements); 
 (k) all
rights, titles, claims and interests of Seller or any Affiliate of Seller (i) to or under any policy or agreement of insurance or any insurance proceeds; except to the extent provided in Section 3.3, and (ii) to or under any
bond or bond proceeds; 
 (l) any patent, patent application, logo, service mark, copyright, trade name, trademark or other intellectual
property of or associated with Seller or any Affiliate of Seller or any business of Seller or of any Affiliate of Seller; 
 (m) all
proprietary and other computer software; 
 (n) except to the extent specifically provided in Section 1.2(m), all Geologic Data;
and 
 (o) except as identified in Section 1.2, any offices, office leases or personal property that are not directly related to
the Assets. 
 Section 1.4 Effective Time; Proration of Costs and Revenues. 

(a) Subject to Section 1.5, possession of the Assets will be transferred from Seller to Buyer at the Closing, but for purposes of
the adjustments made to the Closing Statements certain financial benefits and burdens of the Assets are deemed transferred effective as of 7:00 A.M., local time, on April 1, 2014 (the “Effective Time”), as described
below. 
 (b) “Earned” and “incurred,” as used in this Agreement, are to be interpreted in accordance with generally
accepted accounting principles and Council of Petroleum Accountants Society (COPAS) standards, as applicable. “Property Costs” means all costs attributable to the ownership and operation of the Assets (including without
limitation costs of insurance relating specifically to the Assets, Royalties payable on account of production from the Assets, and Property Taxes and Severance Taxes based upon or measured by the ownership or operation of the Assets or the
production of Hydrocarbons therefrom, but excluding any other Taxes), and capital expenditures incurred in the ownership and operation of the Assets in the ordinary course of business and, in accordance with the relevant operating or unit agreement
and overhead costs charged to the Assets under the relevant operating agreement or unit agreement by non-Affiliate third parties and, with respect to Assets operated by Seller, in lieu of actual overhead costs (including any overhead costs charged
to the Assets by Merit Energy Company, LLC or its Affiliates), One Hundred Thousand Dollars ($100,000) (“Operated Asset Overhead”) per month (prorated for any partial months as applicable), but excluding, without limitation,
liabilities, losses, costs and expenses attributable to (i) claims, investigations, administrative proceedings, arbitration or litigation directly or indirectly arising out of or resulting from actual or claimed personal injury or death,
property damage or violation of any Law, (ii) obligations to plug Wells or dismantle, abandon and salvage facilities or Personal Property, (iii) obligations to remediate any contamination of groundwater, surface water, soil, or Personal
Property under applicable 

  
 5 

 
Environmental Laws, (iv) obligations to furnish make-up gas according to the terms of applicable gas sales, gathering or transportation contracts, (v) gas balancing obligations, and
(vi) any claims for indemnification, contribution, or reimbursement from any third Person with respect to liabilities, losses, costs, and expenses of the type described in preceding clauses (i) through (v), whether such claims are made
pursuant to contract or otherwise. Determination of whether Property Costs are attributable to the period before or after the Effective Time for purposes of the adjustments in the Closing Statements is based on when services are rendered, when the
goods are delivered or when the work is performed. For clarification, the date an item or work is ordered is not the date of a transaction for settlement purposes in the Closing Statements, but rather the date on which the item ordered is delivered
to the job site, or the date on which the work ordered is performed, is the relevant date. For purposes of allocating Hydrocarbon production (and accounts receivable with respect thereto), (i) liquid Hydrocarbons are deemed to be “from or
attributable to” the Leases, Units and Wells when they pass through the pipeline connecting into the storage facilities into which they are run and (ii) gaseous Hydrocarbons are deemed to be “from or attributable to” the Leases,
Units and Wells when they pass through the delivery point sales meters on the pipelines through which they are transported. Seller may utilize reasonable interpolative procedures to arrive at an allocation of Hydrocarbon production when exact meter
readings or gauging and strapping data is not available. Seller will provide to Buyer, no later than three (3) Business Days prior to Closing, all data necessary to support any estimated allocation, for purposes of establishing the adjustment
to the Purchase Price pursuant to Section 2.2 used to determine the Closing Payment for purposes of the Preliminary Closing Statement. Property Taxes included in the definition of Property Costs, right-of-way fees, insurance premiums and
the Property Costs that are paid periodically will be prorated based on the number of days in the applicable period falling before and the number of days in the applicable period falling at or after the Effective Time, except for Property Taxes, as
used in Section 7.8(c)(i), which will be prorated as provided in Section 7.8(c)(i) and Severance Taxes will be prorated based on the number of units actually produced, purchased or sold or proceeds of sale, as applicable,
before, and at or after, the Effective Time. 
 Section 1.5 Delivery of Records. 

Seller, at Buyer’s sole cost and expense, will cause the Records to be delivered to Buyer within thirty (30) days following Closing.
Other than any original Records retained by Seller pursuant to Section 1.2(j), Buyer is entitled to all original Records maintained by Seller. Seller shall provide copies of any original Records retained by Seller pursuant to
Section 1.2(j); provided, however, Seller may not sell or otherwise allow third parties to review, copy or otherwise use (for any purpose) any Records retained by Seller for its own account. 

ARTICLE 2 
 PURCHASE
PRICE 
 Section 2.1 Purchase Price. 

The purchase price for the Assets (the “Purchase Price”) is NINE HUNDRED THIRTY-FIVE MILLION Dollars ($935,000,000.00)
payable in United States currency by wire transfer in same day funds as and when provided in this Agreement and as adjusted pursuant to Section 2.2. 

  
 6 

 Section 2.2 Adjustments to Purchase Price. 

For purposes of the Closing Statements, the Purchase Price for the Assets will be adjusted as follows (with such adjustments being made so as
not to give any duplicative effect) with all such amounts being determined in accordance with generally accepted accounting principles, Council of Petroleum Accountants Society (COPAS) standards and Section 1.4: 

(a) Upward Adjustments: The Purchase Price will be increased by: 

 

	 	(i)	the aggregate amount of the following proceeds actually received by Buyer: (A) proceeds from the sale of Hydrocarbons (net of any Royalties, gathering, processing and transportation costs and any Severance Taxes
and sales Taxes not reimbursed to Buyer by the purchaser of Hydrocarbon production) produced from or attributable to the Properties for periods prior to the Effective Time, and (B) other proceeds earned with respect to the Assets for periods
prior to the Effective Time; 

  

	 	(ii)	the amount of all Property Costs attributable to the period after the Effective Time that are actually paid by Seller or, in lieu of actually being paid by Seller, netted from Seller’s revenue (including any
overhead costs under Section 1.4 charged to the Assets with respect to the Adjustment Period and Operated Asset Overhead with respect to the Adjustment Period even though such Operated Asset Overhead is not actually paid), except any
Property Costs and other such costs already deducted in the determination of proceeds in Section 2.2(a)(i); 

  

	 	(iii)	the value of the Stored Hydrocarbons, to be based on gauge reports to the extent available or on alternative methods to be agreed upon by the parties (net of any Royalties, gathering, processing and transportation costs
and any Severance Taxes and sales Taxes not reimbursed to Buyer by the purchaser of Hydrocarbon production) (which value will be computed at the applicable third-party contract prices for the month of March 2014 for such stored Hydrocarbons);

  

	 	(iv)	the actual net aggregate Imbalances, if any, owed to Seller by third-parties as of the Effective Time multiplied by a price of $3.00 per MMBtu for gas and $100 per Barrel for oil; 

 

	 	(v)	the Vehicle Lease Buyout Amount; 

  

	 	(vi)	any upward adjustments to the Purchase Price under Section 7.8; and 

  

	 	(vii)	any amount agreed upon by Buyer and Seller in writing or otherwise provided for elsewhere in this Agreement. 

  
 7 

	 	(b)	Downward Adjustments: The Purchase Price will be decreased by: 

  

	 	(i)	the aggregate amount of the following proceeds actually received by Seller: (A) proceeds from the sale of any of the Conveyed Hydrocarbons or the Stored Hydrocarbons (net of any Royalties, gathering, processing and
transportation costs and any Severance Taxes and sales Taxes not reimbursed to Seller by the purchaser of Hydrocarbon production), and (B) other proceeds earned with respect to the Assets for periods on or after the Effective Time;

  

	 	(ii)	the amount of all unpaid Property Costs attributable to the period prior to the Effective Time that are actually paid by Buyer; 

  

	 	(iii)	to the extent provided in Section 7.7, the Allocated Value of Preference Properties and Retained Assets; 

  

	 	(iv)	any downward adjustments to the Purchase Price under Section 7.8; 

  

	 	(v)	the Title Defect Amount for Material Title Defects, for which Seller makes the election under Section 3.2(d)(i) with respect to such Material Title Defect, subject to the Title Defect Deductible and offset
by any Material Title Benefits, subject to the Title Benefit Deductible (as described in Section 3.2(e));  

  

	 	(vi)	the Environmental Defect Amount with respect to each Material Environmental Defect, subject to the Environmental Defect Deductible; 

  

	 	(vii)	the actual net aggregate Imbalances, if any, owed by Seller to third-parties, as of the Effective Time multiplied by a price of $3.00 per MMBtu for gas and $100 per Barrel for oil; 

 

	 	(viii)	to the extent provided in Section 3.2(d)(ii), the Allocated Value of any Properties excluded from the Assets pursuant to Section 3.2(d)(ii); 

 

	 	(ix)	to the extent provided in Section 4.3, the Allocated Value of any Properties excluded from the Assets pursuant to Section 4.3; 

 

	 	(x)	an amount equal to the Suspended Funds; and 

  

	 	(xi)	any amount agreed upon by Buyer and Seller in writing or otherwise provided for elsewhere in this Agreement. 

Each adjustment made pursuant to Section 2.2(a)(i) satisfies, up to the amount of the adjustment, Buyer’s entitlement to
Hydrocarbon production from or attributable to the Properties during the Adjustment Period, and to the value of other income, proceeds, receipts and credits earned with respect to the Assets during the Adjustment Period, and as such, Buyer has no
separate rights to receive any Hydrocarbon production or income, proceeds, receipts and credits with respect to which an adjustment has been made. Similarly, the adjustment described in 

  
 8 

 
Section 2.2(a)(ii) satisfies, up to the amount of the adjustment, Buyer’s obligation to pay Property Costs and other costs attributable to the ownership and operation of the
Assets that are incurred during the Adjustment Period, and as such, notwithstanding anything in this Agreement to the contrary, Buyer has no separate obligation to pay for any Property Costs or other such costs with respect to which an adjustment
has been made. 
 Section 2.3 Deposit. 

Concurrently with the execution of this Agreement, Buyer has paid to Seller an earnest money deposit in an amount equal to seven and one-half
percent (7.5%) of the Purchase Price (the “Deposit”). The Deposit is non-interest bearing and will be applied against the Purchase Price if the Closing occurs or otherwise distributed in accordance with the terms of this
Agreement. 
 Section 2.4 Allocated Values. 

Buyer and Seller agree that Buyer has allocated the unadjusted Purchase Price among the Assets in the amounts set forth in Exhibit D.
The “Allocated Value” for any Asset equals the portion of the unadjusted Purchase Price allocated to such Asset on Exhibit D and such Allocated Value will be used in calculating adjustments to the Purchase Price as
provided in this Agreement. BUYER RELEASES SELLER FROM AND WILL FULLY PROTECT, DEFEND, INDEMNIFY AND HOLD HARMLESS THE SELLER INDEMNIFIED PERSONS FROM AND AGAINST ANY CLAIMS ARISING FROM OR RELATED TO BUYER’S ALLOCATED VALUES.

 Section 2.5 Suspended Funds. 

If Seller is holding any Suspended Funds as of the Closing Date, then (a) in lieu of Seller transferring these funds to Buyer at Closing,
Seller shall retain the Suspended Funds held in its accounts and the Purchase Price shall be adjusted downward in accordance with Section 2.2(b)(x), and (b) from and after Closing, Buyer shall be responsible for the proper payment
and distribution of the Suspended Funds to the third-parties entitled to receive the Suspended Funds. 
 ARTICLE 3 

TITLE MATTERS 

Section 3.1 Seller’s Title. 

(a) Except for the special warranty of title referenced in Section 3.1(b), Seller makes no warranty or representation, express,
implied, statutory or otherwise, with respect to Seller’s title to any of the Assets. The sole remedy for any defect of title, including any Title Defect, with respect to any of the Assets before Closing, is as set forth in
Section 3.2(d). The sole remedy for any defect of title, including any Title Defect, with respect to any of the Assets after Closing, will be pursuant to the special warranty of title referenced in Section 3.1(b). 

(b) At Closing, Seller will deliver to Buyer a conveyance covering the Assets substantially in the form of Exhibit B (the
“Conveyance”). The Conveyance contains a special warranty of Defensible Title to the Assets by, through and under Seller and its Affiliates, but not 

  
 9 

 
otherwise, and subject to the Permitted Encumbrances. OTHER THAN THE SPECIAL WARRANTY OF DEFENSIBLE TITLE, THE PROPERTIES ARE CONVEYED WITHOUT WARRANTY OF TITLE OF ANY KIND, EXPRESS, IMPLIED
OR STATUTORY OR OTHERWISE. Buyer’s protection under Seller’s special warranty of title in the Conveyance is limited to the Allocated Value of any of the Units, Leases, Wells and other Assets as set forth on Exhibit D. 

(c) Buyer is not entitled to protection under Seller’s special warranty of title in the Conveyance against any Title Defect reported by
Buyer under Section 3.2(a) and/or any Title Defect known by Buyer or any of its Affiliates (which, for purposes hereof, means Title Defects personally known by Steve Venturatos and/or Greg Robbins) prior to the Title Claim Date. Defects
that would constitute a breach of the special warranty of Defensible Title in the Conveyance are not subject to any threshold or deductible provided in this Agreement. 

(d) Notwithstanding anything to the contrary in this Agreement, and except for the special warranty of title referenced in
Section 3.1(b), if any matter that could result in the breach of any representation or warranty of Seller set forth in Article 5 could also have been raised as a Title Defect under this Article 3, then Buyer may only assert
such matter as a Title Defect to the extent permitted by this Article 3, and is precluded from also asserting such matter as the basis of the breach of any such representation or warranty, other than the claims for breach of the Seller’s
special warranty of Defensible Title in the Conveyance. 
 Section 3.2 Notice of Title Defect Adjustments. 

(a) Buyer will give Seller written notice of any Title Defect Buyer asserts under this Agreement (each a “Title Defect
Notice”) on or before 5:00 p.m. central daylight time on the Title Claim Date; provided, however, that Buyer will notify Seller as soon as reasonably practicable of any material Title Defects identified by Buyer. For
purposes of the previous sentence, a material Title Defect for which Buyer will be obligated to notify Seller as soon as reasonably practicable shall be any Title Defect where Buyer’s alleged Title Defect Amount exceeds $250,000. Each Title
Defect Notice must include (i) a description of the alleged Title Defect(s), (ii) the individual Units, Leases, Wells or other Assets in Exhibit D affected by the Title Defect (each a “Title Defect
Property”), (iii) the Allocated Value of each Title Defect Property, (iv) supporting documents (or, to the extent a part of the Records, references thereto) reasonably necessary for Seller (as well as any title attorney or
examiner hired by Seller) to verify the existence of the alleged Title Defect(s), and (v) the amount by which Buyer reasonably believes the Allocated Value of each Title Defect Property is reduced by the alleged Title Defect(s) and the
computations and information upon which Buyer’s belief is based. Notwithstanding any other provision of this Agreement to the contrary, any Title Defects not asserted by Buyer in a valid, bona fide Title Defect Notice delivered to Seller prior
to the Title Claim Date are deemed to be waived other than claims for breach of Seller’s special warranty of Defensible Title in the Conveyance. 

(b) Seller has the right, but not the obligation, to deliver to Buyer on or before the Title Claim Date, with respect to each Title Benefit, a
notice (a “Title Benefit Notice”) including (i) a description of the Title Benefit, (ii) the Units, Leases, Wells or other Assets in Exhibit D affected, (iii) the Allocated Values of the Units, Leases,
Wells or other Assets in Exhibit D  

  
 10 

 
subject to such Title Benefit, (iv) supporting documents (or, to the extent a part of the Records, references thereto) reasonably necessary for Buyer (as well as any title attorney or
examiner hired by Buyer) to verify the existence of the alleged Title Benefit(s), and (v) the amount by which Seller reasonably believes the Allocated Value of those Units, Leases, Wells or other Assets is increased by the Title Benefit, and
the computations and information upon which Seller’s belief is based. Notwithstanding any other provision of this Agreement to the contrary, Seller is deemed to have waived all Title Benefits of which it has not given notice valid, bona fide
Title Benefit Notice to Buyer on or before the Title Claim Date. 
 (c) Subject to Section 3.2(d)(iii), Seller has the right, but
not the obligation, to attempt, at its sole cost, to cure or remove at any time prior to Closing (the “Cure Period”), unless the parties otherwise agree, any Title Defects of which it has been advised in a valid, bona fide
Title Defect Notice by Buyer. 
 (d) Remedies for Title Defects. 

If any Title Defect is not waived by Buyer or cured on or before Closing, subject to the parties’ rights under
Section 3.2(i), Seller will elect to have one of the following remedies apply: 
  

	 	(i)	subject to the Individual Title Threshold and the Title Defect Deductible, reduce the Purchase Price by an amount agreed upon (“Title Defect Amount”) pursuant to Section 3.2(g) by
Buyer and Seller as being the value of such Title Defect, taking into consideration the Allocated Value of the Property subject to such Title Defect, the portion of the Property subject to such Title Defect and the legal effect of such Title Defect
on the Property affected thereby; provided, however, that the methodology, terms and conditions of Section 3.2(g) control any such determination; 

  

	 	(ii)	if the Title Defect Amount asserted by Buyer in its Title Defect Notice exceeds fifty percent (50%) of the Allocated Value of the Property, retain the Property, or portion or percentage of the Property, that is
subject to such Title Defect, together with all associated Assets and reduce the Purchase Price by an amount equal to the Allocated Value of such Property and all Assets associated therewith; or 

 

	 	(iii)	 at Closing, (A) have Buyer deposit into escrow pursuant to an escrow agreement the Allocated Value of the Property or portion of the Property
that is subject to such Title Defect, (B) reduce the Purchase Price payable at Closing by such Allocated Value and (C) exclude such Property or portion of the Property from transfer at Closing. Seller will then have one hundred eighty
(180) days after Closing in which to cure the Title Defect. Any Property so excluded from the initial Closing will be conveyed to Buyer at a delayed Closing within ten (10) days following the date that the Title Defect is cured, at which
time Seller and Buyer will direct the escrow agent to disburse the Allocated Value of the Property from the escrow account, subject to the Purchase Price adjustments thereto under Section 

  
 11 

	 	
1.4 and Section 2.2, and provided further that if multiple delayed Closings are contemplated as a result of this provision and/or Section 7.7(c), the delayed
Closings may be consolidated on dates mutually agreeable to the parties. If Seller is unable to cure the Title Defect within one hundred eighty (180) days of the initial Closing, then, at Seller’s election, one of the remedies set forth in
Section 3.2(d)(i) or Section 3.2(d)(ii) will be the sole remedy for such Title Defect. All other provisions of Section 3.2(i) will apply as written and the Title Arbitrator will be selected within fifteen
(15) Business Days of the end of the one hundred eighty (180) day cure period. If the parties are unable to agree on the Title Defect and/or Title Defect Amount, the dispute will be resolved in accordance with the of
Section 3.2(i), and in furtherance therefor, the terms “Closing” and “Cure Period” in Section 3.2(i) shall be substituted with “180 day cure period”. 

(e) With respect to each Unit, Lease, Well or other Asset in Exhibit D affected by Title Benefits timely reported under
Section 3.2(b), any reduction to the Purchase Price for Title Defect Amounts will be offset by the amount the Material Title Benefits exceed the Title Benefit Deductible. 

(f) Section 3.2(d) is the exclusive right and remedy of Buyer with respect to Title Defects asserted by Buyer pursuant to
Section 3.2(a). Section 3.2(e) is the exclusive right and remedy of Seller with respect to Title Benefits asserted by Seller pursuant to Section 3.2(b). 

(g) The Title Defect Amount resulting from a Title Defect is the amount by which the Allocated Value of the Title Defect Property is reduced as
a result of the existence of such Title Defect and will be determined in accordance with the following methodology, terms and conditions: 
  

	 	(i)	if Buyer and Seller agree on the Title Defect Amount, that amount is the Title Defect Amount; 

  

	 	(ii)	if the Title Defect is a lien, encumbrance or other charge that is undisputed and liquidated in amount, then the Title Defect Amount is the amount necessary to be paid to remove the Title Defect from the Title Defect
Property; 

  

	 	(iii)	if the Title Defect represents a discrepancy between (A) the Net Revenue Interest for any Title Defect Property and (B) the Net Revenue Interest stated on Exhibit D, and the Working Interest for such Title
Defect Property is reduced in the same proportion as the reduction in Net Revenue Interest, then the Title Defect Amount is the product of the Allocated Value of such Title Defect Property (or portion thereof) affected by such Title Defect,
multiplied by a fraction, the numerator of which is the difference between the Net Revenue Interest stated on Exhibit D and the actual Net Revenue Interest and the denominator of which is the Net Revenue Interest stated on Exhibit D;

  
 12 

	 	(iv)	if the Title Defect represents an obligation, encumbrance, burden or charge upon or other defect in title to the Title Defect Property of a type not described in subsections (i), (ii) or (iii) above, the
Title Defect Amount will be determined by taking into account the Allocated Value of the Title Defect Property, the portion of the Title Defect Property affected by the Title Defect, the legal effect of the Title Defect, the potential economic
effect of the Title Defect over the life of the Title Defect Property based on the methodology used by Buyer to determine the Allocated Value of such Title Defect Property, the values placed upon the Title Defect by Buyer and Seller and such other
factors as are necessary to make a proper evaluation; 

  

	 	(v)	the Title Defect Amount with respect to a Title Defect Property will be determined without duplication of any costs or losses included in another Title Defect Amount hereunder; and 

 

	 	(vi)	notwithstanding anything to the contrary in this Article 3, the aggregate Title Defect Amounts attributable to the effects of all Title Defects upon any Title Defect Property may not exceed the Allocated Value of
the Title Defect Property. 

 (h) Title Benefit Amount. The Title Benefit Amount resulting from a Title Benefit will be
determined in accordance with the following methodology, terms and conditions: 
  

	 	(i)	if Buyer and Seller agree on the Title Benefit Amount, then that amount is the Title Benefit Amount; 

  

	 	(ii)	if the Title Benefit represents a discrepancy between (A) the Net Revenue Interest for any Property and (B) the Net Revenue Interest stated on Exhibit D for such Property, and the Working Interest for such
Property is increased in the same proportion as the increase in Net Revenue Interest, then the Title Benefit Amount is the product of the Allocated Value of such Property multiplied by a fraction, the numerator of which is the difference between the
actual Net Revenue Interest and the Net Revenue Interest stated on Exhibit D and the denominator of which is the Net Revenue Interest stated on Exhibit D; and 

  

	 	(iii)	if the Title Benefit represents a benefit in title of a type not described above, the Title Benefit Amount will be determined by taking into account the Allocated Value of the affected property, the portion of the
subject property affected by the Title Benefit, the legal effect of the Title Benefit, the potential economic effect of the Title Benefit over the life of the subject property based on the methodology used by Buyer to determine the Allocated Value
of the subject property, the values placed upon the Title Benefit by Buyer and Seller and such other reasonable factors as are necessary to make a proper evaluation. 

  
 13 

 (i) Seller and Buyer will attempt in good faith to agree on all Title Defects, Title Benefits,
Title Defect Amounts and Title Benefit Amounts at least two (2) Business Days prior to Closing. If Seller and Buyer are unable to agree by Closing, Buyer’s final proposed Title Defect Amount will be deposited into escrow by Buyer pursuant
to an escrow agreement, and the Title Defects, Title Benefits, Title Defect Amounts and Title Benefit Amounts in dispute will be exclusively and finally resolved by arbitration pursuant to this Section 3.2(i). A single arbitrator, who is
a title attorney with at least ten (10) years’ experience in oil and gas titles involving properties in the regional area in which the Properties are located, will be selected by mutual agreement of Buyer and Seller within fifteen
(15) Business Days after the end of the Cure Period, provided, if the parties are unable to agree, the Dallas office of the American Arbitration Association shall select the arbitrator in accordance with the aforementioned criteria (the
“Title Arbitrator”). The arbitration proceeding will be held in Dallas, Texas, and conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association, to the extent such rules do not
conflict with the terms of this Section. The parties shall submit their respective positions (including their final proposed Title Defect Amounts) and evidence to the arbitrator within fifteen (15) days after selecting the Title Arbitrator. The
Title Arbitrator’s determination will be made within sixty (60) Business Days after submission of the matters in dispute and will be final and binding upon both parties, without right of appeal, and shall be limited to awarding only
Seller’s or Buyer’s final proposed Title Defect Amount or Title Benefit Amount exchanged by the parties as provided for above. The Title Arbitrator shall make a separate determination with respect to each asserted Title Defect and Title
Benefit. In making his or her determination, the Title Arbitrator will be bound by the rules set forth in Section 3.2(g) and Section 3.2(h) but may consider such other matters as in the opinion of the Title Arbitrator are
necessary or helpful to make a proper determination. Additionally, the Title Arbitrator may consult with and engage disinterested third parties to advise the Title Arbitrator, including without limitation petroleum engineers. The Title Arbitrator
will act as an expert for the limited purpose of determining the existence and, if applicable, amount, of the specific disputed Title Defects, Title Benefits, Title Defect Amounts and Title Benefit Amounts submitted by either party and may not award
damages, interest or penalties to either party with respect to any matter. Each party may submit only one Title Defect Amount with respect to each alleged Title Defect and one Title Benefit Amount with respect to each Title Benefit (provided that
the foregoing should not be construed to preclude a party from also arguing against, and the Title Arbitrator determining, the existence of a Title Defect or a Title Benefit). Seller and Buyer will each bear its own legal fees and other costs of
presenting its case. Each party will bear one-half of the costs and expenses of the Title Arbitrator, including any costs incurred by the Title Arbitrator that are attributable to such third party consultation. Within ten (10) days after the
Title Arbitrator delivers written notice to Buyer and Seller of his award with respect to a Title Defect Amount or a Title Benefit Amount, (i) the parties will cause the escrow agent to release to Seller the amount, if any, so awarded by the
Title Arbitrator to Seller, plus interest earned on such amount in the escrow account from (but not including) the Closing Date to (and including) the date on which such amount is paid to Seller and (ii) the parties will cause the escrow agent
to release to Buyer the amount, if any, so awarded by the Title Arbitrator to Buyer, plus interest earned on such amount in the escrow account from (but not including) the Closing Date to (and including) the date on which such amount is paid to
Buyer. The Title Arbitrator, once appointed, shall have no ex parte communications with any of the parties concerning the determination required hereunder. All communications between any party and the Title Arbitrator shall be

  
 14 

 
conducted in writing, with copies sent simultaneously to the other party in the same manner, or a to a meeting to which the representatives of the parties have been invited and of which the
parties have been provided at least five (5) days’ notice. The parties intend that the procedures set forth in this Section 3.2(i) shall not constitute or be handled as arbitration proceedings under the Federal Arbitration Act
or any applicable state arbitration act, and that the provisions of this clause (i) shall be specifically enforceable. 
 (j)
Notwithstanding anything to the contrary in this Agreement, except for Purchase Price adjustments for the Allocated Value of Properties excluded from the Assets conveyed to Buyer, (i) there will be no adjustments to the Purchase Price or other
remedies provided by Seller for any individual uncured Title Defect for which the Title Defect Amount does not exceed the Individual Title Threshold; and (ii) there will be no adjustments to the Purchase Price or other remedies provided by
Seller for uncured Title Defects unless the aggregate Title Defect Amounts attributable to all uncured Material Title Defects exceeds the Title Defect Deductible, after which point adjustments to the Purchase Price or other remedies are available to
Buyer only to the extent the aggregate Title Defect Amounts with respect to uncured Material Title Defects are in excess of such Title Defect Deductible; provided, however, the foregoing provisions of this Section 3.2(j) shall not apply
to any Title Defects arising by, through or under Seller. Additionally, there will be no offsets against Title Defect Amounts, for which Buyer is entitled to a Purchase Price adjustment, except to the extent the sum of the Material Title Benefits
exceed the Title Benefit Deductible. 
 Section 3.3 Casualty or Condemnation Loss. 

(a) Notwithstanding anything to the contrary in this Agreement, and provided the Closing occurs, from and after the Effective Time, but subject
to the provisions of Section 3.3(b) and Section 3.3(c) below, Buyer assumes all risk of loss with respect to and any change in the condition of the Assets and for production of Hydrocarbons through normal depletion
(including, but not limited to, the watering out of any Well, collapsed casing or sand infiltration of any Well) and the depreciation of Personal Property due to ordinary wear and tear with respect to the Assets. 

(b) If, after the Effective Time but prior to the Closing Date, any portion of the Assets is destroyed by fire or other casualty or is taken in
condemnation or under right of eminent domain, and the aggregate amount of any such loss or taking exceeds twenty percent (20%) of the unadjusted Purchase Price determined based on the Allocated Values set forth on Exhibit D, either
party may terminate this Agreement. If either party elects to terminate this Agreement pursuant to the previous sentence, Seller will immediately refund to Buyer the Deposit upon such termination. If the aggregate amount of any such loss or taking
is twenty percent (20%) or less of the unadjusted Purchase Price determined based on the Allocated Values set forth on Exhibit D, Buyer will proceed to Closing subject to the terms of this Agreement. If the loss as a result of such
individual casualty or taking exceeds $125,000 and the parties proceed to Closing, Seller shall elect by written notice to Buyer prior to Closing (i) to cause the Assets affected by such casualty or taking to be repaired or restored to at least
its condition prior to such casualty or taking, at Seller’s sole cost and expense, as promptly as reasonably practicable (which work may extend after the Closing Date); (ii) assign the Assets affected by such casualty or taking to Buyer in
their condition after such casualty or taking and reduce the Purchase Price by the lesser of 

  
 15 

 
(x) the amount of the loss as a result of the casualty or taking or (y) the Allocated Value of the affected Asset; (iii) to exclude the affected Asset from the Assets to be
conveyed to Buyer at Closing and reduce the Purchase Price by the Allocated Value thereof; or (iv) pay to Buyer, at Closing, all sums paid or payable to Seller by third parties by reason of such casualty or taking insofar as with respect to the
Assets and to assign, transfer and set over to Buyer or subrogate Buyer to all of Seller’s right, title and interest (if any) in insurance claims, unpaid awards and other rights against third parties (excluding any Losses, other than insurance
claims, of or against any Seller Indemnified Persons) arising out of such casualty or taking insofar as with respect to the Assets; provided, however, that in the case of (iv), Seller reserves and retains (and Buyer will assign to
Seller) all rights, title, interests and claims against third parties for the recovery of Seller’s costs and expenses incurred prior to the Closing Date in pursuing or asserting any such insurance claims or other rights against third parties or
in defending or asserting rights in such condemnation or eminent domain action with respect to the Assets. In the case of (i) through (iii), Seller retains all rights to insurance, condemnation awards and other claims against third parties with
respect to the casualty or taking except to the extent the parties otherwise agree in writing. Any dispute regarding the value of any casualty loss shall be determined pursuant to Section 9.4(c). 

(c) If any action for condemnation or taking under right of eminent domain is pending or threatened with respect to any Asset or portion
thereof after the date of this Agreement, but no taking of such Asset or portion thereof occurs prior to the Closing Date, Buyer is required to close and Seller, at Closing, will assign, transfer and set over to Buyer or subrogate Buyer to all of
Seller’s right, title and interest (if any) in such condemnation or eminent domain action, including any future awards therein, insofar as they are attributable to the Assets threatened to be taken, except that Seller reserves and retains (and
Buyer will assign to Seller) all rights, titles, interests and claims against third parties for the recovery of Seller’s costs and expenses incurred prior to the Closing in defending or asserting rights in such action with respect to the
Assets. 
 Section 3.4 Limitations on Applicability. 

Buyer’s right to assert a Title Defect under this Agreement terminates as of the Title Claim Date. Such termination of Buyer’s right
should not be construed to affect Buyer’s rights or Seller’s rights under Section 3.2 with respect to any bona fide Title Defect properly reported in a valid Title Defect Notice or bona fide Title Benefit properly reported in a
Title Benefit Notice on or before the Title Claim Date. Thereafter, Buyer’s sole and exclusive rights and remedies with regard to title to the Assets are as set forth in, and arising under, the Conveyance transferring the Assets from Seller to
Buyer. 
 ARTICLE 4 

ENVIRONMENTAL MATTERS 

Section 4.1 Assessment. 

(a) From and after the date of this Agreement and up to and including the Closing Date (or earlier termination of this Agreement) but subject
to (i) applicable Laws, (ii) the other provisions of this Section 4.1 and (iii) obtaining any required consents of third parties, including 

  
 16 

 
third party operators of the Assets, Buyer and its officers, employees, agents, accountants, attorneys, investment bankers and other representatives (“Buyer’s
Representatives”) may access, during normal business hours and upon Buyer’s request with reasonable notice, the Assets and all Records and other documents in Seller’s or any of their respective Affiliates’ possession
relating to the Assets, including all internal and third party environmental reviews and audits not subject to the attorney-client privilege and/or work product doctrine. Seller will make available to Buyer and Buyer’s Representatives, upon
reasonable notice during normal business hours, Seller’s personnel knowledgeable with respect to the Assets in order that Buyer may make such diligence investigation as Buyer considers necessary or appropriate. All investigations and due
diligence conducted by Buyer or any Buyer’s Representative are conducted at Buyer’s sole cost, risk and expense and any conclusions made from any examination done by Buyer or any Buyer’s Representative are the result of Buyer’s
own independent review and judgment. 
 (b) Upon reasonable notice to Seller, Buyer may conduct an environmental assessment of all or any
portion of the Properties (the “Assessment”), to be conducted by a reputable environmental consulting or engineering firm, but only to the extent that Seller may grant such right without violating any obligations to any third
party. The Assessment may not include any Invasive Activity without the prior written consent of Seller, not to be unreasonably withheld, conditioned or delayed. The Assessment will be conducted at the sole cost and expense of Buyer, and will be
subject to the indemnity provisions of Section 4.4. Prior to conducting any Invasive Activity, Buyer will furnish for Seller’s review a proposed scope of such Invasive Activity, including a description of the activities to be
conducted and a description of the approximate locations of such activities. If any of the proposed activities may unreasonably interfere with normal operation of the Properties, Seller may require an appropriate modification of the proposed
Invasive Activity. Seller is entitled to be present during any Assessment of the Properties and, at its option and expense, to split samples with Buyer. 

(c) Notwithstanding anything to the contrary in this Agreement, Buyer may not access, and may not conduct any environmental due diligence with
respect to, any Assets where Seller does not have the authority to grant access for such due diligence; provided, however, Seller will use commercially reasonable efforts to obtain permission from any third party operator to allow
Buyer and Buyer’s Representatives such access, it being understood by Buyer that the execution by Buyer of a customary access agreement may be a condition of such access. 

(d) Buyer will coordinate its environmental site assessments and physical inspections of the Assets with Seller to reasonably minimize any
inconvenience to or interruption of the conduct of business by Seller. Buyer will abide by Seller’s, and any third party operator’s, safety rules, regulations and operating policies while conducting its due diligence evaluation of the
Assets including any environmental or other inspection or assessment of the Assets. 
 (e) Upon Seller’s request, Buyer will provide
Seller promptly, but not later than the Environmental Claim Date, copies of all reports, test results, and other documentation and data prepared or compiled by Buyer and/or any of Buyer’s Representatives and which contain information collected
or generated from Buyer’s due diligence with respect to the Assets. Neither party is deemed by its receipt or transmittal of said documents or otherwise to have made any representation or warranty, expressed, implied or statutory, as to the
condition to the Assets or to the accuracy of said documents or the information contained therein. 

  
 17 

 (f) Upon completion of Buyer’s due diligence, Buyer is obligated, at its sole cost and
expense and without any cost or expense to Seller or its Affiliates, to (i) repair all damage done to the Assets in connection with Buyer’s due diligence in accordance with recognized industry standards or reasonable requirements of third
party operators, (ii) restore the Assets to the same or better condition than existed prior to commencement of Buyer’s due diligence, to the full extent of any damage related to Buyer’s due diligence, and (iii) remove all
equipment, tools or other property brought onto the Assets in connection with Buyer’s due diligence. Any disturbance to the Assets (including any real property or fixtures associated with such Assets) resulting from Buyer’s due diligence
will be promptly corrected by Buyer. 
 (g) Until the Closing occurs, Buyer will maintain policies of insurance in the types and in the
amounts maintained by Buyer as of the date of this Agreement. 
 (h) All information obtained by Buyer and its representatives pursuant to
this Section 4.1 is subject to the terms of the Confidentiality Agreement. 
 Section 4.2 NORM, Wastes and Other
Substances. 
 Buyer acknowledges that the Assets have been used for the exploration, development and production of Hydrocarbons and that
there may be petroleum, produced water, wastes or other substances or materials located in, on or under the Properties or associated with the Assets. Equipment and sites included in the Assets may contain Hazardous Materials, including NORM. NORM
may affix or attach itself to the inside of wells, materials, and equipment as scale, or in other forms. The wells, materials, and equipment located on the Properties or included in the Assets may contain Hazardous Materials, including NORM.
Hazardous Materials, including NORM, may have come in contact with various environmental media, including without limitation, water, soils or sediment. Special procedures may be required for the assessment, remediation, removal, transportation, or
disposal of environmental media and Hazardous Materials, including NORM, from the Assets. 
 Section 4.3 Environmental
Defects. 
 If Buyer determines that with respect to any individual Asset, there exists a violation of, or any conditions requiring
response, cleanup or remediation under, an Environmental Law (other than with respect to NORM or items #1 and #2 described on Schedule 5.9) (in each case, an “Environmental Defect”), then on or prior to the
Environmental Claim Date, Buyer may notify Seller in writing of such Environmental Defect (an “Environmental Defect Notice”); provided, however, that Buyer may assert as an Environmental Defect issues arising
from NORM with respect to Equipment that has been removed from service and is no longer reasonably capable of being placed back in service but has been left on any Property if there exists a violation of, or any conditions requiring response,
cleanup or remediation under, an Environmental Law; and provided further, that Buyer will notify Seller as soon as reasonably practicable of any material Environmental Defects identified by Buyer. For all purposes of this Agreement,
except for breaches of Seller’s representation in Section 5.27, Buyer is deemed to have waived any Environmental Defect that Buyer fails to assert as an Environmental Defect by an Environmental Defect Notice received by Seller on or
before the Environmental Claim Date. Each Environmental Defect Notice must set forth (i) a description of the matter constituting the 

  
 18 

 
alleged Environmental Defect, (ii) the Properties and the associated Asset affected by the Environmental Defect, (iii) the estimated Lowest Cost Response to eliminate the Environmental
Defect in question (the “Environmental Defect Amount”), and (iv) supporting documents reasonably necessary for Seller to verify the existence of the alleged Environmental Defect and the Environmental Defect Amount.
Seller has the right, but not the obligation, to cure any Environmental Defect before Closing or if the parties agree to the general plan of remediation with respect to such Environmental Defect and the time period by which such remediation is
required to be completed, after Closing. If Seller disagrees with any of Buyer’s assertions with respect to the existence of an Environmental Defect or the Environmental Defect Amount, Buyer and Seller will attempt to resolve the dispute prior
to Closing. If the dispute cannot be resolved within ten (10) days of the first meeting of Buyer and Seller: (A) Buyer’s final proposed Environmental Defect Amounts will be deposited into escrow pursuant to an escrow agreement by
Buyer at Closing, and (B) the disputed Environmental Defects and Environmental Defect Amounts will be exclusively and finally resolved by expert determination by an environmental consultant approved in writing by Seller and Buyer that is
experienced in environmental corrective action at oil and gas properties in the relevant jurisdiction and has not performed professional services for either party or any of their respective Affiliates during the previous five years (the
“Independent Expert”). If the parties are unable to agree upon the Independent Expert, the Independent Expert shall be selected by the Dallas office of the American Arbitration Association. The expert determination proceeding
will be held in Dallas, Texas. The parties shall submit their respective positions (including their final proposed Environmental Defect Amounts) and evidence to the Independent Expert within fifteen (15) Business Days after selection of the
Independent Expert. The Independent Expert may elect to conduct the dispute resolution proceeding by written submissions from Buyer and Seller with exhibits, including interrogatories, supplemented with appearances by Buyer and Seller, if necessary,
as the Independent Expert may deem necessary. After the parties and Independent Expert have had the opportunity to review all such submissions, the Independent Expert will call for a final, written offer of resolution from each party. The
Independent Expert will render its decision within sixty (60) Business Days after selection of the Independent Expert and such decision will be final and binding upon the parties, without right of appeal, and shall be limited to awarding only
Seller’s or Buyer’s final proposed Environmental Defect Amount exchanged by the parties as provided above. The Independent Expert may not award damages, interest or penalties to either party with respect to any matter. The decision of the
Independent Expert will be final and binding upon both parties, without right of appeal. Seller and Buyer will each bear its own legal fees and other costs of presenting its case. Each party may submit only one Environmental Defect Amount with
respect to each alleged Environmental Defect (provided that the foregoing should not be construed to preclude Seller from also arguing against, and the Independent Expert determining, the existence of an Environmental Defect). Each party will bear
one-half of the costs and expenses of the Independent Expert and any third parties engaged by the Independent Expert. All communications between any party and the Independent Expert shall be conducted in writing, with copies sent simultaneously to
the other party in the same manner, or in a meeting to which the representatives of the parties have been invited and of which the parties have been provided at least five (5) days’ notice. The parties intend that the procedures set forth
in this Section shall not constitute or be handled as arbitration proceedings under the Federal Arbitration Act or any applicable state arbitration act, and that the provisions of this Section shall be specifically enforceable. The Purchase Price
will be adjusted to reflect the Environmental 

  
 19 

 
Defect Amounts, as agreed by the parties or as determined by the Independent Expert, for all uncured Material Environmental Defects; provided, that notwithstanding anything to the
contrary, (a) the Purchase Price will not be adjusted for any individual uncured Environmental Defect for which the Environmental Defect Amount does not exceed the Individual Environmental Threshold; and (b) the Purchase Price will not be
adjusted for any uncured Material Environmental Defect unless the aggregate Environmental Defect Amount attributable to all Material Environmental Defects exceeds the Environmental Defect Deductible, after which point the Purchase Price will only be
adjusted and all other remedies will be available only to the extent the aggregate Environmental Defect Amounts with respect to all uncured Material Environmental Defects are in excess of such Environmental Defect Deductible. To the extent the
Independent Expert fails to determine any disputed Environmental Defect Amounts prior to Closing, then, within ten (10) days after the Independent Expert delivers written notice to Buyer and Seller of his award with respect to an Environmental
Defect Amount, the parties will instruct the escrow agent to pay to Buyer the amount, if any, so awarded by the Independent Expert, plus interest earned on such amount in the escrow account (but not including) the Closing Date to (and including) the
date on which such amount is paid to Buyer. 
 Section 4.4 Inspection Indemnity. 

Buyer will defend, indemnify and hold harmless each of the third party operators and owners of the Assets and Seller Indemnified Persons from
and against any and all Losses arising out of, resulting from or relating to any field visit, environmental property assessment, or other due diligence activity conducted by Buyer or any Buyer’s Representative with respect to the Assets, other
than pre-existing liabilities of Seller merely discovered or disclosed by Buyer’s activities, REGARDLESS OF FAULT of any such third party operator or owner or Seller Indemnified Party, excepting only Losses actually resulting on the
account of the gross negligence or willful misconduct of such Person. 
 Section 4.5 Exclusive Remedy. 

Except for breaches of Seller’s representation in Section 5.27, subject to the limitations contained therein,
Section 4.3 is the exclusive right and remedy of Buyer with respect to any Environmental Defect, and with respect to any such Environmental Defect, Buyer waives any claims of cost recovery or contribution from Seller or its Affiliates
related to the Assets under any Environmental Law or other cause of action. 
 ARTICLE 5 

REPRESENTATIONS AND WARRANTIES OF SELLER 

Section 5.1 Generally. 

(a) Any representation or warranty qualified “to Seller’s knowledge” or with any similar knowledge qualification is limited to
matters within the actual knowledge of the officers of Seller or its Affiliates, those employees of Seller or any of its Affiliates who have responsibility for the Assets or who have the following (or equivalent) titles: General Manager – North
Division and those employees identified on Schedule 5.1(a). Any representation or warranty qualified “to Buyer’s knowledge” or with any similar knowledge qualification is 

  
 20 

 
limited to matters within the actual knowledge of the officers of Buyer or its Affiliates and those employees identified on Schedule 5.1(b). “Actual knowledge” for purposes of
this Agreement and as used in the preceding sentence means information actually personally known by such Persons. 
 (b) Inclusion of a
matter on a Schedule in relation to a representation or warranty that addresses matters having a Material Adverse Effect is not an indication that such matter does, or may, have a Material Adverse Effect. Likewise, the inclusion of a matter on a
Schedule in relation to a representation or warranty is not an indication that such matter necessarily does, or may, breach such representation or warranty absent its inclusion on such Schedule. Matters may be disclosed on a Schedule to this
Agreement for purposes of information only. 
 (c) Subject to the foregoing provisions of this Section 5.1, the disclaimers and
waivers contained in Section 11.8, Section 11.9, and Section 11.12 and the other terms and conditions of this Agreement, Seller, joint and severally, represents and warrants to Buyer the matters set out in the
remainder of this Article 5. 
 (d) The information provided in the Schedules is being provided solely for the purpose of making
disclosures or limiting the representations and warranties by Seller to Buyer. Seller does not assume any responsibility to any Person that is not a party to this Agreement (other than the Buyer Indemnified Parties) for the accuracy of any
information provided in the Schedules. Seller does not assume any responsibility to any Person that is not a party to this Agreement for the accuracy of any information herein. The section numbers used in the Schedules refer to Sections in the
Agreement and do not have the effect of amending or changing the express description set forth in the Agreement. The inclusion of any information in any section of the Schedules will not be deemed to be an admission or acknowledgement by Seller that
such information is required to be listed in such section. Any information included in a Schedule under any section number will be deemed to be incorporated in the Schedules under any other section hereof to the extent such information is,
reasonably apparent on its face, relevant to such other section. 
 Section 5.2 Existence and Qualification. 

Each entity comprising Seller is either a limited partnership or a limited liability company duly organized, validly existing and in good
standing under the laws of the State of Delaware and is duly qualified to do business as a foreign corporation where the Assets are located. 

Section 5.3 Power. 

Seller has the power and authority to enter into and perform this Agreement, own the Assets, and consummate the transactions contemplated by
this Agreement. 
 Section 5.4 Authorization and Enforceability. 

The execution, delivery and performance of this Agreement, and the performance of the transactions contemplated in this Agreement, have been
duly and validly authorized by all necessary limited partnership or limited liability company action (as applicable) on the part of Seller. This Agreement has been duly executed and delivered by Seller (and all documents

  
 21 

 
required hereunder to be executed and delivered by Seller at Closing will be duly executed and delivered by Seller) and this Agreement constitutes, and at the Closing such documents will
constitute, the valid and binding obligations of Seller, enforceable against Seller in accordance with their terms except as such enforceability may be limited by applicable bankruptcy or other similar laws affecting the rights and remedies of
creditors generally as well as to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at Law). 

Section 5.5 No Conflicts. 

Subject to the Customary Post-Closing Consents and the Preference Rights and Transfer Requirements described on Schedule 7.7, the
execution, delivery and performance by Seller of this Agreement and the consummation of the transactions contemplated in this Agreement do not and shall not (a) conflict with or result in a breach of any provisions of the organizational
documents of Seller, (b) result in a default or the creation of any encumbrance or give rise to any right of termination, cancellation or acceleration under any of the terms, conditions or provisions of any Lease, Contract, note, bond,
mortgage, indenture, license or other material agreement to which any Seller is a party or by which any Seller or the Assets may be bound or (c) violate any material provision of, or require any material filing, consent or approval under, any
Laws applicable to any Seller or any of the Assets. 
 Section 5.6 Liability for Brokers’ Fees. 

Buyer does not directly or indirectly have any responsibility, liability or expense, as a result of undertakings or agreements of Seller or its
Affiliates, for brokerage fees, finder’s fees, agent’s commissions or other similar forms of compensation in connection with this Agreement or any agreement or transaction contemplated in this Agreement. 

Section 5.7 Litigation. 

With respect to the Assets and Seller’s or any of its Affiliates’ ownership, operation, development, maintenance or use of any of the
Assets, except as set forth on Schedule 5.7: (a) no proceeding, arbitration, action, suit, pending settlement or other legal proceeding of any kind or nature before or by any Governmental Body (each, a
“Proceeding,” and collectively “Proceedings”) (including any take-or-pay claims) to which Seller or any of its Affiliates is a party and which relates to the Assets is pending or, to Seller’s
knowledge, threatened against Seller or any of its Affiliates; (b) to Seller’s knowledge, no Proceeding or investigation to which Seller is not a party which relates to the Assets is pending or threatened; and (c) no notice in writing
from any third party (including any Governmental Body) has been received by Seller or any of its Affiliates threatening any Proceeding relating to the Assets (excluding any notices relating to any Environmental Liabilities or Environmental Law).

 Section 5.8 Taxes and Assessments. 

Except as set forth in Schedule 5.8, to Seller’s knowledge: (i) all Property Taxes and Severance Taxes and assessments
pertaining to Seller’s interest in the Assets or the production of Hydrocarbons therefrom for all taxable periods prior to the date of this Agreement have been properly paid except as may be contested by Seller in good faith (and any such
contests are set 

  
 22 

 
forth in Schedule 5.8); (ii) Seller has not received any written notice from any Governmental Body of any delinquency in the payment of Taxes on the Assets or the production of
Hydrocarbons from the Assets; (iii) Seller has timely filed or caused to be timely filed all Tax Returns required by applicable law with respect to the Assets due on or prior to the date of this Agreement; and (iv) none of the Assets is an
equity interest in any entity and no Asset is subject to a tax partnership agreement or provision requiring a partnership Tax Return be filed for U.S. federal or applicable state Income Tax purposes. Each of the Assets that is subject to Property
Taxes has been properly listed and described on the Property Tax rolls of the appropriate Governmental Body for all periods and no portion of the Assets constitutes omitted property for Property Tax purposes. 

Section 5.9 Compliance with Laws. 

Except as set forth on Schedule 5.9, (i) the Assets operated by Seller are, and the ownership, operation, development, maintenance
and use of any of the Assets operated by Seller are, in compliance with the provisions and requirements of all Laws of all Governmental Bodies having jurisdiction with respect to such Assets, or the ownership, operation, development, maintenance or
use of any of such Assets, except where the failure to so comply does not have a Material Adverse Effect, (ii) to Seller’s knowledge, the Assets operated by third parties are, and the ownership, operation, development, maintenance, and use
of any of the Assets operated by third parties are, in compliance with the provisions and requirements of all Laws of all Governmental Bodies having jurisdiction with respect to such Assets, or the ownership, operation, development, maintenance, or
use of any of such Assets, except where the failure to so comply does not have a Material Adverse Effect, and (iii) no notice in writing from any third party (including any Governmental Body) has been received by Seller or any of its Affiliates
alleging a violation of any Law with respect to the ownership, operation, development, maintenance, or use of the Assets, which violation has not been cured or remedied and which could result in Losses exceeding $250,000. Notwithstanding the
foregoing, Seller makes no representation or warranty, express or implied, under this Section 5.9 relating to any Environmental Liabilities or Environmental Law or with respect to any payment obligations of Seller addressed in
Section 5.11. 
 Section 5.10 Material Contracts. 

(a) Schedule 1.2(d) sets forth all Contracts of the type described below which relate to or
burden or encumber the Assets and are in full force and effect (collectively, the “Material Contracts”): 
  

	 	(i)	any Contract that can reasonably be expected to result in aggregate payments by or revenues to Seller of more than $150,000 (net to the interest of Seller) during the current or any subsequent fiscal year of Seller
(based solely on the terms thereof and without regard to any expected increase in volumes or revenues); 

  

	 	(ii)	any Hydrocarbon sale contracts or Hydrocarbons transportation, gathering, storage and processing or similar Contract that is not terminable without penalty on sixty (60) days or less notice; 

  
 23 

	 	(iii)	any Contract for the purchase, sale or exchange of any Hydrocarbons that is not terminable without penalty on sixty (60) days or less notice; 

 

	 	(iv)	Contracts to sell, lease, farmout, exchange, or otherwise dispose of all or any part of the Assets (other than Hydrocarbons), but excluding (A) any such Contracts that are terminated or fully performed, and
(B) conventional rights of reassignment upon intent to abandon or release a Well or Lease and excluding any operating agreements or Easements; 

  

	 	(v)	joint operating agreements, unit operating agreements, unit agreements, or other similar agreements; 

  

	 	(vi)	non-competition agreements or any agreements that purport to restrict, limit, or prohibit Seller from engaging in any line of business or the manner in which, or the locations at which, Seller (or Buyer, as successor in
interest to Seller) conducts business, including area of mutual interest agreements; 

  

	 	(vii)	indentures, mortgages or deeds of trust, loans, credit or note purchase agreements, sale-lease back agreements, guaranties, bonds, letters of credit, or similar financial agreements; 

 

	 	(viii)	Contracts for the construction and installation or rental of equipment, fixtures, or facilities with guaranteed production throughput requirements or demand charges or which cannot be terminated by Seller without
penalty on sixty (60) days or less notice; 

  

	 	(ix)	Contracts for the use of drilling rigs and other Contracts relating to the drilling, completion or hydraulic fracturing of wells including sand supply contracts reasonably expected, as of the date hereof, to result in
expenditures in excess of $150,000 in any twelve (12) month period; 

  

	 	(x)	any Contract with an Affiliate of Seller that will not be terminated prior to or in connection with the Closing; 

  

	 	(xi)	Contracts with calls on Hydrocarbon production for less than a market price as set in the area of the production; 

  

	 	(xii)	Contracts containing area of mutual interest provisions; or 

  

	 	(xiii)	master seismic licenses or agreements. 

 (b) Except as set forth on Schedule 1.2(d),
(i) to Seller’s knowledge, Seller has paid its share of all costs (including all Property Costs) payable by it under the Contracts, (ii) Seller is in material compliance, and to Seller’s knowledge, all counterparties are in
material compliance, under all Contracts, and (iii) to Seller’s knowledge, no event has occurred or circumstances which with notice or lapse of time or both would give rise to a default on the part of Seller or such counterparties under
any such Contract. Seller has provided Buyer a true and correct copy 

  
 24 

 
of each Contract listed on Schedule 1.2(d) and all amendments, modifications, and extensions thereof. Seller and Buyer agree that in the event Buyer obtains possession of a Material
Contract prior to Closing that (i) is in full, force and effect and relates to the Assets, and (ii) was not listed on Schedule 1.2(d), then to the extent that such Material Contract has a negative financial impact on the Assets,
there shall be a downward adjustment to the Purchase Price for the actual amount that such Contract negatively impacts the Assets; provided, Buyer shall not be entitled to a downward adjustment to the extent costs associated with such Material
Contract were reflected in any lease operating statements provided to Buyer prior to the execution of this Agreement; and provided further, Buyer shall not be permitted to terminate this Agreement for a breach of the representation and warranty set
forth in Section 5.10(a) or the second sentence of this Section 5.10(b) and/or refuse to Close the transaction contemplated herein because of a breach of the representation and warranty set forth in
Section 5.10(a) or the second sentence of this Section 5.10(b) unless the provisions of Section 8.2(e) have been satisfied. For the avoidance of doubt, any remedy available to Buyer after the Closing Date as a result of
a breach of the representations and warranties set forth in Section 5.10(a) or this Section 5.10(b) must be a Material Indemnification Matter and shall be subject to the Indemnity Deductible. Except as set forth on
Schedule 5.10, no notice in writing from any counterparty to any Contract has been received by Seller or any of its Affiliates alleging a breach or default under any Contract that has not been cured or remedied and that could results in
Losses exceeding $150,000. 
 Section 5.11 Payments for Hydrocarbon Production. 

(a) All rentals, Royalties, excess royalties, Hydrocarbon production payments and other payments due and payable by Seller to Royalty holders
and other interest owners under or with respect to the Assets and the Hydrocarbons produced therefrom or attributable thereto, have been paid (other than those interests held in suspense by Seller all of which are described on Schedule 5.11),
and (b) Seller is not obligated under any contract or agreement for the sale of Hydrocarbons from the Assets containing a take-or-pay, advance payment, prepayment or similar provision, or under any gathering, transmission or any other contract
or agreement with respect to any of the Assets to gather, deliver, process or transport any gas without then or thereafter receiving full payment therefor. 

Section 5.12 Outstanding Capital Commitments. 

As of the date of this Agreement, there are no outstanding AFEs or other commitments to make capital expenditures which are binding on the
Assets and which Seller reasonably anticipates will individually require expenditures by the owner of the Assets after the Effective Time in excess of $150,000 (net to Seller’s interest) other than those shown on Schedule 5.12. 

Section 5.13 Imbalances. 

To Seller’s knowledge, Schedule 5.13 sets forth in all of Seller’s Imbalances as of the respective dates set forth therein,
arising with respect to the Assets and, except as identified in Schedule 5.13, (a) no Person is entitled to receive any material portion of Seller’s Hydrocarbons produced from the Assets or to receive material cash or other payments
to “balance” any disproportionate allocation of Hydrocarbons produced from the Assets under any operating agreement, gas balancing or storage agreement, gas processing or dehydration agreement, gas

  
 25 

 
transportation agreement, gas purchase agreement, or other agreements, whether similar or dissimilar, and (b) Seller is not obligated to deliver any material quantities of gas or to pay any
material penalties or other material amounts, in connection with the violation of any of the terms of any gas contract or other agreement with shippers with respect to the Assets. 

Section 5.14 Condemnation. 

There is no actual or, to Seller’s knowledge, threatened taking (whether permanent, temporary, whole or partial) of any part of the
Properties by reason of condemnation or the threat of condemnation. 
 Section 5.15 Bankruptcy. 

There are no bankruptcy, reorganization, or receivership proceedings pending against, being contemplated by or, to Seller’s knowledge,
threatened against Seller. 
 Section 5.16 Preference Rights and Transfer Requirements. 

Except as set forth on Schedule 7.7, there are no Preference Rights or Transfer Requirements applicable to the Assets or the
transactions contemplated hereby. 
 Section 5.17 Foreign Person. 

Seller is not a “foreign person” (or an entity disregarded as a separate “foreign person”) within the meaning of
Section 1445 of the Code. 
 Section 5.18 No Defined Benefit Plans. 

No Seller nor any ERISA Affiliate now maintains or contributes to, has to ever maintained or contributed to, or has any plans or commitments
for, any employee pension benefit plan (as such term is defined in Section 3(2) of ERISA that is subject to Title IV of ERISA. No Seller nor any ERISA Affiliate has ever contributed to, or to been obligated to contribute to, a multiemployer
plan (as such term is defined in ERISA Section 3(37)). 
 Section 5.19 Governmental Authorizations. 

To Seller’s knowledge, except as disclosed on Schedule 5.19, Seller has obtained and is maintaining all material federal, state and
local governmental licenses, permits, franchises, orders, exemptions, variances, waivers, authorizations, certificates, consents, rights, privileges and applications therefor (the “Governmental Authorizations”) that are
presently necessary or required for the ownership and operation of the Assets operated by Seller as currently owned and operated (excluding Governmental Authorizations required by Environmental Law). To Seller’s knowledge, except as disclosed
in Schedule 5.19 and except for matters resolved by Seller prior to the date of this Agreement, (i) Seller has operated the Seller-operated Assets in all material respects in accordance with the conditions and provisions of such
Governmental Authorizations, and (ii) no written notices (A) of material violation, modification, revocation, termination or suspension of any such Governmental Authorizations, or (B) regarding obligations related to future
environmental impact studies, have been received by Seller, and no Proceedings are 

  
 26 

 
pending or, to Seller’s knowledge, threatened in writing that might result in any material modification, revocation, termination or suspension of any such Governmental Authorizations or
obligations related to future environmental impact studies, or which would require any material corrective or remediation action by Seller. Notwithstanding the foregoing, Seller makes no representation or warranty, express or implied, under this
Section 5.19 relating to any Environmental Liabilities or Environmental Law. 
 Section 5.20 Seller Affiliate
Obligations. 
 After Closing, the Assets shall not be bound by any obligation to Seller or an Affiliate of Seller except as expressly
contemplated by this Agreement. 
 Section 5.21 Wells; Casualty Events. 

(a) Except as set forth in Schedule 5.21, (i) Seller has not received any notices or demands from any Governmental Body, any lessor
or any other third party to plug any wells located on the Assets, and (ii) during the period of Seller’s ownership of the Assets, and to Seller’s knowledge prior to Seller’s ownership, there are no wells located on the Assets
that: Seller is obligated by law or contract to currently plug and abandon; or to the extent plugged and abandoned, have not been plugged in accordance with applicable Law and the material requirements of the applicable Lease; and 

(b) to Seller’s knowledge, no casualty event affecting the Assets by more than $250,000 has occurred since the Effective Time. 

Section 5.22 Liens. 

Except for the Permitted Encumbrances, as of the Closing, Seller’s interest in the Assets will be free and clear of all liens, claims,
security interests, mortgages, charges and encumbrances in each case arising by, through or under Seller. 
 Section 5.23
Receipt of Proceeds; Payment of Expenses. 
 Except as set forth in Schedule 5.23, Seller is receiving all revenues
attributable to sales of Hydrocarbons from the Assets in the ordinary course of business without suspense. Except as set forth in Schedule 5.23, no material expenses are owed and delinquent in payment by Seller for which Buyer would be liable
after the Effective Time. 
 Section 5.24 Audits. 

Except as set forth on Schedule 5.24, to the extent relating to the Assets, including the production of Hydrocarbons therefrom, but
excluding audits or examinations of Seller’s Income Taxes, (a) Seller is not under audit or examination by any Governmental Body and (b) Seller has not received any determination letters or notices from any Governmental Body
indicating that an audit or investigation is pending or threatened. 

  
 27 

 Section 5.25 Vehicle Lease Buyout Amount. 

Set forth on Schedule 5.25, is a schedule of the Vehicle Lease Buyout Amount, as of the Execution Date, for each vehicle included in the
Assets. 
 Section 5.26 Material Pipelines. 

Schedule 1.2(g) describes all material Pipelines which are a part of the Assets (specifically excluding any flow lines and pipelines
installed pursuant to the authority of the lessee under a Lease). 
 Section 5.27 Environmental Laws. 

Except as disclosed on Schedule 5.27, to Seller’s knowledge, the ownership and operation of the Assets by Seller and the operator
of the Properties are in material compliance with all applicable Environmental Laws. Except as disclosed on Schedule 5.27, to Seller’s knowledge there is not a material Environmental Liability existing with respect to the Assets. Except
as disclosed on Schedule 5.27, no notice in writing from any third party (including any Governmental Body) has been received by Seller or any of its Affiliates, or to Seller’s knowledge, the operator of the Assets (with respect to
non-operated Assets) threatening any Proceeding pertaining to Environmental Liabilities or Environmental Law relating to the Assets. To Seller’s knowledge, except as disclosed on Schedule 5.27, Seller has obtained and is maintaining all
Governmental Authorizations required by Environmental Law that are presently necessary or required for the ownership and operation of the Assets operated by Seller as currently owned and operated. 

Section 5.28 Insurance. 

Seller maintains, and until the Closing Date shall maintain, with respect to the Assets, at least the insurance coverages described on
Schedule 5.28. 
 Section 5.29 Security Arrangements. 

Schedule 7.11 sets forth all Security Arrangements of Seller relating to the Assets which Buyer is required to replace pursuant to
Section 7.11. 
 ARTICLE 6 

REPRESENTATIONS AND WARRANTIES OF BUYER 

Buyer represents and warrants to Seller the following: 

Section 6.1 Existence and Qualification. 

Buyer is duly organized, validly existing and in good standing under the laws of the state of its formation; and Buyer is duly qualified to do
business as a foreign limited liability company in every jurisdiction in which it is required to qualify in order to conduct its business, except where the failure to so qualify does not have a material adverse effect on Buyer; and Buyer is or will
be as of Closing duly qualified to do business as a foreign limited liability company in the respective jurisdictions where the Assets are located. 

  
 28 

 Section 6.2 Power. 

Buyer has the power and authority to enter into and perform this Agreement and consummate the transactions contemplated by this Agreement. 

Section 6.3 Authorization and Enforceability. 

The execution, delivery and performance of this Agreement, and the performance of the transactions contemplated in this Agreement, have been
duly and validly authorized by all necessary limited liability action on the part of Buyer. This Agreement has been duly executed and delivered by Buyer (and all documents required hereunder to be executed and delivered by Buyer at Closing will be
duly executed and delivered by Buyer) and this Agreement constitutes, and at the Closing such documents will constitute, the valid and binding obligations of Buyer, enforceable against Buyer in accordance with their terms except as such
enforceability may be limited by applicable bankruptcy or other similar laws affecting the rights and remedies of creditors generally as well as to general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law). 
 Section 6.4 No Conflicts. 

Except for Customary Post-Closing Consents, the execution, delivery and performance by Buyer of this Agreement and the consummation of the
transactions contemplated in this Agreement does not conflict with or result in a breach of any provisions of the organizational or other governing documents of Buyer nor does it violate any Laws applicable to Buyer or any of its property. 

Section 6.5 Liability for Brokers’ Fees. 

Seller does not directly or indirectly have any responsibility, liability or expense, as a result of undertakings or agreements of Buyer or its
Affiliates, for brokerage fees, finder’s fees, agent’s commissions or other similar forms of compensation in connection with this Agreement or any agreement or transaction contemplated in this Agreement. 

Section 6.6 Litigation. 

No Proceedings are pending, or to the actual knowledge of Buyer, threatened in writing before any Governmental Body against Buyer or any
Affiliate of Buyer that are reasonably likely to materially impair Buyer’s ability to perform its obligations under this Agreement. 

Section 6.7 Financing. 

Buyer has (or will have at Closing) sufficient cash (in United States dollars) to enable it to pay the Closing Payment to Seller at the Closing
and to otherwise satisfy its obligations under this Agreement. 

  
 29 

 Section 6.8 Limitation. 

Except for the representations and warranties expressly made by Seller in Article 5 of this Agreement, in the Conveyances or confirmed
in any certificate furnished or to be furnished to Buyer pursuant to this Agreement, Buyer represents and acknowledges that (a) there are no representations or warranties, express, statutory or implied, as to the Assets or prospects thereof,
and (b) Buyer has not relied upon any oral or written information provided by Seller. Without limiting the generality of the foregoing and except as set forth in Section 5.27, Buyer represents and acknowledges that Seller has made and will
make no representation or warranty regarding any matter or circumstance relating to Environmental Laws or Environmental Liabilities with respect to the Assets. 

Section 6.9 SEC Disclosure. 

Buyer is acquiring the Assets for its own account for use in its trade or business, and not with a view toward or for sale associated with any
distribution thereof, nor with any present intention of making a distribution thereof within the meaning of the Securities Act of 1933, as amended, and applicable state securities laws. 

Section 6.10 Bankruptcy. 

There are no bankruptcy, reorganization or receivership proceedings pending against, being contemplated by, or, to Buyer’s knowledge,
threatened against Buyer. 
 Section 6.11 Qualification. 

Buyer is now, and will continue to be, qualified to own and assume operatorship of federal and state oil, gas and mineral leases in all
jurisdictions where the Assets to be transferred to it are located, and the consummation of the transactions contemplated in this Agreement will not cause Buyer to be disqualified as such an owner or operator. To the extent required by the
applicable Law, as of the Closing, Buyer currently has, and will continue to maintain, lease bonds, area-wide bonds or any other surety bonds as may be required by, and in accordance with, such state or federal regulations governing the ownership
and operation of such leases. 
 Section 6.12 Consents. 

Except for Customary Post-Closing Consents and compliance with any applicable requirements under the HSR Act, there are no consents or other
restrictions on entering into this Agreement and consummating the transaction contemplated hereby that Buyer is obligated to obtain or furnish, including requirements for consents from third parties that are applicable in connection with
Buyer’s consummation of the transactions contemplated by this Agreement. 
 Section 6.13 Independent Evaluation.

 Buyer is sophisticated in the evaluation, purchase, ownership and operation of oil and gas properties and related facilities. In
making its decision to enter into this Agreement and to consummate the transactions contemplated in this Agreement, except with respect to Seller’s representations set forth in this Agreement, in the Conveyances, or confirmed in any certificate

  
 30 

 
furnished or to be furnished to Buyer pursuant to this Agreement, Buyer (a) has relied and will rely solely on its own independent investigation and evaluation of the Assets and the advice of its
own legal, tax, economic, insurance, environmental, engineering, geological and geophysical advisors and the express provisions of this Agreement, the Conveyance, and the certificates delivered by Seller at Closing and not on any comments,
statements, projections or other materials (including any physical or virtual data room materials) made or given by any representatives or consultants or advisors engaged by Seller and (b) has satisfied or will satisfy itself through its own
due diligence as to the environmental and physical condition and state of repair of and contractual arrangements and other matters affecting the Assets. As of the date hereof, Buyer has no knowledge of any fact that results in a Title Defect,
Environmental Defect or the breach of any representation, warranty or covenant of Seller given hereunder. 
 ARTICLE 7 

COVENANTS OF THE PARTIES 

Section 7.1 HSR Act. 

If applicable, within five (5) Business Days following the execution by Buyer and Seller of this Agreement, Buyer and Seller will each
prepare and simultaneously file with the DOJ and the FTC the notification and report form required for the transactions contemplated by this Agreement by the HSR Act, and request early termination of the waiting period thereunder. Buyer and Seller
will respond promptly to any inquiries from the DOJ or the FTC concerning such filings and substantially comply in all material respects with the filing requirements of the HSR Act. Buyer and Seller will cooperate with each other and, subject to the
terms of the Confidentiality Agreement, promptly furnish all information to the other party that is necessary in connection with Buyer’s and Seller’s compliance with the HSR Act. Buyer and Seller will keep each other fully advised with
respect to any requests from or communications with the DOJ or FTC concerning such filings and consult with each other with respect to all responses thereto. Neither Buyer not Seller will participate or agree to participate in any substantive
meeting or discussion with the FTC or the DOJ unless it consults with the other and, to the extent permitted by the FTC or the DOJ, gives the other the opportunity to attend and participate therein. Seller and Buyer will each use its reasonable
efforts to take all actions reasonably necessary and appropriate in connection with any HSR Act filing to consummate the transactions contemplated in this Agreement; provided, however, that neither Buyer nor Seller or any of their respective
Affiliates will, directly or indirectly, be required to sell, license, dispose of, hold separate or operate in any specified manner any asset or limit its freedom of action with respect to any of its businesses, or to consent or commit to consent
thereto. Buyer and Seller will each bear one-half of the filing fees associated with the HSR Act filings contemplated herein; provided, however, each party will pay its own legal fees associated with the HSR Act filings. 

Section 7.2 Government Reviews. 

Seller and Buyer will in a timely manner (a) make all required filings, if any, with and prepare applications to and conduct negotiations
with, each Governmental Body as to which such filings, applications or negotiations are necessary or appropriate in the consummation of the transactions contemplated in this Agreement and (b) provide such information as each may reasonably
request to make such filings, prepare such applications and conduct such negotiations. Each party must cooperate with and use all commercially reasonable efforts to assist the other with respect to such filings, applications and negotiations. 

  
 31 

 Section 7.3 Notification of Breaches. 

Until the Closing, 
 (a) Buyer
will notify Seller promptly after Buyer obtains actual knowledge that any representation or warranty of Seller contained in this Agreement is untrue in any material respect or will be untrue in any material respect as of the Closing Date, or that
any covenant or agreement to be performed or observed by Seller prior to or on the Closing Date has not been so performed or observed in any material respect. Any such notice shall include (i) a specific description of the instances Buyer
alleges have caused the representations or warranties of Seller to be untrue or have caused Seller’s failure to perform or observe any covenant or agreement and the alleged value of such instances and (ii) a specific description of the
actions Buyer believes are necessary to cure the instances Buyer alleges to have caused such representations and warranties to be untrue or have caused Seller’s failure to perform or observe any covenant or agreement. 

(b) Seller will notify Buyer promptly after Seller obtains actual knowledge that any representation or warranty of Buyer contained in this
Agreement is untrue in any material respect or will be untrue in any material respect as of the Closing Date, or that any covenant or agreement to be performed or observed by Buyer prior to or on the Closing Date has not been so performed or
observed in any material respect. Any such notice shall include (i) a specific description of the instances Seller alleges have caused the representations or warranties of Buyer to be untrue or have caused Buyer’s failure to perform or
observe any covenant or agreement and the alleged value of such instances and (ii) a specific description of the actions Seller believes are necessary to cure the instances Seller alleges to have caused such representations and warranties to be
untrue or have caused Buyer’s failure to perform or observe any covenant or agreement. 
 (c) If any of Buyer’s or Seller’s
representations or warranties is untrue or becomes untrue in any material respect between the date of execution of this Agreement and the Closing Date, or if any of Buyer’s or Seller’s covenants or agreements to be performed or observed
prior to or on the Closing Date are not so performed or observed in any material respect, but if such breach of representation, warranty, covenant or agreement is cured by the Closing, then such breach will be considered not to have occurred for all
purposes of this Agreement. No such notification affects the representations or warranties of the parties or the conditions to their respective obligations hereunder. 

(d) No breach of the covenants in this Section will result from a party’s failure to report a breach of any representation or warranty or
a failure to perform or observe any covenant or agreement of which it had knowledge if the party subject to the breach or failure also had knowledge of the breach prior to Closing. 

  
 32 

 Section 7.4 Letters-in-Lieu; Assignments; Operatorship.

 (a) Seller will execute on the Closing Date letters in lieu of division and transfer orders relating to the Assets, in the form
attached hereto as Exhibit F, to reflect the transaction contemplated in this Agreement. 
 (b) Seller will prepare and execute, and
Buyer will execute, on the Closing Date, all assignments necessary to convey to Buyer all federal and state Leases in the form as prescribed by the applicable Governmental Body and otherwise acceptable to Buyer and Seller. 

(c) Seller makes no representations or warranties to Buyer as to transferability or assignability of operatorship of any Operated Assets.
Rights and obligations associated with operatorship of such Properties are governed by operating and similar agreements covering the Properties and determined in accordance with the terms of such agreements. Seller will assist Buyer in Buyer’s
efforts to succeed Seller as operator of any Wells and Units included in the Assets. Buyer will file all appropriate forms and declarations or bonds with federal and state agencies relative to its assumption of operatorship promptly following
Closing. For all Operated Assets, Seller will execute and deliver to Buyer, and Buyer will promptly file the appropriate forms with the applicable regulatory agency transferring operatorship of such Assets to Buyer. 

Section 7.5 Public Announcements. 

Neither Seller nor Buyer may make, or permit any agent or Affiliate of such party to make, any press release or other public announcement
regarding the existence of this Agreement, the contents of this Agreement or the transactions contemplated in this Agreement without the prior written consent of the other party; provided, however, the foregoing does not restrict
disclosures by Buyer or Seller that are required by applicable securities or other Laws or regulations or the applicable rules of any stock exchange having jurisdiction over the disclosing party or its Affiliates. The content of any press release or
public announcement first announcing the consummation of this transaction is subject to the prior review of Seller and Buyer; provided, however, the foregoing does not restrict disclosures by Buyer or Seller that are required by
applicable securities or other Laws or regulations or the applicable rules of any stock exchange having jurisdiction over the disclosing party or its Affiliates. 

Section 7.6 Operation of Business. 

Except as set forth on Schedule 7.6, until the Closing, Seller will (a) operate the Assets and the business thereof in the ordinary
course in accordance with past practices, including paying, as they become due, all Property Costs (with respect to Taxes in a manner consistent with Section 7.8) related to the Assets; (b) not, without the prior written consent of Buyer,
which consent may not be unreasonably withheld, conditioned or delayed, (i) commit to any operation, or series of related operations thereon, reasonably anticipated to require future capital expenditures in excess of $150,000 (net to
Seller’s interest), (ii) make any capital expenditures in respect of the Assets in excess of $150,000 (net to Seller’s interest), (iii) plug or abandon any Well, (iv) terminate, materially amend, execute or extend any
Material Contract, (v) enter into any agreement that, if in existence as of the date hereof, would be a Material Contract, (vi) enter into any transaction, the effect of which would be to reduce Seller’s Net Revenue Interest below

  
 33 

 
that shown in Exhibit D or increase Seller’s Working Interest above that shown in Exhibit D without a corresponding increase in the Net Revenue Interest for the affected Well,
Lease, Unit or other Asset; (vii) waive, compromise or settle any material Claim or Proceeding that could reasonably be expected to adversely affect ownership, operation or value of any Asset, or (viii) relinquish voluntarily its position
as operator with respect to any Property; (c) use commercially reasonable efforts to maintain insurance coverage on the Assets presently furnished by nonaffiliated third parties in the amounts and of the types presently in force; (d) use
commercially reasonable efforts to maintain in full force and effect all Leases; (e) maintain all material Permits and Governmental Authorizations affecting the Assets; (f) not transfer, farmout, sell, encumber or otherwise dispose of any
Assets, except (i) for sales and dispositions of Hydrocarbon production in the ordinary course of business consistent with past practices or (ii) replacement of Equipment in the ordinary course of business; (g) reasonably cooperate
with Buyer, including through the provision of such data and other information as reasonably requested by Buyer, to allow Buyer to assume physical operation of the Properties at Closing; (h) notify Buyer of any election that Seller is required
to make under any Contract, specifying the nature and time period associated with such election, and make its election in accordance with Buyer’s written instructions; provided, that, if Buyer does not respond to Seller within
sufficient time to enable Seller to timely make such election, then Seller shall make such election as would a reasonably prudent lessee or operator; (i) notify Buyer, in a timely manner, of any Lease expirations or continuous drilling or
operations obligations of which Seller is aware that would result in any termination or expiration of any interest in the Properties prior to the Closing Date and, if requested by Buyer, provide reasonable assistance with respect to efforts to
extend any such Leases or undertake operations requested by Buyer, at Buyer’s sole expense, intended to satisfy any continuous drilling or operations requirement; and (j) not commit to do any of the foregoing which are prohibited pursuant
to this Section. Buyer’s approval of any action restricted by this Section 7.6 will be considered granted within ten (10) days (unless a shorter time is reasonably required by the circumstances and such shorter time is
specified in Seller’s written notice) of Seller’s written notice to Buyer requesting such consent unless Buyer notifies Seller to the contrary in writing during that period. If an emergency occurs, Seller may take such action as a prudent
operator would take and will notify Buyer of such action promptly thereafter. 
 Buyer acknowledges that Seller may own an undivided
interest in certain of the Assets. The acts or omissions of the other working interest owners who are not Affiliates of Seller do not constitute a violation of the provisions of this Section 7.6 nor does any action required by a vote of
working interest owners constitute such a violation so long as Seller has voted its interest in a manner consistent with the provisions of this Section 7.6. 

Section 7.7 Preference Rights and Transfer Requirements. 

(a) The transactions contemplated by this Agreement are expressly subject to all validly existing and applicable Preference Rights and Transfer
Requirements. Promptly after the Execution Date, Seller will initiate all procedures that are reasonably required to comply with or obtain the waiver of all Preference Rights and Transfer Requirements with respect to the transactions contemplated by
this Agreement. Seller will use its commercially reasonable efforts to obtain all applicable consents or otherwise comply with the Transfer Requirements and to obtain waivers of applicable Preference Rights; provided, however, Seller
is not obligated to pay any consideration to (or incur any cost or expense for the benefit of) the holder of any Preference 

  
 34 

 
Right or Transfer Requirement in order to obtain the waiver thereof or compliance therewith. If the holder of a Preference Right does not elect to purchase the applicable Preference Property or
waive such Preference Right with respect to the transactions contemplated by this Agreement prior to the Closing Date and the time in which the Preference Right may be exercised has not expired, then such Preference Property will be excluded from
the Assets to be conveyed to Buyer at the Closing and the Purchase Price will be reduced by the Allocated Value of such Preference Property. If, after the Closing, the holder of such Preference Right does not elect to purchase the Asset excluded
from the Closing pursuant to this Section 7.7(a) and the time in which the Preference Right may be exercised has expired, then such Asset will be conveyed to Buyer at a delayed Closing at a price equal to the Allocated Value of such
Asset. 
 (b) If the holder of a Preference Right elects prior to Closing to purchase the Asset subject to a Preference Right (a
“Preference Property”) in accordance with the terms of such Preference Right, and Seller receives written notice of such election prior to the Closing, such Preference Property will be excluded from the Assets and the
Purchase Price will be reduced by the Allocated Value of the Preference Property; provided, however, if the holder of such Preference Right fails to complete the purchase of said Preference Property within one hundred eighty
(180) days after the Closing Date, then Seller may elect (i) to treat said Preference Property as a Retained Asset subject to paragraph (c) below and deliver said Preference Property at a delayed Closing or (ii) treat said
Preference Property as an Excluded Asset. 
 (c) If: 
  

	 	(i)	a third party brings any suit, action or other proceeding prior to the Closing seeking to restrain, enjoin or otherwise prohibit the consummation of the transactions contemplated in this Agreement in connection with a
claim to enforce a Preference Right; or 

  

	 	(ii)	an Asset is subject to a Transfer Requirement that provides that transfer of such Asset without compliance with such Transfer Requirement will result in termination or other material impairment of any rights in relation
to such Asset, or may result in material damages, and such Transfer Requirement is not waived, complied with or otherwise satisfied prior to the Closing Date, 

then, unless otherwise agreed by Seller and Buyer, the Asset or portion thereof affected by such Preference Right or Transfer Requirement (a
“Retained Asset”) will be held back from the Assets to be transferred and conveyed to Buyer at Closing and the Purchase Price to be paid at Closing will be reduced by the Allocated Value of such Retained Asset. Any Retained
Asset so held back at the initial Closing will be conveyed to Buyer at a delayed Closing (which will be the new Closing Date with respect to such Retained Asset) within ten (10) days following the date on which the suit, action or other
proceeding, if any, referenced in clause (i) above is settled or a judgment is rendered (and no longer subject to appeal) permitting transfer of the Retained Asset to Buyer pursuant to this Agreement and Seller obtains, complies with, obtains a
waiver of or notice of election not to exercise or otherwise satisfies all remaining Transfer Requirements with respect to such Retained Asset as contemplated by this Section (or if multiple Assets are Retained Assets, on a date mutually agreed to
by the parties in order to consolidate, to the extent 

  
 35 

 
reasonably possible, the number of Closings). At the delayed Closing, Buyer will pay Seller the Allocated Value of such Retained Asset (as adjusted pursuant to Section 2.2 through the
new Closing Date therefor); provided, however, if all such Transfer Requirements with respect to any Retained Asset so held back at the initial Closing are not obtained, complied with, waived or otherwise satisfied as contemplated by
this Section within one hundred eighty (180) days after the initial Closing has occurred with respect to any Asset, then such Retained Asset shall be eliminated from the Assets and will become an Excluded Asset, unless the parties mutually
agree to proceed with a closing on such Retained Asset, in which case Buyer is deemed to have waived any objection (and is obligated to indemnify the Seller Indemnified Persons for all Losses) with respect to non-compliance with such Transfer
Requirements with respect to such Retained Asset(s). Notwithstanding anything to the contrary herein, with respect to Contracts that have an unsatisfied Transfer Requirement at Closing, until such Transfer Requirement is obtained, Seller shall
continue to hold for the benefit of Buyer such Contracts and shall provide Buyer with the economic benefit of such Contracts as if the Contracts had been assigned to Buyer at Closing; provided that, Buyer assumes all of the obligations under such
Contracts at Closing. 
 (d) Buyer acknowledges that Seller desires to sell all of the Assets to Buyer and that Seller would not have entered
into this Agreement but for Buyer’s agreement to purchase all of the Assets as provided in this Agreement. Accordingly, it is expressly understood and agreed that Seller does not desire to sell any Property affected by a Preference Right to
Buyer unless the sale of all of the Assets is consummated by the Closing Date in accordance with the terms of this Agreement. In furtherance of the foregoing, Seller’s obligation hereunder to sell the Preference Properties to Buyer is expressly
conditioned upon the consummation by the Closing Date of the sale of all of the Assets (other than Retained Assets or other Assets excluded pursuant to the express provisions of this Agreement) in accordance with the terms of this Agreement, either
by conveyance to Buyer or conveyance pursuant to an applicable Preference Right; provided, that, nothing in this Agreement extends or applies any Preference Right to any portion of the Assets which is not otherwise burdened thereby. Time is
of the essence with respect to the parties’ agreement to consummate the sale of the Assets by the Closing Date (or by the delayed Closing Date pursuant to Section 7.7(c)). 

Section 7.8 Tax Matters.  

(a) Subject to the provisions of Section 12.3 and except as provided in Section 7.8(c), all Taxes attributable to the
Assets and the production of Hydrocarbons from the Assets on or before the Effective Time shall remain Seller’s responsibility, and all deductions, credits, and refunds pertaining to such Taxes, no matter when received, shall belong to Seller.
Except as provided in Section 7.8(c), all Taxes attributable to the Assets and the production of Hydrocarbons from the Assets after the Effective Time (excluding Seller’s Income Taxes through Closing and excluding income or capital
gains taxes from the sale of the Assets) are the responsibility of Buyer, and all deductions, credits, and refunds pertaining to such Taxes no matter when received, shall belong to Buyer. Notwithstanding the foregoing, Seller will handle payment to
the appropriate Governmental Body of all Taxes with respect to the Assets which are required to be paid related to activity attributable to the Assets through the end of the month in which Closing occurs (and file all Tax Returns with respect to
such Taxes). Seller will deliver to Buyer within thirty (30) days of filing copies of all Tax Returns to be filed by Seller relating to the Assets and any supporting documentation to be provided by Seller to Governmental Bodies

  
 36 

 
for Buyer’s approval, not to be unreasonably withheld, excluding Tax Returns related to Income Taxes. Buyer is obligated to file all Tax Returns covering Taxes treated as Property Costs that
are related to activity attributable to the Assets after the end of the month in which Closing occurs except for those Taxes addressed in Section 7.8(c) which shall be remitted by Seller. 

(b) Seller will withhold and remit Severance Taxes attributable to sales of Hydrocarbons produced from the Assets through the end of the month
in which Closing occurs and will pay Severance Taxes attributable to such sales. Seller will file all required reports regarding Severance Taxes for such periods. Buyer hereby assumes the obligation to pay Severance Taxes attributable to the
Hydrocarbons produced from the Assets after the end of the month in which Closing occurs and shall file all required reports regarding Severance Taxes for such periods. Following the Closing, Buyer shall pay to Seller all Severance Taxes
attributable to sales of Hydrocarbons produced from the Assets after the Effective Time to the extent that Seller has paid such Taxes and is not otherwise reimbursed therefor. Buyer shall also timely provide Seller, to the extent not already in
Seller’s possession, all such product and sales data required to file the monthly production and tax reports for each month after the Effective Time for which Seller files such reports and makes related payments. 

(c) For purposes of this Section 7.8(c), 

(i) Property Taxes include the Wyoming gross products taxes (the “Gross Production Taxes”) addressed
under this Section 7.8(c)(i) and all other Property Taxes addressed under Section 7.8(c)(ii). Buyer shall be responsible to pay the Gross Production Taxes assessed
against the Assets that are due on or after 2014, provided, Buyer shall be credited with an amount equal to Seller’s 25% share of such Estimated Taxes (as defined below) as a downward adjustment to the Purchase Price. The term
“Estimated Taxes” shall be determined using the actual Tax rate in determining the Gross Production Tax for 2014 if known, or if the Tax rate has not been set by the Closing Date, the Tax rate applicable for 2013, and using
the actual production for the relevant period through the Closing Date annualized to determine the Gross Production Tax for the 2014. If the actual amount of such Gross Production Taxes for 2014 is greater than the Estimated Taxes, then Seller shall
pay to Buyer 25% of such excess within thirty (30) days after Seller’s receipt from Buyer of evidence of the actual Gross Production Taxes. If the actual amount of such Gross Production Taxes is less than the Estimated Taxes, then Buyer
shall pay to Seller 25% of such deficit within thirty (30) days after Buyer’s payment of the actual amount. For the avoidance of doubt, Seller’s 25% share of the amount of the Gross Production Taxes for purposes of this Agreement is
that portion of the Gross Production Taxes attributable to Seller’s share of production from the Assets and does not include any portion of the Gross Production Taxes attributable to other working interest owners or royalty interest owners
shares of production from the Assets. Notwithstanding anything herein to the contrary, Buyer’s sole remedy for reimbursement of amounts of any Gross Production Taxes owed to Governmental Bodies attributable to production from the Assets for the
account of other working interest or royalty owners, is against such working interest and royalty owners, and Seller shall have no liability to Buyer for any such Gross Production Taxes. 

(ii) All Property Taxes (other than those addressed in Section 7.8(c)(i) shall be prorated as provided in
Section 1.4(b). All returns for Property Taxes under this Section 7.8(c)(ii) for 2014 shall be filed and all such Property Taxes due for 2014 shall be paid by Buyer.  

  
 37 

 
Property Taxes for 2014 shall be subject to proration as provided in Section 1.4(b) for purposes of adjustments to the Purchase Price under Section 2.2. In calculating
the Property Taxes under this Section 7.8(c)(ii) for purposes of the proration under Section 1.4(b), the actual Property Taxes for 2014 shall be used if known by the Closing Date. If the actual Property Taxes under this
Section 7.8(c)(ii)for 2014 are not known at the Closing Date, then for purposes of calculating the proration under Section 1.4(b), the Tax rate and value of the Assets shall be based upon the Tax rate and value assigned to
the Assets in 2013. If the estimated Property Taxes pursuant to the preceding sentence are different than the actual Property Taxes for 2014, Buyer and Seller shall cooperate in good faith and readjust the amount for which each is liable under this
Section 7.8(c)(ii) either in connection with the Final Closing Statement if the actual Property Taxes are known in time to be included in such statement, or if not, as a payment from Seller to Buyer or Buyer to Seller, as the case may
be, in order to true-up the estimated Property Taxes with the actual Property Taxes owed for 2014. 
 (d) Any Taxes apportioned under
Section 7.8(b) (to the extent applicable and to the extent the actual amounts differ from the estimates included in the Preliminary Closing Statement and are known at the time of the Final Closing Statement) will be accounted for in the
Final Closing Statement. If the actual amounts of such Taxes apportioned under Section 7.8(b) are not known at the time of the Final Closing Statement, the amounts will be re-estimated based on the best information available at the time
of the Final Closing Statement. 
 (e) After the Closing Date, each of Buyer and Seller will: 

 

	 	(i)	reasonably assist the other in preparing any Tax Returns with respect to any Tax incurred or imposed, or required to be filed, in connection with the transactions contemplated in this Agreement, and in qualifying for
any exemption or reduction in Tax that may be available; 

  

	 	(ii)	reasonably cooperate in preparing for any audits or examinations by, or disputes with, taxing authorities regarding any Tax incurred or imposed in connection with the transactions contemplated in this Agreement;

  

	 	(iii)	make available to the other, and to any taxing authority as reasonably requested, any information, records, and documents relating to a Tax incurred or imposed in connection with the transactions contemplated in this
Agreement; provided, however, no party will be required to provide to the other party any information, records or documents subject to attorney-client privilege or any information, records or documents related to Income Taxes; and

  

	 	(iv)	provide timely notice to the other in writing of any pending or threatened Tax audit, examination or assessment that could reasonably be expected to affect the other’s Tax liability under applicable law or this
Agreement, and to promptly furnish the other with copies of all correspondence with respect to any such Tax audit, examination or assessment. 

  
 38 

 (f) In addition to the payments and reporting of Taxes as provided in clauses (a) through
(e) above, Seller will pay all Royalties on Hydrocarbons produced from the Assets through the end of the month in which Closing occurs, and file all required reports with respect to such Royalties and production. Buyer shall pay to Seller all
such Royalties attributable to Hydrocarbons produced from the Assets after the Effective Time to the extent that Seller has paid such Royalties and is not otherwise reimbursed therefor. Buyer shall also timely provide Seller, to the extent not
already in Seller’s possession, all such product and sales data required to file the monthly production and Royalty reports for each month after the Effective Time for which Seller files such reports and makes related payments. 

Section 7.9 Further Assurances. 

After Closing, Seller and Buyer will each take such further actions and to execute, acknowledge and deliver all such further documents as are
reasonably requested by the other party for carrying out the purposes of this Agreement or of any document delivered pursuant to this Agreement. 

Section 7.10 Record Retention. 

Buyer, for a period of seven (7) years following Closing, will (a) retain the Records, and (b) provide Seller, its
Affiliates and its and their officers, employees and representatives with access to the Records (to the extent that Seller has not retained the original or a copy) during normal business hours for review and copying at Seller’s expense and upon
reasonable notice, and (c) provide Seller, its Affiliates and its and their officers, employees and representatives with access, during normal business hours, to materials received or produced after Closing relating to any indemnity claims made
under Section 11.3 and Section 11.4 of this Agreement for review and copying at Seller’s expense; provided, however, that Buyer is not be required to grant access to Seller, its Affiliates or any of its or
their officers, employees or representatives, consultants or advisors, to any Records that are subject to an attorney/client or attorney work product privilege or that cause Buyer to violate any obligation to any third party or breach any
restriction legally binding on Buyer. Any such access will be at the sole cost and expense of Seller. Unless otherwise consented to in writing by Seller, for a period of seven (7) years following the Closing Date, Buyer will not and will cause
its Affiliates not to, destroy or otherwise dispose of the Records, or any portions thereof, without first giving at least thirty (30) days prior written notice to Seller and offering to surrender to Seller the Records or such portions thereof.
 
 Section 7.11 Bonds, Letters of Credit and Guarantees. 

Buyer acknowledges that none of the bonds, letters of credit and guarantees posted by Seller or its Affiliates with Governmental
Bodies or third parties and relating to the Assets that are described on Schedule 7.11 (the “Security Arrangements”) are transferable to Buyer. Except to the extent that Buyer will, as of
Closing, be covered by the Security Arrangements of the operators of the applicable Assets, then on or before the Closing Date, Buyer will obtain, or cause to be obtained in the name of Buyer, replacements for such Security Arrangements, to the
extent such replacements are necessary to permit the cancellation as of Closing of the Security Arrangements posted by Seller and/or its Affiliates. 

  
 39 

 Section 7.12 Cure of Misrepresentations. 

If any of the representations and warranties contained in Article 5 or Article 6 of this Agreement are determined (whether by
notice from a party or otherwise) to have been untrue or incorrect as of the date of this Agreement, then any cure by the other party of same will be at the expense of the party whose representation or warranty is untrue or incorrect. 

Section 7.13 Plugging, Abandonment, Decommissioning and Other Costs. 

In addition to its other obligations under this Agreement, Buyer is obligated to comply with all Laws, Leases, Contracts (including all joint
and unit operating agreements) and prevailing industry standards relating to (a) the plugging, abandonment and/or replugging of all Wells, including inactive Wells or temporarily abandoned Wells, included in the Assets, (b) the dismantling
or decommissioning and removal of any Equipment and other property of whatever kind related to or associated with operations and activities conducted by whomever on the Properties or otherwise, pursuant to the Leases or Contracts and (c) the
clean-up, restoration and/or remediation of the property covered by the Leases or related to the Assets. 
 Section 7.14
Employee Matters. 
 (a) Effective as of the Closing Date, Buyer may, in its sole discretion, make an offer of employment to one or
more of the Business Employees. 
 (b) For purposes of this Agreement, a “Transferred Employee” is a Business
Employee who accepts an offer of employment made pursuant to Section 7.14(a). 
 (c) Buyer will take such actions as are
necessary to provide each Transferred Employee with credit for years of employment with Seller and its ERISA Affiliates set forth on Schedule 7.14 (including Merit Energy Company, LLC) for all purposes (other than for purposes of determining
such Transferred Employee’s benefits accrual under any defined benefit pension plan), including eligibility, vesting and entitlement to benefits under all employee benefit plans (as defined in section 3(3) of ERISA) and all vacation, sick
leave, service award, severance, medical and dental (including retiree medical and dental) plans, policies, agreements and arrangements maintained by the Buyer or any of its Affiliates in which such Transferred Employee participates on or after the
Closing Date (the “Buyer Plans”) in the same manner as if such service had been service for Buyer completed after the Closing. 

(d) Buyer will take such actions as are necessary to offer Transferred Employees medical and dental coverage for Transferred Employees and
their spouses and dependents under Buyer’s group health plan. Buyer will use commercially reasonable efforts to cause each such group health plan, and applicable insurance carriers, third party administrators and any other third parties, to
(i) waive any waiting period(s) under the group health plan otherwise applicable to such Transferred Employees, (ii) waive all limitations as to pre-existing medical conditions under the group health plan applicable to Transferred
Employees to the extent that such medical conditions would be covered under the group health plan if they were not pre-existing conditions, and (iii) provide Transferred Employees with credit, for the year in which the Closing Date occurs, for
any co-payments, deductibles and out-of-pocket expenses paid prior to the Closing Date in satisfying any applicable co-payment, deductible and out-of-pocket expense 

  
 40 

 
requirements under the group health plan. Buyer will take such actions as are necessary to provide continuation healthcare coverage to Transferred Employees and their qualified beneficiaries who
incur qualifying events on or after the Closing Date in accordance with, and to the extent required by, the continuation health care coverage requirements of COBRA. 

(e) Buyer will take such actions as are necessary to cause Transferred Employees to participate in any incentive bonus programs in which
similarly situated employees of Buyer or its Affiliates participate. Buyer will give each Transferred Employee credit for years of employment to Seller and its ERISA Affiliates set forth on Schedule 7.14 (including Merit Energy Company, LLC)
for purposes of eligibility to participate in any incentive bonus programs of Buyer or its Affiliates. For purposes of determining any annual bonus or incentives, each Transferred Employee is deemed to have started employment with Buyer at the
Effective Time. 
 (f) Seller is responsible for sending any notices required under WARN for periods occurring on or before the Closing Date.
With respect to events following the Closing Date, Buyer is responsible for sending timely and appropriate notices to all Transferred Employees required under WARN and all other applicable Laws relating to plant or facility closings or otherwise
regulating the termination of employees. To the extent that any liability is incurred under any such Laws based on Buyer’s actions after the Closing Date, Buyer is solely and exclusively responsible for all obligations and liabilities incurred
under WARN and other such Laws relating to this transaction. 
 (g) Seller will make available to Buyer records providing information
regarding Transferred Employees’ names and dates of hire by Seller or its ERISA Affiliates. Seller is not obligated to provide Buyer records pertaining to performance ratings and evaluations, disciplinary records, medical records, current
compensation or compensation history. 
 (h) Following the Closing, Buyer will cause to be accepted by the trustee of a Buyer retirement plan
in which a Transferred Employee is eligible to participate a rollover of any eligible rollover distribution (within the meaning of section 402(c) of the Code) of such Transferred Employee’s benefit under a Seller retirement plan provided that
Buyer obtains such information as is satisfactory to Buyer to assure itself that such Seller retirement plan satisfies the qualification requirements of section 401(a) of the Code. 

(i) For a period of twelve (12) months following Closing, Buyer will not, in any manner, directly or indirectly, solicit (other than
pursuant to a general solicitation) any person who is an employee of Seller (other than any Business Employee) to apply for or accept employment with Buyer or any other business entity, or discuss with any person who is an employee of Seller (other
than any Business Employee) alternative employment with Buyer or any other business entity. 
 Section 7.15 Release of
Liens. 
 Concurrent with the Closing, Seller shall procure and deliver to Buyer a release or releases in recordable form,
executed by the applicable Person, of all liens and security interests (if any) encumbering any of the Assets and securing any debt facilities maintained by Seller or any Affiliate of Seller. 

  
 41 

 Section 7.16 Representatives. 

Each entity constituting Seller hereby appoints Merit Management Partners I, L.P. to serve as its representative and agent (“Seller
Representative”) for all purposes in connection this Agreement, including, without limitation, (a) the waiver and amendment of the rights and duties of Seller under this Agreement; (b) the giving and receiving of notices and
requests; (c) the making of adjustments to the Purchase Price, including reductions in the Purchase Price and the resolution of any dispute regarding such adjustments; (d) entering into any escrow agreement provided for in this Agreement
and giving instructions to the escrow agent thereunder; (e) the allocating, and distributing of the Deposit, the Purchase Price, adjustments to the Purchase Price and any other payments due Seller, among the entities constituting Seller;
(f) the handling (including the election of any applicable Seller remedies), negotiation, and resolution of any Title Defects, Environmental Defect, or accounting matters, including any proceedings before the Title Arbitrator, the Independent
Expert or the Agreed Accounting Firm; and (g) doing and receiving all things provided for concerning “Seller” in this Agreement and making all elections of Seller under this Agreement. Merit Management Partners I, L.P. agrees to act
as the Seller Representative on behalf of all the entities comprising Seller. Buyer shall be entitled and obligated to act in reliance upon any and all acts and things done and performed by or agreements made with respect to all matters dealt with
herein by Seller Representative on behalf of the entities comprising Seller as fully and effectively as though each had done, performed, made or executed the same. 

Section 7.17 SEC Matters. 

Seller acknowledges that Buyer and its Affiliates may be required to include statements of revenues and direct operating expenses
and other financial information relating to the Assets (“Financial Statements”) in documents filed with the SEC by Buyer and its Affiliates pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of
1934, as amended, and that such Financial Statements may be required to be audited. In that regard, for a period of one (1) year after the Execution Date, Seller shall reasonably cooperate with Buyer, and provide Buyer reasonable access during
normal business hours to such records (to the extent such information is available) and personnel of Seller as Buyer may reasonably request to enable Buyer, and its representatives and accountants, at Buyer’s sole cost and expense, to create
and audit any Financial Statements that Buyer deems necessary. Notwithstanding anything to the contrary herein, (i) Seller shall provide Buyer and its independent accountants with reasonable access during normal business hours to any and all
existing information, books, records, and documents in Seller’s possession that relate to the Assets (subject to any privilege or confidentiality obligations) and other data delivered to Buyer by Seller pursuant to the provisions of this
Agreement relevant to the periods being audited; (ii) Seller shall use commercially reasonable efforts during normal business hours to provide Buyer and its representatives and accountants with such necessary information to secure the Financial
Statements; and (iii) Buyer shall use commercially reasonable efforts to secure the Financial Statements; provided, however, Seller shall not under any circumstances be liable to Buyer or any third Person for any act or omission
directly or indirectly causing the failure or inability to timely secure the Financial Statements. 

  
 42 

 Section 7.18 Transition Services. 

For a period of three (3) months after the Closing Date, during normal business hours, Buyer shall have reasonable access to the
following employees of Seller identified on Schedule 7.18. Reasonable access for purposes of the preceding sentence shall mean that such employees will be available to answer e-mails from Buyer and participate in teleconferences with Buyer;
provided, that, such access does not unreasonably interfere with such employees’ obligations to Seller. 
 ARTICLE 8

 CONDITIONS TO CLOSING 

Section 8.1 Conditions of Seller to Closing. 

The obligations of Seller to consummate the transactions contemplated by this Agreement are subject, at the option of Seller, to the
satisfaction or waiver by Seller on or prior to Closing of each of the following conditions: 
 (a) Each of the representations and
warranties of Buyer contained in this Agreement is true and correct in all material respects (other than those representations and warranties of Buyer that are qualified by materiality, which are true and correct in all respects) as of the Closing
Date as though made on and as of the Closing Date, except to the extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty are true and correct in all material respects (other than
those representations and warranties of Buyer that are qualified by materiality, which are true and correct in all respects) as of such specified date; 

(b) Buyer has performed and observed, in all material respects, all covenants and agreements to be performed or observed by it under this
Agreement prior to or on the Closing Date; 
 (c) No Proceeding by a third party (including any Governmental Body) seeking to restrain,
enjoin or otherwise prohibit the consummation of the transactions contemplated by this Agreement is pending before any Governmental Body and no order, writ, injunction or decree has been entered and is in effect by any court or any Governmental Body
of competent jurisdiction, and no statute, rule, regulation or other requirement has been promulgated or enacted and be in effect, that on a temporary or permanent basis restrains, enjoins or invalidates the transactions contemplated in this
Agreement; provided, however, the Closing will proceed notwithstanding any Proceedings seeking to restrain, enjoin or otherwise prohibit consummation of the transactions contemplated in this Agreement brought by holders of Preference Rights seeking
to enforce such rights with respect to the Assets with aggregate Allocated Values of less than twenty percent (20%) of the total unadjusted Purchase Price, and the Assets subject to such Proceedings will be treated in accordance with
Section 7.7; 
 (d) Buyer has delivered (or is ready, willing and able to immediately deliver) to Seller duly executed
counterparts of the Conveyances and all other documents and certificates to be delivered by Buyer under Section 9.3 and has performed (or is ready, willing and able to immediately perform) the other obligations required to be performed
by it under Section 9.3 (including delivery of the Closing Payment); 

  
 43 

 (e) The sum of (i) all unwaived Title Defect Amounts agreed upon by the parties by Closing,
plus all amounts escrowed under Section 3.2(d)(iii), plus the Allocated Values of all Assets excluded from the Assets to be conveyed to Buyer at Closing under Section 3.2(d)(ii) (unless Buyer waives the associated Title
Defects in which case such Assets shall be included in the Assets to be conveyed to Buyer at Closing), less the sum of all Title Benefit Amounts for Material Title Benefits determined under Section 3.2(h) prior to the Closing, plus all
amounts to be escrowed under Section 4.3 attributable to unwaived Material Environmental Defects, plus (ii) all unwaived Environmental Defect Amounts agreed upon by Closing, plus the Allocated Values of all Assets excluded from the
Assets to be conveyed to Buyer at Closing under ARTICLE 4 (unless the exclusion thereof is waived by Buyer); plus (iii) the Allocated Value of all Assets subject to a Transfer Requirement that has not been obtained; plus (iv) the
value of any downward adjustment to the Purchase Price to which Buyer is entitled pursuant to the terms of Section 5.10(b), is less than twenty percent (20%) of the unadjusted Purchase Price; provided, however, if any amounts
considered in the above formula are disputed by Buyer or Seller pursuant to the terms of this Agreement and the final determination of such disputed amounts could determine whether such twenty percent (20%) threshold is met, then the Closing
will be postponed and the Termination Date will be tolled until such disputed amounts are resolved by an expert pursuant to the terms of this Agreement; 

(f) The sum of all Losses from casualties to and takings of the Assets, determined or asserted in accordance with this Agreement, is less than
twenty percent (20%) of the unadjusted Purchase Price; 
 (g) If applicable, the waiting period under the HSR Act applicable to the
consummation of the transactions contemplated in this Agreement has expired, notice of early termination has been received or a consent order issued by or from applicable Governmental Bodies; and 

(h) Buyer has obtained, or caused to be obtained, in the name of Buyer, replacements for Seller’s and/or its Affiliates’ Security
Arrangements, if any, to the extent required by Section 7.11. 
 Section 8.2 Conditions of Buyer to
Closing. 
 The obligations of Buyer to consummate the transactions contemplated by this Agreement are subject, at the option of
Buyer, to the satisfaction or waiver by Buyer on or prior to Closing of each of the following conditions: 
 (a) Each of the representations
and warranties of Seller contained in this Agreement are true and correct in all material respects (other than those representations and warranties of Seller that are qualified by materiality or Material Adverse Effect, which are true and correct in
all respects) as of the Closing Date as though made on and as of the Closing Date, except to the extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty is true and correct in all
material respects (other than those representations and warranties of Seller that are qualified by materiality or Material Adverse Effect, which are true and correct in all respects) as of such specified date; 

  
 44 

 (b) Seller has performed and observed, in all material respects, all covenants and agreements to
be performed or observed by it under this Agreement prior to or on the Closing Date (excluding the obligations set forth in Section 7.17); 

(c) No Proceeding by a third party (including any Governmental Body) seeking to restrain, enjoin or otherwise prohibit the consummation of the
transactions contemplated by this Agreement is pending before any Governmental Body and no order, writ, injunction or decree has been entered and is in effect by any court or any Governmental Body of competent jurisdiction, and no statute, rule,
regulation or other requirement has been promulgated or enacted and be in effect, that on a temporary or permanent basis restrains, enjoins or invalidates the transactions contemplated in this Agreement; provided, however, the Closing will proceed
notwithstanding any Proceedings seeking to restrain, enjoin or otherwise prohibit consummation of the transactions contemplated in this Agreement brought by holders of Preference Rights seeking to enforce such rights with respect to the Assets with
aggregate Allocated Values of less than twenty percent (20%) of the total unadjusted Purchase Price, and the Assets subject to such Proceedings will be treated in accordance with Section 7.7; 

(d) Seller has delivered (or is ready, willing and able to immediately deliver) to Buyer duly executed counterparts of the Conveyances and all
other documents and certificates to be delivered by Seller under Section 9.2 and has performed (or be ready, willing and able to immediately perform) the other obligations required to be performed by it under Section 9.2;

 (e) The sum of (i) all unwaived Title Defect Amounts agreed upon by the parties by Closing, plus all amounts escrowed under
Section 3.2(d)(iii), plus the Allocated Values of all Assets excluded from the Assets to be conveyed to Buyer at Closing under Section 3.2(d)(ii) (unless Buyer waives the associated Title Defects in which case such Assets
shall be included in the Assets to be conveyed to Buyer at Closing), less the sum of all Title Benefit Amounts for Material Title Benefits determined under Section 3.2(h) prior to the Closing, plus all amounts to be escrowed under
Section 4.3 attributable to unwaived Material Environmental Defects, plus (ii) all unwaived Environmental Defect Amounts agreed upon by Closing, plus the Allocated Values of all Assets excluded from the Assets to be conveyed to
Buyer at Closing under ARTICLE 4 (unless the exclusion thereof is waived by Buyer); plus (iii) the Allocated Value of all Assets subject to a Transfer Requirement that has not been obtained; plus (iv) the value of any downward
adjustment to the Purchase Price to which Buyer is entitled pursuant to the terms of Section 5.10(b), is less than twenty percent (20%) of the unadjusted Purchase Price; provided, however, if any amounts considered in the above
formula are disputed by Buyer or Seller pursuant to the terms of this Agreement and the final determination of such disputed amounts could determine whether such twenty percent (20%) threshold is met, then the Closing will be postponed and the
Termination Date will be tolled until such disputed amounts are resolved by an expert pursuant to the terms of this Agreement; 
 (f) The sum
of all Losses from casualties to and takings of the Assets, determined or asserted in accordance with this Agreement, is less than twenty percent (20%) of the unadjusted Purchase Price; and 

  
 45 

 (g) If applicable, the waiting period under the HSR Act applicable to the consummation of the
transactions contemplated in this Agreement has expired, notice of early termination has been received or a consent order issued by or from applicable Governmental Bodies. 

ARTICLE 9 
 CLOSING

 Section 9.1 Time and Place of Closing. 

Unless this Agreement has been terminated and the transactions contemplated in this Agreement have been abandoned pursuant to Article
10, and subject to the satisfaction or waiver of the conditions set forth in Article 8 (other than conditions the fulfillment of which by their nature is to occur at the completion of the transactions contemplated by this Agreement (the
“Closing”), the Closing will take place at 10:00 a.m., local time, on the earlier of (i) twenty (20) Business Days following Buyer’s receipt of the Financial Statements and (ii) July 31, 2014, at
Seller’s offices in Dallas, Texas, unless another date, time or place is mutually agreed to in writing by Buyer and Seller. If any of the conditions (other than conditions the fulfillment of which by their nature is to occur at the Closing) set
forth in Article 8 are not satisfied or waived at the time the Closing is to occur pursuant to the foregoing sentence of this Section 9.1, then subject to Article 10 the Closing will occur on the date thereafter that is the
third Business Day after the satisfaction or waiver of all such conditions. For avoidance of doubt, and notwithstanding anything herein to the contrary, unless another date, time or place is mutually agreed to in writing by Buyer and Seller, the
Closing shall take place no earlier than July 1, 2014 and no later than July 31, 2014. 
 Section 9.2 Obligations
of Seller at Closing. 
 At the Closing, upon the terms and subject to the conditions of this Agreement, Seller is obligated to
deliver or cause to be delivered to Buyer, or perform or cause to be performed, the following: 
 (a) the Conveyances in sufficient duplicate
originals to allow recording in all appropriate jurisdictions and offices, duly executed and acknowledged by Seller; 
 (b) letters-in-lieu
of transfer orders covering the Assets, duly executed by Seller, in the form set forth in Exhibit F; 
 (c) a certificate duly
executed by an authorized corporate officer of Seller, dated as of Closing, certifying on behalf of Seller that the conditions set forth in Section 8.2(a) and Section 8.2(b) have been fulfilled; 

(d) the Preliminary Closing Statement executed by Seller; 

(e) an executed statement described in Treasury Regulation 1.1445-2(b)(2) certifying that Seller is not a foreign person within the meaning of
the Code; 

  
 46 

 (f) assignments in form required by any Governmental Body for the assignment of any Assets
controlled by such Governmental Body, duly executed by Seller, in sufficient duplicate originals to allow recording and/or filing in all appropriate offices; 

(g) any other forms required by any Governmental Bodies required in connection with the assignment of the Assets to Buyer or required for the
assumption of operations by Buyer; 
 (h) all releases and terminations of any mortgages, deeds of trust, assignments of production,
financing statements, fixture filings and other liens granted by Seller or its Affiliates burdening the Assets (or any thereof), duly executed, which shall, in each case, be in form and substance reasonably satisfactory to Buyer and forms of which
shall have been delivered to Buyer on or before the Closing Date; 
 (i) titles to any vehicles included in the Assets; and 

(j) any other agreements, instruments and documents which are required by other terms of this Agreement to be executed and/or delivered at
Closing. 
 Section 9.3 Obligations of Buyer at Closing. 

At the Closing, upon the terms and subject to the conditions of this Agreement, Buyer is obligated to deliver or cause to be delivered to
Seller, or perform or caused to be performed, the following: 
 (a) a wire transfer of the Closing Payment, in same-day funds and Seller
shall be entitled to retain the Deposit; 
 (b) the Conveyances, duly executed by Buyer; 

(c) letters-in-lieu of transfer orders covering the Assets, duly executed by Buyer, in the form set forth in Exhibit F; 

(d) a certificate by an authorized officer of Buyer, dated as of Closing, certifying on behalf of Buyer that the conditions set forth in
Section 8.1(a) and Section 8.1(b) have been fulfilled; 
 (e) the Preliminary Closing Statement executed by Buyer;

 (f) assignments in form required by any Governmental Body for the assignment of any Assets controlled by such Governmental Body, duly
executed by Seller, in sufficient duplicate originals to allow recording and/or filing in all appropriate offices; 
 (g) any other forms
required by any Governmental Bodies required in connection with the assignment of the Assets to Buyer or required for the assumption of operations by Buyer; and 

  
 47 

 (h) any other agreements, instruments and documents which are required by other terms of this
Agreement to be executed and/or delivered at Closing. 
 Section 9.4 Closing Adjustments and Closing Payment. 

(a) Not later than five (5) Business Days prior to the Closing Date, Seller will prepare and deliver to Buyer, based upon the best
information available to Seller, a preliminary settlement statement estimating the Adjusted Purchase Price after giving effect to all adjustments listed in Section 2.2 and Section 2.3 (the “Preliminary Closing
Statement”). The estimate delivered in accordance with this Section 9.4(a), less the Deposit, constitutes the dollar amount to be paid by Buyer to Seller at the Closing (the “Closing Payment”). Until
one (1) Business Day before the Closing Date, Buyer may review and discuss the Preliminary Closing Statement with Seller; provided, however, Seller is not required to make any change to which Seller does not agree. 

(b) As soon as reasonably practicable after the Closing but not later than one hundred eighty (180) days following the Closing Date,
Seller will prepare and deliver to Buyer a statement, along with reasonable documentation available to support any credit, charge, receipt or other item (the “Final Closing Statement”), setting forth the final calculation of
the Purchase Price and showing the calculation of each adjustment, based, to the extent possible, on actual credits, charges, receipts and other items before and after the Effective Time and taking into account all adjustments provided for in this
Agreement (the “Final Purchase Price”). Buyer and its representatives may review such statement and the supporting schedules, analyses, work papers and other underlying records or documentation reasonably necessary and
appropriate in Buyer’s review of such statement. Each party will cooperate fully and promptly with the other and their respective representatives in such examination with respect to all reasonable requests related thereto. As soon as reasonably
practicable, but not later than the 30th day following receipt of Seller’s statement hereunder, Buyer will deliver to Seller a written report containing any changes that Buyer proposes be
made to such statement. Seller and Buyer will undertake to agree on the final statement of the Final Purchase Price no later than two hundred ten (210) days after the Closing Date (the “Final Settlement Date”). Unless
the parties are unable to reach agreement on the Final Closing Statement on or before the Final Settlement Date, then within three (3) Business Days after the Final Settlement Date, (i) Buyer will pay to Seller the amount by which the
Final Purchase Price exceeds the Closing Payment or (ii) Seller will pay to Buyer the amount by which the Closing Payment exceeds the Final Purchase Price, as applicable (in either case, the “Final Adjustment”). The
parties acknowledge that it is not the intent of this Agreement that either party be deprived of material amounts of revenue or be burdened by material amounts of expense until the final adjustment pursuant to Section 9.4(b). If a party
is owed material revenues or material expense reimbursement, which revenues and expense reimbursement owed shall be netted against revenues and expenses due the other party, the other party shall make payment of any undisputed amounts monthly. For
purposes of the immediately preceding sentence, material shall mean an amount in excess of $10,000,000. 

  
 48 

 (c) If Seller and Buyer cannot reach agreement by the Final Settlement Date, either party may
refer the remaining matters in dispute to PricewaterhouseCoopers LLP, or such other nationally-recognized independent accounting firm as may be mutually accepted by Buyer and Seller, for review and final determination (the “Agreed
Accounting Firm”). If issues are submitted to the Agreed Accounting Firm for resolution, Seller and Buyer will each enter into a customary engagement letter with the Agreed Accounting Firm at the time the issues remaining in dispute are
submitted to the Agreed Accounting Firm. The Agreed Accounting Firm will be directed to (i) review the statement setting forth Seller’s calculation of the Final Purchase Price and the records relating thereto only with respect to items
identified by Buyer in its written report containing changes to such statement that remain disputed immediately following the Final Settlement Date and (ii) determine the final adjustments. Each party will furnish the Agreed Accounting Firm
such work papers and other records and information relating to the objections in dispute as the Agreed Accounting Firm may reasonably request and that are available to such party or its Affiliates (and such parties’ independent public
accountants). The parties will, and will cause their representatives to, cooperate and assist in the conduct of any review by the Agreed Accounting Firm, including making available books, records and, as available, personnel as reasonably required.
The Agreed Accounting Firm will conduct the arbitration proceedings in Dallas, Texas in accordance with the Commercial Arbitration Rules of the American Arbitration Association, to the extent such rules do not conflict with the terms of this
Section 9.4. The Agreed Accounting Firm’s determination will be made within thirty (30) days after submission of the matters in dispute and will be limited to awarding, on a disputed item by disputed item basis, only the amount
proposed by Seller in its draft Final Closing Statement or the amount proposed by Buyer in its written report as provided above. The determination made by the Agreed Accounting Firm will be final and binding on both parties, without right of appeal
and such decision will constitute an arbitral award upon which a judgment may be entered by a court having jurisdiction thereof. In determining the proper amount of any adjustment to the Final Purchase Price, the Agreed Accounting Firm may not
increase the Final Purchase Price more than the increase proposed by Seller nor decrease the Final Purchase Price more than the decrease proposed by Buyer, as applicable, and may not award damages or penalties to either party with respect to any
matter. Seller and Buyer will each bear its own legal fees and other costs of presenting its case. Each party will bear one-half of the costs and expenses of the Agreed Accounting Firm and any third parties engaged by the Agreed Accounting Firm.
Within ten (10) Business Days after the date on which the parties or the Agreed Accounting Firm, as applicable, finally determines the disputed matters, (x) Buyer will pay to Seller the amount by which the Final Purchase Price exceeds the
Closing Payment plus the Deposit or (y) Seller will pay to Buyer the amount by which the Closing Payment plus the Deposit exceeds the Final Purchase Price, as applicable. Any post-Closing payment pursuant to this Section 9.4(c) will
bear interest at the Agreed Interest Rate from (but not including) the Closing Date to (and including) the date both Buyer and Seller have executed the Final Closing Statement. The Agreed Accounting Firm, once appointed, shall have no ex
parte communications with any of the parties concerning the determination required hereunder. All communications between any party and the Agreed Accounting Firm shall be conducted in writing, with copies sent simultaneously to the other party
in the same manner, or a to a meeting to which the representatives of the parties have been invited and of which the parties have been provide at least five (5) days’ notice. The parties intend that the procedures set forth in this
Section 9.4(c) shall not constitute or be handled as arbitration proceedings under the Federal Arbitration Act or any applicable state arbitration act, and that the provisions of this Section 9.4(c) shall be specifically
enforceable. 

  
 49 

 (d) All payments made or to be made hereunder to Seller will be by electronic transfer of
immediately available funds to the account of Seller as may be specified by Seller in writing. All payments made or to be made hereunder to Buyer will be by electronic transfer of immediately available funds to a bank and account specified by Buyer
in writing to Seller. Upon execution of the Final Closing Statement by the parties and the payment of the Final Adjustment by one party to the other, neither party will have any further obligation to for any additional adjustments to the Purchase
Price under Section 2.2. 
 ARTICLE 10 

TERMINATION 

Section 10.1 Termination.  

This Agreement may be terminated and the transactions contemplated in this Agreement abandoned at any time prior to the Closing: 

 

	 	(a)	by mutual written consent of Seller and Buyer; 

  

	 	(b)	by either Seller or Buyer, if: 

  

	 	(i)	the Closing has not occurred on or before the Termination Date; provided, however, that the right to terminate this Agreement under this Section 10.1(b)(i) is not available (A) to Seller,
if any breach of this Agreement by Seller has been the principal cause of, or resulted in, the failure of the Closing to occur on or before the Termination Date (excluding the obligations set forth in Section 7.17) or (B) to Buyer,
if any breach of this Agreement by Buyer has been the principal cause of, or resulted in, the failure of the Closing to occur on or before the Termination Date; or 

 

	 	(ii)	any Law makes consummation of the transactions contemplated in this Agreement illegal or otherwise prohibited or a Governmental Body issues an order, decree or ruling or takes any other action permanently restraining,
enjoining, or otherwise prohibiting the consummation of the transactions contemplated in this Agreement, and such order, decree, ruling, or other action has become final and non-appealable; 

(c) by Seller, if (i) any of the representations and warranties of Buyer contained in this Agreement are not true and correct in all
material respects (provided that any such representation or warranty that is already qualified by a materiality standard or a material adverse effect qualification will not be further qualified); or (ii) Buyer has failed to fulfill in any
material respect any of its obligations under this Agreement; and, in the case of each of clauses (i) and (ii), such misrepresentation, or breach of warranty, if curable, has not been cured within ten (10) days after written notice thereof
from Seller to Buyer; provided, that any cure period will not extend beyond the Termination Date and will not extend the Termination Date; or 

  
 50 

 (d) by Buyer, if (i) any of the representations and warranties of Seller contained in this
Agreement are not true and correct in all material respects (provided that any such representation or warranty that is already qualified by a materiality or Material Adverse Effect qualification will not be further qualified); or (ii) Seller
has failed to fulfill in any material respect any of its obligations under this Agreement (excluding the obligations set forth in Section 7.17), and, in the case of each of clauses (i) and (ii), such misrepresentation, breach of
warranty or failure, if curable, has not been cured within ten (10) days after written notice thereof from Buyer to Seller; provided, that any cure period will not extend beyond the Termination Date and will not extend the Termination
Date. 
 Section 10.2 Effect of Termination. 

(a) If this Agreement is terminated pursuant to Section 10.1, then this Agreement will be void and of no further force or effect
(except for the provisions of Section 4.4, Section 5.6, Section 6.5, Section 7.5, Section 11.8, Section 11.9, and Section 11.11 of this Agreement and, this
Article 10, the Section entitled “Definitions,” and Article 12, all of which will continue in full force and effect). Notwithstanding the foregoing, nothing contained in this Section 10.2 relieves any party from
liability for Losses resulting from its breach of this Agreement. 
 (b) Notwithstanding the termination of this Agreement or any other
provision of this Agreement to the contrary but subject to the following sentence, the terms of the Confidentiality Agreement shall remain in full force and effect. If Closing of the transaction contemplated under the terms of this Agreement occurs,
the Confidentiality Agreement shall terminate (which termination shall be effective as of Closing) only with respect to confidential information covering the Assets. 

Section 10.3 Distribution of Deposit Upon Termination. 

(a) If Seller terminates this Agreement pursuant to Section 10.1(c), then Seller shall retain the Deposit, as its sole and
exclusive remedy for any Buyer breach or default hereunder, as liquidated damages, free of any claims by Buyer or any other Person with respect thereto. It is expressly stipulated by the parties that the actual amount of damages resulting from such
a termination would be difficult if not impossible to determine accurately because of the unique nature of this Agreement, the unique nature of the Assets, the uncertainties of applicable commodity markets and differences of opinion with respect to
such matters, and that the liquidated damages provided for in this Section 10.3(a) or otherwise in this Agreement are a reasonable estimate by the parties of such damages. 

(b) If this Agreement is terminated for any reason other than the reasons set forth in Section 10.3(a), Seller shall immediately
return the Deposit to Buyer, free of any claims by Seller or any other Person with respect thereto. 
 Section 10.4
Availability of Equitable Relief. 
 Notwithstanding anything in the Agreement to the contrary, the parties agree that
irreparable damage could occur to Buyer in the event that any of the obligations, undertakings, covenants or agreements of Seller were not performed in accordance with their specific terms or were otherwise breached, including the consummation of
the Closing. Accordingly, Buyer shall 

  
 51 

 
be entitled to seek an injunction or injunctions to prevent breaches of this Agreement by Seller, and to seek specific enforcement of the terms and provisions of this Agreement by a decree of
specific performance without the necessity of proving the inadequacy of money damages as a remedy, this being in addition to any other remedy to which Buyer is entitled to at law or in equity. 

ARTICLE 11 
 POST-CLOSING
OBLIGATIONS; INDEMNIFICATION; 
 LIMITATIONS; DISCLAIMERS AND WAIVERS 

Section 11.1 Assumed Obligations. 

Subject to (i) Seller’s obligations hereunder, (ii) the indemnification by Seller under Section 11.3, and
(iii) any adjustments to the Purchase Price pursuant to the terms hereof, on the Closing Date (if the Closing occurs), Buyer assumes and will fulfill, perform, pay and discharge (or cause to be fulfilled, performed, paid or discharged) all of
the obligations and liabilities of Seller, known or unknown, with respect to the Assets, regardless of whether such obligations or liabilities arose prior to, on or after the Effective Time, including, but not limited to, obligations, if any, to
(a) furnish makeup gas according to the terms of applicable gas sales, gathering or transportation contracts, and to satisfy all other gas balancing obligations, if any, (b) pay working interests, Royalties and other interests (including
those held in suspense), (c) properly plug and abandon any and all wells (including the Wells), including inactive wells or temporarily abandoned wells, drilled on the Properties, as required by Law, (d) replug any well, wellbore, or
previously plugged well on the Properties to the extent required by Governmental Body, (e) dismantle, salvage and remove any equipment, structures, materials, flow lines, and property of whatever kind related to or associated with operations
and activities conducted on the Properties, (f) cleanup, restore and/or remediate the premises covered by or related to the Assets in accordance with applicable agreements and Laws (including, without limitation, Environmental Laws),
(g) pay all Property Costs, (h) perform all obligations applicable to or imposed under the Leases and related Contracts, or as required by applicable Laws, including, without limitation, Environmental Laws (all of said obligations and
liabilities (including, without limitation, Environmental Liabilities), subject to the exclusions below, are referred to in this Agreement as the “Assumed Obligations”); provided, however, that the Assumed
Obligations do not include, and Buyer has no obligation to assume, any Claims or Losses attributable to the following (such excluded Claims and Losses, the “Excluded Obligations”): 

 

	 	(i)	the Excluded Assets; 

  

	 	(ii)	Retained Employee Liabilities; 

  

	 	(iii)	all Claims asserted by any third parties for bodily injury to or death of such third parties or damage to property owned by such third parties to the extent resulting or arising from, or attributable to, the use,
ownership or operation of the Assets and attributable to periods prior to the Closing Date; 

  
 52 

	 	(iv)	the Hedges of Seller; 

  

	 	(v)	the disposal or transportation of any Hazardous Material to any location not on the Assets or lands pooled or unitized therewith to the extent resulting or arising from, or attributable to, the use, ownership or
operation of the Assets and attributable to periods prior to the Closing Date; 

  

	 	(vi)	the responsibility for the disposition of and the liabilities and obligations with respect to Proceedings existing as of the Execution Date, including those described on Schedule 5.7; 

 

	 	(vii)	(A) Seller’s liabilities and obligations with respect to Taxes as set forth in Section 7.8; provided that Seller shall not have any liability for Claims under this clause (vii)(A) first made after 12
months after the Closing Date and such liabilities and obligations with respect to Taxes shall become Assumed Obligations after the expiration of such 12 months other than (i) matters covered by Claims made prior to such date and
(ii) interest, fines and penalties with respect to the reporting, payment and accounting for Taxes which shall be subject to clause (vii)(B) below and are not covered by this clause (vii)(A); 

 

	 	(B)	Interest, fines and penalties with respect to the reporting, payment and accounting for Taxes with respect to Hydrocarbons produced from the Assets prior to the Effective Time; 

 

	 	(viii)	(A) Royalties and reporting, payment and accounting therefor, and payments owed to third party co-working interest owners in the Assets, with respect to Hydrocarbons produced from the Assets prior to the Effective Time;
provided that Seller shall not have any liability for claims under this clause (viii) first made after 12 months after the Closing Date and such liabilities and obligations with respect to Royalties, reporting, payment and accounting therefor
and payments owed to third parties co-working interest owners in the Assets shall be become Assumed Obligations after the expiration of such 12 months other than (i) matters covered by claims made prior to such date and (ii) interest,
fines and penalties with respect to the reporting, payment and accounting for Royalties which shall be sublet to clause (viii)(B) below and are not covered by this clause (viii)(A); 

(B) Interest, fines and penalties with respect to the reporting, payment and accounting for Royalties with respect to Hydrocarbons produced
from the Assets prior to the Effective Time; 
  

	 	(ix)	any Property Costs (other than Property Costs covered by any of clauses (i), (ii), (iii), (iv), (v), (vi), (vii), (viii), or (x)) that are attributable to periods prior to the Effective Time; provided that Seller shall
not have any liability for claims first made under this clause (ix) after 12 months after the Closing Date and such liabilities and obligations with respect to Property Costs in the Assets shall become Assumed Obligations after such date; and

  
 53 

	 	(x)	any criminal fines or sanctions against Seller of any of its Affiliates imposed at any time arising from the ownership or operation of the Assets prior to the Closing Date. 

Section 11.2 Survival. 

(a) All representations and warranties of Seller and Buyer contained in this Agreement expire nine (9) months after the Closing Date;
provided, however, that the representations and warranties contained in Section 5.2, Section 5.3, Section 5.4, Section 5.5, Section 5.6, Section 5.15,
Section 6.2, Section 6.3, Section 6.4, Section 6.5, Section 6.9, Section 6.10, and Section 6.13 (collectively, the “Fundamental
Representations”) shall survive until sixty (60) days following the applicable statute of limitations period and Section 5.8 shall expire at Closing. Upon the termination of a representation or warranty in accordance with the
foregoing, such representation or warranty has no further force or effect for any purpose under this Agreement, except with respect to Claims made for breach thereof prior to its expiration as provided in Section 11.2(b). The covenants
and other agreements of Seller and Buyer set forth in this Agreement survive the Closing Date until fully performed. 
 (b) No party hereto
has any indemnification obligation pursuant to this Article 11 or otherwise hereunder unless it receives from the party seeking indemnification a written notice (a “Claim Notice”) of the existence of the claim for or
in respect of which indemnification is being sought hereunder on or before the expiration of the applicable survival period set forth in Section 11.2(a). If an Indemnified Party delivers a Claim Notice with respect to a representation or
warranty to an Indemnifying Party before the expiration of the applicable survival period set forth in Section 11.2(a), then the applicable representation or warranty survives until, but only for purposes of, the resolution of the matter
covered by such Claim Notice. A Claim Notice shall set forth with reasonable specificity (i) the basis for such claim under this Agreement, and the facts that otherwise form the basis of such claim and (ii) to the extent reasonably
estimable, an estimate of the amount of such claim (which estimate will not be conclusive of the final amount of such claim) and an explanation of the calculation of such estimate. 

Section 11.3 Indemnification by Seller. 

From and after the Closing, subject to the terms and conditions of this Article 11 (including the survival and the timing requirement in
Section 11.2), each Person constituting Seller will jointly and severally indemnify, defend and hold harmless Buyer, Buyer’s Affiliates, and each of their respective members, managers, general partners, partners, directors,
officers, employees, agents, consultants, equity owners, stockholders, advisors and other representatives (including legal counsel, accountants and financial advisors) and the successors and permitted assigns of this Agreement of Buyer (all such
persons referred to collectively as, the “Buyer Indemnified Persons”) from and against any and all Claims and Losses asserted against, resulting from, imposed upon or incurred or suffered by any Buyer Indemnified Person to
the extent resulting from, arising out of or relating to: 

  
 54 

 (a) any breach of any representation or warranty of Seller contained in this Agreement or
confirmed in any certificate furnished by or on behalf of Seller in connection with this Agreement REGARDLESS OF FAULT; 
 (b) any
breach or nonfulfillment of or failure to perform any covenant or agreement of Seller contained in this Agreement REGARDLESS OF FAULT or confirmed in any certificate furnished by or on behalf of Seller in connection with this Agreement; 

(c) any Excluded Obligations REGARDLESS OF FAULT; and 

(d) any other indemnity obligations of Seller contained in this Agreement. 

Notwithstanding anything to the contrary in this ARTICLE 11 or otherwise, except with respect to
Seller’s obligations for post-closing adjustments to the Purchase Price and for matters arising out of or relating to the Excluded Obligations, matters covered by Section 11.3(b) or
Section 11.3(d), claims under the special warranty of title in the Conveyance or breaches of Fundamental Representations, (i) Seller shall have no liability for any indemnification under
Section 11.3 unless and until the amount of the liability for any individual Claim for which a Claim Notice is delivered by Buyer exceeds $250,000 (each a “Material Indemnification
Matter”), (ii) Seller shall not be obligated to indemnify Buyer Indemnified Persons pursuant to Section 11.3 unless and until the aggregate amount of all Losses incurred by Buyer Indemnified
Persons with respect to all Material Indemnification Matters exceeds three percent (3%) of the Purchase Price (the “Indemnity Deductible”), in which event the Buyer Indemnified Persons may recover all Losses incurred
with respect to such Material Indemnification Matters in excess of the Indemnity Deductible, and (iii) Seller’s maximum liability for Losses associated with all Material Indemnification Matters shall be twenty-five percent (25%) of
the Purchase Price. 
 Section 11.4 Indemnification by Buyer. 

From and after the Closing, subject to the adjustments to the Purchase Price for purposes of the Closing Statements contained in
Section 2.2 and the terms and conditions of this Article 11 (including the survival and timing requirements of Section 11.2), Buyer will defend and hold harmless Seller, Seller’s Affiliates, and each of their
respective members, managers, general partners, partners, directors, officers, employees, agents, consultants, equity owners, stockholders, advisors and other representatives (including legal counsel, accountants and financial advisors), and the
successors and permitted assigns of this Agreement of Seller (all such persons referred to collectively as the “Seller Indemnified Persons”) from and against any and all Losses, asserted against, resulting from, imposed upon,
or incurred or suffered by any Seller Indemnified Person to the extent resulting from, arising out of, or relating to: 
 (a) any breach of
any representation or warranty of Buyer contained in this Agreement or confirmed in any certificate furnished by or on behalf of Buyer to Seller in connection with this Agreement REGARDLESS OF FAULT; 

(b) any breach or nonfulfillment of or failure to perform any covenant or agreement of Buyer contained in this Agreement REGARDLESS OF
FAULT or confirmed in any certificate furnished by or on behalf of Buyer to Seller in connection with this Agreement; 

  
 55 

 (c) any Assumed Obligations REGARDLESS OF FAULT; and 

(d) any other indemnity obligations of Buyer contained in this Agreement, including without limitation, Section 4.4. 

Section 11.5 Indemnification Proceedings. 

(a) If any claim or demand for which Seller or Buyer (such Person an “Indemnifying Party”) may be liable to a Buyer
Indemnified Person under Section 11.3 or to a Seller Indemnified Person under Section 11.4 (an “Indemnified Party”) is asserted against or sought to be collected from an Indemnified Party by a third
party (a “Third Party Claim”) the Indemnified Party will with reasonable promptness notify the Indemnifying Party of such Third Party Claim by delivery of a Claim Notice, provided that the failure or delay to so notify the
Indemnifying Party does not relieve the Indemnifying Party of its obligations under this Article 11, except (and solely) to the extent that the Indemnifying Party demonstrates that its defense of such Third Party Claim is actually and
materially prejudiced thereby. The Indemnifying Party has thirty (30) days from receipt of the Claim Notice from the Indemnified Party (in this Section 11.5, the “Notice Period”) to notify the Indemnified
Party whether or not the Indemnifying Party desires, at the Indemnifying Party’s sole cost and expense, to defend the Indemnified Party against such claim or demand; provided, that the Indemnified Party is authorized prior to and during
the Notice Period, and at the cost and expense of the Indemnifying Party, to file any motion, answer or other pleading that it deems reasonably necessary to protect its interests or those of the Indemnifying Party. The Indemnifying Party has the
right to assume the defense of such Third Party Claim only if and for so long as the Indemnifying Party (i) notifies the Indemnified Party during the Notice Period that the Indemnifying Party is assuming the defense of such Third Party Claim,
(ii) uses counsel of its own choosing that is reasonably satisfactory to the Indemnified Party, and (iii) conducts the defense of such Third Party Claim in an active and diligent manner. If the Indemnifying Party is entitled to, and does,
assume the defense of any such Third Party Claim, the Indemnified Party has the right to employ separate counsel at its own expense and to participate in the defense thereof; provided, however, that notwithstanding the foregoing, the
Indemnifying Party will pay the reasonable attorneys’ fees of the Indemnified Party if the Indemnified Party’s counsel has advised the Indemnified Party that there is a conflict of interest that could make it inappropriate under applicable
standards of professional conduct to have common counsel for the Indemnifying Party and the Indemnified Party (provided that the Indemnifying Party is not responsible for paying for more than one separate firm of attorneys and one local counsel to
represent all of the Indemnified Parties subject to such Third Party Claim). If the Indemnifying Party elects (and is entitled) to assume the defense of such Third Party Claim, (i) no compromise or settlement thereof or consent to any admission
or the entry of any judgment with respect to such Third Party Claim may be effected by the Indemnifying Party without the Indemnified Party’s written consent (not to be unreasonably withheld, conditioned or delayed) unless the sole relief
provided is monetary damages that are paid in full by the Indemnifying Party (and no injunctive or other equitable relief is imposed upon the Indemnified Party) and there is an unconditional provision whereby each plaintiff or claimant in such Third
Party Claim releases the Indemnified Party from any and all liability with respect thereto and (ii) the Indemnified Party will have no liability with respect to any compromise or settlement thereof effected without its written consent (not to
be unreasonably withheld). If the Indemnifying Party elects not to assume the defense of such Third Party Claim (or fails to give 

  
 56 

 
notice to the Indemnified Party during the Notice Period or otherwise is not entitled to assume such defense), the Indemnified Party will be entitled to assume the defense of such Third Party
Claim with counsel of its own choice, at the expense and for the account of the Indemnifying Party; provided, however, that the Indemnified Party may make no settlement, compromise, admission or acknowledgment that gives rise to
liability on the part of any Indemnifying Party without the prior written consent of such Indemnifying Party, not to be unreasonably withheld, conditioned or delayed. 

(b) Notwithstanding the foregoing, the Indemnifying Party is not entitled to control (but is entitled to participate at its own expense in the
defense of), and the Indemnified Party, is entitled to have sole control over, the defense or settlement, compromise, admission or acknowledgment of any Third Party Claim (i) at the reasonable expense of the Indemnifying Party, as to which the
Indemnifying Party fails to assume the defense during the Notice Period after the Indemnified Party gives notice thereof to the Indemnifying Party or (ii) at the reasonable expense of the Indemnifying Party, to the extent the Third Party Claim
seeks an order, injunction or other equitable relief against the Indemnified Party which, if successful, could materially adversely affect the business, condition (financial or other), capitalization, assets, liabilities, results of operations or
prospects of the Indemnified Party. The Indemnified Party may make no settlement, compromise, admission, or acknowledgment that gives rise to liability on the part of the Indemnifying Party without the prior written consent of the Indemnifying Party
(not to be unreasonably withheld, conditioned or delayed). 
 (c) In any case in which an Indemnified Party seeks indemnification hereunder
and no Third Party Claim is involved, the Indemnified Party will deliver a Claim Notice to the Indemnifying Party within a reasonably prompt period of time after an officer of such Indemnified Party or its Affiliates has obtained knowledge of the
Loss giving rise to indemnification hereunder. The failure or delay to so notify the Indemnifying Party does not relieve the Indemnifying Party of its obligations under this Article 11 except to the extent such failure results in insufficient
time being available to permit the Indemnifying Party to effectively mitigate the resulting Losses or otherwise prejudices the Indemnifying Party. 

Section 11.6 Limitations on Indemnities. 

Solely (i) for purposes of calculating the amount of Losses incurred arising out of or relating to any breach or inaccuracy of a
representation or warranty and (ii) for determining whether a breach has occurred of a representation or warranty, the references to “Material Adverse Effect” or other materiality qualifications (or correlative terms) will be
disregarded. This Section 11.6 is solely applicable to this Article 11 and is not applicable to any other Article of this Agreement, including, but not limited to, Articles 8, 9 and 10. 

Section 11.7 Release. 

UPON CLOSING, BUT SUBJECT TO BUYER’S REMEDIES PURSUANT TO THIS AGREEMENT AND THE CONVEYANCE, BUYER RELEASES, REMISES AND FOREVER
DISCHARGES THE SELLER INDEMNIFIED PERSONS FROM ANY AND ALL CLAIMS, KNOWN OR UNKNOWN, WHETHER NOW EXISTING OR ARISING IN THE FUTURE, CONTINGENT OR OTHERWISE, WHICH BUYER MIGHT NOW 

  
 57 

 
OR SUBSEQUENTLY MAY HAVE AGAINST THE SELLER INDEMNIFIED PERSONS, RELATING DIRECTLY OR INDIRECTLY TO THE CLAIMS ARISING OUT OF OR INCIDENT TO ENVIRONMENTAL LAWS, ENVIRONMENTAL LIABILITIES, THE
RELEASE OF MATERIALS INTO THE ENVIRONMENT OR PROTECTION OF HUMAN HEALTH, SAFETY, NATURAL RESOURCES OR THE ENVIRONMENT, INCLUDING RIGHTS TO CONTRIBUTION UNDER CERCLA, REGARDLESS OF FAULT. 

Section 11.8 Disclaimers. 

(a) EXCEPT AS AND TO THE EXTENT EXPRESSLY SET FORTH IN THIS AGREEMENT, CONFIRMED IN THE CERTIFICATE OF SELLER TO BE DELIVERED
PURSUANT TO SECTION 9.2(C), OR IN THE CONVEYANCE, (I) SELLER MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS, STATUTORY OR IMPLIED, AND (II) SELLER EXPRESSLY DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY REPRESENTATION, WARRANTY,
STATEMENT OR INFORMATION MADE OR COMMUNICATED (ORALLY OR IN WRITING) TO BUYER OR ANY OF ITS AFFILIATES, EMPLOYEES, AGENTS, CONSULTANTS OR REPRESENTATIVES (INCLUDING ANY OPINION, INFORMATION, PROJECTION OR ADVICE THAT MAY HAVE BEEN PROVIDED TO BUYER
BY ANY OFFICER, DIRECTOR, EMPLOYEE, AGENT, CONSULTANT, REPRESENTATIVE OR ADVISOR OF SELLER OR ANY OF ITS AFFILIATES). 
 (b)
EXCEPT AS EXPRESSLY REPRESENTED OTHERWISE IN ARTICLE 5 OF THIS AGREEMENT, CONFIRMED IN THE CERTIFICATE OF SELLER TO BE DELIVERED PURSUANT TO SECTION 9.2(C), OR IN THE CONVEYANCE, AND WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, SELLER
EXPRESSLY DISCLAIMS ANY REPRESENTATION OR WARRANTY, EXPRESS, STATUTORY OR IMPLIED, AS TO (I) TITLE TO ANY OF THE ASSETS, (II) THE CONTENTS, CHARACTER OR NATURE OF ANY DESCRIPTIVE MEMORANDUM, OR ANY REPORT OF ANY PETROLEUM ENGINEERING
CONSULTANT, OR ANY GEOLOGICAL OR SEISMIC DATA OR INTERPRETATION, RELATING TO THE ASSETS, (III) THE QUANTITY, QUALITY OR RECOVERABILITY OF PETROLEUM SUBSTANCES IN OR FROM THE ASSETS, (IV) ANY ESTIMATES OF THE VALUE OF THE ASSETS, FUTURE REVENUES
GENERATED BY THE ASSETS OR FUTURE COSTS ASSOCIATED WITH THE ASSETS, (V) THE PRODUCTION OF HYDROCARBONS FROM THE ASSETS, (VI) THE MAINTENANCE, REPAIR, CONDITION, QUALITY, SUITABILITY, DESIGN OR MARKETABILITY OF THE ASSETS, (VII) THE CONTENT,
CHARACTER OR NATURE OF ANY DESCRIPTIVE MEMORANDUM, REPORTS, BROCHURES, CHARTS OR STATEMENTS PREPARED BY THIRD PARTIES, (VIII) ANY OTHER MATERIALS OR INFORMATION THAT MAY HAVE BEEN MADE AVAILABLE OR COMMUNICATED TO BUYER OR ITS AFFILIATES, OR ITS OR
THEIR EMPLOYEES, AGENTS, CONSULTANTS, REPRESENTATIVES OR ADVISORS IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY DISCUSSION OR PRESENTATION RELATING THERETO, AND FURTHER DISCLAIMS ANY REPRESENTATION OR WARRANTY, EXPRESS,

  
 58 

 
STATUTORY OR IMPLIED, OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR CONFORMITY TO MODELS OR SAMPLES OF MATERIALS OF ANY EQUIPMENT, IT BEING EXPRESSLY UNDERSTOOD AND AGREED BY THE
PARTIES HERETO THAT BUYER IS DEEMED TO BE OBTAINING THE ASSETS IN THEIR PRESENT STATUS, CONDITION AND STATE OF REPAIR, “AS IS” AND “WHERE IS” WITH ALL FAULTS AND THAT BUYER HAS MADE OR CAUSED TO BE MADE SUCH INSPECTIONS AS BUYER
DEEMS APPROPRIATE, OR (IX) ANY IMPLIED OR EXPRESS WARRANTY OF FREEDOM FROM PATENT OR TRADEMARK INFRINGEMENT. 
 (c) EXCEPT AS
EXPRESSLY SET FORTH IN SECTION 5.27 OF THIS AGREEMENT, SELLER HAS NOT AND WILL NOT MAKE ANY REPRESENTATION OR WARRANTY REGARDING ANY MATTER OR CIRCUMSTANCE RELATING TO ENVIRONMENTAL LAWS, ENVIRONMENTAL LIABILITIES, THE RELEASE OF MATERIALS INTO THE
ENVIRONMENT OR THE PROTECTION OF HUMAN HEALTH, SAFETY, NATURAL RESOURCES OR THE ENVIRONMENT, OR ANY OTHER ENVIRONMENTAL CONDITION OF THE ASSETS, AND NOTHING IN THIS AGREEMENT OR OTHERWISE WILL BE CONSTRUED AS SUCH A REPRESENTATION OR WARRANTY, AND
BUYER IS DEEMED TO BE TAKING THE ASSETS “AS IS” AND “WHERE IS” FOR PURPOSES OF THEIR ENVIRONMENTAL CONDITION. 

Section 11.9 Waiver of Trade Practices Acts. 

(a) It is the intention of the parties that Buyer’s rights and remedies with respect to this transaction and with respect to all acts or
practices of Seller, past, present or future, in connection with this transaction be governed by legal principles other than the Texas Deceptive Trade Practices—Consumer Protection Act, Tex. Bus. & Com. Code Ann. § 17.41
et seq. (the “DTPA”). As such, Buyer waives the applicability of the DTPA to this transaction and any and all duties, rights or remedies that might be imposed by the DTPA, whether such duties, rights and remedies are
applied directly by the DTPA itself or indirectly in connection with other statutes; provided, however, Buyer does not waive § 17.555 of the DTPA. Buyer acknowledges, represents and warrants that it is purchasing the goods and/or services
covered by this Agreement for commercial or business use; that it has assets of $5,000,000.00 or more according to its most recent financial statement prepared in accordance with GAAP; that it has knowledge and experience in financial and business
matters that enable it to evaluate the merits and risks of a transaction such as this; and that it is not in a significantly disparate bargaining position with Seller. 

(b) Buyer expressly recognizes that the price for which Seller has agreed to perform its obligations under this Agreement has been predicated
upon the inapplicability of the DTPA and this waiver of the DTPA. Buyer further recognizes that Seller, in determining to proceed with the entering into of this Agreement, has expressly relied on this waiver and the inapplicability of the DTPA. 

  
 59 

 Section 11.10 Recording. 

As soon as practicable after Closing, Buyer will record the Conveyances in the appropriate counties and provide Seller with copies of all
recorded or approved instruments. The Conveyances are intended to convey all of the Properties being conveyed pursuant to this Agreement. Certain Properties or specific portions of the Properties that are leased from, or require the approval to
transfer by, a Governmental Body are conveyed under the Conveyances and also are described and covered by other separate assignments made by Seller to Buyer on officially approved forms, or forms acceptable to such entity, in sufficient multiple
originals to satisfy applicable statutory and regulatory requirements. The interests conveyed by such separate assignments are the same, and not in addition to, the interests conveyed in the Conveyances attached as Exhibit B. Further, such
assignments are deemed to contain the special warranty of title of Seller and all of the exceptions, reservations, rights, titles, power and privileges set forth in this Agreement and in the Conveyances as fully and only to the extent as though they
were set forth in each such separate assignment. At Buyer’s cost and expense, Buyer will provide Seller with electronic copies of recorded Conveyances within ten (10) Business Days of receipt. 

Section 11.11 Non-Compensatory Damages. 

NONE OF THE BUYER INDEMNIFIED PERSONS NOR SELLER INDEMNIFIED PERSONS ARE ENTITLED TO RECOVER FROM SELLER OR BUYER, OR THEIR RESPECTIVE
AFFILIATES, ANY INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES OR DAMAGES FOR LOST PROFITS OF ANY KIND ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED IN THIS AGREEMENT, EXCEPT TO THE EXTENT ANY SUCH PARTY
SUFFERS SUCH DAMAGES (INCLUDING COSTS OF DEFENSE AND REASONABLE ATTORNEY’S FEES INCURRED IN CONNECTION WITH DEFENDING OF SUCH DAMAGES) TO A THIRD PARTY, WHICH DAMAGES (INCLUDING COSTS OF DEFENSE AND REASONABLE ATTORNEY’S FEES INCURRED IN
CONNECTION WITH DEFENDING AGAINST SUCH DAMAGES) ARE NOT EXCLUDED BY THIS PROVISION AS TO RECOVERY HEREUNDER. SUBJECT TO THE PRECEDING SENTENCE, BUYER, ON BEHALF OF EACH OF THE BUYER INDEMNIFIED PERSONS, AND SELLER, ON BEHALF OF EACH OF SELLER
INDEMNIFIED PERSONS, WAIVE ANY RIGHT TO RECOVER PUNITIVE, SPECIAL, EXEMPLARY AND CONSEQUENTIAL DAMAGES, INCLUDING DAMAGES FOR LOST PROFITS, ARISING IN CONNECTION WITH OR WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED IN THIS
AGREEMENT. 
 Section 11.12 Disclaimer of Application of Anti-Indemnity Statutes. 

THE PROVISIONS OF ANY ANTI-INDEMNITY STATUTE RELATING TO OILFIELD SERVICES AND ASSOCIATED ACTIVITIES ARE NOT APPLICABLE TO THIS AGREEMENT
AND/OR THE TRANSACTIONS CONTEMPLATED IN THIS AGREEMENT. 

  
 60 

 ARTICLE 12 

MISCELLANEOUS 

Section 12.1 Counterparts. 

This Agreement may be executed and delivered (including by email or facsimile transmission) in counterparts, each of which is deemed an
original instrument, but all such counterparts together constitute but one agreement. 
 Section 12.2 Notices.

 All notices which are required or may be given pursuant to this Agreement must be given in writing and delivered personally, by
telecopy or by registered or certified mail, postage prepaid, as follows: 
  

	 If to Seller: 
	c/o Merit Energy Company 

 13727 Noel Road, Suite 1200 

Dallas, Texas 75240 
 Attention:
General Counsel 
 Telephone: 972-701-8377 

Telecopy: 972-960-1252 and 972-628-1948 
  

	 With a copy to (which: 
	c/o Merit Energy Company 

	 does not constitute 
	13727 Noel Road, Suite 1200 

	 notice to Seller): 
	Dallas, Texas 75240 

 Attention: Vice President – Acquisitions and Divestitures 

Telephone: 972-701-8377 

Telecopy: 972-960-1252 and 972-628-1881 

  
 61 

	 If to Buyer: 
	Memorial Production Operating LLC 

 c/o Memorial Production Partners LP 

1301 McKinney Street, Suite 2100 

Houston, Texas 77010 

Attention: Greg Robbins 
 Phone:
713-588-8300 
 Fax: 713-588-8301 

Email: grobbins@memorialrd.com 

Memorial Production Operating LLC 

c/o Memorial Production Partners LP 

1301 McKinney Street, Suite 2100 

Houston, Texas 77010 

Attention: Kyle N. Roane 

Phone: 713-588-8300 
 Fax:
713-588-8301 
 Email: kroane@memorialrd.com 

With a copy to (which 
 does not
constitute 
 notice to Buyer): 

Locke Lord LLP 
 600 Travis
Street, Suite 2800 
 Houston, Texas 77002 

Attention: Terry Radney 
 Phone:
713-226-1384 
 Fax: 713-223-3717 

Email: tradney@lockelord.com 
 Either party may
change its address for notice by notice to the other in the manner set forth above. All notices are deemed to have been duly given at the time of receipt by the party to which such notice is addressed. 

Section 12.3 Sales or Use Tax Recording Fees and Similar Taxes and Fees. 

Buyer bears any sales, use, excise, real property transfer, gross receipts, goods and services, registration, capital, documentary, stamp or
transfer Taxes, recording fees and similar Taxes and fees (collectively “Transfer Taxes”) incurred and imposed upon, or with respect to, the sale of the Assets pursuant to this Agreement. Seller will determine, and Buyer will
cooperate with Seller in determining the amount of any Transfer Taxes, if any, that is due in connection with the transactions contemplated by this Agreement and Buyer will pay any such Transfer Tax to Seller or to the appropriate Governmental Body.
If any of the transactions contemplated by this Agreement are exempt from any such Transfer Taxes upon the filing of an appropriate certificate or other evidence of exemption, Buyer will timely furnish to Seller such certificate or evidence. 

  
 62 

 Section 12.4 Expenses. 

Except as otherwise expressly provided in Section 12.3, or elsewhere in this Agreement, (a) all expenses incurred by Seller in
connection with or related to the authorization, preparation or execution of this Agreement, the Conveyance delivered hereunder and the Exhibits and Schedules hereto and thereto, and all other matters related to the Closing, including without
limitation, all fees and expenses of counsel, accountants and financial advisers employed by Seller, will be borne solely and entirely by Seller, and (b) all such expenses incurred by Buyer will be borne solely and entirely by Buyer. 

Section 12.5 Change of Name. 

As promptly as practicable, but in any case within ninety (90) days after the Closing Date, Buyer will eliminate the names “Merit
Energy Company,” “Merit” and any variants thereof and any names of Seller’s Affiliates and any variants thereof from the Assets acquired pursuant to this Agreement and, except with respect to such grace period for eliminating
existing usage, has no right to use any logos, trademarks or trade names belonging to Seller or any of its Affiliates. 

Section 12.6 Governing Law and Venue. 

THIS AGREEMENT AND THE LEGAL RELATIONS BETWEEN THE PARTIES IS GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS OTHERWISE APPLICABLE TO SUCH DETERMINATIONS; PROVIDED, HOWEVER, THE LAWS OF THE STATE OF WYOMING SHALL CONTROL THIS AGREEMENT AND THE CONVEYANCES WITH RESPECT TO CONVEYANCES MATTERS AND OTHER REAL
PROPERTY MATTERS NECESSARILY SUBJECT TO THE LAWS OF WYOMING. JURISDICTION AND VENUE WITH RESPECT TO ANY DISPUTES ARISING HEREUNDER ARE PROPER ONLY IN DALLAS COUNTY, TEXAS, AND THE PARTIES IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW,
ANY OBJECTION THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED IN THIS AGREEMENT BROUGHT IN SUCH COURTS OR ANY DEFENSE OF INCONVENIENT FORUM FOR
THE MAINTENANCE OF SUCH DISPUTE. 
 Section 12.7 Captions. 

The captions in this Agreement are for convenience only and are not to be considered a part of or affect the construction or interpretation of
any provision of this Agreement. 
 Section 12.8 Waivers. 

Any failure by any party or parties to comply with any of its or their obligations, agreements or conditions in this Agreement contained may be
waived in writing, but not in any other manner, by the party or parties to whom such compliance is owed. No waiver of, or 

  
 63 

 
consent to a change in, any of the provisions of this Agreement is deemed or constitutes a waiver of, or consent to a change in, other provisions of this Agreement (whether or not similar), nor
does such waiver constitute a continuing waiver unless otherwise expressly provided. The rights of Seller and Buyer under this Agreement are cumulative and the exercise or partial exercise of any such right does not preclude the exercise of any
other right. 
 Section 12.9 Assignment. 

No party may assign all or any part of this Agreement, nor may any party assign or delegate any of its rights or duties hereunder, without the
prior written consent of the other party, such consent not to be unreasonably withheld, conditioned or delayed. This Agreement is binding upon and inures to the benefit of the parties hereto and their respective successors and permitted assigns.

 Section 12.10 Entire Agreement. 

The Confidentiality Agreement, this Agreement and the Exhibits and Schedules attached hereto, and the documents to be executed hereunder
constitute the entire agreement between the parties pertaining to the subject matter of this Agreement, and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties pertaining to the
subject matter of this Agreement. 
 Section 12.11 Amendment. 

(a) This Agreement may be amended or modified only by an agreement in writing executed by the parties hereto. 

(b) No waiver of any right under this Agreement is binding unless executed in writing by the party to be bound thereby. 

Section 12.12 No Third-Party Beneficiaries. 

Nothing in this Agreement entitles any Person other than Buyer or Seller to any claims, remedy or right of any kind, except as to those rights
expressly provided to the Seller Indemnified Persons and Buyer Indemnified Persons (provided, however, any claim for indemnity hereunder on behalf of an Seller Indemnified Person or an Buyer Indemnified Person must be made and administered by a
party to this Agreement). 
 Section 12.13 References. 

In this Agreement: 
 (a)
References to any gender includes a reference to all other genders; 
 (b) References to the singular includes the plural, and vice versa;

 (c) Reference to any Article or Section means an Article or Section of this Agreement; 

  
 64 

 (d) Reference to any Exhibit or Schedule means an Exhibit or Schedule to this Agreement, all of
which are incorporated into and made a part of this Agreement; 
 (e) The section titled “Definitions”, and all definitions set
forth therein, are incorporated into and made a part of this Agreement; 
 (f) “Include” and “including” means include or
including without limiting the generality of the description preceding such term; and 
 (g) Capitalized terms used in this Agreement have
the meanings ascribed to them in this Agreement. Such terms are referenced or defined in the Definitions section of this Agreement. 

Section 12.14 Construction. 

Buyer is a party capable of making such investigation, inspection, review and evaluation of the Assets as a prudent party would deem
appropriate under the circumstances including with respect to all matters relating to the Assets, their value, operation and suitability. Seller and Buyer have each had substantial input into the drafting and preparation of this Agreement and the
opportunity to exercise business discretion in relation to the negotiation of the details of the transactions contemplated in this Agreement. This Agreement is the result of arm’s-length negotiations from equal bargaining positions. If a
dispute arises over the meaning or application of this Agreement, it must be construed fairly and reasonably and neither more strongly for nor against either party. 

Section 12.15 Conspicuousness. 

Provisions in this Agreement in “bold” type satisfy any requirements of the “express negligence rule” and any other
requirements at law or in equity that provisions be conspicuously marked or highlighted. 
 Section 12.16
Severability. 
 If any term or other provisions of this Agreement is held invalid, illegal or incapable of being enforced
under any rule of law, all other conditions and provisions of this Agreement nevertheless remains in full force and effect so long as the economic or legal substance of the transactions contemplated in this Agreement is not affected in a materially
adverse manner with respect to either party; provided, however, that if any such term or provision may be made enforceable by limitation thereof, then such term or provision will be deemed to be so limited and enforceable to the maximum extent
permitted by applicable Law. 
 Section 12.17 Time of Essence. 

Time is of the essence in this Agreement. If the date specified in this Agreement for giving any notice or taking any action is not a Business
Day (or if the period during which any notice is required to be given or any action taken expires on a date which is not a Business Day), then the date for giving such notice or taking such action (and the expiration date of such period during which
notice is required to be given or action taken) is the next day which is a Business Day. 
 [Signature Page Follows] 

 

  
 65 

 IN WITNESS WHEREOF, this Agreement has been signed by each of the parties hereto on the date
first above written. 
  

			
	SELLER:
	
	 MERIT MANAGEMENT PARTNERS I, L.P.

MERIT ENERGY PARTNERS III, L.P.

		
	By:	 	Merit Management Partners GP, LLC, its general partner
		
	By:	 	 /s/ Nicholas G. Peters

		 	Nicholas G. Peters, Assistant Secretary
	
	MERIT ENERGY COMPANY, LLC
	MERIT PIPELINE COMPANY, LLC
		
	By:	 	 /s/ Nicholas G. Peters

		 	Nicholas G. Peters, Assistant Secretary
	
	BUYER:
	
	MEMORIAL PRODUCTION OPERATING LLC
		
	By:	 	Memorial Production Partners LP, its sole member
	By:	 	Memorial Production Partners GP LLC, its general partner
		
	By:	 	 /s/ Kyle N. Roane

	Name: Kyle N. Roane
	Title: Vice President

  
 Signature Page -
Purchase and Sale AgreementCredit Agreement

 Exhibit 10.1 

CREDIT AGREEMENT 
 DATED AS OF
APRIL 21, 2014 
 by and among 

CITY OFFICE REIT OPERATING PARTNERSHIP, L.P. 

AS PARENT BORROWER, 
 THE OTHER
BORROWERS FROM TIME TO TIME PARTY HERETO, 
 KEYBANK NATIONAL ASSOCIATION, 

THE OTHER LENDERS WHICH ARE PARTIES TO THIS AGREEMENT 

AND 
 OTHER LENDERS THAT MAY
BECOME 
 PARTIES TO THIS AGREEMENT, 

KEYBANK NATIONAL ASSOCIATION, 
 AS
AGENT, 
 KEYBANC CAPITAL MARKETS, 

AS SOLE LEAD ARRANGER AND SOLE BOOK MANAGER 

 TABLE OF CONTENTS 

 

					
	 §1. DEFINITIONS AND RULES OF INTERPRETATION
	 	 	1	  
		
	 §1.1 Definitions
	 	 	1	  
	 §1.2 Rules of Interpretation
	 	 	19	  
		
	 §2. THE CREDIT FACILITY
	 	 	20	  
		
	 §2.1 Revolving Credit Loans
	 	 	20	  
	 §2.2 Holdback
	 	 	21	  
	 §2.3 Notes
	 	 	21	  
	 §2.4 Facility Unused Fee
	 	 	21	  
	 §2.5 Reduction and Termination of the Revolving Credit Commitments
	 	 	21	  
	 §2.6 RESERVED
	 	 	22	  
	 §2.7 Interest on Loans
	 	 	22	  
	 §2.8 Requests for Revolving Credit Loans
	 	 	22	  
	 §2.9 Funds for Loans
	 	 	23	  
	 §2.10 Use of Proceeds
	 	 	23	  
	 §2.11 RESERVED
	 	 	24	  
	 §2.12 Increase in Total Commitment
	 	 	24	  
	 §2.13 Extension of Revolving Credit Maturity Date
	 	 	25	  
		
	 §3. REPAYMENT OF THE LOANS
	 	 	26	  
		
	 §3.1 Stated Maturity
	 	 	26	  
	 §3.2 Mandatory Prepayments
	 	 	26	  
	 §3.3 Optional Prepayments
	 	 	27	  
	 §3.4 Partial Prepayments
	 	 	27	  
	 §3.5 Effect of Prepayments
	 	 	27	  
		
	 §4. CERTAIN GENERAL PROVISIONS
	 	 	27	  
		
	 §4.1 Conversion Options
	 	 	27	  
	 §4.2 Fees
	 	 	28	  
	 §4.3 [Intentionally Omitted.]
	 	 	28	  
	 §4.4 Funds for Payments
	 	 	28	  
	 §4.5 Computations
	 	 	30	  
	 §4.6 Suspension of LIBOR Rate Loans
	 	 	30	  
	 §4.7 Illegality
	 	 	30	  
	 §4.8 Additional Interest
	 	 	31	  
	 §4.9 Additional Costs, Etc.
	 	 	31	  
	 §4.10 Capital Adequacy
	 	 	32	  
	 §4.11 Breakage Costs
	 	 	32	  
	 §4.12 Default Interest; Late Charge
	 	 	32	  
	 §4.13 Certificate
	 	 	32	  
	 §4.14 Limitation on Interest
	 	 	32	  
	 §4.15 Certain Provisions Relating to Increased Costs and Non-Funding Lenders
	 	 	33	  

					
	 §5. COLLATERAL SECURITY
	 	 	34	  
		
	 §5.1 Collateral
	 	 	34	  
	 §5.2 Appraisals; Adjusted Value
	 	 	34	  
	 §5.3 Addition of Collateral Properties
	 	 	34	  
	 §5.4 Release of Collateral Property
	 	 	35	  
	 §5.5 Additional Subsidiary Credit Parties
	 	 	36	  
	 §5.6 Release of Certain Subsidiary Credit Parties
	 	 	36	  
	 §5.7 Release of Collateral
	 	 	36	  
		
	 §6. REPRESENTATIONS AND WARRANTIES
	 	 	36	  
		
	 §6.1 Corporate Authority, Etc.
	 	 	36	  
	 §6.2 Governmental Approvals
	 	 	37	  
	 §6.3 Title to Collateral Properties
	 	 	37	  
	 §6.4 Financial Statements
	 	 	37	  
	 §6.5 No Material Changes
	 	 	38	  
	 §6.6 Franchises, Patents, Copyrights, Etc.
	 	 	38	  
	 §6.7 Litigation
	 	 	38	  
	 §6.8 No Material Adverse Contracts, Etc.
	 	 	38	  
	 §6.9 Compliance with Other Instruments, Laws, Etc.
	 	 	38	  
	 §6.10 Tax Status
	 	 	39	  
	 §6.11 No Event of Default
	 	 	39	  
	 §6.12 Investment Company Act
	 	 	39	  
	 §6.13 Absence of UCC Financing Statements, Etc.
	 	 	39	  
	 §6.14 Setoff, Etc.
	 	 	39	  
	 §6.15 Certain Transactions
	 	 	39	  
	 §6.16 Employee Benefit Plans
	 	 	40	  
	 §6.17 Disclosure
	 	 	40	  
	 §6.18 Trade Name; Place of Business
	 	 	40	  
	 §6.19 Regulations T, U and X
	 	 	40	  
	 §6.20 Environmental Compliance
	 	 	41	  
	 §6.21 Subsidiaries; Organizational Structure
	 	 	42	  
	 §6.22 Leases
	 	 	42	  
	 §6.23 Property
	 	 	42	  
	 §6.24 Brokers
	 	 	43	  
	 §6.25 Other Debt
	 	 	43	  
	 §6.26 Solvency
	 	 	44	  
	 §6.27 No Bankruptcy Filing
	 	 	44	  
	 §6.28 No Fraudulent Intent
	 	 	44	  
	 §6.29 Transaction in Best Interests of Borrowers; Consideration
	 	 	44	  
	 §6.30 OFAC
	 	 	44	  
		
	 §7. AFFIRMATIVE COVENANTS
	 	 	44	  
		
	 §7.1 Punctual Payment
	 	 	44	  
	 §7.2 Maintenance of Office
	 	 	45	  
	 §7.3 Records and Accounts
	 	 	45	  
	 §7.4 Financial Statements, Certificates and Information
	 	 	45	  

  
 ii 

					
	 §7.5 Notices
	 	 	47	  
	 §7.6 Existence; Maintenance of Properties
	 	 	48	  
	 §7.7 Insurance; Condemnation
	 	 	48	  
	 §7.8 Taxes; Liens
	 	 	52	  
	 §7.9 Inspection of Collateral Properties and Books
	 	 	53	  
	 §7.10 Compliance with Laws, Contracts, Licenses, and Permits
	 	 	53	  
	 §7.11 Further Assurances
	 	 	53	  
	 §7.12 Management
	 	 	53	  
	 §7.13 Leases of the Property
	 	 	54	  
	 §7.14 Business Operations
	 	 	54	  
	 §7.15 Registered Servicemark
	 	 	55	  
	 §7.16 Ownership of Real Estate
	 	 	55	  
	 §7.17 Distributions of Income to Parent Borrower
	 	 	55	  
	 §7.18 Plan Assets
	 	 	55	  
	 §7.19 Guarantor Covenants
	 	 	55	  
	 §7.20 Collateral Properties
	 	 	55	  
	 §7.21 Guarantor
	 	 	56	  
		
	 §8. NEGATIVE COVENANTS
	 	 	56	  
		
	 §8.1 Restrictions on Indebtedness
	 	 	56	  
	 §8.2 Restrictions on Liens, Etc.
	 	 	57	  
	 §8.3 Restrictions on Investments
	 	 	58	  
	 §8.4 Merger, Consolidation
	 	 	60	  
	 §8.5 Intentionally Deleted
	 	 	60	  
	 §8.6 Compliance with Environmental Laws
	 	 	60	  
	 §8.7 Distributions
	 	 	61	  
	 §8.8 Asset Sales
	 	 	61	  
	 §8.9 Collateral Properties
	 	 	61	  
	 §8.10 Restriction on Prepayment of Indebtedness
	 	 	62	  
	 §8.11 Derivatives Contracts
	 	 	63	  
	 §8.12 Transactions with Affiliates
	 	 	63	  
	 §8.13 Management Fees
	 	 	63	  
		
	 §9. FINANCIAL COVENANTS
	 	 	63	  
		
	 §9.1 Maximum Leverage Ratio
	 	 	63	  
	 §9.2 Minimum Liquidity
	 	 	63	  
	 §9.3 Minimum Fixed Charge Coverage Ratio
	 	 	63	  
	 §9.4 Minimum Tangible Net Worth
	 	 	63	  
	 §9.5 Minimum Debt Yield
	 	 	63	  
	 §9.6 Maximum Loan to Value Ratio
	 	 	63	  
	 §9.7 Interest Rate Protection
	 	 	64	  
		
	 §10. CLOSING CONDITIONS
	 	 	64	  
		
	 §10.1 Loan Documents
	 	 	64	  
	 §10.2 Certified Copies of Organizational Documents
	 	 	64	  
	 §10.3 Resolutions
	 	 	64	  
	 §10.4 Incumbency Certificate; Authorized Signers
	 	 	64	  

  
 iii 

					
	 §10.5 Opinion of Counsel
	 	 	64	  
	 §10.6 Payment of Fees
	 	 	64	  
	 §10.7 Insurance
	 	 	64	  
	 §10.8 Performance; No Default
	 	 	64	  
	 §10.9 Representations and Warranties
	 	 	65	  
	 §10.10 Proceedings and Documents
	 	 	65	  
	 §10.11 Eligible Real Estate Qualification Documents
	 	 	65	  
	 §10.12 Compliance Certificate
	 	 	65	  
	 §10.13 Appraisals
	 	 	65	  
	 §10.14 Consents
	 	 	65	  
	 §10.15 Other
	 	 	65	  
		
	 §11. CONDITIONS TO ALL BORROWINGS
	 	 	65	  
		
	 §11.1 Prior Conditions Satisfied
	 	 	65	  
	 §11.2 Representations True; No Default
	 	 	65	  
	 §11.3 Borrowing Documents
	 	 	66	  
	 §11.4 Future Advances Tax Payment
	 	 	66	  
		
	 §12. EVENTS OF DEFAULT; ACCELERATION; ETC.
	 	 	66	  
		
	 §12.1 Events of Default and Acceleration
	 	 	66	  
	 §12.2 Certain Cure Periods
	 	 	68	  
	 §12.3 Termination of Commitments
	 	 	68	  
	 §12.4 Remedies
	 	 	68	  
	 §12.5 Distribution of Collateral Proceeds
	 	 	69	  
		
	 §13. SETOFF
	 	 	70	  
		
	 §14. THE AGENT
	 	 	70	  
		
	 §14.1 Authorization
	 	 	70	  
	 §14.2 Employees and Agents
	 	 	70	  
	 §14.3 No Liability
	 	 	70	  
	 §14.4 No Representations
	 	 	71	  
	 §14.5 Payments
	 	 	71	  
	 §14.6 Holders of Notes
	 	 	72	  
	 §14.7 Indemnity
	 	 	72	  
	 §14.8 Agent as Lender
	 	 	72	  
	 §14.9 Resignation
	 	 	72	  
	 §14.10 Duties in the Case of Enforcement
	 	 	73	  
	 §14.11 Bankruptcy
	 	 	73	  
	 §14.12 Request for Agent Action
	 	 	73	  
	 §14.13 Reliance by Agent
	 	 	74	  
	 §14.14 Approvals
	 	 	74	  
	 §14.15 Borrowers Not Beneficiary
	 	 	74	  
	 §14.16 Defaulting Lenders
	 	 	74	  
	 §14.17 Reliance on Hedge Provider
	 	 	76	  

  
 iv 

					
	 §15. EXPENSES
	 	 	76	  
		
	 §16. INDEMNIFICATION
	 	 	77	  
		
	 §17. SURVIVAL OF COVENANTS, ETC.
	 	 	77	  
		
	 §18. ASSIGNMENT AND PARTICIPATION
	 	 	78	  
		
	 §18.1 Conditions to Assignment by Lenders
	 	 	78	  
	 §18.2 Register
	 	 	78	  
	 §18.3 New Notes
	 	 	78	  
	 §18.4 Participations
	 	 	79	  
	 §18.5 Pledge by Lender
	 	 	79	  
	 §18.6 No Assignment by Borrowers
	 	 	79	  
	 §18.7 Disclosure
	 	 	80	  
	 §18.8 Titled Agents
	 	 	80	  
	 §18.9 Amendments to Loan Documents
	 	 	80	  
		
	 §19. NOTICES
	 	 	80	  
		
	 §20. RELATIONSHIP
	 	 	81	  
		
	 §21. GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE
	 	 	81	  
		
	 §22. HEADINGS
	 	 	82	  
		
	 §23. COUNTERPARTS
	 	 	82	  
		
	 §24. ENTIRE AGREEMENT, ETC.
	 	 	82	  
		
	 §25. WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS
	 	 	82	  
		
	 §26. DEALINGS WITH THE BORROWERS
	 	 	83	  
		
	 §27. CONSENTS, AMENDMENTS, WAIVERS, ETC.
	 	 	83	  
		
	 §28. SEVERABILITY
	 	 	83	  
		
	 §29. TIME OF THE ESSENCE
	 	 	84	  
		
	 §30. NO UNWRITTEN AGREEMENTS
	 	 	84	  
		
	 §31. REPLACEMENT NOTES
	 	 	84	  
		
	 §32. NO THIRD PARTIES BENEFITED
	 	 	84	  
		
	 §33. PATRIOT ACT
	 	 	84	  
		
	 §34. [Intentionally Omitted.]
	 	 	85	  
		
	 §35. JOINT AND SEVERAL LIABILITY
	 	 	85	  
		
	 §36. ADDITIONAL AGREEMENTS CONCERNING OBLIGATIONS OF BORROWERS AND SUBSIDIARY GUARANTORS
	 	 	85	  
		
	 §36.1 Attorney-in-Fact
	 	 	85	  
	 §36.2 Accommodation
	 	 	85	  
	 §36.3 Waiver of Automatic or Supplemental Stay
	 	 	85	  
	 §36.4 Waiver of Defenses
	 	 	85	  

  
 v 

					
	 §36.5 Waiver
	 	 	87	  
	 §36.6 Subordination
	 	 	88	  
	 §36.7 Waiver of Rights Under Anti-Deficiency Rules
	 	 	88	  
	 §36.8 Further Waivers
	 	 	89	  
		
	 §37. ACKNOWLEDGMENT OF BENEFITS; EFFECT OF AVOIDANCE PROVISIONS
	 	 	89	  

  
 vi 

 EXHIBITS AND SCHEDULES 

 

			
		
	Exhibit A	  	FORM OF REVOLVING CREDIT NOTE
		
	Exhibit B	  	RESERVED
		
	Exhibit C	  	FORM OF JOINDER AGREEMENT
		
	Exhibit D	  	FORM OF REQUEST FOR REVOLVING CREDIT LOAN
		
	Exhibit E	  	RESERVED
		
	Exhibit F	  	FORM OF BORROWING BASE AVAILABILITY CERTIFICATE
		
	Exhibit G	  	FORM OF COMPLIANCE CERTIFICATE
		
	Exhibit H	  	FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT
		
	Exhibit I	  	RESERVED
		
	Schedule 1.1	  	LENDERS AND COMMITMENTS
		
	Schedule 1.2	  	ELIGIBLE REAL ESTATE QUALIFICATION DOCUMENTS
		
	Schedule 6.3	  	LIST OF ALL ENCUMBRANCES ON ASSETS
		
	Schedule 6.5	  	NO MATERIAL CHANGES
		
	Schedule 6.7	  	PENDING LITIGATION
		
	Schedule 6.15	  	CERTAIN TRANSACTIONS
		
	Schedule 6.20(d)	  	REQUIRED ENVIRONMENTAL ACTIONS
		
	Schedule 6.21	  	SUBSIDIARIES
		
	Schedule 6.22	  	EXCEPTIONS TO RENT ROLL
		
	Schedule 6.23	  	PROPERTY
		
	Schedule 6.25	  	MATERIAL LOAN AGREEMENTS
		
	Schedule 8.8	  	ASSET SALES
		
	Schedule 19	  	NOTICE ADDRESSES

  
 vii 

 CREDIT AGREEMENT 

THIS CREDIT AGREEMENT is made as of the 21st day of April, 2014, by and among
CITY OFFICE REIT OPERATING PARTNERSHIP, L.P., a Maryland limited partnership (“Parent Borrower”), the Subsidiary Credit Parties hereafter becoming a party hereto, KEYBANK NATIONAL ASSOCIATION
(“KeyBank”), the other lending institutions which are parties to this Agreement as “Lenders”, and the other lending institutions that may become parties hereto pursuant to §18, KEYBANK NATIONAL ASSOCIATION, as
administrative agent for the Lenders (the “Agent”), and KEYBANC CAPITAL MARKETS, as Sole Lead Arranger and Sole Book Manager. 

R E C I T A L S 

WHEREAS, Parent Borrower has requested that the Lenders provide a revolving loan facility to Parent Borrower and each Subsidiary
Borrower hereafter becoming a party hereto; and 
 WHEREAS, the Agent and the Lenders are willing to provide such revolving loan
facility to Borrowers on and subject to the terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the
recitals herein and mutual covenants and agreements contained herein, the parties hereto hereby covenant and agree as follows: 
 §1. DEFINITIONS AND
RULES OF INTERPRETATION. 
 §1.1 Definitions. The following terms shall have the meanings set forth in this §1 or elsewhere in the
provisions of this Agreement referred to below: 
 Additional Commitment Request Notice. See §2.12(a) 

Additional Subsidiary Borrower. Each additional Subsidiary of Parent Borrower which becomes a Subsidiary Borrower pursuant to
§5.5. 
 Additional Subsidiary Guarantor. Each additional Subsidiary of Parent Borrower which becomes a Subsidiary Guarantor
pursuant to §5.5 
 Adjusted EBITDA. On any date of determination, the sum of (1) the EBITDA for the prior fiscal quarter
most recently ended, multiplied by four (4), less (b) the Capital Reserve. 
 Affiliate. An Affiliate, as applied to any
Person, shall mean any other Person directly or indirectly controlling, controlled by, or under common control with, that Person. For purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”), as applied to any Person, means (a) the possession, directly or indirectly, of the power to vote more than fifty percent (50%) of the stock,
shares, voting trust certificates, beneficial interest, partnership interests, member interests or other interests having voting power for the election of directors of such Person or otherwise to direct or cause the direction of the management and
policies of that Person, whether through the ownership of voting securities or by contract or otherwise, or (b) the ownership of (i) a general partnership interest, (ii) a managing member’s or manager’s interest in a limited
liability company or (iii) a limited partnership interest or preferred stock (or other ownership interest) representing more than fifty percent (50%) of the outstanding limited partnership interests, preferred stock or other ownership
interests of such Person. 

 Agent. KeyBank National Association, acting as administrative agent for the Lenders, and
its successors and assigns. 
 Agent’s Head Office. The Agent’s head office located at 127 Public Square, Cleveland, Ohio
44114-1306, or at such other location as the Agent may designate from time to time by notice to the Borrowers and the Lenders. 

Agent’s Special Counsel. Riemer & Braunstein LLP or such other counsel as selected by Agent. 

Agreement. This Credit Agreement, as the same may be amended, modified, supplemented and/or extended from time to time, including the
Schedules and Exhibits hereto. 
 Agreement Regarding Fees. See §4.2. 

Applicable Margin. The Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be as set forth below: 

 

			
	LIBOR Rate Loans	  	Base Rate Loans
	 2.75%
	  	1.75%

 Appraisal. An MAI appraisal of the value of a parcel of Real Estate, performed by an independent
appraiser with experience appraising office properties selected by the Agent who is not an employee of any Borrower or any of their Subsidiaries, the Agent or a Lender, the form and substance of such appraisal and the identity of the appraiser to be
in compliance with the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended, the rules and regulations adopted pursuant thereto and all other regulatory laws and policies (both regulatory and internal) applicable to the
Lenders and approved by the Agent, such approval not to be unreasonably withheld, delayed or conditioned. 
 Appraised Value. The
“as-is” or “as stabilized”, as applicable, value of a Collateral Property (or Real Estate which will become a Collateral Property) determined by the most recent applicable Appraisal of such Collateral Property (or Real Estate
which will become a Collateral Property), obtained pursuant to this Agreement. 
 Approved Fund. Any Fund that is administered or
managed by (a) a Lender, or (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

Arranger. KeyBanc Capital Markets or any successors thereto. 

Assignment and Acceptance Agreement. See §18.1. 

Assignment of Leases and Rents. Each of the assignments of leases and rents from the Parent Borrower or a Subsidiary Credit Party to
the Agent now or hereafter delivered to secure the Obligations, as may be modified or amended. 
 Authorized Officer. Any of the
following Persons: Jamie Farrar, Tony Maretic, Greg Tylee and such other Persons as Parent Borrower shall designate in a written notice to Agent. 

Balance Sheet Date. April 21, 2014. 

Bankruptcy Code. Title 11, U.S.C.A., as amended from time to time or any successor statute thereto. 

  
 2 

 Base Rate. The greatest of (a) the fluctuating annual rate of interest announced from
time to time by the Agent at the Agent’s Head Office as its “prime rate”, and (b) one half of one percent (0.50%) above the Federal Funds Effective Rate. The Base Rate is a reference rate and does not necessarily represent the
lowest or best rate being charged to any customer. Any change in the rate of interest payable hereunder resulting from a change in the Base Rate shall become effective as of the opening of business on the day on which such change in the Base Rate
becomes effective, without notice or demand of any kind. 
 Base Rate Loans. Loans bearing interest calculated by reference to the
Base Rate. 
 Borrowers. Collectively, Parent Borrower and the Subsidiary Borrowers, and individually any of them. 

Borrowing Base Availability. As of any time of determination, the aggregate of (a) and (b) below: 

(a) with respect to the Initial Collateral Property, the lesser of: (i) (x) until such time as the Initial Collateral Property first
satisfies the Occupancy Requirement, the lesser of (A) 65% of the “as is” Appraised Value of the Initial Collateral Property, or (B) (I) 65% of the “as stabilized” Appraised Value of the Initial Collateral Property
less (II) Two Million Dollars (such amount to be reduced by the amount of any Loan proceeds advanced under §2.2) and (y) from and after the time the Initial Collateral Property first satisfies the Occupancy Requirement, 65% of the “as
stabilized” Appraised Value of the Initial Collateral Property (or 65% of the “as is” Appraised Value of the Initial Collateral Property, based on an updated Appraisal conducted after the Initial Collateral Property first satisfies
the Occupancy Requirement) and (ii) an amount which would provide a Property Debt Yield of 10.00%; and 
 (b) with respect to each
Collateral Property other than the Initial Collateral Property, the lesser of: (i) 65% of the “as is” Appraised Value of such Collateral Property and (ii) an amount which would provide a Property Debt Yield of 10.50%. 

Breakage Costs. The commercially reasonable cost to any Lender of re-employing funds bearing interest at LIBOR incurred (or reasonably
expected to be incurred during such Interest Period) in connection with (i) any payment of any portion of the Loans bearing interest at LIBOR prior to the termination of any applicable Interest Period, (ii) the conversion of a LIBOR Rate
Loan to any other applicable interest rate on a date other than the last day of the relevant Interest Period, or (iii) the failure of a Borrower to draw down, on the first day of the applicable Interest Period, any amount as to which such
Borrower has elected a LIBOR Rate Loan. 
 Building. With respect to each Collateral Property or parcel of Real Estate, all of the
buildings, structures and improvements now or hereafter located thereon. 
 Business Day. Any day on which banking institutions
located in the same city and State as the Agent’s Head Office are located are open for the transaction of banking business and, in the case of LIBOR Rate Loans, which also is a LIBOR Business Day. 

Capital Lease Obligations. With respect to the Parent Borrower and its Subsidiaries for any period, the obligations of the Parent
Borrower or any Subsidiary to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as
liabilities on a balance sheet of the Parent Borrower and its Subsidiaries under GAAP and the amount of which obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

  
 3 

 Capital Reserve. On an annual basis, an amount equal to $0.25 per square foot. The Capital
Reserve shall be calculated based on the total rentable square footage of the Buildings owned (or ground leased) at the end of each fiscal quarter, less the square footage of unoccupied space held for development or redevelopment. 

Capitalization Rate. Eight percent (8.00%). 

Capitalized Lease. A lease under which the discounted future rental payment obligations of the lessee or the obligor are required to be
capitalized on the balance sheet of such Person in accordance with GAAP. 
 Cash Equivalents. As of any date, (i) securities
issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof having maturities of not more than one year from such date, (ii) time deposits and certificates of deposits having
maturities of not more than one year from such date and issued by any domestic commercial bank having, (A) senior long term unsecured debt rated at least A or the equivalent thereof by S&P or A2 or the equivalent thereof by Moody’s and
(B) capital and surplus in excess of $100,000,000; and (iii) shares of any money market mutual fund rated at least AAA or the equivalent thereof by S&P or at least AAA or the equivalent thereof by Moody’s. 

CERCLA. The Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. 9601 et seq. 

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

Change of Control. A Change of Control shall exist upon the occurrence of any of the following: 

(a) During any twelve month period on or after the date of this Agreement, individuals who at the beginning of such period constituted the
Board of Directors or Trustees of the Guarantor (the “Board”) (together with any new directors whose election by the Board or whose nomination for election by the shareholders of the Guarantor was approved by a vote of at least a majority
of the members of the Board then in office who either were members of the Board at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the members of
the Guarantor then in office; 
 (b) Any Person (including a Person’s Affiliates and associates) or group (as that term is understood
under Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations thereunder), shall have acquired beneficial ownership (within the meaning of Rule 13d-3 under the
Exchange Act) of a percentage (based on voting power, in the event different classes of stock or voting interests shall have different voting powers) of the voting stock or voting interests of Guarantor equal to at least twenty percent
(20%) who did not hold such beneficial ownership as of the date of this Agreement; 

  
 4 

 (c) Guarantor shall fail to own at least fifty five percent (55%) of the limited partner
Equity Interests of the Parent Borrower and own and control the general partner of Parent Borrower, shall fail to own such interests in Parent Borrower free of any lien, encumbrance or other adverse claim, or shall fail to control (along with City
Office Real Estate Management, Inc., through an advisory agreement) the management and policies of Parent Borrower; 
 (d) the Parent
Borrower or Guarantor consolidates with, is acquired by, or merges into or with any Person (other than a merger permitted by Section 8.4); or 

(e) Parent Borrower fails to own directly or indirectly, free of any lien, encumbrance or other adverse claim, at least ninety percent
(90%) of the economic, voting and beneficial interest of each Subsidiary Credit Party. 
 Closing Date. The date agreed to by
the parties hereto on which all of the conditions set forth in §10 and §11 have been satisfied. 
 Code. The Internal
Revenue Code of 1986, as amended. 
 Collateral. All of the property, rights and interests of the Parent Borrower and Subsidiary
Credit Parties which are subject to the security interests, security title, liens and mortgages created by the Security Documents, including, without limitation, the Collateral Properties. 

Collateral Property or Collateral Properties. The Eligible Real Estate which is security for the Obligations and any Hedge Obligations
pursuant to the Mortgages. 
 Commitment. As to each Lender, the amount set forth on Schedule 1.1 hereto as such Lender’s
commitment to fund the Loans from time to time to Borrowers in accordance with the terms of this Agreement. 
 Commitment Increase.
An increase in the Total Commitment to not more than $150,000,000 after giving effect to any such increase pursuant to §2.12. 

Commitment Increase Date. See §2.12(a). 

Commitment Percentage. With respect to each Lender, the percentage set forth on Schedule 1.1 hereto as such Lender’s
percentage of the aggregate Commitments of all of the Lenders, as the same may be changed from time to time in accordance with the terms of this Agreement. 

Competitor. Any Person that is a competitor with the Guarantor or any Borrower in acquiring and investing in assets similar to those of
the Guarantor, the Borrowers and their Subsidiaries, excluding any commercial or investment banking institution regulated by any governmental entity. 

Compliance Certificate. See §7.4(c). 

Condemnation Proceeds. All compensation, awards, damages, judgments and proceeds awarded to a Borrower by reason of any Taking, net of
all reasonable and customary amounts actually expended to collect the same and/or to maximize the total amount of the same. 

  
 5 

 Consolidated. With reference to any term defined herein, that term as applied to the
accounts of a Person and its Subsidiaries, determined on a consolidated basis in accordance with GAAP. 
 Conversion/Continuation
Request. A notice given by the Borrowers to the Agent of its election to convert or continue a Loan in accordance with §4.1. 

Credit Party(ies). Individually and collectively, the Parent Borrower, the Guarantor and each Subsidiary Credit Party. 

Default. See §12.1. 

Default Rate. See §4.12. 

Defaulting Lender. Any Lender that, as determined by the Agent, (a) has failed to perform any of its funding obligations
hereunder, including in respect of its Loans, within three Business Days of the date required to be funded by it hereunder, unless such Lender is contesting its obligation to fund such amount in good faith, (b) has notified the Borrower, or the
Agent that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or under other agreements in which it has extended credit, (c) has failed,
within three Business Days after request by the Agent, to confirm in a manner reasonably satisfactory to the Agent that it will comply with its funding obligations, unless such Lender is contesting its obligation to fund in good faith, or
(d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any bankruptcy or other debtor relief law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit
of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such
proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in 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 of America 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. 

Derivatives Contract. Any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions,
commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate
options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any
combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement. Not in limitation of the foregoing, the term “Derivatives
Contract” includes any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives
Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or liabilities under any such master agreement. 

Distribution. Any (a) dividend or other distribution, direct or indirect, on account of any Equity Interest of Parent Borrower or
a Subsidiary Credit Party, now or hereafter outstanding, except a dividend or other distribution payable solely in Equity Interest to the holders of that class; (b) redemption, conversion, exchange, retirement, sinking fund or similar payment,
purchase or other acquisition for 

  
 6 

 
value, direct or indirect, of any Equity Interest of Parent Borrower or a Subsidiary Credit Party now or hereafter outstanding; and (c) payment made to retire, or to obtain the surrender of,
any outstanding warrants, options or other rights to acquire any Equity Interests of Parent Borrower or a Subsidiary Credit Party now or hereafter outstanding. 

Dollars or $. Dollars in lawful currency of the United States of America. 

Domestic Lending Office. Initially, the office of each Lender designated as such on Schedule 1.1 hereto; thereafter, such other
office of such Lender, if any, located within the United States that will be making or maintaining Base Rate Loans. 
 Drawdown Date.
The date on which any Loan is made or is to be made, and the date on which any Loan which is made prior to the Revolving Credit Maturity Date, is converted in accordance with §4.1. 

EBITDA. An amount derived from the following during any given period (a) net income, plus (b) to the extent included in the
determination of net income, depreciation, amortization, interest expense (including any preferred dividends) and income taxes, plus (c) property acquisition fees plus or minus (d) to the extent included in the determination of net income,
any extraordinary losses or gains, such as those resulting from sales or payment of Indebtedness but excluding straight-line rents and FAS 141 accruals or similar adjustments, in each case, as determined on a Consolidated basis in accordance with
GAAP (unless otherwise indicated herein), and including (without duplication) the Equity Percentage of EBITDA for the Guarantor’s Unconsolidated Affiliates. 

Eligible Assignee. (a) A Lender; (b) an Affiliate of a Lender; (c) an Approved Fund, and (d) any other Person
(other than a natural person) approved by (i) the Agent, and (ii) unless an Event of Default has occurred and is continuing, the Borrowers (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the
foregoing, “Eligible Assignee” shall not include any Borrower or any of the Borrowers’ or the Guarantor’s Affiliates or Subsidiaries, or unless an Event of Default is in existence, a Competitor; and provided further that it shall
not be unreasonable to withhold consent if an assignee’s status would increase the costs to the Borrowers or impose other restrictions on Borrowers. 

Eligible Real Estate. Real Estate: 

(a) which is owned in fee (or leased under a ground lease acceptable to the Agent in its reasonable discretion), with such easements,
rights-of-way, and other similar appurtenances required for the operation of the fee or leasehold property, by Parent Borrower or a Subsidiary Credit Party; 

(b) which is an office property located within the fifty (50) States of the continental United States or the District of Columbia; 

(c) as to which all of the representations set forth in §6 of this Agreement concerning Collateral Property are true and correct in all
material respects; 
 (d) such Real Estate (other than the Initial Collateral Property) satisfies the Occupancy Requirement; 

(e) which has been approved by the Required Lenders in their sole discretion for inclusion in the Borrowing Base; and 

  
 7 

 (f) as to which the Agent has received and approved all Eligible Real Estate Qualification
Documents, or will receive and approve them prior to inclusion of such Real Estate as a Collateral Property. 
 Eligible Real Estate
Qualification Documents. See Schedule 1.2 attached hereto. 
 Employee Benefit Plan. Any employee benefit plan within the
meaning of §3(3) of ERISA maintained or contributed to by any Borrower or any ERISA Affiliate, other than a Multiemployer Plan. 

Environmental Engineer. Such firm or firms of independent professional engineers or other scientists generally recognized as expert in
the detection, analysis and remediation of Hazardous Substances and related environmental matters and acceptable to the Agent in its reasonable discretion. 

Environmental Laws. As defined in the Indemnity Agreements. 

Equity Interests. With respect to any Person, any share of capital stock of (or other ownership or profit interests in) such Person,
any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person, any security convertible into or exchangeable for any share of
capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests), and any other ownership or profit interest in such
Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or otherwise existing on any date of
determination. 
 Equity Percentage. The aggregate ownership percentage of a Borrower or their respective Subsidiaries in each
Unconsolidated Affiliate. 
 ERISA. The Employee Retirement Income Security Act of 1974, as amended and in effect from time to time.

 ERISA Affiliate. Any Person that is subject to ERISA and is treated as a single employer with Parent Borrower or its Subsidiaries
under §414 of the Code. 
 ERISA Reportable Event. A reportable event with respect to a Guaranteed Pension Plan within the
meaning of §4043 of ERISA and the regulations promulgated thereunder as to which the requirement of notice has not been waived. 

Event of Default. See §12.1. 

Federal Funds Effective Rate. For any day, the rate per annum (rounded upward to the nearest one-hundredth of one percent (1/100 of
1%)) announced by the Federal Reserve Bank of Cleveland 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.” 

Fixed Charge Ratio. The ratio of (a) Adjusted EBITDA to (b) all of the principal due and payable on the Indebtedness (other
than amounts paid in connection with balloon maturities, refinancings, unscheduled principal payments or principal payments on the Loans), plus all Interest Expense, plus the aggregate of all cash dividends payable on any preferred stock, all based
upon the immediately preceding calendar quarter (annualized). 

  
 8 

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

GAAP. Generally accepted accounting principles consistently applied. 

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

 Guaranteed Pension Plan. Any employee pension benefit plan within the meaning of §3(2) of ERISA maintained or contributed to
by any Borrower or any ERISA Affiliate the benefits of which are guaranteed on termination in full or in part by the PBGC pursuant to Title IV of ERISA, other than a Multiemployer Plan. 

Guaranty. The guaranty of the Guarantor (or a Subsidiary Guarantor) in favor of the Agent and the Lenders of certain of the Obligations
of the Borrowers hereunder. 
 Hazardous Substances. As defined in the Indemnity Agreements. 

Hedge Obligations. As may be applicable at any time, all obligations of Borrowers to any Lender Hedge Provider to make any termination
payments under any Derivatives Contract with respect to an interest rate swap, collar, cap or floor or a forward rate agreement or other agreement regarding the hedging of interest rate risk exposure, and any confirming letter executed pursuant to
such hedging agreement, all as amended, restated or otherwise modified. 
 Increase Notice. See §2.12(a). 

Indebtedness. Without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments, including mandatorily redeemable preferred stock, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under
conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred
in the ordinary course of business, fees paid under advisory agreements and other reasonable fees paid to affiliates), (f) all Indebtedness (excluding non-recourse carve-out guarantees until such time as Borrower or Guarantor is called upon to
make payments under any of these guarantees, at which time such guarantees shall thereafter be included in the definition of Indebtedness to the extent of the actual liability thereunder) of others secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person in an amount equal to the lesser of such Indebtedness or the value of the encumbered property, whether or not the
Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others (excluding non-recourse carve-out guarantees until such time as Borrower or Guarantor is called upon to make payments under any of these
guarantees, at which time such guarantees shall thereafter be 

  
 9 

 
included in the definition of Indebtedness to the extent of the actual liability thereunder), (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or
otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (k) all currently payable
obligations of such Person with respect to any Hedge Obligations. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is
liable therefore as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. Indebtedness shall be calculated on
a consolidated basis in accordance with GAAP (unless otherwise indicated herein), and including (without duplication) the Equity Percentage of Indebtedness for the Guarantor’s Unconsolidated Affiliates. 

Indemnity Agreements. The Environmental Indemnity regarding Hazardous Substances made by the Parent Borrower and each Subsidiary Credit
Party in favor of the Agent and the Lenders, as the same may be modified or amended. 
 Initial Collateral Property. The Real Estate
commonly known as Central Fairwinds, a 169,824 square foot office property, located at 135 W. Central Boulevard, Orlando, Florida. 

Insurance Proceeds. All insurance proceeds, damages and claims and the right thereto under any insurance policies relating to any
portion of any Collateral, net of all reasonable and customary amounts actually expended to collect the same and/or to maximize the total amount of the same. 

Interest Expense. All paid, accrued or capitalized interest expense on such Person’s Indebtedness (whether direct, indirect or
contingent, and including, without limitation, interest on all convertible debt), and including (without duplication) the Equity Percentage of Interest Expense for the Guarantor’s Unconsolidated Affiliates. 

Interest Payment Date. As to each Loan, the first day of each calendar month. 

Interest Period. With respect to each LIBOR Rate Loan (a) initially, the period commencing on the Drawdown Date of such LIBOR Rate
Loan and ending one, two, or three months thereafter and (b) thereafter, each period commencing on the day following the last day of the next preceding Interest Period applicable to such Loan and ending on the last day of one of the periods set
forth above, as selected by the Borrowers in a Loan Request or Conversion/Continuation Request; provided that all of the foregoing provisions relating to Interest Periods are subject to the following: 

(i) if any Interest Period with respect to a LIBOR Rate Loan would otherwise end on a day that is not a LIBOR Business Day, such Interest
Period shall end on the next succeeding LIBOR Business Day, unless such next succeeding LIBOR Business Day occurs in the next calendar month, in which case such Interest Period shall end on the next preceding LIBOR Business Day, as determined
conclusively by the Agent in accordance with the then current bank practice in London, England; 
 (ii) if the Borrowers shall fail to give
notice as provided in §4.1, the Borrowers shall be deemed to have requested a continuation of the affected LIBOR Rate Loan as a LIBOR Rate Loan for an interest period of one month on the last day of the then current Interest Period with respect
thereto as provided in and subject to the terms of §4.1(c); 

  
 10 

 (iii) any Interest Period pertaining to a LIBOR Rate Loan that begins on the last Business Day
of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the applicable calendar month; and 

(iv) no Interest Period relating to any LIBOR Rate Loan shall extend beyond the Revolving Credit Maturity Date, as applicable. 

Investments. With respect to any Person, all shares of capital stock, evidences of Indebtedness and other securities issued by any
other Person and owned by such Person, all loans, advances, or extensions of credit to, or contributions to the capital of, any other Person, all purchases of the securities or business or integral part of the business of any other Person and
commitments and options to make such purchases, all interests in real property, and all other investments; provided, however, that the term “Investment” shall not include (i) equipment, inventory and other tangible
personal property acquired in the ordinary course of business, or (ii) current trade and customer accounts receivable for services rendered in the ordinary course of business and payable in accordance with customary trade terms. In determining
the aggregate amount of Investments outstanding at any particular time: (a) there shall be included as an Investment all interest accrued with respect to Indebtedness constituting an Investment unless and until such interest is paid;
(b) there shall be deducted in respect of each Investment any amount received as a return of capital; (c) there shall not be deducted in respect of any Investment any amounts received as earnings on such Investment, whether as dividends,
interest or otherwise, except that accrued interest included as provided in the foregoing clause (a) may be deducted when paid; and (d) there shall not be deducted in respect of any Investment any decrease in the value thereof. 

Joinder Agreement. The Joinder Agreement with respect to this Agreement, the Notes (or the Guaranty) and Indemnity Agreement to be
executed and delivered pursuant to §5.5 by any Additional Subsidiary Borrower (or Additional Subsidiary Guarantor), such Joinder Agreement to be substantially in the form of Exhibit C hereto. 

KeyBank. As defined in the preamble hereto. 

Leases. Leases, licenses and agreements, whether written or oral, relating to the use or occupation of space in any Building or of any
Real Estate. 
 Legal Requirements shall mean all applicable federal, state, county and local laws, rules, regulations, codes and
ordinances, and the requirements in each case of any governmental agency or authority having or claiming jurisdiction with respect thereto, including, but not limited to, those applicable to zoning, subdivision, building, health, fire, safety,
sanitation, the protection of the handicapped, and environmental matters and shall also include all orders and directives of any court, governmental agency or authority having or claiming jurisdiction with respect thereto. 

Lenders. KeyBank, the other lending institutions which are party hereto and any other Person which becomes an assignee of any rights of
a Lender pursuant to §18 (but not including any participant as described in §18); and collectively, the Revolving Credit Lenders. 

Lender Hedge Provider. As may be applicable at any time with respect to any Hedge Obligations, any counterparty thereto that, at the
time the applicable hedge agreement was entered into, was the Agent or an Affiliate of the Agent. 
 LIBOR. For any LIBOR Rate Loan
for any Interest Period, the average rate as shown by Reuters, or if such Person no longer reports such rate as determined by Agent, by another similar commercially available source providing such quotations reasonably approved by Agent, at which
deposits in U.S. dollars are offered by first class banks in the London Interbank Market at approximately 11:00 a.m. 

  
 11 

 
(London time) on the day that is two (2) LIBOR Business Days prior to the first day of such Interest Period with a maturity approximately equal to such Interest Period and in an amount
approximately equal to the amount to which such Interest Period relates, adjusted for reserves and taxes if required by future regulations. If Reuters or such other Person selected by Agent described above no longer reports such rate or Agent
determines in good faith that the rate so reported no longer accurately reflects the rate available to Agent in the London Interbank Market, Loans shall accrue interest at the Base Rate plus the Applicable Margin for such Loan. For any period during
which a Reserve Percentage shall apply, LIBOR with respect to LIBOR Rate Loans shall be equal to the amount determined above divided by an amount equal to 1 minus the Reserve Percentage. 

LIBOR Business Day. Any day on which commercial banks are open for international business (including dealings in Dollar deposits) in
London, England. 
 LIBOR Lending Office. Initially, the office of each Lender designated as such on Schedule 1.1 hereto;
thereafter, such other office of such Lender, if any, that shall be making or maintaining LIBOR Rate Loans. 
 LIBOR Rate Loans.
Loans bearing interest calculated by reference to LIBOR. 
 Lien. See §8.2. 

Liquidity. The aggregate of (i) Unrestricted Cash and Cash Equivalents and (ii) marketable securities acceptable to the Agent
in its reasonable discretion. 
 Loan Documents. This Agreement, the Notes, the Security Documents and all other documents,
instruments or agreements now or hereafter executed or delivered by or on behalf of any Borrower or Subsidiary Credit Party or Guarantor in connection with the Loans and intended to constitute a Loan Document. 

Loan Request. See §2.7. 

Loan and Loans. An individual loan or the aggregate loans (including a Revolving Credit Loan (or Loans)), as the case may be, to
be made by the Lenders hereunder. All Loans shall be made in Dollars. 
 Majority Lenders. As of any date, any Revolving Credit
Lender or collection of Lenders whose aggregate Revolving Credit Commitment Percentage is greater than fifty percent (50%); provided that in determining said percentage at any given time, all the existing Revolving Credit Lenders that are Defaulting
Lenders will be disregarded and excluded and the Revolving Credit Commitment Percentages of the Revolving Credit Lenders shall be re-determined for voting purposes only to exclude the Revolving Credit Commitment Percentages of such Defaulting
Lenders. 
 Management Agreements. Written property management agreements providing for the management of the Collateral Properties
or any of them. 
 Material Adverse Effect. A material adverse effect on (a) the business, properties, assets, financial
condition or results of operations of Parent Borrower and its Subsidiaries in each case considered as a whole; (b) the ability of Parent Borrower and any Subsidiary Credit Party (taken as a whole) to perform its material obligations under the
Loan Documents; or (c) the validity or enforceability of any of the material Loan Documents or the material rights or remedies of Agent or the Lenders thereunder. 

  
 12 

 Moody’s. Moody’s Investor Service, Inc. 

Mortgages. The Mortgages, Deeds to Secure Debt and/or Deeds of Trust from Parent Borrower or a Subsidiary Credit Party to the Agent for
the benefit of the Lenders (or to trustees named therein acting on behalf of the Agent for the benefit of the Lenders), respecting the Collateral Properties, now or hereafter delivered to secure the Obligations, as the same may be modified or
amended. 
 Multiemployer Plan. Any multiemployer plan within the meaning of §3(37) of ERISA maintained or contributed to by any
Borrower or any ERISA Affiliate. 
 Net Income (or Loss). With respect to any Person (or any asset of any Person) for any period, the
net income (or loss) of such Person (or attributable to such asset), determined in accordance with GAAP. 
 Net Operating Income. For
any income producing Real Estate and for a given period, the difference between (a) any rentals, proceeds and other income received from such property during the determination period (excluding straight-line rents and FAS 141 accruals and
similar adjustments), less (b) an amount equal to all costs and expenses (excluding Interest Expense, Taxes, depreciation and amortization expense, and any expenditures that are capitalized in accordance with GAAP) incurred as a result
of, or in connection with, or properly allocated to, the operation or leasing of such property during the determination period (other than asset management fees); less (c) the Capital Expenditure Reserve; less (d) all rents,
common area reimbursements and other income for such Real Estate received with respect to leases as to which (i) the tenant or any guarantor thereunder is subject to any bankruptcy, reorganization, insolvency, dissolution, liquidation or
similar debtor relief proceeding, unless such tenant has expressly assumed its obligations under the applicable lease in such proceeding, (ii) the tenant which has exercised any termination option or otherwise not renewed its lease with a
termination date within three months of the subject quarter end, and/or (iii) with respect to any guarantor subject to any bankruptcy, reorganization, insolvency, dissolution, liquidation or similar debtor relief proceeding, unless such
guarantor is replaced by a credit worthy guarantor reasonably capable of performing the guarantor’s obligation and in the case of any lease in excess of 5,000 square feet such replacement guarantor shall be reasonably acceptable to Agent, plus
(e) projected rentals in connection with any replacement lease executed in accordance with the terms of this Agreement with respect to any space described in (d) above. Net Operating Income shall be calculated based on the immediately
preceding calendar quarter unless the Real Estate has not been owned by the Parent Borrower or its Subsidiaries for the entirety of such calendar quarter, in which event Net Operating Income shall be grossed up for such ownership period. 

Net Rentable Area. With respect to any Real Estate, the net rentable square footage as determined in accordance with the Appraisal.

 Non Excluded Taxes. See §4.4(b). 

Non-Recourse Exclusions. With respect to any Non-Recourse Indebtedness of any Person, any industry standard exclusions from the
non-recourse limitations governing such Indebtedness, including, without limitation, exclusions for claims that (i) are based on fraud, intentional misrepresentation, misapplication or misappropriation of funds, gross negligence or willful
misconduct (ii) result from intentional mismanagement of or physical waste at the Real Estate securing such Non-Recourse Indebtedness, or (iii) arise from the presence of Hazardous Substances on the Real Estate securing such Non-Recourse
Indebtedness (whether contained in a loan agreement, promissory note, indemnity agreement or other document), or (iv) are the result of any unpaid real estate taxes and assessments if sufficient cash flow from the Real Estate exists (whether
contained in a loan agreement, promissory note, indemnity agreement or other document). 

  
 13 

 Non-Recourse Indebtedness. Indebtedness of Guarantor, Parent Borrower, their respective
Subsidiaries, or an Unconsolidated Affiliate of any such Person, which is secured by one or more parcels of Real Estate (other than a Collateral Property) or interests therein or equipment and which is not a general obligation of Guarantor, Parent
Borrower or such Subsidiary or Unconsolidated Affiliate, the holder of such Indebtedness having recourse solely to the parcels of Real Estate, or interests therein, securing such Indebtedness or the direct owner of such real estate, the leases
thereon and the rents, profits and equity thereof or equipment, as applicable (except for recourse against the general credit of the Person obligated thereon for any Non-Recourse Exclusions), provided that in calculating the amount of
Non-Recourse Indebtedness at any time, the Parent Borrower’s reasonable estimate of the amount of any Non-Recourse Exclusions which are the subject of a claim and action shall not be included in the Non-Recourse Indebtedness but shall
constitute Recourse Indebtedness. Non-Recourse Indebtedness shall also include Indebtedness of a Subsidiary of Guarantor or Parent Borrower that is not a Subsidiary Credit Party or of an Unconsolidated Affiliate which is a special purpose entity
that is recourse solely to such Subsidiary or Unconsolidated Affiliate, which is not cross-defaulted to other Indebtedness of the Borrowers and which does not constitute Indebtedness of any other Person (other than such Subsidiary or Unconsolidated
Affiliate which is the borrower thereunder). 
 Notes. Collectively, the Revolving Credit Notes. 

Notice. See §19. 

Obligations. The term “Obligations” shall mean and include: 

A. The payment of the principal sum, interest at variable rates, charges and indebtedness evidenced by the Notes including any extensions,
renewals, replacements, increases, modifications and amendments thereof, given by Borrowers to the order of the respective Lenders; 
 B. The
payment, performance, discharge and satisfaction of each covenant, warranty, representation, undertaking and condition to be paid, performed, satisfied and complied with by Borrowers under and pursuant to this Credit Agreement or the other Loan
Documents; 
 C. The payment of all costs, expenses, legal fees and liabilities incurred by Agent and the Lenders in connection with the
enforcement of any of Agent’s or any Lender’s rights or remedies under this Credit Agreement or the other Loan Documents, or any other instrument, agreement or document which evidences or secures any other obligations or collateral
therefor, whether now in effect or hereafter executed; and 
 D. The payment, performance, discharge and satisfaction of all other
liabilities and obligations of any Borrower to Agent or any Lender, whether now existing or hereafter arising, direct or indirect, absolute or contingent, and including, without limitation express or implied upon the generality of the foregoing,
each liability and obligation of any Borrower under any one or more of the Loan Documents and any amendment, extension, modification, replacement or recasting of any one or more of the instruments, agreements and documents referred to in this Credit
Agreement or any other Loan Document or executed in connection with the transactions contemplated by this Credit Agreement or any other Loan Document; provided however that notwithstanding anything to the contrary set forth in the definition of
Obligations, with respect to any indemnification, contingent or other similar obligations, such matters shall be considered “Obligations” only to the extent a reasonable good faith claim has been made on such indemnification, contingent or
similar obligation on or before the date that all other Obligations are satisfied in full. 

  
 14 

 OFAC. Office of Foreign Asset Control of the Department of the Treasury of the United
States of America. 
 Occupancy Requirement. A Property that is at least 85% leased as of the date it becomes a Collateral Property.

 Outstanding. With respect to the Loans, the aggregate unpaid principal thereof as of any date of determination. 

Partnership Agreement. The Amended and Restated Limited Partnership Agreement of the Parent Borrower dated April
    , 2014. 
 Patriot Act. The Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, as the same may be amended from time to time, and corresponding provisions of future laws. 

PBGC. The Pension Benefit Guaranty Corporation created by §4002 of ERISA and any successor entity or entities having similar
responsibilities. 
 Permitted Liens. Liens, security interests and other encumbrances permitted by §8.2. 

Person. Any individual, corporation, limited liability company, partnership, trust, unincorporated association, or other legal entity,
and any government or any governmental agency or political subdivision thereof. 
 Plan Assets. Assets of any employee benefit plan
subject to Part 4, Subtitle B, Title I of ERISA. 
 Pledge Agreement. Collectively, each Pledge Agreement wherein the Parent Borrower
pledges all Equity Interests directly or indirectly owned by the Parent Borrower in a Subsidiary Credit Party if the recovery under the Mortgage granted by such Subsidiary Credit Party is limited due to mortgage tax considerations. 

Post Closing Letter. That certain letter agreement of even date herewith entered into by and among the Agent and the Borrowers, if
applicable. 
 Potential Collateral. Any property of Parent Borrower or a Subsidiary Credit Party which is not at the time included
in the Collateral and which consists of (i) Eligible Real Estate, or (ii) Real Estate which is capable of becoming Eligible Real Estate through the completion and delivery of Eligible Real Estate Qualification Documents. 

Property Debt Yield. The ratio of (a) Net Operating Income from a Collateral Property, multiplied by four, to (b) the
proposed amount of all Revolving Credit Loans to be advanced (or actually advanced) with respect to such Collateral Property. 
 Real
Estate. All real property at any time owned or leased (as lessee or sublessee) by a Borrower or any of their respective Subsidiaries, including, without limitation, the Collateral Properties. 

Recourse Indebtedness. As of any date of determination, any Indebtedness (whether secured or unsecured) of a Person other than
Non-Recourse Indebtedness. 
 Register. See §18.2. 

  
 15 

 Release. See §6.20(c)(iii). 

Rent Roll. A report prepared by the Borrowers showing for each Collateral Property owned or leased by Borrowers or a Subsidiary
Guarantor, its occupancy, tenants, lease expiration dates, lease rent and other information in substantially the form presented to Agent on or prior to the date hereof. 

Required Lenders. As of any date, the Lender or Lenders whose aggregate Commitment Percentage is equal to or greater than sixty-six and
2/3 percent (66.67%) of the Total Commitment; provided that in determining said percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded and the Commitment Percentages of the Lenders shall be
redetermined for voting purposes only to exclude the Commitment Percentages of such Defaulting Lenders. 
 Reserve Percentage. For
any Interest Period, that percentage which is specified three (3) Business Days before the first day of such Interest Period by the Board of Governors of the Federal Reserve System (or any successor) or any other governmental or
quasi-governmental authority with jurisdiction over Agent or any Lender for determining the maximum reserve requirement (including, but not limited to, any marginal reserve requirement) for Agent or any Lender with respect to liabilities
constituting of or including (among other liabilities) Eurocurrency liabilities in an amount equal to that portion of the Loan affected by such Interest Period and with a maturity equal to such Interest Period. 

Revolving Credit Base Rate Loans. Revolving Credit Loans bearing interest calculated by reference to the Base Rate. 

Revolving Credit Commitment. With respect to each Revolving Credit Lender, the amount set forth on Schedule 1.1 hereto as the
amount of such Revolving Credit Lender’s Revolving Credit Commitment to make or maintain Revolving Credit Loans to the Borrowers, as the same may be changed from time to time in accordance with the terms of this Agreement; provided that if the
Revolving Credit Commitments of the Revolving Credit Lenders have been terminated as provided in this Agreement, then the Revolving Credit Commitment of each Revolving Credit Lender shall be determined based on the Revolving Credit Commitment
Percentage of such Revolving Credit Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof. 

Revolving Credit Commitment Percentage. With respect to each Revolving Credit Lender, the percentage set forth on Schedule 1.1 hereto
as such Revolving Credit Lender’s percentage of the Total Commitment, as the same may be changed from time to time in accordance with the terms of this Agreement. 

Revolving Credit Lender. Collectively, the Lenders which have a Revolving Credit Commitment, the initial Revolving Credit Lenders being
identified on Schedule 1.1 hereto. 
 Revolving Credit LIBOR Rate Loans. Revolving Credit Loans bearing interest calculated by
reference to LIBOR. 
 Revolving Credit Loan or Loans. An individual Revolving Credit Loan or the aggregate Revolving Credit Loans,
as the case may be, in the maximum principal amount of $15,000,000 (subject to increase as provided in §2.12) to be made by the Revolving Credit Lenders hereunder as more particularly described in §2. 

Revolving Credit Maturity Date. April 21, 2016, as such date may be extended as provided in §2.13, or such earlier date on
which the Revolving Credit Loans shall become due and payable pursuant to the terms hereof. 

  
 16 

 Revolving Credit Notes. See §2.3. 

SEC. The federal Securities and Exchange Commission. 

Security Documents. Collectively, the Joinder Agreements, the Mortgages, the Assignments of Leases and Rents, the Indemnity Agreements,
the Pledge Agreement, UCC-1 financing statements and any further collateral security agreements or assignments to the Agent for the benefit of the Lenders. 

S&P. Standard & Poor’s Ratings Group. 

State. A state of the United States of America and the District of Columbia. 

Subordination, Attornment and Non-Disturbance Agreement. An agreement among the Agent, a Borrower and a tenant under a Lease pursuant
to which such tenant agrees to subordinate its rights under the Lease to the lien or security title of the applicable Mortgage and agrees to recognize the Agent or its successor in interest as landlord under the Lease in the event of a foreclosure
under such Mortgage, and the Agent agrees to not disturb the possession of such tenant, such agreement to be in form and substance reasonably satisfactory to Agent. 

Subsidiary. For any Person, any corporation, partnership, limited liability company or other entity of which at least a majority of the
securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership, limited liability company or
other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person, and
shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP. 
 Subsidiary
Borrower(s). Collectively, each Person which is a Subsidiary Borrower as of the Closing Date and each Additional Subsidiary Borrower that is the direct or indirect owner of a Collateral Property. 

Subsidiary Credit Party(ies). Collectively, each Person which is a Subsidiary Borrower or a Subsidiary Guarantor as of the Closing Date
and each Additional Subsidiary Borrower and Additional Subsidiary Guarantor that is the direct or indirect owner of a Collateral Property. 

Subsidiary Guarantor(s). Collectively, each Person which is a Subsidiary Guarantor as of the Closing Date and each Additional
Subsidiary Guarantor that is the direct or indirect owner of a Collateral Property. 
 Survey. An ALTA instrument survey of each
parcel of Collateral Property prepared by a registered land surveyor which shall show the location of all buildings, structures, easements and utility lines on such property, shall be sufficient to remove the standard survey exception from the Title
Policy, shall show that all buildings and structures are within the lot lines of the Collateral Property and shall not show any encroachments by others (or to the extent any encroachments are shown, such encroachments shall be acceptable to the
Agent in its reasonable discretion), shall show rights of way, adjoining sites, establish building lines and street lines, the distance to and names of the nearest intersecting streets and such other details as the Agent may reasonably require; and
shall show whether or not the Collateral Property is located in a flood hazard district as established by the Federal Emergency Management Agency or any successor agency or is located in any flood plain, flood hazard or wetland protection district
established under federal, state or local law and shall otherwise be in form and substance reasonably satisfactory to the Agent. 

  
 17 

 Surveyor Certification. With respect to each parcel of Collateral Property, a certificate
executed by the surveyor who prepared the Survey with respect thereto, dated as of a recent date and containing such information relating to such parcel as the Agent may reasonably require, such certificate to be reasonably satisfactory to the Agent
in form and substance. 
 Taking. The taking or appropriation (including by deed in lieu of condemnation) of any Collateral Property,
or any part thereof or interest therein, whether permanently or temporarily, for public or quasi-public use under the power of eminent domain, by reason of any public improvement or condemnation proceeding, or in any other manner or any customarily
recognized and compensated damage or injury or diminution in value through condemnation, inverse condemnation or other exercise of the power of eminent domain. 

Tangible Net Worth. The difference between (a) Total Asset Value less (b) all Indebtedness. 

Taxes. Any present or future taxes, levies, imposts, duties, charges, fees, or similar deductions or withholdings that are imposed by
any Governmental Authority. 
 Titled Agents. The Arranger the Syndication Agent, and any co-syndication agents or documentation
agent. 
 Title Insurance Company. Any title insurance company or companies approved by the Agent and the Parent Borrower. 

Title Policy. With respect to each parcel of Collateral Property, an ALTA standard form title insurance policy (or, if such form is not
available, an equivalent, legally promulgated form of mortgagee title insurance policy reasonably acceptable to the Agent) issued by a Title Insurance Company (with such reinsurance as the Agent may reasonably require, any such reinsurance to be
with direct access endorsements to the extent available under applicable law) in an amount as the Agent may reasonably require based upon the fair market value of the applicable Collateral Property insuring the priority of the Mortgage thereon and
that a Borrower or Subsidiary Guarantor holds marketable fee simple title or a valid and subsisting leasehold interest to such parcel, subject only to the encumbrances acceptable to Agent in its reasonable discretion and which shall not contain
standard exceptions for mechanics liens, persons in occupancy (other than tenants as tenants only under Leases and liens for taxes not yet due and payable) or matters which would be shown by a survey, shall not insure over any matter except to the
extent that any such affirmative insurance is acceptable to the Agent in its reasonable discretion, and shall contain if available and customarily obtained by other commercial lenders in the State in which the Real Estate is located, (a) a
future advance endorsement and (b) such other endorsements and affirmative insurance as the Agent may reasonably require, including but not limited to (i) a comprehensive endorsement, (ii) a variable rate of interest endorsement,
(iii) a usury endorsement, (iv) a doing business endorsement, (v) an ALTA form 3.1 zoning endorsement, (vi) a “tie-in” endorsement relating to all Title Policies issued by such Title Insurance Company in respect of
other Collateral Property, (vii) a “first loss” endorsement, and (viii) a utility location endorsement. 
 Total
Asset Value. The sum of (without duplication) (a) the aggregate Value of all of Borrower’s, Guarantor’s and their Subsidiaries’ Real Estate, plus (b) the carrying value of other real estate-related investments (such as
loans receivable) plus (c) the amount of any cash and Cash Equivalents, excluding tenant security and other restricted deposits of the Guarantor and its Subsidiaries. For any non-Wholly Owned Subsidiary, Total Asset Value shall be adjusted for
Borrower’s, Guarantor’s and their Subsidiaries’ pro rata ownership percentage. 

  
 18 

 Total Commitment. As of the date of this Agreement, the Total Commitment is Fifteen
Million and No/100 Dollars ($15,000,000.00). The Total Commitment may increase in accordance with §2.12 or decreased in accordance with §2.5. 

Type. As to any Loan, its nature as a Base Rate Loan or a LIBOR Rate Loan. 

Unconsolidated Affiliate. In respect of any Person, any other Person in whom such Person holds an Investment, (a) whose financial
results would not be consolidated under GAAP with the financial results of such first Person on the consolidated financial statements of such first Person, and (b) which is not a Subsidiary of such first Person. 

Unconsolidated Subsidiary. In respect of any Person, any other Person in whom such Person holds an Investment, whose financial results
would not be consolidated under GAAP with the financial results of such first Person on the consolidated financial statements of such first Person. 

Unrestricted Cash and Cash Equivalents. As of any date of determination, the sum of (a) the aggregate amount of Unrestricted cash
and (b) the aggregate amount of Unrestricted Cash Equivalents (valued at fair market value). As used in this definition, “Unrestricted” means the specified asset is not subject to any escrow, reserves or Liens or similar claims of any
kind in favor of any Person (other than any statutory right of set off). 
 Value. The sum of the following: (a) for each
Collateral Property, the Appraised Value, and (b) for all other Real Estate, the Guarantor’s pro rata share of Net Operating Income from each real property owned, divided by the Capitalization Rate. Net Operating Income from Real Estate no
longer owned at the end of the fiscal quarter in question shall be excluded when calculating Value. 
 Wholly Owned Subsidiary. As to
Parent Borrower, any Subsidiary of Parent Borrower that is directly or indirectly owned 100% by Parent Borrower. 
 §1.2 Rules of
Interpretation. 
 (a) A reference to any document or agreement shall include such document or agreement as amended, modified or supplemented
from time to time in accordance with its terms and the terms of this Agreement. 
 (b) The singular includes the plural and the plural
includes the singular. 
 (c) A reference to any law includes any amendment or modification of such law. 

(d) A reference to any Person includes its permitted successors and permitted assigns. 

(e) Accounting terms not otherwise defined herein have the meanings assigned to them by GAAP applied on a consistent basis by the accounting
entity to which they refer. 
 (f) The words “include”, “includes” and “including” are not limiting. 

  
 19 

 (g) The words “approval” and “approved”, as the context requires, means an
approval in writing given to the party seeking approval. 
 (h) All terms not specifically defined herein or by GAAP, which terms are defined
in the Uniform Commercial Code as in effect in the State of New York, have the meanings assigned to them therein. 
 (i) Reference to a
particular “§”, refers to that section of this Agreement unless otherwise indicated. 
 (j) The words “herein”,
“hereof”, “hereunder” and words of like import shall refer to this Agreement as a whole and not to any particular section or subdivision of this Agreement. 

(k) The words “the date hereof” or words of like import shall mean the date that this Agreement is fully executed by all parties.

 (l) In the event of any change in generally accepted accounting principles after the date hereof or any other change in accounting
procedures pursuant to §7.3 which would affect the computation of any financial covenant, ratio or other requirement set forth in any Loan Document, then upon the request of Borrowers or Agent, the Borrowers and the Agent shall negotiate
promptly, diligently and in good faith in order to amend the provisions of the Loan Documents such that such financial covenant, ratio or other requirement shall continue to provide substantially the same financial tests or restrictions of the
Borrowers as in effect prior to such accounting change, as determined by the Agent in its good faith judgment. Until such time as such amendment shall have been executed and delivered by the Borrowers and the Agent, such financial covenants, ratio
and other requirements, and all financial statements and other documents required to be delivered under the Loan Documents, shall be calculated and reported as if such change had not occurred. 

§2. THE CREDIT FACILITY. 
 §2.1
Revolving Credit Loans . Subject to the terms and conditions set forth in this Agreement and the Post Closing Letter, each of the Revolving Credit Lenders severally agrees to lend to the Borrowers, and the Borrowers may borrow (and repay and
reborrow) from time to time between the Closing Date and the Revolving Credit Maturity Date upon notice by the Borrowers to the Agent given in accordance with §2.8, such sums as are requested by the Borrowers for the purposes set forth in
§2.10 up to a maximum aggregate principal amount outstanding (after giving effect to all amounts requested) at any one time equal to the lesser of (i) such Revolving Credit Lender’s Revolving Credit Commitment and (ii) such
Revolving Credit Lender’s Revolving Credit Commitment Percentage of (A) the Borrowing Base Availability minus (B) the amount of all outstanding Revolving Credit Loans; provided, that, in all events no Default or Event of
Default shall have occurred and be continuing; and provided, further, that the outstanding principal amount of the Revolving Credit Loans (after giving effect to all amounts requested) shall not at any time exceed the Total Commitment
or cause a violation of the covenant set forth in §9.1. The Revolving Credit Loans shall be made pro rata in accordance with each Revolving Credit Lender’s Revolving Credit Commitment Percentage. Each request for a Revolving
Credit Loan hereunder shall constitute a representation and warranty by the Borrowers that all of the conditions required of Borrowers set forth in §10 and §11 have been satisfied on the date of such request (or if such condition is
required to have been satisfied only as of the initial Closing Date, that such condition was satisfied as of the Closing Date), or to the extent all of the conditions required of Borrowers set forth in §10 and §11 are not satisfied or
deemed satisfied as of the date of such request, such shall not result in any Material Adverse Effect. The Agent may assume that the conditions in §10 and §11 have been satisfied unless it receives prior written notice from a Revolving
Credit Lender that such conditions have 

  
 20 

 
not been satisfied. No Revolving Credit Lender shall have any obligation to make Revolving Credit Loans to Borrowers in the maximum aggregate principal outstanding balance of more than the
principal face amount of its Revolving Credit Note or its Commitment, as applicable. 
 §2.2 Holdback. An amount equal to the first
$2,000,000 in proceeds of Loans shall be not be advanced to the Borrower, but shall be withheld by the Agent and the Lenders and advanced (subject to satisfaction of all other conditions of this Agreement) to the Borrower to be used solely to fund
tenant improvement costs and leasing commissions incurred in connection with leases of office space at the Initial Collateral Property entered into after the Closing Date in accordance with the provisions of §7.13 below. Such amounts so
withheld shall be advanced to the Borrower for payment of such costs upon the submission of such documents and other evidence as the Agent may reasonably request supporting such expenditures. 

§2.3 Notes. The Revolving Credit Loans shall, if requested by each Lender, be evidenced by separate promissory notes of the Borrowers in
substantially the form of Exhibit A hereto (collectively, the “Revolving Credit Notes”), dated of even date with this Agreement (except as otherwise provided in §18.3) and completed with appropriate insertions. One Revolving
Credit Note shall be payable to the order of each Revolving Credit Lender which so requests the issuance of a Revolving Credit Note in the principal amount equal to such Revolving Credit Lender’s Revolving Credit Commitment or, if less, the
outstanding amount of all Revolving Credit Loans made by such Revolving Credit Lender, plus interest accrued thereon, as set forth below. 

§2.4 Facility Unused Fee. The Borrowers agree to pay to the Agent for the account of the Revolving Credit Lenders (other than any
Defaulting Lender) in accordance with their respective Revolving Credit Commitment Percentages a facility unused fee calculated at the rate of 0.25% per annum on the average daily amount by which the Total Commitment exceeds the outstanding
principal amount of Revolving Credit Loans during each calendar quarter or portion thereof commencing on the date hereof and ending on the Revolving Credit Maturity Date. The facility unused fee shall be calculated for each quarter based on the
ratio (expressed as a percentage) of (a) the average daily amount of the outstanding principal amount of the Revolving Credit Loans during such quarter to (b) the Total Commitment. The facility unused fee shall be payable quarterly in
arrears on the fifth (5th) day of each calendar quarter for the immediately preceding calendar quarter or portion thereof, and on any earlier date on which the Revolving Credit Commitments
shall be reduced or shall terminate as provided in §2.5, with a final payment on the Revolving Credit Maturity Date. 
 §2.5
Reduction and Termination of the Revolving Credit Commitments. The Borrowers shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce by $5,000,000 or an integral
multiple of $1,000,000 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than $15,000,000) or to terminate entirely the Revolving Credit Commitments, whereupon the Revolving
Credit Commitments of the Revolving Credit Lenders shall be reduced pro rata in accordance with their respective Revolving Credit Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination
or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans
would exceed the Revolving Credit Commitments of the Revolving Credit Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrowers delivered pursuant to this §2.5, the Agent will notify the Revolving Credit
Lenders of the substance thereof. Upon the effective date of any such reduction or termination, the Borrowers shall pay to the Agent for the respective accounts of the Revolving Credit Lenders the full amount of any unused facility unused fee under
§2.4 then accrued on the amount of the reduction. No reduction or termination of the Revolving Credit Commitments may be reinstated. 

  
 21 

 §2.6 RESERVED. 

§2.7 Interest on Loans. 

(a) Each Revolving Credit Base Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the date on
which such Revolving Credit Base Rate Loan is repaid or converted to a Revolving Credit LIBOR Rate Loan at the rate per annum equal to the sum of the Base Rate plus the Applicable Margin for Revolving Credit Base Rate Loans. 

(b) Each Revolving Credit LIBOR Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the last
day of each Interest Period with respect thereto at the rate per annum equal to the sum of LIBOR determined for such Interest Period plus the Applicable Margin for Revolving Credit LIBOR Rate Loans. 

(c) The Borrowers promise to pay interest on each Loan in arrears on each Interest Payment Date with respect thereto. 

(d) Base Rate Loans and LIBOR Rate Loans may be converted to Loans of the other Type as provided in §4.1. 

(e) The parties understand that the applicable interest rate for the Loans and certain fees set forth herein may be determined and/or adjusted
from time to time based upon certain financial ratios and/or other information to be provided or certified to the Lenders by Borrowers (the “Borrower Information”). If it is subsequently determined that any such Borrower Information was
incorrect (for whatever reason, including without limitation because of a subsequent restatement of earnings by the Borrower) at the time it was delivered to the Agent, and if the applicable interest rate or fees calculated for any period were
different than they should have been had the correct information been timely provided, then, such interest rate and such fees for such period shall be automatically recalculated using correct Borrower Information. The Agent shall promptly notify
Borrowers in writing of any additional interest and fees due because of such recalculation, and the Borrowers shall pay such additional interest or fees due to the Agent, for the account of each Lender, within five (5) Business Days of receipt
of such written notice. Borrowers shall receive a credit or refund of any overpayment promptly after such determination. Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement for a period of
180 days, and this provision shall not in any way limit any of the Agent’s or any Lender’s other rights under this Agreement. 

§2.8 Requests for Revolving Credit Loans . Except with respect to any initial Revolving Credit Loan on the Closing Date, the Borrowers
shall give to the Agent written notice executed by an Authorized Officer in the form of Exhibit D hereto (or telephonic notice confirmed in writing in the form of Exhibit D hereto) of each Revolving Credit Loan requested hereunder (a
“Loan Request”) by 1:00 p.m. (Eastern time) one (1) Business Day prior to the proposed Drawdown Date with respect to Revolving Credit Base Rate Loans and two (2) Business Days prior to the proposed Drawdown Date with respect to
Revolving Credit LIBOR Rate Loans, together with an executed Borrowing Base Availability Certificate in the form of Exhibit F. Each such notice shall specify with respect to the requested Revolving Credit Loan the proposed principal amount of
such Revolving Credit Loan, the Type of Revolving Credit Loan, the initial Interest Period (if applicable) for such Revolving Credit Loan and the Drawdown Date. Promptly upon receipt of any such notice, the Agent shall notify each of the Revolving
Credit Lenders thereof. Each such Loan Request shall be irrevocable and binding on the Borrowers and shall obligate the Borrowers to accept the Revolving Credit Loan requested from the Revolving Credit Lenders on the proposed Drawdown Date. Nothing
herein shall prevent the Borrowers from seeking recourse against any Revolving Credit Lender that fails to advance its proportionate share 

  
 22 

 
of a requested Revolving Credit Loan as required by this Agreement. Each Loan Request shall be (a) for a Revolving Credit Base Rate Loan in a minimum aggregate amount of $100,000; or
(b) for a Revolving Credit LIBOR Rate Loan in a minimum aggregate amount of $500,000; provided, however, that there shall be no more than four (4) Revolving Credit LIBOR Rate Loans outstanding at any one time. 

§2.9 Funds for Loans. 
 (a)
Not later than noon (Eastern time) on the proposed Drawdown Date of any Revolving Credit Loans, each of the Revolving Credit Lenders will make available to the Agent, at the Agent’s Head Office, in immediately available funds, the amount of
such Lender’s Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to §2.1 or §2.2. Upon receipt from each such Revolving Credit Lender of such amount, and upon receipt of the documents required
by §10 and §11 and the satisfaction of the other conditions set forth therein to the extent applicable, the Agent will make available to the Borrowers the aggregate amount of such Revolving Credit Loans made available to the Agent by the
Revolving Credit Lenders by crediting such amount to the account of the Borrowers maintained at the Agent’s Head Office or wiring such funds in accordance with Borrower’s written instructions. The failure or refusal of any Revolving Credit
Lender to make available to the Agent at the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans shall not relieve any other Revolving Credit Lender from its several obligation hereunder to
make available to the Agent the amount of such other Lender’s Commitment Percentage of any requested Loans, including any additional Revolving Credit Loans that may be requested subject to the terms and conditions hereof to provide funds to
replace those not advanced by the Lender so failing or refusing. In the event of any such failure or refusal, the Lenders not so failing or refusing shall be entitled to a priority secured position as against the Lender or Lenders so failing or
refusing to make available to the Borrowers the amount of its or their Commitment Percentage for such Loans as provided in §12.5. 
 (b)
Unless the Agent shall have been notified by any Lender prior to the applicable Drawdown Date that such Lender will not make available to Agent such Lender’s Commitment Percentage of a proposed Loan, Agent may in its discretion assume that such
Lender has made such Loan available to Agent in accordance with the provisions of this Agreement and the Agent may, if it chooses, in reliance upon such assumption make such Loan available to the Borrowers, and such Lender shall be liable to the
Agent for the amount of such advance. If such Lender does not pay such corresponding amount upon the Agent’s demand therefor, the Agent will promptly notify the Borrowers, and the Borrowers shall promptly pay such corresponding amount to the
Agent, with Agent agreeing to provide Borrower with at least thirty (30) days to make such repayment, unless Borrowers have requested that Agent provide such funds on behalf of the subject Lender, in which event such repayment shall be due
within two (2) Business Days. The Agent shall also be entitled to recover from the Lender or the Borrowers (without duplication), as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding
amount was made available by the Agent to the Borrowers to the date such corresponding amount is recovered by the Agent at a per annum rate equal to (i) from the Borrowers at the applicable rate for such Loan or (ii) from a Lender at the
Federal Funds Effective Rate. 
 §2.10 Use of Proceeds. The Borrowers and their Subsidiaries will use the proceeds of the Loans solely
to (a) pay closing costs in connection with this Agreement; (b) repay existing loans, (c) fund acquisitions of Eligible Real Estate and redevelopment and/or development projects, (d) fund capital and construction expenditures,
tenant improvements, leasing commissions and property and equipment acquisitions; and (e) for general working capital purposes (including without limitation to finance direct and indirect acquisitions and other investments in real estate,
interest shortfalls, general operating expenses, including without limitation taxes, insurance and other expenses, and payments of amounts that may be due from time to time to Second City Capital Partners II, LP or City Office REIT, Inc.), but
excluding direct advances for the payment of any interest due hereunder. 

  
 23 

 §2.11 RESERVED. 

§2.12 Increase in Total Commitment. 

(a) Provided that no Default or Event of Default has occurred and is continuing, subject to the terms and conditions set forth in this
§2.12, the Borrowers shall have the option at any time and from time to time before at least three (3) months prior to the Revolving Credit Maturity Date to request an increase in the Total Commitment to not more than $150,000,000 (after
giving effect to each such increase) by giving written notice to the Agent (an “Increase Notice”; and the amount of such requested increase is the “Commitment Increase”), provided that any such individual increase must be
in a minimum amount of $10,000,000. Upon receipt of any Increase Notice, the Agent shall consult with Arrangers and within ten (10) days shall notify the Borrowers of the amount of facility fees to be paid to any Revolving Credit Lenders who
provide an additional Revolving Credit Commitment in connection with such increase in the Total Commitment (which shall be in addition to the fees to be paid to Agent or Arrangers pursuant to the Agreement Regarding Fees). If the Borrowers agree to
pay the facility fees so determined, then the Agent promptly shall send a notice to all Revolving Credit Lenders (the “Additional Commitment Request Notice”) informing them of the Borrowers’ request to increase the Total Commitment
and of the facility fees to be paid with respect thereto. Each Revolving Credit Lender who desires to provide an additional Revolving Credit Commitment upon such terms shall provide Agent with a written commitment letter specifying the amount of the
additional Revolving Credit Commitment by which it is willing to provide prior to such deadline as may be specified in the Additional Commitment Request Notice not to exceed ten (10) days. If the requested increase is oversubscribed then the
Agent and the Arrangers shall allocate the Commitment Increase among the Revolving Credit Lenders who provide such commitment letters on such basis mutually acceptable to each of the Borrowers, Agent and Arrangers. If the additional Revolving Credit
Commitments so provided are not sufficient to provide the full amount of the Commitment Increase requested by the Borrowers, then the Agent, Arrangers or Borrowers will seek one or more banks or lending institutions (which banks or lending
institutions shall be reasonably acceptable to Agent, Arrangers and Parent Borrower) to become a Revolving Credit Lender and provide an additional Revolving Credit Commitment. The Agent shall provide all Revolving Credit Lenders with a notice
setting forth the amount, if any, of the additional Revolving Credit Commitment to be provided by each Revolving Credit Lender and the revised Revolving Credit Commitment Percentages which shall be applicable after the effective date of the
Commitment Increase specified therein (the “Commitment Increase Date”). In no event shall any Revolving Credit Lender be obligated to provide an additional Revolving Credit Commitment. 

(b) On any Commitment Increase Date the outstanding principal balance of the Revolving Credit Loans shall be reallocated among the Revolving
Credit Lenders such that after the applicable Commitment Increase Date the outstanding principal amount of Revolving Credit Loans owed to each Revolving Credit Lender shall be equal to such Revolving Credit Lender’s Revolving Credit Commitment
Percentage (as in effect after the applicable Commitment Increase Date) of the outstanding principal amount of all Revolving Credit Loans. On any Commitment Increase Date those Revolving Credit Lenders whose Revolving Credit Commitment Percentage is
increasing shall advance the funds to the Agent and the funds so advanced shall be distributed among the Revolving Credit Lenders whose Revolving Credit Commitment Percentage is decreasing as necessary to accomplish the required reallocation of the
outstanding Revolving Credit Loans. The funds so advanced shall be Revolving Credit Base Rate Loans until converted to Revolving Credit LIBOR Rate Loans which are allocated among all Revolving Credit Lenders based on their Revolving Credit
Commitment Percentages. 

  
 24 

 (c) Upon the effective date of each increase in the Total Commitment pursuant to this §2.11
the Agent may unilaterally revise Schedule 1.1 and the Borrowers shall, if requested by such Lender, execute and deliver to the Agent new Revolving Credit Notes for each Revolving Credit Lender whose Revolving Credit Commitment has changed so
that the principal amount of such Revolving Credit Lender’s Revolving Credit Note shall equal its Revolving Credit Commitment. The Agent shall deliver such replacement Revolving Credit Notes to the respective Revolving Credit Lenders in
exchange for the Revolving Credit Notes replaced thereby which shall be surrendered by such Revolving Credit Lenders and delivered to Borrowers. Such new Revolving Credit Notes shall provide that they are replacements for the surrendered Revolving
Credit Notes and that they do not constitute a novation, shall be dated as of the Commitment Increase Date and shall otherwise be in substantially the form of the replaced Revolving Credit Notes. 

(d) Notwithstanding anything to the contrary contained herein, any increase in the Total Commitment pursuant to this §2.12 shall be
conditioned upon satisfaction or waiver of the following conditions precedent which must be satisfied or waived prior to the effectiveness of any increase of the Total Commitment: 

(i) Payment of Activation Fee. The Borrowers shall pay (A) to the Agent those fees described in and contemplated by the Agreement
Regarding Fees with respect to the applicable Commitment Increase, and (B) to the Arranger such facility fees as the Revolving Credit Lenders who are providing an additional Revolving Credit Commitment may require to increase the aggregate
Revolving Credit Commitment, which fees shall, when paid, be fully earned and non-refundable under any circumstances. The Arranger shall pay to the Revolving Credit Lenders acquiring the increased Revolving Credit Commitment certain fees pursuant to
their separate agreement; and 
 (ii) No Default. On the date any Increase Notice is given and on the date such increase becomes
effective, both immediately before and after the Total Commitment is increased, there shall exist no Default or Event of Default; and 

(iii) Representations True. The representations and warranties made by the Borrowers in the Loan Documents or otherwise made by or on
behalf of the Borrowers in connection therewith or after the date thereof shall have been true and correct in all material respects when made and shall also be true and correct in all material respects on the date of such Increase Notice and on the
date the Total Commitment is increased (unless such representations are limited by their terms to a specific date), both immediately before and after the Total Commitment is increased, other than for changes in the ordinary course of business
permitted by this Agreement; and 
 (iv) Additional Documents and Expenses. The Borrowers shall execute and deliver to Agent and the
Revolving Credit Lenders such additional documents (including, without limitation, amendments to the Security Documents), instruments, certifications and opinions as the Agent may reasonably require, including, without limitation, a Compliance
Certificate, demonstrating compliance with all covenants set forth in the Loan Documents after giving effect to the increase, and the Borrowers shall pay the cost of any mortgagee’s title insurance policy or any endorsement or update thereto or
any updated UCC searches, all recording costs and fees, and any and all intangible taxes or other documentary or mortgage taxes, assessments or charges or any similar reasonable fees, taxes or expenses which are reasonably requested in connection
with such increase. 
 §2.13 Extension of Revolving Credit Maturity Date. The Borrowers shall have the right and option to extend the
Revolving Credit Maturity Date to April 21, 2017, upon satisfaction or waiver of the following conditions precedent, which must be satisfied prior to the effectiveness of any extension of the Revolving Credit Maturity Date: 

  
 25 

 (a) Extension Request. The Borrowers shall deliver written notice of such request (the
“Extension Request”) to the Agent not earlier than the date which is one hundred twenty (120) days and not later than the date which is sixty (60) days prior to the then applicable Revolving Credit Maturity Date (as determined
without regard to such extension). Any such Extension Request shall be irrevocable and binding on the Borrowers unless otherwise agreed to by the Agent in its reasonable discretion. 

(b) Payment of Extension Fee. The Borrowers shall pay to the Agent for the pro rata accounts of the Revolving Credit
Lenders in accordance with their respective Revolving Credit Commitments an extension fee in an amount equal to 0.50% of the Total Commitment in effect on the then applicable Revolving Credit Maturity Date, after taking into consideration any
reduction in the Revolving Credit Commitments as of such date (as determined without regard to such extension), which fee shall, when paid, be fully earned and non-refundable under any circumstances. 

(c) No Default. On the date the Extension Request is given there shall exist no Event of Default and on the then applicable Revolving
Credit Maturity Date (as determined without regard to such extension) there shall exist no Default or Event of Default. 
 (d) Initial
Collateral Property. On the date the Extension Request is given and on the then applicable Revolving Credit Maturity Date (as determined without regard to such extension), the Initial Collateral Property shall be at least 80% leased. 

(e) Representations and Warranties. The representations and warranties made by the Borrowers in the Loan Documents or otherwise made by
or on behalf of the Borrowers in connection therewith or after the date thereof shall have been true and correct in all material respects when made and shall also be true and correct in all material respects on the date the Extension Request is
given and on the then applicable Revolving Credit Maturity Date (as determined without regard to such extension), unless such representations and warranties are by their terms limited to a specific date other than for changes in the ordinary course
of business permitted by this Agreement. 
 (f) Updated Appraisals. Agent at its option, or at the direction of the Required Lenders,
shall have obtained at Borrowers’ expense updates to existing Appraisals and determined the current Appraised Values of the Collateral Properties. 

§3. REPAYMENT OF THE LOANS. 
 §3.1
Stated Maturity. The Borrowers promise to pay on the Revolving Credit Maturity Date and there shall become absolutely due and payable on the Revolving Credit Maturity Date all of the Revolving Credit Loans outstanding on such date, together with any
and all accrued and unpaid interest thereon. 
 §3.2 Mandatory Prepayments. If at any time the sum of the aggregate outstanding
principal amount of the Revolving Credit Loans exceeds (a) the Total Commitment or (b) the sum of the Borrowing Base Availability, then the Borrowers shall, within ten (10) Business Days after receipt of notice from Agent of such
occurrence (or in the case of an updated Appraisal to the extent that such updated Appraisal results in a change in the Borrowing Base Availability pursuant to a specific provision of this Agreement, then within ten (10) Business Days after
receipt of notice from the Agent of such occurrence) pay the amount of such excess to the Agent for the respective accounts of the Revolving Credit Lenders, as applicable, for application to the Revolving Credit Loans as provided in §3.4,
together with any additional amounts payable pursuant to §4.8. In the event there shall have occurred a casualty with respect to any Collateral Property and the Borrowers are required to repay the Loans pursuant to §7.7 or a Taking and the
Borrowers are required to repay the Loans pursuant to a Mortgage or §7.7, the 

  
 26 

 
Borrowers shall prepay the Loans concurrently with the date of receipt by such Borrower or the Agent of any Insurance Proceeds or Condemnation Proceeds in respect of such casualty or Taking, as
applicable, or as soon thereafter as is reasonably practicable, in the amount required pursuant to the relevant provisions of §7.7 or such Mortgage. 

§3.3 Optional Prepayments. 

(a) Each Borrower shall have the right, at its election, to prepay the outstanding amount of the Revolving Credit Loans, as a whole or in part,
at any time without penalty or premium; provided, that if any prepayment of the outstanding amount of any Revolving Credit LIBOR Rate Loans pursuant to this §3.3 is made on a date that is not the last day of the Interest Period relating
thereto, such prepayment shall be accompanied by the payment of any amounts due pursuant to §4.8. 
 (b) The Borrowers shall give the
Agent, no later than 1:00 p.m. (Eastern time) at least three (3) days prior written notice of any prepayment pursuant to this §3.3, in each case specifying the proposed date of prepayment of the Loans and the principal amount to be
prepaid (provided that (i) any such notice may be revoked or modified upon one (1) day’s prior notice to the Agent) and/or (ii) any such notice or repayment may be conditioned upon the consummation of a transaction. 

§3.4 Partial Prepayments. Each partial prepayment of the Loans under §3.3 shall be in a minimum amount of $100,000, shall be
accompanied by the payment of accrued interest on the principal prepaid to the date of payment. Each partial payment under §3.2 and §3.3 shall be applied first to the principal of Loans (and with respect to each category of Revolving
Credit Loans, first to the principal of Base Rate Loans, and then to the principal of LIBOR Rate Loans). 
 §3.5 Effect of Prepayments.
Amounts of the Revolving Credit Loans prepaid under §3.2 and §3.3 prior to the Revolving Credit Maturity Date may be reborrowed as provided in §2. 

§4. CERTAIN GENERAL PROVISIONS. 
 §4.1
Conversion Options. 
 (a) The Borrowers may elect from time to time to convert any of its outstanding Revolving Credit Loans to a Revolving
Credit Loan of another Type and such Revolving Credit Loans shall thereafter bear interest as a Base Rate Loan or a LIBOR Rate Loan, as applicable; provided that (i) with respect to any such conversion of a LIBOR Rate Loan to a Base Rate
Loan, the Borrowers shall give the Agent at least one (1) Business Day’s prior written notice of such election, and such conversion shall only be made on the last day of the Interest Period with respect to such LIBOR Rate Loan unless the
Borrowers pay Breakage Costs as required under this Agreement; (ii) with respect to any such conversion of a Base Rate Loan to a LIBOR Rate Loan, the Borrowers shall give the Agent at least three (3) LIBOR Business Days’ prior written
notice of such election and the Interest Period requested for such Loan, the principal amount of the Loan so converted shall be in a minimum aggregate amount of $100,000 and, after giving effect to the making of such Loan, there shall be no more
than four (4) Revolving Credit LIBOR Rate Loans outstanding at any one time; and (iii) no Loan may be converted into a LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of the outstanding
Revolving Credit Loans of any Type may be converted as provided herein, provided that no partial conversion shall result in a Revolving Credit Base Rate Loan in a principal amount of less than $100,000 or a Revolving Credit LIBOR Rate Loan in
a principal amount of less than $100,000. On the date on which such conversion is being made, each Lender shall take such action as is necessary to transfer its Commitment Percentage of such Loans to its Domestic Lending Office or its LIBOR Lending
Office, as the case may be. Each Conversion/Continuation Request relating to the conversion of a Base Rate Loan to a LIBOR Rate Loan shall be irrevocable by the Borrowers. 

  
 27 

 (b) Any LIBOR Rate Loan may be continued as such Type upon the expiration of an Interest Period
with respect thereto by compliance by the Borrowers with the terms of §4.1; provided that no LIBOR Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing, but shall be automatically
converted to a Base Rate Loan on the last day of the Interest Period relating thereto ending during the continuance of any Default or Event of Default. 

(c) In the event that the Borrowers do not notify the Agent of their election hereunder with respect to any LIBOR Rate Loan, such Loan shall be
automatically continued at the end of the applicable Interest Period as a LIBOR Rate Loan for an Interest Period of one month unless such Interest Period shall be greater than the time remaining until the Revolving Credit Maturity Date, in which
case such Loan shall be automatically converted to a Base Rate Loan at the end of the applicable Interest Period. 
 §4.2 Fees. In
addition to all fees specified herein, the Borrowers agree to pay to KeyBank and the Arranger for their own account certain fees for services rendered or to be rendered in connection with the Loans as provided pursuant to a fee letter dated on or
about the Closing Date between the Parent Borrower, KeyBank and the Arranger(the “Agreement Regarding Fees”). 
 §4.3
[Intentionally Omitted.] 
 §4.4 Funds for Payments. 

(a) All payments of principal, interest, facility fees, closing fees and any other amounts due hereunder or under any of the other Loan
Documents shall be made to the Agent, for the respective accounts of the Lenders and the Agent, as the case may be, at the Agent’s Head Office, not later than 3:00 p.m. (Eastern time) on the day when due (or such later time as is acceptable to
the Agent in the event of a payment in full of all Loans and a termination of Commitments hereunder), in each case in lawful money of the United States in immediately available funds. To the extent not already paid pursuant to the preceding
sentence, the Agent is hereby authorized to charge the accounts of the Borrowers with KeyBank, on the dates when the amount thereof shall become due and payable, with the amounts of the principal of and interest on the Loans and all fees, charges,
expenses and other amounts owing to the Agent and/or the Lenders under the Loan Documents. Subject to the foregoing, all payments made to Agent on behalf of the Lenders, and actually received by Agent, shall be deemed received by the Lenders on the
date actually received by Agent. 
 (b) All payments by the Borrowers hereunder and under any of the other Loan Documents shall be made
without setoff or counterclaim and free and clear of and without deduction for any Taxes now or hereafter imposed or levied by the United States of America or any political subdivision thereof or taxing or other authority therein or any jurisdiction
from or through which a payment is made by the Borrowers, excluding any income Taxes, franchise or similar Taxes and any Taxes imposed by a jurisdiction as a result of any connection between a Lender and such jurisdiction other than any connection
arising solely from executing, delivering, performing its obligations under, or enforcing any Loan Document (such Taxes, other than those so excluded as specifically set forth in this sentence referred to as “Non-Excluded Taxes”),
unless the Borrowers are compelled by law to make such deduction or withholding. If any such obligation is imposed upon the Borrowers with respect to any amount payable by the Borrowers hereunder or under any of the other Loan Documents, the
Borrowers will pay to the Agent, for the account of the Lenders or (as the case may be) the Agent, on the date on which such amount is due and payable hereunder or under such other Loan Document, such additional

  
 28 

 
amount in Dollars as shall be necessary to enable the Lenders or the Agent to receive the same net amount which the Lenders or the Agent would have received on such due date had no such
obligation been imposed upon the Borrowers; provided, however, that the Borrowers shall not be required to increase any such amounts payable to any Lender with respect to any Non-Excluded Taxes (i) that are attributable to such
Lender’s failure to comply with the requirements of §4.4(c) or such Lender’s failure to comply with Sections 1471 through 1474 of the Code or any regulations promulgated thereunder (the “FATCA”) to establish an
exemption from withholding thereunder; (ii) that are branch profits taxes imposed by the United States or any similar taxes imposed by any other jurisdiction under the laws of which a Lender is organized or in which its applicable lending
office is located; or (iii) in the case of a Non-U.S. Lender and notwithstanding any consent given pursuant to §18.1, that are imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement (or
designates a new lending office), except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment) to receive additional amounts from the Borrowers with respect to such
Non-Excluded Taxes pursuant to this §4.4(b). The Borrowers will deliver promptly to the Agent certificates or other valid vouchers for all Taxes or other charges deducted from or paid with respect to payments made by the Borrowers hereunder or
under any other Loan Document. In the event a Lender receives a refund or credit of any Non-Excluded Taxes paid by the Borrowers pursuant to this section, such Lender will pay to the Borrowers the amount of such refund or credit (and any interest
received with respect thereto) promptly upon receipt thereof; provided that if at any time thereafter such Lender is required to return such refund or credit, the Borrowers shall promptly repay to such Lender the amount of such refund or
credit, net of any reasonable incremental additional costs. 
 (c) Each Lender that is not a United States Person (as such term is defined in
Section 7701(a)(30) of the Code) for U.S. federal income tax purposes (a “Non-U.S. Lender”) , to the extent such Lender is lawfully able to do so, shall provide the Borrowers on or prior to the Closing Date (in the case of each Lender
listed on the signature pages hereof on the Closing Date) or on or prior to the date of the Assignment and Acceptance Agreement pursuant to which it becomes a Lender (in the case of each other Lender), and at such other times as may be necessary in
the determination of the Borrowers, with (x) two (2) original copies of Internal Revenue Service Form W-8BEN, W-8ECI and/or W-8IMY (or, in each case, any successor forms), properly completed and duly executed by such Lender, and any other
such duly executed form(s) or statement(s) (including whether such Lender has complied with the FATCA) which may, from time to time, be prescribed by law and, which, pursuant to applicable provisions of (i) an income tax treaty between the
United States and the country of residence of such Lender, (ii) the Code, or (iii) any applicable rules or regulations in effect under (i) or (ii) above, establish that such Lender is not subject to deduction or withholding of
United States federal income tax with respect to any payments to such Lender of principal, interest, fees or other amounts payable under any of the Loan Documents, or (y) if such Lender is not a “bank” or other Person described in
Section 881(c)(3) of the Code, a Certificate Regarding Non-Bank Status together with two (2) original copies of Internal Revenue Service Form W-8BEN (or any successor form), properly completed and duly executed by such Lender, and such
other documentation required under the Code and requested by the Borrowers to establish that such Lender is not subject to deduction or withholding of United States federal income tax with respect to any payments to such Lender of interest payable
under any of the Loan Documents. Each Lender that is a United States Person (as such term is defined in Section 7701(a)(30) of the Code) for United States federal income tax purposes (a “U.S. Lender”) and is not an exempt recipient
within the meaning of Treasury Regulations Section 1.6049-4(c) shall provide the Borrowers on or prior to the Closing Date (or, if later, on or prior to the date on which such Lender becomes a party to this Agreement) two (2) original
copies of Internal Revenue Service From W-9 (or any successor form), properly completed and duly executed by such Lender, certifying that such U.S. Lender is entitled to an exemption from United States backup withholding tax, or otherwise prove that
it is entitled to such an exemption. Each Lender required to deliver any forms, certificates or other evidence with respect to United States federal income tax withholding matters pursuant to this section hereby agrees, from time to time after the
initial delivery by 

  
 29 

 
such Lender of such forms, certificates or other evidence, whenever a lapse in time or change in circumstances renders such forms, certificates or other evidence obsolete or inaccurate in any
material respect, that such Lender shall promptly provide the Borrowers two (2) new original copies of Internal Revenue Service Form W-9, W-8BEN, W-8ECI and/or
W-8IMY (or, in each case, any successor form), or a Certificate Regarding Non-Bank Status and two (2) original copies of Internal Revenue Service Form W-8BEN (or any successor form), as the case may be, properly completed and duly executed by
such Lender, and such other documentation required under the Code and requested by the Borrowers to confirm or establish that such Lender is not subject to deduction or withholding of United States federal income tax with respect to payments to such
Lender under the Loan Documents, or notify the Borrowers of its inability to deliver any such forms, certificates or other evidence. 
 (d)
The obligations of the Borrowers to the Lenders under this Agreement shall be absolute, unconditional and irrevocable, and shall be paid and performed strictly in accordance with the terms of this Agreement, under all circumstances whatsoever,
including, without limitation, the following circumstances: (i) the surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan Documents; (ii) the occurrence of any Default or Event of
Default; and (iii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, provided that nothing contained herein shall relieve Agent or any Lender for liability to Borrowers arising as a result of gross
negligence or willful misconduct on the part of the Agent, or any Lender, as applicable as determined by a court of competent jurisdiction after the exhaustion of all applicable appeal periods. 

§4.5 Computations. All computations of interest on the Loans and of other fees to the extent applicable shall be based on a 360-day year
and paid for the actual number of days elapsed. Except as otherwise provided in the definition of the term “Interest Period” with respect to LIBOR Rate Loans, whenever a payment hereunder or under any of the other Loan Documents becomes
due on a day that is not a Business Day, the due date for such payment shall be extended to the next succeeding Business Day, and interest shall accrue during such extension. The Outstanding Loans as reflected on the records of the Agent from time
to time shall be considered prima facie evidence of such amount. 
 §4.6 Suspension of LIBOR Rate Loans. In the event that, prior to
the commencement of any Interest Period relating to any LIBOR Rate Loan, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining LIBOR for such Interest Period, or the Agent shall reasonably determine that LIBOR
will not accurately and fairly reflect the cost of the Lenders making or maintaining LIBOR Rate Loans for such Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrowers and
the Lenders absent manifest error) to the Borrowers and the Lenders. In such event (a) any Loan Request with respect to a LIBOR Rate Loan shall be automatically withdrawn and shall be deemed a request for a Base Rate Loan and (b) each
LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable thereto, become a Base Rate Loan, and the obligations of the Lenders to make LIBOR Rate Loans shall be suspended until the Agent determines that the
circumstances giving rise to such suspension no longer exist, whereupon the Agent shall so notify the Borrowers and the Lenders. 

§4.7 Illegality. Notwithstanding any other provisions herein, if any Change in Law shall make it unlawful, or any central bank or other
governmental authority having jurisdiction over a Lender or its LIBOR Lending Office shall assert that it is unlawful, for any Lender to make or maintain LIBOR Rate Loans, such Lender shall forthwith give notice of such circumstances to the Agent
and the Borrowers thereupon (a) the commitment of the Lenders to make LIBOR Rate Loans shall forthwith be suspended and (b) the LIBOR Rate Loans then outstanding shall be converted automatically to Base Rate Loans on the last day of each
Interest Period applicable to such LIBOR Rate Loans or within such earlier period as may be required by law. Notwithstanding the foregoing, before giving such notice, the applicable Lender shall designate a different lending office if such
designation will void the need for giving such notice and will not, in the reasonable judgment of such Lender, be otherwise materially disadvantageous to such Lender or increase any costs payable by Borrowers hereunder. 

  
 30 

 §4.8 Additional Interest. If any LIBOR Rate Loan or any portion thereof is repaid or is
converted to a Base Rate Loan for any reason on a date which is prior to the last day of the Interest Period applicable to such LIBOR Rate Loan, or if repayment of the Loans has been accelerated as provided in §12.1, the Borrowers will pay to
the Agent upon demand for the account of the applicable Lenders in accordance with their respective Commitment Percentages, in addition to any amounts of interest otherwise payable hereunder, the Breakage Costs. Borrowers understand, agree and
acknowledge the following: (i) no Lender has any obligation to purchase, sell and/or match funds in connection with the use of LIBOR as a basis for calculating the rate of interest on a LIBOR Rate Loan; (ii) LIBOR is used merely as a
reference in determining such rate; and (iii) Borrowers have accepted LIBOR as a reasonable and fair basis for calculating such rate and any Breakage Costs. Borrowers further agree to pay the Breakage Costs, if any, whether or not a Lender
elects to purchase, sell and/or match funds. 
 §4.9 Additional Costs, Etc. Notwithstanding anything herein to the contrary, if any
Change in Law, shall: 
 (a) subject any Lender or the Agent to any tax, levy, impost, duty, charge, fee, deduction or withholding of any
nature with respect to this Agreement, the other Loan Documents, such Lender’s Commitment, or the Loans (other than taxes based upon or measured by the gross receipts, income or profits of such Lender or the Agent or its franchise tax), or 

(b) materially change the basis of taxation (except for changes in taxes on gross receipts, income or profits or its franchise tax) of payments
to any Lender of the principal of or the interest on any Loans or any other amounts payable to any Lender under this Agreement or the other Loan Documents, or 

(c) impose or increase or render applicable any special deposit, reserve, assessment, liquidity, capital adequacy or other similar requirements
(whether or not having the force of law and which are not already reflected in any amounts payable by Borrowers hereunder) against assets held by, or deposits in or for the account of, or loans by, or commitments of an office of any Lender, or 

(d) impose on any Lender or the Agent any other conditions or requirements with respect to this Agreement, the other Loan Documents, the Loans,
such Lender’s Commitment, or any class of loans or commitments of which any of the Loans or such Lender’s Commitment forms a part; and the result of any of the foregoing is: 

(i) to increase the cost to any Lender of making, funding, issuing, renewing, extending or maintaining any of the Loans or such Lender’s
Commitment, or 
 (ii) to reduce the amount of principal, interest or other amount payable to any Lender or the Agent hereunder on account
of such Lender’s Commitment or any of the Loans, or 
 (iii) to require any Lender or the Agent to make any payment or to forego any
interest or other sum payable hereunder, the amount of which payment or foregone interest or other sum is calculated by reference to the gross amount of any sum receivable or deemed received by such Lender or the Agent from the Borrowers hereunder,
then, and in each such case, the Borrowers will (and as to clauses (a) and (b) above, subject to the provisions of Section §4.4), within thirty (30) days of demand made by such Lender or (as the case may be) the Agent at any time
and from time to time and as often as 

  
 31 

 
the occasion therefor may arise, pay to such Lender or the Agent such additional amounts as such Lender or the Agent shall reasonably determine in good faith to be sufficient to compensate such
Lender or the Agent for such additional cost, reduction, payment or foregone interest or other sum. For the avoidance of doubt, the provisions of this §4.9 shall not apply with respect to Taxes, which shall be governed by §4.4(b) and
§4.4(c). 
 §4.10 Capital Adequacy. If after the date hereof any Lender determines that (a) as a result of a Change in Law,
or (b) compliance by such Lender or its parent bank holding company with any directive of any such entity regarding liquidity or capital adequacy, has the effect of reducing the return on such Lender’s or such holding company’s
capital as a consequence of such Lender’s commitment to make Loans hereunder to a level below that which such Lender or holding company could have achieved but for such adoption, change or compliance (taking into consideration such
Lender’s or such holding company’s then existing policies with respect to capital adequacy and assuming the full utilization of such entity’s capital) by any amount deemed by such Lender to be material, then such Lender may notify the
Borrowers thereof. The Borrowers agree to pay to such Lender the amount of such reduction in the return on capital as and when such reduction is reasonably determined, upon presentation by such Lender of a statement of the amount setting forth the
Lender’s calculation thereof. In determining such amount, such Lender may use any reasonable averaging and attribution methods generally applied by such Lender. 

§4.11 Breakage Costs. Borrowers shall pay all Breakage Costs required to be paid by them pursuant to this Agreement and incurred from
time to time by any Lender within fifteen (15) days from receipt of written notice from Agent, or such earlier date as may be required by this Agreement. 

§4.12 Default Interest; Late Charge. Following the occurrence and during the continuance of any Event of Default, and regardless of
whether or not the Agent or the Lenders shall have accelerated the maturity of the Loans, all Loans shall bear interest payable on demand at a rate per annum equal to four percent (4.0%) above the interest rate that would otherwise be in effect
hereunder (the “Default Rate”), until such amount shall be paid in full (after as well as before judgment). In addition, the Borrowers shall pay a late charge equal to four percent (4.0%) of any amount of interest and/or
principal payable on the Loans (other than amounts due on the Maturity Date or as a result of acceleration), which is not paid by the Borrowers within ten (10) days of the date when due. 

§4.13 Certificate. A certificate setting forth any amounts payable pursuant to §4.8, §4.9, §4.10, §4.11 or §4.12
and a reasonably detailed explanation of such amounts which are due, submitted by any Lender or the Agent to the Borrowers, shall be prima facie evidence of the amount due. A Lender shall be entitled to reimbursement under §4.9, or §4.10
from and after notice to Borrower that such amounts are due given in accordance with §4.9 or §4.10 and for a period of ninety (90) days prior to receipt of such notice if such Change in Law was effective during such ninety
(90) day period. 
 §4.14 Limitation on Interest. Notwithstanding anything in this Agreement or the other Loan Documents to the
contrary, all agreements between or among the Borrowers, the Lenders and the Agent, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of acceleration of the
maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed the maximum amount permissible under applicable law. If, from any circumstance whatsoever, interest would otherwise be
payable to the Lenders in excess of the maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance the Lenders shall ever receive anything of value
deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations and to the payment of interest or, if such excessive
interest 

  
 32 

 
exceeds the unpaid balance of principal of the Obligations, such excess shall be refunded to the Borrowers. All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by
applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal of the Obligations (including the period of any renewal or extension thereof) so that the interest thereon for such full
period shall not exceed the maximum amount permitted by applicable law. This Section shall control all agreements between or among the Borrowers, the Lenders and the Agent. 

§4.15 Certain Provisions Relating to Increased Costs and Non-Funding Lenders. If a Lender gives notice of the existence of the
circumstances set forth in §4.7 or any Lender requests compensation for any losses or costs to be reimbursed pursuant to any one or more of the provisions of §4.4(b) (as a result of the imposition of U.S. withholding taxes on amounts paid
to such Lender under this Agreement), §4.9 or §4.10, then, upon the request of the Borrowers, such Lender, as applicable, shall use reasonable efforts in a manner consistent with such institution’s practice in connection with loans
like the Loan of such Lender to eliminate, mitigate or reduce amounts that would otherwise be payable by Borrowers under the foregoing provisions, provided that such action would not be otherwise prejudicial to such Lender, including, without
limitation, by designating another of such Lender’s offices, branches or affiliates; the Borrowers agreeing to pay all reasonable and necessary costs and expenses incurred by such Lender in connection with any such action. Notwithstanding
anything to the contrary contained herein, if no Default or Event of Default shall have occurred and be continuing, and if any Lender (a) has given notice of the existence of the circumstances set forth in §4.7 or has requested payment or
compensation for any losses or costs to be reimbursed pursuant to any one or more of the provisions of §4.4(b) (as a result of the imposition of U.S. withholding taxes on amounts paid to such Lender under this Agreement), §4.9 or
§4.10 and following the request of Borrowers has been unable to take the steps described above to mitigate such amounts (each, an “Affected Lender”) or (b) has failed to make available to Agent its pro rata share of any Loan and
such failure has not been cured (a “Non-Funding Lender”), then, within ninety (90) days after such notice or request for payment or compensation or failure to fund, as applicable, Borrowers shall have the right as to such
Affected Lender or Non-Funding Lender, as applicable, to be exercised by delivery of written notice delivered to the Agent and the Affected Lender or Non-Funding Lender, within ninety (90) days of receipt of such notice or failure to fund, as
applicable, to elect to cause the Affected Lender or Non-Funding Lender, as applicable, to transfer its Commitment. The Agent shall promptly notify the remaining Lenders that each of such Lenders shall have the right, but not the obligation, to
acquire a portion of the Commitment, pro rata based upon their relevant Commitment Percentages, of the Affected Lender or Non-Funding Lender, as applicable (or if any of such Lenders does not elect to purchase its pro rata share, then to such
remaining Lenders in such proportion as approved by the Agent). In the event that the Lenders do not elect to acquire all of the Affected Lender’s or Non-Funding Lender’s Commitment, then the Agent shall endeavor to obtain a new Lender to
acquire such remaining Commitment. Upon any such purchase of the Commitment of the Affected Lender or Non-Funding Lender, as applicable, the Affected Lender’s or Non-Funding Lender’s interest in the Obligations and its rights hereunder and
under the Loan Documents shall terminate at the date of purchase, and the Affected Lender or Non-Funding Lender, as applicable, shall promptly execute all documents reasonably requested to surrender and transfer such interest. The purchase price for
the Affected Lender’s or Non-Funding Lender’s Commitment shall equal any and all amounts outstanding and owed by Borrowers to the Affected Lender or Non-Funding Lender, as applicable, including principal, prepayment premium or fee, and all
accrued and unpaid interest or fees. 

  
 33 

 §5. COLLATERAL SECURITY. 

§5.1 Collateral. The Obligations and the Hedge Obligations shall be secured by a perfected first priority lien and security interest to be
held by the Agent for the benefit of the Lenders on the Collateral, pursuant to the terms of the Security Documents. 
 §5.2
Appraisals; Adjusted Value. 
 (a) The Agent may, for the purpose of determining the current Appraised Value of the Collateral Properties,
obtain new Appraisals or an update to existing Appraisals with respect to such property, or any of them, as the Agent shall determine (i) in connection with the acceptance of such Real Estate as a Collateral Property, (ii) once annually
unless an Event of Default shall be in existence, or (iii) at any time while an Event of Default is in existence. The reasonable expense of such Appraisals and/or updates performed pursuant to this §5.2(a) shall be borne by the Borrowers
and payable to Agent within ten (10) days of demand. 
 (b) The Borrowers acknowledge that the Agent has the right to reasonably approve
any Appraisal performed pursuant to this Agreement. The Borrowers further agree that the Lenders and Agent do not make any representations or warranties with respect to any such Appraisal and shall have no liability as a result of or in connection
with any such Appraisal for statements contained in such Appraisal, including without limitation, the accuracy and completeness of information, estimates, conclusions and opinions contained in such Appraisal, or variance of such Appraisal from the
fair value of such property that is the subject of such Appraisal given by the local tax assessor’s office, or the Borrowers’ idea of the value of such property. 

§5.3 Addition of Collateral Properties. 

(a) After the Closing Date, Parent Borrower shall have the right, subject to the consent of the Agent and the Required Lenders to the extent
required under (v) below (which consent shall not be unreasonably withheld) and the satisfaction by Parent Borrower of the conditions set forth in this §5.3, to add Potential Collateral to the Collateral. In the event Parent Borrower
desires to add additional Potential Collateral as aforesaid, Parent Borrower shall provide written notice to the Agent of such request (which the Agent shall promptly furnish to the Lenders), together with all documentation and other information
reasonably required to permit the Agent to determine whether such Real Estate is Eligible Real Estate. Thereafter, the Agent shall have ten (10) Business Days from the date of the receipt of such documentation and other information to advise
Parent Borrower whether the necessary Lender consent to the acceptance of such Potential Collateral has been received. If a Lender shall fail to respond to Agent within such ten (10) Business Day period, such Lender shall be deemed to have
approved such proposed Potential Collateral. Notwithstanding the foregoing, no Potential Collateral shall be included as Collateral unless and until the following conditions precedent shall have been satisfied: 

(i) the proposed Real Estate shall be Eligible Real Estate; 

(ii) the owner of the Eligible Real Estate shall have executed a Joinder Agreement and satisfied the conditions of §5.5; 

(iii) Parent Borrower or the owner of the Eligible Real Estate shall have executed and delivered to the Agent all Eligible Real Estate
Qualification Documents, all of which instruments, documents or agreements shall be in form and substance reasonably satisfactory to the Agent and the Lenders together with an executed Borrowing Base Availability Certificate in the form of Exhibit
F; 

  
 34 

 (iv) after giving effect to the inclusion of such Potential Collateral in connection with each
requested Advance, each of the representations and warranties made by or on behalf of the Borrowers or any of their respective Subsidiaries contained in this Agreement, the other Loan Documents or in any document or instrument delivered pursuant to
or in connection with this Agreement shall be true in all material respects both as of the date as of which it was made and shall also be true as of the time of the addition (or any replacement) of Collateral Properties, with the same effect as if
made at and as of that time (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date), and no Default or Event of
Default shall have occurred and be continuing, and the Agent shall have received a certificate of Parent Borrower to such effect; and 
 (v)
Approval of the inclusion of such Eligible Real Estate as a Collateral Property by the Required Lenders in their sole discretion. 

Notwithstanding the foregoing, in the event such Collateral or Potential Collateral does not qualify as Eligible Real Estate, so long as the
conditions set forth in clauses (ii) and (iv) of this §5.3 have been satisfied, such Collateral or Potential Collateral shall be included as Collateral and constitute Eligible Real Estate so long as the Agent shall have received the
prior written consent of Required Lenders in their sole discretion to the inclusion of such Real Estate as a Collateral Property. 

§5.4 Release of Collateral Property. Provided no Default or Event of Default shall have occurred hereunder and be continuing (or would
exist immediately after giving effect to the transactions contemplated by this §5.4 including any paydown of the Loans in connection with the transactions contemplated by this §5.4), the Agent shall release a Collateral Property from the
lien or security title of the Security Documents encumbering the same upon the request of Parent Borrower subject to and upon the following terms and conditions: 

(a) The Parent Borrower shall have provided the Agent with written notice of its intention to remove any specified Collateral Property from the
Collateral at least ten (10) days prior to the requested release (which notice may be revoked by Borrower at any time); 
 (b) Parent
Borrower shall submit to the Agent with such request an executed Borrowing Base Availability Certificate in the form of Exhibit F and a Compliance Certificate prepared using the financial statements of Parent Borrower most recently provided
or required to be provided to the Agent under §6.4 or §7.4 adjusted in the best good faith estimate of Parent Borrower solely to give effect to the proposed release and demonstrating that no Default or Event of Default with respect to the
covenants referred to therein shall exist after giving effect to such release and if the Borrowers would not be in compliance, then any reduction in the outstanding amount of the Loans in connection with such release; 

(c) all release documents to be executed by the Agent shall be in form and substance reasonably satisfactory to the Agent; 

(d) Parent Borrower shall pay all reasonable costs and expenses of the Agent in connection with such release, including without limitation,
reasonable attorney’s fees; 
 (e) Parent Borrower shall pay to the Agent for the account of the Lenders any payment required to comply
with §3.2, which payment shall be applied to reduce the outstanding principal balance of the Loans as provided in §3.2; and 

  
 35 

 (f) without limiting or affecting any other provision hereof, any release of a
Collateral Property will not cause the Borrowers to be in violation of the covenants set forth in §§9.1 through 9.7. 
 §5.5
Additional Subsidiary Credit Parties. As and to the extent that Parent Borrower shall request that certain Real Estate of a Subsidiary of Parent Borrower be included as a Collateral Property in connection with the request of any Loan as contemplated
by §5.3 and such Real Estate is approved for inclusion as a Collateral Property in accordance with the terms hereof, the Parent Borrower shall cause each such Subsidiary to execute and deliver to Agent a Joinder Agreement wherein, as approved
by the Administrative Agent, such Subsidiary shall either become a Subsidiary Borrower or a Subsidiary Guarantor, and such Subsidiary shall become a Subsidiary Credit Party hereunder. Each such Subsidiary shall be authorized, in accordance with its
respective organizational documents, to be a Subsidiary Credit Party hereunder and to execute such Security Documents as Agent may require. Parent Borrower shall further cause all representations, covenants and agreements in the Loan Documents with
respect to the Subsidiary Credit Parties to be true and correct with respect to each such Subsidiary from and after the date such Subsidiary executes and delivers a Joinder Agreement. In connection with the delivery of such Joinder Agreement, Parent
Borrower shall deliver to the Agent such organizational agreements, resolutions, consents, opinions and other documents and instruments as the Agent may reasonably require. 

§5.6 Release of Certain Subsidiary Credit Parties. In the event that all Collateral Properties owned by a Subsidiary Credit Party shall
have been released as Collateral for the Obligations and Hedge Obligations in accordance with the terms of this Agreement, then such Subsidiary Credit Party shall be released by Agent from liability under this Agreement. 

§5.7 Release of Collateral. Upon the refinancing or repayment of the Obligations in full, then the Agent shall release the Collateral
from the lien and security interest of the Security Documents and to release the Borrowers; provided that Agent has not received a notice from the “Representative” (as defined in §14.17) or the holder of the Hedge Obligations that any
Hedge Obligation is then due and payable to the holder thereof. 
 §6. REPRESENTATIONS AND WARRANTIES. 

The Borrowers represent and warrant to the Agent and the Lenders as follows, each as of the Closing Date hereof, and as of the date of a
request for a funding of any Loan hereunder: 
 §6.1 Corporate Authority, Etc. 

(a) Incorporation; Good Standing. Parent Borrower is a Maryland limited partnership duly organized pursuant to its certificate of
limited partnership filed with the Maryland Secretary of State, and is validly existing and in good standing under the laws of Maryland. Parent Borrower (i) has all requisite power to own its property and conduct its business as now conducted
and as presently contemplated, and (ii) is in good standing and is duly authorized to do business in each other jurisdiction where a failure to be so qualified in such other jurisdiction could have a Material Adverse Effect. 

(b) Other Credit Parties. Each of the other Credit Parties (i) is a corporation, limited partnership, general partnership, limited
liability company or trust duly organized under the laws of its State of organization and is validly existing and in good standing under the laws thereof, (ii) has all requisite power to own its property and conduct its business as now
conducted and as presently contemplated and (iii) is in good standing and is duly authorized to do business in each jurisdiction where a Collateral Property owned or leased by it is located to the extent required to do so under applicable law
and in each other jurisdiction where a failure to be so qualified could have a Material Adverse Effect. 

  
 36 

 (c) Other Subsidiaries. Except where a failure to satisfy such representation would not
have a Material Adverse Effect, each of the Subsidiaries of the Borrowers (other than the Subsidiary Credit Parties) (i) is a corporation, limited partnership, general partnership, limited liability company or trust duly organized under the
laws of its State of organization and is validly existing and in good standing under the laws thereof, (ii) has all requisite power to own its property and conduct its business as now conducted and as presently contemplated and (iii) is in
good standing and is duly authorized to do business in each jurisdiction where Real Estate owned or leased by it is located. 
 (d)
Authorization. The execution, delivery and performance of this Agreement and the other Loan Documents to which any of the Borrowers is a party and the transactions contemplated hereby and thereby (i) are within the authority of the
Credit Parties, (ii) have been duly authorized by all necessary actions on the part of the Credit Parties, (iii) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or
regulation to which any Credit Party is subject or any judgment, order, writ, injunction, license or permit applicable to any Credit Party, except as would not reasonably be expected to result in a Material Adverse Effect, (iv) do not and will
not conflict with or constitute a default (whether with the passage of time or the giving of notice, or both) under any provision of the partnership agreement, articles of incorporation or other charter documents or bylaws of, or any agreement or
other instrument binding upon, any Credit Party or or any of its properties where, in the case of any agreement or other instrument binding upon any Credit Party or any of its properties, any conflict or default would not reasonably be expected to
have a Material Adverse Effect, (v) do not and will not result in or require the imposition of any lien or other encumbrance on any of the properties, assets or rights of any Credit Party other than the liens and encumbrances in favor of Agent
contemplated by this Agreement and the other Loan Documents, and (vi) do not require the approval or consent of any Person other than those already obtained and delivered to Agent or except as would not reasonably be expected to result in a
Material Adverse Effect. 
 (e) Enforceability. The execution and delivery of this Agreement and the other Loan Documents to which any
of the Credit Parties is a party are valid and legally binding obligations of the Credit Parties enforceable in accordance with the respective terms and provisions hereof and thereof, except as enforceability is limited by bankruptcy, insolvency,
reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and general principles of equity. 

§6.2 Governmental Approvals. The execution, delivery and performance of this Agreement and the other Loan Documents to which any Credit
Party is a party and the transactions contemplated hereby and thereby do not require the approval or consent of, or filing or registration with, or the giving of any notice to, any court, department, board, governmental agency or authority other
than those already obtained and the filing of the Security Documents in the appropriate records office with respect thereto, in each case, except as would not reasonably be expected to result in a Material Adverse Effect. 

§6.3 Title to Collateral Properties. Except as indicated on Schedule 6.3 hereto or other adjustments that are not material in
amount, Subsidiary Credit Parties own or lease the Collateral Property subject to no rights of others, including any mortgages, leases pursuant to which Subsidiary Credit Parties or any of their Affiliates is the lessee, conditional sales
agreements, title retention agreements, liens or other monetary encumbrances except Permitted Liens. 
 §6.4 Financial Statements.
Guarantor has furnished to Agent: (a) the consolidated balance sheet of Guarantor and its Subsidiaries as of the Balance Sheet Date and the related consolidated statement of income and cash flow for the most recent period then ended (and
available) certified by an 

  
 37 

 
Authorized Officer or the chief financial or accounting officer of Guarantor, (b) as of the Closing Date, an unaudited statement of Net Operating Income for each of the Collateral Properties
(if any) for the most recent period then ended (and available) certified by the chief financial or accounting officer of Parent Borrower as fairly presenting in all material respects the Net Operating Income for such parcels for such periods, and
(c) certain other financial information relating to the Borrowers and the Real Estate (including, without limitation, the Collateral Properties). Such balance sheet and statements have been prepared in accordance with generally accepted
accounting principles and fairly present in all material respects the consolidated financial condition of the Guarantor and its Subsidiaries as of such dates and the consolidated results of the operations of the Guarantor and its Subsidiaries for
such periods. 
 §6.5 No Material Changes. Since the later of Balance Sheet Date or the date of the most recent financial statements
delivered pursuant to §7.4, as applicable, except as otherwise disclosed to Agent, there has occurred no materially adverse change in the financial condition, or business of the Borrowers, and their respective Subsidiaries taken as a whole as
shown on or reflected in the consolidated balance sheet of the Guarantor as of the Balance Sheet Date, or its consolidated statement of income or cash flows for the calendar year then ended, other than changes that have not and could not reasonably
be expected to have a Material Adverse Effect. As of the date hereof, except as set forth on Schedule 6.5 hereto, there has occurred no materially adverse change in the financial condition, prospects, operations or business activities of any
of the Collateral Properties from the condition shown on the statements of income delivered to the Agent pursuant to §6.4 other than changes in the ordinary course of business that have not had a Material Adverse Effect. 

§6.6 Franchises, Patents, Copyrights, Etc. The Borrowers and the Subsidiary Credit Parties possess all franchises, patents, copyrights,
trademarks, trade names, service marks, licenses and permits, and rights in respect of the foregoing, adequate for the conduct of their business substantially as now conducted without known conflict with any rights of others. None of the Collateral
Properties is owned or operated under or by reference to any registered or protected trademark, trade name, service mark or logo, except where such failure or conflict would not reasonably be expected to have a Material Adverse Effect. 

§6.7 Litigation. As of the date hereof, except as stated on Schedule 6.7, there are no actions, suits, proceedings or
investigations of any kind pending or to the knowledge of the Borrowers or the Subsidiary Credit Parties threatened against any Borrower or a Subsidiary Credit Party before any court, tribunal, arbitrator, mediator or administrative agency or board
which question the validity of this Agreement or any of the other Loan Documents, any action taken or to be taken pursuant hereto or thereto or any lien, security title or security interest created or intended to be created pursuant hereto or
thereto. As of the date hereof, except as set forth on Schedule 6.7, there are no judgments, final orders or awards outstanding against or affecting any Borrower, the Subsidiary Credit Parties or any Collateral Property individually or in the
aggregate in excess of $1,000,000. 
 §6.8 No Material Adverse Contracts, Etc. None of the Borrowers or the Subsidiary Credit Parties
is subject to any charter, corporate or other legal restriction, or any judgment, decree, order, rule or regulation that has or is expected in the future to have a Material Adverse Effect, with the Lenders agreeing the exercise of the redemption
rights granted under the Partnership Agreement shall not be deemed to have a Material Adverse Effect. None of the Borrowers or the Subsidiary Credit Parties is a party to any contract or agreement that has or could reasonably be expected to have a
Material Adverse Effect. 
 §6.9 Compliance with Other Instruments, Laws, Etc. None of the Borrowers or any of their respective
Subsidiaries is in violation of any provision of its charter or other organizational documents, bylaws, or any agreement or instrument to which it is subject or by which it or any of its properties is bound or any decree, order, judgment, statute,
license, rule or regulation, in any of the foregoing cases in a manner that has had or could reasonably be expected to have a Material Adverse Effect. 

  
 38 

 §6.10 Tax Status. Except as would not reasonably be expected to result in a Material Adverse
Effect, each of the Borrowers and the Subsidiary Credit Parties (a) has made or filed all federal and state income and all other Tax returns, reports and declarations required by any jurisdiction to which it is subject or has obtained an
extension for filing, (b) has paid prior to delinquency all Taxes and other governmental assessments and charges shown or determined to be due on such returns, reports and declarations, except those being contested in good faith and by
appropriate proceedings or for which any of the Borrowers or their respective Subsidiaries, as applicable has set aside on its books provisions reasonably adequate for the payment of such Taxes, and (c) has made provisions reasonably adequate
for the payment of all accrued Taxes not yet due and payable. Except as would not reasonably be expected to result in a Material Adverse Effect, there are no unpaid Taxes claimed by the taxing authority of any jurisdiction to be due by the Borrowers
of their respective Subsidiaries, the officers or partners of such Person know of no basis for any such claim, and as of the Closing Date, there are no audits pending or to the knowledge of Borrowers threatened with respect to any Tax returns filed
by Borrowers or their respective Subsidiaries. The taxpayer identification number for Parent Borrower is 46-4654279. 
 §6.11 No Event
of Default. No Default or Event of Default has occurred and is continuing. 
 §6.12 Investment Company Act. None of the Borrowers or
any of their respective Subsidiaries is an “investment company”, or an “affiliated company” or a “principal underwriter” of an “investment company”, as such terms are defined in the Investment Company Act of
1940. 
 §6.13 Absence of UCC Financing Statements, Etc. Except with respect to Permitted Liens or as disclosed on the lien search
reports delivered to and approved by the Agent, there is no financing statement (but excluding any financing statements that may be filed against any Borrower or Subsidiary Credit Party without the consent or agreement of such Persons), security
agreement, chattel mortgage, real estate mortgage or other document filed or recorded with any applicable filing records, registry, or other public office, that purports to cover, affect or give notice of any present or possible future lien on, or
security interest or security title in, any Collateral. 
 §6.14 Setoff, Etc. The Collateral and the rights of the Agent and the
Lenders with respect to the Collateral are not subject to any setoff, claims, withholdings or other defenses by the Borrowers or any of their Subsidiaries or Affiliates or, to the best knowledge of Borrowers, any other Person other than Permitted
Liens described in §8.2(i), (vi), (vii) and (viii). 
 §6.15 Certain Transactions. Except as disclosed on Schedule
6.15 hereto, none of the partners, officers, trustees, managers, members, directors, or employees of any Borrower or Subsidiary Guarantor is, nor shall any such Person become, a party to any transaction with any Borrower or Subsidiary Guarantor
(other than for services as partners, managers, members, employees, officers and directors), including any agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or
from, or otherwise requiring payments to or from any partner, officer, trustee, director or such employee or, to the knowledge of the Borrowers or the Subsidiary Guarantors, any corporation, partnership, trust or other entity in which any partner,
officer, trustee, director, or any such employee has a substantial interest or is an officer, director, trustee or partner, which are on terms less favorable to the Borrowers or the Subsidiary Guarantors than those that would be obtained in a
comparable arms-length transaction. 

  
 39 

 §6.16 Employee Benefit Plans. Except as would not reasonably be expected to have a Material
Adverse Effect, each Borrower and each ERISA Affiliate that is subject to ERISA has fulfilled its obligation, if any, under the minimum funding standards of ERISA and the Code with respect to each Employee Benefit Plan, Multiemployer Plan or
Guaranteed Pension Plan and is in compliance in all material respects with the presently applicable provisions of ERISA and the Code with respect to each Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan. Except as would not
reasonably be expected to result in a Material Adverse Effect, neither any Borrower nor any ERISA Affiliate has (a) sought a waiver of the minimum funding standard under §412 of the Code in respect of any Multiemployer Plan or Guaranteed
Pension Plan or (b) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under §4007 of ERISA. Neither any Borrower nor any ERISA Affiliate has failed to make any contribution or payment to any
Multiemployer Plan or Guaranteed Pension Plan, or made any amendment to any Multiemployer Plan or Guaranteed Pension Plan, which has resulted or would reasonably be expected to result in the imposition of a Lien. None of the Collateral Properties
constitutes a “plan asset” of any Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan in each case, that is subject to ERISA. 

§6.17 Disclosure. All of the representations and warranties made by Borrowers or the Subsidiary Guarantors or Guarantor in this Agreement
and the other Loan Documents or any document or instrument delivered to the Agent or the Lenders pursuant to or in connection with any of such Loan Documents are true and correct in all material respects. All information contained in this Agreement,
the other Loan Documents or otherwise furnished to or made available to the Agent or the Lenders by any Borrower or the Subsidiary Credit Parties or Guarantor, is and will be true and correct in all material respects and does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements contained therein not materially misleading when taken as a whole. The written information, reports and other papers and data with respect to the
Borrowers, any Subsidiary or the Collateral Properties (other than projections and estimates) furnished to the Agent or the Lenders by Borrower or Guarantor in connection with this Agreement or the obtaining of the Commitments of the Lenders
hereunder was, at the time so furnished, correct in all material respects, or has been subsequently supplemented by other written information, reports or other papers or data, to the extent necessary to give in all material respects a true and
accurate knowledge of the subject matter in all material respects; provided that such representation shall not apply to (a) the accuracy of any appraisal, title commitment, survey, or engineering and environmental reports prepared by
third parties or legal conclusions or analysis provided by the Borrowers’ counsel or (b) budgets, projections and other forward-looking speculative information prepared in good faith by the Borrowers (except to the extent the related
assumptions were when made manifestly unreasonable) except to the extent that any of the foregoing would not reasonably be expected to have a Material Adverse Effect. 

§6.18 Trade Name; Place of Business. No Borrower or the Subsidiary Guarantor uses any trade name and conducts business under any name
other than its actual name set forth in the Loan Documents. The principal place of business of the Borrowers and the other Credit Parties is c/o City Office REIT, Inc., 1075 West Georgia Street, Suite 2600, Vancouver, BC Canada V6E 3C9. 

§6.19 Regulations T, U and X. No portion of any Loan is to be used for the purpose of purchasing or carrying any “margin
security” or “margin stock” as such terms are used in Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R. Parts 220, 221 and 224. No Borrower or other Credit Party is engaged, nor will it engage,
principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any “margin security” or “margin stock” as such terms are used in Regulations T, U and X of the
Board of Governors of the Federal Reserve System, 12 C.F.R. Parts 220, 221 and 224. 

  
 40 

 §6.20 Environmental Compliance. Except as set forth on Schedule 6.20 or as
specifically set forth in the written environmental site assessment reports of the Environmental Engineer provided to the Agent on or before the date hereof, or in the case of Collateral Property acquired after the date hereof, the environmental
site assessment reports with respect thereto provided to the Agent: 
 (a) None of the Collateral Properties, nor to Borrower’s
knowledge, any tenant or operations thereon, is in violation, or alleged violation, of any Environmental Law, which violation would reasonably be expected to have a Material Adverse Effect. 

(b) None of the Borrowers or Subsidiary Guarantors has received written notice from any third party including, without limitation, any federal,
state or local governmental authority, (i) that it has been identified by the United States Environmental Protection Agency (“EPA”) as a potentially responsible party under CERCLA with respect to a site listed on the National
Priorities List, 40 C.F.R. Part 300 Appendix B (1986); (ii) that any Hazardous Substance(s) which it has generated, transported or disposed of have been found at any site at which a federal, state or local agency or other third party has
conducted, or has demanded that any Borrower conduct a remedial investigation, removal or other response action pursuant to any Environmental Law; or (iii) that it is or shall be a named party to any claim, action, cause of action, complaint,
or legal or administrative proceeding (in each case, contingent or otherwise) arising out of any third party’s incurrence of costs, expenses, losses or damages in connection with the release of Hazardous Substances in violation of applicable
Environmental Law, which in the case of clauses (i) through (iii) above which involves a Collateral Property and which would reasonably be expected to have a Material Adverse Effect. 

(c) (i) No portion of the Collateral Properties is used by Borrowers or Subsidiary Guarantors, or to the knowledge of Borrowers or Subsidiary
Guarantors, by any tenant or operator thereon for the handling, processing, storage or disposal of Hazardous Substances except in compliance with applicable Environmental Laws, and no underground tank or other underground storage receptacle for
Hazardous Substances is located on any portion of the Collateral Properties except those which are being operated and maintained, and, if required, remediated, in compliance with Environmental Laws; (ii) in the course of any business activities
conducted by the Borrowers, their respective Subsidiaries or, to the Borrower’s actual knowledge, the tenants and operators of their properties, no Hazardous Substances have been generated or are being used on the Collateral Properties except
in the ordinary course of Borrowers’ or Subsidiary Guarantors’ or their tenants’ and operators’ business and in compliance with applicable Environmental Laws; (iii) to Borrower’s actual knowledge, there has been no past
or present releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, disposing or dumping (other than in reasonable quantities to the extent necessary in the ordinary course of operation of
Borrowers’, Subsidiary Guarantors’, their tenants’ or operators’ business and, in any event, in compliance with all Environmental Laws) (a “Release”) or threatened Release of Hazardous Substances on, upon, into
or from the Collateral Properties, which Release would reasonably be expected to have a Material Adverse Effect; (iv) to Borrower’s knowledge, there have been no Releases on, upon, from or into any real property in the vicinity of any of
the Collateral Properties which, through soil or groundwater contamination, have come to be located on the Collateral Properties, and which would be reasonably anticipated to have a Material Adverse Effect; and (v) to Borrower’s actual
knowledge, any Hazardous Substances that have been generated on any of the Collateral Properties have been transported off-site in accordance with all applicable Environmental Laws and in a manner that would
not reasonably be expected to have a Material Adverse Effect. 
 (d) Except for such matters that shall be complied with as of the Closing
Date, by virtue of the transactions set forth herein and contemplated hereby, or as a condition to the recording of the Mortgages or to the effectiveness of any other transactions contemplated hereby, none of the Borrowers, the Subsidiary Guarantors
nor the Collateral Properties will become subject to any applicable Environmental Law requiring the performance of environmental site assessments, or the removal or remediation of Hazardous Substances, or the giving of notice to any governmental
agency or the recording or delivery to other Persons of an environmental disclosure document or statement pursuant to applicable Environmental Laws, which would reasonably be expected to have a Material Adverse Effect. 

  
 41 

 (e) There are no existing or closed sanitary waste landfills, or hazardous waste treatment,
storage or disposal facilities on the Collateral Properties except where such existence would not reasonably be expected to have a Material Adverse Effect. 

(f) Neither the Borrowers nor Subsidiary Guarantors have received any written notice from any party that any use, operation, or condition of
any Collateral Properties has caused any adverse condition on any other property that would reasonably be expected to result in a claim under applicable Environmental Law that would have a Material Adverse Effect, nor does any Borrower or Subsidiary
Guarantor have actual knowledge of any existing facts or circumstances that could reasonably be expected to form the basis for such a claim. 

§6.21 Subsidiaries; Organizational Structure. Schedule 6.21 sets forth, as of the Closing Date, all of the Subsidiaries and
Unconsolidated Subsidiaries of Parent Borrower, the form and jurisdiction of organization of each of the Subsidiaries and Unconsolidated Subsidiaries, and the owners of the direct and indirect ownership interests therein. No Person owns any legal,
equitable or beneficial interest in any of the Persons set forth on Schedule 6.21 except as set forth on such Schedule. 

§6.22 Leases. The Borrowers have delivered to the Agent true and complete copies of the Leases and any amendments thereto relating to
each Collateral Property required to be delivered as a part of the Eligible Real Estate Qualification Documents as of the date hereof. An accurate and complete Rent Roll in all material respects as of the date of inclusion of each Collateral
Property in the Collateral with respect to all Leases of any portion of the Collateral Property has been provided to the Agent. The Leases previously delivered to Agent as described in the preceding sentence constitute as of the date thereof the
sole material agreements relating to leasing or licensing of space at such Collateral Property and in the Building relating thereto. No tenant under any Lease is entitled to any free rent, partial rent, rebate of rent payments, credit, offset or
deduction in rent, including, without limitation, lease support payments or lease buy-outs, except as reflected in such Leases or such Rent Roll. Except as set forth in Schedule 6.22, the Leases reflected therein are, as of the date of
inclusion of the applicable Collateral Property in the Collateral, in full force and effect in accordance with their respective terms, without any payment default or any other material default thereunder, nor are there any material defenses,
counterclaims, offsets, concessions or rebates available to any tenant thereunder, and except as reflected in Schedule 6.22, no Borrower has given or made, any notice of any payment or other material default, or any claim, which remains
uncured or unsatisfied, with respect to any of the Leases, and to the best of the knowledge and belief of the Borrowers and the Subsidiary Guarantors, there is no basis for any such claim or notice of default by any tenant except in the case of any
of the foregoing, those matters which would not result in a Material Adverse Effect. Borrower knows of no condition which with the giving of notice or the passage of time or both would constitute a default on the part of any tenant with respect to
the material terms under a Lease or of the respective Borrower as landlord under the Lease, which would result in a Material Adverse Effect. No security deposit or advance rental or fee payment (more than 2 months in advance) has been made by any
lessee or licensor under the Leases except as may be specifically designated in the copies of the Leases furnished to the Agent or as otherwise disclosed to Agent in writing. No property other than the Collateral Property which is the subject of the
applicable Lease is necessary to comply with the requirements (including, without limitation, parking requirements) contained in such Lease. 

§6.23 Property. Except as set forth in Schedule 6.23 or as set forth in the written engineer reports provided to Agent on or
before the date hereof, all of the Collateral Properties, and all major building systems located thereon, are structurally sound, in good condition and working order and free 

  
 42 

 
from material defects, subject to ordinary wear and tear, except for such portion of such Real Estate which is not occupied by any tenant and which may not be in final working order pending final
build-out of such space except where such defects have not had and could not reasonably be expected to have a Material Adverse Effect. Each of the Collateral Properties, and the use and operation thereof, is in material compliance with all
applicable federal and state law and governmental regulations and any local ordinances, orders or regulations, including without limitation, laws, regulations and ordinances relating to zoning, building codes, subdivision, fire protection, health,
safety, handicapped access, historic preservation and protection, wetlands, tidelands, and Environmental Laws except in cases that would not reasonably cause a Material Adverse Effect. All water, sewer, electric, gas, telephone and other utilities
necessary for the use and operation of the Collateral Property are installed to the property lines of the Collateral Property through dedicated public rights of way or through perpetual private easements with respect to which the applicable Mortgage
creates a valid and enforceable first lien subject to Permitted Liens and, except in the case of drainage facilities, are connected to the Building located thereon with valid permits and are adequate to service the Building in compliance with
applicable law, and except where the failure of any of the foregoing could not reasonably be expected to have a Material Adverse Effect. There are no material unpaid or outstanding real estate or other taxes or assessments on or against any of the
Collateral Properties which are payable by any Borrower (except only real estate or other taxes or assessments, that are not yet delinquent or are being protested as permitted by this Agreement). Except as otherwise disclosed to Agent in writing,
there are no pending, or to the knowledge of Borrowers or Subsidiary Guarantors threatened or contemplated, eminent domain proceedings against any of the Collateral Properties. Except as otherwise disclosed to Agent in writing, none of the
Collateral Properties is now damaged as a result of any fire, explosion, accident, flood or other casualty. Except as otherwise disclosed to Agent in writing, none of the Borrowers or Subsidiary Guarantors has received any outstanding notice from
any insurer or its agent requiring performance of any work with respect to any of the Collateral Properties or canceling or threatening to cancel any policy of insurance, and each of the Collateral Properties complies with the material requirements
of all of the Borrowers’ and Subsidiary Guarantors’ insurance carriers, except where any of the foregoing would not reasonably be expected to have a Material Adverse Effect. Except as otherwise disclosed to Agent, the Borrowers and the
Subsidiary Guarantors have no Management Agreements for any of the Collateral Properties. To the best knowledge of the Borrowers and the Subsidiary Guarantors, there are no materials claims or any bases for material claims in respect of any
Collateral Property or its operation by any party to any service agreement or Management Agreement, that would have a Material Adverse Effect. No person or entity has any right or option to acquire any Collateral Property or any Building thereon or
any portion thereof or interest therein, except for certain tenants pursuant to the terms of their Leases with Subsidiary Credit Parties. 

§6.24 Brokers. None of the Borrowers nor any of their respective Subsidiaries has engaged or otherwise dealt with any broker, finder or
similar entity in connection with this Agreement or the Loans contemplated hereunder. 
 §6.25 Other Debt. None of the Borrowers or the
Subsidiary Guarantors is a party to or bound by any agreement, instrument or indenture that may require the subordination in right or time or payment of any of the Obligations to any other indebtedness or obligation of any Borrower. Schedule
6.25 hereto sets forth all agreements, mortgages, deeds of trust, financing agreements or other material agreements binding upon the Borrowers or the Subsidiary Guarantors or their respective properties and entered into by the Borrowers or the
Subsidiary Guarantors as of the date of this Agreement with respect to any Indebtedness of the Borrowers or the Subsidiary Guarantors, and the Borrowers have provided the Agent with true, correct and complete copies thereof, with the redemption
obligations set forth under the Partnership Agreement not being deemed Indebtedness for the purposes of this §6.25. 

  
 43 

 §6.26 Solvency. As of the Closing Date and after giving effect to the transactions
contemplated by this Agreement and the other Loan Documents, including all Loans made or to be made hereunder, and, including, without limitation the provisions of §37 hereof, no Borrower is insolvent on a balance sheet basis such that the sum
of such Person’s assets exceeds the sum of such Person’s liabilities, each Borrower is able to pay its debts as they become due, and each Borrower has sufficient capital to carry on its business. 

§6.27 No Bankruptcy Filing. As of the Closing Date, no Borrower is 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 the Borrowers and the Subsidiary Guarantors have no knowledge of any Person contemplating the filing of any such petition against it. 

§6.28 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 any Borrower with or as a result of any actual intent by any of such Persons to hinder, delay or defraud any entity to which any of such Persons is now or will hereafter become
indebted. 
 §6.29 Transaction in Best Interests of Borrowers; Consideration. The transaction evidenced by this Agreement and the other
Loan Documents is in the best interests of each Borrower and the Subsidiary Guarantors. The direct and indirect benefits to inure to the Borrowers and the Subsidiary Guarantors 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 the Borrowers and the Subsidiary Guarantors pursuant to this Agreement and the other Loan Documents, and but for the willingness of each Subsidiary
Credit Party to be a co-borrower or guarantor of the Loan, the Borrowers and the Subsidiary Guarantors would be unable to obtain the financing contemplated hereunder which financing will enable the Borrowers and the Subsidiary Guarantors to have
available financing to conduct and expand their business. Borrowers and the Subsidiary Guarantors further acknowledge and agree that Borrowers and the Subsidiary Guarantors constitute a single integrated and common enterprise and that each receives
a benefit from the availability of credit under this Agreement. 
 §6.30 OFAC. None of the Borrowers or the Subsidiary Guarantors is
(or will be) a person with whom any Lender is restricted from doing business under 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, Borrowers and the Subsidiary Guarantors hereby agree to provide to the Lenders any additional information that a Lender reasonably deems necessary from time to time in order to ensure
compliance with all applicable laws concerning money laundering and similar activities. 
 §7. AFFIRMATIVE COVENANTS. 

The Borrowers covenant and agree that, so long as any Loan or Note is outstanding or any Lender has any obligation to make any Loans: 

§7.1 Punctual Payment. The Borrowers will duly and punctually pay or cause to be paid the principal and interest on the Loans and all
interest and fees provided for in this Agreement, all in accordance with the terms of this Agreement and the Notes, as well as all other sums owing pursuant to the Loan Documents in accordance with the terms hereof. 

  
 44 

 §7.2 Maintenance of Office. The Borrowers will maintain their respective chief executive
office at 1075 West Georgia Street, Suite 2600, Vancouver, BC Canada V6E 3C9, or at such other as the Borrowers shall designate upon prompt written notice to the Agent and the Lenders, where notices, presentations and demands to or upon the
Borrowers in respect of the Loan Documents may be given or made. 
 §7.3 Records and Accounts. The Borrowers and the Subsidiary
Guarantors will (a) keep, and cause each of their respective Subsidiaries to keep true and accurate records and books of account in which full, true and correct entries will be made in accordance with GAAP (in each case, in all material
respects) and (b) make adequate provision for the payment of all Taxes (including income taxes). Neither any Borrower nor any of their respective Subsidiaries shall, without the prior written consent of the Agent (x) make any material
change to the accounting policies/principles used by such Person in preparing the financial statements and other information described in §6.4 or §7.4 (unless required by GAAP or other applicable accounting standards), or (y) change
its fiscal year. 
 §7.4 Financial Statements, Certificates and Information. Borrowers will deliver or cause to be delivered to the
Agent: 
 (a) not later than one hundred twenty (120) days after the end of each calendar year, the audited Consolidated balance sheet
of the Guarantor and its Subsidiaries at the end of such year, and the related audited consolidated statements of income, changes in capital and cash flows for such year, setting forth in comparative form the figures for the previous fiscal year and
all such statements to be in reasonable detail, prepared in accordance with GAAP, together with a certification by an Authorized Officer or the chief financial officer or accounting officer of the Guarantor that the information contained in such
financial statements fairly presents in all material respects the financial position of the Guarantor and its Subsidiaries, and accompanied by an auditor’s report prepared without qualification as to the scope of the audit by a member firm of
KPMG, LLP or another nationally recognized accounting firm, and any other information the Agent may reasonably request to complete a financial analysis of Parent Borrower and its Subsidiaries; 

(b) not later than sixty (60) days after the end of each calendar quarter of each year, copies of the unaudited consolidated balance sheet
of the Guarantor and its Subsidiaries and the Parent Borrower and its Subsidiaries as at the end of such quarter, and the related unaudited consolidated statements of income and cash flows for the portion of the Guarantor’s fiscal year then
elapsed, all in reasonable detail and prepared in accordance with GAAP, together with a certification by an Authorized Officer or the chief financial officer or accounting officer of Guarantor that the information contained in such financial
statements fairly presents in all material respects the financial position of the Guarantor and its Subsidiaries on the date thereof (subject to year-end adjustments); 

(c) simultaneously with the delivery of the financial statements referred to in subsections (a) and (b) above an executed Borrowing
Base Availability Certificate in the form of Exhibit F and a statement (a “Compliance Certificate”) certified by an Authorized Officer or the chief financial officer or chief accounting officer of Guarantor in the form of
Exhibit G hereto (or in such other form as the Agent may reasonably approve from time to time) setting forth in reasonable detail computations evidencing compliance or non-compliance (as the case may be) with the covenants contained in
§9. Guarantor shall submit with the Compliance Certificate a Borrowing Base Certificate in the form of Exhibit F attached hereto pursuant to which the Guarantor shall calculate the amount of the Borrowing Base Availability as of the end
of the immediately preceding calendar quarter. All income, expense, debt and value associated with Real Estate or other Investments disposed of during any quarter will be eliminated from calculations, where applicable. The Compliance Certificate
shall be accompanied by copies of the statements of Net Operating Income for such calendar quarter for each of the Collateral 

  
 45 

 
Properties, prepared on a basis consistent with the statements furnished to the Agent prior to the date hereof and otherwise in form and substance reasonably satisfactory to the Agent, together
with a certification by an Authorized Officer or the chief financial officer or chief accounting officer of Guarantor that the information contained in such statement fairly presents in all material respects Net Operating Income of the Collateral
Properties for such periods; 
 (d) simultaneously with the delivery of the financial statements referred to in clause (a) above, the
statement of all contingent liabilities involving amounts of $1,000,000 or more of the Borrowers or the Subsidiary Guarantors which are not reflected in such financial statements or referred to in the notes thereto (including, without limitation,
all guaranties, endorsements and other contingent obligations in respect of the indebtedness of others, and obligations to reimburse the issuer in respect of any letters of credit); 

(e) simultaneously with the delivery of the financial statements referred to in subsections (a) and (b) above, (i) a Rent Roll
for each of the Collateral Properties and a summary thereof in form reasonably satisfactory to Agent as of the end of each calendar quarter (including the fourth calendar quarter in each year), and (ii) an operating statement for each of the
Collateral Properties for each such calendar quarter and year to date and a consolidated operating statement for the Collateral Properties for each such calendar quarter and year to date (such statements and reports to be in form reasonably
satisfactory to Agent), including (if requested by Agent) a receivables aging; 
 (f) simultaneously with the delivery of the financial
statements referred to in subsections (a) and (b) above, upon request by Agent, a statement (i) listing the Real Estate owned by the Borrowers and their Subsidiaries (or in which the Borrowers or their Subsidiaries owns an interest)
and stating the location thereof, the date acquired and the acquisition cost, (ii) listing the Indebtedness (excluding, for the purposes hereof, the redemption obligations under the Partnership Agreement) of the Borrowers and their
Subsidiaries, which statement shall include, without limitation, a statement of the original principal amount of such Indebtedness and the current amount outstanding, the holder thereof, the maturity date and any extension options, the interest
rate, the collateral provided for such Indebtedness and whether such Indebtedness is recourse or non-recourse, and (iii) listing the properties of the Borrowers and their Subsidiaries which are Development Properties and providing a brief
summary of the status of such development; 
 (g) if requested by Agent, promptly after they are filed with the Internal Revenue Service,
copies of all annual federal income tax returns and amendments thereto of the Borrowers; 
 (h) not later than December 15 of each year,
a budget and business plan for the Guarantor and each Collateral Property for the next calendar year; 
 (i) to the extent requested by
Agent, evidence reasonably satisfactory to Agent of the timely payment of all real estate taxes for the Collateral Properties; 
 (j) from
time to time such other financial data and information in the possession of the Borrowers or their respective Subsidiaries (including without limitation auditors’ management letters, status of litigation or investigations against the Borrowers
or the Subsidiary Guarantors and any settlement discussions relating thereto (unless the Borrowers in good faith believe that such disclosure could result in a waiver or loss of attorney work product, attorney-client or any other applicable
privilege), property inspection and environmental reports and information as to zoning and other legal and regulatory changes affecting the Borrowers or the Subsidiary Guarantors) as the Agent may reasonably request. 

  
 46 

 Any material to be delivered pursuant to this §7.4 may be delivered electronically directly to Agent or made
available to Agent pursuant to an accessible website and the Lenders provided that such material is in a format reasonably acceptable to Agent, and such material shall be deemed to have been delivered to Agent and the Lenders upon Agent’s
receipt thereof or access to the website containing such material. Upon the request of Agent, Borrowers shall deliver paper copies thereof to Agent and the Lenders. Borrowers authorize Agent and Arranger to disseminate any such materials through the
use of Intralinks, SyndTrak or any other electronic information dissemination system provided that system is secure and access thereto is protected by a password that is only disclosed to the Lenders, and the Borrowers release Agent and the Lenders
from any liability in connection therewith (other than the liability based on Agent’s gross negligence or willful misconduct). 

§7.5 Notices. 
 (a)
Defaults. The Borrowers and the Subsidiary Guarantors will promptly upon becoming aware of same notify the Agent in writing of the occurrence of any Default or Event of Default, which notice shall describe such occurrence with reasonable
specificity and shall state that such notice is a “notice of default”. If any Person shall give any written notice or take any other action in respect of a claimed default (whether or not constituting an Event of Default) under this
Agreement or under any note, evidence of indebtedness, indenture or other obligation to which or with respect to which any Borrower is a party or obligor, whether as principal or surety, and such default would permit the holder of such note or
obligation or other evidence of indebtedness to accelerate the maturity thereof, which acceleration would either cause a Default or have a Material Adverse Effect, the Borrowers and the Subsidiary Guarantors shall forthwith give written notice
thereof to the Agent and each of the Lenders, describing the notice or action and the nature of the claimed default. 
 (b) Environmental
Events. The Borrowers or the Subsidiary Guarantors will give notice to the Agent within five (5) Business Days of becoming aware of (i) any known Release, or threat of Release, of any Hazardous Substances in violation of any applicable
Environmental Law; (ii) any violation of any Environmental Law that any Borrower reports in writing or is reportable by such Person in writing (or for which any written report supplemental to any oral report is made) to any federal, state or
local environmental agency or (iii) any written inquiry, proceeding, or investigation, including a written notice from any agency of potential environmental liability, of any federal, state or local environmental agency or board, that in the
case of either clauses (i) – (iii) above involves any Collateral Property and would reasonably be expected to have a Material Adverse Effect, or materially adversely affect the Agent’s liens or security title on the Collateral
pursuant to the Security Documents. 
 (c) Notification of Claims Against Collateral. The Borrowers or the Subsidiary Guarantors will
give notice to the Agent in writing within five (5) Business Days of becoming aware of any material setoff, claims (including, with respect to the Collateral Property, environmental claims), withholdings or other defenses to which any of the
Collateral, or the rights of the Agent or the Lenders with respect to the Collateral, are subject, which could have a Material Adverse Effect. 

(d) Notice of Litigation and Judgments. The Borrowers or the Subsidiary Guarantors will give notice to the Agent in writing within five
(5) Business Days of becoming aware of any pending litigation and proceedings affecting any Borrower or to which any Borrower is a party involving an uninsured claim against any Borrower that could either cause a Default or could reasonably be
expected to have a Material Adverse Effect and stating the nature and status of such litigation or proceedings. The Borrowers or the Subsidiary Guarantors will give notice to the Agent, in writing, within ten (10) days of any judgment not
covered by insurance, whether final or otherwise, against any Borrower or any of their respective Subsidiaries in an amount in excess of $5,000,000. 

  
 47 

 (e) ERISA. The Borrowers or the Subsidiary Guarantors will give notice to the Agent within
ten (10) Business Days after the Borrowers or any ERISA Affiliate (i) gives or is required to give notice to the PBGC of any “reportable event” (as defined in §4043 of ERISA) with respect to any Guaranteed Pension Plan,
Multiemployer Plan or Employee Benefit Plan, or knows that the plan administrator of any such plan has given or is required to give notice of any such reportable event; (ii) gives a copy of any notice (including any received from the trustee of
a Multiemployer Plan) of complete or partial withdrawal liability under Title IV of ERISA; or (iii) receives any notice from the PBGC under Title IV or ERISA of an intent to terminate or appoint a trustee to administer any such plan, in each
case if such event or occurrence would reasonably be expected to have a Material Adverse Effect. 
 (f) Notification of Lenders.
Within five (5) Business Days after receiving any notice under this §7.5, the Agent will forward a copy thereof to each of the Lenders, together with copies of any certificates or other written information that accompanied such notice.

 §7.6 Existence; Maintenance of Properties. 

(a) The Borrowers and the Subsidiary Guarantors will preserve and keep in full force and effect their legal existence in the jurisdiction of
its incorporation or formation. The Borrowers and the Subsidiary Guarantors will preserve and keep in full force all of their rights and franchises, the preservation of which is necessary to the conduct of their business, to the extent that the
failure to do so could reasonably be expected to result in a Material Adverse Effect. 
 (b) Each Borrower (i) will cause all of the
Collateral Properties to be maintained and kept in good condition, repair and working order (ordinary wear and tear excepted) and supplied with all necessary equipment, and (ii) will cause to be made all necessary repairs, renewals,
replacements, betterments and improvements thereof in each case under (i) or (ii) above in which the failure to do so would cause a Material Adverse Effect. Without limitation of the obligations of the Borrowers and the Subsidiary
Guarantors under this Agreement with respect to the maintenance of the Collateral Properties, the Borrowers and the Subsidiary Guarantors shall promptly and diligently comply with the reasonably and necessary recommendations of the Environmental
Engineer concerning the maintenance, operation or upkeep of the Collateral Properties contained in the building inspection and environmental reports delivered to the Agent or otherwise obtained by Borrowers or the Subsidiary Guarantors with respect
to the Collateral Property, that are required by Environmental Laws. 
 §7.7 Insurance; Condemnation. 

(a) The Borrowers or the Subsidiary Guarantors will, at their expense, procure and maintain for the benefit of the Borrowers, the Subsidiary
Guarantors and the Agent, insurance policies issued by such insurance companies, in such amounts, in such form and substance, and with such coverages, endorsements, deductibles and expiration dates as are reasonably acceptable to the Agent, taking
into consideration the property size, use, and location that a commercially prudent lender would require (provided such insurance is generally available in the commercial markets and being required of other similarly situated borrowers), providing
the following types of insurance covering each Collateral Property: 
 (i) All Risks” or “Special Form” property insurance,
coverage from loss or damage arising from flood, earthquake, and acts of terrorism (with such coverage satisfactory to Agent), and comprehensive boiler and machinery or “breakdown” coverages on each Building owned by the Borrowers or the
Subsidiary Guarantors in an amount not less than the full insurable replacement cost of each Building. As approved by Agent, flood, earthquake and boiler and machinery/breakdown coverages may be subject to sublimits less than the Building’s
insurable replacement cost. Losses shall be valued on 

  
 48 

 
a replacement cost basis, and coinsurance (if any) shall be waived. The deductibles shall not to exceed $250,000 for physical damage, a 24-hour waiting period for business interruption and five
percent (5%) of the insured value per location for earthquake or named windstorm. Full insurable replacement cost as used herein means the cost of replacing the Building (exclusive of the cost of excavations, foundations and footings below the
lowest basement floor) without deduction for physical depreciation thereof; 
 (ii) If not covered by or under the terms or provisions of
the policies required in clause (i) above, during the course of construction or repair of any Building or of any renovations or repairs that are not covered by Borrowers’ or the Subsidiary Guarantors’ property insurance, the insurance
required by clause (i) above shall be written on a builder’s risk, completed value, non-reporting form, with recovery not affected by interim reports of value submitted for premium accounting purposes, meeting all of the terms required by
clause (i) above, covering the total value of work performed, materials, equipment, machinery and supplies furnished, existing structures, and temporary structures being erected on or near the Collateral Property, including coverage against
collapse and damage during transit or while being stored off-site, and containing a soft costs (including loss of rents) coverage endorsement and a permission to occupy endorsement; 

(iii) If not insured by the flood insurance required under (i) above, flood insurance if at any time any Building is located in any
federally designated “special hazard area” (including any area having special flood, mudslide and/or flood-related erosion hazards, and shown on a Flood Hazard Boundary Map or a Flood Insurance Rate Map published by the Federal Emergency
Management Agency as Zone A, AO, Al-30, AE, A99, AH, VO, V1-30, VE, V, M or E), in an amount equal to the full replacement cost or the maximum amount then available under the National Flood Insurance Program; 

(iv) Rent loss insurance in an amount sufficient to recover at least the total estimated gross receipts from all sources of income, including
without limitation, rental income, for the Collateral Property for a twelve (12) month period, including a provision for an extended period of indemnity of not less than one year; 

(v) Commercial general liability insurance against claims for bodily injury and property damage liability, on an occurrence basis, (including
personal injury and advertising injury liability, contractual liability coverage, and completed operations coverage with a general aggregate limit of not less than $2,000,000, a completed operations aggregate limit of not less than $2,000,000, a
combined single limit of not less than $1,000,000 per occurrence for bodily injury, and property damage liability, and a limit of not less than $1,000,000 for personal injury and advertising injury; 

(vi) Umbrella liability insurance with limits of not less than $10,000,000 to be in excess of the limits of the insurance required by clause
(v) above, with coverage at least as broad as the primary coverages, with any excess liability insurance to be at least as broad as the coverages of the lead umbrella policy. All such policies shall include language to provide defense coverage
obligations; and 
 (vii) Such other insurance in such form and in such amounts as may from time to time be reasonably required by the Agent
against other insurable hazards and casualties which at the time are commonly insured against in the case of properties of similar character and location to the Collateral Property. 

The Borrowers or the Subsidiary Guarantors shall pay all premiums on insurance policies. The insurance policies with respect to all Collateral
Property provided for in clauses (v), (vi) and (vii) shall name or contain provisions granting coverage to the Agent and each Lender as an additional insured and 

  
 49 

 
shall contain a cross liability/severability provisions. The insurance policies provided for in clauses (i), (ii) and (iii) above as to each Collateral Property shall name the Agent as
mortgagee and loss payee, shall be first payable in case of loss to the Agent, and shall contain mortgage clauses and lender’s loss payable endorsements in form and substance acceptable to the Agent. The Borrowers or the Subsidiary Guarantors
shall deliver certificates of insurance for all such policies to the Agent, and the Borrowers or the Subsidiary Guarantors shall promptly furnish to the Agent duplicate originals or certified copies of all such policies, all renewal notices and
evidence that all premiums or portions thereof then due and payable have been paid. At least ten (10) days prior to the expiration date of the policies, the Borrowers or the Subsidiary Guarantors shall deliver to the Agent evidence of continued
coverage, including a certificate of insurance, as may be reasonably satisfactory to the Agent; provided, however, if Borrowers or the Subsidiary Guarantors are continuing insurance renewal negotiations at such date, then Borrowers or the Subsidiary
Guarantors shall inform Agent in writing of the status of such insurance renewal negotiations and any anticipated or potential material changes in coverages, deductibles or limits, and shall in any event provide evidence of extension, renewal or
replacement prior to the expiration date of the current policies. 
 (b) All policies required by clauses (i), (ii) and (iii), above
shall contain standard mortgagee clauses or endorsements to the effect that (i) no act or omission of the Borrowers or the Subsidiary Guarantors or anyone acting for the Borrowers or the Subsidiary Guarantors (including, without limitation, any
representations made in the procurement of such insurance), which might otherwise result in a forfeiture of such insurance or any part thereof, no occupancy or use of the Collateral Property for purposes more hazardous than permitted by the terms of
the policy, and no foreclosure or any other change in title to the Collateral Property or any part thereof, shall affect the validity or enforceability of such insurance insofar as the Agent is concerned, (ii) such policies shall not be
canceled or terminated prior to the scheduled expiration date thereof without the insurer thereunder giving at least thirty (30) days prior written notice except in cases of non-payment of premium, ten (10) days prior written notice, to
the Agent, and (iii) that the Agent or the Lenders shall have the right but not any obligation to pay any premiums thereon or any assessments thereunder, and to file claims; and under all policies, (i) the insurer waives any right of set
off, counterclaim, subrogation, or any deduction in respect of any liability of the Borrowers, the Subsidiary Guarantors and the Agent, and (ii) such insurance is primary and without right of contribution from any other insurance which may be
available. 
 (c) The insurance required by this Agreement may be effected through a blanket policy or policies covering additional locations
and property of the Borrowers, the Subsidiary Guarantors and other Persons not included in the Collateral Property, provided that such blanket policy or policies comply with all of the terms and provisions of this §7.7 and contain
endorsements or clauses assuring that any claim recovery will not be less than that which a separate policy would provide, including, without limitation, a priority claim provision and a lender’s loss payable endorsement favoring the Agent with
respect to property insurance and a per location aggregate that applies to the commercial general liability insurance. 
 (d) All policies of
insurance required by this Agreement shall be issued by companies authorized to do business in the State where the policy is issued and also in the States where the Collateral Property is located and having a rating in Best’s Key Rating Guide
of at least “A” and a financial size category of at least “X.” 
 (e) No Borrower shall carry separate insurance,
concurrent in kind or form or contributing in the event of loss, with any insurance required under this Agreement unless such insurance complies with the terms and provisions of this §7.7. 

  
 50 

 (f) In the event of any loss or damage to a Collateral Property in excess of $2,000,000, the
Borrowers or the Subsidiary Guarantors shall give prompt written notice to the insurance carrier and the Agent. Subject to the provisions of (g) below, each Borrower hereby irrevocably authorizes and empowers the Agent, at the Agent’s
option and in the Agent’s sole discretion or at the request of the Required Lenders in their sole discretion, as its attorney in fact, to make proof of such loss, to appear in and prosecute any action arising from such insurance policies, to
collect and receive Insurance Proceeds and Condemnation Proceeds, and to deduct therefrom the Agent’s reasonable expenses incurred in the collection of such Insurance Proceeds; provided, however, that so long as no Event of
Default has occurred and is continuing and so long as the applicable Borrower shall in good faith diligently pursue such claim, the applicable Borrower may make proof of loss and appear in and prosecute any proceedings or negotiations with respect
to the adjustment of such claim and collect and receive Insurance Proceeds and Condemnation Proceeds of $2,000,000 or less, except that the applicable Borrower may not settle, adjust or compromise any such claim without the prior written consent of
the Agent, which consent shall not be unreasonably withheld or delayed; provided, further, that the applicable Borrower may make proof of loss and settle, adjust and compromise any claim under casualty insurance policies which is in an
amount less than $1,000,000 so long as no Event of Default has occurred and is continuing and so long as the applicable Borrower shall in good faith diligently pursue such claim. Subject to the provisions of (g) below, the Borrowers and the
Subsidiary Guarantors further authorize the Agent, at the Agent’s option, to (i) apply the balance of such Insurance Proceeds and Condemnation Proceeds to the payment of the Obligations whether or not then due, or (ii) if the Agent
shall require the reconstruction or repair of the Collateral Property, to hold the balance of such proceeds as trustee to be used to pay taxes, charges, sewer use fees, water rates and assessments which may be imposed on the Collateral Property
which are then due and payable and the Obligations as they become due during the course of reconstruction or repair of the Collateral Property and to pay, in accordance with such terms and conditions as the Agent or other lenders of construction
projects may prescribe, for the costs of reconstruction or repair of the Collateral Property, and upon completion of such reconstruction or repair to pay the excess to Borrower. 

(g) Notwithstanding the foregoing or anything to the contrary contained in the Mortgages, the Agent shall make Insurance Proceeds and
Condemnation Proceeds available to the Borrowers or the Subsidiary Guarantors to reconstruct and repair the Collateral Property, in accordance with such customary terms and conditions as the Agent may reasonably prescribe in the Agent’s
discretion for the disbursement of the proceeds, provided that (i) the cost of such reconstruction or repair is not estimated by the Agent to exceed forty percent (40%) of the replacement cost of the damaged Building (as reasonably
estimated by the Agent) or the applicable Borrower is required under any applicable lease to restore the property and the failure to do so would constitute a default under such lease, (ii) no Default or Event of Default shall have occurred and
be continuing (other than any Event of Default occurring solely as a result of such casualty or condemnation), (iii) the Borrowers or the Subsidiary Guarantors shall have provided to the Agent additional cash security in an amount equal to the
amount reasonably estimated by the Agent to be the amount in excess of the Insurance Proceeds or Condemnation Proceeds received which will be required to complete such repair or restoration, (iv) the Agent shall have approved the plans and
specifications, construction budget, construction contracts, and construction schedule for such repair or restoration, not to be unreasonably withheld, delayed or conditioned, and reasonably determined that the repaired or restored Collateral
Property will provide the Agent with adequate security for the Obligations (which security should be deemed adequate if such security is substantially comparable to the security in place prior to such casualty or condemnation) (provided that
the Agent shall not disapprove such plans and specifications if the Building is to be restored to substantially its condition immediately prior to such damage), (v) the Borrowers or the Subsidiary Guarantors shall have delivered to the Agent
written agreements binding upon not less than seventy five percent (75%) of the tenants or other parties having present or future rights to possession of any portion of the affected Collateral Property or having any right to require repair,
restoration or 

  
 51 

 
completion of the Collateral Property or any portion thereof (determined by reference to those tenants in the aggregate occupying or having rights to occupy not less than seventy five percent
(75%) of the Net Rentable Area of the Building so damaged), agreeing upon a date for delivery of possession of the Collateral Property or their respective portions thereof, to permit time which is sufficient in the judgment of the Agent for
such repair or restoration and approving the plans and specifications for such repair or restoration, or other evidence satisfactory to the Agent that none of such tenants or other parties may terminate their Leases as a result of such casualty or
as a result of having a right to approve the plans and specifications for such repair or restoration, (vi) the Agent shall reasonably determine that such repair or reconstruction can be completed prior to the Revolving Credit Maturity Date,
(vii) the Agent shall receive evidence reasonably satisfactory to it that any such restoration, repair or rebuilding complies in all respects with any and all applicable state, federal and local laws, ordinances and regulations, including
without limitation, zoning laws, ordinances and regulations, and that all required permits, licenses and approvals relative thereto have been or will be issued in a manner so as not to materially impede the progress of restoration, (viii) the
Agent shall receive customary evidence reasonably satisfactory to it that the insurer under such policies of fire or other casualty insurance does not assert any defense to payment under such policies against any Borrower or the Agent (or Borrower
shall have provided security for any amounts with respect to which the insurance carrier is asserting any defense to payment), and (ix) with respect to any Taking, Agent shall determine that following such repair or restoration there shall be
no more than the lesser of (i) a twenty-five percent (25%) reduction in occupancy or rental income from the Collateral Property so affected by such specific condemnation or taking (excluding any proceeds from rental loss insurance or
proceeds from such award allocable to rent) or (ii) a fifteen percent (15%) reduction in occupancy or in rental income from all of the Collateral Properties (excluding any proceeds from rental loss insurance or proceeds of such award
allocable to rent), after giving effect to the current condemnation or taking and any previous condemnations or takings which may have occurred. Any excess Insurance Proceeds shall be paid to the Borrowers or the Subsidiary Guarantors, or if an
Event of Default has occurred and is continuing (other than any Event of Default occurring solely as a result of such casualty or condemnation), such proceeds shall be applied to the payment of the Obligations, unless in either case by the terms of
the applicable insurance policy the excess proceeds are required to be returned to such insurer. Any excess Condemnation Proceeds shall be applied to the payment of the Obligations. In no event shall the provisions of this section be construed to
extend the Revolving Credit Maturity Date or to limit in any way any right or remedy of the Agent upon the occurrence of an Event of Default hereunder. If the Collateral Property is sold or the Collateral Property is acquired by the Agent, all
right, title and interest of the Borrowers and the Subsidiary Guarantors in and to any insurance policies and unearned premiums thereon (other than in connection with any blanket policy) and in and to the proceeds thereof resulting from loss or
damage to the Collateral Property prior to the sale or acquisition shall pass to the Agent or any other successor in interest to the Borrowers or the Subsidiary Guarantors or purchaser of the Collateral Property. 

§7.8 Taxes; Liens. The Borrowers or the Subsidiary Guarantors will, and will cause their respective Subsidiaries to, duly pay and
discharge, or cause to be paid and discharged, before the same shall become delinquent, all taxes, assessments and other governmental charges imposed upon them or upon the Collateral Properties or the other Real Estate, sales and activities, or any
part thereof, or upon the income or profits therefrom, as well as all claims for labor, materials or supplies, that if unpaid might by law become a lien or charge upon any of its property or other Liens affecting any of the Collateral or other
property of Borrowers or the Subsidiary Guarantors, or, with respect to their respective Subsidiaries that in case of any of the foregoing could reasonably be expected to have a Material Adverse Effect, provided that any such tax, assessment,
charge or levy or claim need not be paid if the validity or amount thereof shall currently be contested in good faith by appropriate proceedings which shall suspend the collection thereof with respect to such property, neither such property nor any
portion thereof or interest therein would be in any danger of sale, forfeiture or loss by reason of such proceeding and such Borrower or any such Subsidiary shall have set aside on its books adequate reserves in 

  
 52 

 
accordance with GAAP; and provided, further, that forthwith upon the commencement of proceedings to foreclose any lien that may have attached as security therefor, such Borrower or
any such Subsidiary either (i) will provide a bond issued by a surety reasonably acceptable to the Agent and sufficient to stay all such proceedings or (ii) if no such bond is provided, will pay each such tax, assessment, charge or levy.

 §7.9 Inspection of Collateral Properties and Books. The Borrowers and the Subsidiary Guarantors will, and will cause their
respective Subsidiaries to, permit the Agent and the Lenders, at the Borrowers’ expense (subject to the limitation set forth below) and upon reasonable prior notice, to visit and inspect any of the Collateral Properties during normal business
hours, to examine the books of account of the Borrowers and the Subsidiary Guarantors (and to make copies thereof and extracts therefrom) and to discuss the affairs, finances and accounts of the Borrowers and the Subsidiary Guarantors with, and to
be advised as to the same by, their respective officers, partners or members, all at such reasonable times and intervals as the Agent or any Lender may reasonably request, provided that so long as no Default or Event of Default shall have
occurred and be continuing, the Borrowers and the Subsidiary Guarantors shall not be required to pay for such visits and inspections more than once in any twelve (12) month period. The Agent and the Lenders shall use good faith efforts to
coordinate such visits and inspections so as to minimize the interference with and disruption to the normal business operations of the Borrowers, the Subsidiary Guarantors and their respective Subsidiaries. 

§7.10 Compliance with Laws, Contracts, Licenses, and Permits. The Borrowers and the Subsidiary Guarantors will comply in all respects
with (i) all applicable laws and regulations now or hereafter in effect wherever its business is conducted, (ii) the provisions of its corporate charter, partnership agreement, limited liability company agreement or declaration of trust,
as the case may be, and other charter documents and bylaws, (iii) all agreements and instruments to which it is a party or by which it or any of its properties may be bound, (iv) all applicable decrees, orders, and judgments, and
(v) all licenses and permits required by applicable laws and regulations for the conduct of its business or the ownership, use or operation of its properties, except where a failure to so comply with any of clauses (i) through
(v) could not reasonably be expected to have a Material Adverse Effect. If any authorization, consent, approval, permit or license from any officer, agency or instrumentality of any government shall become necessary or required in order that
the Borrowers or their respective Subsidiaries may fulfill any of its obligations hereunder, the Borrowers or such Subsidiary will immediately take or cause to be taken all steps necessary to obtain such authorization, consent, approval, permit or
license and furnish the Agent and the Lenders with evidence thereof, except where the failure to obtain the foregoing could not reasonably be expected to have a Material Adverse Effect. The Borrowers and the Subsidiary Guarantors shall develop and
implement such programs, policies and procedures as are necessary to comply with the Patriot Act and shall promptly advise Agent in writing in the event that the Borrowers and the Subsidiary Guarantors shall determine that any investors in Borrowers
are in violation of such act. 
 §7.11 Further Assurances. The Borrowers and the Subsidiary Guarantors will cooperate with the Agent
and the Lenders and execute such further instruments and documents as the Lenders or the Agent shall reasonably request to carry out to their satisfaction the transactions contemplated by this Agreement and the other Loan Documents provided that
such instrument and documents are consistent with the terms of the Loan Documents and do not impose any additional material obligations or expenses on the Borrowers or the Subsidiary Guarantors. 

§7.12 Management. The Borrowers and the Subsidiary Guarantors shall not enter into any Management Agreement with a third-party manager
for the Collateral Property without the prior written consent of the Agent (which shall not be unreasonably withheld, delayed or conditioned), and after such approval, no such Management Agreement shall be modified in any material respect or
terminated 

  
 53 

 
without Agent’s prior written approval, such approval not to be unreasonably withheld, delayed or conditioned. Agent may condition any approval of a new manager upon the execution and
delivery to Agent of collateral assignment of such Management Agreement to Agent and a subordination of the manager’s rights thereunder to the rights of the Agent and the Lenders under the Loan Documents. The Management Agreements described on
Schedule 6.23 hereto relating to the initial Collateral Properties are approved by Agent. 
 §7.13 Leases of the Property.
Subject to the requirements of this §7.13, the Borrowers and the Subsidiary Guarantors shall provide the Agent with a copy of each new Lease within five (5) Business Days of execution. The Borrowers or the Subsidiary Guarantors will give
notice to the Agent of any proposed new Lease at any Collateral Property for the lease of space therein for a new Lease in excess of 15,000 square feet and shall provide to the Agent a copy of such proposed Lease and any and all agreements or
documents related thereto, current financial information for the proposed tenant and any guarantor of the proposed Lease and such other information as the Agent may reasonably request. No Borrower will lease all or any portion of a Collateral
Property or amend, supplement or otherwise modify any material economic term of any Lease in excess of 15,000 square feet, terminate or cancel, or accept the surrender of, or consent to the assignment or subletting of, or grant any material monetary
concessions to or waive the performance of any material monetary obligations of any tenant, lessee or licensee under, any now existing or future Lease at any Collateral Property in excess of 15,000 square feet without (a) the prior written
consent of the Agent, such consent not to be unreasonably withheld, conditioned or delayed, if such Lease involves more than 15,000 square feet but less than 30,000 square feet, and (b) the prior written consent of the Majority Lenders, such
consent not to be unreasonably withheld, conditioned or delayed, if such Lease involves more than 30,000 square feet. The provisions of this Section 7.13 shall not be applicable to any Lease of less than 15,000 square feet. If a Borrower
submits to Agent a written request for approval with respect to a proposed Lease and/or any such action with respect to a Lease and Agent or the Majority Lenders, as applicable, fail to approve or disapprove any such proposed Lease and/or any such
action within ten (10) days after Agent receives from such Borrower such request together with a copy of the final version of such proposed Lease, as applicable, then Borrower may provide to the Agent a second written request for approval with
respect to a proposed Lease which includes the following in all capital, bolded, block letters on the first page thereof: 
 “THE
FOLLOWING REQUEST REQUIRES A RESPONSE 
 WITHIN TEN (10) DAYS OF RECEIPT. FAILURE TO DO SO 

WILL BE DEEMED AN APPROVAL OF THE REQUEST.” 

and if the foregoing legend is included by the Borrower in its communication, the Agent or the Majority Lenders shall be deemed to have approved or consented
to such proposed Lease and/or such action if the Agent fails to object to such proposed Lease and/or such action within ten (10) days (without counting the day of receipt) of Agent’s receipt of such second notice. 

Agent agrees, upon request, to enter into a non-disturbance agreement in form and substance reasonably acceptable to the Agent and any such
tenant and/or licensee, and Borrower shall use its best efforts to provide a non-disturbance agreement in form and substance reasonably acceptable to the Agent and any such tenant and/or licensee for any Lease in excess of 15,000 square feet. 

§7.14 Business Operations. The Borrowers and the Subsidiary Guarantors will not and will not permit any of their respective Subsidiaries
to engage in any business other than to acquire, own, use, operate, manage, finance, sell, lease, sublease, exchange or otherwise dispose of office-type properties in the United States, directly or indirectly, and engage in any other activities
related or incidental thereto or permitted pursuant to the terms hereof. 

  
 54 

 §7.15 Registered Servicemark. Without prior written notice to the Agent, none of the
Collateral Properties shall be owned or operated by the Borrowers or the Subsidiary Guarantors under any registered or protected trademark, tradename, servicemark or logo. 

§7.16 Ownership of Real Estate. Without the prior written consent of Agent, all Real Estate and all interests (whether direct or
indirect) of Parent Borrower or Guarantor in any real estate assets now owned or leased or acquired or leased after the date hereof shall be owned or leased directly by Parent Borrower or a Wholly Owned Subsidiary of Parent Borrower;
provided, however that Parent Borrower shall be permitted to own or lease interests in Real Estate through non-Wholly Owned Subsidiaries and Unconsolidated Affiliates as permitted by §8.3. 

§7.17 Distributions of Income to Parent Borrower. Parent Borrower shall cause all Subsidiary Credit Parties to promptly distribute to
Parent Borrower (but not less frequently than once each calendar quarter, unless otherwise approved by the Agent), whether in the form of dividends, distributions or otherwise, all profits, proceeds or other income relating to or arising from such
Subsidiaries’ use, operation, financing, refinancing, sale or other disposition of their respective assets and properties after (a) the payment by such Subsidiary of its debt service, operating expenses, capital improvements and leasing
commissions for such quarter and (b) the establishment of reasonable reserves for the payment of operating expenses not paid on at least a quarterly basis and capital improvements and tenant improvements to be made to such Subsidiary’s
assets and properties and other reasonable resources approved by such Subsidiary in the course of its business. 
 §7.18 Plan Assets.
The Borrowers and the Subsidiary Guarantors will do, or cause to be done, all things necessary to ensure that none of the Collateral Properties will be deemed to be Plan Assets at any time. 

§7.19 Guarantor Covenants. Borrowers shall cause Guarantor to comply with the following covenants: 

(a) Guarantor will not make or permit to be made, by voluntary or involuntary means, any transfer or encumbrance of its interest in Parent
Borrower, or any dilution of its interest in Parent Borrower, that would result in a Change of Control; and 
 (b) the Guarantor shall not
dissolve, liquidate or otherwise wind-up its business, affairs or assets. 
 Nothing contained in this Agreement or
the other Loan Documents shall prohibit, limit or restrict Guarantor, as the general partner of the Borrower, from performing its obligations under the Partnership Agreement (including, without limitation, its obligations under Section 15.1 of
the Partnership Agreement), provided that such obligations do not result in a Change of Control and no payment shall be made in cash (other than from proceeds of equity raised by the Guarantor) in connection with any redemption obligations if an
Event of Default shall be in existence. 
 §7.20 Collateral Properties. Without limiting the further covenants contained in the
Security Documents, at all times the Borrowers and the Subsidiary Guarantors shall use commercially reasonable efforts to cause each other Borrower or the applicable tenant, to: 

(a) pay all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance charges, impositions,
and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Collateral Property, now or hereafter levied or assessed or imposed against any Collateral Property or any part thereof
(except those which are being contested in good faith by appropriate proceedings diligently conducted where the failure to pay any of the foregoing could reasonably be expected to have a Material Adverse Effect). 

  
 55 

 (b) promptly pay (or cause to be paid) when due all bills and costs for labor, materials, and
specifically fabricated materials incurred in connection with any Collateral Property (except those which are being contested in good faith by appropriate proceedings diligently conducted where the failure to pay any of the foregoing could
reasonably be expected to have a Material Adverse Effect), and in any event never permit to be created or exist in respect of any Collateral Property or any part thereof any other or additional Lien or security interest other than Liens permitted
hereunder. 
 (c) operate the Collateral Properties in a good and workmanlike manner and in all material respects in accordance with all
Legal Requirements in accordance with such Borrower’s or Subsidiary’s prudent business judgment, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

§7.21 Guarantor. The Equity Interests of Guarantor shall at all times be publicly traded on the New York Stock Exchange, or some other
comparable stock exchange approved by Agent. The Guarantor shall at all times comply with all requirements of applicable laws necessary to maintain its status as a real estate investment trust under the Code, shall elect to be treated as a real
estate investment trust and shall operate its business in compliance with the terms and conditions of this Agreement applicable to Guarantor and the other Loan Documents to which it is a party. 

§8. NEGATIVE COVENANTS. 
 The Borrowers
covenant and agree that, so long as any Loan or Note is outstanding or any of the Lenders has any obligation to make any Loans: 
 §8.1
Restrictions on Indebtedness. The Borrowers and the Subsidiary Guarantors will not create, incur, assume, guarantee or be or remain liable, contingently or otherwise, with respect to any Indebtedness other than: 

(i) Indebtedness to the Lenders arising under any of the Loan Documents and Hedge Obligations to a Lender Hedge Provider; 

(ii) current liabilities of the Borrowers or the Subsidiary Guarantors incurred in the ordinary course of business but not incurred through
(i) the borrowing of money, or (ii) the obtaining of credit except for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of goods and services; 

(iii) Indebtedness in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the extent
that payment therefor shall not at the time be required to be made in accordance with the provisions of §7.8; 
 (iv) Indebtedness in
respect of judgments only to the extent, for the period and for an amount not resulting in an Event of Default; 
 (v) endorsements for
collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of business; 

  
 56 

 (vi) Indebtedness incurred to any other landowners, government or quasi-government or entity or
similar entity in the ordinary course of business in connection with the construction or development of any Real Estate, including, without limitation, subdivision improvement agreements, development agreements, reimbursement agreements,
infrastructure development agreements, agreements to construct or pay for on-site or off-site improvements and similar agreements incurred in the ordinary course of business in connection with the development of Real Estate or construction of
infrastructure in connection therewith; 
 (vii) To the extent constituting Indebtedness, the redemption obligations set forth in the
Partnership Agreement; and 
 (viii) The Guarantor will not incur any Recourse Indebtedness other than (i) guaranties and other direct
indebtedness of the Guarantor consisting of carve-out guaranties and environmental indemnifications on first mortgage or other property related loans; and (ii) Indebtedness under the Guaranty; and (iii) other Indebtedness in an aggregate
amount at any one time not in excess of five percent (5%) of Guarantor’s Tangible Net Worth. 
 Notwithstanding anything in this
Agreement to the contrary, none of the Indebtedness described in §8.1 above shall have any of the Collateral Properties or any interest therein or any direct ownership interest in any Subsidiary Credit Party as collateral, a borrowing base,
asset pool or any similar form of credit support for such Indebtedness (provided that the foregoing shall not preclude Subsidiaries of the Guarantor (other than a Borrower or a Subsidiary Guarantor) to incur Indebtedness which would be prohibited by
the terms of this §8.1). 
 §8.2 Restrictions on Liens, Etc. The Borrowers and the Subsidiary Guarantors will not (a) create
or incur or suffer to be created or incurred or to exist any lien, security title, encumbrance, mortgage, pledge, negative pledge, charge, or other security interest of any kind upon the Collateral Properties, the Equity Interests in any Subsidiary
Credit Party, or any of the Subsidiary Credit Party’s material respective property or assets of any character whether now owned or hereafter acquired, or upon the income or profits therefrom; (b) transfer any of the Subsidiary Credit
Party’s material property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors;
(c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) suffer to exist for a period of more than thirty
(30) days after the same shall have been incurred any Indebtedness or claim or demand against any of them that if unpaid could by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever as to the Collateral
Properties over any of their general creditors; (e) sell, assign, pledge or otherwise transfer any accounts, contract rights, general intangibles, chattel paper or instruments, with or without recourse; or (f) incur or maintain any
obligation to any holder of Indebtedness of any of such Persons which prohibits the creation or maintenance of any lien securing the Obligations (collectively, “Liens”); provided that notwithstanding anything to the contrary
contained herein, the Borrowers and the Subsidiary Guarantors may create or incur or suffer to be created or incurred or to exist: 
 (i)
Liens not yet due or payable on properties to secure taxes, assessments and other governmental charges (excluding any Lien imposed pursuant to any of the provisions of ERISA) or claims for labor, material or supplies incurred in the ordinary course
of business in respect of obligations not overdue by more than 60 days or are being contested in good faith and by appropriate proceedings diligently conducted with adequate reserves being maintained by Borrower in accordance with GAAP or not
otherwise required to be paid or discharged under the terms of this Agreement or any of the other Loan Documents; 

  
 57 

 (ii) deposits or pledges made in connection with, or to secure payment of, workers’
compensation, unemployment insurance, old age pensions or other social security obligations; 
 (iii) deposits to secure the performance of
bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 

(iv) judgment liens and judgments that do not constitute an Event of Default; 

(v) Liens consisting of pledges of security interests in the ownership interests of any Subsidiary which is not a Borrower or a Subsidiary
Guarantor or the direct or indirect owner of an interest in a Borrower or a Subsidiary Guarantor securing Indebtedness which is permitted by §8.1 or lien securing Indebtedness otherwise permitted herein; 

(vi) encumbrances on a Collateral Property consisting of easements, rights of way, zoning restrictions, restrictions on the use of real
property and defects and irregularities in the title thereto, landlord’s or lessor’s liens under leases to which a Borrower or a Subsidiary Guarantor is a party, purchase money security interests and other liens or encumbrances, which do
not individually or in the aggregate have a Material Adverse Effect; 
 (vii) Liens in favor of the Agent and the Lenders under the Loan
Documents to secure the Obligations and the Hedge Obligations; and 
 (viii) Liens and encumbrances on a Collateral Property expressly
permitted under the terms of the Mortgage relating thereto. 
 §8.3 Restrictions on Investments. 

(a) Neither the Parent Borrower nor any Subsidiary Credit Party will make or permit to exist or to remain outstanding any Investment except
Investments in: 
 (i) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from
the date of purchase by Parent Borrower or Subsidiary Credit Party; 
 (ii) marketable direct obligations of any of the following: Federal
Home Loan Mortgage Corporation, Student Loan Marketing Association, Federal Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association, Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Financing
Banks, Export-Import Bank of the United States, Federal Land Banks, or any other agency or instrumentality of the United States of America; 

(iii) demand deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of
$100,000,000; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000 will not exceed $200,000; 

(iv) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United
States of America or any State which at the time of purchase are rated by Moody’s Investors Service, Inc. or by Standard & Poor’s Corporation at not less than “P 1” if then rated by Moody’s Investors Service, Inc.,
and not less than “A 1”, if then rated by Standard & Poor’s Corporation; 

  
 58 

 (v) repurchase agreements having a term not greater than ninety (90) days and fully secured
by securities described in the foregoing subsection (i), (iv) and (vi) with banks described in the foregoing subsection (iii) or with financial institutions or other corporations having total assets in excess of $500,000,000; 

(vi) shares of so-called “money market funds” registered with the SEC under the Investment Company Act of 1940 which maintain a
level per-share value, invest principally in investments described in the foregoing subsections (i) through (iv) and have total assets in excess of $50,000,000; 

(vii) the acquisition of fee interests or long-term ground lease interests by Parent Borrower or Subsidiary Credit Party (directly or
indirectly) in real estate and investments incidental thereto, any and all construction and development related thereto; 
 (viii)
Investments by Parent Borrower (directly or indirectly) in Subsidiaries of Parent Borrower; 
 (ix) Investments which constitute
Indebtedness to the extent such Indebtedness is permitted pursuant to §8.1; 
 (x) Investments in preferred equity (including preferred
limited partnership interests) in entities owning real estate projects; 
 (xi) Investments in real estate including the acquisition of
entities (or interest therein) that are either publicly traded or privately held that own, manage, develop or construct commercial real estate including without limitation REITS and other real estate related entities such as private real estate
funds, real estate management companies, real estate development companies and debt funds, acquisition of real estate preferred securities or preferred equity investments and other equity interests, including common stock in companies related
directly or indirectly to real estate; and 
 (xii) real estate debt of any kind or nature whatsoever, either directly or indirectly,
including but not limited to origination of and participation in commercial real estate loans, mortgage notes, collateralized mortgage notes, collateralized mortgage back securities and collateralized debt obligations (including any subordinated
promissory notes secured by real estate), and mezzanine loans. 
 (b) The Parent Borrower shall not permit Investments by the Parent Borrower
and/or the Guarantor or the Guarantor’s Subsidiaries to be outstanding at any one time which exceed the following: 
 (i) Investments
in unimproved land to exceed five percent (5%) of Total Asset Value; 
 (ii) Investments in “ground up” construction and
“ground up” development projects to exceed five percent (5%) of Total Asset Value; 
 (iii) Investments in Real Estate
consisting of mortgage loans to exceed ten percent (10%) of Total Asset Value; 
 (iv) Investments in Real Estate consisting of
property other than office properties to exceed five percent (5%) of Total Asset Value; and 

  
 59 

 (v) Investments in Non-Wholly Owned Subsidiaries and Unconsolidated Affiliates for less than
seventy-five percent (75%) of the Value of the Real Estate owned by such entity. 
 Notwithstanding the foregoing, in no event shall the aggregate
value of the Investments described in §8.3(b)(i) through (iv) exceed ten percent (10%) of Total Asset Value at any time. 

For the purposes of this §8.3, the Investment of Parent Borrower or Subsidiary Credit Parties in any non-Wholly Owned Subsidiaries and
Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person’s pro rata share of their Unconsolidated Affiliate’s Investment in Real Estate; plus (ii) such Person’s pro rata share of any other
Investments valued at the GAAP book value. 
 §8.4 Merger, Consolidation. No Credit Party will become a party to any dissolution,
liquidation, disposition of all or substantially all of its assets or business, merger, reorganization, consolidation or other business combination or agree to effect any asset acquisition, stock acquisition or other acquisition individually or in a
series of transactions which may have a similar effect as any of the foregoing, in each case without the prior written consent of the Required Lenders except for (i) the merger or consolidation of one or more of the Subsidiaries of Parent
Borrower (other than any Subsidiary that is a Subsidiary Credit Party) with and into Parent Borrower (it being understood and agreed that in any such event Parent Borrower will be the surviving Person), (ii) the merger or consolidation of two
or more Subsidiaries of Parent Borrower or (iii) in connection with the release of all Collateral owned by such Subsidiary Credit Party. 

§8.5 Intentionally Deleted. 

§8.6 Compliance with Environmental Laws. None of the Borrowers or the Subsidiary Guarantors will do any of the following: (a) use
any of the Collateral Properties or any portion thereof as a facility for the handling, processing, storage or disposal of Hazardous Substances, except for quantities of Hazardous Substances used in the ordinary course of Borrower’s, a
Subsidiary Guarantor’s or its tenants’ business and in material compliance with all applicable Environmental Laws, (b) cause or permit to be located on any of the Collateral Properties any underground tank or other underground storage
receptacle for Hazardous Substances except in material compliance with Environmental Laws, (c) generate any Hazardous Substances on any of the Collateral Properties except in material compliance with Environmental Laws, (d) conduct any
activity at any Collateral Properties or use any Collateral Properties in any manner that would reasonably be expected to cause a Release of Hazardous Substances on, upon or into the Collateral Properties or any surrounding properties which would
reasonably be expected to give rise to liability under CERCLA or any other Environmental Law, or (e) directly or indirectly transport or arrange for the transport of any Hazardous Substances (except in compliance with all Environmental Laws),
except, any such use, generation, conduct or other activity described in clauses (a) to (e) of this §8.6 would not reasonably be expected to have a Material Adverse Effect. 

The Borrowers and the Subsidiary Guarantors shall: 

(i) in the event of any change in applicable Environmental Laws governing the assessment, release or removal of Hazardous Substances, take all
reasonable action as required by such Laws, and 
 (ii) if any Release or disposal of Hazardous Substances which Borrowers or the Subsidiary
Guarantors are legally obligated to contain, correct or otherwise remediate shall occur or shall have occurred on any Collateral Property (including without limitation any such Release or disposal occurring prior to the acquisition or leasing of
such Collateral Property by the Borrowers or the Subsidiary Guarantors), the relevant Borrower or Subsidiary Guarantor shall, after obtaining knowledge 

  
 60 

 
thereof, cause the performance of actions required by applicable Environmental Laws at the Collateral Property in material compliance with all applicable Environmental Laws; provided, that
each of the Borrowers and the Subsidiary Guarantors shall be deemed to be in compliance with Environmental Laws for the purpose of this clause (ii) so long as it or a responsible third party with sufficient financial resources is taking
reasonable action to remediate or manage such event to the reasonable satisfaction of the Agent or has taken and is diligently pursuing a challenge to any such alleged legal obligation through appropriate administrative or judicial proceedings. The
Agent may engage its own Environmental Engineer to review the environmental assessments and the compliance with the covenants contained herein. 

At any time after an Event of Default shall have occurred hereunder, the Agent may at its election (and will at the request of the Required
Lenders) obtain such environmental assessments of any or all of the Collateral Properties prepared by an Environmental Engineer as may be reasonably necessary or advisable for the purpose of evaluating or confirming (i) whether any Hazardous
Substances are present in the soil or water at any such Collateral Property in a quantity or condition that is required to be contained, corrected or otherwise remediated by the owner or operator of the Collateral Property pursuant to applicable
Environmental Laws and (ii) whether the use and operation of any such Collateral Property complies with all Environmental Laws to the extent required by the Loan Documents. Additionally, at any time that the Agent or the Required Lenders shall
have reasonable and objective grounds to believe that a Release or threatened Release of Hazardous Substances may have occurred at or from any Collateral Property which the owner or operator of such property would be obligated to contain, correct or
otherwise remediate pursuant to applicable Environmental Laws, or that any of the Collateral Property is not in compliance with Environmental Laws to the extent required by the Loan Documents, Borrowers or the Subsidiary Guarantor shall promptly
upon the request of Agent obtain and deliver to Agent such environmental assessments of such Collateral Property prepared by an Environmental Engineer as may be reasonably necessary or advisable for the purpose of evaluating or confirming
(i) whether any Hazardous Substances are present in the soil or water at such Collateral Property and (ii) whether the use and operation of such Collateral Property complies with all Environmental Laws to the extent required by the Loan
Documents. Environmental assessments may include detailed visual inspections of such Collateral Property including, without limitation, any and all storage areas, storage tanks, drains, dry wells and leaching areas, and the taking of soil samples,
as well as such other investigations or analyses as are reasonably necessary or appropriate for a complete determination of the compliance of such Collateral Property and the use and operation thereof with all applicable Environmental Laws. All
reasonable expenses of environmental assessments contemplated by this §8.6 shall be at the sole cost and expense of the Borrowers and the Subsidiary Guarantors. 

§8.7 Distributions. Parent Borrower shall not pay any Distribution to the partners, members or other owners of Parent Borrower, and
Guarantor shall not pay any Distribution to its partners, members, or other owners or shareholders, if an Event of Default is in existence, except that each of Guarantor, Parent Borrower and Subsidiary Credit Parties shall be permitted to make
Distributions in an amount not less than the amount that would be required to be distributed by Guarantor taking into account all other sources of net income in order to maintain REIT qualification, to eliminate any U.S. federal income tax
liability, and to avoid the imposition of any excise tax for undistributed income. 
 §8.8 Asset Sales. The Borrowers and the
Subsidiary Guarantors will not sell, transfer or otherwise dispose of any material asset other than pursuant to a bona fide arm’s length transaction or if replaced with an asset of equal value, and subject in all instances to §5.4 hereof.

 §8.9 Collateral Properties. The Borrowers and respective Subsidiaries Borrowers shall not, nor shall they permit any other
Subsidiary Credit Party, directly or indirectly, to: 

  
 61 

 (a) use or occupy or conduct any activity on, or knowingly permit the use or occupancy of or the
conduct of any activity on any Collateral Properties by any tenant, in any manner which violates any Legal Requirement or which constitutes a public or private nuisance in any manner which would have a Material Adverse Effect or which makes void,
voidable, or cancelable any insurance then in force with respect thereto or makes the maintenance of insurance in accordance with §7.7(a) commercially unreasonable (including by way of increased premium); 

(b) without the prior written consent of Agent (which consent shall not be unreasonably withheld, conditioned or delayed), except in connection
with any construction, development or redevelopment of any real estate, initiate or permit any zoning reclassification of any Collateral Property or seek any variance under existing zoning ordinances applicable to any Collateral Property or in any
event use or knowingly permit the use of any Collateral Property in such a manner which would result in such use becoming a nonconforming use under applicable zoning ordinances or other Legal Requirements if such nonconforming use would reasonably
be expected to have a Material Adverse Effect; 
 (c) without the prior written consent of Agent (which consent shall not be unreasonably
withheld, conditioned or delayed), except in connection with any construction, development or redevelopment of any real estate, (i) impose any material easement, restrictive covenant, or encumbrance upon any Collateral Property, other than the
easements entered into the ordinary course of business and that would customarily be agreed to by a reasonably prudent land owner, (ii) execute or file any subdivision plat or condominium declaration affecting any Collateral Property, or
(iii) consent to the annexation of any Collateral Property to any municipality; 
 (d) do any act, by any Borrower or Subsidiary
Guarantor which would reasonably be expected to materially decrease the value of any Collateral Property as reflected in the most-recent Appraisal (including by way of negligent act); 

(e) without the prior written consent of all the Lenders (which consent shall not be unreasonably withheld, conditioned or delayed), take any
affirmative action to permit any drilling or exploration for or extraction, removal or production of any mineral, hydrocarbon, gas, natural element, compound or substance (including sand and gravel) from the surface or subsurface of any Collateral
Property regardless of the depth thereof or the method of mining or extraction thereof; 
 (f) without the prior consent of the Lenders
(which consent shall not be unreasonably withheld, conditioned or delayed), surrender the leasehold estate created by any applicable Ground Lease (accepted by the Agent and the Lenders) respecting a Collateral Property or terminate or cancel any
such Ground Lease or materially modify, change, supplement, alter, or amend any such Ground Lease, either orally or in writing. 

§8.10 Restriction on Prepayment of Indebtedness. Borrower and the Subsidiary Guarantors will not (a) voluntarily prepay, redeem,
defease, purchase or otherwise retire the principal amount, in whole or in part, of any material Indebtedness other than the Obligations and the Hedge Obligations after the occurrence and continuance of any Event of Default; provided, that
the foregoing shall not prohibit (x) the prepayment of Indebtedness which is financed primarily from the proceeds of a new loan or external equity which would otherwise be permitted by the terms of §8.1; and (y) the prepayment,
redemption, defeasance or other retirement of the principal of Indebtedness secured by Real Estate which is satisfied primarily from the proceeds of a sale of the Real Estate securing such Indebtedness or external equity; and (b) modify any
document evidencing any material Indebtedness (other than the Obligations) to accelerate the maturity date of such Indebtedness after the occurrence and continuance of an Event of Default. 

  
 62 

 §8.11 Derivatives Contracts. No Borrower or Subsidiary Guarantor shall contract, create,
incur, assume or suffer to exist any Derivatives Contracts except for Derivative Contracts made in the ordinary course of business and not prohibited pursuant to §8.1 which are not secured by any portion of the collateral granted to the Agent
under any of the Loan Documents (other than Hedge Obligations). 
 §8.12 Transactions with Affiliates. No Borrower or Subsidiary
Guarantor shall permit to exist or enter into any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate (but not including any Subsidiary of Parent Borrower), except
(i) transactions in connection with the Management Agreements, (ii) transactions set forth on Schedule 6.15 attached hereto, (iii) transactions pursuant to the reasonable requirements of the business of such Person and upon
fair and reasonable terms which are no less favorable to such Person than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate and (iv) distributions permitted under §8.7. 

§8.13 Management Fees. Borrowers and the Subsidiary Guarantors shall not pay, and shall not permit to be paid, any property management,
advisory or acquisition fees or other payments under any Management Agreement for any Collateral Property to any Person that is an Affiliate of any Borrower or the Subsidiary Guarantors in the event that a Default or Event of Default shall have
occurred and be continuing. 
 §9. FINANCIAL COVENANTS. 

The Borrowers and Guarantor covenant and agree that, so long as any Loan or Note is outstanding or any Lender has any obligation to make any
Loans, the Borrowers and Guarantor, as applicable, shall comply with the following covenants. The Borrowers’ and Guarantor’s compliance with the following covenants shall be tested quarterly, as of the close of each fiscal quarter. 

§9.1 Maximum Leverage Ratio. The Guarantor’s Consolidated Indebtedness shall not exceed sixty percent (60%) of Total Asset
Value. 
 §9.2 Minimum Liquidity. The Guarantor’s Liquidity shall not be less than $3,000,000. 

§9.3 Minimum Fixed Charge Coverage Ratio. The Guarantor’s Fixed Charge Ratio shall not be less than 1.60 to 1.0. 

§9.4 Minimum Tangible Net Worth. Consolidated Tangible Net Worth of the Guarantor and its respective Subsidiaries shall not be less than
the sum of (i) $85,000,000, plus (ii) an amount equal to 85% of the net proceeds from any issuance of common or preferred Equity Interests in Guarantor or Parent Borrower following the Closing Date, plus (iii) an amount equal to 85%
of the equity in any Real Estate contributed to Guarantor or Borrower following the Closing Date. 
 §9.5 Minimum Debt Yield. The
Outstanding Obligations shall not exceed an amount which is the aggregate of (i) an allocated loan amount for the Initial Collateral Property such that the Property Debt Yield would be 10.00% plus (ii) an allocated loan amount for all
other Collateral Properties such that the Property Debt Yield (calculated in the aggregate) would be 10.50%. 
 §9.6 Maximum Loan to
Value Ratio. The Outstanding Obligations shall not exceed 65% of the Value of all Collateral Properties. 

  
 63 

 §9.7 Interest Rate Protection. The aggregate amount of Consolidated Indebtedness of
Guarantor which accrues interest at a variable rate and is not otherwise subject to an interest rate hedging arrangement shall not exceed 30% of all Consolidated Indebtedness of Guarantor. 

§10. CLOSING CONDITIONS. 
 The obligation of
the Lenders to make the initial Loans or to initially include any Real Estate in the Collateral Properties shall be subject to the satisfaction of the following conditions precedent: 

§10.1 Loan Documents. Each of the Loan Documents shall have been duly executed and delivered by the respective parties thereto and shall
be in full force and effect. The Agent shall have received a fully executed counterpart of each such document. 
 §10.2 Certified
Copies of Organizational Documents. The Agent shall have received from each Credit Party a copy, certified as of a recent date by the appropriate officer of each State in which such Person is organized and in which the Collateral Properties are
located and a duly authorized officer, partner or member of such Person, as applicable, to be true and complete, of the partnership agreement, corporate charter or operating agreement and/or other organizational agreements of such Credit Party, as
applicable, and its qualification to do business, as applicable, as in effect on such date of certification. 
 §10.3 Resolutions. All
action on the part of each Credit Party, as applicable, necessary for the valid execution, delivery and performance by such Person of this Agreement and the other Loan Documents to which such Person is or is to become a party shall have been duly
and effectively taken, and evidence thereof reasonably satisfactory to the Agent shall have been provided to the Agent. 
 §10.4
Incumbency Certificate; Authorized Signers. The Agent shall have received from each Credit Party an incumbency certificate, dated as of the Closing Date, signed by a duly authorized officer of such Person and giving the name and bearing a specimen
signature of each individual who shall be authorized to sign, in the name and on behalf of such Person, each of the Loan Documents to which such Person is or is to become a party. The Agent shall have also received from each Credit Party a
certificate, dated as of the Closing Date, signed by a duly authorized representative of such Credit Party and giving the name and specimen signature of each Authorized Officer who shall be authorized to make Loan Requests and
Conversion/Continuation Requests and to give notices and to take other action on behalf of such Credit Party under the Loan Documents. 

§10.5 Opinion of Counsel. The Agent shall have received an opinion addressed to the Lenders and the Agent and dated as of the Closing
Date from counsel to each Credit Party in form and substance reasonably satisfactory to the Agent. 
 §10.6 Payment of Fees. The
Borrowers shall have paid to the Agent the fees payable pursuant to §4.2. 
 §10.7 Insurance. The Agent shall have received
certificates evidencing that the Agent and the Lenders are named as mortgagee and additional insured, as applicable, on all policies of insurance as required by this Agreement or the other Loan Documents. 

§10.8 Performance; No Default. Each Credit Party shall have performed and complied with all terms and conditions herein required to be
performed or complied with by it on or prior to the Closing Date, and on the Closing Date there shall exist no Default or Event of Default. 

  
 64 

 §10.9 Representations and Warranties. The representations and warranties made by the Credit
Parties in the Loan Documents or otherwise made by or on behalf of the Credit Parties and their respective Subsidiaries in connection therewith or after the date thereof shall have been true and correct in all material respects when made and shall
also be true and correct in all material respects on the Closing Date (unless such representations and warranties are limited by their terms to a specific date). 

§10.10 Proceedings and Documents. All proceedings in connection with the transactions contemplated by this Agreement and the other Loan
Documents shall be reasonably satisfactory to the Agent and the Agent’s counsel in form and substance, and the Agent shall have received all information and such counterpart originals or certified copies of such documents and such other
certificates, opinions, assurances, consents, approvals or documents as the Agent and the Agent’s counsel may reasonably require and are customarily required in connection with similar transactions. 

§10.11 Eligible Real Estate Qualification Documents. The Eligible Real Estate Qualification Documents for each Collateral Property
included in the Collateral as of the Closing Date shall have been delivered to the Agent at the Borrowers’ expense and shall be in form and substance reasonably satisfactory to the Agent. 

§10.12 Compliance Certificate. The Agent shall have received a Compliance Certificate dated as of the date of the Closing Date
demonstrating compliance with each of the covenants calculated therein. Further, such Compliance Certificate shall include within the calculation of Net Operating Income any Collateral Properties which have been owned for less than a calendar
quarter, and shall be based upon financial data and information with respect to Collateral Properties as of the end of the most recent calendar month as to which data and information is available. 

§10.13 Appraisals. The Agent shall have received Appraisals of each of the Collateral Properties being included as a Collateral Property
for the first time in form and substance satisfactory to the Agent and the Lenders, reflecting the Appraised Value for such Collateral Properties. 

§10.14 Consents. The Agent shall have received evidence reasonably satisfactory to the Agent that all necessary stockholder, partner,
member or other consents required in connection with the consummation of the transactions contemplated by this Agreement and the other Loan Documents have been obtained. 

§10.15 Other. The Agent shall have reviewed such other documents, instruments, certificates, opinions, assurances, consents and approvals
as the Agent or the Agent’s Special Counsel may reasonably have requested and are customarily required in connection with similar transactions. 

§11. CONDITIONS TO ALL BORROWINGS. 
 The
obligations of the Lenders to make any Loan, whether on or after the Closing Date, shall also be subject to the satisfaction of the following conditions precedent: 

§11.1 Prior Conditions Satisfied. All conditions set forth in §10 and in §5.3 shall continue to be satisfied as of the date upon
which any Loan is to be made provided that this §11.1 shall not require (a) the delivery of any new Appraisal not otherwise specifically required pursuant to the terms hereof, and (b) any Credit Party to comply with the conditions set
forth in §§ 10.2, 10.3, 10.4, 10.5 with respect to any Real Estate which has previously been included in the Collateral. 

§11.2 Representations True; No Default. Each of the representations and warranties made by or on behalf of the Credit Parties or any of
their respective Subsidiaries contained in this Agreement, the 

  
 65 

 
other Loan Documents or in any document or instrument delivered pursuant to or in connection with this Agreement shall be true in all material respects both as of the date as of which they were
made and shall also be true in all material respects as of the time of the making of such Loan, with the same effect as if made at and as of that time, except to the extent of changes resulting from transactions permitted by the Loan Documents (it
being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date), and no Default or Event of Default shall have occurred and be
continuing. 
 §11.3 Borrowing Documents. The Agent shall have received a fully completed Loan Request for such Loan and the other
documents and information (including, without limitation, a Compliance Certificate) as required by §2.8. 
 §11.4 Future Advances
Tax Payment. In addition to the requirements of §15 hereof, as a condition precedent to any Lender’s obligations to make any Loans available to the Borrowers hereunder, the Borrowers will obtain a letter from the Title Insurance Company or
local counsel stating that any mortgage, recording, intangible, documentary stamp or other similar taxes and charges which the Agent reasonably determines to be payable as a result of such Loan to any state or any county or municipality thereof in
which any of the Collateral Properties are located, have been paid. 
 §12. EVENTS OF DEFAULT; ACCELERATION; ETC. 

§12.1 Events of Default and Acceleration. If any of the following events (“Events of Default” or, if the giving of notice
or the lapse of time or both is required, then, prior to such notice or lapse of time, “Defaults”) shall occur: 
 (a) the
Borrowers shall fail to pay any principal of the Loans when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; 

(b) the Borrowers shall fail to pay any interest on the Loans within five (5) days of the date that the same shall become due and payable
or any fees or other sums due hereunder (other than any voluntary prepayment) or under any of the other Loan Documents within five (5) days after notice from Agent, whether at the stated date of maturity or any accelerated date of maturity or
at any other date fixed for payment; 
 (c) [Reserved]; 

(d) any of the Borrowers or the other Credit Parties or any of their respective Subsidiaries shall fail to perform any other term, covenant or
agreement contained in §9.1, §9.2, §9.3, §9.4, §9.5, §9.6 or §9.7, in each case without prepaying a portion of the Loan in order to comply with such financial covenant within fifteen (15) days after written
notice of a Default under this §12.1(d); 
 (e) any of the Borrowers or the other Credit Parties shall fail to perform any other term,
covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified in the other subclauses of this §12 (including, without limitation, §12.2 below) or in the other
Loan Documents), and such failure shall continue for thirty (30) days after Borrower receives from Agent written notice thereof, and in the case of a default that cannot be cured within such thirty (30)-day period despite Borrower’s
diligent efforts but is susceptible of being cured within ninety (90) days of Borrower’s receipt of Agent’s original notice, then Borrower shall have such additional time as is reasonably necessary to effect such cure, but in no event
in excess of ninety (90) days from Borrower’s receipt of Agent’s original notice; provided that the foregoing cure provisions shall 

  
 66 

 not pertain to any default consisting of a failure to comply with §8.4, §8.7, or to any Default
excluded from any provision of cure of defaults contained in any other of the Loan Documents and with respect to any defaults under §8.1, §8.2, §8.3, §8.4, §8.7 or §8.8, the thirty (30) day cure period described
above shall be reduced to a period of ten (10) days and no additional cure period shall be provided with respect to such defaults; 

(f) any material representation or warranty made by or on behalf of the Credit Parties or any of their respective Subsidiaries in this
Agreement or any other Loan Document, or any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, or any of the other
Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated except to the extent it is not reasonably expected to have a Material Adverse Effect; 

(g) Any (a) Borrower or other Credit Party defaults under any recourse Indebtedness with respect to all uncured defaults at any time, or
(b) Borrower, Guarantor or Subsidiary thereof defaults under any Non-Recourse Indebtedness in an aggregate amount equal to or greater than $50,000,000 with respect to all uncured defaults at any time; 

(h) any of the Borrowers or other Credit Party, (i) shall make an assignment for the benefit of creditors, or admit in writing its general
inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver for it or any substantial part of its assets, (ii) shall
commence any case or other proceeding relating to it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall
take any action to authorize any of the foregoing; 
 (i) a petition or application shall be filed for the appointment of a trustee or other
custodian, liquidator or receiver of any of the Borrowers or other Credit Party or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against any such Person under any bankruptcy, reorganization,
arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, and any such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such
petition, application, case or proceeding shall not have been dismissed within ninety (90) days following the filing or commencement thereof; 

(j) a decree or order is entered appointing a trustee, custodian, liquidator or receiver for any of the Borrowers or other Credit Party or
adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of any such Person in an involuntary case under federal bankruptcy laws as now
or hereafter constituted; 
 (k) there shall remain in force, undischarged, unsatisfied and unstayed, for more than sixty (60) days, one
or more uninsured or unbonded final judgments against Guarantor or Parent Borrower or any Subsidiary Credit Party that, either individually or in the aggregate, exceed in excess of $5,000,000.00 in the case of the Guarantor or the Parent Borrower or
$500,000.00 in the case of any Subsidiary Credit Party; 
 (l) any of the material Loan Documents shall be canceled, terminated, revoked or
rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the Required Lenders, or any action at law, suit in equity or other legal proceeding to cancel, revoke or rescind any of the
material Loan Documents shall be commenced by or on behalf of 

  
 67 

 
any of the Credit Parties, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination, or issue a judgment, order, decree or
ruling, to the effect that any one or more of the material Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; 

(m) Intentionally Deleted; 
 (n)
with respect to any Guaranteed Pension Plan, an ERISA Reportable Event shall have occurred and such event reasonably would be expected to result in liability of any of the Credit Parties to pay money to the PBGC or such Guaranteed Pension Plan in an
aggregate amount exceeding $1,000,000 and one of the following shall apply with respect to such event: (x) such event in the circumstances occurring reasonably would be expected to result in the termination of such Guaranteed Pension Plan by
the PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan; or (y) a trustee shall have been appointed by the United States District Court to administer such Plan; or
(z) the PBGC shall have instituted proceedings to terminate such Guaranteed Pension Plan; 
 (o) any Change of Control shall occur; 

(p) then, and upon any such Event of Default, the Agent may, and upon the request of the Required Lenders shall, by notice in writing to the
Borrowers declare all amounts owing with respect to this Agreement, the Notes, and the other Loan Documents to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by the Borrowers; provided that in the event of any Event of Default specified in §12.1(h), §12.1(i) or §12.1(j), all such amounts shall become immediately due and payable
automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders or the Agent. 

§12.2 Certain Cure Periods. In the event that there shall occur any Default that affects only certain Collateral Property or the owner(s)
thereof (if such owner is a Subsidiary Credit Party) or the removal of certain Collateral Property would cure the Default, then the Borrowers may elect to cure such Default (so long as no other Default or Event of Default would arise as a result) by
electing to have Agent remove such Collateral Property from the calculation of the Borrowing Base Availability (and the Borrowers’ compliance with Section 3.2 as a result thereof), in which event such removal and reduction shall be
completed within thirty (30) days after receipt of notice of such Default from the Agent or the Required Lenders. 
 §12.3
Termination of Commitments. If any one or more Events of Default specified in §12.1(h), §12.1(i) or §12.1(j) shall occur, then immediately and without any action on the part of the Agent or any Lender any unused portion of the credit
hereunder shall terminate and the Lenders shall be relieved of all obligations to make Loans to the Borrowers. If any other Event of Default shall have occurred, the Agent may, and upon the election of the Required Lenders shall, by notice to the
Borrowers terminate the obligation to make Loans to the Borrowers. No termination under this §12.3 shall relieve the Borrowers of their obligations to the Lenders arising under this Agreement or the other Loan Documents. 

§12.4 Remedies. In case any one or more Events of Default shall have occurred and be continuing, and whether or not the Lenders shall
have accelerated the maturity of the Loans pursuant to §12.1, the Agent on behalf of the Lenders may, and upon the direction of the Required Lenders shall, proceed to protect and enforce their rights and remedies under this Agreement, the Notes
and/or any of the other Loan Documents by suit in equity, action at law or other appropriate proceeding, including to 

  
 68 

 
the full extent permitted by applicable law the specific performance of any covenant or agreement contained in this Agreement and the other Loan Documents, the obtaining of the ex parte
appointment of a receiver, and, if any amount shall have become due, by declaration or otherwise, the enforcement of the payment thereof. No remedy herein conferred upon the Agent or the holder of any Note is intended to be exclusive of any other
remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or any other provision of law. Notwithstanding the provisions of this
Agreement providing that the Loans may be evidenced by multiple Notes in favor of the Lenders, the Lenders acknowledge and agree that only the Agent may exercise any remedies arising by reason of a Default or Event of Default. If any Credit Party
fails to perform any agreement or covenant contained in this Agreement or any of the other Loan Documents beyond any applicable period for notice and cure, Agent may itself perform, or cause to be performed, any agreement or covenant of such Person
contained in this Agreement or any of the other Loan Documents which such Person shall fail to perform, and the out-of-pocket costs of such performance, together with any reasonable expenses, including reasonable attorneys’ fees actually
incurred (including attorneys’ fees incurred in any appeal) by Agent in connection therewith, shall be payable by Borrowers upon demand and shall constitute a part of the Obligations and shall if not paid within five (5) days after demand
bear interest at the rate for overdue amounts as set forth in this Agreement. In the event that all or any portion of the Obligations is collected by or through an attorney-at-law, the Borrowers shall pay all costs of collection including, but not
limited to, reasonable attorney’s fees. 
 §12.5 Distribution of Collateral Proceeds. In the event that, following the occurrence
and during the continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Loan Documents, or otherwise with respect to the realization upon any of the Collateral or other assets of Credit Parties,
such monies shall be distributed for application as follows: 
 (a) First, to the payment of, or (as the case may be) the reimbursement of
the Agent for or in respect of, all reasonable out-of-pocket costs, expenses, disbursements and losses which shall have been paid, incurred or sustained by the Agent in accordance with the terms of the Loan Documents to protect or preserve the
Collateral or in connection with the collection of such monies by the Agent, for the exercise, protection or enforcement by the Agent of all or any of the rights, remedies, powers and privileges of the Agent or the Lenders under this Agreement or
any of the other Loan Documents or in respect of the Collateral or in support of any provision of adequate indemnity to the Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Agent or the Lenders
to such monies; 
 (b) Second, to all other Obligations and Hedge Obligations (including any interest, expenses or other obligations incurred
after the commencement of a bankruptcy) in such order or preference as the Required Lenders shall determine; provided, that (i) distributions in respect of such other Obligations shall include, on a pari passu basis, any Agent’s fee
payable pursuant to §4.2; (ii) in the event that any Lender shall have wrongfully failed or refused to make an advance under §2.9(a) and such failure or refusal shall be continuing, advances made by other Lenders during the pendency
of such failure or refusal shall be entitled to be repaid as to principal and accrued interest in priority to the other Obligations and Hedge Obligations described in this subsection (b); and (iv) Obligations owing to the Lenders with respect
to each type of Obligation such as interest, principal, fees and expenses and Hedge Obligations shall be made among the Lenders, pro rata, and among the Lender Hedge Providers pro rata; and provided, further that the Required Lenders
may in their discretion make proper allowance to take into account any Obligations and Hedge Obligations not then due and payable; 
 (c)
Third, the excess, if any, shall be returned to the Borrowers or to such other Persons as are entitled thereto. 

  
 69 

 §13. SETOFF. 

Regardless of the adequacy of any Collateral, during the continuance of any Event of Default, any deposits (general or specific, time or
demand, provisional or final, regardless of currency, maturity, or the branch where such deposits are held) or other sums credited by or due from any Lender or any Affiliate thereof to Parent Borrower or any Subsidiary Credit Party and any
securities or other property of such parties in the possession of such Lender or any Affiliate may, without notice to any Borrower or any Subsidiary Credit Party (any such notice being expressly waived by Borrowers) but with the prior written
approval of Agent, be applied to or set off against the payment of Obligations and any and all other liabilities, direct, or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, of the Borrowers or any
Subsidiary Credit Party to such Lender. Each of the Lenders agrees with each other Lender that if such Lender shall receive from a Borrower or any Subsidiary Credit Party, whether by voluntary payment, exercise of the right of setoff, or otherwise,
and shall retain and apply to the payment of the Note or Notes held by such Lender any amount in excess of its ratable portion of the payments received by all of the Lenders with respect to the Notes held by all of the Lenders, such Lender will make
such disposition and arrangements with the other Lenders with respect to such excess, either by way of distribution, pro tanto assignment of claims, subrogation or otherwise as shall result in each Lender receiving in respect of the
Notes held by it its proportionate payment as contemplated by this Agreement; provided that if all or any part of such excess payment is thereafter recovered from such Lender, such disposition and arrangements shall be rescinded and the
amount restored to the extent of such recovery, but without interest. 
 §14. THE AGENT. 

§14.1 Authorization. The Agent is authorized to take such action on behalf of each of the Lenders and to exercise all such powers as are
hereunder and under any of the other Loan Documents and any related documents delegated to the Agent and all other powers not specifically reserved to the Lenders, together with such powers as are reasonably incident thereto, provided that no duties
or responsibilities not expressly assumed herein or therein shall be implied to have been assumed by the Agent. The obligations of the Agent hereunder are primarily administrative in nature, and nothing contained in this Agreement or any of the
other Loan Documents shall be construed to constitute the Agent as a trustee for any Lender or to create an agency or fiduciary relationship. Agent shall act as the contractual representative of the Lenders hereunder, and notwithstanding the use of
the term “Agent”, it is understood and agreed that Agent shall not have any fiduciary duties or responsibilities to any Lender by reason of this Agreement or any other Loan Document and is acting as an independent contractor, the duties
and responsibilities of which are limited to those expressly set forth in this Agreement and the other Loan Documents. The Borrowers and any other Person shall be entitled to conclusively rely on a statement from the Agent that it has the authority
to act for and bind the Lenders pursuant to this Agreement and the other Loan Documents. 
 §14.2 Employees and Agents. The Agent may
exercise its powers and execute its duties by or through employees or agents and shall be entitled to take, and to rely on, advice of counsel concerning all matters pertaining to its rights and duties under this Agreement and the other Loan
Documents. The Agent may utilize the services of such Persons as the Agent may reasonably determine, and all reasonable fees and expenses of any such Persons shall be paid by the Borrowers. 

§14.3 No Liability. Neither the Agent nor any of its shareholders, directors, officers or employees nor any other Person assisting them
in their duties nor any agent, or employee thereof, shall be liable to the Lenders for (a) any waiver, consent or approval given or any action taken, or omitted to be taken, in good faith by it or them hereunder or under any of the other Loan
Documents, or in connection herewith or therewith, or be responsible for the consequences of any oversight or error of 

  
 70 

 
judgment whatsoever, except that the Agent or such other Person, as the case may be, shall be liable for losses due to its willful misconduct or gross negligence as finally determined by a court
of competent jurisdiction after the expiration of all applicable appeal periods or (b) any action taken or not taken by Agent with the consent or at the request of the Required Lenders. The Agent shall not be deemed to have knowledge or notice
of the occurrence of any Default or Event of Default, except with respect to defaults in the payment of principal, interest and fees required to be paid to the Agent for the account of the Lenders, unless the Agent has received notice from a Lender
or the Borrowers referring to the Loan Documents and describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default”. 

§14.4 No Representations. The Agent shall not be responsible for the execution or validity or enforceability of this Agreement, the
Notes, any of the other Loan Documents or any instrument at any time constituting, or intended to constitute, collateral security for the Notes, or for the value of any such collateral security or for the validity, enforceability or collectability
of any such amounts owing with respect to the Notes, or for any recitals or statements, warranties or representations made herein, or any agreement, instrument or certificate delivered in connection therewith or in any of the other Loan Documents or
in any certificate or instrument hereafter furnished to it by or on behalf of the Borrowers or any of their respective Subsidiaries, or be bound to ascertain or inquire as to the performance or observance of any of the terms, conditions, covenants
or agreements herein or in any of the other Loan Documents. The Agent shall not be bound to ascertain whether any notice, consent, waiver or request delivered to it by the Borrowers or any holder of any of the Notes shall have been duly authorized
or is true, accurate and complete. The Agent has not made nor does it now make any representations or warranties, express or implied, nor does it assume any liability to the Lenders, with respect to the creditworthiness or financial condition of the
Borrowers or any of their respective Subsidiaries, or the value of the Collateral or any other assets of the Borrowers or any of their respective Subsidiaries. Each Lender acknowledges that it has, independently and without reliance upon the Agent
or any other Lender, and based upon such information and documents as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance
upon the Agent or any other Lender, based upon such information and documents as it deems appropriate at the time, continue to make its own credit analysis and decisions in taking or not taking action under this Agreement and the other Loan
Documents. Agent’s Special Counsel has only represented Agent and KeyBank in connection with the Loan Documents and the only attorney client relationship or duty of care is between Agent’s Special Counsel and Agent or KeyBank. Each Lender
has been independently represented by separate counsel on all matters regarding the Loan Documents and the granting and perfecting of liens in the Collateral. 

§14.5 Payments. 
 (a) A
payment by the Borrowers to the Agent hereunder or under any of the other Loan Documents for the account of any Lender shall constitute a payment to such Lender. The Agent agrees to distribute to each Lender not later than one Business Day after the
Agent’s receipt of good funds, determined in accordance with the Agent’s customary practices, such Lender’s pro rata share of payments received by the Agent for the account of the Lenders except as otherwise expressly provided herein
or in any of the other Loan Documents. In the event that the Agent fails to distribute such amounts within one Business Day as provided above, the Agent shall pay interest on such amount at a rate per annum equal to the Federal Funds Effective Rate
from time to time in effect. 
 (b) If in the reasonable opinion of the Agent the distribution of any amount received by it in such capacity
hereunder, under the Notes or under any of the other Loan Documents might involve it in liability, it may refrain from making such distribution until its right to make such distribution shall have been adjudicated by a court of competent
jurisdiction. If a court of competent jurisdiction shall 

  
 71 

 
adjudge that any amount received and distributed by the Agent is to be repaid, each Person to whom any such distribution shall have been made shall either repay to the Agent its proportionate
share of the amount so adjudged to be repaid or shall pay over the same in such manner and to such Persons as shall be determined by such court. 

§14.6 Holders of Notes. Subject to the terms of §18, the Agent may deem and treat the payee of any Note as the absolute owner or
purchaser thereof for all purposes hereof until it shall have been furnished in writing with a different name by such payee or by a subsequent holder, assignee or transferee. 

§14.7 Indemnity. The Lenders ratably agree hereby to indemnify and hold harmless the Agent from and against any and all claims, actions
and suits (whether groundless or otherwise), losses, damages, costs, expenses (including any expenses for which the Agent has not been reimbursed by the Borrowers as required by §15), and liabilities of every nature and character arising out of
or related to this Agreement, the Notes, or any of the other Loan Documents or the transactions contemplated or evidenced hereby or thereby, or the Agent’s actions taken hereunder or thereunder, except to the extent that any of the same shall
be directly caused by the Agent’s willful misconduct or gross negligence as finally determined by a court of competent jurisdiction after the expiration of all applicable appeal periods. The agreements in this §14.7 shall survive the
payment of all amounts payable under the Loan Documents. 
 §14.8 Agent as Lender. In its individual capacity, KeyBank shall have the
same obligations and the same rights, powers and privileges in respect to its Commitment and the Loans made by it, and as the holder of any of the Notes as it would have were it not also the Agent. 

§14.9 Resignation. The Agent may resign at any time by giving thirty (30) calendar days’ prior written notice thereof to the
Lenders and the Borrowers. The Required Lenders may remove the Agent from its capacity as Agent in the event of the Agent’s gross negligence or willful misconduct (with the Commitment Percentage of the Lender which is acting as Agent shall not
be taken into account in the calculation of Required Lenders for the purposes of removing Agent in the event of the Agent’s willful misconduct or gross negligence). Upon any such resignation, or removal, the Required Lenders, subject to the
terms of §18.1, shall have the right to appoint as a successor Agent, (i) any Lender or (ii) any bank whose senior debt obligations are rated not less than “A” or its equivalent by Moody’s or not less than “A”
or its equivalent by S&P and which has a net worth of not less than $500,000,000. Unless a Default or Event of Default shall have occurred and be continuing, such successor Agent, shall be reasonably acceptable to the Borrowers and shall have a
minimum Commitment of at least $5,000,000. If no successor Agent shall have been appointed and shall have accepted such appointment within thirty (30) days after the retiring Agent’s giving of notice of resignation or the Required
Lender’s removal of the Agent, then the retiring or removed Agent may, on behalf of the Lenders, appoint a successor Agent, which shall be (i) any Lender or (ii) any financial institution whose senior debt obligations are rated
not less than “A2” or its equivalent by Moody’s or not less than “A” or its equivalent by S&P and which has a net worth of not less than $500,000,000. Upon the acceptance of any appointment as Agent hereunder by a
successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Agent and the retiring or removed Agent shall be discharged from its duties and
obligations hereunder as Agent. After any retiring Agent’s resignation or removal, the provisions of this Agreement and the other Loan Documents shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by
it while it was acting as Agent. Upon any change in the Agent under this Agreement, the resigning or removed Agent shall execute such assignments of and amendments to the Loan Documents as may be necessary to substitute the successor Agent for the
resigning or removed Agent. 

  
 72 

 §14.10 Duties in the Case of Enforcement. In case one or more Events of Default have
occurred and shall be continuing, and whether or not acceleration of the Obligations shall have occurred, the Agent may and, if (a) so requested by the Required Lenders and (b) the Lenders have provided to the Agent such additional
indemnities and assurances in accordance with their respective Commitment Percentages against expenses and liabilities as the Agent may reasonably request, shall proceed to exercise all or any legal and equitable and other rights or remedies as it
may have; provided, however, that unless and until the Agent shall have received such directions, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event
of Default as it shall deem to be in the best interests of the Lenders. Without limiting the generality of the foregoing, if Agent reasonably determines payment is in the best interest of all the Lenders, Agent may without the approval of the
Lenders pay taxes and insurance premiums and spend money for maintenance, repairs or other expenses which may be necessary to be incurred, and Agent shall promptly thereafter notify the Lenders of such action. Each Lender shall, within thirty
(30) days of request therefor, pay to the Agent its Commitment Percentage of the reasonable costs incurred by the Agent in taking any such actions hereunder to the extent that such costs shall not be promptly reimbursed to the Agent by the
Borrowers or out of the Collateral within such period with respect to the Collateral Properties. The Required Lenders may direct the Agent in writing as to the method and the extent of any such exercise, the Lenders hereby agreeing to indemnify and
hold the Agent harmless in accordance with their respective Commitment Percentages from all liabilities incurred in respect of all actions taken or omitted in accordance with such directions, except to the extent that any of the same shall be
directly caused by the Agent’s willful misconduct or gross negligence as finally determined by a court of competent jurisdiction after the expiration of all applicable appeal periods, provided that the Agent need not comply with any such
direction to the extent that the Agent reasonably believes the Agent’s compliance with such direction to be unlawful in any applicable jurisdiction or commercially unreasonable under the UCC as enacted in any applicable jurisdiction. 

§14.11 Bankruptcy. In the event a bankruptcy or other insolvency proceeding is commenced by or against any Borrower with respect to the
Obligations, the Agent shall have the sole and exclusive right to file and pursue a joint proof claim on behalf of all Lenders. Any votes with respect to such claims or otherwise with respect to such proceedings shall be subject to the vote of the
Required Lenders or all of the Lenders as required by this Agreement. Each Lender irrevocably waives its right to file or pursue a separate proof of claim in any such proceedings unless Agent fails to file such claim within thirty (30) days
after receipt of written notice from the Lenders requesting that Agent file such proof of claim. 
 §14.12 Request for Agent Action.
Agent and the Lenders acknowledge that in the ordinary course of business of the Borrowers, (a) Borrowers will enter into leases or rental agreements covering Collateral Properties that may require the execution of a Subordination, Attornment
and Non-Disturbance Agreement in favor of the tenant thereunder, (b) a Collateral Property may be subject to a Taking, (c) a Borrower may desire to enter into easements or other agreements affecting the Collateral Properties, or take other
actions or enter into other agreements in the ordinary course of business which similarly require the consent, approval or agreement of the Agent. In connection with the foregoing, the Lenders hereby expressly authorize the Agent to (w) execute
and deliver to the Borrowers Subordination, Attornment and Non-Disturbance Agreements with any tenant under a Lease upon such terms as Agent in its good faith judgment determines are appropriate (Agent in the exercise of its good faith judgment may
agree to allow some or all of the casualty, condemnation, restoration or other provisions of the applicable Lease to control over the applicable provisions of the Loan Documents), (x) execute releases of liens in connection with any Taking,
(y) execute consents or subordinations in form and substance satisfactory to Agent in connection with any easements or agreements affecting the Collateral Property, or (z) execute consents, approvals, or other agreements in form and
substance satisfactory to the Agent in connection with such other actions or agreements as may be necessary in the ordinary course of Borrowers’ business. 

  
 73 

 §14.13 Reliance by Agent. The Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and
to have been signed, sent or otherwise authenticated by an Authorized Officer. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability
for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the Agent may presume that such condition is satisfactory to such Lender unless
the Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other experts selected by it, and
shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

§14.14 Approvals. If consent is required for some action under this Agreement, or except as otherwise provided herein an approval of the
Lenders, the Majority Lenders or the Required Lenders is required or permitted under this Agreement, each Lender agrees to give the Agent, within ten (10) days of receipt of the request for action together with all reasonably requested
information related thereto (or such lesser period of time required by the terms of the Loan Documents), notice in writing of approval or disapproval (collectively “Directions”) in respect of any action requested or proposed in writing
pursuant to the terms hereof. To the extent that any Lender does not approve any recommendation of Agent, such Lender shall in such notice to Agent describe the actions that would be acceptable to such Lender. If consent is required for the
requested action, any Lender’s failure to respond to a request for Directions within the required time period shall be deemed to constitute a Direction to take such requested action. In the event that any recommendation is not approved by the
requisite number of Lenders and a subsequent approval on the same subject matter is requested by Agent, then for the purposes of this paragraph each Lender shall be required to respond to a request for Directions within five (5) Business Days
of receipt of such request. Agent and each Lender shall be entitled to assume that any officer of the other Lenders delivering any notice, consent, certificate or other writing is authorized to give such notice, consent, certificate or other writing
unless Agent and such other Lenders have otherwise been notified in writing. 
 §14.15 Borrowers Not Beneficiary. Except for the
provisions of §14.9 relating to the appointment of a successor Agent, the provisions of this §14 are solely for the benefit of the Agent and the Lenders, may not be enforced by the Borrowers, and except for the provisions of §14.9,
may be modified or waived without the approval or consent of the Borrowers. 
 §14.16 Defaulting Lenders. 

(a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as
that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Legal Requirements: 
 (i) That 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 §27. 

(ii) Any payment of principal, interest, fees or other amounts received by the Agent for the account of that Defaulting Lender (whether
voluntary or mandatory, at maturity, or otherwise, and including any amounts made available to the Agent by that Defaulting Lender pursuant to §13), shall be applied at such time or times as may be determined by the Agent as follows: first, to
the payment of any amounts owing by that Defaulting Lender to the Agent hereunder; second, as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Loan in

  
 74 

 respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as
determined by the Agent; third, if so determined by the Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund 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 that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under
this Agreement; fifth, so long as no Default or Event of Default exists or non-defaulting Lenders have been paid in full all amounts then due, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent
jurisdiction obtained by the Borrowers against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to that 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 or to post Cash Collateral pursuant to this §14.16(a)(ii) shall be deemed paid
to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 
 (iii) That Defaulting Lender shall not be
entitled to receive any facility unused fee pursuant to §2.4 for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid
to that Defaulting Lender). 
 (iv) During any period that a Lender is a Defaulting Lender, the Borrowers may, by giving written notice
thereof to the Agent, such Defaulting Lender, and the other Lenders, demand that such Defaulting Lender assign its Commitment to an Eligible Assignee subject to and in accordance with the provisions of §18.1. No party hereto shall have any
obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. In addition, any Lender who is not a Defaulting Lender may, but shall not be obligated, in its sole discretion, to acquire the face amount of all or
a portion of such Defaulting Lender’s Commitment via an assignment subject to and in accordance with the provisions of §18.1. 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 Agent in an aggregate amount sufficient with any applicable amounts held pursuant to the immediately preceding subsection (ii), 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 Borrowers and the 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 Agent or any
Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) such Defaulting Lender’s full pro rata share of all Loans. Notwithstanding the foregoing, in the event that any assignment of rights and obligations
of any Defaulting Lender hereunder shall become effective under any Legal Requirement 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. 
 (b) Defaulting Lender Cure. If the Borrower and the Agent agree in writing in their sole
discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which
may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Agent may determine to be necessary to cause
the Loans to be held on a pro rata basis by the Lenders in accordance with their Commitment Percentages (without giving effect to §14.16(a)(iv)), whereupon that 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 

  
 75 

 Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise
expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

§14.17 Reliance on Hedge Provider. For purposes of applying payments received in accordance with §12.5, the Agent shall be entitled
to rely upon the trustee, paying agent or other similar representative (each, a “Representative”) or, in the absence of such a Representative, upon the holder of the Hedge Obligations for a determination (which each holder of the
Hedge Obligations agrees (or shall agree) to provide upon request of the Agent) of the outstanding Hedge Obligations owed to the holder thereof. Unless it has actual knowledge (including by way of written notice from such holder) to the contrary,
the Agent, in acting hereunder, shall be entitled to assume that no Hedge Obligations are outstanding. 
 §15. EXPENSES. 

The Borrowers agree to pay (a) the reasonable out-of-pocket costs incurred by the Agent of producing and reproducing this Agreement, the
other Loan Documents and the other agreements and instruments mentioned herein, (b) any recording, mortgage, documentary or intangibles taxes in connection with the Mortgages and other Loan Documents, (c) all title insurance premiums,
engineer’s fees incurred by the Agent, third party environmental reviews incurred by the Agent and the reasonable fees, expenses and disbursements of the outside counsel to the Agent and any local counsel to the Agent incurred in connection
with the preparation, administration, or interpretation of the Loan Documents and other instruments mentioned herein, and amendments, modifications, approvals, consents or waivers hereto or hereunder, (d) all other reasonable out of pocket
fees, expenses and disbursements (other than Taxes unless such payment is otherwise required pursuant to the terms of this Agreement) of the Agent incurred by the Agent in connection with the preparation or interpretation of the Loan Documents and
other instruments mentioned herein, the addition or substitution of additional Collateral Properties or other Collateral (in connection with each Loan and/or otherwise), the review of leases and Subordination, Attornment and Non-Disturbance
Agreements, the making of each Loan hereunder, and the third party out-of-pocket costs and expenses incurred in connection with the syndication of the Commitments pursuant to §18 hereof, and (e) without duplication, all out-of-pocket
expenses (including reasonable attorneys’ fees and costs, and the fees and costs of appraisers, engineers, investment bankers or other experts retained by any Lender or the Agent) incurred by any Lender or the Agent in connection with
(i) the enforcement of or preservation of rights under any of the Loan Documents against the Credit Parties or the administration thereof after the occurrence of a Default or Event of Default and (ii) any litigation, proceeding or dispute
whether arising hereunder or otherwise, in any way related to the Agent’s or any of the Lenders’ relationship with the Borrowers (provided that any attorneys’ fees and costs pursuant to this clause (e) shall be limited to those
incurred by the Agent and one other counsel with respect to the Lenders as a group), (f) all reasonable fees, expenses and disbursements of the Agent incurred in connection with UCC searches, UCC filings, title rundowns, title searches or
mortgage recordings, (g) all reasonable out-of-pocket fees, expenses and disbursements (including reasonable attorneys’ fees and costs) which may be incurred by Agent in connection with the execution and delivery of this Agreement and the
other Loan Documents (without duplication of any of the items listed above), and (h) all expenses relating to the use of Intralinks, SyndTrak or any other similar system for the dissemination and sharing of documents and information in
connection with the Loans in accordance with the terms of this Agreement. The covenants of this §15 shall survive the repayment of the Loans and the termination of the obligations of the Lenders hereunder. 

  
 76 

 §16. INDEMNIFICATION. 

The Borrowers and each Subsidiary Guarantor, jointly and severally, agree to indemnify and hold harmless the Agent, the Lenders and the
Arranger and each director, officer, employee, agent and Affiliate thereof and Person who controls the Agent or any Lender or the Arranger against any and all claims, actions and suits, whether groundless or otherwise, and from and against any and
all liabilities, losses, damages and expenses of every nature and character arising out of or relating to any claim, action, suit or litigation arising out of this Agreement or any of the other Loan Documents or the transactions contemplated hereby
and thereby including, without limitation, (a) any and all claims for brokerage, leasing, finders or similar fees which may be made relating to the Collateral Properties or the Loans by parties claiming by or through Borrower or any Subsidiary
Guarantor, (b) any condition of the Collateral Properties or any other Real Estate, (c) any actual or proposed use by the Borrowers or any Subsidiary Guarantor of the proceeds of any of the Loans, (d) any actual or alleged
infringement of any patent, copyright, trademark, service mark or similar right of the Borrowers and each Subsidiary Guarantor, (e) the Borrowers or any Subsidiary Guarantor entering into or performing this Agreement or any of the other Loan
Documents, (f) any actual or alleged violation of any law, ordinance, code, order, rule, regulation, approval, consent, permit or license relating to the Collateral Properties or any other Real Estate, (g) with respect to the Borrowers or
any Subsidiary Guarantor and their respective properties and assets, subject to any limitations set forth in the Indemnity Agreements, the violation of any Environmental Law, the Release or threatened Release of any Hazardous Substances or any
action, suit, proceeding or investigation brought or threatened with respect to any Hazardous Substances (including, but not limited to, claims with respect to wrongful death, personal injury, nuisance or damage to property), and (h) to the
extent used by Borrower or any Subsidiary Guarantor, any use of Intralinks, SyndTrak or any other system for the dissemination and sharing of documents and information, in each case including, without limitation, the reasonable fees and
disbursements of counsel incurred in connection with any such investigation, litigation or other proceeding; provided, however, that the Borrowers and the Subsidiary Guarantors shall not be obligated under this §16 or otherwise to
indemnify any Person for liabilities arising from such Person’s own gross negligence or willful misconduct as determined by a court of competent jurisdiction after the exhaustion of all applicable appeal periods. In litigation, or the
preparation therefor, the Lenders and the Agent shall be entitled to select a single law firm as their own counsel and, in addition to the foregoing indemnity, the Borrowers and the Subsidiary Guarantors agree to pay promptly the reasonable fees and
expenses of such counsel. If, and to the extent that the obligations of the Borrowers or any Subsidiary Guarantor under this §16 are unenforceable for any reason, the Borrowers and each Subsidiary Guarantor hereby agree to make the maximum
contribution to the payment in satisfaction of such obligations which is permissible under applicable law. The provisions of this §16 shall survive the repayment of the Loans and the termination of the obligations of the Lenders hereunder for a
period of one year. 
 §17. SURVIVAL OF COVENANTS, ETC. 

All covenants, agreements, representations and warranties made herein, in the Notes, in any of the other Loan Documents or in any documents or
other papers delivered by or on behalf of the Borrowers or any of their respective Subsidiaries pursuant hereto or thereto shall be deemed to have been relied upon by the Lenders and the Agent, notwithstanding any investigation heretofore or
hereafter made by any of them, and shall survive the making by the Lenders of any of the Loans, as herein contemplated, and shall continue in full force and effect so long as any amount due under this Agreement or the Notes or any of the other Loan
Documents remain outstanding or any Lender has any obligation to make any Loans. The indemnification obligations of the Borrowers and each Subsidiary Guarantor provided herein and in the other Loan Documents shall survive the full repayment of
amounts due and the termination of the obligations of the Lenders hereunder and thereunder to the extent provided herein and therein for a period of one year. All statements contained in any certificate delivered to any Lender or the Agent at any
time by or on behalf of the Borrowers or any of their respective Subsidiaries pursuant hereto or in connection with the transactions contemplated hereby shall constitute representations and warranties by such Person hereunder. 

  
 77 

 §18. ASSIGNMENT AND PARTICIPATION. 

§18.1 Conditions to Assignment by Lenders. Except as provided herein, each Lender may assign to one or more Eligible Assignee all or a
portion of its interests, rights and obligations under this Agreement (including all or a portion of its Commitment Percentage and Commitment and the same portion of the Loans at the time owing to it and the Notes held by it); provided that
(a) the Agent shall have given its prior written consent to such assignment, which consent shall not be unreasonably withheld or delayed, (b) each such assignment shall be of a constant, and not a varying, percentage of all the assigning
Lender’s rights and obligations under this Agreement with respect to the Revolving Credit Commitment in the event an interest in the Revolving Credit Loans is assigned, (c) the parties to such assignment shall execute and deliver to the
Agent, for recording in the Register (as hereinafter defined) an Assignment and Acceptance Agreement in the form of Exhibit H annexed hereto, together with any Notes subject to such assignment, (d) in no event shall any assignment be to
any Person controlling, controlled by or under common control with, or which is not otherwise free from influence or control by, any Borrower or Guarantor, and (e) such assignee shall acquire an interest in the Loans of not less than $5,000,000
and integral multiples of $1,000,000 in excess thereof (or if less, the remaining Loans of the assignor), unless waived by the Agent, and so long as no Default or Event of Default exists hereunder, Parent Borrower. Upon execution, delivery,
acceptance and recording of such Assignment and Acceptance Agreement, (i) the assignee thereunder shall be a party hereto and all other Loan Documents executed by the Lenders and, to the extent provided in such Assignment and Acceptance
Agreement, have the rights and obligations of a Lender hereunder, (ii) the assigning Lender shall, upon payment to the Agent of the registration fee referred to in §18.2, be released from its obligations under this Agreement arising after
the effective date of such assignment with respect to the assigned portion of its interests, rights and obligations under this Agreement, and (iii) the Agent may unilaterally amend Schedule 1.1 to reflect such assignment. In connection
with each assignment, the assignee shall represent and warrant to the Agent, the assignor and each other Lender as to whether such assignee is controlling, controlled by, under common control with or is not otherwise free from influence or control
by, the Borrowers and Guarantor. 
 §18.2 Register. The Agent shall maintain on behalf of the Borrowers a copy of each assignment
delivered to it and a register or similar list (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment Percentages of and principal amount of and interest on the Loans owing to the Lenders
from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrowers, the Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes,
notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and the Lenders at any reasonable time and from time to time upon reasonable prior notice. Upon each such recordation, the assigning Lender
agrees to pay to the Agent a registration fee in the sum of $3,500. 
 §18.3 New Notes. Upon its receipt of an Assignment and
Acceptance Agreement executed by the parties to such assignment, together with each Note subject to such assignment, the Agent shall record the information contained therein in the Register. Within five (5) Business Days after receipt of notice
of such assignment from Agent, the Borrowers, at their own expense, shall execute and deliver to the Agent, in exchange for each surrendered Note, a new Note (if requested by the subject Lender) to the order of such assignee in an amount equal to
the amount assigned to such assignee pursuant to such Assignment and Acceptance Agreement and, if the assigning Lender has retained some portion of its obligations hereunder, a new Note to the order of the assigning Lender in an amount equal to the
amount retained by it hereunder. Such new Notes shall provide that they are replacements for the surrendered 

  
 78 

 Notes, shall be in an aggregate principal amount equal to the aggregate principal amount of the surrendered
Notes, shall be dated the effective date of such Assignment and Acceptance Agreement and shall otherwise be in substantially the form of the assigned Notes. The surrendered Notes shall be canceled and returned to the Borrowers. 

§18.4 Participations. Each Lender may sell participations to one or more Lenders or other entities in all or a portion of such
Lender’s rights and obligations under this Agreement and the other Loan Documents; provided that (a) any such sale or participation shall not affect the rights and duties of the selling Lender hereunder, (b) such participation
shall not entitle such participant to any rights or privileges under this Agreement or any Loan Documents, including without limitation, rights granted to the Lenders under §4.8, §4.9 and §4.10, (c) such participation shall not
entitle the participant to the right to approve waivers, amendments or modifications, (d) such participant shall have no direct rights against the Borrowers, (e) such participant shall be entitled to the benefits of §4.4(b) to the
same extent as if it were a Lender and had acquired its interest by assignment pursuant to §18.1, but shall not be entitled to receive any greater payment under §4.4(b) than the applicable Lender would have been entitled to receive with
respect to the participation sold to such Participant, (f) such sale is effected in accordance with all applicable laws, (g) such participant shall not be a Person controlling, controlled by or under common control with, or which is not
otherwise free from influence or control by any of the Borrowers, and (h) unless an Event of Default is in existence, such participant is not a Competitor; provided, however, such Lender may agree with the participant that it will
not, without the consent of the participant, agree to (i) increase, or extend the term or extend the time or waive any requirement for the reduction or termination of, such Lender’s Commitment, (ii) extend the date fixed for the
payment of principal of or interest on the Loans or portions thereof owing to such Lender (other than pursuant to an extension of the Revolving Credit Maturity Date pursuant to §2.13), (iii) reduce the amount of any such payment of
principal, (iv) reduce the rate at which interest is payable thereon or (v) release any Borrower (except as otherwise permitted under §5.4, §5.6 or §5.7). Each Lender that sells a participation shall, acting solely for this
purpose as a non-fiduciary agent of 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 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 Credit Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, Agent (in its capacity as Agent) shall have no
responsibility for maintaining a Participant Register. 
 §18.5 Pledge by Lender. Any Lender may at any time pledge all or any portion
of its interest and rights under this Agreement (including all or any portion of its Note) to any of the twelve Federal Reserve Banks organized under §4 of the Federal Reserve Act, 12 U.S.C. §341 or any other central banking authority, or
to such other Person as the Agent elects and so long as no Default or Event of Default has occurred and is continuing, the Borrowers may approve the identity of such other Person. No such pledge or the enforcement thereof shall release the pledgor
Lender from its obligations hereunder or under any of the other Loan Documents. 
 §18.6 No Assignment by Borrowers. The Borrowers
shall not assign or transfer any of their rights or obligations under this Agreement without the prior written consent of each of the Lenders. 

  
 79 

 §18.7 Disclosure. Borrowers agree to promptly and reasonably cooperate with any Lender in
connection with any proposed assignment or participation of all or any portion of its Commitment. The Borrowers agree that, in addition to disclosures made in accordance with standard banking practices, any Lender may disclose information obtained
by such Lender pursuant to this Agreement to assignees or participants and potential assignees or participants hereunder, but in all events subject to the terms hereof. Each Lender agrees for itself that it shall use reasonable efforts in accordance
with its customary procedures to hold confidential all non-public information obtained from Borrowers that has been identified in writing as confidential by any of them, and shall use reasonable efforts in accordance with its customary procedures to
not disclose such information to any other Person, it being understood and agreed that, notwithstanding the foregoing, a Lender may make (a) disclosures to its participants (provided such Persons are advised of the provisions of this
§18.7, and agree to destroy or return all confidential information if it does not become an assignee or participant), (b) disclosures to its directors, officers, employees, Affiliates, accountants, appraisers, legal counsel and other
professional advisors of such Lender (provided that such Persons who are not employees of such Lender are advised of the provision of this §18.7), (c), disclosures customarily provided or reasonably required by any potential or actual bona fide
assignee, transferee or participant or their respective directors, officers, employees, Affiliates, accountants, appraisers, legal counsel and other professional advisors in connection with a potential or actual assignment or transfer by such Lender
of any Loans or any participations therein (provided such Persons are advised of the provisions of this §18.7), (d) disclosures to bank regulatory authorities or self-regulatory bodies with jurisdiction over such Lender, or
(e) disclosures required or requested by any other governmental authority or representative thereof or pursuant to legal process; provided that, unless specifically prohibited by applicable law or court order, each Lender shall notify Borrowers
of any request by any governmental authority or representative thereof prior to disclosure (other than any such request in connection with any examination of such Lender by such government authority) for disclosure of any such non-public information
prior to disclosure of such information and provide (if permitted under applicable Legal Requirements) Borrowers a reasonable opportunity to challenge the disclosure or require that such disclosure be made under seal. In addition, each Lender may
make disclosure of such information to any contractual counterparty in swap agreements or such contractual counterparty’s professional advisors (so long as such contractual counterparty or professional advisors agree to be bound by the
provisions of this §18.7). Non-public information shall not include any information which is or subsequently becomes publicly available other than as a result of a disclosure of such information by a Lender, or prior to the delivery to such
Lender is within the possession of such Lender if such information is not known by such Lender to be subject to another confidentiality agreement with or other obligations of secrecy to the Borrowers, or is disclosed with the prior approval of
Borrowers. Nothing herein shall prohibit the disclosure of non-public information to the extent necessary to enforce the Loan Documents. 

§18.8 Titled Agents. The Titled Agents shall not have any additional rights or obligations under the Loan Documents, except for those
rights, if any, as a Lender. 
 §18.9 Amendments to Loan Documents. Upon any such assignment or participation, the Borrowers shall,
upon the request of the Agent, enter into such documents as may be reasonably required by the Agent to modify the Loan Documents to reflect such assignment or participation. 

§19. NOTICES. 
 Each notice, demand,
election or request provided for or permitted to be given pursuant to this Agreement (hereinafter in this §19 referred to as “Notice”) must be in writing and shall be deemed to have been properly given or served by personal delivery
or by telegraph or by sending same by overnight courier or by depositing same in the United States Mail, postpaid and registered or certified, return receipt requested, and addressed to the parties at the address set forth on Schedule 19.

  
 80 

 Each Notice shall be effective upon being personally delivered or upon being sent by overnight
courier or upon being deposited in the United States Mail as aforesaid, or if transmitted by telegraph, telecopy, telefax or telex is permitted, upon being sent and confirmation of receipt. The time period in which a response to such Notice must be
given or any action taken with respect thereto (if any), however, shall commence to run from the date of receipt if personally delivered or sent by overnight courier, or if so deposited in the United States Mail, the earlier of three
(3) Business Days following such deposit or the date of receipt as disclosed on the return receipt. Rejection or other refusal to accept or the inability to deliver because of changed address for which no notice was given shall be deemed to be
receipt of the Notice sent. By giving at least fifteen (15) days prior Notice thereof, Borrowers, a Lender or Agent shall have the right from time to time and at any time during the term of this Agreement to change their respective addresses
and each shall have the right to specify as its address any other address within the United States of America or Canada. 
 §20. RELATIONSHIP. 

Neither the Agent nor any Lender has any fiduciary relationship with or fiduciary duty to the Borrowers or their respective Subsidiaries
arising out of or in connection with this Agreement or the other Loan Documents or the transactions contemplated hereunder and thereunder, and the relationship between each Lender and Agent, and the Borrowers is solely that of a lender and borrower,
and nothing contained herein or in any of the other Loan Documents shall in any manner be construed as making the parties hereto partners, joint venturers or any other relationship other than lender and borrower. 

§21. GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE. 

THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, NEW YORK GENERAL OBLIGATIONS LAW
SECTION 5-1401. THE BORROWERS, THE SUBSIDIARY GUARANTORS, THE AGENT AND THE LENDERS AGREE THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT MAY BE BROUGHT IN ANY COURT OF COMPETENT JURISDICTION IN THE STATE OF NEW YORK (INCLUDING ANY FEDERAL COURT
SITTING THEREIN). THE BORROWERS, THE SUBSIDIARY GUARANTORS, THE AGENT AND THE LENDERS FURTHER ACCEPT, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF SUCH COURTS AND ANY RELATED APPELLATE
COURT AND IRREVOCABLY (i) AGREE TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY WITH RESPECT TO THIS AGREEMENT AND (ii) WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION ANY OF THEM MAY NOW OR HEREAFTER HAVE AS TO THE
VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH A COURT IS AN INCONVENIENT FORUM. IN ADDITION TO THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN, THE AGENT OR ANY LENDER MAY BRING ACTION(S) FOR ENFORCEMENT
ON A NONEXCLUSIVE BASIS WHERE ANY COLLATERAL OR ASSETS OF BORROWERS OR THE SUBSIDIARY GUARANTORS, EXIST AND THE BORROWERS AND THE SUBSIDIARY GUARANTORS, CONSENT TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURTS. THE BORROWERS AND THE SUBSIDIARY
GUARANTORS, EXPRESSLY ACKNOWLEDGE AND AGREE THAT THE FOREGOING CHOICE OF NEW YORK LAW WAS A MATERIAL INDUCEMENT TO THE AGENT AND THE LENDERS IN ENTERING INTO THIS AGREEMENT AND IN MAKING THE LOANS HEREUNDER. 

  
 81 

 §22. HEADINGS. 

The captions in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof. 

§23. COUNTERPARTS. 
 This Agreement and any
amendment hereof may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, and all of which together shall constitute one instrument. In proving this
Agreement it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought. 

§24. ENTIRE AGREEMENT, ETC. 
 This Agreement
and the Loan Documents are intended by the parties as the final, complete and exclusive statement of the transactions evidenced by this Agreement and the Loan Documents. All prior or contemporaneous promises, agreements and understandings, whether
oral or written, are deemed to be superseded by this Agreement and the Loan Documents, and no party is relying on any promise, agreement or understanding not set forth in this Agreement and the Loan Documents. Neither this Agreement nor any term
hereof may be changed, waived, discharged or terminated, except as provided in §27. 
 §25. WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS. 

EACH OF THE BORROWERS, THE SUBSIDIARY GUARANTORS, THE AGENT AND THE LENDERS HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY
ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY NOTE OR ANY OF THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. EACH PARTY HEREBY WAIVES
ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, PUNITIVE OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. EACH PARTY
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS TO WHICH THEY ARE PARTIES BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED IN THIS §25. EACH PARTY ACKNOWLEDGES THAT IT
HAS HAD AN OPPORTUNITY TO REVIEW THIS §25 WITH LEGAL COUNSEL AND THAT EACH PARTY AGREES TO THE FOREGOING AS ITS FREE, KNOWING AND VOLUNTARY ACT. 

  
 82 

 §26. DEALINGS WITH THE BORROWERS. 

The Agent, the Lenders and their affiliates may accept deposits from, extend credit to, invest in, act as trustee under indentures of, serve as
financial advisor of, and generally engage in any kind of banking, trust or other business with the Borrowers and their respective Subsidiaries or any of their Affiliates regardless of the capacity of the Agent or the Lender hereunder. The Lenders
acknowledge that, pursuant to such activities, KeyBank or its Affiliates may receive information regarding such Persons (including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Agent
shall be under no obligation to provide such information to them. 
 §27. CONSENTS, AMENDMENTS, WAIVERS, ETC. 

Except as otherwise expressly provided in this Agreement, any consent or approval required or permitted by this Agreement may be given, and any
material term of this Agreement or of any other instrument related hereto or mentioned herein may be amended, and the performance or observance by the Borrowers or the Subsidiary Guarantors of any terms of this Agreement or such other instrument or
the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Required Lenders and, with respect to any
amendment of any term of this Agreement or of any other instrument related hereto or mentioned herein, the Borrowers or the other Credit Parties, as the case may be. Notwithstanding the foregoing, none of the following may occur without the written
consent of each Lender adversely affected thereby: (a) a reduction in the rate of interest on the Notes (other than a reduction or waiver of default interest); (b) an increase in the amount of the Commitments of the Lenders (except as
provided in §18.1); (c) a forgiveness, reduction or waiver of the principal of any unpaid Loan or any interest thereon or fee payable under the Loan Documents; (d) a change in the amount of any fee payable to a Lender hereunder;
(e) the postponement of any date fixed for any payment of principal of or interest on the Loan; (f) an extension of the Revolving Credit Maturity Date (except as provided in §2.13); (g) a change in the manner of distribution of
any payments to the Lenders or the Agent; (h) the release of any Borrower, other Credit Party, or any Collateral except as otherwise provided in §5.4, §5.6 or §5.7; (i) an amendment of the definition of Majority Lenders,
Required Lenders or of any requirement for consent by all of the Lenders; (j) any modification to require a Lender to fund a pro rata share of a request for an advance of the Loan made by the Borrowers other than based on its Commitment
Percentage; (k) an amendment to this §27; or (l) an amendment of any provision of this Agreement or the Loan Documents which requires the approval of all of the Lenders, the Majority Lenders or the Required Lenders to require a lesser
number of Lenders to approve such action. The provisions of §14 may not be amended without the written consent of the Agent. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon. No
course of dealing or delay or omission on the part of the Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. 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 or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the
consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 

§28. SEVERABILITY. 
 The provisions of this
Agreement are severable, and if any one clause or provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof,
in such jurisdiction, and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provision of this Agreement in any jurisdiction. 

  
 83 

 §29. TIME OF THE ESSENCE. 

Time is of the essence with respect to each and every covenant, agreement and obligation under this Agreement and the other Loan Documents.

 §30. NO UNWRITTEN AGREEMENTS. 
 THE
LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. ANY
ADDITIONAL TERMS OF THE AGREEMENT BETWEEN THE PARTIES ARE SET FORTH BELOW. 
 §31. REPLACEMENT NOTES. 

Upon receipt of evidence reasonably satisfactory to Borrowers of the loss, theft, destruction or mutilation of any Note, and in the case of any
such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory to Borrowers or, in the case of any such mutilation, upon surrender and cancellation of the applicable Note, Borrowers will execute and deliver, in lieu
thereof, a replacement Note, identical in form and substance to the applicable Note and dated as of the date of the applicable Note and upon such execution and delivery all references in the Loan Documents to such Note shall be deemed to refer to
such replacement Note. 
 §32. NO THIRD PARTIES BENEFITED. 

This Agreement and the other Loan Documents are made and entered into for the sole protection and legal benefit of the Borrowers, the
Subsidiary Guarantors, the Lenders, the Agent, the Lender Hedge Provider, and their permitted successors and assigns, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in
connection with, this Agreement or any of the other Loan Documents. All conditions to the performance of the obligations of the Agent and the Lenders under this Agreement, including the obligation to make Loans, are imposed solely and exclusively
for the benefit of the Agent and the Lenders, and their permitted successors and assigns, and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that the Agent and
the Lenders will refuse to make Loans in the absence of strict compliance with any or all thereof and no other Person shall, under any circumstances, be deemed to be a beneficiary of such conditions, any and all of which may be freely waived in
whole or in part by the Agent and the Lenders at any time if in their sole discretion they deem it desirable to do so. In particular, the Agent and the Lenders make no representations and assume no obligations as to third parties concerning the
quality of the construction by the Borrowers or any of their Subsidiaries of any development or the absence therefrom of defects. 
 §33. PATRIOT ACT.

 Each Lender and the Agent (for itself and not on behalf of any Lender) hereby notifies Borrowers that, pursuant to the requirements of the
Patriot Act, it is required to obtain, verify and record information that identifies Borrowers and the Subsidiary Guarantors, which information includes names and addresses and other information that will allow such Lender or the Agent, as
applicable, to identify Borrowers and the Subsidiary Guarantors in accordance with the Patriot Act. 

  
 84 

 §34. [Intentionally Omitted.] 

§35. JOINT AND SEVERAL LIABILITY. 
 Each of
the Borrowers and the Subsidiary Guarantors covenants and agrees that each and every covenant and obligation of any Borrower and the Subsidiary Guarantors hereunder and under the other Loan Documents shall be the joint and several obligations of
each Borrower and Subsidiary Guarantor 
 §36. ADDITIONAL AGREEMENTS CONCERNING OBLIGATIONS OF BORROWERS AND SUBSIDIARY GUARANTORS. 

§36.1 Attorney-in-Fact. For the purpose of implementing the joint borrower provisions of the Loan Documents, the Borrowers and each
Subsidiary Guarantor hereby irrevocably appoint Parent Borrower as their agent and attorney-in-fact for all purposes of the Loan Documents, including the giving and receiving of notices and other communications. 

§36.2 Accommodation. It is understood and agreed that the handling of this credit facility on a joint borrowing basis as set forth in
this Agreement is solely as an accommodation to the Borrowers and at their request. Accordingly, the Agent and the Lenders are entitled to rely, and shall be exonerated from any liability for relying upon, any Loan Request or any other request or
communication made by a purported officer of any Borrower without the need for any consent or other authorization of any other Borrower and upon any information or certificate provided on behalf of any Borrower by a purported officer of such
Borrower, and any such request or other action shall be fully binding on each Borrower as if made by it. 
 §36.3 Waiver of Automatic
or Supplemental Stay. Each of the Borrowers and the Subsidiary Guarantors represents, warrants and covenants to the Lenders and Agent that in the event of the filing of any voluntary or involuntary petition in bankruptcy by or against the other of
the Borrowers or the Subsidiary Guarantors at any time following the execution and delivery of this Agreement, none of the Borrowers or the Subsidiary Guarantors shall seek a supplemental stay or any other relief, whether injunctive or otherwise,
pursuant to Section 105 of the Bankruptcy Code or any other provision of the Bankruptcy Code, to stay, interdict, condition, reduce or inhibit the ability of the Lenders or Agent to enforce any rights it has by virtue of this Agreement, the
Loan Documents, or at law or in equity, or any other rights the Lenders or Agent has, whether now or hereafter acquired, against the other Borrowers or the Subsidiary Guarantors or against any property owned by such other Borrowers or the Subsidiary
Guarantors. 
 §36.4 Waiver of Defenses. To the extent permitted by applicable law, each of the Borrowers and the Subsidiary Guarantors
hereby waives and agrees not to assert or take advantage of any defense based upon: 
 (a) Any right to require Agent or the Lenders to
proceed against the other Borrowers or the Subsidiary Guarantors or any other Person or to proceed against or exhaust any security held by Agent or the Lenders at any time or to pursue any other remedy in Agent’s or any Lender’s power or
under any other agreement before proceeding against a Borrower or a Subsidiary Guarantor hereunder or under any other Loan Document; 

  
 85 

 (b) The defense of the statute of limitations in any action hereunder or the payment or
performance of any of the Obligations; 
 (c) Any defense that may arise by reason of the incapacity, lack of authority, death or disability
of any other Person or Persons or the failure of Agent or any Lender to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of any other Person or Persons; 

(d) Any failure on the part of Agent or any Lender to ascertain the extent or nature of any Collateral or any insurance or other rights with
respect thereto, or the liability of any party liable under the Loan Documents or the obligations evidenced or secured thereby; 
 (e)
Demand, presentment for payment, notice of nonpayment, protest, notice of protest and all other notices of any kind (except for such notices as are specifically required to be provided to Borrowers or the Subsidiary Guarantors pursuant to the Loan
Documents), or the lack of any thereof, including, without limiting the generality of the foregoing, notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any action or non-action on the part of any
Borrower, the Subsidiary Guarantors, Agent, any Lender, any endorser or creditor of Borrowers or the Subsidiary Guarantors or on the part of any other Person whomsoever under this or any other instrument in connection with any obligation or evidence
of indebtedness held by Agent or any Lender; 
 (f) Any defense based upon an election of remedies by Agent or any Lender, including any
election to proceed by judicial or nonjudicial foreclosure of any security, whether real property or personal property security, or by deed in lieu thereof, and whether or not every aspect of any foreclosure sale is commercially reasonable, or any
election of remedies, including remedies relating to real property or personal property security, which destroys or otherwise impairs the subrogation rights of a Borrower or a Subsidiary Guarantor or the rights of a Borrower or a Subsidiary
Guarantor to proceed against the other Borrowers or the other Subsidiary Guarantors for reimbursement, or both; 
 (g) Any right or claim of
right to cause a marshaling of the assets of Borrowers; 
 (h) Any duty on the part of Agent or any Lender to disclose to Borrowers or the
Subsidiary Guarantors any facts Agent or any Lender may now or hereafter know about Borrowers or the Subsidiary Guarantors or the Collateral, regardless of whether Agent or any Lender has reason to believe that any such facts materially increase the
risk beyond that which each Borrower or the Subsidiary Guarantors intends to assume or has reason to believe that such facts are unknown to Borrowers or the Subsidiary Guarantors or has a reasonable opportunity to communicate such facts to
Borrowers, it being understood and agreed that each Borrower and each Subsidiary Guarantor is fully responsible for being and keeping informed of the financial condition of the other Borrowers and the Subsidiary Guarantors, of the condition of the
Collateral Property or the Collateral and of any and all circumstances bearing on the risk that liability may be incurred by Borrowers or the Subsidiary Guarantors hereunder and under the other Loan Documents; 

(i) Any inaccuracy of any representation made by or on behalf of any Borrower or the Subsidiary Guarantors contained in any Loan Document; 

(j) Subject to compliance with the provisions of this Agreement, any sale or assignment of the Loan Documents, or any interest therein; 

(k) Subject to compliance with the provisions of this Agreement, any sale or assignment by a Borrower, a Subsidiary Guarantor or any other
Person of any Collateral, or any portion thereof or interest therein, not consented to by Agent or any Lender; 

  
 86 

 (l) Any invalidity, irregularity or unenforceability, in whole or in part, of any one or more of
the Loan Documents; 
 (m) Any deficiencies in the Collateral or any deficiency in the ability of Agent or any Lender to collect or to obtain
performance from any Persons now or hereafter liable for the payment and performance of any obligation hereby guaranteed; 
 (n) An assertion
or claim that the automatic stay provided by 11 U.S.C. §362 (arising upon the voluntary or involuntary bankruptcy proceeding of the other Borrowers or the Subsidiary Guarantors) or any other stay provided under any other debtor relief law
(whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable, shall operate or be interpreted to stay, interdict, condition, reduce or inhibit the ability of
Agent or any Lender to enforce any of its rights, whether now or hereafter required, which Agent or any Lender may have against a Borrower, the Subsidiary Guarantors or the Collateral owned by it; 

(o) Any modifications of the Loan Documents or any obligation of Borrowers or the Subsidiary Guarantors relating to the Loan by operation of
law or by action of any court, whether pursuant to the Bankruptcy Code, or any other debtor relief law (whether statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, or otherwise; 

(p) Any release of a Borrower or the Subsidiary Guarantors or of any other Person from performance or observance of any of the agreements,
covenants, terms or conditions contained in any of the Loan Documents by operation of law, Agent’s or the Lenders’ voluntary act or otherwise; 

(q) Any action, occurrence, event or matter consented to by Borrowers or the Subsidiary Guarantors under any provision hereof, or otherwise;

 (r) The dissolution or termination of existence of any Borrower or any Subsidiary Guarantor; 

(s) Subject to compliance with the provisions of this Agreement, any renewal, extension, modification, amendment or another changes in the
Obligations, including but not limited to any material alteration of the terms of payment or performance of the Obligations; 
 (t) Any
defense of Borrowers or the Subsidiary Guarantors, other than that of prior performance, including without limitation, the invalidity, illegality or unenforceability of any of the Obligations; 

(u) To the fullest extent permitted by law, any other legal, equitable or surety defenses whatsoever to which Borrowers or the Subsidiary
Guarantors might otherwise be entitled, it being the intention that the obligations of Borrowers or the Subsidiary Guarantors hereunder are absolute, unconditional and irrevocable; or 

(v) Subject to compliance with the provisions of this Agreement, any lack of notice of disposition or manner of disposition of any Collateral
except for notices required by law. 
 §36.5 Waiver. Each of the Borrowers and the Subsidiary Guarantors waives, to the fullest extent
that each may lawfully so do, the benefit of all appraisement, valuation, stay, extension, homestead, exemption and redemption laws which such Person may claim or seek to take advantage of in order to prevent or hinder the enforcement of any of the
Loan Documents or the exercise by Lenders or Agent of any of their respective remedies under the Loan Documents and, to the fullest extent that the 

  
 87 

 
Borrowers and the Subsidiary Guarantors may lawfully so do, such Person waives any and all right to have the assets comprised in the security intended to be created by the Security Documents
(including, without limitation, those assets owned by the other of the Borrowers or the Subsidiary Guarantors) marshaled upon any foreclosure of the lien created by such Security Documents. Each of the Borrowers and the Subsidiary Guarantors further
agrees that the Lenders and Agent shall be entitled to exercise their respective rights and remedies under the Loan Documents or at law or in equity in such order as they may elect. Without limiting the foregoing, each of the Borrowers and the
Subsidiary Guarantors further agrees that upon the occurrence of an Event of Default, the Lenders and Agent may exercise any of such rights and remedies without notice to either the Borrowers or the Subsidiary Guarantors except as required by law or
the Loan Documents and agrees that neither the Lenders nor Agent shall be required to proceed against the other of the Borrowers or the Subsidiary Guarantors or any other Person or to proceed against or to exhaust any other security held by the
Lenders or Agent at any time or to pursue any other remedy in Lender’s or Agent’s power or under any of the Loan Documents before proceeding against a Borrower, a Subsidiary Guarantor or its assets under the Loan Documents. 

§36.6 Subordination. So long as the Loans are outstanding, each of the Borrowers and the Subsidiary Guarantors hereby expressly defers
and agrees (a) not to assert any right of contribution from or indemnity against the other, whether at law or in equity, arising from any payments made by such Person pursuant to the terms of this Agreement or the Loan Documents, and
(b) not to proceed against the other for reimbursement of any such payments. In connection with the foregoing, each of the Borrowers and the Subsidiary Guarantors expressly defers and agrees not to assert or take advantage of (i) any
rights of subrogation to the Lenders or Agent against the other of the Borrowers and the Subsidiary Guarantors, (ii) any rights to enforce any remedy which the Lenders or Agent may have against the other of the Borrowers and any rights to
participate in any Collateral or any other assets of the other Borrowers and the Subsidiary Guarantors. In addition to and without in any way limiting the foregoing, each of the Borrowers and the Subsidiary Guarantors hereby subordinates any and all
indebtedness it may now or hereafter owe to such other Borrowers or the Subsidiary Guarantors to all indebtedness of the Borrowers and the Subsidiary Guarantors to the Lenders and Agent, and agrees with the Lenders and Agent that neither of the
Borrowers nor the Subsidiary Guarantors shall claim any offset or other reduction of such Borrower’s or Subsidiary Guarantor’s obligations hereunder because of any such indebtedness and shall not take any action to obtain any of the
Collateral or any other assets of the other Borrowers or Subsidiary Guarantors so long as the Loans are outstanding. 
 §36.7 Waiver of
Rights Under Anti-Deficiency Rules. Without limiting any other provision of this §36, each Borrower and Subsidiary Guarantor understands and acknowledges that, if the Agent forecloses judicially or nonjudicially against any real property
Collateral for the Obligations, such foreclosure could impair or destroy any right or ability that such Borrower or Subsidiary Guarantor may have to seek reimbursement, contribution, or indemnification for any amounts paid by such Borrower or
Subsidiary Guarantor under this Agreement. Each Borrower and Subsidiary Guarantor further understands and acknowledges that in the absence of this waiver such potential impairment or destruction of such Borrower’s or Subsidiary Guarantor’s
rights, if any, may entitle such Borrower or Subsidiary Guarantor to assert a defense to this Agreement based on California Code of Civil Procedure §580d as interpreted in Union Bank v. Gradsky, (1968) 265 CA 2d 40, 71 CR 64, on the
grounds, among others, that the Agent or the Lenders should be estopped from pursuing such Borrower or Subsidiary Guarantor because their election to foreclose may have impaired or destroyed such subrogation, reimbursement, contribution, or
indemnification rights of such Borrower or Subsidiary Guarantor. By execution of this Agreement, each Borrower and Subsidiary Guarantor intentionally, freely, irrevocably, and unconditionally: (i) waives and relinquishes that defense and agrees
that such Borrower and Subsidiary Guarantor will be liable under this Agreement even though the Agent has foreclosed judicially or nonjudicially against any real or personal property Collateral for the Obligations; (ii) agrees that such
Borrower and Subsidiary Guarantor will not assert that defense in any action or proceeding 

  
 88 

 
which the Agent or the Lenders may bring to enforce this Agreement; and (iii) acknowledges and agrees that until the Obligations have been indefeasibly paid in full, the rights and defenses
waived by such Borrower and Subsidiary Guarantor in this Agreement include any right or defense that such Borrower may have or be entitled to assert based on or arising out of California Civil Code §2848, to the extent now or hereafter
applicable. 
 §36.8 Further Waivers. Each Borrower and Subsidiary Guarantor intentionally, freely, irrevocably and unconditionally
waives and relinquishes all rights which may be available to it under any provision of California law or under any California judicial decision, including, without limitation, Section 580a and 726(b) of the California Code of Civil Procedure,
to limit the amount of any deficiency judgment or other judgment which may be obtained against such Borrower and Subsidiary Guarantor under this Agreement to not more than the amount by which the unpaid Obligations exceeds the fair market value or
fair value of any real or personal property of such Borrower and Subsidiary Guarantor securing the Obligations, including, without limitation, all rights to an appraisement of, judicial or other hearing on, or other determination of the value of
said property. Each Borrower and the Subsidiary Guarantors acknowledges and agrees that, as a result of the foregoing waiver, the Agent or the Lenders may recover from such Borrower or Subsidiary Guarantor an amount which, when combined with the
value of any real or personal property foreclosed upon by the Agent (or the proceeds of the sale of which have been received by the Agent and the Lenders) and any sums collected by the Agent and the Lenders from any other Borrower, Subsidiary
Guarantor, the other guarantors or other Persons, might temporarily exceed the amount of the Obligations. 
 §37. ACKNOWLEDGMENT OF BENEFITS; EFFECT OF
AVOIDANCE PROVISIONS. 
 (a) Without limiting any other provision of §36, each Subsidiary Credit Party acknowledges that it has
received, or will receive, significant financial and other benefits, either directly or indirectly, from the proceeds of the Loans made by the Lenders to the Borrowers pursuant to this Agreement; that the benefits received by such Subsidiary Credit
Party are reasonably equivalent consideration for such Subsidiary Credit Party’s execution of this Agreement and the other Loan Documents to which it is a party; and that such benefits include, without limitation, the access to capital afforded
to the Borrowers and the Subsidiary Guarantors pursuant to this Agreement from which the activities of such Subsidiary Credit Party will be supported, the refinancing of certain existing indebtedness of such Subsidiary Credit Party secured by such
Subsidiary Credit Party’s Collateral Property from the proceeds of the Loans, and the ability to refinance that indebtedness at a lower interest rate and otherwise on more favorable terms than would be available to it if the Collateral Property
owned by such Subsidiary Credit Party were being financed on a stand-alone basis and not as part of a pool of assets comprising the security for the Obligations. Each Subsidiary Credit Party is executing this Agreement and the other Loan Documents
in consideration of those benefits received by it and each Subsidiary Credit Party desires to enter into an allocation and contribution agreement with each other Subsidiary Credit Party as set forth in this §37 and agrees to subordinate and
subrogate any rights or claims it may have against other Subsidiary Credit Parties as and to the extent set forth in §36. 
 (b)
Following an Event of Default, in the event any one or more Subsidiary Credit Parties (any such Subsidiary Credit Party, a “Funding Credit Party”) is deemed to have paid an amount in excess of the principal amount attributable to it
(such principal amount, the “Allocable Principal Balance”) (any deemed payment in excess of the applicable Allocable Principal Balance, a “Contribution”) as a result of (a) such Funding Credit Party’s
payment of and/or performance on the Obligations and/or (b) Agent’s and/or any Lender’s realization on the Collateral owned by such Funding Credit Party (whether by foreclosure, deed in lieu of foreclosure, private sale or other
means), then after payment in full of the Loans and the satisfaction of all of Subsidiary Credit Parties’ other obligations under the Loan Documents, such Funding Credit Party shall be entitled to contribution from each 

  
 89 

 
benefited Subsidiary Credit Party for the amount of the Contribution so benefited (any such contribution, a “Reimbursement Contribution”), up to such benefited Subsidiary Credit
Party’s then current Allocable Principal Balance. Any Reimbursement Contributions required to be made hereunder shall, subject to §36, be made within ten (10) days after demand therefor. 

(c) If a Subsidiary Credit Party (a “Defaulting Credit Party”) shall have failed to make a Reimbursement Contribution as
hereinabove provided, after the later to occur of (a) payment of the Loan in full and the satisfaction of all of all Subsidiary Credit Parties’ other obligations to Lenders or (b) the date which is 366 days after the payment in full
of the Loans, the Funding Credit Party to whom such Reimbursement Contribution is owed shall be subrogated to the rights of Lenders against such Defaulting Credit Party, including the right to receive a portion of such Defaulting Credit Party’s
Collateral in an amount equal to the Reimbursement Contribution payment required hereunder that such Defaulting Credit Party failed to make; provided, however, if Agent returns any payments in connection with a bankruptcy of a
Subsidiary Credit Party, all other Subsidiary Credit Parties shall jointly and severally pay to Agent and Lenders all such amounts returned, together with interest at the Default Rate accruing from and after the date on which such amounts were
returned. 
 (d) In the event that at any time there exists more than one Funding Credit Party with respect to any Contribution (in any such
case, the “Applicable Contribution”), then Reimbursement Contributions from Defaulting Credit Parties pursuant hereto shall be equitably allocated among such Funding Credit Parties. In the event that at any time any Subsidiary
Credit Party pays an amount hereunder in excess of the amount calculated pursuant to this paragraph, that Subsidiary Credit Party shall be deemed to be a Funding Credit Party to the extent of such excess and shall be entitled to a Reimbursement
Contribution from the other Borrowers or Subsidiary Guarantors in accordance with the provisions of this §37. 
 (e) It is the intent of
each Subsidiary Credit Party, the Agent and the Lenders that in any proceeding under the Bankruptcy Code or any similar debtor relief laws, such Subsidiary Credit Party’s maximum obligation hereunder shall equal, but not exceed, the maximum
amount which would not otherwise cause the obligations of such Subsidiary Credit Party hereunder (or any other obligations of such Subsidiary Credit Party to the Agent and the Lenders under the Loan Documents) to be avoidable or unenforceable
against such Subsidiary Credit Party in such proceeding as a result of applicable Laws, including, without limitation, (i) Section 548 of the Bankruptcy Code and (ii) any state fraudulent transfer or fraudulent conveyance act or
statute applied in such proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The Laws under which the possible avoidance or unenforceability of the obligations of such Subsidiary Credit Party hereunder (or any other
obligations of such Subsidiary Credit Party to the Agent and the Lenders under the Loan Documents) shall be determined in any such proceeding are referred to herein as “Avoidance Provisions”. Accordingly, to the extent that the obligations
of a Subsidiary Credit Party hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Obligations for which such Subsidiary Credit Party shall be liable hereunder shall be reduced to the greater of (A) the
amount which, as of the time any of the Obligations are deemed to have been incurred by such Subsidiary Credit Party under the Avoidance Provisions, would not cause the obligations of such Subsidiary Credit Party hereunder (or any other obligations
of such Subsidiary Credit Party to the Agent and the Lenders under the Loan Documents), to be subject to avoidance under the Avoidance Provisions or (B) the amount which, as of the time demand is made hereunder upon such Subsidiary Credit Party
for payment on account of the Obligations, would not cause the obligations of such Subsidiary Credit Party hereunder (or any other obligations of such Subsidiary Credit Party to the Agent and the Lenders under the Loan Documents), to be subject to
avoidance under the Avoidance Provisions. The provisions of this §37(e) are intended solely to preserve the rights of the Agent and the Lenders hereunder to the maximum extent that would not cause the obligations of any Subsidiary Credit Party
hereunder to be subject to avoidance under the Avoidance Provisions, and no Subsidiary Credit Party or any other Person shall have any right or claim under this Section as against the Agent and the Lenders that would not otherwise be available to
such Person under the Avoidance Provisions. 

  
 90 

 IN WITNESS WHEREOF, each of the undersigned have caused this Agreement to be executed by
its duly authorized representatives as of the date first set forth above. 
  

			
	PARENT BORROWER:
	
	CITY OFFICE REIT OPERATING PARTNERSHIP, L.P., a Maryland limited partnership, by its general partner, City Office REIT, Inc., a Maryland corporation
		
	By:	 	 /s/ James Farrar

	Name:	 	James Farrar
	Title:	 	CEO

  
 91 

 
			
	SUBSIDIARY GUARANTOR:
	
	CENTRAL FAIRWINDS LIMITED PARTNERSHIP, a Florida limited partnership, by its general partner, Central Fairwinds GP Corporation, a Florida corporation
		
	By:	 	 /s/ James Farrar

	Name:	 	James Farrar
	Title:	 	President

  
 92 

 
			
	AGENT AND LENDERS:
	
	KEYBANK NATIONAL ASSOCIATION, as a Lender and as Agent
		
	By:	 	/s/ Christopher T. Neil
	Name:	 	Christopher T. Neil
	Title:	 	Vice President

 KeyBank National Association 

225 Franklin Street 
 Boston, Massachusetts 02110 

Attention: Mr. Christopher T. Neil 
 Telephone: 617 385
6202 
 Facsimile: 617 385 6293 

  
 93 

 EXHIBIT A 

FORM OF NOTE 
  

			
	$                     	  	                    , 2014

 FOR VALUE RECEIVED, the undersigned (collectively, “Maker”), hereby promise to pay to
                    (“Payee”), or order, in accordance with the terms of that certain Credit Agreement, dated as of
                    , 2014, as from time to time in effect, among CITY OFFICE REIT OPERATING PARTNERSHIP, L.P., the Subsidiary Credit Parties,
KeyBank National Association, for itself and as Agent, and such other Lenders as may be from time to time named therein (the “Credit Agreement”), to the extent not sooner paid, on or before the Revolving Credit Maturity Date, the lesser of
the principal sum of             ($            ), or such amount as may be advanced by the Payee under the Credit Agreement as a
Revolving Credit Loan with daily interest from the date thereof, computed as provided in the Credit Agreement, on the principal amount hereof from time to time unpaid, at a rate per annum on each portion of the principal amount which shall at all
times be equal to the rate of interest applicable to such portion in accordance with the Credit Agreement, and with interest on overdue principal and late charges at the rates provided in the Credit Agreement. Interest shall be payable on the dates
specified in the Credit Agreement, except that all accrued interest shall be paid at the stated or accelerated maturity hereof or upon the prepayment in full hereof. Capitalized terms used herein and not otherwise defined herein shall have the
meanings set forth in the Credit Agreement. 
 Payments hereunder shall be made to the Agent for the Payee at 127 Public Square, Cleveland,
Ohio 44114-1306, or at such other address as Agent may designate from time to time, or made by wire transfer in accordance with wiring instructions provided by the Agent. 

This Note is one of one or more Revolving Credit Notes evidencing borrowings under and is entitled to the benefits and subject to the
provisions of the Credit Agreement. The principal of this Note may be due and payable in whole or in part prior to the Revolving Credit Maturity Date and is subject to mandatory prepayment in the amounts and under the circumstances set forth in the
Credit Agreement, and may be prepaid in whole or from time to time in part, all as set forth in the Credit Agreement. 
 Notwithstanding
anything in this Note to the contrary, all agreements between the undersigned Maker and the Lenders and the Agent, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason
of acceleration of the maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed the maximum amount permissible under applicable law. If, from any circumstance whatsoever, interest
would otherwise be payable to the Lenders in excess of the maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance the Lenders shall ever receive
anything of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations of the undersigned Maker and to the
payment of interest or, if such excessive interest exceeds the unpaid balance of principal of the Obligations of the undersigned Maker, such excess shall be refunded to the undersigned Maker. All interest paid or agreed to be paid to the Lenders
shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal of the Obligations of the undersigned Maker (including the period of any renewal or
extension thereof) so that the interest thereon for such full period shall not exceed the maximum amount permitted by applicable law. This paragraph shall control all agreements between the undersigned Maker and the Lenders and the Agent. 

  
 A-1 

 In case an Event of Default shall occur, the entire principal amount of this Note may become or
be declared due and payable in the manner and with the effect provided in said Credit Agreement. 
 This Note shall be governed by the laws
of the State of New York, including, without limitation, New York General Obligations Law Section 5-1401. 

The undersigned Maker and all guarantors and endorsers, to the extent permitted by applicable law, hereby waive presentment, demand, notice,
protest, notice of intention to accelerate the indebtedness evidenced hereby, notice of acceleration of the indebtedness evidenced hereby and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of
this Note, except as specifically otherwise provided in the Credit Agreement, and assent to extensions of time of payment or forbearance or other indulgence without notice. 

  
 A-2 

 IN WITNESS WHEREOF, the undersigned has by its duly authorized officer executed this Note on the
day and year first above written. 
  

			
	CITY OFFICE REIT OPERATING PARTNERSHIP, L.P., a Maryland limited partnership, by its general partner, City Office REIT, Inc., a Maryland corporation
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 A-3 

 EXHIBIT C 

FORM OF JOINDER AGREEMENT 

THIS JOINDER AGREEMENT (“Joinder Agreement”) is executed as of
                    , 201    , by             , a
            (“Joining Party”), and delivered to KeyBank National Association, as Agent, pursuant to §5.5 of the Credit Agreement dated as of
            ,                     , 2014, as from time to time in effect (the
“Credit Agreement”), among CITY OFFICE REIT OPERATING PARTNERSHIP, L.P. (the “Parent Borrower”), the Subsidiary Credit Parties, KeyBank National Association, for itself and as Agent, and the other Lenders from time to time party
thereto. Terms used but not defined in this Joinder Agreement shall have the meanings defined for those terms in the Credit Agreement. 

RECITALS 
 A.
Joining Party is required, pursuant to §5.5 of the Credit Agreement, to become an additional Subsidiary Credit Party under the Credit Agreement, the Notes (Guaranty), and the Indemnity Agreement. 

B. Joining Party expects to realize direct and indirect benefits as a result of the availability to Borrowers of the credit facilities under
the Credit Agreement. 
 NOW, THEREFORE, Joining Party agrees as follows: 

AGREEMENT 

Joinder. By this Joinder Agreement, Joining Party hereby becomes a {“Subsidiary Borrower”, a “Borrower” and a
“Maker”} {Subsidiary Guarantor} under the Credit Agreement, the {Notes}{Guaranty}, the Indemnity Agreement, and the other Loan Documents with respect to all the Obligations of {Borrowers/ Subsidiary Guarantors} now or hereafter incurred
under the Credit Agreement and the other Loan Documents. Joining Party agrees that Joining Party is and shall be bound by, and hereby assumes, all representations, warranties, covenants, terms, conditions, duties and waivers applicable to a
{Subsidiary Borrower, a Borrower and a “Maker”} {Subsidiary Guarantor}under the Credit Agreement, the {Notes}{Guaranty}, the Indemnity Agreement and the other Loan Documents from and after the Effective Date.{MODIFY AS APPROPRIATE TO JOIN
GUARANTY} 
 Representations and Warranties of Joining Party. Joining Party represents and warrants to Agent that, as of the
Effective Date (as defined below), except as disclosed in writing by Joining Party to Agent on or prior to the date hereof and approved by the Agent in writing (which disclosures shall be deemed to amend the Schedules and other disclosures delivered
as contemplated in the Credit Agreement), the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects as applied to Joining Party as a {Subsidiary Borrower/Guarantor
and a Borrower} on and as of the Effective Date as though made on that date. As of the Effective Date, all covenants and agreements in the Loan Documents of the Subsidiary Credit Parties are true and correct with respect to Joining Party and no
Default or Event of Default shall exist or might exist upon the Effective Date in the event that Joining Party becomes a {Subsidiary Borrower/Guarantor}. 

Joint and Several. Joining Party hereby agrees that, as of the Effective Date, the Credit Agreement, the Notes, the Indemnity Agreement
and the other Loan Documents heretofore delivered to the Agent and the Lenders shall be a joint and several obligation of Joining Party to the same extent as if executed and delivered by Joining Party, and upon request by Agent, will promptly become
a party to the Credit Agreement, the Notes, the Indemnity Agreement and the other Loan Documents to confirm such obligation. 

  
 C-1 

 Further Assurances. Joining Party agrees to execute and deliver such other instruments and
documents and take such other action, as the Agent may reasonably request, in connection with the transactions contemplated by this Joinder Agreement. 

GOVERNING LAW. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACTUAL OBLIGATION UNDER, AND SHALL, PURSUANT TO NEW YORK GENERAL
OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

Counterparts. This Agreement may be executed in any number of counterparts which shall together constitute but one and the same
agreement. 
 The effective date (the “Effective Date”) of this Joinder Agreement is
            , 20    . 
 IN WITNESS WHEREOF, Joining Party
has executed this Joinder Agreement under seal as of the day and year first above written. 
  

			
	“JOINING PARTY”
	
	                                    
                , a
                                    
		
	By:	 	 
	Name:	 	 
	Title:	 	 
		
		 	[SEAL]

  

			
	ACKNOWLEDGED:
	
	KEYBANK NATIONAL ASSOCIATION, as Agent
		
	By:	 	 
	Its:	 	 
		 	[Printed Name and Title]

  
 C-2 

 EXHIBIT D 

FORM OF REQUEST FOR REVOLVING CREDIT LOAN 

KeyBank National Association, as Agent 
 225 Franklin Street 

Boston, Massachusetts 02110 
 Attention:
Mr. Christopher T. Neil 
 Ladies and Gentlemen: 

Pursuant to the provisions of §2.8 of the Credit Agreement dated as of
                    , 2014 (as the same may hereafter be amended, the “Credit Agreement”), among City Office REIT Operating Partnership,
L.P., a Maryland limited partnership (the “Parent Borrower”), the Subsidiary Credit Parties, KeyBank National Association for itself and as Agent, and the other Lenders from time to time party thereto, the undersigned Borrower hereby
requests and certifies as follows: 
 1. Revolving Credit Loan. The undersigned Borrower on behalf of all Borrowers hereby requests a
[Revolving Credit Loan under §2.8 of the Credit Agreement]: 
 Principal Amount:
$                 
 Type (LIBOR Rate, Base Rate):

 Drawdown Date: 
 Interest
Period for LIBOR Rate Loans: 
 by credit to the general account of the Borrowers with the Agent at the Agent’s Head Office. 

Use of Proceeds. Such Loan shall be used for purposes permitted by the Credit Agreement. 

No Default. The undersigned Authorized Officer or chief financial officer or chief accounting officer of Parent Borrower certifies that
the Borrowers and the Subsidiary Guarantors are and will be in compliance with all covenants under the Loan Documents after giving effect to the making of the Loan requested hereby and no Default or Event of Default has occurred and is continuing.
Attached hereto is a Borrowing Base Availability Certificate setting forth a calculation of the Borrowing Base Availability after giving effect to the Loan requested hereby. Except as set forth on Schedule 1 attached hereto, no condemnation
proceedings are pending or, to the undersigned knowledge, threatened against any Collateral Property. 
 Representations True. The
undersigned Authorized Officer or chief financial officer or chief accounting officer of Parent Borrower certifies, represents and agrees that each of the representations and warranties made by or on behalf of the Borrowers or their respective
Subsidiaries (if applicable), contained in the Credit Agreement, in the other Loan Documents or in any document or instrument delivered pursuant to or in connection with the Credit Agreement was true in all material respects as of the date on which
it was made and, is true in all material respects as of the date hereof and shall also be true at and as of the Drawdown Date for the Loan requested hereby, with the same effect as if made at and as of such Drawdown Date, except to the extent of
changes resulting from transactions permitted by the Loan Documents (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such
specified date). 

  
 D-1 

 Other Conditions. The undersigned chief financial officer or chief accounting officer of
Parent Borrower certifies, represents and agrees that all other conditions to the making of the Loan requested hereby set forth in the Credit Agreement have been satisfied. 

Definitions. Terms defined in the Credit Agreement are used herein with the meanings so defined. 

The undersigned is providing the certifications and other statements set forth herein solely in the undersigned’s representative capacity
and not in the undersigned’s personal capacity. 
 IN WITNESS WHEREOF, the undersigned has duly executed this request this
            day of                     , 201    . 

 

			
	CITY OFFICE REIT OPERATING PARTNERSHIP, L.P., a Maryland limited partnership, by its general partner, City Office REIT, Inc., a Maryland corporation
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 D-2 

 EXHIBIT E 

  
 E-1 

 EXHIBIT F 

FORM OF BORROWING BASE AVAILABILITY CERTIFICATE 

TO BE PROVIDED 
  

					
		  	$	            	  
		  	$	            	  
		  	$	            	  
		
		  	$	            	  

  
 F-1 

 EXHIBIT G 

FORM OF COMPLIANCE CERTIFICATE 
 KeyBank National
Association, as Agent 
 225 Franklin Street 
 Boston,
Massachusetts 02110 
 Attn: Mr. Christopher T. Neil 

Ladies and Gentlemen: 
 Reference is made to the
Credit Agreement dated as of                     , 2014 (as the same may hereafter be amended, the “Credit Agreement”) by and among CITY
OFFICE REIT OPERATING PARTNERSHIP, L.P. (‘Parent Borrower”), the Subsidiary Credit Parties, KeyBank National Association for itself and as Agent, and the other Lenders from time to time party thereto. Terms defined in the Credit Agreement
and not otherwise defined herein are used herein as defined in the Credit Agreement. 
 Pursuant to the Credit Agreement, Guarantor is
furnishing to you herewith (or have most recently furnished to you) the consolidated financial statements of Guarantor for the most recently available quarter end (the “Balance Sheet Date”). Such financial statements have been prepared in
accordance with GAAP and present fairly the consolidated financial position in all material respects of Guarantor at the date thereof and the results of its operations for the periods covered thereby. 

This certificate is submitted in compliance with requirements of §2.12(d), §5.4(b), §7.4(c), §10.12 or §11.3 of the
Credit Agreement. If this certificate is provided under a provision other than §7.4(c), the calculations provided below are made using the consolidated financial statements of Guarantor as of the Balance Sheet Date adjusted in the best good
faith estimate of Guarantor to give effect to the making of a Loan, acquisition or disposition of property or other event that occasions the preparation of this certificate; and the nature of such event and the estimate of Guarantor of its effects
are set forth in reasonable detail in an attachment hereto. The undersigned is an Authorized Officer or chief financial officer or chief accounting officer of Parent Borrower. 

The undersigned has no knowledge of any Default or Event of Default. (Note: If the signer does have knowledge of any Default or Event of
Default, the form of certificate should be revised to specify the Default or Event of Default, the nature thereof and the actions taken, being taken or proposed to be taken by the Borrowers with respect thereto.) 

The undersigned is providing the attached information to demonstrate compliance as of the date hereof with the covenants described in the
attachment hereto. The undersigned is providing this certification solely in the undersigned’s representative capacity and not in the undersigned’s personal capacity. 

  
 G-1 

 IN WITNESS WHEREOF, the undersigned have duly executed this Compliance Certificate this
            day of                     , 201    . 

 

			
	CITY OFFICE REIT OPERATING PARTNERSHIP, L.P., a Maryland limited partnership, by its general partner, City Office REIT, Inc., a Maryland corporation
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 G-2 

 APPENDIX TO COMPLIANCE CERTIFICATE 

  
 G-3 

 WORKSHEET 

  
 G-4 

 EXHIBIT H 

FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT 

THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT (this “Agreement”) dated
            , by and between             (“Assignor”), and
            (“Assignee”). 
 W I T N E S S E T H: 

WHEREAS, Assignor is a party to that certain Credit Agreement, dated
            , 2014, by and among CITY OFFICE REIT OPERATING PARTNERSHIP, L.P. (“Parent Borrower”), the Subsidiary Credit Parties, the other lenders that are or may become a party
thereto, and KEYBANK NATIONAL ASSOCIATION, individually and as Agent (the “Loan Agreement”); and 
 WHEREAS,
Assignor desires to transfer to Assignee [Describe assigned Commitment] under the Loan Agreement and its rights with respect to the Commitment assigned and its Outstanding Loans with respect thereto; 

NOW, THEREFORE, for and in consideration of the sum of Ten and No/100 Dollars ($10) and other good and valuable considerations, the
receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee hereby agree as follows: 
 1. Definitions. Terms
defined in the Loan Agreement and used herein without definition shall have the respective meanings assigned to such terms in the Loan Agreement. 

2. Assignment. 
 (a)
Subject to the terms and conditions of this Agreement and in consideration of the payment to be made by Assignee to Assignor pursuant to Paragraph 5 of this Agreement, effective as of the “Assignment Date” (as defined in Paragraph 7
below), Assignor hereby irrevocably sells, transfers and assigns to Assignee, without recourse, a portion of its Revolving Credit Note in the amount of $            representing a
$            Revolving Credit Commitment, and a corresponding interest in and to all of the other rights and obligations under the Loan Agreement and the other Loan Documents relating
thereto (the assigned interests being hereinafter referred to as the “Assigned Interests”), including Assignor’s share of all outstanding Revolving Credit Loans with respect to the Assigned Interests and the right to receive interest
and principal on and all other fees and amounts with respect to the Assigned Interests, all from and after the Assignment Date, all as if Assignee were an original Lender under and signatory to the Loan Agreement having a Revolving Credit Commitment
Percentage equal to the amount of the respective Assigned Interests. 
 (b) Assignee, subject to the terms and conditions hereof, hereby
assumes all obligations of Assignor with respect to the Assigned Interests from and after the Assignment Date as if Assignee were an original Lender under and signatory to the Loan Agreement, which obligations shall include, but shall not be limited
to, the obligation to make Revolving Credit Loans to the Borrowers with respect to the Assigned Interests and to indemnify the Agent as provided therein (such obligations, together with all other obligations set forth in the Loan Agreement and the
other Loan Documents are hereinafter collectively referred to as the “Assigned Obligations”). Assignor shall have no further duties or obligations with respect to, and shall have no further interest in, the Assigned Obligations or the
Assigned Interests. 

  
 H-1 

 3. Representations and Requests of Assignor. 

(a) Assignor represents and warrants to Assignee (i) that it is legally authorized to, and has full power and authority to, enter into
this Agreement and perform its obligations under this Agreement; (ii) that as of the date hereof, before giving effect to the assignment contemplated hereby the principal face amount of Assignor’s Revolving Credit Note is
$            , and (iii) that it has forwarded to the Agent the Revolving Credit Note held by Assignor. Assignor makes no representation or warranty, express or implied, and assumes no
responsibility with respect to any statements, warranties or representations made in or in connection with the Loan Documents or the execution, legality, validity, enforceability, genuineness or sufficiency of any Loan Document or any other
instrument or document furnished pursuant thereto or in connection with the Loan, the collectability of the Loans, the continued solvency of the Borrowers or the continued existence, sufficiency or value of the Collateral or any assets of the
Borrowers which may be realized upon for the repayment of the Loans, or the performance or observance by the Borrowers of any of their respective obligations under the Loan Documents to which it is a party or any other instrument or document
delivered or executed pursuant thereto or in connection with the Loan; other than that it is the legal and beneficial owner of, or has the right to assign, the interests being assigned by it hereunder and that such interests are free and clear of
any adverse claim. 
 (b) Assignor requests that the Agent obtain replacement notes for each of Assignor and Assignee as provided in the Loan
Agreement. 
 4. Representations of Assignee. Assignee makes and confirms to the Agent, Assignor and the other Lenders all of the
representations, warranties and covenants of a Lender under Articles 14 and 18 of the Loan Agreement. Without limiting the foregoing, Assignee (a) represents and warrants that it is legally authorized to, and has full power and authority to,
enter into this Agreement and perform its obligations under this Agreement; (b) confirms that it has received copies of such documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
Agreement; (c) agrees that it has and will, independently and without reliance upon Assignor, any other Lender or the Agent and based upon such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in evaluating the Loans, the Loan Documents, the creditworthiness of the Borrowers and the value of the assets of the Borrowers, and taking or not taking action under the Loan Documents; (d) appoints and authorizes the Agent to take
such action as agent on its behalf and to exercise such powers as are reasonably incidental thereto pursuant to the terms of the Loan Documents; (e) agrees that, by this Assignment, Assignee has become a party to and will perform in accordance
with their terms all the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender; (f) represents and warrants that Assignee does not control, is not controlled by, is not under common control with and
is otherwise free from influence or control by, the Borrowers or Guarantor, (g) represents and warrants that Assignee is subject to control, regulation or examination by a state or federal regulatory agency, and (h) agrees that if Assignee
is not incorporated under the laws of the United States of America or any State, it has on or prior to the date hereof delivered to Borrowers and Agent certification as to its exemption (or lack thereof) from deduction or withholding of any United
States federal income taxes. Assignee agrees that Borrowers may rely on the representation contained in Section 4.1. 
 5. Payments
to Assignor. In consideration of the assignment made pursuant to Paragraph 1 of this Agreement, Assignee agrees to pay to Assignor on the Assignment Date, an amount equal to
$            representing the aggregate principal amount outstanding of the Loans owing to Assignor under the Loan Agreement and the other Loan Documents with respect to the Assigned
Interests. 
 6. Payments by Assignor. Assignor agrees to pay the Agent on the Assignment Date the registration fee required by
§18.2 of the Loan Agreement. 

  
 H-2 

 7. Effectiveness. 

(a) The effective date for this Agreement shall be             (the
“Assignment Date”). Following the execution of this Agreement, each party hereto shall deliver its duly executed counterpart hereof to the Agent for acceptance and recording in the Register by the Agent. 

(b) Upon such acceptance and recording and from and after the Assignment Date, (i) Assignee shall be a party to the Loan Agreement, to the
extent of the Assigned Interests, have the rights and obligations of a Lender thereunder, and (ii) Assignor shall, with respect to the Assigned Interests, relinquish its rights and be released from its obligations under the Loan Agreement. 

(c) Upon such acceptance and recording and from and after the Assignment Date, the Agent shall make all payments in respect of the rights and
interests assigned hereby accruing after the Assignment Date (including payments of principal, interest, fees and other amounts) to Assignee. 

(d) All outstanding LIBOR Rate Loans shall continue in effect for the remainder of their applicable Interest Periods and Assignee shall accept
the currently effective interest rates on its Assigned Interest of each LIBOR Rate Loan. 
 8. Notices. Assignee specifies as its
address for notices and its applicable Lending Office for all assigned Loans, the offices set forth below: 
  

									
		 	Notice Address:	  	  
	  	
		 		  	  
	  	
		 		  	  
	  	
		 		  	  
	  	
		 		  	Attn:	  	  
	  	
		 		  	Facsimile:	  	

 Domestic Lending Office: Same as above 

LIBOR Lending Office: Same as above 

9. Payment Instructions. All payments to Assignee under the Loan Agreement shall be made as provided in the Loan Agreement in
accordance with the separate instructions delivered to Agent. 
 10. Governing Law. THIS AGREEMENT IS INTENDED TO TAKE EFFECT AS A
SEALED INSTRUMENT FOR ALL PURPOSES AND TO BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO CONFLICT OF LAWS). 

11. Counterparts. This Agreement may be executed in any number of counterparts which shall together constitute but one and the same
agreement. 
 12. Amendments. This Agreement may not be amended, modified or terminated except by an agreement in writing signed by
Assignor and Assignee, and consented to by Agent. 
 13. Successors. This Agreement shall inure to the benefit of the parties hereto
and their respective successors and assigns as permitted by the terms of Loan Agreement. 
 [signatures on following page] 

  
 H-3 

 IN WITNESS WHEREOF, intending to be legally bound, each of the undersigned has caused this
Agreement to be executed on its behalf by its officers thereunto duly authorized, as of the date first above written. 
  

			
	ASSIGNEE:
		
	By:	 	 
		 	Title:
	
	ASSIGNOR:
		
	By:	 	  

		 	Title:

  

			
	RECEIPT ACKNOWLEDGED AND ASSIGNMENT CONSENTED TO BY:
	
	KEYBANK NATIONAL ASSOCIATION, as Agent
		
	By:	 	 
		 	Title:

  
 H-4 

 EXHIBIT I 

  
 I-1 

 SCHEDULE 1.1 

LENDERS AND COMMITMENTS 
  

									
	 Name and Address
	  	
Commitment	 	  	Commitment
Percentage	 
	 KeyBank National Association

225 Franklin Street

Boston, Massachusetts 02110

Attention:

Telephone:

Facsimile:
	  	$	15,000,000	  	  	 	100	% 
	 LIBOR Lending Office:

Same as Above
	  				  			
	 Domestic Lending Office:

Same as Above
	  				  			

  
 Schedule 1.1 – Page
1 

 SCHEDULE 1.2 

ELIGIBLE REAL ESTATE QUALIFICATION DOCUMENTS 

With respect to any parcel of Real Estate of Parent Borrower or a Subsidiary Credit Party proposed to be included in the Collateral, each of the following,
each in the similar form delivered to Agent as of the Closing Date (to the extent applicable): 
 (a) Description of Property. A
narrative description of the Real Estate, the improvements thereon and the tenants and Leases relating to such Real Estate, including a rent roll. 

(b) Security Documents. Such Security Documents relating to such Real Estate as the Agent shall reasonably and customarily require, duly
executed and delivered by the respective parties thereto. Without limiting the foregoing, executed, acknowledged, and/or sworn to, as required, counterparts of the Mortgages shall have been delivered to the Title Company and released for recordation
in the official records of the city or county in which such Real Estate is located, with the Agent agreeing that the principal amount secured by any Mortgage recorded in a jurisdiction with a material mortgage or similar tax shall be limited to an
amount reasonably approved by the Agent, with the Agent, on behalf of the Lenders, receiving a Pledge Agreement to the extent any such Mortgage is so limited, and (ii) UCC-1 financing statements which shall have been furnished for filing in all
filing offices that Agent may reasonably require; 
 (c) Enforceability Opinion. If required by the Agent, the favorable legal opinion
of counsel to Parent Borrower or such Subsidiary Credit Party, from counsel reasonably acceptable to the Agent and qualified to practice in the State in which such Real Estate is located, addressed to the Lenders and the Agent covering the
enforceability of such Security Documents and such other matters as the Agent shall reasonably request. 
 (d) Perfection of Liens.
Evidence reasonably satisfactory to the Agent that the Security Documents are effective to create in favor of the Agent a legal, valid and enforceable first lien or security title and security interest in such Real Estate and that all filings,
recordings, deliveries of instruments and other actions necessary or desirable to protect and preserve such liens or security title or security interests have been duly effected. 

(e) Survey and Taxes. The Survey of such Real Estate, together with the Surveyor Certification and evidence of payment of all real
estate taxes, assessments and municipal charges on such Real Estate which on the date of determination are required to have been paid under §7.8. 

(f) Title Insurance; Title Exception Documents. The Title Policy (or “marked” commitment/pro forma policy for a Title Policy)
covering such Real Estate, including all endorsements thereto, and together with proof of payment of all fees and premiums for such policy, and true and accurate copies of all documents listed as exceptions under such policy and a copy of any
applicable ground lease. 
 (g) UCC Certification. A certification from the Title Insurance Company, records search firm, or counsel
satisfactory to the Agent that a search of the appropriate public records disclosed no conditional sales contracts, security agreements, chattel mortgages, financing statements or title retention agreements which affect any property, rights or
interests of Parent Borrower or such Subsidiary Credit Party that are or are intended to be subject to the security interest, security title, assignments, and mortgage liens created by the Security Documents relating to such Real Estate except to
the extent that the same are discharged and removed prior to or simultaneously with the inclusion of the Real Estate in the Collateral. 

  
 Schedule 1.2 – Page
1 

 (h) Management Agreement. A true copy of the Management Agreement, if any, relating to
such Real Estate, which shall be in form and substance reasonably satisfactory to the Agent. 
 (i) Leases. True copies of all Leases
relating to such Real Estate as the Agent or the Required Lenders may request and a Rent Roll for such Real Estate certified by Parent Borrower or Subsidiary Credit Party as accurate and complete in all material respects as of a recent date, each of
which shall be in form and substance reasonably satisfactory to the Required Lenders. 
 If such Real Estate is held pursuant to a Ground
Lease (which must be acceptable in form and substance to the Agent and the Lenders): (i) true and correct copies of such acceptable Ground Lease and any Guarantees thereof; and (ii) to the extent required by the Agent or the Required
Lenders in their reasonable discretion, recognition agreements and estoppel certificates executed by the lessor under such acceptable Ground Lease, in form and content reasonably satisfactory to Agent or the Required Lenders, as applicable; 

(j) Lease Form. The form of Lease, if any, to be used by Parent Borrower or such Subsidiary Credit Party in connection with future
leasing of such Collateral Property, which shall be in form and substance reasonably satisfactory to the Agent. 
 (k) Subordination
Agreements. A Subordination, Attornment and Non-Disturbance Agreement from tenants of such Real Estate as reasonably required by the Agent for all Leases in excess of 15,000 square feet and in the form provided in the respective Leases for such
Real Estate if such Lease includes a customary form; provided, that the Borrowers shall only be required to use commercially reasonable efforts to obtain such Subordination, Attornment and Non-Disturbance Agreements. 

(l) Estoppel Certificates. Estoppel certificates from tenants of such Real Estate as reasonably required by Agent, such certificates to
be dated not more than thirty (30) days prior to the inclusion of such Real Estate in the Collateral, each such estoppel certificate to be in form and substance reasonably satisfactory to the Agent and in the form provided in the respective
Leases for such Real Estate if such Lease includes a customary form. 
 (m) Certificates of Insurance. Each of (i) a current
certificate of insurance as to the insurance maintained by Parent Borrower or such Subsidiary Credit Party on such Real Estate (including flood insurance if necessary) from the insurer or an independent insurance broker dated as of the date of
determination, identifying insurers, types of insurance, insurance limits, and policy terms; (ii) certified copies of all policies evidencing such insurance (or certificates therefor signed by the insurer or an agent authorized to bind the
insurer); and (iii) such further information and certificates from Parent Borrower or such Subsidiary Credit Party, its insurers and insurance brokers as the Agent may reasonably request, all of which shall be in compliance with the
requirements of this Agreement. 
 (n) Property Condition Report. A property condition report, together with any seismic probable
maximum loss assessment (if applicable) to the extent customarily required for properties in such location, with appropriate reliance letters if such reports or not addressed to the Agent, from a firm or firms of professional engineers or architects
selected by Borrowers and reasonably acceptable to Agent (the “Inspector”) reasonably satisfactory in form and content to the Agent and the Required Lenders, dated not more than ninety (90) days prior to the inclusion of such Real
Estate in the Collateral, addressing such matters as the Agent and the Required Lenders may reasonably require. 

  
 Schedule 1.2 – Page
2 

 (o) Hazardous Substance Assessments. A hazardous waste site assessment report addressed to
the Agent (or the subject of a reliance letter addressed to, and in a form reasonably satisfactory to, the Agent) concerning Hazardous Substances and asbestos on such Real Estate dated or updated not more than ninety (90) days prior to the
inclusion of such Real Estate in the Collateral, from the Environmental Engineer, such report to contain no qualifications except those that are acceptable to the Required Lenders in their reasonable discretion and to otherwise be in form and
substance reasonably satisfactory to the Agent in its sole discretion. 
 (p) Zoning and Land Use Compliance. Such evidence regarding
zoning and land use compliance as the Agent may reasonably request. 
 (q) Certificate of Occupancy. A copy of the certificate(s) of
occupancy issued to Parent Borrower or any Subsidiary Credit Party for such parcel of Real Estate permitting the use and occupancy of the Building thereon (or a copy of the certificates of occupancy issued for such parcel of Real Estate and evidence
satisfactory to the Agent that any previously issued certificate(s) of occupancy is not required to be reissued to Parent Borrower or any Subsidiary Credit Party), or a legal opinion or certificate from the appropriate authority reasonably
satisfactory to the Agent that no certificates of occupancy are necessary to the use and occupancy thereof. 
 (r) Appraisal. An
Appraisal of such Real Estate, in form and substance satisfactory to the Agent and the Required Lenders as provided in §5.2 and dated not more than ninety (90) days prior to the inclusion of such Real Estate in the Collateral. 

(s) Budget. An operating and capital expenditure budget for such Real Estate in form and substance reasonably satisfactory to the Agent.

 (t) Operating Statements. Operating statements for such Real Estate in the form of such statements delivered to the Lenders under
§7.4(e) covering each of the four fiscal quarters ending immediately prior to the addition of such Real Estate to the Collateral, to the extent available. 

(u) Environmental Disclosure. Such evidence regarding compliance with §6.20(d) as Agent may reasonably require. 

(v) Subsidiary Credit Party Documents. With respect to Real Estate owned by a Subsidiary, the Joinder Agreement and such other
documents, instruments, reports, assurances, or opinions as the Agent may reasonably require. 
 (w) Additional Documents. Such other
agreements, documents, certificates, reports or assurances as the Agent may reasonably require. 

  
 Schedule 1.2 – Page
3 

 SCHEDULE 6.3 

LIST OF ALL ENCUMBRANCES ON ASSETS 
 None.

  
 Schedule 6.3 – Page
1 

 SCHEDULE 6.5 

NO MATERIAL CHANGES 
 None. 

  
 Schedule 6.5 – Page
1 

 SCHEDULE 6.7 

Schedule of Current Litigation 

Current as of             , 2014 

 

													
	 Party(ies)
	  	Position	  	Adverse
Party(ies)	  	Venue	  	Claim	  	Liability	  	Status
		  		  		  		  		  		  	

  
 Schedule 6.7 – Page
1 

 SCHEDULE 6.15 

CERTAIN TRANSACTIONS 
 None. 

 

  
 Schedule 6.15 – Page
1 

 SCHEDULE 6.20(d) 

REQUIRED ENVIRONMENTAL ACTIONS 
 None.

  
 Schedule 6.20(d) –
Page 1 

 SCHEDULE 6.21 

SUBSIDIARIES 
  

							
	 	  	 	  	 	  	
	 	  	 	  	 	  	
	 	  	 	  	 	  	
	 	  	 	  	 	  	
	 	  	 	  	 	  	
	 	  	 	  	 	  	
	 	  	 	  	 	  	See attached structure chart.
	 	  	 	  	 	  	

  

  
 Schedule 6.21(b) –
Page 1 

 SCHEDULE 6.22 

EXCEPTIONS TO RENT ROLL 
 None. 

  
 Schedule 6.22 – Page
1 

 SCHEDULE 6.23 

PROPERTY 
 None. 

  
 Schedule 6.23 – Page
1 

 SCHEDULE 6.25 

MATERIAL LOAN AGREEMENTS 
 None. 

  
 Schedule 6.25 – Page
1 

 SCHEDULE 8.8 

ASSET SALES 
 None. 

  
 Schedule 8.8 – Page
1 

 SCHEDULE 19 

NOTICE ADDRESSES 
 If to the Agent or
KeyBank: 
 KeyBank National Association 
 225 Franklin Street,
18th Floor 
 Boston, Massachusetts 02110 
 Attn:
Mr. Christopher T. Neil 
 and 
 Riemer &
Braunstein LLP 
 Three Center Plaza 
 Boston, Massachusetts
02108 
 Attn: Kevin J. Lyons, Esquire 
 If to Guarantor or any
Borrower: 
 City Office REIT, Inc. 
 1075 West Georgia Street,
Suite 2600 
 Vancouver, British Columbia V6E 3C9, Canada 

Attn: Jamie Farrar 
 Fax: (604) 661-4873 

With a copy to: 
 Miller, Canfield, Paddock & Stone,
P.L.C. 
 101 North Main Street, 7th Floor 

Ann Arbor, Michigan 48104 
 Attn: Joseph M. Fazio, Esquire 

Fax: (734) 747-7147 
 If to any other Lender which is a
party hereto, at the address for such Lender set forth on its signature page hereto, and to any Lender which may hereafter become a party to this Agreement, at such address as may be designated by such Lender. 

1634409.9 

  
 Schedule 19 – Page 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00232-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00232-of-00352.parquet"}]]