Document:

Exhibit 4.1

 Exhibit 4.1 

 
  
  

 
 THE NASDAQ OMX GROUP, INC.

 Second Supplemental Indenture 
 Dated as of December 21, 2010 
 5.250% Senior Notes due 2018 

 
  

WELLS FARGO BANK, 
 NATIONAL ASSOCIATION, 
 as Trustee 

 
  

 SECOND SUPPLEMENTAL INDENTURE, dated as of December 21, 2010 (herein called the
“Second Supplemental Indenture”), between The NASDAQ OMX Group, Inc., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and Wells Fargo Bank,
National Association, as Trustee under the Original Indenture referred to below (hereinafter called the “Trustee”) and as paying agent (the “Paying Agent”) and transfer agent (the “Transfer Agent”).

 WITNESSETH: 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture dated as of January 15, 2010 (herein called the “Original Indenture” and together with the
Second Supplemental Indenture, the “Indenture”), to provide for the issuance from time to time in one or more series of its debentures, notes, bonds or other evidences of indebtedness (herein called the
“Securities”), the form and terms of which are to be established as set forth in Sections 2.01 and 3.01 of the Original Indenture; 
 WHEREAS, Section 14.01 of the Original Indenture provides, among other things, that the Company and the Trustee may enter into indentures supplemental to the Original Indenture to, among other
things, establish the form and terms of the Securities of any series as permitted in Section 3.01 of the Original Indenture; 
 WHEREAS, the Company desires to create one series of the Securities to be designated as its 5.250% Senior Notes due 2018 in an initial aggregate principal amount of $370,000,000 (the “Senior
Notes”) and all action on the part of the Company necessary to authorize the issuance of the Senior Notes under the Original Indenture and this Second Supplemental Indenture has been duly taken; 

WHEREAS, the Company desires to issue the Senior Notes in accordance with Section 2.4 of this Second Supplemental Indenture and
treat the Senior Notes as a single series of Securities for all purposes, as amended or supplemented from time to time in accordance with the terms of this Second Supplemental Indenture and the Original Indenture; and 

WHEREAS, all acts and things necessary to make the Senior Notes, when executed by the Company and completed, authenticated and delivered
by the Trustee as provided in the Original Indenture and this Second Supplemental Indenture, the valid and binding obligations of the Company and to constitute a valid and binding supplemental indenture and agreement according to its terms, have
been done and performed. 
 NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH: 

That in consideration of the premises and of the acceptance and purchase of the Senior Notes by the Holders thereof and of the acceptance
of this trust by the Trustee, the Company covenants and agrees with the Trustee, for the equal benefit of Holders of the Senior Notes, as follows: 

 ARTICLE ONE 
 DEFINITIONS 
 Except to the extent such terms are otherwise defined in this Second
Supplemental Indenture or the context clearly requires otherwise, all terms used in this Second Supplemental Indenture which are defined in the Original Indenture or the form of Senior Note, with respect to the Senior Notes, attached hereto as
Exhibit A, have the meanings assigned to them therein. 
 In addition, as used in this Second Supplemental
Indenture, the following terms have the following meanings: 
 “Additional Amounts” has the meaning given to
such term in Section 3.1(a). 
 “Applicable Procedures” has the meaning given to such term in
Section 2.7(a). 
 “Attributable Debt” with regard to a Sale and Lease-Back Transaction with respect to
any Principal Property means, at the time of determination, the present value of the total net amount of rent required to be paid under such lease during the remaining term thereof (including any period for which such lease has been extended),
discounted at the rate of interest set forth or implicit in the terms of such lease (or, if not practicable to determine such rate, the weighted average interest rate per annum borne by the securities of all series then Outstanding under the
Indenture) compounded semi-annually. In the case of any lease which is terminable by the lessee upon the payment of a penalty, such net amount shall be the lesser of (x) the net amount determined assuming termination upon the first date such
lease may be terminated (in which case the net amount shall also include the amount of the penalty, but shall not include any rent that would be required to be paid under such lease subsequent to the first date upon which it may be so terminated) or
(y) the net amount determined assuming no such termination. 
 “Bankruptcy Law” means Title 11, U.S. Code
or any similar Federal or state law for the relief of debtors (or any law involving equivalent concepts applicable outside the United States). 
 “Below Investment Grade Rating Event” means the occurence of the rating of the Senior Notes below an Investment Grade Rating by each of the Rating Agencies on any date during the period
commencing upon the first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and ending 60 days following public notice of the occurrence of the related Change of Control (which
60-day period shall be extended so long as the rating of the Senior Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising
by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control
Triggering Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Holders of the Senior Notes in writing at their request that the
reduction was the result, in whole or in part, of any event or circumstance comprising or arising as a result of, or in respect of, the applicable Change 

  
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of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to any Person or group of
related Persons for purposes of Section 13(d) of the Exchange Act (a “Group”) other than the Company or one of its Subsidiaries; (2) the approval by the holders of the Company’s common stock of any plan or proposal
for the Company’s liquidation or dissolution; (3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any Person or Group becomes the beneficial owner, directly or
indirectly, of more than 50% of the then outstanding number of shares of the Company’s Voting Stock; or (4) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors.
Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control if (1) the Company becomes a direct or indirect wholly owned Subsidiary of a holding company and (2) (A) the direct or indirect holders of
the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no
Person or Group (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade
Rating Event occurring in respect of that Change of Control. 
 “Comparable Treasury Issue” means that United
States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Senior Notes of the applicable series to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate notes of comparable maturity to the remaining term of the Senior Notes of the applicable series. 
 “Comparable Treasury Price” means, with respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the
highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Consolidated Net Tangible Assets” means, at any date, the aggregate amount of assets (less applicable reserves) of the
Company and its Significant Subsidiaries after deducting therefrom (a) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles and (b) all current liabilities (excluding any current
liabilities for money borrowed having a maturity of less than 12 months but by their terms being renewable or extendible beyond 12 months from such date at the option of the borrower), all as reflected in the Company’s most recent consolidated
balance sheet as at the end of its fiscal quarter ending not more than 135 days prior to such date, prepared in accordance with United States generally accepted accounting principles. 

  
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 “Continuing Directors” means, as of any date of determination, any member
of the Company’s Board of Directors who (1) was a member of the Company’s Board of Directors on the Issue Date; or (2) was nominated for election, elected or appointed to the Company’s Board of Directors with the approval of
a majority of the Continuing Directors who were members of the Company’s Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the proxy statement issued by the Company in which
such member was named as a nominee for election as a director). 
 “Definitive Securities” means certificated
Securities registered in the name of the Holder thereof and issued in accordance with Section 2.3(b) hereof, substantially in the form of Exhibit A, except that each such Security shall not bear the Global Security Legend.

 “Depositary” means DTC, together with any Person succeeding thereto by merger, consolidation or acquisition
of all or substantially all of its assets, including substantially all of its securities payment and transfer operations. 

“DTC” means The Depository Trust Company, a New York corporation, having a principal office at 55 Water Street, New
York, New York 10041-0099. 
 “Foreign Successor Issuer” means any entity that is organized in a jurisdiction
other than the United States, any state thereof or the District of Columbia and becomes a successor of the Company as a result of a merger of the Company with and into such entity after the date hereof. 

“Global Security Legend” means the legend set forth in Section 3.03(g) of the Original Indenture. 

“Indebtedness” means any indebtedness (whether being principal, premium, interest or other amounts) for or in respect of
any notes, bonds, debentures or other instruments for money borrowed or any borrowed money or any liability under or in respect of any banker’s acceptance (other than a daylight overdraft). 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Security through a Participant.

 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s
and BBB- (or the equivalent) by S&P or the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company. 
 “Issue Date” means December 21, 2010, the date on which the Senior Notes are originally issued under this Second Supplemental Indenture. 

“Lien” means any lien, mortgage, deed of trust, hypothecation, pledge, security interest, charge or encumbrance of any
kind. 
 “Make-Whole Redemption Price” has the meaning given to such term in Section 4.1. 

  
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 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of
Moody’s Corporation, and its successors. 
 “Participant” means, with respect to the Depositary, a Person
who has an account with the Depositary. 
 “Permitted Liens” means: 

(a) Liens imposed by law or any governmental authority for taxes, assessments, levies or charges that are not yet overdue by more than 60
days or are being contested in good faith (and, if necessary, by appropriate proceedings) or for commitments that have not been violated; 
 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlords’ and similar Liens imposed by law, or which arise by operation of law and which are incurred
in the ordinary course of business or where the validity or amount thereof is being contested in good faith (and, if necessary, by appropriate proceedings); 
 (c) Liens incurred or pledges or deposits made in compliance with workers’ compensation, pension liabilities, unemployment insurance and other social security laws or regulations or other
insurance-related obligations (including, without limitation, pledges or deposits securing liability to insurance carriers under insurance or self-insurance arrangements); 
 (d) Liens incurred or pledges or deposits made to secure the performance of bids, trade contracts, tenders, leases, statutory obligations, surety, customs and appeal bonds, performance bonds, customer
deposits and other obligations of a similar nature, in each case in the ordinary course of business; 
 (e) judgment Liens in
respect of judgments that do not constitute an Event of Default under the Original Indenture or this Second Supplemental Indenture; 
 (f) Liens arising in connection with the operations of the Company or any Significant Subsidiary relating to clearing or settlement activities; provided that at any time the aggregate amount of any
such given Lien does not exceed the aggregate amount of deposits of cash or securities received from third parties by the Company or any Significant Subsidiary in the ordinary course of operations relating to clearing or settlement activities;

 (g) Liens on (1) any property or asset prior to the acquisition thereof, provided that such Lien may only extend
to such property or asset, or (2) property of a Significant Subsidiary where (A) such Significant Subsidiary becomes a Subsidiary after December 17, 2010, (B) the Lien exists at the time such Significant Subsidiary becomes a
Subsidiary, (C) the Lien was not created in contemplation of such Significant Subsidiary becoming a Subsidiary, and (D) the principal amount secured by the Lien at the time such Significant Subsidiary becomes a Subsidiary is not
subsequently increased or extended to any other assets other than those owned by the entity becoming a Subsidiary; 

  
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 (h) any Lien existing on the Issue Date; 

(i) Liens upon fixed, capital, real and/or tangible personal property acquired after December 17, 2010 (by purchase, construction.
development, improvement, capital lease, Synthetic Lease or otherwise) by the Company or any Significant Subsidiary, each of which Liens was created for the purpose of securing Indebtedness representing, or incurred to finance, refinance or refund,
the cost (including the cost of construction, development or improvement) of such property; provided that no such Lien shall extend to or cover any property other than the property so acquired and improvements thereon; 

(j) Liens in favor of the Company or any Subsidiary; 
 (k) Liens arising from the sale of accounts receivable for which fair equivalent value is received; 
 (l) any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part, of any Liens referred to in the foregoing clauses (g), (h) and (i); provided
that the principal amount of Indebtedness secured thereby and not otherwise authorized as a Permitted Lien shall not exceed the principal amount of Indebtedness, plus any premium or fee payable in connection with any such extension, renewal or
replacement, so secured at the time of such extension, renewal or replacement; 
 (m) Liens securing obligations of the Company
or any Subsidiary of the Company in respect of any swap agreements or other hedging arrangements entered into in the ordinary course of business and for non-speculative purposes; 

(n) easements, zoning restrictions, minor title defects, irregularities or imperfections, restrictions on use, rights of way, leases,
subleases and similar charges and other similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations (other than customary maintenance requirements) and which could
not reasonably be expected to have a material adverse effect on the business or financial condition of the Company and its Subsidiaries taken as a whole; and 
 (o) Liens consisting of an agreement to sell, transfer or dispose of any asset or property (to the extent such sale, transfer or disposition is not prohibited by Section 6.04 of the Original
Indenture). 
 “Person” means any individual, firm, corporation, partnership, association, joint venture,
tribunal, trust, government or political subdivision or agency or instrumentality thereof, or any other entity or organization and includes a “person” as used in Section 13(d)(3) of the Exchange Act. 

“Principal Property” means the land, improvements, buildings and fixtures (including any leasehold interest therein)
constituting a corporate office, facility or other capital asset which is owned or leased by the Company or any of its Significant Subsidiaries unless the Company’s Board of Directors has determined in good faith that such office, facility or
capital asset is not of 

  
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material importance to the total business conducted by the Company and its Significant Subsidiaries taken as a whole. With respect to any Sale and Lease-Back Transaction or series of related Sale
and Lease-Back Transactions, the determination of whether any property is a Principal Property shall be determined by reference to all properties affected by such transaction or series of transactions. 

“Quotation Agent” means a Reference Treasury Dealer appointed by the Company. 

“Rating Agencies” means (1) each of Moody’s and S&P; and (2) if any of Moody’s or S&P ceases
to rate the Senior Notes or fails to make a rating of the Senior Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule
15c3-1(c)(2)(vi)(F) under the Exchange Act, that the Company selects (as certified by an executive officer of the Company) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“Record Date” means January 2 and July 2, whether or not a Business Day, immediately preceding the applicable
Interest Payment Date. 
 “Reference Treasury Dealer” means (i) each of J.P. Morgan Securities LLC,
Merrill Lynch Pierce, Fenner & Smith Incorporated and a Primary Treasury Dealer (as defined herein) selected by Wells Fargo Securities, LLC or any of their respective affiliates that is a primary U.S. Government securities dealer in New
York City (a “Primary Treasury Dealer”), and their respective successors, provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury
Dealer; and (ii) any other Primary Treasury Dealer selected by the Company. 
 “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

“Relevant Taxing Jurisdiction” has the meaning given to such term in Section 3.1(a). 

“Remaining Scheduled Payments” means the remaining scheduled payments of principal of and interest on the Senior Notes
called for redemption that would be due after the related Redemption Date but for that redemption; provided that if that Redemption Date is not an Interest Payment Date with respect to the Senior Notes called for redemption, the amount of the
next succeeding scheduled interest payment on such Notes will be reduced by the amount of interest accrued to such Redemption Date. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors. 

“Sale and Lease-Back Transaction” means any arrangement with any person providing for the leasing by the Company or any
of its Significant Subsidiaries of any Principal Property, 

  
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whether now owned or hereafter acquired, which Principal Property has been or is to be sold or transferred by the Company or such Significant Subsidiary to such person. 

“Senior Notes” has the meaning given to such term in the preamble hereof. 

“Significant Subsidiary” with respect to any Person, means any Subsidiary of such Person that satisfies the criteria for
a “significant subsidiary” set forth in Rule l-02(w) of Regulation S-X under the Exchange Act. 

“Subsidiary” means any corporation, limited liability company or other similar type of business entity in which the
Company and/or one or more of its subsidiaries together own more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of the board of directors or
similar governing body of such corporation, limited liability company or other similar type of business entity, directly or indirectly. 
 “Substitute Rating Agency” means, in the Company’s discretion at any time and from time to time, Fitch, Inc. or any other “nationally recognized statistical rating
organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company (as certified to the Trustee by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s or
S&P, or either of them, as the case may be. 
 “Synthetic Lease” means any tax retention or other synthetic
lease which is treated as an operating lease under United States generally accepted accounting principles, but the liabilities under which are or would be characterized as indebtedness for tax purposes. 

“Taxes” has the meaning given to such term in Section 3.1(a). 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield
to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

“Voting Stock” of any specified Person as of any date means the capital stock of such Person that is at the time
entitled to vote generally in the election of the Board of Directors of such Person. 
 ARTICLE TWO 

TERMS AND ISSUANCE OF THE SENIOR NOTES 
 Section 2.1. Issue of Senior Notes. 
 (a) Senior Notes. A series of
Securities which shall be designated the “5.250% Senior Notes due 2018” shall be executed, authenticated and delivered in accordance with the provisions of, and shall in all respects be subject to the terms, conditions and covenants
of, the Orig-

  
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inal Indenture and this Second Supplemental Indenture (including the form of such Senior Notes set forth hereto as Exhibit A). The aggregate principal amount of Senior Notes which may
be authenticated and delivered under this Second Supplemental Indenture shall not, except as permitted by the provisions of the Original Indenture, initially exceed $370,000,000; provided that the Company may from time to time or at any time,
without the consent of the Holders of the Senior Notes, issue additional Senior Notes, which additional Senior Notes shall increase the aggregate principal amount of, and shall be consolidated and form a single series with, the Senior Notes.

 Section 2.2. Interest Rate Adjustment. 
 (a) The interest rate payable on the Senior Notes shall be subject to adjustment from time to time if either Moody’s or S&P, or, in either case, any Substitute Rating Agency downgrades (or
subsequently upgrades) the credit rating assigned to the Senior Notes, in the manner described below. 
 (b) If the rating from
Moody’s (or any Substitute Rating Agency) of the Senior Notes is decreased to a rating set forth in the immediately following table, the interest rate on the Senior Notes shall increase such that it shall equal the interest rate payable on the
Senior Notes on the Issue Date plus the percentage set forth opposite the ratings from the table below: 
  

					
	 Moody’s Rating*
	  	Percentage	 
	 Ba1
	  	 	0.25	% 
	 Ba2
	  	 	0.50	% 
	 Ba3
	  	 	0.75	% 
	 B1 or below
	  	 	1.00	% 

  

	*	Including the equivalent ratings of any Substitute Rating Agency. 

 (c) If the rating from S&P (or any Substitute Rating Agency) of the Senior Notes is decreased to a rating set forth in the immediately following table, the interest rate on the Senior Notes shall
increase such that it shall equal the interest rate payable on the Senior Notes on the Issue Date plus the percentage set forth opposite the ratings from the table below: 

 

					
	 S&P Rating*
	  	Percentage	 
	 BB+
	  	 	0.25	% 
	 BB
	  	 	0.50	% 
	 BB-
	  	 	0.75	% 
	 B+ or below
	  	 	1.00	% 

  

	*	Including the equivalent ratings of any Substitute Rating Agency. 

  
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 (d) If at any time the interest rate on the Senior Notes has been adjusted upward and either
Moody’s or S&P (or, in either case, a Substitute Rating Agency), as the case may be, subsequently increases its rating of the Senior Notes to any of the threshold ratings set forth above, the interest rate on the Senior Notes shall be
decreased such that the interest rate for the Senior Notes shall equal the interest rate payable on the Senior Notes on the Issue Date plus the percentages set forth opposite the ratings from the tables in Sections 2.2(a) and (b) in effect
immediately following the increase in rating. If Moody’s (or any Substitute Rating Agency) subsequently increases its rating of the Senior Notes to Baa3 (or its equivalent, in the case of a Substitute Rating Agency) or higher, and S&P (or
any Substitute Rating Agency thereof) increases its rating to BBB- (or its equivalent, in the case of a Substitute Rating Agency) or higher, the interest rate on the Senior Notes will be decreased to the interest rate payable on the Senior Notes on
the Issue Date. In addition, the interest rate on the Senior Notes will permanently cease to be subject to any adjustment described above (notwithstanding any subsequent decrease in the ratings by either or both Rating Agencies) if the Senior Notes
become rated A3 and A- (or the equivalent of either such rating, in the case of a Substitute Rating Agency) or higher by each of Moody’s and S&P (or, in either case, a Substitute Rating Agency thereof), respectively (or by one rating agency
in the event the Senior Notes are only rated by one Rating Agency and the Company has not obtained ratings from a Substitute Rating Agency). 
 (e) Each adjustment required by any decrease or increase in a rating set forth above, whether occasioned by the action of Moody’s or S&P (or, in either case, a Substitute Rating Agency), shall be
made independent of any and all other adjustments; provided, however, that in no event shall (1) the interest rate for the Senior Notes be reduced to below the interest rate payable on the Senior Notes on the Issue Date or
(2) the total increase in the interest rate on the Senior Notes exceeds 2.00% above the interest rate payable on the Senior Notes on the Issue Date. 
 (f) No adjustments in the interest rate of the Senior Notes shall be made solely as a result of a Rating Agency ceasing to provide a rating of the Senior Notes. If at any time Moody’s or S&P
ceases to provide a rating of the Senior Notes for any reason, the Company shall use its commercially reasonable efforts to obtain a rating of the Senior Notes from a Substitute Rating Agency, to the extent one exists, and if a Substitute Rating
Agency exists, for purposes of determining any increase or decrease in the interest rate on the Senior Notes pursuant to the tables above, (a) such Substitute Rating Agency will be substituted for the last Rating Agency to provide a rating of
the Senior Notes but which has since ceased to provide such rating, (b) the relative rating scale used by such Substitute Rating Agency to assign ratings to senior unsecured debt will be determined in good faith by an independent investment
banking institution of national standing appointed by the Company and, for purposes of determining the applicable ratings included in the applicable table above with respect to such Substitute Rating Agency, such ratings will be deemed to be the
equivalent ratings used by Moody’s or S&P, as applicable, in such table and (c) the interest rate on the Senior Notes will increase or decrease, as the case may be, such that the interest rate equals the interest rate payable on the
Senior Notes on the Issue Date plus the appropriate percentage, if any, set forth opposite the rating from such Substitute Rating Agency in the applicable table above (taking into account the provisions of clause (b) above) (plus any
applicable percentage resulting from a decreased rating by the other Rating Agency). For so long as only one of Moody’s or S&P provides a rating of the Senior Notes and no Substitute Rating Agency is offered to replace the other Rating
Agency, any subse-

  
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quent increase or decrease in the interest rate of the Senior Notes necessitated by a reduction or increase in the rating by the agency providing the rating shall be twice the percentage set
forth in the applicable table above. For so long as none of Moody’s, S&P or a Substitute Rating Agency provides a rating of the Senior Notes, the interest rate on the Senior Notes will increase to, or remain at, as the case may be, 2.00%
above the interest rate payable on the Senior Notes on the Issue Date, as the case may be. 
 (g) Any interest rate increase or
decrease described in this Section 2.2 will take effect on the next business day after the day on which the rating change has occurred. 
 (h) If the interest rate payable on the Senior Notes is increased as described above, the term “interest,” as used with respect to the Senior Notes, will be deemed to include any such additional
interest unless the context otherwise requires. 
 Section 2.3. Form of Senior Notes; Incorporation of Terms. 

(a) Each of the Senior Notes shall be issued initially in the form of one or more Global Securities and, together with the Authenticating
Agent’s certificate of authentication thereon, shall be in substantially the form set forth in Exhibit A, respectively, attached hereto. The Senior Notes may have such notations, legends or endorsements approved as to form by the
Company and required, as applicable, by law, stock exchange or depository rules and agreements to which the Company is subject and/or usage. The terms of the Senior Notes set forth in Exhibit A are herein incorporated by reference and
are part of the terms of this Second Supplemental Indenture. The Senior Notes shall be issuable in definitive, fully registered form without coupons only in minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof.

 (b) Each of the Senior Notes issued in global form shall be substantially in the form of Exhibit A, attached
hereto (including the Global Security Legend thereon). Senior Notes issued in definitive certificated form in accordance with the terms of the Original Indenture and the Second Supplemental Indenture, if any, shall be substantially in the form of
Exhibit A attached hereto with respect to the Senior Notes (but without the Global Security Legend thereon). Each Global Security shall represent such of the outstanding Senior Notes as shall be specified therein and each shall provide
that it shall represent the aggregate principal amount of Outstanding Senior Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Senior Notes represented thereby may from time to time be reduced or
increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Security to reflect the amount of any increase or decrease in the aggregate principal amount of Outstanding Senior Notes represented thereby shall be made
by the Transfer Agent in accordance with instructions given by the Holder thereof as required by Section 2.8 hereof. 

Section 2.4. Execution and Authentication. The Trustee, upon a Company Order and pursuant to the terms of the Original Indenture
and this Second Supplemental Indenture, shall authenticate and deliver the Senior Notes for original issue in an initial aggregate principal amount of $370,000,000. Such Company Order shall specify the amount of the Senior Notes to be authenticated,
the date on which the original issue of Senior Notes is to be authenticated and the aggregate principal amount of Senior Notes outstanding on the date of authentication. All of the Senior Notes issued under this Second Supplemental Indenture shall
be treated as a single 

  
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series for all purposes under the Original Indenture and this Second Supplemental Indenture, including, without limitation, waivers, amendments and offers to purchase. 

Section 2.5. Depositary for Global Securities. The Depositary for the Senior Notes issued under this Second Supplemental Indenture
shall be DTC in the City of New York. 
 Section 2.6. Place of Payment. The Place of Payment in respect of the Senior
Notes will be at the principal office or agency of the Company in The City of New York, State of New York or at the office or agency of the Paying Agent in The City of New York, State of New York, which, at the date hereof, is located at 45
Broadway, 14th Floor, New York, New York, 10006. 
 Section 2.7. Transfer and Exchange. 

(a) The transfer and exchange of beneficial interests in the Global Securities shall be effected through the Depositary, in accordance
with the provisions of the Original Indenture, this Second Supplemental Indenture and the then applicable procedures of the Depositary (the “Applicable Procedures”). In connection with all transfers and exchanges of beneficial
interests, the transferor of such beneficial interest must deliver to the Transfer Agent either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to credit or cause to be credited a beneficial interest in another Global Security in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the
Applicable Procedures containing information regarding the Participant account to be credited with such increase or, if Definitive Securities are at such time permitted to be issued pursuant to this Second Supplemental Indenture and the Original
Indenture, (B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Security in an amount equal
to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Security shall be registered to effect the
transfer or exchange referred to in (1) above. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Securities contained in the Original Indenture, this Second Supplemental Indenture and the
Senior Notes or otherwise applicable under the Securities Act, the Registrar shall adjust the principal amount of the relevant Global Securities pursuant to Section 2.8 hereof. 

(b) Upon request by a Holder of Definitive Securities and such Holder’s compliance with the provisions of this Section 2.7(b),
the Registrar shall register the transfer or exchange of Definitive Securities. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Transfer Agent the Definitive Securities duly endorsed or
accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. The Authenticating Agent shall cancel any such Definitive Securities so surrendered,
and the Company shall execute and, upon receipt of a Company Order pursuant to Section 2.01 of the Original Indenture, the Authenticating Agent shall authenticate and deliver to the Person designated in the instructions a new Definitive
Security in the appropriate principal amount. Any Definitive Security issued pursuant to this Section 2.7(b) shall be registered in such name or names and in such authorized denomina-

  
 12 

 
tion or denominations as the Holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Paying Agent
shall deliver such Definitive Securities to the Persons in whose names such Definitive Securities are so registered. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required
pursuant to Section 3.06 of the Original Indenture. 
 Section 2.8. Cancellation and/or Adjustment of Global
Securities. At such time as all beneficial interests in a particular Global Security have been exchanged for Definitive Securities or a particular Global Security has been redeemed, repurchased or canceled in whole and not in part, each such
Global Security shall be returned to or retained and canceled by the Registrar in accordance with Section 3.09 of the Original Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for
or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security or for Definitive Securities, the principal amount of Securities represented by such Global Security shall be reduced
accordingly and an endorsement shall be made on such Global Security by the Registrar or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person
who will take delivery thereof in the form of a beneficial interest in another Global Security, such other Global Security shall be increased accordingly and an endorsement shall be made on such Global Security by the Registrar or by the Depositary
at the direction of the Registrar to reflect such increase. 
 Section 2.9. Events of Default. 

(a) The provisions of Section 7.01 of the Original Indenture as they relate to the Senior Notes, shall be replaced in their entirety
with the following: 
 “Section 7.01 Events of Default. Except where otherwise indicated by the context or where the
term is otherwise defined for a specific purpose, the term “Event of Default” as used in this Indenture with respect to Securities of any series shall mean one of the following described events unless it is either inapplicable to a
particular series or it is specifically deleted or modified in the manner contemplated in Section 3.01: 

(a) the Company does not pay interest on any of the Senior Notes of that series within 30 days of their due date;

 (b) the Company fails to pay the principal (or premium, if any) of any Senior Notes when such principal
becomes due and payable, at maturity, upon acceleration, upon redemption or otherwise; 
 (c) failure by the
Company to comply with its obligations under Section 6.04; 
 (d) the Company remains in breach of a
covenant or warranty in respect of this Indenture or any Senior Notes of that series (other than a covenant included in this Indenture solely for the benefit of debt securities of another se-

  
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ries) for 60 days after the Company receives a written notice of default, which notice must be sent by either the Trustee or Holders of at least 25% in principal amount of the Securities of that
series; 
 (e) the entry by a court having jurisdiction in the premises of a decree or order for relief in
respect of the Company in an involuntary case under the federal Bankruptcy Laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Company or of substantially all the property of the Company or ordering the winding-up or liquidation of its affairs and such decree or order shall
remain unstayed and in effect for a period of 60 consecutive days; 
 (f) the commencement by the Company of a
voluntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Company to the entry of an
order for relief in an involuntary case under any such law, or the consent by the Company to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian or sequestrator (or similar official) of the Company or of
substantially all the property of the Company or the making by it of an assignment for the benefit of creditors or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by
the Company in furtherance of any action; 
 (g) the Company or any Significant Subsidiary defaults on any of
its indebtedness having an aggregate amount of at least $100,000,000, constituting a default either of payment of principal when due and payable or which results in acceleration of the indebtedness; or 

(h) one or more final judgments for the payment of money in an aggregate amount in excess of $100,000,000 above available
insurance or indemnity coverage shall be rendered against the Company or any Significant Subsidiary and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed.” 

(b) The provisions of Section 7.02(a) of the Original Indenture as they relate to the Senior Notes, shall be replaced in their
entirety with the following: 
 “(a) Except as otherwise provided as contemplated by Section 3.01 with respect to any
series of Securities, if any one or more of the above-described Events of Default (other than an Event of Default specified in Section 7.01(e) or 7.01(f)) shall happen with respect to Securities of any series at the time Outstanding, then, and
in each and every such case, during the continuance of any such Event of Default, the Trustee or the Holders of 25% or more in principal amount of the Securities of such series then Outstanding may declare the principal (or premium if any) (or, if
the Securities of that series are Original Issue Discount Securities, 

  
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such portion of the principal amount as may be specified in the terms of that series) of and all accrued but unpaid interest on all the Securities of such series then Outstanding to be due and
payable immediately by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default specified
in Section 7.01(e) or 7.01(f) occurs and is continuing, then in every such case, the principal amount of all of the Securities of that series then Outstanding shall automatically, and without any declaration or any other action on the part of
the Trustee or any Holder, become due and payable immediately. Upon payment of such amounts in the Currency in which such Securities are denominated (subject to Section 7.01 and except as otherwise provided pursuant to Section 3.01), all
obligations of the Company in respect of the payment of principal of and interest on the Securities of such series shall terminate.” 
 ARTICLE THREE 
 COVENANTS 

Section 3.1. Payments of Additional Amounts by a Foreign Successor Issuer. 

(a) All payments made under or with respect to the Senior Notes by any Foreign Successor Issuer will be made free and clear of and
without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of
whatever nature (collectively, “Taxes”) imposed or levied by or on behalf of any jurisdiction in which such Foreign Successor Issuer is organized, resident or doing business for tax purposes or from or through which such Foreign
Successor Issuer makes any payment on the Senior Notes or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Foreign Successor Issuer is required to withhold or deduct Taxes by law.
For the avoidance of doubt a Relevant Taxing Jurisdiction shall not include the United States, any state thereof or the District of Columbia. If a Foreign Successor Issuer is required by law to withhold or deduct any amount for or on account of
Taxes of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Senior Notes, the Foreign Successor Issuer, subject to the exceptions listed below, will pay additional amounts (“Additional Amounts”) as may
be necessary to ensure that the net amount received by each Holder of the Senior Notes after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder) will not be less than the amount the
Holder would have received if such Taxes had not been withheld or deducted. 
 (b) A Foreign Successor Issuer will not, however,
pay Additional Amounts to a Holder or beneficial owner of Senior Notes: 
 (i) to the extent the Taxes giving
rise to such Additional Amounts would not have been imposed but for the Holder’s or beneficial owner’s present or former connection with the Relevant Taxing Jurisdiction (other than any connection resulting from the

  
 15 

 
acquisition, ownership, holding or disposition of Senior Notes, the receipt of payments thereunder and/or the exercise or enforcement of rights under any Senior Notes); 

(ii) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the failure of
the Holder or beneficial owner of Senior Notes, following the Foreign Successor Issuer’s written request addressed to the Holder, to the extent such Holder or beneficial owner is legally eligible to do so, to comply with any certification,
identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or
withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); 

(iii) with respect to any estate, inheritance, gift, sales, personal property or any similar Taxes; 

(iv) if such Holder is a fiduciary or partnership or person other than the sole beneficial owner of such payment and the
Taxes giving rise to such Additional Amounts would not have been imposed on such payment had the Holder been the beneficiary, partner or sole beneficial owner, as the case may be, of such Senior Note (but only if there is no material cost or expense
associated with transferring such Senior Note to such beneficiary, partner or sole beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, partner or sole beneficial owner); 

(v) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the presentation
by the Holder of any Senior Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later;

 (vi) with respect to any withholding or deduction that is imposed on a payment to an individual and that is
required to be made pursuant to the European Council Directive on the taxation of savings income which was adopted by the ECOFIN Council on June 3, 2003 or any law implementing or complying with, or introduced in order to conform to such
directive (the “EU Savings Tax Directive”) or is required to be made pursuant to the Agreement between the European Community and the Swiss Confederation dated October 26, 2004 providing for measures equivalent to those laid
down in the EU Savings Tax Directive (the “EU-Swiss Savings Tax Agreement”) or any law or other governmental regulation implementing or complying with, or introduced in order to conform to, such agreement; or 

(vii) any combination of items (i), (ii), (iii), (iv), (v) and (vi). 

(c) A Foreign Successor Issuer will (i) make any such withholding or deduction required by applicable law and (ii) remit the
full amount deducted or withheld to the relevant authority in accordance with applicable law. The Foreign Successor Issuer will make reasonable 

  
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efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes. The Foreign Successor
Issuer will provide to the Trustee, within a reasonable time after the date the payment of any Taxes so deducted or withheld are due pursuant to applicable law, either a certified copy of tax receipts evidencing such payment, or, if such tax
receipts are not reasonably available to the Foreign Successor Issuer, such other documentation that provides reasonable evidence of such payment by the Foreign Successor Issuer. 

(d) At least 30 calendar days prior to each date on which any payment under or with respect to the Senior Notes is due and payable, if
the Foreign Successor Issuer will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which payment under or with respect to the Senior
Notes is due and payable, in which case it will be promptly thereafter), the Foreign Successor Issuer will deliver to the Trustee an Officers’ Certificate stating that such Additional Amounts will be payable and the amounts so payable and will
set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. The Foreign Successor Issuer will promptly publish a notice in accordance with the Section 16.04 of the Original
Indenture stating that such Additional Amounts will be payable and describing the obligation to pay such amounts. 
 (e) In
addition, a Foreign Successor Issuer will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including interest and penalties with respect thereto, imposed by any Relevant Taxing Jurisdiction
at any time after the merger described above in respect of the execution, issuance, registration or delivery of the Senior Notes or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant
Taxing Jurisdiction at any time after the merger described above as a result of, or in connection with, any payments made pursuant to the Senior Notes and/or the enforcement of the Senior Notes and/or any other such document or instrument.

 (f) The obligations described under this heading will survive any termination, defeasance or discharge of the Indenture and
will apply mutatis mutandis to any Successor Company to any Foreign Successor Issuer (other than a Person organized under the laws of the United States, any state thereof or the District of Columbia) and to any jurisdiction in which such
Successor Company is organized or is otherwise resident for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. 
 (g) Whenever this Indenture or the Senior Notes refer to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Senior Note, such
reference shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described hereunder, to the extent that in such context Additional Amounts or indemnification payments are, were or would be payable in
respect thereof pursuant to this Section 3.1. 
 (h) A Foreign Successor Issuer will indemnify and hold harmless the
Holders of Senior Notes, and, upon written request of any Holder of Senior Notes, reimburse such Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder in connection with payments
made under or with respect to the Senior Notes held by 

  
 17 

 
such Holder; and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder
after such reimbursement will not be less than the net amount such Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed, provided, however, that
the indemnification obligation provided for in this paragraph shall not extend to Taxes imposed for which the Holder of the Senior Notes would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses
(i) through (vii) of Section 3.1(b) above or to the extent such Holder received Additional Amounts with respect to such payments. 
 Section 3.2. Limitations on Liens. 
 (a) The Company shall not (nor shall
it permit any of its Significant Subsidiaries to) create or permit to exist any Lien on any Principal Property of the Company or any of its Significant Subsidiaries (or on any stock or Indebtedness of any of its Significant Subsidiaries), whether
owned on the Issue Date or thereafter acquired, to secure any Indebtedness, unless the Company contemporaneously secures the Senior Notes (together with, if the Company so determines, any other Indebtedness of or guaranty by the Company or such
Significant Subsidiary then existing or thereafter created that is not subordinated to the Senior Notes) equally and ratably with (or, at the option of the Company, prior to) that obligation. 

(b) The foregoing restriction, however, shall not apply to (i) Permitted Liens and (ii) Liens securing Indebtedness if at the
time of determination, after giving pro forma effect to the incurrence, creation, assumption or guaranty of such Indebtedness or the securing of outstanding Indebtedness and to the retirement of Indebtedness which is concurrently being retired, the
sum of (without duplication) (1) the aggregate principal amount of all Indebtedness of the Company and its Subsidiaries secured by Liens (other than Permitted Liens) and (2) all Attributable Debt in respect of Sale and Lease-Back
Transactions not otherwise permitted under the first sentence of Section 3.3 hereof does not exceed fifteen percent of Consolidated Net Tangible Assets. 
 Section 3.3. Limitation on Sale and Lease-Back Transactions. The Company shall not, and shall not permit any of its Significant Subsidiaries to, enter into any Sale and Lease-Back Transaction with
respect to any Principal Property, other than (x) any such Sale and Lease-Back Transaction involving a lease for a term of not more than three years or (y) any such Sale and Lease-Back Transaction between the Company and one of its
Subsidiaries or between its Subsidiaries, unless: 
 (a) the Company or such Significant Subsidiary, as applicable, could have
incurred Indebtedness secured by a Lien on the Principal Property involved in such Sale and Lease-Back Transaction in an amount at least equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction, without equally and ratably
securing the Senior Notes, pursuant to Section 3.2; or 
 (b) the proceeds of such Sale and Lease-Back Transaction are at
least equal to the fair market value of the affected Principal Property (as determined in good faith by the Board of Directors) and the Company applies an amount equal to the net proceeds of 

  
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such Sale and Lease-Back Transaction within 365 days of such Sale and Lease-Back Transaction to any (or a combination) of: 

(i) the prepayment or retirement of the Senior Notes, 

(ii) the prepayment or retirement (other than any mandatory retirement, mandatory prepayment or sinking fund payment or
by payment at maturity) of other Indebtedness of the Company or of one of its Subsidiaries (other than Indebtedness that is subordinated to the Senior Notes or Indebtedness owed to the Company or one of its Subsidiaries) that matures more than 12
months after its creation; or 
 (iii) the purchase, construction, development, expansion or improvement of
other comparable property. 
 Notwithstanding the foregoing, the Company and its Significant Subsidiaries shall be allowed to enter into any
Sale and Lease-Back Transaction if, after giving pro forma effect to such Sale and Lease-Back Transaction, the sum of (without duplication) (i) the aggregate principal amount of all Indebtedness of the Company and its Subsidiaries secured by
Liens (other than Permitted Liens) and (ii) all Attributable Debt in respect of Sale and Lease-Back Transactions not otherwise permitted under the first sentence of this Section 3.3, does not exceed fifteen percent of Consolidated Net
Tangible Assets. 
 Section 3.4. Limitations on Mergers and Other Transactions. With respect to the Senior Notes, the
provisions of Section 6.04 of the Original Indenture shall be replaced in its entirety with the following: 
 “Section
6.04 Company May Consolidate, Etc., Only on Certain Terms. 
 (a) The Company shall not consolidate or merge with another
entity or to sell, transfer or otherwise convey all or substantially all of its assets to another entity, unless in each case: 
 (1) the resulting entity (if other than the Company) must (x) be a corporation, limited partnership or limited liability company (or the equivalent thereof) organized under the laws of any U.S.
jurisdiction or any European Union Member State and (y) deliver a supplemental indenture by which such surviving entity expressly assumes its obligations under the indenture; and 

(2) immediately following the consolidation, merger, sale or conveyance, no Event of Default (as defined below) (and no
event which, after notice or lapse of time or both, would become an Event of Default) shall have occurred and be continuing. 

(b) Upon any consolidation of the Company with, or merger of the Company into, any other entity or any conveyance, transfer or lease of
the properties and assets of the Company substantially as an entirety in accordance with Section 6.04(a), the successor Person formed by such consolidation or into which the Company is merged or to

  
 19 

 
which such merger, sale or conveyance, is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if
such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities.” 

Section 3.5. Repurchase upon Change of Control Triggering Event. 

(a) If a Change of Control Triggering Event occurs with respect to the Senior Notes, unless the Company shall have exercised its right
pursuant to Section 4.1 or Section 4.2 hereof to redeem the Senior Notes, the Company shall make an offer to each Holder of the Senior Notes to repurchase all or, at such Holder’s option, any part (equal to $2,000 or any integral
multiple of $1,000 in excess thereof) of such Holder’s Senior Notes (the “Change of Control Offer”) for payment in cash equal to 101% of the aggregate principal amount of the Senior Notes repurchased plus accrued and unpaid
interest, if any, on the Senior Notes repurchased to, but not including, the date of purchase (the “Change of Control Payment”). 
 (b) Within 30 days following any Change of Control Triggering Event with respect to the Senior Notes or, at the Company’s option, prior to any Change of Control but after the public announcement of
the transaction or transactions that constitute or may constitute a Change of Control, the Company shall cause a notice to be mailed to Holders of the Senior Notes, with a copy to the Trustee for the Senior Notes, describing the transaction or
transactions that constitute or may constitute the Change of Control Triggering Event and offering to repurchase the Senior Notes on the date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from the
date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures required by the Senior Notes and described in such notice. The notice shall, if mailed prior to the date of consummation of the Change of
Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. Upon ten (10) Business Days’ advance notice to the Trustee, the Company may
request the Trustee to mail the notice to Holders described in this Section 3.5(b) in the name of and at the expense of the Company. 
 (c) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in
connection with the repurchase of Senior Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with this Section 3.5, the Company shall comply with those
securities laws and regulations and shall not be deemed to have breached its obligations under this Section 3.5 by virtue of such conflict. 
 (d) On the Change of Control Payment Date, the Company shall, to the extent lawful: 
 (i) accept for payment all Senior Notes or portions of Senior Notes properly tendered pursuant to the Change of Control Offer; 

(ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Senior Notes or
portions of Senior Notes properly tendered; and 

  
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 (iii) deliver or cause to be delivered to the Trustee the Senior Notes
properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Senior Notes or portions of Senior Notes being purchased by the Company. 

(e) The Paying Agent shall promptly mail, to each Holder who properly tendered Senior Notes, the purchase price for such Senior Notes,
and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each such Holder a new Note equal in principal amount to any unpurchased portion of the Senior Notes surrendered, if any; provided that each
new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 
 (f) The Company shall
not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes a Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Second
Supplemental Indenture applicable to a Change of Control Offer made by the Company and purchases all Senior Notes properly tendered and not withdrawn under such Change of Control Offer. In the event that such third party terminates or defaults on
its Change of Control Offer, the Company shall be required to make a Change of Control Offer treating the date of such termination or default as though it were the date of the Change of Control Triggering Event. 

(g) The Company shall not be required to purchase any Senior Notes if there has occurred and is continuing on the Change of Control
Payment Date an Event of Default under the Indenture, other than a default in the payment of the Change of Control Payment. 

ARTICLE FOUR 

Section 4.1. Optional Redemption by Company. 
 (a) The Company shall have the right to redeem the Senior Notes, at any time in whole or from time to time in part, at a redemption price (the “Make-Whole Redemption Price”) equal to the
greater of: 
 (i) 100% of the principal amount of the Senior Notes to be redeemed; and 

(ii) as determined by the Quotation Agent, the sum of the present values of the Remaining Scheduled Payments of principal
and interest in respect of the Senior Notes to be redeemed (exclusive of interest accrued and unpaid as of the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months), at
a rate equal to the Treasury Rate plus 40 basis points, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 
 If
the Redemption Date is after a Record Date and on or prior to a corresponding Interest Payment Date, interest will be paid on the Redemption Date to the holder of record on the Record Date. On and after a Redemption Date, interest will cease to
accrue on the Senior Notes called for redemption (unless the Company defaults in the payment of the Make-Whole Redemption Price and accrued interest). On or before a Redemption Date, the Company will deposit with a Paying Agent (or the Trustee)
money sufficient to pay the Make-Whole Redemption Price of and 

  
 21 

 
accrued interest on the Senior Notes to be redeemed on that date. If less than all of the Senior Notes are to be redeemed, the Senior Notes to be redeemed shall be selected by the Trustee pro
rata or by lot or by a method the Trustee deems to be fair and appropriate; provided that if at the time of redemption the Senior Notes to be redeemed are registered as one or more Global Securities, the Depositary shall determine, in
accordance with its procedures, the principal amount of the Senior Notes to be redeemed held by each Holder of such Senior Notes. 
 (b) Notice of any redemption pursuant to this Section 4.1 shall be given as provided in Section 4.03 of the Original Indenture. The Trustee shall not be responsible for the calculation of such
Make-Whole Redemption Price. The Company shall calculate such Make-Whole Redemption Price and promptly notify the Trustee in writing thereof. 
 Section 4.2. Tax Redemption. 
 If, as a result of: 

(i) any amendment to, or change in, the laws (or regulations or rulings promulgated thereunder) of any Relevant Taxing
Jurisdiction which is announced and becomes effective after the date on which a Foreign Successor Issuer becomes a Foreign Successor Issuer (or, where a jurisdiction in question does not become a Relevant Taxing Jurisdiction until a later date, such
later date); or 
 (ii) any amendment to, or change in, the official application or official interpretation of
the laws, regulations or rulings of any Relevant Taxing Jurisdiction which is announced and becomes effective after the date on which a Foreign Successor Issuer becomes a Foreign Successor Issuer (or, where a jurisdiction in question does not become
a Relevant Taxing Jurisdiction until a later date, such later date), 
 such Foreign Successor Issuer would be obligated to pay, on the next
date for any payment and as a result of that amendment or change, Additional Amounts or indemnification payments pursuant to Section 3.1 with respect to the Relevant Taxing Jurisdiction, which such Foreign Successor Issuer reasonably determines
it cannot avoid by the use of reasonable measures available to it, then such Foreign Successor Issuer may redeem all, but not less than all, of the Senior Notes, at any time thereafter, upon not less than 30 nor more than 60 days’ notice, at a
redemption price of 100% of their principal amount, plus accrued and unpaid interest, if any, to the redemption date. Prior to the giving of any notice of redemption described in this paragraph, a Foreign Successor Issuer will deliver to the
trustee: 
 (i) a certificate signed by an officer of such Foreign Successor Issuer stating that the obligation
to pay the Additional Amounts or indemnification payments cannot be avoided by such Foreign Successor Issuer’s taking reasonable measures available to it; and 

(ii) a written opinion of independent legal counsel to such Foreign Successor Issuer of recognized standing to the effect
that such Foreign Successor Issuer has or will become obligated to pay such Additional Amounts or indemnification payments as a result of a change, amendment, official interpretation or application described above. 

  
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 Section 4.3. A Foreign Successor Issuer will publish a notice of any optional redemption of
the Senior Notes described above in accordance with Section 4.03 of the Original Indenture. No such notice of redemption may be given more than 60 days before or 365 days after the Foreign Successor Issuer first becomes liable to pay any
Additional Amount or indemnification payments. 
 ARTICLE FIVE 

RANKING 

Section 5.1. Senior in Right of Payment. The Senior Notes shall be direct senior obligations of the Company and shall rank
(a) senior in right of payment to all existing and future indebtedness that is, by its terms, expressly subordinated in right of payment to the Senior Notes and (b) pari passu in right of payment with all other unsecured senior
indebtedness of the Company. 
 ARTICLE SIX 
 AMENDMENTS 
 Section 6.1. Amendments. The Original Indenture is hereby
amended, with respect to the Senior Notes, by replacing the text of Sections 14.02(a)(i)-(iv) thereof with the following text: 
 “(i) reduce the percentage in principal amount of affected Senior Notes of any series the consent of whose Holders is required for an amendment of the Indenture or for waiver of compliance with some
provisions of the Indenture or for waiver of some defaults under the Indenture; 
 (ii) reduce the rate of
interest on any Senior Note or change the time for payment of interest; 
 (iii) reduce the principal amount of,
or premium, if any, due on, the Senior Notes or change the Stated Maturity thereof; 
 (iv) change the Place of
Payment where, or the coin or currency in which, any Senior Note or any premium or interest thereon is payable; 

(v) change the provisions relating to waiver of defaults under the Indenture; 

(vi) modify the provisions of the Indenture relating to the ranking of the Senior Notes in a manner adverse to Holders;

 (vii) impair the right of Holders to institute suit for the enforcement of any payment on or after the Stated
Maturity thereof (or, in the case of redemption, on or after the Redemption Date); 

  
 23 

 (viii) modify any of the provisions of this Section, Sections 6.06 or
Section 7.06, or, except to increase any such percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; or 

(ix) modify, without the written consent of the Trustee, the rights, duties or immunities of the Trustee.”

 ARTICLE SEVEN 
 DEFEASANCE 
 Section 7.1. Covenant Defeasance. With respect to the Senior
Notes, the Company shall cease to be under any obligation to comply with any term, provision or condition set forth in Sections 3.2 and 3.3 of this Second Supplemental Indenture if the Company satisfies the conditions applicable to covenant
defeasance applicable to subsection (b) of the first paragraph of Section 12.03 of the Original Indenture. 
 ARTICLE
EIGHT 
 MISCELLANEOUS 
 Section 8.1. Execution as Supplemental Indenture. This Second Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture and, as provided in
the Original Indenture, this Second Supplemental Indenture forms a part thereof. 
 Section 8.2. Conflict with Trust
Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof, or with a provision of the Original Indenture, which is required to be included in this Second Supplemental Indenture, or in the Original
Indenture, respectively, by any of the provisions of the Trust Indenture Act, such required provision shall control to the extent it is applicable. 
 Section 8.3. Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

Section 8.4. Successors and Assigns. All covenants and agreements by the Company and the Trustee in this Second Supplemental
Indenture shall bind its successors and assigns, whether so expressed or not. 
 Section 8.5. Separability Clause. In
case any provision in this Second Supplemental Indenture or in the Senior Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 Section 8.6. Benefits of Second Supplemental Indenture. Nothing in this Second Supplemental Indenture or in the Senior
Notes, express or implied, shall give to any Person, other 

  
 24 

 
than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Second Supplemental Indenture. 

Section 8.7. Execution and Counterparts. This Second Supplemental Indenture may be executed in any number of counterparts, each of
which shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 8.8. Governing Law. This Second Supplemental Indenture and the Senior Notes shall be governed by and construed in
accordance with the laws of the State of New York. 

  
 25 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed as of the day and year first above written. 
  

					
	THE NASDAQ OMX GROUP, INC.
		
	By:	 	/s/ Adena T. Friedman        
		 	Name:	 	Adena T. Friedman
		 	Title:	 	 Executive Vice President, Corporate
 Strategy and Chief Financial Officer

  

					
	 WELLS FARGO BANK, NATIONAL
     ASSOCIATION, as Trustee

		
	By:	 	/s/ Raymond Delli Colli        
		 	Name:	 	Raymond Delli Colli
		 	Title:	 	Vice President

  
 26 

 EXHIBIT A 
 [FORM OF 5.250% SENIOR NOTES DUE 2018] 
 [Insert any legend required by the
Internal Revenue Code and the regulations thereunder.] 
 [THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 
 The NASDAQ OMX Group, Inc. 

5.250% Senior Notes due 2018 
  

			
	No.             	  	$370,000,000
		  	CUSIP No. 631103AE8

 The
NASDAQ OMX Group, Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of              Dollars on January 16, 2018, and to pay interest thereon from the most
recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid, from the Issue Date semi-annually on January 16 and July 16 in each year, commencing July 16, 2011 and at the Maturity
thereof, at 

  
 A-1

 
the rate of 5.250% per annum, until the principal hereof is paid or made available for payment, provided that any principal and premium, and any such installment of interest, which is
overdue shall bear interest at the rate 5.250% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest
shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business
on the Record Date for such interest, which shall be January 2 or July 2 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. 

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency maintained
for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, against surrender of this Security in the case of any payment due at
the Maturity of the principal hereof (other than any payment of interest that first becomes payable on a day other than an Interest Payment Date); provided, however, that at the option of the Company payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Register; and provided, further, that if this Security is a Global Security, payment may be made pursuant to the Applicable Procedures of the Depositary
as permitted in the Indenture. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee or the Authenticating Agent on its behalf referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose. 

  
 A-2

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	THE NASDAQ OMX GROUP, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-3

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 

Dated: 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

		
	By:	 	 
		 	Authorized Signatory

  
 A-4

 [FORM OF REVERSE OF 5.250% SENIOR NOTES DUE 2018] 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), of the
series hereinafter specified, issued and to be issued in one or more series under a Indenture, dated as of January 15, 2010 (the “Original Indenture”), as supplemented by the Second Supplemental Indenture, dated as of
December 21, 2010 (the “Second Supplemental Indenture” and as so supplemented, the “Indenture”), between the Company and Wells Fargo Bank, National Association, as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Securities and of the terms upon which this Security are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof initially limited in aggregate
principal amount to $370,000,000, provided that the Company may, without the consent of any Holder, at any time and from time to time increase the initial principal amount. 

The Securities of this series are subject to redemption as provided in Sections 4.1 and 4.2 of the Second Supplemental Indenture.

 The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security and certain
restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of Default with respect to the Securities of this series shall occur and be continuing, the unpaid principal of the Securities of this series may be declared due and payable in the manner and
with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of
a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions (i) permitting the Holders of not less than a majority in principal amount of the Securities of any
series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture with respect to such series and (ii) permitting the Holders of a majority in
principal amount of the Securities at the time Outstanding of any series to be affected under the Indenture (with each such series considered separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture, or for the
ap-

  
 A-5

 
pointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee indemnity reasonably satisfactory to it, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Register, upon surrender of this Security for registration of transfer at the Registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof
or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees. 
 The Securities of this series are issuable only in registered form without coupons in minimum denominations of
$2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Securities of this series are exchangeable for a like aggregate principal amount of the Securities of
this series of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall
be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 This Security is a Global Security and is subject to the provisions of the Indenture relating to Global Securities,
including the limitations in Section 3.06 of the Original Indenture and Section 2.7 of the Second Supplemental Indenture on transfers and exchanges of Global Securities. 

Interest on the principal balance of the Securities of this series shall be calculated on the basis of a 360-day year of twelve 30-day
months. 

  
 A-6

 THE SECURITIES OF THIS SERIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK. 
 All capitalized terms used but not defined in this Security shall have the meanings
assigned to them in the Indenture. 

  
 A-7Revolving Credit Agreement

 Exhibit 10.1 
 REVOLVING CREDIT AGREEMENT 
 dated as of 

December 17, 2010 
 among 
 TNP SRT SECURED HOLDINGS, LLC 

AND CERTAIN OTHER ENTITIES AS PROVIDED HEREIN, collectively as Borrower 

and 
 The Lenders
Party Hereto 
 and 
 KEYBANK NATIONAL ASSOCIATION, 
 as Agent 

 
  
 KEYBANC CAPITAL MARKETS, 
 AS LEAD BOOKRUNNER AND LEAD ARRANGER 

 TABLE OF CONTENTS 

 

									
	 ARTICLE I.        DEFINITIONS
	  	 	1	  
				
		  	Section 1.01	    	Defined Terms	  	 	1	  
				
		  	Section 1.02	    	Classification of Loans and Borrowings	  	 	28	  
				
		  	Section 1.03	    	Terms Generally	  	 	28	  
				
		  	Section 1.04	    	Accounting Terms; GAAP	  	 	29	  
				
		  	Section 1.05	    	Designation of Lead Borrower as Agent for Borrower	  	 	29	  
		
	 ARTICLE II.      THE CREDITS
	  	 	30	  
				
		  	Section 2.01	    	Commitments	  	 	30	  
				
		  	Section 2.02	    	Loans and Borrowings	  	 	30	  
				
		  	Section 2.03	    	Requests for Borrowings and Approval of Proposed Properties	  	 	31	  
				
		  	Section 2.04	    	Funding of Borrowings	  	 	32	  
				
		  	Section 2.05	    	Interest Elections	  	 	32	  
				
		  	Section 2.06	    	Termination, Reduction and Increase of Commitments	  	 	33	  
				
		  	Section 2.07	    	Repayment of Loans; Evidence of Debt	  	 	35	  
				
		  	Section 2.08	    	Prepayment of Loans	  	 	36	  
				
		  	Section 2.09	    	Fees	  	 	36	  
				
		  	Section 2.10	    	Interest	  	 	37	  
				
		  	Section 2.11	    	Alternate Rate of Interest	  	 	38	  
				
		  	Section 2.12	    	Increased Costs	  	 	38	  
				
		  	Section 2.13	    	Break Funding Payments	  	 	39	  
				
		  	Section 2.14	    	Taxes	  	 	40	  
				
		  	Section 2.15	    	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	 	41	  
				
		  	Section 2.16	    	Mitigation Obligations; Replacement of Lenders	  	 	42	  
				
		  	Section 2.17	    	Delinquent Lenders	  	 	43	  
		
	 ARTICLE III.    REPRESENTATIONS AND WARRANTIES
	  	 	44	  
				
		  	Section 3.01	    	Organization; Powers	  	 	44	  
				
		  	Section 3.02	    	Authorization; Enforceability	  	 	44	  
				
		  	Section 3.03	    	Governmental Approvals; No Conflicts	  	 	44	  
				
		  	Section 3.04	    	Financial Condition; No Material Adverse Change	  	 	45	  
				
		  	Section 3.05	    	Properties	  	 	45	  
				
		  	Section 3.06	    	Intellectual Property	  	 	47	  
				
		  	Section 3.07	    	Litigation and Environmental Matters	  	 	47	  

									
		  	Section 3.08	    	Compliance with Laws and Agreements	  	 	49	  
				
		  	Section 3.09	    	Investment and Holding Company Status	  	 	49	  
				
		  	Section 3.10	    	Taxes	  	 	49	  
				
		  	Section 3.11	    	ERISA	  	 	49	  
				
		  	Section 3.12	    	Disclosure	  	 	49	  
				
		  	Section 3.13	    	Insurance	  	 	50	  
				
		  	Section 3.14	    	Margin Regulations	  	 	50	  
				
		  	Section 3.15	    	Subsidiaries; REIT Qualification	  	 	50	  
				
		  	Section 3.16	    	Leases	  	 	50	  
				
		  	Section 3.17	    	Termination of Certain Representations and Warranties	  	 	51	  
		
	 ARTICLE IV.    CONDITIONS
	  	 	51	  
				
		  	Section 4.01	    	Effective Date	  	 	51	  
				
		  	Section 4.02	    	Each Credit Event	  	 	52	  
		
	 ARTICLE V.     AFFIRMATIVE COVENANTS
	  	 	52	  
				
		  	Section 5.01	    	Financial Statements: Ratings Change and Other Information	  	 	53	  
				
		  	Section 5.02	    	Financial Tests	  	 	54	  
				
		  	Section 5.03	    	Notices of Material Events	  	 	56	  
				
		  	Section 5.04	    	Existence; Conduct of Business	  	 	57	  
				
		  	Section 5.05	    	Payment of Obligations	  	 	57	  
				
		  	Section 5.06	    	Maintenance of Properties; Insurance	  	 	57	  
				
		  	Section 5.07	    	Books and Records; Inspection Rights	  	 	60	  
				
		  	Section 5.08	    	Compliance with Laws	  	 	60	  
				
		  	Section 5.09	    	Use of Proceeds	  	 	60	  
				
		  	Section 5.10	    	Fiscal Year	  	 	60	  
				
		  	Section 5.11	    	Environmental Matters	  	 	60	  
				
		  	Section 5.12	    	Mortgaged Property Pool and Approved Property Pool	  	 	61	  
				
		  	Section 5.13	    	Further Assurances	  	 	68	  
				
		  	Section 5.14	    	Partial Releases	  	 	68	  
				
		  	Section 5.15	    	Parent Covenants	  	 	70	  
				
		  	Section 5.16	    	TNP REIT Covenants	  	 	70	  
				
		  	Section 5.17	    	[Intentionally Deleted]	  	 	70	  
				
		  	Section 5.18	    	Equity Issuance	  	 	70	  
				
		  	Section 5.19	    	Termination of Certain Covenants	  	 	71	  

  
 - ii -

									
		  	Section 5.20	    	Depository Accounts	  	 	71	  
		
	 ARTICLE VI.    NEGATIVE COVENANTS
	  	 	73	  
				
		  	Section 6.01	    	Liens	  	 	74	  
				
		  	Section 6.02	    	Fundamental Changes	  	 	74	  
				
		  	Section 6.03	    	Investments, Loans, Advances and Acquisitions	  	 	75	  
				
		  	Section 6.04	    	Hedging Agreements	  	 	75	  
				
		  	Section 6.05	    	Restricted Payments	  	 	75	  
				
		  	Section 6.06	    	Transactions with Affiliates	  	 	75	  
				
		  	Section 6.07	    	[Intentionally Deleted]	  	 	76	  
				
		  	Section 6.08	    	Restrictive Agreements	  	 	76	  
				
		  	Section 6.09	    	Indebtedness	  	 	76	  
				
		  	Section 6.10	    	Management; Management Fees	  	 	77	  
				
		  	Section 6.11	    	Leases	  	 	77	  
		
	 ARTICLE VII.    EVENTS OF DEFAULT
	  	 	79	  
		
	 ARTICLE VIII.  THE ADMINISTRATIVE AGENT
	  	 	82	  
		
	 ARTICLE IX.     MISCELLANEOUS
	  	 	84	  
				
		  	Section 9.01	    	Notices	  	 	84	  
				
		  	Section 9.02	    	Waivers; Amendments	  	 	84	  
				
		  	Section 9.03	    	Expenses; Indemnity; Damage Waiver	  	 	85	  
				
		  	Section 9.04	    	Successors and Assigns	  	 	87	  
				
		  	Section 9.05	    	Survival	  	 	90	  
				
		  	Section 9.06	    	Counterparts; Integration; Effectiveness; Joint and Several	  	 	90	  
				
		  	Section 9.07	    	Severability	  	 	91	  
				
		  	Section 9.08	    	Right of Setoff	  	 	91	  
				
		  	Section 9.09	    	Governing Law; Jurisdiction; Consent to Service of Process	  	 	91	  
				
		  	Section 9.10	    	WAIVER OF JURY TRIAL	  	 	92	  
				
		  	Section 9.11	    	Headings	  	 	93	  
				
		  	Section 9.12	    	Confidentiality	  	 	93	  
				
		  	Section 9.13	    	Interest Rate Limitation	  	 	93	  
				
		  	Section 9.14	    	USA PATRIOT Act	  	 	94	  
				
		  	Section 9.15	    	Joint and Several Liability	  	 	94	  
				
		  	Section 9.16	    	Additional Waivers and Agreements	  	 	98	  

  
 - iii -

  

					
	 SCHEDULES:
	  		  	
			
	 Schedule 2.01
	  	—	  	Commitments
	 Schedule 3.05
	  	—	  	Flood Zones; Earthquake or Seismic Areas
	 Schedule 3.15
	  	—	  	Subsidiaries
	 Schedule 5.12(a)
	  	—	  	Mortgaged Property Pool
	 Schedule 5.12(b)
	  	—	  	Approved Property Pool
	 Schedule 6.01
	  	—	  	Existing Liens
			
	 EXHIBITS:
	  		  	
			
	 Exhibit A
	  	—	  	Form of Assignment and Acceptance
	 Exhibit B
	  	—	  	Form of TNP REIT Compliance Certificate
	 Exhibit C
	  	—	  	Form of Tranche B Guarantor Compliance Certificate
	 Exhibit D
	  	—	  	Form of Note
	 Exhibit E
	  	—	  	Form of Borrowing Request/Interest Rate Election
	 Exhibit F
	  	—	  	Form of Joinder Agreement
	 Exhibit G
	  	—	  	Form of Borrowing Base Certificate
	 Exhibit H
	  	—	  	Form of SNDA Agreement
	 Exhibit I
	  	—	  	Form of Estoppel

 REVOLVING CREDIT AGREEMENT 

THIS REVOLVING CREDIT AGREEMENT (“Agreement”) is made and entered into as of
December 17, 2010, by and among TNP SRT SECURED HOLDINGS, LLC, a Delaware limited liability company, having an address at 1900 Main Street, Suite 700, Irvine, California 92614 and certain affiliated entities as set forth herein
(individually and collectively as Borrower, “Borrower”), the institutions from time to time who are parties hereto as “Lenders” (whether by execution of this Agreement or through an Assignment and Acceptance
Agreement), and KEYBANK NATIONAL ASSOCIATION, a national banking association having an address at 225 Franklin Street, 18th Floor, Boston, Massachusetts 02110 (“KeyBank”) as Agent for the Lenders (in such capacity, together
with its successors and assigns in such capacity, the “Agent”), and KEYBANC CAPITAL MARKETS, INC., an Ohio corporation as Lead Bookrunner and Lead Arranger. 

ARTICLE I.  
 Definitions  
 SECTION 1.01
Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“ABR,” when used in reference to any Loan (e.g., an “ABR Loan”) or Borrowing (e.g., an
“ABR Borrowing”), refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 

“Acquisition Cost” means, with respect to the acquisition of a Real Property or the Equity Interests of
an Entity owning such Real Property (as applicable), the Contract Sales Price paid for such Real Property or Equity Interests (as applicable), plus actual out-of-pocket expenses that are paid to unrelated third parties in connection with the closing
of such acquisition, including without limitation, attorneys’ fees, recording fees, documentary stamps, real estate brokers’ commissions and real estate tax adjustments incident to the closing of such sale; all as evidenced on a settlement
or closing statement delivered to, and approved by, Agent. 
 “Adjusted EBITDA” means, for a
given testing period, EBITDA less the Capital Expenditure Reserve. 
 “Adjusted LIBO Rate”
means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the
Statutory Reserve Rate. 
 “Administrative Questionnaire” means an Administrative Questionnaire
in a form supplied by the Agent. 
 “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. 

 “Agent” means KeyBank National Association, in its capacity
as agent for the Lenders hereunder. 
 “Aggregate DSCR” means the DSCR for the Approved
Properties, taken as a whole. 
 “Aggregate Loan to Cost Ratio” means the ratio of
(a) first mortgage or other priority Indebtedness relating to the Approved Properties plus Tranche B Exposure to (b) the aggregate Acquisition Cost of the Approved Properties. 

“Aggregate Loan to Value Ratio” means the ratio of (a) the aggregate of first mortgage or other
priority Property Level Debt relating to the Approved Properties plus Tranche B Exposure to (b) the aggregate Appraised Value of the Approved Properties. 

“Aggregate Tranche B Guarantor Liquidity” means, with respect to the Tranche B
Guarantors, taken as a whole, as determined on any date, the sum of (i) unrestricted cash and cash equivalents of each Tranche B Guarantor, plus (ii) unencumbered marketable securities and other
investments (to the extent reasonably acceptable to Agent) of each Tranche B Guarantor, plus (iii) unrestricted and immediately available borrowing capacity under corporate credit facilities (to the extent such facilities are not
currently in default or if any such facility is currently in default, then to the extent that the applicable Tranche B Guarantor can demonstrate (to the reasonable satisfaction of Agent) that, notwithstanding such default, such Tranche B Guarantor
is able to draw or otherwise obtain advances under such loan facility from the applicable lender) of such Tranche B Guarantor. 
 “Aggregate Tranche B Guarantor Net Worth” means, with respect to the Tranche B Guarantors, taken as a whole, an amount equal to (i) the total assets of the Tranche B Guarantors
minus (ii) the total of (x) all indebtedness of the Tranche B Guarantors (whether long-term or current, senior or subordinated) on a consolidated basis which would properly be shown as liabilities on the face of the balance sheet of
the applicable Tranche B Guarantor prepared in accordance with GAAP consistently applied, plus (y) with respect to the Contingent Obligations of the Tranche B Guarantors, an amount equal to the total of (i) ten percent (10%) of
such Contingent Obligations arising with respect to any guaranty by a Tranche B Guarantor of the obligations of (A) an Entity under a Property Loan, and (B) any other Person under a loan, to the extent such Property Loan or other loan (as
applicable) is secured by a first lien mortgage or deed of trust in favor of the applicable lender (the “Property Level Contingent Obligations”), plus (ii) twenty five percent (25%) of all Contingent
Obligations that are not Property Level Contingent Obligations, and which (in the case of (i) or (ii) above), are not reflected on such balance sheet of the applicable Tranche B Guarantor, as of the applicable date of calculation, and are
not included in (x) above. A Contingent Obligation of more than one Tranche B Guarantor (to the extent that it is duplicative) shall only be included once for purposes of calculating the Aggregate Tranche B Guarantor Net Worth. 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of
(a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively. 

  
 - 2 -

 “Applicable Percentage” means, with respect to any Lender,
the percentage of the total Commitments represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Revolving Credit Exposure most recently in effect,
giving effect to any assignments. 
 “Applicable Rate” means, for any day, with respect to any
ABR Loan or Eurodollar Loan and any Tranche A Loan or Tranche B Loan, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread” or “Eurodollar Spread”: 

 

									
	 	  	ABR Spread	 	 	Eurodollar Spread	 
	 Tranche A
	  	 	2.50	% 	 	 	3.50	% 
	 Tranche B
	  	 	3.25	% 	 	 	4.25	% 

“Appraisal” (whether one or more) means a written appraisal of any Real Property by an MAI appraiser
satisfactory to the Agent. Each Appraisal must comply with all Legal Requirements and, unless specifically provided to the contrary in this Agreement, must be in form and substance satisfactory to the Agent. 

“Appraised Value” means the “as is” value of Real Property, as set forth in the Appraisal for
such Real Property. For a Mortgaged Property whereby an existing lease is being amended to extend the term of such lease or expand the premises covered by such lease pursuant to an Approved Lease, Appraised Value shall be the hypothetical or
stabilized value, as set forth in the Appraisal for such Mortgaged Property, provided however, that such Appraisal shall reflect the terms of such Approved Lease in all material respects, as approved by the Agent. 

“Approved Fund” has the meaning set forth in Section 9.04(b). 

“Approved Lease” has the meaning set forth in Section 6.11(a). 

“Approved Property” means a Real Property which satisfies the Approved Property Requirements and has
been approved by Agent in accordance with Section 5.12. For purposes of clarification, Mortgaged Properties meeting the foregoing criteria shall also be considered Approved Properties. The term “Approved Property” shall exclude
any Real Property that is no longer used in calculating the Tranche B Available Amount. 
 “Approved
Property Pool” has the meaning set forth in Section 5.12(b)(i). 
 “Approved
Property Requirements” has the meaning set forth in Section 5.12(b)(ii). 

“Assignment and Acceptance” means an assignment and acceptance entered into by a Lender and an assignee
(with the consent of any party whose consent is required by Section 9.04), and accepted by the Agent, in the form of Exhibit A or any other form approved by the Agent. 

“Availability Period” means the period from and including the Effective Date to but excluding the
Maturity Date. 

  
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 “Board” means the Board of Governors of the Federal Reserve
System of the United States of America. 
 “Borrower(s)” means, collectively, TNP SRT Secured
Holdings, LLC, a Delaware limited liability company, TNP SRT Moreno Marketplace, LLC, a Delaware limited liability company, TNP SRT San Jacinto, LLC, a Delaware limited liability company and any other Person who from time to time becomes a
“Borrower” as required by Section 5.12(a) but excluding any Person who from time to time is released from its obligations as a “Borrower” pursuant to Section 5.14. 

“Borrower Collateral” means the “Collateral” as defined in the Borrower Pledge Agreement.

 “Borrower Entity” means, as of the date of determination (a) any Subsidiary of a
Borrower (other than, for purposes of this clause (a), Lead Borrower), (b) any Subsidiary of Lead Borrower which, directly or indirectly, owns or holds an interest in a Pool Property, and (c) any Subsidiary of any Entity, Subsidiary or
Person set forth in subsections (a) and (b), of this definition which directly or indirectly owns or holds and interest in (x) any Pool Property or (y) any Equity Interests in any Person owning or holding an interest in a Pool
Property. Collectively, the term “Borrower Entities” refers to all of the foregoing. 

“Borrower Pledge Agreement” means the first priority Pledge and Security Agreement (TNP SRT Secured
Holdings, LLC) of even date herewith by and between Borrower and Agent, as may be amended from time to time. 

“Borrowing” means Loans of the same Type and from the same Tranche, made, converted or continued on the
same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect. 

“Borrowing Base Availability” means the sum of the Tranche A Available Amount plus the Tranche B
Available Amount. 
 “Borrowing Base Certificate” has the meaning set forth in
Section 5.01(d) hereof and a form of which is attached hereto as Exhibit G. 

“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with
Section 2.03. 
 “Business Day” means any day that is not a Saturday, Sunday or
other day on which commercial banks in Boston, Massachusetts or New York, New York are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day”
shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 
 “Capital Event” means, (a) with respect to TNP REIT, any Equity Issuance by TNP REIT, (b) with respect to the Parent, any Equity Issuance by the Parent, (c) with respect to
the Borrower, any Equity Issuance by the Borrower, and (d) with respect to the Borrower, the Parent or TNP REIT (as applicable), (i) the sale or refinancing of any of Borrower’s assets, the sale or

  
 - 4 -

 
refinancing of any Equity Interests in the Entities owned directly or indirectly by the Borrower, the Parent and/or TNP REIT, (ii) so long as an Event of Default is not continuing hereunder,
the sale or refinancing of an Approved Property or the collection of insurance or condemnation proceeds due to the occurrence of any damage or destruction to an Approved Property by reason of fire or other hazard or casualty or any condemnation for
public use of an Approved Property, (iii) during the continuance of an Event of Default, the sale or refinancing of a Real Property or the collection of insurance or condemnation proceeds due to the occurrence of any damage or destruction to a
Real Property by reason of fire or other hazard or casualty or any condemnation for public use of a Real Property, (iv) the collection (in full or settlement) of any Property Loan, or (v) the Borrower’s (and/or the Parent’s
and/or TNP REIT’s) receipt of any proceeds of any Excluded Rights (as defined in the Pledge Agreement). 

“Capital Expenditure Reserve” means, on an annual basis, an amount equal to $0.20 per square foot for
each property owned by a Borrower or the Parent (or a Subsidiary thereof) or such other amount as approved by Agent. 
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP. 
 “Change in Control” means (a) the acquisition of
ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof), of
shares representing more than fifty percent (50%) of the aggregate ordinary voting power represented by the issued and outstanding capital stock of TNP REIT; (b) occupation of a majority of the seats (other than vacant seats) on the board
of directors of TNP REIT by Persons who were neither (i) nominated by the board of directors of TNP REIT nor (ii) appointed by directors so nominated; or (c) the acquisition of direct or indirect Control of TNP REIT by any Person or
group; provided that the execution by TNP Advisor of an advisory agreement with, sale of TNP Advisor to, or joint venture of TNP Advisor with, a Permitted Advisor shall not constitute a Change in Control. 

“Change in Law” means (a) the adoption of any law, rule or regulation after the date of this
Agreement by any Governmental Authority, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for
purposes of Section 2.12(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any mandatory request, guideline or directive (whether or not having the force of law) of any Governmental Authority
made or issued after the date of this Agreement. 
 “Charges” has the meaning set forth in
Section 9.13. 
 “Code” means the Internal Revenue Code of 1986, as amended from
time to time. 

  
 - 5 -

 “Collateral” means all property, tangible or intangible,
real, personal or mixed, now or hereafter subject to the liens and security interests of the Loan Documents, or intended so to be, which Collateral shall secure the Obligations and the Hedging Obligations on a pari passu basis, provided,
however, that the Tranche B Collateral will be released on the Tranche B Maturity Date so long as no Event of Default exists at such time and, after such release, shall no longer constitute Collateral. 

“Commitment” means, with respect to each Lender, the obligation of such Lender to make Loans hereunder,
expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to
Section 9.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment, as applicable. The initial
aggregate amount of the Lenders’ Commitments is $35,000,000. 
 “Commitment Increase Termination
Date” means that date which is eighteen (18) months after the earlier to occur of (i) May 15, 2011 and (ii) the Tranche B Maturity Date and the repayment of the Tranche B Loans. 

“Competitor” means any Person that is a competitor of TNP, TNP REIT or any Affiliate or Subsidiary of
TNP or TNP REIT, or an Affiliate of a competitor, in each case, as disclosed in writing to Agent. 

“Compliance Certificate” has the meaning set forth in Section 5.01(d) hereof and a form of
which is attached hereto as Exhibit B. 
 “Contingent Obligation” means any
obligation of a Person arising from a guaranty, indemnity or other assurance of payment or performance of any Indebtedness, lease, dividend or other obligation (“primary obligations”) of another obligor (“primary
obligor”) in any manner, whether directly or indirectly (but, for purposes of clarification, excluding any such primary obligation to the extent such primary obligation is reflected on the balance sheet of either the Borrower or a
Guarantor), including any obligation of such Person under any (i) guaranty, endorsement, co-making or sale with recourse of an obligation of a primary obligor; (ii) obligation to make take-or-pay or similar payments regardless of
nonperformance by any other party to an agreement; and (iii) arrangement (a) to purchase any primary obligation or security therefor, (b) to supply funds for the purchase or payment of any primary obligation, (c) to maintain or
assure working capital, equity capital, net worth or solvency of the primary obligor, (d) to purchase real or personal property or services for the purpose of assuring the ability of the primary obligor to perform a primary obligation, or
(e) otherwise to assure or hold harmless the holder of any primary obligation against loss in respect thereof. The amount of any Contingent Obligation shall be deemed to be the stated or determinable amount of the primary obligation (or, if
less, the maximum amount for which such Person may be liable under the instrument evidencing the Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability with respect thereto. 

  
 - 6 -

 “Contract Sales Price” means the agreed upon
purchase price for the Real Property or the Equity Interests (as applicable) as set forth in the purchase and sale agreement, contract or other agreement by which Borrower or an Entity acquires the Real Property or Equity Interests (as applicable),
from a seller, prior to giving effect to any deduction or adjustment to such purchase price. 

“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, which includes the customary powers of a managing member of any limited liability company, any general partner of any limited
partnership, or any board of directors of a corporation. “Controlling” and “Controlled” have meanings correlative thereto. 
 “Cost” means (a) Acquisition Costs or (b) in the case of a Mortgaged Property whereby an existing lease is being amended to expand the premises covered by such lease pursuant to
an Approved Lease, the sum of Acquisition Costs plus costs incurred to complete such expansion, as approved by the Agent. 
 “Cost to Repair” has the meaning set forth in Section 5.06(c). 
 “Credit Party” means each Borrower and each Guarantor. 
 “Current Survey” shall mean the boundary survey of each of the Mortgaged Properties. 
 “Debt Yield” shall mean the Net Operating Income for each Mortgaged Property in the Mortgaged Property Pool as of the end of a given quarter divided by the outstanding principal balance
of the Tranche A Loans as of the end of such quarter (or other date of determination). 
 “Deed of
Trust” (whether one or more) means a deed of trust and security agreement, a mortgage and security agreement, or a security deed and security agreement covering the Mortgaged Properties. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse
of time or both would, unless cured or waived, become an Event of Default. 
 “Delinquent
Lender” means any Lender that shall fail or refuse to abide by its obligations under this Agreement, including without limitation its obligation to make available to Agent its pro rata share of any Loans, expenses or setoff
and such failure is not cured within five (5) days of receipt from the Agent of written notice thereof. 

“Depository” shall mean CommerceWest Bank, NA, a national banking association, or such other bank
approved by Agent. 
 “Direction Letter” means that certain letter by the TNP REIT to the
Depository, authorizing the Depository to comply with instructions given by Agent with respect to the proceeds held by Depository in connection with Equity Issuances by TNP REIT after receipt by Depository of a notice from Agent stating that an
Event of Default has occurred, and which Direction Letter shall be in form and substance approved by Agent and TNP REIT. 

  
 - 7 -

 “Distribution Account” means a deposit account established
at KeyBank for purposes of receipt of all cash and other Net Proceeds received as a direct or indirect distribution from the Equity Issuances and the Entities and/or other purposes. 

“Dollars” or “$” refers to lawful money of the United States of America. 

“DSCR” means the ratio obtained by dividing Net Operating Income for a Real Property by the sum of
regularly scheduled principal amortization (excluding any balloon, bullet, early repayment or similar principal payment which, in each case, repays such Indebtedness in full) during the applicable period and interest with respect to such Real
Property. 
 “EBITDA” means an amount derived from (a) net income, plus (b) to
the extent included in the determination of net income, depreciation, amortization, interest expense and income taxes, plus (c) acquisition fees payable plus (d) to the extent expressly subordinated to the Loans, asset
management and property management fees, plus or minus (e) to the extent included in the determination of net income, (i) any extraordinary losses or gains resulting from sales or payment of Indebtedness, in each case, as
determined on a consolidated basis in accordance with GAAP, (ii) gains and losses on asset sales, exchanges or transfers, (iii) one-time, non-recurring restructuring charges or reserves, (iv) organizational and offering expenses which
are required to be reimbursed solely through proceeds of an Equity Issuance, (v) non-recurring expenses subject to Agent’s reasonable approval, and (vi) other non-cash items as reasonably approved by Agent, and including (without
duplication) the Equity Percentage of EBITDA for the Borrower’s Unconsolidated Affiliates. 

“Effective Date” means the date on which the conditions specified in Section 4.01 are
satisfied (or waived in accordance with Section 9.02). 
 “Eligible Assignee” means
any Person who is: (i) currently a Lender; (ii) a commercial bank, trust company, insurance company, investment bank or pension fund organized under the laws of the United States of America, or any state thereof and having total assets in
excess of $5,000,000,000; (iii) a savings and loan association or savings bank organized under the laws of the United States of America, or any state thereof and having a tangible net worth of at least $500,000,000; or (iv) a commercial
bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development (“OECD”), or a political subdivision of any such country, and having total assets in excess of
$5,000,000,000, provided that such bank is acting through a branch or agency located in the United States of America; provided, however, that “Eligible Assignee” shall not include a Competitor or any tenant of any Real
Property to the extent such tenant has been disclosed in writing to the Agent. 
 “Entity or
Entities” means collectively, each Borrower Entity and REIT Entity, or individually, any Borrower Entity and/or REIT Entity, as the context may require. 

“Environmental Assessment” shall mean a written assessment and report approved by the Agent as to the
status of any Proposed Approved Properties and Proposed Mortgaged Properties regarding compliance with any Legal Requirements related to environmental matters and accompanied by a reliance letter satisfactory to the Agent. Each Environmental
Assessment must comply with all Legal Requirements. 

  
 - 8 -

 “Environmental Claim” means any notice of violation,
action, claim, Environmental Lien, demand, abatement or other order or direction (conditional or otherwise) by any Governmental Authority or any other Person for personal injury (including sickness, disease or death), tangible or intangible property
damage, damage to the environment, nuisance, pollution, contamination or other adverse effects on the environment, or for fines, penalties or restriction, resulting from or based upon (i) the existence, or the continuation of the existence, of
a Release (including, without limitation, sudden or non-sudden accidental or non-accidental Releases) of, or exposure to, any Hazardous Material, or other Release in, into or onto the environment (including, without limitation, the air, soil,
surface water or groundwater) at, in, by, from or related to any property owned, operated or leased by the Borrower or any of its Subsidiaries or any activities or operations thereof; (ii) the environmental aspects of the transportation,
storage, treatment or disposal of Hazardous Materials in connection with any property owned, operated or leased by the Borrower or any of its Subsidiaries or their operations or facilities; or (iii) the violation, or alleged violation, of any
Environmental Laws or Environmental Permits of or from any Governmental Authority relating to environmental matters connected with any property owned, leased or operated by the Borrower or any of its Subsidiaries. 

“Environmental Indemnity” means, collectively, each Environmental Agreement of even date herewith
executed by the Borrower and Guarantor and delivered to the Agent, together with each Environmental and Hazardous Substances Indemnity Agreement hereafter executed with respect to any of the Mortgaged Properties. 

“Environmental Laws” means all applicable laws, rules, regulations, codes, ordinances, orders, decrees,
judgments, injunctions, or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release
of any Hazardous Material or to health and safety matters and includes (without limitation) the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), 42 U.S.C. § 9601 et seq., the
Hazardous Materials Transportation Act, 49 U.S.C. § 1801 et seq., the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. § 136 et seq., the Resource Conservation and Recovery Act
(“RCRA”), 42 U.S.C. § 6901 et seq., the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq., the Clean Air Act, 42 U.S.C. §7401 et seq., the Clean Water Act, 33 U.S.C.
§ 1251 et seq., the Occupational Safety and Health Act, 29 U.S.C. § 651 et seq., (to the extent the same relates to any Hazardous Materials), and the Oil Pollution Act of 1990, 33 U.S.C. § 2701 et
seq., as such laws have been amended or supplemented, and the regulations promulgated pursuant thereto, and all analogous state and local statutes. 
 “Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) exposure to any Hazardous Materials in violation of any Environmental Law, (c) the Release or threatened
Release of any Hazardous Materials into the environment in violation of any Environmental Law or (d) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

  
 - 9 -

 “Environmental Lien” means any lien in favor of any
Governmental Authority arising under any Environmental Law. 
 “Environmental Permit” means any
permit required under any applicable Environmental Law or under any and all supporting documents associated therewith. 
 “Equity Interest” means, with respect to any Person, any limited liability company interests, membership interests, general partnership interests, limited partnership interests, any share
of capital stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such
Person, any security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or
such other interests), and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or
other interest is authorized or otherwise existing on any date of determination. 
 “Equity
Issuance” means any issuance 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, but shall specifically exclude any issuance by a Person of any Equity Interest in any Person in exchange for a contribution of real property (together with cash required by a
lender secured by such real property for escrow or reserve purposes and cash in any other property-related accounts) or Equity Interests in another Person, or any other non-cash consideration. 

“Equity Percentage” means the aggregate ownership percentage of Borrower in each Unconsolidated
Affiliate, which shall be calculated as the greater of (a) Borrower’s nominal capital ownership interest in the Unconsolidated Affiliate as set forth in the Unconsolidated Affiliate’s organizational documents, and
(b) Borrower’s economic ownership interest in the Unconsolidated Affiliate, reflecting Borrower’s share of income and expenses of the Unconsolidated Affiliate. 

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

 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together
with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the
Code. 
 “ERISA Event” means (a) any “reportable event”, as defined in
Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of

  
 - 10 -

 
an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV
of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to
administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any
ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be,
insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “Eurodollar,” when
used in reference to any Loan (e.g., a “Eurodollar Loan”) or Borrowing (e.g., a “Eurodollar Borrowing”), refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined
by reference to the Adjusted LIBO Rate. 
 “Event of Default” has the meaning assigned to such
term in Article VII. 
 “Excluded Taxes” means, with respect to the Agent, any Lender or
any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under
the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or
any similar tax imposed by any other jurisdiction in which the Borrower is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.16(b)), any withholding tax
that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with
Section 2.14(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to
such withholding tax pursuant to Section 2.14(a). 
 “Extension Fee” means the fee
payable in connection with the extension of the Tranche A Maturity Date in an amount equal to 0.40% of the Commitments at the time of such extension. 
 “Fair Market Value” means, with respect to (a) 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. 
 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers, as 

  
 - 11 -

 
published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Agent from three Federal funds brokers of recognized standing selected by it. 

“Financial Officer” means the chief financial officer or the chief accounting officer of TNP REIT.

 “Financing Statements” means all such Uniform Commercial Code financing statements as the
Agent shall require, duly authorized by the Credit Parties to give notice of and to perfect or continue perfection of the Lenders’ security interest in all Collateral (to the extent a security interest can be perfected by such filing).

 “Fixed Charge Coverage Ratio” shall mean the ratio of (a) the sum (without duplication)
of TNP REIT’s Adjusted EBITDA, the Parent’s Adjusted EBITDA and the Borrower’s Adjusted EBITDA, each on a consolidated basis, for the immediately preceding calendar quarter; to (b) the sum (without duplication) of all of the
principal due and payable and principal paid on TNP REIT’s Indebtedness, the Parent’s Indebtedness and the Borrower’s Indebtedness (excluding amounts paid in connection with balloon maturities), plus all of TNP REIT’s and the
Borrower’s Interest Expense, plus the aggregate of all cash dividends payable on the preferred stock of TNP REIT or any of its Subsidiaries, in each case on a consolidated basis and for the period used to calculate Adjusted EBITDA, all of the
foregoing calculated without duplication. 
 “Foreign Lender” means any Lender that is
organized under the laws of a jurisdiction other than that in which the Borrower is organized. 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. 
 “Funded Approved Property” means any Approved Property which is either:
(i) acquired, directly or indirectly using, in whole or in part, a Tranche B Loan, or (ii) an Approved Property owned, directly or indirectly, by an Entity whose Equity Interests were purchased, directly or indirectly, by a Borrower,
TNP REIT or an Entity, in each case using a Tranche B Loan. 
 “Future Commitment” as
defined in Section 2.17. 
 “GAAP” means generally accepted accounting principles
in the United States of America, subject to the provisions of Section 1.04. 
 “Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Ground Lease” means the ground lease for a Proposed Mortgaged Property pursuant to which a Borrower will lease such Proposed Mortgaged Property. 

  
 - 12 -

 “Guarantee” of or by any Person (the
“guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation
or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the
ordinary course of business. 
 “Guarantor” means collectively, the Tranche A Guarantors and,
until the Tranche B Maturity Date, the Tranche B Guarantors. 
 “Guaranty” means
collectively, that certain Guaranty Agreement of even date herewith executed by the Guarantors, together with other guaranties executed in connection with the Loans, each as may be amended from time to time. 

“Hazardous Materials” means all materials which are defined, described or identified as hazardous or
toxic materials, wastes or substances in applicable Environmental Laws; provided, that Hazardous Materials shall not include any such substances or wastes utilized or maintained at the Real Property in the ordinary course of business and in
accordance with all applicable Environmental Laws. 
 “Hedging Agreement” means any interest
rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 

“Hedging Obligations” means, with respect to TNP REIT, any Borrower or any Subsidiary of TNP REIT or a
Borrower, any obligations arising under any Hedging Agreement entered into with the Agent. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for
borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, including mandatorily redeemable preferred stock, (c) all obligations of
such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in
respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others,
(h) all Capital Lease Obligations of such Person, (i) all obligations, 

  
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contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect
of bankers’ acceptances, (k) all obligations contingent or otherwise, of such Person with respect to any Hedging Agreements (calculated on a mark-to-market basis as of the reporting date), and (1) payments received in consideration of
sale of an ownership interest in Borrower when the interest so sold is determined, and the date of delivery is, more than one (1) month after receipt of such payment and only to the extent that the obligation to deliver such interest is not
payable solely in such interest of such Person. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a
result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. Indebtedness shall be calculated on a consolidated basis
in accordance with GAAP, and including (without duplication) the Equity Percentage of Indebtedness for the Borrower’s Unconsolidated Affiliates. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
 “Initial Tranche A Maturity Date” means December 17, 2013. 
 “Interest Coverage Ratio” shall mean the ratio of (a) the sum (without duplication) of TNP REIT’s Adjusted EBITDA, the Parent’s Adjusted EBITDA and the Borrower’s
Adjusted EBITDA for the immediately preceding calendar quarter to (b) the sum (without duplication) of all Interest Expense of TNP REIT, the Parent and the Borrower for such period. 

“Interest Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing
in accordance with Section 2.05. 
 “Interest Expense” shall mean all of a
Person’s paid, accrued or capitalized interest expense on such Person’s Indebtedness (whether direct, indirect or contingent, and including, without limitation, interest on all convertible debt), and including (without duplication) the
Equity Percentage of Interest Expense for the Borrower’s (or TNP REIT’s) Unconsolidated Affiliates. 

“Interest Payment Date” means the first Business Day of each calendar month. 

“Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of
such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two or three months thereafter; provided, that (a) if any Interest Period would end on a day other than a Business Day, such Interest
Period shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next
preceding Business Day and (b) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of
such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is

  
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made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“KeyBank” as defined in the Preamble. 

“Lead Borrower” means TNP SRT Secured Holdings, LLC, a Delaware limited liability company. 

“Lease” means any lease, license agreement and other occupancy or use agreement (whether oral or
written), now or hereafter existing, which cover or relate to a Real Property or any part thereof, together with all options therefor, amendments thereto and renewals, modifications and guaranties thereof, including any cash or security deposited
under the Lease to secure performance by the tenants of its obligations under the Lease, whether such cash or security is to be held until the expiration of the terms of the Lease or applied to one or more of the installments of rent coming due
thereunder. 
 “Legal Requirements” means all applicable federal, state, county and local laws,
by-laws, rules, regulations, codes and ordinances, and the requirements of any Governmental Authority having or claiming jurisdiction with respect thereto, including, but not limited to, those applicable to zoning, subdivision, building, health,
fire, safety, sanitation, the protection of the handicapped, and environmental matters and shall also include all orders and directives of any Governmental Authority having or claiming jurisdiction with respect thereto. 

“Lenders” means the Persons holding Commitments listed on Schedule 2.01 and any other Person
that shall have become a party hereto pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance. 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the greater of
(a) two percent (2%) per annum, or (b) a rate per annum equal to the rate for U.S. dollar deposits for the subject Interest Period as shown on Reuters LIBOR01 Page or any successor service in Dow Jones Markets (formerly Telerate Page
3750) as of 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided, however, that if such rate does not then appear on Reuters LIBOR01 Page or any successor service, the “London
Interbank Offered Rate” applicable to a particular Interest Period shall mean a rate per annum equal to the rate at which U.S. dollar deposits in an amount approximately equal to the subject loan, and with maturities of equal to such
Interest Period, are offered in immediately available funds in the London Interbank Market to the London office of the Agent by leading banks in the Eurodollar market at 11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period. 
 “Lien” means, with respect to an asset, (a) any mortgage, deed of
trust, lien (statutory or other), pledge, hypothecation, negative pledge, collateral assignment, encumbrance, deposit arrangement, charge or security interest in, on or of such asset; (b) the interest of a vendor or a lessor under any
conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset; (c) the filing under the Uniform Commercial Code or
comparable law of any 

  
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jurisdiction of any financing statement naming the owner of the asset to which such Lien relates as debtor; (d) any other preferential arrangement of any kind or nature whatsoever intended
to assure payment of any Indebtedness or other obligation; and (e) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities, including any dividend reinvestment or redemption plans.

 “Liquidity” means the sum of unencumbered cash and cash equivalents plus marketable
securities and other short-term investments approved by Agent and unrestricted available borrowing capacity under the Commitments (subject to Borrowing Base Availability calculation and compliance with all requirements of Section 5.02).

 “Loan Documents” means this Agreement, the Notes, the Guaranty, the Pledge Agreements, the
Deed of Trust, the Financing Statements, the Environmental Indemnity, the Subordination of Management Fees, and all other instruments, agreements and written obligations executed and delivered by any of the Credit Parties in connection with the
transactions contemplated hereby. 
 “Loans” means the loans made by the Lenders to the
Borrower pursuant to this Agreement. 
 “Major Lease” means any Lease for all or any portion of
a Mortgaged Property that exceeds 10,000 square feet, but excluding any Lease that is on a month-to-month basis whereby the tenant does not have unilateral discretion regarding monthly renewals. 

“Majority Lenders” means, at any time, Lenders that are not Delinquent Lenders having Revolving Credit
Exposures and unused Commitments representing in excess of fifty percent (50%) of the sum of the total Revolving Credit Exposures and unused Commitments (excluding the Revolving Credit Exposures and unused Commitments of such Delinquent
Lenders) at such time. 
 “Management Company” means, collectively, TNP Advisor and/or TNP
Property Manager, LLC. 
 “Material Adverse Effect” means a material adverse effect, as
determined in good faith by Agent in its reasonable discretion, on (a) the business, assets, operations, or condition, financial or otherwise, of (i) the Borrower and its Subsidiaries, other than owners of Mortgaged Properties, and the
Guarantor, taken as a whole, or (ii) any owner of a Mortgaged Property to the extent that such material adverse effect results in a violation of the financial covenants set forth in Section 5.02, (b) the ability of any of the
Credit Parties to perform their obligations under the Loan Documents or (c) the rights of or benefits available to the Agent or the Lenders under the Loan Documents. 

“Material Contract” means any contract or other arrangement (other than Loan Documents), whether written
or oral, to which any Credit 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. 

  
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 “Maturity Date” means either the Tranche A Maturity Date or
the Tranche B Maturity Date, as applicable. 
 “Maximum Loan Available Amount” means, on any
date, an amount equal to the lesser of (a) the aggregate Commitments or (b) the Borrowing Base Availability. 
 “Maximum Rate” shall have the meaning set forth in Section 9.13. 
 “Moreno Marketplace” means that certain Real Property commonly known as Moreno Marketplace, located in Moreno Valley, California and owned by TNP SRT Moreno Marketplace, LLC. 

“Mortgaged Properties” means a Real Property which satisfies the Mortgaged Property Requirements has
been approved by Agent and Majority Lenders in accordance with Section 5.12, and which is subject to the Lien of a Deed of Trust in accordance with this Agreement, but excludes any Real Property which is released from the liens and
security interests of the Loan Documents pursuant to Section 5.14. 
 “Mortgaged Property
Pool” shall have the meaning set forth in Section 5.12(a)(i) hereof. 
 “Mortgaged
Property Requirements” shall have the meaning set forth in Section 5.12(a)(iii). 

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 “Net Operating Income” shall mean, for any income producing operating Real Property, the
difference between (a) any rentals, expense reimbursements and other income received from such property, but excluding any early lease termination penalties during the determination period, less (b) an amount equal to all costs and
expenses (excluding Interest Expense, depreciation and amortization expense, and any expenditures that are capitalized in accordance with GAAP) incurred as a result of, or in connection with, or properly allocated to, the operation or leasing of
such property during the determination period; provided, however, that the amount for the expenses for the management of a property included in clause (b) above shall be set at the lesser of actual or three percent (3%) of the
amount provided in clause (a) above, less (c) the Capital Expenditure Reserve. Net Operating Income shall be calculated based on the immediately preceding calendar quarter unless the Real Property has not been owned by the
Borrower or its Subsidiaries for the entirety of such calendar quarter, in which event Net Operating Income shall be grossed up for such ownership period. Net Operating Income shall be calculated on a consolidated basis in accordance with GAAP and
including (without duplication) the Equity Percentage of Net Operating Income for the Borrower’s Unconsolidated Affiliates. For any non-wholly owned properties, Net Operating Income and Indebtedness shall be adjusted for Borrower’s pro
rata share. All expenses described in this definition shall be calculated on an accrual basis. 
 “Net
Proceeds” means the total net proceeds directly or indirectly received or to be received by Borrower, Parent or TNP REIT (i.e. received by Borrower, Parent or TNP REIT or, to the extent of Borrower’s, Parent’s or TNP REIT’s
ownership therein, by an Entity owned by 

  
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Borrower, Parent or TNP REIT) from or with respect to a Capital Event. The net proceeds actually received by Borrower, Parent, TNP REIT or an Entity or available for distribution by an Entity,
the Borrower, Parent or TNP REIT from or with respect to a Capital Event shall be calculated as follows: 
 (a)
with respect to a sale or refinancing of a Real Property, the net proceeds shall be calculated as the sum of the gross proceeds less all customary and reasonable broker’s fees, prorations, taxes, other costs, expenses or obligations
payable in connection with the closing, and proceeds used to pay down Property Level Debt or which are required to be placed in escrow by a Property Lender, in each case in accordance with the terms of the Property Loan Documents for such Real
Property; 
 (b) with respect to any casualty or condemnation related to a Real Property, the net proceeds shall
be calculated as the total of all proceeds received by the Entity in connection therewith less proceeds used for repair or restoration and other costs incurred in connection with such casualty, or to repay the related Property Loan or which
are required to be placed in escrow by a Property Lender, in each case in accordance with the terms of the Property Loan Documents for such Real Property; 
 (c) with respect to any Equity Issuance by TNP REIT, the net proceeds shall be calculated as the sum of the aggregate amount of all cash and the Fair Market Value of all other property (other than
securities of TNP REIT being converted or exchanged in connection with such Equity Issuance) received by TNP REIT in respect of such Equity Issuance less of (i) investment banking fees, legal fees, accountants’ fees, underwriting
discounts and commissions and other customary fees and expenses actually incurred by TNP REIT in connection with such Equity Issuance but such fees and expenses in the aggregate shall not exceed 13% of the proceeds of the related Equity
Issuance and less (ii) distributions permitted under Section 6.05(a) and (b) of this Agreement; 
 (d) with respect to any Equity Issuance by the Borrower, the net proceeds shall be calculated as the aggregate amount of all cash and the Fair Market Value of all other property (other than securities of
the Borrower being converted or exchanged in connection with such Equity Issuance) received by the Borrower 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 the Borrower in connection with such Equity Issuance; and 
 (e) with respect to any Equity Issuance by the Parent, the net proceeds shall be calculated as the aggregate amount of all cash and the Fair Market Value of all other property (other than securities of
the Parent being converted or exchanged in connection with such Equity Issuance) received by the Parent 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 the Parent in connection with such Equity Issuance. 

“Non-Delinquent Lenders” means, collectively, those Lenders which are not Delinquent Lenders.

  
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 “Note” means a promissory note in the form attached hereto
as Exhibit D payable to a Lender evidencing certain of the obligations of the Borrower to such Lender and executed by Borrower, as the same may be amended, supplemented, modified or restated from time to time; “Notes”
means, collectively, all of such Notes outstanding at any given time. 
 “Obligations” means
all liabilities, obligations, covenants and duties of any Credit Party to the Agent and/or any Lender arising under or otherwise with respect to any Loan Document, whether direct or indirect (including those acquired by assumption), absolute or
contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof of any proceeding under any bankruptcy or other insolvency
proceeding naming such person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceedings. 
 “Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or
from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement, and not including the Excluded Taxes. 
 “Parent” means TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership. 
 “Parent Collateral” means the “Collateral” as defined in the Parent Pledge Agreement. 
 “Parent Pledge Agreement” means the first priority Pledge and Security Agreement (TNP Strategic Retail Operating Partnership, LP) of even date herewith by and between Parent and Agent, as
may be amended from time to time. 
 “PBGC” means the Pension Benefit Guaranty Corporation
referred to and defined in ERISA and any successor entity performing similar functions. 
 “Permitted
Advisor” means any Person that is Controlled, directly or indirectly, by TNP, Anthony W. Thompson, any Person who is an executive officer of TNP REIT on the Effective Date, or any Person who is on the board of directors of TNP REIT on the
Effective Date, as approved by Agent in its reasonable discretion. 
 “Permitted Encumbrances”
means: 
 (a) Liens, encumbrances or security interests pursuant to the Loan Documents and other agreements in
favor of the Agent and Lenders; 
 (b) Liens imposed by law for taxes that are not yet due or are being
contested in compliance with Section 5.05; 
 (c) pledges and deposits made in the ordinary course
of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; 

  
 - 19 -

 (d) deposits to secure the performance of bids, trade contracts, purchase,
construction or sales contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 

(e) the Title Instruments, Liens and other matters described in the Title Insurance Policy; 

(f) uniform commercial code protective filings with respect to personal property leased to TNP REIT, the Parent, the
Borrower or any of their respective Subsidiaries; and 
 (g) landlords’ liens for rent not yet due and
payable; 
 provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness
(other than the Loans). 
 “Permitted Investments” means: 

(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the
United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof; 

(b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and having an
investment grade credit rating on the date of acquisition; 
 (c) investments in certificates of deposit,
banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank
organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000; 

(d) fully collateralized repurchase agreements with a term of not more than 90 days for securities described in clause
(a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; 
 (e) investments in Subsidiaries and Unconsolidated Affiliates made in accordance with this Agreement; and 
 (f) the following investments in accordance with the investment strategy, objectives and policies set forth in the prospectus for TNP REIT filed with the United States Securities and Exchange Commission
pursuant to Rule 424(b)(3), dated April 13, 2010, as supplemented: (i) investments in existing retail properties; (ii) joint ventures for the purpose of obtaining interests in Real Property and developing and improving Real Property;
(iii) originating or acquiring real estate related loans and debt and derivative instruments related to real estate; and (iv) equity investments in real estate investment trusts and other real estate companies. 

“Permitted Liens” has the meaning set forth in Section 6.01. 

  
 - 20 -

 “Person” means any natural person, corporation, limited
liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of
ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Pledge Agreements” means, collectively, the Borrower Pledge Agreement, the Parent Pledge Agreement and
the TNP REIT Pledge Agreement. 
 “Pool Properties” means, collectively, the Real Properties
contained in the Mortgaged Property Pool and the Approved Property Pool. 
 “Pool Value” means
the lesser of (a) the aggregate Appraised Value of the Mortgaged Property Pool or (b) the aggregate Acquisition Cost of the Mortgaged Property Pool, provided that Agent may elect, in its reasonable discretion, to use the Acquisition Cost
for a particular Mortgaged Property notwithstanding the fact that the Acquisition Cost is higher than the Appraised Value for such Mortgaged Property. For the avoidance of doubt, the Pool Value of any one Mortgaged Property shall be the lesser of
(i) the Appraised Value of such Mortgaged Property or (b) the Acquisition Cost of such Mortgaged Property, provided that Agent may elect, in its reasonable discretion, to use the Acquisition Cost for such Mortgaged Property notwithstanding
the fact that the Acquisition Cost is higher than the Appraised Value for such Mortgaged Property. Prior to the Initial Maturity Date, Agent shall have the right to order updated Appraisals of the Mortgaged Properties for the purpose of determining
Pool Value, which Appraisals shall not be ordered more frequently than once annually at Lenders’ expense (unless an Event of Default has occurred and is continuing), and Agent shall have the right to order updated appraisals in connection with
the extension of the Tranche A Maturity Date and at any time during the continuance of an Event of Default, each at Borrower’s expense. 
 “Prime Rate” means the rate of interest per annum publicly announced from time to time by KeyBank National Association, as its prime rate in effect at its principal office in Cleveland,
Ohio; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 
 “Property Acquisition Escrow Account” means a deposit account held at KeyBank for the purposes provided herein. 

“Property Lender” shall mean a lender under any of the Property Loan Documents. 

“Property Level Debt” means, collectively, the Property Loans and other indebtedness secured by pledges
of ownership interests in the Entities. 
 “Property Loan Amount” means (a) in the case of
a Proposed Property Loan that is in existence prior to the date of the acquisition of the Proposed Property, the then outstanding balance of such existing Proposed Property Loan or (b) in the case of a new Proposed Property Loan to be entered
into in connection with (or to otherwise finance) the acquisition of the 

  
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Proposed Property, the outstanding balance of such Proposed Property Loan as of the closing of the acquisition of such Proposed Property. 

“Property Loans” means either (a) any loan, financing arrangement and/or debt secured by an
existing mortgage on an Approved Property; or (b) any loan, financing arrangement and/or debt to be secured by a mortgage on such Approved Property in connection with the Proposed Entity’s acquisition of such Approved Property (or interest
in such Approved Property). 
 “Property Loan Documents” means the loan documents and related
agreements executed by an Entity or Proposed Entity in connection with a Property Loan. 
 “Proposed
Approved Property” shall have the meaning set forth in Section 5.12(b)(ii). 
 “Proposed
Entity” means the Person that either, directly or indirectly, owns or will acquire a Proposed Approved Property, or any interest in a Proposed Approved Property. 

“Proposed Mortgaged Property” shall have the meaning set forth in Section 5.12(a)(iii). 

“Real Property” means, collectively, all interest in any land and improvements located thereon
(including direct financing leases of land and improvements owned by a Credit Party or a Subsidiary of Borrower), together with all equipment, furniture, materials, supplies and personal property now or hereafter located at or used in connection
with the land and all appurtenances, additions, improvements, renewals, substitutions and replacements thereof now or hereafter acquired by a Credit Party or a Subsidiary of Borrower. 

“Real Property Tenant” means any Person that is a tenant at a Real Property, in each case, as disclosed
in writing to Agent. 
 “Register” has the meaning set forth in Section 9.04.

 “REIT Entity” means, as of the date of determination (a) any Subsidiary of TNP REIT
that directly or indirectly owns a Pool Property or an interest in a Pool Property, (b) the Borrower and Parent, (c) any Person that owns a Pool Property in which TNP REIT owns or holds any Equity Interests, whether directly or indirectly,
and (d) any Subsidiary of any Entity, Subsidiary or Person set forth in subsections (a), (b) and (c), inclusive, of this definition; and which (in the case of (a), (b), (c) or (d) hereof), directly or indirectly owns (x) any
Pool Property or (y) any Equity Interests in any Entity, Subsidiary or other Person owning a Pool Property. Collectively, the term “REIT Entities” refers to all of the foregoing. 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the
respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Release” means any release, spill, emission, leaking, pumping, pouring, dumping, emptying, injection, deposit, disposal, discharge, dispersal, leaching or migration on or into the indoor
or outdoor environment or into or out of any property in violation of applicable Environmental Laws. 

  
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 “Remedial Action” means all actions, including without
limitation any capital expenditures, required or necessary to (i) clean up, remove, treat or in any other way address any Hazardous Material pursuant to applicable Environmental Laws; (ii) prevent the Release or threat of Release, or
minimize the further Release, of any Hazardous Material so it does not migrate or endanger public health or the environment; (iii) perform pre-remedial studies and investigations or post-remedial monitoring and care; or (iv) bring
facilities on any property owned or leased by the Borrower or any of its Subsidiaries into compliance with all Environmental Laws. 
 “Rents” means all rents, royalties, issues, profits, revenue, income, accounts, proceeds and other benefits of a Real Property, whether now due, past due or to become due, including all
prepaid rents and security deposits. 
 “Repair Work” means the work necessary to restore,
repair, rebuild or replace a Mortgaged Property or a Funded Approved Property that has been impacted by a casualty or condemnation pursuant to Section 5.06 below. 

“Required Lenders” means, at any time, Lenders that are not Delinquent Lenders having Revolving Credit
Exposures and unused Commitments representing at least 66-2/3% of the sum of the total Revolving Credit Exposures and unused Commitments (excluding the Revolving Credit Exposures and unused Commitments of such Delinquent Lenders) at such time.

 “Restricted Payment” means any dividend or other distribution (whether in cash, securities
or other property) with respect to any ownership interests in the Parent, Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any such ownership interests in the Parent or Borrower or any option, warrant or other right to acquire any such shares of capital stock of the Parent or the Borrower; provided that
the foregoing shall not preclude any dividend or distribution in connection with any contribution of real estate or Equity Interests, or any other non-cash consideration, in exchange for the issuance of Equity Interests. 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding
principal amount of such Lender’s Loans. 
 “San Jacinto Property” means that certain Real
Property commonly known as the San Jacinto Esplanade located in San Jacinto, California and owned by TNP SRT San Jacinto, LLC. 
 “SNDA Agreement” has the meaning set forth in Section 6.11(b). 
 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the
maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Governmental Authority to which the Agent is subject, with respect to the Adjusted LIBO Rate, for
Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to
constitute Eurocurrency funding and to be subject to such reserve requirements without benefit 

  
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of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall
be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Sub-Manager” means a third party property management company engaged by the Management Company with
respect to a Real Property that (a) does not have any direct contractual relationship with a Credit Party or an Entity, and (b) whose identity has been disclosed in writing to the Agent. 

“Subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared
in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more
than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or
one or more subsidiaries of the parent. 
 “Tangible Net Worth” shall mean total assets (gross
of accumulated depreciation) less (1) all intangible assets and (2) all liabilities (including contingent and indirect liabilities), all determined in accordance with GAAP. The term “intangibles” shall include, without
limitation, (i) deferred charges, and (ii) the aggregate of all amounts appearing on the assets side of any such balance sheet for franchises, licenses, permits, patents, patent applications, copyrights, trademarks, trade names, goodwill,
treasury stock, experimental or organizational expenses and other like intangibles. The term “liabilities” shall include, without limitation, (i) Indebtedness secured by Liens on Property of the Person with respect to which Tangible
Net Worth is being computed whether or not such Person is liable for the payment thereof, (ii) deferred liabilities, and (iii) Capital Lease Obligations. Tangible Net Worth shall be calculated on a consolidated basis in accordance with
GAAP other than as provided herein. 
 “Taxes” means any and all present or future taxes,
levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority. 

“Thompson” means Anthony W. Thompson. 

“Title Instruments” means true and correct copies of all instruments of record in the Office of the
County Clerk, the Real Property Records or of any other Governmental Authority affecting title to all or any part of the Mortgaged Properties, including but not limited to those (if any) which impose restrictive covenants, easements, rights-of-way
or other encumbrances on all or any part of the Mortgaged Properties. 
 “Title Insurance
Policy” means, collectively, the policies of title insurance in the aggregate face amounts equal to the aggregate Revolving Loan Commitment, issued in favor of the Agent by a title insurance company satisfactory to the Agent and insuring
that title to the 

  
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Mortgaged Properties is vested in Borrower, free and clear of any Lien, objection, exception or requirement, and that each Deed of Trust creates a valid first and prior lien on all the Mortgaged
Properties, subject only to the Permitted Encumbrances and such other exceptions as may be approved in writing by the Agent. The Title Insurance Policy shall include such provisions or endorsements as necessary to provide coverage on a revolving
credit basis (excluding creditor’s rights endorsements). 
 “TNP” means Thompson National
Properties, LLC, a Delaware limited liability company. 
 “TNP Advisor” means TNP Strategic
Retail Advisor, LLC, a Delaware limited liability company. 
 “TNP REIT” means TNP Strategic
Retail Trust, Inc., a Maryland corporation. 
 “TNP REIT Collateral” means the
“Collateral” as defined in the TNP REIT Pledge Agreement. 
 “TNP REIT Pledge
Agreement” means the first priority Pledge and Security Agreement (TNP Strategic Retail Trust, Inc.) of even date herewith by and between TNP REIT and Agent, as may be amended from time to time. 

“Total Asset Value” means the sum of (without duplication) (a) the aggregate Value of all Real
Property of TNP REIT, including Parent, Borrower and Borrower’s Subsidiaries, plus (b) the amount of any cash and cash equivalents plus the value of any marketable securities or other short-term investments approved by the Agent, excluding
tenant security and other restricted deposits of TNP REIT, Parent, Borrower and its Subsidiaries. For any non-wholly owned Real Properties, Total Asset Value shall be adjusted for TNP REIT’s, Parents, Borrower’s and its Subsidiaries’
pro rata ownership percentage. 
 “Total Leverage Ratio” shall mean the ratio (expressed as a
percentage) of (a) the sum (without duplication) of the Borrower’s Indebtedness plus the Parent’s Indebtedness plus TNP REIT’s Indebtedness to (b) Total Asset Value. 

“Tranche A Applicable Percentage” means, with respect to any Tranche A Lender, the percentage of the
total Tranche A Commitments represented by such Tranche A Lender’s Tranche A Commitment. If the Tranche A Commitments have terminated or expired, the Tranche A Applicable Percentages shall be determined based upon the Tranche A Exposure most
recently in effect, giving effect to any assignments. 
 “Tranche A Available Amount” means the
lesser of (a) the Tranche A Commitment and (b) as adjusted from time to time pursuant to the terms hereof, the lesser of (i) sixty-five percent (65%) of the Pool Value; or (ii) the Tranche A loan amount which would produce a
Debt Yield of no less than (A) from the Effective Date through June     , 2011, twelve percent (12%); and (B) thereafter, thirteen percent (13%). 

“Tranche A Commitment” means, with respect to each Tranche A Lender, the commitment of such
Tranche A Lender to make Tranche A Loans hereunder, expressed as an 

  
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amount representing the maximum aggregate amount of such Tranche A Lender’s Tranche A Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant
to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Tranche A Lender’s Tranche A Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to
which such Tranche A Lender shall have assumed its Tranche A Commitment, as applicable. The initial aggregate amount of the Tranche A Lenders’ Tranche A Commitments is $25,000,000, which amount shall increase to $30,000,000
on February 15, 2011 (or such earlier date as requested by the Borrower) so long as the Tranche B Commitment has decreased to $5,000,000 or less (and any outstanding Tranche B Loans have been repaid to that amount) and shall further
increase to $35,000,000 on June 30, 2011 (or such earlier date as requested by the Borrower) so long as the Tranche B Commitment has decreased to $0 (and any outstanding Tranche B Loans have been repaid to that amount). 

“Tranche A Exposure” means, with respect to any Tranche A Lender at any time, the sum of the
outstanding principal amount of such Tranche A Lender’s Tranche A Loans. 
 “Tranche A
Guarantor” means, collectively, TNP REIT and the Parent, their respective successors and/or assigns and any other Person who from time to time has executed a Guaranty of the Tranche A Loans as required by the terms of this Agreement.

 “Tranche A Lenders” means the Persons holding Tranche A Commitments listed on
Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance. 

“Tranche A Loans” means the loans made by the Tranche A Lenders to the Borrower pursuant to this
Agreement. 
 “Tranche A Maturity Date” means the Initial Tranche A Maturity Date, as may
be extended to December 17, 2014 upon satisfaction of the following conditions: (a) receipt by Agent of Borrower’s written notification of such extension at least 60, but not more than 90, days prior to the initial Tranche A
Maturity Date; (b) no Default or Event of Default shall have occurred and be continuing; and (c) payment of the Extension Fee at least 5 days prior to the Initial Tranche A Maturity Date. 

“Tranche B Applicable Percentage” means, with respect to any Tranche B Lender, the percentage of the
total Tranche B Commitments represented by such Tranche B Lender’s Tranche B Commitment. If the Tranche B Commitments have terminated or expired, the Tranche B Applicable Percentages shall be determined based upon the Tranche B Exposure most
recently in effect, giving effect to any assignments. 
 “Tranche B Available Amount” means the
lesser of (a) the Tranche B Commitment and (b) as adjusted from time to time pursuant to the terms hereof, the least of (i) the Tranche B loan amount which would produce an Aggregate Loan to Cost Ratio of no greater than
seventy-five percent (75%); (ii) the Tranche B loan amount which would produce an Aggregate Loan to Value Ratio of no greater than seventy-five percent (75%) or (iii) the Tranche B loan amount which would produce an
Aggregate DSCR of no less than 1.30:1. 

  
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 “Tranche B Collateral” means, collectively, the
Borrower Collateral, the TNP REIT Collateral and the Parent Collateral, excluding therefrom any and all rights in and relating to the Borrower’s, Parent’s and TNP REIT’s ownership of Parent and a Borrower, as applicable, and as more
particularly described in the applicable Pledge Agreement. 
 “Tranche B Commitment” means,
with respect to each Tranche B Lender, the commitment of such Tranche B Lender to make Tranche B Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Tranche B Lender’s Tranche B Exposure hereunder, as
such commitment may be reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Tranche B Lender’s Tranche B Commitment is set forth on
Schedule 2.01, or in the Assignment and Acceptance pursuant to which such Tranche B Lender shall have assumed its Tranche B Commitment, as applicable. The initial aggregate amount of the Tranche B Lenders’ Tranche B Commitments is
$10,000,000, which amount shall decrease to $5,000,000 on February 15, 2011 (or such earlier date as requested by the Borrower) and shall further decrease to $0 and terminate on June 30, 2011 (or such earlier date as requested by the
Borrower). 
 “Tranche B Exposure” means, with respect to any Tranche B Lender at any time, the
sum of the outstanding principal amount of such Tranche B Lender’s Tranche B Loans. 
 “Tranche B
Guarantor” means, collectively, TNP, AWT Family Limited Partnership, a California limited partnership, and Thompson, their respective heirs (with respect to Thompson), successors and/or assigns and any other Person who from time to time has
executed a Guaranty of the Tranche B Loans as required by the terms of this Agreement. 
 “Tranche B
Lenders” means the Persons holding Tranche B Commitments listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a
party hereto pursuant to an Assignment and Acceptance. 
 “Tranche B Loans” means the loans
made by the Tranche B Lenders to the Borrower pursuant to this Agreement. 
 “Tranche B Maturity
Date” means June 30, 2011 or such earlier date as requested by the Borrower upon which the Tranche B Commitments shall terminate and the Tranche B Loans shall be indefeasibly paid in full. 

“Transactions” means the execution, delivery and performance by the Credit Parties of the Loan
Documents, the borrowing of Loans, and the use of the proceeds thereof. 
 “Type,” when used in
reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 

“Unconsolidated Affiliate” means, without duplication, in respect of any Person, any other Person (other
than a Person whose stock is traded on a national trading exchange) in whom such Person holds a voting equity or ownership interest and whose financial results would not be 

  
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consolidated under GAAP with the financial results of such Person on the consolidated financial statements of such Person. 

“Unused Fee” as defined in Section 2.09(a). 

“Value” means the sum of the following: 

(a) for Real Property that is not in the Mortgaged Property Pool, annualized prior quarter Net Operating Income divided
by 8.75; plus 
 (b) for Real Property that is under development or is undeveloped land, the cost basis; plus

 (c) for Real Property that is in the Mortgaged Property Pool, the aggregate Pool Value, 

provided, however, that (i) for Real Properties not owned for the entire prior quarter, Net Operating Income shall be
grossed up for such ownership period; and (ii) Net Operating Income from Real Properties no longer owned at the end of the fiscal quarter in question shall be excluded. 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial
withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 SECTION 1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a “Eurodollar Loan”).
Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing”). 

SECTION 1.03 Terms Generally. The definitions of terms herein shall apply equally to the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes,” and “including” shall be deemed to
be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference
to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof,” and
“hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

  
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 SECTION 1.04 Accounting Terms; GAAP. Except as
otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Lead Borrower notifies the Agent that the Borrower requests an
amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Agent notifies the Lead Borrower that the Required Lenders
request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in
effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 

SECTION 1.05 Designation of Lead Borrower as Agent for Borrower. 

(a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as that Borrower’s agent to obtain
Loans, the proceeds of which shall be available to each Borrower as set forth herein. As the disclosed principal for its agent, each Borrower shall be obligated to the Agent and the Lenders on account the Loans as if made directly by the Lenders to
that Borrower, notwithstanding the manner by which such Loans are recorded on the books and records of the Lead Borrower and/or of any Borrower (including, without limitation, on account of any such treatment of said Loan as an equity investment in
a Borrower by Lead Borrower). 
 (b) Each Borrower recognizes that credit available to it under the Loans are in
excess of and on better terms than it otherwise could obtain on and for its own account and that one of the reasons therefor is its joining in the credit facility contemplated herein with all other Borrowers. Consequently, each Borrower, jointly and
severally, hereby assumes and agrees fully, faithfully, and punctually to discharge all Indebtedness and other Obligations of all of the Borrowers. 
 (c) The Lead Borrower shall act as a conduit for each Borrower (including itself, as a “Borrower”) on whose behalf the Lead Borrower has requested a Loan. 

(d) The proceeds of each Loan which is requested by the Lead Borrower shall be advanced as and when otherwise provided
herein or as otherwise indicated by the Lead Borrower. The Lead Borrower shall cause the transfer of the proceeds thereof to the Borrower(s) on whose behalf such Loan was obtained. Neither the Agent nor any Lender shall have any obligation to see to
the application of such proceeds. 
 (e) Each Borrower hereby irrevocably designates and appoints the Lead
Borrower as that Borrower’s attorney-in-fact to act in the Borrower’s name and stead and to do and perform all matters, to grant to the Agent for the benefit of the Lenders a security interest in the Collateral, transact all business, and
make, execute and acknowledge all Loan Documents and other instruments relating to this Agreement including but not limited to, this Agreement, the Note, and the Deed of Trust. Each Borrower hereby acknowledges and agrees that the power of attorney
created hereby is coupled with an interest. 

  
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 (f) Nothing contained herein shall be deemed or otherwise construed to
modify, waive, or otherwise limit the obligations of Guarantor under its respective Guaranty to the Agent and the Lenders. 

ARTICLE II.  
 The Credits 
 SECTION 2.01
Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Loans to the Borrower in amounts requested by the Borrower from time to time during the Availability Period in an aggregate principal amount
that will not result in (i) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment, (ii) if applicable, such Tranche A Lender’s Tranche A Exposure exceeding such Tranche A Lender’s Tranche A
Commitment; (iii) if applicable, such Tranche B Lender’s Tranche B Exposure exceeding such Tranche B Lender’s Tranche B Commitment; (iv) the aggregate Revolving Credit Exposure of all Lenders exceeding the Maximum Loan Available
Amount, (v) if applicable, the aggregate Tranche A Exposure of all Tranche A Lenders exceeding the Tranche A Available Amount or (vi) if applicable, the aggregate Tranche B Exposure of all Tranche B Lenders exceeding the Tranche B
Available Amount; provided however, that no Lender shall be obligated to make a Loan in excess of the following (as applicable): (a) such Lender’s Applicable Percentage of the difference between the Maximum Loan Available Amount and the
aggregate Revolving Credit Exposure of all Lenders; (b) such Tranche A Lender’s Tranche A Applicable Percentage of the difference between the Tranche A Available Amount and the aggregate Tranche A Exposure of all Tranche A Lenders; or
(c) such Tranche B Lender’s Tranche B Applicable Percentage of the difference between the Tranche B Available Amount and the aggregate Tranche B Exposure of all Tranche B Lenders. Within the foregoing limits and subject to the terms
and conditions set forth herein, the Borrower may borrow, prepay and reborrow Loans. 
 SECTION 2.02
Loans and Borrowings. 
 (a) Each Loan shall be made as part of a Borrowing consisting of Loans
made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the
Lenders are several, and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
 (b) Subject to Section 2.11, each Borrowing shall be comprised solely of ABR Loans or Eurodollar Loans and of Tranche A Loans or Tranche B Loans as the Borrower may request in accordance with
this Agreement. Each Lender, at its option, may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the
Borrower to repay such Eurodollar Loan in accordance with the terms of this Agreement. 
 (c) At the
commencement of each Interest Period for any Eurodollar Borrowing, such Eurodollar Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $1,000,000. At the time that each ABR Borrowing is made, such ABR

  
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Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $1,000,000, provided that an ABR Borrowing may be in an aggregate amount that is equal
to the entire unused balance of the Tranche A Available Amount or Tranche B Available Amount, as applicable. Borrowings of more than one Type may be outstanding at the same time; provided that there shall not at any time be more than a total
of five (5) Eurodollar Borrowings outstanding. 
 (d) Notwithstanding any other provision of this
Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 

SECTION 2.03 Requests for Borrowings and Approval of Proposed Properties. To request a
Borrowing, Lead Borrower (on behalf of the Borrower) shall notify the Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 12:00 noon, Boston, Massachusetts time, three (3) Business Days before
the date of the proposed Eurodollar Borrowing or (b) in the case of an ABR Borrowing, not later than 12:00 noon, Boston, Massachusetts time, one (1) Business Day before the date of the proposed ABR Borrowing. Each such telephonic Borrowing
Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Agent of a written Borrowing Request in the form of Exhibit E and a Borrowing Base Certificate in the form of Exhibit G, each as
attached hereto and hereby made a part hereof and signed by Lead Borrower, on behalf of the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) the aggregate amount of the requested Borrowing; 

(ii) the date of such Borrowing, which shall be a Business Day; 

(iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

(iv) in the case of a Eurodollar Borrowing, the Interest Period to be applicable thereto, which shall be a
period contemplated by the definition of the term “Interest Period”; 
 (v) whether
such Borrowing is to be a Tranche A Borrowing or a Tranche B Borrowing; and 
 (vi) the location
and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.04. 
 If no election as to the Type of Borrowing is specified in the Borrowing Request, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested
Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration, in the case of a Eurodollar Borrowing. Promptly following receipt of a Borrowing Request in accordance with this
Section 2.03, the Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

  
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 Notwithstanding anything herein to the contrary, the Borrower shall have
complied with Section 5.12 prior to submitting such Borrowing Request if the proceeds of such Borrowing are being used to fund the direct or indirect purchase of a Mortgaged Property or a Funded Approved Property. 

SECTION 2.04 Funding of Borrowings. 

(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds by 12:00 noon, Boston, Massachusetts time, to the account of the Agent most recently designated by it for such purpose by notice to the Lenders. The Agent will make such Loans available to the Borrower by promptly
crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Agent in Boston, Massachusetts, or wire transferred to such other account or in such manner as may be designated by the Borrower in the applicable
Borrowing Request. 
 (b) Unless the Agent shall have received notice from a Lender prior to the proposed date
of any Borrowing that such Lender will not make available to the Agent such Lender’s share of such Borrowing, the Agent may assume that such Lender has made such share available on such date in accordance with Section 2.04(a) and
may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Agent, then the Agent shall notify the Borrower and
such Lender of the funding by the Agent, and the applicable Lender and the Borrower severally agree to pay to the Agent within three (3) Business Days after demand such corresponding amount (with demand to be first made on such Lender) with
interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a
rate determined by the Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to the corresponding Loan made to the Borrower. If the Borrower and such Lender
pay such interest to the Agent for an overlapping period, the Agent shall credit the future interest payments of Borrower by an amount (as calculated by Agent in its reasonable discretion) equal to the interest paid by Borrower for such overlapping
period. If such Lender pays such amount to the Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a
Delinquent Lender. 
 SECTION 2.05 Interest Elections. 

(a) Each Borrowing initially shall be of the Type and from the Tranche specified in the applicable Borrowing Request and,
in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a
Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section 2.05. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall
be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

  
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 (b) To make an election pursuant to this Section 2.05, the Lead
Borrower shall notify the Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on
the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Agent of a written Interest Election Request in the form of a Borrowing
Request (with proper election made for an interest rate election only) and signed by the Lead Borrower. 
 (c)
Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each
resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 

(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a
Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar
Borrowing; and 
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period
to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. 
 (d) Promptly following receipt of an Interest Election Request, the Agent shall advise each Lender
of the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower
fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Eurodollar Borrowing is repaid as provided herein, at the end of such Interest
Period such Eurodollar Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Agent, at the request of the Required Lenders, so notifies the Lead
Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing
at the end of the Interest Period applicable thereto. 
 SECTION 2.06 Termination, Reduction
and Increase of Commitments. 
 (a) Unless previously terminated by the Agent or Borrower in accordance
with this Agreement, the Tranche A Commitments shall terminate on the Tranche A Maturity Date, and 

  
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the Tranche B Commitments shall terminate on the Tranche B Maturity Date. On the Tranche B Maturity Date: (i) the Tranche B Guarantors shall automatically be released from the
Guaranty and shall no longer be deemed a “Guarantor” under the Loan Documents (except to the extent the obligations of the Tranche B Guarantors explicitly survive the repayment of the Loans and termination of the Commitments);
(ii) so long as no Event of Default has occurred and is continuing, the Liens and security interests of the Agent and Lenders in the Tranche B Collateral shall automatically terminate; and (iii) except as set forth in clause (i)
above, the representations, warranties, covenants and negative covenants set forth in the Loan Documents with respect to the Tranche B Guarantors, the Approved Properties which do not also constitute Mortgaged Properties, the Funded Approved
Properties and so long as no Event of Default has occurred and is continuing, the Tranche B Collateral shall no longer be deemed to be made, shall be of no further force and effect and shall not be deemed to be remade with respect to any
Borrowings made after the Tranche B Maturity Date. If an Event of Default exists as of the Tranche B Maturity Date, the Liens and security interests of the Agent and Lenders in the Tranche B Collateral shall automatically terminate at
such time as no Events of Default exist and at such time the representations, warranties, covenants and negative covenants set forth in the Loan Documents with respect to the Tranche B Collateral shall no longer be deemed to be made and shall be of
no further force and effect. Agent and Lenders agree to execute, file and record any and all documents reasonably requested by Borrower or any Tranche B Guarantor to evidence such release or termination, at Borrower’s sole cost and
expense. 
 (b) The Borrower may only reduce the Commitments without the prior written consent of the Agent and
all of the Lenders in the following circumstances: the Borrower may from time to time reduce the Commitments, provided that each reduction in the Commitments shall be in an amount that is at least $5,000,000 and integrals thereof, and the total
Commitments may not be reduced to less than $20,000,000 unless the Commitments are reduced to zero and terminated. The Borrower shall not reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with
Section 2.08, the aggregate Revolving Credit Exposure of all Lenders would exceed the Maximum Loan Available Amount as so reduced or, as applicable, the Tranche A Available Amount and/or the Tranche B Available Amount. Any reduction of
the Commitments pursuant to this Section 2.06 shall be applied pro rata between the Tranche A Commitment and the Tranche B Commitment. After any reduction in the Commitments, the Borrower’s option to increase the Commitments
provided in Section 2.06(d) shall terminate. 
 (c) The Lead Borrower shall notify the Agent of any
election to reduce the Commitments under Section 2.06(b) at least three (3) Business Days prior to the effective date of such reduction, specifying such election and the effective date thereof. Promptly following receipt of any
notice, the Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Lead Borrower pursuant to this Section 2.06(c) shall be irrevocable. Any reduction of the Commitments shall be permanent. Each reduction in
the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 
 (d)
So long as the Borrower is not then in Default, and the Borrower has not previously decreased the Commitments under Section 2.06(b), the Borrower may, at any time after the Tranche B Maturity Date but prior to the Commitment Increase
Termination Date, request that the Commitments be increased, so long as (a) each increase is in a minimum amount 

  
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of $5,000,000 and an integral multiple of $5,000,000 (or such smaller amounts as the Agent may approve), (b) the aggregate Commitments do not exceed $150,000,000 (the “Maximum
Commitment”), and (c) the aggregate amount of all such increases do not exceed $115,000,000. If the Borrower requests that the total Commitments be increased pursuant to this Section 2.06(d), the Agent shall use its best
efforts to obtain increased or additional commitments up to the Maximum Commitment, and to do so the Agent may obtain additional lenders of its choice (and approved by Borrower, such approval not to be unreasonably withheld or delayed,
provided that Borrower shall have the right, in its sole discretion, to reject any proposed lenders that are Competitors or tenants of any Real Property), and without the necessity of approval from any of the Lenders. The Borrower and each
other Credit Party shall execute an amendment to this Agreement, additional Notes and other documents as the Agent may reasonably require to evidence the increase of the Commitments, the addition of new projects as Mortgaged Properties, if
applicable, and the admission of additional Persons as Lenders, if necessary. 
 SECTION 2.07
Repayment of Loans; Evidence of Debt. 
 (a) The Borrower hereby unconditionally promises to pay
(i) to the Agent for the account of each Tranche A Lender the then unpaid principal amount of each Tranche A Loan on the Tranche A Maturity Date, and (ii) to the Agent for the account of each Tranche B Lender the then unpaid principal
amount of each Tranche B Loan on the Tranche B Maturity Date. At the request of each Lender, the Loans made by such Lender shall be evidenced by a Note payable to such Lender in the amount of such Lender’s Commitment. 

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

(c) The Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type
and Tranche thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received
by the Agent hereunder for the account of the Lenders and each Lender’s share thereof. Borrower shall be entitled to rely on the accounts prepared by Agent (in lieu of any accounts maintained by each Lender), and Agent agrees to provide
Borrower with statements of such accounts following Borrower’s written request. 
 (d) The entries made in
the accounts maintained pursuant to Section 2.07(b) or (c) shall be prima facie evidence of the existence and amounts of the obligations recorded therein absent manifest error; provided that the failure
of any Lender or the Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 

  
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 SECTION 2.08 Prepayment of Loans. 

(a) The Borrower shall have the right at any time and from time to time to prepay, without penalty, any Borrowing in
whole or in part, subject to prior notice in accordance with Section 2.08(b), and subject to Section 2.13, if applicable. 
 (b) The Lead Borrower shall notify the Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m.,
Boston, Massachusetts time, three (3) Business Days before the date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., Boston, Massachusetts time, one Business Day before the date of
prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid. Promptly following receipt of any such notice relating to a Borrowing, the Agent
shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that is an integral multiple of $100,000 and not less than $500,000. Each prepayment of a Borrowing shall be applied ratably to the
Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.10. 
 (c) In connection with the prepayment of any Loan prior to the expiration of the Interest Period applicable thereto, the Borrower shall also pay any applicable expenses pursuant to
Section 2.13. 
 (d) Borrower shall apply one hundred percent (100%) of the Net Proceeds of the
Equity Issuances by TNP REIT to prepay the Tranche B Loans, subject to the exceptions set forth in Section 5.18. 
 (e) Amounts to be applied to the prepayment of Loans pursuant to any of the preceding subsections of this Section 2.08 shall be applied, first, to reduce outstanding ABR Loans and next, to the
extent of any remaining balance, to reduce outstanding Eurodollar Loans. Each such prepayment shall be applied to prepay ratably the Loans of the Lender. 
 (f) If at any time (i) the aggregate Revolving Credit Exposure of all Lenders exceeds the then effective Maximum Loan Available Amount, (ii) the aggregate Tranche A Exposure of all Tranche A
Lenders exceeds the then effective Tranche A Available Amount; or (iii) the aggregate Tranche B Exposure of all Tranche B Lenders exceeds the then effective Tranche B Available Amount, the Borrower shall prepay the applicable Loans in an amount
equal to such excess within one (1) Business Day after such occurrence. 
 SECTION 2.09
Fees. 
 (a) The Borrower agrees to pay to the Agent for the account of each Lender an unused fee,
which shall accrue at 0.45% per annum on the average daily unused amount of the Commitment of such Lender (the “Unused Fee”) during the period from and including the date of this Agreement to, but excluding, the date on which
such Commitment terminates; provided, however, that the Unused Fee due to any Lender shall be pro rated for any days during such period when such Lender was a Delinquent Lender. Unused Fees accrued through and including the last day of
March, June, September and December of each year shall be payable on the third 

  
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Business Day following such last day and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof; provided that any Unused Fees accruing
after the date on which the Commitments terminate shall be payable on demand. All Unused Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the
last day) and shall be based on the then existing Commitments of the Lenders. 
 (b) The Borrower agrees to pay
to the Agent, for the account of each Lender, the Extension Fee at least 5 days prior to the Initial Tranche A Maturity Date; provided, however, that if any Lender is a Delinquent Lender at the time the Extension Fee is paid, the
portion due to any Delinquent Lender shall be held in escrow by Agent until either (i) such Delinquent Lender becomes a Non-Delinquent Lender (at which time the applicable portion of the Extension Fee shall be paid to such Lender) or
(ii) such Delinquent Lender is replaced pursuant to Section 2.17 (at which time the applicable portion of the escrowed Extension Fee shall be returned to Borrower). 

(c) The Borrower agrees to pay to the Agent, for its own account, fees payable in the amounts and at the times separately
agreed upon in the fee letters executed between the Borrower, KeyBank, Lead Arranger and the Agent. 
 (d) All
fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Agent for distribution, in the case of facility fees and participation fees, to the Lenders. Fees paid shall not be refundable under any circumstances.

 SECTION 2.10 Interest. 

(a) The Loans comprising each ABR Borrowing shall bear interest at the lesser of (x) the Alternate Base Rate plus
the Applicable Rate, or (y) the Maximum Rate. 
 (b) The Loans comprising each Eurodollar Borrowing shall
bear interest at the lesser of (a) the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, or (b) the Maximum Rate. 

(c) Notwithstanding the foregoing, (A) if any principal of or interest on any Loan or any fee or other amount
payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of
overdue principal of any Loan, the lesser of (x) 4% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.10, or (y) the Maximum Rate, or (ii) in the case of any other
amount, the lesser of (x) 4% plus the rate applicable to ABR Loans as provided in Section 2.10(a), or (y) the Maximum Rate; and (B) after the occurrence and during the continuance of any Event of Default, at the option of
the Agent, or if the Agent is directed in writing by the Required Lenders to do so, the Loan shall bear interest at a rate per annum equal to the lesser of (x) 4% plus the rate otherwise applicable to such Loan as provided in the preceding
paragraphs of this Section 2.10, or (y) the Maximum Rate. 
 (d) Accrued interest on each Loan
shall be payable in arrears on each Interest Payment Date for such Loan upon termination of the Commitments; provided that (i) interest 

  
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accrued pursuant to Section 2.10(c) shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the
end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the
current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 
 (e) All interest hereunder shall be computed on the basis of a year of 360 days and twelve (12) 30-day months, and in each case shall be payable for the actual number of days elapsed (including the
first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.11 Alternate Rate of Interest. If prior to the commencement of any Interest Period
for a Eurodollar Borrowing: 
 (a) the Agent determines (which determination shall be conclusive absent manifest
error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
 (b) the Agent is advised by the Required Lenders that (i) the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such
Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period and (ii) such fact is generally applicable to its loans of this type to similar borrowers, as evidenced by a
certification from such Lenders; 
 then the Agent shall give notice thereof to the Lead Borrower and the Lenders by telephone
or telecopy as promptly as practicable thereafter and, until the Agent notifies the Lead Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion
of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if
the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 
 SECTION 2.12 Increased Costs. 
 (a) If
any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or
similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 

(ii) impose on any Lender or the London interbank market any other condition (other than one relating to
Excluded Taxes) affecting this Agreement or Eurodollar Loans made by such Lender; 

  
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 and the result of any of the foregoing shall be to increase the cost to such
Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the
Borrower will pay to such Lender, within fifteen (15) days of any written request by such Lender, such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered, which amounts shall be
determined by such Lender in its sole but reasonable judgment, after good faith and reasonable computation. 

(b) If any Lender determines that any Change in Law regarding capital 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 or the Loans made by such Lender, to a level below that which such Lender or such
Lender’s holding company could have achieved but for such Change in Law (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 Lender, as the case may be, within fifteen (15) days of any written request by such Lender, such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction
suffered, which amounts shall be determined by such lender in its sole but reasonable judgment, after good faith and reasonable computation. 
 (c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in Section 2.12(a) or
(b) shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender, the amount shown as due on any such certificate within fifteen (15) days after receipt thereof. 

(d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section 2.12 shall not
constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section 2.12 for any increased costs or reductions incurred more
than 180 days prior to the date that such Lender notifies the Lead Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further
that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.13 Break Funding Payments. In the event of (a) the payment of any principal of
any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable
thereto, (c) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.08(b)), or (d) the
assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Lead Borrower pursuant to Section 2.16, then, in any such event, the Borrower shall compensate each
Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be 

  
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deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not
occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue,
for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the
commencement of such period, for dollar deposits of a comparable amount and period from other banks in the Eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this
Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

SECTION 2.14 Taxes. 

(a) Any and all payments by or on account of any obligation of the Borrower hereunder shall be made free and clear of and
without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums payable under this Section 2.14) the Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such
deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with
applicable law. 
 (c) The Borrower shall indemnify the Agent and each Lender, within 10 days after written
demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder (including Indemnified
Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.14) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes
or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or by the Agent on its own behalf or on behalf of
a Lender, shall be conclusive absent manifest error. 
 (d) As soon as practicable after any payment of
Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return
reporting such payment or other evidence of such payment reasonably satisfactory to the Agent. 
 (e) Any
Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty 

  
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to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Lead Borrower (with a copy to the Agent), at the time or times prescribed by applicable
law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Lead Borrower as will permit such payments to be made without withholding or at a reduced rate. 

SECTION 2.15 Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 

(a) The Borrower shall make each payment required to be made by it hereunder (whether of principal,
interest, fees or of amounts payable under Section 2.12, 2.13 or 2.14, or otherwise) prior to 1:00 p.m., Boston, Massachusetts time, on the date when due, in immediately available funds, without set-off or
counterclaim. Any amounts received after such time on any date may, in the discretion of the Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to
the Agent at its main offices in Cleveland, Ohio, except that payments pursuant to Sections 2.12, 2.13, 2.14 and 9.03 shall be made directly to the Persons entitled thereto. If the Agent receives a payment for the
account of a Lender prior to 1:00 p.m., Boston, Massachusetts time, such payment must be delivered to the Lender on the same day and if it is not so delivered due to the fault of the Agent, the Agent shall pay to the Lender entitled to the
payment interest thereon for each day after payment should have been received by the Lender pursuant hereto until the Lender receives payment, at the Federal Funds Effective Rate. If any payment hereunder shall be due on a day that is not a Business
Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. Further, if there is no corresponding day for a
payment in the given calendar month (i.e., there is no February 30th), the payment shall be due on the last Business Day of such calendar month. All payments hereunder shall be made in Dollars. 

(b) If at any time insufficient funds are received by and available to the Agent to pay fully all amounts of principal,
interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to
such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties. 

(c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of
any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender
receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall
be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the
express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale 

  
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of a participation in any of its Loans, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the
foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 
 (d) Unless the Agent shall have received notice from the Lead Borrower prior to the date on which any payment is due to the Agent for the account of the Lenders hereunder that the Borrower will not make
such payment, the Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made
such payment, then each of the Lenders severally agrees to repay to the Agent forthwith on demand the amount so distributed to such Lender 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 Agent, at the Federal Funds Effective Rate. 
 (e) If any Lender shall fail
to make any payment required to be made by it pursuant to 2.04(b) or 2.15(d), then the Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Agent for the account of
such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 SECTION 2.16 Mitigation Obligations; Replacement of Lenders. 
 (a) Each Lender will notify the Lead Borrower of any event occurring after the date of this Agreement which will entitle such Person to compensation pursuant to Sections 2.10 and 2.12
as promptly as practicable after it obtains knowledge thereof and determines to request such compensation, provided that such Person shall not be liable for the failure to provide such notice. If any Lender requests compensation under
Section 2.10, or if the Borrower is required to pay any additional amount to any such Person or any Governmental Authority for the account of any Lender pursuant to Section 2.12, then such Lender shall use reasonable efforts
to avoid or minimize the amounts payable, including, without limitation, the designation of a different lending office for funding or booking its Loans hereunder or the assignment of its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.10 or 2.12, as the case may be, in the future and (ii) would not
subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable and documented costs and expenses incurred by any Lender in connection with any such
designation or assignment. 
 (b) If any Lender requests compensation under Section 2.10, or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.12, or if any Lender defaults in its obligation to fund Loans hereunder, then the Borrower
may, at its sole expense and effort, upon notice to such Lender and the Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its
interests, rights 

  
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and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that
(i) the Borrower shall have received the prior written consent of the Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts), and (iii) in
the case of any such assignment resulting from a claim for compensation under Section 2.10 or payments required to be made pursuant to Section 2.12, such assignment will result in a reduction in such compensation or payments.
A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 SECTION 2.17 Delinquent Lenders. If for any reason any Lender is a Delinquent
Lender, then, in addition to the rights and remedies that may be available to Agent, other Lenders, the Borrower or any other party at law or in equity, and not in limitation thereof, (i) such Delinquent Lender’s right to participate in
the administration of, or decision-making rights related to, the Loans, this Agreement or the other Loan Documents shall be suspended during the pendency of such failure or refusal, and (ii) a Delinquent Lender shall be deemed to have assigned
any and all payments due to it from the Borrower, whether on account of outstanding Loans, interest, fees or otherwise, to the remaining Non-Delinquent Lenders for application to, and reduction of, their proportionate shares of all outstanding Loans
until, as a result of application of such assigned payments the Lenders’ respective pro rata shares of all outstanding Loans shall have returned to those in effect immediately prior to such delinquency and without giving effect to the
nonpayment causing such delinquency. The Delinquent Lender’s decision-making and participation rights and rights to payments as set forth in clauses (i) and (ii) hereinabove shall be restored only upon the payment by the Delinquent
Lender of its Pro Rata share of any Loans or expenses as to which it is delinquent, together with interest thereon at the Default Rate from the date when originally due until the date upon which any such amounts are actually paid. 

The Non-Delinquent Lenders shall also have the right, but not the obligation, in their respective, sole and absolute
discretion, to acquire for no cash consideration, pro rata, based on the respective Commitments of those Lenders electing to exercise such right) the Delinquent Lender’s Commitment to fund future Loans (a “Future Commitment”).
Upon any such purchase of the pro rata share of any Delinquent Lender’s Future Commitment, the Delinquent Lender’s share in future Loans and its rights under the Loan Documents with respect thereto shall terminate on the date of purchase,
and the Delinquent Lender shall promptly execute all documents reasonably requested to surrender and transfer such interest, including, if so requested, an Assignment and Acceptance. Each Delinquent Lender shall indemnify Agent and each
Non-Delinquent Lender from and against any and all loss, damage or expenses, including but not limited to reasonable attorneys’ fees and funds advanced by Agent or by any Non-Delinquent Lender, on account of a Delinquent Lender’s failure
to timely fund its pro rata share of a Loan or to otherwise perform its obligations under the Loan Documents. 

  
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 In connection with any Borrowing, in the event that (a) a Delinquent
Lender fails to fund its pro rata share of any requested Borrowing and (b) one or more Non-Delinquent Lenders do not elect to acquire the Delinquent Lender’s right to fund such Loan, such that the Lenders advance less than the full amount
requested by Borrower in such Borrowing Request (to the extent such full amount requested by Borrower has been approved by the Agent) (the Pro Rata share of the Delinquent Lender which is not advanced is referred to herein, as the “Shortfall
Amount”), then the Borrower shall have the right to deduct, from the Net Proceeds otherwise deliverable to the Agent pursuant to Section 2.08(d) of this Agreement, an amount equal to the Shortfall Amount. Upon the occurrence of
any Event of Default under this Agreement, and notwithstanding whether the Borrower has deducted the full Shortfall Amount from the Net Proceeds as of such date, the Borrower’s right to deduct such Shortfall Amount from the Net Proceeds shall
automatically terminate (without any further act by Agent or notice to Borrower required) and the Borrower shall immediately deposit any and all Net Proceeds in the Distribution Account. 

ARTICLE III.  
 Representations and Warranties  
 The Credit Parties
represent and warrant to the Lenders and the Agent that: 
 SECTION 3.01 Organization;
Powers. Each Credit Party (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has all requisite power and authority to carry on its business as now conducted and
(c) is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required to the extent that the failure to so qualify could reasonably be expected to have a Material Adverse Effect. 

SECTION 3.02 Authorization; Enforceability. The Transactions are within the corporate,
partnership or limited liability company powers (as applicable) of the respective Credit Parties and have been duly authorized by all necessary corporate, partnership or limited liability company action. This Agreement and the Loan Documents have
been duly executed and delivered by each Credit Party which is a party thereto and constitute the legal, valid and binding obligation of each such Person, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 3.03 Governmental Approvals; No Conflicts. The Transactions (a) do not require any
consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect or which shall be completed at the appropriate time for such filings
under applicable securities laws, (b) will not violate, to the Credit Parties’ knowledge, any applicable law, regulation or order of any Governmental Authority to the extent that such violation could reasonably be expected to have a
Material Adverse Effect, (c) will not violate the charter, by-laws or other organizational documents of any Credit Party or any of the Borrower’s Subsidiaries, (d) will not violate or result in a default under any indenture, agreement
or other 

  
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instrument binding upon any Credit Party or any of the Borrower’s Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by any Credit Party or any
of the Borrower’s Subsidiaries to the extent that such violation, default or right to require payment could reasonably be expected to have a Material Adverse Effect, and (e) will not result in the creation or imposition of any Lien on any
Collateral, except pursuant to the Deed of Trust and the Pledge Agreements. 
 SECTION 3.04
Financial Condition; No Material Adverse Change. 
 (a) The Borrower has heretofore furnished to
the Lenders financial statements as of and for the fiscal year ended December 31, 2009 reported on by KPMG LLP, independent public accountants, for TNP REIT. Such financial statements present fairly, in all material respects, the financial
position and results of operations and cash flows of TNP REIT and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments. 

(b) The following documents continue to fairly represent the financial condition of the Tranche B Guarantors on the date
hereof: (i) that certain Covenant Compliance Certificate dated as of November 15, 2010 as delivered to KeyBank by TNP; and (ii) that certain Thompson Guarantor’s Compliance certificate dated as of November 15, 2010 as
delivered to KeyBank by Thompson and AWT. 
 (c) Since December 31, 2009, no event has occurred which could
reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.05 Properties.

 (a) Each of the Credit Parties and the Borrower’s Subsidiaries has title to, or valid leasehold
interests in, all Collateral and all real and personal property necessary to its business, except for Permitted Liens and minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such
properties for their intended purposes. 
 (b) Except as otherwise set forth in the property conditions reports
obtained with respect to each Mortgaged Property and each Funded Approved Property, to the best of each Credit Party’s knowledge, all components of all improvements included within such Mortgaged Property or Funded Approved Property, including,
without limitation, the roofs and structural elements thereof and the heating, ventilation, air conditioning, plumbing, electrical, mechanical, sewer, waste water, storm water, paving and parking equipment, systems and facilities included therein,
are in good working order and repair, subject to such exceptions which could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. To the best of each Credit Party’s knowledge, all water, gas,
electrical, steam, compressed air, telecommunication, sanitary and storm sewage lines and systems and other similar systems serving the Mortgaged Properties and the Funded Approved Properties are installed and operating and are sufficient to enable
each Mortgaged Property and each Funded Approved Property to continue to be used and operated in the manner currently being used and operated, and no Credit Party has any knowledge of any fact or condition that reasonably could be

  
 - 45 -

 
expected to result in the termination or material impairment of the furnishing thereof, subject to such exceptions which could not reasonably be expected to have, in the aggregate, a Material
Adverse Effect. 
 (c) To the best of each Credit Party’s knowledge, all franchises, licenses,
authorizations, rights of use, governmental approvals and permits (including all certificates of occupancy and building permits) which are reasonably required to have been issued by Governmental Authority to enable all Mortgaged Properties and
Funded Approved Properties to be operated as then being operated have been lawfully issued and are in full force and effect, other than those which the failure to obtain in the aggregate could not be reasonably expected to have a Material Adverse
Effect. To the best of each Credit Party’s knowledge, no Credit Party or any Subsidiary of the Borrower is in violation of the terms or conditions of any such franchises, licenses, authorizations, rights of use, governmental approvals and
permits, which violation could reasonably be expected to have a Material Adverse Effect. 
 (d) None of the
Credit Parties or Subsidiaries of the Borrower has received any written notice or has any actual knowledge of any pending, threatened or contemplated condemnation proceeding affecting any Mortgaged Property or Funded Approved Property or any part
thereof, or any proposed termination or impairment of any parking at any Mortgaged Property or Funded Approved Property or of any sale or other disposition of any Mortgaged Property or Funded Approved Property or any part thereof in lieu of
condemnation, which in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 (e)
Except for events or conditions which could not reasonably be expected to have, in the aggregate, a Material Adverse Effect, no portion of any Mortgaged Property or Funded Approved Property has suffered any damage by fire or other casualty loss
which has not heretofore been completely repaired and restored to its condition prior to such casualty. 
 (f)
No portion of any Mortgaged Property or Funded Approved Property is located in a special flood hazard area as designated by any federal Government Authorities or any area identified by the insurance industry or other experts acceptable to the Agent
as an area that is a high probable earthquake or seismic area, except as set forth on Schedule 3.05. 
 (g) There are no Persons operating or managing any Mortgaged Property or Funded Approved Property other than the Borrower, the Management Company and any Sub-Managers pursuant to (i) the management
agreements delivered to Agent as of the Effective Date, and (ii) such other management agreements in form and substance reasonably satisfactory to the Agent, provided that sub-management contracts between the Management Company and a
Sub-Manager are not subject to Agent’s approval. 
 (h) To the best of the Credit Parties’ knowledge,
except as disclosed on the Current Survey, no improvement or portion thereof, or any other part of any Mortgaged Property or Funded Approved Property, is dependent for its access, operation or utility on any land, building or other improvement not
included in such Mortgaged Property or Funded Approved Property, other than for access provided pursuant to a recorded easement, declaration or other right of way establishing the right of such access, subject to such exceptions which could not
reasonably be expected to have, in the aggregate, a Material Adverse Effect. 

  
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 SECTION 3.06 Intellectual Property. To the best of
the Credit Parties’ knowledge, each Credit Party and each of the Borrower’s Subsidiaries owns, or is licensed to use, all patents and other intellectual property the absence of which could reasonably be expected to have a Material Adverse
Effect, and the use thereof does not materially infringe upon the rights of any other Person. To the best of the Credit Parties’ knowledge, there are no material slogans or other advertising devices, projects, processes, methods, substances,
parts or components, or other material now employed, or now contemplated to be employed, by any Credit Party or any of the Borrower’s Subsidiaries, and no claim or litigation regarding any slogan or advertising device, project, process, method,
substance, part or component or other material employed, or now contemplated to be employed by any Credit Party or any of the Borrower’s Subsidiaries, is pending or threatened, the outcome of which could reasonably be expected to have a
Material Adverse Effect. 
 SECTION 3.07 Litigation and Environmental Matters.

 (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending
against or, to the best of the Credit Parties’ knowledge, threatened against or affecting any Credit Party or any of the Borrower’s Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that,
if adversely determined, could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect or (ii) that involve this Agreement or the Transactions. 

(b) Except as disclosed in the environmental reports obtained with respect to each Mortgaged Property and each Funded
Approved Property: 
 (i) to the best of the Credit Parties’ knowledge, each Mortgaged
Property and each Funded Approved Property is free from contamination by any Hazardous Material, except as could not reasonably be expected to have a Material Adverse Effect; 

(ii) to the best of the Credit Parties’ knowledge, the operations of the Credit Parties, and the
operations at each Mortgaged Property and each Funded Approved Property are in compliance with all applicable Environmental Laws, except as could not reasonably be expected to have a Material Adverse Effect; 

(iii) none of the Credit Parties or Subsidiaries of the Borrower have known liabilities with respect to
Hazardous Materials at any Mortgaged Property or Funded Approved Property and, to the best of the Credit Parties’ knowledge, no facts or circumstances exist which could reasonably be expected to give rise to liabilities with respect to such
Hazardous Materials, in either case, except to the extent such liabilities could not reasonably be expected to have a Material Adverse Effect; 
 (iv) To the best of the Credit Parties’ knowledge, (A) the Credit Parties and each Mortgaged Property and each Funded Approved Property have all Environmental Permits (if any) necessary for the
operations at such Mortgaged Property or Funded Approved Property and are in compliance with such Environmental Permits; (B) there are no legal proceedings pending nor threatened to revoke, or alleging the violation of, such Environmental
Permits; and (C) none of the Credit Parties or Subsidiaries of the 

  
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Borrower have received any notice from any source to the effect that there is lacking any Environmental Permit required in connection with the current use or operation of any Mortgaged Property
or Funded Approved Property, in each case, except as could not reasonably be expected to have a Material Adverse Effect; 
 (v) none of the Mortgaged Properties or Funded Approved Properties currently leased or owned by any Credit Party, nor, to the best of the Credit Parties’ knowledge, any owner of Mortgaged Property or
Funded Approved Property leased or operated by any Credit Party, are subject to any outstanding written order or contract, including Environmental Liens, with any Governmental Authority or other Person, or to any federal, state, local, foreign or
territorial investigation of which a Credit Party has been given notice respecting (A) Environmental Laws, (B) Remedial Action, (C) any Environmental Claim; or (D) the Release or threatened Release of any Hazardous Material, in
each case, except as could not reasonably be expected to have a Material Adverse Effect; 
 (vi)
none of the Credit Parties or Subsidiaries of the Borrower are subject to any pending legal proceeding alleging the violation of any Environmental Law with respect to any Mortgaged Property or Funded Approved Property nor, to the best of Credit
Parties’ knowledge, are any such proceedings threatened, in either case, except as could not reasonably be expected to have a Material Adverse Effect; 

(vii) none of the Credit Parties or Subsidiaries of the Borrower or, to the best of the Credit
Parties’ knowledge, any owner of any Mortgaged Property or Funded Approved Property leased by any Credit Party, have filed any notice under federal, state or local, territorial or foreign law indicating past or present treatment, storage, or
disposal of or reporting a Release of Hazardous Material into the environment with respect to a Mortgaged Property or a Funded Approved Property, in each case, except as could not reasonably be expected to have a Material Adverse Effect; 

(viii) none of the operations of the Credit Parties or Subsidiaries of the Borrower at a Mortgaged
Property or a Funded Approved Property or, to the best of the Credit Parties’ knowledge, of any owner of any Mortgaged Property or any Funded Approved Property currently leased by any Credit Party or of any tenant of any Mortgaged Property or
any Funded Approved Property currently leased from any Credit Party, involve or, to the best of the Credit Parties’ knowledge, previously involved the generation, transportation, treatment, storage or disposal of hazardous waste, as defined
under 40 C.F.R. Part 261.3 (in effect as of the date of this Agreement) or any state, local, territorial or foreign equivalent, in violation of Environmental Laws; and 

(ix) to the best of the Credit Parties’ knowledge, there is not now, nor has there been in the past
(except, in all cases, to the extent the existence thereof could not reasonably be expected to have a Material Adverse Effect), on, in or under any Mortgaged Property or Funded Approved Property leased or owned by any Credit Party, (A) any
underground storage tanks or surface tanks, dikes or impoundments (other than for surface water); (B) any friable asbestos-containing materials; (C) any polychlorinated 

  
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biphenyls; or (D) any radioactive substances other than naturally occurring radioactive material. 
 SECTION 3.08 Compliance with Laws and Agreements. Each of the Credit Parties and Subsidiaries of the Borrower are in compliance with all laws, regulations and orders of any
Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or to its knowledge, its property, except where the failure to do so, individually or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect. No Default has occurred and is continuing. 

SECTION 3.09 Investment and Holding Company Status. Neither any of the Credit Parties nor any
of the Borrower’s Subsidiaries is (a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding company” as defined in, or subject to regulation
under, the Public Utility Holding Company Act of 1935. 
 SECTION 3.10 Taxes. Each
Credit Party and each of the Borrower’s Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except
(a) Taxes that are being contested in good faith by appropriate proceedings and for which such Person has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to have a
Material Adverse Effect. 
 SECTION 3.11 ERISA. No ERISA Event has occurred or is
reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to have a Material Adverse Effect. The Borrower does not have any Plans as of
the date hereof. As to any future Plan the present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) will not exceed the fair market
value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) will not exceed the fair
market value of the assets of all such underfunded Plans. 
 SECTION 3.12 Disclosure.
To the best of the Credit Parties’ knowledge, there are no agreements, instruments and corporate or other restrictions to which it, any other Credit Party, or any of its Subsidiaries is subject, or any other matters known to it, that, in the
aggregate, could reasonably be expected to have a Material Adverse Effect. None of the reports, financial statements, certificates or other information prepared by a Credit Party, an Affiliate of a Credit Party or any employee or officer thereof and
furnished by or on behalf of the Borrower to the Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) (the “Affiliate Prepared
Information”) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect
to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time; and provided further that none of the Credit

  
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Parties shall be responsible for the accuracy of any statements or information contained in any deliverable that is not Affiliate Prepared Information (the “Third Party
Information”) except that the Credit Parties represent and warrant that, to the best of their knowledge, the Third Party Information does not contain any material errors, omissions or misstatements of fact. 

SECTION 3.13 Insurance. Borrower has provided to Agent an insurance schedule which accurately
sets forth, in all material respects, as of the Effective Date all insurance policies and programs currently in effect with respect to the assets and business of the Credit Parties and the Borrower’s Subsidiaries, specifying for each such
policy and program, (i) the amount thereof, (ii) the risks insured against thereby, (iii) the name of the insurer and each insured party thereunder, (iv) the policy or other identification number thereof and (v) the
expiration date thereof, with Agent, for the benefit of the Lenders, being names as mortgagee, additional insured and loss payee, as applicable. Such insurance policies and programs (or such other similar policies as are permitted pursuant to
Section 5.06) are currently in full force and effect, and, together with payment by the insured of scheduled deductible payments, are in amounts sufficient to cover the replacement value of the respective assets of the Credit Parties and
the Subsidiaries of the Borrower. 
 SECTION 3.14 Margin Regulations. The Borrower is
not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board), and no proceeds of any Loan will be used to purchase or carry any margin stock.

 SECTION 3.15 Subsidiaries; REIT Qualification. As of the Effective Date, TNP REIT
has only the Subsidiaries listed on Schedule 3.15 attached hereto. The Borrower qualifies as a “qualified REIT subsidiary” under Section 856 of the Code. TNP REIT is a Maryland corporation duly organized pursuant to articles of
incorporation filed with the Maryland Department of Assessments and Taxation, and is in good standing under the laws of Maryland. TNP REIT conducts its business in a manner which enables it to qualify as a real estate investment trust under, and to
be entitled to the benefits of, §856 of the Code and has elected to be treated as and is entitled to the benefits of a real estate investment trust thereunder. 

SECTION 3.16 Leases. With respect to the Mortgaged Properties, Borrower represents and warrants
to the Agent and the Lenders that: (i) Borrower has delivered to Agent a true and correct copy of each Lease and any guaranty(ies) thereof which affect any part of the Mortgaged Property; (ii) no such Lease or guaranty contains any option
or right of first refusal to purchase all or any portion of the Mortgaged Property, or any present or future interest therein, except for the right of first refusal to purchase in that certain lease agreement with Fresh N Easy (however, that right
has terminated); (iii) complete and correct rent rolls for the Mortgaged Property as of the date hereof have been delivered to Agent; (iv) to the best of Borrower’s knowledge, the Leases are currently in full force and effect with no
existing default on the part of the landlord thereunder and no condition existing with respect thereto which, with the giving of notice or the passage of time, could constitute such a default; and (v) to Borrower’s knowledge, there is no
existing material default by any of the tenants under any of the Leases and no condition existing with respect thereto which, with the giving of notice or the passage of time, could constitute such a default. 

  
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 SECTION 3.17 Termination of Certain Representations and
Warranties. Notwithstanding anything set forth herein to the contrary, except as provided in clause (i) of Section 2.06(a), upon the Tranche B Maturity Date and the release of the Tranche B Collateral and
Tranche B Guarantors, any and all representations and warranties set forth in this Agreement with respect to the Funded Approved Properties, the Tranche B Collateral and the Tranche B Guarantors shall no longer be deemed to be made,
shall be of no further force and effect and shall not be deemed to be remade with respect to any Borrowings made after the Tranche B Maturity Date. 
 ARTICLE IV.  
 Conditions  

SECTION 4.01 Effective Date. The obligations of the Lenders to make Loans hereunder shall not
become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02): 
 (a) The Agent (or its counsel) shall have received from each Credit Party either (i) a counterpart of this Agreement and all other Loan Documents to which it is party signed on behalf of such party
or (ii) written evidence satisfactory to the Agent (which may include telecopy transmission of a signed signature page of each such Loan Document other than the Notes) that such party has signed a counterpart of the Loan Documents, together
with copies of all Loan Documents. 
 (b) The Agent shall have received a favorable written opinion (addressed
to the Agent and the Lenders and dated the Effective Date) of counsel for the Credit Parties, as the Agent may approve, covering such matters relating to the Credit Parties, the Loan Documents or the Transactions as the Required Lenders shall
reasonably request. The Borrower hereby requests such counsel to deliver such opinion. 
 (c) The Agent shall
have received such documents and certificates as the Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Credit Parties, the authorization of the Transactions and any other legal matters
relating to the Credit Parties, this Agreement (including each Credit Party’s compliance with Section 9.14 and other customary “know your customer” requirements) or the Transactions, all in form and substance satisfactory
to the Agent and its counsel. 
 (d) The Agent shall have received a Compliance Certificate and Borrowing Base
Certificate, dated the date of this Agreement and signed by a Financial Officer of Borrower, in form and substance satisfactory to the Agent. 
 (e) The Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses
required to be reimbursed or paid by the Borrower hereunder. 
 (f) The Agent shall have received the Appraisal,
the Environmental Assessment, the Title Insurance Policy and the Current Survey (in each instance as delivered in connection with the original closing of the Loan, with the Agent receiving an acceptable endorsement to each

  
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Title Policy), property condition assessments, insurance certificates, and such other due diligence information as the Agent may require for each Mortgaged Property. 

(g) The existing Indebtedness secured by the Moreno Marketplace and San Jacinto Property shall, on or prior to the
Effective Date, be repaid in full using the Tranche A Loans, and all Liens securing such existing Indebtedness shall be terminated simultaneously. The guaranty executed by Thompson in connection with the existing Indebtedness secured by the Moreno
Marketplace shall be terminated upon the repayment of such Indebtedness, and Thompson shall be released from his obligations under such guaranty, except to the extent such obligations are intended to survive the termination of the guaranty. Agent
agrees, at Borrower’s expense, to execute any documents reasonably requested by Borrower or Thompson to evidence such termination and release. 
 The Agent shall notify the Lead Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 

Section 4.02 Each Credit Event. The obligation of each Lender to make a Loan on the occasion of
any Borrowing is subject to the satisfaction of the following conditions: 
 (a) The representations and
warranties of each Credit Party set forth in this Agreement or in any other Loan Document shall be true and correct in all material respects on and as of the date of such Borrowing (except to the extent a representation or warranty is already
qualified by materiality, in which case such representation or warranty shall be true and correct in all respects). 
 (b) At the time of and immediately after giving effect to such Borrowing, no Default shall have occurred and be continuing. 

(c) With respect to any requested Borrowings, the Borrower shall have complied with Section 2.03. 

(d) The Agent shall have received a Borrowing Base Certificate signed by a Financial Officer of Borrower. 

Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters
specified in this Section 4.02. 
 ARTICLE V.  

Affirmative Covenants  
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, the Credit Parties covenant and agree with
the Lenders that: 

  
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 SECTION 5.01 Financial Statements: Ratings Change and
Other Information. The Credit Parties will furnish to the Agent and each Lender: 
 (a) within 120 days
after the end of each fiscal year of TNP REIT and TNP, each such entity’s audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, together with all
notes and supporting schedules thereto, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by KPMG LLP or other independent public accountants of recognized national standing (without a
“going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) which present fairly in all material respects the financial condition and results of operations of each of TNP
REIT, TNP and their respective consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 
 (b) within one hundred twenty (120) days of the end of each calendar year, balance sheets of Thompson and AWT in the form previously provided to and approved by Agent prior to the date of this
Agreement, such balance sheets to be unqualified, true, accurate and complete and fairly represent in all material respects the financial condition of Thompson and AWT as of the dates thereof; 

(c) within 45 days after the end of each fiscal quarter of TNP REIT and TNP, (i) each such entity’s
consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, together with all notes and supporting schedules
thereto, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as
presenting fairly in all material respects the financial condition and results of operations of each such entity on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of
footnotes, and (ii) for TNP REIT a Real Property Portfolio Summary Schedule, broken out by Mortgaged Properties in the Mortgaged Property Pool and all other properties of TNP REIT and its Subsidiaries, detailing at a minimum, the property
address, square footage, annualized Net Operating Income for such fiscal quarter, cost basis and Appraised Value (if applicable); 
 (d) within forty-five (45) days following the end of each calendar quarter the following, prepared by Thompson and certified by Thompson to be true, accurate and complete and to fairly represent in
all material respects the financial condition of Thompson and AWT as of the dates thereof: (a) balance sheets in the form previously provided to and approved by Agent prior to the date of this Agreement showing the results of operation for the
prior quarter; and (b) covenant compliance certificates substantially in the form of Exhibit C attached hereto signed by Thompson (and such additional backup material as may be reasonably requested by Agent); 

(e) concurrently with the delivery thereof, copies of all quarterly and annual reporting provided to the investors in TNP
REIT; 
 (f) concurrently with any delivery of financial statements under clause (a) or (c) above, as
applicable, a compliance certificate of a Financial Officer of TNP REIT (the “TNP  

  
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REIT Compliance Certificate”) in the form of Exhibit B attached hereto, a borrowing base certificate of a Financial Officer of TNP REIT (the “Borrowing Base
Certificate”) in the form of Exhibit G attached hereto, and a compliance certificate of Thompson and a Financial Officer of TNP (the “Tranche B Guarantor Compliance Certificate”) in the form of
Exhibit C attached hereto; 
 (g) promptly after the same become publicly available for
Forms 10-K and 10-Q described below, and upon written request for items other than Forms 10-K and 10-Q described below, copies of all periodic and other reports, proxy statements and other materials filed by TNP REIT, the Borrower or any
Subsidiary with the Securities and Exchange Commission (including registration statements and reports on Form 10-K, 10-Q and 8-K (or their equivalents)), or any Governmental Authority succeeding to any or all of the functions of said
Commission, or with any national securities exchange, or distributed by TNP REIT or the Borrower to its shareholders generally, as the case may be, provided, that this covenant may be satisfied by directing Agent and each Lender to the
appropriate page of the Securities and Exchange Commission website; 
 (h) (i) use reasonable efforts to provide
on a weekly basis (on or before each Friday) and (ii) provide on a monthly basis, within ten (10) Business Days after the expiration of the immediately preceding calendar month, a summary of all Equity Issuances during the immediately
preceding week or month (as applicable), including the resulting amount of Net Proceeds derived from, or otherwise related thereto, which summary shall be internally prepared by TNP REIT, and certified by TNP REIT to be true, accurate and complete
in all material respects. Each such report shall be in the format of the “blotter” report delivered to Agent as of the date of this Agreement, or in such other form and format as is satisfactory to the Agent in all respects; 

(i) within thirty (30) days of the filing thereof, if requested by Agent, complete copies of all federal and state
tax returns and supporting schedules of Borrower, Guarantors and any Entity; and 
 (j) promptly following any
request therefor, such other information regarding the operations, business affairs and financial condition of any Credit Party or any Subsidiary of the Borrower, or compliance with the terms of the Loan Documents, as the Agent or any Lender may
reasonably request. 
 SECTION 5.02 Financial Tests. The applicable Credit Parties
shall have and maintain, on a consolidated basis in accordance with GAAP, tested as of the close of each fiscal quarter: 
 (a) a Total Leverage Ratio of TNP REIT of no greater than the following: 
  

					
	 At all times during the following periods:
	  	Total Leverage Ratio	 
	 Effective Date through December 31, 2010
	  	 	75	% 
	 January 1, 2011 through
	  	 	70	% 

  
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	 March 31, 2011
	  			
	 April 1, 2011 and thereafter
	  	 	65	% 

 (b) an
Interest Coverage Ratio of TNP REIT of not less than the following: 
  

					
	 At all times during the following periods:
	  	Interest Coverage Ratio:	 
	 Effective Date through March 31, 2011
	  	 	1.70:1	  
	 April 1, 2011 through June 30, 2011
	  	 	1.85:1	  
	 July 1, 2011 and thereafter
	  	 	2.00:1	  

 (c) a
Fixed Charge Coverage Ratio of TNP REIT of not less the following: 
  

					
	 At all times during the following periods:
	  	Fixed Charge Coverage Ratio:	 
	 Effective Date through March 31, 2011
	  	 	1.40:1	  
	 April 1, 2011 through June 30, 2011
	  	 	1.50:1	  
	 July 1, 2011 and thereafter
	  	 	1.60:1	  

 (d)
Liquidity of TNP REIT of not less than the following: 
  

					
	 At all times during the following periods:
	  	Liquidity:	 
	 Effective Date through March 30, 2011
	  	$	500,000	  
	 March 31, 2011 through June 29, 2011
	  	$	750,000	  
	 June 30, 2011 through December 30, 2011
	  	$	1,000,000	  
	 December 31, 2011 and thereafter
	  	$	1,500,000	  

 (e)
Tangible Net Worth of TNP REIT at least (i) eighty-five percent (85%) of the Tangible Net Worth as of the Effective Date, plus (ii) eighty-five percent (85%) of the net proceeds (gross proceeds less reasonable and customary costs
of sale and issuance paid to Persons not Affiliates of any Credit Party) received by TNP REIT or the Borrower at any time from the issuance of stock (whether common, preferred or otherwise) of TNP REIT or the Borrower after the Effective Date, plus
(iii) eighty-five percent (85%) of the amount of equity in any properties contributed to TNP REIT after the Effective Date in exchange for shares, ownership interest in the Parent or other consideration, at all times; 

  
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 (f) Beginning on March 31, 2011, the ratio of (i) the Indebtedness
of TNP REIT that bears interest at a varying rate of interest or that does not have the interest rate effectively fixed or hedged pursuant to a Hedging Agreement, to (ii) the Indebtedness of TNP REIT, shall not exceed twenty percent (20%),
with all Hedging Agreements subject to the review and approval of Agent; 
 (g) Aggregate Tranche B
Guarantor Net Worth of at least $20,000,000; and 
 (h) Aggregate Tranche B Guarantor Liquidity of at least
$1,000,000. 
 In the event that the Tranche B Guarantors fail to satisfy the financial covenants set forth in
Section 5.02(g) or (h) (each such occurrence, a “Notice Event”), then Borrower and/or the Tranche B Guarantors (as applicable) shall have sixty (60) days, commencing on the date that the then applicable
Tranche B Guarantor Compliance Certificate is required to be delivered under Section 5.01(d) of this Agreement (and without regard to whether such Tranche B Guarantor Compliance Certificate is delivered or is otherwise timely
delivered), to cause the Tranche B Guarantors to remedy such Notice Event (such sixty (60) day period being referred to herein, as the “Notice Period”). For purposes of clarification, the occurrence of a Notice Event shall not
constitute a Default or an Event of Default under this Agreement, and Borrower shall have the right, subject to the terms and provisions of this Agreement, to request Borrowings during the Notice Period. If, as of the expiration of the Notice
Period, such event giving rise to the Notice Event has not been remedied to the reasonable satisfaction of the Agent (such that the Tranche B Guarantors are in compliance with the financial covenants set forth above), then such event shall
constitute an Event of Default under this Agreement and the Loan Documents, and the Agent shall have the right to pursue any and all remedies of the Agent set forth in this Agreement and the Loan Documents. 

SECTION 5.03 Notices of Material Events. The Borrower will furnish to the Agent and each Lender
written notice of the following promptly after it becomes aware of same (unless specific time is set forth below): 
 (a) within five (5) Business Days after it has actual knowledge thereof, the occurrence of any Default; 
 (b) within five (5) Business Days after the filing or commencement of any action, suit or proceeding by or before any Governmental Authority (excluding any courts) against or affecting any Credit
Party or any Affiliate thereof that, if adversely determined, could reasonably be expected to have a Material Adverse Effect; 
 (c) within five (5) Business Days (i) after the filing or commencement of any litigation or arbitration which is pending against a Credit Party and where the amount in controversy exceeds
$1,000,000 and (b) after a Credit Party has knowledge thereof, threatened in writing against a Credit Party in which the amount in controversy exceeds $10,000,000, and which Borrower reasonably believes is not covered entirely by insurance;

 (d) within five (5) Business Days after the occurrence of any ERISA Event that, alone or together with
any other ERISA Events that have occurred, could reasonably be expected to 

  
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result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $10,000,000; and 

(e) within five (5) Business Days after it has actual knowledge thereof, any other development that results in, or
could reasonably be expected to result in, a Material Adverse Effect. 
 Each notice delivered under this
Section 5.03 shall be accompanied by a statement of a Financial Officer or other executive officer of Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with
respect thereto. 
 SECTION 5.04 Existence; Conduct of Business. The Borrower will,
and will cause each of its Subsidiaries to do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of
its business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.01. Each Borrower must at all times be a wholly owned direct or indirect Subsidiary of TNP REIT.

 SECTION 5.05 Payment of Obligations. Subject to any applicable right to contest,
each Credit Party shall duly pay and discharge, or cause to be paid and discharged, before the same shall become overdue, or to bond over, all Taxes, assessments and other governmental charges payable by it, or with respect to the Mortgaged Property
or the Collateral, as well as all claims or obligations for labor, materials, supplies or services (involving an amount in excess of $500,000 in any instance or $3,000,000 in the aggregate) that could result in a lien on the Mortgaged Property or
the Collateral or for borrowed funds in any amount. 
 SECTION 5.06 Maintenance of Properties;
Insurance. 
 (a) The Borrower will, and will cause each of its Subsidiaries to, (i) keep and
maintain all Mortgaged Property, Funded Approved Property and property necessary to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (ii) maintain, with financially sound and reputable
insurance companies, insurance in such amounts and against such risks as are set forth in the schedule provided pursuant to Section 3.13, with Agent named as loss payee and a beneficiary of such insurance on substantially similar
policies and programs as are acceptable to Agent. 
 (b) The Borrower shall maintain the following insurance
coverages for each of the Mortgaged Properties in the Mortgaged Property Pool: 
 (i) An all-risk
policy of permanent property insurance insuring the Mortgaged Property against all risks of any kind or character except those permitted by the Agent in writing to be excluded from coverage thereunder. 

(ii) A boiler and machinery insurance policy covering loss or damage to all portions of the Mortgaged
Property comprised of air-conditioning and heating systems, other pressure vessels, machinery, boilers or high pressure piping. 

  
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 (iii) An all-risk policy of insurance covering loss of
earnings and/or rents from the Mortgaged Property in the event that the Mortgaged Property is not available for use or occupancy due to casualty, damage or destruction required to be covered by the policies of insurance described in (i) and
(ii) above. 
 (iv) Commercial general liability, auto liability, umbrella or excess
liability and worker’s compensation insurance against claims for bodily injury, death or property damage occurring on, in or about the Mortgaged Property in an amount and containing terms acceptable to the Agent. 

(v) Such other insurance against other insurable hazards, risks or casualties which at the time are
commonly insured against in the case of owners and premises similarly situated, due regard being given to the financial condition of the Borrower, the height and type of the Mortgaged Property, its construction, location, use and occupancy.

 (vi) All required insurance will be written on forms acceptable to the Agent and by companies
having a Best’s Insurance Guide Rating of not less than A or A+ (subject to the requirements of any Lease) and which are otherwise acceptable to the Agent, and such insurance (other than third party liability insurance) shall be written or
endorsed so that all losses are payable to the Agent, as Agent for the Lenders. The original policies evidencing such insurance shall be delivered by the Borrower to the Agent and held by the Agent, unless Agent expressly consents to accept
insurance certificates instead. Each such policy shall expressly prohibit cancellation or modification of insurance without thirty (30) days’ written notice to the Agent. The Borrower agrees to furnish (only to the extent available in the
event such premiums are paid directly by tenants) due proof of payment of the premiums for all such insurance to Agent promptly after each such payment is made and in any case at least fifteen (15) days before payment becomes delinquent.

 (c) Except as may be required under the terms of any Approved Lease or Property Loan Documents, all net
proceeds of insurance with respect to a Mortgaged Property or Funded Approved Property shall be paid to Agent and, at Agent’s option, be applied to Borrower’s Obligations or released, in whole or in part, to pay for the actual cost of
repair, restoration, rebuilding or replacement (collectively, “Cost to Repair”). If the Cost to Repair does not exceed twenty percent (20%) of the Pool Value of the subject Mortgaged Property (or twenty percent (20%) of
the Value of the subject Funded Approved Property), provided no Event of Default is then in existence, Agent shall release so much of the insurance proceeds as may be required to pay for the actual Cost to Repair in accordance with and subject to
the provisions of Section 5.06(d) below. 
 (d) If Agent elects or is required to release insurance
proceeds, Agent may impose (subject to the requirements of any Approved Lease), reasonable conditions on such release which shall include, but not be limited to, the following: 

(i) Prior written approval by Agent, which approval shall not be unreasonably withheld or delayed of
plans, specifications, cost estimates, contracts and bonds for the restoration or repair of the loss or damage; 

  
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 (ii) Waivers of lien, architect’s certificates,
contractor’s sworn statements and other evidence of costs, payments and completion as Agent may reasonably require; 
 (iii) If the Cost to Repair does not exceed $500,000, the funds to pay therefor shall be released to Borrower. Otherwise, funds shall be released upon final completion of the Repair Work, unless Borrower
requests earlier funding, in which event partial monthly disbursements equal to the value of the work completed (less applicable retainage) shall be made prior to final completion of the repair, restoration or replacement and the balance of the
disbursements shall be made upon full completion and the receipt by Agent of satisfactory evidence of payment and release of all liens; 
 (iv) Determination by Agent in its reasonable discretion that the undisbursed balance of such proceeds on deposit with Agent, together with additional funds deposited for the purpose, shall be at least
sufficient to pay for the remaining Cost to Repair, free and clear of all liens and claims for lien; 
 (v) All work to comply with the standards, quality of construction and Legal Requirements applicable to the original construction of the Mortgaged Property; 

(vi) in Agent’s good faith and reasonable judgment the Repair Work is likely to be completed at least
three (3) months prior to the Maturity Date; 
 (vii) each tenant of the Property which
might otherwise have a right to terminate its lease on account of such casualty or condemnation shall have waived its right to so terminate conditioned only upon the Repair Work being completed within a reasonable period of time acceptable to Agent
or such period as is expressly provided in the applicable leases, whichever is longer, so long as the period does not exceed the period for which rent loss insurance is available; and 

(viii) no Event of Default is in existence as of the date of such casualty or condemnation or on the date
of any applicable disbursement of any insurance proceeds or condemnation award to Borrower (excluding any Event of Default relating to such casualty or condemnation); 

(ix) Agent is reasonably satisfied that all payments to be made by Borrower under the Notes will be made
in a timely manner; 
 (x) Agent shall have received copies of all permits and approvals required
in connection with the Repair Work; and 
 (xi) Agent shall be satisfied that after the Repair
Work is completed, the value of said Mortgaged Property, upon completion of the Repair Work, will equal or exceed such value immediately prior to the applicable casualty loss or condemnation. 

(e) Subject to the requirements of any Approved Lease and any Property Loan Documents, if there is any condemnation for
public use of a Mortgaged Property or Funded Approved Property, the net proceeds on account thereof shall be paid to Agent and shall be applied to Borrower’s obligations, or at Agent’s discretion released to Borrower. If, in the case of

  
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a partial taking or a temporary taking, in the good faith and reasonable judgment of Agent the effect of such taking is such that there has not been a material and adverse impairment of the
profitability of the Mortgaged Property or Funded Approved Property, so long as no Event of Default exists Agent shall release awards on account of such taking to Borrower if such awards are sufficient (or amounts sufficient are otherwise made
available) to repair or restore the Mortgaged Property or the Funded Approved Property to a condition reasonably satisfactory to Agent, subject to the requirements of Section 5.06(d). 

SECTION 5.07 Books and Records; Inspection Rights. 

(a) The Borrower will, and will cause each of its Subsidiaries to, keep proper books of record and account in which full,
true and correct entries are made of all dealings and transactions in relation to its business and activities. 

(b) The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by the Agent or
any Lender, upon reasonable prior notice and subject to rights of tenants, to visit and inspect the Pool Properties and any of its properties where books and records are kept, to examine and make extracts from its books and records, and to discuss
its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested. 
 SECTION 5.08 Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental
Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 5.09 Use of Proceeds. The proceeds of the Loans will be used for acquisition,
acquisition fees and expenses, development and enhancement of Real Property, debt refinancing, capital and tenant improvements and working capital. No part of the proceeds of any Loan will be used, whether directly or indirectly, for financing,
funding or completing the hostile acquisition of publicly traded Persons or for any purpose that entails a violation of any of the Regulations of the Board, including Regulations U and X. 

SECTION 5.10 Fiscal Year. Borrower shall maintain (and shall cause TNP REIT to maintain) as its
fiscal year the twelve (12) month period ending on December 31 of each year. 

SECTION 5.11 Environmental Matters. 

(a) Borrower shall comply and shall cause each of its Subsidiaries and each Mortgaged Property and Funded Approved
Property owned or leased by such parties to comply in all material respects with all applicable Environmental Laws currently or hereafter in effect, except to the extent noncompliance could not reasonably be expected to have a Material Adverse
Effect. 
 (b) If the Agent or the Required Lenders at any time have a reasonable basis to believe that there
may be a material violation of any Environmental Law related to any Mortgaged Property and Funded Approved Property owned or leased by Borrower or any of its Subsidiaries, or real property immediately adjoining such Mortgaged Property and Funded

  
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Approved Property, which could reasonably be expected to have a Material Adverse Effect, then Borrower agrees, upon request from the Agent (which request may be delivered at the option of Agent
or at the direction of Required Lenders), to provide the Agent, at the Borrower’s expense, with such reports, certificates, engineering studies or other written material or data as the Agent or the Required Lenders may reasonably require so as
to reasonably satisfy the Agent and the Required Lenders that any Credit Party or Mortgaged Property or Funded Approved Property owned or leased by them is in material compliance with all applicable Environmental Laws. 

(c) Borrower shall, and shall cause each of its Subsidiaries to, take such Remedial Action or other action as required by
Environmental Law or any Governmental Authority with respect to Mortgaged Properties and Funded Approved Properties. 
 (d) If the Borrower fails to timely take, or to diligently and expeditiously proceed to complete, any action described in this Section 5.11 within the lesser of: (i) thirty (30) days
following Borrower’s actual knowledge of the event in question or (ii) the period required for such actions by any applicable Environmental Laws, the Agent may, after notice to the Lead Borrower, with the consent of the Required Lenders,
make advances or payments toward the performance or satisfaction of the same, but shall in no event be under any obligation to do so. All sums so advanced or paid by the Agent (including reasonable counsel and consultant and investigation and
laboratory fees and expenses, and fines or other penalty payments) and all sums advanced or paid in connection with any judicial or administrative investigation or proceeding relating thereto, will become due and payable from the Borrower fifteen
(15) Business Days after demand, and shall bear interest at the rate for past due interest provided in Section 2.10(c) from the date any such sums are so advanced or paid by the Agent until the date any such sums are repaid by the
Borrower. Promptly upon request, the Borrower will execute and deliver such instruments as the Agent may deem reasonably necessary to permit the Agent to take any such action, and as the Agent may require to secure all sums so advanced or paid by
the Agent. If a Lien is filed against the Mortgaged Property by any Governmental Authority resulting from the need to expend or the actual expending of monies arising from an action or omission, whether intentional or unintentional, of the Borrower
or for which any Borrower is responsible, resulting in the Releasing of any Hazardous Material into the waters or onto land located within or without the State where the Mortgaged Property is located, then the Borrower will, within thirty
(30) days from the date that the Borrower is first given notice that such Lien has been placed against the Mortgaged Property (or within such shorter period of time as may be specified by the Agent if such Governmental Authority has commenced
steps to cause the Mortgaged Property to be sold pursuant to such Lien), either (i) pay the claim and remove the Lien, or (ii) furnish a cash deposit, bond or such other security with respect thereto as is satisfactory in all respects to
the Agent and is sufficient to effect a complete discharge of such Lien on the Mortgaged Property. 

SECTION 5.12 Mortgaged Property Pool and Approved Property Pool. 

(a) Mortgaged Property Pool. 

(i) The Borrower will at all times own in fee simple (or, if approved by the Agent and Majority Lenders,
leasehold title) a pool of Mortgaged Properties (the 

  
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“Mortgaged Property Pool”). As of the Effective Date, the Mortgaged Properties included in the Mortgaged Property Pool are listed on Schedule 5.12(a) attached hereto.

 (ii) From and after the date which is nine (9) months after the Effective Date,
(A) there shall at all times be at least four (4) Mortgaged Properties in the Mortgaged Property Pool; and (B) no single Mortgaged Property shall have a Pool Value equal to or greater than 35% of the aggregate Pool Value, unless the
outstanding Loans total less than 50% of the aggregate Pool Value. 
 (iii) In order to request
Agent’s and Majority Lenders’ approval of a Proposed Mortgaged Property for inclusion in the Mortgaged Property Pool pursuant to Section 5.12(c) (which determination shall be made in Agent’s and Majority Lenders’ sole
discretion), the Proposed Mortgaged Property shall satisfy all of the following criteria (collectively, the “Mortgaged Property Requirements”): 

(A) The Proposed Mortgaged Property shall be an existing, completed retail property located within the
United States. 
 (B) The Proposed Mortgaged Property shall be owned in fee simple (or if
approved by Agent and the Majority Lenders, leasehold title) by a Borrower or shall be so held following the acquisition of such Proposed Mortgaged Property using a Tranche A Loan. 

(C) If the Proposed Mortgaged Property is or will be leased by Borrower, the Agent and Majority Lenders
shall have received and approved the Ground Lease and a memorandum of the Ground Lease. 
 (D) A
final certificate of occupancy, or the local equivalent has been issued by the appropriate Governmental Authority for all of the improvements on the Proposed Mortgaged Property which are occupied. 

(E) The Proposed Mortgaged Property shall be free from any material structural defect and no material
deferred maintenance and no capital improvements are required or if required, adequate reserves, pledged to the Agent (unless the subject tenant is obligated to pay for such maintenance or capital improvements), are made therefor to continue
operating as a retail property (or such other use as the Agent and Majority Lenders may approve), as determined by an architectural or engineering report approved by the Agent. 

(F) The Borrower shall have delivered (or will simultaneously with the acquisition deliver) a Deed of
Trust and Environmental Indemnity to Agent with respect to the Proposed Mortgaged Property. 

(G) The Proposed Mortgaged Property shall be free of any material environmental defect. Agent shall have
received a Phase I Environmental Assessment with respect to such Proposed Mortgaged Property and, if available or if reasonably requested by the Agent, Agent shall have received a Phase II Environmental Assessment including
(A) information regarding whether (1) the 

  
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Proposed Mortgaged Property contains or is within or near any area designated as a hazardous waste site by any Governmental Authority, (2) the Proposed Mortgaged Property contains or has
contained any Hazardous Material under any Environmental Laws and (3) the Proposed Mortgaged Property or any use or activity thereon violates or is or could be subject to any response, remediation, clean-up, or other obligation under any
Environmental Law including without limitation, a written report of an environmental assessment of such Proposed Mortgaged Property, made within thirty (30) days prior to the date of delivery of the Approved Property Requirements, by an
engineering firm, and of a scope and in form and content satisfactory to Agent, complying with Agent’s established guidelines, regarding evidence of any Hazardous Material which has been generated, treated, stored, released, or disposed of in
such Proposed Property in violation of Environmental Law, and such additional information as may be required by Agent and (B) information regarding whether any circumstances in (A)(1), (2) or (3) are being remediated or cleaned up or
will be remediated or cleaned up and information relating to any financial arrangements relating thereto including insurance policies, escrows or bond arrangements. All reports, drafts of reports, and recommendations, whether written or oral, from
such engineering firm shall be made available and communicated to Agent. 
 (H) The Borrower must
be able to make the representations and warranties in Sections 3.05 and 3.07 as to each Proposed Mortgaged Property. 
 (I) The Agent shall have received a current Survey, Title Insurance Policy, flood zone certification, and tax certifications for the Proposed Mortgaged Property which shall include: (1) evidence that
such Proposed Mortgaged Property is a separate tax parcel, (2) evidence that no mechanic’s or materialman’s Lien claim or notice, lis pendens, judgment, or other claim or encumbrance against such Proposed Mortgaged Property has been
filed for record in the county or city where such Proposed Mortgaged Property is located or in any other public record which by law provides notice of claims or encumbrances regarding such Proposed Mortgaged Property for which adequate provision for
payment or bonding arrangements have not been made; (3) evidence that all applicable zoning ordinances, restrictive covenants and other Legal Requirements affecting such Proposed Mortgaged Property do not prohibit the use for which such
Proposed Mortgaged Property is intended and have been or will be complied with; and (4) a legal description of the Proposed Mortgaged Property. 

(J) Agent shall have received a copy of the tenant leases with any amendments, estoppel certificates from
tenants representing 65% of the occupied square footage of the Proposed Mortgaged Property (which shall include, without limitation, all Major Leases, notwithstanding the fact that the aforementioned 65% threshold may be exceeded), an SNDA Agreement
from tenants under Major Leases and tenants whose leases are recorded or evidenced by a recorded memorandum of lease, which SNDA Agreements shall be substantially in the form attached hereto as Exhibit H or on such other form as
reasonably approved by the Agent. 

  
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 (K) The Agent shall have received an architect’s or
engineer’s inspection report, a property conditions assessment report and a probable maximum loss study with respect to such Proposed Mortgaged Property, in form and substance satisfactory to Agent and performed by an architect or engineer
satisfactory to the Agent, in each case with reliance letters in favor of Agent. 
 (L) The Agent
shall have received evidence of insurance with respect to the Proposed Mortgaged Property which complies with the requirements of this Agreement. 

(M) The Agent shall have received an Appraisal with respect to the Proposed Mortgaged Property, which
Appraisal shall be at Borrower’s expense. 
 (N) If applicable, Agent shall have received
information regarding the anticipated purchase of the Proposed Mortgaged Property, including any purchase agreements and closing statements, which shall be acceptable to Agent. 

(O) The Agent shall have received recent photographs of the Proposed Mortgaged Property. 

(P) Borrower shall provide Agent with the property management contract for such Proposed Mortgaged
Property, which shall be with TNP Advisor or TNP Property Manager, LLC and shall be satisfactory to Agent. 
 (Q) Borrower shall deliver to Agent a completed Borrowing Base Certificate and a pro-forma calculation of the Total Leverage Ratio of TNP REIT, evidencing continued compliance with the provisions of
Section 5.02(a) after giving effect to the inclusion of the Proposed Mortgaged Property and any Tranche A Borrowing related to the purchase thereof. 

(R) Borrower shall deliver to Agent an updated UCC lien search on the Borrower which owns or is acquiring
the Proposed Mortgaged Property. 
 (S) The owner or purchaser of the Proposed Mortgaged Property
must have (or simultaneously with its purchase of the Proposed Mortgaged Property will have) joined in and assumed all obligations of a “Borrower” under this Agreement and the other Loan Documents, and shall have delivered to Agent such
opinions of counsel regarding enforceability of the Deed of Trust and Environmental Indemnity and authority of and due execution by the new Borrower, organizational documents and authorizations, joinder agreements and such other related documents as
requested by Agent, all in form and substance satisfactory to the Agent. 
 (T) For any Mortgaged
Property whereby an existing lease is being amended to expand the premises covered by such lease pursuant to an Approved Lease, Agent shall complete all reasonable due diligence and monitoring in connection with the Loans. 

  
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 (U) Agent shall have received such other documentation
requested by Agent as is necessary for Agent to determine whether such Proposed Mortgaged Property shall be approved as a Mortgaged Property and included in the Mortgaged Property Pool. 

(V) The Proposed Mortgaged Property is otherwise approved by the Agent and the Majority Lenders in their
sole discretion. 
 (b) Approved Property Pool. 

(i) The Borrower will at all times that any Tranche B Loans are outstanding, own directly or
indirectly a pool of Approved Properties (the “Approved Property Pool”). As of the Effective Date, the Approved Properties included in the Approved Property Pool are listed on Schedule 5.12(b) attached hereto.

 (ii) In order to request Agent’s approval of a real property (the “Proposed
Approved Property”) for inclusion in the Approved Property Pool (which approval may be granted or withheld in Agent’s sole discretion), the Proposed Approved Property shall satisfy the following criteria (collectively, the
“Approved Property Requirements”): 
 (A) The Proposed Approved Property shall
be an existing, completed retail project located in the United States. 
 (B) The first mortgage
or other priority Indebtedness of such Proposed Approved Property shall be equal to or less than 70% of the Acquisition Costs or Appraised Value. 

(C) The Proposed Approved Property shall have a DSCR of at least 1.35:1. 

(D) Borrower shall deliver to Agent, if available or if reasonably requested by Agent, a property
conditions assessment report and a probable maximum loss study (as applicable) with respect to such Proposed Approved Property, in form and substance satisfactory to the Agent and performed by an engineer satisfactory to the Agent. 

(E) The Proposed Property shall be free of any material environmental defect. Borrower shall deliver to
Agent, if available or if reasonably requested by Agent, a Phase I Environmental Assessment with respect to such Proposed Approved Property and, if available or if reasonably requested by the Agent, a Phase II Environmental Assessment
including (A) information regarding whether (1) the Proposed Approved Property contains or is within or near any area designated as a hazardous waste site by any Governmental Authority, (2) the Proposed Approved Property contains or
has contained any Hazardous Material under any Environmental Laws and (3) the Proposed Approved Property or any use or activity thereon violates or is or could be subject to any response, remediation, clean-up, or other obligation under any
Environmental Law including without limitation, a written report of an environmental assessment of 

  
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such Proposed Approved Property, made within thirty (30) days prior to the date of delivery of the Property Requirements, by an engineering firm, and of a scope and in form and content
satisfactory to Agent, complying with Agent’s established guidelines, regarding evidence of any Hazardous Material which has been generated, treated, stored, released, or disposed of in such Proposed Approved Property in violation of
Environmental Law, and such additional information as may be required by Agent and (B) information regarding whether any circumstances in (A)(1), (2) or (3) are being remediated or cleaned up or will be remediated or cleaned up and
information relating to any financial arrangements relating thereto including insurance policies, escrows or bond arrangements. All reports, drafts of reports, and recommendations, whether written or oral, from such engineering firm shall be made
available and communicated to Agent. 
 (F) Borrower shall deliver to Agent evidence that such
Proposed Approved Property is a separate tax parcel, evidence that no mechanic’s or materialman’s Lien claim or notice, lis pendens, judgment, or other claim or encumbrance against such Proposed Approved Property has been filed for record
in the county or city where such Proposed Approved Property is located or in any other public record which by law provides notice of claims or encumbrances regarding such Proposed Approved Property for which adequate provision for payment or bonding
arrangements have not been made. 
 (G) Borrower shall deliver to Agent evidence that all
applicable zoning ordinances, restrictive covenants and other Legal Requirements affecting such Proposed Approved Property do not prohibit the use for which such Proposed Approved Property is intended and have been or will be complied with.

 (H) Borrower shall deliver to Agent a general description of such Proposed Approved
Property’s location, market, and amenities. 
 (I) Borrower shall deliver to Agent a legal
description of the Proposed Approved Property, sufficient for purposes of surveys and title searches; 
 (J) If applicable, Borrower shall deliver to Agent purchase information (including any contracts of sale and closing statements). 

(K) Borrower shall deliver to Agent an Appraisal of the Proposed Approved Property, which Appraisal shall
be at Borrower’s expense. 
 (L) Borrower shall deliver to Agent evidence of insurance
coverage as required pursuant to the Property Loan Documents for such Proposed Approved Property, including, without limitation, earthquake insurance in amounts and in form and substance reasonably satisfactory to Agent in the event that Agent, in
its sole discretion determines that the Proposed Approved Property is located in an area with a high degree of seismic risk. 
 (M) Borrower shall deliver to Agent evidence of owner’s title insurance in the amount of the Acquisition Cost of such Proposed Approved Property. 

  
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 (N) Borrower shall deliver to Agent the organizational
documents for the Proposed Entity which owns or is purchasing the Proposed Approved Property. 

(O) Borrower shall provide Agent with the property management contract for such Proposed Approved
Property, which shall be with TNP Advisor or TNP Property Manager, LLC and shall be satisfactory to Agent. 
 (P) Borrower shall deliver to Agent any applicable Property Loan Documents with respect to the Proposed Approved Property, together with the term sheet and/or summary of terms for such Property Loan.

 (Q) Borrower shall deliver to Agent a completed Borrowing Base Certificate and a pro-forma
calculation of the Total Leverage Ratio of TNP REIT, evidencing continued compliance with the provisions of Section 5.02(a) after giving effect to the Proposed Approved Property and any related Tranche B Borrowing. 

(R) Borrower shall deliver to Agent an updated UCC lien search on Borrower and/or the applicable Entities
which confirm that the Equity Interests therein have not been previously pledged and are not subject to any Liens. 
 (S) Borrower shall deliver to Agent such other information requested by Agent as is necessary in order for Agent to determine whether such Proposed Approved Property shall be approved as an Approved
Property. 
 (T) The Proposed Approved Property is otherwise approved by Agent in its sole
discretion. 
 (c) Approval of a Proposed Mortgaged Property or a Proposed Approved Property. Upon
receipt of the Approved Property Requirements or the Mortgaged Property Requirements, as applicable, the Agent (or in the case of a Proposed Mortgaged Property, the Agent and the Majority Lenders) shall have the right to approve or reject, in its
sole discretion, the Proposed Mortgaged Property or Proposed Approved Property. The Agent (and the Majority Lenders, if applicable) agrees to use reasonable efforts to either approve or reject such Proposed Mortgaged Property or Proposed Approved
Property within ten (10) Business Days of Agent’s and Lender’s receipt of all Approved Property Requirements or Mortgaged Property Requirements, as applicable, but in any event, Agent and Lenders shall either approve or reject such
Proposed Mortgaged Property or Proposed Approved Property within twenty (20) days of Agent’s and Lender’s receipt of all Approved Property Requirements or Mortgaged Property Requirements, as applicable. Following Agent’s and
Majority Lenders’ approval of Proposed Mortgaged Property and the satisfaction of all Mortgaged Property Requirements, such Proposed Mortgaged Property shall be deemed to be a “Mortgaged Property.” Following Agent’s and Majority
Lenders’ approval of Proposed Approved Property and the satisfaction of all Approved Property Requirements, such Proposed Approved Property shall be deemed to be a “Funded Approved Property.” 

  
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 (d) Notwithstanding anything set forth in this Agreement to the contrary,
(i) Borrower shall have the right to acquire real property interests (directly or indirectly) and/or Equity Interests without submitting Mortgaged Property Requirements or Approved Property Requirements or otherwise utilizing Loans under this
Agreement, and (ii) Borrower may request from time to time, that Agent (or, if applicable, the Majority Lenders) approve a Proposed Mortgaged Property or Proposed Approved Property that does not satisfy the Approved Property Requirements or the
Mortgaged Property Requirements, the approval or rejection of which may be made in the Agent’s (and, if applicable, the Majority Lenders’) sole discretion, in each case subject to compliance with the requirements set forth in Sections
5.02 and 6.03. 
 (e) Additional Pledge Required. Upon Agent’s (and, if applicable, Majority
Lenders’) approval of a Mortgaged Property or Approved Property, in order to secure the payment and performance of the Obligations of the Borrower under this Agreement, the Notes and the Loan Documents, Borrower shall grant or cause to be
granted, to Agent for the benefit of the Lenders, a valid, enforceable and perfected first priority Lien in and with respect to, the Equity Interests of any and all applicable Entities acquiring the Mortgaged Property or the Approved Property (or
any interest in the Mortgaged Property or the Approved Property), subject however, to the provisions in the Pledge Agreement regarding Excluded Rights, and Borrower shall execute and deliver, and cause to be executed and delivered by TNP REIT and
the Entities (as applicable), to Agent for the benefit of Lenders a Pledge Agreement Addendum and such other documents, certificates and agreements requested by Agent. 

SECTION 5.13 Further Assurances. At any time upon the request of the Agent, each Credit Party
will, promptly and at its expense, execute, acknowledge and deliver such further documents and perform such other acts and things as the Agent may reasonably request to evidence the Loans made hereunder and interest thereon in accordance with the
terms of this Agreement. The Agent has agreed in some instances that the maximum amount secured by a Deed of Trust may be limited in order to reduce fees or taxes paid by the Borrower in a particular jurisdiction. If an Appraisal reflects that the
Appraised Value of a Mortgaged Property is in excess of the maximum amount secured by the Deed of Trust, then within ten (10) days after written notice from the Agent to the Lead Borrower, upon the reasonable request of the Agent, the Borrower
will execute an amendment to the Deed of Trust and such other documentation as is necessary to increase the amount secured by the Deed of Trust to at least the Appraised Value of the subject Mortgaged Property. 

SECTION 5.14 Partial Releases. The Borrower may obtain the release of any Mortgaged Property or
portion thereof (the “Release Tract”) from the liens and security interests of the Loan Documents if it satisfies the following terms and conditions: 

(a) No Default or Event of Default is in existence, and the release of the Release Tract will not cause there to be a
Default (including under Sections 2.01 or 5.12 hereof) or Event of Default. 
 (b) Lead
Borrower will deliver to the Agent a Borrowing Base Certificate with pro forma information without the Release Tract which shows that the outstanding balance of the Loan, the Tranche A Loan and the Tranche B Loan after the release of the Release
Tract will not exceed the Borrowing Base Availability, the Tranche A Available Amount or the Tranche B 

  
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Available Amount, respectively; provided, however, that if the outstanding balance of the Loan, the Tranche A Loan and the Tranche B Loan after the release of the Release Tract will
exceed the Borrowing Base Availability, the Tranche A Available Amount or the Tranche B Available Amount, the Borrower shall have the right to pay down the Loan, Tranche A Loan, or Tranche B Loan, as applicable, upon the release of the Release
Tract, by an amount sufficient to comply with Borrowing Base Availability, the Tranche A Available Amount or the Tranche B Available Amount. 
 (c) The release will be for the complete Mortgaged Property, and not for just a portion thereof unless the additional requirements set forth in (h) are satisfied. 

(d) No less than fifteen (15) days prior to the date of the requested release (“Partial Release
Date”), the Borrower shall deliver to the Agent a written request for such partial release (the “Release Request”). 
 (e) The Borrower shall provide the Agent with an endorsement to the Title Insurance Policy, if required with respect to interrelated Title Insurance Policies, and such other documents as may be reasonably
required by the Agent, to confirm that the liens and security interests of the Loan Documents remain valid and prior liens against the Mortgaged Properties (the “Remaining Projects”). 

(f) The Borrower shall pay all costs and expenses incurred by the Agent in connection with such Partial Release,
including, without limitation, reasonable attorneys’ fees, recording fees and any title policy endorsement fees. 
 (g) The Agent shall have received satisfactory evidence that each of the Remaining Projects which is adjoining or which shares access or easements with the Release Tract, if any, has adequate access and
joint use easements, that there are no encroachments from or on to the Release Tract, and that there is no inability to use required facilities or amenities, which evidence may be provided by a Current Survey of the affected Remaining Projects.

 (h) If the Release Tract is a portion of a Mortgaged Property, Agent shall have the right, in its sole
discretion and at the Borrower’s expense, to require an updated Appraisal of the Mortgaged Property without the Release Tract, and Agent shall be satisfied, in its reasonable discretion, that the remaining portion of the subject Property will
continue to qualify as a Mortgaged Property. 
 The Agent shall be solely responsible for determining whether
the criteria set forth in this Section 5.14 have been met, and Agent shall not require the approval of any Lenders to release a Release Tract in accordance with this Section 5.14. Subject to the satisfaction of the provisions
of this Section 5.14, on the applicable Partial Release Date, (i) any Borrower owning the Release Tract which has no other ownership interest in any of the Remaining Projects, will be released from further payment and performance of
the Loans (other than obligations under the Environmental Indemnity and obligations which, by their terms, survive the termination of the Loan Documents as set forth in Section 9.05 below); (ii) such Borrower will no longer be
deemed a “Borrower” under the Loan Documents; and (iii) such Release Tract will no longer be deemed a “Mortgaged Property” under the Loan Documents. Agent and Lenders shall execute a

  
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deed of partial release or its equivalent with respect to the Release Tract, along with any other documents reasonably requested by Borrower to evidence the release, all at Borrower's expense.

 SECTION 5.15 Parent Covenants. The Parent will: 

(a) own, directly or indirectly, all of the membership interests in Borrower and, once acquired, will not sell or
transfer any of its membership interests in any Borrower; 
 (b) maintain direct or indirect management and
control of the Borrower; and 
 (c) if required by Section 5.18(b), promptly deposit the Net
Proceeds of any Equity Issuances, stock sales or debt offerings into the Distribution Account. 

SECTION 5.16 TNP REIT Covenants. TNP REIT will: 

(a) own, directly or indirectly, all of the general partnership interests in the Parent and, once acquired, will not sell
or transfer any of its general partnership interests in the Parent (provided that TNP REIT shall be expressly permitted to transfer its limited partnership interests in the Parent); 

(b) comply with all Legal Requirements to maintain, and, after its initial election, will at all times elect, qualify as
and maintain, its status as a real estate investment trust under Section 856(c)(i) of the Code; and 
 (c)
promptly contribute to Parent the Net Proceeds of any Equity Issuances, stock sales or debt offerings. 

SECTION 5.17 [Intentionally Deleted]. 

SECTION 5.18 Equity Issuance. 

(a) So long as the Tranche B Commitments have not been terminated and repaid in full, TNP REIT shall generate gross
proceeds from Equity Issuances of no less than (i) $500,000 in each calendar month beginning with the calendar month which includes the Effective Date through January 31, 2011; (ii) $750,000 in each calendar month from
February 1, 2011 through March 31, 2011; and (iii) $1,500,000 in each calendar month from and after April 1, 2011. In the event that Equity Issuances are required to be suspended by the Securities and Exchange Commission, the
requirements of this Section 5.18(a) shall be temporarily suspended until the Securities and Exchange Commission lifts the suspension of the Equity Issuance. 

(b) Prior to the Tranche B Maturity Date, the Net Proceeds of the Equity Issuances by TNP REIT shall be used in
accordance with Section 2.08(d), or as permitted by Section 2.17, provided, however, that (i) upon the Agent's reasonable approval, Borrower may use a portion of such Net Proceeds to fund operating expenses
incurred in the ordinary course of business to cover short term timing differences between the receipt of revenues and such operating expenses; (ii) to the extent that Borrower has identified Real Property for acquisition and a definitive
purchase and sale agreement has been executed with respect thereto, Borrower may fund the Net Proceeds of the Equity Issuances by TNP REIT into the Property Acquisition Escrow Account 

  
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up to an amount equal to Borrower’s pro forma equity contribution required to close such acquisition, subject to the following: (A) the Property Acquisition Escrow Account shall be held
at KeyBank and pledged as Collateral; (B) Agent shall release funds held in the Property Acquisition Escrow Account for the purchase price, costs, expenses and other amounts paid in connection with such acquisitions upon the Borrower’s
written request; and (C) Borrower may fund such Net Proceeds into the Property Acquisition Escrow Account in connection with no more than two (2) acquisitions at any time; and (iii) following the occurrence and during the continuance
of an Event of Default, the Net Proceeds of any Equity Issuance shall, in the sole discretion of the Agent, be funded into the Distribution Account and Agent shall apply all amounts received to the Obligations. 

(c) With respect to any Equity Issuance by TNP REIT, TNP REIT shall provide to Agent the reports more particularly
described in Section 5.01 of this Agreement. The parties acknowledge that the proceeds of Equity Issuances by TNP REIT are held by Depository in a separate account. As of the date of this Agreement, TNP REIT has delivered the Direction Letter
to the Depository, which Direction Letter authorizes and directs the Depository to comply with instructions given by Agent with respect to the proceeds held by Depository after receipt by Depository of a notice from Agent stating that an Event of
Default has occurred. In the event that the Agent directs the Depository, pursuant to the Direction Letter, to disburse all proceeds to Agent, then the Borrower, TNP REIT and the Entities shall comply with the terms and provisions thereof, and shall
take such other actions, and execute any and all documents and agreements to further confirm the right of the Agent to receive direct disbursements of proceeds from Equity Issuances occurring from time to time, and which proceeds shall be deposited
into the Distribution Account or another account with KeyBank, and applied by the Agent to the payment of the Obligations. In the event that the proceeds exceed the total of all amounts due and owing under the Notes, then the Agent shall disburse
such excess amounts to the Borrower. The Direction Letter shall automatically terminate upon the Tranche B Maturity Date, and Agent agrees to give prompt written notice to the Depository of the Tranche B Maturity Date. Agent’s rights under this
Section are expressly subject to the provisions of Section 5.20(d) below. 

SECTION 5.19 Termination of Certain Covenants. Notwithstanding anything set forth herein to the
contrary, upon the Tranche B Maturity Date (a) any and all covenants set forth in this Agreement with respect to the Tranche B Guarantors and the Approved Properties (other than the Mortgaged Properties) and, (b) so long as no
Event of Default has occurred and is continuing, the Tranche B Collateral shall cease to be in effect, except to the extent such covenants relate to the Tranche B Collateral, the Approved Properties (other than the Mortgaged Properties) or
the Tranche B Guarantors and, by their terms, survive the termination of this Agreement as set forth in Section 9.05. 
 SECTION 5.20 Depository Accounts. 
 (a)
Accounts of the Borrower, TNP REIT and TNP. The Borrower, TNP REIT and Parent shall maintain with KeyBank all operating, depository, escrow and security deposit accounts and all cash management services of the Borrower, TNP REIT and
Parent (subject to Subsection (b) below) (as applicable). Each of the Borrower, TNP REIT and Parent hereby grants to Agent a security interest in the foregoing accounts and deposit accounts of such Borrower, TNP REIT and/or Parent (as
applicable). Notwithstanding anything contained in this 

  
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Section 5.20 to the contrary, TNP REIT shall not be required to transfer to KeyBank any proceeds related to Equity Issuances by TNP REIT that are held (from time to time) in escrow or other
accounts with Depository, unless otherwise provided in the Direction Letter. TNP REIT hereby grants to Agent a security interest in such accounts with Depository, subject to the restrictions set forth in Section 21 of the TNP REIT Pledge
Agreement. The foregoing security interest in the accounts with Depository shall automatically terminate on the Tranche B Maturity Date. 
 (b) Accounts of the Entities; Property Accounts. The Borrower, TNP REIT and Parent shall maintain, or cause each Entity to maintain, with KeyBank, all deposit accounts related to any
property acquired by the Borrower, TNP REIT or any Entity or Subsidiary, or otherwise brought under management by them after the date of this Agreement, including all operating accounts, any reserve or escrow accounts, and any lockbox, or other
account into which tenants are required from time to time to pay rent, and all cash management arrangements. Notwithstanding the foregoing, if (x) any Property Lender requires an Entity owning a property to maintain any of such accounts with
said Property Lender, or (y) another financial institution requires that such accounts be maintained with said financial institution in connection with a financing arrangement, then such Entity shall not be required to transfer such accounts to
KeyBank and may instead maintain the minimum number of accounts with such Property Lender or financial institution (as applicable) as is required under the applicable Property Loan Documents or financing arrangement; provided, however,
that neither Borrower, TNP REIT, Parent, nor any Entity or Subsidiary shall offer to maintain any such accounts with a Property Lender for any reason, including, without limitation, as an incentive for such Property Lender to provide financing
and/or more favorable terms related thereto. 
 (c) Deposits After Event of Default. If requested
by Agent after the occurrence and during the continuance of an Event of Default, all distributions, Net Proceeds and other cash proceeds received by Borrower from the Entities or otherwise, shall be deposited into the Distribution Account or another
segregated account at KeyBank. Borrower hereby grants to Agent a security interest in and to all amounts deposited in said accounts and the proceeds thereof to secure the payment of the Obligations, subject to the restrictions set forth in
Section 1 of the Cash Collateral Pledge Agreement. Additionally, upon delivery of instructions under the Direction Letter to disburse all proceeds to Agent (in accordance with the provisions of Section 5.18 of this Agreement), all such
proceeds disbursed by Depository to the Agent shall be deposited into the Distribution Account or another segregated account at KeyBank, subject to the terms set forth in the Direction Letter and in subsection (d) below. Agent shall apply any
amounts received by Agent pursuant to this Section to the Obligations. 
 (d) Agent’s Obligations
With Respect to Proceeds of Equity Issuances by TNP REIT. The parties acknowledge that prospective investors (“Subscribers”) are subscribing to purchase Equity Interests in TNP REIT
(“Subscriptions”). Subscribers deposit subscription payments for such Equity Interests (“Subscription Payments”) with TNP REIT, and such Subscriptions are contingent upon their acceptance by TNP REIT.
In the event that a Subscription is rejected, TNP REIT is obligated to refund the Subscription Payment to the Subscriber within ten (10) Business Days. Agent specifically acknowledges and agrees that its security interest in the Subscription
Payments is expressly subordinate to the right of the Subscribers to receive refunds of their Subscription Payments in the event that their 

  
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Subscriptions are rejected by TNP REIT. Furthermore, notwithstanding anything set forth in this Agreement to the contrary, in the event that Agent exercises control over the TNP REIT account held
by Depository and/or directs the funds held in such account to be distributed to Agent in accordance with Section 5.18(c) above, Agent and Borrower agree as follows: 

(i) Within five (5) days after a Subscription is rejected by TNP REIT, either Borrower or TNP REIT
shall inform Agent in writing of such rejection and the amount of the related Subscription Payment to be refunded to the Subscriber. Upon receipt of such written notice to from Borrower or TNP REIT regarding the rejection of a Subscription
(which notice shall include the name and address of the Subscriber and the amount to be refunded), Agent shall promptly release or cause to be released to Borrower the Subscription Payment for such rejected Subscription or, at the sole option of the
Agent, shall return the Subscription Payment directly to the Subscriber; provided that Agent notifies Borrower of its election to refund the Subscription Payment directly to the Subscriber. Such funds shall be released within three
(3) Business Days of receipt of such request. 
 (ii) In connection with each Equity
Issuance by TNP REIT, TNP REIT shall be entitled to (A) the payment of investment banking fees, legal fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred by TNP REIT in
connection with each Equity Issuance but in no event greater than thirteen percent (13%) of the related Equity Issuance and (B) distributions permitted under Section 6.05 of this Agreement. Upon each Equity Issuance by TNP REIT
if Agent has exercised control over the TNP REIT account and received funds relating thereto, Agent shall promptly release or cause to be released to Borrower an amount equal to the lesser of TNP REIT’s actual fees, costs and expenses incurred
in connection with such Equity Issuance, or thirteen percent (13%) of the proceeds from such Equity Issuance (the “Base Selling Costs”). All requests by Borrower or TNP REIT for (x) reimbursement of costs or
expenses related to Equity Issuances by TNP REIT other than the Base Selling Costs; and (y) distributions pursuant to Section 6.05(b), shall be submitted to Agent for its review and approval in its sole discretion. Agent shall
release funds to Borrower or TNP REIT upon request in connection with distributions permitted under Sections 6.05(a) and (c). For avoidance of doubt, Agent shall have no approval rights over the fees, costs and expenses comprising the
Base Selling Costs, or over distributions permitted under Sections 6.05(a) and (c). 
 (e)
Number of Accounts. The Distribution Account and the Property Acquisition Escrow Account may be combined into one deposit account at KeyBank. 
 ARTICLE VI.  
 Negative Covenants 

Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable
hereunder have been paid in full, the applicable Credit Parties covenant and agree with the Lenders that: 

  
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 SECTION 6.01 Liens. None of TNP REIT, Parent or
any Borrower will create, incur, assume or permit to exist any Lien on any Collateral or any Equity Interests in any Entity now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in
respect of any thereof, except (collectively, “Permitted Liens”): 
 (a) Permitted
Encumbrances; 
 (b) any Lien on any Collateral existing on the date hereof and set forth in
Schedule 6.01; provided that (i) such Lien shall not apply to any other Collateral and (ii) such Lien shall secure only those obligations (whether present or future) set forth in the governing loan documents, as of the
date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; and 
 (c) Liens for which Agent has given its prior written consent (which consent may be given or not given in Agent’s sole discretion). 

SECTION 6.02 Fundamental Changes. TNP REIT, the Parent and the Borrower will not and will not,
without the Agent’s prior written consent (which consent may be given or not given in Agent’s sole discretion), permit any of Borrower’s Subsidiaries to: 

(a) merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or
liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing (i) any Person may merge into, or consolidate with, Lead Borrower in a transaction in which
Lead Borrower is the surviving entity, (ii) any Person not a Credit Party may merge into, or consolidate with, any Subsidiary of a Credit Party in a transaction in which the surviving entity is a Subsidiary of a Credit Party, (iii) any
Subsidiary of a Credit Party which is not itself a Credit Party may sell, transfer, lease or otherwise dispose of its assets to the Borrower or to another Subsidiary of the Credit Parties, (iv) any Subsidiary of a Credit Party which is not
itself a Credit Party may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders, (v) any Subsidiary of a
Credit Party which is itself a Credit Party may merge into (or consolidate with) or liquidate or dissolve into, any other Subsidiary of a Credit Party which is also a Credit Party, and (vi) any Subsidiary of a Credit Party which is itself a
Credit Party may sell, transfer, lease or otherwise dispose of its assets to Borrower or to any other Subsidiary of a Credit Party which is also a Credit Party; provided that any such merger involving a Person that is not a wholly owned Subsidiary
of a Credit Party immediately prior to such merger shall not be permitted unless also permitted by Section 6.03; 
 (b) sell, transfer, lease or otherwise dispose of all or substantially all of its assets, all or substantially all of the stock of their respective Subsidiaries in one transaction or a series of
transactions), in each case whether now owned or hereafter acquired, to a Person, other than pursuant to Section 5.14 or clause (a) above, if (i) the Value of the assets disposed of in any twelve (12) month period exceeds
twenty-five percent (25%) of the Value of the Borrower’s and its Subsidiaries’ Real Property, or (ii) the assets disposed of in any twelve (12) month period contributed or made up more than twenty-five percent (25%) of
the Borrower’s Net Operating Income for such twelve (12) month period; or 

  
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 (c) engage to any material extent in any business other than the ownership,
development, operation and management of retail properties and businesses reasonably related thereto, except as allowed by Section 6.03. 
 SECTION 6.03 Investments, Loans, Advances and Acquisitions. TNP REIT, the Parent and the Borrower will not, and will not permit any of Borrower's Subsidiaries to, purchase, hold
or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any capital stock, evidences of indebtedness (subject to Section 6.09 below) or other securities (including any
option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one
transaction or a series of transactions) any assets of any other Person constituting a business unit, except: 

(a) Permitted Investments, provided, however that at any time (i) investments in unimproved land shall
not exceed, in the aggregate, 5% of Total Asset Value; (ii) investments in properties under development shall not exceed, in the aggregate, 10% of Total Asset Value; (iii) investments in assets which are not retail properties shall not
exceed, in the aggregate, 10% of Total Asset Value; (iv) investments in unconsolidated Affiliates of the Borrower shall not exceed, in the aggregate, 10% of Total Asset Value; and provided further that the aggregate of
(i) through (iv) above shall not exceed 15% of the Total Asset Value; 
 (b) mergers, consolidations
and other transactions permitted under Section 6.02, so long as same do not cause TNP REIT, the Parent or the Borrower to be in violation of any provision of this Section 6.03; and 

(c) investments for which Agent has given its prior written consent (which consent may be given or not given in Agent's
sole discretion). 
 SECTION 6.04 Hedging Agreements. The Borrower will not, and will
not permit any of its Subsidiaries to, enter into any Hedging Agreement, other than Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of
its business or the management of its liabilities. 
 SECTION 6.05 Restricted
Payments. TNP REIT, the Parent and the Borrower will not, and will not permit any of their Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, during any calendar quarter, any Restricted Payment, except that
any of the following Restricted Payments are permitted: (a) Restricted Payments by TNP REIT required to comply with Section 5.16(b), (b) provided no Default is then in existence, Restricted Payment made by TNP REIT to its
equity holders, including in connection with the existing redemption and dividend reinvestment plans, and (c) Restricted Payments declared and paid ratably by Subsidiaries to Borrower, Parent or TNP REIT with respect to their capital stock or
equity interest. 
 SECTION 6.06 Transactions with Affiliates. The Borrower will not,
and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any

  
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other transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than
could be obtained on an arm’s-length basis from unrelated third parties (with in independent MAI appraisal delivered by a qualified third party appraiser being conclusive to establish compliance with this requirement), (b) transactions
between or among the Borrower and its wholly owned Subsidiaries not involving any other Affiliate, (c) any Restricted Payment permitted by Section 6.05, (d) as consented to by Agent, such consent not to be unreasonably
withheld, conditioned or delayed. 
 SECTION 6.07 [Intentionally Deleted]. 

SECTION 6.08 Restrictive Agreements. TNP REIT, the Parent and the Borrower will not, and will
not permit any of Borrower’s Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of TNP REIT, the Parent,
the Borrower or any of Borrower’s Subsidiaries to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its
capital stock or to make or repay loans or advances to TNP REIT, the Parent, the Borrower or any of Borrower’s Subsidiaries or to Guarantee Indebtedness of TNP REIT, the Parent, the Borrower or any of Borrower’s Subsidiaries; provided that
(i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement or as otherwise approved by the Agent, (ii) the foregoing shall not apply to customary restrictions and conditions contained in agreements
relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iii) clause (a) of the foregoing shall not apply to
restrictions or conditions imposed by any agreement relating to secured Indebtedness or Liens permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and (iv) clause
(a) of the foregoing shall not apply to customary provisions in leases restricting the assignment thereof. 

SECTION 6.09 Indebtedness. None of TNP REIT, the Parent, the Borrower nor an Entity which owns
an Approved Property shall, without the prior written consent of the Agent, create, incur, assume, guarantee or be or remain liable, contingently or otherwise with respect to any Indebtedness on a recourse basis, except: (a) Indebtedness under
this Agreement; (b) Indebtedness to Agent; (c) Indebtedness of TNP REIT which is non-recourse or whose recourse is solely for Contingent Obligations; (d) Indebtedness under any Hedging Obligations permitted by this Agreement;
(e) Property Level Debt of an Entity which owns an Approved Property, provided that any Property Level Debt is limited to the Entity which owns the Approved Property; (f) Indebtedness consisting of the Property Loan (including TNP
REIT’s and Parent’s guaranty thereof) on Waianae Mall as in existence on the Effective Date; (g) Indebtedness for trade payables and operating expenses incurred in the ordinary course of business; and (h) recourse Indebtedness
incurred by the Parent to the extent required by a tax protection agreement entered into as part of, or in connection with, an UPREIT transaction; provided, however, that all recourse Indebtedness of TNP REIT and Parent permitted hereunder shall not
in an aggregate amount outstanding at any one time (inclusive of the debt on Waianae Mall) exceed fifteen percent (15%) of the Total Asset Value. Nothing contained herein shall be deemed in any manner to prohibit or prevent (i) a
Subsidiary of the Parent which is not a 

  
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Borrower or a Subsidiary of a Borrower from assuming or incurring any Indebtedness in connection with any investment allowed under Section 6.03 or (ii) TNP REIT from incurring
recourse or non-recourse Indebtedness permitted by (c) above; provided, however, that all recourse Indebtedness of TNP REIT and Parent permitted hereunder shall not in an aggregate amount outstanding at any one time (inclusive of the debt on
Waianae Mall) exceed fifteen percent (15%) of the Total Asset Value. 
 SECTION 6.10
Management; Management Fees. The Credit Parties shall not replace TNP Advisor as advisor or TNP Property Manager, LLC as the property manager of any Mortgaged Property or Approved Property without the Agent’s prior written
consent. At any time that any Event of Default exists under this Agreement or any other Loan Document, no property or asset or management fees shall be paid to TNP, any other Credit Party or to any Subsidiary or Affiliate of TNP or a Credit Party,
including, without limitation, to TNP Advisor and/or TNP Property Manager, LLC. All such parties (or any successor advisor or property manager but not any Sub-Manager) shall execute subordination agreements in form and substance acceptable to the
Agent which shall provide (a) that such fees may be paid so long as no Event of Default exists, (b) that all such fees in excess of 3% of gross revenues shall be expressly subordinate to the Loans; and (c) if such subordination
agreement is executed by TNP Property Manager, LLC, that TNP Property Manager, LLC is not made a party to the Loans solely by executing such subordination agreement. The provisions of this Section 6.10 shall not apply to fees payable to
a Sub-Manager by TNP Advisor or TNP Property Manager, LLC. 
 SECTION 6.11 Leases.

 (a) Leasing Matters. 

(i) Approval Required. As to any Major Lease executed after the Effective Date, the Agent’s
prior written approval (provided, however that the prior written approval of the Majority Lenders shall be required for Major Leases which exceed 25,000 square feet) shall be required in each instance as to: (A) the terms of such Major Lease;
(B) each tenant; (C) each guarantor of a tenant’s obligations; (D) any consent to subletting or assignment; (E) any modification or amendment of the term (except for extension or renewal option contemplated in such Major
Lease), rent and/or renewal option provisions of such Major Lease; and (F) any termination (excluding the expiration of the term of such lease on the expiration date, as set forth in the applicable lease agreement), cancellation or surrender of
such Major Lease. Agent’s and/or Majority Lenders’ approval shall not be required in connection with any Lease that is not a Major Lease, any subletting or assignment under such Lease, and any modification, amendment, termination,
cancellation or surrender of any such Lease. 
 All references in the Agreement and/or the Loan Documents to the
term “Approved Lease” shall mean, when such reference is applicable to the Mortgaged Property, (a) any Major Lease, or modification or amendment of the term, rent and/or renewal option provisions of such Major Lease,
(i) which has been so approved by the Agent and/or the Majority Lenders (as applicable) or which does not require Agent’s and/or the Majority Lenders (as applicable) 

  
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approval hereunder, and (ii) as to which the tenant has executed a SNDA Agreement and estoppel certificate in the forms described in Section 6.11(b), (b) any Lease that is
not a Major Lease, (c) any subletting or assignment under a Lease that is not a Major Lease, and (d) any modification, amendment, termination, cancellation or surrender of any Lease that is not a Major Lease. 

(ii) Borrower’s Requests. Any request by the Borrower for an approval from the Agent or
Lenders (if required) with respect to any Major Lease shall be sent to the Agent or Lenders (if required) and shall be accompanied, at a minimum, by the following: (A) the proposed Major Lease or amendment or modification of the term, rent
and/or renewal option provisions of such Major Lease complete with all applicable schedules and exhibits; (B) a complete copy of any proposed guaranty; and (C) if available, comprehensive financial information with respect to the proposed
tenant and, if applicable, the proposed guarantor. 
 (iii) Agent’s Response. The
Agent and/or the Lenders (as applicable) shall act on requests from the Borrower for any approval of a Major Lease in a commercially reasonable manner and shall respond to any such request within ten (10) Business Days following the
Agent’s or such Lender’s receipt of all requested information in connection therewith. The Agent’s response may consist of an approval or disapproval of the request, or a conditional approval thereof subject to specified reasonable
conditions, or any combination thereof. In the event that Agent requires additional information from Borrower to review any such request, Agent will request such additional information within five (5) Business Days following Agent’s
receipt of such approved request. In order to expedite the processing of requests for such approvals, the Borrower agrees to provide the Agent and each of the Lenders with as much advance information as is possible in a commercially reasonable
manner in advance of the Borrower’s formal request for an approval. 
 (b) SNDAs and Estoppels. The
Agent shall have the right to request that each tenant execute and deliver to the Agent, and upon such request the Borrower agrees to use commercially reasonable efforts to obtain from such tenant, a subordination, non-disturbance of possession and
attornment agreement substantially in the form, attached hereto as Exhibit H or in such other form as reasonably approved by Agent (each, an “SNDA Agreement”), and, from time to time, but, so long as no Event of Default has
occurred and is continuing, no more frequently than once per calendar year, an estoppel certificate substantially in the form attached hereto as Exhibit I. 

(c) Additional Documentation. From time to time upon Agent’s reasonable request, Borrower shall promptly
deliver to Agent (i) complete executed originals of each Lease, including any exhibits thereto and any guaranty(ies) thereof, (ii) a complete rent roll of the Real Property in such detail as Agent may require, together with such operating
statements and leasing schedules and reports as Agent may require, (iii) any and all financial statements of the tenants, subtenants and any lease guarantors at the Real Property to the extent available to Borrower, and (iv) such other
information regarding tenants and prospective tenants and other leasing information related to the Real Property as Agent may reasonably request which is in 

  
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Borrower’s possession or control or can be obtained by Borrower using commercially reasonable efforts. In addition, Borrower shall provide Agent with a copy of all Leases and amendments
thereto executed after the date hereof promptly following their execution. Borrower shall have a reasonable time within which to respond to Agent’s request for information pursuant to this section. 

(d) Additional Agreements of Borrower. Borrower represents, covenants and warrants to the Agent and the Lenders
that Borrower (i) will observe and perform all of the obligations imposed upon the landlord in the Leases of the Mortgaged Property and will not do or permit to be done anything to impair the security thereof; (ii) will use its best
efforts to enforce or secure, or cause to be enforced or secured, the performance of each and every obligation and undertaking of the respective tenants under the Leases of the Mortgaged Property and will appear in and defend, at Borrower’s
sole cost and expense, any action or proceeding arising under, or in any manner connected with, the Leases of the Mortgaged Property; (iii) will not collect any of the Rents more than thirty (30) days in advance of the time when the same
become due under the terms of the Leases of the Mortgaged Property; (iv) will not discount any future accruing Rents from the Mortgaged Property without Agent’s prior written consent, which consent shall not be unreasonably withheld,
conditioned or delayed; (v) without the prior written consent of Agent, will not execute any assignment of the Leases or the Rents of the Mortgaged Property; (vi) will not add or modify any option or right of first refusal to purchase all
or any portion of the Mortgaged Property or any present or future interest therein, without the prior written consent of Agent; and (g) will execute and deliver, at the request of Agent, all such assignments of the Leases and Rents of the
Mortgaged Property in favor of Agent as Agent may from time to time require; and (h) shall notify Agent promptly in writing in the event that Borrower obtains actual knowledge that a tenant under a Major Lease of the Mortgaged Property
committed a material default under such Major Lease. 
 ARTICLE VII.  

Events of Default 
 If any of the following events (“Events of Default”) shall occur: 
 (a) the Borrower shall fail to pay any principal of any Loan within ten (10) days of the date on which the same shall become due and payable, whether at the due date thereof or at a date fixed for
prepayment thereof or otherwise, provided that no such cure period shall apply with respect to any payments due on the Maturity Date; 
 (b) any Credit Party shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under any Loan
Documents, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of over ten days (such ten-day period commencing after written notice from the Agent as to any such fee); 

(c) any material representation or warranty made or deemed made by or on behalf of any Credit Party in or in connection
with any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document 

  
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furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver hereunder, shall prove to have been materially false or misleading when made or deemed
made; 
 (d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in
Sections 5.02 (subject to the Notice Period expressly set forth therein with respect to Sections 5.02(g) and (h)), 5.03, 5.06(a)(ii) and (b), 5.07 (provided that with respect to Section 5.07(b), it shall not constitute an Event of
Default unless such access for inspection is denied for more than two (2) Business Days after receipt of written notice thereof by Borrower through no fault of the Borrower, 5.11 (subject to the cure period expressly set forth therein),
5.15(a) or (b), 5.16(a) or (b) and 5.18 and Article VI; 

(e) any Credit Party shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document
(other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Agent to the Lead Borrower (which notice
will be given at the request of any Lender) and if such default is not curable within 30 days and the Credit Party is diligently pursuing cure of same, the cure period may be extended for 60 days (for a total of 90 days after the original notice
from the Agent) upon written request from the Borrower to the Agent; 
 (f) an involuntary proceeding shall be
commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Credit Party or any Entity which owns a Funded Approved Property or its debts, or of a substantial part of its assets,
under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Credit Party or
any Mortgaged Property or Funded Approved Property or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing
shall be entered; 
 (g) any Credit Party or any Entity which owns a Funded Approved Property shall
(i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect,
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for such Person or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a
general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 
 (h) any Credit Party or any Entity which owns a Funded Approved Property shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 

(i) one or more judgments for the payment of money in an aggregate amount in excess of $10,000,000 shall be rendered
against any Credit Party, any Entity which owns a 

  
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Funded Approved Property or any combination thereof and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed, or any
action shall be legally taken by a judgment creditor to attach or levy upon any assets of such Person to enforce any such judgment; 
 (j) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in liability
of the Credit Parties and any Entity which owns an Approved Property in an aggregate amount exceeding $10,000,000; 
 (k) the Guaranty of the Loan by the Guarantor shall for any reason terminate or cease to be in full force and effect, other than as provided for in Section 5.14 of this Agreement; 

(l) any Credit Party shall (or shall attempt to) disavow, revoke or terminate any Loan Document to which it is a party or
shall otherwise 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; 

(m) any provision of any Loan Document with respect to the Collateral shall for any reason ceases to be valid and binding
on, enforceable against, any Credit Party resulting in a Material Adverse Effect, or any lien created under any Loan Document ceases to be a valid and perfected first priority lien in any of the Collateral purported to be covered thereby;

 (n) a Change in Control shall occur; or 

(o) Any Credit Party or any Subsidiary thereof defaults under (a) any recourse indebtedness in an aggregate amount
equal to or greater than $20,000,000 at any time, or (b) any non-recourse indebtedness in an aggregate amount equal to or greater than $40,000,000 at any time, 
 then, and in every such event (other than an event described in clause (g) or (h) of this Article), and at any time thereafter during the continuance of such event, the Agent may,
and at the request of the Required Lenders shall, by notice to the Lead Borrower, take some or all of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate
immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of
the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice
of any kind, all of which are hereby waived by the Borrower, and (iii) exercise any other rights or remedies provided under this Agreement or any other Loan Document, or any other right or remedy available by law or equity; and in case of any
event described in clause (g) or (h) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of
the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 

  
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 Notwithstanding anything set forth herein to the contrary, if a Default occurs with respect
to a particular Mortgaged Property, it shall not constitute an Event of Default if, within sixty (60) days after the occurrence of the Default, Borrower obtains a release of such Mortgaged Property pursuant to Section 5.14 above
(excluding Sections 5.14(a) and (c)). 
 ARTICLE VIII. 

The Administrative Agent 
 Each of the Lenders hereby irrevocably appoints the Agent as its agent and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms
hereof, together with such actions and powers as are reasonably incidental thereto. In the event of conflicting instructions or notices given to the Borrower by the Agent and any Lender, the Borrower is hereby directed and shall rely conclusively on
the instruction or notice given by the Agent. 
 The bank serving as the Agent hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with
the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Agent hereunder. 
 The Agent
shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) the Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has
occurred and is continuing, (b) the Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Agent is required to exercise
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth herein, the Agent shall not have
any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Credit Party that is communicated to or obtained by the bank serving as Agent or any of its Affiliates in any capacity. The Agent shall not be
liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in
the absence of its own gross negligence or willful misconduct. The Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Agent by the Borrower or a Lender, and the Agent shall not be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or
in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other
agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Agent. The Agent agrees that,
in fulfilling its duties hereunder, it will use the same standard of care it utilizes in servicing loans for its own account. 

  
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 The Agent shall be entitled to rely upon, and shall not incur any liability
for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Agent also may rely upon any statement made to it
orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other
experts selected by it, and shall not be liable for any action taken or not taken by it in good faith in accordance with the advice of any such counsel, accountants or experts. 

The Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents
appointed by the Agent. The Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such
sub-agent and to the Related Parties of the Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Agent. 

Subject to the appointment and acceptance of a successor Agent as provided in this paragraph, the Agent may resign at any
time by notifying the Lenders and the Lead Borrower, and may be removed by the Required Lenders in the event of the Agent's gross negligence or willful misconduct. Upon any such resignation or removal, the Required Lenders shall have the right, with
the approval of Borrower (provided no Default has occurred and is continuing), which approval shall not be unreasonably withheld, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days after the retiring Agent gives notice of its resignation or is removed, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent which shall be an Eligible Assignee. Upon the acceptance of its
appointment as Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations
hereunder. The fees payable by the Borrower to a successor Agent for its own behalf shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Agent's resignation hereunder, the
provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while
it was acting as Agent. The Agent shall cooperate with any successor Agent in fulfilling its duties hereunder. 

Each Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Agent or any other Lender
and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished
hereunder or thereunder. 

  
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 ARTICLE IX. 
 Miscellaneous 
 SECTION 9.01
Notices. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
 (a) if to the
Borrower, to the Lead Borrower in care of Thompson National Properties, LLC at 1900 Main Street, Suite 700, Irvine, California 92614, Attention: Christopher Cameron (Telecopy No. (949) 252-0212); copy to: Gregory Kaplan, PLC, 7 East Second
Street, Richmond, Virginia 23224, Attention: Joseph J. McQuade, Esq. (Telecopy No. (804) 916-9127). 

(b) if to the Agent, to KeyBank, National Association, 225 Franklin Street, Boston, Massachusetts, Attention:
Christopher T. Neil (Telecopy No. (617) 385-6293); copy to: Edwards Angell Palmer & Dodge LLP, 2800 Financial Plaza, Providence, Rhode Island 02903, Attention: Gail E. McCann, Esq. (Telecopy No. (401) 276-6611); and

 (c) if to any other Lender, to it at its address (or telecopy number) set forth on the signature pages of
this Agreement, or as provided to Borrower in writing by the Agent or the Lender. 
 Any party hereto may change its address or
telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been
given (i) if given by telecopy, when such telecopy is transmitted to the telecopy number specified in this Section 9.01 and the appropriate confirmation is received (or if such day is not a Business Day, on the next Business Day);
(ii) if given by mail (return receipt requested), on the earlier of receipt or three (3) Business Days after such communication is deposited in the mail with first class postage prepaid, addressed as aforesaid; or (iii) if given by
any other means, when delivered at the address specified in this Section; provided that notices to the Agent under Article II shall not be effective until received. 

SECTION 9.02 Waivers; Amendments. 

(a) No failure or delay by the Agent or any Lender in exercising any right or power hereunder or under any other Loan
Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Agent and the Lenders hereunder and under any other Loan Document are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any
provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by Section 9.02(b), and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any 

  
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Default, regardless of whether the Agent or any Lender may have had notice or knowledge of such Default at the time. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or
agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase or reduce the Commitment of any
Lender, (ii) reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) extend a Maturity Date (except as provided in the definition of “Tranche A
Maturity Date”), or (iv) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any
rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Agent hereunder
without the prior written consent of the Agent. Notwithstanding anything set forth in this Agreement to the contrary, in the event that the Lenders' consent is requested under this Section 9.02(b), the Lenders shall have ten (10) Business
Days to respond to such request so long as such request bears the following legend at the top of the page “RESPONSE NEEDED WITHIN TEN (10) DAYS FROM RECEIPT OR REQUEST WILL BE DEEMED APPROVED”. If any Lender fails to respond within
the foregoing ten Business Day period, such Lender shall be deemed to have approved the request. 
 (c)
Notwithstanding any provision of this Agreement to the contrary none of the Lenders or the existing Borrower will be required to execute assumption or amendment documents to add a Person as a Borrower or as a Guarantor. If Real Property assets are
added to the Pool in accordance with this Agreement and the owner is not already a Borrower, then such owner may be added as a Borrower as required by Section 5.12 pursuant to a Joinder Agreement in the form attached hereto as
Exhibit F executed by such owner and delivered to the Agent, and in each case Borrower, Guarantor, such owner and the Agent will enter into an amendment to the Environmental Indemnity. 

SECTION 9.03 Expenses; Indemnity; Damage Waiver. 

(a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Agent and its Affiliates,
including the reasonable fees, charges and disbursements of counsel for the Agent, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement or any amendments, modifications
or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket expenses incurred by the Agent or any Lender, including the reasonable fees, charges and
disbursements of any counsel for the Agent or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section 9.03, or in connection with the Loans
made hereunder, including all such out-of-pocket expenses incurred during any waivers, workout, restructuring or negotiations in respect of such Loans. 
 (b) The Borrower shall indemnify the Agent and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and

  
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hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee,
incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of
their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous
Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses resulted from the gross negligence or willful misconduct of such Indemnitee as determined by a court of law in a final non-appealable judgment, or the failure
of the Indemnitee to make advances pursuant to its Commitment in breach of its obligations hereunder. 
 (c)
Unless an Event of Default shall have occurred and be continuing, the Borrower shall be entitled to assume the defense of any action for which indemnification is sought hereunder with counsel of its choice at its expense (in which case the Borrower
shall not thereafter be responsible for the fees and expenses of any separate counsel retained by an Indemnitee except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to each such Indemnitee.
Notwithstanding the Borrower's election to assume the defense of such action, each Indemnitee shall have the right to employ separate counsel and to participate in the defense of such action, and the Borrower shall bear the reasonable fees, costs
and expenses of such separate counsel, if (i) the use of counsel chosen by the Borrower to represent such Indemnitee would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any
such action include both the Borrower and such Indemnitee and such Indemnitee shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to the Borrower (in which case
the Borrower shall not have the right to assume the defense or such action on behalf of such Indemnitee); (iii) the Borrower shall not have employed counsel reasonably satisfactory to such Indemnitee to represent it within a reasonable time
after notice of the institution of such action; or (iv) the Borrower shall authorize in writing such Indemnitee to employ separate counsel at the Borrower's expense. The Borrower will not be liable under this Agreement for any amount paid by an
Indemnitee to settle any claims or actions if the settlement is entered into without the Borrower's consent, which consent may not be withheld or delayed unless such settlement is unreasonable in light of such claims or actions against, and defenses
available to, such Indemnitee. Notwithstanding the foregoing, in the event an Indemnitee releases the Borrower from its indemnification obligations hereunder, such Indemnitee may assume the defense of any such action with respect to itself.

 (d) To the extent that the Borrower fails to pay any amount required to be paid by it to the Agent under
Section 9.03(a) or (b), each Lender severally agrees to pay to the Agent such Lender's Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid
amount; provided that the unreimbursed 

  
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expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Agent in its capacity as such. 

(e) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any
Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument
contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof. 
 (f) All amounts due under
this Section 9.03 shall be payable not later than fifteen (15) days after written demand therefor, which demand shall be accompanied by reasonable documentation with respect to the amounts claimed. 

SECTION 9.04 Successors and Assigns. 

(a) 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 the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer
by the Borrower without such consent 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 and,
to the extent expressly contemplated hereby, the Related Parties of each of the Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) (i) Subject to the conditions set forth in Section 9.04(b)(ii) below, any Lender may assign to one or
more 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) with the prior written consent (such consent not to be unreasonably withheld) of:

 (A) the Borrower, provided that no consent of the Borrower shall be required for an
assignment to a Lender, an Affiliate of a Lender, an Approved Fund, an Eligible Assignee or, if an Event of Default has occurred and is continuing, any other assignee, and provided further that Borrower’s consent shall not be
deemed to be unreasonably withheld if the Borrower reasonably believes that the proposed assignee is a Competitor (regardless of whether such proposed assignee has been previously disclosed to Agent); and 

(B) the Agent. 
 Provided, no consent of the Borrower or Agent shall be required in connection with any assignment to an entity acquiring, or merging with, a Lender. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the
entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning 

  
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Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Agent) shall not be less than $5,000,000 unless
each of the Borrower and the Agent otherwise consent, provided that no such consent of the Borrower shall be required if a Default has occurred and is continuing and such consent shall not be unreasonably withheld; 

(B) 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; 
 (C) the parties to each assignment
shall execute and deliver to the Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500.00; and 
 (D) the assignee, if it shall not be a Lender, shall deliver to the Agent an Administrative Questionnaire. 
 For the purposes of this Section 9.04(b), the term “Approved Fund” has the following meaning: 

“Approved Fund” means any Person (other than a natural person, a Real Property Tenant or a Competitor)
that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 (iii)
Subject to acceptance and recording thereof pursuant to Section 9.04 (b)(iv), from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto 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 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 2.12, 2.13, 2.14 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be
treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 9.04(c). 

(iv) The Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices
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 Commitment of, and principal amount 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, and the Borrower, the Agent and the Lenders may treat each Person whose 

  
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name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for
inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire (unless the assignee shall already
be a Lender hereunder), the processing and recordation fee referred to in Section 9.04(b) and any written consent to such assignment required by Section 9.04(b), the Agent shall accept such Assignment and Assumption and
record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(c) Any Lender may, without the consent of the Borrower or the Agent, sell participations to one or more banks or other
entities which are not Competitors or Real Property Tenants (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans 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, (iii) the
Borrower, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and (iv) Borrower’s obligations hereunder shall not be
increased. 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 any amendment, modification or waiver described in the first proviso to
Section 9.02(b) that affects such Participant. Subject to Section 9.04(d), the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.12, 2.13 and 2.14 to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 9.04(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were
a Lender, provided such Participant agrees to be subject to Section 2.15(c) as though it were a Lender. 
 (d) A Participant shall not be entitled to receive any greater payment under Section 2.12 or 2.14 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the
benefits of Section 2.14 unless the Lead Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.14(e) as though it were a
Lender. 
 (e) 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, and this Section shall not apply to any such pledge or assignment of a security interest;
provided that no such pledge or 

  
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assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

SECTION 9.05 Survival. All covenants, agreements, representations and warranties made by the Borrower
herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement
and the making of any Loans, regardless of any investigation made by any such other party or on its behalf, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount
payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.12, 2.13, 2.14 and 9.03 and Article VIII shall survive
and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof.

 SECTION 9.06 Counterparts; Integration; Effectiveness; Joint and Several.

 (a) This Agreement may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. 
 (b) This Agreement and any separate letter agreements with respect to fees payable to the Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and
all previous agreements and understandings, oral or written, relating to the subject matter hereof. 
 (c)
Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Agent and when the Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of
the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be
effective as delivery of a manually executed counterpart of this Agreement. 
 (d) Each Person constituting the
Borrower shall be bound jointly and severally with one another to make, keep, observe and perform the representations, warranties, covenants, agreements, obligations and liabilities imposed by this Agreement and the other Loan Documents upon the
“Borrower.” 
 (e) Each Borrower agrees that it shall never be entitled to be subrogated to any of the
Agent’s or any Lender’s rights against any Credit Party or other Person or any collateral or offset rights held by the Agent or the Lenders for payment of the Loans until the full and final payment of the Loans and all other obligations
incurred under the Loan Documents and final termination of the Lenders’ obligations, if any, to make further advances under this Agreement or to provide any other financial accommodations to any Credit Party. The value of the consideration
received 

  
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and to be received by each Borrower is reasonably worth at least as much as the liability and obligation of each Borrower incurred or arising under the Loan Documents. 

Each Borrower has determined that such liability and obligation may reasonably be expected to substantially benefit each Borrower
directly or indirectly. Each Borrower has had full and complete access to the underlying papers relating to the Loans and all of the Loan Documents, has reviewed them and is fully aware of the meaning and effect of their contents. Each Borrower is
fully informed of all circumstances which bear upon the risks of executing the Loan Documents and which a diligent inquiry would reveal. Each Borrower has adequate means to obtain from each other Borrower on a continuing basis information concerning
such other Borrower's financial condition, and is not depending on the Agent or the Lenders to provide such information, now or in the future. Each Borrower agrees that neither the Agent nor any of the Lenders shall have any obligation to advise or
notify any Borrower or to provide any Borrower with any data or information regarding any other Borrower. 

SECTION 9.07 Severability. Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the
invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to
time, to the fullest extent permitted by law, to set off and apply any and all deposits of a Borrower (general or special, time or demand, provisional or final, but excluding any funds held by the Borrower on behalf of tenants or other third
parties) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of a Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement
held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. Each Lender agrees promptly to notify the Lead Borrower after any such setoff and
application made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Lender under this Section are in addition to other rights and remedies (including other
rights of setoff) which such Lender may have. 
 SECTION 9.09 Governing Law; Jurisdiction; Consent to
Service of Process. 
 (a) This Agreement shall be governed by, and construed in accordance with, the
laws of the Commonwealth of Massachusetts. 
 (b) The Borrower hereby irrevocably and unconditionally submits,
for itself and its property, to the nonexclusive jurisdiction of the state and federal courts in Boston, Massachusetts, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other
Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such State or,
to the extent permitted by law, in such Federal court. Each of the parties hereto agrees 

  
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that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in
this Agreement shall affect any right that the Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or its properties in the courts of any jurisdiction.

 Notwithstanding the foregoing choice of law: 

(i) matters relating to the creation, perfection, priority and enforcement of the liens on and security
interests in a Mortgaged Property or other assets situated in another jurisdiction(s), including by way of illustration, but not in limitation, actions for foreclosure, for injunctive relief, or for the appointment of a receiver, shall be governed
by the laws of such state; 
 (ii) Agent shall comply with applicable law in such state to the
extent required by the law of such jurisdiction(s) in connection with the foreclosure of the security interests and liens created under the Deed of Trust or exercising any rights with respect to the Property directly, and the other Loan Documents
with respect to the Property or other assets situated in another jurisdiction; and 
 (iii)
provisions of Federal law and the law of such other jurisdiction(s) shall apply in defining the terms Hazardous Materials, Environmental Laws and Legal Requirements applicable to the Property as such terms are used in this Loan Agreement, the
Environmental Indemnity and the other Loan Documents. 
 (c) The Borrower hereby irrevocably and unconditionally
waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in
any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any
such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN 

  
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INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 9.11 Headings. Article and Section headings and the Table of Contents used herein are
for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.12 Confidentiality. Each of the Agent and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority,
(c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or
proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to any Eligible Assignee of or Participant in, or any prospective
assignee (which is not a Competitor or Real Property Tenant) of or Participant in, any of its rights or obligations under this Agreement, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section or (ii) becomes available to the Agent or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this Section, “Information” means
all information received from any Credit Party relating to the Credit Party or its business, other than any such information that is available to the Agent or any Lender on a nonconfidential basis prior to disclosure by any Credit Party; provided
that, in the case of information received from any Credit Party after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in
this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 SECTION 9.13 Interest Rate Limitation. If at any time there exists a maximum rate
of interest which may be contracted for, charged, taken, received or reserved by the Lenders in accordance with applicable law (the “Maximum Rate”), then notwithstanding anything herein to the contrary, at any time the interest
applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively, the “Charges”), shall exceed such Maximum Rate, the rate of interest payable in
respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been paid in respect of such Loan but were not payable as
result of the operation of this Section shall be cumulated and the interest and Charges payable to the Lenders in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together
with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by the Lenders. If, for any reason whatsoever, the Charges paid or received on the Loans produces a rate which exceeds the Maximum Rate, the
Lenders shall credit against the principal of the Loans (or, if such indebtedness shall have been paid in 

  
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full, shall refund to the payor of such Charges) such portion of said Charges as shall be necessary to cause the interest paid on the Loans to produce a rate equal to the Maximum Rate. All sums
paid or agreed to be paid to the holders of the Loans for the use, forbearance or detention of the Loans shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of this
Agreement, so that the interest rate is uniform throughout the full term of this Agreement. The provisions of this Section shall control all agreements, whether now or hereafter existing and whether written or oral, between the parties hereto.
Without notice to the Borrower or any other person or entity, the Maximum Rate, if any, shall automatically fluctuate upward and downward as and in the amount by which such maximum nonusurious rate of interest permitted by applicable law fluctuates.

 SECTION 9.14 USA PATRIOT Act. Each Lender hereby notifies the Borrower that pursuant to
the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. 
 SECTION 9.15 Joint and Several Liability. 
 (a)
Joint and Several Liability. Each Borrower hereby agrees that such Borrower is jointly and severally liable for, and hereby absolutely and unconditionally guarantees to the Agent and Lenders and their respective successors and assigns, the
full and prompt payment (whether at stated maturity, by acceleration or otherwise) and performance of, all Obligations owed or hereafter owing to the Agent and Lenders by each other Borrower. Although it is the express agreement and intent of Agent,
Lenders and Borrowers that each Borrower is and shall be a primary obligor with respect to the obligations set forth herein and not a guarantor, indemnitor, surety or otherwise only secondarily liable for such obligations, in the event and to the
extent that the obligations of such Borrower undertaken herein might in the future be construed to consist, in whole or in part, of the guaranty of obligations of the other Borrower, each Borrower consents and agrees that such guaranty obligation
(as the same may be construed) is and shall be a continuing guaranty of payment and performance and not of collection, that its obligations under this Section 9.15 shall not be discharged until payment and performance, in full, of the
Obligations has occurred, and that its obligations under this Section 9.15 shall be absolute, unconditional and irrevocable, irrespective of, and unaffected by, (i) the genuineness, validity, regularity, enforceability or any future
amendment of, or change in, any Obligation or any Loan Document, agreement, document or instrument to which any Borrower is or may become a party; (ii) the absence of any action to enforce any Obligation or Loan Document or the waiver or
consent by the Agent or any Lender with respect to any of the provisions governing any Obligation or Loan Document; (iii) the insolvency of any Borrower, Guarantor or other Obligor; and (iv) any other action or circumstances that might
otherwise constitute a legal or equitable discharge or defense of a surety or guarantor. Each Borrower shall be regarded, and shall be in the same position, as principal debtor with respect to the Obligations guaranteed hereunder. 

(b) Waivers by Borrowers. Each Borrower expressly waives all rights it may have now or in the future under any
statute, or at common law, or at law or in equity, or otherwise, to 

  
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compel the Agent or Lenders to marshal assets or to proceed in respect of the Obligations guaranteed hereunder against any other Borrower, Guarantor or Obligor, any other party or against any
security for the payment and performance of the Obligations before proceeding against, or as a condition to proceeding against, such Borrower. Each Borrower consents and agrees that the Agent or the Lenders may, at any time and from time to time,
without notice or demand, whether before or after an actual or purported termination, repudiation or revocation of this Agreement by any Borrower, and without affecting the enforceability or continuing effectiveness hereof as to such Borrower:
(i) with the consent of each Borrower, supplement, restate, modify, amend, increase, decrease, extent, renew or otherwise change the time for payment or the terms of this Agreement, any Loan Document or any part thereof, including any increase
or decrease of the rate(s) of interest thereon; (ii) with the consent of each Borrower, supplement, restate, modify, amend, increase, decrease, or enter into or give any agreement with respect to, this Agreement, any Loan Document or any part
thereof, or any of the Security Documents; (iii) waive, approve or consent to any action, condition, covenant, default, remedy, right, representation or term of this Agreement or any other Loan Document; (iv) accept partial payments;
(v) release, reconvey, terminate, waive, abandon, fail to perfect, subordinate, exchange, substitute, transfer or enforce any security or guarantees, and apply any security and direct the order or manner of sale thereof as the Agents or Lenders
in their sole and absolute discretion may determine; (vi) release any person from any personal liability with respect to this Agreement or any part thereof; (vii) settle, release on terms satisfactory to the Required Lenders or by
operation of applicable Legal Requirements or otherwise liquidate or enforce any security or guaranty in any manner, consent to the transfer of any security and bid and purchase at any sale; or (viii) consent to the merger, change or any other
restructuring or termination of the corporate or partnership existence of any Borrower or any other person, and correspondingly restructure the obligations evidenced hereby, and any such merger, change, restructuring or termination shall not affect
the liability of any Borrower or the continuing effectiveness hereof, or the enforceability hereof with respect to all or any part of the obligations evidenced hereby. It is agreed among each Borrower, the Agent and Lenders that the foregoing
consents and waivers are of the essence of the transaction contemplated by this Agreement and the other Loan Documents and that, but for the provisions of this Section 9.15 and such waivers, the Agent and Lenders would decline to enter
into this Agreement. 
 (c) Benefit. Each Borrower agrees that the provisions of this
Section 9.15 are for the benefit of the Agent and the other Lenders and their respective successors, transferees, endorsees and assigns, and nothing herein contained shall impair, as between any other Borrower and the Agent or the other
Lenders, the obligations of such other Borrower under the Loan Documents. 
 (d) Waiver of Subrogation,
Etc. Notwithstanding anything to the contrary in this Agreement or in any other Loan Document, and except as set forth in Section 9.15(g) of this Agreement, each Borrower hereby expressly and irrevocably waives any and all rights at
law or in equity to subrogation, reimbursement, exoneration, contribution, indemnification or set off and any and all defenses available to a surety, guarantor or accommodation co-obligor. Each Borrower acknowledges and agrees that this waiver is
intended to benefit the Agent and Lenders and shall not limit or otherwise affect such Borrower's liability hereunder or the enforceability of this Section 17, and that the Agent, Lenders and their respective successors and assigns are
intended third party beneficiaries of the waivers and agreements set forth in this Section 9.15(d). 

  
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 (e) Election of Remedies. If the Agent or any Lender may, under
applicable law, proceed to realize its benefits under any of the Loan Documents, the Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this
Section 9.15. If, in the exercise of any of its rights and remedies, the Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person,
whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by the Agent or such Lender and waives any claim based upon such action, even if such action by the Agent
or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by the Agent or such Lender. Any election of remedies that results in the denial or impairment of the
right of the Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. 

(f) Limitation. Notwithstanding any provision herein contained to the contrary, each Borrower’s liability
under this Section 9.15 (which liability is in any event in addition to amounts for which such Borrower is primarily liable under Section 2 of this Agreement) shall be limited to an amount not to exceed as of any date of
determination the greater of: 
 (i) the net amount of all Loans advanced to any other Borrower
under this Agreement and then re-loaned or otherwise transferred to, or for the benefit of, such Borrower; and 
 (ii) the amount that could be claimed by the Agent and Lenders from such Borrower under this Section 9.15 without rendering such claim voidable or avoidable under Section 548 of the
Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law after taking into account, among other things, such Borrower’s right of contribution and
indemnification from each other Borrower under Section 9.15(g) of this Agreement. 
 (g)
Contribution with Respect to Guaranty Obligations. 
 (i) To the extent that any Borrower
shall make a payment under this Section 9.15 of all or any of the Obligations (other than Obligations related to Loans and other extensions of credit made directly or indirectly to that Borrower, or on such Borrower’s behalf, in
which case such Borrower shall be primarily liable) (a “Guarantor Payment”) that, taking into account all other Guarantor Payments then previously or concurrently made by any other Borrower, exceeds the amount that such Borrower
would otherwise have paid if each Borrower had paid the aggregate Obligations satisfied by such Guarantor Payment in the same proportion that such Borrower’s “Allocable Amount” (as defined below) (as determined immediately prior to
such Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Borrowers as determined immediately prior to the making of such Guarantor Payment, then, following indefeasible payment in full in cash of the Obligations and termination
of the Commitments, such Borrower shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Borrower for the 

  
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amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. 

(ii) As of any date of determination, the “Allocable Amount” of any Borrower shall be
equal to the maximum amount of the claim that could then be recovered from such Borrower under this Section 9.15 without rendering such claim voidable or avoidable under Section 548 of the Bankruptcy Code or under any applicable
state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. 
 (iii) This Section 9.15(g) is intended only to define the relative rights of Borrowers and nothing set forth in this Section 9.15(g) is intended to or shall impair the obligations
of Borrowers, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Agreement, including Section 9.15(a) of this Agreement. Nothing contained in this
Section 9.15(g) shall limit the liability of any Borrower to pay the Loans made directly or indirectly to that Borrower, or on such Borrower’s behalf, and accrued interest, fees and expenses with respect thereto for which such
Borrower shall be primarily liable. 
 (iv) The parties hereto acknowledge that the rights of
contribution and indemnification hereunder shall constitute assets of the Borrower to which such contribution and indemnification is owing. 
 (v) The rights of the indemnifying Borrowers against other Borrowers under this Section 9.15 shall be exercisable on or after the Termination Date, but shall in all respects be subordinate to
any Obligations owing to the Lenders. 
 (vi) Liability Cumulative. The liability of
Borrowers under this Section 9.15 is in addition to and shall be cumulative with all liabilities of each Borrower to the Agent and Lenders under this Agreement and the other Loan Documents to which such Borrower is a party or in respect
of any Obligations or obligation of the other Borrower, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary. 

(vii) Stay of Acceleration. If acceleration of the time for payment of any amount payable by the
Borrowers under this Agreement is stayed upon the insolvency, bankruptcy or reorganization of any of the Borrowers, all such amounts otherwise subject to acceleration under the terms of this Agreement shall nonetheless be payable jointly and
severally by the Borrower hereunder forthwith on demand by the Agent made at the request of the Required Lenders. 
 (viii) Benefit to Borrowers. All of the Borrowers and the Entities are engaged in related businesses and integrated to such an extent that the financial strength and flexibility of each such Person
has a direct impact on the success of each other Person. Each Borrower and each Entity will derive substantial direct and indirect benefit from the extension of credit hereunder. 

  
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 SECTION 9.16 Additional Waivers and Agreements.

 (a) Notwithstanding any provision contained in this Agreement or any other Loan Document to the contrary, it
is the intention and agreement of each Borrower, Guarantor, Obligor and the Agent that the obligations of each Borrower, Guarantor and Obligor under the Loan Documents shall be valid and enforceable against each Borrower, Guarantor and Obligor to
the maximum extent permitted by applicable law. Accordingly, if any provision of this Agreement or any other Loan Document creating any obligation of a Borrower, Guarantor or Obligor in favor of any Lender shall be declared to be invalid or
unenforceable in any respect or to any extent, it is the stated intention and agreement of each Borrower, Guarantor, Obligor and Lender that any balance of the obligation created by such provision and all other obligations of each Borrower,
Guarantor and Obligor to Lenders created by other provisions of the Loan Documents shall remain valid and enforceable. Likewise, if any sums which a Lender may be otherwise entitled to collect from a Borrower, Guarantor or Obligor under the Loan
Documents shall be declared to be in excess of those permitted under any law (including any federal or state fraudulent conveyance or like statute or rule of law) applicable to the Obligations and/or the Guaranteed Obligations (as defined in the
Guaranty) of such Borrower, Guarantor and Obligor, it is the stated intention and agreement of such Borrower, Guarantor and Obligor and the Lenders that all sums not in excess of those permitted under such applicable law shall remain fully
collectible by Lenders from such Borrower, Guarantor and Obligor and such excess sums shall nevertheless survive as a subordinate obligation of such Borrower, Guarantor and Obligor, junior in right to the claims of general unsecured creditors, but
prior to the claims of equityholders in such Borrower, Guarantor and Obligor. This provision shall control every other provision of the Loan Documents. 
 (b) Each Borrower, Guarantor and Obligor under the Loan Documents hereby waives: 
 (i) any defense based upon Agent or any Lender’s election of any remedy against any Borrower, any Guarantor or any Obligor, including without limitation, the defense to enforcement of this Agreement
(the “Gradsky” defense based upon Union Bank v. Gradsky, 265 Cal. App. 2d 40 (1968) or subsequent cases) which, absent this waiver, a guarantor or indemnitor would have by virtue of an election by Agent or any Lender to
conduct a non-judicial foreclosure sale of any Property securing the Obligations, it being understood by each Borrower, Guarantor and Obligor that any such non-judicial foreclosure sale will destroy, by operation of California Civil Code of Civil
Procedure Section 580d, all rights of any party to a deficiency judgment against any Borrower, and, as a consequence, will destroy all rights which a guarantor or indemnitor would otherwise have (including, without limitation, the right of
subrogation, the right of reimbursement, and the right of contribution) to proceed against any Borrower and to recover any such amount, and that Agent and Lenders could be otherwise estopped from pursuing guarantor or indemnitor for a deficiency
judgment after a non-judicial foreclosure sale on the theory that a guarantor or indemnitor should be exonerated if a lender elects a remedy that eliminates the guarantor’s or indemnitor’s subrogation, reimbursement or contribution rights;

  
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 (ii) any rights under California Code of Civil Procedure
Sections 580a and 726b, which provide, among other things: that a creditor must file a complaint for deficiency within three (3) months of non-judicial foreclosure sale or judicial foreclosure sale, as applicable; that a fair market value
hearing must be held; and that the amount of the deficiency judgment shall be limited to the amount by which the unpaid debt exceeds the fair market value of the security, but not more that the amount by which the unpaid debt exceeds the sale price
of the security; 
 (iii) any rights, under Sections 2845 or 2850 of the California Civil Code,
or otherwise, to require Agent to institute suit against, or to exhaust any rights and remedies which Agent or the Lenders has or may have against any Borrower, any Guarantor or any Obligor, or against any collateral for the Obligations provided by
any Borrower, any Guarantor, or any Obligor and any defense arising by reason of any disability or other defense (other than the defense that the Obligations shall have been fully and finally performed and indefeasibly paid) of Borrowers, Guarantor,
or Obligors or by reason of the cessation from any cause whatsoever of the liability of any Borrower, any Guarantor, or any Obligor in respect thereof; and 

(iv) (1) any rights to assert against Agent and Lenders any defense (legal or equitable), set-off,
counterclaim, or claim which any Guarantor may now or at any time hereafter have against Borrowers or any other Person liable to Agent and Lenders; (2) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or
indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Obligations or any security therefor; (3) any defense any Guarantor has to performance hereunder, and any right any Guarantor has to be
exonerated, provided by Sections 2819, 2822, or 2825 of the California Civil Code, or otherwise, arising by reason of: the impairment or suspension of the Agent’s or Lenders’ rights or remedies against any Borrower; the alteration by Agent
or Lenders of the Obligations; any discharge of any Borrower’s obligations to Agent or Lenders by operation of law as a result of any intervention or omission; or the acceptance by Agent or Lenders of anything in partial satisfaction of the
Obligations; (4) the benefit of any statute of limitations affecting any Guarantor’s liability under the Loan Documents or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations
applicable to the Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to any Guarantor’s liability under the Loan Documents. 

(v) Each Guarantor absolutely, unconditionally, knowingly, and expressly waives any defense arising by
reason of or deriving from election of remedies by the Agent and Lenders including any election by Agent or any Lender under Bankruptcy Code Section 1111 (b) to limit the amount of, or any collateral securing, its claim against Borrowers.

 (vi) without limiting the generality of the foregoing or any other provision hereof, each
Borrower, Guarantor and Obligor absolutely, knowingly, unconditionally, and expressly waives any and all benefits or defenses which might otherwise be available to such Borrower, Guarantor or Obligor under any one or more of California Civil Code

  
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Sections 2799, 2808, 2809, 2810, 2815, 2819, 2820, 2821, 2822, 2825, 2839, 2845, 2848, 2849, and 2850, California Code of Civil Procedure Sections 580a, 580b, 580c, 580d, and 726, California
Uniform Commercial Code Sections 3116, 3118, 3119, 3419, 3605, 9504, and 9507, and Chapter 2 of Title 14 of Part 4 of Division 3 of the California Civil Code. 

(vii) Each Guarantor hereby acknowledges and agrees that neither Agent, any Lender nor any other Person
shall be under any obligation (i) to marshal any assets in favor of Guarantors or in payment of any or all of the liabilities of Borrowers under the Guaranty or the obligations of Guarantors hereunder or (ii) to pursue any other remedy
that Guarantors may or may not be able to pursue themselves, any right to which each Guarantor hereby waives. 
 (viii) Each Guarantor warrants and agrees that each of the waivers set forth in this Section 17 is made with full knowledge of its significance and consequences and after consultation with legal
counsel, and that if any of such waivers are determined to be contrary to any applicable law or public policy, such waivers shall be effective only to the maximum extent permitted by applicable law. 

(c) The Loan Documents currently contain jury trial waivers. Such waivers shall continue to apply to the fullest extent
now or hereafter permitted by applicable law. BORROWERS, AGENT AND LENDERS PREFER THAT ANY DISPUTE BETWEEN THEM BE RESOLVED IN LITIGATION SUBJECT TO A JURY TRIAL WAIVER AS SET FORTH IN THE LOAN DOCUMENTS. IF, HOWEVER, UNDER THEN APPLICABLE LAW, A
PRE-DISPUTE JURY TRIAL WAIVER OF THE TYPE PROVIDED FOR IN THE LOAN DOCUMENTS IS UNENFORCEABLE IN LITIGATION IF SUCH LITIGATION OCCURS IN CALIFORNIA (ALTHOUGH THE PARTIES DO NOT INTEND HEREBY TO WAIVE THEIR CONSENT TO JURISDICTION AND VENUE IN THE
COMMONWEALTH OF MASSACHUSETTS), TO RESOLVE ANY DISPUTE, CLAIM, CAUSE OF ACTION OR CONTROVERSY UNDER THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE ENVIRONMENTAL AGREEMENT (EACH, A “CLAIM”), THEN, UPON THE WRITTEN REQUEST OF ANY
PARTY TO SUCH LITIGATION, SUCH CLAIM, INCLUDING ANY AND ALL QUESTIONS OF LAW OR FACT RELATING THERETO, SHALL BE DETERMINED EXCLUSIVELY BY A JUDICIAL REFERENCE PROCEEDING. EXCEPT AS OTHERWISE PROVIDED IN THE PREVIOUS PARAGRAPH, VENUE FOR ANY SUCH
REFERENCE PROCEEDING SHALL BE IN THE STATE OR FEDERAL COURT IN THE COUNTY OR DISTRICT WHERE VENUE IS APPROPRIATE UNDER APPLICABLE LAW (THE “COURT”). THE PARTIES SHALL SELECT A SINGLE NEUTRAL REFEREE, WHO SHALL BE A RETIRED STATE OR
FEDERAL JUDGE. IF THE PARTIES CANNOT AGREE UPON A REFEREE, THE COURT SHALL APPOINT THE REFEREE. THE REFEREE SHALL REPORT A STATEMENT OF DECISION TO THE COURT. NOTHING IN THIS PARAGRAPH, HOWEVER, SHALL LIMIT THE RIGHT OF ANY PARTY AT ANY TIME TO
EXERCISE SELF-HELP REMEDIES, FORECLOSE AGAINST COLLATERAL OR OBTAIN PROVISIONAL REMEDIES (INCLUDING, WITHOUT LIMITATION, REPLEVIN, INJUNCTIVE RELIEF, ATTACHMENT OR THE APPOINTMENT OF A RECEIVER). THE PARTIES SHALL BEAR THE FEES AND EXPENSES OF THE
REFEREE EQUALLY UNLESS THE REFEREE ORDERS OTHERWISE. THE REFEREE ALSO SHALL DETERMINE ALL ISSUES RELATING TO 

  
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THE APPLICABILITY, INTERPRETATION, AND ENFORCEABILITY OF THIS PARAGRAPH. THE PARTIES ACKNOWLEDGE THAT ANY CLAIM DETERMINED BY REFERENCE PURSUANT TO THIS PARAGRAPH SHALL NOT BE ADJUDICATED BY A
JURY. 
 (The next page is the signature page.) 

  
 - 101 -

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as an instrument under seal as of the day and year first above written. 
  

 
  

							
	BORROWER:
	
	 TNP SRT SECURED HOLDINGS, LLC, a
 Delaware limited liability company

		
	 By:
	 	 TNP Strategic Retail Operating Partnership,

L.P., its sole member

			
		 	 By:
	 	 TNP Strategic Retail Trust, Inc., its

general partner

				
		 		 	 By:
	 	 /s/ Christopher Cameron

		 		 	 Name: Christopher Cameron

		 		 	 Title: CFO –SRT, REIT

 

							
	 TNP SRT MORENO MARKETPLACE, LLC, a
 Delaware limited liability company

		
	 By:
	 	 TNP Strategic Retail Operating Partnership, L.P., its sole member

			
		 	 By:
	 	 TNP Strategic Retail Trust, Inc., its general partner

				
		 		 	 By:
	 	 /s/ Christopher Cameron

		 		 	 Name: Christopher Cameron

		 		 	 Title: CFO –SRT, REIT

  

 

							
	 TNP SRT SAN JACINTO, LLC, a Delaware

limited liability company

		
	 By:
	 	 TNP Strategic Retail Operating Partnership, L.P., its sole member

			
		 	 By:
	 	 TNP Strategic Retail Trust, Inc., its general partner

				
		 		 	 By:
	 	 /s/ Christopher Cameron

		 		 	 Name: Christopher Cameron

		 		 	 Title: CFO –SRT, REIT

 (Signatures continue on the next page.) 

  
  

 

			
	 LENDER AND AGENT:

	
	 KEYBANK NATIONAL ASSOCIATION,
 individually and as Agent

		
	 By:
	 	 /s/ Christopher T. Neil

		 	      Christopher T. Neil

		 	      Senior Relationship Manager

 (Signatures continue on the next page.) 

 The Guarantor joins in the execution of this Agreement to evidence its
agreement to the provisions of Sections [TBD] of this Agreement. 
  
  

							
	 TNP STRATEGIC RETAIL OPERATING

PARTNERSHIP, L.P., a Delaware limited
 partnership

		
	 By:
	 	 TNP Strategic Retail Trust, Inc., its general partner

				
		 		 	 By:
	 	 /s/ Christopher Cameron

		 		 	 Name: Christopher Cameron

		 		 	 Title: CFO –SRT, REIT

 

			
	 TNP STRATEGIC RETAIL TRUST, INC., a

Maryland corporation

		
	 By:
	 	 /s/ Christopher Cameron

	 Name: Christopher Cameron

	 Title: CFO –SRT, REIT

 

					
	 THOMPSON NATIONAL PROPERTIES, LLC,

a Delaware limited liability company

		
	 By:
	 	 /s/ Anthony W. Thompson

		 	      Print Name: Anthony W. Thompson

		 	      Title: CEO

 (Signatures continue on the next page.) 

  

					
	 AWT FAMILY LIMITED PARTNERSHIP, a

California limited partnership

			
	 By:
	 		 	 West Coast Health Insurance Services, Inc.,
 a California corporation, its General Partner

		
	 By:
	 	 /s/ Anthony W. Thompson

		 		 	 Print Name: Anthony W. Thompson

		 		 	 Title: CEO

			
		 		 	 /s/ Anthony W. Thompson

		 		 	 Anthony W. Thompson

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