Document:

EX-10.6

 Exhibit 10.6 
 EXECUTION VERSION 
 PURCHASE AGREEMENT 

June 25, 2012 
 MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

    As Representative of the Initial Purchasers 
 One Bryant Park 
 New York, New York 10036 

Ladies and Gentlemen: 

Introductory. Sonic Automotive, Inc., a Delaware corporation (the “Company”), proposes to issue and sell to the
several Initial Purchasers named in Schedule A (the “Initial Purchasers”), acting severally and not jointly, the respective amounts set forth in such Schedule A of an $200,000,000 aggregate principal amount of the Company’s
7.00% Senior Subordinated Notes due 2022 (the “Notes”). Merrill Lynch, Pierce, Fenner & Smith Incorporated has agreed to act as the representative of the several Initial Purchasers (the “Representative”) in
connection with the offering and sale of the Notes. 
 The Securities (as defined below) will be issued pursuant to an
indenture, to be dated as of July 2, 2012 (the “Indenture”), among the Company, the Guarantors (as defined below) and U.S. Bank National Association, as trustee (the “Trustee”). Notes will be issued only in
book-entry form in the name of Cede & Co., as nominee of The Depository Trust Company (the “Depositary”) pursuant to a blanket issuer letter of representations, dated November 19, 2003 (the “DTC
Agreement”), between the Company and the Depositary. 
 The holders of the Notes will be entitled to the benefits of a
registration rights agreement, to be dated as of the Closing Date (as defined below) (the “Registration Rights Agreement”), among the Company, the Guarantors and the Initial Purchasers, pursuant to which the Company and the
Guarantors may be required to file with the Commission (as defined below), under the circumstances set forth therein, (i) a registration statement under the Securities Act (as defined below) relating to another series of debt securities of the
Company with terms substantially identical to the Notes (the “Exchange Notes”) to be offered in exchange for the Notes (the “Exchange Offer”) and (ii) a shelf registration statement pursuant to Rule 415 of the
Securities Act relating to the resale by certain holders of the Notes, and in each case, to use its commercially reasonable efforts to cause such registration statements to be declared effective. All references herein to the Exchange Notes and the
Exchange Offer are only applicable if the Company and the Guarantors are in fact required to consummate the Exchange Offer pursuant to the terms of the Registration Rights Agreement. 

The payment of principal of, premium, if any, and interest on the Notes will be fully and unconditionally guaranteed on a senior
subordinated unsecured basis, jointly and severally by (i) the entities listed on the signature pages hereof as “Guarantors” and (ii) any subsidiary of the Company formed or acquired after the Closing Date that executes an
additional guarantee in ac-

 
cordance with the terms of the Indenture, and their respective successors and assigns (collectively, the “Guarantors”), pursuant to their guarantees (the
“Guarantees”). The Notes and the Guarantees attached thereto are herein collectively referred to as the “Securities”; and the Exchange Notes and the Guarantees attached thereto are herein collectively referred to as
the “Exchange Securities.” 
 Concurrently with the Closing Date, the Company will enter into an escrow
agreement (the “Escrow Agreement”) with the Trustee and Wilmington Trust, National Association, as escrow agent (the “Escrow Agent”), pursuant to which the net proceeds of the offering of the Securities will be
deposited with the Escrow Agent on the Closing Date, and the Company shall deposit with the Escrow Agent on the Closing Date an additional amount of cash (collectively, the “Escrow Proceeds”) sufficient to redeem the Securities in
cash at a redemption price in the amount and manner and at the time set forth in the Indenture (the “Escrow Redemption Amount”). The Escrow Proceeds shall be held by the Escrow Agent in an escrow account (the “Escrow
Account”) in accordance with the terms and provisions set forth in the Escrow Agreement, and released in accordance with the conditions set forth therein, as described in the Pricing Disclosure Package and the Final Offering Memorandum
(each term as defined below) (such date of release, the “Release Date”). If the Release Date does not occur by October 23, 2012 (120 days following the date hereof) or on such earlier date determined by the Company, the
Securities will be redeemed at the Escrow Redemption Amount in accordance with the terms of the Indenture. 
 The Company
understands that the Initial Purchasers propose to make an offering of the Securities on the terms and in the manner set forth herein and in the Pricing Disclosure Package (as defined below) and agrees that the Initial Purchasers may resell, subject
to the conditions set forth herein, all or a portion of the Securities to purchasers (the “Subsequent Purchasers”) on the terms set forth in the Pricing Disclosure Package (the first time when sales of the Securities are made is
referred to as the “Time of Sale”). The Securities are to be offered and sold to or through the Initial Purchasers without being registered with the Securities and Exchange Commission (the “Commission”) under the
Securities Act of 1933 (as amended, the “Securities Act,” which term, as used herein, includes the rules and regulations of the Commission promulgated thereunder), in reliance upon exemptions therefrom. Pursuant to the terms of the
Securities and the Indenture, investors who acquire Securities shall be deemed to have agreed that Securities may only be resold or otherwise transferred, after the date hereof, if such Securities are registered for sale under the Securities Act or
if an exemption from the registration requirements of the Securities Act is available (including the exemptions afforded by Rule 144A under the Securities Act (“Rule 144A”) or Regulation S under the Securities Act
(“Regulation S”)). 
 The Company has prepared and delivered to each Initial Purchaser copies of a Preliminary
Offering Memorandum, dated June 25, 2012 (the “Preliminary Offering Memorandum”), and has prepared and delivered to each Initial Purchaser copies of a Pricing Supplement, dated June 25, 2012 (the “Pricing
Supplement”), describing the terms of the Securities, each for use by such Initial Purchaser in connection with its solicitation of offers to purchase the Securities. The Preliminary Offering Memorandum and the Pricing Supplement are herein
referred to as the “Pricing Disclosure Package.” Promptly after this Agreement is executed and delivered, the 

  
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Company will prepare and deliver to each Initial Purchaser a final offering memorandum dated the date hereof (the “Final Offering Memorandum”). 

All references herein to the terms “Pricing Disclosure Package” and “Final Offering Memorandum” shall
be deemed to mean and include all information filed under the Securities Exchange Act of 1934 (as amended, the “Exchange Act,” which term, as used herein, includes the rules and regulations of the Commission promulgated thereunder)
prior to the Time of Sale and incorporated by reference in the Pricing Disclosure Package (including the Preliminary Offering Memorandum) or the Final Offering Memorandum (as the case may be), and all references herein to the terms
“amend,” “amendment” or “supplement” with respect to the Final Offering Memorandum shall be deemed to mean and include all information filed under the Exchange Act after the Time of Sale and
incorporated by reference in the Final Offering Memorandum. 
 The Company hereby confirms its agreements with the Initial
Purchasers as follows: 
 SECTION 1. Representations and Warranties. Each of the Company and the Guarantors,
jointly and severally, hereby represents, warrants and covenants to each Initial Purchaser that, as of the date hereof and as of the Closing Date (references in this Section 1 to the “Offering Memorandum” are to (x) the
Pricing Disclosure Package in the case of representations and warranties made as of the date hereof and (y) the Pricing Disclosure Package and the Final Offering Memorandum in the case of representations and warranties made as of the Closing
Date): 
 (a) No Registration Required. Subject to compliance by the Initial Purchasers with the
representations and warranties set forth in Section 2 hereof and with the procedures set forth in Section 7 hereof, it is not necessary in connection with the offer, sale and delivery of the Securities to the Initial Purchasers and to each
Subsequent Purchaser in the manner contemplated by this Agreement and the Offering Memorandum to register the Securities under the Securities Act or, until such time as the Exchange Securities are issued pursuant to an effective registration
statement, to qualify the Indenture under the Trust Indenture Act of 1939 (as amended, the “Trust Indenture Act,” which term, as used herein, includes the rules and regulations of the Commission promulgated thereunder). 

(b) No Integration of Offerings or General Solicitation. None of the Company, its directors, officers or any
entities controlled by or under common control with or that control the Company (each, an “Affiliate”), or any person acting on its or any of their behalf (other than the Initial Purchasers and their Affiliates, as to whom the
Company and the Guarantors make no representation or warranty) has, directly or indirectly, solicited any offer to buy or offered to sell, or will, directly or indirectly, solicit any offer to buy or offer to sell, in the United States or to any
United States citizen or resident, any security which is or would be integrated with the sale of the Securities in a manner that would require the Securities to be registered under the Securities Act. None of the Company, its Affiliates, or any
person acting on its or any of their behalf (other than the Initial Purchasers and their Affiliates, as to whom the Company and the Guarantors make no representation or warranty) has engaged or will engage, in connection with the offering of the
Securities, in any form of general solicitation or general advertising within the mean-

  
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ing of Rule 502 under the Securities Act. With respect to those Securities sold in reliance upon Regulation S, (i) none of the Company, its Affiliates or any person acting on its or their
behalf (other than the Initial Purchasers and their Affiliates, as to whom the Company and the Guarantors make no representation or warranty) has engaged or will engage in any directed selling efforts within the meaning of Regulation S and
(ii) each of the Company and its Affiliates and any person acting on its or their behalf (other than the Initial Purchasers and their Affiliates, as to whom the Company and the Guarantors make no representation or warranty) has complied and
will comply with the offering restrictions set forth in Regulation S. 
 (c) Eligibility for Resale under Rule
144A. The Securities are eligible for resale pursuant to Rule 144A and will not be, at the Closing Date, of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in a
U.S. automated interdealer quotation system. 
 (d) The Pricing Disclosure Package and Offering Memorandum.
Neither the Pricing Disclosure Package, as of the Time of Sale, nor the Final Offering Memorandum, as of its date or (as amended or supplemented in accordance with Section 3(a), as applicable) as of the Closing Date, contains an untrue
statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that this representation, warranty and agreement
shall not apply to statements in or omissions from the Pricing Disclosure Package, the Final Offering Memorandum or any amendment or supplement thereto made in reliance upon and in conformity with information furnished to the Company in writing by
or on behalf of any Initial Purchaser through the Representative expressly for use in the Pricing Disclosure Package, the Final Offering Memorandum or amendment or supplement thereto, as the case may be. The Pricing Disclosure Package contains, and
the Final Offering Memorandum will contain as of its date and as of the Closing Date, all the information specified in, and meeting the requirements of, Rule 144A. The Company has not distributed and will not distribute, prior to the later of the
Closing Date and the completion of the Initial Purchasers’ distribution of the Securities, any offering material in connection with the offering and sale of the Securities other than the Pricing Disclosure Package and the Final Offering
Memorandum. 
 (e) Company Additional Written Communications. The Company has not prepared, made, used,
authorized, approved or distributed and will not prepare, make, use, authorize, approve or distribute any written communication that constitutes an offer to sell or solicitation of an offer to buy the Securities other than (i) the Pricing
Disclosure Package, (ii) the Final Offering Memorandum and (iii) any electronic road show or other written communications, in each case used in accordance with Section 3(a). Each such communication by the Company or its agents and
representatives pursuant to clause (iii) of the preceding sentence (each, a “Company Additional Written Communication”), when taken together with the Pricing Disclosure Package, did not as of the Time of Sale, and at the
Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that
this represen-

  
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tation, warranty and agreement shall not apply to statements in or omissions from each such Company Additional Written Communication made in reliance upon and in conformity with information
furnished to the Company in writing by or on behalf of any Initial Purchaser through the Representative expressly for use in any Company Additional Written Communication. 

(f) Incorporated Documents. The documents incorporated by reference in the Offering Memorandum, when they were
filed with the Commission, complied in all material respects with the requirements of the Exchange Act, and, when taken together with the Offering Memorandum, did not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and any further documents so filed and incorporated by reference in the Offering Memorandum,
when such documents are filed with the Commission, will comply in all material respects to the requirements of the Exchange Act and, when taken together with the Offering Memorandum, will not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Company makes no representation and warranty with
respect to any statements or omissions made in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Company in writing by or on behalf of such Initial Purchaser through the Representative expressly for
use in the Offering Memorandum, it being understood and agreed that the only such information furnished by any Initial Purchaser consists of the information described as such in Section 8(b) hereof. 

(g) Financial Statements. The financial statements (including the related notes thereto) of the Company and its
consolidated subsidiaries included or incorporated by reference in the Offering Memorandum comply in all material respects with the applicable requirements of the Securities Act and the Exchange Act, as applicable, and present fairly in all material
respects the financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified; such financial statements have been
prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods covered thereby except as otherwise noted therein, and any supporting schedules included or incorporated
by reference in the Offering Memorandum present fairly in all material respects the information required to be stated therein; and the other financial information of the Company and its consolidated subsidiaries included or incorporated by reference
in the Offering Memorandum has been derived from the accounting records of the Company and its consolidated subsidiaries and presents fairly in all material respects the information shown thereby. The interactive data in eXtensible Business
Reporting Language included or incorporated by reference in the Offering Memorandum and the Pricing Disclosure Package fairly present the information called for in all material respects and have been prepared in accordance with the Commission’s
rules and guidelines applicable thereto. 

  
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 (h) No Material Adverse Change. Since the date of the most recent
financial statements of the Company included or incorporated by reference in the Offering Memorandum, (i) there has not been any change in the capital stock (other than the issuance of shares of Common Stock upon exercise of stock options and
warrants described as outstanding in, and the grant or vesting of options and awards under existing equity incentive plans described in, the Offering Memorandum and documents incorporated by reference therein), material change in the short-term or
long-term debt of the Company or any of its subsidiaries, or any dividend or distribution of any kind declared, set aside for payment, paid or made by the Company on any class of capital stock; (ii) there has not been any material adverse
change, or any development involving a prospective material adverse change, in or affecting, individually or in the aggregate, the business, properties, management, financial position, stockholders’ equity, results of operations or prospects of
the Company and its subsidiaries taken as a whole (any such change or development is called a “Material Adverse Change”); (iii) neither the Company nor any of its subsidiaries has entered into any transaction or agreement
(other than those in the ordinary course of business) that is material to the Company and its subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries taken as
a whole (other than those in the ordinary course of business); and (iv) neither the Company nor any of its subsidiaries has sustained any loss or interference with its business that is material to the Company and its subsidiaries taken as a
whole and that is either from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or governmental or regulatory authority, except in the
case of clauses (i) through (iv) as otherwise disclosed in or incorporated by reference into the Offering Memorandum. 
 (i) Organization and Good Standing. The Company and each of its subsidiaries have been duly organized and are validly existing and, if applicable, in good standing under the laws of their
respective jurisdictions of organization, are duly qualified to do business and are in good standing in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such
qualification, and have all power and authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified or in good standing or have such power or
authority would not, individually or in the aggregate, have a material adverse effect on the business, properties, management, financial position, stockholders’ equity, results of operations or prospects of the Company and its subsidiaries
taken as a whole or on the performance by the Company of its obligations under this Agreement (a “Material Adverse Effect”). The Company does not own or control, directly or indirectly, any Significant Subsidiary other than the
subsidiaries listed in Exhibit 21.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 (the “Form 10-K”). As used herein, “Significant Subsidiary” shall mean a consolidated
dealership subsidiary of the Company that produced more than 2% of the Company’s total revenues for the year ended December 31, 2011. 

  
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 (j) Capitalization. The Company has an authorized capital stock as
set forth in the Offering Memorandum under the heading “Capitalization”; all the outstanding shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable and are not subject to
any pre-emptive or similar rights; and all the outstanding shares of capital stock or other equity interests of each Guarantor have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or indirectly
by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party, except as disclosed in the Offering Memorandum. 

(k) Due Authorization. The Company and the Guarantors have full right, power and authority to execute and deliver
this Agreement, the Indenture, the Registration Rights Agreement, the Escrow Agreement, the Notes, the Guarantees and the Exchange Notes, as applicable, and to perform their respective obligations hereunder and thereunder; and all action required to
be taken for the due and proper authorization, execution and delivery by each of the Company and the Guarantors of this Agreement and the consummation by it of the sale of the Securities contemplated hereby has been duly and validly taken.

 (l) The Indenture. The Indenture has been duly authorized by the Company and the Guarantors and, when
duly executed and delivered in accordance with its terms by each of the parties thereto, will constitute a valid and legally binding agreement of the Company and the Guarantors enforceable against the Company and the Guarantors in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally or by equitable principles relating to enforceability (collectively, the “Enforceability
Exceptions”). On the Closing Date, the Indenture will conform in all material respects to the requirements of the Trust Indenture Act and the rules and regulations of the Commission applicable to an indenture which is qualified thereunder.

 (m) The Purchase Agreement. This Agreement has been duly authorized, executed and delivered by the
Company and the Guarantors. 
 (n) The Registration Rights Agreement. The Registration Rights Agreement
has been duly authorized by the Company and the Guarantors and, when duly executed and delivered in accordance with its terms by each of the parties thereto, will constitute a valid and legally binding agreement of the Company and the Guarantors,
enforceable against the Company and the Guarantors in accordance with its terms, subject to the Enforceability Exceptions and except as rights to indemnification may be limited by applicable law. 

(o) The Escrow Agreement. The Escrow Agreement has been duly authorized by the Company and, when duly executed and
delivered in accordance with its terms by each of the parties thereto, will constitute a valid and legally binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions and
except as rights to indemnification may be limited by applicable law. 

  
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 (p) Authorization of the Notes, the Guarantees and the Exchange
Notes. The Notes to be issued and sold by the Company hereunder have been duly authorized by the Company for issuance and sale pursuant to this Agreement and the Indenture and, when duly executed, authenticated, issued and delivered as provided
for in the Indenture and the Securities have been paid for as provided herein, will be duly and validly issued and outstanding, will constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with
their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture. The Exchange Notes have been duly authorized by the Company for issuance, and when duly executed, authenticated, issued and delivered in
accordance with the terms of the Indenture, the Registration Rights Agreement and the Exchange Offer, will be duly and validly issued and outstanding, will constitute valid and legally binding obligations of the Company enforceable against the
Company in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture. The Guarantees of the Notes and the Guarantees of the Exchange Notes have been duly authorized by the Guarantors
for issuance pursuant to this Agreement and the Indenture; the Guarantees of the Notes, when duly executed, authenticated, issued and delivered as provided for in the Indenture and the Securities have been paid for as provided herein, will be duly
and validly issued and outstanding, will constitute valid and legally binding obligations of the Guarantors enforceable against the Guarantors in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the
benefits of the Indenture; and, when the Exchange Notes have been duly executed, authenticated, issued and delivered in accordance with the terms of the Indenture, the Registration Rights Agreement and the Exchange Offer, the Guarantees of the
Exchange Notes will be duly and validly issued and outstanding, will constitute valid and legally binding obligations of the Guarantors enforceable against the Guarantors in accordance with their terms, subject to the Enforceability Exceptions, and
will be entitled to the benefits of the Indenture. 
 (q) Description of the Securities and the Indenture.
The Securities, the Exchange Securities, the Indenture, the Registration Rights Agreement and the Escrow Agreement will conform in all material respects to the description thereof in the Offering Memorandum. 

(r) No Violation or Default. Neither the Company nor any of its subsidiaries is (i) in violation of its
charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the performance or observance of any term, covenant or condition
contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the
property or assets of the Company or any of its subsidiaries is subject; or (iii) in violation of any applicable law or statute or any applicable judgment, order, rule or regulation of any court or governmental or regulatory authority, except,
in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or in the aggregate, have a Material Adverse Effect. 

  
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 (s) No Conflicts. The execution and delivery by the Company and the
Guarantors of this Agreement, the Registration Rights Agreement, the Escrow Agreement and the Indenture, and the issuance and delivery of the Securities and the Exchange Securities by the Company and the Guarantors, and performance by the Company
and the Guarantors of their obligations hereunder and thereunder and consummation by the Company and the Guarantors of the transactions contemplated hereby and thereby and by the Offering Memorandum will not (i) conflict with or result in a
breach or violation of any of the terms or provisions of, or constitute a default or a Debt Repayment Triggering Event (as defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets
of the Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its
subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents of the Company or
any of its subsidiaries or (iii) result in the violation of any applicable law or statute or any applicable judgment, order, rule or regulation of any court or governmental or regulatory authority, except, in the case of clauses (i) and
(iii) above, for any such conflict, breach, violation, default, Debt Repayment Triggering Event, lien, charge or encumbrance that would not, individually or in the aggregate, have a Material Adverse Effect. As used herein, a “Debt
Repayment Triggering Event” means any event or condition which gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s
behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of its subsidiaries. 
 (t) No Consents Required. No consent, approval, authorization, order, license, registration or qualification of or with any court or governmental or regulatory authority is required for the
execution, delivery and performance by the Company and the Guarantors of this Agreement, the Registration Rights Agreement, the Escrow Agreement or the Indenture, or the issuance and delivery of the Securities or the Exchange Securities, or
consummation of the transactions contemplated hereby and thereby and by the Offering Memorandum, except for those which have been obtained, for the registration of the Securities or the Exchange Securities under the Securities Act and the
qualification of the Indenture under the Trust Indenture Act in connection with the transactions contemplated by the Registration Rights Agreement and such consents, approvals, authorizations, orders and registrations or qualifications as may be
required by the Financial Industry Regulatory Authority, Inc. (“FINRA”) and under applicable securities laws in connection with the purchase and distribution of the Securities by the Initial Purchasers. 

(u) Legal Proceedings. Except as described in the Offering Memorandum, there are no legal, governmental or
regulatory investigations (as to which the Company has been given notice), actions, suits or proceedings pending to which the Company or any of its subsidiaries is a party or to which any property of the Company or any of its subsidiaries is subject
that, individually or in the aggregate, if determined adversely to the Company or any of its subsidiaries, would reasonably be expected to have a Material Ad-

  
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verse Effect; no such investigations (without giving effect to the notice qualifier set forth above), actions, suits or proceedings are, to the knowledge of the Company, threatened or
contemplated; and (i) there are no current or pending legal, governmental or regulatory actions, suits or proceedings that are required under the Securities Act or Exchange Act, as applicable, to be described in a registration statement on Form
S-1 that are not so described in or incorporated by reference in the Offering Memorandum and (ii) there are no statutes, regulations or contracts or other documents that are required under the Securities Act to be filed as exhibits to the Form
10-K or described in the Form 10-K or in a registration statement on Form S-1 that are not so filed as exhibits to the Form 10-K or described in the Form 10-K or the Offering Memorandum. 

(v) Independent Accountants. Ernst and Young LLP, who has audited certain financial statements of the Company and
its subsidiaries, is an independent registered public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United
States) and as required by the Securities Act. 
 (w) Title to Real and Personal Property. The Company and
its subsidiaries have good and marketable title in fee simple (in the case of owned real property) to, or have valid and marketable rights to lease or otherwise use, all items of real and personal property and assets that are material to the
business of the Company and its subsidiaries, taken as a whole, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except those that (i) do not materially interfere with the use made and
proposed to be made of such property by the Company and its subsidiaries, (ii) would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect or (iii) are described in the Offering Memorandum.

 (x) Title to Intellectual Property. The Company and its subsidiaries own, possess or license adequate
rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses and know-how (including trade secrets and other unpatented and/or unpatentable
proprietary or confidential information, systems or procedures) necessary for the conduct of their respective businesses as currently conducted and as currently proposed to be conducted except as would not reasonably be expected to have a Material
Adverse Effect. To the knowledge of the Company, the conduct of the respective businesses of the Company and its subsidiaries will not conflict with any of the foregoing valid rights of others except as would not, individually or in the aggregate,
have a Material Adverse Effect. The Company and its subsidiaries have not received any written notice of any claim of infringement, misappropriation or conflict with any such valid rights of others in connection with its patents, patent rights,
licenses, inventions, trademarks, service marks, trade names, copyrights and know-how, which would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 

(y) No Undisclosed Relationships. No relationship, direct or indirect, exists between or among the Company or any
of its subsidiaries, on the one hand, and the directors, officers, stockholders, customers or suppliers of the Company or any of its subsidiaries, on the other, that is required by the Securities Act to be described in a registration

  
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statement on Form S-1 and that is not so described in or incorporated by reference in the Offering Memorandum. 

(z) Investment Company Act. Neither the Company nor any Guarantor is and, after giving effect to the offering and
sale of the Securities and the application of the proceeds thereof as described in the Offering Memorandum, will be required to register as an “investment company” or an entity “controlled” by an “investment company”
within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Investment Company Act”). 

(aa) Taxes. The Company and its subsidiaries have paid all federal, state, local and foreign taxes and filed
(taking into account applicable extensions) all tax returns required to be paid or filed through the date hereof (except those being disputed in good faith and for which adequate reserve has been established and maintained and those which the
failure to pay or file would not reasonably be expected to have a Material Adverse Effect); and except as otherwise disclosed in the Offering Memorandum, there is no tax deficiency that has been, or would reasonably be expected to be, asserted
against the Company or any of its subsidiaries or any of their respective properties or assets, except for such tax deficiencies that would not reasonably be expected to have a Material Adverse Effect. 

(bb) Licenses and Permits. The Company and its subsidiaries possess all licenses, certificates, permits and other
authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the
conduct of their respective businesses as described in the Offering Memorandum, except where the failure to possess or make the same would not, individually or in the aggregate, have a Material Adverse Effect; and except as described in the Offering
Memorandum, neither the Company nor any of its subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason to believe that any such license, certificate, permit or
authorization will not be renewed in the ordinary course except where any such revocation, modification or non-renewal would not, individually or in the aggregate, have a Material Adverse Effect. 

(cc) No Labor Disputes. No labor disturbance by or dispute with employees of the Company or any of its subsidiaries
exists or, to the knowledge of the Company, is contemplated or threatened, and the Company is not aware of any existing or imminent labor disturbance by, or dispute with, the employees of any of its or its subsidiaries’ principal suppliers or
contractors, except in each case as would not, individually or in the aggregate, have a Material Adverse Effect. 

(dd) Environmental Matters. Except as described in the Offering Memorandum and except for matters that would not,
individually or in the aggregate, have a Material Adverse Effect, (i) the Company and its subsidiaries (a) are in compliance with any and all applicable federal, state, local and foreign laws, rules, regulations, requirements,

  
 11 

 
decisions, judgments, decrees, orders and the common law relating to pollution or the protection of the environment, natural resources or human health or safety, including those relating to the
generation, storage, treatment, use, handling, transportation, Release or threat of Release of Hazardous Materials (collectively, “Environmental Laws”), (b) have received and are in compliance with all permits, licenses,
certificates or other authorizations or approvals required of them under applicable Environmental Laws to conduct their respective businesses, (c) have not received notice of any actual or potential liability under or relating to, or actual or
potential violation of, any Environmental Laws, including for the investigation or remediation of any Release or threat of Release of Hazardous Materials, and have no knowledge of any event or condition that would reasonably be expected to result in
any such notice and (d) are not a party to any order, decree or agreement that imposes any obligation or liability under any Environmental Law; (ii) there are no costs or liabilities associated with Environmental Laws of or relating to the
Company or its subsidiaries; (iii) there are no proceedings that are pending, or that are known to be contemplated, against the Company or any of its subsidiaries under any Environmental Laws in which a governmental entity is also a party;
(iv) the Company and its subsidiaries are not aware of any facts or issues regarding compliance with Environmental Laws, or liabilities or other obligations under Environmental Laws, including the Release or threat of Release of Hazardous
Materials; and (v) none of the Company and its subsidiaries anticipates capital expenditures relating to any Environmental Laws; and (vi) there has been no storage, generation, transportation, use, handling, treatment, Release or threat of
Release of Hazardous Materials by, relating to or caused by the Company or any of its subsidiaries (or, to the knowledge of the Company and its subsidiaries, any other entity (including any predecessor) for whose acts or omissions the Company or any
of its subsidiaries is or would reasonably be expected to be liable) at, on, under or from (A) any property or facility now or previously owned, operated or leased by the Company or any of its subsidiaries or (B) any other property or
facility, in each case in violation of any Environmental Laws or in a manner or amount or to a location that would reasonably be expected, individually or in the aggregate, to result in liability under any Environmental Law. “Hazardous
Materials” means any material, chemical, substance, waste, pollutant, contaminant, compound, mixture, or constituent thereof, in any form or amount, including petroleum (including crude oil or any fraction thereof) and petroleum products,
natural gas liquids, asbestos and asbestos containing materials, naturally occurring radioactive materials, brine, and drilling mud, regulated or which can give rise to liability under any Environmental Law. “Release” means any
spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing, depositing, dispersing, or migrating in, into or through the environment, or in, into from or through any building or
structure. 
 (ee) Compliance with ERISA. (i) Each employee benefit plan, within the meaning of
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), for which the Company or any member of its “Controlled Group” (defined as any organization which is a member of the
Company’s controlled group of corporations or is under common control with the Company within the meaning of Sections 414(b) or (c) of the Internal Revenue Code of 1986, as amended (the “Code”)) would have any liability
(each, a “Plan”) has been maintained in compliance with its 

  
 12 

 
terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code, except for noncompliance that would not reasonably be
expected to result in material liability to the Company or its subsidiaries; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding
transactions effected pursuant to a statutory or administrative exemption that would reasonably be expected to result in a material liability to the Company or its subsidiaries; (iii) for each Plan that is subject to the funding rules of
Section 412 of the Code or Section 302 of ERISA, the minimum funding standard of Section 412 of the Code or Section 302 of ERISA, as applicable, has been satisfied (without taking into account any waiver thereof or extension of
any amortization period) and is reasonably expected to be satisfied in the future (without taking into account any waiver thereof or extension of any amortization period); (iv) the fair market value of the assets of each Plan that is subject to
the funding rules of Section 412 of the Code or Section 302 of ERISA exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (v) no “reportable event”
(within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur that either has resulted, or would reasonably be expected to result, in material liability to the Company or its subsidiaries; (vi) neither
the Company nor any member of its Controlled Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions or premiums to the PBGC, in the ordinary course and without default) in respect of a
Plan (including a “multiemployer plan”, within the meaning of Section 4001(a)(3) of ERISA); and (vii) there is no pending audit or investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit
Guaranty Corporation or any other governmental agency or any foreign regulatory agency with respect to any Plan that would reasonably be expected to result in material liability to the Company or its subsidiaries. None of the following events has
occurred or is reasonably likely to occur: (x) a material increase in the aggregate amount of contributions required to be made to all Plans by the Company or its subsidiaries in the current fiscal year of the Company and its subsidiaries
compared to the amount of such contributions made by the Company and its subsidiaries’ most recently completed fiscal year; or (y) a material increase in the “accumulated post-retirement benefit obligations” of the Company and
its subsidiaries (within the meaning of Statement of Financial Accounting Standards No. 106, as amended) compared to the amount of such obligations as of the Company’s most recently completed fiscal year. 

(ff) Disclosure Controls. The Company maintains an effective system of “disclosure controls and
procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that relates to the Company and its subsidiaries and complies with the requirements of the Exchange Act and that has been designed to ensure that information required to be
disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including controls and procedures
designed to ensure that such information is accumulated and communicated to the Company’s management as appropriate to allow timely decisions regarding required disclosure. The evaluations of the effectiveness of the Company’s disclosure
controls and procedures have been carried out as of and on the dates required by Rule 13a-15 of the Exchange Act. 

  
 13 

 (gg) Accounting Controls. The Company maintains a system of
“internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that relates to the Company and its subsidiaries and complies with the requirements of the Exchange Act and has been designed by, or under the
supervision of, the Company’s principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in
accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset
accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and
appropriate action is taken with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Offering Memorandum and the Pricing Disclosure Package fairly
present the information called for in all material respects and are prepared in accordance with the Commission’s rules and guidelines applicable thereto. Based on the Company’s most recent evaluation of internal control over financial
reporting, there are no “material weaknesses” (as defined in Rule 12b-2 of the Exchange Act) in the Company’s internal control over financial reporting and the Company has corrected the material weakness which is disclosed in the
Offering Memorandum. None of the “significant deficiencies” (as defined in Rule 12b-2 of the Exchange Act) identified in connection with the Company’s prior audit should be deemed to be material weaknesses. As of and when required by
Section 302 of the Sarbanes Oxley Act, the Company’s auditors and the Audit Committee of the Board of Directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation
of internal controls over financial reporting which have adversely affected or are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and (ii) any fraud, whether or
not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting. 
 (hh) Insurance. The Company and its subsidiaries are insured by insurers of nationally recognized financial responsibility against such losses and risks and in such amounts as are prudent in
the businesses in which they are engaged; and neither the Company nor any of its subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage
at a cost that would not, individually or in the aggregate, have a Material Adverse Effect. Neither of the Company nor any subsidiary has been denied any insurance coverage which it has sought or for which it has applied except, if such a denial has
occurred, for insurance coverage which the Company or the subsidiary, as applicable, was able to obtain from other insurers at a cost that did not and is not reasonably expected to have a Material Adverse Effect on the Company and its subsidiaries,
taken as a whole. 

  
 14 

 (ii) No Unlawful Payments. Neither the Company nor any of its
subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or other person associated with or acting on behalf of the Company or any of its subsidiaries has (i) used any corporate funds for any unlawful
contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated
or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or
instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any
“foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company and its subsidiaries have conducted
their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith; or (iv) made any bribe, rebate,
payoff, influence payment, kickback or other unlawful payment. 
 (jj) Compliance with Money Laundering
Laws. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency in such
jurisdictions (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with
respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 
 (kk)
Compliance with Sanctions Laws. None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee or affiliate (other than an affiliate solely by reason that it is under common
control with the Company) of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”), the U.S. Department
of Commerce or the U.S. Department of State (collectively, “Sanctions”), nor is the Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject of Sanctions; and the Company will
not, directly or indirectly, use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, (i) to fund any
activities of or business with any person that, at the time of such funding, is the subject of Sanctions, or is in Burma/Myanmar, Cuba, Iran, Libya, North Korea, Sudan or in any other country or territory, that, at the time of such funding, is the
subject of Sanctions, or (ii) in any other 

  
 15 

 
manner that will result in a violation by any person (including any person participating in the offering, whether as underwriter, advisor, investor or otherwise) of Sanctions. 

(ll) No Restrictions on Subsidiaries. No Guarantor is currently prohibited, directly or indirectly, under any
agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock, from repaying to the Company any loans or advances to such
subsidiary from the Company or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company, in each case in any manner that would materially impair the Company and its subsidiaries’
ability to conduct its operations and pay its obligations as they become due. 
 (mm) No Broker’s
Fees. Other than as disclosed in the Offering Memorandum, neither the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim
against the Company or any of its subsidiaries or any Initial Purchaser for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Securities. 

(nn) No Registration Rights. No person has the right (other than under the Registration Rights Agreement) to
require the Company or any of its subsidiaries to register any securities for sale under the Securities Act by reason of (i) the filing of a registration statement under the Securities Act relating to the Exchange Notes, (ii) the filing of
a shelf registration statement pursuant to Rule 415 of the Securities Act relating to the resale by certain holders of the Notes or (iii) the issuance and sale of the Securities. 

(oo) No Stabilization. None of the Company or any of the Guarantors has taken or will take, directly or indirectly,
any action designed to or that would reasonably be expected to cause or result in any stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities. 

(pp) Margin Rules. The application of the proceeds received by the Company from the issuance, sale and delivery of
the Securities as described in the Offering Memorandum will not violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors. 

(qq) Statistical and Market Data. Nothing has come to the attention of the Company that has caused the Company to
believe that the statistical and market-related data included or incorporated by reference in the Offering Memorandum is not based on or derived from sources that are reliable and accurate in all material respects. 

(rr) Sarbanes-Oxley Act. The Company is in material compliance with the applicable provisions of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated thereunder (the “Sarbanes-Oxley Act”). 

(ss) Solvency. Assuming the enforceability of any savings or similar clause with respect to guarantees contained in
any indenture, loan agreement or other agreement 

  
 16 

 
or instrument evidencing indebtedness of the Company or any Guarantor or by which the Company or any Guarantor is bound, each of the Company and the Guarantors is, and immediately after the
Closing will be, Solvent. As used herein, the term “Solvent” means, with respect to any person, on a particular date, that on such date (A) the fair market value of the assets of such person is greater than the total amount of
liabilities (including contingent liabilities) of such person, (B) the present fair salable value of the assets of such person is greater than the amount that will be required to pay the probable liabilities of such person on its debts as they
become absolute and mature, (C) such person is able to realize upon its assets and pay its debts and other liabilities, including contingent obligations, as they mature, and (D) such person does not have an unreasonably small amount of
capital and surplus. 
 (tt) Suppliers. Except as disclosed in the Offering Memorandum, no supplier of
merchandise to the Company or any of the Subsidiaries has ceased shipments of merchandise to the Company or any of the subsidiaries, other than in the normal and ordinary course of business consistent with past practices, which cessation would
result in a Material Adverse Effect. 
 (uu) Franchise Agreements. Except as disclosed in the Offering
Memorandum, each franchise agreement, in each case between a subsidiary and the applicable manufacturer has been duly authorized by the Company and such subsidiaries, and, as of the Closing Date, the Company shall have obtained all consents,
authorizations and approvals from the manufacturers required to consummate the transactions contemplated hereby or by the Offering Memorandum. 
 (vv) Regulation S. In connection with the offering of the Securities outside the United States, the Offering Memorandum will contain the disclosure required by Rule 902. The Company is a
“reporting issuer”, as defined in Rule 902 under the Securities Act. 
 (ww) No Default in
Senior Indebtedness. No event of default exists under any contract, indenture, mortgage, loan agreement, note, lease or other agreement or instrument constituting Senior Indebtedness (as defined in the Indenture). 

Any certificate signed by an officer of the Company or any Guarantor and delivered to the Initial Purchasers or to counsel for the
Initial Purchasers shall be deemed to be a representation and warranty by the Company or such Guarantor to each Initial Purchaser as to the matters set forth therein. 
 SECTION 2. Purchase, Sale and Delivery of the Securities. 
 (a) The
Securities. Each of the Company and the Guarantors agrees to issue and sell to the Initial Purchasers, severally and not jointly, all of the Securities, and the Initial Purchasers agree, severally and not jointly, to purchase from the Company
and the Guarantors the aggregate principal amount of Securities set forth opposite their names on Schedule A, at a purchase price of 97.36% of the principal amount thereof. On the Closing Date the Initial Purchasers shall pay to the Escrow Agent the
purchase price of the Securities set forth in the preceding sentence plus 

  
 17 

 
an amount equal to 50% of the Discount (as defined below). The “Discount” shall mean 1.75% of the aggregate principal amount of the Securities. The portion of the Discount paid
to the Escrow Agent shall be released to the Representative for the benefit of the several Initial Purchasers from the Escrow Account on the Release Date at the same time when the Escrow Proceeds are released to the Company upon satisfaction of the
conditions precedent to such release as set forth in the Escrow Agreement. 
 (b) The Closing Date. Delivery of one or
more global notes (“Global Notes”) in definitive form to be purchased by the Initial Purchasers and payment therefor shall be made at the offices of Fried, Frank, Harris, Shriver & Jacobson LLP, One New York Plaza, New
York, New York (or such other place as may be agreed to by the Company and the Representative) at 9:00 a.m. New York City time, on July 2, 2012, or such other time and date as may be agreed by the Company and the Representative (the time and
date of such closing are called the “Closing Date”). The Company hereby acknowledges that circumstances under which the Representative may provide notice to postpone the Closing Date as originally scheduled include, but are in no
way limited to, any determination by the Company or the Initial Purchasers to recirculate to investors copies of an amended or supplemented Offering Memorandum or a delay as contemplated by the provisions of Section 17 hereof. 

(c) Delivery of the Securities. The Company shall deliver, or cause to be delivered, to the Representative for the accounts of the
several Initial Purchasers Global Notes at the Closing Date against the irrevocable release of a wire transfer of immediately available funds to the Escrow Account for the amount of the purchase price therefor (it being understood that such payment
shall include an amount equal to 50% of the Discount). Pursuant to the terms of the Escrow Agreement, such 50% of the Discount shall be released to the Representative from the Escrow Account on the Release Date at the same time when the Escrow
Proceeds are released to the Company upon satisfaction of the conditions precedent to such release as set forth in the Escrow Agreement. The Global Notes shall be in such denominations and registered in the name of Cede & Co., as nominee of
the Depositary, pursuant to the DTC Agreement, and shall be made available for inspection on the business day preceding the Closing Date at a location in New York City, as the Representative may designate. Time shall be of the essence, and delivery
at the time and place specified in this Agreement is a further condition to the obligations of the Initial Purchasers. 
 (d)
Initial Purchasers as Qualified Institutional Buyers. Each Initial Purchaser severally and not jointly represents and warrants to, and agrees with, the Company that: 

(i) it is a “qualified institutional buyer” within the meaning of Rule 144A (“Qualified Institutional
Buyer”) and will offer and sell Securities only to persons who it reasonably believes are Qualified Institutional Buyers (a) in transactions meeting the requirements of Rule 144A or (b) upon the terms and conditions set forth in
Annex I to this Agreement and, in the case of either (a) or (b) only to persons who in purchasing the Securities are deemed to have represented and agreed to the representations set forth in the Offering Memorandum under the caption
“Notice to Investors”; and 

  
 18 

 (ii) it will not offer or sell Securities by, any form of general
solicitation or general advertising, including but not limited to the methods described in Rule 502(c) under the Securities Act. 
 SECTION 3. Additional Covenants. Each of the Company and the Guarantors further covenants and agrees with each Initial Purchaser as follows: 

(a) Preparation of Final Offering Memorandum; Initial Purchasers’ Review of Proposed Amendments and Supplements
and Company Additional Written Communications. As promptly as practicable following the Time of Sale and in any event not later than the second business day following the date hereof, the Company will prepare and deliver to the Initial
Purchasers the Final Offering Memorandum, which shall consist of the Preliminary Offering Memorandum as modified only by the information contained in the Pricing Supplement except as permitted by Section 3(b). The Company will not amend or
supplement the Preliminary Offering Memorandum or the Pricing Supplement except as permitted by Section 3(b). The Company will not amend or supplement the Final Offering Memorandum prior to the Closing Date unless the Representative shall
previously have been furnished a copy of the proposed amendment or supplement a reasonable time prior to the proposed use or filing, and shall not have reasonably objected to such amendment or supplement. Before making, preparing, using,
authorizing, approving or distributing any Company Additional Written Communication, the Company will furnish to the Representative a copy of such written communication for review and will not make, prepare, use, authorize, approve or distribute any
such written communication to which the Representative reasonably objects. 
 (b) Amendments and Supplements
to the Final Offering Memorandum and Other Securities Act Matters. If at any time prior to the Closing Date (i) any event shall occur or condition shall exist as a result of which any of the Pricing Disclosure Package as then amended or
supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (ii) it is
necessary to amend or supplement any of the Pricing Disclosure Package to comply with law, the Company and the Guarantors will promptly notify the Initial Purchasers thereof and promptly prepare and in accordance with Section 3(a) hereof
furnish to the Initial Purchasers such amendments or supplements to any of the Pricing Disclosure Package as may be necessary so that the statements in any of the Pricing Disclosure Package as so amended or supplemented will not, in the light of the
circumstances under which they were made, be misleading or so that any of the Pricing Disclosure Package will comply with all applicable law. If, prior to the completion of the placement of the Securities by the Initial Purchasers with the
Subsequent Purchasers, any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Final Offering Memorandum, as then amended or supplemented, in order to make the statements therein, in the light of the
circumstances when the Final Offering Memorandum is delivered to a Subsequent Purchaser, not misleading, or if in the judgment of the Representative or counsel for the Initial Purchasers it is otherwise necessary to amend or supplement the Final
Offering Memorandum to comply with law, the Company and the 

  
 19 

 
Guarantors agree to promptly prepare (subject to Section 3 hereof), file with the Commission (with respect to documents incorporated by reference) and furnish at its own expense to the
Initial Purchasers, amendments or supplements to the Final Offering Memorandum so that the statements in the Final Offering Memorandum as so amended or supplemented will not, in the light of the circumstances at the Closing Date and at the time of
sale of Securities, be misleading or so that the Final Offering Memorandum, as amended or supplemented, will comply with all applicable law. 
 The Company hereby expressly acknowledges that the indemnification and contribution provisions of Sections 8 and 9 hereof are specifically applicable and relate to each offering memorandum, amendment
or supplement referred to in this Section 3. 
 (c) Copies of the Offering Memorandum. The Company
agrees to furnish the Initial Purchasers, without charge, as many copies of the Pricing Disclosure Package and the Final Offering Memorandum and any amendments and supplements thereto as they shall reasonably request. 

(d) Blue Sky Compliance. Each of the Company and the Guarantors shall cooperate with the Representative and counsel
for the Initial Purchasers to qualify or register (or to obtain exemptions from qualifying or registering) all or any part of the Securities for offer and sale under the securities laws of the several states of the United States, the provinces of
Canada or any other jurisdictions designated by the Representative, shall comply with such laws and shall continue such qualifications, registrations and exemptions in effect for so long as required for the distribution of the Securities. None of
the Company or any of the Guarantors shall be required to qualify as a foreign corporation or to take any action that would subject it to general service of process in any such jurisdiction where it is not presently qualified or where it would be
subject to taxation as a foreign corporation. The Company will advise the Representative promptly of the suspension of the qualification or registration of (or any such exemption relating to) the Securities for offering, sale or trading in any
jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification, registration or exemption, each of the Company and the Guarantors shall use its
commercially reasonable efforts to obtain the withdrawal thereof at the earliest possible moment. 
 (e) Use
of Proceeds. The Company shall apply the net proceeds from the sale of the Securities sold by it in the manner described under the caption “Use of Proceeds” in the Pricing Disclosure Package. 

(f) The Depositary. The Company will cooperate with the Initial Purchasers and use its commercially reasonable
efforts to permit the Securities to be eligible for clearance and settlement through the facilities of the Depositary. 
 (g) Additional Issuer Information. Prior to the completion of the placement of the Securities by the Initial Purchasers with the Subsequent Purchasers, the Company shall file, on a timely basis,
with the Commission and the New York Stock Exchange (the “NYSE”) all reports and documents required to be filed under Section 13 or 15 of the 

  
 20 

 
Exchange Act. Additionally, while any of the Securities are “restricted securities” within the meaning of Rule 144 under the Securities Act, at any time when the Company is not subject
to Section 13 or 15 of the Exchange Act, for the benefit of holders and beneficial owners from time to time of the Securities, the Company shall furnish, at its expense, upon request, to holders and beneficial owners of Securities and
prospective purchasers of Securities information (“Additional Issuer Information”) satisfying the requirements of Rule 144A(d)(4). 
 (h) Agreement Not To Offer or Sell Additional Securities. During the period of 90 days following the date hereof, the Company will not, without the prior written consent of Merrill Lynch, Pierce,
Fenner & Smith Incorporated (which consent may be withheld at the sole discretion of Merrill Lynch, Pierce, Fenner & Smith Incorporated), directly or indirectly, sell, offer, contract or grant any option to sell, pledge, transfer
or establish an open “put equivalent position” within the meaning of Rule 16a-1 under the Exchange Act, or otherwise dispose of or transfer, or announce the offering of, or file any registration statement under the Securities Act in
respect of, any debt securities of the Company or securities exchangeable for or convertible into debt securities of the Company (other than as contemplated by this Agreement and to register the Exchange Securities). 

(i) Future Reports to the Initial Purchasers. At any time when the Company is not subject to Section 13 or 15
of the Exchange Act and while any of the Notes are “restricted securities” within the meaning of Rule 144 under the Securities Act, the Company will furnish at its expense upon request by the Initial Purchasers information satisfying the
requirements of Rule 144A(d)(4) under the Securities Act. 
 (j) No Integration. The Company agrees that
it will not and will cause its Affiliates not to make any offer or sale of securities of the Company of any class if, as a result of the doctrine of “integration” referred to in Rule 502 under the Securities Act, such offer or sale would
render invalid (for the purpose of (i) the sale of the Securities by the Company to the Initial Purchasers, (ii) the resale of the Securities by the Initial Purchasers to Subsequent Purchasers or (iii) the resale of the Securities by
such Subsequent Purchasers to others) the exemption from the registration requirements of the Securities Act provided by Section 4(2) thereof or by Rule 144A or by Regulation S thereunder or otherwise. 

(k) No General Solicitation or Directed Selling Efforts. The Company agrees that it will not and will not permit
any of its Affiliates or any other person acting on its or their behalf (other than the Initial Purchasers and their Affiliates, as to which no covenant is given) to (i) solicit offers for, or offer or sell, the Securities by means of any form
of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act or (ii) engage in any directed selling
efforts with respect to the Securities within the meaning of Regulation S, and the Company will and will cause any of its Affiliates or any other person acting on its or their behalf (other than the Initial Purchasers and their Affiliates, as to
which no covenant is given) to comply with the offering restrictions requirement of Regulation S with respect to the Securities. 

  
 21 

 (l) No Restricted Resales. For a period of one year after the Closing
Date, the Company will not, and will not permit, to the extent it has an ability to do so, any of its “affiliates” (as defined in Rule 144 under the Securities Act) to resell any of the Notes, which constitute “restricted
securities” under Rule 144, that have been reacquired by any of them. 
 (m) Legended Securities.
Each certificate for a Note will bear the legend substantially in the form contained in “Notice to Investors” in the Preliminary Offering Memorandum for the time period and upon the other terms stated in the Preliminary Offering
Memorandum. 
 The Representative on behalf of the several Initial Purchasers, may, in its sole discretion, waive in writing the
performance by the Company or any Guarantor of any one or more of the foregoing covenants or extend the time for their performance. 
 SECTION 4. Payment of Expenses. Each of the Company and the Guarantors agrees to pay or cause to be paid all costs, fees and expenses incurred in connection with the performance of its obligations
hereunder and in connection with the transactions contemplated hereby, including, without limitation, (i) all expenses incident to the issuance and delivery of the Securities to the Initial Purchasers (including all printing and engraving
costs), (ii) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Securities to the Initial Purchasers, (iii) all fees and expenses of the Company’s and the Guarantors’ counsel,
independent public or certified public accountants and other advisors, (iv) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Pricing Disclosure Package and the Final Offering
Memorandum (including financial statements and exhibits), and all amendments and supplements thereto, and the Notes and Guarantees, (v) all filing fees, reasonable attorneys’ fees and expenses incurred by the Company, the Guarantors or the
Initial Purchasers in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Securities for offer and sale under the securities laws of the several states of the United
States, the provinces of Canada or other jurisdictions designated by the Initial Purchasers (including, without limitation, the cost of preparing, printing and mailing preliminary and final blue sky or legal investment memoranda and any related
supplements to the Pricing Disclosure Package or the Final Offering Memorandum, (vi) the fees and expenses of the Trustee, including the reasonable fees and disbursements of counsel for the Trustee in connection with the Indenture, the
Securities and the Exchange Securities, (vii) any fees payable in connection with the rating of the Securities or the Exchange Securities with the ratings agencies, (viii) any filing fees incident to, and any reasonable fees and
disbursements of counsel to the Initial Purchasers in connection with the review by FINRA, if any, of the terms of the sale of the Securities or the Exchange Securities, (ix) all fees and expenses incurred with respect to the negotiating and
disclosing the interests contemplated by the Escrow Agreement (including the fees and expenses of counsel to the Initial Purchasers with respect thereto), (x) all fees and expenses (including reasonable fees and expenses of counsel) of the
Company and the Guarantors in connection with approval of the Securities by the Depositary for “book-entry” transfer, and the performance by the Company and the Guarantors of their respective other obligations under this Agreement and
(xi) all expenses incident to the “road show” for the offering of the Securities by the Company. Except as provided in this Section 4 and Sections 6, 8 and 9 

  
 22 

 
hereof, the Initial Purchasers shall pay their own expenses, including the fees and disbursements of their counsel and transfer taxes payable on resales of any of the Securities by them.

 SECTION 5. Conditions of the Obligations of the Initial Purchasers. The obligations of the several Initial Purchasers
to purchase and pay for the Securities as provided herein on the Closing Date shall be subject to the accuracy of the representations and warranties on the part of the Company and the Guarantors set forth in Section 1 hereof as of the date
hereof and as of the Closing Date as though then made and to the timely performance by the Company of its covenants and other obligations hereunder, and to each of the following additional conditions: 

(a) Accountants’ Comfort Letter. On the date hereof, the Initial Purchasers shall have received from Ernst and
Young LLP a “comfort letter” dated the date hereof addressed to the Initial Purchasers, in form and substance satisfactory to the Representative, covering the financial information included or incorporated by reference in the Pricing
Disclosure Package and other customary matters. In addition, on the Closing Date, the Initial Purchasers shall have received from such accountant, a “bring-down comfort letter” dated the Closing Date addressed to the Initial Purchasers, in
form and substance satisfactory to the Representative, in the form of the “comfort letter” delivered on the date hereof, except that (i) it shall cover the financial information in the Final Offering Memorandum and any amendment or
supplement thereto and (ii) procedures shall be brought down to a date no more than 5 days prior to the Closing Date. 
 (b) No Material Adverse Change or Ratings Agency Change. For the period from and after the date of this Agreement and prior to the Closing Date: 

(i) no event or condition of a type described in Section 1(h) hereof shall have occurred or shall exist, which event
or condition is not described in or incorporated by reference in the Offering Memorandum (excluding any amendment or supplement thereto) and the effect of which in the judgment of the Representative makes it impracticable or inadvisable to proceed
with the offering, sale or delivery of the Securities on the Closing Date on the terms and in the manner contemplated by this Agreement and the Offering Memorandum; and 

(ii) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential
downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded the Company or any of its subsidiaries or any of their securities or indebtedness by any “nationally
recognized statistical rating organization” as such term is defined for purposes of Section 3(a)(62) under the Exchange Act. 
 (c) Opinion of Counsel for the Company and the Guarantors. On the Closing Date the Initial Purchasers shall have received the favorable opinion of Dykema Gossett PLLC, counsel for the Company and
the Guarantors, dated as of such Closing Date, the form of which is attached as Exhibit A. 
 (d) Opinion
of Counsel for the Initial Purchasers. On the Closing Date the Initial Purchasers shall have received the favorable opinion of Fried, Frank, Harris, 

  
 23 

 
Shriver & Jacobson LLP, counsel for the Initial Purchasers, dated as of such Closing Date, with respect to such matters as may be reasonably requested by the Initial Purchasers.

 (e) Officers’ Certificate. On the Closing Date, the Initial Purchasers shall have received a
written certificate executed by the Vice Chairman and Chief Financial Officer of the Company and the President, General Counsel or Vice President - Finance of the Company and an authorized officer of each Guarantor, dated as of the Closing Date, to
the effect set forth in Section 5(b)(ii) hereof, and further to the effect that: 
 (i) for the period from
and after the date of this Agreement and prior to the Closing Date there has not occurred any Material Adverse Change; 
 (ii) the representations, warranties and covenants of the Company and the Guarantors set forth in Section 1 hereof were true and correct as of the date hereof and are true and correct as of the
Closing Date with the same force and effect as though expressly made on and as of the Closing Date; and 
 (iii)
each of the Company and the Guarantors has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the Closing Date. 

(f) Chief Financial Officer’s Certificate. On the Closing Date the Initial Purchasers shall have received a
written certificate executed by the the Vice Chairman and Chief Financial Officer of the Company, dated as of the Closing Date, with respect to certain financial matters as may be reasonably requested by the Initial Purchasers. 

(g) Indenture; Registration Rights Agreement. The Company and the Guarantors shall have executed and delivered the
Indenture, in form and substance reasonably satisfactory to the Initial Purchasers, and the Initial Purchasers shall have received executed copies thereof. The Company and the Guarantors shall have executed and delivered the Registration Rights
Agreement, in form and substance reasonably satisfactory to the Initial Purchasers, and the Initial Purchasers shall have received such executed counterparts. 
 (h) Escrow Agreement. On the Closing Date, (i) the Company, the Trustee and the Escrow Agent shall have executed and delivered the Escrow Agreement, in form and substance reasonably
satisfactory to the Initial Purchasers, and the Initial Purchasers shall have received executed copies thereof and (ii) the Escrow Proceeds equal to the Escrow Redemption Amount shall have been deposited with the Escrow Agent in accordance with
the Escrow Agreement. 
 (i) Additional Documents. On or before the Closing Date, the Initial Purchasers
and counsel for the Initial Purchasers shall have received such information, documents and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Securities as contemplated herein, or in

  
 24 

 
order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained. 

If any condition specified in this Section 5 is not satisfied when and as required to be satisfied, this Agreement may be terminated
by the Representative by written notice to the Company at any time on or prior to the Closing Date, which termination shall be without liability on the part of any party to any other party, except that Sections 4, 6, 8 and 9 hereof shall at all
times be effective and shall survive such termination. 
 SECTION 6. Reimbursement of Initial Purchasers’ Expenses.
If this Agreement is terminated by the Representative pursuant to Section 5 or 10(i)(a) or 10(iv) hereof, including if the sale to the Initial Purchasers of the Securities on the Closing Date is not consummated because of any refusal, inability
or failure on the part of the Company to perform any agreement herein or to comply with any provision hereof, the Company agrees to reimburse the Initial Purchasers, severally, upon demand for all out-of-pocket expenses that shall have been
reasonably incurred by the Initial Purchasers in connection with the proposed purchase and the offering and sale of the Securities, including, without limitation, reasonable fees and disbursements of counsel, printing expenses, travel expenses,
postage, facsimile and telephone charges. 
 SECTION 7. Offer, Sale and Resale Procedures. Each of the Initial
Purchasers, on the one hand, and the Company and each of the Guarantors, on the other hand, hereby agree to observe the following procedures in connection with the offer and sale of the Securities: 

(a) Offers and sales of the Securities will be made only by the Initial Purchasers or Affiliates thereof qualified to do
so in the jurisdictions in which such offers or sales are made. Each such offer or sale shall only be made to persons whom the offeror or seller reasonably believes to be Qualified Institutional Buyers and in accordance with Rule 144A under the
Securities Act or non-U.S. persons outside the United States to whom the offeror or seller reasonably believes offers and sales of the Securities may be made in reliance upon Regulation S and in accordance with applicable laws upon the terms and
conditions set forth in Annex I hereto, which Annex I is hereby expressly made a part hereof. 
 (b) The
Securities will be offered by approaching prospective Subsequent Purchasers on an individual basis. No general solicitation or general advertising (within the meaning of Rule 502 under the Securities Act) will be used in the United States in
connection with the offering of the Securities. 
 (c) Upon original issuance by the Company, and until such time
as the same is no longer required under the applicable requirements of the Securities Act, the Notes (and all securities issued in exchange therefor or in substitution thereof, other than the Exchange Notes) shall bear a legend substantially in the
form contained in “Notice to Investors” in the Preliminary Offering Memorandum for the time period and upon the other terms stated in the Preliminary Offering Memorandum. 

Following the sale of the Securities by the Initial Purchasers to Subsequent Purchasers pursuant to the terms hereof, the Initial
Purchasers shall not be liable or responsible to the Com-

  
 25 

 
pany for any losses, damages or liabilities suffered or incurred by the Company, including any losses, damages or liabilities under the Securities Act, arising from or relating to any resale or
transfer of any Security by such Subsequent Purchaser. 
 SECTION 8. Indemnification. 

(a) Indemnification of the Initial Purchasers. Each of the Company and the Guarantors, jointly and severally, agrees to indemnify
and hold harmless each Initial Purchaser, its affiliates, directors, officers and employees, and each person, if any, who controls any Initial Purchaser within the meaning of the Securities Act and the Exchange Act against any loss, claim, damage,
liability or expense, as incurred, to which such Initial Purchaser, affiliate, director, officer, employee or controlling person may become subject, under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, or
at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of the Company or does not require the consent of the Company as contemplated in Section 8(d)), insofar as such loss,
claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, the
Pricing Supplement, any Company Additional Written Communication or the Final Offering Memorandum (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; and to reimburse each Initial Purchaser and each such director, officer, employee or controlling person for any and all expenses (including the reasonable fees
and disbursements of counsel chosen by Merrill Lynch, Pierce, Fenner & Smith Incorporated) as such expenses are reasonably incurred by such Initial Purchaser or such director, officer, employee or controlling person in connection with
investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action; provided, however, that the foregoing indemnity agreement shall not apply, with respect to an Initial Purchaser, to any loss,
claim, damage, liability or expense to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information
furnished to the Company by or on behalf of such Initial Purchaser through the Representative expressly for use in the Preliminary Offering Memorandum, the Pricing Supplement, any Company Additional Written Communication or the Final Offering
Memorandum (or any amendment or supplement thereto). The indemnity agreement set forth in this Section 8(a) shall be in addition to any liabilities that the Company may otherwise have. 

(b) Indemnification of the Company and the Guarantors. Each Initial Purchaser agrees, severally and not jointly, to indemnify and
hold harmless the Company, each Guarantor, each of their respective Affiliates, directors, officers and employees and each person, if any, who controls the Company or any Guarantor within the meaning of the Securities Act or the Exchange Act,
against any loss, claim, damage, liability or expense, as incurred, to which the Company, any Guarantor or any such Affiliate, director, officer or employee or controlling person may become subject, under the Securities Act, the Exchange Act, or
other federal or state statutory law or regulation, or at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of such Initial Purchaser or does not
re-

  
 26 

 
quire the consent of such Initial Purchaser as contemplated in Section 8(d)), insofar as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below)
arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, the Pricing Supplement, any Company Additional Written Communication or the Final Offering
Memorandum (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in
each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Preliminary Offering Memorandum, the Pricing Supplement, any Company Additional Written
Communication or the Final Offering Memorandum (or any amendment or supplement thereto), in reliance upon and in conformity with written information furnished to the Company by or on behalf of any Initial Purchaser through the Representative
expressly for use therein; and to reimburse the Company, any Guarantor and each such director, officer or employee or controlling person for any and all expenses (including the reasonable fees and disbursements of counsel) as such expenses are
reasonably incurred by the Company, any Guarantor or such director, officer or employee or controlling person in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action.
Each of the Company and the Guarantors hereby acknowledges that the only information that the Initial Purchasers through the Representative have furnished to the Company expressly for use in the Preliminary Offering Memorandum, the Pricing
Supplement, any Company Additional Written Communication or the Final Offering Memorandum (or any amendment or supplement thereto) are the statements set forth in the sixth paragraph and the third sentence in the seventh paragraph under the caption
“Plan of Distribution” in the Preliminary Offering Memorandum and the Final Offering Memorandum. The indemnity agreement set forth in this Section 8(b) shall be in addition to any liabilities that each Initial Purchaser may otherwise
have. 
 (c) Notifications and Other Indemnification Procedures. Promptly after receipt by an indemnified party under
this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 8, notify the indemnifying party in writing of the
commencement thereof, but the omission so to notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party hereunder for contribution or otherwise under the indemnity agreement contained in this
Section 8 or to the extent it is not materially prejudiced (through the forfeiture of substantive rights and defenses) as a result of such failure and shall not relieve the indemnifying party from any liability that the indemnifying party may
have to an indemnified party otherwise than under the provisions of this Section 8 and Section 9. In case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity from an
indemnifying party, the indemnifying party will be entitled to participate in and, to the extent that it shall elect, jointly with all other indemnifying parties similarly notified, by written notice delivered to the indemnified party promptly after
receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action include both the indemnified party and
the indemnifying party and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be
legal de-

  
 27 

 
fenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right
to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of such
indemnifying party’s election so to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this Section 8 for any legal or other
expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the immediately preceding sentence (it being
understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel (in each jurisdiction)), approved by the indemnifying party (Merrill Lynch, Pierce,
Fenner & Smith Incorporated in the case of Sections 8(b) and 9 hereof), representing the indemnified parties who are parties to such action) or (ii) the indemnifying party shall not have employed counsel reasonably satisfactory to
the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action, in each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party. 

(d) Settlements. The indemnifying party under this Section 8 shall not be liable for any settlement of any proceeding
effected without its written consent, which will not be unreasonably withheld, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party against any loss,
claim, damage, liability or expense by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and
expenses of counsel as contemplated by this Section 8, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days
after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party
shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is or could
have been a party and indemnity was or could have been sought hereunder by such indemnified party, unless such settlement, compromise or consent (i) includes an unconditional release of such indemnified party from all liability on claims that
are the subject matter of such action, suit or proceeding and (ii) does not include any statements as to or any findings of fault, culpability or failure to act by or on behalf of any indemnified party. 

SECTION 9. Contribution. If the indemnification provided for in Section 8 hereof is for any reason held to be unavailable to
or otherwise insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount paid or payable by such
indemnified party, as incurred, as a result of any losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors, on the
one hand, and the Initial Purchasers, on the other hand, from the offering of the Securities pursuant to this Agreement or (ii) if the allocation pro-

  
 28 

 
vided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the
relative fault of the Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any
other relevant equitable considerations. The relative benefits received by the Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, in connection with the offering of the Securities pursuant to this Agreement
shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities pursuant to this Agreement (before deducting expenses but after deducting discounts and commissions) received by the Company, and
the total discounts and commissions received by the Initial Purchasers bear to the aggregate initial offering price of the Securities. The relative fault of the Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other
hand, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company and the
Guarantors, on the one hand, or the Initial Purchasers, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be
deemed to include, subject to the limitations set forth in Section 8 hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. The provisions set forth in
Section 8 hereof with respect to notice of commencement of any action shall apply if a claim for contribution is to be made under this Section 9; provided, however, that no additional notice shall be required with respect to any action for
which notice has been given under Section 8 hereof for purposes of indemnification. 
 The Company, the Guarantors and the
Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other
method of allocation which does not take account of the equitable considerations referred to in this Section 9. 

Notwithstanding the provisions of this Section 9, no Initial Purchaser shall be required to contribute any amount in excess of the
discount and commission received by such Initial Purchaser in connection with the Securities distributed by it. No person guilty of fraudulent misrepresentation (within the meaning of Section 11 of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers’ obligations to contribute pursuant to this Section 9 are several, and not joint, in proportion to their respective commitments as
set forth opposite their names in Schedule A. For purposes of this Section 9, each director, officer and employee of an Initial Purchaser and each person, if any, who controls an Initial Purchaser within the meaning of the Securities Act and
the Exchange Act shall have the same rights to contribution as such Initial Purchaser, and each director, officer and employee of the Company or any Guarantor, and each person, if any, who controls the Company or any Guarantor with the meaning of
the Securities Act and the Exchange Act shall have the same rights to contribution as the Company and the Guarantors. 

  
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 SECTION 10. Termination of this Agreement. From and after the date hereof and prior
to the Closing Date, this Agreement may be terminated by the Representative by notice given to the Company if at any time: (i) (a) trading or quotation in any of the Company’s securities shall have been suspended or materially limited
by the Commission or by the NYSE, or (b) trading in securities generally on either the Nasdaq Stock Market or the NYSE shall have been suspended or materially limited, or minimum or maximum prices shall have been generally established on any of
such quotation system or stock exchange by the Commission or FINRA; (ii) a general banking moratorium shall have been declared by any federal or New York authorities; (iii) there shall have occurred any outbreak or escalation of national
or international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development involving a prospective substantial change in United States’ or
international political, financial or economic conditions, as in the judgment of the Representative is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the Closing
Date in the manner and on the terms described in the Pricing Disclosure Package or (iv) in the judgment of the Representative there shall have occurred any Material Adverse Change. Any termination pursuant to this Section 10 shall be
without liability on the part of (i) the Company or any Guarantor to any Initial Purchaser, except that the Company and the Guarantors shall be obligated to reimburse the expenses of the Initial Purchasers pursuant to Sections 4 and 6
hereof, (ii) any Initial Purchaser to the Company, or (iii) any party hereto to any other party except that the provisions of Sections 8 and 9 hereof shall at all times be effective and shall survive such termination. 

SECTION 11. Representations and Indemnities to Survive Delivery. The respective indemnities, agreements, representations,
warranties and other statements of the Company, the Guarantors, their respective officers (set forth in a certificate delivered pursuant hereto) and the several Initial Purchasers set forth in or made pursuant to this Agreement will remain in full
force and effect, regardless of any investigation made by or on behalf of any Initial Purchaser, the Company, any Guarantor or any of their respective partners, officers or directors or any controlling person, or any Affiliate of an Initial
Purchaser, the Company or any Guarantor, as the case may be, and will survive delivery of and payment for the Securities sold hereunder and any termination of this Agreement. 
 SECTION 12. Notices. All communications hereunder shall be in writing and shall be mailed, hand delivered, couriered or facsimiled and confirmed to the parties hereto as follows: 

If to the Initial Purchasers: 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 50 Rockefeller Plaza

 New York, New York 10020 
 Facsimile: (212) 901-7897 
 Attention: HY Legal Department 

with a copy to: 

Fried, Frank, Harris, Shriver & Jacobson LLP 
 One New York Plaza 

  
 30 

 New York, New York 10004 

Facsimile: (212) 859-4000 
 Attention: Stuart Gelfond 
 If to the Company or the Guarantors: 

Sonic Automotive, Inc. 
 4401 Colwick Road 
 Charlotte, North Carolina 28211 

Facsimile: (704) 536-4665 
 Attention: Stephen K. Coss, Esq. Senior Vice President and General Counsel 
 Any
party hereto may change the address or facsimile number for receipt of communications by giving written notice to the others. 

SECTION 13. Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit of
the indemnified parties referred to in Sections 8 and 9 hereof, and in each case their respective successors, and no other person will have any right or obligation hereunder. The term “successors” shall not include any Subsequent
Purchaser or other purchaser of the Securities as such from any of the Initial Purchasers merely by reason of such purchase. 

SECTION 14. Authority of the Representative. Any action by the Initial Purchasers hereunder may be taken by Merrill Lynch, Pierce,
Fenner & Smith Incorporated on behalf of the Initial Purchasers, and any such action taken by Merrill Lynch, Pierce, Fenner & Smith Incorporated shall be binding upon the Initial Purchasers. 

SECTION 15. Partial Unenforceability. The invalidity or unenforceability of any section, paragraph or provision of this Agreement
shall not affect the validity or enforceability of any other section, paragraph or provision hereof. If any section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be
made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. 
 SECTION 16.
Governing Law Provisions. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF. 
 (a) Consent to
Jurisdiction. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby (“Related Proceedings”) may be instituted in the federal courts of the United States of
America located in the City and County of New York or the courts of the State of New York in each case located in the City and County of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the
exclusive jurisdiction (except for suits, actions, or proceedings instituted in regard to the 

  
 31 

 
enforcement of a judgment of any Specified Court in a Related Proceeding, as to which such jurisdiction is non-exclusive) of the Specified Courts in any Related Proceeding. Service of any
process, summons, notice or document by mail to such party’s address set forth above shall be effective service of process for any Related Proceeding brought in any Specified Court. The parties irrevocably and unconditionally waive any
objection to the laying of venue of any Specified Proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any Specified Court that any Related Proceeding brought in any Specified Court has been
brought in an inconvenient forum. 
 SECTION 17. Default of One or More of the Several Initial Purchasers. If any one or
more of the several Initial Purchasers shall fail or refuse to purchase Securities that it or they have agreed to purchase hereunder on the Closing Date, and the aggregate principal amount of Securities which such defaulting Initial Purchaser or
Initial Purchasers agreed but failed or refused to purchase does not exceed 10% of the aggregate principal amount of the Securities to be purchased on such date, the other Initial Purchasers shall be obligated, severally, in the proportions that the
aggregate principal amount of Securities set forth opposite their respective names on Schedule A bears to the aggregate principal amount of Securities set forth opposite the names of all such non-defaulting Initial Purchasers, or in such other
proportions as may be specified by the Initial Purchasers with the consent of the non-defaulting Initial Purchasers, to purchase the Securities which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase on
the Closing Date. If any one or more of the Initial Purchasers shall fail or refuse to purchase Securities and the aggregate principal amount of Securities with respect to which such default occurs exceeds 10% of the aggregate principal amount of
Securities to be purchased on the Closing Date, and arrangements satisfactory to the Initial Purchasers and the Company for the purchase of such Securities are not made within 48 hours after such default, this Agreement shall terminate without
liability of any party (other than any such defaulting Initial Purchaser) to any other party except that the provisions of Sections 4, 6, 8 and 9 hereof shall at all times be effective and shall survive such termination. In any such case either
the Initial Purchasers or the Company shall have the right to postpone the Closing Date, as the case may be, but in no event for longer than seven days in order that the required changes, if any, to the Final Offering Memorandum or any other
documents or arrangements may be effected. 
 As used in this Agreement, the term “Initial Purchaser” shall be
deemed to include any person substituted for a defaulting Initial Purchaser under this Section 17. Any action taken under this Section 17 shall not relieve any defaulting Initial Purchaser from liability in respect of any default of such
Initial Purchaser under this Agreement. 
 SECTION 18. No Advisory or Fiduciary Responsibility. Each of the Company and
the Guarantors acknowledges and agrees that: (i) the purchase and sale of the Securities pursuant to this Agreement, including the determination of the offering price of the Securities and any related discounts and commissions, is an
arm’s-length commercial transaction between the Company and the Guarantors, on the one hand, and the several Initial Purchasers, on the other hand, and the Company and the Guarantors are capable of evaluating and understanding and understand
and accept the terms, risks and conditions of the transactions contemplated by this Agreement; (ii) in connection with each transaction contemplated hereby and the process leading to such transaction each Initial Purchaser is and has been
acting solely as a principal and is not the 

  
 32 

 
agent or fiduciary of the Company, and the Guarantors or their respective affiliates, stockholders, creditors or employees or any other party; (iii) no Initial Purchaser has assumed or will
assume an advisory or fiduciary responsibility in favor of the Company and the Guarantors with respect to any of the transactions contemplated hereby or the process leading thereto (irrespective of whether such Initial Purchaser has advised or is
currently advising the Company and the Guarantors on other matters) or any other obligation to the Company and the Guarantors except the obligations expressly set forth in this Agreement; (iv) the several Initial Purchasers and their respective
affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company and the Guarantors and that the several Initial Purchasers have no obligation to disclose any of such interests by virtue of any
fiduciary or advisory relationship; and (v) the Initial Purchasers have not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby and the Company and the Guarantors have consulted their own
legal, accounting, regulatory and tax advisors to the extent they deemed appropriate. 
 This Agreement supersedes all prior
agreements and understandings (whether written or oral) between the Company, the Guarantors and the several Initial Purchasers, or any of them, with respect to the subject matter hereof. The Company and the Guarantors hereby waive and release, to
the fullest extent permitted by law, any claims that the Company and the Guarantors may have against the several Initial Purchasers with respect to any breach or alleged breach of fiduciary duty with respect to the subject matter hereof. 

SECTION 19. General Provisions. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes
all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by telecopier, facsimile or other electronic transmission (i.e., a “pdf” or
“tif”) shall be effective as delivery of a manually executed counterpart thereof. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived
unless waived in writing by each party whom the condition is meant to benefit. The section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement. 

  
 33 

 If the foregoing is in accordance with your understanding of our agreement, kindly sign and
return to the Company the enclosed copies hereof, whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms. 

 

					
	Very truly yours,
	
	SONIC AUTOMOTIVE, INC.
		
	By:	 	 /s/ David P. Cosper

		 	Name:	 	David P. Cosper
		 	Title:	 	Vice Chairman and CFO
	
	The Guarantors:
	
	ADI OF THE SOUTHEAST LLC (a South Carolina limited liability company)
	ANTREV, LLC (a North Carolina limited liability company)
	ARNGAR, INC. (a North Carolina corporation)
	AUTOBAHN, INC. (a California corporation)
	AVALON FORD, INC. (a Delaware corporation)
	CASA FORD OF HOUSTON, INC. (a Texas corporation)
	CORNERSTONE ACCEPTANCE CORPORATION (a Florida corporation)
	FAA AUTO FACTORY, INC. (a California corporation)
	FAA BEVERLY HILLS, INC. (a California corporation)
	FAA CAPITOL F, INC. (a California corporation)
	 FAA CAPITOL N, INC. (a California corporation)

	 FAA CONCORD H, INC. (a California corporation)

	FAA CONCORD N, INC. (a California corporation)
	FAA CONCORD T, INC. (a California corporation)
	FAA DUBLIN N, INC. (a California corporation)
	FAA DUBLIN VWD, INC. (a California corporation)
	FAA HOLDING CORP. (a California corporation)
	FAA LAS VEGAS H, INC. (a Nevada corporation)
	FAA MARIN F, INC. (a California corporation)
	FAA MARIN LR, INC. (a California corporation)
	FAA POWAY G, INC. (a California corporation)
	FAA POWAY H, INC. (a California corporation)
	FAA POWAY T, INC. (a California corporation)
	FAA SAN BRUNO, INC. (a California corporation)
	FAA SANTA MONICA V, INC. (a California corporation)
	FAA SERRAMONTE, INC. (a California corporation)
	FAA SERRAMONTE H, INC. (a California corporation)
	FAA SERRAMONTE L, INC. (a California corporation)
	FAA STEVENS CREEK, INC. (a California corporation)
	FAA TORRANCE CPJ, INC. (a California corporation)
	FIRSTAMERICA AUTOMOTIVE, INC. (a Delaware corporation)

  
 [Signature
Page to Purchase Agreement] 

					
	FORT MILL FORD, INC. (a South Carolina corporation)
	FORT MYERS COLLISION CENTER, LLC (a Florida limited liability company)
	FRANCISCAN MOTORS, INC. (a California corporation)
	FRANK PARRA AUTOPLEX, INC. (a Texas corporation)
	FRONTIER OLDSMOBILE – CADILLAC, INC. (a North Carolina corporation)
	HMC FINANCE ALABAMA, INC. (an Alabama corporation)
	KRAMER MOTORS INCORPORATED (a California corporation)
	L DEALERSHIP GROUP, INC. (a Texas corporation)
	MARCUS DAVID CORPORATION (a North Carolina corporation)
	MASSEY CADILLAC, INC. (a Tennessee corporation)
	MASSEY CADILLAC, INC. (a Texas corporation)
	MOUNTAIN STATES MOTORS CO., INC. (a Colorado corporation)
	ROYAL MOTOR COMPANY, INC. (an Alabama corporation)
	SAI AL HC1, INC. (an Alabama corporation)
	SAI AL HC2, INC. (an Alabama corporation), on behalf of itself and as sole member of:
	 SAI IRONDALE L, LLC (an Alabama limited liability company)

	SAI ANN ARBOR IMPORTS, LLC (a Michigan limited liability company)
	SAI ATLANTA B, LLC (a Georgia limited liability company)
	SAI BEVERLY HILLS INFINITI, INC. (a California corporation)
	SAI BROKEN ARROW C, LLC (an Oklahoma limited liability company)
	SAI CHARLOTTE M, LLC (a North Carolina limited liability company)
	SAI COLUMBUS MOTORS, LLC (an Ohio limited liability company)
	SAI COLUMBUS VWK, LLC (an Ohio limited liability company)
	SAI FL HC1, INC. (a Florida corporation)
	SAI FL HC2, INC. (a Florida corporation), on behalf of itself and as sole member of:
	 SAI CLEARWATER T, LLC (a Florida limited liability company)

	SAI FL HC3, INC. (a Florida corporation)
	SAI FL HC4, INC. (a Florida corporation)
	SAI FL HC5, INC. (a Florida corporation)
	SAI FL HC6, INC. (a Florida corporation)
	SAI FL HC7, INC. (a Florida corporation)
	SAI FORT MYERS B, LLC (a Florida limited liability company)
	SAI FORT MYERS H, LLC (a Florida limited liability company)

  
 [Signature
Page to Purchase Agreement] 

					
	SAI FORT MYERS M, LLC (a Florida limited liability company)
	SAI FORT MYERS VW, LLC (a Florida limited liability company)
	SAI IRONDALE IMPORTS, LLC (an Alabama limited liability company)
	SAI LANSING CH, LLC (a Michigan limited liability company)
	SAI LONG BEACH B, INC. (a California corporation)
	SAI MD HC1, INC. (a Maryland corporation), on behalf of itself and as sole member of:
	 SAI ROCKVILLE L, LLC (a Maryland limited liability company)

	SAI MONROVIA B, INC. (a California corporation)
	SAI MONTGOMERY B, LLC (an Alabama limited liability company)
	SAI MONTGOMERY BCH, LLC (an Alabama limited liability company)
	SAI MONTGOMERY CH, LLC (an Alabama limited liability company)
	SAI NASHVILLE CSH, LLC (a Tennessee limited liability company)
	SAI NASHVILLE H, LLC (a Tennessee limited liability company)
	SAI NASHVILLE M, LLC (a Tennessee limited liability company)
	SAI NASHVILLE MOTORS, LLC (a Tennessee limited liability company)
	SAI NC HC2, INC. (a North Carolina corporation)
	SAI OH HC1, INC. (an Ohio corporation)
	SAI OK HC1, INC. (an Oklahoma corporation), on behalf of itself and as sole member of the following entities:
	 SAI OKLAHOMA CITY C, LLC (an Oklahoma limited liability company)

	 SAI OKLAHOMA CITY T, LLC (an Oklahoma limited liability company)

	 SAI TULSA T, LLC (an Oklahoma limited liability company)

	SAI OKLAHOMA CITY H, LLC (an Oklahoma limited liability company)
	SAI ORLANDO CS, LLC (a Florida limited liability company)
	SAI PEACHTREE, LLC (a Georgia limited liability company)
	SAI PLYMOUTH C, LLC (a Michigan limited liability company)
	SAI RIVERSIDE C, LLC (an Oklahoma limited liability company)
	SAI ROCKVILLE IMPORTS, LLC (a Maryland limited liability company)
	SAI SANTA CLARA K, INC. (a California corporation)
	SAI TN HC1, LLC (a Tennessee limited liability company)

  
 [Signature
Page to Purchase Agreement] 

					
	SAI TN HC2, LLC (a Tennessee limited liability company)
	SAI TN HC3, LLC (a Tennessee limited liability company)
	SAI TULSA N, LLC (an Oklahoma limited liability company)
	SAI VA HC1, INC. (a Virginia corporation)
	SANTA CLARA IMPORTED CARS, INC. (a California corporation)
	SONIC AGENCY, INC. (a Michigan corporation)
	SONIC AUTOMOTIVE F&I, LLC (a Nevada limited liability company)
	SONIC AUTOMOTIVE OF CHATTANOOGA, LLC (a Tennessee limited liability company)
	SONIC AUTOMOTIVE OF NASHVILLE, LLC (a Tennessee limited liability company)
	SONIC AUTOMOTIVE OF NEVADA, INC. (a Nevada corporation), on behalf of itself and as sole member of:
	 SAI GEORGIA, LLC (a Georgia limited liability company), on behalf of itself and as general partner of the following
entities:

	 SAI GA HC1, LP (a Georgia limited partnership), on behalf of itself and as sole member of:

	 SAI STONE MOUNTAIN T, LLC (a Georgia limited liability company)

	 SONIC PEACHTREE INDUSTRIAL BLVD., L.P. (a Georgia limited partnership)

	 SONIC – STONE MOUNTAIN T, L.P. (a Georgia limited partnership)

	 SRE GEORGIA – 1, L.P. (a Georgia limited partnership)

	 SRE GEORGIA – 2, L.P. (a Georgia limited partnership)

	 SRE GEORGIA – 3, L.P. (a Georgia limited partnership)

	SONIC AUTOMOTIVE SUPPORT, LLC (a Nevada limited liability company)
	SONIC AUTOMOTIVE WEST, LLC (a Nevada limited liability company)
	SONIC AUTOMOTIVE – 1495 AUTOMALL DRIVE, COLUMBUS, INC. (an Ohio corporation)
	SONIC AUTOMOTIVE – 1720 MASON AVE., DB, INC. (a Florida corporation)
	SONIC AUTOMOTIVE – 1720 MASON AVE., DB, LLC (a Florida limited liability company)
	SONIC AUTOMOTIVE 2424 LAURENS RD., GREENVILLE, INC. (a South Carolina corporation)
	SONIC AUTOMOTIVE – 2490 SOUTH LEE HIGHWAY, LLC (a Tennessee limited liability company)
	SONIC AUTOMOTIVE 2752 LAURENS RD., GREENVILLE, INC. (a South Carolina corporation)
	SONIC AUTOMOTIVE – 3700 WEST BROAD STREET, COLUMBUS, INC. (an Ohio corporation)

  
 [Signature
Page to Purchase Agreement] 

					
	SONIC AUTOMOTIVE – 4000 WEST BROAD STREET, COLUMBUS, INC. (an Ohio corporation)
	SONIC AUTOMOTIVE 5260 PEACHTREE INDUSTRIAL BLVD., LLC (a Georgia limited liability company)
	SONIC AUTOMOTIVE – 6008 N. DALE MABRY, FL, INC. (a Florida corporation)
	SONIC AUTOMOTIVE – 9103 E. INDEPENDENCE, NC, LLC (a North Carolina limited liability company)
	SONIC 2185 CHAPMAN RD., CHATTANOOGA, LLC (a Tennessee limited liability company)
	SONIC – BUENA PARK H, INC. (a California corporation)
	SONIC – CALABASAS A, INC. (a California corporation)
	SONIC CALABASAS M, INC. (a California corporation)
	SONIC – CALABASAS V, INC. (a California corporation)
	SONIC – CAPITOL CADILLAC, INC. (a Michigan corporation)
	SONIC – CAPITOL IMPORTS, INC. (a South Carolina corporation)
	SONIC – CARSON F, INC. (a California corporation)
	SONIC – CARSON LM, INC. (a California corporation)
	SONIC – CHATTANOOGA D EAST, LLC (a Tennessee limited liability company)
	SONIC COAST CADILLAC, INC. (a California corporation)
	SONIC – DENVER T, INC. (a Colorado corporation)
	SONIC – DENVER VOLKSWAGEN, INC. (a Colorado corporation)
	SONIC DEVELOPMENT, LLC (a North Carolina limited liability company)
	SONIC DIVISIONAL OPERATIONS, LLC (a Nevada limited liability company)
	SONIC – DOWNEY CADILLAC, INC. (a California corporation)
	SONIC – ENGLEWOOD M, INC. (a Colorado corporation)
	SONIC ESTORE, INC. (a North Carolina corporation)
	SONIC – FORT MILL CHRYSLER JEEP, INC. (a South Carolina corporation)
	SONIC – FORT MILL DODGE, INC. (a South Carolina corporation)
	SONIC FREMONT, INC. (a California corporation)
	SONIC – HARBOR CITY H, INC. (a California corporation)
	SONIC – INTEGRITY DODGE LV, LLC (a Nevada limited liability company)
	SONIC – LS, LLC (a Delaware limited liability company), on behalf of itself and as general partner of:
	 SONIC – LS CHEVROLET, L.P. (a Texas limited partnership)

	SONIC – LAKE NORMAN CHRYSLER JEEP, LLC (a North Carolina limited liability company)
	SONIC – LAS VEGAS C EAST, LLC (a Nevada limited liability company)

  
 [Signature
Page to Purchase Agreement] 

					
	SONIC – LAS VEGAS C WEST, LLC (a Nevada limited liability company)
	SONIC – LLOYD NISSAN, INC. (a Florida corporation)
	SONIC – LLOYD PONTIAC – CADILLAC, INC. (a Florida corporation)
	SONIC – LONE TREE CADILLAC, INC. (a Colorado corporation)
	SONIC – MANHATTAN FAIRFAX, INC. (a Virginia corporation)
	SONIC – MASSEY CHEVROLET, INC. (a California corporation)
	SONIC – MASSEY PONTIAC BUICK GMC, INC. (a Colorado corporation)
	SONIC – NEWSOME CHEVROLET WORLD, INC. (a South Carolina corporation)
	SONIC – NEWSOME OF FLORENCE, INC. (a South Carolina corporation)
	SONIC – NORTH CHARLESTON, INC. (a South Carolina corporation)
	SONIC – NORTH CHARLESTON DODGE, INC. (a South Carolina corporation)
	SONIC OF TEXAS, INC. (a Texas corporation), on behalf of itself and as general partner of the following entities:
	 PHILPOTT MOTORS, LTD. (a Texas limited partnership)

	 SONIC ADVANTAGE PA, LP (a Texas limited partnership)

	 SONIC AUTOMOTIVE OF TEXAS, L.P. (a Texas limited partnership)

	 SONIC AUTOMOTIVE – 3401 N. MAIN, TX, L.P. (a Texas limited partnership)

	 SONIC AUTOMOTIVE – 4701 I-10 EAST, TX, L.P. (a Texas limited partnership)

	 SONIC AUTOMOTIVE – 5221 I-10 EAST, TX, L.P. (a Texas limited partnership)

	 SONIC – CADILLAC D, L.P. (a Texas limited partnership)

	 SONIC – CAMP FORD, L.P. (a Texas limited partnership)

	 SONIC – CARROLLTON V, L.P. (a Texas limited partnership)

	 SONIC – CLEAR LAKE N, L.P. (a Texas limited partnership)

	 SONIC – CLEAR LAKE VOLKSWAGEN, L.P. (a Texas limited partnership)

	 SONIC – FORT WORTH T, L.P. (a Texas limited partnership)

	 SONIC – FRANK PARRA AUTOPLEX, L.P. (a Texas limited partnership)

	 SONIC HOUSTON JLR, LP (a Texas limited
partnership)

  
 [Signature
Page to Purchase Agreement] 

					
	 SONIC HOUSTON LR, LP (a Texas limited partnership)

	 SONIC – HOUSTON V, L.P. (a Texas limited partnership)

	 SONIC – JERSEY VILLAGE VOLKSWAGEN, L.P. (a Texas limited partnership)

	 SONIC – LUTE RILEY, L. P. (a Texas limited partnership)

	 SONIC – MASSEY CADILLAC, L.P. (a Texas limited partnership)

	 SONIC – MESQUITE HYUNDAI, L.P. (a Texas limited partnership)

	 SONIC MOMENTUM B, L.P. (a Texas limited partnership)

	 SONIC MOMENTUM JVP, L.P. (a Texas limited partnership)

	 SONIC MOMENTUM VWA, L.P. (a Texas limited partnership)

	 SONIC – READING, L.P. (a Texas limited partnership)

	 SONIC – RICHARDSON F, L.P. (a Texas limited partnership)

	 SONIC – SAM WHITE NISSAN, L.P. (a Texas limited partnership)

	 SONIC – UNIVERSITY PARK A, L.P. (a Texas limited partnership)

	 SRE TEXAS – 1, L.P. (a Texas limited partnership)

	 SRE TEXAS – 2, L.P. (a Texas limited partnership)

	 SRE TEXAS – 3, L.P. (a Texas limited partnership)

	 SRE TEXAS – 4, L.P. (a Texas limited partnership)

	 SRE TEXAS – 5, L.P. (a Texas limited partnership)

	 SRE TEXAS – 6, L.P. (a Texas limited partnership)

	 SRE TEXAS – 7, L.P. (a Texas limited partnership)

	 SRE TEXAS – 8, L.P. (a Texas limited partnership)

	SONIC OKEMOS IMPORTS, INC. (a Michigan corporation)
	SONIC – PLYMOUTH CADILLAC, INC. (a Michigan corporation)
	SONIC RESOURCES, INC. (a Nevada corporation)
	SONIC – RIVERSIDE AUTO FACTORY, INC. (an Oklahoma corporation)
	SONIC – SANFORD CADILLAC, INC. (a Florida corporation)
	SONIC SANTA MONICA M, INC. (a California corporation)
	SONIC SANTA MONICA S, INC. (a California corporation)
	SONIC – SATURN OF SILICON VALLEY, INC. (a California corporation)
	SONIC SERRAMONTE I, INC. (a California corporation)
	SONIC – SHOTTENKIRK, INC. (a Florida corporation)
	SONIC – SOUTH CADILLAC, INC. (a Florida corporation)
	SONIC – STEVENS CREEK B, INC. (a California corporation)
	SONIC TYSONS CORNER H, INC. (a Virginia corporation)

  
 [Signature
Page to Purchase Agreement] 

					
	SONIC TYSONS CORNER INFINITI, INC. (a Virginia corporation)
	SONIC – VOLVO LV, LLC (a Nevada limited liability company)
	SONIC WALNUT CREEK M, INC. (a California corporation)
	SONIC – WEST COVINA T, INC. (a California corporation)
	SONIC – WILLIAMS CADILLAC, INC. (an Alabama corporation)
	SONIC WILSHIRE CADILLAC, INC. (a California corporation)
	SRE ALABAMA – 2, LLC (an Alabama limited liability company)
	SRE ALABAMA – 3, LLC (an Alabama limited liability company)
	SRE ALABAMA – 4, LLC (an Alabama limited liability company)
	SRE ALABAMA – 5, LLC (an Alabama limited liability company)
	SREALESTATE ARIZONA – 1, LLC (an Arizona limited liability company)
	SREALESTATE ARIZONA – 2, LLC (an Arizona limited liability company)
	SREALESTATE ARIZONA – 3, LLC (an Arizona limited liability company)
	SREALESTATE ARIZONA – 4, LLC (an Arizona limited liability company)
	SREALESTATE ARIZONA – 5, LLC (an Arizona limited liability company)
	SREALESTATE ARIZONA – 6, LLC (an Arizona limited liability company)
	SREALESTATE ARIZONA – 7, LLC (an Arizona limited liability company)
	SRE CALIFORNIA – 1, LLC (a California limited liability company)
	SRE CALIFORNIA – 2, LLC (a California limited liability company)
	SRE CALIFORNIA – 3, LLC (a California limited liability company)
	SRE CALIFORNIA – 4, LLC (a California limited liability company)
	SRE CALIFORNIA – 5, LLC (a California limited liability company)
	SRE CALIFORNIA – 6, LLC (a California limited liability company)
	SRE CALIFORNIA – 7 SCB, LLC (a California limited liability company)
	SRE CALIFORNIA – 8 SCH, LLC (a California limited liability company)
	SRE CALIFORNIA – 9 BHB, LLC (a California limited liability company)

[Signature Page to Purchase Agreement] 

					
	SRE COLORADO – 1, LLC (a Colorado limited liability company)
	SRE COLORADO – 2, LLC (a Colorado limited liability company)
	SRE COLORADO – 3, LLC (a Colorado limited liability company)
	SRE FLORIDA – 1, LLC (a Florida limited liability company)
	SRE FLORIDA – 2, LLC (a Florida limited liability company)
	SRE FLORIDA – 3, LLC (a Florida limited liability company)
	SRE GEORGIA 4, LLC (a Georgia limited liability company)
	SRE HOLDING, LLC (a North Carolina limited liability company)
	SRE MARYLAND – 1, LLC (a Maryland limited liability company)
	SRE MARYLAND – 2, LLC (a Maryland limited liability company)
	SRE MICHIGAN – 3, LLC (a Michigan limited liability company)
	SRE NEVADA – 1, LLC (a Nevada limited liability company)
	SRE NEVADA – 2, LLC (a Nevada limited liability company)
	SRE NEVADA – 3, LLC (a Nevada limited liability company)
	SRE NEVADA – 4, LLC (a Nevada limited liability company)
	SRE NEVADA – 5, LLC (a Nevada limited liability company)
	SRE NORTH CAROLINA – 1, LLC (a North Carolina limited liability company)
	SRE NORTH CAROLINA – 2, LLC (a North Carolina limited liability company)
	SRE NORTH CAROLINA – 3, LLC (a North Carolina limited liability company)
	SRE OKLAHOMA – 1, LLC (an Oklahoma limited liability company)
	SRE OKLAHOMA – 2, LLC (an Oklahoma limited liability company)
	SRE OKLAHOMA – 3, LLC (an Oklahoma limited liability company)
	SRE OKLAHOMA – 4, LLC (an Oklahoma limited liability company)
	SRE OKLAHOMA – 5, LLC (an Oklahoma limited liability company)
	SRE SOUTH CAROLINA – 2, LLC (a South Carolina limited liability company)
	SRE SOUTH CAROLINA – 3, LLC (a South Carolina limited liability company)
	SRE SOUTH CAROLINA – 4, LLC (a South Carolina limited liability company)
	SRE TENNESSEE – 1, LLC (a Tennessee limited liability company)
	SRE TENNESSEE – 2, LLC (a Tennessee limited liability company)
	SRE TENNESSEE – 3, LLC (a Tennessee limited liability company)

[Signature Page to Purchase Agreement] 

					
	SRE TENNESSEE – 4, LLC (a Tennessee limited liability company)
	SRE TENNESSEE – 5, LLC (a Tennessee limited liability company)
	SRE TENNESSEE – 6, LLC (a Tennessee limited liability company)
	SRE TENNESSEE – 7, LLC (a Tennessee limited liability company)
	SRE TENNESSEE – 8, LLC (a Tennessee limited liability company)
	SRE TENNESSEE – 9, LLC (a Tennessee limited liability company)
	SRE TEXAS 9, LLC (a Texas limited liability company)
	SRE VIRGINIA – 1, LLC (a Virginia limited liability company)
	SRE VIRGINIA – 2, LLC (a Virginia limited liability company)
	STEVENS CREEK CADILLAC, INC. (a California corporation)
	TOWN AND COUNTRY FORD, INCORPORATED (a North Carolina corporation)
	VILLAGE IMPORTED CARS, INC. (a Maryland corporation)
	WINDWARD, INC. (a Hawaii corporation)
	Z MANAGEMENT, INC. (a Colorado corporation)

  

					
	By:	 	 /s/ David P. Cosper

		 	Name:	 	David P. Cosper
		 	Title:	 	Vice President
	Sonic Automotive, Inc., as sole member of the following entities:
		 	 ONTARIO L, LLC (a California limited liability company)

		 	 SAI COLUMBUS T, LLC (an Ohio limited liability company)

		
	By:	 	 /s/ David P. Cosper

		 	Name:	 	David P. Cosper
		 	Title:	 	Vice Chairman and Chief Financial Officer

 [Signature Page to Purchase Agreement] 

 The foregoing Purchase Agreement is hereby confirmed and accepted by the Initial Purchasers
as of the date first above written. 
  

					
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
	 Acting on behalf of itself
 and as the Representative of
 the several Initial
Purchasers

			
	By:	 		 	Merrill Lynch, Pierce, Fenner & Smith Incorporated
			
		 	By:	 	 /s/ Matt Holbrook

		 		 	Authorized Signatory

 [Signature Page to Purchase Agreement] 

 SCHEDULE A 

 

					
	 Initial Purchasers
	  	Aggregate
Principal
Amount of
Securities to be
Purchased	 
	 Merrill Lynch, Pierce, Fenner & Smith Incorporated
	  	$	80,000,000	  
	 J.P. Morgan Securities LLC.
	  	 	62,000,000	  
	 Wells Fargo Securities, LLC.
	  	 	46,000,000	  
	 U.S. Bancorp Investments, Inc.
	  	 	6,000,000	  
	 Comerica Securities, Inc.
	  	 	6,000,000	  
		  	  
	  
	 
	 Total
	  	$	200,000,000	  
		  	  
	  
	 

 EXHIBIT A 
 Opinion of counsel for the Company to be delivered pursuant to Section 5 of the Purchase Agreement. 
 (i) The Company is a corporation validly existing and in good standing under the laws of the State of Delaware. 
 (ii) The Company has the corporate power to own, lease and operate its properties and conduct its business as described in the Pricing Disclosure Package and the Final Offering Memorandum and to enter
into and perform its obligations under the Purchase Agreement, the Registration Rights Agreement, the Escrow Agreement, the Indenture and the Notes. 
 (iii) The Company is qualified as a foreign corporation to transact business in the State of North Carolina. 
 (iv) Each Significant Subsidiary is a corporation, limited liability company or limited partnership validly existing and, if applicable, in good standing under the laws of the jurisdiction of its
formation, has the corporate, limited liability company or limited partnership power to own, lease and operate its properties and to conduct its business as described in the Pricing Disclosure Package and the Final Offering Memorandum and to enter
into and perform its obligations under the Purchase Agreement, the Registration Rights Agreement, the Escrow Agreement, the Indenture and the Guarantees. 
 (v) The Purchase Agreement has been duly authorized, executed and delivered by the Company and each Guarantor and constitutes a valid and binding agreement of the Company and each of the Guarantors,
enforceable against the Company and each of the Guarantors in accordance with its terms. 
 (vi) The Registration Rights
Agreement has been duly authorized, executed and delivered by the Company and each of the Guarantors and constitutes a valid and binding agreement of the Company and each of the Guarantors, enforceable against the Company and each of the Guarantors
in accordance with its terms. 
 (vii) The Escrow Agreement has been duly authorized, executed and delivered by the Company and
constitutes a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms. 

(viii) The Indenture has been duly authorized, executed and delivered by the Company and each of the Guarantors and constitutes a valid
and binding agreement of the Company and each of the Guarantors, enforceable against the Company and each of the Guarantors in accordance with its terms. 
 (ix) The Notes are in the form contemplated by the Indenture, have been duly authorized by the Company for issuance and sale pursuant to the Purchase Agreement and the Indenture and, when executed by the
Company, authenticated by the Trustee in the manner provided in 

  
 Exhibit A-1

 
the Indenture and delivered against payment of the purchase price therefor, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their
terms and will be entitled to the benefits of the Indenture. 
 (x) Issuance of the Exchange Securities has been duly authorized
by the Company and each of the Guarantors, respectively. 
 (xi) The Guarantees of the Notes are in the form contemplated by the
Indenture, have been duly authorized for issuance pursuant to the Purchase Agreement and the Indenture and, when the Notes and the Guarantees have been executed by the Company and each of the Guarantors, as applicable, authenticated in the manner
provided for in the Indenture and delivered against payment of the purchase price therefor, will constitute valid and binding agreements of each of the Guarantors, enforceable against each of the Guarantors in accordance with their terms and will be
entitled to the benefits of the Indenture. 
 (xii) The Securities, the Indenture, the Registration Rights Agreement and the
Escrow Agreement conform in all material respects to the descriptions thereof contained in the Pricing Disclosure Package and the Final Offering Memorandum. 
 (xiii) The documents incorporated by reference in the Pricing Disclosure Package and the Final Offering Memorandum (other than the financial statements and the notes and schedules thereto and other
financial or accounting data or information included therein or omitted therefrom, as to which we express no opinion), when they were filed with the Commission, complied as to form in all material respects with the requirements of the Exchange Act
and the rules and regulations of the Commission. 
 (xiv) The descriptions in the Pricing Disclosure Package or the Final
Offering Memorandum (including the documents incorporated by reference therein) of statutes, legal, governmental and regulatory proceedings and contracts and other documents to which the Company is a party or subject to are accurate in all material
respects; the statements in the Pricing Disclosure Package and the Final Offering Memorandum under the captions “Description of Other Indebtedness,” “Description of the Notes,” “Material United States Federal Tax
Considerations” and “Notice to Investors,” insofar as such statements constitute matters of law or regulation, summaries of legal matters, the Company’s charter or by-law provisions, documents or legal proceedings, or legal
conclusions, fairly present and summarize, in all material respects, the matters described therein. 
 (xv) No consent,
approval, authorization or other order of, or registration or filing with, any court or other governmental or regulatory authority or agency, other than such as may be required under applicable securities laws of the various jurisdictions in which
the Securities will be offered or sold, as to which we express no opinion, is required for the execution, delivery or performance of the Purchase Agreement, the Registration Rights Agreement, the Escrow Agreement or the Indenture by the Company and
each of the Guarantors, or the issuance and delivery of the Securities to the Initial Purchasers or the resale of the Securities by the Initial Purchasers in accordance with the Purchase Agreement. 

  
 Exhibit A-2

 (xvi) Except as disclosed in the Pricing Disclosure Package or the Final Offering
Memorandum, the execution and delivery of the Purchase Agreement, the Registration Rights Agreement, the Escrow Agreement, the Securities and the Indenture by the Company and the Guarantors and the performance by the Company and the Guarantors of
their obligations thereunder: (a) will not result in any violation of the provisions of the articles or certificate of incorporation, articles of organization, certificate of limited partnership, bylaws, operating or limited liability company
agreement or limited partnership agreement, as applicable, of the Company or any Significant Subsidiary; (b) will not constitute a breach of, or Default or a Debt Repayment Triggering Event under, or result in the creation or imposition of any
lien, charge or encumbrance upon any property or assets of the Company or any Guarantor pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument identified on Schedule A to this opinion (the
“Existing Instruments”) (except with respect to matters which require the performance of a mathematical calculation or the making of a financial or accounting determination, as to which we express no opinion); or (c) will not result
in any violation of any judgment, order or regulation of any court or arbitrator or governmental or regulatory authority identified to us in the officer’s certificate attached as Exhibit A hereto (the “Officer’s
Certificate”) or any law or statute, except, in the case of clauses (b) and (c) above, for such breach, violation or default that would not, individually or in the aggregate, have a Material Adverse Effect 

(xvii) Based as to factual matters on the factual certifications in the Officer’s Certificate, neither the Company nor any Guarantor
is, or after receipt of payment for the Securities and after giving effect to the application of the proceeds received by the Company from the offer and sale of the Securities (as described in the Pricing Disclosure Package or Final Offering
Memorandum), will be, required to register as an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 (xviii) Assuming (i) that the Company and each of the Guarantors has complied, and will comply fully with each of its respective covenants contained in Sections 2 and 3 of the Purchase Agreement,
(ii) that each of the Initial Purchasers has complied with the following: (A) none of the Initial Purchasers or any person acting on their behalf has engaged or will engage, in connection with the offering of the Securities, in any form of
general solicitation or general advertising within the meaning of Rule 502 under the 1933 Act, (B) with respect to those Securities sold in reliance upon Regulation S, none of the Initial Purchasers or any person acting on their behalf has
engaged or will engage in any directed selling efforts within the meaning of Regulation S, and (C) the Initial Purchasers and any person acting on their behalf has complied and will comply with the offering restrictions set forth in Regulation
S, and (iii) compliance with the offering provisions described in the Offering Memorandum, the Company is not required to register the Securities under the 1933 Act or to qualify the Indenture under the Trust Indenture Act of 1939, as amended,
in connection with the sale and initial resale of the Securities in the manner and under the circumstances contemplated by the Purchase Agreement. 
 We do not represent the Company or any Guarantor in any action, suit or proceeding before any court, governmental agency or arbitrator, pending or overtly threatened in writing against the Company or any
Guarantor which, individually or in the aggregate, if determined ad-

  
 Exhibit A-3

 
versely to the Company or such Guarantor, could reasonably be expected to have a Material Adverse Effect. 
 In rendering such opinion, such counsel may rely as to matters involving the application of laws of any jurisdiction other than the General Corporation Law of the State of Delaware, the laws of the State
of New York or the federal law of the United States, to the extent they deem proper and specified in such opinion, upon the opinion (which shall be dated the Closing Date shall be satisfactory in form and substance to the Initial Purchasers, shall
expressly state that the Initial Purchasers may rely on such opinion as if it were addressed to them and shall be furnished to the Initial Purchasers) of other counsel of good standing whom they believe to be reliable and who are satisfactory to
counsel for the Initial Purchasers; provided, however, that such counsel shall further state that they believe that they and the Initial Purchasers are justified in relying upon such opinion of other counsel, and as to matters of fact, to the extent
they deem proper, on certificates of responsible officers of the Company and public officials. 
 In addition, such counsel
shall state that they have participated in conferences with officers and other representatives of the Company, representatives of the independent public or certified public accountants for the Company and with representatives of the Initial
Purchasers at which the contents of the Pricing Disclosure Package and the Final Offering Memorandum and related matters were discussed and, although such counsel is not passing upon and does not assume any responsibility for the accuracy,
completeness or fairness of the statements contained in the Pricing Disclosure Package or the Final Offering Memorandum (other than as specified above), on the basis of the foregoing, nothing has come to their attention which would lead them to
believe that the Pricing Disclosure Package, as of the Time of Sale, or that the Final Offering Memorandum, as of its date or at the Closing Date, contained or contains an untrue statement of a material fact or omitted or omits to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (it being understood that such counsel need express no belief as to the financial statements or other financial data
derived therefrom, included in the Pricing Disclosure Package or the Final Offering Memorandum or any amendments or supplements thereto). 

  
 Exhibit A-4

 ANNEX I 
 Resale Pursuant to Regulation S or Rule 144A. Each Initial Purchaser understands that: 
 Such Initial Purchaser agrees that it has not offered or sold and will not offer or sell the Securities in the United States or to, or for the benefit or account of, a U.S. Person (other than a
distributor), in each case, as defined in Rule 902 of Regulation S (i) as part of its distribution at any time and (ii) otherwise until 40 days after the later of the commencement of the offering of the Securities pursuant hereto
and the Closing Date, other than in accordance with Regulation S or another exemption from the registration requirements of the Securities Act. Such Initial Purchaser agrees that, during such 40-day restricted period, it will not cause any
advertisement with respect to the Securities (including any “tombstone” advertisement) to be published in any newspaper or periodical or posted in any public place and will not issue any circular relating to the Securities, except such
advertisements as are permitted by and include the statements required by Regulation S. 
 Such Initial Purchaser agrees
that, at or prior to confirmation of a sale of Securities by it to any distributor, dealer or person receiving a selling concession, fee or other remuneration during the 40-day restricted period referred to in Rule 903 of Regulation S, it
will send to such distributor, dealer or person receiving a selling concession, fee or other remuneration a confirmation or notice to substantially the following effect: 
 “The Securities covered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered and sold within the United States or
to, or for the account or benefit of, U.S. persons (i) as part of your distribution at any time or (ii) otherwise until 40 days after the later of the date the Securities were first offered to persons other than distributors in reliance
upon Regulation S and the Closing Date, except in either case in accordance with Regulation S under the Securities Act (or in accordance with Rule 144A under the Securities Act or to accredited investors in transactions that are exempt
from the registration requirements of the Securities Act), and in connection with any subsequent sale by you of the Securities covered hereby in reliance on Regulation S under the Securities Act during the period referred to above to any
distributor, dealer or person receiving a selling concession, fee or other remuneration, you must deliver a notice to substantially the foregoing effect. Terms used above have the meanings assigned to them in Regulation S under the Securities
Act.” 

  
 Annex I-1AMENDED AND RESTATED CREDIT AGREEMENT

			
	 

	 	 Exhibit 10.1
  

Loan Number: 1002296-2
  

Execution Version

 

  
  

AMENDED AND RESTATED CREDIT AGREEMENT 
 Dated as of July 20, 2012 
 by and among 

EXCEL TRUST, L.P., 
 as Borrower, 
 EXCEL TRUST, INC., 

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

 as Lenders, 
 WELLS FARGO SECURITIES, LLC, 
 and 

KEYBANC CAPITAL MARKETS, INC. 
 as Joint Lead Arrangers 
   and 

Joint Bookrunners, 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent,

 KEYBANK NATIONAL ASSOCIATION, 
 as Syndication Agent, 
 and 

US BANK, NATIONAL ASSOCIATION, 
 PNC BANK, NATIONAL ASSOCIATION 
 and 

UNION BANK, N.A. 
 as Documentation Agents 
  

 
  

 TABLE OF CONTENTS 

 

					
	 Article I. Definitions
	  	 	1	  
		
	 Section 1.1. Definitions
	  	 	1	  
	 Section 1.2. General; References to Pacific Time.
	  	 	28	  
	 Section 1.3. Financial Attributes of Non-Wholly Owned Subsidiaries
	  	 	29	  
		
	 Article II. Credit Facility
	  	 	29	  
		
	 Section 2.1. Revolving Loans
	  	 	29	  
	 Section 2.2. Letters of Credit
	  	 	30	  
	 Section 2.3. Swingline Loans.
	  	 	35	  
	 Section 2.4. Rates and Payment of Interest on Loans.
	  	 	37	  
	 Section 2.5. Number of Interest Periods
	  	 	38	  
	 Section 2.6. Repayment of Revolving Loans.
	  	 	38	  
	 Section 2.7. Prepayments.
	  	 	38	  
	 Section 2.8. Continuation.
	  	 	39	  
	 Section 2.9. Conversion.
	  	 	39	  
	 Section 2.10. Notes.
	  	 	39	  
	 Section 2.11. Voluntary Reductions of the Revolving Commitment
	  	 	40	  
	 Section 2.12. Extension of Termination Date
	  	 	41	  
	 Section 2.13. Expiration Date of Letters of Credit Past Revolving Commitment Termination
	  	 	41	  
	 Section 2.14. Amount Limitations.
	  	 	41	  
	 Section 2.15. Increase in Revolving Commitments.
	  	 	42	  
	 Section 2.16. Funds Transfer Disbursements.
	  	 	43	  
		
	 Article III. Payments, Fees and Other General Provisions
	  	 	44	  
		
	 Section 3.1. Payments.
	  	 	44	  
	 Section 3.2. Pro Rata Treatment.
	  	 	45	  
	 Section 3.3. Sharing of Payments, Etc.
	  	 	45	  
	 Section 3.4. Several Obligations
	  	 	46	  
	 Section 3.5. Fees.
	  	 	46	  
	 Section 3.6. Computations
	  	 	47	  
	 Section 3.7. Usury
	  	 	47	  
	 Section 3.8. Statements of Account.
	  	 	48	  
	 Section 3.9. Defaulting Lenders.
	  	 	48	  
	 Section 3.10. Taxes; Foreign Lenders
	  	 	52	  
		
	 Article IV. Unencumbered Pool Properties.
	  	 	53	  
		
	 Section 4.1. Eligibility of Properties.
	  	 	53	  
	 Section 4.2. Termination of Designation as Unencumbered Pool Property.
	  	 	54	  
		
	 Article V. Yield Protection, Etc.
	  	 	54	  
		
	 Section 5.1. Additional Costs; Capital Adequacy
	  	 	54	  
	 Section 5.2. Suspension of LIBOR Loans
	  	 	56	  
	 Section 5.3. Illegality.
	  	 	56	  
	 Section 5.4. Compensation.
	  	 	57	  
	 Section 5.5. Treatment of Affected Loans
	  	 	57	  
	 Section 5.6. Affected Lenders.
	  	 	58	  
	 Section 5.7. Change of Lending Office
	  	 	58	  
	 Section 5.8. Assumptions Concerning Funding of LIBOR Loans
	  	 	59	  

  
 - i -

					
	 Article VI. Conditions Precedent
	  	 	59	  
		
	 Section 6.1. Initial Conditions Precedent.
	  	 	59	  
	 Section 6.2. Conditions Precedent to All Loans and Letters of Credit
	  	 	61	  
		
	 Article VII. Representations and Warranties
	  	 	62	  
		
	 Section 7.1. Representations and Warranties.
	  	 	62	  
	 Section 7.2. Survival of Representations and Warranties, Etc.
	  	 	69	  
		
	 Article VIII. Affirmative Covenants
	  	 	70	  
		
	 Section 8.1. Preservation of Existence and Similar Matters
	  	 	70	  
	 Section 8.2. Compliance with Applicable Law.
	  	 	70	  
	 Section 8.3. Maintenance of Property.
	  	 	70	  
	 Section 8.4. Conduct of Business.
	  	 	70	  
	 Section 8.5. Insurance.
	  	 	71	  
	 Section 8.6. Payment of Taxes and Claims.
	  	 	71	  
	 Section 8.7. Books and Records; Inspections
	  	 	71	  
	 Section 8.8. Use of Proceeds.
	  	 	71	  
	 Section 8.9. Environmental Matters
	  	 	72	  
	 Section 8.10. Further Assurances
	  	 	72	  
	 Section 8.11. Material Contracts
	  	 	72	  
	 Section 8.12. REIT Status.
	  	 	73	  
	 Section 8.13. Exchange Listing.
	  	 	73	  
	 Section 8.14. Guarantors; Release of Guarantors.
	  	 	73	  
		
	 Article IX. Information
	  	 	74	  
		
	 Section 9.1. Quarterly Financial Statements
	  	 	74	  
	 Section 9.2. Year-End Statements.
	  	 	74	  
	 Section 9.3. Compliance Certificate.
	  	 	74	  
	 Section 9.4. Other Information.
	  	 	75	  
	 Section 9.5. Electronic Delivery of Certain Information.
	  	 	77	  
	 Section 9.6. Public/Private Information.
	  	 	78	  
	 Section 9.7. USA Patriot Act Notice; Compliance.
	  	 	78	  
		
	 Article X. Negative Covenants
	  	 	79	  
		
	 Section 10.1. Financial Covenants
	  	 	79	  
	 Section 10.2. Negative Pledge.
	  	 	81	  
	 Section 10.3. Restrictions on Intercompany Transfers
	  	 	81	  
	 Section 10.4. Merger, Consolidation, Sales of Assets and Other Arrangements
	  	 	81	  
	 Section 10.5. Plans
	  	 	82	  
	 Section 10.6. Fiscal Year
	  	 	82	  
	 Section 10.7. Modifications of Organizational Documents and Material Contracts.
	  	 	83	  
	 Section 10.8. Transactions with Affiliates.
	  	 	83	  
	 Section 10.9. Environmental Matters
	  	 	83	  
	 Section 10.10. Derivatives Contracts.
	  	 	83	  
		
	 Article XI. Default
	  	 	84	  
		
	 Section 11.1. Events of Default.
	  	 	84	  
	 Section 11.2. Remedies Upon Event of Default.
	  	 	87	  
	 Section 11.3. Remedies Upon Default.
	  	 	88	  
	 Section 11.4. Marshaling; Payments Set Aside.
	  	 	89	  

  
 - ii -

					
	 Section 11.5. Allocation of Proceeds.
	  	 	89	  
	 Section 11.6. Letter of Credit Collateral Account.
	  	 	90	  
	 Section 11.7. Performance by Administrative Agent
	  	 	91	  
	 Section 11.8. Rights Cumulative.
	  	 	91	  
		
	 Article XII. The Administrative Agent
	  	 	91	  
		
	 Section 12.1. Appointment and Authorization.
	  	 	91	  
	 Section 12.2. Wells Fargo as Lender.
	  	 	92	  
	 Section 12.3. Approvals of Lenders
	  	 	93	  
	 Section 12.4. Notice of Events of Default
	  	 	93	  
	 Section 12.5. Administrative Agent’s Reliance
	  	 	93	  
	 Section 12.6. Indemnification of Administrative Agent.
	  	 	94	  
	 Section 12.7. Lender Credit Decision, Etc.
	  	 	95	  
	 Section 12.8. Successor Administrative Agent
	  	 	95	  
	 Section 12.9. Titled Agents.
	  	 	96	  
		
	 Article XIII. Miscellaneous
	  	 	97	  
		
	 Section 13.1. Notices.
	  	 	97	  
	 Section 13.2. Expenses
	  	 	98	  
	 Section 13.3. Stamp, Intangible and Recording Taxes
	  	 	99	  
	 Section 13.4. Setoff
	  	 	99	  
	 Section 13.5. Litigation; Jurisdiction; Other Matters; Waivers.
	  	 	100	  
	 Section 13.6. Successors and Assigns
	  	 	101	  
	 Section 13.7. Amendments and Waivers
	  	 	105	  
	 Section 13.8. Nonliability of Administrative Agent and Lenders
	  	 	107	  
	 Section 13.9. Confidentiality.
	  	 	107	  
	 Section 13.10. Indemnification
	  	 	108	  
	 Section 13.11. Termination; Survival.
	  	 	110	  
	 Section 13.12. Severability of Provisions
	  	 	110	  
	 Section 13.13. GOVERNING LAW
	  	 	111	  
	 Section 13.14. Counterparts.
	  	 	111	  
	 Section 13.15. Obligations with Respect to Loan Parties.
	  	 	111	  
	 Section 13.16. Independence of Covenants
	  	 	111	  
	 Section 13.17. Limitation of Liability
	  	 	111	  
	 Section 13.18. Entire Agreement.
	  	 	112	  
	 Section 13.19. Construction.
	  	 	112	  
	 Section 13.20. Headings
	  	 	112	  
	 Section 13.21. No Novation.
	  	 	112	  

  

			
	 SCHEDULE I
	  	 Commitments

	 SCHEDULE 1.1.
	  	 List of Loan Parties

	 SCHEDULE 4.1
	  	 Initial Unencumbered Pool Properties

	 SCHEDULE 7.1.(b)
	  	 Ownership Structure

	 SCHEDULE 7.1.(f)
	  	 Properties

	 SCHEDULE 7.1.(g)
	  	 Indebtedness and Guaranties; Total Liabilities

	 SCHEDULE 7.1.(h)
	  	 Material Contracts

	 SCHEDULE 7.1.(i)
	  	 Litigation

	 SCHEDULE 10.8.
	  	 Affiliate Transactions

  
 - iii -

			
	 EXHIBIT A
	  	 Form of Assignment and Assumption Agreement

	 EXHIBIT B
	  	 Form of Unencumbered Asset Certificate

	 EXHIBIT C
	  	 Form of Guaranty

	 EXHIBIT D
	  	 Form of Notice of Borrowing

	 EXHIBIT E
	  	 Form of Notice of Continuation

	 EXHIBIT F
	  	 Form of Notice of Conversion

	 EXHIBIT G
	  	 Form of Notice of Swingline Borrowing

	 EXHIBIT H
	  	 Form of Revolving Note

	 EXHIBIT I
	  	 Form of Swingline Note

	 EXHIBIT J
	  	 Form of Transfer Authorizer Designation Form

	 EXHIBIT K
	  	 Form of Opinion of Counsel

	 EXHIBIT L
	  	 Form of Compliance Certificate

  
 - iv -

 THIS AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”)
dated as of July 20, 2012 by and among EXCEL TRUST, L.P., a limited partnership formed under the laws of the State of Delaware (the “Borrower”), EXCEL TRUST, INC., a corporation formed under the laws of the State of Maryland (the
“Parent”), WELLS FARGO SECURITIES, LLC and KEYBANC CAPITAL MARKETS, INC. as Joint Lead Arrangers (each a “Joint Lead Arranger”) and Joint Bookrunners (each a “Joint Bookrunner”), each of the financial institutions
initially a signatory hereto together with their successors and assignees under Section 13.6. (the “Lenders”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”), KEYBANK NATIONAL
ASSOCIATION, as Syndication Agent (the “Syndication Agent”) and US BANK, NATIONAL ASSOCIATION, PNC BANK, NATIONAL ASSOCIATION and UNION BANK, N.A., as Documentation Agents (the “Documentation Agents”). 

WHEREAS, certain of the Lenders and other financial institutions have made available to the Borrower a revolving credit
facility in the amount of $200,000,000, including a $30,000,000 letter of credit subfacility and a $20,000,000 swingline subfacility, on the terms and conditions contained in that certain Credit Agreement dated as of July 8, 2010 (as amended
and in effect immediately prior to the date hereof, the “Existing Credit Agreement”) by and among the Parent, the Borrower, such Lenders, certain other financial institutions, Wells Fargo Bank, National Association, as Administrative
Agent, and the other parties thereto; and 
 WHEREAS, the Administrative Agent, the Issuing Bank and the Lenders
desire to amend and restate the Existing Credit Agreement to make available to the Borrower a revolving credit facility in the initial amount of $250,000,000 which will include a $25,000,000 swingline subfacility and a $30,000,000 letter of credit
subfacility, on the terms and conditions contained herein. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree that the Existing Credit Agreement is amended and restated in its entirety as follows: 

ARTICLE I. DEFINITIONS 

 

	Section 1.1.	Definitions. 

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

“Accession Agreement” means an Accession Agreement substantially in the form of Annex I to the Guaranty.

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

“Adjusted EBITDA” means, for any given period, (a) EBITDA of the Parent and its Subsidiaries
determined on a consolidated basis for such period, minus (b) Capital Reserves. 
 “Adjusted
Total Asset Value” means Total Asset Value determined exclusive of assets that are owned by Excluded Subsidiaries or Unconsolidated Affiliates. 

 “Administrative Agent” means Wells Fargo Bank, National
Association as contractual representative of the Lenders under this Agreement, or any successor Administrative Agent appointed pursuant to Section 12.8. 
 “Administrative Questionnaire” means the Administrative Questionnaire completed by each Lender and delivered to the Administrative Agent in a form supplied by the Administrative Agent to
the Lenders from time to time. 
 “Affiliate” means, with respect to a specified Person,
another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. In no event shall the Administrative Agent or any Lender be deemed to be an Affiliate
of the Borrower. 
 “Agreement Date” means the date as of which this Agreement is dated.

 “Applicable Facility Fee” means the percentage set forth in the table below corresponding to
the Level at which the “Applicable Margin” is determined in accordance with subsection (b) of the definition thereof: 
  

					
	 Level
	  	Facility Fee	 
	 1
	  	 	0.15	% 
	 2
	  	 	0.175	% 
	 3
	  	 	0.25	% 
	 4
	  	 	0.30	% 
	 5
	  	 	0.45	% 

 Any change in the applicable Level at which the Applicable Margin is determined shall result in a
corresponding and simultaneous change in the Applicable Facility Fee. The provisions of this definition shall be subject to Section 2.4.(c). 
 “Applicable Law” means all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes, executive orders, and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“Applicable Margin” means: 

(a) Prior to the Investment Grade Rating Date, the percentage rate set forth below corresponding to the ratio of Total
Liabilities to Total Asset Value as determined in accordance with Section 10.1.(b): 
  

							
	 Level
	  	 Ratio of Total Liabilities to Total Asset
Value
	  	Applicable Margin	 
	1	  	 Less than or equal to 0.450 to 1.00
	  	 	1.65	% 

  
 - 2 -

							
	2	  	 Greater than 0.450 to 1.00 but less than or equal to 0.50 to 1.00
	  	 	1.75	% 
	3	  	 Greater than 0.50 to 1.00 but less than or equal to 0.550 to 1.00
	  	 	1.95	% 
	4	  	 Greater than 0.550 to 1.00
	  	 	2.25	% 

 The Applicable Margin for Loans shall be determined by the Administrative Agent from time to time, based
on the ratio of Total Liabilities to Total Asset Value as set forth in the Compliance Certificate most recently delivered by the Borrower pursuant to Section 9.3. Any adjustment to the Applicable Margin shall be effective as of the first day of
the calendar month immediately following the month during which the Borrower delivers to the Administrative Agent the applicable Compliance Certificate pursuant to Section 9.3. If the Borrower fails to deliver a Compliance Certificate pursuant
to Section 9.3., the Applicable Margin shall equal the percentage corresponding to Level 4 until the first day of the calendar month immediately following the month that the required Compliance Certificate is delivered. Notwithstanding the
foregoing, for the period from the Effective Date through but excluding the date on which the Administrative Agent first determines the Applicable Margin for Loans as set forth above, the Applicable Margin shall be determined based on Level 1.
Thereafter, such Applicable Margin shall be adjusted from time to time as set forth in this definition. The provisions of this clause shall be subject to Section 2.4.(c). 

(b) On, and at all times after, the Investment Grade Rating Date, the percentage rate set forth in the table below
corresponding to the level (each a “Level”) into which the Parent’s Credit Rating then falls. Any change in the Parent’s Credit Rating which would cause it to move to a different Level shall be effective as of the first day of
the first calendar month immediately following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with Section 9.4.(v) that the Parent’s Credit Rating has changed; provided, however, if the
Borrower has not delivered the notice required by such Section but the Administrative Agent becomes aware that the Parent’s Credit Rating has changed, then the Administrative Agent may, in its sole discretion, adjust the Level effective as of
the first day of the first calendar month following the date the Administrative Agent becomes aware that the Parent’s Credit Rating has changed. During any period that the Parent has received two Credit Ratings that are not equivalent and the
difference between such Credit Ratings is (i) one Level, then the Applicable Martin shall be determined based on the higher of such Credit Ratings or (ii) two or more Levels, then the Applicable Margin shall be determined based on the
average of the Applicable Margins based upon both such Credit Ratings. During any period that the Parent has received a Credit Rating from only one Rating Agency, then the Applicable Margin shall be based upon such Credit Rating. During any period
after the Investment Grade Rating Date that the Parent has not received a Credit Rating from either Rating Agency, the Applicable Margin shall be determined based on Level 5. The provisions of this clause shall be subject to Section 2.4.(c).

  

							
	 Level
	  	 Borrower’s Credit Rating
(S&P/Moody’s)
	  	Applicable Margin	 
	1	  	 A-/A3 or better
	  	 	1.00	% 
	2	  	 BBB+/Baa1
	  	 	1.075	% 
	3	  	 BBB/Baa2
	  	 	1.20	% 

  
 - 3 -

							
	4	  	 BBB-/Baa3
	  	 	1.45	% 
	5	  	 Lower than BBB-/Baa3
	  	 	1.85	% 

 “Approved Fund” means any Fund that is administered or managed by
(a) a Lender, (b) an Affiliate of a Lender, or (c) an entity or an Affiliate of any entity that administers or manages a Lender. 
 “Assignee” has the meaning given that term in Section 13.6.(b). 
 “Assignment and Assumption” means an Assignment and Assumption Agreement among a Lender, an Eligible Assignee (with the consent of any party whose consent is required by
Section 13.6.) and the Administrative Agent, substantially in the form of Exhibit A. 
 “Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy”, as amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable
foreign laws relating to bankruptcy, insolvency or creditors’ rights. 
 “Base Rate” means
the LIBOR Market Index Rate; provided, that if for any reason the LIBOR Market Index Rate is unavailable, Base Rate shall mean the per annum rate of interest equal to the Federal Funds Rate plus one and one-half of one percent (1.50%). 

“Base Rate Loan” means a Revolving Loan, or any portion thereof, bearing interest at a rate based on the
Base Rate. 
 “Benefit Arrangement” means at any time an employee benefit plan within the
meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group. 

“Borrower” has the meaning set forth in the introductory paragraph hereof and shall include the
Borrower’s successors and permitted assigns. 
 “Borrower Information” has the meaning
given that term in Section 2.4.(c). 
 “Business Day” means (a) a day of the week
(but not a Saturday, Sunday or holiday) on which the offices of the Administrative Agent in San Francisco, California and New York, New York are open to the public for carrying on substantially all of the Administrative Agent’s business
functions, and (b) if such day relates to a LIBOR Loan, any such day that is also a day on which dealings in Dollars are carried on in the London interbank market. Unless specifically referenced in this Agreement as a Business Day, all
references to “days” shall be to calendar days. 
 “Capital Reserves” means, for any
period and with respect to a Property, an amount equal to (i) (a) $0.15 per square foot for retail property, (b) $0.25 per square foot for office property or (c) $250 per unit for multifamily residential property, times
(ii) a fraction, the numerator of which is the number of days in such period and the denominator of which is 365. Capital Reserves for a mixed-use Property shall be equal to the sum of the reserves set forth in subsections (i)(a), (i)(b) an
(i)(c) of the preceding sentence as applied to the applicable Property type included in such mixed-use Property. If the term Capital Reserves is used without reference to any specific Property, then the amount shall be determined on an aggregate
basis with respect to all Properties of the Parent, the 

  
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Borrower and the other Subsidiaries and the applicable Ownership Share of all Properties of all Consolidated Affiliates and Unconsolidated Affiliates. 

“Capitalization Rate” means 7.75%. 

“Capitalized Lease Obligation” means obligations under a lease (to pay rent or other amounts under any
lease or other arrangement conveying the right to use) that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation as would
be required to be reflected on a balance sheet of the applicable Person prepared in accordance with GAAP as of the applicable date. 
 “Cash Collateralize” means, to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Issuing Bank or the Lenders, as collateral for Letter of Credit
Liabilities or obligations of Lenders to fund participations in respect of Letter of Credit Liabilities, cash or deposit account balances or, if the Administrative Agent and the Issuing Bank shall agree in their sole discretion, other credit
support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and the Issuing Bank. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such
cash collateral and other credit support. 
 “Cash Equivalents” means: (a) securities
issued, guaranteed or insured by the United States of America or any of its agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year from the date acquired
issued by a United States federal or state chartered commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organisation for Economic Cooperation and Development, or a
political subdivision of any such country, acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short-term commercial paper rating of at least A-2 or
the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from the date acquired, for securities of the type described in clause (a) above and
entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States of America or any State thereof and rated at least
A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, in each case with maturities of not more than one year from the date acquired; and (e) investments in money market funds registered under the
Investment Company Act of 1940, as amended, which have net assets of at least $500,000,000 and at least 85% of whose assets consist of securities and other obligations of the type described in clauses (a) through (d) above. 

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

“Commitment Percentage” means, as to each Lender, the ratio, expressed as a percentage, of (a) the
amount of such Lender’s Revolving Commitment to (b) the aggregate amount of the Revolving Commitments of all Lenders hereunder; provided, however, that if at the time of determination the Revolving Commitments have been terminated or been
reduced to zero, the “Commitment Percentage” of each Lender shall be the “Commitment Percentage” of such Lender in effect immediately prior to such termination or reduction. 

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

  
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 “Consolidated Affiliate” means, with respect to a Person
(the “Investor”), any other Person (other than a Subsidiary or an Unconsolidated Affiliate of the Investor) in whom the Investor directly or indirectly holds less than a majority of the outstanding Equity Interests of such Person having
ordinary voting power to elect a majority of the board of directors or other individuals performing similar functions of such Person (without regard to the occurrence of any contingency), but by reason of the legal structure of such Person or
contracts binding on such Person, the financial results of such Person are required to be consolidated with those of the Investor in accordance with GAAP. 
 “Construction-in-Process” means Total Budgeted Costs for land and improvements (including indirect costs internally allocated and development costs) on all Properties that are (1) a
Development Property or (2) a Renovation Property, and only until such time as a certificate of occupancy (or its equivalent) has been issued with respect to such improvements. 

“Continue”, “Continuation” and “Continued” each refers to the
continuation of a LIBOR Loan from one Interest Period to another Interest Period pursuant to Section 2.8. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Convert”, “Conversion” and “Converted” each refers to the conversion
of a Loan of one Type into a Loan of another Type pursuant to Section 2.9. 
 “Credit
Event” means any of the following: (a) the making (or deemed making) of any Loan, (b) the Conversion of a Base Rate Loan into a LIBOR Loan, (c) the Continuation of a LIBOR Loan and (d) the issuance of a Letter of Credit.

 “Credit Rating” means the rating assigned by a Rating Agency to the senior unsecured long
term Indebtedness of a Person. 
 “Default” means any of the events specified in
Section 11.1., whether or not there has been satisfied any requirement for the giving of notice, the lapse of time, or both. 
 “Defaulting Lender” means, subject to Section 3.9.(f), any Lender that (a) has failed to (i) fund all or any portion of its Loans within 2 Business Days of the date such
Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of
which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender any
other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within 2 Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, the
Issuing Bank or the Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation
to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such
writing or public statement) cannot be satisfied), (c) has failed, within 3 Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to 

  
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the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this
clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law,
or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a 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. Any determination by the
Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to
Section 3.9.(f)) upon delivery of written notice of such determination to the Borrower, the Issuing Bank, the Swingline Lender and each Lender. 
 “Derivatives Contract” means (a) any transaction (including any master agreement, confirmation or other agreement with respect to any such transaction) now existing or hereafter
entered into by the Borrower or any of its Subsidiaries (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, forward commodity contract, equity or equity index swap, equity
or equity index option, bond or bond price or bond index swaps or options, forward bond or forward bond price or forward bond index swaps or options, interest rate option, forward foreign exchange transaction, cap transaction, floor transaction,
collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, spot contracts, credit derivative transaction, credit protection transaction, credit swap, credit default swap, credit default option, total return
swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial
instrument or interest (including any option with respect to any of these transactions), whether or not any such transactions are governed by or subject to any master agreement or (ii) which is a type of transaction that is similar to any
transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward,
swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other
benchmarks against which payments or deliveries are to be made, and (b) any combination of these transactions. 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. 

“Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts, after taking
into account the effect of any legally enforceable netting agreement or provision relating thereto, (a) for any date on or after the date such Derivatives Contracts have been 

  
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terminated or closed out, the termination amount or value determined in accordance therewith, and (b) for any date prior to the date such Derivatives Contracts have been terminated or closed
out, the then-current mark-to-market value for such Derivatives Contracts, determined based upon one or more mid-market quotations or estimates provided by any recognized dealer in Derivatives Contracts (which may include the Administrative Agent,
any Lender, any Specified Derivatives Provider or any Affiliate of any thereof). 
 “Development
Property” means a Property currently under development that has not achieved an Occupancy Rate of 80% or more or, subject to the last sentence of this definition, on which the improvements (other than tenant improvements on unoccupied
space) related to the development have not been completed. The term “Development Property” shall include real property of the type described in the immediately preceding sentence that is to be (but has not yet been) acquired by the Parent,
the Borrower, any Subsidiary, any Consolidated Affiliate or any Unconsolidated Affiliate upon completion of construction pursuant to a contract in which the seller of such real property is required to develop or renovate prior to, and as a condition
precedent to, such acquisition. A Development Property on which all improvements (other than tenant improvements on unoccupied space) related to the development of such Property have been completed for at least 12 months shall cease to constitute a
Development Property notwithstanding the fact that such Property has not achieved an Occupancy Rate of at least 80%. 
 “Dollars” or “$” means the lawful currency of the United States of America. 
 “EBITDA” means, with respect to any Person, for any period and without duplication, the sum of: (a) net income (loss) of such Person for such period excluding the following amounts
(but only to the extent included in determining net income (loss) for such period): (i) depreciation and amortization expense of such Person for such period; (ii) Interest Expense for such Person in respect of such period;
(iii) income tax expense of such Person in respect of such period; (iv) extraordinary and nonrecurring items of such Person for such period, including without limitation, extraordinary or nonrecurring gains and losses of such Person for
such period and (v) equity in net income (loss) of its Unconsolidated Affiliates; plus (b) such Person’s Ownership Share of EBITDA of its Unconsolidated Affiliates. EBITDA shall be adjusted to remove any impact from straight
line rent leveling adjustments required under GAAP and amortization of intangibles pursuant to FAS ASC 805. For purposes of this definition, nonrecurring items shall be deemed to include (x) gains and losses on early extinguishment of
Indebtedness, (y) non-cash severance and other non-cash restructuring charges and (z) transaction costs of acquisitions not permitted to be capitalized pursuant to GAAP. 

“Effective Date” means the later of (a) the Agreement Date and (b) the date on which all of
the conditions precedent set forth in Section 6.1. shall have been fulfilled or waived. 

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved
Fund and (d) any other Person (other than a natural person) approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not
include (i) the Borrower or any of the Borrower’s Affiliates or Subsidiaries or (ii) any Defaulting Lender or any of its Subsidiaries, or any Person who upon becoming a Lender hereunder, would constitute any of the foregoing Persons
described in this clause (ii). 
 “Eligible Property” means a Property which satisfies all of
the following requirements: (a) such Property is fully developed as a retail, office, or multifamily property or mixed-use property 

  
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(which any mix-use property being limited to retail, office or multifamily properties); (b) such Property is owned in fee simple, or leased under a Ground Lease, by the Borrower and/or a
Guarantor; (c) neither such Property, nor if such Property is owned by a Subsidiary, any of the Borrower’s direct or indirect ownership interest in such Subsidiary, is subject to (i) any Lien other than Permitted Liens or
(ii) any Negative Pledge; (d) regardless of whether such Property is owned by the Borrower or a Subsidiary, the Borrower has the right directly, or indirectly through a Subsidiary, to take the following actions without the need to obtain
the consent of any Person: (i) to create Liens on such Property as security for Indebtedness of the Parent, the Borrower or such Subsidiary, as applicable, and (ii) to sell, transfer or otherwise dispose of such Property; and (e) such
Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters which are not individually or collectively
material to the profitable operation of such Property. 
 “Environmental Laws” means any
Applicable Law relating to environmental protection or the manufacture, storage, remediation, disposal or clean-up of Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water
Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
§ 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency, any applicable rule of common law and any judicial interpretation thereof relating primarily to the
environment or Hazardous Materials, and any analogous or comparable state or local laws, regulations or ordinances that concern Hazardous Materials or protection of the environment. 

“Equity Interest” means, with respect to any Person, any share of capital stock of (or other ownership
or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person whether or not certificated, any
security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other
interests), and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other
interest is authorized or otherwise existing on any date of determination. 
 “Equity Issuance”
means any issuance or sale by a Person of any Equity Interest in such Person and shall in any event include the issuance of any Equity Interest upon the conversion or exchange of any security constituting Indebtedness that is convertible or
exchangeable, or is being converted or exchanged, for Equity Interests. 
 “ERISA” means the
Employee Retirement Income Security Act of 1974, as in effect from time to time. 
 “ERISA
Event” means, with respect to the ERISA Group, (a) any “reportable event” as defined in Section 4043 of ERISA with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the
withdrawal of a member of the ERISA Group from a Plan subject to Section 4063 of ERISA during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is
treated as such a withdrawal under 

  
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Section 4062(e) of ERISA; (c) the incurrence by a member of the ERISA Group of any liability with respect to the withdrawal or partial withdrawal from any Multiemployer Plan;
(d) the incurrence by any member of the ERISA Group of any liability under Title IV of ERISA with respect to the termination of any Plan or Multiemployer Plan; (e) the institution of proceedings to terminate a Plan or Multiemployer Plan by
the PBGC; (f) the failure by any member of the ERISA Group to make when due required contributions to a Multiemployer Plan or Plan unless such failure is cured within 30 days or the filing pursuant to Section 412(c) of the Internal Revenue
Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard; (g) any other event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination
of, or the appointment of a trustee to administer, any Plan or Multiemployer Plan or for the imposition of liability under Section 4069 or 4212(c) of ERISA; (h) the receipt by any member of the ERISA Group of any notice or the receipt by
any Multiemployer Plan from any member of the ERISA Group of any notice, concerning the imposition of a Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent (within the meaning of Section 4245 of
ERISA), in reorganization (within the meaning of Section 4241 of ERISA), or in “critical” status (within the meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA); (i) the imposition of any
liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any member of the ERISA Group or the imposition of a Lien in favor of the PBGC under Title IV of ERISA; or (j) a
determination that a Plan is, or is reasonably expected to be, in “at risk” status (within the meaning of Section 430 of the Internal Revenue Code or Section 303 of ERISA). 

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

“Event of Default” means any of the events specified in Section 11.1., provided that any
requirement for notice or lapse of time or any other condition has been satisfied. 
 “Excluded
Subsidiary” means any Subsidiary (a) holding title to assets that are or are to become collateral for any Secured Indebtedness of such Subsidiary and (b) that is prohibited from Guarantying the Indebtedness of any other Person
pursuant to (i) any document, instrument, or agreement evidencing such Secured Indebtedness or (ii) a provision (other than the case of a Subsidiary which is a joint venture) of such Subsidiary’s organizational documents which
provision was included in such Subsidiary’s organizational documents as a condition to the extension of such Secured Indebtedness. 
 “Existing Credit Agreement” has the meaning given such term in the first “WHEREAS” clause of this Agreement. 

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

“Fair Market Value” means, (a) with respect to a security listed on a national securities exchange
or the NASDAQ National Market, the price of such security as reported on such exchange or market by any widely recognized reporting method customarily relied upon by financial institutions and (b) with respect to any other property, the price
which could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction. Except as otherwise provided

  
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herein, Fair Market Value shall be determined by the Board of Directors of the Borrower (or an authorized committee thereof) acting in good faith conclusively evidenced by a board resolution
thereof delivered to the Administrative Agent or, with respect to any asset valued at no more than $1,000,000, such determination may be made by the chief financial officer of the Borrower evidenced by an officer’s certificate delivered to the
Administrative Agent. 
 “Federal Funds Rate” means, for any period, a fluctuating interest
rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such
day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions
received by the Administrative Agent from three Federal Funds brokers of recognized standing selected by the Administrative Agent. 
 “Fee Letters” means (a) that certain fee letter dated as of June 15, 2012, by and among the Parent, the Borrower, the Administrative Agent, the Syndication Agent and the Joint
Lead Arrangers and (b) the Wells Fargo Fee Letter. 
 “Fees” means the fees and
commissions provided for or referred to in Section 3.5. and any other fees payable by the Borrower hereunder, under any other Loan Document or under the Fee Letters. 

“Fixed Charges” means, with respect to a Person and for a given period, the sum of (a) the Interest
Expense of such Person for such period, plus (b) the aggregate of all regularly scheduled principal payments on Indebtedness made by such Person (including the Ownership Shares of such payments made by any Unconsolidated Affiliate of
such Person) during such period (excluding balloon, bullet or similar payments of principal due upon the stated maturity of Indebtedness), plus (c) the aggregate of all cash dividends paid by such Person (including the Ownership Share of
such cash dividends paid by any Unconsolidated Affiliate of such Person) on any Preferred Stock during such period. 
 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition,
the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 
 “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the Issuing Bank, such Defaulting Lender’s Commitment Percentage of the outstanding
Letter of Credit Liabilities other than Letter of Credit Liabilities as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and
(b) with respect to the Swingline Lender, such Defaulting Lender’s Commitment Percentage of outstanding Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to
other Lenders. 
 “Fund” means any Person (other than a natural person) that is (or will be)
engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 

  
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 “Funds From Operations” means, with respect to a Person and
for a given period, (a) net income (loss) of such Person determined on a consolidated basis, minus (or plus) (b) gains (or losses) from restructuring of Indebtedness or from sales of Property during such period, plus (c) depreciation
with respect to such Person’s real estate assets and amortization (other than amortization of deferred financing costs), and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and
joint ventures will be calculated to reflect funds from operations on the same basis. For purposes of this Agreement, Funds From Operations shall be calculated consistent with the White Paper on Funds From Operations dated April 2002 issued by
National Association of Real Estate Investment Trusts, Inc., but without giving effect to any supplements, amendments or other modifications promulgated after the Agreement Date. The following shall be excluded when calculating Funds From
Operations: non-cash and non-recurring charges, including, without limitation, preferred stock redemption costs and real estate impairment charges and non-cash adjustments made pursuant to FASB 150. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a
significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 
 “Governmental Approvals” means all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities.

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

“Ground Lease” means a ground lease that includes, without limitation, the following terms and
conditions: (a) a remaining term (exclusive of any unexercised extension options) of 40 years or more from the Agreement Date; (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of
the lessor; (c) the obligation of the lessor to give the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such
holder has had a reasonable opportunity to cure or complete foreclosures, and fails to do so; (d) reasonable transferability of the lessee’s interest under such lease, including ability to sublease; and (e) such other rights
customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease. 
 “Guarantor” means any Person that is party to the Guaranty as a “Guarantor” and in any event shall include the Parent, each Material Subsidiary (unless an Excluded Subsidiary of
the Borrower) and each Subsidiary that the Parent causes to become a Guarantor. 
 “Guaranty”,
“Guaranteed” “Guarantying” or to “Guarantee” as applied to any obligation means and includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary
course of business), directly or indirectly, in any manner, of any part or all 

  
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of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or
performance (or payment of damages in the event of nonperformance) of any part or all of such obligation whether by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the
purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such
obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of
letters of credit (including Letters of Credit), or (v) the supplying of funds to or investing in a Person on account of all or any part of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in
any way, such Person against any part or all of such obligation. As the context requires, “Guaranty” shall also mean the guaranty executed and delivered pursuant to Section 6.1. or Section 8.14. and substantially in the form of
Exhibit C. 
 “Hazardous Materials” means all or any of the following: (a) substances that
are defined or listed in, or otherwise classified pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic substances” or any other
formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity, or “EP toxicity”;
(b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or
geothermal resources; (c) any flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and (f) electrical equipment which contains any oil or dielectric fluid containing levels of
polychlorinated biphenyls in excess of fifty parts per million. 
 “Indebtedness” means, with
respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed; (b) all obligations of such Person, whether or not for money borrowed
(i) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional
sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that are issued or assumed as full or partial payment for property or for services rendered; (c) accounts
payable and accruals, the aggregate amount of which is greater than 5% of Total Asset Value (calculated without taking into account any accounts payable or accruals) as of any date of determination; (d) Capitalized Lease Obligations of such
Person (including ground leases to the extent required under GAAP to be reported as a liability); (e) all reimbursement obligations (contingent or otherwise) of such Person under or in respect of any letters of credit or acceptances (whether or
not the same have been presented for payment); (f) all Off-Balance Sheet Obligations of such Person; (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Mandatorily
Redeemable Stock issued by such Person or any other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (h) all obligations of such Person in respect of any purchase
obligation, repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied by the issuance of Equity Interests (other
than Mandatorily Redeemable Stock)); (i) net obligations under any Derivatives Contract not entered into as a hedge against existing Indebtedness, in an amount equal to the Derivatives Termination Value thereof (but

  
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in no event less than zero); (j) all Indebtedness of other Persons which such Person has Guaranteed or is otherwise recourse to such Person (except for guaranties of customary exceptions for
fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar exceptions to recourse liability); (k) all Indebtedness of another Person secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness or other payment
obligation; and (l) such Person’s Ownership Share of the Indebtedness of any Consolidated Affiliate and Unconsolidated Affiliate of such Person. All Loans and Letter of Credit Liabilities shall constitute Indebtedness of the Borrower.
Indebtedness of any Person shall include Indebtedness of any partnership or joint venture in which such Person is a general partner or joint venturer to the extent of such Person’s Ownership Share of such partnership or joint venture (except if
such Indebtedness, or portion thereof, is recourse to such Person, in which case the greater of such Person’s Ownership Share of such Indebtedness or the amount of the recourse portion of the Indebtedness, shall be included as Indebtedness of
such Person). Notwithstanding anything to the contrary in this Agreement or any other Loan Document, the calculation of Indebtedness shall not include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair
value pursuant to electing the fair value option election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option
for financial liabilities. 
 “Intellectual Property” has the meaning given that term in
Section 7.1.(s). 
 “Interest Expense” means, with respect to a Person and for any period,
(a) total interest expense of such Person for such period (including, without limitation, capitalized interest expense (other than capitalized interest funded from a construction loan interest reserve account)), plus (b) to the
extent not already included in the foregoing clause (a), such Person’s Ownership Share of all Interest Expense for such period of Unconsolidated Affiliates of such Person. 

“Interest Period” means: with respect to each LIBOR Loan, each period commencing on the date such LIBOR
Loan is made, or in the case of the Continuation of a LIBOR Loan the last day of the preceding Interest Period for such Loan, and ending on the numerically corresponding day in the first, third or sixth calendar month thereafter, as the Borrower may
select in a Notice of Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, except that each Interest Period that commences on the last Business Day of a calendar month (or on any day for which there is no numerically
corresponding day in the appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent calendar month. Notwithstanding the foregoing: (i) if any Interest Period would otherwise end after the Termination
Date, such Interest Period shall end on the Termination Date; and (ii) each Interest Period that would otherwise end on a day which is not a Business Day shall end on the immediately following Business Day (or, if such immediately following
Business Day falls in the next calendar month, on the immediately preceding Business Day). 
 “Internal
Revenue Code” means the Internal Revenue Code of 1986, as amended. 
 “Investment”
means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by such Person, by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person,
(b) a loan, advance or extension of credit to, capital contribution to, Guaranty of Indebtedness of, or purchase or other acquisition of any 

  
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Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of
transactions) of assets of another Person that constitute the business or a division or operating unit of another Person. Any commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in
such Person, shall constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases or decreases in the value of such Investment. 
 “Investment Grade
Rating” means a Credit Rating of BBB-/Baa3 or higher from either S&P or Moody’s. 

“Investment Grade Rating Date” means, at any time after the Parent has received an Investment Grade
Rating from either Rating Agency, the date specified by the Parent in a written notice to the Administrative Agent as the date on which it irrevocably elects to have the Applicable Margin based on the Parent’s Credit Rating. 

“Issuing Bank” means Wells Fargo in its capacity as the issuer of Letters of Credit pursuant to
Section 2.2. 
 “L/C Commitment Amount” has the meaning given to that term in
Section 2.2.(a). 
 “L/C Disbursement” has the meaning given to that term in
Section 3.9.(b). 
 “Lender” means each financial institution from time to time party
hereto as a “Lender;” together with its respective successors and permitted assigns, and, as the context requires, includes the Swingline Lender, except as otherwise expressly provided herein, but shall exclude any Lender (or its
Affiliates) in its capacity as a Specified Derivatives Provider. 
 “Lending Office” means, for
each Lender and for each Type of Loan, the office of such Lender specified in such Lender’s Administrative Questionnaire or in the applicable Assignment and Assumption, or such other office of such Lender as such Lender may notify the
Administrative Agent in writing from time to time. 
 “Letter of Credit” has the meaning given
that term in Section 2.2.(a). 
 “Letter of Credit Collateral Account” means a special
deposit account maintained by the Administrative Agent and under its sole dominion and control for the benefit of the Administrative Agent, the Issuing Bank and the Lenders. 

“Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any application
therefor, any certificate or other document presented in connection with a drawing under such Letter of Credit and any other agreement, instrument or other document governing or providing for (a) the rights and obligations of the parties
concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations. 
 “Letter of Credit Liabilities” means, without duplication, at any time and in respect of any Letter of Credit, the sum of (a) the Stated Amount of such Letter of Credit plus
(b) the aggregate unpaid principal amount of all Reimbursement Obligations of the Borrower at such time due and 

  
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payable in respect of all drawings made under such Letter of Credit. For purposes of this Agreement, a Lender (other than the Lender then acting as Issuing Bank) shall be deemed to hold a Letter
of Credit Liability in an amount equal to its participation interest under Section 2.2. in the related Letter of Credit, and the Lender then acting as the Issuing Bank shall be deemed to hold a Letter of Credit Liability in an amount equal to
its retained interest in the related Letter of Credit after giving effect to the acquisition by the Lenders (other than the Lender then acting as the Issuing Bank) of their participation interests under such Section. 

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

 “LIBOR” means, for the Interest Period for any LIBOR Loan, the rate of interest, rounded up
to the nearest whole multiple of one-hundredth of one percent (.01%), obtained by dividing (i) the rate of interest, rounded upward to the nearest whole multiple of one-hundredth of one percent (0.01%), referred to as the BBA (British
Bankers’ Association) LIBOR rate as set forth by any service selected by the Administrative Agent that has been nominated by the British Bankers’ Association as an authorized information vendor for the purpose of displaying such rate for
deposits in U.S. Dollars at approximately 9:00 a.m. Pacific time, two (2) Business Days prior to the date of commencement of such Interest Period for purposes of calculating effective rates of interest for loans or obligations making reference
thereto, for an amount approximately equal to the applicable LIBOR Loan and for a period of time approximately equal to such Interest Period by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of
all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any
other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Loans is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of
the United States of America). Any change in such maximum rate shall result in a change in LIBOR on the date on which such change in such maximum rate becomes effective. 

“LIBOR Loan” means a Revolving Loan (other than a Base Rate Loan) bearing interest at a rate based on
LIBOR. 
 “LIBOR Market Index Rate” means, for any day, LIBOR as of that day that would be
applicable for a LIBOR Loan having a one-month Interest Period determined at approximately 9:00 a.m. Pacific time for such day (or if such day is not a Business Day, the immediately preceding Business Day). The LIBOR Market Index Rate shall be
determined on a daily basis. 
 “Lien” as applied to the property of any Person means:
(a) any security interest, encumbrance, mortgage, deed to secure debt, deed of trust, assignment of leases and rents, pledge, lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease Obligation, conditional sale or
other title retention agreement, or other security title or encumbrance of any kind in respect of any property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of
such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such
Person; and (c) the filing of any financing statement under the UCC or its equivalent in any jurisdiction, other than any precautionary filing not otherwise constituting or giving rise to a Lien, including a financing statement filed
(i) in respect of a lease not constituting a Capitalized Lease Obligation pursuant to Section 9-505 (or a successor provision) of the Uniform Commercial Code or 

  
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its equivalent as in effect in an applicable jurisdiction or (ii) in connection with a sale or other disposition of accounts or other assets not prohibited by this Agreement in a transaction
not otherwise constituting or giving rise to a Lien. 
 “Loan” means a Revolving Loan or a
Swingline Loan. 
 “Loan Document” means this Agreement, the Guaranty, each Note, each Letter
of Credit Document and each other document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement (other than the Fee Letters and any Specified Derivatives Contract).

 “Loan Party” means each of the Parent, the Borrower, each Guarantor and each other Person
who guarantees all or a portion of the Obligations and/or who pledges any collateral to secure all or a portion of the Obligations. Schedule 1.1. sets forth the Loan Parties as of the Agreement Date. 

“Mandatorily Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person
which by the terms of such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (a) matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests), (b) is convertible into or exchangeable or exercisable for
Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity Interest which is redeemable solely in exchange for common stock or other equivalent common Equity
Interests), in each case on or prior to the date on which all Loans are scheduled to be due and payable in full. 
 “Material Adverse Effect” means a materially adverse effect on (a) the business, assets, liabilities, condition (financial or otherwise), results of operations or business prospects
of the Parent, the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Parent, the Borrower or any other Loan Party to perform its obligations under any Loan Document to which it is a party, (c) the validity or
enforceability of any of the Loan Documents, (d) the rights and remedies of the Lenders, the Issuing Bank and the Administrative Agent under any of the Loan Documents or (e) the timely payment of the principal of or interest on the Loans
or other amounts payable in connection therewith or the timely payment of all Reimbursement Obligations. 

“Material Contract” means any contract or other arrangement (other than Loan Documents and Specified
Derivatives Contracts), whether written or oral, to which the Parent, the Borrower, any Subsidiary or any other Loan Party is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be
expected to have a Material Adverse Effect. 
 “Material Subsidiary” means (a) any
Subsidiary of the Parent to which more than 2.0% of Adjusted Total Asset Value (excluding cash and Cash Equivalents) is attributable on an individual basis and (b) any Subsidiary of the Parent that owns, or otherwise has any interest in, any
Unencumbered Pool Property or any other property or asset which is taken into account when calculating Unencumbered Asset Value. 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 

  
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 “Mortgage” means a mortgage, deed of trust, deed to secure
debt or similar security instrument made by a Person owning an interest in real estate granting a Lien on such interest in real estate as security for the payment of Indebtedness. 

“Mortgage Receivable” means a promissory note secured by a Mortgage of which the Parent, the Borrower or
a Subsidiary is the holder and retains the right of collection of all payments thereunder. 

“Multiemployer Plan” means at any time a multiemployer plan within the meaning of
Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding six plan years made contributions, including for these purposes any Person which
ceased to be a member of the ERISA Group during such six year period. 
 “Negative Pledge”
means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan Document or Specified Derivatives Contract) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset
as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit a
Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 “Nonrecourse Indebtedness” means, with respect to a Person, Indebtedness for borrowed money
in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar exceptions to recourse liability) is
contractually limited to specific assets of such Person encumbered by a lien securing such Indebtedness. 

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

  
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such Property for such period; provided, that the imputed management fee pursuant to this clause (ii) shall be 1% of the gross revenues for Properties subject to Triple-Net Leases.

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

“Note” means a Revolving Note or a Swingline Note. 

“Notice of Borrowing” means a notice substantially in the form of Exhibit D (or such other form
reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.1.(b) evidencing the Borrower’s request for a borrowing of
Revolving Loans. 
 “Notice of Continuation” means a notice substantially in the form of
Exhibit E (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.8. evidencing the Borrower’s request
for the Continuation of a LIBOR Loan. 
 “Notice of Conversion” means a notice substantially in
the form of Exhibit F (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.9. evidencing the
Borrower’s request for the Conversion of a Loan from one Type to another Type. 
 “Notice of
Swingline Borrowing” means a notice substantially in the form of Exhibit G (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Swingline
Lender pursuant to Section 2.3.(b) evidencing the Borrower’s request for a Swingline Loan. 

“Obligations” means, individually and collectively: (a) the aggregate principal balance of, and all
accrued and unpaid interest on, all Loans; (b) all Reimbursement Obligations and all other Letter of Credit Liabilities; and (c) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other Loan
Parties owing to the Administrative Agent, the Issuing Bank or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification
obligations, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note. For the avoidance of doubt, “Obligations” shall not
include Specified Derivatives Obligations. 
 “Occupancy Rate” means, with respect to a
Property at any time, the ratio, expressed as a percentage, of (a) the net rentable square footage of such Property actually occupied by non-Affiliate tenants paying rent at rates not materially less than rates generally prevailing at the time
the applicable lease was entered into, pursuant to binding leases as to which no monetary default has occurred and has continued unremedied for 60 or more days to (b) the aggregate net rentable square footage of such Property. For the purposes
of the definition of “Occupancy Rate”, a tenant shall be 

  
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deemed to actually occupy a Property notwithstanding a temporary cessation of operations for renovation, repairs or other temporary reason. 

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

“Off-Balance Sheet Obligations” means liabilities and obligations of the Parent, the Borrower, any
Subsidiary or any other Person in respect of “off-balance sheet arrangements” (as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act) which the Parent would be required to disclose in the
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the Parent’s report on Form 10-Q or Form 10-K (or their equivalents) which the Parent is required to file with the Securities and
Exchange Commission (or any Governmental Authority substituted therefor). 
 “Other Property
Holdings” means Investments by the Parent, the Borrower, any of their Subsidiaries or any Unconsolidated Affiliate in Properties that are not retail, office, mixed-use or multi-family residential Properties. 

“Ownership Share” means, with respect to any Subsidiary of a Person (other than a Wholly Owned
Subsidiary), any Consolidated Affiliate or any Unconsolidated Affiliate of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary, Consolidated
Affiliate or Unconsolidated Affiliate or (b) subject to compliance with Section 9.4(r), such Person’s relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary, Consolidated Affiliate or
Unconsolidated Affiliate determined in accordance with the applicable provisions of the declaration of trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other applicable
organizational document of such Subsidiary, Consolidated Affiliate or Unconsolidated Affiliate. If any Person shall act as the general partner of any partnership, the Ownership Share of such Person in such partnership shall be 100%. 

“Parent” has the meaning set forth in the introductory paragraph hereof and shall include the
Parent’s successors and permitted assigns. 
 “Participant” has the meaning given that
term in Section 13.6.(d). 
 “Patriot Act” means The Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)). 

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

“Permitted Liens” means, with respect to any asset or property of a Person, (a)(i) Liens securing taxes,
assessments and other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental Laws) or (ii) the claims of materialmen, mechanics, carriers,
warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which, in each case, are not at the time required to be paid or discharged under Section 8.6.; (b) Liens consisting of
deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar Applicable Laws; (c) Liens consisting of encumbrances in
the nature of zoning restrictions, 

  
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easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of such property or impair the intended use thereof in the business of
such Person; (d) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; and (e) Liens in existence as of the Agreement Date and disclosed on Schedule 7.1.(f). 

“Person” means any natural person, corporation, limited partnership, general partnership, joint stock
company, limited liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, or any other nongovernmental entity,
or any Governmental Authority. 
 “Plan” means at any time an employee pension benefit plan
(other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA
Group for employees of any member of the ERISA Group or (b) has at any time within the preceding six years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which
was at such time a member of the ERISA Group. 
 “Post-Default Rate” means a rate per annum
equal to Base Rate plus the Applicable Margin as in effect from time to time, plus four percent (4.0%). 

“Preferred Dividends” means, for any period and without duplication, all Restricted Payments paid during
such period on Preferred Stock issued by the Parent or any of its Subsidiaries. Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable Stock) payable to
holders of such class of Equity Interests, (b) paid or payable to the Parent or any of its Subsidiaries, or (c) constituting or resulting in the redemption of Preferred Stock, other than scheduled redemptions not constituting balloon,
bullet or similar redemptions in full. 
 “Preferred Stock” means, with respect to any Person,
shares of capital stock of, or other Equity Interests in, such Person which are entitled to preference or priority over any other capital stock of, or other Equity Interest in, such Person in respect of the payment of dividends or distribution of
assets upon liquidation or both. 
 “Principal Office” means the office of
the Administrative Agent located at 608 2nd Avenue South,
11th Floor, Minneapolis, Minnesota 55402 or any other
subsequent office that the Administrative Agent shall have specified by written notice to the Borrower and the Lenders as the Principal Office. 
 “Property” means a parcel (or group of related parcels) of real property located in one of the states of the United States or in the District of Columbia and developed (or to be
developed), and owned in fee simple or leased (in whole or in part) or operated, in each case by the Parent, the Borrower, any Consolidated Affiliate or any Unconsolidated Affiliate of the Parent, any other Subsidiary or any other Loan Party.

 “Property Owner” means any Subsidiary of the Parent which owns or leases an Unencumbered
Pool Property. 

  
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 “Qualified Plan” shall mean a Benefit Arrangement that is
intended to be tax-qualified under Section 401(a) of the Internal Revenue Code. 
 “Qualified REIT
Subsidiary” shall have the meaning given to such term in the Internal Revenue Code. 
 “Rating
Agency” means S&P or Moody’s. 
 “Recourse Indebtedness” means, with respect
to a Person, Indebtedness for borrowed money that is not Nonrecourse Indebtedness, but in any event excluding the Obligations. 
 “Register” has the meaning given that term in Section 13.6.(c). 
 “Regulatory Change” means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law (including without limitation, Regulation D of the Board of
Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force of
law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender with any request or directive regarding
capital adequacy. Notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (b) all
requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case
pursuant to Basel III, shall in each case be deemed to be a “Regulatory Change”, regardless of the date enacted, adopted or issued. 
 “Reimbursement Obligation” means the absolute, unconditional and irrevocable obligation of the Borrower to reimburse the Issuing Bank for any drawing honored by the Issuing Bank under a
Letter of Credit. 
 “REIT” means a Person qualifying for treatment as a “real estate
investment trust” under the Internal Revenue Code. 
 “Related Parties” means, with
respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, advisors and counsel of such Person and of such Person’s Affiliates. 

“Renovation Property” means a Property on which the existing building or other improvements are
undergoing renovation and redevelopment that will either (i) disrupt the occupancy of at least 40% of the square footage of such Property or (ii) temporarily reduce the Net Operating Income attributable to such Property by more than 40% as
compared to the immediately preceding comparable prior period. A Property shall cease to be a Renovation Property upon the first to occur of (i) 12 months after all improvements (other than tenant improvements on unoccupied space) related to
the redevelopment of such Property having been substantially completed and (ii) once such Property has achieved a minimum Occupancy Rate of 80.0%. 

  
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 “Required Property Diligence” means, with respect to a
Property, (i) a current operating statement and rent roll for such Property audited or certified by Borrower as being true and correct in all material respects and prepared in accordance with GAAP and historical operating statements, rent rolls
(including ARGUS or similar information if available) and the purchase and sale agreement (if the Property has been acquired within the immediately preceding 12 months), (ii) an operating budget with respect to the property for the current
fiscal year and (iii) such other information as may be reasonably requested by the Administrative Agent. 

“Requisite Lenders” means, as of any date, (a) Lenders having greater than 50% of the aggregate
amount of the Revolving Commitments of all Lenders, or (b) if the Revolving Commitments have been terminated or reduced to zero, Lenders holding greater than 50% of the principal amount of the aggregate outstanding Loans and Letter of Credit
Liabilities; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and (ii) at all times when two or more Lenders are party to this Agreement, the term
“Requisite Lenders” shall in no event mean less than two Lenders. For purposes of this definition, a Lender shall be deemed to hold a Swingline Loan or a Letter of Credit Liability to the extent such Lender has acquired a participation
therein under the terms of this Agreement and has not failed to perform its obligations in respect of such participation. 
 “Restricted Payment” means: (a) any dividend or other distribution, direct or indirect, on account of any shares of any class of stock or other Equity Interest of the Parent, the
Borrower, or any other Subsidiary now or hereafter outstanding, except a dividend payable solely in shares of that class of stock to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar
payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of stock or other Equity Interest of the Parent, the Borrower or any other Subsidiary now or hereafter outstanding; and (c) any payment made to
retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of the Parent, the Borrower or any other Subsidiary now or hereafter outstanding. 

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

“Revolving Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such
time of its outstanding Revolving Loans and such Lender’s participation in Letter of Credit Liabilities and Swingline Loans at such time. 
 “Revolving Loan” means a loan made by a Lender to the Borrower pursuant to Section 2.1.(a). 

  
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 “Revolving Note” means a promissory note of the Borrower
substantially in the form of Exhibit H, payable to the order of a Lender in a principal amount equal to the amount of such Lender’s Revolving Commitment. 
 “Secured Indebtedness” means, with respect to a Person as of any given date, the aggregate principal amount of all Indebtedness of such Person outstanding at such date that is secured in
any manner by any Lien on any property and, in the case of the Parent and any of its Subsidiaries, shall include (without duplication) the Parent’s and its Subsidiaries’ Ownership Share of the Secured Indebtedness of any of its
Consolidated Affiliates or Unconsolidated Affiliates. 
 “Securities Act” means the Securities
Act of 1933, as amended from time to time, together with all rules and regulations issued thereunder. 

“Significant Subsidiary” means any Subsidiary of the Parent to which more than 5.0% of Total Asset Value
is attributable. 
 “Solvent” means, when used with respect to any Person, that (a) the
fair value and the fair salable value of its assets (excluding any Indebtedness due from any Affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities computed at the amount
which, in the light of all facts and circumstances existing at such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is able to pay its debts or other obligations in the
ordinary course as they mature; and (c) such Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. 

“Specified Derivatives Contract” means any Derivatives Contract, together with any Derivatives Support
Document relating thereto, that is made or entered into at any time, or in effect at any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between the Parent, the Borrower, any other Loan Party or any other
Subsidiary and any Specified Derivatives Provider. 
 “Specified Derivatives Obligations” means
all indebtedness, liabilities, obligations, covenants and duties of the Parent, Borrower, any other Loan Party or any other Subsidiary under or in respect of any Specified Derivatives Contract, whether direct or indirect, absolute or contingent, due
or not due, liquidated or unliquidated, and whether or not evidenced by any written confirmation. 

“Specified Derivatives Provider” means any Lender, or any Affiliate of a Lender that is a party to a
Derivatives Contract at the time the Derivatives Contract is entered into. 
 “S&P” means
Standard & Poor’s Financial Services LLC and its successors. 
 “Stated Amount”
means the amount available to be drawn by a beneficiary under a Letter of Credit from time to time, as such amount may be increased or reduced from time to time in accordance with the terms of such Letter of Credit. 

“Stock Holdings” means, for any Person equity ownership of such Person in other public/private companies
other than Subsidiaries and Unconsolidated Affiliates. 

  
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 “Subsidiary” means, for any Person, any corporation,
partnership, limited liability company or other entity of which at least a majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals performing similar
functions of such corporation, partnership, limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such
Person or by such Person and one or more Subsidiaries of such Person. 
 “Swingline Commitment”
means the Swingline Lender’s obligation to make Swingline Loans pursuant to Section 2.3. in an amount up to, but not exceeding the amount set forth in the first sentence of Section 2.3.(a), as such amount may be reduced from time to
time in accordance with the terms hereof. 
 “Swingline Lender” means Wells Fargo Bank,
National Association, together with its respective successors and assigns. 
 “Swingline Loan”
means a loan made by the Swingline Lender to the Borrower pursuant to Section 2.3. 
 “Swingline
Maturity Date” means the date which is 7 Business Days prior to the Termination Date. 

“Swingline Note” means the promissory note of the Borrower substantially in the form of Exhibit I,
payable to the order of the Swingline Lender in a principal amount equal to the amount of the Swingline Commitment as originally in effect and otherwise duly completed. 

“Tangible Net Worth” means, as of a given date, stockholders’ equity of the Parent and its
Subsidiaries determined on a consolidated basis plus increases in accumulated depreciation and amortization accrued after the Agreement Date, minus (to the extent included when determining stockholders’ equity of the Parent and
its Subsidiaries): (a) the amount of any write-up in the book value of any assets reflected in any balance sheet resulting from revaluation thereof or any write-up in excess of the cost of such assets acquired, and (b) the aggregate of all
amounts appearing on the assets side of any such balance sheet for franchises, licenses, permits, patents, patent applications, copyrights, trademarks, service marks, trade names, goodwill, treasury stock, experimental or organizational expenses and
other like assets which would be classified as intangible assets under GAAP (except for allocations of property purchase prices pursuant to Statement of Financial Accounting Standards number 141 and the like), all determined on a consolidated basis.

 “Taxable REIT Subsidiary” means any corporation (other than a REIT) in which the Parent
directly or indirectly owns stock and the Parent and such corporation have jointly elected that such corporation be treated as a taxable REIT subsidiary of the Parent under and pursuant to Section 856 of the Internal Revenue Code. 

“Taxes” has the meaning given that term in Section 3.10. 

“Termination Date” means July 19, 2016, as such date may be extended pursuant to Section 2.12.

  
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 “Total Asset Value” means, at a given time, the sum
(without duplication) of all of the following of the Parent and its Subsidiaries determined on a consolidated basis in accordance with GAAP applied on a consistent basis: (a) cash and Cash Equivalents (other than tenant deposits and other cash
and Cash Equivalents the disposition of which is restricted in any way, provided that, Unrestricted 1031 Cash shall be included in the determination of Total Asset Value but only so long as such Unrestricted 1031 Cash is not, or if such Unrestricted
1031 Cash is owned by a Guarantor, the Borrower’s direct or indirect ownership interest in such Guarantor is not, subject to (i) any Lien other than Permitted Liens or (ii) any Negative Pledge); plus (b), the quotient of
(i) for each Property owned by the Borrower or a Subsidiary for the four-fiscal quarters most recently ended, the Net Operating Income of such Property for the fiscal quarter most recently ended multiplied by 4, divided by (ii) the
Capitalization Rate; plus (c) the purchase price paid by the Borrower or any Subsidiary (less any amounts paid to the Borrower or such Subsidiary as a purchase price adjustment, held in escrow, retained as a contingency reserve, or in
connection with other similar arrangements) of Properties (other than Development Properties) acquired during the four-fiscal quarter period most recently ended; plus (d) the GAAP book value of all Development Properties, Renovation
Properties and Unimproved Land; plus (e) the GAAP book value of accounts receivable in an amount greater than 5% of the amount of Total Asset Value (calculated prior to any addition of accounts receivable thereto). The Borrower’s Ownership
Share of assets held by Consolidated Affiliates and Unconsolidated Affiliates (excluding assets of the type described in the immediately preceding clause (a)) will be included in the calculation of Total Asset Value consistent with the above
described treatment for wholly owned assets. Net Operating Income attributable to (x) Properties that were Development Properties or Renovation Properties at the end of such fiscal quarter and Properties that (1) were owned for fewer than
the most recent consecutive four-fiscal quarters or (2) were no longer owned as of the end of such fiscal quarter, shall not be included in the calculation of Total Asset Value. 

“Total Budgeted Cost” means, with respect to a Development Property, and at any time, the aggregate
amount of all costs budgeted to be paid, incurred or otherwise expended or accrued by the Parent, the Borrower, another Subsidiary or an Unconsolidated Affiliate with respect to such Property to achieve an Occupancy Rate of 100%, including without
limitation, all amounts budgeted with respect to all of the following: (a) acquisition of land, infrastructure costs and any related improvements; (b) a reasonable and appropriate reserve for construction interest; (c) a reasonable
and appropriate operating deficit reserve; (d) tenant improvements; (e) leasing commissions and (f) other hard and soft costs associated with the development or redevelopment of such Property. With respect to any Property to be
developed in more than one phase, the Total Budgeted Cost shall exclude budgeted costs (other than costs relating to acquisition of land and related improvements) to the extent relating to any phase for which (i) construction has not yet
commenced and (ii) a binding construction contract has not been entered into by the Parent, the Borrower, any other Subsidiary or any Unconsolidated Affiliate, as the case may be. 

“Total Liabilities” means, as of a given date, the aggregate principal amount of all Indebtedness of the
Parent, its Subsidiaries and the Parent’s Ownership Share of its Consolidated Affiliates and Unconsolidated Affiliates, determined on a consolidated basis. 

“Transfer Authorizer Designation Form” means a form substantially in the form of Exhibit J to be
delivered to the Administrative Agent pursuant to Section 6.1., as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent. 

  
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 “Triple-Net Lease” means a lease by a single tenant
representing all or substantially all of the rentable area of a Property where the tenant is responsible for real estate taxes and assessments, repairs and maintenance, insurance, capital expenditures and other expenses relating to such Property.

 “Type” with respect to any Revolving Loan, refers to whether such Loan or portion thereof is
a LIBOR Loan or a Base Rate Loan. 
 “UCC” means the Uniform Commercial Code as in effect in
any applicable jurisdiction. 
 “Unconsolidated Affiliate” means, with respect to any Person,
any other Person in whom such Person holds an Investment, which Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the
financial results of such Person on the consolidated financial statements of such Person. 

“Unencumbered Asset Certificate” means a report, certified by the chief financial officer of the
Borrower in the manner provided for in Exhibit B, setting forth the calculations required to establish Unencumbered Asset Value as of a specified date, all in form and detail reasonably satisfactory to the Administrative Agent. 

“Unencumbered Asset Value” means at a given time, the sum (without duplication) of all of the following
of the Parent and its Subsidiaries determined on a consolidated basis in accordance with GAAP applied on a consistent basis: (a) cash and Cash Equivalents (other than tenant deposits and other cash and Cash Equivalents the disposition of which
is restricted in any way, provided that, Unrestricted 1031 Cash shall be included in the determination of Unencumbered Asset Value but only so long as such Unrestricted 1031 Cash is not, or if such Unrestricted 1031 Cash is owned by a Guarantor, the
Borrower’s direct or indirect ownership interest in such Guarantor is not, subject to (i) any Lien other than Permitted Liens or (ii) any Negative Pledge); plus (b) for Unencumbered Pool Properties that have been owned or
leased during the entire four-fiscal quarter period most recently ended, the quotient of (i) Unencumbered NOI, divided by (ii) the Capitalization Rate; plus (c) the purchase price paid by the Borrower or any Subsidiary
(less any amounts paid to the Borrower or such Subsidiary as a purchase price adjustment, held in escrow, retained as a contingency reserve, or in connection with other similar arrangements) for Unencumbered Pool Properties acquired during the
four-fiscal quarter period most recently ended. Notwithstanding the above, (i) the amount of Unencumbered Asset Value attributable to Properties that are subject to a ground lease shall not exceed 10% of the Unencumbered Asset Value of all
Properties and (ii) the amount of Unencumbered Asset Value attributable to a single Unencumbered Pool Property shall not exceed 30% of the Unencumbered Asset Value of all Properties. 

“Unencumbered NOI” means, for any period the aggregate annualized Net Operating Income from the
Unencumbered Pool Properties for the fiscal quarter most recently ended. If an Unencumbered Pool Property has been owned by the Borrower or a Subsidiary for one month, but not for a full fiscal quarter, the Net Operating Income from such Property
for such period will be annualized in a manner acceptable to the Administrative Agent. If an Unencumbered Pool Property has been owned the Borrower or a Subsidiary for less than one month, the Net Operating Income from such Property shall be based
on pro forma Net Operating Income calculated in a manner acceptable to the Administrative Agent. 

  
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 “Unencumbered Pool Property” means a Property that is to be
included in calculations of Unencumbered Asset Value pursuant to Section 4.1. A Property shall be excluded from determinations of the Unencumbered Asset Value and all Net Operating Income from such Property shall be excluded from calculations
of Unencumbered NOI as provided in Section 4.2. 
 “Unimproved Land” means, as of any
date, land on which no development (other than improvements that are not material and that are temporary in nature) has occurred and for which no development is scheduled in the 12 months following any such date. 

“Unrestricted 1031 Cash” means the aggregate amount of cash of the Borrower and all Guarantors that is
held in escrow in connection with the completion of “like-kind” exchanges being effected in accordance with Section 1031 of the Internal Revenue Code. 

“Unsecured Indebtedness” means, with respect to a Person and for any period, Indebtedness that is not
Secured Indebtedness; provided, however, that any Indebtedness that is secured only by a pledge of Equity Interests shall be deemed to be Unsecured Indebtedness. 

“Unsecured Interest Expense” means, with respect to a Person and for any period, all Interest Expense
attributable to Unsecured Indebtedness. 
 “Wells Fargo” means Wells Fargo Bank, National
Association, and its successors and assigns. 
 “Wells Fargo Fee Letter” means that certain fee
letter dated as of June 15, 2012, by and among the Parent, the Borrower, Wells Fargo and Wells Fargo Securities, LLC 
 “Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of the Equity Interests (other than, in the case of a corporation, directors’ qualifying shares)
are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one or more other Subsidiaries of such Person. 

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

	Section 1.2.	General; References to Pacific Time. 

 Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP as in effect as of the Agreement Date. References in this Agreement to
“Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any document, instrument or
agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean
such document, instrument or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified as of the Agreement Date from time to time thereafter to the extent not otherwise stated herein or prohibited
hereby and in effect at any given time. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the 

  
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singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Unless explicitly set forth to the contrary, a
reference to “Subsidiary” means a Subsidiary of the Parent or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a reference to an Affiliate of the Borrower. Titles and captions of Articles, Sections,
subsections and clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to time are references to Pacific time. 

 

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

 When determining compliance by the Parent or the Borrower with any financial covenant contained in any of the Loan Documents, only the Ownership Share of the Parent or the Borrower, as applicable, of the
financial attributes of a Subsidiary that is not a Wholly Owned Subsidiary shall be included. 
 ARTICLE II.
CREDIT FACILITY 
  

	Section 2.1.	Revolving Loans. 

 (a) Making of Revolving Loans. Subject to the terms and conditions set forth in this Agreement, including without limitation, Section 2.14. below, each Lender severally and not jointly agrees
to make Revolving Loans to the Borrower during the period from and including the Effective Date to but excluding the Termination Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding, such Lender’s
Revolving Commitment. Each borrowing of Base Rate Loans shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof. Each borrowing and Continuation under Section 2.8. of, and each Conversion
under Section 2.9. of Base Rate Loans into, LIBOR Loans shall be in an aggregate minimum of $5,000,000 and integral multiples of $1,000,000 in excess of that amount. Notwithstanding the immediately preceding two sentences but subject to
Section 2.14., a borrowing of Revolving Loans may be in the aggregate amount of the unused Revolving Commitments. Within the foregoing limits and subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow
Revolving Loans. 
 (b) Requests for Revolving Loans. Not later than 10:00 a.m. at least 1 Business Day
prior to a borrowing of Base Rate Loans and not later than 10:00 a.m. at least 3 Business Days prior to a borrowing of LIBOR Loans, the Borrower shall deliver to the Administrative Agent a Notice of Borrowing. Each Notice of Borrowing shall specify
the aggregate principal amount of the Revolving Loans to be borrowed, the date such Revolving Loans are to be borrowed (which must be a Business Day), the use of the proceeds of such Revolving Loans, the Type of the requested Revolving Loans, and if
such Revolving Loans are to be LIBOR Loans, the initial Interest Period for such Revolving Loans. Each Notice of Borrowing shall be irrevocable once given and binding on the Borrower. Prior to delivering a Notice of Borrowing, the Borrower may
(without specifying whether a Revolving Loan will be a Base Rate Loan or a LIBOR Loan) request that the Administrative Agent provide the Borrower with the most recent LIBOR available to the Administrative Agent. The Administrative Agent shall
provide such quoted rate to the Borrower on the date of such request or as soon as possible thereafter. 
 (c)
Funding of Revolving Loans. Promptly after receipt of a Notice of Borrowing under the immediately preceding subsection (b), the Administrative Agent shall notify each Lender of the 

  
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proposed borrowing. Each Lender shall deposit an amount equal to the Revolving Loan to be made by such Lender to the Borrower with the Administrative Agent at the Principal Office, in immediately
available funds not later than 10:00 a.m. on the date of such proposed Revolving Loans. Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent shall make available to the Borrower in the account specified in
the Transfer Authorizer Designation Form, not later than 12:00 noon on the date of the requested borrowing of Revolving Loans, the proceeds of such amounts received by the Administrative Agent. 

(d) Assumptions Regarding Funding by Lenders. With respect to Revolving Loans to be made after the Effective Date,
unless the Administrative Agent shall have been notified by any Lender that such Lender will not make available to the Administrative Agent a Revolving Loan to be made by such Lender in connection with any borrowing, the Administrative Agent may
assume that such Lender will make the proceeds of such Revolving Loan available to the Administrative Agent in accordance with this Section, and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make
available to the Borrower the amount of such Revolving Loan to be provided by such Lender. In such event, if such Lender does not make available to the Administrative Agent the proceeds of such Revolving Loan, then such Lender and the Borrower
severally agree to pay to the Administrative Agent on demand the amount of such Revolving Loan with interest thereon, for each day from and including the date such Revolving Loan is made available to the Borrower but excluding the date of payment to
the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and
(ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay the amount of such interest to the Administrative Agent for the same or overlapping period, the
Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays to the Administrative Agent the amount of such Revolving Loan, the amount so paid shall constitute such
Lender’s Revolving Loan included in the borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make available the proceeds of a Revolving Loan to be made
by such Lender. 
  

	Section 2.2.	Letters of Credit. 

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

(b) Terms of Letters of Credit. At the time of issuance, the amount, form, terms and conditions of each Letter of
Credit, and of any drafts or acceptances thereunder, shall be subject to approval by the Issuing Bank and the Borrower. Notwithstanding the foregoing, in no event may (i) the expiration date of any Letter of Credit extend beyond the date that
is 30 days prior to the Termination Date, or (ii) any Letter of Credit have an initial duration in excess of one year; provided, however, a Letter of Credit may contain a provision providing for the automatic extension of the expiration date in
the absence of a notice of non-renewal from the Issuing Bank but in no event 

  
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(except as expressly provided in the immediately following sentence) shall any such provision permit the extension of the expiration date of such Letter of Credit beyond the date that is 30 days
prior to the Termination Date. Notwithstanding the foregoing, a Letter of Credit may, as a result of its express terms or as the result of the effect of an automatic extension provision, have an expiration date of not more than one year beyond the
Termination Date (any such Letter of Credit being referred to as an “Extended Letter of Credit”), so long as the Borrower delivers to the Administrative Agent for its benefit and the benefit of the Issuing Bank and the Lenders no later
than 30 days prior to the Termination Date, Cash Collateral for such Letter of Credit for deposit into the Letter of Credit Collateral Account in an amount equal to the Stated Amount of such Letter of Credit; provided, that the obligations of the
Borrower under this Section in respect of such Extended Letters of Credit shall survive the termination of this Agreement and shall remain in effect until no such Extended Letters of Credit remain outstanding. If the Borrower fails to provide Cash
Collateral with respect to any Extended Letter of Credit by the date 30 days prior to the Termination Date, such failure shall be treated as a drawing under such Extended Letter of Credit (in an amount equal to the maximum Stated Amount of such
Letter of Credit), which shall be reimbursed (or participations therein funded) by the Lenders in accordance with the immediately following subsections (i) and (j), with the proceeds being utilized to provide Cash Collateral for such Letter of
Credit. The initial Stated Amount of each Letter of Credit shall be at least $50,000 or such lesser amount as the Issuing Bank may agree. 
 (c) Requests for Issuance of Letters of Credit. The Borrower shall give the Issuing Bank and the Administrative Agent written notice at least 5 Business Days prior to the requested date of issuance
of a Letter of Credit, such notice to describe in reasonable detail the proposed terms of such Letter of Credit and the nature of the transactions or obligations proposed to be supported by such Letter of Credit, and in any event shall set forth
with respect to such Letter of Credit the proposed (i) initial Stated Amount, (ii) beneficiary, and (iii) expiration date. The Borrower shall also execute and deliver such customary applications and agreements for standby letters of
credit, and other forms as requested from time to time by the Issuing Bank. Provided the Borrower has given the notice prescribed by the first sentence of this subsection and delivered such application and agreements referred to in the preceding
sentence, subject to the other terms and conditions of this Agreement, including the satisfaction of any applicable conditions precedent set forth in Article 6.2., the Issuing Bank shall issue the requested Letter of Credit on the requested date of
issuance for the benefit of the stipulated beneficiary but in no event prior to the date 5 Business Days following the date after which the Issuing Bank has received all of the items required to be delivered to it under this subsection. The Issuing
Bank shall not at any time be obligated to issue any Letter of Credit if such issuance would conflict with, or cause the Administrative Agent or any Lender to exceed any limits imposed by, any Applicable Law. References herein to “issue”
and derivations thereof with respect to Letters of Credit shall also include extensions or modifications of any outstanding Letters of Credit, unless the context otherwise requires. Upon the written request of the Borrower, the Issuing Bank shall
deliver to the Borrower a copy of each issued Letter of Credit within a reasonable time after the date of issuance thereof. To the extent any term of a Letter of Credit Document is inconsistent with a term of any Loan Document, the term of such Loan
Document shall control. 
 (d) Reimbursement Obligations. Upon receipt by the Issuing Bank from the
beneficiary of a Letter of Credit of any demand for payment under such Letter of Credit, the Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by the Issuing Bank as a result of such demand and the
date on which payment is to be made by the Issuing Bank to such beneficiary in respect of such demand; provided, however, that the Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect
from the 

  
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applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse the Issuing Bank for the amount of each demand for payment under
such Letter of Credit at or prior to the date on which payment is to be made by Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by the Issuing Bank of any payment in
respect of any Reimbursement Obligation, Issuing Bank shall promptly pay to each Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Revolving Commitment
Percentage of such payment. 
 (e) Manner of Reimbursement. Upon its receipt of a notice referred to in
the immediately preceding subsection (d), the Borrower shall advise the Administrative Agent and the Issuing Bank whether or not the Borrower intends to borrow hereunder to finance its obligation to reimburse the Issuing Bank for the amount of the
related demand for payment and, if it does, the Borrower shall submit a timely request for such borrowing as provided in the applicable provisions of this Agreement. If the Borrower fails to so advise the Administrative Agent and the Issuing Bank,
or if the Borrower fails to reimburse the Issuing Bank for a demand for payment under a Letter of Credit by the date of such payment, the failure of which the Issuing Bank shall promptly notify the Administrative Agent, then (i) if the
applicable conditions contained in Article VI. would permit the making of Revolving Loans, the Borrower shall be deemed to have requested a borrowing of Revolving Loans (which shall be Base Rate Loans) in an amount equal to the unpaid Reimbursement
Obligation and the Administrative Agent shall give each Lender prompt notice of the amount of the Revolving Loan to be made available to the Administrative Agent not later than 10:00 a.m. on the Business Day immediately following the date that the
Administrative Agent receives such notice from the Issuing Bank and (ii) if such conditions would not permit the making of Revolving Loans, the provisions of subsection (j) of this Section shall apply. The limitations set forth in the
second sentence of Section 2.1.(a) shall not apply to any borrowing of Base Rate Loans under this subsection. 
 (f) Effect of Letters of Credit on Revolving Commitments. Upon the issuance by the Issuing Bank of any Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the
Revolving Commitment of each Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Lender’s Revolving Commitment Percentage and (ii) the sum of (A) the Stated
Amount of such Letter of Credit plus (B) any related Reimbursement Obligations then outstanding. 
 (g)
Issuing Bank’s Duties Regarding Letters of Credit; Unconditional Nature of Reimbursement Obligations. In examining documents presented in connection with drawings under Letters of Credit and making payments under such Letters of Credit
against such documents, the Issuing Bank shall only be required to use the same standard of care as it uses in connection with examining documents presented in connection with drawings under letters of credit in which it has not sold participations
and making payments under such letters of credit. The Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the
foregoing, none of the Issuing Bank, Administrative Agent or any of the Lenders shall be responsible for, and the Borrower’s obligations in respect of the Letters of Credit shall not be affected in any manner by (i) the form, validity,
sufficiency, accuracy, genuineness or legal effects of any document submitted by any party in connection with the application for and issuance of or any drawing honored under any Letter of Credit even if such document should in fact prove to be in
any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or 

  
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assigning or purporting to transfer or assign any Letter of Credit, or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for
any reason; (iii) failure of the beneficiary of any Letter of Credit to comply fully with conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any
messages, by mail, cable, facsimile, electronic mail, telecopy or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document
required in order to make a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the misapplication by the beneficiary of any Letter of Credit, or of the proceeds of any drawing under any Letter of Credit; or (viii) any
consequences arising from causes beyond the control of the Issuing Bank, Administrative Agent or the Lenders. None of the above shall affect, impair or prevent the vesting of any of the Issuing Bank’s or Administrative Agent’s rights or
powers hereunder. Any action taken or omitted to be taken by the Issuing Bank under or in connection with any Letter of Credit, if taken or omitted in the absence of gross negligence or willful misconduct (as determined by a court of competent
jurisdiction in a final, non-appealable judgment), shall not create against the Issuing Bank any liability to the Borrower, the Administrative Agent or any Lender. In this connection, the obligation of the Borrower to reimburse the Issuing Bank for
any drawing made under any Letter of Credit, and to repay any Revolving Loan made pursuant to the second sentence of the immediately preceding subsection (e) shall be absolute, unconditional and irrevocable and shall be paid strictly in
accordance with the terms of this Agreement and any other applicable Letter of Credit Document under all circumstances whatsoever, including without limitation, the following circumstances: (A) any lack of validity or enforceability of any
Letter of Credit Document or any term or provisions therein; (B) any amendment or waiver of or any consent to departure from all or any of the Letter of Credit Documents; (C) the existence of any claim, setoff, defense or other right which
the Borrower may have at any time against the Issuing Bank, the Administrative Agent or any Lender, any beneficiary of a Letter of Credit or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or in the
Letter of Credit Documents or any unrelated transaction; (D) any breach of contract or dispute between the Borrower, the Issuing Bank, the Administrative Agent, any Lender or any other Person; (E) any demand, statement or any other
document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein or made in connection therewith being untrue or inaccurate in any respect whatsoever; (F) any
non-application or misapplication by the beneficiary of a Letter of Credit or of the proceeds of any drawing under such Letter of Credit; (G) payment by the Issuing Bank under any Letter of Credit against presentation of a draft or certificate
which does not strictly comply with the terms of such Letter of Credit; and (H) any other act, omission to act, delay or circumstance whatsoever that might, but for the provisions of this Section, constitute a legal or equitable defense to or
discharge of the Borrower’s Reimbursement Obligations. Notwithstanding anything to the contrary contained in this Section or Section 13.10., but not in limitation of the Borrower’s unconditional obligation to reimburse the Issuing
Bank for any drawing made under a Letter of Credit as provided in this Section and to repay any Revolving Loan made pursuant to the second sentence of the immediately preceding subsection (e), the Borrower shall have no obligation to indemnify the
Administrative Agent, the Issuing Bank or any Lender in respect of any liability incurred by the Administrative Agent, the Issuing Bank or such Lender arising solely out of the gross negligence or willful misconduct of the Administrative Agent, the
Issuing Bank or such Lender in respect of a Letter of Credit as determined by a court of competent jurisdiction in a final, non-appealable judgment. Except as otherwise provided in this Section, nothing in this Section shall affect any rights the
Borrower may have with respect to the gross negligence or willful misconduct of the Administrative Agent, the Issuing Bank or any Lender with respect to any Letter of Credit. 

  
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 (h) Amendments, Etc. The issuance by the Issuing Bank of any
amendment, supplement or other modification to any Letter of Credit issued by it shall be subject to the same conditions applicable under this Agreement to the issuance of new Letters of Credit (including, without limitation, that the request
therefor be made through the Issuing Bank), and no such amendment, supplement or other modification shall be issued unless either (i) the respective Letter of Credit affected thereby would have complied with such conditions had it originally
been issued hereunder in such amended, supplemented or modified form or (ii) the Administrative Agent and Requisite Lenders (or all of the Lenders if required by Section 13.7.) shall have consented thereto. In connection with any such
amendment, supplement or other modification, the Borrower shall pay the fees, if any, payable under the last sentence of Section 3.5.(c). 
 (i) Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and
unconditionally purchased and received from the Issuing Bank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of the liability of the Issuing Bank with respect
to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Bank to pay and discharge when due, such
Lender’s Revolving Commitment Percentage of the Issuing Bank’s liability under such Letter of Credit, whether before the Termination Date or after. In addition, upon the making of each payment by a Lender to the Administrative Agent for
the account of the Issuing Bank in respect of any Letter of Credit pursuant to the immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Issuing Bank, Administrative Agent or such
Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such
Lender’s Revolving Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Bank pursuant to the second and the last sentences of
Section 3.5.(c)). 
 (j) Payment Obligation of Lenders. Each Lender severally agrees to pay to the
Administrative Agent, for the account of the Issuing Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Revolving Commitment Percentage of each drawing paid by the Issuing Bank under each Letter of Credit to
the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to
fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Revolving Commitment Percentage of such drawing except as otherwise provided in Section 3.9.(d). If the notice referenced in the second sentence of
Section 2.2.(e) is received by a Lender not later than 10:00 a.m., then such Lender shall make such payment available to the Administrative Agent not later than 2:00 p.m. on the date of demand therefor; otherwise, such payment shall be made
available to the Administrative Agent not later than 1:00 p.m. on the next succeeding Business Day. Each Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to
receive the same for the account of the Issuing Bank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to
make its payment under this subsection, (ii) the financial condition of the Borrower or any other Loan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 11.1.(e) or (f),
(iv) the termination of the Revolving Commitments or (v) the delivery of Cash Collateral in respect of any Extended Letter of Credit. Each such payment to the Administrative 

  
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Agent for the account of the Issuing Bank shall be made without any offset, abatement, withholding or deduction whatsoever. 

(k) Information to Lenders. Promptly following any change in Letters of Credit outstanding, the Issuing Bank shall
deliver to the Administrative Agent, who shall promptly deliver the same to each Lender and the Borrower, a notice describing the aggregate amount of all Letters of Credit outstanding at such time. Upon the request of any Lender from time to time,
the Issuing Bank shall deliver any other information reasonably requested by such Lender with respect to each Letter of Credit issued by the Issuing Bank then outstanding. Other than as set forth in this subsection, the Issuing Bank shall have no
duty to notify the Lenders regarding the issuance or other matters regarding Letters of Credit issued hereunder. The failure of the Issuing Bank to perform its requirements under this subsection shall not relieve any Lender from its obligations
under the immediately preceding subsection (j). 
 (l) Extended Letters of Credit. Each Lender confirms
that its obligations under the immediately preceding subsections (i) and (j) shall be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter of Credit is subsequently invalidated, declared to
be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise. 

 

	Section 2.3.	Swingline Loans. 

 (a) Swingline Loans. Subject to the terms and conditions hereof, including without limitation Section 2.14., the Swingline Lender agrees to make Swingline Loans to the Borrower, during the
period from the Effective Date to but excluding the Swingline Maturity Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding, $25,000,000 as such amount may be reduced from time to time in accordance with the
terms hereof. If at any time the aggregate principal amount of the Swingline Loans outstanding at such time exceeds the Swingline Commitment in effect at such time, the Borrower shall immediately pay the Administrative Agent for the account of the
Swingline Lender the amount of such excess. Subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Swingline Loans hereunder. The borrowing of a Swingline Loan shall not constitute usage of any
Lender’s Revolving Commitment for purposes of calculation of the fee payable under Section 3.5.(b). 

(b) Procedure for Borrowing Swingline Loans. The Borrower shall give the Administrative Agent and the Swingline
Lender notice pursuant to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan. Each Notice of Swingline Borrowing shall be delivered to the Swingline Lender no later than 9:00 a.m. on the proposed date of such
borrowing. Any telephonic notice shall include all information to be specified in a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing sent to the Swingline
Lender by telecopy on the same day of the giving of such telephonic notice. Not later than 11:00 a.m. on the date of the requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Article 6.2. for such borrowing,
the Swingline Lender will make the proceeds of such Swingline Loan available to the Borrower in Dollars, in immediately available funds, at the account specified by the Borrower in the Notice of Swingline Borrowing. 

  
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 (c) Interest. Swingline Loans shall bear interest at a per annum rate
equal to the Base Rate as in effect from time to time plus the Applicable Margin or at such other rate or rates as the Borrower and the Swingline Lender may agree from time to time in writing. Interest on Swingline Loans is solely for the account of
the Swingline Lender (except to the extent a Lender acquires a participating interest in a Swingline Loan pursuant to the immediately following subsection (e)). All accrued and unpaid interest on Swingline Loans shall be payable on the dates and in
the manner provided in Section 2.4. with respect to interest on Base Rate Loans (except as the Swingline Lender and the Borrower may otherwise agree in writing in connection with any particular Swingline Loan). 

(d) Swingline Loan Amounts, Etc. Each Swingline Loan shall be in the minimum amount of $1,000,000 and integral
multiples of $500,000 in excess thereof, or such other minimum amounts agreed to by the Swingline Lender and the Borrower. Any voluntary prepayment of a Swingline Loan must be in integral multiples of $500,000 or the aggregate principal amount of
all outstanding Swingline Loans (or such other minimum amounts upon which the Swingline Lender and the Borrower may agree) and in connection with any such prepayment, the Borrower must give the Swingline Lender and the Administrative Agent prior
written notice thereof no later than 10:00 a.m. on the day prior to the date of such prepayment. The Swingline Loans shall, in addition to this Agreement, be evidenced by the Swingline Note. 

(e) Repayment and Participations of Swingline Loans. The Borrower agrees to repay each Swingline Loan within one
Business Day of demand therefor by the Swingline Lender and, in any event, within 5 Business Days after the date such Swingline Loan was made; provided, that the proceeds of a Swingline Loan may not be used to pay a Swingline Loan. Notwithstanding
the foregoing, the Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Swingline Loans on the Swingline Maturity Date (or such earlier date as the Swingline Lender and the Borrower may agree
in writing). In lieu of demanding repayment of any outstanding Swingline Loan from the Borrower, the Swingline Lender may, on behalf of the Borrower (which hereby irrevocably directs the Swingline Lender to act on its behalf), request a borrowing of
Revolving Loans that are Base Rate Loans from the Lenders in an amount equal to the principal balance of such Swingline Loan. The amount limitations contained in the second sentence of Section 2.1.(a) shall not apply to any borrowing of such
Revolving Loans made pursuant to this subsection. The Swingline Lender shall give notice to the Administrative Agent of any such borrowing of Revolving Loans not later than 9:00 a.m. at least one Business Day prior to the proposed date of such
borrowing. Promptly after receipt of such notice of borrowing of Revolving Loans from the Swingline Lender under the immediately preceding sentence, the Administrative Agent shall notify each Lender of the proposed borrowing. Not later than 9:00
a.m. on the proposed date of such borrowing, each Lender will make available to the Administrative Agent at the Principal Office for the account of the Swingline Lender, in immediately available funds, the proceeds of the Revolving Loan to be made
by such Lender. The Administrative Agent shall pay the proceeds of such Revolving Loans to the Swingline Lender, which shall apply such proceeds to repay such Swingline Loan. If the Revolving Lenders are prohibited from making Revolving Loans
required to be made under this subsection for any reason whatsoever, including without limitation, the existence of any of the Defaults or Events of Default described in Sections 11.1.(e) or (f), each Revolving Lender shall purchase from the
Swingline Lender, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of such Swingline Loan, by directly purchasing a participation in such Swingline Loan in such
amount and paying the proceeds thereof to the Administrative Agent for the account of the Swingline Lender in Dollars and in immediately available funds. A Lender’s obligation to purchase such a participation in a Swingline Loan shall be
absolute and unconditional and shall not be affected by any 

  
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circumstance whatsoever, including without limitation, (i) any claim of setoff, counterclaim, recoupment, defense or other right which such Lender or any other Person may have or claim
against the Administrative Agent, the Swingline Lender or any other Person whatsoever, (ii) the existence of a Default or Event of Default (including without limitation, any of the Defaults or Events of Default described in Sections 11.1.
(e) or (f)), or the termination of any Lender’s Revolving Commitment, (iii) the existence (or alleged existence) of an event or condition which has had or could have a Material Adverse Effect, (iv) any breach of any Loan Document
by the Administrative Agent, any Lender, the Borrower or any other Loan Party, or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. If such amount is not in fact made available to the
Swingline Lender by any Lender, the Swingline Lender shall be entitled to recover such amount on demand from such Lender, together with accrued interest thereon for each day from the date of demand thereof, at the Federal Funds Rate. If such Lender
does not pay such amount forthwith upon the Swingline Lender’s demand therefor, and until such time as such Lender makes the required payment, the Swingline Lender shall be deemed to continue to have outstanding Swingline Loans in the amount of
such unpaid participation obligation for all purposes of the Loan Documents (other than those provisions requiring the other Lenders to purchase a participation therein). Further, such Lender shall be deemed to have assigned any and all payments
made of principal and interest on its Revolving Loans, and any other amounts due it hereunder, to the Swingline Lender to fund Swingline Loans in the amount of the participation in Swingline Loans that such Lender failed to purchase pursuant to this
Section until such amount has been purchased (as a result of such assignment or otherwise). 
  

	Section 2.4.	Rates and Payment of Interest on Loans. 

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

(ii) during such periods as such Loan is a LIBOR Loan, at LIBOR for such Loan for the Interest Period
therefor, plus the Applicable Margin. 
 Notwithstanding the foregoing, while an Event of Default exists, the Borrower shall pay
to the Administrative Agent for the account of each Lender and the Issuing Bank, as the case may be, interest at the Post-Default Rate on the outstanding principal amount of any Loan made by such Lender, on all Reimbursement Obligations and on any
other amount payable by the Borrower hereunder or under the Notes held by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law). 

(b) Payment of Interest. All accrued and unpaid interest on the outstanding principal amount of each Loan shall be
payable (i) monthly in arrears on the first day of each month, commencing with the first full calendar month occurring after the Effective Date and (ii) on any date on which the principal balance of such Loan is due and payable in full
(whether at maturity, due to acceleration or otherwise). Interest payable at the Post-Default Rate shall be payable from time to time on demand. All determinations by the Administrative Agent of an interest rate hereunder shall be conclusive and
binding on the Lenders and the Borrower for all purposes, absent manifest error. 

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

  

	Section 2.5.	Number of Interest Periods. 

 There may be no more than 6 different Interest Periods for LIBOR Loans outstanding at the same time. 
  

	Section 2.6.	Repayment of Revolving Loans. 

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

 

	Section 2.7.	Prepayments. 

 (a) Optional. Subject to Section 5.4., the Borrower may prepay any Loan at any time without premium or penalty. The Borrower shall give the Administrative Agent at least 3 Business Days prior
written notice of the prepayment of any Loan. Each voluntary prepayment of Revolving Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof. 

(b) Mandatory. If at any time the aggregate principal amount of all outstanding Loans, together with the aggregate
amount of all Letter of Credit Liabilities, exceeds the aggregate amount of the Revolving Commitments, the Borrower shall immediately pay to the Administrative Agent for the account of the Lenders the amount of such excess. Such payment shall be
applied in the following order: first, to the principal outstanding on the Swingline Loans; second, to the principal outstanding on the Revolving Loans and any due and unpaid Reimbursement Obligations, pro rata in accordance with
Section 3.2.; and third, if any Letters of Credit are outstanding at such time, the remainder, if any, shall be deposited into the Letter of Credit Collateral Account for application to any Reimbursement Obligations. If the Borrower is
required to pay any outstanding LIBOR Loans by reason of this Section prior to the end of the applicable Interest Period therefor, the Borrower shall pay all amounts due under Section 5.4. 

  
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	Section 2.8.	Continuation. 

 So long as no Default or Event of Default exists, the Borrower may on any Business Day, with respect to any LIBOR Loan, elect to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by
selecting a new Interest Period for such LIBOR Loan. Each Continuation of a LIBOR Loan shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount, and each new Interest Period selected under
this Section shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than 9:00 a.m. on
the third Business Day prior to the date of any such Continuation. Such notice by the Borrower of a Continuation shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Continuation, specifying
(a) the proposed date of such Continuation, (b) the LIBOR Loans and portions thereof subject to such Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to
comply with all limitations on Loans outstanding hereunder. Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the Administrative Agent shall notify each
Lender of the proposed Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, such Loan will automatically, on the last day of the current Interest Period
therefor, continue as a LIBOR Loan with an Interest Period of one month; provided, however that if a Default or Event of Default exists, such Loan will automatically, on the last day of the current Interest Period therefor, Convert into a Base Rate
Loan notwithstanding the first sentence of Section 2.9. or the Borrower’s failure to comply with any of the terms of such Section. 
  

	Section 2.9.	Conversion. 

 The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all
or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted to a LIBOR Loan if a Default or Event of Default shall exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made
on, and only on, the last day of an Interest Period for such LIBOR Loan. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount. Each
such Notice of Conversion shall be given not later than 9:00 a.m. 3 Business Days prior to the date of any proposed Conversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed
Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such
Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested
duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. 
  

	Section 2.10.	Notes. 

(a) Notes. Except in the case of a Lender that has notified the Administrative Agent in writing that it elects not
to receive a Revolving Note, the Revolving Loans made by each Lender 

  
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shall, in addition to this Agreement, also be evidenced by a Revolving Note, payable to the order of such Lender in a principal amount equal to the amount of its Revolving Commitment as
originally in effect and otherwise duly completed; provided, however, that a Lender that has elected not to receive a Revolving Note may rescind such election at any time prior to the Termination Date by providing written notice thereof to the
Administrative Agent, who will provide such notice to the Borrower within a reasonable period after receipt, and the Borrower shall execute and deliver to such Lender a Revolving Note payable to such Lender that complies with the terms of this
subsection within a reasonable period after receipt of such notice. The Swingline Loans made by the Swingline Lender to the Borrower shall, in addition to this Agreement, also be evidenced by a Swingline Note payable to the order of the Swingline
Lender. 
 (b) Records. The date, amount, interest rate, Type and duration of Interest Periods (if
applicable) of each Loan made by each Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrower absent manifest error; provided,
however, that (i) the failure of a Lender to make any such record shall not affect the obligations of the Borrower under any of the Loan Documents and (ii) if there is a discrepancy between such records of a Lender and the statements of
accounts maintained by the Administrative Agent pursuant to Section 3.8., in the absence of manifest error, the statements of account maintained by the Administrative Agent pursuant to Section 3.8. shall be controlling. 

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

 

	Section 2.11.	Voluntary Reductions of the Revolving Commitment. 

 The Borrower shall have the right to terminate or reduce the aggregate amount of the unused Revolving Commitments (for which purpose use of the Revolving Commitments shall be deemed to include the
aggregate amount of all Letter of Credit Liabilities and the aggregate principal amount of all outstanding Swingline Loans) at any time and from time to time without penalty or premium upon not less than 5 Business Days prior written notice to the
Administrative Agent of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction (which in the case of any partial reduction of the Revolving Commitments shall not be less than
$10,000,000 and integral multiples of $5,000,000 in excess of that amount in the aggregate) and shall be irrevocable once given and effective only upon receipt by the Administrative Agent (“Commitment Reduction Notice”); provided, however,
the Borrower may not reduce the aggregate amount of the Revolving Commitments below $100,000,000 unless the Borrower is terminating the Revolving Commitments in full. Promptly after receipt of a Commitment Reduction Notice the Administrative Agent
shall notify each Lender of the proposed termination or Revolving Commitment reduction. The Revolving Commitments, once reduced or terminated pursuant to this Section, may not be increased or reinstated. The Borrower shall pay all interest and fees
on the Revolving Loans accrued to the date of such reduction or termination of the Commitments to the Administrative Agent for the account of the Lenders, including but not limited to any applicable compensation due to each Lender in accordance with
Section 5.4. 

  
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	Section 2.12.	Extension of Termination Date. 

 The Borrower shall have the right, exercisable one time, to request that the Administrative Agent and the Lenders agree to extend the Termination Date by one year. The Borrower may exercise such right
only by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the current Termination Date, a written request for such extension. The Administrative Agent shall notify the Lenders if it receives
such a request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Termination Date shall be extended for one year effective upon receipt by the Administrative Agent of payment of the fee referred to in the
following clause (y): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the Parent,
the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such
representation or warranty shall be true and correct in all respects) on and as of the date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly
relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such
representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents and (y) the Borrower shall have
paid the Fees payable under Section 3.5.(d). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from the chief
executive officer or chief financial officer of the Parent certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B). 
  

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

If on the date the Revolving Commitments are terminated or reduced to zero (whether voluntarily, by reason of the
occurrence of an Event of Default or otherwise), there are any Letters of Credit outstanding hereunder with respect to which the Borrower has not complied with the conditions set forth in the second proviso of the second sentence of
Section 2.2.(b), the Borrower shall, on such date, pay to the Administrative Agent, for its benefit and the benefit of the Lenders and the Issuing Bank, an amount of money sufficient to cause the balance of available funds on deposit in the
Letter of Credit Collateral Account to equal the Stated Amount of such Letter(s) of Credit for deposit into the Letter of Credit Collateral Account. 
  

	Section 2.14.	Amount Limitations. 

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

  
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	Section 2.15.	Increase in Revolving Commitments. 

 The Borrower shall have the right to request increases in the aggregate amount of the Revolving Commitments by providing written notice to the Administrative Agent, which notice shall be irrevocable once
given; provided, however, that after giving effect to any such increases the aggregate amount of the Revolving Commitments shall not exceed $450,000,000. Each such increase in the Revolving Commitments must be an aggregate minimum
amount of $25,000,000 and integral multiples of $5,000,000 in excess thereof. The Joint Lead Arrangers, in consultation with the Borrower, shall manage all aspects of the syndication of such increase in the Revolving Commitments, including decisions
as to the selection of the existing Lenders and/or other banks, financial institutions and other institutional lenders to be approached with respect to such increase and the allocations of the increase in the Revolving Commitments among such
existing Lenders and/or other banks, financial institutions and other institutional lenders. No Lender shall be obligated in any way whatsoever to increase its Revolving Commitment, and any new Lender becoming a party to this Agreement in connection
with any such requested increase must be an Eligible Assignee. If a new Lender becomes a party to this Agreement, or if any existing Lender is increasing its Revolving Commitment, such Lender shall on the date it becomes a Lender hereunder (or in
the case of an existing Lender, increases its Revolving Commitment) (and as a condition thereto) purchase from the other Lenders its Revolving Commitment Percentage (determined with respect to the Lenders’ relative Revolving Commitments and
after giving effect to the increase of Revolving Commitments) of any outstanding Revolving Loans, by making available to the Administrative Agent for the account of such other Lenders, in same day funds, an amount equal to the sum of (A) the
portion of the outstanding principal amount of such Revolving Loans to be purchased by such Lender plus (B) the aggregate amount of payments previously made by the other Lenders under Section 2.2.(j) that have not been repaid
plus (C) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Revolving Loans. The Borrower shall pay to the Lenders amounts payable, if any, to such Lenders under
Section 5.4. as a result of the prepayment of any such Revolving Loans. Effecting the increase of the Revolving Commitments under this Section is subject to the following conditions precedent: (x) no Default or Event of Default shall be in
existence on the effective date of such increase, (y) the representations and warranties made or deemed made by the Parent, the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct
in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the effective date of such increase except to the
extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or
warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted
hereunder, and (z) the Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent: (i) if not previously delivered to the Administrative Agent, copies certified by the
Secretary or Assistant Secretary of (A) all partnership or other necessary action taken by the Borrower to authorize such increase and (B) all corporate, partnership, member or other necessary action taken by each Guarantor authorizing the
guaranty of such increase; (ii) an opinion of counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent and the Lenders covering such matters as reasonably requested by the Administrative Agent, and (iii) a
Revolving Note executed by the Borrower, payable to such new Lender and replacement Revolving Notes executed by the Borrower, payable to any existing Lenders increasing their Revolving Commitments, in the amount of such Lender’s Revolving
Commitment at the time of the 

  
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effectiveness of the applicable increase in the aggregate amount of the Revolving Commitments. In connection with any increase in the aggregate amount of the Revolving Commitments pursuant to
this Section 2.15. any Lender becoming a party hereto shall execute such documents and agreements as the Administrative Agent may reasonably request. 
  

	Section 2.16.	Funds Transfer Disbursements. 

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

(c) Limitation of Liability. None of the Administrative Agent, the Issuing Bank or the Lenders shall be liable to
the Borrower or any other parties for (i) errors, acts or failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which the Borrower’s transfers may be made or information received or
transmitted, and no such entity shall be deemed an agent of the Administrative Agent, the Issuing Bank or any Lender, (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of
government, labor disputes, failures in communications networks, legal constraints or other events beyond the control of the Administrative Agent, the Issuing Bank and the Lenders, or (iii) any special, consequential, indirect or punitive
damages, whether or not (x) any claim for these damages is based on tort or contract or (y) the Administrative Agent, the Issuing Bank, any Lender or the Borrower knew or should have known the likelihood of these damages in any situation.
None of the 

  
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Administrative Agent, the Issuing Bank or the Lenders makes any representations or warranties other than those expressly made in this Agreement. 

ARTICLE III. PAYMENTS, FEES AND OTHER GENERAL
PROVISIONS 
  

	Section 3.1.	Payments. 

(a) Payments by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees
and other amounts to be made by the Borrower under this Agreement, the Notes or any other Loan Document shall be made in Dollars, in immediately available funds, without setoff, deduction or counterclaim, to the Administrative Agent at the Principal
Office, not later than 11:00 a.m. on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Section 11.5., the
Borrower shall, at the time of making each payment under this Agreement or any other Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by
the Administrative Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the
Administrative Agent from time to time, for the account of such Lender at the applicable Lending Office of such Lender. Each payment received by the Administrative Agent for the account of the Issuing Bank under this Agreement shall be paid to the
Issuing Bank by wire transfer of immediately available funds in accordance with the wiring instructions provided by the Issuing Bank to the Administrative Agent from time to time, for the account of the Issuing Bank. In the event the Administrative
Agent fails to pay such amounts to such Lender or the Issuing Bank, as the case may be, within one Business Day of receipt of such amounts, the Administrative Agent shall pay interest on such amount until paid at a rate per annum equal to the
Federal Funds Rate from time to time in effect. If the due date of any payment under this Agreement or any other Loan Document would otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day
and interest shall continue to accrue at the rate, if any, applicable to such payment for the period of such extension. 
 (b) Presumptions Regarding Payments by Borrower. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may (but shall not
be obligated to), in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as
the case may be, severally agrees to repay to the Administrative Agent on demand that amount so distributed to such Lender or the Issuing Bank, with interest thereon, for each day from and including the date such amount is distributed to it to but
excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

(c) Order of Application of Principal Payments. Subject to Section 11.5., if at the time of the making of any
principal payment hereunder the Borrower fails to specify to which amounts such principal payment is to be applied, such principal payment shall be applied in the following order and priority: first, to the Swingline Loans; and second, to the
Revolving Loans. 

  
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	Section 3.2.	Pro Rata Treatment. 

 Except to the extent otherwise provided herein: (a) each borrowing from the Lenders under Section 2.1.(a), 2.2.(e) and 2.3.(e) shall be made from the Lenders, each payment of the fees under
Section 3.5.(b), the first sentence of 3.5.(c) and Section 3.5.(d) shall be made for the account of the Lenders, and each termination or reduction of the amount of the Revolving Commitments under Section 2.11. shall be applied to the
respective Revolving Commitments of the Lenders, pro rata according to the amounts of their respective Revolving Commitments; (b) each payment or prepayment of principal of Revolving Loans by the Borrower shall be made for the account of the
Lenders pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans held by them, provided that, subject to Section 3.9., if immediately prior to giving effect to any such payment in respect of any Revolving Loans
the outstanding principal amount of the Revolving Loans shall not be held by the Lenders pro rata in accordance with their respective Revolving Commitments in effect at the time such Loans were made, then such payment shall be applied to the
Revolving Loans in such manner as shall result, as nearly as is practicable, in the outstanding principal amount of the Revolving Loans being held by the Lenders pro rata in accordance with their respective Revolving Commitments; (c) each
payment of interest on Revolving Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the amounts of interest on such Revolving Loans then due and payable to the respective Lenders; (d) the making,
Conversion and Continuation of Revolving Loans of a particular Type (other than Conversions provided for by Section 5.1.) shall be made pro rata among the Lenders according to the amounts of their Loans and the then current Interest Period for
each Lender’s portion of each Loan of such Type shall be coterminous; (e) the Lenders’ participation in, and payment obligations in respect of, Swingline Loans under Section 2.3., shall be in accordance with their respective
Revolving Commitment Percentages; and (f) the Lenders’ participation in, and payment obligations in respect of, Letters of Credit under Section 2.2., shall be in accordance with their respective Revolving Commitment Percentages. All
payments of principal, interest, fees and other amounts in respect of the Swingline Loans shall be for the account of the Swingline Lender only (except to the extent any Lender shall have acquired a participating interest in any such Swingline Loan
pursuant to Section 2.3.(e), in which case such payments shall be pro rata in accordance with such participating interests). 
  

	Section 3.3.	Sharing of Payments, Etc. 

 If a Lender shall obtain payment of any principal of, or interest on, any Loan made by it to the Borrower under this Agreement or shall obtain payment on any other Obligation owing by the Borrower or any
other Loan Party through the exercise of any right of set-off, banker’s lien, counterclaim or similar right or otherwise or through voluntary prepayments directly to a Lender or other payments made by or on behalf of the Borrower or any other
Loan Party to a Lender (other than any payment in respect of Specified Derivatives Obligations) not in accordance with the terms of this Agreement and such payment should be distributed to the Lenders in accordance with Section 3.2. or
Section 11.5., as applicable, such Lender shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Loans made by the other Lenders or other Obligations owed to
such other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the Lenders shall share the benefit of such payment (net of any reasonable expenses which may actually be incurred by
such Lender in obtaining or preserving such benefit) in accordance with the requirements of Section 3.2. or Section 11.5., as applicable. To such end, all the Lenders shall make appropriate adjustments among themselves (by the resale of
participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender so 

  
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purchasing a participation (or direct interest) in the Loans or other Obligations owed to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights
with respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to
exercise and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrower. 
  

	Section 3.4.	Several Obligations. 

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

  

	Section 3.5.	Fees. 

(a) Closing Fee. On the Effective Date, the Borrower agrees to pay to the Administrative Agent and each Lender all
loan fees as have been agreed to in writing by the Borrower and the Administrative Agent. 
 (b) Unused Fee;
Facility Fee. 
 (i) During the period from the Effective Date to but excluding the earlier
to occur of (A) the Investment Grade Rating Date or (B) the Termination Date, the Borrower agrees to pay to the Administrative Agent for the account of the Lenders an unused facility fee equal to the sum of the daily amount by which the
aggregate amount of the Revolving Commitments exceeds the aggregate outstanding principal balance of Revolving Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding percentage per annum. 

 

					
	 Unused Amount
	  	Unused Fee
(percent per annum)	 
	 Greater than or equal to 50% of the aggregate amount of Revolving Commitments
	  	 	0.35	% 
	 Less than 50% of the aggregate amount of Revolving Commitments
	  	 	0.25	% 

 Such fee shall be computed on a daily basis and payable quarterly in arrears on the first
day of each January, April, July and October during the term of this Agreement and on the Termination Date or any earlier date of termination of the Revolving Commitments or reduction of the Revolving Commitments to zero. For the avoidance of doubt,
for purposes of calculating the unused facility fee, the outstanding principal balance of Swingline Loans shall not be factored into the computation. 

(ii) During the period from the Investment Grade Rating Date to but excluding the Termination Date, the
Borrower agrees to pay to the Administrative Agent for the account of the Lenders a facility fee equal to the daily aggregate amount of the Revolving 

  
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Commitments (whether or not utilized) times a rate per annum equal to the Applicable Facility Fee. Such fee shall be payable quarterly in arrears on the first day of each January, April, July and
October during the term of this Agreement and on the Termination Date or any earlier date of termination of the Revolving Commitments or reduction of the Revolving Commitments to zero. The Borrower acknowledges that the fee payable hereunder is a
bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrower as described herein and for no other purposes. 

(c) Letter of Credit Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a
letter of credit fee at a rate per annum equal to the Applicable Margin for LIBOR Loans times the daily average Stated Amount of each Letter of Credit for the period from and including the date of issuance of such Letter of Credit (x) to and
including the date such Letter of Credit expires or is cancelled or (y) to but excluding the date such Letter of Credit is drawn in full. In addition to such fees, the Borrower shall pay to the Issuing Bank solely for its own account, the fees
described in the Wells Fargo Fee Letter. The fees provided for in the immediately preceding two sentences shall be nonrefundable and the fee provided for in the first sentence of this clause (c) shall be payable in arrears (i) quarterly on
the first day of January, April, July and October, (ii) on the Termination Date, (iii) on the date the Revolving Commitments are terminated or reduced to zero and (iv) thereafter from time to time on demand of the Administrative
Agent. The Borrower shall pay directly to the Issuing Bank from time to time on demand all commissions, charges, costs and expenses in the amounts customarily charged by the Issuing Bank from time to time in like circumstances with respect to the
issuance of each Letter of Credit, drawings, amendments and other transactions relating thereto. 
 (d)
Extension Fee. If the Borrower exercises its right to extend the Termination Date in accordance with Section 2.12., the Borrower agrees to pay to the Administrative Agent for the account of each Lender a fee equal to one-fifth of one
percent (0.20%) of the amount of such Lender’s Revolving Commitment (whether or not utilized). 
 (e)
Administrative and Other Fees. The Borrower agrees to pay the administrative and other fees of the Administrative Agent and the Joint Lead Arrangers as provided in the Fee Letters and as may be otherwise agreed to in writing from time to time
by the Borrower and the Administrative Agent. 
  

	Section 3.6.	Computations. 

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

	Section 3.7.	Usury. 

In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of
interest allowed by Applicable Law and, if any such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective
Lender in writing that the Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any

  
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manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under Applicable Law. The parties hereto hereby agree and stipulate that the only charge imposed upon the
Borrower for the use of money in connection with this Agreement is and shall be the interest specifically described in Section 2.4.(a)(i) and (ii) and, with respect to Swingline Loans, in Section 2.3.(c). Notwithstanding the
foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, closing fees, unused fees, facility fees, letter of credit fees, underwriting fees, default charges, funding or “breakage” charges, increased
cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any Lender to third parties or for damages incurred by the Administrative Agent or any Lender, in each case, in connection with the
transactions contemplated by this Agreement and the other Loan Documents, are charges made to compensate the Administrative Agent or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be
performed or incurred, by the Administrative Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. All charges other than charges for the use of money shall be fully
earned and nonrefundable when due. 
  

	Section 3.8.	Statements of Account. 

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

	Section 3.9.	Defaulting Lenders. 

 Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent
permitted by Applicable Law: 
 (a) Waivers and Amendments. Such Defaulting Lender’s right to
approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Requisite Lenders. 
 (b) Defaulting Lender Waterfall. Any payment of principal, interest, Fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or
mandatory, at maturity, pursuant to Article XI. or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 13.4. shall be applied at such time or times as may be determined by the Administrative Agent as
follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Bank or the
Swingline Lender hereunder; third, to Cash Collateralize the Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender in accordance with subsection (e) below; fourth, as the Borrower may request (so long as no
Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so
determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this

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

(c) Certain Fees. 

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

(ii) Each Defaulting Lender shall be entitled to receive the Fee payable under Section 3.5.(c) for
any period during which that Lender is a Defaulting Lender only to the extent allocable to its Commitment Percentage of the Stated Amount of Letters of Credit for which it has provided Cash Collateral pursuant to the immediately following subsection
(e). 
 (iii) With respect to any Fee not required to be paid to any Defaulting Lender pursuant
to the immediately preceding clauses (i) or (ii), the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such Fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation
in Letter of Credit Liabilities or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to the immediately following subsection (d), (y) pay to each Issuing Bank and Swingline Lender, as applicable, the amount of any
such Fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Bank’s or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such
Fee. 
 (d) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such
Defaulting Lender’s participation in Letter of Credit Liabilities and Swingline Loans shall be 

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

(ii) At any time that there shall exist a Defaulting Lender, within 1 Business Day following the written
request of the Administrative Agent or the Issuing Bank (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect
to the immediately preceding subsection (d) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the aggregate Fronting Exposure of the Issuing Bank with respect to Letters of Credit issued and outstanding at
such time. 
 (iii) The Borrower, and to the extent provided by any Defaulting Lender, such
Defaulting Lender, hereby grant to the Administrative Agent, for the benefit of the Issuing Bank, and agree to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund
participations in respect of Letter of Credit Liabilities, to be applied pursuant to the immediately following clause (iv). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other
than the Administrative Agent and the Issuing Bank as herein provided, or that the total amount of such Cash Collateral is less than the aggregate Fronting Exposure of the Issuing Bank with respect to Letters of Credit issued and outstanding at such
time, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral
provided by the Defaulting Lender). 
 (iv) Notwithstanding anything to the contrary contained in
this Agreement, Cash Collateral provided under this Section in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of Letter of Credit Liabilities (including,
as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein. 

  
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 (v) Cash Collateral (or the appropriate portion thereof)
provided to reduce the Issuing Bank’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this subsection following (x) the elimination of the applicable Fronting Exposure (including by the termination
of Defaulting Lender status of the applicable Lender), or (y) the determination by the Administrative Agent and the Issuing Bank that there exists excess Cash Collateral; provided that, subject to the immediately preceding subsection
(b), the Person providing Cash Collateral and the Issuing Bank may (but shall not be obligated to) agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations and provided further that
to the extent that such Cash Collateral was provided by the Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 

(f) Defaulting Lender Cure. If the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Bank
agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may
include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be
necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with their respective Commitment Percentages (determined without giving effect to the
immediately preceding subsection (d)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to Fees accrued or payments made by or on behalf of the Borrower while
that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any
claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 
 (g) New
Swingline Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to
such Swingline Loan and (ii) the Issuing Bank shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. 

(h) Purchase of Defaulting Lender’s Commitment. During any period that a Lender is a Defaulting Lender, the
Borrower may, by the Borrower giving written notice thereof to the Administrative Agent, such Defaulting Lender and the other Lenders, demand that such Defaulting Lender assign its Commitment and Loans to an Eligible Assignee subject to and in
accordance with the provisions of Section 13.6.(b). 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 and Loans via an assignment subject to and in accordance with the provisions of Section 13.6.(b). In
connection with any such assignment, such Defaulting Lender shall promptly execute all documents reasonably requested to effect such assignment, including an appropriate Assignment and Assumption and, notwithstanding Section 13.6.(b), shall pay
to the Administrative Agent an assignment fee in the amount of $7,500. The exercise by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent or any
of the Lenders. 

  
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	Section 3.10.	Taxes; Foreign Lenders. 

 (a) Taxes Generally. All payments by the Borrower of principal of, and interest on, the Loans and all other Obligations shall be made free and clear of and without deduction for any present or
future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding (i) franchise taxes, (ii) any taxes (other than
withholding taxes) that would not be imposed but for a connection between the Administrative Agent, the Issuing Bank or a Lender and the jurisdiction imposing such taxes (other than a connection arising solely by virtue of the activities of the
Administrative Agent, the Issuing Bank or such Lender pursuant to or in respect of this Agreement or any other Loan Document), (iii) any taxes imposed on or measured by the Issuing Bank’s or any Lender’s assets, net income, receipts
or branch profits and (iv) any taxes arising after the Agreement Date solely as a result of or attributable to a Lender changing its designated Lending Office after the date such Lender becomes a party hereto (such non-excluded items being
collectively called “Taxes”). If any withholding or deduction from any payment to be made by the Borrower hereunder is required in respect of any Taxes pursuant to any Applicable Law, then the Borrower will: 

(i) pay directly to the relevant Governmental Authority the full amount required to be so withheld or
deducted; 
 (ii) promptly forward to the Administrative Agent an official receipt or other
documentation satisfactory to the Administrative Agent evidencing such payment to such Governmental Authority; and 
 (iii) pay to the Administrative Agent for its account or the account of the applicable Lender or Issuing Bank, as the case may be, such additional amount or amounts as is necessary to ensure that the net
amount actually received by the Administrative Agent, the Issuing Bank or such Lender will equal the full amount that the Administrative Agent, the Issuing Bank or such Lender would have received had no such withholding or deduction been required.

 (b) Tax Indemnification. If the Borrower fails to pay any Taxes when due to the appropriate
Governmental Authority or fails to remit to the Administrative Agent, for its account or the account of the Issuing Bank or respective Lender, as the case may be, the required receipts or other required documentary evidence, the Borrower shall
indemnify the Administrative Agent, the Issuing Bank and the Lenders for any incremental Taxes, interest or penalties that may become payable by the Administrative Agent, the Issuing Bank or any Lender as a result of any such failure. For purposes
of this Section, a distribution hereunder by the Administrative Agent or any Lender to or for the account of any Lender shall be deemed a payment by the Borrower. 

(c) Tax Forms. Prior to the date that any Lender or Participant organized under the laws of a jurisdiction other
than that in which the Borrower is a resident for tax purposes becomes a party hereto, such Person shall deliver to the Borrower and the Administrative Agent such certificates, documents or other evidence, as required by the Internal Revenue Code or
Treasury Regulations issued pursuant thereto (including Internal Revenue Service Forms W-8ECI and W-8BEN, as applicable, or appropriate successor forms), properly completed, currently effective and duly executed by such Lender or Participant
establishing that payments to it hereunder and under the Notes are (i) not subject to United States Federal backup withholding tax and (ii) not subject to United States Federal withholding tax under the Internal Revenue Code. Each such
Lender or 

  
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Participant shall (x) deliver further copies of such forms or other appropriate certifications on or before the date that any such forms expire or become obsolete and after the occurrence of
any event requiring a change in the most recent form delivered to the Borrower or the Administrative Agent and (y) obtain such extensions of the time for filing, and renew such forms and certifications thereof, as may be reasonably requested by
the Borrower or the Administrative Agent. The Borrower shall not be required to pay any amount pursuant to last sentence of subsection (a) above to any Lender or Participant that is organized under the laws of a jurisdiction other than that in
which the Borrower is a resident for tax purposes or the Administrative Agent, if it is organized under the laws of a jurisdiction outside of the United States of America, if such Lender, Participant or the Administrative Agent, as applicable, fails
to comply with the requirements of this subsection. If any such Lender or Participant fails to deliver the above forms or other documentation, then the Administrative Agent may withhold from such payment to such Lender such amounts as are required
by the Internal Revenue Code. If any Governmental Authority asserts that the Administrative Agent did not properly withhold or backup withhold, as the case may be, any tax or other amount from payments made to or for the account of any Lender, such
Lender shall indemnify the Administrative Agent therefor, including all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the Administrative Agent under this Section, and costs and expenses (including all
reasonable fees and disbursements of any law firm or other external counsel and the allocated cost of internal legal services and all disbursements of internal counsel) of the Administrative Agent. The obligation of the Lenders under this Section
shall survive the termination of the Commitments, repayment of all Obligations and the resignation or replacement of the Administrative Agent. 
 (d) USA Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with the USA Patriot Act of 2001 (Public Law 107-56), prior to any Lender or Participant that is organized
under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative Agent may request, and such Lender or Participant shall provide to the Administrative Agent, its name, address, tax identification
number and/or such other identification information as shall be necessary for the Administrative Agent to comply with federal law. 
 ARTICLE IV. UNENCUMBERED POOL PROPERTIES. 
  

	Section 4.1.	Eligibility of Properties. 

 (a) Existing Unencumbered Pool Properties. Subject to compliance with the terms and conditions of Section 6.1.(a), as of the Effective Date the parties hereto acknowledge and agree that the
Properties listed on Schedule 4.1. are Unencumbered Pool Properties as of the Agreement Date. 
 (b)
Additional Unencumbered Pool Properties. 
 (i) After the Effective Date, if there are 10
or more Unencumbered Pool Properties, a Property that otherwise satisfies the requirements of the definition of the term “Eligible Property” shall be included as an Unencumbered Pool Property upon receipt by Administrative Agent of
(i) an Unencumbered Asset Certificate pursuant to Section 9.4.(d). setting forth the information required to be contained therein and assuming that such Property is included as an Unencumbered Pool Property and (ii) the Required
Property Diligence, which such Required Property Diligence must be reasonably satisfactory to the Administrative Agent in all respects. 

  
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 (ii) After the Effective Date, if there are less than 10
Unencumbered Pool Properties, a Property shall only be included as an Unencumbered Pool Property at the sole discretion of the Requisite Lenders. 
 (c) Alternative Acceptance Procedure for Additional Unencumbered Pool Properties. Any Property that does not satisfy all of the requirements of the term “Eligible Property” shall be
included only upon the written approval of the Requisite Lenders; provided, however, that such approval shall only be a waiver of those requirements in the definition of “Eligible Property” specifically set forth and approved therein with
respect to such Property. 
  

	Section 4.2.	Termination of Designation as Unencumbered Pool Property. 

 A Property shall cease to be included as an Unencumbered Pool Property for purposes of this Agreement if (i) such Property ceases to satisfy the requirements of the definition of the term
“Eligible Property” applicable to it (with the termination effective immediately), (ii) the Borrower requests that such Property be removed as an Unencumbered Pool Property by delivering (A) a written request to the
Administrative Agent, which such request shall contain a certification that the representations and warranties made or deemed made by the Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be
true and correct in all material respects on and immediately after giving effect to such removal with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely
to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted
under the Loan Documents, and (B) a pro forma Compliance Certificate demonstrating compliance with the covenants set forth in Section 10.1. after giving effect to such removal, or (iii) such Property is not identified as an
Unencumbered Pool Property in an Unencumbered Asset Certificate subsequently submitted pursuant to this Agreement (with the termination effective as of the date of receipt by the Administrative Agent of such Unencumbered Asset Certificate). The
removal of a Property pursuant to the immediately preceding clause (ii) shall be effective 10 days after the Administrative Agent’s receipt of the deliveries set forth in such clause. Notwithstanding the foregoing, no Property will be
terminated as an Unencumbered Pool Property if (i) a Default or Event of Default exists or (ii) a Default or Event of Default would exist immediately after such Property is terminated as an Unencumbered Pool Property. 

ARTICLE V. YIELD PROTECTION, ETC. 

 

	Section 5.1.	Additional Costs; Capital Adequacy. 

 (a) Capital Adequacy. If any Lender determines that any Regulatory Change affecting such Lender or any lending office of such Lender or such Lender’s holding company, if any, regarding capital
or liquidity requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender
or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Regulatory Change (taking into
consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such 

  
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Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 

(b) Additional Costs. In addition to, and not in limitation of the immediately preceding clause (a), the Borrower
shall promptly pay to the Administrative Agent for the account of a Lender from time to time such amounts as such Lender may reasonably determine to be necessary to compensate such Lender for any costs incurred by such Lender that it determines are
attributable to its making or maintaining of any LIBOR Loans or its obligation to make any LIBOR Loans hereunder, any reduction in any amount receivable by such Lender under this Agreement or any of the other Loan Documents in respect of any of such
LIBOR Loans or such obligation or the maintenance by such Lender of capital in respect of its LIBOR Loans or its Commitments (such increases in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting
from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such Lender under this Agreement or any of the other Loan Documents in respect of any of such LIBOR Loans or its Commitments (other than taxes imposed
on or measured by the overall net income of such Lender or of its Lending Office for any of such LIBOR Loans by the jurisdiction in which such Lender has its principal office or such Lending Office), or (ii) imposes or modifies any reserve,
special deposit or similar requirements (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System or other similar reserve requirement applicable to any other category of liabilities or category of
extensions of credit or other assets by reference to which the interest rate on LIBOR Loans is determined) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, or other credit extended by, or any
other acquisition of funds by such Lender (or its parent corporation), or any commitment of such Lender (including, without limitation, the Commitments of such Lender hereunder) or (iii) has or would have the effect of reducing the rate of
return on capital of such Lender to a level below that which such Lender could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with respect to capital adequacy). 

(c) Lender’s Suspension of LIBOR Loans. Without limiting the effect of the provisions of the immediately
preceding subsections (a) and (b), if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities
of such Lender that includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR Loans or
(ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Administrative Agent), the obligation of such Lender
to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 5.5. shall apply). 

(d) Additional Costs in Respect of Letters of Credit. Without limiting the obligations of the Borrower under the
preceding subsections of this Section (but without duplication), if as a result of any Regulatory Change or any risk-based capital guideline or other requirement heretofore or hereafter issued by any Governmental Authority there shall be imposed,
modified or deemed applicable any tax, reserve, special deposit, capital adequacy or similar requirement against or with respect to or measured by reference to Letters of Credit and the result shall be to increase the cost to the Issuing Bank of
issuing (or any Lender of purchasing participations in) or maintaining its obligation hereunder to issue (or purchase participations in) any Letter of Credit or reduce any amount receivable by the Issuing Bank or any Lender hereunder in respect of
any Letter of Credit, 

  
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then, upon demand by the Issuing Bank or such Lender, the Borrower shall pay immediately to the Issuing Bank or, in the case of such Lender, to the Administrative Agent for the account of such
Lender, from time to time as specified by the Issuing Bank or such Lender, such additional amounts as shall be sufficient to compensate the Issuing Bank or such Lender for such increased costs or reductions in amount. 

(e) Notification and Determination of Additional Costs. Each of the Administrative Agent, Issuing Bank, each
Lender, and each Participant, as the case may be, agrees to notify the Borrower of any event occurring after the Agreement Date entitling the Administrative Agent, the Issuing Bank, such Lender or such Participant to compensation under any of the
preceding subsections of this Section as promptly as practicable; provided, however, that the failure of the Administrative Agent, the Issuing Bank, any Lender or any Participant to give such notice shall not release the Borrower from any of its
obligations hereunder (and in the case of a Lender, to the Administrative Agent). The Administrative Agent, the Issuing Bank, each Lender and each Participant, as the case may be, agrees to furnish to the Borrower (and in the case of the Issuing
Bank, a Lender or a Participant to the Administrative Agent as well) a certificate setting forth the basis and amount of each request for compensation under this Section. Absent manifest error, determinations by the Administrative Agent, the Issuing
Bank, such Lender, or such Participant, as the case may be, of the effect of any Regulatory Change shall be conclusive and binding for all purposes; provided that such determinations are made on a reasonable basis and in good faith. 

 

	Section 5.2.	Suspension of LIBOR Loans. 

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

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

 

	Section 5.3.	Illegality. 

 Notwithstanding any other provision of this Agreement, if any Lender shall determine that it is unlawful for such Lender to honor its obligation to make or maintain LIBOR Loans hereunder, then such Lender
shall promptly notify the Borrower thereof (with a copy of such notice to the 

  
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Administrative Agent) and such Lender’s obligation to make or Continue, or to Convert Loans of any other Type into, LIBOR Loans shall be suspended until such time as such Lender may again
make and maintain LIBOR Loans (in which case the provisions of Section 5.5. shall be applicable). 
  

	Section 5.4.	Compensation. 

 The Borrower shall pay to the Administrative Agent for the account of each Lender, upon the request of the Administrative Agent, such amount or amounts as the Administrative Agent shall determine in its
sole discretion shall be sufficient to compensate such Lender for any loss, cost or expense attributable to: 
 (a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such Lender for any reason (including, without limitation, acceleration) on a date
other than the last day of the Interest Period for such Loan; or 
 (b) any failure by the
Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent specified in Section 6.2. to be satisfied) to borrow a LIBOR Loan from such Lender on the date for such borrowing, or to Convert a
Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such Conversion or Continuation. 
 Not in
limitation of the foregoing, such compensation shall include, without limitation, an amount equal to the then present value of (A) the amount of interest that would have accrued on such LIBOR Loan for the remainder of the Interest Period at the
rate applicable to such LIBOR Loan, less (B) the amount of interest that would accrue on the same LIBOR Loan for the same period if LIBOR were set on the date on which such LIBOR Loan was repaid, prepaid or Converted or the date on which the
Borrower failed to borrow, Convert or Continue such LIBOR Loan, as applicable, calculating present value by using as a discount rate LIBOR quoted on such date. Upon the Borrower’s request, the Administrative Agent shall provide the Borrower
with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. Any such statement shall be conclusive absent manifest error. 

 

	Section 5.5.	Treatment of Affected Loans. 

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

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

  
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 (ii) all Loans that would otherwise be made or Continued by
such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. 

If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the
Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the
Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the
first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to
principal amounts, Types and Interest Periods) in accordance with their respective Commitments. 
  

	Section 5.6.	Affected Lenders. 

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

 

	Section 5.7.	Change of Lending Office. 

 Each Lender agrees that it will use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate an alternate Lending Office with respect to any of its Loans
affected by the matters or circumstances described in Sections 3.10., 5.1. or 5.3. to reduce the liability of the Borrower or avoid the results provided thereunder, so long as such designation is not

  
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disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in the United States of
America. 
  

	Section 5.8.	Assumptions Concerning Funding of LIBOR Loans. 

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

ARTICLE VI. CONDITIONS PRECEDENT 

 

	Section 6.1.	Initial Conditions Precedent. 

 The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the issuance of a Letter of Credit, is subject to the satisfaction
or waiver of the following conditions precedent: 
 (a) The Administrative Agent shall have received each of the
following, in form and substance satisfactory to the Administrative Agent: 
 (i) counterparts of
this Agreement executed by each of the parties hereto; 
 (ii) Revolving Notes executed by the
Borrower, payable to each Lender (other than any Lender that has requested that it not receive a Revolving Note) and complying with the terms of Section 2.10.(a) and the Swingline Note executed by the Borrower; 

(iii) the Guaranty executed by the Parent and each of the other Guarantors initially to be a party
thereto; 
 (iv) an opinion of counsel to the Borrower and the other Loan Parties, addressed to
the Administrative Agent and the Lenders and covering the matters set forth in Exhibit K; 
 (v)
the certificate or articles of incorporation, articles of organization, certificate of limited partnership, declaration of trust or other comparable organizational instrument (if any) of each Loan Party certified as of a recent date by the Secretary
of State of the state of formation of such Loan Party; 
 (vi) a certificate of good standing (or
certificate of similar meaning) with respect to each Loan Party issued as of a recent date by the Secretary of State of the state of formation of each such Loan Party and certificates of qualification to transact business or other comparable
certificates issued as of a recent date by each Secretary of State (and any state department of taxation, as applicable) of each state in which such Loan Party is required to be so qualified and where failure to be so qualified could reasonably be
expected to have a Material Adverse Effect; 

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

(viii) copies certified by the Secretary or Assistant Secretary (or other individual performing similar
functions) of each Loan Party of (A) the by-laws of such Loan Party, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or other comparable document in the
case of any other form of legal entity and (B) all corporate, partnership, member or other necessary action taken by such Loan Party to authorize the execution, delivery and performance of the Loan Documents to which it is a party; 

(ix) a Compliance Certificate calculated on a pro forma basis for the Parent’s most recently ended
fiscal quarter; 
 (x) a Transfer Authorizer Designation Form effective as of the Agreement Date;

 (xi) evidence that the Fees, if any, then due and payable under Section 3.5., together
with all other fees, expenses and reimbursement amounts due and payable to the Administrative Agent and any of the Lenders, including without limitation, the fees and expenses of counsel to the Administrative Agent, have been paid; 

(xii) an Unencumbered Asset Certificate calculated as of July 11, 2012; and 

(xiii) such other documents and instruments as the Administrative Agent, or any Lender through the
Administrative Agent, may reasonably request; and 
 (b) In the good faith judgment of the Administrative Agent
and the Lenders: 
 (i) there shall not have occurred or become known to the Administrative Agent
or any of the Lenders any event, condition, situation or status since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning the Parent, the Borrower and the other
Subsidiaries delivered to the Administrative Agent and the Lenders prior to the Agreement Date that has had or could reasonably be expected to result in a Material Adverse Effect; 

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

  
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occurrence of any default under, conflict with or violation of (A) any Applicable Law or (B) any agreement, document or instrument to which any Loan Party is a party or by which any of
them or their respective properties is bound, except for such approvals, consents, waivers, filings and notices the receipt, making or giving of which would not reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or
enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of the Parent, the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; 

(iv) the Borrower and each other Loan Party shall have provided all information requested by the
Administrative Agent and each Lender in order to comply with applicable “know your customer” and anti-money laundering rules and regulations, including without limitation, the Patriot Act; and 

(v) there shall not have occurred or exist any other material disruption of financial or capital markets
that could reasonably be expected to materially and adversely affect the transactions contemplated by the Loan Documents. 
  

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

 In addition to satisfaction or waiver of the conditions precedent contained in Section 6.1., the obligations of (i) Lenders to make any Loans, (ii) the Issuing Bank to issue Letters of
Credit and (iii) of the Swingline Lender to make any Swingline Loan are each subject to the further conditions precedent that: (a) no Default or Event of Default shall exist as of the date of the making of such Loan or date of issuance of
such Letter of Credit or would exist immediately after giving effect thereto, and no violation of the limits described in Section 2.14. would occur after giving effect thereto; (b) the representations and warranties made or deemed made by
the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such
representation or warranty shall be true and correct in all respects) on and as of the date of the making of such Loan or date of issuance of such Letter of Credit with the same force and effect as if made on and as of such date except to the extent
that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty
qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted hereunder and
(c) in the case of the borrowing of Revolving Loans, the Administrative Agent shall have received a timely Notice of Borrowing, in the case of a Swingline Loan, the Swingline Lender shall have received a timely Notice of Swingline Borrowing,
and in the case of the issuance of a Letter of Credit the Issuing Bank and the Administrative Agent shall have received a timely request for the issuance of such Letter of Credit. Each Credit Event shall constitute a certification by the Borrower to
the effect set forth in the preceding sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date of
the occurrence of such Credit Event). In addition, the Borrower shall be deemed to have represented to the Administrative Agent and the Lenders at the time any Loan is made or any Letter of Credit is issued that all conditions to the making of such
Loan or issuing of such Letter of Credit contained in this Article VI. have been satisfied. 

  
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 ARTICLE VII. REPRESENTATIONS AND
WARRANTIES 
  

	Section 7.1.	Representations and Warranties. 

 In order to induce the Administrative Agent and each Lender to enter into this Agreement and to make Loans and, in the case of the Issuing Bank, to issue Letters of Credit, each of the Parent and the
Borrower represents and warrants to the Administrative Agent, the Issuing Bank and each Lender as follows: 

(a) Organization; Power; Qualification. Each of the Parent, the Borrower, the other Subsidiaries and the other
Loan Parties is a corporation, partnership or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority to own or lease its respective
properties and to carry on its respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and authorized to do business, in each
jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a
Material Adverse Effect. 
 (b) Ownership Structure. Part I of Schedule 7.1.(b) is, as of the Agreement
Date, a complete and correct list of all Subsidiaries of the Parent setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding any Equity Interest in such Subsidiary,
(iii) the nature of the Equity Interests held by each such Person, (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests and (v) identifying whether such Subsidiary is an Excluded Subsidiary. As of
the Agreement Date, except as disclosed in such Schedule, (A) each of the Parent, Borrower and its Subsidiaries owns, free and clear of all Liens, and has the unencumbered right to vote, all outstanding Equity Interests in each Person shown to
be held by it on such Schedule, (B) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable and (C) there are no outstanding subscriptions, options,
warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any
additional shares of capital stock of any class, or partnership or other ownership interests of any type in, any such Person. As of the Agreement Date, Part II of Schedule 7.1.(b) correctly sets forth all Unconsolidated Affiliates of the Parent,
including the correct legal name of such Person, the type of legal entity which each such Person is, and all Equity Interests in such Person held directly or indirectly by the Parent. 

(c) Authorization of Agreement, Notes, Loan Documents and Borrowings. The Borrower has the right and power, and
has taken all necessary action to authorize it, to borrow and obtain other extensions of credit hereunder. The Parent, the Borrower and each other Loan Party has the right and power, and has taken all necessary action to authorize it, to execute,
deliver and perform each of the Loan Documents and the Fee Letters to which it is a party in accordance with their respective terms and to consummate the transactions contemplated hereby and thereby. The Loan Documents and the Fee Letters to which
the Parent, the Borrower or any other Loan Party is a party have been duly executed and delivered by the duly authorized officers of such Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in
accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for

  
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the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally. 

(d) Compliance of Loan Documents and Fee Letters with Laws. The execution, delivery and performance of this
Agreement, the Notes and the other Loan Documents to which any Loan Party is a party and of the Fee Letters in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and will not, by the passage of
time, the giving of notice, or both: (i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to the Parent, the Borrower or any other Loan Party; (ii) conflict with, result in a
breach of or constitute a default under the organizational documents of the Parent, the Borrower or any other Loan Party, or any indenture, agreement or other instrument to which the Parent, the Borrower or any other Loan Party is a party or by
which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by any Loan Party other than in favor of the
Administrative Agent for its benefit and the benefit of the Lenders and the Issuing Bank. 
 (e) Compliance
with Law; Governmental Approvals. Each of the Parent, the Borrower, each other Subsidiary and each other Loan Party is in compliance with each Governmental Approval and all other Applicable Laws relating to the Parent, the Borrower, such other
Subsidiary or such other Loan Party except for noncompliances which, and Governmental Approvals the failure to possess which, could not, individually or in the aggregate, reasonably be expected to cause a Default or Event of Default or have a
Material Adverse Effect. 
 (f) Title to Properties; Liens. Schedule 7.1.(f) is, as of the Agreement
Date, a complete and correct listing of all real estate assets of the Parent, the Borrower, each other Loan party and each other Subsidiary, setting forth, for each such Property, the current occupancy status of such Property and whether such
Property is a Development Property and, if such Property is a Development Property, the status of completion of such Property. Schedule 4.1. is, as of the Agreement Date, a complete and correct listing of all Unencumbered Pool Properties owned by
the Parent, the Borrower, each Subsidiary and each other Loan Party. Each of the Parent, the Borrower, each Loan Party and each other Subsidiary has good, marketable and legal title to, or a valid leasehold interest in, its respective assets. None
of the Unencumbered Pool Properties is subject to any Lien other than Permitted Liens. 
 (g) Existing
Indebtedness; Total Liabilities. Schedule 7.1.(g) is, as of the Agreement Date, a complete and correct listing of all Indebtedness (including all Guarantees) of each of the Parent, the Borrower and the other Subsidiaries having an outstanding
principal balance of $5,000,000 or more, and if such Indebtedness is secured by any Lien, a description of all of the property subject to such Lien. As of the Agreement Date, no default or event of default, or event or condition which with the
giving of notice, the lapse of time, or both, would constitute a default or event of default, exists with respect to any such Indebtedness. As of the Agreement Date, the aggregate outstanding principal amount of Indebtedness of each of the Parent,
the Borrower and the other Subsidiaries not set forth on such Schedule does not exceed $5,000,000. 
 (h)
Material Contracts. Schedule 7.1.(h) is, as of the Agreement Date, a true, correct and complete listing of all Material Contracts. Each of the Parent, the Borrower, each other Subsidiary and each other Loan Party that is party to any Material
Contract has performed and is in compliance with all of the terms of such Material Contract, and no default or event of default, or event or 

  
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condition which with the giving of notice, the lapse of time, or both, would constitute such a default or event of default, exists with respect to any such Material Contract. 

(i) Litigation. Except as set forth on Schedule 7.1.(i), there are no actions, suits or proceedings pending (nor,
to the knowledge of the Parent, are there any actions, suits or proceedings threatened, nor is there any basis therefor) against or in any other way relating adversely to or affecting the Parent, the Borrower, any other Subsidiary or any other Loan
Party or any of their respective property in any court or before any arbitrator of any kind or before or by any other Governmental Authority which, (i) could reasonably be expected to have a Material Adverse Effect or (ii) in any manner
draws into question the validity or enforceability of any Loan Documents or the Fee Letters. There are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to, any Loan Party or any other
Subsidiary. 
 (j) Taxes. All federal tax returns and material state and other tax returns of the Parent,
the Borrower, any other Subsidiary or any other Loan Party required by Applicable Law to be filed have been duly filed, and all federal and material state and other taxes, assessments and other governmental charges or levies upon the Parent, the
Borrower, any other Subsidiary and each other Loan Party and their respective properties, income, profits and assets which are due and payable have been paid, except any such nonpayment or non-filing which is at the time permitted under
Section 8.6. As of the Agreement Date, none of the United States income tax returns of the Parent, the Borrower, the other Subsidiaries, or any other Loan Party is under audit. All charges, accruals and reserves on the books of the Parent, the
Borrower and each of the other Subsidiaries and each other Loan Party in respect of any taxes or other governmental charges are in accordance with GAAP in all material respects. 

(k) Financial Statements. The Borrower has furnished to each Lender copies of (i) the audited consolidated
balance sheet of the Parent and its consolidated Subsidiaries for the fiscal years ended December 31, 2010 and December 31, 2011, and the related audited consolidated statements of operations, shareholders’ equity and cash flow for
the fiscal years ended on such dates, with the opinion thereon of Deloitte & Touche LLP, and (ii) the unaudited consolidated balance sheet of the Parent and its consolidated Subsidiaries for the fiscal quarter ended March 31,
2012, and the related unaudited consolidated statements of operations, shareholders’ equity and cash flow of the Parent and its consolidated Subsidiaries for the fiscal quarter period ended on such date. Such financial statements (including in
each case related schedules and notes) are complete and correct in all material respects and present fairly, in accordance with GAAP consistently applied throughout the periods involved, the consolidated financial position of the Parent and its
consolidated Subsidiaries as at their respective dates and the results of operations and the cash flow for such periods (subject, as to interim statements, to changes resulting from normal year-end audit adjustments). None of the Parent, the
Borrower nor any of its Subsidiaries has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or unrealized or forward anticipated losses from any unfavorable commitments
that would be required to be set forth in its financial statements or notes thereto, except as referred to or reflected or provided for in said financial statements. 

(l) No Material Adverse Change. Since December 31, 2011, there has been no event, change, circumstance or
occurrence that could reasonably be expected to have a Material Adverse Effect. Each of the Parent, the Borrower, the other Subsidiaries and the other Loan Parties is Solvent. 

  
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 (m) [Intentionally Deleted]. 

(n) ERISA. 

(i) Each Benefit Arrangement is in compliance with the applicable provisions of ERISA, the Internal
Revenue Code and other Applicable Laws in all material respects. Except with respect to Multiemployer Plans, each Qualified Plan (A) has received a favorable determination from the Internal Revenue Service applicable to the Qualified
Plan’s current remedial amendment cycle (as defined in Revenue Procedure 2007-44 or “2007-44” for short), (B) has timely filed for a favorable determination letter from the Internal Revenue Service during its staggered remedial
amendment cycle (as defined in 2007-44) and such application is currently being processed by the Internal Revenue Service, (C) had filed for a determination letter prior to its “GUST remedial amendment period” (as defined in 2007-44)
and received such determination letter and the staggered remedial amendment cycle first following the GUST remedial amendment period for such Qualified Plan has not yet expired, or (D) is maintained under a prototype plan and may rely upon a
favorable opinion letter issued by the Internal Revenue Service with respect to such prototype plan. To the best knowledge of the Parent and the Borrower, nothing has occurred which would cause the loss of their reliance on the Qualified Plan’s
favorable determination letter or opinion letter. 
 (ii) With respect to any Benefit Arrangement
that is a retiree welfare benefit arrangement, all amounts have been accrued on the applicable ERISA Group’s financial statements in accordance with Statement of Financial Accounting Standards No. 106. The “benefit obligation” of
all Plans does not exceed the “fair market value of plan assets” for such Plans by more than $10,000,000 all as determined by and with such terms defined in accordance with Statement of Financial Accounting Standards No. 158.

 (iii) Except as could not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect: (i) no ERISA Event has occurred or is expected to occur; (ii) there are no pending, or to the best knowledge of the Parent and the Borrower, threatened, claims, actions or lawsuits or other action by any
Governmental Authority, plan participant or beneficiary with respect to a Benefit Arrangement; (iii) there are no violations of the fiduciary responsibility rules with respect to any Benefit Arrangement; and (iv) no member of the ERISA
Group has engaged in a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of the Internal Revenue Code, in connection with any Plan, that would subject any member of the ERISA Group to a tax
on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the Internal Revenue Code. 
 (o) Absence of Default. None of the Parent, the Borrower, any other Loan Party or any other Subsidiary is in default under its certificate or articles of incorporation or formation, bylaws,
partnership agreement or other similar organizational documents, and no event has occurred, which has not been remedied, cured or waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes, or which with the
passage of time, the giving of notice, or both, would constitute, a default or event of default by, the Parent, the Borrower, any Loan Party or any other Subsidiary under any agreement (other than this Agreement) or judgment, decree or order to
which any such Person is a party or by which any such Person or any of its respective properties may be bound where such default or event of default could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

  
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 (p) Environmental Laws. In the ordinary course of business and from
time to time each of the Parent, the Borrower, each other Loan Party and each other Subsidiary conducts reviews of the effect of Environmental Laws on its respective business, operations and properties, including without limitation, its respective
Properties, in the course of which the Parent, the Borrower, such other Loan Party or such other Subsidiary identifies and evaluates associated actual and potential liabilities and costs (including, without limitation, determining whether any
capital or operating expenditures are required for clean-up or closure of properties presently or previously owned, determining whether any capital or operating expenditures are required to achieve or maintain compliance in all material respects
with Environmental Laws or required as a condition of any Governmental Approval, any contract, or any related constraints on operating activities, determining whether any costs or liabilities exist in connection with on-site or off-site treatment,
storage, handling and disposal of wastes or Hazardous Materials, and determining whether any actual or potential liabilities to third parties, including employees, and any related costs and expenses exist). Each of the Parent, the Borrower, each
other Loan Party and each Subsidiary: (i) is in compliance with all Environmental Laws applicable to its business, operations and the Properties, (ii) has obtained all Governmental Approvals which are required under Environmental Laws, and
each such Governmental Approval is in full force and effect, and (iii) is in compliance with all terms and conditions of such Governmental Approvals, where with respect to each of the immediately preceding clauses (i) through
(iii) the failure to obtain or to comply could reasonably be expected to have a Material Adverse Effect. Except for any of the following matters that could not reasonably be expected to have a Material Adverse Effect, none of the Parent, the
Borrower, any other Loan Party or any other Subsidiary has any knowledge of, nor has the Parent, the Borrower, any other Loan Party or any other Subsidiary received written notice of, any past, present, or pending releases, events, conditions,
circumstances, activities, practices, incidents, facts, occurrences, actions, or plans that, with respect to the Parent, the Borrower, such other Loan Party or such Subsidiary, their respective businesses, operations or with respect to the
Properties, may: (i) cause or contribute to an actual or alleged violation of or noncompliance with Environmental Laws, (ii) cause or contribute to any other potential common-law or legal claim or other liability, or (iii) cause any
of the Properties to become subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law or require the filing or recording of any notice, approval or disclosure document under any Environmental Law and,
with respect to the immediately preceding clauses (i) through (iii) is based on or related to the on-site or off-site manufacture, generation, processing, distribution, use, treatment, storage, disposal, transport, removal, clean up or
handling, or the emission, discharge, release or threatened release of any wastes or Hazardous Material, or any other requirement under Environmental Law. There is no civil, criminal, or administrative action, suit, demand, claim, hearing, notice,
or demand letter, mandate, order, lien, request, investigation, or proceeding pending or, to the Parent’s knowledge after due inquiry, threatened, against the Parent, the Borrower, any other Subsidiary or any other Loan Party relating in any
way to Environmental Laws which, reasonably could be expected to have a Material Adverse Effect. None of the Properties is listed on or proposed for listing on the National Priority List promulgated pursuant to the Comprehensive Environmental
Response, Compensation and Liability Act of 1980 and its implementing regulations, or any state or local priority list promulgated pursuant to any analogous state or local law. To Parent’s knowledge, no Hazardous Materials generated at or
transported from the Properties is or has been transported to, or disposed of at, any location that is listed or proposed for listing on the National Priority List or any analogous state or local priority list, or any other location that is or has
been the subject of a clean-up, removal or remedial action pursuant to any Environmental Law, except to the extent that such transportation or disposal could not reasonably be expected to result in a Material Adverse Effect. 

  
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 (q) Investment Company. None of the Parent, the Borrower, any other
Loan Party or any other Subsidiary is (i) an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or (ii) subject to
any other Applicable Law which purports to regulate or restrict its ability to borrow money or obtain other extensions of credit or to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document
to which it is a party. 
 (r) Margin Stock. None of the Parent, the Borrower, any other Subsidiary or
any other Loan Party is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of
Regulation U of the Board of Governors of the Federal Reserve System. 
 (s) Intellectual Property. Each
of the Loan Parties and each other Subsidiary owns or has the right to use, under valid license agreements or otherwise, all material patents, licenses, franchises, trademarks, trademark rights, service marks, service mark rights, trade names, trade
name rights, trade secrets and copyrights (collectively, “Intellectual Property”) necessary to the conduct of its businesses, without known conflict with any patent, license, franchise, trademark, trademark right, service mark, service
mark right, trade secret, trade name, copyright, or other proprietary right of any other Person. All such Intellectual Property is fully protected and/or duly and properly registered, filed or issued in the appropriate office and jurisdictions for
such registrations, filing or issuances. No material claim has been asserted by any Person with respect to the use of any such Intellectual Property by the Parent, the Borrower, any other Loan Party or any other Subsidiary, or challenging or
questioning the validity or effectiveness of any such Intellectual Property. The use of such Intellectual Property by the Parent, the Borrower, its Subsidiaries and the other Loan Parties does not infringe on the rights of any Person, subject to
such claims and infringements as do not, in the aggregate , give rise to any liabilities on the part of the Parent, the Borrower, any other Loan Party or any Subsidiary that could reasonably be expected to have a Material Adverse Effect. 

(t) Business. As of the Agreement Date, the Parent, the Borrower and its Subsidiaries are engaged in the business
of the ownership, operation, acquisition, disposition and development of, and making capital Investments in or related to, community or power centers, grocery anchored neighborhood centers or freestanding retail properties, together with other
business activities incidental thereto. 
 (u) Broker’s Fees. No broker’s or finder’s fee,
commission or similar compensation will be payable with respect to the transactions contemplated hereby. No other similar fees or commissions will be payable by any Loan Party for any other services rendered to the Parent, the Borrower or any of its
Subsidiaries ancillary to the transactions contemplated hereby. 
 (v) Insurance. The Parent and the
Borrower maintain, and cause all other Subsidiaries and Loan Parties to maintain, insurance of the types and in the amounts set forth in Section 8.5. 
 (w) Accuracy and Completeness of Information. None of the written information, reports and other papers and data (excluding the financial projections and other forward looking statements referred
to below) furnished to the Administrative Agent or any Lender by, on behalf of, or at the direction of, the Parent, the Borrower, any other Loan Party or any other Subsidiary when taken as a whole, contained as of the date such information, report,
other paper or data was so furnished, any untrue statement of a material fact or omitted to state a material fact necessary in order to make the 

  
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statements contained therein, in light of the circumstances under which they were made, not materially misleading. All financial statements furnished to the Administrative Agent or any Lender by,
on behalf of, or at the direction of, the Parent, the Borrower, any other Loan Party or any other Subsidiary, present fairly, in accordance with GAAP consistently applied throughout the periods involved and in all material respects, the financial
position of the Persons involved as at the date thereof and the results of operations for such periods (subject, as to interim statements, to changes resulting from normal year end audit adjustments). All financial projections and other forward
looking statements prepared by or on behalf of the Parent, the Borrower, any Subsidiary or any other Loan Party that have been or may hereafter be made available to the Administrative Agent or any Lender were or will be prepared in good faith based
on reasonable assumptions. No fact is known to the Parent which has had, or may in the future have (so far as the Parent can reasonably foresee), a Material Adverse Effect which has not been set forth in the financial statements referred to in
Section 7.1.(k) or in such information, reports or other papers or data or otherwise disclosed in writing to the Administrative Agent and the Lenders prior to the Effective Date. No document furnished or written statement made to the
Administrative Agent or any Lender in connection with the negotiation, preparation or execution of, or pursuant to, this Agreement or any of the other Loan Documents contains or will contain any untrue statement of a fact material to the
creditworthiness of the Borrower, any other Loan Party or any other Subsidiary or omits or will omit to state a material fact necessary in order to make the statements contained therein not misleading. 

(x) Not Plan Assets; No Prohibited Transactions. None of the assets of the Parent, the Borrower, any other Loan
Party or any other Subsidiary constitute “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. Assuming that no Lender funds any amount payable by it hereunder with
“plan assets,” as that term is defined in 29 C.F.R. 2510.3-101 (as modified by Section 3(42) of ERISA), the execution, delivery and performance of this Agreement and the other Loan Documents, and the borrowing and repayment of amounts
hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code. 
 (y) OFAC. None of the Parent, the Borrower, any of the other Loan Parties, any of the other Subsidiaries, or any other Affiliate of the Parent: (i) is a person named on the list of Specially
Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) available at http://www.treas.gov/offices/eotffc/ofac/sdn/index.html, or as otherwise published from
time to time; (ii) is (A) an agency of the government of a country, (B) an organization controlled by a country, or (C) a person resident in a country that is subject to a sanctions program identified on the list maintained by
OFAC and available at http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html, or as otherwise published from time to time, as such program may be applicable to such agency, organization or person; or (iii) derives any of its assets or
operating income from investments in or transactions with any such country, agency, organization or person; and none of the proceeds from the Loan will be used to finance any operations, investments or activities in, or make any payments to, any
such country, agency, organization, or person. 
 (z) Embargoed Person. To the best of the knowledge of
the Parent and the Borrower: (i) none of the funds or other assets of the Parent, the Borrower, any other Loan Party or any other Subsidiary constitute property of, or are beneficially owned, directly or indirectly, by any person, entity or
government subject to trade restrictions under the laws of the United States of America, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C.
App. 1 et seq., and any Executive Orders or 

  
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regulations promulgated thereunder with the result that investment in the Parent, the Borrower, any other Loan Party or any other Subsidiary, as applicable (whether directly or indirectly), is
prohibited by Applicable Law or the Loans and other financial accommodations made by the Lender under the Loan Documents is in violation of Applicable Law (any such any person, entity or government being an “Embargoed Person”);
(ii) no Embargoed Person has any interest of any nature whatsoever in the Parent, the Borrower, any other Loan Party or any other Subsidiary, as applicable, with the result that the investment in the Parent, the Borrower, any other Loan Party
or any other Subsidiary, as applicable (whether directly or indirectly), is prohibited by Applicable Law or the Loan is in violation of Applicable Law; and (c) none of the funds of the Parent, the Borrower, any other Loan Party or any other
Subsidiary, as applicable, have been derived from any unlawful activity with the result that investment in the Parent, the Borrower, any other Loan Party or any other Subsidiary, as applicable (whether directly or indirectly), is prohibited by
Applicable Law or the Loans and other financial accommodations to be extended under the Loan Documents would be in violation of Applicable Law. 
 (aa) Border Zone Properties. No Unencumbered Pool Property located in the State of California has been designated as a Border Zone Property under the provisions of California Health and Safety
Code, Sections 25220 et seq. and there has been no occurrence or condition on any real property adjoining or in the vicinity of any such Properties that could cause any such Property or any part thereof to be designated as a Border
Zone Property. 
 (bb) REIT Status. The Parent qualifies as, and has elected to be treated as, a REIT and
is in compliance with all requirements and conditions imposed under the Internal Revenue Code to allow the Parent to maintain its status as a REIT. 
 (cc) Unencumbered Pool Properties. Each of the Properties included in calculations of Unencumbered Asset Value satisfies the requirements of the definition of the term “Eligible Property”
(except as any such requirements have been waived in writing by the Requisite Lenders pursuant to Section 4.1.) and each Subsidiary that owns an Unencumbered Pool Property is a Guarantor. 

 

	Section 7.2.	Survival of Representations and Warranties, Etc. 

 All statements contained in any certificate, financial statement or other instrument delivered by or on behalf of the Parent, the Borrower, any other Loan Party or any other Subsidiary to the
Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made in or in connection with any amendment thereto or any statement contained
in any certificate, financial statement or other instrument delivered by or on behalf of the Parent, the Borrower, any other Loan Party or any other Subsidiary prior to the Agreement Date and delivered to the Administrative Agent or any Lender in
connection with the underwriting or closing the transactions contemplated hereby) shall constitute representations and warranties made by the Borrower under this Agreement. All representations and warranties made under this Agreement and the other
Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date, the date on which any extension of the Termination Date is effectuated pursuant to Section 2.12., the date on which any increase of the
Revolving Commitments is effectuated pursuant to Section 2.15. and at and as of the date of the occurrence of each Credit Event, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which
case such representations and warranties shall have been true and correct in all material respects (except in the case of a 

  
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representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for
changes in factual circumstances specifically and expressly permitted hereunder. All such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans
and the issuance of the Letters of Credit. 
 ARTICLE VIII. AFFIRMATIVE COVENANTS

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

 

	Section 8.1.	Preservation of Existence and Similar Matters. 

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

 

	Section 8.2.	Compliance with Applicable Law. 

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

	Section 8.3.	Maintenance of Property. 

 In addition to the requirements of any of the other Loan Documents, the Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (a) protect and preserve all
of its respective properties that are material to the Loan Parties taken as a whole, including, but not limited to, all Intellectual Property necessary to the conduct of its respective business, and maintain in good repair, working order and
condition all tangible properties that are material to the Loan Parties taken as a whole, ordinary wear and tear excepted, and (b) from time to time make or cause to be made all needed and appropriate repairs, renewals, replacements and
additions to such properties, so that the business carried on in connection therewith may be properly and advantageously conducted at all times. 
  

	Section 8.4.	Conduct of Business. 

 The Parent and the Borrower shall, and shall cause the other Loan Parties and each other Subsidiary to, carry on its respective businesses as described in Section 7.1.(t) and not enter into any line
of business not otherwise engaged in by such Person as of the Agreement Date. 

  
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	Section 8.5.	Insurance. 

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

 

	Section 8.6.	Payment of Taxes and Claims. 

 The Parent and the Borrower shall, and shall cause each Subsidiary and other Loan Party to, pay and discharge when due (a) all taxes, assessments and governmental charges or levies imposed upon it or
upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid, might become a Lien on any
properties of such Person; provided, however, that this Section shall not require the payment or discharge of any such tax, assessment, charge, levy or claim which is being contested in good faith by appropriate proceedings which operate to suspend
the collection thereof and for which adequate reserves have been established on the books of the Parent, the Borrower, such Subsidiary or such other Loan Party, as applicable, in accordance with GAAP. 

 

	Section 8.7.	Books and Records; Inspections. 

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

	Section 8.8.	Use of Proceeds. 

 The Borrower will only use the proceeds of Loans (a) for the payment of pre-development and development costs incurred in connection with Properties owned by the Borrower or any Subsidiary;
(b) to finance acquisitions and Investments in Equity Interests otherwise permitted under 

  
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this Agreement; (c) to finance capital expenditures and the repayment of Indebtedness of the Borrower and its Subsidiaries; and (d) to provide for the general working capital needs of
the Borrower and its Subsidiaries and for other general corporate purposes of the Borrower and its Subsidiaries. The Borrower shall only use Letters of Credit for the same purposes for which it may use the proceeds of Loans. The Parent and the
Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, use any part of such proceeds to purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the
meaning of Regulation U of the Board of Governors of the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying any such margin stock. 

 

	Section 8.9.	Environmental Matters. 

 The Parent and the Borrower shall, and shall cause each Subsidiary and each other Loan Party to, comply with all Environmental Laws the failure with which to comply could reasonably be expected to have a
Material Adverse Effect. The Parent and the Borrower shall comply, and shall cause each Subsidiary and each other Loan Party to comply, and the Parent and the Borrower shall use, and shall cause each Subsidiary and each other Loan Party to use,
commercially reasonable efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Environmental Laws in all material respects. The Parent and the Borrower shall, and shall cause each Subsidiary and each
other Loan Party to, promptly take all actions and pay or arrange to pay all costs necessary for it and for the Properties to comply in all material respects with all Environmental Laws and all Governmental Approvals, including actions to remove and
dispose of all Hazardous Materials and to clean up the Properties as required under Environmental Laws. The Parent and the Borrower shall, and shall cause each Subsidiary and each other the Loan Party to, promptly take all actions necessary to
prevent the imposition of any Liens on any of their respective properties arising out of or related to any Environmental Laws. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender.

  

	Section 8.10.	Further Assurances. 

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

	Section 8.11.	Material Contracts. 

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

  
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	Section 8.12.	REIT Status. 

 The Parent shall maintain its status as, and election to be treated as, a REIT under the Internal Revenue Code. 
  

	Section 8.13.	Exchange Listing. 

 The Parent shall maintain at least one class of common shares of the Parent having trading privileges on the New York Stock Exchange. 

 

	Section 8.14.	Guarantors; Release of Guarantors. 

 (a) Within 10 Business Days of any Person (other than an Excluded Subsidiary) becoming a Material Subsidiary after the Agreement Date, the Borrower shall deliver to the Administrative Agent each of the
following in form and substance satisfactory to the Administrative Agent: (a) an Accession Agreement executed by such Material Subsidiary and (b) the items that would have been delivered under subsections (iv) through (viii) and
(xiii) of Section 6.1.(a) if such Subsidiary had been a Guarantor on the Agreement Date; provided, however, promptly (and in any event within 5 Business Days) upon any Excluded Subsidiary ceasing to be subject to the
restriction which prevented it from becoming a Guarantor on the Effective Date or delivering an Accession Agreement pursuant to this Section, as the case may be, such Subsidiary shall comply with the provisions of this Section. 

(b) The Borrower may, at its option, in order to maintain compliance with Section 10.1.(k) or otherwise,
cause any Subsidiary that is not already a Guarantor to become a Guarantor by executing and delivering to the Administrative Agent the items required to be delivered under the immediately preceding subsection (a). 

(c) The Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the
Administrative Agent shall release, a Guarantor (other than the Parent) from the Guaranty so long as: (i) such Guarantor (x) qualifies, or will qualify simultaneously with its release from the Guaranty, as an Excluded Subsidiary, or
(y) in the case of a Material Subsidiary, has ceased to be, or simultaneously with its release from the Guaranty will cease to be, a Material Subsidiary or a Subsidiary; (ii) such Guarantor is not otherwise required to be a party to the
Guaranty under the immediately preceding subsection (a); (iii) such Guarantor is not a Property Owner, other than a Property Owner all of whose Unencumbered Pool Properties are being terminated as Unencumbered Pool Properties under
Section 4.2. (in which case the release under this Section shall be effected simultaneously with the applicable termination under Section 4.2. ); (iv) no Default or Event of Default shall then be in existence or would occur as a
result of such release, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 10.1.; (v) the representations and warranties made or deemed made by the Parent,
the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct on and as of the date of such release with the same force and effect as if made on and as of such date except to the extent
(A) that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and (B) of changes in factual
circumstances expressly permitted under the Loan Documents; and (vi) the Administrative Agent shall have received such written request at least 10 Business Days (or such shorter period as may be acceptable to the Administrative Agent) prior to
the requested date of release. Delivery by the Borrower to the 

  
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Administrative Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request
and as of the date of the effectiveness of such request) are true and correct with respect to such request. 

ARTICLE IX. INFORMATION 

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

 

	Section 9.1.	Quarterly Financial Statements. 

 As soon as available and in any event within 5 days after the same is required to be filed with the Securities and Exchange Commission (but in no event later than 45 days after the close of each of the
first, second and third fiscal quarters of the Parent), commencing with the fiscal quarter ending June 30, 2012, the unaudited consolidated balance sheet of the Parent and its Subsidiaries as at the end of such period and the related unaudited
consolidated statements of operations, stockholders’ equity and cash flows of the Parent and its Subsidiaries for such period, setting forth in each case in comparative form the figures as of the end of and for the corresponding periods of the
previous fiscal year (if any), all of which shall be certified by the chief executive officer or chief financial officer of the Parent, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the consolidated
financial position of the Parent and its Subsidiaries as at the date thereof and the results of operations for such period (subject to normal year-end audit adjustments). 

 

	Section 9.2.	Year-End Statements. 

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

 

	Section 9.3.	Compliance Certificate. 

 At the time the financial statements are furnished pursuant to the immediately preceding Sections 9.1. and 9.2., a certificate substantially in the form of Exhibit L (a “Compliance Certificate”)
executed on behalf of the Parent by the chief financial officer of the Parent (a) setting forth in reasonable detail as of the end of such quarterly accounting period or fiscal year, as the case may be, the calculations required to establish
whether the Parent was in compliance with the 

  
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covenants contained in Section 10.1. and (b) stating that no Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and its nature,
when it occurred and the steps being taken by the Parent with respect to such event, condition or failure. 
  

	Section 9.4.	Other Information. 

 (a) Promptly upon receipt thereof, copies of all reports, if any, submitted to the Parent or its Board of Directors by its independent public accountants including, without limitation, any management
report; 
 (b) Within 5 Business Days of the filing thereof, copies of all registration statements (excluding
the exhibits thereto (unless requested by the Administrative Agent) and any registration statements on Form S-8 or its equivalent), reports on Forms 10-K, 10-Q and 8-K (or their equivalents) and all other periodic reports which the Parent, the
Borrower, any other Loan Party or any other Subsidiary shall file with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange; 

(c) Promptly upon the mailing thereof to the shareholders of the Parent generally, copies of all financial statements,
reports and proxy statements so mailed and promptly upon the issuance thereof copies of all press releases issued by the Parent, the Borrower, any Subsidiary or any other Loan Party; 

(d) An Unencumbered Asset Certificate (i) at the time financial statements are furnished pursuant to Sections 9.1.
and 9.2., (ii) in connection with the inclusion of a Property as an Unencumbered Pool Property pursuant to Section 4.1.(b), (iii) in connection with the termination of a Property as an Unencumbered Pool Property pursuant to
Section 4.2., and (iv) at any other time within 5 Business Days of the Administrative Agent’s reasonable request; 
 (e) At the time financial statements are furnish pursuant to Sections 9.1. and 9.2., (i) a statement of Funds From Operations certified by the chief financial officer of the Parent in form and
substance reasonably satisfactory to the Administrative Agent; and (ii) a report of newly acquired Properties, in form and substance reasonably satisfactory to the Administrative Agent, which shall include, without limitation, the Net Operating
Income of such Property, the cost of acquisition of such Property and the amount of Secured Indebtedness secured by a Lien on such Property; 
 (f) [Intentionally Deleted]; 
 (g) No later than
(i) 45 days after the end of each fiscal year of the Parent ending prior to the Termination Date, or (ii) 45 days after the end of a fiscal quarter of the Parent during which an event, change, circumstance or occurrence that could
reasonably be expected to have a Material Adverse Effect has occurred, (A) projected balance sheets, operating statements, profit and loss projections and cash flow budgets of the Parent and its Subsidiaries on a consolidated basis for the
immediately following period of twelve consecutive months, set out on a monthly basis, all itemized in reasonable detail, and to be accompanied by pro forma calculations, together with detailed assumptions, required to establish whether or not the
Parent, and when appropriate its consolidated Subsidiaries, will be in compliance with the covenants contained in Sections 10.1. at the end of each fiscal quarter during such period and (B) cash flow and property level budgets for each
Unencumbered Pool Property for such period of 12 consecutive months, set out on a monthly basis; 

  
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 (h) If any ERISA Event shall occur that individually, or together with any
other ERISA Event that has occurred, could reasonably be expected to have a Material Adverse Effect, a certificate of the chief executive officer or chief financial officer of the Parent setting forth details as to such occurrence and the action, if
any, which the Parent or applicable member of the ERISA Group is required or proposes to take; 
 (i) To the
extent the Parent, the Borrower, any other Loan Party or any other Subsidiary is aware of the same, prompt notice of the commencement of any proceeding or investigation by or before any Governmental Authority and any action or proceeding in any
court or other tribunal or before any arbitrator against or in any other way relating adversely to, or adversely affecting, the Parent, the Borrower, any other Loan Party or any other Subsidiary or any of their respective properties, assets or
businesses which, if determined or resolved adversely to such Person, could reasonably be expected to have a Material Adverse Effect, and prompt notice of the receipt of notice that any United States income tax returns of the Parent, the Borrower,
any other Loan Party or any other Subsidiary are being audited; 
 (j) A copy of any amendment to the
certificate or articles of incorporation, bylaws, partnership agreement or other similar organizational documents of the Parent, the Borrower or any other Loan Party within 10 Business Days after the effectiveness thereof; 

(k) Prompt notice of any change in the senior management of Parent, the Borrower or any other Loan Party and any change
in the business, assets, liabilities, condition (financial or otherwise), results of operations or business prospects of the Parent, the Borrower, any other Loan Party or any other Subsidiary which has had or could reasonably be expected to have
Material Adverse Effect; 
 (l) Prompt notice of the occurrence of any Default or Event of Default or any event
which constitutes or which with the passage of time, the giving of notice, or otherwise, would constitute a default or event of default by the Parent, the Borrower, any other Loan Party or any other Subsidiary under any Material Contract to which
any such Person is a party or by which any such Person or any of its respective properties may be bound; 
 (m)
Promptly upon entering into any Material Contract after the Agreement Date, a copy of such contract; 
 (n)
Prompt notice of any order, judgment or decree in excess of $5,000,000 having been entered against the Parent, the Borrower, any other Loan Party or any other Subsidiary or any of their respective properties or assets; 

(o) Prompt notice of the sale, transfer or other disposition of any material assets of the Parent, the Borrower, any
other Loan Party or any other Subsidiary to any Person other than the Parent, the Borrower, any other Loan Party or any other Subsidiary; 
 (p) Any notification of a material violation of any Applicable Law or any inquiry shall have been received by the Parent, the Borrower, any other Loan Party or any other Subsidiary from any Governmental
Authority; 

  
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 (q) Prompt notice of the acquisition, incorporation or other creation of any
Subsidiary, the purpose for such Subsidiary, the nature of the assets and liabilities thereof and whether such Subsidiary is a Material Subsidiary or Excluded Subsidiary; 

(r) Promptly upon the request of the Administrative Agent, evidence of the Parent’s calculation of the Ownership
Share with respect to a Subsidiary (other than a Wholly Owned Subsidiary) or an Unconsolidated Affiliate, such evidence to be in form and detail satisfactory to the Administrative Agent; 

(s) Promptly, upon each request, information identifying the Parent, the Borrower or any other Loan Party as a Lender may
request in order to comply with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)); 
 (t) Promptly, and in any event within 3 Business Days after the Parent or the Borrower obtains knowledge thereof, the Parent or the Borrower, as applicable, shall provide the Administrative Agent with
written notice of the occurrence of any of the following: (i) the Parent, the Borrower, any other Loan Party or any other Subsidiary shall receive notice that any violation of or noncompliance with any Environmental Law has or may have been
committed or is threatened; (ii) the Parent, the Borrower, any other Loan Party or any other Subsidiary shall receive notice that any administrative or judicial complaint, order or petition has been filed or other proceeding has been initiated,
or is about to be filed or initiated against any such Person alleging any violation of or noncompliance with any Environmental Law or requiring any such Person to take any action in connection with the release or threatened release of Hazardous
Materials; (iii) the Parent, the Borrower, any other Loan Party or any other Subsidiary shall receive any notice from a Governmental Authority or private party alleging that any such Person may be liable or responsible for any costs associated
with a response to, or remediation or cleanup of, a release or threatened release of Hazardous Materials or any damages caused thereby; or (iv) the Parent, the Borrower, any other Loan Party or any other Subsidiary shall receive notice of any
other fact, circumstance or condition that could reasonably be expected to form the basis of an environmental claim, and in the case of any of the foregoing, such matters, whether individually or in the aggregate, could reasonably be expected to
have a Material Adverse Effect; 
 (u) Promptly upon the request of the Administrative Agent, the Derivatives
Termination Value in respect of any Specified Derivatives Contract from time to time outstanding; 
 (v)
Promptly, upon any change in the Parent’s Credit Rating, a certificate stating that the Parent’s Credit Rating has changed and the new Credit Rating that is in effect; and 

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

	Section 9.5.	Electronic Delivery of Certain Information. 

 (a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the
Administrative Agent and each Lender have access (including a commercial, 

  
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third-party website such as www.sec.gov <http://www.sec.gov> or a website sponsored or hosted by the Administrative Agent or the Parent (including, without limitation, on the Parent’s
website)) provided that (i) the foregoing shall not apply to notices to any Lender (or the Issuing Bank) pursuant to Article II. and (ii) any Lender has not notified the Administrative Agent, the Parent or the Borrower that it cannot or
does not want to receive electronic communications. The Administrative Agent, the Parent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved
by it for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered 24 hours after the date and time on which the Administrative Agent, the Parent or the Borrower posts such
documents or the documents become available on a commercial website and the Administrative Agent, the Parent or the Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent
or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. on the opening of business on the next Business Day for the recipient. Notwithstanding anything contained
herein, in every instance the Parent shall be required to provide paper copies of the certificate required by Section 9.3. to the Administrative Agent and shall deliver paper copies of any documents to the Administrative Agent or to any Lender
that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for the certificates required by Section 9.3., the Administrative Agent shall have no
obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Parent or the Borrower with any such request for delivery. Each
Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents. 
 (b) Documents required to be delivered pursuant to Article II. may be delivered electronically to a website provided for such purpose by the Administrative Agent pursuant to the procedures provided to the
Parent or the Borrower by the Administrative Agent. 
  

	Section 9.6.	Public/Private Information. 

 The Parent and the Borrower shall cooperate with the Administrative Agent in connection with the publication of certain materials and/or information provided by or on behalf of the Parent or the Borrower.
Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf of the Parent or the Borrower to the Administrative Agent and the Lenders (collectively, “Information Materials”) pursuant to this Article
and the Parent or the Borrower shall designate Information Materials (a) that are either available to the public or not material with respect to Parent, the Borrower and the other Subsidiaries or any of their respective securities for purposes
of United States federal and state securities laws, as “Public Information” and (b) that are not Public Information as “Private Information”. 
  

	Section 9.7.	USA Patriot Act Notice; Compliance. 

 The USA Patriot Act of 2001 (Public Law 107-56) and federal regulations issued with respect thereto require all financial institutions to obtain, verify and record certain information that identifies
individuals or business entities which open an “account” with such financial institution. Consequently, a Lender (for itself and/or as Administrative Agent for all Lenders hereunder) may from time-to-time request, and the Parent and the
Borrower shall, and shall cause the other Loan Parties, to provide to such Lender, such Loan Party’s name, address, tax identification number and/or 

  
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such other identification information as shall be necessary for such Lender to comply with federal law. An “account” for this purpose may include, without limitation, a deposit account,
cash management service, a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product. 
 ARTICLE X. NEGATIVE COVENANTS 
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 13.7., all of the Lenders) shall otherwise consent in the manner set forth in
Section 13.7., the Parent and the Borrower, as applicable, shall comply with the following covenants: 
  

	Section 10.1.	Financial Covenants. 

 (a) Minimum Tangible Net Worth. The Parent shall not permit Tangible Net Worth at any time to be less than (i) $408,055,250, provided, however, that upon the filing of the Parent’s Form
10-Q for the fiscal quarter ending June 30, 2012 with the Securities and Exchange Commission, the amount in this clause (i) will be automatically adjusted to be 85% of the Parent’s Tangible Net Worth as reported in such Form 10-Q,
plus (ii) 80% of the Net Proceeds of all Equity Issuances effected at any time after the last day of the fiscal quarter ending immediately prior to the Agreement Date by the Parent or any of its Subsidiaries to any Person other than the
Parent or any of its Subsidiaries. 
 (b) Ratio of Total Liabilities to Total Asset Value. The Parent
shall not permit the ratio of (i) Total Liabilities to (ii) Total Asset Value to exceed 0.60 to 1.00 at any time. 
 (c) Ratio of Adjusted EBITDA to Fixed Charges. The Parent shall not permit the ratio of (x) Adjusted EBITDA for any fiscal quarter to (y) Fixed Charges of the Parent and its Subsidiaries
determined on a consolidated basis for such fiscal quarter, to be less than 1.50 to 1.00 at any time. 
 (d)
Ratio of Secured Indebtedness to Total Asset Value. The Parent shall not permit the ratio of (i) Secured Indebtedness of the Parent and its Subsidiaries determined on a consolidated basis to (ii) Total Asset Value to be greater than
0.40 to 1.00 at any time. 
 (e) Ratio of Unsecured Indebtedness to Unencumbered Asset Value. The Parent
shall not permit the ratio of (i) Unsecured Indebtedness of the Parent and its Subsidiaries determined on a consolidated basis to (ii) Unencumbered Asset Value to be greater than 0.60 to 1.00 at any time. 

(f) Ratio of Unencumbered NOI to Unsecured Interest Expense. The Parent shall not permit the ratio of
(i) Unencumbered NOI to (ii) Unsecured Interest Expense of the Parent and its Subsidiaries determined on a consolidated basis to be less than 2.00 to 1.00 at any time. 

(g) Permitted Investments. The Parent shall not, and shall not permit any Loan Party or other Subsidiary to, make
an Investment in or otherwise own the following items which would cause the aggregate value of such holdings of such Persons to exceed the following percentages of Total Asset Value at any time: 

(i) Investments in Unconsolidated Affiliates, such that the aggregate book value of such Investments
exceeds 15.0% of Total Asset Value; 

  
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 (ii) Mortgage Receivables, such that the aggregate book
value thereof exceeds 5.0% of Total Asset Value; 
 (iii) Construction-in-Process, such that the
amount thereof exceeds 15.0% of Total Asset Value; 
 (iv) Unimproved Land such that the
aggregate book value of all such Unimproved Land exceeds 5.0% of Total Asset Value; 
 (v)
Ownership, leasing or other interests of the Parent, the Borrower, any other Subsidiary or any Unconsolidated Affiliate of or in Other Property Holdings such that the aggregate book value of such Properties exceeds 5.0% of Total Asset Value; and

 (vi) Common stock, Preferred Stock, other capital stock, beneficial interest in trust,
membership interest in limited liability companies and other Equity Interests in Persons (other than Subsidiaries and Unconsolidated Affiliates), such that the aggregate value of such interests calculated on the basis of the lower of cost or market,
exceeds 5.0% of Total Asset Value. 
 In addition to the foregoing limitations, the aggregate value of all of the items subject
to the limitations in the preceding clauses (ii) through (vi) shall not exceed: 25% of Total Asset Value. For purposes of this subsection, if a Development Property is owned by an Unconsolidated Affiliate of the Parent, then the product of
(A) the Parent’s Ownership Share in such Unconsolidated Affiliate and (B) the amount of the Total Budgeted Costs for such Development Property shall be used in calculating such investment limitation. 

(h) [Intentionally Deleted.] 

(i) [Intentionally Deleted.] 

(j) Dividends and Other Restricted Payments. Subject to the following sentence, if an Event of Default
exists, the Parent and the Borrower shall not, and shall not permit any of their respective Subsidiaries (other than Wholly Owned Subsidiaries) to, declare or make, or incur any liability to make, Restricted Payments during any period of four
consecutive fiscal quarters in an aggregate amount in excess of the greater of (i) 95% of Funds From Operations of the Parent and its Subsidiaries determined on a consolidated basis for such period and (ii) the minimum amount of cash
distributions required to be made by the Parent to its shareholders to maintain compliance with Section 8.12. If an Event of Default under Section 11.1.(a), (e) or (f) shall exist, none of the Parent, the Borrower nor any
Subsidiary (other than Wholly Owned Subsidiaries) shall directly or indirectly declare or make, or incur any liability to make, any Restricted Payments. 
 (k) Assets Owned by Borrower and Guarantors. The Parent shall not permit the amount of Adjusted Total Asset Value attributable to assets directly owned by the Borrower and the Guarantors to be less
than 90.0% of Adjusted Total Asset Value at any time. 
 (l) Unencumbered Pool Property Requirements. The
Parent and the Borrower shall not permit (a) the Unencumbered Asset Value to be less than $200,000,000 or (b) the Occupancy Rate of all Unencumbered Pool Properties determined on an aggregate basis to be less than 80.0% or (c) the
number of Unencumbered Pool Properties to be less than 10 or (d) a single tenant (together with any 

  
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Affiliates of such tenant) to account for more than 15% of the rents generated by all Unencumbered Pool Properties determined on an aggregate basis. 

(m) Recourse Indebtedness. Until the Investment Grade Rating Date, the Parent and the Borrower shall not permit
the ratio (expressed as a percentage) of (i) Recourse Indebtedness of the Parent and its Subsidiaries determined on a consolidated basis to (ii) Total Asset Value, to exceed 15.0% at any time. 

 

	Section 10.2.	Negative Pledge. 

 The Parent and the Borrower shall not, and shall not permit any other Loan Party or Subsidiary to, (a) create, assume, incur, permit or suffer to exist any Lien on Unrestricted 1031 Cash or any
Unencumbered Pool Property or any direct or indirect ownership interest of the Borrower in any Person owning any Unencumbered Pool Property, now owned or hereafter acquired, except for Permitted Liens or (b) permit Unrestricted 1031 Cash or any
Unencumbered Pool Property or any direct or indirect ownership interest of the Borrower or in any Person owning an Unencumbered Pool Property, to be subject to a Negative Pledge. 

 

	Section 10.3.	Restrictions on Intercompany Transfers. 

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

 

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

The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to:
(i) enter into any transaction of merger or consolidation; (ii) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution); or (iii) convey, sell, lease, sublease, transfer or otherwise dispose of, in one
transaction or a series of transactions, all or substantially all of its business or assets, whether now owned or hereafter acquired; provided, however, that: 
 (a) any of the actions described in the immediately preceding clauses (i) through (iii) may be taken with respect to any Subsidiary or any other Loan Party (other than the Parent and the
Borrower) so long as immediately prior to the taking of such action, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence; notwithstanding the foregoing, any Loan Party (other than
the Parent and the Borrower) may enter into a transaction of merger pursuant to which such Loan Party is not the survivor of such merger only if (i) the Borrower shall have given the Administrative Agent and the Lenders at least 5 Business
Days’ prior written notice of such merger, such notice to include a certification to the effect 

  
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that immediately after and after giving effect to such action, no Default or Event of Default is or would be in existence; (ii) if the survivor entity is a Material Subsidiary (and not an
Excluded Subsidiary) within 5 Business Days of consummation of such merger, the survivor entity (if not already a Guarantor) shall have executed and delivered an assumption agreement in form and substance satisfactory to the Administrative Agent
pursuant to which such survivor entity shall expressly assume all of such Loan Party’s Obligations under the Loan Documents to which it is a party; (iii) within 5 Business Days of consummation of such merger, the survivor entity delivers
to the Administrative Agent the following: (A) items of the type referred to in Sections Section 6.1.(a)(iv) through (a)(viii), and (a)(xiii) with respect to the survivor entity as in effect after consummation of such merger (if not
previously delivered to the Administrative Agent and still in effect), (B) copies of all documents entered into by such Loan Party or the survivor entity to effectuate the consummation of such merger, including, but not limited to, articles of
merger and the plan of merger, (C) copies, certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of such Loan Party or the survivor entity, of all corporate and shareholder action authorizing such
merger and (D) copies of any filings with the Securities and Exchange Commission in connection with such merger; and (iv) such Loan Party and the survivor entity each takes such other action and delivers such other documents, instruments,
opinions and agreements as the Administrative Agent may reasonably request; 
 (b) the Parent, the Borrower, the
other Loan Parties and the other Subsidiaries may lease and sublease their respective assets, as lessor or sublessor (as the case may be), in the ordinary course of their business; 

(c) a Person may merge with and into the Parent or the Borrower so long as (i) the Parent or the Borrower is the
survivor of such merger, (ii) immediately prior to such merger, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence, and (iii) the Borrower shall have given the
Administrative Agent and the Lenders at least 10 Business Days’ prior written notice of such merger, such notice to include a certification as to the matters described in the immediately preceding clause (ii) (except that such prior notice
shall not be required in the case of the merger of a Subsidiary with and into the Borrower or a Subsidiary (other than the Borrower) with and into the Parent); and 

(d) the Parent, the Borrower, the other Loan Parties and the other Subsidiaries may sell, transfer or dispose of assets,
other than Unencumbered Pool Properties or the Equity Interests of a Property Owner, among themselves. 
  

	Section 10.5.	Plans. 

The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, permit any of
its respective assets to become or be deemed to be “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. The Parent and the Borrower shall not cause or permit to occur,
and shall not permit any other member of the ERISA Group to cause or permit to occur, any ERISA Event if such ERISA Event could reasonably be expected to have a Material Adverse Effect. 

 

	Section 10.6.	Fiscal Year. 

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

  
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	Section 10.7.	Modifications of Organizational Documents and Material Contracts. 

The Parent and the Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to, amend,
supplement, restate or otherwise modify its articles or certificate of incorporation, by-laws, operating agreement, declaration of trust, partnership agreement or other applicable organizational document without the prior written consent of the
Administrative Agent and the Requisite Lenders unless such amendment, supplement, restatement or other modification is (a) in the case of the Parent, to increase the amount of shares of beneficial interests authorized to be issued by the
Parent, or to authorize the issuance of a class of Preferred Stock by the Parent, (b) required under or as a result of the Internal Revenue Code or other Applicable Law or (c) required to maintain the Parent’s status as a REIT. The
Parent and the Borrower shall not enter into, and shall not permit any Subsidiary or other Loan Party to enter into, any amendment or modification to any Material Contract which could reasonably be expected to have a Material Adverse Effect or
default in the performance of any obligations of the Parent, the Borrower and any other Loan Party or other Subsidiary in any Material Contract or permit any Material Contract to be canceled or terminated prior to its stated maturity. 

 

	Section 10.8.	Transactions with Affiliates. 

 The Parent and the Borrower shall not permit to exist or enter into, and shall not permit any other Loan Party or other Subsidiary to permit to exist or enter into, any transaction (including the
purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate, except (a) as set forth on Schedule 10.8., (b) transactions in the ordinary course of and pursuant to the reasonable requirements of the
business of the Parent, the Borrower, such Subsidiary, or such Loan Party and upon fair and reasonable terms which are no less favorable to the Parent, the Borrower, such Subsidiary or such Loan Party than would be obtained in a comparable
arm’s length transaction with a Person that is not an Affiliate or (c) transactions among the Borrower and Guarantors. Notwithstanding the forgoing, no payments may be made with respect to any items set forth on such Schedule 10.8. if a
Default or Event of Default exists or would result therefrom. 
  

	Section 10.9.	Environmental Matters. 

 The Parent and the Borrower shall not, and shall not permit any other Loan Party or other Subsidiary or any other Person to, use, generate, discharge, emit, manufacture, handle, process, store, release,
transport, remove, dispose of or clean up any Hazardous Materials on, under or from the Properties in material violation of any Environmental Law or in a manner that could reasonably be expected to lead to any material environmental claim or pose a
material risk to human health, safety or the environment. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender. 

 

	Section 10.10.	Derivatives Contracts. 

 The Parent and the Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to enter into or become obligated in respect of, Derivatives Contracts, other than Derivatives
Contracts entered into by the Parent, the Borrower, such Loan Party or such Subsidiary in the ordinary course of business and which establish an effective hedge in respect of liabilities, commitments or assets held or reasonably anticipated by the
Parent, the Borrower, another Loan Party or other Subsidiary. 

  
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 ARTICLE XI. DEFAULT 

 

	Section 11.1.	Events of Default. 

 Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to
any judgment or order of any Governmental Authority: 
 (a) Default in Payment. 

(i) The Borrower shall fail to pay when due under this Agreement or any other Loan Document (whether upon
demand, at maturity, by reason of acceleration or otherwise) the principal of the Loans or any Reimbursement Obligation; or 
 (ii) The Borrower shall fail to pay when due under this Agreement or any other Loan Document (whether upon demand, at maturity, by reason of acceleration or otherwise) any interest on any of the Loans or
any of the other payment Obligations owing by the Borrower under this Agreement (other than described in subsection (a)(i) above), any other Loan Document or the Fee Letters, or any other Loan Party shall fail to pay when due any payment obligation
owing by such Loan Party under any Loan Document to which it is a party; and, in the case of this subsection (a)(ii) only, such failure shall continue for a period of 7 Business Days after the date such payment becomes due. 

(b) Default in Performance. 

(i) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part
to be performed or observed and contained in Section 9.4.(l) or Article X.; or 
 (ii) Any
Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection
(b)(ii) only, such failure shall continue for a period of 30 days after the earlier of (x) the date upon which a Responsible Officer of the Parent, the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date
upon which the Parent or the Borrower has received written notice of such failure from the Administrative Agent. 
 (c) Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of any Loan Party under this Agreement or under any other Loan Document, or any
amendment hereto or thereto, or in any other writing or statement at any time furnished by, or at the direction of, any Loan Party to the Administrative Agent, the Issuing Bank or any Lender, shall at any time prove to have been incorrect or
misleading in any material respect when furnished or made or deemed made. 
 (d) Indebtedness Cross-
Default. 
 (i) The Parent, the Borrower, any other Loan Party or any other Subsidiary shall
fail to make any payment when due and payable in respect of (x) any Indebtedness (other 

  
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than the Loans and Reimbursement Obligations and any Indebtedness in respect to any Derivatives Contract) having an aggregate outstanding principal amount of $20,000,000 or more (“Material
Indebtedness”); or 
 (ii) (x) The maturity of any Material Indebtedness shall have
been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material Indebtedness shall have been required
to be prepaid or repurchased prior to the stated maturity thereof; or 
 (iii) Any other event
shall have occurred and be continuing which, with or without the passage of time, the giving of notice, or otherwise, would permit any holder or holders of any Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or
any other Person, to accelerate the maturity of any such Material Indebtedness or require any such Material Indebtedness to be prepaid or repurchased prior to its stated maturity; or 

(iv) The Parent, the Borrower, any other Loan Party or any other Subsidiary shall fail to pay when due
(after giving effect to all applicable notice and cure rights) payments in respect of Derivatives Contracts in an aggregate amount of $20,000,000 or more. 
 (e) Voluntary Bankruptcy Proceeding. The Parent, the Borrower, any other Loan Party or any Significant Subsidiary shall: (i) commence a voluntary case under the Bankruptcy Code or other
federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or
adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any petition filed against it in an involuntary case under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action
described in the immediately following subsection (f); (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of
itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts as they become due; (vi) make a general assignment for the benefit of creditors; (vii) make a conveyance
fraudulent as to creditors under any Applicable Law; or (viii) take any corporate or partnership action for the purpose of effecting any of the foregoing. 
 (f) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against the Parent, the Borrower, any other Loan Party or any Significant Subsidiary in any court of competent
jurisdiction seeking: (i) relief under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up,
or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any substantial part of the assets, domestic or foreign, of such Person, and in the case of
either clause (i) or (ii) such case or proceeding shall continue undismissed or unstayed for a period of 60 consecutive calendar days, or an order granting the remedy or other relief requested in such case or proceeding against the Parent,
the Borrower, such other Loan Party or such Subsidiary (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered. 

(g) Revocation of Loan Documents. Any Loan Party shall (or shall attempt to) disavow, revoke or terminate any Loan
Document or the Fee Letters to which it is a party or shall otherwise 

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

(i) Attachment. A warrant, writ of attachment, execution or similar process shall be issued against any property
of the Borrower, any other Loan Party or any Subsidiary, which exceeds, individually or together with all other such warrants, writs, executions and processes, $10,000,000 in amount and such warrant, writ, execution or process shall not be paid,
discharged, vacated, stayed or bonded for a period of twenty (20) days; provided, however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant, writ, execution or process, the issuer of such bond shall
execute a waiver or subordination agreement in form and substance satisfactory to the Administrative Agent pursuant to which the issuer of such bond subordinates its right of reimbursement, contribution or subrogation to the Obligations and waives
or subordinates any Lien it may have on the assets of the Borrower or any Subsidiary. 
 (j) ERISA.

 (i) Any ERISA Event shall have occurred that results or could reasonably be expected to result
in liability to any member of the ERISA Group aggregating in excess of $10,000,000; or 
 (ii)
The “benefit obligation” of all Plans exceeds the “fair market value of plan assets” for such Plans by more than $10,000,000, all as determined, and with such terms defined, in accordance with Statement of Financial Accounting
Standards No. 158. 
 (k) Loan Documents. An Event of Default (as defined therein) shall occur under
any of the other Loan Documents. 
 (l) Change of Control/Change in Management. 

(i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial
ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 35.0% of the total voting power of the then
outstanding voting stock of the Parent; or 

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

(iii) the Parent shall cease to own and control, directly or indirectly, at least 90% of the total voting
power of the then outstanding Equity Interests of the Borrower; or 
 (iv) the Parent or a Wholly
Owned Subsidiary of the Parent shall cease to be the sole general partner of the Borrower or shall cease to have the sole and exclusive power to exercise all management and control over the Borrower. 

(m) Damage; Strike; Casualty. Any strike, lockout, labor dispute, embargo, condemnation, act of God or public
enemy, or other casualty which causes, for more than 30 consecutive days beyond the coverage period of any applicable business interruption insurance, the cessation or substantial curtailment of revenue producing activities of the Parent, the
Borrower, any other Loan Party, or any other Subsidiary taken as a whole and only if any such event or circumstance could reasonably be expected to have a Material Adverse Effect. 

 

	Section 11.2.	Remedies Upon Event of Default. 

 Upon the occurrence of an Event of Default the following provisions shall apply: 
 (a) Acceleration; Termination of Facilities. 
 (i) Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1.(e) or 11.1.(f), (1)(A) the principal of, and all accrued interest on, the Loans and the Notes at the time
outstanding, (B) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such Event of Default for deposit into the Letter of Credit Collateral Account pursuant to Section 11.6. and
(C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders, the Swingline Lender and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents shall become
immediately and automatically due and payable without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the other Loan Parties, and (2) the Commitments and the
Swingline Commitment, and the obligation of the Issuing Bank to issue Letters of Credit hereunder, shall all immediately and automatically terminate. 

(ii) Optional. If any other Event of Default shall exist, the Administrative Agent may, and at the
direction of the Requisite Lenders shall: (1) declare (A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to 

  
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the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such Event of Default for deposit into the Letter of Credit Collateral Account pursuant to
Section 11.6. and (C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents to be forthwith due
and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Parent and the Borrower on behalf of themselves and the other Loan
Parties, and (2) terminate the Commitments and the Swingline Commitment and the obligation of the Issuing Bank to issue Letters of Credit hereunder. 
 (b) Loan Documents. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise any and all of its rights under any and all of the
other Loan Documents. 
 (c) Applicable Law. The Requisite Lenders may direct the Administrative Agent
to, and the Administrative Agent if so directed shall, exercise all other rights and remedies it may have under any Applicable Law. 
 (d) Appointment of Receiver. To the extent permitted by Applicable Law, the Administrative Agent and the Lenders shall be entitled to the appointment of a receiver for the assets and properties of
the Parent, the Borrower and its Subsidiaries, without notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the solvency of any party bound for its payment, to take possession of all or any portion
of the property and/or the business operations of the Parent, the Borrower and its Subsidiaries and to exercise such power as the court shall confer upon such receiver. 

(e) Specified Derivatives Contract Remedies. Notwithstanding any other provision of this Agreement or other Loan
Document, each Specified Derivatives Provider shall have the right, with prompt notice to the Administrative Agent, but without the approval or consent of or other action by the Administrative Agent or the Lenders, and without limitation of other
remedies available to such Specified Derivatives Provider under contract or Applicable Law, to undertake any of the following: (a) to declare an event of default, termination event or other similar event under any Specified Derivatives Contract
and to create an “Early Termination Date” (as defined therein) in respect thereof, (b) to determine net termination amounts in respect of any and all Specified Derivatives Contracts in accordance with the terms thereof, and to set off
amounts among such contracts, (c) to set off or proceed against deposit account balances, securities account balances and other property and amounts held by such Specified Derivatives Provider pursuant to any Derivatives Support Document,
including any “Posted Collateral” (as defined in any credit support annex included in any such Derivatives Support Document to which such Specified Derivatives Provider may be a party), and (d) to prosecute any legal action against
the Borrower, any Loan Party or other Subsidiary to enforce or collect net amounts owing to such Specified Derivatives Provider pursuant to any Specified Derivatives Contract. 

 

	Section 11.3.	Remedies Upon Default. 

 Upon the occurrence of a Default specified in Section 11.1.(f), the Commitments, the Swingline Commitment and the obligation of the Issuing Bank to issue Letters of Credit shall immediately and
automatically terminate. 

  
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	Section 11.4.	Marshaling; Payments Set Aside. 

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

	Section 11.5.	Allocation of Proceeds. 

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

(a) amounts due to the Administrative Agent, the Issuing Bank and the Lenders in respect of expenses due
under Section 13.2. until paid in full, and then Fees; 
 (b) payments of interest on
Swingline Loans; 
 (c) payments of interest on all other Loans and Reimbursement
Obligations to be applied for the ratable benefit of the Lenders and the Issuing Bank; 

(d) payments of principal of Swingline Loans; 

(e) payments of principal of all other Loans, Reimbursement Obligations and other Letter of Credit
Liabilities, to be applied for the ratable benefit of the Lenders in such order and priority as the Lenders may determine in their sole discretion; provided, however, to the extent that any amounts available for distribution pursuant to this
subsection are attributable to the issued but undrawn amount of an outstanding Letter of Credit, such amounts shall be paid to the Administrative Agent for deposit into the Letter of Credit Collateral Account; 

(f) amounts due to the Administrative Agent and the Lenders pursuant to Sections 12.6. and 13.10.;

 (g) payments of all other amounts due under any of the Loan Documents, if any, to be applied
for the ratable benefit of the Lenders; and 

  
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 (h) any amount remaining after application as provided
above, shall be paid to the Borrower or whomever else may be legally entitled thereto. 
  

	Section 11.6.	Letter of Credit Collateral Account. 

 (a) As collateral security for the prompt payment in full when due of all Letter of Credit Liabilities and the other Obligations, the Borrower hereby pledges and grants to the Administrative Agent, for
the ratable benefit of the Administrative Agent, the Issuing Bank and the Lenders as provided herein, a security interest in all of its right, title and interest in and to the Letter of Credit Collateral Account and the balances from time to time in
the Letter of Credit Collateral Account (including the investments and reinvestments therein provided for below). The balances from time to time in the Letter of Credit Collateral Account shall not constitute payment of any Letter of Credit
Liabilities until applied by the Issuing Bank as provided herein. Anything in this Agreement to the contrary notwithstanding, funds held in the Letter of Credit Collateral Account shall be subject to withdrawal only as provided in this Section.

 (b) Amounts on deposit in the Letter of Credit Collateral Account shall be invested and reinvested by the
Administrative Agent in such Cash Equivalents as the Administrative Agent shall determine in its sole discretion. All such investments and reinvestments shall be held in the name of and be under the sole dominion and control of the Administrative
Agent for the ratable benefit of the Administrative Agent, the Issuing Bank and the Lenders, provided, that all earnings on such investments will be credited to and retained in the Letter of Credit Collateral Account. The Administrative Agent
shall exercise reasonable care in the custody and preservation of any funds held in the Letter of Credit Collateral Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that which
the Administrative Agent accords other funds deposited with the Administrative Agent, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with
respect to any funds held in the Letter of Credit Collateral Account. 
 (c) If a drawing pursuant to any Letter
of Credit occurs on or prior to the expiration date of such Letter of Credit, the Borrower and the Lenders authorize the Administrative Agent to use the monies deposited in the Letter of Credit Collateral Account to reimburse the Issuing Bank for
the payment made by the Issuing Bank to the beneficiary with respect to such drawing or the payee with respect to such presentment. 
 (d) If an Event of Default exists, the Administrative Agent may (and, if instructed by the Requisite Lenders, shall) in its (or their) discretion at any time and from time to time elect to liquidate any
such investments and reinvestments and apply the proceeds thereof to the Letter of Credit Collateral Account and apply proceeds thereof to the Obligations in accordance with Section 11.5. 

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

  
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outstanding, the Administrative Agent shall deliver to the Borrower, against receipt but without any recourse, warranty or representation whatsoever, the balances remaining in the Letter of
Credit Collateral Account. 
 (f) The Borrower shall pay to the Administrative Agent from time to time such fees
as the Administrative Agent normally charges for similar services in connection with the Administrative Agent’s administration of the Letter of Credit Collateral Account and investments and reinvestments of funds therein. 

 

	Section 11.7.	Performance by Administrative Agent. 

 If the Parent, the Borrower or any other Loan Party shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the Administrative Agent may, after notice to the
Borrower, perform or attempt to perform such covenant, duty or agreement on behalf of the Parent, the Borrower or such other Loan Party, as applicable, after the expiration of any cure or grace periods set forth herein. In such event, the Borrower
shall, at the request of the Administrative Agent, promptly pay any amount reasonably expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent, together with interest thereon at the applicable
Post-Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, neither the Administrative Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any obligation of the
Borrower under this Agreement or any other Loan Document. 
  

	Section 11.8.	Rights Cumulative. 

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

	Section 12.1.	Appointment and Authorization. 

 Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such Lender’s behalf and to exercise such powers under this
Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. Not in limitation of the foregoing, each Lender
authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by the Requisite Lenders in accordance with the
provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all
of the Lenders. Nothing herein shall be construed to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the 

  
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Administrative Agent duties or obligations other than those expressly provided for herein. Without limiting the generality of the foregoing, the use of the terms “Agent”,
“Administrative Agent”, “agent” and similar terms in the Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine
of any Applicable Law. Instead, use of such terms is merely a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. The Administrative Agent shall deliver to each
Lender, promptly upon receipt thereof by the Administrative Agent, copies of each of the financial statements, certificates, notices and other documents delivered to the Administrative Agent pursuant to Article IX. that the Parent or the Borrower is
not otherwise required to deliver directly to the Lenders. The Administrative Agent will furnish to any Lender, upon the request of such Lender, a copy (or, where appropriate, an original) of any document, instrument, agreement, certificate or
notice furnished to the Administrative Agent by the Parent, the Borrower, any other Loan Party or any other Affiliate of the Parent, pursuant to this Agreement or any other Loan Document not already delivered or otherwise made available to such
Lender pursuant to the terms of this Agreement or any such other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of any of the Obligations), the
Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the
Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding
anything in this Agreement to the contrary, the Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or any other Loan Document or
Applicable Law. Not in limitation of the foregoing, the Administrative Agent may exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite Lenders
have directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting under
this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders, or where applicable, all the Lenders. 
  

	Section 12.2.	Wells Fargo as Lender. 

 Wells Fargo, as a Lender or as a Specified Derivatives Provider, as the case may be, shall have the same rights and powers under this Agreement and any other Loan Document and under any Specified
Derivatives Contract, as the case may be, as any other Lender or Specified Derivatives Provider and may exercise the same as though it were not the Administrative Agent; and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated, include Wells Fargo in each case in its individual capacity. Wells Fargo and its Affiliates may each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of,
serve as financial advisor to, and generally engage in any kind of business with the Parent, the Borrower, any other Loan Party or any other Affiliate thereof as if it were any other bank and without any duty to account therefor to the Lenders.
Further, the Administrative Agent and any Affiliate may accept fees and other consideration from the Parent, the Borrower, any other Loan Party or any other Subsidiary for services in connection with this Agreement or any Specified Derivatives
Contract, or otherwise without having to account for the same to the Lenders. The Issuing Bank and the Lenders acknowledge that, pursuant to such activities, Wells Fargo or its Affiliates may receive information regarding Parent the Borrower, other
Loan Parties, other Subsidiaries and other Affiliates (including 

  
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information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to
them. 
  

	Section 12.3.	Approvals of Lenders. 

 All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval (a) shall be given in the form of a written notice to such
Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise such Lender where information, if any, regarding such matter or issue may be
inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written materials and, as appropriate, a brief
summary of all oral information provided to the Administrative Agent by the Parent or the Borrower in respect of the matter or issue to be resolved, and (d) shall include the Administrative Agent’s recommended course of action or
determination in respect thereof. Unless a Lender shall give written notice to the Administrative Agent that it specifically objects to the recommendation or determination of the Administrative Agent (together with a reasonable written explanation
of the reasons behind such objection) within 10 Business Days (or such lesser or greater period as may be specifically required under the express terms of the Loan Documents) of receipt of such communication, such Lender shall be deemed to have
conclusively approved of or consented to such recommendation or determination; provided, however, that this sentence shall not apply to amendments, waivers or consents that require the written consent of each Lender directly affected thereby
pursuant to Section 13.7.(b). 
  

	Section 12.4.	Notice of Events of Default. 

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

	Section 12.5.	Administrative Agent’s Reliance. 

 Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Administrative Agent nor any of its Related Parties shall be liable for any action taken or not taken by it
under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct in connection with its duties expressly set forth herein or therein as determined by a court of competent
jurisdiction in a final non-appealable judgment. Without limiting the generality of the foregoing, the Administrative Agent: may consult with legal counsel (including its own counsel or counsel for the Parent, the Borrower or any other Loan Party),
independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts. Neither the Administrative
Agent nor any of its Related Parties: (a) makes any warranty or representation to any Lender, the Issuing Bank or any other Person, or shall be responsible to any Lender, the Issuing Bank or any other Person for any statement, warranty or
representation made or deemed made by the Parent, the 

  
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Borrower, any other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the
performance or observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other
Persons, or to inspect the property, books or records of the Borrower or any other Person; (c) shall be responsible to any Lender or the Issuing Bank for the due execution, legality, validity, enforceability, genuineness, sufficiency or value
of this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto; (d) shall have any liability in respect of any recitals, statements, certifications, representations or warranties contained in any of
the Loan Documents or any other document, instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any liability under or in respect of this Agreement or any other Loan Document by acting upon any
notice, consent, certificate or other instrument or writing (which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the proper party or parties. The Administrative Agent may execute any of
its duties under the Loan Documents by or through agents, employees or attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful
misconduct in the selection of such agent or attorney-in-fact as determined by a court of competent jurisdiction in a final non-appealable judgment. 
  

	Section 12.6.	Indemnification of Administrative Agent. 

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

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

	Section 12.7.	Lender Credit Decision, Etc. 

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

  

	Section 12.8.	Successor Administrative Agent. 

 The Administrative Agent may (i) resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the Lenders and the Borrower or (ii) be removed as
Administrative Agent under the Loan Documents by all of the Lenders (other than the Lender then acting as Administrative Agent) and the Borrower upon not less than 30 days’ prior written notice to the Administrative Agent, if the Administrative
Agent (i) is found by a court of competent 

  
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jurisdiction in a final, non-appealable judgment to have committed gross negligence or willful misconduct in the course of performing its duties hereunder or (ii) has become or is insolvent
or has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in
any such proceeding or appointment. Upon any such resignation or removal, the Requisite Lenders (which, in the case of the removal of the Administrative Agent as provided in the immediately preceding sentence, shall be determined without regard to
the Commitment of the Lender then acting as Administrative Agent) shall have the right to appoint a successor Administrative Agent which appointment shall, provided no Default or Event of Default exists, be subject to the Borrower’s approval,
which approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed to have approved each Lender and any of its Affiliates as a successor Administrative Agent). If no successor Administrative Agent
shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment, within 30 days after (x) the resigning Administrative Agent’s giving of notice of resignation or (y) the
removal of the Administrative Agent, then the resigning or removed Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent, which shall be a Lender, if any Lender shall be willing to serve,
and otherwise shall be an Eligible Assignee. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the
rights, powers, privileges and duties of the retiring or removed Administrative Agent, and the retiring or removed Administrative Agent shall be discharged from its duties and obligations under the Loan Documents. Such successor Administrative Agent
shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or shall make other arrangements satisfactory to the current Administrative Agent, in either case, to assume effectively the
obligations of the current Administrative Agent with respect to such Letters of Credit. After any Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Article XII. shall continue to inure to
its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, the Administrative Agent may assign its rights and duties under
the Loan Documents to any of its Affiliates by giving the Borrower and each Lender prior written notice. 
  

	Section 12.9.	Titled Agents. 

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

  
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 ARTICLE XIII. MISCELLANEOUS 

 

	Section 13.1.	Notices. 

Unless otherwise provided herein (including without limitation as provided in Section 9.5.), communications provided
for hereunder shall be in writing and shall be mailed, telecopied, or delivered as follows: 
 If to the
Borrower: 
 Excel Trust, L.P. 

17140 Bernardo Center Drive, Suite 300 

San Diego, California 92128 
 Attention: James Y. Nakagawa 
 Telecopy
Number:        (858) 487-9890 
 Telephone
Number:      (858) 613-1800 
 with a copy to (which shall not constitute
notice): 
 Excel Trust, L.P. 

17140 Bernardo Center Drive, Suite 300 

San Diego, California 92128 
 Attention: Eric Ottesen, Esq. 
 Telecopy
Number:        (858) 487-9890 
 Telephone
Number:      (858) 613-1800 
 If to the Administrative Agent: 

Wells Fargo Bank, National Association 

401 B. Street, Suite 1100 
 San Diego, California 92101 
 Attn: Dale Northup 

Telecopier:        (619) 699-3105 

Telephone:        (619) 699-3025 

If to the Administrative Agent under Article II: 

Wells Fargo Bank, National Association 

608 Second Avenue South, 11th Floor 
 Minneapolis, Minnesota 55402 
 Attn: Mark Nardi 

Telecopier:        (866) 966-2736 

Telephone:        (612) 316-0114 

  
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 If to the Issuing Bank: 

Wells Fargo Bank, National Association 

401 B. Street, Suite 1100 
 San Diego, California 92101 
 Attn: Dale Northup 

Telecopier:        (619) 699-3105 

Telephone:        (619) 699-3025 

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

	Section 13.2.	Expenses. 

The Borrower agrees (a) to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs
and reasonable expenses incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents (including due diligence expense and reasonable travel expenses related to
closing), and the consummation of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements of counsel to the Administrative Agent and all costs and expenses of the Administrative Agent in connection with the
use of IntraLinks, Inc., SyndTrak or other similar information transmission systems in connection with the Loan Documents and of the Administrative Agent in connection with the review of Properties for inclusion as Unencumbered Pool Properties and
the Administrative Agent’s other activities under Article IV., and the reasonable fees and 

  
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disbursements of counsel to the Administrative Agent relating to all such activities, (b) to pay to the Issuing Bank all reasonable out-of-pocket costs and expenses incurred by the Issuing
Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (c) to pay or reimburse the Administrative Agent, the Issuing Bank and the Lenders for all their costs and
expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents and the Fee Letters, including the reasonable fees and disbursements of their respective counsel (including the allocated fees and expenses
of in-house counsel) and any payments in indemnification or otherwise payable by the Lenders to the Administrative Agent pursuant to the Loan Documents, (d) to pay, and indemnify and hold harmless the Administrative Agent, the Issuing Bank and
the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or
determined to be payable in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document and (e) to
the extent not already covered by any of the preceding subsections, to pay or reimburse the fees and disbursements of counsel to the Administrative Agent, the Issuing Bank and any Lender incurred in connection with the representation of the
Administrative Agent, the Issuing Bank or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the type described in Sections 11.1.(e) or 11.1.(f), including, without limitation (i) any motion for relief
from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to the Obligations and (iii) the negotiation and preparation of any debtor-in-possession financing or any plan of
reorganization of the Parent, the Borrower or any other Loan Party, whether proposed by the Parent, the Borrower, such Loan Party, the Lenders or any other Person, and whether such fees and expenses are incurred prior to, during or after the
commencement of such proceeding or the confirmation or conclusion of any such proceeding. If the Borrower shall fail to pay any amounts required to be paid by it pursuant to this Section, the Agent and/or the Lenders may pay such amounts on behalf
of the Borrower and deem the same to be Loans outstanding hereunder or otherwise Obligations owing hereunder. 
  

	Section 13.3.	Stamp, Intangible and Recording Taxes. 

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

	Section 13.4.	Setoff. 

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

  
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and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any
other indebtedness at any time held or owing by the Administrative Agent, the Issuing Bank, such Lender, any such Affiliate of the Administrative Agent, the Issuing Bank or such Lender, or such Participant, to or for the credit or the account of the
Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other Obligations have been declared to be, or have otherwise become, due and payable as permitted by Section 11.2., and
although such Obligations shall be contingent or unmatured. Notwithstanding anything to the contrary in this Section, if any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to
the Administrative Agent for further application in accordance with the provisions of Section 3.9. and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the
Administrative Agent, the Issuing Bank and the Lenders and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it
exercised such right of setoff. 
  

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

 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE PARENT, THE BORROWER, THE ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT
AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT, THE ISSUING BANK, THE PARENT, AND THE BORROWER HEREBY
WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE FEE
LETTERS OR IN CONNECTION WITH ANY COLLATERAL OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE PARENT, THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE
LOAN DOCUMENTS. 
 (b) EACH OF THE PARENT, THE BORROWER, THE ADMINISTRATIVE AGENT, THE ISSUING BANK AND EACH
LENDER HEREBY AGREES THAT THE FEDERAL DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK AND ANY STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, NEW YORK, NEW YORK SHALL HAVE NON-EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES
BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY OF THE LENDERS, ARISING OUT OF THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE FEE LETTERS OR IN CONNECTION WITH ANY COLLATERAL OR BY REASON OF ANY OTHER SUIT, CAUSE OF
ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE PARENT, THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS. THE PARENT, THE BORROWER, THE ADMINISTRATIVE AGENT, THE ISSUING BANK
AND EACH OF THE LENDERS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. EACH OF THE PARENT 

  
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AND THE BORROWER HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT, OR OTHER PROCESS OR
PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE PARENT OR THE BORROWER, AS APPLICABLE, AT ITS ADDRESS FOR NOTICES PROVIDED FOR HEREIN. SHOULD THE PARENT OR THE BORROWER, AS APPLICABLE, FAIL TO APPEAR OR ANSWER ANY SUMMONS,
COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN 30 DAYS AFTER THE MAILING THEREOF, THE PARENT OR THE BORROWER, AS APPLICABLE, SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED AGAINST IT AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS,
COMPLAINT, PROCESS OR PAPERS. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH
AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE
AGENT, THE ISSUING BANK OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
 (c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS
AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT. 

 

	Section 13.6.	Successors and Assigns. 

 (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted
hereby, except that none of the Parent, the Borrower or any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may
assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of the immediately following subsection (b), (ii) by way of participation in accordance with the
provisions of the immediately following subsection (d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of the immediately following subsection (f) (and any other attempted assignment or
transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in the immediately following subsection (d) and, to the extent expressly contemplated hereby, the Related Parties of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim
under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to
one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the
following conditions: 

  
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 (i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of an assigning Lender’s Commitment
and/or the Loans at the time owing to it, or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in the immediately preceding subsection (A), the aggregate amount of the
Revolving Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Revolving Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not
be less than $5,000,000 in the case of any assignment of a Commitment, unless each of the Administrative Agent and, so long as no Default or Event of Default shall exist, the Borrower otherwise consents (each such consent not to be unreasonably
withheld or delayed); provided, however, that if, after giving effect to such assignment, the amount of the Commitment held by such assigning Lender or the outstanding principal balance of the Loans of such assigning Lender, as applicable, would be
less than $5,000,000 in the case of a Commitment or Revolving Loans, then such assigning Lender shall assign the entire amount of its Commitment and the Loans at the time owing to it. 

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

(iii) Required Consents. No consent shall be required for any assignment except to the extent
required by clause (i)(B) of this subsection (b) and, in addition: 
 (A) the consent of the
Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) a Default or Event of Default shall exist at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an
Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof; 

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

(C) the consent of the Issuing Bank and the Swingline Lender shall be required for any assignment in
respect of a Revolving Commitment. 

  
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 (iv) Assignment and Assumption; Notes. The parties to
each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $4,500 for each assignment (which fee the Administrative Agent may, in its sole discretion, elect
to waive), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. If requested by the transferor Lender or the assignee, upon the consummation of any assignment, the transferor Lender, the
Administrative Agent and the Borrower shall make appropriate arrangements so that new Notes are issued to the assignee and such transferor Lender, as appropriate. 

(v) No Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or
any of the Borrower’s Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or to any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause
(B). 
 (vi) No Assignment to Natural Persons. No such assignment shall be made to a
natural person. 
 (vii) Assignments by Specified Derivatives Provider. If the assigning
Lender (or its Affiliate) is a Specified Derivatives Provider and if after giving effect to such assignment such Lender will hold no further Loans or Revolving Commitments under this Agreement, such Lender shall undertake such assignment only
contemporaneously with an assignment by such Lender (or its Affiliate, as the case may be) of all of its Specified Derivatives Contracts to the assignee or another Lender (or Affiliate thereof). 

(vii) Certain Additional Payments. In connection with any assignment of rights and obligations of
any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in
an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the
Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and
satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the Issuing Bank, the Swingline Lender and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as
appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Commitment Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of
any Defaulting Lender hereunder shall become effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement
until such compliance occurs. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to the
immediately following subsection (c), from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest 

  
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assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 5.4., 13.2. and 13.10. and the other provisions of this Agreement and the other Loan Documents
as provided in Section 13.11. with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a
Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not
comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with the immediately following subsection (d). 

(c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower,
shall maintain at the Principal Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the
Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time
to time upon reasonable prior notice. 
 (d) Participations. Any Lender may at any time, without the
consent of, or notice to, the Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender, sell participations to any Person (other than a natural Person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries)
(each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such
Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent,
the Issuing Bank and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that
such Lender will not, without the consent of the Participant, agree to (w) increase such Lender’s Commitment, (x) extend the date fixed for the payment of principal on the Loans or portions thereof owing to such Lender,
(y) reduce the rate at which interest is payable thereon or (z) release any Guarantor from its Obligations under the Guaranty, in each case, as applicable to that portion of such Lender’s rights and/or obligations that are subject to
the participation. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.10., 5.1., 5.4. (subject to the requirements and limitations therein, including the requirements under Section 3.10.(c) (it being
understood that the documentation required under Section 3.10.(c) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this
Section; provided that such Participant (A) agrees to be subject to the provisions of Section 5.6. as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment
under Sections 5.1. or 3.10., with respect to any participation, than its 

  
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participating Lender would have been entitled to receive. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with
the Borrower to effectuate the provisions of Section 5.6. with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 13.4. as though it were a Lender; provided
that such Participant agrees to be subject to Section 3.3. as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters
the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no
Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its
other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the
United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for
all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 (e) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (f) No
Registration. Each Lender agrees that, without the prior written consent of the Borrower and the Administrative Agent, it will not make any assignment hereunder in any manner or under any circumstances that would require registration or
qualification of, or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of America or of any other jurisdiction. 

(g) USA Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with “know your
customer” and anti-money laundering rules and regulations, including without limitation, the Patriot Act, prior to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United States of America becoming a
party hereto, the Administrative Agent may request, and such Lender or Participant shall provide to the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the
Administrative Agent to comply with federal law. 
  

	Section 13.7.	Amendments and Waivers. 

 (a) Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this Agreement or in any other Loan Document to be given by the
Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be amended, (iii) the performance or observance by the Parent, the Borrower or any other Loan Party or any other Subsidiary of any terms of this
Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the
written consent 

  
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of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written consent of each Loan
Party which is party thereto. 
 (b) Consent of Lenders Directly Affected. Notwithstanding the foregoing,
no amendment, waiver or consent shall, unless in writing, and signed by all of the Lenders directly affected thereby (or the Administrative Agent at the written direction of the Lenders), do any of the following: 

(i) increase the Commitments of the Lenders (excluding any increase as a result of an assignment of
Commitments permitted under Section 13.6. and any increases contemplated under, and accordance with, Section 2.15.) or subject the Lenders to any additional obligations; 

(ii) reduce the principal of, or interest that has accrued or the rates of interest that will be charged
on the outstanding principal amount of, any Loans or other Obligations; 
 (iii) reduce the
amount of any Fees payable to the Lenders hereunder;
 (iv) modify the definition of
“Termination Date” (except in accordance with Section 2.12.), or otherwise postpone any date fixed for any payment of principal of, or interest on, any Loans or for the payment of Fees or any other Obligations; 

(v) modify the definition of “Commitment Percentage” amend or otherwise modify the provisions of
Section 3.2.; 
 (vi) amend this Section or amend the definitions of the terms used in this
Agreement or the other Loan Documents insofar as such definitions affect the substance of this Section; 
 (vii) modify the definition of the term “Requisite Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights
hereunder or to modify any provision hereof; 
 (viii) release any Guarantor from its
obligations under the Guaranty except as contemplated by Section 8.14.(c);

(ix) waive a Default or Event of Default under Section 11.1.(a); or

(x) amend, or waive the Borrower’s compliance with, Section 2.14.

(c) Amendment of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in writing and
signed by the Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under this Agreement or any of the other Loan Documents. Any amendment, waiver or
consent relating to Section 2.3. or the obligations of the Swingline Lender under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action, require the written consent of the Swingline
Lender. Any amendment, waiver or consent relating to Section 2.2. or the obligations of the Issuing Bank under this Agreement or any other Loan Document shall, in 

  
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addition to the Lenders required hereinabove to take such action, require the written consent of the Issuing Bank. Any amendment, waiver or consent with respect to any Loan Document that
(i) diminishes the rights of a Specified Derivatives Provider in a manner or to an extent dissimilar to that affecting the Lenders or (ii) increases the liabilities or obligations of a Specified Derivatives Provider shall, in addition to
the Lenders required hereinabove to take such action, require the consent of the Lender that is (or having an Affiliate that is) such Specified Derivatives Provider. No waiver shall extend to or affect any obligation not expressly waived or impair
any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of the Administrative Agent or
any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Any Event of Default occurring hereunder shall continue to exist until such time as such Event of Default is waived in writing in accordance
with the terms of this Section, notwithstanding any attempted cure or other action by the Parent, the Borrower, any other Loan Party or any other Person subsequent to the occurrence of such Event of Default; provided, however, that any
Event of Default resulting from the failure of the Loan Parties to give notice of a Default or Event of Default pursuant to Section 9.4.(l) shall be deemed to be waived upon the cure or waiver of such Default, or the waiver of such Event of
Default, as applicable, without any further action hereunder. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to other or further notice or demand
in similar or other circumstances. 
 (e) Technical Amendments. Notwithstanding anything to the contrary
in this Section 13.7., if the Administrative Agent and the Borrower have jointly identified an ambiguity, omission, mistake or defect in any provision of this Agreement or an inconsistency between provisions of this Agreement, the
Administrative Agent and the Borrower shall be permitted to amend such provision or provisions to cure such ambiguity, omission, mistake, defect or inconsistency so long as to do so would not adversely affect the interests of the Lenders and the
Issuing Bank. Any such amendment shall become effective without any further action or consent of any of other party to this Agreement and the Administrative Agent shall provide the Lenders with written notice of any such amendment. 

 

	Section 13.8.	Nonliability of Administrative Agent and Lenders. 

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

  

	Section 13.9.	Confidentiality. 

 Except as otherwise provided by Applicable Law, the Administrative Agent, the Issuing Bank and each Lender shall utilize all non-public information obtained pursuant to the requirements of this Agreement
which has been identified as confidential or proprietary by the Borrower in accordance with its customary procedure for handling confidential information of this nature and in 

  
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accordance with safe and sound banking practices but in any event may make disclosure: (a) to any of their respective Affiliates or to actual or prospective counterparties to any Derivatives
Contract relating to the Borrower or any of its obligations (provided any such Person shall agree to keep such information confidential in accordance with the terms of this Section); (b) as reasonably requested by any bona fide Assignee,
Participant or other transferee in connection with the contemplated transfer of any Commitment, Loan or participations therein as permitted hereunder (provided they shall agree to keep such information confidential in accordance with the terms of
this Section); (c) as required or requested by any Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings; (d) to the Administrative Agent’s, the Issuing Bank’s
or such Lender’s independent auditors, other professional advisors or agents or other representatives (provided they shall be notified of the confidential nature of the information); (e) if an Event of Default exists, to any other Person,
in connection with the exercise by the Administrative Agent, the Issuing Bank or the Lenders of rights hereunder or under any of the other Loan Documents; (f) to the extent such information (x) becomes publicly available other than as a
result of a breach of this Section or (y) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other than the Parent, the Borrower or any Affiliate; and (g) with the
Borrower’s prior written consent. 
  

	Section 13.10.	Indemnification. 

 (a) The Borrower shall and hereby agrees to indemnify, defend and hold harmless the Administrative Agent, each of the Lenders and the Issuing Bank and their respective Related Parties (each referred to
herein as an “Indemnified Party”) from and against any and all of the following (collectively, the “Indemnified Costs”): losses, costs, claims, penalties, damages, liabilities, deficiencies, judgments or expenses of every kind
and nature (including, without limitation, amounts paid in settlement, court costs and the reasonable fees and disbursements of counsel incurred in connection with any litigation, investigation, claim or proceeding or any advice rendered in
connection therewith, but excluding losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses indemnification in respect of which is specifically covered by Section 3.10. or 5.1. or expressly excluded from the coverage of
such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or settlement, consent decree or other proceeding (the foregoing referred to herein as
an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the transactions contemplated thereby; (ii) the making of any Loans or issuance of Letters of
Credit hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans or Letters of Credit; (iv) the Administrative Agent’s, the Issuing Bank’s or any Lender’s entering into this Agreement;
(v) the fact that the Administrative Agent, the Issuing Bank and the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Administrative Agent, the Issuing Bank and the Lenders are
creditors of the Borrower and have or are alleged to have information regarding the financial condition, strategic plans or business operations of the Parent, the Borrower and the Subsidiaries; (vii) the fact that the Administrative Agent, the
Issuing Bank and the Lenders are material creditors of the Borrower and are alleged to influence directly or indirectly the business decisions or affairs of the Parent, the Borrower and the Subsidiaries or their financial condition; (viii) the
exercise of any right or remedy the Administrative Agent, the Issuing Bank or the Lenders may have under this Agreement or the other Loan Documents including, but not limited to, the foreclosure upon, or seizure of, any collateral or the exercise of
any other rights of a secured party; (ix) any civil penalty or fine assessed by the OFAC against, and all reasonable costs and expenses (including counsel fees and disbursements) incurred in connection with defense thereof by, the Agent or any
Lender as a result of 

  
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conduct of the Parent, the Borrower, any other Loan Party or any Subsidiary that violates a sanction administered or enforced by the OFAC; or (x) any violation or non-compliance by the
Parent, the Borrower or any Subsidiary of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any
Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action to cause the Parent or its Subsidiaries (or its respective
properties) (or the Administrative Agent and/or the Lenders and/or the Issuing Bank as successors to the Borrower) to be in compliance with such Environmental Laws; provided, however, that the Borrower shall not be obligated to indemnify any
Indemnified Party for (A) any acts or omissions of such Indemnified Party in connection with matters described in this subsection to the extent arising from the gross negligence or willful misconduct of such Indemnified Party, as determined by
a court of competent jurisdiction in a final, non-appealable judgment or (B) Indemnified Costs to the extent arising directly out of or resulting directly from claims of one or more Indemnified Parties against another Indemnified Party.

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

(c) This indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding
filed by or against the Parent, the Borrower and/or any Subsidiary. 
 (d) All out-of-pocket fees and expenses
of, and all amounts paid to third-persons by, an Indemnified Party shall be advanced by the Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled to
indemnification hereunder upon receipt of an undertaking by such Indemnified Party that such Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party is
not so entitled to indemnification hereunder. 
 (e) An Indemnified Party may conduct its own investigation and
defense of, and may formulate its own strategy with respect to, any Indemnity Proceeding covered by this Section and, as provided above, all Indemnified Costs incurred by such Indemnified Party shall be reimbursed by the Borrower. No action taken by
legal counsel chosen by an Indemnified Party in investigating or defending against any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each such
Indemnified Party; provided, however, that if (i) the Borrower is required to indemnify an Indemnified Party pursuant 

  
 - 109 -

 
hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the Borrower has the financial wherewithal to reimburse such Indemnified Party for
any amount paid by such Indemnified Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower (which consent shall not be
unreasonably withheld or delayed). Notwithstanding the foregoing, an Indemnified Party may settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower where (x) no monetary relief is sought against such
Indemnified Party in such Indemnity Proceeding or (y) there is an allegation of a violation of law by such Indemnified Party. 
 (f) If and to the extent that the obligations of the Borrower hereunder are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of
such obligations which is permissible under Applicable Law. 
 (g) The Borrower’s obligations hereunder
shall survive any termination of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any of the other obligations set forth in this Agreement or any
other Loan Document to which it is a party. 
 References in this Section 13.10. to “Lender” or
“Lenders” shall be deemed to include such Persons (and their Affiliates) in their capacity as Specified Derivatives Providers. 
  

	Section 13.11.	Termination; Survival. 

 This Agreement shall terminate at such time as (a) all of the Commitments have been terminated, (b) all Letters of Credit have terminated or expired or been canceled (other than Extended Letters
of Credit in respect of which the Borrower has satisfied the requirements to provide Cash Collateral as required in Section 2.2.(b)), (c) none of the Lenders or the Swingline Lender is obligated any longer under this Agreement to make any
Loans and the Issuing Bank have no obligation to issue Letters of Credit under this Agreement and (d) all Obligations (other than obligations which survive as provided in the following sentence) have been paid and satisfied in full. The
indemnities to which the Administrative Agent, the Issuing Bank and the Lenders are entitled under the provisions of Sections 3.10., 5.1., 5.4., 12.6., 13.2. and 13.10. and any other provision of this Agreement and the other Loan Documents, and the
provisions of Section 13.5., shall continue in full force and effect and shall protect the Administrative Agent, the Issuing Bank, the Lenders and the Swingline Lender (i) notwithstanding any termination of this Agreement, or of the other
Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the date such party
ceased to be a party to this Agreement. 
  

	Section 13.12.	Severability of Provisions. 

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

  
 - 110 -

 Section 13.13. GOVERNING LAW. 

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 13.14. Counterparts. 

To facilitate execution, this Agreement and any amendments, waivers, consents or supplements may be executed in any number
of counterparts as may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall
collectively constitute a single document. It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.

 Section 13.15. Obligations with Respect to Loan Parties. 

The obligations of the Parent and the Borrower to direct or prohibit the taking of certain actions by the other Loan
Parties as specified herein shall be absolute and not subject to any defense the Parent or the Borrower may have that the Parent or the Borrower does not control such Loan Parties. 
 Section 13.16. Independence of Covenants. 
 All
covenants hereunder shall be given in any jurisdiction independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or be otherwise within the
limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. 
 Section 13.17. Limitation of Liability. 
 None of the
Administrative Agent, the Issuing Bank, any Lender or any of their respective Affiliates or any officer, director, employee, attorney, or agent of the Administrative Agent, the Issuing Bank, any Lender or any such Affiliate shall have any liability
with respect to, and each of the Parent and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by the Parent or the Borrower in
connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents or the Fee Letters, or any of the transactions contemplated by this Agreement or any of the other Loan Documents. Each of the Parent and the
Borrower hereby waives, releases, and agrees not to sue the Administrative Agent, the Issuing Bank, any Lender or any of their respective Affiliates or any officer, director, employee, attorney, or agent of the Administrative Agent, the Issuing
Bank, any Lender or any such Affiliate for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents, the Fee Letters, or any of the transactions
contemplated by this Agreement or financed hereby. 

  
 - 111 -

 Section 13.18. Entire Agreement. 

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

Section 13.19. Construction. 
 The Administrative Agent, the Issuing Bank, each Lender, the Parent and the Borrower acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an
opportunity to review this Agreement and the other Loan Documents with its legal counsel and agree that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Administrative Agent, the Issuing Bank, each Lender,
the Parent and the Borrower. 
 Section 13.20. Headings. 

The paragraph and section headings in this Agreement are provided for convenience of reference only and shall not affect
its construction or interpretation. 
 Section 13.21. No Novation. 

THE PARTIES HERETO HAVE ENTERED INTO THIS AGREEMENT SOLELY TO AMEND AND RESTATE THE TERMS OF THE EXISTING CREDIT
AGREEMENT. THE PARTIES DO NOT INTEND THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING BY THE BORROWER
UNDER OR IN CONNECTION WITH THE EXISTING CREDIT AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS (AS DEFINED IN THE EXISTING CREDIT AGREEMENT). 
 [Signatures on Following Pages] 

  
 - 112 -

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

													
	 BORROWER:

	
	 EXCEL TRUST, L.P.

			
		 	 By:
	 	 Excel Trust, Inc., its sole general partner

			
		 	 By:
	 	 /s/ James Y. Nakagawa

		 		 	 Name:
	 		 		 	 James Y. Nakagawa

		 		 	 Title:
	 		 	 Chief Financial
Officer

  

											
	 PARENT:

	
	 EXCEL TRUST, INC.

		
	 By:
	 	 /s/ S. Eric Ottesen

		 	 Name:
	 		 		 	 S. Eric Ottesen

		 	 Title:
	 	 Senior Vice President and General Counsel

 [Signatures Continued on Next Page] 

 [Signature Page to Amended and Restated Credit Agreement 

with Excel Trust, L.P.] 
  

					
	 THE ADMINISTRATIVE AGENT AND THE LENDERS:

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, Administrative Agent, as Issuing Bank, as Swingline Lender
and as a Lender

		
	 By:
	 	 /s/ Dale Northup

		 	 Name:
	 	 Dale Northup

		 	 Title:
	 	 Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended and Restated Credit Agreement 

with Excel Trust, L.P.] 
  

							
	 KEYBANK, NATIONAL ASSOCIATION, as a Lender

		
	 By:
	 	 /s/ DANIEL L. SILBERT

		 	 Name:
	 		 	 DANIEL L. SILBERT

		 	 Title:
	 	 SR. VICE PRESIDENT

 [Signatures Continued on Next Page] 

 [Signature Page to Amended and Restated Credit Agreement 

with Excel Trust, L.P.] 
  

					
	 U.S. BANK NATIONAL ASSOCIATION, as a Lender

		
	 By:
	 	 /s/ Michael Paris

		 	 Name:
	 	 Michael Paris

		 	 Title:
	 	 Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended and Restated Credit Agreement 

with Excel Trust, L.P.] 
  

							
	 PNC Bank, National Association, as Lender

		
	 By:
	 	 /s/ Darin Mortimer

		 	 Name:
	 		 	 Darin Mortimer

		 	 Title:
	 	 Vice President

 [Signatures Continue on Following Pages] 

 [Signature Page to Amended and Restated Credit Agreement 

with Excel Trust, L.P.] 
  

					
	 UNION BANK, N.A., as a Lender

		
	 By:
	 	 /s/ Thomas Little

		 	 Name:
	 	 Thomas Little

		 	 Title:
	 	 VP

 [Signature Page to Amended and Restated Credit Agreement 

with Excel Trust, L.P.] 
  

							
	 BARCLAYS BANK PLC, as a Lender

		
	 By:
	 	 /s/ Noam Azachi

		 	 Name:
	 	 Noam Azachi

		 	 Title:
	 	 Assistant Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended and Restated Credit Agreement 

with Excel Trust, L.P.] 
  

					
	 CITY NATIONAL BANK, as a Lender

		
	 By:
	 	 /s/ Christina Pickett Blackwell

		 	 Name: Christina Pickett Blackwell

		 	 Title: Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended and Restated Credit Agreement 

with Excel Trust, L.P.] 
  

					
	 RAYMOND JAMES BANK, N.A., as a Lender

		
	 By:
	 	 /s/ James M. Armstrong

		 	 Name: James M. Armstrong

		 	 Title: Senior Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Amended and Restated Credit Agreement 

with Excel Trust, L.P.] 
  

					
	 UBS LOAN FINANCE LLC, as a Lender

		
	 By:
	 	 /s/ Irja R. Otsa

		 	 Name:
	 	 Irja R. Otsa

		 	 Title:
	 	 Associate Director

		
	 By:
	 	 /s/ David Urban

		 	 Name:
	 	 David Urban

		 	 Title:
	 	 Associate Director

 [Signatures Continued on Next Page] 

 [Signature Page to Amended and Restated Credit Agreement 

with Excel Trust, L.P.] 
  

							
	 MORGAN STANLEY BANK, NA, as a Lender

		
	 By:
	 	 /s/ Michael King

		 	 Name:
	 	 Michael King

		 	 Title:
	 	 Authorized Signatory

 [Signatures Continued on Next Page] 

 SCHEDULE I 
 Commitments 
  

					
	Existing Lenders	  	Commitment	 
		
	 Wells Fargo Bank, National Association
	  	$	45,000,000.00	  
		
	 KeyBank National Association
	  	$	45,000,000.00	  
		
	 US Bank National Association
	  	$	32,500,000.00	  
		
	 PNC Bank, National Association
	  	$	32,500,000.00	  
		
	 Union Bank, N.A.
	  	$	32,500,000.00	  
		
	 Barclays Bank PLC
	  	$	12,500,000.00	  
		
	 CityNational Bank
	  	$	12,500,000.00	  
		
	 Morgan Stanley Bank, N.A.
	  	$	12,500,000.00	  
		
	 Raymond James Bank, N.A.
	  	$	12,500,000.00	  
		
	 UBS Loan Finance LLC
	  	$	12,500,000.00	  
		
	 Total:
	  	$	250,000,000.00	  

 SCHEDULE 1.1 
 Loan Parties 
 Excel Trust, L.P. 
 Excel Trust, Inc. 
 Excel Anthem, LLC 
 Excel Brandywine LLC 
 Excel Foxwood LLC 
 Excel Newport LLC 
 Excel North Corbin LLC 
 Excel Rockwall LLC 
 Excel Rosewick LLC 
 Excel Springhill, LLC 
 Excel St. Marys, LLC 

Excel Vestavia, LLC 

 SCHEDULE 4.1 
 Unencumbered Pool Properties as of the Agreement Date 
  

					
	 Property
	  	Occupancy
Status (6-30-12)	 
		
	 Newport Towne Center (Newport, TN)
	  	 	91	% 
	 Walgreens (North Corbin, KY)
	  	 	100	% 
	 Mariners Point (St Marys, GA)
	  	 	96	% 
	 Plaza at Rockwall (Rockwall, TX)
	  	 	91	% 
	 Vestavia Hills City Center (Vestavia Hills, AL)
	  	 	78	% 
	 Brandywine Crossing (Brandywine, MD)
	  	 	98	% 
	 Rosewick Crossing (La Plata, MD)
	  	 	80	% 
	 Shops at Foxwood (Ocala, FL)
	  	 	88	% 
	 Anthem Highlands (Las Vegas, NV)
	  	 	100	% 
	 The Crossings of Spring Hill (Spring Hill, TN)
	  	 	98	% 
	 Promenade Corporate Center (Scottsdale, CA)
	  	 	81	% 
	 East Chase Market Center (Montgomery, AL)
	  	 	99	% 

 SCHEDULE 7.1(b) 
 Ownership Structure 
 Part I - Subsidiaries: 

 

									
	 Name
	  	 Jurisdiction of

Organization
	    	 Holder of Equity

Interests and %

Owned
	  	 Type of Equity

Interests
	  	Excluded
Subsidiary?
					
	 Excel Trust, L.P.
	  	 Delaware
	    	* 100% Excel Trust, Inc. (as to General Partnership Interests)	  	* General Partnership Interests	  	 No

					
		  		    	* 100% Directors and officers of Excel Trust Inc. (as to Limited Partnership Interests)	  	* Limited Partnership Interests	  	
					
	 Excel Centre Partners LLC
	  	 California
	    	100% Excel Trust, L.P.	  	Membership Interests	  	 No

					
	 Five Forks GS LLC
	  	 Delaware
	    	100% Excel Trust, L.P.	  	Membership Interests	  	 No

					
	 Excel Newport LLC
	  	 Delaware
	    	100% Excel Trust, L.P.	  	Membership Interests	  	 No

					
	 Red Boulder LLC
	  	 Delaware
	    	100% Excel Trust, L.P.	  	Membership Interests	  	 No

					
	 Excel North Corbin LLC
	  	 Delaware
	    	100% Excel Trust, L.P.	  	Membership Interests	  	 No

					
	 Excel Milledgeville LLC
	  	 Delaware
	    	100% Excel Trust, L.P.	  	Membership Interests	  	 No

					
	 Excel St Marys LLC
	  	 Delaware
	    	100% Excel Trust, L.P.	  	Membership Interests	  	 No

									
	 Name
	  	 Jurisdiction of

Organization
	    	 Holder of Equity

Interests and %

Owned
	  	 Type of Equity

Interests
	  	Excluded
Subsidiary?
					
	 Excel Rockwall LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Shippensburg LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Hulen LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Anthem LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Brandywine LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Dothan LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel East Chase LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Foxwood LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Gilroy LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel La Costa LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Lake Pleasant LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Missoula LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Promenade LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Promenade Office LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Rosewick LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

									
	 Name
	  	 Jurisdiction of

Organization
	    	 Holder of Equity

Interests and %

Owned
	  	 Type of Equity

Interests
	  	Excluded
Subsidiary?
					
	 Excel San Marcos LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Spring Hill LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Stockton LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

					
	 Excel Vestsavia LLC
	  	 Delaware
	    	 100% Excel Trust, L.P.
	  	 Membership Interests
	  	 No

 Part II – Unconsolidated Affiliates: 
 None 

 Schedule 7.1 (f) Properties Owned 

 

									
	 Property
	  	 Occupancy

Status (6-30-12)
	  	 Development

Property?
	  	 Mortgage

Debt?
	  	 Status of Completion
(applicable if

Development

Property)

					
	 Excel Centre office (SD, CA)
	  	82%	  	 No
	  	 Yes
	  	 N/A

					
	 Five Forks Plaza (Simpsonville, SC)
	  	92%	  	 No
	  	 Yes
	  	 N/A

					
	 Newport Towne Center (Newport, TN)
	  	91%	  	 No
	  	 No
	  	 N/A

					
	 Red Rock Commons (St George UT)
	  	76%	  	 Yes
	  	 Yes
	  	 75%

					
	 Walgreens (North Corbin, KY)
	  	100%	  	 No
	  	 No
	  	 N/A

					
	 Merchant Central (Milledgeville, GA)
	  	84%	  	 No
	  	 Yes
	  	 N/A

					
	 Mariners Point (St Marys, GA)
	  	96%	  	 No
	  	 No
	  	 N/A

					
	 Plaza at Rockwall (Rockwall, TX)
	  	91%	  	 No
	  	 No
	  	 N/A

					
	 Lowes (Shippensburg, PA)
	  	100%	  	 No
	  	 Yes
	  	 N/A

					
	 5000 South Hulen (Ft Worth, TX)
	  	95%	  	 No
	  	 Yes
	  	 N/A

					
	 Grant Creek Town Center (Missoula, MT)
	  	94%	  	 No
	  	 Yes
	  	 N/A

					
	 Vestavia Hills City Center (Vestavia Hills, AL)
	  	78%	  	 No
	  	 No
	  	 N/A

					
	 Vestavia Hills - Rite Aid Parcel
	  	100%	  	 No
	  	 Yes
	  	 N/A

					
	 Brandywine Crossing (Brandywine, MD)
	  	98%	  	 No
	  	 No
	  	 N/A

					
	 Rosewick Crossing (La
	  	80%	  	 No
	  	 No
	  	 N/A

									
					
	 Plata, MD)
	  		  		  		  	
					
	 Gilroy Crossing (Gilroy, CA)
	  	98%	  	 No
	  	 Yes
	  	 N/A

					
	 Shops at Foxwood (Ocala, FL)
	  	88%	  	 No
	  	 No
	  	 N/A

					
	 Northside Plaza (Dothan, AL) - 50% owned
	  	93%	  	 No
	  	 Yes (bonds secured by a L/C)
	  	 N/A

					
	 Park West Place (Stockton, CA)
	  	100%	  	 No
	  	 Yes
	  	 N/A

					
	 Edwards Theartre (San Marcos, CA)
	  	100%	  	 No
	  	 Yes
	  	 N/A

					
	 The Promenade (Scottsdale, AZ)
	  	93%	  	 No
	  	 Yes
	  	 N/A

					
	 Anthem Highlands (Las Vegas, NV)
	  	100%	  	 No
	  	 No
	  	 N/A

					
	 The Crossings of Spring Hill (Spring Hill, TN)
	  	98%	  	 No
	  	 No
	  	 N/A

					
	 Promenade Corporate Center (Scottsdale, CA)
	  	81%	  	 No
	  	 No
	  	 N/A

					
	 East Chase Market Center (Montgomery, AL)
	  	99%	  	 No
	  	 No
	  	 N/A

					
	 La Costa Town Center (La Costa, CA)
	  	76%	  	 No
	  	 No
	  	 N/A

					
	 Lake Pleasant Pavilion (Peoria, AZ)
	  	86%	  	 No
	  	 Yes
	  	 N/A

 SCHEDULE 7.1(g) 
 Indebtedness and Guaranties; Total Liabilities 
  

	1.	Loan in the outstanding principal amount of $14,705,263 pursuant to that certain Consent and Reaffirmation Agreement by and between Bank of America, N.A. and Excel
Centre Partners LLC dated May 4, 2010. Secured by Excel Centre office (SD, CA). 

  

	2.	Loan in the outstanding principal amount of $5,366,214 pursuant to that certain Consent and Reaffirmation Agreement by and between Wachovia Bank, National Association
and Five Forks GS LLC dated May 5, 2010. Secured by Five Forks Plaza (Simpsonville, SC). 

  

	3.	Loan in the outstanding principal amount of $3,565,662 pursuant to that certain Assumption Agreement by and between St Marys Fiddling Company LLC and Wells Fargo Bank,
National Association, as assumed by Excel St Marys LLC on July     , 2010. Secured by Mariners Point (St Marys, GA). 

  

	4.	Loan in the outstanding principal amount of $4,755,116 pursuant to that certain Loan Agreement by and between Milledgeville Fiddling Company LLC and Wells Fargo Bank,
National Association, as assumed by Excel Milledgeville LLC on June 30, 2010. Secured by Merchant Central (Milledgeville, GA). 

  

	5.	Loan in the outstanding principal amount of $14,500,000 pursuant to that certain Assumption Agreement by and between Shippensburg Development LLC and Modern Woodmen of
America, Inc., as assumed by Excel Shippensburg LLC on June 11, 2010. Secured by Lowes (Shippensburg, PA). 

  

	6.	Loan in the outstanding principal amount of $15,250,000 pursuant to that certain Loan Assumption Agreement by and between Corrigan Hulen Joint Venture and Metropolitan
Life Insurance Company, as assumed by Excel Hulen LLC on May 12, 2010. Secured by 5000 South Hulen (Ft Worth, TX). 

  

	7.	Loan in the outstanding principal amount of $18,000,000 pursuant to that certain Loan Assumption Agreement by and between Woodmont Missoula LP and Greenwich Capital
Financial Products Inc., as assumed by Excel Missoula LLC on August     , 2010. Secured by Grant Creek Town Center (Missoula, MT). 

	8.	Loan in the outstanding principal amount of $55,800,000 pursuant to that certain Loan Agreement by and between Wells Fargo Bank National Association and Excel Stockton
LLC on December     , 2010. Secured by Park West Place (Stockton, CA). 

  

	9.	Loan in the outstanding principal amount of $13,750,000 pursuant to that certain Loan Assumption Agreement by and between Gibraltar San Marcos S LLC, Gibraltar FRSM
LLC, and UBS Real Estate Investments Inc., as assumed by Excel San Marcos LLC on March     , 2011. Secured by Edwards Theaters (San Marcos, CA). 

 

	10.	Loan in the outstanding principal amount of $49,000,000 pursuant to that certain Loan Assumption Agreement by and between Gilroy Crossings Center LLC and Wachovia Bank
National Association, as assumed by Excel Gilroy LLC on April     , 2011. Secured by Gilroy Crossing (Gilroy, CA). 

  

	11.	Loan in the outstanding principal amount of $60,000,000 pursuant to that certain Loan Assumption Agreement by and between Pacific Promenade LLC and Wells Fargo Bank,
National Association, as assumed by Excel Promenade LLC on July     , 2011. Secured by The Promenade (Scottsdale, AZ). 

  

	12.	Loan in the outstanding principal amount of $28,250,000 pursuant to that certain Loan Assumption Agreement by and between Lake Pleasant Pavilion I LLC and Bank of
America National Association, as assumed by Excel Lake Pleasant LLC on May     , 2012. Secured by Lake Pleasant Pavilion (Peoria, AZ). 

 

	13.	Loan in the outstanding principal amount of $2,507,000 pursuant to that certain Loan Assumption Agreement by and between Senior Health Insurance Company of Pennsylvania
and Vestavia Outparcel Holdings, LLC on March     , 2011. Secured by Rite Aid #07379-02 (Vestavia Hills, AL). 

  

	14.	Loan in the outstanding principal amount of $12,000,000 pursuant to Revenue Bonds, Series 2010, issued by the Dothan Downtown Redevelopment Authority in connection with
a Bond Purchase Agreement dated November     , 2012 by and between The Dothan Downtown Development Authority and Excel Dothan LLC. Secured by Northside Plaza (Dothan, AL). 

 Schedule 7.1 (i) - Litigation 

None. 

 Schedule 7.1 (s) - Intellectual Property 

None 

 Schedule 10.8 - Affiliate Transactions 

Excel Realty Holdings, LLC cost reimbursements to the Company - $68,000 for the three months ended March 31, 2012 and $261,000 in
2011 

 EXHIBIT A 
 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 
 This Assignment
and Assumption Agreement (the “Assignment and Assumption Agreement”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2 Assignee identified in item 2 below ([the][each, an]
“Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the
Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not defined herein shall have the meanings
given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto
are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption Agreement as if set forth herein in full. 
 For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from
[the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the
Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below (including without limitation any letters
of credit, guarantees, and swingline loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a
Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or
the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to
the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein
collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption Agreement, without representation or warranty by
[the][any] Assignor. 
  

									
	 1.
	 	 Assignor[s]:
	  	  
	  	
		 	  
	  		  	

  

	1 	 For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first
bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language. 

	2 	 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first
bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. 

	3 	 Select as appropriate. 

	4 	 Include bracketed language if there are either multiple Assignors or multiple Assignees. 

  
 A-1

 Assignor [is] [is not] a Defaulting Lender 

2. Assignee[s]:
                                         
        
 
                                         
                
 [for each
Assignee, indicate [Affiliate][Approved Fund] of [identify Lender] 
 3. Borrower(s): Excel Trust, L.P. 

4. Administrative Agent: Wells Fargo Bank, National Association, as the administrative agent under the Credit Agreement 

5. Credit Agreement: The Amended and Restated Credit Agreement dated as of
            , 2012 among Excel Trust, L.P., as Borrower, Excel Trust, Inc., as Parent, the Lenders parties thereto, Wells Fargo Bank, National Association, as Administrative Agent, and the
other agents parties thereto 
 6. Assigned Interest[s]: 
  

																			
	
Assignor[s]5
	  	
Assignee[s]6
	  	 Facility
Assigned7
	  	Aggregate
Amount of
Commitment/
Loans for all
Lenders8	 	  	Amount of
Commitment/
Loans
Assigned	 	  	Percentage
Assigned of
Commitment/
Loans9	 	  	CUSIP
Number
		  		  		  	$	 	  	  	$	 	  	  	 	%	  	  	
		  		  		  	$	 	  	  	$	 	  	  	 	%	  	  	

 [7. Trade Date:             ]10 

 

	5 	 List each Assignor, as appropriate. 

	6 	 List each Assignee, as appropriate. 

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

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

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

	10 	 To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date.

  
 A-2

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

 

			
	
ASSIGNOR[S]11

	
	 [NAME OF ASSIGNOR]

		
	 By:
	 	
		 	 Name:

		 	 Title:

	
	 [NAME OF ASSIGNOR]

		
	 By:
	 	
		 	 Name:

		 	 Title:

	
	
ASSIGNEE[S]12

	
	 [NAME OF ASSIGNEE]

		
	 By:
	 	
		 	 Name:

		 	 Title:

	
	 [NAME OF ASSIGNEE]

		
	 By:
	 	
		 	 Name:

		 	 Title:

	
	 [Page Break]

  

	11 	 Add additional signature blocks as needed. 

	12 	 Add additional signature blocks as needed. 

  
 A-3

 [Consented to and]13 Accepted: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	 By:
	 	
		 	 Name:

		 	 Title:

 [Consented to:]14 
  

			
	 [NAME OF RELEVANT PARTY]

		
	 By:
	 	
		 	 Name:

		 	 Title:

  

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

	14 	 To be added only if the consent of the Borrower and/or other parties (e.g. Swingline Lender) is required by the terms of the Credit Agreement.

  
 A-4

 ANNEX 1 
 [                            ]15 

STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION AGREEMENT 
 1. Representations and
Warranties. 
 1.1 Assignor[s]. [The][Each] Assignor (a) represents and warrants that
(i) it is the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has
taken all action necessary, to execute and deliver this Assignment and Assumption Agreement and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to
(i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan
Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of the Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the
Borrower, any of the Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
 1.2. Assignee[s]. [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 12.6.(b), (v) and (vi) of the
Credit Agreement (subject to such consents, if any, as may be required under Section 12.6.(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date specified for this Assignment and Assumption Agreement, it shall be bound
by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire
assets of the type represented by the Assigned Interest and either it, or the person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of
the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 8.1. or 8.2., as applicable, and such other documents and information as it
deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption Agreement and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent
or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption Agreement and to purchase [the][such] Assigned Interest, and
(vii) if it is a Foreign Lender, attached to the Assignment and Assumption Agreement is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and
(b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make
its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will 
  

	15 	 Describe Credit Agreement at option of Administrative Agent. 

  
 A-5

 
perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of
[the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignee whether such amounts have accrued prior to, on or after the Effective Date specified for this Assignment and Assumption
Agreement. The Assignor[s] and the Assignee[s] shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to such Effective Date or with respect to the making of this assignment directly between themselves.

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

  
 A-6

 EXHIBIT B 
 FORM OF UNENCUMBERED ASSET CERTIFICATE 
 Reference is made to the
Amended and Restated Credit Agreement dated as of             , 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and
among Excel Trust, L.P. (the “Borrower”), Excel Trust, Inc., the financial institutions party thereto and their successors and assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as
Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given to them in the Credit Agreement. 

Pursuant to Section [4.1.(b)][4.2.][9.4.(d)] of the Credit Agreement, the undersigned in his/her capacity as the Chief
Financial Officer of the Borrower (and not in his/her individual capacity) hereby certifies to the Lenders and the Administrative Agent that: 
 1. With respect to each of the Properties listed on Schedule 1 attached hereto, that either: 
  

	 	(a)	 (i) such Property is fully developed as a retail, office, mixed-use or multifamily property; 

(ii) such Property is owned in fee simple, or leased under a Ground Lease, by the Borrower and/or a Guarantor;

 (iii) neither such Property, nor if such Property is owned by a Subsidiary, any of the Borrower’s direct
or indirect ownership interest in such Subsidiary, is subject to (x) any Lien other than Permitted Liens or (y) any Negative Pledge; 
 (iv) regardless of whether such Property is owned by the Borrower or a Subsidiary, the Borrower has the right directly, or indirectly through a Subsidiary, to take the following actions without the need
to obtain the consent of any Person: 
  

	 	(A)	 to create Liens on such Property as security for Indebtedness of the Parent, the Borrower or such Subsidiary, as applicable; and

  

	 	(B)	 to sell, transfer or otherwise dispose of such Property 

(v) such Property is free of all structural defects or major architectural deficiencies, title defects, environmental
conditions or other adverse matters except for defects, deficiencies, conditions or other matters which are not individually or collectively material to the profitable operation of such Property; 

or 
 (b) the Requisite Lenders have approved the inclusion of such Property as an Unencumbered Pool Property pursuant to Section 4.1.(c) of the Credit Agreement even though such Property did not include
all of the requirements set forth in the immediately preceding clause (a) and such Property continues to satisfy all those remaining requirements that were satisfied by such Property at the time of such Requisite Lender approval. 

  
 B-1

 2. Schedule 1 attached hereto accurately and completely sets forth, in
reasonable detail, the calculations required to establish Unencumbered Asset Value as of             , 20    . 

3. Schedule 2 attached hereto sets forth a description of all Properties which have ceased to be included as an
Unencumbered Pool Property since the previous Unencumbered Asset Certificate most recently delivered to the Administrative Agent. 
 4. As of the date hereof (a) no Default or Event of Default exists; and (b) the representations and warranties made or deemed made by the Parent, the Borrower and each other Loan Party in the
Loan Documents to which any of them is a party, are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty is true and correct in all
respects) on and as of the date hereof with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and
warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of
such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents. 

  
 B-2

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

			
	  

	 Name:
	 	  

	 Title: Chief Financial Officer

  
 B-1

 EXHIBIT C 
 FORM OF AMENDED AND RESTATED GUARANTY 
 THIS AMENDED AND RESTATED
GUARANTY dated as of July     , 2012, executed and delivered by each of the undersigned and the other Persons from time to time party hereto pursuant to the execution and delivery of an Accession Agreement in the form of Annex I
hereto (all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of (a) Wells Fargo Bank, National Association, in its capacity as Administrative Agent (the
“Administrative Agent”) for the Lenders under that certain Amended and Restated Credit Agreement dated as of July     , 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among Excel Trust, L.P. (the “Borrower”), Excel Trust, Inc. (the “Parent”), the financial institutions party thereto and their assignees under Section 13.6. thereof (the “Lenders”), the
Administrative Agent, and the other parties thereto, and (b) the Lenders, the Issuing Bank, the Swingline Lender and the Specified Derivatives Providers (the “Guarantied Parties”). 

WHEREAS, pursuant to the Credit Agreement, the Administrative Agent and the Lenders have agreed to make available to the
Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 

WHEREAS, the Borrower and each of the Guarantors, though separate legal entities, are mutually dependent on each other in
the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Administrative Agent and the Lenders through their collective efforts; 

WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the Administrative Agent and
the Lenders making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, each Guarantor is willing to guarantee the Borrower’s obligations to the Administrative Agent and the Lenders on the terms
and conditions contained herein; and 
 WHEREAS, the Specified Derivatives Providers may from time to time enter
into Specified Derivatives Contracts with the Borrower and/or its Subsidiaries; 
 WHEREAS, the certain of the
Guarantors previously executed and delivered to the Agent that certain Guaranty dated as of July 8, 2010 (as amended and in effect immediately prior to the date hereof, the “Existing Guaranty”); 

WHEREAS, the amendment and restatement of the Existing Guaranty effected by each Guarantor’s execution and delivery
of this Guaranty is a condition to the Administrative Agent and the Lenders making, and continuing to make, such financial accommodations to the Borrower. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees that the Existing Guaranty is amended and
restated in its entirety as follows: 

  
 C-1

 Section 1. Guaranty. Each Guarantor hereby absolutely,
irrevocably and unconditionally guaranties the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”):
(a) all indebtedness, liabilities, obligations, covenants and duties owing by the Borrower to the Administrative Agent or any Guarantied Party under or in connection with the Credit Agreement and any other Loan Document, including without
limitation, the repayment of all principal of the Loans, the Reimbursement Obligations and all other Letter of Credit Liabilities, and the payment of all interest, Fees, charges, reasonable attorneys’ fees and other amounts payable to the
Administrative Agent or any Guarantied Party thereunder or in connection therewith (including, to the extent permitted by Applicable Law, interest, Fees and other amounts that would accrue and become due after the filing of a case or other
proceeding under the Bankruptcy Code (as defined below) or other similar Applicable Law but for the commencement of such case or proceeding, whether or not such amounts are allowed or allowable in whole or in part in such case or proceeding);
(b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (c) all other Obligations; (d) all expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that are
incurred by the Administrative Agent or any of the Guarantied Parties in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder; and (e) all Specified Derivatives Obligations of the Borrower and such Guarantor.

 Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and
not of collection, and a debt of each Guarantor for its own account. Accordingly, none of the Administrative Agent or the Guarantied Parties shall be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any
right or remedy any of them may have against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other Person in any court or other tribunal; (b) to
make any claim in a liquidation or bankruptcy of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other Person or to enforce or seek to enforce or realize upon any
collateral security held by the Administrative Agent or any Guarantied Party which may secure any of the Guarantied Obligations. 
 Section 3. Guaranty Absolute. Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of
any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Administrative Agent or the Guarantied Parties with respect thereto. The liability of each Guarantor under this Guaranty shall be
absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence
whatsoever, including without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof): 
 (a) (i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any change in the time, place or manner of payment of all or any portion of
the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document, or any other document or instrument evidencing or relating to any
Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in respect of, the Credit Agreement, any of the other Loan Documents, or any other documents,
instruments or agreements relating to the Guarantied Obligations or any other instrument or 

  
 C-2

 
agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 

(b) any lack of validity or enforceability of the Credit Agreement, any of the other Loan Documents, or any other
document, instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 
 (c) any furnishing to the Administrative Agent or the Guarantied Parties of any security for the Guarantied Obligations, or any sale, exchange, release or surrender of, or realization on, any collateral
securing any of the Obligations; 
 (d) any settlement or compromise of any of the Guarantied Obligations, any
security therefor, or any liability of any other party with respect to the Guarantied Obligations, or any subordination of the payment of the Guarantied Obligations to the payment of any other liability of the Borrower or any other Loan Party;

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

(f) any act or failure to act by the Borrower, any other Loan Party or any other Person which may adversely affect such
Guarantor’s subrogation rights, if any, against the Borrower to recover payments made under this Guaranty; 

(g) any nonperfection or impairment of any security interest or other Lien on any collateral securing in any way any of
the Guarantied Obligations; 
 (h) any application of sums paid by the Borrower, any other Guarantor or any
other Person with respect to the liabilities of the Borrower to the Administrative Agent or the Guarantied Parties, regardless of what liabilities of the Borrower remain unpaid; 

(i) any defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof;

 (j) any defense, set-off, claim or counterclaim (other than indefeasible payment and performance in full)
which may at any time be available to or be asserted by the Borrower, any other Loan Party or any other Person against the Administrative Agent or any of the Guarantied Parties; 

(k) any change in the corporate existence, structure or ownership of the Borrower or any other Loan Party; 

(l) any statement, representation or warranty made or deemed made by or on behalf of the Borrower, any Guarantor or any
other Loan Party under any Loan Document, or any amendment hereto or thereto, proves to have been incorrect or misleading in any respect; or 
 (m) any other circumstance which might otherwise constitute a defense available to, or a discharge of, a Guarantor hereunder (other than indefeasible payment and performance in full). 

  
 C-3

 Section 4. Action with Respect to Guarantied Obligations. The
Administrative Agent and the Guarantied Parties may, at any time and from time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in
Section 3 and may otherwise: (a) amend, modify, alter or supplement the terms of any of the Guarantied Obligations, including, but not limited to, extending or shortening the time of payment of any of the Guarantied Obligations or changing
the interest rate that may accrue on any of the Guarantied Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Loan Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any
collateral securing any of the Obligations; (d) release any other Loan Party or other Person liable in any manner for the payment or collection of the Guarantied Obligations; (e) exercise, or refrain from exercising, any rights against the
Borrower, any other Guarantor or any other Person; and (f) apply any sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the Administrative Agent and the Guarantied Parties shall elect. 

Section 5. Representations and Warranties. Each Guarantor hereby makes to the Administrative Agent and the
Guarantied Parties all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other Loan Documents, as if the same were set forth herein in full.

 Section 6. Covenants. Each Guarantor will comply with all covenants which the Borrower is to
cause such Guarantor to comply with under the terms of the Credit Agreement or any of the other Loan Documents. 

Section 7. Waiver. Each Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of
acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such Guarantor or which otherwise
might operate to discharge such Guarantor from its obligations hereunder. 
 Section 8. Inability to
Accelerate Loan. If the Administrative Agent and/or the Guarantied Parties are prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise,
the Administrative Agent and/or the Guarantied Parties shall be entitled to receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 

Section 9. Reinstatement of Guarantied Obligations. If claim is ever made on the Administrative Agent or any
of the Guarantied Parties for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and the Administrative Agent or such Guarantied Party repays all or part of said amount by reason of
(a) any judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Administrative Agent or such Guarantied Party with any such claimant
(including the Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the
cancellation of the Credit Agreement, any of the other Loan Documents, or any other instrument evidencing any liability of the Borrower, and such Guarantor shall be and remain liable to the Administrative Agent or such Guarantied Party for the
amounts so repaid or recovered to the same extent as if such amount had never originally been paid to the Administrative Agent or such Guarantied Party. 

  
 C-4

 Section 10. Subrogation. Upon the making by any Guarantor of any
payment hereunder for the account of the Borrower, such Guarantor shall be subrogated to the rights of the payee against the Borrower; provided, however, that such Guarantor shall not enforce any right or receive any payment by way of subrogation or
otherwise take any action in respect of any other claim or cause of action such Guarantor may have against the Borrower arising by reason of any payment or performance by such Guarantor pursuant to this Guaranty, unless and until all of the
Guarantied Obligations have been indefeasibly paid and performed in full. If any amount shall be paid to such Guarantor on account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such amount
in trust for the benefit of the Administrative Agent and the Guarantied Parties and shall forthwith pay such amount to the Administrative Agent to be credited and applied against the Guarantied Obligations, whether matured or unmatured, in
accordance with the terms of the Credit Agreement or to be held by the Administrative Agent as collateral security for any Guarantied Obligations existing. 
 Section 11. Payments Free and Clear. All sums payable by each Guarantor hereunder, whether of principal, interest, Fees, expenses, premiums or otherwise, shall be paid in full, without set-off
or counterclaim or any deduction or withholding whatsoever (including any Taxes), and if any Guarantor is required by Applicable Law or by a Governmental Authority to make any such deduction or withholding, such Guarantor shall pay to the
Administrative Agent and the Guarantied Parties such additional amount as will result in the receipt by the Administrative Agent and the Guarantied Parties of the full amount payable hereunder had such deduction or withholding not occurred or been
required. 
 Section 12. Set-off. In addition to any rights now or hereafter granted under any of
the other Loan Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes the Administrative Agent, each Lender and any of their respective Affiliates, at any time while an Event of Default exists,
without any prior notice to such Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender or an Affiliate of a Lender subject to receipt of the prior written consent of the Administrative Agent
exercised in its sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other
indebtedness at any time held or owing by the Administrative Agent, such Lender, or any Affiliate of the Administrative Agent or such Lender, to or for the credit or the account of such Guarantor against and on account of any of the Guarantied
Obligations, although such obligations shall be contingent or unmatured. 
 Section 13.
Subordination. Each Guarantor hereby expressly covenants and agrees for the benefit of the Administrative Agent and the Guarantied Parties that all obligations and liabilities of the Borrower to such Guarantor of whatever description,
including without limitation, all intercompany receivables of such Guarantor from the Borrower (collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Guarantied Obligations. If an Event of Default
shall exist, then no Guarantor shall accept any direct or indirect payment (in cash, property or securities, by setoff or otherwise) from the Borrower on account of or in any manner in respect of any Junior Claim until all of the Guarantied
Obligations have been indefeasibly paid in full. 
 Section 14. Avoidance Provisions. It is the
intent of each Guarantor, the Administrative Agent and the Guarantied Parties that in any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the

  
 C-5

 
obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the Guarantied Parties) to be avoidable or unenforceable against such Guarantor
in such Proceeding as a result of Applicable Law, including without limitation, (a) Section 548 of the Bankruptcy Code and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether
by virtue of Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the
Administrative Agent and the Guarantied Parties) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions”. Accordingly, to the extent that the obligations of any Guarantor hereunder would otherwise be
subject to avoidance under the Avoidance Provisions, the maximum Guarantied Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Guarantied Obligations are deemed to have
been incurred under the Avoidance Provisions, would not cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the Guarantied Parties), to be subject to avoidance under the
Avoidance Provisions. This Section is intended solely to preserve the rights of the Administrative Agent and the Guarantied Parties hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to
avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as against the Administrative Agent and the Guarantied Parties that would not otherwise be available to such Person under
the Avoidance Provisions. 
 Section 15. Information. Each Guarantor assumes all responsibility for
being and keeping itself informed of the financial condition of the Borrower and the other Guarantors, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the
risks that such Guarantor assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any of the Guarantied Parties shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks.

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

SECTION 17. WAIVER OF JURY TRIAL. 

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

  
 C-6

 (b) EACH OF THE GUARANTORS, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY
AGREES THE FEDERAL DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK AND ANY STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, NEW YORK, NEW YORK SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG ANY GUARANTOR,
THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. EACH GUARANTOR AND EACH OF THE LENDERS EXPRESSLY SUBMIT AND CONSENT IN
ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS WITH RESPECT TO SUCH CLAIMS OR DISPUTES. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY
SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY ANY PARTY
OR THE ENFORCEMENT BY ANY PARTY OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 

(c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL
UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS
GUARANTY. 
 Section 18. Loan Accounts. The Administrative Agent and each Lender may maintain books
and accounts setting forth the amounts of principal, interest and other sums paid and payable with respect to the Guarantied Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of any of the
Guarantied Obligations or otherwise, the entries in such books and accounts shall be deemed conclusive evidence of the amounts and other matters set forth herein, absent manifest error. The failure of the Administrative Agent or any Lender to
maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its obligations hereunder. 
 Section 19. Waiver of Remedies. No delay or failure on the part of the Administrative Agent or any of the Guarantied Parties in the exercise of any right or remedy it may have against any
Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Administrative Agent or any of the Guarantied Parties of any such right or remedy shall preclude any other or further exercise thereof or
the exercise of any other such right or remedy. 
 Section 20. Termination. This Guaranty shall
remain in full force and effect until indefeasible payment in full of the Guarantied Obligations and the other Obligations and the termination or cancellation of the Credit Agreement in accordance with its terms. 

Section 21. Successors and Assigns. Each reference herein to the Administrative Agent or the Guarantied
Parties shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the Guarantied Obligations) in whose favor the 

  
 C-7

 
provisions of this Guaranty also shall inure, and each reference herein to each Guarantor shall be deemed to include such Guarantor’s successors and assigns, upon whom this Guaranty also
shall be binding. The Lenders may, in accordance with the applicable provisions of the Credit Agreement, assign, transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the
consent of, or notice to, any Guarantor and without releasing, discharging or modifying any Guarantor’s obligations hereunder. Subject to Section 13.9. of the Credit Agreement, each Guarantor hereby consents to the delivery by the
Administrative Agent or any Lender to any Assignee or Participant (or any prospective Assignee or Participant) of any financial or other information regarding the Borrower or any Guarantor. No Guarantor may assign or transfer its rights or
obligations hereunder to any Person without the prior written consent of the Administrative Agent and all Guarantied Parties and any such assignment or other transfer to which the Administrative Agent and all of the Guarantied Parties have not so
consented shall be null and void. 
 Section 22. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF
THE GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS
HEREUNDER. 
 Section 23. Amendments. This Guaranty may not be amended except in a writing signed by
the Requisite Lenders (or all of the Lenders if required under the terms of the Credit Agreement), the Administrative Agent and each Guarantor. 
 Section 24. Payments. All payments to be made by any Guarantor pursuant to this Guaranty shall be made in Dollars, in immediately available funds to the Administrative Agent at the Principal
Office, not later than 2:00 p.m. on the date of demand therefor. 
 Section 25. Notices. All
notices, requests and other communications hereunder shall be in writing (including facsimile transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the
Administrative Agent or any Lender at its respective address for notices provided for in the Credit Agreement, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such
notice, request or other communication shall be effective (i) if mailed, when received; (ii) if telecopied, when transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for
notices shall not be effective until received. 
 Section 26. Severability. In case any provision of
this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 27. Headings. Section headings used in this Guaranty are for convenience only and shall not affect
the construction of this Guaranty. 
 Section 28. Limitation of Liability. Neither the
Administrative Agent nor any of the Guarantied Parties, nor any Affiliate, officer, director, employee, attorney, or agent of the Administrative Agent or any of the Guarantied Parties, shall have any liability with respect to, and each Guarantor
hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by a Guarantor in 

  
 C-8

 
connection with, arising out of, or in any way related to, this Guaranty or any of the other Loan Documents, or any of the transactions contemplated by this Guaranty, the Credit Agreement or any
of the other Loan Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Administrative Agent or any of the Guarantied Parties or any of the Administrative Agent’s or of any Guarantied Parties’, officers, directors,
employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Guaranty, the Credit Agreement or any of the other Loan Documents, or any of the transactions
contemplated by Credit Agreement or financed thereby. 
 Section 29. Electronic Delivery of Certain
Information. Each Guarantor acknowledges and agrees that information regarding the Guarantor may be delivered electronically pursuant to Section 9.5. of the Credit Agreement. 

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

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as amended
from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights. 

“Proceeding” means any of the following: (i) a voluntary or involuntary case concerning any
Guarantor shall be commenced under the Bankruptcy Code; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial part of the property of any
Guarantor; (iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for adjustment of debts, whether now or hereafter in effect, is commenced
relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is entered by a court of competent jurisdiction; (vi) any Guarantor makes
a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (viii) any Guarantor shall call a meeting
of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of the foregoing; or (x) any corporate
action shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 
 (b) Terms not
otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement. 

Section 31. NO NOVATION. THE PARTIES HERETO HAVE ENTERED INTO THIS GUARANTY SOLELY TO AMEND AND RESTATE THE
TERMS OF THE EXISTING GUARANTY. THE PARTIES DO NOT INTEND THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS
OWING BY THE GUARANTORS UNDER OR IN CONNECTION WITH THE EXISTING GUARANTY. 
 [Signature on Next Page] 

  
 C-9

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

					
	 [GUARANTORS]

 
					
		
	 By:
	 	
 

 
					
		 	 Name:
	 	  

					
		 	 Title:
	 	  

  

			
	 Address for Notices:

	
	 c/o Excel Trust, Inc.

	 17140 Bernardo Center Drive, Suite 300

	 San Diego, California 92128

 
			
	 Attn:
	 	  

			
	 Telecopy Number:
	 	  

			
	 Telephone Number:
	 	  

 

					
	 Accepted:

					
	
	 As Administrative Agent

					
		
	 By:
	 	
 

					
		 	 Name:
	 	  

					
		 	 Title:
	 	  

  
 C-10

 ANNEX I 
 FORM OF ACCESSION AGREEMENT 
 THIS ACCESSION AGREEMENT dated as of
            , 20    , executed and delivered by
                                        , a
                    (the “New Guarantor”), in favor of (a) Wells Fargo Bank, National Association, in its capacity as Administrative
Agent (the “Administrative Agent”) for the Lenders under that certain Amended and Restated Credit Agreement dated as of July     , 2012 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among Excel Trust, L.P. (the “Borrower”), Excel Trust, Inc., the financial institutions party thereto and their assignees under Section 13.6. thereof (the “Lenders”), the Administrative
Agent, and the other parties thereto, and (b) the Lenders, the Issuing Bank and the Swingline Lender (the “Guarantied Parties”). 
 WHEREAS, pursuant to the Credit Agreement, the Administrative Agent and the Lenders have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in
the Credit Agreement; 
 WHEREAS, the Borrower, the New Guarantor, and the existing Guarantors, though separate
legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Administrative Agent and the
Lenders through their collective efforts; 
 WHEREAS, the New Guarantor acknowledges that it will receive direct
and indirect benefits from the Administrative Agent and the Lenders making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, the New Guarantor is willing to guarantee the Borrower’s obligations
to the Administrative Agent and the Lenders on the terms and conditions contained herein; and 
 WHEREAS, the
New Guarantor’s execution and delivery of this Agreement is a condition to the Administrative Agent and the Lenders continuing to make such financial accommodations to the Borrower. 

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

  
 C-11

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

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

SECTION 2. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

Section 3. Definitions. Capitalized terms used herein and not otherwise defined herein shall have their
respective defined meanings given them in the Credit Agreement. 
 [Signatures on Next Page] 

  
 C-12

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

					
	 [NEW GUARANTOR]

 
					
		
	 By:
	 	
 

 
					
		 	 Name:
	 	  

					
		 	 Title:
	 	  

 

			
	 Address for Notices:

	
	 c/o Excel Trust, Inc.

	 17140 Bernardo Center Drive, Suite 300

	 San Diego, California 92128

 
			
	 Attn:
	 	  

			
	 Telecopy Number:
	 	  

			
	 Telephone Number:
	 	  

 

					
	 Accepted:

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative
Agent

					
		
	 By:
	 	
 

					
		 	 Name:
	 	  

					
		 	 Title:
	 	  

  
 C-13

 EXHIBIT D 
 FORM OF NOTICE OF BORROWING 

            ,
20             
 Wells Fargo Bank, National Association, as Administrative Agent

 608 Second Avenue South, 11th Floor 

Minneapolis, Minnesota 55402 
 Attn: Mark Nardi

			
	 Telecopier:
	  	 (866) 966-2736

	 Telephone:
	  	 (612) 316-0114

 Ladies and Gentlemen: 

Reference is made to that certain Amended and Restated Credit Agreement dated as of July     , 2012
(as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Excel Trust, L.P. (the “Borrower”), Excel Trust, Inc., the financial institutions party thereto and their
assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not
otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
  

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

  

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

  

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

[Check one box only] 
  

	 	 ̈	 Base Rate Loans 

  

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

[Check one box only] 
  

	 	 ̈	 1 month 

  

	 	 ̈	 3 months 

  

	 	 ̈	 6 months 

  

	 	4.	 The proceeds of this borrowing of Revolving Loans will be used for purposes that are consistent with the terms of Section 8.8. of the Credit
Agreement. 

  
 D-1

	 	5.	 The Borrower requests that the proceeds of this borrowing of Revolving Loans be made available to the Borrower by
                                        .

 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the
date hereof and as of the date of the making of the requested Revolving Loans and after giving effect thereto, (a) no Default or Event of Default exists or shall exist, and no violation of the limits described in Section 2.14. would occur
after giving effect thereto, and (b) the representations and warranties made or deemed made by the Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, are and shall be true and correct in all
material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty is and shall be true and correct in all respects) on and as of the date hereof and on and as of the date of
the making of the requested Revolving Loan and after giving effect thereto with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in
which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and
correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents. In addition, the Borrower certifies to the Administrative Agent and the Lenders
that all conditions to the making of the requested Revolving Loans contained in Article VI. of the Credit Agreement will have been satisfied (or waived in accordance with the applicable provisions of the Loan Documents) at the time such Revolving
Loans are made. 
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Borrowing
as of the date first written above. 
  

							
	 EXCEL TRUST, L.P.

	
	 By: Excel Trust, Inc., its sole general partner

			
		 	 By:
	 	  

		 		 	 Name:
	 	  

							
		 		 	 Title:
	 	  

  
 D-2

 EXHIBIT E 
 FORM OF NOTICE OF CONTINUATION 

            , 20     

Wells Fargo Bank, National Association, as Administrative Agent 
 608 Second Avenue South, 11th Floor 
 Minneapolis, Minnesota 55402 
 Attn: Mark Nardi 

			
	 Telecopier:
	  	 (866) 966-2736

	 Telephone:
	  	 (612) 316-0114

 Ladies and Gentlemen: 

Reference is made to that certain Amended and Restated Credit Agreement dated as of July     , 2012
(as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Excel Trust, L.P. (the “Borrower”), Excel Trust, Inc., the financial institutions party thereto and their
assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not
otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
 Pursuant to
Section 2.8. of the Credit Agreement, the Borrower hereby requests a Continuation of a borrowing of LIBOR Loans under the Credit Agreement, and in that connection sets forth below the information relating to such Continuation as required by
such Section of the Credit Agreement: 
  

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

  

	 	2.	 The aggregate principal amount of LIBOR Loans subject to the requested Continuation is
$            and was originally borrowed by the Borrower on             , 20    .

  

	 	3.	 The portion of such principal amount subject to such Continuation is $            .

  

	 	4.	 The current Interest Period for each of the LIBOR Loans subject to such Continuation ends on
            , 20    . 

  

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

[Check one box only] 
  

	 	 ̈	 1 month 

  

	 	 ̈	 3 months 

  

	 	 ̈	 6 months 

  
 E-1

 The Borrower hereby certifies to the Administrative Agent and the Lenders
that as of the date hereof and as of the date of the requested Continuation and after giving effect thereto, (a) no Default or Event of Default exists or shall exist, and (b) the representations and warranties made or deemed made by the
Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, are and shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which
case such representation or warranty is and shall be true and correct in all respects) on and as of the date hereof and on and as of the date of the making of the requested Continuation and after giving effect thereto with the same force and effect
as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects
(except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances
specifically and expressly permitted under the Loan Documents. 
 IN WITNESS WHEREOF, the undersigned has duly
executed and delivered this Notice of Continuation as of the date first written above. 
  

							
	 EXCEL TRUST, L.P.

	
	 By: Excel Trust, Inc., its sole general partner

			
		 	 By:
	 	  

		 		 	 Name:
	 	  

							
		 		 	 Title:
	 	  

  
 E-2

 EXHIBIT F 
 FORM OF NOTICE OF CONVERSION 

            , 20     

Wells Fargo Bank, National Association, as Administrative Agent 
 608 Second Avenue South, 11th Floor 
 Minneapolis, Minnesota 55402 
 Attn: Mark Nardi 

			
	 Telecopier:
	  	 (866) 966-2736

	 Telephone:
	  	 (612) 316-0114

 Ladies and Gentlemen: 
 Reference is made to that certain Amended and Restated Credit Agreement dated as of July     , 2012 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among Excel Trust, L.P. (the “Borrower”), Excel Trust, Inc., the financial institutions party thereto and their assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo Bank,
National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.

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

 

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

  

	 	2.	 The Revolving Loans to be Converted pursuant hereto are currently: 

[Check one box only] 
  

	 	 ̈	 Base Rate Loans 

  

	 	 ̈	 LIBOR Loans 

  

	 	3.	 The aggregate principal amount of Revolving Loans subject to the requested Conversion is
$            and was originally borrowed by the Borrower on             , 20    .

  

	 	4.	 The portion of such principal amount subject to such Conversion is $            .

  
 F-1

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

[Check one box only] 
  

	 	 ̈	 Base Rate Loans 

  

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

[Check one box only] 
  

	 	 ̈	 1 month 

  

	 	 ̈	 3 months 

  

	 	 ̈	 6 months 

 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof and as of the date of the requested Conversion and after giving effect thereto, (a) no Default or
Event of Default exists or shall exist (provided the certification under this clause (a) shall not be made in connection with the Conversion of a Loan into a Base Rate Loan), and the representations and warranties made or deemed made by the
Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, are and shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which
case such representation or warranty is and shall be true and correct in all respects) on and as of the date hereof and on and as of the date of the making of the requested Conversion and after giving effect thereto with the same force and effect as
if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects
(except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances
specifically and expressly permitted under the Loan Documents. 
 IN WITNESS WHEREOF, the undersigned has duly
executed and delivered this Notice of Conversion as of the date first written above. 
  

							
	 EXCEL TRUST, L.P.

	
	 By: Excel Trust, Inc., its sole general partner

			
		 	 By:
	 	  

		 		 	 Name:
	 	  

							
		 		 	 Title:
	 	  

  
 F-2

 EXHIBIT G 
 FORM OF NOTICE OF SWINGLINE BORROWING 

            , 20     

Wells Fargo Bank, National Association, as Administrative Agent 
 608 Second Avenue South, 11th Floor 
 Minneapolis, Minnesota 55402 
 Attn: Mark Nardi 

			
	 Telecopier:
	  	 (866) 966-2736

	 Telephone:
	  	 (612) 316-0114

 Ladies and Gentlemen: 
 Reference is made to that certain Amended and Restated Credit Agreement dated as of July     , 2012 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among Excel Trust, L.P. (the “Borrower”), Excel Trust, Inc., the financial institutions party thereto and their assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo Bank,
National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.

  

	 	1.	 Pursuant to Section 2.3.(b) of the Credit Agreement, the Borrower hereby requests that the Swingline Lender make a Swingline Loan to the
Borrower in an amount equal to $            . 

  

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

  

	 	3.	 The proceeds of this Swingline Loan will be used for purposes that are consistent with the terms of Section 8.8. of the Credit Agreement.

  

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

 The Borrower
hereby certifies to the Administrative Agent, the Swingline Lender and the Lenders that as of the date hereof, as of the date of the making of the requested Swingline Loan, and after making such Swingline Loan, (a) no Default or Event of
Default exists or will exist, and (b) the representations and warranties made or deemed made by the Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, are and shall be true and correct in all
material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty is and shall be true and correct in all respects) on and as of the date hereof and on and as of the date of
the making of the requested Swingline Loan and after giving effect thereto with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in
which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such

  
 G-1

 
representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under
the Loan Documents. In addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the making of the requested Swingline Loan contained in Article VI. of the Credit Agreement will have been satisfied at the
time such Swingline Loan is made. 
 If notice of the requested borrowing of this Swingline Loan was previously
given by telephone, this notice is to be considered the written confirmation of such telephone notice required by Section 2.3.(b) of the Credit Agreement. 
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Swingline Borrowing as of the date first written above. 

 

							
	 EXCEL TRUST, L.P.

	
	 By: Excel Trust, Inc., its sole general partner

			
		 	 By:
	 	  

		 		 	 Name:
	 	  

							
		 		 	 Title:
	 	  

  
 G-2

 EXHIBIT H 
 FORM OF REVOLVING NOTE 
  

			
	 $            
	  	                    , 20    

 FOR VALUE RECEIVED, the undersigned, EXCEL TRUST, L.P., a limited partnership formed
under the laws of the State of Delaware (the “Borrower”), hereby promises to pay to the order of
                        (the “Lender”), in care of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the
“Administrative Agent”) at 401 B. Street, Suite 1100, San Diego, California 92101, or at such other address as may be specified in writing by the Administrative Agent to the Borrower, the principal sum of
                    AND     /100 DOLLARS ($            ) (or
such lesser amount as shall equal the aggregate unpaid principal amount of Revolving Loans made by the Lender to the Borrower under the Credit Agreement (as herein defined)), on the dates and in the principal amounts provided in the Credit
Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on the dates provided in the Credit Agreement. 
 The date and amount of each Revolving Loan made by the Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by the Lender on its books and, prior to any
transfer of this Note, endorsed by the Lender on the schedule attached hereto or any continuation thereof, provided that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to make a
payment when due of any amount owing under the Credit Agreement or hereunder. 
 This Note is one of the
Revolving Notes referred to in the Amended and Restated Credit Agreement dated as of July     , 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the
Borrower, Excel Trust, Inc., the financial institutions party thereto and their assignees under Section 13.6. thereof (the “Lenders”), the Administrative Agent, and the other parties thereto. Capitalized terms used herein, and not
otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
 The Credit
Agreement provides for the acceleration of the maturity of this Note upon the occurrence of certain events and for prepayments of Loans upon the terms and conditions specified therein. 

Except as permitted by Section 13.6. of the Credit Agreement, this Note may not be assigned by the Lender to any
Person. 

  
 H-1

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 The
Borrower hereby waives presentment for payment, demand, notice of demand, notice of non-payment, protest, notice of protest and all other similar notices. 
 Time is of the essence for this Note. 
 [This Note is given in
replacement of the Revolving Note dated             , 20    , in the original principal amount of
$             previously delivered to the Lender under the Credit Agreement. THIS NOTE IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING
UNDER OR IN CONNECTION WITH THE OTHER NOTE.] 
 IN WITNESS WHEREOF, the undersigned has executed and
delivered this Revolving Note under seal as of the date first written above. 
  

							
	 EXCEL TRUST, L.P.

	
	 By: Excel Trust, Inc., its sole general partner

			
		 	 By:
	 	  

		 		 	 Name:
	 	  

							
		 		 	 Title:
	 	  

  
 H-2

 SCHEDULE OF REVOLVING LOANS 

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

									
	 Date of Loan
	 	 Principal

Amount of Loan
	 	 Amount Paid

or Prepaid
	 	 Unpaid Principal

Amount
	 	 Notation Made

By

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
 H-3

 EXHIBIT I 
 FORM OF SWINGLINE NOTE 
  

			
	 $25,000,000
	  	June     , 2010

 FOR VALUE RECEIVED, the undersigned, EXCEL TRUST, L.P., a limited partnership formed
under the laws of the State of Delaware (the “Borrower”), hereby promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Swingline Lender”), at its address at 401 B. Street, Suite 1100, San Diego, California
92101, or at such other address as may be specified in writing by the Swingline Lender to the Borrower, the principal sum of TWENTY-FIVE MILLION AND NO/100 DOLLARS ($25,000,000) (or such lesser amount as shall equal the aggregate unpaid principal
amount of Swingline Loans made by the Swingline Lender to the Borrower under the Credit Agreement), on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at
the rates and on the dates provided in the Credit Agreement. 
 The date and amount of each Swingline Loan, and
each payment made on account of the principal thereof, shall be recorded by the Swingline Lender on its books and, prior to any transfer of this Note, endorsed by the Swingline Lender on the schedule attached hereto or any continuation thereof,
provided that the failure of the Swingline Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing under the Credit Agreement or hereunder. 

This Note is the Swingline Note referred to in the Amended and Restated Credit Agreement dated as of July
    , 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, Excel Trust, Inc., the financial institutions party thereto and their assignees
under Section 13.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent, and the other parties thereto, and evidences Swingline Loans made to the Borrower thereunder. Terms used but not otherwise
defined in this Note have the respective meanings assigned to them in the Credit Agreement. 
 The Credit
Agreement provides for the acceleration of the maturity of this Note upon the occurrence of certain events and for prepayments of Swingline Loans upon the terms and conditions specified therein. 

Except as permitted by Section 13.6. of the Credit Agreement, this Note may not be assigned by the Swingline Lender
to any Person. 

  
 I-1

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 The
Borrower hereby waives presentment for payment, demand, notice of demand, notice of non-payment, protest, notice of protest and all other similar notices. 
 Time is of the essence for this Note. 
 IN WITNESS WHEREOF, the
undersigned has executed and delivered this Swingline Note under seal as of the date first written above. 
  

							
	 EXCEL TRUST, L.P.

		
	 By:
	 	 Excel Trust, Inc., its sole general partner

 
							
			
		 	 By:
	 	
 

 
							
		 		 	 Name:
	 	  

							
		 		 	 Title:
	 	  

  
 I-2

 SCHEDULE OF SWINGLINE LOANS 

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

									
	 Date of Loan
	 	 Principal

Amount of Loan
	 	 Amount Paid

or Prepaid
	 	 Unpaid Principal

Amount
	 	 Notation Made

By

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
 I-3

 Loan Number             

 EXHIBIT J 
 TRANSFER AUTHORIZER DESIGNATION 
 (For Disbursement of Loan
Proceeds) 

x  NEW             ̈  REPLACE PREVIOUS
DESIGNATION             ̈  ADD             ̈  CHANGE             ̈  DELETE LINE 

NUMBER
             ̈  INITIAL LOAN DISBURSEMENT 

The following representatives (“Authorized Representatives”) of Excel Trust, L.P.
(“Borrower”) are authorized to request the disbursement of loan proceeds and initiate funds transfers for Loan Number             (“Loan”) in the
initial principal amount of $250,000,000 (“Initial Loan Amount”), which Initial Loan Amount may be increased pursuant to the terms of the Credit Agreement (as defined below) to a principal amount that after giving effect to
any such increases shall not exceed $450,000,000 (“Increased Loan Amount”) evidenced by that certain Amended and Restated Credit Agreement, dated July     , 2012 (“Credit
Agreement”), among the Borrower, Excel Trust, Inc., the Lenders party thereto, Wells Fargo Bank, N.A., as Administrative Agent, (the “Administrative Agent”) and the other parties thereto. The Administrative Agent
is authorized to rely on this Transfer Authorizer Designation form until it has received a new Transfer Authorizer Designation form signed by Borrower, even in the event that any or all of the foregoing information may have changed. The maximum
amount of the initial disbursement of any Loan proceeds (“Initial Loan Disbursement”) and the maximum amount of each subsequent disbursement of any Loan proceeds (each a “Subsequent Loan Disbursement”)
that each Authorized Representative is authorized to request are set forth below: 
  

									
	  	  	 Name
	  	 Title
	  	 Maximum Initial

Loan Disbursement
 Amount1
	  	 Maximum Subsequent

Loan Disbursement
 Amount1

	 1.
	  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 INITIAL LOAN DISBURSEMENT AUTHORIZATION 

 

	 ̈	 Applicable for Wire Transfer in Connection with Request from Authorized Representative. The Administrative Agent is hereby authorized
to disburse the proceeds of the Initial Loan Disbursement requested from an Authorized Representative in accordance with the terms of the 

  
 J-1

	 	 
Credit Agreement by wire transfer as specified in the wire transfer instructions set forth below under Item 1. of “Beneficiary Bank and Account Holder Information” of this Transfer
Authorizer Designation. 

  

	 ̈	 Applicable for Wire Transfer Instructions from Person other than Authorized Representative. The Administrative Agent is hereby
authorized to accept wire transfer instructions for the Initial Loan Disbursement from                 (i.e. specify title/escrow company), which instructions are to be
delivered, via fax, email, or letter, to the Administrative Agent. Said instructions shall include the Borrower’s Name; Title/Escrow #            and/or Loan
#        ; the person/entity to receive the Initial Loan Disbursement (“Receiving Party”); the Receiving Party’s full account name; Receiving Party’s account number at
the receiving bank (“Receiving Bank”); Receiving Bank’s (ABA) routing number; city and state of the Receiving Bank; and the amount of the Initial Loan Disbursement (not to exceed the Maximum Initial Loan
Disbursement Amount set forth above). 

  

	 ̈	 Applicable for Deposit into Deposit Account. The Administrative Agent is hereby authorized to disburse the proceeds of the
Initial Loan Disbursement requested from an Authorized Representative in accordance with the terms of the Credit Agreement by deposit into the deposit account specified in the deposit instructions set forth below under Item 2. of
“Beneficiary Bank and Account Holder Information” of this Transfer Authorizer Designation. 

 SUBSEQUENT LOAN
DISBURSEMENT AUTHORIZATION 
  

	 ̈	 Not Applicable 

  

	 ̈	 Applicable for Wire Transfer in Connection with Request from Authorized Representative. The Administrative Agent is hereby authorized
to disburse the proceeds of any Subsequent Loan Disbursement requested from an Authorized Representative in accordance with the terms of the Credit Agreement by wire transfer as specified in the wire transfer instructions set forth below under
Item 3. of Beneficiary Bank and Account Holder Information of this Transfer Authorizer Designation. 

  

	 ̈	 Applicable for Wire Transfer from Person other than Authorized Representative. The Administrative Agent is hereby authorized to
accept wire transfer instructions for the Subsequent Loan Disbursement from                 (i.e. specify title/escrow company), which instructions are to be delivered,
via fax, email, or letter, to Lender. Said instructions shall include the Borrower’s Name; Title/Escrow #            and/or Loan #        ; the
person/entity to receive the Subsequent Loan Disbursement (“Receiving Party”); the Receiving Party’s full account name; Receiving Party’s account number at the receiving bank (“Receiving
Bank”); Receiving Bank’s (ABA) routing number; city and state of the Receiving Bank; and the amount of the Subsequent Loan Disbursement (not to exceed the Maximum Subsequent Loan Disbursement Amount set forth above).

  

	 ̈	 Applicable for Deposit into Deposit Account. The Administrative Agent is hereby authorized to disburse the proceeds of any
Subsequent Loan Disbursement requested from an Authorized Representative in accordance with the terms of the Credit Agreement by deposit into the deposit account specified in the deposit instructions set forth below under Item 4. of
“Beneficiary Bank and Account Holder Information” of this Transfer Authorizer Designation. 

  
 J-2

 
Borrower acknowledges and agrees that the acceptance of and disbursement of funds by the Administrative Agent in accordance with the title/escrow company or Authorized Representative instructions
shall be governed by this Transfer Authorizer Designation form and any other Loan Documents (as defined in the Loan Agreement). The Administrative Agent shall not be further required to confirm said disbursement instructions received from
title/escrow company or Authorized Representative with Borrower. This Transfer Authorizer Designation form is in effect until the Administrative Agent has received a new Transfer Authorizer Designation form signed by the Borrower, after which time a
new authorization request shall be required. Borrower shall instruct title/escrow company via a separate letter, to deliver said disbursement instructions in writing, directly to the Administrative Agent at its address set forth in that certain
Section of the Loan Agreement entitled Notices. Borrower also hereby authorizes the Administrative Agent to attach a copy of the written disbursement instructions to this Transfer Authorizer Designation form upon receipt of said instructions.

 Beneficiary Bank and Account Holder Information 
 1. INITIAL LOAN DISBURSEMENT AUTHORIZATION - FOR WIRE TRANSFER 

Borrower Name: 
 Title/Escrow Number: 
  

	 	E.	 Loan Number: 

  

	 	F.	 Transfer/Deposit Funds to (Receiving Party Account Name): 

 

	 	G.	 Receiving Party Deposit Account Number: 

  

	 	H.	 Receiving Bank Name, City and State: 

  

	 	I.	 Receiving Bank Routing (ABA) Number: 

  

	 	J.	 Disbursement Amount (Not to exceed the Maximum Initial Loan Disbursement Amount): 

 

	 	K.	 Further Credit Information/Instructions: 

 2. INITIAL LOAN DISBURSEMENT AUTHORIZATION - FOR DEPOSIT INTO DEPOSIT ACCOUNT 
 Borrower Name: 
 Title/Escrow Number: 

 

	 	L.	 Loan Number: 

  
 J-3

	 	M.	 Transfer/Deposit Funds to (Receiving Party Account Name): 

 

	 	N.	 Receiving Party Deposit Account Number: 

  

	 	O.	 Receiving Bank Name, City and State: 

  

	 	P.	 Receiving Bank Routing (ABA) Number: 

  

	 	Q.	 Disbursement Amount (Not to exceed the Maximum Initial Loan Disbursement Amount): 

 

	 	R.	 Further Credit Information/Instructions: 

 3. SUBSEQUENT LOAN DISBURSEMENT AUTHORIZATION - FOR WIRE TRANSFER 

Borrower Name: 
 Title/Escrow Number: 
  

	 	S.	 Loan Number: 

  

	 	T.	 Transfer/Deposit Funds to (Receiving Party Account Name): 

 

	 	U.	 Receiving Party Deposit Account Number: 

  

	 	V.	 Receiving Bank Name, City and State: 

  

	 	W.	 Receiving Bank Routing (ABA) Number: 

  

	 	X.	 Disbursement Amount (Not to exceed the Maximum Subsequent Loan Disbursement Amount nor an amount, in the aggregate with the outstanding
loans, would exceed the [Initial] Loan Amount [or the Increased Loan Amount, as applicable)]: 

  

	 	Y.	 Further Credit Information/Instructions: 

 4. SUBSEQUENT LOAN DISBURSEMENT AUTHORIZATION - FOR DEPOSIT INTO DEPOSIT ACCOUNT 

  
 J-4

 Borrower Name: 

Title/Escrow Number: 
  

	 	Z.	 Loan Number: 

  

	 	AA.	 Transfer/Deposit Funds to (Receiving Party Account Name): 

 

	 	BB.	 Receiving Party Deposit Account Number: 

  

	 	CC.	 Receiving Bank Name, City and State: 

  

	 	DD.	 Receiving Bank Routing (ABA) Number: 

  

	 	EE.	 Disbursement Amount (Not to exceed the Maximum Subsequent Loan Disbursement Amount nor an amount, in the aggregate with the outstanding
loans, would exceed the [Initial]Loan Amount [or the Increased Loan Amount, as applicable )]: 

  

	 	FF.	 Further Credit Information/Instructions: 

  

	1 	 Neither the Initial Disbursement Amount, nor the Initial Disbursement Amount together with any Subsequent Disbursement Amounts, shall ever exceed the Initial Loan Amount or the Increased Loan Amount, as
applicable. 

  
 J-5

					
	 Date:
	 	  

	
	 “BORROWER”

	
	 Excel Trust, L.P.

		
	 By:
	 	 Excel Trust, Inc., its sole general partner

		
	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

  
 J-6

 EXHIBIT K 
 FORM OF OPINION OF COUNSEL 
 [LETTERHEAD OF COUNSEL TO THE LOAN PARTIES]

 July     , 2012 
 Wells Fargo Bank, National Association, as Administrative Agent 
 401 B. Street, Suite 1100

 San Diego, California 92101 
 The
Lenders party to the Credit Agreement 
     referred to below 
 Ladies and Gentlemen: 
 We have acted as counsel to Excel Trust,
L.P., a limited partnership formed under the laws of the State of Delaware (the “Borrower”) and Excel Trust, Inc., a corporation formed under the laws of the State of Maryland (the “Parent”), in connection with the negotiation,
execution and delivery of that certain Amended and Restated Credit Agreement dated as of July     , 2012 (the “Credit Agreement”), by and among the Borrower, the Parent, the financial institutions party thereto and
their assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. We have also acted as counsel to each
of the Guarantors listed on Schedule 1 attached hereto (the “Guarantors”; together with the Borrower and the Parent, the “Loan Parties”), in connection with the Guaranty and the other Loan Documents identified below to which they
are party. Capitalized terms not otherwise defined herein have the respective meaning given them in the Credit Agreement. 
 In these capacities, we have reviewed executed copies of the following: 
  

	 	(a)	 the Credit Agreement; 

  

	 	(b)	 the Notes; 

  

	 	(c)	 the Guaranty; 

 [list other applicable Loan Documents]; and 
 The documents and instruments set
forth in items (a) through [(c)] above are referred to herein as the “Loan Documents”. 
 In
addition to the foregoing, we have reviewed the [articles or certificate of incorporation, bylaws, declaration of trust, partnership agreement and limited liability company operating agreement, as applicable,] of each Loan Party and certain
resolutions of the board of trustees or directors, as applicable, of each Loan Party (collectively, the “Organizational Documents”) and have also 

  
 K-1

 
examined originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records, and other instruments, and made such other investigations of law and
fact, as we have deemed necessary or advisable for the purposes of rendering this opinion. In our examination of documents, we assumed the genuineness of all signatures on documents presented to us as originals (other than the signatures of officers
of the Loan Parties) and the conformity to originals of documents presented to us as conformed or reproduced copies. 
 Based upon the foregoing, and subject to all of the qualifications and assumptions set forth herein, we are of the opinion that: 

1. The Borrower is a limited partnership, duly organized, validly existing and in good standing under the laws of the
State of Delaware, and has the power to execute and deliver, and to perform its obligations under, the Loan Documents to which it is a party, to own and use its assets, and to conduct its business as presently conducted. 

2. Each Guarantor is a [corporation, trust, partnership or limited liability company, as applicable,] duly organized or
formed, validly existing and in good standing under the laws of the State of its organization or formation and has the power to execute and deliver, and to perform its obligations under, the Loan Documents to which it is a party, to own and use its
assets, and to conduct its business as presently conducted. 
 3. Each Loan Party has duly authorized the
execution and delivery of the Loan Documents to which it is a party and the performance by such Loan Party of all of its obligations under each such Loan Document. 

4. Each Loan Party has duly executed and delivered the Loan Documents to which it is a party. 

5. Each Loan Document is a valid and binding obligation of each Loan Party which is a party thereto, enforceable against
each such Loan Party in accordance with its terms, except as such enforceability may be limited by: (a) applicable bankruptcy, insolvency, reorganization, moratorium, arrangement or similar laws relating to or affecting the enforcement of
creditors’ rights generally and (b) the fact that equitable remedies or relief (including, but not limited to, the remedy of specific performance) are subject to the discretion of the court before which any such remedies or relief may be
sought. 
 6. The execution and delivery by each Loan Party of the Loan Documents to which it is a party do not,
and if each Loan Party were now to perform its obligations under such Loan Documents, such performance would not, result in any: 
 (a) violation of such Loan Party’s Organizational Documents; 
 (b) violation of any existing federal or state constitution, statute, regulation, rule, order, or law to which such Loan Party or its assets are subject; 

(c) breach or violation of or default under, any agreement, instrument, indenture or other document
evidencing any indebtedness for money borrowed or to our knowledge any other material agreement to which such Loan Party is bound or under which a Loan Party or its assets is subject; 

  
 K-2

 (d) creation or imposition of a lien or security interest
in, on or against the assets of such Loan Party under any agreement, instrument, indenture or other document evidencing any indebtedness for money borrowed or any other material agreement to which, to our knowledge, such Loan Party is bound or under
which a Loan Party or its assets is subject; or 
 (e) violation of any judicial or
administrative decree, writ, judgment or order to which, to our knowledge, such Loan Party or its assets are subject. 
 7. The execution, delivery and performance by each Loan Party of each Loan Document to which it is a party, and the consummation of the transactions thereunder, do not and will not require any
registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority of the United States of America or the States of Delaware, Maryland, New York or
[                    ]. 
 8. To our knowledge, (a) there are no judgments outstanding against any of the Loan Parties or affecting any of their respective assets, nor is there any litigation or other proceeding against any of
the Loan Parties or its assets pending or overtly threatened, could reasonably be expected to have a materially adverse effect on the validity or enforceability of any of the Loan Documents, (b) no Loan Party is subject to any bankruptcy or
other insolvency proceedings or any assignment for the benefit of creditors and (c) no Loan Party or Unencumbered Pool Property is operating under or subject to any receiver, trustee or similar entity for the benefit of creditors. 

9. None of the Loan Parties is, or, after giving effect to any Loan will be, subject to regulation under the Investment
Company Act of 1940 or to any federal or state statute or regulation limiting its ability to incur indebtedness for borrowed money. 
 10. Assuming that Borrower applies the proceeds of the Loans as provided in the Credit Agreement, the transactions contemplated by the Loan Documents do not violate the provisions of Regulations T, U or X
of the Board of Governors of the Federal Reserve System of the United States of America. 
 11. The
consideration to be paid to the Administrative Agent and the Lenders for the financial accommodations to be provided to the Loan Parties pursuant to the Credit Agreement does not violate any law of the States of New York or
[                    ] relating to interest and usury. 
 This opinion is limited to the laws of the States of [                    ] and New York and the federal
laws of the United States of America, and we express no opinions with respect to the law of any other jurisdiction. 
 [Other Customary Qualifications/Assumptions/Limitations] 

  
 K-3

 This opinion is furnished to you solely for your benefit in connection with
the consummation of the transactions contemplated by the Credit Agreement and may not be relied upon by any other Person, other than an Assignee of a Lender, or for any other purpose without our express, prior written consent. 

 

			
	 Very truly yours,

	
	 [NAME OF LAW FIRM]

		
	 By:
	 	  

		 	 A Partner

  
 K-4

 SCHEDULE 1 
 Guarantors 
  

					
	 Name
	 	 Jurisdiction of Formation
	 	 Jurisdictions of Foreign

Qualification

		 		 	
		 		 	
		 		 	

  
 K-5

 Loan Number             

 EXHIBIT L 
 FORM OF COMPLIANCE CERTIFICATE 

            ,
20             
 Wells Fargo Bank, National Association, as Administrative Agent

							
	  
	 		 	
	  
	 		 	
	Attn:	 	  
	 		 	

 Each of the Lenders Party to the Credit Agreement 
     referred to below 
 Ladies and Gentlemen: 

Reference is made to that certain Amended and Restated Credit Agreement dated as of July     , 2012
(as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Excel Trust, L.P. (the “Borrower”), Excel Trust, Inc. (the “Parent”) the financial institutions party
thereto and their assignees under Section 13.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”) and the other parties thereto. Capitalized terms used
herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

Pursuant to Section 9.3. of the Credit Agreement, the undersigned hereby certifies to the Administrative Agent and
the Lenders as follows: 
 (1) The undersigned is the
                                of the Parent. 

(2) The undersigned has examined the books and records of the Parent and the Borrower and has conducted such other
examinations and investigations as are reasonably necessary to provide this Compliance Certificate. 
 (3) To
the best of the undersigned’s knowledge, information and belief after due inquiry, no Default or Event of Default exists [if such is not the case, specify such Default or Event of Default and its nature, when it occurred and whether it is
continuing and the steps being taken by the Parent and/or the Borrower with respect to such event, condition or failure]. 
 (4) To the best of the undersigned’s knowledge, information and belief after due inquiry, the representations and warranties made or deemed made by the Parent, the Borrower and each other Loan Party
in the Loan Documents to which any of them is a party, are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty is true and correct in
all respects) on and as of the date hereof with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations
and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or 

 
warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents.

 (5) Attached hereto as Schedule 1 are reasonably detailed calculations establishing whether or not the Parent
and its Subsidiaries were in compliance with the covenants contained in Section 10.1. of the Credit Agreement. 
 (6) As of the date hereof the aggregate outstanding principal amount of all outstanding Revolving Loans, together with the aggregate principal amount of all outstanding Swingline Loans and the aggregate
outstanding principal amount of all outstanding Letter of Credit Liabilities are less than or equal to the Maximum Loan Availability at such time. 
 IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first above written. 
  

			
	 EXCEL TRUST, L.P.

		
	 By:
	 	 Excel Trust, Inc., its sole general partner

		
	 By:
	 	  

			
	 Name:
	 	  

			
	 Title:
	 	  

  
 2

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