Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

SETTLEMENT AGREEMENT 

This settlement agreement (this “Settlement Agreement”), is made and entered into as of April 4, 2016, by and among
the following parties: 
  

	 	(a)	LINN Energy, LLC (the “Company”) and LINN Energy Finance Corp. (together with the Company, the “Issuers”); 

 

	 	(b)	all of the Company’s material domestic subsidiaries as of November 20, 2015, listed on the signature page attached hereto (collectively, the “Guarantors”); 

 

	 	(c)	Delaware Trust Company, as (i) successor trustee to U.S. Bank National Association, as trustee (the “Trustee”) under that certain indenture dated as of November 20, 2015 among the Issuers, the
Guarantors and the Trustee and governing the Issuers’ 12% senior secured notes due 2020 (as amended or supplemented from time to time, the “Indenture” and the “Notes,” respectively) and (ii)
successor collateral trustee to U.S. Bank National Association, as collateral trustee (the “Collateral Trustee”) under that certain Collateral Trust Agreement dated as of November 20, 2015 (the “Collateral Trust
Agreement”) among the Company, the Guarantors, the Trustee, the other Parity Lien Representatives from time to time party thereto and the Collateral Trustee; and 

 

	 	(d)	the undersigned beneficial holders of the Notes (individually or acting through their investment advisors or managers for the account of beneficial holders) and, together with their respective successors and permitted
assigns and any subsequent party that becomes party hereto in accordance with the terms hereof as a holder of claims arising in connection with the Notes (such claims, the “Notes Claims” and such holders, who collectively
hold at least 66 2/3% of the outstanding principal amount of the Notes, the “Consenting Noteholders”). 

Each of the Issuers, the Guarantors, the Trustee, the Collateral Trustee, and the Consenting Noteholders is referred to herein as a
“Party” and are collectively referred to herein as the “Parties.” Capitalized terms used but not defined herein shall have the meaning set forth in the Indenture. 

RECITALS: 

WHEREAS, on November 13, 2015, the Issuers entered into separate, privately-negotiated, exchange agreements (“Exchange
Agreements”) with certain holders of the Issuers’ outstanding 6.50% senior notes due May 2019 (the “6.50% 2019 Notes”), 6.25% senior notes due November 2019 (the “6.25% 2019 Notes”),
8.625% senior notes due April 2020 (the “2020 Notes”), 7.75% senior notes due February 2021 (the “7.75% 2021 Notes”), and 6.50% senior notes due September 2021 (the “6.50% 2021
Notes” and, together with the 6.50% 2019 Notes, the 6.25% 2019 Notes, the 2020 Notes and the 7.75% 2021 Notes, the “Exchanged Notes”); 

 EXECUTION VERSION 

 
 WHEREAS, pursuant to the Exchange Agreements, the Company agreed
to issue $1.00 of Notes in exchange for every $2.00 of Exchanged Notes, secured by a second priority lien on all assets that secure the Company’s borrowing base under its senior credit agreement; 

WHEREAS, each of (a) the Collateral Trust Agreement, (b) the Indenture, and (c) the Exchange Agreements set forth certain obligations
of the Issuers and the Guarantors to deliver mortgages, deeds of trust, or deeds pursuant to relevant provisions of state real property law and the Uniform Commercial Code (collectively, the “Mortgages”); 

WHEREAS, the Issuers, the Guarantors, and certain of their subsidiaries are evaluating their restructuring alternatives, including
potentially commencing chapter 11 cases in a United States Bankruptcy Court of appropriate jurisdiction (the “Bankruptcy Court”) by filing voluntary petitions for relief under chapter 11 of title 11 of the United States
Bankruptcy Code, 11 U.S.C. §§ 101-1532 (the “Bankruptcy Code,” such entities that commence such proceedings, the “Debtors,” and such date such
proceedings are commenced, the “Petition Date”); 
 WHEREAS, the Parties contemplate engaging in good faith
negotiations with each other regarding the terms of a potential comprehensive and consensual restructuring to be implemented through a plan of reorganization that may contemplate new committed financing from the Consenting Noteholders; 

WHEREAS, the Parties desire to settle all disputes, claims, and causes of actions related to the Notes Claims pursuant to the
Consensual Plan or, if the Consensual Plan cannot be filed and consummated, pursuant to the Alternative Settlement (as hereinafter defined), on terms consistent with this Settlement Agreement; and 

WHEREAS, as a result of extensive arm’s length negotiations, (a) the Parties have resolved to enter into this Settlement Agreement
to settle all disputes, claims, and causes of action, whether or not previously identified, and whether known or unknown, as described herein on the terms set forth herein, which shall remain binding on all Parties if either (A) the terms upon which
the parties agree to a Consensual Plan contained in a restructuring support agreement is filed on the Petition Date (or such later date as mutually agreed to by the Parties) and the Consensual Plan is confirmed pursuant to the Confirmation Order
(which shall incorporate in all respects the terms and conditions of the restructuring support agreement to be entered into by the Parties pursuant to
 Section 3.3(c)), or (B) the terms upon which the parties agree as to a Consensual Plan
contained in a restructuring support agreement is not filed on the Petition Date (or such later date as mutually agreed to by the Parties), and the Alternative Settlement Agreement Order (as hereinafter defined) is entered, and (b) the Parties have
agreed, as part of the consideration for each Party’s agreement to enter into this Settlement Agreement to work in good faith towards developing the terms and conditions of the Consensual Plan, to pursue and support the Consensual Plan, and if
the Consensual Plan is not filed by the Petition Date (or such later date as mutually agreed to by the parties) to support the terms of this Settlement Agreement and the Alternative Settlement on the terms set forth herein. 

  
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 EXECUTION VERSION 

 
 AGREEMENT 

NOW, THEREFORE, in consideration of the recitals stated above, and the premises and mutual covenants and agreements contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
  

	Section 1.	Definitions. As used in this Settlement Agreement and for purposes of this Settlement Agreement only, the following terms have the following meanings: 

(a) “Allowed Secured Notes Claim” shall mean an allowed secured claim against the Debtors
that are Issuers and Guarantors in the principal amount of $1,000,000,000, plus any unpaid interest, reasonable and documented fees and expenses, including attorneys’ fees, and any other amounts owed under the Indenture as of the Petition Date
on account of the Notes, which shall be secured by the Mortgages and any other liens granted under the Collateral Trust Agreement. 

(b) “Allowed Unsecured Notes Claim” shall mean an allowed general unsecured claim against the
Debtors that are Issuers and Guarantors in the principal amount of $2,000,000,000, plus accrued and unpaid interest as set forth below in Section 3.3(b)(i)(A), reasonable and documented fees and expenses, including attorneys’ fees, and any
other amounts owed under the First Supplemental Indenture as of the Petition Date on account of the Notes and the Additional Notes. 

(c) “Alternative Settlement” shall mean the settlement described in the Approval Motion
containing the terms set forth in Section 3.3(b) of this Settlement Agreement. 
 (d) “Alternative
Settlement Agreement Order” shall mean the order entered by the Bankruptcy Court approving the Alternative Settlement pursuant to under Rule 9019 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”) and
granting the relief requested in the Approval Motion in its entirety. 
 (e) “Approval
Motion” shall mean the motion filed by the Debtors, seeking entry of the Alternative Settlement Agreement Order approving the Alternative Settlement under Bankruptcy Rule 9019, which motion shall seek approval of
the terms set forth in Section 3.3(b). 
 (f) “Confirmation Order” shall mean the order from
the Bankruptcy Court confirming the Consensual Plan. 
 (g) “Consensual Plan” shall
mean a chapter 11 plan of reorganization, agreed upon by the Company and the Consenting Noteholders, as it may be amended from time to time and on terms consistent with this Agreement, pursuant to which the Company explicitly seeks Bankruptcy Court
approval of the Allowed Secured Notes Claim. 

  
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 EXECUTION VERSION 

 
 (h) “Exchange
Transactions” shall mean the transactions whereby the Exchanged Notes were exchanged for the Notes pursuant to the Exchange Agreements as described in the recitals above. 

(i) “First Supplemental Indenture” shall mean an amendment to the
Indenture, substantially in the form attached hereto as Exhibit A, which shall be executed and delivered and become effective upon entry of the Alternative Settlement Agreement Order. 

(j) “Release Authorization” shall mean the release, as set forth in the First Supplemental
Indenture of any and all Parity Liens granted to, or for the benefit of, the Collateral Trustee on the Collateral, including the Mortgages and equity pledges, and in full and fair consideration for the Additional Notes to be issued in connection
with the Alternative Settlement, upon which release the Collateral Trustee (and, as set forth below, the Issuers and Guarantors) shall be authorized and directed to execute, deliver, record, and/or file any and all Required Release Documentation
without any further action or consent from any other person. 
 (k) “Required Release
Documentation” shall mean any and all releases, termination statements, and similar instruments that may be reasonably requested by the Issuers or their designees in connection with the Release, in recordable form and including executed
original signature pages from the Collateral Trustee and original notarizations thereof, where applicable, in such number of originals as the Issuers or their designees may reasonably require, substantially in the form attached hereto as Exhibit
B. 
 (l) “Transfer” shall mean any sale, use, pledge, assignment, transfer, or the
disposal of Debtor Claims. 
 (m) “Transfer Agreement” shall mean the form of transfer
agreement attached hereto as Exhibit C. 
  

	Section 2.	Conditions to Effectiveness 

 This Agreement shall become effective and
binding on the Parties on the date counterpart signatures to this Settlement Agreement shall have been executed by (a) the Issuers, (b) the Guarantors, (c) the Trustee, (d) the Collateral Trustee, and (e) the Consenting Noteholders (the
“Effective Date”). 
  

	Section 3.	Settlement Terms. 

 Section 3.1 Delivery of Mortgages; Title Company 

(a) Delivery. Within one (1) Business Day of the Effective Date and pursuant to the Indenture, the
Collateral Trust Agreement, and the Exchange Agreements, the Issuers and Guarantors shall deliver, in connection with the foregoing documents, executed counterparts of the Mortgages in favor of the Collateral Trustee allowing the Collateral Trustee
to record the Mortgages (it being 

  
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 EXECUTION VERSION 

 
 and understood that such executed counterparts of the Mortgages shall be
deemed delivered when sent to the appropriate local counsel’s office for recording or the applicable recording office for recording and it being further agreed and understood that, subject to the Issuers’ and Guarantors’ compliance
with this section 3.1(a), the Issuers’ and Guarantors’ failure to deliver such Mortgages prior to such time shall not constitute a Default or an Event of Default under the Indenture (each as defined therein)). 

(b) Legal Opinions. The Company shall deliver those certain legal opinions described in Section 12.02 of the
Indenture (except with respect to properties located in the states of Michigan, Louisiana, Illinois, and South Dakota, with respect to which it is agreed and understood that the Consenting Noteholders has waived the requirement to provide legal
opinions) within 10 days of delivery of the Mortgages to the Collateral Trustee (it being agreed and understood that the Company’s failure to deliver such legal opinions prior to such time and failure to deliver such legal opinion with
respect to properties located in the states of Michigan, Louisiana, Illinois, and South Dakota shall not constitute a Default or an Event of Default under the Indenture (each as defined therein)). 

Section 3.2 Plan Negotiations.  

(a) Commencement of Good Faith Negotiations. Immediately upon the Effective Date, the Issuers, the
Guarantors and the Consenting Noteholders shall commence good faith negotiations with respect to a consensual restructuring of the Company’s capital structure. 

(b) Memorialization of Consensual Plan. In the event the Parties, including each of the Consenting
Noteholders, reach an agreement with respect to a restructuring, the terms shall be memorialized in the Consensual Plan and supporting restructuring support agreement or such other documents as may be mutually agreed by the Parties (the
“Definitive Documents”). 
 (c) Consensual Plan Framework. Prior to entering
negotiations regarding the definitive terms and conditions of the Consensual Plan, the Parties hereby agree to the following:  

(i) Any Consensual Plan shall finally and irrevocably allow the Notes Claims as an Allowed Secured Notes Claim. 

(ii) Any Consensual Plan will also incorporate a settlement under Bankruptcy Rule 9019 pursuant to which the Debtors and their
estates will, to the fullest extent permitted by law, expressly release any and all claims to avoid, subordinate, setoff, reclassify, recharacterize or disallow in whole or in part the Allowed Secured Notes Claim, whether under any provision of
chapter 5 of the Bankruptcy Code, any equitable theory (including, without limitation, equitable subordination, equitable disallowance or unjust enrichment), or otherwise, and any other claims that the Issuers and Guarantors may be entitled to
assert against 

  
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 EXECUTION VERSION 

 
 the Trustee, the Collateral Trustee, and the Noteholders under any
applicable law on account of the settlement and the Exchange Transactions, in consideration for the Consenting Noteholders, the Trustee, and Collateral Trustee entering into this Settlement Agreement, the Definitive Documents and any new capital
contributed by the Consenting Noteholders under the Consensual Plan. 
 (iii) A restructuring support agreement supporting
the Consensual Plan and the Consensual Plan (or a term sheet containing the contemplated terms of the Consensual Plan) shall be filed on the Petition Date (or such later date as mutually agreed to by the Parties). 

Section 3.3 Treatment of Notes Claims. 

(a) In the event the Parties are able to reach agreement on the terms of a Consensual Plan on or before the Petition
Date (or such later date as mutually agreed to by the Parties), the Allowed Secured Notes Claim shall receive the treatment agreed to in the negotiation of the Consensual Plan. 

(b) In the event the Parties are unable to reach agreement on the terms of a Consensual Plan on or before the Petition
Date (or such later date as mutually agreed to by the Parties), the Debtors will file the Approval Motion seeking entry of the Alternative Settlement Agreement Order. 

(i) The Alternative Settlement Agreement Order shall contain the following key terms: 

(A) The Issuers and Guarantors shall be authorized to enter into the First Supplemental Indenture, which shall provide, among
other things, that each Noteholder shall receive additional Notes in an amount equal to the sum of (i) the principal amount of Notes held by such Noteholder on the date the Alternative Settlement Agreement Order is entered (the
“Additional Notes”) (or such other record date as may be established in the Alternative Settlement Agreement Order), plus (ii) any accrued interest on the Notes outstanding as of the Petition Date (applying an interest
rate of 12% on the $1,000,000,000 principal amount of the Notes). For the avoidance of doubt, the Additional Notes shall have the same material terms and conditions as the Notes and shall be issued substantially in the form attached hereto as
Exhibit D, shall be issued within one Business Day after the entry of the Alternative Settlement Agreement Order, and shall be treated as prepetition, unsecured obligations notwithstanding the date of issuance. 

(B) The Trustee, the Collateral Trustee, and the Consenting Noteholders shall be authorized and directed to take any necessary
actions to execute and effectuate the First Supplemental Indenture, including without limitation, the execution and delivery of the Required Release Documentation. 

  
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 EXECUTION VERSION 

 
 (C) In connection with the issuance, authentication and
delivery of the Additional Notes and the execution of the First Supplemental Indenture and the Collateral Release Documents, the Issuers and Guarantors shall deliver to the Trustee and the Collateral Trustee an Officers Certificate
(substantially in the form attached hereto as Exhibit E) (the “Officers Certificate”), an authentication order (substantially in the form attached hereto as Exhibit F) and an Opinion of Counsel (in the form
agreed to by the Parties) (the “Opinion of Counsel”) that the issuance, authentication and delivery of the Additional Notes and the execution and delivery of the First Supplemental Indenture and the Required Release
Documentation are authorized pursuant to the Alternative Settlement Agreement Order.. 
 (D) The Notes Claims shall be
finally and irrevocably allowed as an Allowed Unsecured Notes Claim. 
 (E) The Mortgages, pledge, and all other security
interests securing the Parity Lien Debt shall be deemed immediately and automatically released upon the filing of a notice with the Bankruptcy Court indicating that the Additional Notes have been issued, and the Collateral Trustee shall be
authorized and directed (and agrees) to execute, deliver, record, and/or file the Required Release Documentation in accordance with the Release Authorization (the “Release”), provided, however, that the failure to take
any such actions (or the failure to receive any of the Required Release Documentation, any defects in the Required Release Documentation, or any other failure in connection with the Required Release Documentation) shall not invalidate or otherwise
prejudice the effectiveness of the Release; 
 (F) If the Additional Notes have been issued, the Company shall be authorized
to execute, deliver, record, and/or file the Required Release Documentation in the name of and on behalf of the Collateral Trustee, provided, however, that the failure to take any such actions (or the failure to receive any of the Required
Release Documentation, any defects in the Required Release Documentation, or any other failure in connection with the Required Release Documentation) shall not invalidate or otherwise prejudice the effectiveness of the Release; provided,
further, however that the Company shall only be authorized to execute, deliver, record, and/or file the Required Release Documentation without further direction from the Collateral Trustee if the Collateral Trustee does not execute,
deliver, record, and/or file the Required Release Documentation within 30 days of the issuance of the Additional Notes and delivery of the required Officer’s Certificate and Opinion of Counsel; 

(G) To the fullest extent permitted by law, the Debtors and their estates will be deemed to have expressly released any and
all claims to avoid, subordinate, setoff, reclassify, recharacterize or disallow in whole 

  
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 EXECUTION VERSION 

 
 or in part the Allowed Unsecured Notes Claim, whether under any
provision of chapter 5 of the Bankruptcy Code, any equitable theory (including, without limitation, equitable subordination, equitable disallowance or unjust enrichment), or otherwise, and any other claims that the Issuers and Guarantors may be
entitled to assert against the Trustee, Collateral Trustee, and Consenting Noteholders under any applicable law on account of the Settlement Agreement, Approval Motion, and the Exchange Transactions; and 

(H) Upon issuance of the Additional Notes, the Trustee, the Collateral Trustee, and the Consenting Noteholders will be deemed
to have expressly released the Issuers, the Guarantors and their affiliates, as well as their, and their current and former affiliates’, current and former directors, managers, officers, equity holders (regardless of whether such interests are
held directly or indirectly), predecessors, successors, and assigns, subsidiaries, and each of their respective current and former equity holders, officers, directors, managers, principals, members, employees, agents, advisory board members,
financial advisors, partners, attorneys, accountants, investment bankers, consultants, representatives, and other professionals from any and all claims that may be asserted against such entities on account of the Exchange Transactions (other than
with respect to the outstanding principal amount of the Notes and Additional Notes, plus any interest, fees and expenses including attorneys’ fees, owing under the Indenture and on account of the Notes as of the Petition Date). 

(ii) To the extent material terms other than those prescribed in Section 3.3(b)(i) are included in the Alternative Settlement
Agreement Order, such other material terms shall be consistent with the terms of the Settlement Agreement and reasonably acceptable to the Consenting Noteholders. 
  

	Section 4.	Commitments of the Trustee, the Collateral Trustee, and the Consenting Noteholders. 

Section 4.1 Limitation on Transfer. During the period between the Effective Date and the earlier to occur of (i)
termination of the Settlement Agreement, (ii) entry of the Confirmation Order, and (iii) entry of the Alternative Settlement Agreement Order (the “Good Faith Negotiations Period”), and subject to the terms and conditions
hereof, each Consenting Noteholder agrees, solely with respect to itself, that it shall not Transfer any ownership (including any beneficial ownership)1 in the Notes Claims or any option thereon
or any right or interest therein (including by granting any proxies or depositing any interests in the Notes Claims into a voting trust or by entering into a voting agreement with respect to the Notes 

 
  

	1 	 As used herein, the term “beneficial ownership” means the direct or indirect economic
ownership of, and/or the power, whether by contract or otherwise, to direct the exercise of the voting rights and the disposition of, the Notes Claims or the right to acquire such Notes Claims.

  
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 EXECUTION VERSION 

 

	 	Claims), unless the intended transferee (A) is a Consenting Noteholder or (B) executes and delivers to counsel to the Company on the terms set forth below an executed form of the Transfer Agreement before such Transfer
is effective (it being understood that any Transfer shall not be effective as against the Issuers and Guarantors until notification of such Transfer and a copy of the executed Transfer Agreement is received by counsel to the Company, in each case,
on the terms set forth herein) (such transfer, a “Permitted Transfer” and such party to such Permitted Transfer, a “Permitted Transferee”). 

(a) Notwithstanding anything to the contrary herein, (i) the foregoing provisions shall not preclude any Consenting
Noteholder from settling or delivering any Notes Claims to settle any confirmed transaction pending as of the date of such Consenting Noteholder’s entry into this Agreement (subject to compliance with applicable securities laws and it being
understood that such Notes Claims so acquired and held (i.e., not as a part of a short transaction) shall be subject to the terms of this Agreement), (ii) a Qualified Marketmaker2 that
acquires any Notes Claims with the purpose and intent of acting as a Qualified Marketmaker for such Notes Claims, shall not be required to execute and deliver to counsel a Transfer Agreement or otherwise agree to be bound by the terms and conditions
set forth in this Agreement if such Qualified Marketmaker transfers such Notes Claims (by purchase, sale, assignment, participation, or otherwise) within five (5) business days of its acquisition to a Consenting Noteholder or Permitted Transferee
and the transfer otherwise is a Permitted Transfer, and (iii) to the extent any Party is acting solely in its capacity as a Qualified Marketmaker, it may Transfer any ownership interests in the Notes Claims that it acquires from a holder of Notes
Claims that is not a Consenting Noteholder to a transferee that is not a Consenting Noteholder at the time of such Transfer without the requirement that the transferee be or become a signatory to this Agreement or execute a Transfer Agreement.

(b) This Agreement shall in no way be construed to preclude the Consenting Noteholders from acquiring additional Notes
Claims; provided, however, that (1) any Consenting Noteholder that acquires additional Notes Claims prior to the termination of the Good Faith Negotiations Period shall promptly notify the Company of such acquisition, including the
amount of such acquisition, and (2) such acquired Notes Claims shall automatically and immediately upon acquisition by a Consenting Noteholder be deemed subject to the terms of this Agreement (regardless of when or whether notice of such acquisition
is given to the Company as set forth above), in the case of each of subclauses (1) and (2) of this clause (b), other than with respect to any Notes Claims acquired by such Consenting Noteholder in its capacity as a Qualified Marketmaker. 

 
  

	2 	As used herein, the term “Qualified Marketmaker” means an entity that (a) holds itself out to the public or the applicable private markets as standing ready in the ordinary course of business to
purchase from customers and sell to customers claims against the Company (or enter with customers into long and short positions in claims against the Company), in its capacity as a dealer or market maker in claims against the Company and (b) is, in
fact, regularly in the business of making a market in claims against issuers or borrowers (including debt securities or other debt). 

  
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 EXECUTION VERSION 

 
 (c) This Section 4 shall not impose any
obligation on the Issuer or Guarantors to issue any “cleansing letter” or otherwise publicly disclose information for the purpose of enabling a Consenting Noteholder to Transfer any Notes Claims. Notwithstanding anything to the contrary
herein, to the extent the Company and another Party have entered into a separate agreement with respect to the issuance of a “cleansing letter” or other public disclosure of information (each such executed agreement as may be amended from
time to time, a “Confidentiality Agreement”), the terms of such Confidentiality Agreement shall continue to apply and remain in full force and effect according to its terms.

(d) Any Transfer made in violation of this Section 4.1 shall be void ab initio.

(e) For the avoidance of doubt, (i) following a Permitted Transfer by a Consenting Noteholder of all of its interests in
the Note Claims, such Consenting Noteholder shall have no additional or continuing obligations under this Settlement Agreement or any related direction letters to the Trustee and (ii) prior to the effective date of a Permitted Transfer, the
Permitted Transferee shall not have obligations or liabilities under this Settlement Agreement or any related direction letters to the Trustee to any party to the Agreement. 

Section 4.2 Commitments in Connection with the Consensual Plan Negotiations. During the period between the
Effective Date and the Petition Date, subject to the terms and conditions hereof, each of the Consenting Noteholders, the Trustee, and the Collateral Trustee agrees, solely with respect to itself, that: 

(a) it will use reasonable efforts to negotiate the terms of a Consensual Plan in good faith and take all reasonable
actions necessary to consummate any such Consensual Plan and the transactions contemplated therein, in a manner consistent with this Settlement Agreement, including the timelines set forth herein; and 

(b) solely with respect to the Consenting Noteholders, each Consenting Noteholder shall not (A) direct any
administrative agent, Collateral Trustee, or indenture trustee to take any action inconsistent with such Consenting Noteholder’s obligations under this Settlement Agreement, and, if any applicable administrative agent, Collateral Trustee, or
indenture trustee takes any action inconsistent with such Consenting Noteholder’s obligations under this Settlement Agreement, such Consenting Noteholder shall direct such administrative agent, Collateral Trustee, or indenture trustee to cease
and refrain from taking any such action (but shall not be required to incur any indemnification obligations in respect of such request or otherwise), or (B) directly or indirectly, encourage any other person or entity to directly or indirectly, (x)
object to, delay, impede, or take any other action or any inaction to interfere with the acceptance, implementation, consummation, or amendment (whether before or after entry of the Confirmation Order, provided that

  
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 EXECUTION VERSION 

 
 such amendment is consistent with this Agreement) of the Consensual
Plan; (y) propose, file, support, vote for, or take any other action in furtherance of any restructuring, workout, plan of arrangement, or plan of reorganization for the Company that is inconsistent with this Settlement Agreement; or (z)
exercise any right or remedy for the enforcement, collection, or recovery of any claim against the Issuers or any direct or indirect subsidiaries of the Issuers except in a manner consistent with this Settlement Agreement. 

For the avoidance of doubt, in the event that the Parties agree on the terms of a Consensual Plan, the Trustee, the Collateral Trustee, and
the Consenting Noteholders shall retain the right to request additional adequate protection as may be appropriate. In addition, it is understood that, pursuant to any Consensual Plan, the Issuers and the Guarantors will not challenge any aspect of
the Allowed Secured Notes Claim including: (i) all outstanding principal, accrued interest, reasonable fees and documented expenses, including attorneys’ fees, owed under the Indenture and on account of the Notes prior to and after the Petition
Date and (ii) the enforceability and validity of the Mortgages or defenses that can be asserted by holders of the Notes, the Additional Notes, or the Trustee. 

Section 4.3 Commitments in Connection with the Approval Motion. During the period between the Effective Date
and termination of the Settlement Agreement in accordance with the terms hereof, and subject to the terms and conditions hereof: 

(a) Each of the Trustee, the Collateral Trustee, and the Consenting Noteholders, solely with respect to itself,
expressly agrees to affirmatively support the Approval Motion and will not file or support any objection to the Approval Motion or encourage any other person or entity to, take any action, including initiating or joining in any legal proceeding that
is inconsistent with this Settlement Agreement or delay, impede, appeal, or take any other negative action, directly or indirectly, that could reasonably be expected to interfere with the prosecution of the Approval Motion; provided,
however, that in the event the Alternative Settlement Agreement Order is not entered within 75 days of the Petition Date, the Trustee, Collateral Trustee and Consenting Noteholders shall retain the right to (i) assert a secured claim for all
outstanding principal, accrued interest, and expenses owed on account of the Notes , (ii) assert related rights as secured creditors, including but not limited to claims under section 506(a) of the Bankruptcy Code and requests for adequate
protection as may be appropriate, (iii) assert all available defenses against any challenges to the priority, enforceability, and validity of the Mortgages, and (iv) assert any available claims for breach of the Indenture or the First Supplemental
Indenture. 
 (b) In connection with the Release set forth in the Alternative Settlement Agreement Order in the
event the Alternative Settlement is pursued, the Collateral Trustee, the Trustee, and the Consenting Noteholders hereby acknowledge and agree that, to the extent any additional termination statements, releases, or similar instruments are reasonably
necessary to fully effectuate or evidence the Release (“Additional Releases”), the Collateral Trustee, at the reasonable request of the Issuers or designees, and, at the sole cost and expense of the Issuers, will promptly

  
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 EXECUTION VERSION 

 
 (and, in any case, within three (3) business days of request): (A)
execute such Additional Releases; (B) deliver to the Issuers or their designees such original executed signature pages together with original notarizations thereof, where applicable, in such number of originals as the Issuers or their designees may
reasonably request and, in each case, in recordable form; and (C) authorize the Issuers and their designees to deliver, record, and/or file any such Additional Releases. 

(c) Each of the Trustee, the Collateral Trustee, and the Consenting Noteholders expressly acknowledges the intent of the
Parties that the issuance of Additional Notes pursuant to the Alternative Settlement shall constitute prepetition, unsecured obligations of the Debtors’ estates regardless that such issuance occurs after the Petition Date and expressly waives
any right it may have to argue that claims on account of such Additional Notes should be entitled to administrative expense or priority treatment under the Bankruptcy Code. 
  

	Section 5.	Commitments of the Issuers, Guarantors, and, as applicable, Debtors. 

(a) The Issuers and Guarantors shall work in good faith with the other Parties to develop the terms of the Consensual
Plan and accompanying restructuring support agreement, consistent with the terms set forth herein. 
 (b) If
applicable, the Debtors shall work in good faith and use reasonable efforts to obtain Bankruptcy Court approval of the Approval Motion and entry of the Alternative Settlement Agreement Order. 

(c) The Debtors shall use reasonable efforts to ensure that any orders requesting approval of debtor-in-possession
financing or the use of cash collateral submitted in the chapter 11 cases shall recognize the existence of and obligations imposed by this Settlement Agreement and, subject to the terms of this Settlement Agreement, recognize the recorded Mortgages
as collateral for the Notes, provided that the Trustee, the Collateral Trustee, and the Consenting Noteholders shall be deemed to have waived any right to adequate protection with respect to collateral upon entry of a the Alternative
Settlement Agreement Order. 
 (d) Pending the earlier of confirmation of a Consensual Plan or entry of the
Alternative Settlement Order, the Issuers, the Guarantors, and their respective subsidiaries and affiliates will not pursue any claim to avoid, subordinate, setoff, reclassify, recharacterize or disallow in whole or in part the Allowed Secured Notes
Claim or the Allowed Unsecured Notes Claim, as applicable, whether under any provision of chapter 5 of the Bankruptcy Code, any equitable theory (including, without limitation, equitable subordination, equitable disallowance or unjust enrichment),
or otherwise, or any other claims against the Collateral Trustee, the Trustee, and/or the Consenting Noteholders related to this Settlement Agreement and the Approval Motion (as applicable) will defend against any efforts by third parties to seek
derivative standing to pursue such actions. 

  
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 EXECUTION VERSION 

 
  

	Section 6.	Termination.  

 Section 6.1 This Settlement Agreement shall
terminate automatically on the first to occur of the following (each, a “Termination Event”): 

(a) The date that is 91 days after the Effective Date, unless the Petition Date has occurred prior to such 91st day;

 (b) The failure of the Company to deliver executed counterparts of the Mortgages in favor of the Collateral Trustee
pursuant to the Indenture, the Collateral Trust Agreement, and the Exchange Agreements within 1 Business Day of the Effective Date as required under Section 3.1; 

(c) A final, non-appealable order is entered by the Bankruptcy Court or another court of competent jurisdiction denying
the Approval Motion; 
 (d) A final, non-appealable order is entered by the Bankruptcy Court approving
debtor-in-possession financing or the use of cash collateral that does not recognize the existence of and obligations imposed by this Settlement Agreement and, subject to the terms of this Settlement Agreement, recognize the recorded Mortgages as
collateral for the Notes; 
 (e) Any third party is granted derivative standing to challenge the priority, validity,
or enforceability of the Mortgages granted, delivered and duly recorded in connection with the Indenture, the Collateral Trust Agreement, and the Exchange Agreements, or to pursue any other claims or objections against the Collateral Trustee, the
Trustee, and/or the Consenting Noteholders related to this Settlement Agreement, the Approval Motion, the Exchange Transactions, and any of the transactions contemplated thereby; 

(f) The chapter 11 cases of the Issuers and Guarantors are converted to chapter 7; 

(g) A chapter 11 trustee is appointed for the Issuers and Guarantors; 

(h) The chapter 11 cases of the Issuers and Guarantors are dismissed; or 

(i) The Issuers, the Guarantors, the Trustee, the Collateral Trustee, and Consenting Noteholders agree in writing to
terminate this Settlement Agreement. 
 If a Termination Event occurs, the Trustee, the Collateral Trustee, and the Consenting Noteholders
shall be entitled to assert (i) a secured claim on account of the Notes, (ii) related rights as secured creditors, including but not limited to, claims under section 506(a) of the Bankruptcy Code and requests for adequate protection as
appropriate,(iii) all available defenses against any challenges to the priority, enforceability, and validity of the Mortgages under any applicable law, and (iv) any available claims for breach of the Indenture, Collateral Trust Agreement, or the
First Supplemental Indenture. 

  
 13 

 EXECUTION VERSION 

 
  

	 	Section 6.2	Effect of Termination. 

 Upon termination of this Settlement Agreement in
accordance with Section 6 hereof, all obligations of the Parties under this Settlement Agreement shall terminate and shall be of no further force and effect; provided, that any claim for breach of this Settlement Agreement occurring
after the Effective Date shall survive termination and all rights and remedies with respect to such claim shall be neither waived nor prejudiced in any way by termination of this Settlement Agreement. 

 

	Section 7.	Governing Law; Jurisdiction. 

 (a) This Settlement Agreement shall
be construed and enforced in accordance with, and the rights of the Parties shall be governed by, the laws of the State of New York, without giving effect to the conflict of laws principles thereof. Each Party agrees that it shall bring any
action or proceeding in respect of any claim arising out of or related to this Settlement Agreement in the Bankruptcy Court, and solely in connection with claims arising under this Settlement Agreement: (i) irrevocably submits to the exclusive
jurisdiction and the constitutional authority of the Bankruptcy Court; (ii) waives any objection to laying venue in any such action or proceeding in the Bankruptcy Court; and (iii) waives any objection that the Bankruptcy Court is an inconvenient
forum, does not have jurisdiction over any Party, or lacks the constitutional authority to enter final orders in connection with such action or proceeding; provided, however, that this Settlement Agreement and the releases set forth
herein may be submitted in any court, arbitration, and/or other legal proceeding to enforce the terms of such releases.

(b) Each Party hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by
jury in any legal proceeding arising out of, or relating to, this Settlement Agreement or the transactions contemplated hereby (whether based on contract, tort, or any other theory). Each Party (i) 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 (ii) acknowledges that it and the other Parties have been induced to enter
into this Settlement Agreement by, among other things, the mutual waivers and certifications in this Section 7. 
  

	Section 8.	Representations of the Parties. 

 (a) Consenting Noteholders
Representations and Warranties. 
 To induce each other Party to enter into and perform its obligations under this Settlement Agreement,
each Consenting Noteholder, severally but not jointly, represents, warrants and acknowledges, as of the Effective Date, as follows: 

(i) Authority. (A) Except as expressly provided in this Settlement Agreement, it is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization and has all the requisite corporate, partnership, limited liability company or other power and authority to execute and

  
 14 

 EXECUTION VERSION 

 
 deliver this Settlement Agreement and the other documents and
instruments contemplated hereby to which it is contemplated to be a party and perform its obligations under this Settlement Agreement and the other documents and instruments contemplated hereby to which it is contemplated to be a party, and to
consummate the transactions contemplated herein and therein, and (B) the execution, delivery and performance by it under this Settlement Agreement and the other documents and instruments contemplated hereby to which it is contemplated to be a
party and the consummation of the transactions contemplated herein and therein, have been duly authorized by all necessary action on its part, and no other actions or proceedings on its part are necessary to authorize and approve this
Settlement Agreement or the other documents or instruments contemplated hereby to which it is contemplated to be a party or any of the transactions contemplated herein or therein. 

(ii) Ownership. It is the legal owner, beneficial owner, and/or the investment advisor or manager for such legal
or beneficial owner or discretionary account of such legal or beneficial owner of the Notes. 
 (iii) Validity.
Except as provided in this Settlement Agreement and as may be limited by bankruptcy, insolvency, or other similar laws of general applicability affecting the enforcement of creditors’ rights generally and by a court’s discretion in
relation to equitable remedies, this Settlement Agreement has been duly executed and delivered by it and constitutes its legal, valid and binding agreement, enforceable against it in accordance with its terms. 

(iv) No Conflict. Its execution, delivery and performance (when such performance is due) of this Settlement Agreement
does not and shall not (A) subject to the actions, consents and filings referred to in clause (v) below, violate any provision of law, rule or regulation applicable to it or any of its subsidiaries or its or their subsidiaries’ certificates of
incorporation or bylaws or other organizational documents, or (B) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any material contractual obligations to which it or any of its
subsidiaries is a party. 
 (v) Authorization of Governmental Authorities. No action by (including any authorization,
consent or approval), in respect of, or filing with, any governmental authority or regulatory body, except such filing as may be necessary and/or required for disclosure by the Securities and Exchange Commission or pursuant to state securities or
“blue sky” laws, is required for, or in connection with, the valid and lawful authorization, execution, delivery and performance by it of this Settlement Agreement. 

(vi) No Reliance. It (A) is a sophisticated party with respect to the matters that are the subject of this
Settlement Agreement, (B) has had the opportunity to be represented and advised by legal counsel in connection with this Settlement Agreement, (C) has adequate information concerning the matters that are the subject of this Settlement Agreement, and
(D) has independently and 

  
 15 

 EXECUTION VERSION 

 
 without reliance upon any other Party, or any of their affiliates, or
any officer, employee, agent or representative thereof, and based on such information as it has deemed appropriate, made its own analysis and decision to enter into this Settlement Agreement, except that it has relied upon each other Party’s
express representations, warranties and covenants in this Settlement Agreement, which it enters, or as to which it acknowledges and agrees, voluntarily and of its own choice and not under coercion or duress. 

(b) Issuer Representations and Warranties. 

To induce each other Party to enter into and perform its obligations under this Settlement Agreement, each Issuer hereby represents, warrants
and acknowledges, as of the Effective Date, as follows: 
 (i) Authority. Except as expressly provided in this
Settlement Agreement (A) each of the Issuers is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all the requisite corporate, partnership, limited liability company, or other power
and authority to execute and deliver this Settlement Agreement and the other documents and instruments contemplated hereby to which the Issuers are contemplated to be parties and perform their obligations under this Settlement Agreement and the
other documents and instruments contemplated hereby to which they are contemplated to be parties, and to consummate the transactions contemplated herein and therein, and to consummate the transactions contemplated herein and therein, and (B) the
execution, delivery, and performance by such Issuers under this Settlement Agreement and the other documents and instruments contemplated hereby to which each such Issuer is contemplated to be a party and the consummation of the transactions
contemplated herein and therein, have been duly authorized by all necessary action on the part of such Issuer, and no other actions or proceedings on the part of such Issuer are necessary to authorize and approve this Settlement Agreement or
the other documents or instruments contemplated hereby to which such Issuer is contemplated to be a party or any of the transactions contemplated herein or therein. 

(ii) Validity. Except as expressly provided in this Settlement Agreement this Settlement Agreement has been duly
executed and delivered by the Issuers and constitutes the legal, valid and binding agreement of the Issuers, enforceable against the Issuers in accordance with its terms. 

(iii) No Conflict. The execution, delivery and performance by the Issuers (when such performance is due) of this
Settlement Agreement does not and shall not (A) subject to the actions, consents and filings referred to in clause (iv) below, violate any provision of law, rule or regulation applicable to the Issuers or any of their subsidiaries or the
Issuers’ or their subsidiaries’ certificates of incorporation or bylaws or other organizational documents, or (B) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any material
contractual obligations to which it or any of its subsidiaries is a party. 

  
 16 

 EXECUTION VERSION 

 
 (iv) Authorization of Governmental Authorities.
No action by (including any authorization, consent or approval), in respect of, or filing with, any governmental authority or regulatory body, except such filing as may be necessary and/or required for disclosure by the Securities and Exchange
Commission or pursuant to state securities or “blue sky” laws, and the approval of the Bankruptcy Court of the Issuers’ authority to enter into and implement this Settlement Agreement, is required for, or in connection with, the valid
and lawful authorization, execution, delivery and performance by the Issuers of this Settlement Agreement. 
 (v) No
Reliance. Each of the Issuers (A) is a sophisticated party with respect to the matters that are the subject of this Settlement Agreement, (B) has had the opportunity to be represented and advised by legal counsel in connection with this
Settlement Agreement, (C) has adequate information concerning the matters that are the subject of this Settlement Agreement, and (D) has independently and without reliance upon any other Party, or any of their affiliates, or any officer, employee,
agent or representative thereof, and based on such information as such Issuer has deemed appropriate, made its own analysis and decision to enter into this Settlement Agreement, except that the Issuers have relied upon each other Party’s
express representations, warranties, and covenants in this Settlement Agreement, which each of the Issuers enters, or as to which each Issuer acknowledges and agrees, voluntarily and of its own choice and not under coercion or duress. 

 

	Section 9.	Acknowledgments. 

 Notwithstanding any other provision herein, this Settlement
Agreement is not and shall not be deemed to be an offer with respect to any securities or solicitation of votes for the acceptance of a plan of reorganization for purposes of sections 1125 and 1126 of the Bankruptcy Code or otherwise. Any such
offer or solicitation will be made only in compliance with all applicable securities laws and provisions of the Bankruptcy Code.
  

	Section 10.	Cooperation and Support. 

 The Parties and their advisors shall
cooperate with each other in good faith and shall coordinate their activities (to the extent possible and subject to the terms of this Settlement Agreement) in respect of the consummation of the transactions contemplated by this Settlement
Agreement. Furthermore, subject to the terms of this Settlement Agreement, each of the Parties and their advisors shall use reasonable efforts to (i) support and complete all transactions contemplated hereby; (ii) take any and all necessary and
appropriate actions in furtherance of the transactions contemplated hereby (provided, however, that the Consenting Noteholders shall not be obligated to take any action that is inconsistent with the First Supplemental Indenture, as
applicable, or any direction given thereunder); and (ii) refrain from taking any action, causing an affiliate or any third party to take any action, or encouraging any affiliate or third party to take any action, inconsistent with this Settlement
Agreement. 

  
 17 

 EXECUTION VERSION 

 

	Section 11.	Payment of Professional Fees 

 The Company agrees to pay all reasonable and documented
fees and expenses incurred by (a) O’Melveny & Myers LLP and Intrepid Financial Partners, as legal and financial advisors to the Consenting Noteholders and (b) Arent Fox LLP, as counsel to the Trustee and Collateral Trustee, in each case
incurred in connection with this Settlement Agreement, a Consensual Plan, or the Alternative Settlement Agreement Order. 
  

	Section 12.	Representation by Counsel. 

 Each Party acknowledges that it has had the opportunity to
be represented by counsel in connection with this Settlement Agreement and the transactions contemplated hereunder. Accordingly, any rule of law or any legal decision that would provide any Party with a defense to the enforcement of the terms
of this Settlement Agreement against such Party based upon lack of legal counsel shall have no application and is expressly waived. 
  

	Section 13.	No Admission of Liability. 

 Each Party enters into this Settlement Agreement without
admitting any liability or conceding any allegations not already expressly admitted.
  

	Section 14.	Third-Party Beneficiaries. 

 Except as otherwise explicitly set forth herein, nothing in
this Settlement Agreement is intended to benefit or create any right or cause of action in or on behalf of any person other than the Parties hereto (and their affiliated persons and entities who are intended to be beneficiaries of the releases and
settlements set forth herein).
  

	Section 15.	Notices. 

 All notices hereunder shall be deemed given if in writing and delivered, if
sent by electronic mail, courier, or registered or certified mail (return receipt requested) to the following addresses (or at such other addresses as shall be specified by like notice): 

(a) if to a Consenting Noteholder, with copies (which shall not constitute notice) to: 

O’Melveny & Myers LLP 

Times Square Tower 
 New York, New
York 10036 
 Attention: John Rapisardi 

E-mail address: jrapisardi@omm.com 

and to the Consenting Noteholder at the address set forth on the signature page hereto 

  
 18 

 EXECUTION VERSION 

 
 (b) if to the Company, to: 

Linn Energy, LLC 
 JPMorgan Chase
Tower 
 600 Travis, Suite 5100 

Houston, Texas 77002 
 Attn:
Candice Wells 
 E-mail address: cwells@linnenergy.com 

with copies (which shall not constitute notice) to: 

Kirkland & Ellis LLP 
 601
Lexington Avenue 
 New York, New York 10022 

Attention: Paul Basta, P.C., Stephen E. Hessler, P.C. and Brian S. Lennon 

E-mail addresses:     pbasta@kirkland.com 

                        
          shessler@kirkland.com 

                        
          blennon@kirkland.com 
 (c) if to the Trustee or the Collateral
Trustee: 
 Delaware Trust Company 

2711 Centerville Road 

Wilmington, DE 19808 
 Attention:
Michelle A. Dreyer 
 E-mail addresses:     mdreyer@delawaretrust.com 

with copies (which shall not constitute notice) to: 

Arent Fox LLP 
 1675 Broadway

 New York, New York 10019 

Attention: Leah M. Eisenberg 

E-mail addresses:     eisenberg.leah@arentfox.com 

or such other address as may have been furnished by a Party to each of the other Parties by notice given in accordance with the requirements set forth
above. Any notice given by delivery, mail, or courier shall be effective when received. 
  

	Section 16.	Entire Agreement. 

 This Settlement Agreement, including any exhibits, annexes and/or
schedules hereto and the exhibits, annexes, and/or schedules thereto, constitutes the entire agreement between the Parties concerning the subject matter of this Settlement Agreement and supersedes all prior negotiations, agreements and
understandings, whether written or oral, between and among the Parties concerning the subject matter of this Settlement Agreement. Each of the Parties 

  
 19 

 EXECUTION VERSION 

 
 acknowledges that it is executing this Settlement Agreement without reliance on any
representations, warranties or obligations other than those representations, warranties, and obligations expressly set forth in this Settlement Agreement. 
  

	Section 17.	Modification or Amendment. 

 This Settlement Agreement may be modified or amended only by
written agreement executed by (i) holders of 66 2/3% of the outstanding principal amount of the Notes (and Additional Notes if applicable) outstanding on the date of such amendment or modification, (ii) the Issuers; (iii) the Guarantors; (iv) the
Trustee; and (v) the Collateral Trustee; provided, however, that if the proposed modification, amendment, or supplement has a material, disproportionate, and adverse effect on any Consenting Noteholder solely with respect to its status as a
Consenting Noteholder and not with respect to any other debt or equity held of the Company and its affiliates, then the consent of each such disproportionately affected Consenting Noteholder shall also be required to effectuate such modification,
amendment, or supplement. 
  

	Section 18.	Further Assurances.  

 From and after the Effective Date, each of
the Parties agrees to use their respective reasonable efforts to execute or cause to be executed and deliver or cause to be delivered all such agreements, instruments, and documents and take or cause to be taken all such further actions as may
reasonably be necessary from time to time to carry out the intent and purpose of this Settlement Agreement, and to consummate the transactions contemplated hereby and thereby. 

 

	Section 19.	Successors and Assigns. 

 Except as otherwise provided in this Settlement Agreement, this
Settlement Agreement is intended to bind and inure to the benefit of each of the Parties and each of their respective successors, assigns, heirs, executors, administrators and representatives, provided that the obligations of the Issuers and
Guarantors under this Settlement Agreement will not be assigned without the consent of the Consenting Noteholders. 
  

	Section 20.	Interpretation. 

 This Settlement Agreement is the product of negotiations among the
Parties, and the enforcement or interpretation of this Settlement Agreement is to be interpreted in a neutral manner and in accordance with section 102 of the Bankruptcy Code; and any presumption with regard to interpretation for or against any
Party by reason of that Party (or its counsel) having drafted or caused to be drafted this Settlement Agreement or any portion of this Settlement Agreement, shall not be effective in regard to the interpretation of this Settlement Agreement. 

 

	Section 21.	Settlement Discussions. 

 This Settlement Agreement and the transactions contemplated
herein are part of a proposed settlement among the Parties. Nothing herein shall be deemed an admission of any kind. To the extent provided by Federal Rule of Evidence 408, all applicable mediation privileges, and any applicable state
rules of evidence, this Settlement Agreement and all negotiations relating thereto shall not be admissible into evidence in any proceeding other than a proceeding regarding the terms of this Settlement Agreement. 

  
 20 

 EXECUTION VERSION 

 
  

	Section 22.	Specific Performance. 

 It is understood and agreed by the Parties that money damages
would be an insufficient remedy for any breach of this Settlement Agreement by any Party, that such breach would represent irreparable harm, and that each non-breaching Party shall be entitled to specific performance and injunctive relief (without
the posting of any bond and without proof of actual damages), but no other form of equitable relief, as the sole remedy for any such breach, including an order of the Bankruptcy Court or other court of competent jurisdiction requiring any Party to
comply promptly with any of its obligations hereunder; provided, that each Party agrees to waive any requirement for the securing or posting of a bond in connection with such remedy. 

 

	Section 23.	Headings. 

 Titles and headings in this Settlement Agreement are inserted for convenience
of reference only and are not intended to affect the interpretation or construction of the Settlement Agreement. 
  

	Section 24.	Execution of Agreement. 

 This Settlement Agreement may be executed in counterparts, and
by the different Parties hereto on separate counterparts, each of which when executed and delivered shall constitute an original. Delivery of an executed counterpart by facsimile or electronic mail shall be equally as effective as delivery of
an original executed counterpart. 
  

	Section 25.	Non-Severability of Agreement. 

 This Settlement Agreement is to be construed as a whole,
and all provisions of it are to be read and construed together. Notwithstanding anything in this Settlement Agreement to the contrary, and in light of the integrated nature of the settlements and compromises embodied in this Settlement
Agreement, in the event that (a) a court of competent jurisdiction enters a final order ruling that any of the provisions of this Settlement Agreement are void, invalid, illegal, or unenforceable in any material respect, or (b) any of the provisions
of this Settlement Agreement are reversed, vacated, overturned, voided, or unwound in any material respect, then in each case, the entirety of this Settlement Agreement (other than this Section 24) shall be void ab initio and of no force and
effect and, during any subsequent proceeding, the Parties shall not assert claim preclusion, issue preclusion, estoppel or any similar defense in respect of rights and claims of the Parties that were the subject of this Settlement Agreement prior to
this Settlement Agreement being of no force or effect. 
 [Signature pages follow] 

  
 21 

 EXECUTION VERSION 

 
 IN WITNESS WHEREOF, the Parties hereto have executed this
Settlement Agreement as of the date set forth above. 
 ISSUERS: 

LINN ENERGY, LLC 
 LINN ENERGY FINANCE CORP. 

 

			
	By:	 	 /s/ Candice Wells

 Name: Candice Wells 
 Title:
Senior Vice President and General Counsel 
 GUARANTORS: 

LINN ENERGY HOLDINGS, LLC 
 LINN EXPLORATION & PRODUCTION
MICHIGAN LLC 
 LINN MIDSTREAM, LLC 
 LINN MIDWEST ENERGY LLC

 LINN OPERATING, INC. 
 MID-CONTINENT I, LLC 

MID-CONTINENT II, LLC 
 MID-CONTINENT HOLDINGS I, LLC 

MID-CONTINEN HOLDINGS II, LLC 
  

			
	By:	 	 /s/ Candice Wells

 Name: Candice Wells 
 Title:
Senior Vice President and General Counsel 
 LINN EXPLORATION MIDCONTINENT, LLC 

By: Mid-Continent Holdings II, LLC, its sole member as Member/Manager 
  

			
	By:	 	 /s/ Candice Wells

 Name: Candice Wells 
 Title:
Senior Vice President and General Counsel 
 TRUSTEE: 
  

			
	By:	 	 /s/ Alan R. Halpern

 Name: Alan R. Halpern 
 Title:
Vice President 
 COLLATERAL TRUSTEE: 
  

			
	By:	 	 /s/ Alan R. Halpern

 Name: Alan R. Halpern 
 Title:
Vice President 

  

 EXECUTION VERSION 

 
 Exhibit A 

First Supplemental Indenture 
  

  
 1 

 FORM OF FIRST SUPPLEMENTAL INDENTURE 

 
  

LINN ENERGY, LLC 
 LINN ENERGY
FINANCE CORP. 
 AND 
 THE
GUARANTORS NAMED ON THE SIGNATURE PAGE HEREOF 
  

 
 FIRST
SUPPLEMENTAL INDENTURE 
 RELATING TO 

12.00% SENIOR SECURED SECOND LIEN NOTES DUE 2020 

Dated as of [●], 2016 
  

 
 DELAWARE TRUST
COMPANY, 
 As Trustee 
  

 

 FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
[●], 2016, is among LINN ENERGY, LLC, a Delaware limited liability company (the “Company”), LINN ENERGY FINANCE CORP., a Delaware corporation (“Finance Corp.” and, together with the Company, the
“Issuers”), the guarantors listed on the signature page hereof (each, a “Guarantor” and, collectively, the “Guarantors”) and DELAWARE TRUST COMPANY, a Delaware state chartered trust company (as
successor trustee to U.S. Bank National Association), as trustee (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, each of the Issuers and the Guarantors has heretofore executed and delivered to the Trustee, an indenture (as amended or supplemented
prior to the date hereof, the “Indenture”), dated as of November 20, 2015, providing for the issuance of $1,000,000,000 aggregate principal amount of 12.00% Senior Secured Second Lien Notes due 2020 (the “Existing
Notes”); 
 WHEREAS, the Existing Notes are secured by certain liens and mortgages issued and recorded pursuant to the terms of the
Indenture, the Collateral Trust Agreement and certain exchange agreements executed on November 13, 2015; 
 WHEREAS, pursuant to
Section 9.02 of the Indenture, the Issuers, the Guarantors and the Trustee are authorized to amend or supplement the Indenture, with the consent of Holders representing at least 66.67% of the aggregate principal amount of the outstanding Notes
(the “Consenting Noteholders”), to release the Liens for the benefit of the Holders of the Notes on all or substantially all of the Collateral; 

WHEREAS, the Issuers, the Guarantors, the Trustee and the Consenting Noteholders entered into that certain Settlement Agreement, dated as of
[●], 2016 (the “Settlement Agreement”); 
 WHEREAS, pursuant to the Settlement Agreement and in accordance with
Section 9.02 of the Indenture, the Consenting Noteholders have agreed to release the Liens for the benefit of the Holders of the Notes on all of the Collateral subject to the terms and conditions of the Settlement Agreement and the issuance,
authentication and delivery of the Settlement Additional Notes (as defined herein); 
 WHEREAS, Section 2.13 of the Indenture
provides that Additional Notes with identical terms as the Existing Notes may be created and issued from time to time by the Issuers (subject to the Issuers’ compliance with Section 4.09 of the Indenture) without notice to or consent of
the Holders and shall be consolidated with and form a single class with the Existing Notes and any other Additional Notes and all Exchange Notes issued in exchange therefor and shall have identical terms, and shall be treated as a single class for
all purposes under the Indenture, including, without limitation, as to waivers, consents, directions, declarations, amendments, redemptions, offers to purchase or otherwise as the Existing Notes and any other Additional Notes and all Exchange Notes
issued in exchange therefor, other than with respect to the date of issuance; provided, however, that if any Additional Notes are not fungible with the Existing Notes issued for U.S. federal income tax purposes, such Additional Notes shall be
issued under a separate CUSIP number (and, if applicable, ISIN); 

  
 2 

 WHEREAS, the Issuers and the Guarantors desire to issue $1,000,000,000 in aggregate principal
amount of Additional Notes, having terms identical to the Existing Notes other than with respect to the date of issuance (the “Settlement Additional Notes” and, together with the Existing Notes, the “Notes”),
equally and ratably to the Holders of Existing Notes; 
 WHEREAS, all acts and things prescribed by the Indenture, by law and by the
Certificate of Incorporation and the Bylaws (or comparable constituent documents) of the Issuers, of the Guarantors and of the Trustee necessary to make this Supplemental Indenture a valid instrument legally binding on the Issuers, the Guarantors
and the Trustee, in accordance with its terms, have been duly done and performed; and 
 WHEREAS, pursuant to Section 9.01 and
Section 9.02 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
 NOW THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

(1) Capitalized Terms. Capitalized terms used herein without definition (including the preamble and recitals hereto) shall have the
meanings assigned to them in the Indenture. 
 (2) Release of Liens in Respect of Notes. Pursuant to Section 12.06(e) of the
Indenture and effective upon the issuance, authentication and delivery of the Settlement Additional Notes equally and ratably to the Holders of the Existing Notes as of the date the Alternative Settlement Agreement Order (as such term is defined in
the Settlement Agreement) is entered into by the Bankruptcy Court (as such term is defined in the Settlement Agreement) (or such other record date as may be established in the Alternative Settlement Agreement Order) (the “Alternative
Settlement Record Date”), (i) the Collateral Trustee’s Parity Liens upon the Collateral are hereby released and discharged and such Liens no longer secure the Notes outstanding under the Indenture or any other Notes Obligations
and (ii) the right of the Holders to the benefits and proceeds of the Collateral Trustee’s Parity Liens on the Collateral is hereby terminated and discharged. 

(3) Additional Securities. The Issuers will issue, and the Trustee is directed to authenticate and deliver, the Settlement Additional
Notes under the Indenture equally and ratably to the Holders of Existing Notes as of the Alternative Settlement Record Date, which shall constitute “Additional Notes” for all purposes under the Indenture, having terms identical to the
Existing Notes, other than with respect to the date of issuance. The Existing Notes and any other Additional Notes and all Exchange Notes issued in exchange therefor and the Settlement Additional Notes shall be treated as a single class for all
purposes under the Indenture; provided, however, that if any Settlement Additional Notes are not fungible with the Existing Notes issued for U.S. federal income tax purposes, such Settlement Additional Notes shall be issued under a separate
CUSIP number (and, if applicable, ISIN). 

  
 3 

 (4) Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (5) Counterparts. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 (6) Effect of
Headings. The Section headings herein are for convenience only and shall not affect the construction hereof. 
 (7) The Trustee.
Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted
by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. 

(8) Continued Effect. Except as expressly supplemented and amended by this Supplemental Indenture, the Indenture and the Notes shall
continue in full force and effect in accordance with the provisions thereof, and the Indenture and the Notes (as each are supplemented and amended by this Supplemental Indenture) are in all respects hereby ratified and confirmed. This Supplemental
Indenture and all the terms and conditions of this Supplemental Indenture, with respect to the Notes, shall be and be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. 

[Signatures on the following pages] 

  
 4 

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

			
	 Very truly yours,
  

Issuers
  

LINN ENERGY, LLC
 LINN ENERGY FINANCE CORP.

 

	By:	 	  

	Name:	 	David B. Rottino
	Title:	 	Executive Vice President and Chief Financial Officer
	  
 Guarantors

 

	LINN ENERGY HOLDINGS, LLC
	LINN EXPLORATION & PRODUCTION MICHIGAN LLC
	LINN MIDSTREAM, LLC (formerly Linn Gas Marketing, LLC)
	LINN MIDWEST ENERGY LLC
	LINN OPERATING, INC.
	MID-CONTINENT I, LLC
	MID-CONTINENT II, LLC
	MID-CONTINENT HOLDINGS I, LLC
	 MID-CONTINENT HOLDINGS II, LLC
  

	By:	 	  

	Name:	 	David B. Rottino
	Title:	 	Executive Vice President and
		 	Chief Financial Officer
	  
 LINN EXPLORATION MIDCONTINENT, LLC

 

	By:	 	Mid-Continent Holdings II, LLC, its sole member, as Member/Manager
		
	By:	 	  

	Name:	 	David B. Rottino
	Title:	 	Executive Vice President and Chief Financial Officer

  
 Signature Page to
First Supplemental Indenture 

 
			
	 Trustee
  

	 DELAWARE TRUST COMPANY, as Trustee
  

	By:	 	  

	Name:	 	[●]
	Title:	 	[●]

  
 Signature Page to
First Supplemental Indenture 

 EXECUTION VERSION 

 
 Exhibit B 

Required Release Documentation 

  
 2 

 EXECUTION VERSION 

 
 Exhibit C 

Provision for Transfer Agreement 

The undersigned (“Transferee”) hereby acknowledges that it has read and understands the Settlement Agreement, dated as
of                      (the “Agreement”),1 by and among LINN
Energy, LLC and its affiliates and subsidiaries bound thereto and the Consenting Noteholders, including the transferor to the Transferee of any Notes Claims (each such transferor, a “Transferor”), and shall be deemed a
“Consenting Noteholder,” under the terms of the Agreement and agrees to be bound by (a) by the terms and conditions of the Agreement to the extent the Transferor was thereby bound and (b) any direction letters provided by the
Consenting Noteholders to the Trustee and Collateral Trustee. The Transferee specifically agrees to be bound by the terms and conditions of the Agreement and makes all representations and warranties contained therein as of the date of the Transfer,
including the agreement to consent to the First Supplemental Indenture and the release of collateral contained therein. 
 Date Executed:

 

	
	  

	 Name:

	 Title:

 Address: 
 E-mail address(es):

 Telephone: 
 Facsimile: 

Aggregate Amounts Beneficially Owned or Managed on Account of: 
  

			
	 Notes Claims (if any)
	  	$[        ]
	 Other Claims (if any)
	  	$[        ]
	 Preferred Stock (if any)
	  	[        ] shares
	 Common Stock (if any)
	  	[        ] shares

  

	1 	Capitalized terms not used but not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. 

  
 3 

 EXECUTION VERSION 

 
 Exhibit D 

Global Notes 

  

 FORM OF GLOBAL NOTE NO. B-1 

[FACE OF INITIAL NOTE] 
 UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO AN ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT 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 INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS.
NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR
(B) IT IS NOT A U.S. PERSON AND IS ACQUIRING SUCH NOTE IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AFTER THE LATER
OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY PREDECESSOR OF THIS NOTE) OR THE LAST DAY ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WERE THE OWNERS OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) (THE “RESALE RESTRICTION TERMINATION
DATE”), OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE EXCEPT (A) TO AN ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE

 
MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED PRIOR TO THE RESALE RESTRICTION TERMINATION DATE A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND, SUBJECT TO THE ISSUERS’ AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) THAT IS (A) PURSUANT TO CLAUSE (2)(D) PRIOR TO THE END OF THE 40 DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR
(B) PURSUANT TO CLAUSE (2)(F) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE, TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (ii) IN EACH OF THE FOREGOING
CASES IN CLAUSES (i)(A) OR (B), TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON DELIVERY TO THE TRUSTEE BY THE COMPANY OR THE
HOLDER THEREOF OF A WRITTEN REQUEST FOR THE REMOVAL HEREOF, IN ANY CASE AT ANY TIME AFTER THE RESALE RESTRICTION TERMINATION DATE. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE
THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 
 SOLELY FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS NOTE MAY
BE TREATED AS ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”). UPON REQUEST, THE COMPANY WILL PROMPTLY MAKE AVAILABLE TO A HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THIS NOTE, (2) THE AMOUNT
OF OID, (3) THE YIELD TO MATURITY OF THIS NOTE, AND (4) ANY OTHER INFORMATION REQUIRED TO BE MADE AVAILABLE BY U.S. TREASURY REGULATIONS. HOLDERS SHOULD CONTACT THE CHIEF FINANCIAL OFFICER AT 600 TRAVIS, SUITE 5100, HOUSTON, TEXAS 77002.

  
 2 

 LINN ENERGY, LLC 

LINN ENERGY FINANCE CORP. 
  

			
	 No. B-1
	  	Principal Amount $500,000,000
		  	CUSIP No. [●]
		  	ISIN No. [●]

 12.00% Senior Secured Second Lien Notes due 2020 

Linn Energy, LLC, a Delaware limited liability company, and Linn Energy Finance Corp., a Delaware corporation, jointly and severally promise
to pay to Cede & Co., or registered assigns, the principal sum of Five Hundred Million Dollars or such other amount as may be indicated on Schedule A hereto on December 15, 2020; provided, however, that if: 

(i) on February 12, 2019, the aggregate principal outstanding amount of 6.50% senior notes due May 2019 issued by the Issuers which shall
not have been Redeemed exceeds $250.0 million (or, if earlier, 92 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date), such amount will be paid on
February 13, 2019 (or, if earlier, 91 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date), 

(ii) on August 1, 2019 the aggregate principal outstanding amount of 6.25% senior notes due November 2019 issued by the Issuers which
shall not have been Redeemed exceeds $250.0 million (or, if earlier, 92 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date), such amount will be paid on
August 2, 2019 (or, if earlier, 91 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date), 

(iii) on January 14, 2020, the aggregate principal outstanding amount of 8.625% senior notes due April 2020 issued by the Issuers which
shall not have been Redeemed exceeds $250.0 million (or, if earlier, 92 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date), such amount will be paid on
January 15, 2020 (or, if earlier, 91 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date), 

(iv) on November 1, 2020, the aggregate principal outstanding amount of 7.75% senior notes due February 2021 issued by the Issuers which
shall not have been Redeemed exceeds $250.0 million (or, if earlier, 92 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date), such amount will be paid on
November 2, 2020 (or, if earlier, 91 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date) and 

(v) at any time during the term of the Notes any other Indebtedness that is unsecured with an aggregate principal amount outstanding which
shall not have been Redeemed on the date 92 days prior to the Stated Maturity of such Indebtedness that is unsecured exceeds $250.0 million (or, if earlier, 92 days prior to the “springing maturity” date of any outstanding Junior Lien Debt
which contains a “springing maturity” date), such amount will be paid on the date that is 91 days prior the Stated Maturity of such Indebtedness that is unsecured (or, if earlier, 91 days prior to the “springing maturity” date of
any such Junior Lien Debt). 

  
 3 

 Interest Payment Dates: June 15 and December 15 

Record Dates: June 1 and December 1 

Additional provisions of this Note are set forth on the other side of this Note. 

 

			
	 LINN ENERGY, LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 LINN ENERGY FINANCE CORP.

		
	By:	 	  

	 Name:
	 	
	 Title:
	 	

  
 4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

DELAWARE TRUST COMPANY as Trustee, 
 certifies that this is one
of the Notes referred to in the 
 Indenture. 
  

			
	By:	 	  

	Authorized Signatory
	
	Dated: [●], 2016

  
 5 

 [REVERSE SIDE OF INITIAL NOTE] 

12.00% Senior Secured Second Lien Notes due 2020 

Capitalized terms used herein but not defined shall have the meanings assigned to them in the Indenture referred to below unless otherwise
indicated. 
 1. Interest. Linn Energy, LLC, a Delaware limited liability company (the “Company”), and Linn Energy Finance
Corp., a Delaware corporation (the “Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the principal amount of this Note at 12.00% per annum from [●], 20161 until maturity and shall pay Additional Interest payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Issuers will pay interest and Additional
Interest, if any, semi-annually in arrears on June 15 and December 15 of each year (each an “Interest Payment Date”), commencing [June 15, 2016].2 If an Interest Payment Date
falls on a day that is not a Business Day, the interest payment to be made on such Interest Payment Date will be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, and no additional
interest will accrue solely as a result of such delayed payment. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from [●], 20163; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Issuers shall pay
(i) interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% higher than the then applicable interest rate on the Notes and
(ii) interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any, (without regard to any applicable grace periods) from time to time on demand at the
same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of
Payment. The Issuers will pay interest on the Notes (except defaulted interest) and Additional Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the June 1 or December 1 immediately
preceding the Interest Payment Date, even if such Notes are cancelled after such record date and on or before such Interest Payment Date, except as provided in Section 2.11 of the Indenture with respect to defaulted interest.
Holders must surrender Notes to the Paying Agent to collect payments of principal and premium, if any, together with accrued and unpaid interest and Additional Interest, if any, due at maturity. The Notes will be payable as to principal, interest,
premium and Additional Interest, if any, at the 
  
  

	1 	NTD: Insert authentication date of global note. 

	2 	NTD: Assuming the Settlement Additional Notes are authenticated before June 15, 2016. Otherwise, insert December 15, 2016 as the initial interest payment date. 

	3 	 NTD: Insert authentication date of global note.

  
 6 

 
office or agency of the Issuers maintained for such purpose within the City and State of New York, or, at the option of the Issuers, payment of interest and Additional Interest, if any, may be
made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds will be required with respect to any amounts due on all Global Notes and all other
Notes the Holders of which shall have provided wire transfer instructions to the Issuers or the Paying Agent. Notwithstanding the foregoing, if this Note is a Global Note, payment may be made pursuant to the Applicable Procedures of the Depository
as permitted in the Indenture. Such payment shall be 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. 

3. Paying Agent and Registrar. Initially, Delaware Trust Company, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Company may appoint and change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

4. Indenture. The Issuers issued the Notes under an Indenture dated as of November 20, 2015, as supplemented by the First
Supplemental Indenture, dated as of [●], 2016 (“Indenture”), among the Issuers, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. The Notes are secured senior
obligations of the Issuers, and the aggregate principal amount of the Notes is unlimited. The Notes are entitled to the benefits of the Security Documents, subject to the terms of the Intercreditor Agreement, all as more fully set forth in the
Indenture. 
 5. Optional Redemption. 

(a) Except as set forth in subparagraphs (b) and (c) of this Paragraph 5, the Issuers shall not have the option to redeem the Notes
prior to December 15, 2018. On or after December 15, 2018, the Issuers shall have the option to redeem the Notes, in whole or in part at any time, upon prior notice as set forth in Paragraph 6, at the redemption prices (expressed as
percentages of principal amount) set forth below, plus accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed to the applicable redemption date (subject to the right of Holders of record on the relevant record date to
receive interest due on an Interest Payment Date that is on or prior to the redemption date), if redeemed during the twelvemonth period beginning on December 15 of the years indicated below: 

 

					
	 YEAR
	  	PERCENTAGE	 
	 2018
	  	 	112.000	% 
	 2019 and thereafter
	  	 	106.000	% 

 (b) Notwithstanding the provisions of subparagraph (a) of this Paragraph 5, at any time prior to
December 15, 2018, the Issuers may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes (including any Additional Notes) issued under the Indenture at a redemption price of 112.00% of the principal amount
thereof, with an amount equal to or less than the net cash proceeds of one or more Equity Offerings, plus accrued 

  
 7 

 
and unpaid interest and Additional Interest, if any, thereon to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an Interest
Payment Date that is on or prior to the redemption date); provided that, with respect to each such redemption, (i) at least 65% of the aggregate principal amount of Notes (including any Additional Notes) issued under the Indenture remains
outstanding immediately after the occurrence of such redemption (excluding any Notes held by the Company and its Subsidiaries) and (ii) such redemption occurs within 180 days of the date of the closing of the related Equity Offering. 

(c) Prior to December 15, 2018, the Issuers may redeem on any one or more occasions all or part of the Notes at a redemption price equal
to the sum of (1) 100% of the principal amount thereof, plus (2) the Make Whole Premium at the redemption date, plus (3) accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date). 
 6. Notice of
Redemption. Notice of redemption will be sent at least 30 days but not more than 60 days (except as otherwise provided in the Indenture if the notice is issued in connection with a Legal Defeasance, Covenant Defeasance or Discharge) before the
redemption date to each Holder whose Notes are to be redeemed at its registered address. If sent in the manner provided for in Section 3.03 of the Indenture, the notice of optional redemption shall be conclusively presumed to have been
given whether or not a Holder receives such notice. Failure to give timely notice or any defect in the notice shall not affect the validity of the redemption. Notes in denominations larger than $2,000 may be redeemed in part but only in whole
multiples of $1,000 in excess of $2,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest and Additional Interest, if any, cease to accrue on the Notes or portions thereof called for redemption.
The notice of redemption with respect to a redemption described in paragraph 5(c) above need not set forth the Make Whole Premium but only the manner of calculation thereof. 

7. Mandatory Redemption. 

Except as set forth in Paragraph 8 below, neither of the Issuers shall be required to make mandatory redemption or sinking fund payments with
respect to the Notes or to repurchase the Notes at the option of the Holders. 
 8. Repurchase at Option of Holder. 

(a) Within 30 days following the occurrence of a Change of Control, the Company shall make an offer (a “Change of Control Offer”) to
repurchase all or any part (equal to $1,000 or an integral multiple of $1,000 in excess of $1,000) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest
and Additional Interest, if any, to the date of settlement (the “Change of Control Settlement Date”), subject to the right of Holders of record on the relevant record date to receive interest due on an Interest Payment Date that is on or
prior to the Change of Control Settlement Date. Within 30 days following a Change of Control, the Company shall send a notice of the Change of Control Offer to each Holder and the Trustee describing the transaction that constitutes the Change of
Control and setting forth the procedures governing the Change of Control Offer as required by Section 4.15 of the Indenture. 

  
 8 

 (b) On the 366th day after an Asset Sale (or, at the Company’s option, any earlier date), if
the aggregate amount of Excess Proceeds then exceeds $35.0 million, the Company shall commence an offer to all Holders of Notes (an “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture, and to all holders of any Parity
Lien Debt then outstanding, containing provisions similar to those set forth in Section 4.10 of the Indenture, to purchase, on a pro rata basis, the maximum principal amount of Notes and such Parity Lien Debt that may be purchased out of
the Excess Proceeds, at an offer price in cash in an amount equal to 100% of the principal amount of the Notes plus accrued and unpaid interest and Additional Interest, if any, a thereon to the date of settlement, subject to the right of Holders of
record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the date of settlement, in accordance with the procedures set forth in the Indenture. If any Excess Proceeds remain after consummation of
an Asset Sale Offer, the Company may use such remaining Excess Proceeds for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds
allocated for the purchase of the Notes, the Trustee shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Trustee so that only Notes in denominations of $2,000, or integral multiples
of $1,000 in excess of $2,000, shall be purchased) on the basis of the aggregate principal amount of tendered Notes and Parity Lien Debt. Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company
prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes. 

9. Guarantees. The payment by the Issuers of the principal of and interest, premium and Additional Interest, if any, on, the Notes is
fully and unconditionally guaranteed on a joint and several senior secured second lien basis by each of the Guarantors to the extent set forth in the Indenture. 

10. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral
multiples of $1,000 in excess of $2,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents, and the Company may require a Holder to pay any taxes due on transfer or exchange. The Issuers need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion
of any Note being redeemed in part. Also, they need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed. 

11. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

12. Amendment, Supplement and Waiver. Subject to certain exceptions, the Note Documents may be amended or supplemented with the written
consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes, and any existing default 

  
 9 

 
or compliance with any provision of the Note Documents may be waived with the written consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes. Without the
consent of any Holder of a Note, the Note Documents may be amended or supplemented (1) to cure any ambiguity, defect or inconsistency, (2) to provide for uncertificated Notes in addition to or in place of certificated Notes, (3) to
provide for the assumption of an Issuer’s or a Guarantor’s obligations to Holders of the Notes pursuant to ARTICLE 5 or ARTICLE 10 of the Indenture, as applicable, (4) to make any change that would provide any additional rights
or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Note Documents of any such Holder, provided that any change to conform the Indenture to the Description of Notes shall not be deemed to adversely
affect the legal rights under the Indenture of any Holder, (5) to secure the Notes or the Subsidiary Guarantees pursuant to Section 4.12 of the Indenture or otherwise, (6) to provide for the issuance of Additional Notes in
accordance with the limitations set forth in the Indenture, (7) to add any additional Guarantor or Collateral with respect to the Notes or to evidence the release of any Guarantor from its Subsidiary Guarantee or the release of any Liens, in
each case as provided in the Indenture or the other Note Documents, as applicable, (8) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA, (9) to evidence or provide
for the acceptance of appointment under the Indenture of a successor Trustee or a successor Collateral Trustee, (10) to conform the text of the Note Documents to any provision described in the Description of Notes, (11) to make, complete
or confirm any grant of Collateral permitted or required by the Note Documents; (12) to release or subordinate Liens on Collateral in accordance with the Note Documents; (13) with respect to the Note Documents, as provided in the
Intercreditor Agreement and the Collateral Trust Agreement; and (14) to confirm and evidence the release, termination or discharge of any Lien with respect to or securing the Notes or the Subsidiary Guarantees when such release, termination or
discharge is provided for in accordance with the Note Documents. 
 13. Defaults and Remedies. Events of Default include:
(i) default for 30 days in the payment when due of interest and Additional Interest, if any, on the Notes; (ii) default in payment when due of the principal of or premium, if any, on the Notes when due at their Stated Maturity, upon
optional redemption, upon required repurchase, upon acceleration or otherwise; (iii) failure by the Company to comply with Section 5.01 of the Indenture or to consummate a purchase of Notes when required pursuant to the provisions
of Section 3.09, Section 4.10 or Section 4.15 of the Indenture; (iv) failure by the Company for 180 days after notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes
then outstanding to comply with Section 4.03 of the Indenture; (v) failure by the Company for 30 days after notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding to comply
with Section 4.08, Section 4.09, Section 4.11, Section 4.12, Section 4.13 and Section 4.17 of the Indenture, (vi) failure by the Company for 60 days after notice from the
Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding to comply with any of its other agreements in the Note Documents; (vii) default under any mortgage, indenture or instrument under which there may
be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether
such Indebtedness or guarantee now exists or is created after the Initial Issuance Date, if such default (a) is caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness prior to the expiration of any

  
 10 

 
grace period provided in such Indebtedness (a “Payment Default”) or (b) results in the acceleration of such Indebtedness prior to its Stated Maturity and, in each case, the
principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $50.0 million or more; provided
that if any such default is cured or waived or any such acceleration rescinded, or such Indebtedness is repaid, within a period of 30 days from the expiration of the applicable grace period or the occurrence of such acceleration, as the case may be,
such Event of Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree; (viii) failure by the Company or any of its Restricted
Subsidiaries to pay final judgments aggregating in excess of $50.0 million (to the extent not covered by insurance by a reputable and creditworthy insurer as to which the insurer has not disclaimed coverage), which judgments are not paid, discharged
or stayed for a period of 60 consecutive days; (ix)(a) any Subsidiary Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect or (b) any Guarantor, or any Person acting
on behalf of any Guarantor, denies or disaffirms its obligations under its Subsidiary Guarantee, except in each case, by reason of the release of such Subsidiary Guarantee in accordance with the provisions of the Indenture; (x) certain events
of bankruptcy, insolvency or reorganization with respect to the Company, Finance Corp., any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that,
taken together, would constitute a Significant Subsidiary of the Company as specified in Section 6.01(j) or Section 6.01(k) of the Indenture; and (xi) the occurrence of the following: (a) except as permitted by the
Note Documents, any Note Document establishing the Parity Liens ceases for any reason to be enforceable; provided that it will not be an Event of Default under this clause (xi)(a) if the sole result of the failure of one or more Note Documents to be
fully enforceable is that any Parity Lien purported to be granted under such Note Documents on Collateral, individually or in the aggregate, having a fair market value of not more than $25.0 million, ceases to be an enforceable and perfected Parity
Lien; provided further that if such failure is susceptible to cure, no Event of Default shall arise with respect thereto until 45 days after any officer of the Company or any Restricted Subsidiary becomes aware of such failure, which failure has not
been cured during such time period; (b) except as permitted by the Note Documents, any Parity Lien purported to be granted under any Note Document on Collateral, individually or in the aggregate, having a fair market value in excess of $25.0
million, ceases to be an enforceable and perfected second-priority Lien, subject to the Intercreditor Agreement and Permitted Liens; provided that if such failure is susceptible to cure, no Event of Default shall arise with respect thereto until 45
days after any officer of the Company or any Restricted Subsidiary becomes aware of such failure, which failure has not been cured during such time period; and (c) the Company or any Guarantor, or any Person acting on behalf of any of them,
denies or disaffirms, in writing, any obligation of the Company or any Guarantor set forth in or arising under any Note Document establishing Parity Liens. If any Event of Default occurs and is continuing, the Trustee, by notice to the Issuers, or
the Holders of at least 25% in aggregate principal amount of the then outstanding Notes, by notice to the Issuers and the Trustee, may declare all the Notes to be due and payable immediately. Notwithstanding the preceding, in the case of an Event of
Default arising from such events of bankruptcy, insolvency or reorganization described in Section 6.01(j) or Section 6.01(k) of the Indenture, all outstanding Notes will become due and payable immediately without further
action or notice. Holders may not enforce 

  
 11 

 
the Indenture or the Notes or any other Note Document except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then
outstanding Notes may direct the Trustee in its exercise of any trust or power conferred on it. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to
the payment of principal, interest, premium, or Additional Interest, if any) if a committee of Responsible Officers in good faith determines that withholding notice is in their interests. The Holders of a majority in aggregate principal amount of
the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all the Notes rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default
(except with respect to nonpayment of principal, interest, premium or Additional Interest, if any, that have become due solely because of the acceleration) have been cured or waived. The Holders of a majority in aggregate principal amount of the
Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment
of the principal of, interest, premium or Additional Interest, if any, on, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and, so long as any Notes are outstanding, the
Issuers are required upon any of their respective Officers becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

14. Defeasance and Discharge. The Notes are subject to defeasance and discharge upon the terms and conditions specified in the
Indenture. 
 15. No Recourse Against Others. No past, present or future director, officer, partner, employee, incorporator, manager
or unitholder or other owner of Capital Stock of the Issuers or any Guarantor, as such, shall have any liability for any obligations of the Issuers or any Guarantor under any Note Documents, the Subsidiary Guarantees or the Indenture or for
any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 

16. Authentication. This Note shall not be valid until authenticated by the manual signature of an authorized signatory of the Trustee
or an authenticating agent. 
 17. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such
as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

18. Removal of Restricted Notes Legend. Each holder of any Note evidenced by any Restricted Global Note, by its acceptance thereof,
(A) authorizes and consents to, (B) appoints the Company as its agent for the sole purpose of delivering such electronic messages, executing and delivering such instruments and taking such other actions, on such holder’s
behalf, as the Depository or the Trustee may require to effect, and (C) upon the request of the Company, agrees to deliver such electronic messages, execute and deliver such instruments and take such other actions as the Depository or the
Trustee may require, or as shall otherwise be necessary to effect, 

  
 12 

 
the removal of the Restricted Notes Legend set forth on the face of such Note (including by means of the exchange of all or the portion of such Restricted Global Note evidencing such Note for a
certificate evidencing such Note that does not bear such Restricted Notes Legend) at any time after the Resale Restriction Termination Date. 

19. Additional Rights of Holders of Transfer Restricted Securities. In addition to the rights provided to Holders of the Notes under the
Indenture, Holders of Transfer Restricted Securities shall have all the rights set forth in the Registration Rights Agreements dated as of November 20, 2015, among the Issuers, the Guarantors and applicable Initial Purchasers party thereto (the
“Registration Rights Agreement”). 
 20. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers and corresponding ISIN numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation
is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

21. Governing Law. THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 22. Successors. In the event a successor assumes all the obligations of an Issuer under the Notes and the Indenture,
pursuant to the terms thereof, such Issuer will be released from all such obligations. 
 The Company will furnish to any Holder upon
written request and without charge a copy of the Indenture or any Registration Rights Agreement. Requests may be made to: 
 Linn Energy, LLC 

600 Travis, Suite 5100 
 Houston, Texas 77002 

Attention: Investor Relations 

  
 13 

 ASSIGNMENT FORM 
  

					
	To assign this Note, fill in the form below:
			
	I or we assign and transfer this Note to	 		 	
	
	  
 (Print or
type assignee’s name, address and zip code)

	
	  
 (Insert
assignee’s soc. sec. or tax I.D. No.)
  
 and irrevocably appoint agent
to transfer this Note on the books of the Issuers.
 The agent may substitute another to act for him.

			
	Date:
                                    	 	Your signature:	 	                                     
                               
		 		 	Sign exactly as your name appears on the other side of this Note.
	Signature Guarantee:	 		 	
			
	
                          
                                  

(Signature must be guaranteed)
	 		 	

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 
 In connection with any transfer of any of the Notes
evidenced by this certificate occurring prior to one year after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Company or any Affiliate of the Company (or, in the case of
Regulation S Notes, prior to the expiration of the Distribution Compliance Period), the undersigned confirms that such Notes are being transferred in accordance with their terms: 

CHECK ONE BOX BELOW 
  

					
	(1)	  	 ̈	  	to an Issuer or any Subsidiary thereof; or
			
	(2)	  	 ̈	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	(3)	  	 ̈	  	to a person who the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that is purchasing for its own account or for the account of a qualified
institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or

  
 14 

					
	(4)	  	 ̈	  	pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933; or
			
	(5)	  	 ̈	  	pursuant to Rule 144 under the Securities Act of 1933; or
			
	(6)	  	 ̈	  	pursuant to another exemption from registration under the Securities Act of 1933, (other than Regulation S under the Securities Act of 1933).

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered holder thereof; provided, however, that if box (4) or (6) is checked, the Trustee shall be entitled to require, prior to registering any such transfer of the
Notes, such legal opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of
the Securities Act of 1933. 
  

	
	  
 Signature

  
 15 

 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the Issuers and any Guarantors as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that
the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

			
	 Dated:
	  	  

		  	Notice: To be executed by an executive officer

  
 16 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or Section 4.15 of the
Indenture, check the box below: 
  

											
		 	 ̈	  	Section 4.10	  	 ̈	  	Section 4.15	  	

 If you want to elect to have only part of this Note purchased by the Company pursuant to
Section 4.10 or Section 4.15 of the Indenture, state the amount (in minimum denomination of $2,000 or integral multiples of $1,000 in excess of $2,000) you elect to have purchased: $ 

 

					
	Date:
                                    	 	Your signature:	 	                                     
                               
		 		 	(Sign exactly as your name appears on the other side of this Note)

									
					
		 		 		 	Soc. Sec. or Tax Identification No.:	 	                                    

  

							
	Signature Guarantee:	 	  
	  		  	
		 	 (signature must be guaranteed)
	  	

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 17 

 SCHEDULE A 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date
	  	Amount of
decrease in
Principal
Amount of this
Global Note	  	Amount of
increase in
Principal
Amount of this
Global Note	  	Principal
Amount of this
Global Note
following such
decrease or
increase	  	Signature of
authorized
officer of Trustee
or Notes
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 18 

 FORM OF GLOBAL NOTE NO. B-2 

[FACE OF INITIAL NOTE] 
 UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO AN ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT 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 INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS.
NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR
(B) IT IS NOT A U.S. PERSON AND IS ACQUIRING SUCH NOTE IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AFTER THE LATER
OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY PREDECESSOR OF THIS NOTE) OR THE LAST DAY ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WERE THE OWNERS OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) (THE “RESALE RESTRICTION TERMINATION
DATE”), OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE EXCEPT (A) TO AN ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE

 
MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED PRIOR TO THE RESALE RESTRICTION TERMINATION DATE A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND, SUBJECT TO THE ISSUERS’ AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) THAT IS (A) PURSUANT TO CLAUSE (2)(D) PRIOR TO THE END OF THE 40 DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR
(B) PURSUANT TO CLAUSE (2)(F) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE, TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (ii) IN EACH OF THE FOREGOING
CASES IN CLAUSES (i)(A) OR (B), TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON DELIVERY TO THE TRUSTEE BY THE COMPANY OR THE
HOLDER THEREOF OF A WRITTEN REQUEST FOR THE REMOVAL HEREOF, IN ANY CASE AT ANY TIME AFTER THE RESALE RESTRICTION TERMINATION DATE. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE
THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 
 SOLELY FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS NOTE MAY
BE TREATED AS ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”). UPON REQUEST, THE COMPANY WILL PROMPTLY MAKE AVAILABLE TO A HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THIS NOTE, (2) THE AMOUNT
OF OID, (3) THE YIELD TO MATURITY OF THIS NOTE, AND (4) ANY OTHER INFORMATION REQUIRED TO BE MADE AVAILABLE BY U.S. TREASURY REGULATIONS. HOLDERS SHOULD CONTACT THE CHIEF FINANCIAL OFFICER AT 600 TRAVIS, SUITE 5100, HOUSTON, TEXAS 77002.

  
 2 

 LINN ENERGY, LLC 

LINN ENERGY FINANCE CORP. 
  

			
	 No. B-2
	  	Principal Amount $500,000,000
		  	CUSIP No. [●]
		  	ISIN No. [●]

 12.00% Senior Secured Second Lien Notes due 2020 

Linn Energy, LLC, a Delaware limited liability company, and Linn Energy Finance Corp., a Delaware corporation, jointly and severally promise
to pay to Cede & Co., or registered assigns, the principal sum of Five Hundred Million Dollars or such other amount as may be indicated on Schedule A hereto on December 15, 2020; provided, however, that if: 

(i) on February 12, 2019, the aggregate principal outstanding amount of 6.50% senior notes due May 2019 issued by the Issuers which shall
not have been Redeemed exceeds $250.0 million (or, if earlier, 92 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date), such amount will be paid on
February 13, 2019 (or, if earlier, 91 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date), 

(ii) on August 1, 2019 the aggregate principal outstanding amount of 6.25% senior notes due November 2019 issued by the Issuers which
shall not have been Redeemed exceeds $250.0 million (or, if earlier, 92 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date), such amount will be paid on
August 2, 2019 (or, if earlier, 91 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date), 

(iii) on January 14, 2020, the aggregate principal outstanding amount of 8.625% senior notes due April 2020 issued by the Issuers which
shall not have been Redeemed exceeds $250.0 million (or, if earlier, 92 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date), such amount will be paid on
January 15, 2020 (or, if earlier, 91 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date), 

(iv) on November 1, 2020, the aggregate principal outstanding amount of 7.75% senior notes due February 2021 issued by the Issuers which
shall not have been Redeemed exceeds $250.0 million (or, if earlier, 92 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date), such amount will be paid on
November 2, 2020 (or, if earlier, 91 days prior to the “springing maturity date” of any outstanding Junior Lien Debt which contains a “springing maturity” date) and 

(v) at any time during the term of the Notes any other Indebtedness that is unsecured with an aggregate principal amount outstanding which
shall not have been Redeemed on the date 92 days prior to the Stated Maturity of such Indebtedness that is unsecured exceeds $250.0 million (or, if earlier, 92 days prior to the “springing maturity” date of any outstanding Junior Lien Debt
which contains a “springing maturity” date), such amount will be paid on the date that is 91 days prior the Stated Maturity of such Indebtedness that is unsecured (or, if earlier, 91 days prior to the “springing maturity” date of
any such Junior Lien Debt). 

  
 3 

 Interest Payment Dates: June 15 and December 15 

Record Dates: June 1 and December 1 

Additional provisions of this Note are set forth on the other side of this Note. 

 

			
	LINN ENERGY, LLC

 
			
		
	By:	 	  

 
			
	Name:
	Title:

 
			
	
	LINN ENERGY FINANCE CORP.

 
			
		
	By:	 	  

 
			
	Name:
	Title:

  
 4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

DELAWARE TRUST COMPANY as Trustee, 
 certifies that this is one
of the Notes referred to in the 
 Indenture. 
  

			
	By:	 	  

	Authorized Signatory

 Dated: [●], 2016 

  
 5 

 [REVERSE SIDE OF INITIAL NOTE] 

12.00% Senior Secured Second Lien Notes due 2020 

Capitalized terms used herein but not defined shall have the meanings assigned to them in the Indenture referred to below unless otherwise
indicated. 
 1. Interest. Linn Energy, LLC, a Delaware limited liability company (the “Company”), and Linn Energy Finance
Corp., a Delaware corporation (the “Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the principal amount of this Note at 12.00% per annum from [●], 20161 until maturity and shall pay Additional Interest payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Issuers will pay interest and Additional
Interest, if any, semi-annually in arrears on June 15 and December 15 of each year (each an “Interest Payment Date”), commencing [June 15, 2016].2 If an Interest Payment Date
falls on a day that is not a Business Day, the interest payment to be made on such Interest Payment Date will be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, and no additional
interest will accrue solely as a result of such delayed payment. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from [●], 20163; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Issuers shall pay
(i) interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% higher than the then applicable interest rate on the Notes and
(ii) interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any, (without regard to any applicable grace periods) from time to time on demand at the
same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of
Payment. The Issuers will pay interest on the Notes (except defaulted interest) and Additional Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the June 1 or December 1 immediately
preceding the Interest Payment Date, even if such Notes are cancelled after such record date and on or before such Interest Payment Date, except as provided in Section 2.11 of the Indenture with respect to defaulted interest.
Holders must surrender Notes to the Paying Agent to collect payments of principal and premium, if any, together with accrued and unpaid interest and Additional Interest, if any, due at maturity. The Notes will be payable as to principal, interest,
premium and Additional Interest, if any, at the 
  
  

	1 	NTD: Insert authentication date of global note. 

	2 	NTD: Assuming the Settlement Additional Notes are authenticated before June 15, 2016. Otherwise, insert December 15, 2016 as the initial interest payment date. 

	3 	 NTD: Insert authentication date of global note.

  
 6 

 
office or agency of the Issuers maintained for such purpose within the City and State of New York, or, at the option of the Issuers, payment of interest and Additional Interest, if any, may be
made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds will be required with respect to any amounts due on all Global Notes and all other
Notes the Holders of which shall have provided wire transfer instructions to the Issuers or the Paying Agent. Notwithstanding the foregoing, if this Note is a Global Note, payment may be made pursuant to the Applicable Procedures of the Depository
as permitted in the Indenture. Such payment shall be 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. 

3. Paying Agent and Registrar. Initially, Delaware Trust Company, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Company may appoint and change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

4. Indenture. The Issuers issued the Notes under an Indenture dated as of November 20, 2015, as supplemented by the First
Supplemental Indenture, dated as of [●], 2016 (“Indenture”), among the Issuers, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. The Notes are secured senior
obligations of the Issuers, and the aggregate principal amount of the Notes is unlimited. The Notes are entitled to the benefits of the Security Documents, subject to the terms of the Intercreditor Agreement, all as more fully set forth in the
Indenture. 
 5. Optional Redemption. 

(a) Except as set forth in subparagraphs (b) and (c) of this Paragraph 5, the Issuers shall not have the option to redeem the Notes
prior to December 15, 2018. On or after December 15, 2018, the Issuers shall have the option to redeem the Notes, in whole or in part at any time, upon prior notice as set forth in Paragraph 6, at the redemption prices (expressed as
percentages of principal amount) set forth below, plus accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed to the applicable redemption date (subject to the right of Holders of record on the relevant record date to
receive interest due on an Interest Payment Date that is on or prior to the redemption date), if redeemed during the twelvemonth period beginning on December 15 of the years indicated below: 

 

					
	 YEAR
	  	PERCENTAGE	 
	 2018
	  	 	112.000	% 
	 2019 and thereafter
	  	 	106.000	% 

 (b) Notwithstanding the provisions of subparagraph (a) of this Paragraph 5, at any time prior to
December 15, 2018, the Issuers may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes (including any Additional Notes) issued under the Indenture at a redemption price of 112.00% of the principal amount
thereof, with an amount equal to or less than the net cash proceeds of one or more Equity Offerings, plus accrued 

  
 7 

 
and unpaid interest and Additional Interest, if any, thereon to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an Interest
Payment Date that is on or prior to the redemption date); provided that, with respect to each such redemption, (i) at least 65% of the aggregate principal amount of Notes (including any Additional Notes) issued under the Indenture remains
outstanding immediately after the occurrence of such redemption (excluding any Notes held by the Company and its Subsidiaries) and (ii) such redemption occurs within 180 days of the date of the closing of the related Equity Offering. 

(c) Prior to December 15, 2018, the Issuers may redeem on any one or more occasions all or part of the Notes at a redemption price equal
to the sum of (1) 100% of the principal amount thereof, plus (2) the Make Whole Premium at the redemption date, plus (3) accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date). 
 6. Notice of
Redemption. Notice of redemption will be sent at least 30 days but not more than 60 days (except as otherwise provided in the Indenture if the notice is issued in connection with a Legal Defeasance, Covenant Defeasance or Discharge) before the
redemption date to each Holder whose Notes are to be redeemed at its registered address. If sent in the manner provided for in Section 3.03 of the Indenture, the notice of optional redemption shall be conclusively presumed to have been
given whether or not a Holder receives such notice. Failure to give timely notice or any defect in the notice shall not affect the validity of the redemption. Notes in denominations larger than $2,000 may be redeemed in part but only in whole
multiples of $1,000 in excess of $2,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest and Additional Interest, if any, cease to accrue on the Notes or portions thereof called for redemption.
The notice of redemption with respect to a redemption described in paragraph 5(c) above need not set forth the Make Whole Premium but only the manner of calculation thereof. 

7. Mandatory Redemption. 

Except as set forth in Paragraph 8 below, neither of the Issuers shall be required to make mandatory redemption or sinking fund payments with
respect to the Notes or to repurchase the Notes at the option of the Holders. 
 8. Repurchase at Option of Holder. 

(a) Within 30 days following the occurrence of a Change of Control, the Company shall make an offer (a “Change of Control Offer”) to
repurchase all or any part (equal to $1,000 or an integral multiple of $1,000 in excess of $1,000) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest
and Additional Interest, if any, to the date of settlement (the “Change of Control Settlement Date”), subject to the right of Holders of record on the relevant record date to receive interest due on an Interest Payment Date that is on or
prior to the Change of Control Settlement Date. Within 30 days following a Change of Control, the Company shall send a notice of the Change of Control Offer to each Holder and the Trustee describing the transaction that constitutes the Change of
Control and setting forth the procedures governing the Change of Control Offer as required by Section 4.15 of the Indenture. 

  
 8 

 (b) On the 366th day after an Asset Sale (or, at the Company’s option, any earlier date), if
the aggregate amount of Excess Proceeds then exceeds $35.0 million, the Company shall commence an offer to all Holders of Notes (an “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture, and to all holders of any Parity
Lien Debt then outstanding, containing provisions similar to those set forth in Section 4.10 of the Indenture, to purchase, on a pro rata basis, the maximum principal amount of Notes and such Parity Lien Debt that may be purchased out of
the Excess Proceeds, at an offer price in cash in an amount equal to 100% of the principal amount of the Notes plus accrued and unpaid interest and Additional Interest, if any, a thereon to the date of settlement, subject to the right of Holders of
record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the date of settlement, in accordance with the procedures set forth in the Indenture. If any Excess Proceeds remain after consummation of
an Asset Sale Offer, the Company may use such remaining Excess Proceeds for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds
allocated for the purchase of the Notes, the Trustee shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Trustee so that only Notes in denominations of $2,000, or integral multiples
of $1,000 in excess of $2,000, shall be purchased) on the basis of the aggregate principal amount of tendered Notes and Parity Lien Debt. Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company
prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes. 

9. Guarantees. The payment by the Issuers of the principal of and interest, premium and Additional Interest, if any, on, the Notes is
fully and unconditionally guaranteed on a joint and several senior secured second lien basis by each of the Guarantors to the extent set forth in the Indenture. 

10. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral
multiples of $1,000 in excess of $2,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents, and the Company may require a Holder to pay any taxes due on transfer or exchange. The Issuers need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion
of any Note being redeemed in part. Also, they need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed. 

11. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

12. Amendment, Supplement and Waiver. Subject to certain exceptions, the Note Documents may be amended or supplemented with the written
consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes, and any existing default 

  
 9 

 
or compliance with any provision of the Note Documents may be waived with the written consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes. Without the
consent of any Holder of a Note, the Note Documents may be amended or supplemented (1) to cure any ambiguity, defect or inconsistency, (2) to provide for uncertificated Notes in addition to or in place of certificated Notes, (3) to
provide for the assumption of an Issuer’s or a Guarantor’s obligations to Holders of the Notes pursuant to ARTICLE 5 or ARTICLE 10 of the Indenture, as applicable, (4) to make any change that would provide any additional rights
or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Note Documents of any such Holder, provided that any change to conform the Indenture to the Description of Notes shall not be deemed to adversely
affect the legal rights under the Indenture of any Holder, (5) to secure the Notes or the Subsidiary Guarantees pursuant to Section 4.12 of the Indenture or otherwise, (6) to provide for the issuance of Additional Notes in
accordance with the limitations set forth in the Indenture, (7) to add any additional Guarantor or Collateral with respect to the Notes or to evidence the release of any Guarantor from its Subsidiary Guarantee or the release of any Liens, in
each case as provided in the Indenture or the other Note Documents, as applicable, (8) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA, (9) to evidence or provide
for the acceptance of appointment under the Indenture of a successor Trustee or a successor Collateral Trustee, (10) to conform the text of the Note Documents to any provision described in the Description of Notes, (11) to make, complete
or confirm any grant of Collateral permitted or required by the Note Documents; (12) to release or subordinate Liens on Collateral in accordance with the Note Documents; (13) with respect to the Note Documents, as provided in the
Intercreditor Agreement and the Collateral Trust Agreement; and (14) to confirm and evidence the release, termination or discharge of any Lien with respect to or securing the Notes or the Subsidiary Guarantees when such release, termination or
discharge is provided for in accordance with the Note Documents. 
 13. Defaults and Remedies. Events of Default include:
(i) default for 30 days in the payment when due of interest and Additional Interest, if any, on the Notes; (ii) default in payment when due of the principal of or premium, if any, on the Notes when due at their Stated Maturity, upon
optional redemption, upon required repurchase, upon acceleration or otherwise; (iii) failure by the Company to comply with Section 5.01 of the Indenture or to consummate a purchase of Notes when required pursuant to the provisions
of Section 3.09, Section 4.10 or Section 4.15 of the Indenture; (iv) failure by the Company for 180 days after notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes
then outstanding to comply with Section 4.03 of the Indenture; (v) failure by the Company for 30 days after notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding to comply
with Section 4.08, Section 4.09, Section 4.11, Section 4.12, Section 4.13 and Section 4.17 of the Indenture, (vi) failure by the Company for 60 days after notice from the
Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding to comply with any of its other agreements in the Note Documents; (vii) default under any mortgage, indenture or instrument under which there may
be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether
such Indebtedness or guarantee now exists or is created after the Initial Issuance Date, if such default (a) is caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness prior to the expiration of any

  
 10 

 
grace period provided in such Indebtedness (a “Payment Default”) or (b) results in the acceleration of such Indebtedness prior to its Stated Maturity and, in each case, the
principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $50.0 million or more; provided
that if any such default is cured or waived or any such acceleration rescinded, or such Indebtedness is repaid, within a period of 30 days from the expiration of the applicable grace period or the occurrence of such acceleration, as the case may be,
such Event of Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree; (viii) failure by the Company or any of its Restricted
Subsidiaries to pay final judgments aggregating in excess of $50.0 million (to the extent not covered by insurance by a reputable and creditworthy insurer as to which the insurer has not disclaimed coverage), which judgments are not paid, discharged
or stayed for a period of 60 consecutive days; (ix)(a) any Subsidiary Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect or (b) any Guarantor, or any Person acting
on behalf of any Guarantor, denies or disaffirms its obligations under its Subsidiary Guarantee, except in each case, by reason of the release of such Subsidiary Guarantee in accordance with the provisions of the Indenture; (x) certain events
of bankruptcy, insolvency or reorganization with respect to the Company, Finance Corp., any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that,
taken together, would constitute a Significant Subsidiary of the Company as specified in Section 6.01(j) or Section 6.01(k) of the Indenture; and (xi) the occurrence of the following: (a) except as permitted by the
Note Documents, any Note Document establishing the Parity Liens ceases for any reason to be enforceable; provided that it will not be an Event of Default under this clause (xi)(a) if the sole result of the failure of one or more Note Documents to be
fully enforceable is that any Parity Lien purported to be granted under such Note Documents on Collateral, individually or in the aggregate, having a fair market value of not more than $25.0 million, ceases to be an enforceable and perfected Parity
Lien; provided further that if such failure is susceptible to cure, no Event of Default shall arise with respect thereto until 45 days after any officer of the Company or any Restricted Subsidiary becomes aware of such failure, which failure has not
been cured during such time period; (b) except as permitted by the Note Documents, any Parity Lien purported to be granted under any Note Document on Collateral, individually or in the aggregate, having a fair market value in excess of $25.0
million, ceases to be an enforceable and perfected second-priority Lien, subject to the Intercreditor Agreement and Permitted Liens; provided that if such failure is susceptible to cure, no Event of Default shall arise with respect thereto until 45
days after any officer of the Company or any Restricted Subsidiary becomes aware of such failure, which failure has not been cured during such time period; and (c) the Company or any Guarantor, or any Person acting on behalf of any of them,
denies or disaffirms, in writing, any obligation of the Company or any Guarantor set forth in or arising under any Note Document establishing Parity Liens. If any Event of Default occurs and is continuing, the Trustee, by notice to the Issuers, or
the Holders of at least 25% in aggregate principal amount of the then outstanding Notes, by notice to the Issuers and the Trustee, may declare all the Notes to be due and payable immediately. Notwithstanding the preceding, in the case of an Event of
Default arising from such events of bankruptcy, insolvency or reorganization described in Section 6.01(j) or Section 6.01(k) of the Indenture, all outstanding Notes will become due and payable immediately without further
action or notice. Holders may not enforce 

  
 11 

 
the Indenture or the Notes or any other Note Document except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then
outstanding Notes may direct the Trustee in its exercise of any trust or power conferred on it. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to
the payment of principal, interest, premium, or Additional Interest, if any) if a committee of Responsible Officers in good faith determines that withholding notice is in their interests. The Holders of a majority in aggregate principal amount of
the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all the Notes rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default
(except with respect to nonpayment of principal, interest, premium or Additional Interest, if any, that have become due solely because of the acceleration) have been cured or waived. The Holders of a majority in aggregate principal amount of the
Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment
of the principal of, interest, premium or Additional Interest, if any, on, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and, so long as any Notes are outstanding, the
Issuers are required upon any of their respective Officers becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

14. Defeasance and Discharge. The Notes are subject to defeasance and discharge upon the terms and conditions specified in the
Indenture. 
 15. No Recourse Against Others. No past, present or future director, officer, partner, employee, incorporator, manager
or unitholder or other owner of Capital Stock of the Issuers or any Guarantor, as such, shall have any liability for any obligations of the Issuers or any Guarantor under any Note Documents, the Subsidiary Guarantees or the Indenture or for
any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 

16. Authentication. This Note shall not be valid until authenticated by the manual signature of an authorized signatory of the Trustee
or an authenticating agent. 
 17. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such
as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

18. Removal of Restricted Notes Legend. Each holder of any Note evidenced by any Restricted Global Note, by its acceptance thereof,
(A) authorizes and consents to, (B) appoints the Company as its agent for the sole purpose of delivering such electronic messages, executing and delivering such instruments and taking such other actions, on such holder’s
behalf, as the Depository or the Trustee may require to effect, and (C) upon the request of the Company, agrees to deliver such electronic messages, execute and deliver such instruments and take such other actions as the Depository or the
Trustee may require, or as shall otherwise be necessary to effect, 

  
 12 

 
the removal of the Restricted Notes Legend set forth on the face of such Note (including by means of the exchange of all or the portion of such Restricted Global Note evidencing such Note for a
certificate evidencing such Note that does not bear such Restricted Notes Legend) at any time after the Resale Restriction Termination Date. 

19. Additional Rights of Holders of Transfer Restricted Securities. In addition to the rights provided to Holders of the Notes under the
Indenture, Holders of Transfer Restricted Securities shall have all the rights set forth in the Registration Rights Agreements dated as of November 20, 2015, among the Issuers, the Guarantors and applicable Initial Purchasers party thereto (the
“Registration Rights Agreement”). 
 20. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers and corresponding ISIN numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation
is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

21. Governing Law. THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 22. Successors. In the event a successor assumes all the obligations of an Issuer under the Notes and the Indenture,
pursuant to the terms thereof, such Issuer will be released from all such obligations. 
 The Company will furnish to any Holder upon
written request and without charge a copy of the Indenture or any Registration Rights Agreement. Requests may be made to: 
 Linn Energy, LLC 

600 Travis, Suite 5100 
 Houston, Texas 77002 

Attention: Investor Relations 

  
 13 

 ASSIGNMENT FORM 
  

To assign this Note, fill in the form below: 
 I or we assign and
transfer this Note to 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably appoint agent to transfer this Note on the books of the Issuers. 

The agent may substitute another to act for him. 

					
			
	Date:
                                    	 	Your signature:	 	                                     
                               
		 		 	Sign exactly as your name appears on the other side of this Note.
	Signature Guarantee:	 		 	
			
	
                          
                                  

(Signature must be guaranteed)
	 		 	

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 
 In connection with any transfer of any of the
Notes evidenced by this certificate occurring prior to one year after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Company or any Affiliate of the Company (or, in the case
of Regulation S Notes, prior to the expiration of the Distribution Compliance Period), the undersigned confirms that such Notes are being transferred in accordance with their terms: 

CHECK ONE BOX BELOW 
  

					
	(1)	 	 ̈	  	to an Issuer or any Subsidiary thereof; or
			
	(2)	 	 ̈	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	(3)	 	 ̈	  	to a person who the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that is purchasing for its own account or for the account of a
qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or

  
 14 

					
			
	(4)	 	 ̈	  	pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933; or
			
	(5)	 	 ̈	  	pursuant to Rule 144 under the Securities Act of 1933; or
			
	(6)	 	 ̈	  	pursuant to another exemption from registration under the Securities Act of 1933, (other than Regulation S under the Securities Act of 1933).

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered holder thereof; provided, however, that if box (4) or (6) is checked, the Trustee shall be entitled to require, prior to registering any such transfer of the
Notes, such legal opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of
the Securities Act of 1933. 
  

	
	  
 Signature

  
 15 

 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the Issuers and any Guarantors as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that
the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

			
	Dated:	  	
		  	  
 Notice: To be executed by an
executive officer

  
 16 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or Section 4.15 of the
Indenture, check the box below: 
  

											
		 	 ̈	  	Section 4.10	  	 ̈	  	Section 4.15	  	

 If you want to elect to have only part of this Note purchased by the Company pursuant to
Section 4.10 or Section 4.15 of the Indenture, state the amount (in minimum denomination of $2,000 or integral multiples of $1,000 in excess of $2,000) you elect to have purchased: $ 

 

					
	Date:
                                    	 	Your signature	 	                                     
                               
		 		 	(Sign exactly as your name appears on the other side of this Note)

									
					
		 		 		 	Soc. Sec. or Tax Identification No.:	 	                                    

  

							
	Signature Guarantee:	 	  
	  		  	
		 	 (signature must be guaranteed)
	  	

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 17 

 SCHEDULE A 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date
	  	Amount of
decrease in
Principal
Amount of this
Global Note	  	Amount of
increase in
Principal
Amount of this
Global Note	  	Principal
Amount of this
Global Note
following such
decrease or
increase	  	Signature of
authorized
officer of Trustee
or Notes
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 18 

 EXECUTION VERSION 

 
 Exhibit E 

Officers’ Certificate 

  

 FORM OF OFFICERS’ CERTIFICATE 

LINN ENERGY, LLC 

LINN ENERGY FINANCE CORP. 

600 Travis, Suite 5100 

Houston, Texas 77002 

[●], 2016 

OFFICERS’ CERTIFICATE PURSUANT TO 

SECTIONS 11.04 AND 11.05 OF THE INDENTURE 

AND 
 SECTION 4.1(b)
OF THE COLLATERAL TRUST AGREEMENT 
 The undersigned, David B. Rottino, the duly elected and acting Executive Vice President and Chief
Financial Officer of Linn Energy, LLC, a Delaware limited liability company (the “Company”), and Linn Energy Finance Corp., a Delaware corporation (“Finance Corp.” and, together with the Company, the
“Issuers”), and Candice J. Wells, the duly elected and acting Senior Vice President, General Counsel and Corporate Secretary of the Issuers, hereby certify pursuant to Sections 9.06, 11.04 and 11.05 of the Indenture dated as of
November 20, 2015 (the “Base Indenture”), among the Issuers, the Guarantors named therein (the “Guarantors”) and Delaware Trust Company (as successor trustee to U.S. Bank National Association), as trustee (the
“Trustee”), as supplemented by the First Supplemental Indenture dated as of [●], 2016 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Issuers,
the Guarantors and the Trustee, relating to the Issuers’ 12.00% Senior Secured Second Lien Notes due 2020 (the “Notes”), and further certify pursuant to Section 4.1(b) of the Collateral Trust Agreement dated as of
November 20, 2015 (the “Collateral Trust Agreement”), among the Issuers, the Guarantors, the Trustee, the other Parity Lien Representatives from time to time party thereto and Delaware Trust Company (as successor collateral
trustee to U.S. Bank National Association), as collateral trustee (the “Collateral Trustee”): 
  

	 	1.	We have each read (i) the Indenture, including Section 2.02 (with respect to execution and authentication), Section 2.13 (with respect to the issuance of Additional Notes), Section 9.01 (with respect
to amendments without the consent of the holders), Section 9.02 (with respect to amendments with the consent of the holders), Section 9.06 (with respect to signing amendments), Sections 11.04 and 11.05 (with respect to certificates and
opinions as to conditions precedent and the contents thereof), the sections of the Indenture referred to therein and the definitions relating thereto and (ii) the Collateral Trust Agreement, including Article 4 (with respect to the Obligations
enforceable by the Company and the other Grantors), and understand the provisions and the definitions relating thereto. 

  

	 	2.	The statements made in this certificate are based upon an examination of the Indenture and the Collateral Trust Agreement, upon our general knowledge of and familiarity with the operations of the Issuers and upon the
performance of our duties as officers of the Issuers. 

  

	 	3.	We have each made such examination or investigation as is necessary to enable each of us to express an informed opinion as to whether or not the Issuers have (i) satisfied the conditions and covenants relating to
the execution and delivery of the Supplemental Indenture and the execution, authentication and delivery of $1,000,000,000 aggregate principal amount of Additional Notes (as defined in the Indenture) on the date hereof (the “Settlement
Additional Notes”) and (ii) complied with the conditions precedent in the Collateral Trust Agreement, the Intercreditor Agreement and all other Parity Lien Documents, if any, relating to the release of the Collateral.

	 	4.	In our opinion, (i) the Issuers have satisfied all conditions and covenants provided for in the Indenture relating to the execution and delivery of the Supplemental Indenture and the execution, authentication and
delivery of the Settlement Additional Notes, (ii) the Issuers have complied with the conditions precedent in the Collateral Trust Agreement, the Intercreditor Agreement and all other Parity Lien Documents, if any, and (iii) the release of
the Collateral authorized hereby does not violate the terms of any applicable Parity Lien Document. 

  

	 	5.	We are providing the following additional information with respect to the Settlement Additional Notes pursuant to Section 2.13 of the Indenture: (i) interest shall begin to accrue [from the date hereof],1 (ii) the first interest payment date shall be [June 15], 2016,2 (iii) the CUSIP Number and ISIN shall be [●] and
[●], respectively, and (iv) the Settlement Additional Notes shall be Transfer Restricted Securities and issued in the form of Initial Notes. 

We each certify the foregoing solely in our capacity as officers of the Issuers and not in our individual capacity. Capitalized terms not
otherwise defined herein have the meanings assigned to such terms in the Indenture and Collateral Trust Agreement, as applicable. 

[Signature Page Follows] 
  

 

	1 	NTD: Company to confirm agreed upon interest accrual date for the Settlement Additional Notes. 

	2 	NTD: December 15, 2016 if the issuance date is on or after June 15, 2016. 

  
 - 2 - 

 IN WITNESS WHEREOF, we have executed this Officers’ Certificate as of the date first
written above. 
  

			
	 LINN ENERGY, LLC
 LINN
ENERGY FINANCE CORP.

		
	 By:
	 	  

	 Name:
	 	David B. Rottino
	 Title:
	 	 Executive Vice President and
 Chief Financial
Officer

		
	 By:
	 	  

	 Name:
	 	Candice J. Wells
	 Title:
	 	 Senior Vice President, General
 Counsel and
Corporate Secretary

 [Signature page to Officers’ Certificate] 

 EXECUTION VERSION 

Exhibit F 

Authentication Order 

 FORM OF AUTHENTICATION ORDER 

LINN ENERGY, LLC 

LINN ENERGY FINANCE CORP. 

600 Travis, Suite 5100 

Houston, Texas 77002 

[●], 2016 
 Delaware Trust Company 

2711 Centerville Road 
 Wilmington, Delaware 19808 

Attn: Michelle Dreyer 
  

	 	Re:	Authentication Order: $1,000,000,000 aggregate principal amount of 

	 	    	12.00% Senior Secured Second Lien Notes due 2020 

 Ladies and Gentlemen: 

The undersigned hereby delivers to you for authentication: 

Pursuant to Section 2.02 of the Indenture, dated as of November 20, 2015, as supplemented by the First Supplemental Indenture dated
[●], 2016 (the “Indenture”), among Linn Energy, LLC, a Delaware limited liability company (the “Company”), and Linn Energy Finance Corp., a Delaware corporation (“Finance Corp.” and, together
with the Company, the “Issuers”), the guarantors signatory thereto, and Delaware Trust Company (as successor trustee to U.S. Bank National Association), as trustee (the “Trustee”), the Issuers hereby order the
Trustee to (i) authenticate global notes (the “Global Notes”) evidencing $1,000,000,000 in aggregate principal amount of the Issuers’ 12.00% Senior Secured Second Lien Notes due 2020 (the “Settlement Additional
Notes”) and (ii) register such Global Notes in the name of Cede & Co., the nominee of The Depository Trust Company (“DTC”), and hold said Global Notes as custodian for DTC. 

The undersigned further certify that the Global Notes are Additional Notes as that term is defined in the Indenture. Capitalized terms not
otherwise defined herein shall have the meanings assigned to such terms in the Indenture. 
 [Signature Pages Follow]

 Please acknowledge receipt for authentication of $1,000,000,000 in aggregate principal amount of
the Global Notes. 
  

			
	Very truly yours,
	
	LINN ENERGY, LLC
	LINN ENERGY FINANCE CORP.
		
	By:	 	  

	Name:	 	David B. Rottino
	Title:	 	Executive Vice President and
		 	Chief Financial Officer

 Signature Page to Authentication Order 

 The undersigned, as Trustee under the Indenture referred to above, acknowledges receipt for
authentication of $1,000,000,000 in aggregate principal amount of the Global Notes. 
  

			
	DELAWARE TRUST COMPANY,
	as Trustee
		
	By:	 	  

	Name:	 	[●]
	Title:	 	[●]
	
	Date: [●], 2016

 Signature Page to Authentication OrderEX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

$850,000,000 
 AMENDED AND
RESTATED CREDIT AGREEMENT 
 among 

COLONY CAPITAL OPERATING COMPANY, LLC, 

as Borrower, 
 The Several Lenders
from Time to Time Parties Hereto, 
 and 

JPMORGAN CHASE BANK, N.A., 
 as
Administrative Agent 
 Dated as of March 31, 2016 
  

 
  

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and JPMORGAN CHASE BANK, N.A., 

as Joint Lead Arrangers and Joint Bookrunners 

BANK OF AMERICA, N.A., as Syndication Agent 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 SECTION 1.
	 	 DEFINITIONS
	  	 	1	  
	 1.1
	 	 Defined Terms
	  	 	1	  
	 1.2
	 	 Other Definitional Provisions
	  	 	37	  
	 1.3
	 	 Letter of Credit Amounts
	  	 	38	  
			
	 SECTION 2.
	 	 AMOUNT AND TERMS OF COMMITMENTS
	  	 	38	  
	 2.1
	 	 Revolving Commitments
	  	 	38	  
	 2.2
	 	 Procedure for Revolving Loan Borrowing
	  	 	38	  
	 2.3
	 	 Commitment Fees, etc.
	  	 	38	  
	 2.4
	 	 Termination or Reduction of Revolving Commitments
	  	 	39	  
	 2.5
	 	 Optional Prepayments
	  	 	39	  
	 2.6
	 	 Mandatory Prepayments and Commitment Reductions
	  	 	39	  
	 2.7
	 	 Conversion and Continuation Options
	  	 	40	  
	 2.8
	 	 Limitations on Eurodollar Tranches
	  	 	40	  
	 2.9
	 	 Interest Rates and Payment Dates
	  	 	40	  
	 2.10
	 	 Computation of Interest and Fees
	  	 	41	  
	 2.11
	 	 Inability to Determine Interest Rate
	  	 	41	  
	 2.12
	 	 Pro Rata Treatment and Payments
	  	 	41	  
	 2.13
	 	 Requirements of Law
	  	 	43	  
	 2.14
	 	 Taxes
	  	 	44	  
	 2.15
	 	 Indemnity
	  	 	47	  
	 2.16
	 	 Change of Lending Office
	  	 	48	  
	 2.17
	 	 Replacement of Lenders
	  	 	48	  
	 2.18
	 	 Defaulting Lenders
	  	 	48	  
	 2.19
	 	 Incremental Commitments
	  	 	50	  
	 2.20
	 	 Revolving Termination Date Extension
	  	 	51	  
			
	 SECTION 3.
	 	 LETTERS OF CREDIT
	  	 	52	  
	 3.1
	 	 L/C Commitment
	  	 	52	  
	 3.2
	 	 Procedure for Issuance of Letter of Credit
	  	 	53	  
	 3.3
	 	 Fees and Other Charges
	  	 	54	  
	 3.4
	 	 L/C Participations
	  	 	54	  
	 3.5
	 	 Reimbursement Obligation of the Borrower
	  	 	55	  
	 3.6
	 	 Obligations Absolute
	  	 	55	  
	 3.7
	 	 Letter of Credit Payments
	  	 	55	  
	 3.8
	 	 Applications
	  	 	55	  
	 3.9
	 	 Actions in Respect of Letters of Credit
	  	 	56	  
	 3.10
	 	 Reporting
	  	 	56	  
			
	 SECTION 4.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	56	  
	 4.1
	 	 Financial Condition
	  	 	56	  
	 4.2
	 	 No Change
	  	 	57	  
	 4.3
	 	 Existence; Compliance with Law
	  	 	57	  
	 4.4
	 	 Power; Authorization; Enforceable Obligations
	  	 	57	  
	 4.5
	 	 No Legal Bar
	  	 	57	  
	 4.6
	 	 Litigation
	  	 	57	  
	 4.7
	 	 No Default
	  	 	58	  
	 4.8
	 	 Ownership of Property; Liens
	  	 	58	  

							
	 4.9
	 	 Intellectual Property
	  	 	58	  
	 4.10
	 	 Taxes
	  	 	58	  
	 4.11
	 	 Federal Regulations
	  	 	58	  
	 4.12
	 	 Labor Matters
	  	 	58	  
	 4.13
	 	 ERISA
	  	 	58	  
	 4.14
	 	 Investment Company Act
	  	 	59	  
	 4.15
	 	 Subsidiaries
	  	 	59	  
	 4.16
	 	 Use of Proceeds
	  	 	59	  
	 4.17
	 	 Environmental Matters
	  	 	59	  
	 4.18
	 	 Accuracy of Information, etc.
	  	 	60	  
	 4.19
	 	 Security Documents
	  	 	60	  
	 4.20
	 	 Solvency
	  	 	60	  
	 4.21
	 	 Senior Indebtedness
	  	 	60	  
	 4.22
	 	 Insurance
	  	 	60	  
	 4.23
	 	 Anti-Corruption Laws and Sanctions
	  	 	61	  
	 4.24
	 	 Stock Exchange Listing
	  	 	61	  
	 4.25
	 	 REIT Status
	  	 	61	  
	 4.26
	 	 EEA Financial Institutions
	  	 	61	  
			
	 SECTION 5.
	 	 CONDITIONS PRECEDENT
	  	 	61	  
	 5.1
	 	 Conditions to Initial Extension of Credit
	  	 	61	  
	 5.2
	 	 Conditions to Each Extension of Credit
	  	 	63	  
			
	 SECTION 6.
	 	 AFFIRMATIVE COVENANTS
	  	 	64	  
	 6.1
	 	 Financial Statements
	  	 	64	  
	 6.2
	 	 Certificates; Other Information
	  	 	65	  
	 6.3
	 	 Payment of Obligations
	  	 	67	  
	 6.4
	 	 Maintenance of Existence; Compliance
	  	 	67	  
	 6.5
	 	 Maintenance of Property; Insurance
	  	 	67	  
	 6.6
	 	 Inspection of Property; Books and Records; Discussions
	  	 	67	  
	 6.7
	 	 Notices
	  	 	67	  
	 6.8
	 	 Environmental Laws
	  	 	68	  
	 6.9
	 	 Maintenance of REIT Status; New York Stock Exchange Listing
	  	 	68	  
	 6.10
	 	 Additional Collateral, etc.
	  	 	68	  
	 6.11
	 	 Use of Proceeds
	  	 	70	  
	 6.12
	 	 Information Regarding Collateral
	  	 	70	  
	 6.13
	 	 Organization Documents of Affiliated Investors
	  	 	70	  
	 6.14
	 	 Distribution Accounts
	  	 	70	  
	 6.15
	 	 Valuation
	  	 	71	  
	 6.16
	 	 Post-Closing Obligations
	  	 	71	  
			
	 SECTION 7.
	 	 NEGATIVE COVENANTS
	  	 	71	  
	 7.1
	 	 Financial Condition Covenants
	  	 	71	  
	 7.2
	 	 Indebtedness
	  	 	72	  
	 7.3
	 	 Liens
	  	 	74	  
	 7.4
	 	 Fundamental Changes
	  	 	76	  
	 7.5
	 	 Disposition of Property
	  	 	76	  
	 7.6
	 	 Restricted Payments
	  	 	77	  
	 7.7
	 	 Investments
	  	 	78	  
	 7.8
	 	 Optional Payments and Modifications of Certain Debt Instruments
	  	 	79	  
	 7.9
	 	 Transactions with Affiliates
	  	 	79	  
	 7.10
	 	 Accounting Changes
	  	 	80	  
	 7.11
	 	 Swap Agreements
	  	 	80	  

  
 ii 

							
	 7.12
	 	 Changes in Fiscal Periods
	  	 	80	  
	 7.13
	 	 Negative Pledge Clauses
	  	 	80	  
	 7.14
	 	 Use of Proceeds
	  	 	80	  
	 7.15
	 	 Nature of Business
	  	 	80	  
	 7.16
	 	 Margin Stock
	  	 	81	  
	 7.17
	 	 Amendment, Waiver and Terminations of Certain Agreements
	  	 	81	  
			
	 SECTION 8.
	 	 EVENTS OF DEFAULT
	  	 	81	  
			
	 SECTION 9.
	 	 THE AGENTS
	  	 	84	  
	 9.1
	 	 Appointment
	  	 	84	  
	 9.2
	 	 Delegation of Duties
	  	 	85	  
	 9.3
	 	 Exculpatory Provisions
	  	 	85	  
	 9.4
	 	 Reliance by Administrative Agent
	  	 	85	  
	 9.5
	 	 Notice of Default
	  	 	85	  
	 9.6
	 	 Non-Reliance on Agents and Other Lenders
	  	 	86	  
	 9.7
	 	 Indemnification
	  	 	86	  
	 9.8
	 	 Agent in Its Individual Capacity
	  	 	86	  
	 9.9
	 	 Successor Administrative Agent
	  	 	87	  
	 9.10
	 	 Arrangers and Syndication Agent
	  	 	87	  
			
	 SECTION 10.
	 	 MISCELLANEOUS
	  	 	87	  
	 10.1
	 	 Amendments and Waivers
	  	 	87	  
	 10.2
	 	 Notices
	  	 	88	  
	 10.3
	 	 No Waiver; Cumulative Remedies
	  	 	89	  
	 10.4
	 	 Survival of Representations and Warranties
	  	 	90	  
	 10.5
	 	 Payment of Expenses and Taxes
	  	 	90	  
	 10.6
	 	 Successors and Assigns; Participations and Assignments
	  	 	91	  
	 10.7
	 	 Adjustments; Set-off
	  	 	94	  
	 10.8
	 	 Counterparts
	  	 	95	  
	 10.9
	 	 Severability
	  	 	95	  
	 10.10
	 	 Integration
	  	 	95	  
	 10.11
	 	 GOVERNING LAW
	  	 	95	  
	 10.12
	 	 Submission To Jurisdiction; Waivers
	  	 	95	  
	 10.13
	 	 Acknowledgements
	  	 	96	  
	 10.14
	 	 Releases of Guarantees and Liens
	  	 	96	  
	 10.15
	 	 Confidentiality
	  	 	97	  
	 10.16
	 	 WAIVERS OF JURY TRIAL
	  	 	98	  
	 10.17
	 	 USA Patriot Act
	  	 	98	  
	 10.18
	 	 Investment Asset Reviews
	  	 	98	  
	 10.19
	 	 Secured Swap Agreements
	  	 	99	  
	 10.20
	 	 Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	  	 	99	  
	 10.21
	 	 Interest Rate Limitation
	  	 	99	  
	 10.22
	 	 Effect of Amendment and Restatement; Reallocation
	  	 	100	  

  
 iii 

 SCHEDULES: 
  

			
	1.1A	  	Commitments
	1.1B	  	Specified Asset Investments
	4.15	  	Subsidiaries
	4.19	  	UCC Filing Jurisdictions
	6.16	  	Post-Closing Obligations
	7.2(d)	  	Existing Indebtedness
	7.3(f)	  	Existing Liens

 EXHIBITS: 
  

			
	A	  	Form of Guarantee and Collateral Agreement
	B	  	Form of Compliance Certificate
	C	  	Form of Closing Certificate
	D	  	Form of Assignment and Assumption
	E	  	Form of Notice of Borrowing/Conversion/Continuation
	F	  	Form of U.S. Tax Compliance Certificate
	G	  	Form of Increased Facility Activation Notice—Incremental Revolving Commitments
	H	  	Form of New Lender Supplement

 AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”), dated as of
March 31, 2016, among Colony Capital Operating Company, LLC, a Delaware limited liability company (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (the
“Lenders”) and JPMorgan Chase Bank, N.A., as administrative agent. 
 WHEREAS, the Borrower (as successor to Colony
Capital, Inc. (formerly known as Colony Financial, Inc.)), the Administrative Agent (as defined below) and certain Lenders are parties to that certain Credit Agreement dated as of August 6, 2013 (as amended, restated, supplemented or otherwise
modified from time to time, the “Existing Credit Agreement”); 
 WHEREAS, the Borrower has requested that the Existing
Credit Agreement be amended and restated as hereinafter provided; and 
 WHEREAS, the Lenders and the Administrative Agent are willing to
amend and restate in its entirety the Existing Credit Agreement upon and subject to the terms and conditions hereinafter set forth; 
 NOW,
THEREFORE, the parties hereto hereby agree that, on the Closing Date (as defined below), the Existing Credit Agreement will be amended and restated in its entirety as follows: 

SECTION 1. DEFINITIONS 
 1.1
Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1. 

“ABR”: for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16th of 1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus  1⁄2 of 1% and (c) the Eurodollar Rate on such day (or, if such day is not a Business Day, the next preceding Business Day) for a deposit in Dollars with a maturity of one month plus 1.0%. Any change in
the ABR due to a change in the Prime Rate, the NYFRB Rate or such Eurodollar Rate shall be effective as of the opening of business on the day of such change in the Prime Rate, the NYFRB Rate or such Eurodollar Rate, respectively. 

“ABR Loans”: Loans the rate of interest applicable to which is based upon the ABR. 

“Additional Convertible Notes”: convertible notes that are issued by the Borrower in a transaction permitted by
Section 7.2 or by the REIT Entity in a transaction that would not constitute a Default under Section 8(l). 
 “Adjusted
Net Book Value”: (i) the net book value (determined in accordance with GAAP), plus (ii) solely with respect to any Commercial Real Estate Ownership Investment and solely to the extent deducted in determining net book value, real
property depreciation and amortization minus (iii) solely with respect to any Commercial Real Estate Ownership Investment and solely to the extent included in determining net book value, maintenance capital expenditures. 

“Administrative Agent”: JPMorgan Chase Bank, N.A., together with its affiliates, as the arranger of the Revolving Commitments
and as the administrative agent for the Lenders under this Agreement and the other Loan Documents, together with any of its successors. 

“Affiliate”: as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under
common control with, such Person. For purposes of this definition, “control” 

  
 1 

 
of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of directors (or persons performing
similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

“Affiliated Investor”: a Person that (i) (x) owns directly or indirectly an Investment Asset or (y) receives
any Fee-Related Earnings from any Colony Fund and (ii) is either a Pledged Affiliate or a Person in which any Capital Stock is directly or indirectly owned by a Pledged Affiliate. For the avoidance of doubt, the term Affiliated Investor shall
not include (A) an Equity Investment Asset Issuer or (B) any Loan Party. 
 “After-Acquired Property”: as defined
in Section 6.10(a). 
 “Agents”: the collective reference to the Administrative Agent and any other agent identified
on the cover page of this Agreement. 
 “Aggregate Exposure”: with respect to any Lender at any time, the amount of such
Lender’s Revolving Commitment then in effect or, if the Revolving Commitments have been terminated, the amount of such Lender’s Revolving Extensions of Credit then outstanding. 

“Aggregate Exposure Percentage”: with respect to any Lender at any time, the ratio (expressed as a percentage) of such
Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time. 
 “Agreement”: as
defined in the preamble hereto. 
 “Annualized Base Management Fee EBITDA”: as of any date of determination, the product of
(a) Fee-Related Earnings of asset manager Subsidiaries of the Borrower that are received by Pledged Loan Parties or Pledged Affiliates directly or indirectly from any Colony Fund for the then most recently ended fiscal quarter of the Borrower
for which financial statements have been delivered or required to be delivered pursuant to Section 6.1, multiplied by (b) 4; provided that if any Fee-Related Earnings are received by a Pledged Affiliate that is a Non
Wholly-Owned Consolidated Affiliate, the amount of such Fee-Related Earnings included in clause (a) above shall be limited to the Consolidated Group Pro Rata Share of such Fee-Related Earnings; provided further that Fee-Related
Earnings shall be included in Annualized Base Management Fee EBITDA only to the extent that (1) the Pledged Loan Party or Pledged Affiliate that ultimately receives such Fee-Related Earnings and each other Loan Party or Affiliated Investor that
receives, or is reasonably expected to receive, such Fee-Related Earnings in the course of an indirect transfer of such Fee-Related Earnings from the applicable Colony Fund to such Pledged Loan Party or Pledged Affiliate (A) except as otherwise
permitted hereunder with respect to any Colony Fund (as described in the definition of Unlevered Affiliated Investor), has no Indebtedness (other than (x) the Obligations (y) any other Indebtedness incurred by the Borrower in accordance
with Section 7.2(g) and (z) any intercompany obligations owing to Borrower or any Subsidiary) outstanding at such time, (B) is Solvent at such time, (C) is not subject to any proceedings under any Debtor Relief Law at such time
and (D) other than in the case of any Pledged Loan Party, any Pledged Affiliate or any Colony Fund, is Controlled by a Pledged Affiliate and, in the case of a Colony Fund, is Controlled by an Affiliate; (2) there are no contractual or
legal prohibitions on the making of dividends, distributions or other payments that, as in effect on any date of determination, are effective to prevent dividends, distributions or other payments from the applicable Colony Fund to the asset manager
Subsidiary of the Borrower or from the asset manager Subsidiary of the Borrower to, directly or indirectly, a Loan Party, (3) the obligations under Section 6.14 hereof with respect to such Fee-Related Earnings are satisfied, (4) such
Fee-Related Earnings are not, directly or indirectly, encumbered by any Lien (other than a Lien 

  
 2 

 
arising under a Loan Document) at such time and (5) such Fee-Related Earnings are not the subject of any proceedings under any Debtor Relief Law at such time. 

“Anti-Corruption Laws”: all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its
Affiliates from time to time concerning or relating to bribery or corruption. 
 “Applicable Margin”: the rate per annum
equal to (a) with respect to Eurodollar Loans, 2.25% and (b) with respect to ABR Loans, 1.25%. 
 “Application”:
with respect to an Issuing Lender, an application, in such form as such Issuing Lender may specify from time to time, requesting such Issuing Lender to open a Letter of Credit. 

“Approved Fund”: as defined in Section 10.6(b). 

“Arrangers”: the Joint Lead Arrangers and Joint Bookrunners identified on the cover page of this Agreement. 

“Assignee”: as defined in Section 10.6(b). 

“Assignment and Assumption”: an Assignment and Assumption, substantially in the form of Exhibit D. 

“Assumed Facility Interest Expense”: the greater of (i) actual interest expense on the Revolving Facility for the most
recently ended fiscal quarter multiplied by four (4) and (ii) annual interest expense calculated by multiplying the average daily outstanding amount of the Revolving Facility during the most recently ended fiscal quarter by 7.0%. 

“Available Revolving Commitment”: as to any Revolving Lender at any time, an amount equal to the excess, if any, of
(a) such Lender’s Revolving Commitment then in effect over (b) such Lender’s Revolving Extensions of Credit then outstanding. 

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

“Bankruptcy Event”: with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or
has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the
Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any
ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with
immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or
disaffirm any contracts or agreements made by such Person. 

  
 3 

 “Benefitted Lender”: as defined in Section 10.7(a). 

“Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor). 

“Borrower”: as defined in the preamble hereto. 

“Borrowing Date”: any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to
make Revolving Loans hereunder. 
 “Business”: as defined in Section 4.17(b). 

“Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or
required by law to close, provided, that with respect to notices and determinations in connection with, and payments of principal and interest on, Loans having an interest rate determined by reference to the Eurodollar Rate, such day is also
a day for trading by and between banks in Dollar deposits in the interbank eurodollar market. 
 “Capital Expenditures”:
for any period, with respect to any Person, the aggregate of all expenditures by such Person and its Subsidiaries for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including
replacements, capitalized repairs and improvements during such period) that should be capitalized under GAAP on a consolidated balance sheet of such Person and its Subsidiaries; provided, however, that Capital Expenditures shall
exclude all Capital Expenditures made with respect to any Investment Asset. 
 “Capital Lease Obligations”: as to any
Person, 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, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.

 “Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing, but excluding any debt securities convertible into any of the
foregoing. 
 “Cash Equivalents”: (a) marketable direct obligations issued by, or unconditionally guaranteed by, the
United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar
time deposits or overnight bank deposits maturing within one year from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of the United States or any state thereof having combined capital and surplus of
not less than $500,000,000; (c) commercial paper of an issuer rated at least A-2 by Standard & Poor’s Ratings Services (“S&P”) or P-2 by Moody’s Investors Service, Inc. (“Moody’s”),
or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within one year from the date of acquisition;
(d) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days, with respect to securities issued or fully guaranteed or insured by
the United States government; (e) securities with maturities of one year or less 

  
 4 

 
from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state,
commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A-2 by S&P or P-2 by
Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition;
(g) money market mutual or similar funds that invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition; or (h) money market funds that (i) comply with the criteria set forth in
SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000. 

“CLIP Issuer”: the Pledged Loan Party or Pledged Affiliate that owns, directly or indirectly, the CLIP Portfolio. 

“CLIP Portfolio”: that certain Portfolio of industrial real property assets acquired by the Borrower or certain Subsidiaries
of the Borrower from Cobalt Capital Partners or any affiliate thereof, and owned directly or indirectly by the CLIP Issuer. 

“Closing Date”: the date on which the conditions precedent set forth in Section 5.1 shall have been satisfied, which
date is March 31, 2016. 
 “Code”: the Internal Revenue Code of 1986, as amended. 

“Collateral”: all property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be created
by any Security Document. 
 “Colony Fund(s)”: any investment vehicle(s), private equity fund(s) or other similar
investment company(ies), including, without limitation, an externally managed real estate investment trust, in each case, that is managed by any Subsidiary of the Borrower. 

“Colony Mortgage Capital Loan Parties”: collectively, Colony Mortgage Capital, LLC – Series A and Colony Mortgage
Capital, LLC – Series B. 
 “Colony Starwood Homes”: Colony Starwood Homes, Inc. 

“Commercial Real Estate Debt Investment”: a commercial mortgage loan or other commercial real estate-related debt investment.

 “Commercial Real Estate Ownership Investment”: a fee simple interest in commercial real property. For purposes of the
definition of “Maximum Permitted Outstanding Amount”, a Portfolio consisting entirely of Commercial Real Estate Ownership Investments, as defined above, shall be deemed to be a single Commercial Real Estate Ownership Investment. 

“Commitment Fee Rate”: (a) at any time that the Facility Utilization is below 50%, 0.35% and (b) otherwise, 0.25%;
provided that at any time that any Indebtedness described in Section 7.2(h) shall have been incurred and shall remain outstanding, the Commitment Fee Rate shall be 1.00%. 

“Commitment Increase”: as defined in Section 2.19(a). 

  
 5 

 “Compliance Certificate”: a certificate duly executed by a Responsible Officer
substantially in the form of Exhibit B. 
 “Confidential Information Memorandum”: the Confidential Information Memorandum
dated February 2016 and furnished to certain Lenders. 
 “Consolidated Cash Interest Expense”: for any period, that portion
of Consolidated Interest Expense for such period that is paid or payable in cash; provided, however, that Consolidated Cash Interest Expense shall exclude (i) any interest expense recognized in such period that is paid from a
prefunded interest reserve for such period to the extent the amounts in such prefunded interest reserve were included in Consolidated Cash Interest Expense in a prior period and (ii) any fees and expenses accounted for as deferred financing
costs). 
 “Consolidated EBITDA”: for any period, Core FFO plus an amount which, in the determination of Core FFO for such
period, has been deducted (and not added back) for, without duplication, (i) Consolidated Interest Expense and (ii) provisions for taxes based on income of the Borrower and its Consolidated Subsidiaries (provided that Consolidated EBITDA
shall, solely with respect to the Consolidated EBITDA attributable to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of such attributable amount). 

“Consolidated Fixed Charge Coverage Ratio”: for any period, the ratio of (a) (i) Consolidated EBITDA for such
period plus (ii) Consolidated Lease Expense for such period to (b) Consolidated Fixed Charges for such period. 

“Consolidated Fixed Charges”: for any period, the sum (without duplication) of (a) Consolidated Cash Interest Expense
for such period, (b) Consolidated Lease Expense for such period that is paid or payable in cash, (c) the aggregate amount actually paid by the Borrower and its Subsidiaries during such period on account of Capital Expenditures (excluding
the principal amount of Indebtedness (other than any Revolving Loans) incurred in connection with such expenditures), (d) scheduled payments made during such period on account of principal of Indebtedness of the Borrower or any of its
Consolidated Subsidiaries (excluding (i) scheduled principal payments and any payment at maturity in respect of Extended Loans and (ii) scheduled principal payments made by the Borrower or a Consolidated Subsidiary that are paid solely
from funds collected as principal due under another credit facility in which such Borrower or Consolidated Subsidiary, as applicable, is the lender) and (e) the amount of Restricted Payments paid or required to be paid by the Borrower in cash
during such period in respect of any of its preferred Capital Stock. 
 “Consolidated Group Pro Rata Share”: with respect
to any Non Wholly-Owned Consolidated Affiliate, the percentage interest held by the Borrower and its Wholly Owned Subsidiaries, in the aggregate, in such Non Wholly-Owned Consolidated Affiliate determined by calculating the percentage of Capital
Stock of such Non Wholly-Owned Consolidated Affiliate owned by the Borrower and its Wholly Owned Subsidiaries. 
 “Consolidated
Interest Expense”: for any period, total interest expense (including that attributable to Capital Lease Obligations) of the Borrower and its Consolidated Subsidiaries for such period with respect to all outstanding Indebtedness of the
Borrower and its Consolidated Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under Swap Agreements in respect of interest
rates to the extent such net costs are allocable to such period in accordance with GAAP); provided that Consolidated Interest Expense shall, with respect to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro
Rata Share of the total cash interest expense (determined in accordance with 

  
 6 

 
GAAP) of such Non Wholly-Owned Consolidated Affiliate for such period. Notwithstanding anything to the contrary in this Agreement or the other Loan Documents, all interest expense of the REIT
Entity shall be deemed to be interest expense of the Borrower for all purposes of the Loan Documents (including without limitation any financial definitions) to the extent not otherwise constituting interest expense of the Borrower. 

“Consolidated Lease Expense”: for any period, the aggregate amount of fixed and contingent rentals payable by the Borrower
and its Consolidated Subsidiaries for such period with respect to leases of real and personal property, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Leverage Ratio”: at any date, the ratio of (a) Consolidated Total Debt on such day to (b) Total Asset
Value as of such date. 
 “Consolidated Subsidiaries”: as to any Person, all Subsidiaries of such Person which are
consolidated with such Person for financial reporting purposes under GAAP. 
 “Consolidated Tangible Net Worth”: at any
date, all amounts that would, in conformity with GAAP, be included on a consolidated balance sheet of the Borrower and its Consolidated Subsidiaries under stockholders’ equity at such date plus (i) accumulated depreciation and
(ii) amortization of real estate intangibles such as in-place lease value, above and below market lease value and deferred leasing costs which are purchase price allocations determined upon the acquisition of real estate, in each case, of the
Borrower and its Consolidated Subsidiaries on such date (provided that the amounts described in the foregoing clauses (i) and (ii) shall, solely with respect to any such amount attributable to any Non Wholly-Owned Consolidated
Affiliate, only include the Consolidated Group Pro Rata Share of such attributable amount) minus the Intangible Assets of the Borrower and its Consolidated Subsidiaries on such date (provided that any such amount deducted with respect
to deferred financing costs shall, solely with respect to any such amount attributable to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of such attributable amount); provided, however,
that there shall be excluded from the calculation of “Consolidated Tangible Net Worth” any effects resulting from the application of FASB ASC No. 715: Compensation - Retirement Benefits; provided, further, that
notwithstanding anything to the contrary in this Agreement or the other Loan Documents, the amount of stockholders’ equity included on the consolidated balance sheet of the Borrower and its Consolidated Subsidiaries shall reflect (to the extent
not otherwise reflected) a reduction in an amount equal to the amount of the Convertible Notes and any Additional Convertible Notes then outstanding for all purposes of the Loan Documents (including without limitation any financial definitions).

 “Consolidated Total Debt”: at any date, the aggregate principal amount of all Indebtedness of the Borrower and its
Consolidated Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP; provided that Consolidated Total Debt shall (i) exclude any Indebtedness attributable to a Specified GAAP Reportable B Loan Transaction,
(ii) exclude 50% of Permitted Warehouse Indebtedness (provided that (x) no more than $250,000,000 of Permitted Warehouse Indebtedness may be excluded pursuant to this clause (ii) and (y) solely for the purpose of this
definition, Permitted Warehouse Indebtedness shall exclude any portion of Warehouse Indebtedness used to finance the purchase or origination of a Commercial Real Estate Debt Investment that continues to secure such Warehouse Indebtedness twelve
months after the purchase or origination thereof), (iii) exclude all Permitted Non-Recourse CLO Indebtedness, (iv) solely with respect to the Indebtedness of any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group
Pro Rata Share of such Indebtedness, (v) exclude the Borrower’s and its Consolidated Subsidiaries’ uncalled capital commitments to funds managed by an Affiliate of the Borrower and (vi) exclude any Subscription Line Indebtedness.

  
 7 

 “Consolidating Information”: as defined in Section 6.1. 

“Continuing Directors”: the directors of the REIT Entity on the Closing Date, after giving effect to the transactions
contemplated hereby, and each other director, if, in each case, (i) such other director’s nomination for election to the board of directors of the REIT Entity is recommended by at least a majority of the then Continuing Directors in his or
her election by the shareholders of the REIT Entity or (ii) such other director is approved by the board of directors of the REIT Entity as a director candidate prior to his or her election. 

“Contractual Obligation”: as to any Person, any provision of any security issued by such Person or of any agreement,
instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Control”: the possession, directly or indirectly, of the power to veto, direct or cause the direction of the management or
fundamental policies of a Person, whether through the ability to exercise voting power, by contract or otherwise which for purposes of this definition shall include, among other things, ownership of Capital Stock having at least 50% of the voting
interests of a Person or having majority control of a board of directors or equivalent governing body of a Person. 
 “Control
Agreement”: a deposit account control agreement or securities account control agreement, as applicable, executed by a Loan Party, the Administrative Agent and the applicable depository bank or securities intermediary granting the
Administrative Agent control over the applicable deposit account or securities account, which agreement shall be in form and substance satisfactory to the Administrative Agent. 

“Convertible Notes”: collectively, (i) the 5.00% Convertible Senior Notes due on April 15, 2023 in an amount not to
exceed the amount outstanding on the Closing Date, (ii) the 3.875% Convertible Senior Notes due on January 15, 2021 in an amount not to exceed the amount outstanding on the Closing Date and (iii) any refinancing, refunding or renewal
or extension thereof (provided that such refinancing, refunding, renewal or extension does not increase the principal amount thereof (except an increase attributable to any accrued interest thereon and the amount of any fees and expenses
incurred in connection therewith) or shorten the maturity thereof), in the case of clauses (i) and (ii), issued pursuant to the Convertible Notes Indenture. 

“Convertible Notes Indenture”: the Indenture, dated as of April 10, 2013, between the REIT Entity and the Bank of New
York Mellon, as trustee, as supplemented from time to time, including by the First Supplemental Indenture dated as of April 10, 2013 and the Second Supplemental Indenture, dated as of January 28, 2014. 

“Core FFO”: for any period, FFO, as adjusted to (A) exclude, without duplication, each of the following items to the
extent any such item was included in the calculation of FFO: (i) stock compensation expense; (ii) effects of straight-line rent revenue and straight-line rent expense on ground leases; (iii) amortization of acquired above- and
below-market lease values; (iv) amortization of deferred financing costs and debt premiums and discounts; (v) unrealized fair value gains or losses on derivative instruments and on foreign currency remeasurements;
(vi) acquisition-related expenses, merger and integration costs; (vii) amortization and impairment of finite-lived intangibles related to investment management contracts and customer relationships; (viii) deferred tax benefit to
amortization and impairment of investment management contracts and customer relations, (ix) gain on remeasurement of consolidated investment entities, net of deferred tax liability, and the effect of amortization thereof; (x) non-real
estate depreciation and amortization; and (xi) change in fair value of contingent consideration and (B) include, to the extent excluded in the calculation of FFO, gains and losses from sales of

  
 8 

 
depreciable real estate that are Investment Assets (such gains or losses to be determined on a cost basis without giving effect to any previous depreciation and amortization on such Investment
Asset). 
 “Credit Party”: the Administrative Agent, any Issuing Lender or any other Lender and, for the purposes of
Section 10.13 only, any other Agent and the Arrangers. 
 “Default”: any of the events specified in Section 8,
whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 
 “Defaulting
Lender”: any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Revolving Loans, (ii) fund any portion of its participations in Letters of Credit or
(iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such
Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has
made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good
faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under agreements in which it commits to extend credit,
(c) has failed, within three Business Days after request by a Credit Party or the Borrower, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is
financially able to meet such obligations) to fund prospective Revolving Loans and participations in then outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this
clause (c) upon such Credit Party’s or the Borrower’s receipt, as applicable, of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has, or has a Lender Parent that has, become the
subject of a Bankruptcy Event or a Bail-In Action. Any determination by the Administrative Agent made in writing to the Borrower and each Lender that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above
shall be conclusive and binding absent manifest error. 
 “Disposition”: with respect to any property, any sale, lease,
sale and leaseback, assignment, conveyance, transfer or other disposition thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disqualified Capital Stock”: any Capital Stock which, by its terms (or by the terms of any security or other Capital Stock
into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for Capital Stock other than Disqualified Capital Stock), pursuant to a
sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full
of the Loans and all other Obligations that are accrued and payable and the termination of the Commitments and all outstanding Letters of Credit), (b) is redeemable at the option of the holder thereof (other than solely for Capital Stock other
than Disqualified Capital Stock), in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Capital Stock that would constitute
Disqualified Capital Stock, in each case, prior to the date that is ninety-one (91) days after the Latest Termination Date. 

“Distribution Account”: as defined in Section 6.14(a). 

  
 9 

 “Distributions”: (a) any and all dividends, distributions or other payments
or amounts made, or required to be paid or made to a Loan Party by any Affiliated Investor who, directly or indirectly, owns an Investment Asset, including, without limitation, any distributions of payments to such Loan Party in respect of
principal, interest or other amounts relating to such Investment Asset owned, directly or indirectly, by such Affiliated Investor, (b) any and all Fee-Related Earnings paid or payable to a Loan Party or an Affiliated Investor from any Colony
Fund and (c) any and all amounts owing to such Loan Party from the disposition, dissolution or liquidation of any such Affiliated Investor referred to in clause (a) or (b) above (or any direct or indirect parent thereof) or from the
issuance or sale of Capital Stock of such Affiliated Investor (or any direct or indirect parent thereof). 
 “Dollars” and
“$”: dollars in lawful currency of the United States. 
 “Domestic Subsidiary”: any Subsidiary of the
Borrower organized under the laws of any jurisdiction within the United States. 
 “EEA Financial Institution”:
(a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated
supervision with its parent. 
 “EEA Member Country”: any of the member states of the European Union, Iceland,
Liechtenstein, and Norway. 
 “EEA Resolution Authority”: any public administrative authority or any Person entrusted with
public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Environmental Laws”: any and all laws (including common law), treaties, rules, orders, regulations, statutes, ordinances,
codes, decrees, requirements of any Governmental Authority or other Requirements of Law regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the environment, as now or may at any time
hereafter be in effect. 
 “Equity Investment Asset Issuer”: (i) each issuer of Specified Common Stock and
(ii) each issuer of a Preferred Equity Investment, in each case, including any Subsidiary thereof. 
 “ERISA”: the
Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate”: any entity, trade or
business (whether or not incorporated) that, is under common control with a Group Member within the meaning of Section 4001(a)(14) of ERISA or, together with any Group Member, is treated as a single employer under Section 414 of the Code.

 “ERISA Event”: (a) the failure of any Plan to comply with any material provisions of ERISA and/or the Code (and
applicable regulations under either) or with the material terms of such Plan; (b) the existence with respect to any Plan of a non-exempt Prohibited Transaction; (c) any Reportable Event; (d) the failure of any Group Member or ERISA
Affiliate to make by its due date a required installment under Section 430(j) of the Code with respect to any Pension Plan or any failure by any Pension Plan to satisfy the minimum funding standards (within the meaning of Section 412 of
the Code or Section 302 of ERISA) applicable to such Pension Plan, whether or not waived; (e) a determination that 

  
 10 

 
any Pension Plan is, or is expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (f) the filing pursuant to
Section 412 of the Code or Section 302 of ERISA of an application for a waiver of the minimum funding standard with respect to any Pension Plan; (g) the occurrence of any event or condition which might constitute grounds under ERISA
for the termination of, or the appointment of a trustee to administer, any Pension Plan or the incurrence by any Group Member or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Pension Plan,
including but not limited to the imposition of any Lien in favor of the PBGC or any Pension Plan; (h) the receipt by any Group Member or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to
terminate any Pension Plan or to appoint a trustee to administer any Pension Plan under Section 4042 of ERISA; (i) the failure by any Group Member or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan
pursuant to Sections 431 or 432 of the Code; (j) the incurrence by any Group Member or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal from any Pension Plan or Multiemployer Plan; (k) the receipt
by any Group Member or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from a Group Member 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, in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA), or terminated (within the meaning of Section 4041A of ERISA);
or (l) the failure by any Group Member or any of its ERISA Affiliates to pay when due (after expiration of any applicable grace period) any installment payment with respect to Withdrawal Liability under Section 4201 of ERISA. 

“EU Bail-In Legislation Schedule”: the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor Person), as in effect from time to time. 
 “Eurocurrency Reserve Requirements”: for any day as applied to a
Eurodollar Loan, the aggregate (without duplication) of the maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves) under any regulations of the
Board or other Governmental Authority having jurisdiction with respect thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board)
maintained by a member bank of the Federal Reserve System. 
 “Eurodollar Base Rate”: with respect to any Eurodollar Loan
for any Interest Period, a rate per annum equal to the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for Dollars for a period equal in length
to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters Screen that displays such rate (or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that
displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case, the “Screen Rate”) as of
the Specified Time on the Quotation Day for such Interest Period; provided that if the Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement; provided, further, that if the
Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) with respect to Dollars, then the Eurodollar Base Rate shall be the Interpolated Rate at such time (provided that if the
Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement). 
 “Eurodollar
Loans”: Loans the rate of interest applicable to which is based upon the Eurodollar Rate. 

  
 11 

 “Eurodollar Rate”: with respect to each day during each Interest Period
pertaining to a Eurodollar Loan, a rate per annum determined for such day in accordance with the following formula: 

                    Eurodollar Base
Rate                     
 1.00 -
Eurocurrency Reserve Requirements 
 “Eurodollar Tranche”: the collective reference to Eurodollar Loans the then current
Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). 

“Event of Default”: any of the events specified in Section 8, provided that any requirement for the giving of
notice, the lapse of time, or both, has been satisfied. 
 “Excluded Foreign Subsidiary”: (1) any Foreign Subsidiary
in respect of which either (a) the pledge of all of the Capital Stock of such Subsidiary as Collateral or (b) the guaranteeing by such Subsidiary of the Obligations, would, in the good faith judgment of the Borrower, result in adverse tax
consequences to the Borrower, (2) any Domestic Subsidiary substantially all of whose assets consist of equity interests in an Excluded Foreign Subsidiary or (3) any Domestic Subsidiary of an Excluded Foreign Subsidiary. 

“Excluded Subsidiary”: any Subsidiary that (i) is an Immaterial Subsidiary, (ii) that has or is reasonably expected
to incur secured Indebtedness within 120 days (or by such later date as the Administrative Agent may agree in its sole discretion) of becoming subject to the requirements of Section 6.10(b) hereof that (x) is owed to a Person that is not
an Affiliate of the Borrower or any Subsidiary thereof and (y) by its terms does not permit such Subsidiary to guarantee the Obligations of the Borrower or (iii) is the general partner, controlling member or controlling shareholder, as
applicable, of a Colony Fund. 
 “Excluded Swap Obligation”: with respect to any Subsidiary Guarantor, any Swap Obligation,
if, and to the extent that, and only for so long as, all or a portion of the guarantee of such Subsidiary Guarantor of, or the grant by such Subsidiary Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or
becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Subsidiary Guarantor’s
failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of (or grant of such security interest by, as applicable) such
Subsidiary Guarantor becomes or would otherwise have become effective with respect to such Swap Obligation but for such Subsidiary Guarantor’s failure to constitute an “eligible contract participant” at such time. If a Swap Obligation
arises under a master agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swaps for which such guarantee or security interest is or becomes illegal or unlawful under
the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof). 

“Excluded Taxes”: any of the following Taxes imposed on or with respect to a Credit Party or required to be withheld or
deducted from a payment to a Credit Party, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Credit Party (or any direct or
indirect investor therein) being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts 

  
 12 

 
payable to or for the account of such Lender with respect to an applicable interest in a Loan or Revolving Commitment pursuant to a law in effect on the date on which (i) such Lender
acquires such interest in the Loan or Revolving Commitment (other than pursuant to an assignment request by the Borrower under Section 2.17) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant
to Section 2.14, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in such Loan or Revolving Commitment or to such Lender immediately before it
changed its lending office, (c) Taxes attributable to such Credit Party’s failure to comply with Section 2.14(f), and (d) any U.S. Federal withholding Taxes imposed under FATCA. 

“Existing Credit Agreement”: as defined in the preamble hereto. 

“Existing Limited Guarantees”: those certain guaranties in respect of Non-Recourse Indebtedness of Subsidiaries of the REIT
Entity entered into prior to March 31, 2015 by the REIT Entity, in each case, solely to the extent that such guaranties (a) are limited to the matters described in clause (i) of the definition of Non-Recourse Indebtedness and
(b) were permitted to be entered into by the REIT Entity prior to March 31, 2015 under the Existing Credit Agreement. 

“Extended Commitments”: as defined in Section 2.20. 

“Extended Loans”: as defined in Section 2.20. 

“Extended Termination Date”: as defined in Section 2.20. 

“Extension Option”: as defined in Section 2.20. 

“Extension Date”: as defined in Section 2.20. 

“Facility Utilization”: at any date, the amount (expressed as a percentage) equal to (a) the aggregate amount of Total
Revolving Extensions of Credit divided by (b) the Total Revolving Commitments. 
 “FATCA”: Sections 1471
through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 
 “FDIC”: the Federal Deposit Insurance
Corporation. 
 “FDIC Investment”: any Investment Asset consisting of (x) a Portfolio acquired from the FDIC pursuant
to a joint venture with the FDIC or (y) the Capital Stock of any Affiliated Investor that holds, directly or indirectly, such Portfolio, in each case solely to the extent that the grant of a Lien in favor of the Administrative Agent, for the
benefit of the Lenders, by the applicable Loan Party in any Capital Stock of any Affiliated Investor that holds, directly or indirectly, such FDIC Investment would under applicable Law not require a consent or authorization of the FDIC that has not
been obtained. 
 “Federal Funds Effective Rate”: for any day, the rate calculated by the NYFRB based on such day’s
federal funds transactions by depositary institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as the federal funds effective
rate. 

  
 13 

 “Fee Payment Date”: (a) the last day of each March, June, September and
December and (b) the last day of the Revolving Commitment Period. 
 “Fee-Related Earnings”: investment management
(IM) segment base management fees and other related revenues (excluding, for the avoidance of doubt, incentive fees and carried interest) less (a) IM segment direct cash compensation and benefits (excluding (i) non-cash equity-based
compensation and (ii) any such cash compensation or benefits consisting of a participation in carried interest and any variable cash compensation or benefits tied to either carried interest or incentive fees) and (b) IM segment general and
administrative expenses. For the avoidance of doubt, such Fee-Related Earnings shall be calculated prior to the deduction of any income taxes. 

“FFO”: for any period, (a) net income (or loss) for such period of the Borrower and its Consolidated Subsidiaries
calculated in accordance with GAAP, excluding without duplication (but only to the extent included in determining net income (or loss) for such period), (i) extraordinary items, as defined by GAAP and (ii) gains and losses from sales of
depreciable real estate and impairment write-downs associated with depreciable real estate, plus (b) an amount which, in the determination of the foregoing clause (a) for such period, has been deducted (and not added back) for, without
duplication, real estate-related depreciation and amortization. 
 “First Priority Commercial Real Estate Debt
Investments”: any Commercial Real Estate Debt Investment secured by a first priority Lien on the underlying asset (which, for the avoidance of doubt, shall not include any “B-note” or “B-piece” or any other junior
tranche of an investment) and with respect to which no other Indebtedness has been incurred that is prior in right of payment in any respect; provided, however, that for purposes of the definition of “Maximum Permitted Outstanding Amount”
and the component definitions thereof, (i) such investment shall constitute a First Priority Commercial Real Estate Debt Investment only if held by a Pledged Loan Party or an Unlevered Affiliated Investor (it being understood that such
requirement shall not apply for purposes of the definition of Qualified Levered SPV Affiliated Investor) and (ii) any Portfolio otherwise constituting a First Priority Commercial Real Estate Debt Investment in which greater than 25% of the
Adjusted Net Book Value of such Portfolio is classified as Non-Performing Loans (and any single Investment Asset otherwise constituting a First Priority Commercial Real Estate Debt Investment that is a Non-Performing Loan) shall instead be deemed to
be a Junior Priority Commercial Real Estate Debt Investment (it being understood that such classification as a Junior Priority Commercial Real Estate Debt Investment pursuant to this clause (ii) shall not apply for purposes of the definition of
Qualified Levered SPV Affiliated Investor). For clarity, a Portfolio consisting entirely of First Priority Commercial Real Estate Debt Investments, as defined above, shall be deemed to be a single First Priority Commercial Real Estate Debt
Investment. 
 “First Priority Commercial Real Estate Investments”: collectively, (a) any First Priority Commercial
Real Estate Debt Investment and (b) any unencumbered Commercial Real Estate Ownership Investment (excluding land) that is wholly-owned by an Unlevered Affiliated Investor. 

“Foreign Subsidiary”: any Subsidiary of the Borrower that is not a Domestic Subsidiary. 

“Foreign Benefit Arrangement”: any employee benefit arrangement mandated by non-US law that is maintained or contributed to
by any Group Member or any ERISA Affiliate. 
 “Foreign Plan”: each employee benefit plan (within the meaning of
Section 3(3) of ERISA, whether or not subject to ERISA) that is not subject to US law and is maintained or contributed to by any Group Member or any ERISA Affiliate. 

  
 14 

 “Foreign Plan Event”: with respect to any Foreign Benefit Arrangement or Foreign
Plan, (a) the failure to make or, if applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Benefit Arrangement or Foreign Plan;
(b) the failure to register or loss of good standing with applicable regulatory authorities of any such Foreign Benefit Arrangement or Foreign Plan required to be registered; or (c) the failure of any Foreign Benefit Arrangement or Foreign
Plan to comply with any material provisions of applicable law and regulations or with the material terms of such Foreign Benefit Arrangement or Foreign Plan. 

“Funding Office”: the office of the Administrative Agent specified in Section 10.2 or such other office as may be
specified from time to time by the Administrative Agent as its funding office by written notice to the Borrower and the Lenders. 

“GAAP”: generally accepted accounting principles in the United States as in effect from time to time, except that for
purposes of Section 7.1, GAAP shall be determined on the basis of such principles in effect on the date hereof and consistent with those used in the preparation of the most recent audited financial statements referred to in Section 4.1. In
the event that any “Accounting Change” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower and the Administrative
Agent agree to enter into negotiations in order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with the desired result that the criteria for evaluating the Borrower’s financial condition shall be
the same after such Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, all financial
covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes” refers to changes in accounting principles required by the promulgation of
any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the SEC. 

“Governmental Authority”: any nation or government, any state or other political subdivision thereof, any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any self-regulatory
organization (including the National Association of Insurance Commissioners). 
 “Group Members”: the collective reference
to the Borrower and its Subsidiaries. 
 “Guarantee and Collateral Agreement”: the Amended and Restated Guarantee and
Collateral Agreement to be executed and delivered by the Borrower and each Subsidiary Guarantor, substantially in the form of Exhibit A. 

“Guarantee Obligation”: as to any Person (the “guaranteeing person”), any obligation, including a
reimbursement, counterindemnity or similar obligation, of the guaranteeing Person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another Person (including any bank under any letter of
credit) that guarantees or in effect guarantees, any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly
or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds
(1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to

  
 15 

 
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary
obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments
for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary
obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated
liability in respect thereof as determined by the Borrower in good faith. 
 “Immaterial Subsidiary”: as of any date, a
Subsidiary that, together with its Consolidated Subsidiaries, as of the last day of the most recent fiscal quarter of the Borrower for which consolidated financial statements have been delivered in accordance with Section 6.1 (x) did not
have (a) assets with a value in excess of 2.0% of Total Asset Value or (b) Consolidated EBITDA representing in excess of 2.0% of Consolidated EBITDA for the four fiscal quarters ending on such last day and (y) when taken together with
all other Immaterial Subsidiaries on a consolidated basis as of such date, did not have assets with a value in excess of 5.0% of the Total Asset Value as of such date or Consolidated EBITDA representing in excess of 5.0% of Consolidated EBITDA for
the four fiscal quarters ending on such date, each calculated by reference to the latest consolidated financial statements delivered to the Administrative Agent in accordance with Section 6.1. Any Immaterial Subsidiary may be designated to be a
Material Subsidiary for the purposes of this Agreement by written notice to the Administrative Agent. 
 “Impacted Interest
Period”: as defined in the definition of “Eurodollar Base Rate”. 
 “Increased Facility Activation
Date”: any Business Day on which any Lender shall execute and deliver to the Administrative Agents an Increased Facility Activation Notice pursuant to Section 2.19(a). 

“Increased Facility Activation Notice”: a notice substantially in the form of Exhibit G. 

“Increased Facility Closing Date”: any Business Day designated as such in an Increased Facility Activation Notice. 

“Indebtedness”: of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money,
(b) all obligations of such Person for the deferred purchase price of property or services (other than current trade payables incurred in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by
notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies
of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as
an account party or applicant under or in respect of acceptances, letters of credit, surety bonds or similar arrangements, (g) the liquidation value of all mandatorily redeemable preferred Capital Stock of such Person (except for Capital Stock
(x) mandatorily redeemable as a result of a change of control or asset sale so long as any rights of the holders thereof upon such occurrence shall be subject to the prior Payment in Full of the Obligations or (y) mandatorily redeemable
not prior to the date that is 91 days after Payment in Full), (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above, (i) all obligations of the kind
referred to in clauses (a)

  
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through (h) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and
contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation, and (j) for the purposes of Section 8(e) only, all obligations of such Person in respect of Swap Agreements.
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 expressly provide that such Person is not liable therefor. Notwithstanding anything to the contrary in this Agreement or the other Loan Documents, all
Indebtedness of the REIT Entity shall be deemed to be Indebtedness of the Borrower for all purposes of the Loan Documents (including without limitation any financial definitions) to the extent not otherwise constituting Indebtedness of the Borrower.

 “Indemnified Taxes”: (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a) above, Other Taxes. 

“Independent Valuation Provider”: as defined in Section 10.18. 

“Initial Revolving Termination Date”: March 31, 2020. 

“Insolvent”: with respect to any Multiemployer Plan, the condition that such plan is insolvent within the meaning of
Section 4245 of ERISA. 
 “Intangible Assets”: assets that are considered to be intangible assets under GAAP,
including customer lists, goodwill, computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges (including deferred financing costs), unamortized debt discount and capitalized research and
development costs; provided, however, that Intangible Assets shall not include real estate intangibles such as in-place lease value, above and below market lease value and deferred leasing costs which are purchase price allocations
determined upon the acquisition of real estate. 
 “Intellectual Property”: the collective reference to all rights,
priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses,
technology, know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

“Interest Coverage Ratio”: the ratio of (i) (x) the portion of Consolidated EBITDA attributable to investments
included in the Maximum Permitted Outstanding Amount (calculated on an annualized basis) (provided that the calculation of such portion of Consolidated EBITDA (A) shall exclude general corporate-level expense and (B) shall not
include any add backs of interest expense other than the interest expense related to the Revolving Facility) plus (y) without duplication of amounts included in clause (x), Annualized Base Management Fee EBITDA to (ii) Assumed
Facility Interest Expense. 
 “Interest Payment Date”: (a) as to any ABR Loan, the last day of each March, June,
September and December (or, if an Event of Default is in existence, the last day of each calendar month) to occur while such Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period
of three months or less, the last day of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three months, each day that is three months, or a 

  
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whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (d) as to any Loan (other than any Revolving Loan that is an ABR Loan), the
date of any repayment or prepayment made in respect thereof. 
 “Interest Period”: as to any Eurodollar Loan,
(a) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrower in its notice of borrowing or
notice of conversion, as the case may be, given with respect thereto; and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six months
thereafter, as selected by the Borrower by irrevocable notice to the Administrative Agent not later than 11:00 A.M., New York City time, on the date that is three Business Days prior to the last day of the then current Interest Period with respect
thereto; provided that, all of the foregoing provisions relating to Interest Periods are subject to the following: 

(i) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to
the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day; 

(ii) the Borrower may not select an Interest Period under the Revolving Facility that would extend beyond the Revolving
Termination Date; and 
 (iii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for
which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month. 

“Interpolated Rate”: at any time, the rate per annum (rounded to the same number of decimal places as the Screen Rate)
determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the Screen Rate (for the longest period
for which that Screen Rate is available in Dollars) that is shorter than the Impacted Interest Period and (b) the Screen Rate (for the shortest period for which that Screen Rate is available for Dollars) that exceeds the Impacted Interest
Period, in each case, as of the Specified Time on the Quotation Day for such Interest Period. When determining the rate for a period which is less than the shortest period for which the Screen Rate is available, the Screen Rate for purposes of
clause (a) above shall be deemed to be the overnight rate for Dollars determined by the Administrative Agent from such service as the Administrative Agent may select. 

“Investment Asset”: (i) a Commercial Real Estate Debt Investment, (ii) a Commercial Real Estate Ownership
Investment, (iii) a Preferred Equity Investment, (iv) Qualified Levered SPV Capital Stock or Specified Levered SPV Capital Stock, (v) Specified Common Stock, (vi) a Specified Levered SPV Investment or (vii) any Portfolio of
any of the foregoing, in each case to the extent owned by a Pledged Loan Party or any other Person in which a Loan Party, directly or indirectly, owns any Capital Stock. Subject to the limitations set forth in the definition of Maximum Permitted
Outstanding Amount, the term Investment Asset shall also include any Investment Asset described in the foregoing clauses (i) through (vii) that is held by a Colony Fund in which an Affiliated Investor or a Pledged Loan Party holds a
limited partnership interest, limited liability company membership interest or other similar interest in the nature of an equity investment. 

“Investment Asset Review”: as defined in Section 10.18. 

  
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 “Investment Location”: (i) with respect to a Commercial Real Estate Debt
Investment, (x) to the extent such Commercial Real Estate Debt Investment is secured, the jurisdiction in which the underlying commercial real property subject to such Commercial Real Estate Debt Investment is located and (y) to the extent
such Commercial Real Estate Debt Investment is unsecured, the jurisdiction of the governing law of the contract governing such Commercial Real Estate Debt Investment; (ii) with respect to a Specified GAAP Reportable B Loan Transaction, the
jurisdiction of the governing law of the contracts governing such Specified GAAP Reportable B Loan Transaction; (iii) with respect to a Commercial Real Estate Ownership Investment, the jurisdiction in which such Commercial Real Estate Ownership
Investment is physically located; (iv) with respect to Qualified Levered SPV Capital Stock and Specified Levered SPV Capital Stock, the jurisdiction in which the First Priority Commercial Real Estate Debt Investments held by the related
Affiliated Investor are located (with such location being determined in accordance with clause (i) or, with respect to a Portfolio, clause (vi) of this definition); (v) with respect to a Preferred Equity Investment and Specified
Common Stock, the jurisdiction in which the issuer of such Preferred Equity Investment or Specified Common Stock, as applicable, is organized; or (vi) with respect to a Portfolio of any of the foregoing, the Investment Location of each
Investment Asset in such Portfolio (and it being agreed that if the Investment Location of any Investment Asset in such Portfolio shall be deemed to be a Non-Qualifying Location, then only such Investment Asset, and not the Portfolio as a whole,
shall be deemed to have an Investment Location in a Non-Qualifying Location). Notwithstanding the foregoing, if any (a) Equity Investment Asset Issuer, (b) Affiliated Investor, (c) underlying real estate asset relating to an
Investment Asset or (d) Affiliate of the Borrower that directly or indirectly owns an underlying real estate asset relating to an Investment Asset to the extent that the ownership interest attributable to such Affiliate contributes or results
in a contribution to the calculation of the Maximum Permitted Outstanding Amount, in each case, is located in a Non-Qualifying Location, then the Investment Location of each Investment Asset owned directly or indirectly by such Person or to which
such underlying real estate asset relates, as applicable, shall be deemed to have an Investment Location in a Non-Qualifying Location. For purposes of the foregoing sentence, each Person shall be located in the jurisdiction in which it is organized
and each underlying real estate asset shall be located in the jurisdiction in which such real estate asset is physically located. 

“Investments”: as defined in Section 7.7. 

“IRS”: the United States Internal Revenue Service. 

“ISP”: with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

“Issuing Lender”: each of JPMorgan Chase Bank, N.A. and Bank of America, N.A. (or in each case any affiliate thereof) and any
other Revolving Lender approved by the Administrative Agent and the Borrower that has agreed in its sole discretion to act as an “Issuing Lender” hereunder, or any of their respective affiliates, in each case in its capacity as issuer of
any Letter of Credit. Each reference herein to “the Issuing Lender” shall be deemed to be a reference to the relevant Issuing Lender. 

“Junior Priority Commercial Real Estate Debt Investments”: (a) all Commercial Real Estate Debt Investments that are not
First Priority Commercial Real Estate Debt Investments or Specified Commercial Real Estate Debt Investments and (b) any Specified GAAP Reportable B Loan Transactions, in each case, to the extent held by (i) a Pledged Loan Party or
(ii) an Unlevered Affiliated Investor. For purposes of the definition of “Maximum Permitted Outstanding Amount”, a Portfolio consisting entirely of Junior Priority Commercial Real Estate Debt Investments, as defined above (and any
Portfolio of First Priority Commercial Real Estate Debt Investments in which greater than 25% of the Adjusted Net Book 

  
 19 

 
Value of such Portfolio is classified as Non-Performing Loans), shall be deemed to be a single Junior Priority Commercial Real Estate Debt Investment. 

“Junior Priority Commercial Real Estate Investments”: collectively, (a) any Junior Priority Commercial Real Estate Debt
Investment and (b) any Qualified Levered SPV Capital Stock. 
 “L/C Cash Collateral Account”: as defined in
Section 3.1(c). 
 “L/C Commitment”: as to any Issuing Lender, the obligation of such Issuing Lender to issue Letters
of Credit pursuant to Section 3 in an aggregate undrawn, unexpired face amount plus the aggregate unreimbursed drawn amount thereof at any time not to exceed the amount set forth under the heading “L/C Commitment” opposite such
Issuing Lender’s name on Schedule 1.1A or in the Assignment and Assumption pursuant to which such Issuing Lender becomes a party thereto (its “Initial L/C Commitment”), in each case, as the same may be changed from time to time
pursuant to the terms hereof; provided, that the amount of any Issuing Lender’s L/C Commitment may be (i) increased subject only to the consent of such Issuing Lender and the Borrower (and notified to the Administrative Agent),
(ii) decreased, but only to the extent it is not decreased below the Initial L/C Commitment of such Issuing Lender, subject only to the consent of such Issuing Lender and the Borrower (and notified to the Administrative Agent) or
(iii) decreased at the option of the Borrower on a ratable basis for each Issuing Lender outstanding at the time of such reduction (and notified to the Issuing Lenders and the Administrative Agent). 

“L/C Exposure”: at any time, the total L/C Obligations. The L/C Exposure of any Revolving Lender at any time shall be its
Revolving Percentage of the total L/C Exposure at such time. 
 “L/C Obligations”: as at any date of determination, the
aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit
shall be determined in accordance with Section 1.3. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule
3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“L/C Participants”: with respect to any Letter of Credit issued by an Issuing Lender, the collective reference to all the
Revolving Lenders other than the Issuing Lender with respect to such Letter of Credit. 
 “Latest Termination Date”:
March 31, 2021. 
 “Lender Parent”: with respect to any Lender, any Person as to which such Lender is, directly or
indirectly, a Subsidiary. 
 “Lenders”: as defined in the preamble hereto. 

“Letters of Credit”: as defined in Section 3.1(a). 

“Lien”: any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge
or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having
substantially the same economic effect as any of the foregoing). 

  
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 “Loan”: any loan made by any Lender pursuant to this Agreement. 

“Loan Documents”: this Agreement, the Security Documents, the Notes, the REIT Guaranty (if applicable) and any amendment,
waiver, supplement or other modification to any of the foregoing. 
 “Loan Parties”: each Group Member that is a party to a
Loan Document. 
 “Material Indebtedness”: Indebtedness (other than the Loans) in an aggregate principal amount in excess
of $25,000,000. 
 “Material Subsidiary”: any Subsidiary other than an Immaterial Subsidiary. 

“Material Adverse Effect”: a material adverse effect on (a) the business, property, operations or condition (financial
or otherwise) of the Borrower and its Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Administrative Agent or the Lenders hereunder or
thereunder. 
 “Materials of Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction
thereof) or petroleum products, asbestos, polychlorinated biphenyls, urea-formaldehyde insulation, mold, radon, or any substance (whether in gas, liquid or solid form), defined, classified or regulated as hazardous or toxic or as a pollutant,
contaminant, or waste (or words of similar meaning), in, or that could give rise to liability under, any Environmental Law. 

“Maximum Permitted Increase Amount”: the amount by which (x) 150% of the Total Revolving Commitments in effect on the
Closing Date exceeds (y) the Total Revolving Commitments in effect on the Closing Date. 
 “Maximum Permitted Outstanding
Amount”: at any time, an amount that is equal to (x) during the period from and after the Closing Date and prior to the Initial Revolving Termination Date, 100% and (y) during the period from and after the Initial Revolving
Termination Date when the Borrower has exercised an Extension Option, 90%, in each case, of the sum of: 
 (a) with respect
to each First Priority Commercial Real Estate Investment, the product of 55% multiplied by the Adjusted Net Book Value of such First Priority Commercial Real Estate Investment, plus 

(b) with respect to each Junior Priority Commercial Real Estate Investment, the product of 40% multiplied by the
Adjusted Net Book Value of such Junior Priority Commercial Real Estate Investment, plus 
 (c) with respect to each
Specified Asset Investment, the product of 30% multiplied by the Adjusted Net Book Value of such Specified Asset Investment, plus 

(d) the product of 3.0 multiplied by the Annualized Base Management Fee EBITDA; 

provided that notwithstanding the foregoing (it being understood that each percentage limitation set forth in clauses
(ii), (iv), (v), (vi), (vii), (viii), (xvi) and (xvii) below shall be calculated prior to giving effect to any reductions resulting from the application of such percentage limitation): 

  
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 (i) in no event shall any Investment Asset contribute, directly or indirectly, to the Maximum
Permitted Outstanding Amount pursuant to more than one lettered clause above; 
 (ii) in no event shall the Maximum Permitted Outstanding
Amount attributable, directly or indirectly, to Non-Foreclosable Assets exceed 10% of the Maximum Permitted Outstanding Amount; 
 (iii)
FDIC Investments (other than those which constitute Non-Foreclosable Assets) shall contribute, directly or indirectly, to the calculation of the Maximum Permitted Outstanding Amount solely to the extent that such investment is directly or indirectly
subject to a first priority Lien in favor of the Administrative Agent, for the benefit of the Lenders, which Lien may be foreclosed upon (taking into account all other pledges or transfers with respect to the underlying assets or any direct or
indirect holder thereof) without triggering a “change of control” (or like term) under the documentation governing such investment, 

(iv) in no event shall any single Investment Asset (it being understood that a Portfolio shall be deemed to be a single Investment Asset for
purposes of this clause (iv)) contribute, directly or indirectly, in excess of 10% (or, in the case of the Capital Stock of Colony Starwood Homes, 15% and, in the case of the Capital Stock of the CLIP Issuer, 15%) of the sum of clauses
(a) through (d) above, 
 (v) Specified Asset Investments shall not contribute more than 50% in the aggregate of the Maximum
Permitted Outstanding Amount; 
 (vi) Annualized Base Management Fee EBITDA shall not contribute more than 15% in the aggregate of the
Maximum Permitted Outstanding Amount; 
 (vii) the sum of (i) Non-Performing Loans and (ii) Preferred Equity Investment with
respect to which any dividends required to be paid in cash are in arrears shall not contribute more than 10% in the aggregate of the Maximum Permitted Outstanding Amount; 

(viii) not less than 80% of the Maximum Permitted Outstanding Amount shall be attributable to Investment Assets having an Investment Location
in a Qualifying Location; 
 (ix) no Investment Asset shall contribute, directly or indirectly, to the Maximum Permitted Outstanding Amount
unless (x) each direct or indirect owner of such asset required to be a Subsidiary Guarantor pursuant to the terms of the Loan Documents shall have been made a Subsidiary Guarantor and (y) each such Subsidiary Guarantor shall have granted
to the Administrative Agent, for the benefit of the Lenders, a first priority perfected security interest in any assets that are required to be subject to the Lien created by any of the Security Documents, in accordance with Section 6.10 hereof
and the Security Documents (including, for the avoidance of doubt (and notwithstanding anything to the contrary set forth in the Security Documents) 100% of the Capital Stock of the Affiliated Investor (or, solely with respect to an Affiliated
Investor that is an Excluded Foreign Subsidiary, 66% of the Capital Stock of such Excluded Foreign Subsidiary) that holds such Investment Asset or of a direct or indirect parent thereof); 

(x) no Investment Asset shall contribute, directly or indirectly, to the Maximum Permitted Outstanding Amount if any Affiliated Investor that
directly or indirectly owns such Investment Asset is in default with respect to any of its Indebtedness that is material in relation to the value of such Investment Asset; 

  
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 (xi) no Investment Asset securing any Warehouse Facility shall contribute, directly or
indirectly, to the Maximum Permitted Outstanding Amount for so long as such Investment Asset secures any Warehouse Facility; 
 (xii) the
Adjusted Net Book Value used in the calculations set forth in clauses (a) through (d) above with respect to any Investment Asset that is owned, directly or indirectly, by any Excluded Foreign Subsidiary shall be limited to 66% of the
Adjusted Net Book Value of such Investment Asset; 
 (xiii) with respect to any Investment Asset held by a Colony Fund in which a Pledged
Loan Party or an Affiliated Investor directly or indirectly owns a limited partnership, limited liability company membership or other similar equity interest, the Maximum Permitted Outstanding Amount shall include the pro rata share of the
individual eligible Investment Assets held by such Colony Fund instead of such limited partner, the limited liability company membership equity interests or other similar equity interests in such Colony Fund; provided that (A) such
limited partner, limited liability company equity interests or other similar equity interests in the Colony Fund are owned by a Pledged Loan Party or an Unlevered Affiliated Investor, (B) the pro rata share of the individual eligible Investment
Assets held by such Colony Fund shall be adjusted to account for any “opt-out” elections of any holders of such equity interests, (C) such pro rata share shall be reduced to the extent that any applicable Investment Asset has been
funded with the proceeds of subscription debt in lieu of equity funding from the applicable Affiliated Investor, (D) such Pledged Loan Party or Affiliated Investor shall not be in default under the limited partnership agreement, limited
liability company agreement or other similar organizational agreement, as applicable, of such Colony Fund or any other Organizational Document of such Colony Fund and (E) such Colony Fund shall not be in default under the documents governing
any subscription debt of such Colony Fund; 
 (xiv) in no event shall any Investment Asset that does not satisfy the Qualifying Criteria
contribute, directly or indirectly, to the Maximum Permitted Outstanding Amount; 
 (xv) upon the completion of an Investment Asset Review
pursuant to Section 10.18, the reference to the Adjusted Net Book Value of each asset subject to such Investment Asset Review for purposes of calculating the Maximum Permitted Outstanding Amount shall be the lesser of (x) such
Adjusted Net Book Value as determined by the Borrower and (y) such appraised value as determined by the Independent Valuation Provider; 

(xvi) in no event shall the aggregate amount of Investment Assets constituting Commercial Real Estate Ownership Investments in land and
Commercial Real Estate Debt Investments secured by land contribute more than 15% in the aggregate of the Maximum Permitted Outstanding Amount; 

(xvii) in no event shall the Maximum Permitted Outstanding Amount attributable to an Investment Asset constituting interests in
securitizations (other than those certain trust certificates (assets) issued by Colony Multifamily Mortgage Trust 2014-1, a Cayman securitization vehicle, to and owned by ColFin Multifamily Mortgage 2014-1, LLC) exceed 20% of the Maximum Permitted
Outstanding Amount; 
 (xviii) to the extent that any Non-Recourse Indebtedness secured pursuant to Section 7.3(j) is secured by more
than one Investment Asset, (i) the Investment Assets securing such Non-Recourse Indebtedness shall be treated as a single Investment Asset for purposes of calculating the Maximum Permitted Outstanding Amount and (ii) to the extent that
such Investment Assets are subject to different advance rates pursuant to clauses (a) through (c) above, the lowest advance rate shall apply; and 

  
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 (xix) no Investment Asset owned directly or indirectly by a Colony Mortgage Capital Loan Party
and no Fee-Related Earnings received by a Colony Mortgage Capital Loan Party shall contribute, directly or indirectly, to the Maximum Permitted Outstanding Amount if the requirements set forth in Schedule 6.16 with respect to the Colony Mortgage
Capital Loan Parties have not been satisfied on or prior to the date that is 30 days after the Closing Date (it being understood and agreed that this clause (xix) shall cease to apply at such time as the requirements set forth in Schedule 6.16
with respect to the Colony Mortgage Capital Loan Parties have been satisfied). 
 “Multiemployer Plan”: a multiemployer
plan as defined in Section 4001(a)(3) of ERISA. 
 “Net Cash Proceeds”: in connection with any issuance or sale of
Capital Stock or any incurrence of Indebtedness, the cash proceeds received from such issuance or incurrence (excluding, in the case of any issuance in exchange for the contribution of any Investment Asset, any incidental cash or Cash Equivalents
associated with such Investment Property), net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions, taxes paid or reasonably estimated to be payable, and other customary fees and expenses
actually incurred in connection therewith that are actually received by (x) a Loan Party or (y) a Subsidiary that is not a Loan Party to the extent such cash proceeds are distributable to a Loan Party (but only as and when distributable)
and not otherwise required pursuant to the terms of such issuance of Capital Stock to be applied to the acquisition of any Investment Asset. 

“New Lender”: as defined in Section 2.19(b). 

“New Lender Supplement”: as defined in Section 2.19(b). 

“New Subsidiaries”: as defined in Section 6.10(b). 

“Non-Foreclosable Assets”: any assets consisting of any FDIC Investment or any other Investment Asset (or, in each case, any
portion thereof) that is not permitted to be transferred without triggering a “change of control” (or like term) under the documentation governing such investment but in which the Administrative Agent, for the benefit of the Lenders, has
been directly or indirectly granted a Lien that is subject to a non-foreclosable pledge. 
 “Non-Performing Loan”: as of
any date of determination, any accruing Commercial Real Estate Debt Investment (x) past due by 90 or more days, (y) on non-accrual status or (z) with respect to which there is a payment default and any applicable grace period has
expired. 
 “Non-Qualifying Location”: each location that is not a Qualifying Location. 

“Non-Recourse Indebtedness”: Indebtedness of a Person as to which no Loan Party (a) provides any Guarantee Obligation or
credit support of any kind (including any undertaking, Guarantee Obligation, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable (as a guarantor or otherwise), in each case except for
(i) customary exceptions for bankruptcy filings, fraud, misrepresentation, misapplication of cash, waste, failure to pay taxes, environmental claims and liabilities, prohibited transfers, violations of single purpose entity covenants, and other
circumstances customarily excluded from exculpation provisions and/or included in separate guaranty or indemnification agreements in non-recourse or tax-exempt financings of real estate and (ii) the direct parent company of the primary obligor
in respect of the Indebtedness may provide a limited pledge of the equity of such obligor to secure such Indebtedness so long as the lender in respect of such Indebtedness has no other recourse (except as permitted pursuant to the immediately
preceding clause (i)) to such direct parent company except for such equity pledge) (such pledge, a “Non-Recourse Pledge”). 

  
 24 

 “Non-Recourse Pledge”: as defined in the definition of “Non-Recourse
Indebtedness”. 
 “Non-U.S. Lender”: (a) if the Borrower is a U.S. Person, a Lender, with respect to the
Borrower, that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender, with respect to the Borrower, that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax
purposes. 
 “Non Wholly-Owned Consolidated Affiliate”: each Consolidated Subsidiary of the Borrower in which less than
100% of each class of the Capital Stock (other than directors’ qualifying shares, if applicable) of such Consolidated Subsidiary are at the time owned, directly or indirectly, by the Borrower. 

“Notes”: the collective reference to any promissory note evidencing Loans. 

“NYFRB”: the Federal Reserve Bank of New York. 

“NYFRB Rate”: for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the
Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB
Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates
shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 “Obligations”:
(i) the unpaid principal of and interest on (including interest accruing after the maturity of the Loans and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans, the Reimbursement Obligations and all other obligations and liabilities of the
Borrower to the Secured Parties, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other Loan Document, the
Letters of Credit, any Secured Swap Agreement or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including all
fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are required to be paid by the Borrower pursuant hereto) or otherwise and (ii) all indebtedness, liabilities, duties, indemnities and obligations of
any Loan Party owing to JPMorgan Chase Bank, N.A. or any Affiliate of JPMorgan Chase Bank, N.A. in connection with or relating to any Distribution Account maintained by such Loan Party at JPMorgan Chase Bank, N.A. or such Affiliate, including,
without limitation, those arising under all instruments, agreements or other documents executed in connection therewith or relating thereto. 

“Organizational Documents”: as to any Person, the Certificate of Incorporation and Bylaws or other organizational or
governing documents of such Person. 
 “Other Connection Taxes”: with respect to any Credit Party, Taxes imposed as a
result of a present or former connection between such Credit Party (or any direct or indirect investor therein) and the jurisdiction imposing such Tax (other than connections arising from such Credit Party having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any Loan or Loan
Document). 

  
 25 

 “Other Taxes”: all present or future stamp, court, or documentary, intangible,
recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan
Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.17). 

“Overnight Bank Funding Rate”: for any day, the rate comprised of both overnight federal funds and overnight Eurodollar
borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as an
overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate). 

“Participant”: as defined in Section 10.6(c). 

“Participant Register”: as defined in Section 10.6(c). 

“Payment in Full”: with respect to any Obligations, that each of the following shall have occurred: (a) the payment in
full in cash of all such Obligations (other than (i) contingent indemnification obligations to the extent no claim giving rise thereto has been asserted, and (ii) Obligations of the Loan Parties under any Secured Swap Agreement that, by
its terms or in accordance any consent obtained from the counterparty thereto, is not required to be terminated in connection with the termination of the Loan Documents), (b) the termination or expiration of all of the Revolving Commitments and
(c) no Letters of Credit shall be outstanding. 
 “PBGC”: the Pension Benefit Guaranty Corporation established
pursuant to ERISA and any successor entity performing similar functions. 
 “Pension Plan”: any Plan subject to the
provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA. 
 “Permitted Non-Recourse CLO
Indebtedness”: Indebtedness that is (i) incurred by a Subsidiary in the form of asset-backed securities commonly referred to as “collateralized loan obligations” or “collateralized debt obligations” and (ii) is
Non-Recourse Indebtedness. 
 “Permitted Warehouse Indebtedness”: Warehouse Indebtedness incurred directly by any
Subsidiary that is not a Loan Party (a “Permitted Warehouse Borrower”), and, to the extent guaranteed, is guaranteed only by a Loan Party (except that the direct parent company of a Permitted Warehouse Borrower may provide a limited
pledge of the equity of such Permitted Warehouse Borrower to secure the Permitted Warehouse Indebtedness so long as the lender in respect of such Warehouse Indebtedness has no other recourse (other than the rights described in clause (b) of the
definition of Non-Recourse Indebtedness) to such direct parent company except for such pledge (any such pledge, a “Permitted Warehouse Equity Pledge”); provided, however, that the excess (determined as of the most recent date
for which internal financial statements are available), if any, of (x) the amount of any such Warehouse Indebtedness for which the holder thereof has contractual recourse to the Borrower or its Subsidiaries to satisfy claims with respect to
such Warehouse Indebtedness over (y) the aggregate (without duplication of amounts) realizable value of the assets which secure such Warehouse Indebtedness, shall not be Permitted Warehouse Indebtedness. For purposes of this definition,
“realizable value” of an asset means (i) with respect to any REO Asset, the value realizable upon the disposition of such asset as determined by the Borrower in its reasonable discretion and consistent with customary industry practice
and (ii) with respect to any other asset, the lesser of (x) the face value of such asset and (y) the market value of such asset as 

  
 26 

 
determined in accordance with the agreement governing the applicable Warehouse Indebtedness; provided, however, that the realizable value of any asset described in clause
(i) or (ii) above for which an unaffiliated third party has a binding contractual commitment to purchase from the Borrower or a Subsidiary shall be the minimum price payable to the Borrower or such Subsidiary for such asset pursuant to
such contractual commitment. 
 “Person”: an individual, partnership, corporation, limited liability company, business
trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

“Plan”: any employee benefit plan as defined in Section 3(3) of ERISA, including any employee welfare benefit plan (as
defined in Section 3(1) of ERISA), any employee pension benefit plan (as defined in Section 3(2) of ERISA but excluding any Multiemployer Plan), and any plan which is both an employee welfare benefit plan and an employee pension benefit
plan, and in respect of which any Group Member 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. 

“Pledged Affiliate”: a corporation, limited liability company, partnership or other legal entity which is not a Loan Party in
which a Loan Party directly owns all or a portion of its equity interests, in each case so long as (i) all of the equity interests owned by such Loan Party (or, in the case of an Excluded Foreign Subsidiary, 66% of the total voting equity
interests owned by such Loan Party) in such Person are pledged as Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, pursuant to the Security Documents and (ii) such Loan Party Controls such Person. 

“Pledged Loan Party”: each Loan Party, so long as all of the equity interests in such Loan Party are pledged as Collateral in
favor of the Administrative Agent, for the benefit of the Secured Parties, pursuant to the Security Documents. 

“Portfolio”: a group of Investment Assets purchased by the Borrower on the same date from the same seller in one or a series
of related transactions in the ordinary course of business. 
 “Preferred Equity Investment”: a preferred equity investment
held by a Pledged Loan Party or an Affiliated Investor in a Person that (x) is not (except by virtue of such investment) an Affiliate of any Loan Party, and (y) owns one or more Commercial Real Estate Debt Investments and/or Commercial
Real Estate Ownership Investments, so long as the documents governing the terms of such preferred equity investment include the following provisions: 

(i) (A) defined requirements for fixed, periodic cash distributions to be paid to the Pledged Loan Party or Affiliated
Investor that owns such preferred equity investment in order to provide a fixed return to such Pledged Loan Party or Affiliated Investor on the then unreturned amount of its investment related thereto, with such distributions being required to be
paid prior to any distribution, redemption and/or payments being made on or in respect of any other Capital Stock of the issuer of such preferred equity investment, (B) a requirement that proceeds derived from or in connection with (1) any
liquidation or dissolution of the issuer of such preferred equity investment, (2) any direct or indirect sale, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the assets of
the issuer of such preferred equity investment or (3) any loss, damage to or any destruction of, or any condemnation or other taking of, all or substantially all of the assets of the issuer of such preferred equity investment, including any
proceeds received from insurance policies or condemnation awards in connection therewith, shall, in the case of each of subclauses (1) through (3) of this clause (B), be paid to such Pledged Loan Party or Affiliated Investor until such
Pledged Loan Party or Affiliated 

  
 27 

 
Investor has received an amount equal to the then unreturned amount of its investment related to such preferred equity investment (plus the accrued and unpaid return due and payable thereon)
prior to any distribution, redemption and/or payments being made from any such proceeds on or in respect of any other Capital Stock of the issuer of such preferred equity investment and (C) upon the failure of the issuer of such preferred
equity investment to comply with the provisions described above in this clause (i) it shall be a default and such Pledged Loan Party or Affiliated Investor shall be entitled to exercise any or all of the remedies described in clauses
(ii) and (iii) below; 
 (ii) a defined maturity date or mandatory redemption date for such preferred equity
investment (excluding any maturity resulting from an optional redemption by the issuer thereof), upon which it is a default if the then unreturned amount of the investment made by such Pledged Loan Party or Affiliated Investor in respect thereof
(plus the accrued and unpaid return due and payable thereon) is not immediately repaid to the applicable Pledged Loan Party or Affiliated Investor (and upon such default, in addition to the other remedies enumerated below in clause (iii), the holder
of such preferred equity investment is entitled to take control of the issuer thereof and, thereafter, all dividends and distributions by such issuer shall be paid to the holders of the preferred equity investment until the entire unreturned amount
of the investment made by such Pledged Loan Party or Affiliated Investor in respect thereof plus all accrued and unpaid return due and payable thereon has been paid to the holders of the preferred equity investment and no distribution, redemption
and/or payments shall be made on or in respect of any other equity interest or Capital Stock of the issuer of such preferred equity investment); and 

(iii) default remedies that (A) permit the holders of the preferred equity investment to make any and all decisions
formerly reserved to (1) holders of the equity interests or Capital Stock (other than such preferred equity investment), or (2) the board of directors or managers (or a similar governing body) of the issuer of such preferred equity
investment, including with respect to the sale of all or any part of the Capital Stock or assets of the issuer of such preferred equity investment, and (B) provide for the elimination of all material consent, veto or similar decision making
rights afforded to (1) any holders of the capital stock or Capital Stock (other than such preferred equity investment), or (2) the board of directors or managers (or a similar governing body), of such issuer, provided that such
decisions (in the case of clause (A) above) and such consent, veto or similar decision making rights (in the case of clause (B) above) could reasonably be expected to restrict the ability of, compromise or delay the holders of the
preferred equity investment from realizing upon and paying from the Capital Stock or the assets of the issuer of the preferred equity investment all amounts due and payable with respect to the preferred equity investment. 

“Preferred Equity Issuer”: a Person in which a Pledged Loan Party or an Affiliated Investor makes a Preferred Equity
Investment. 
 “Prime Rate”: the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank,
N.A. as its prime rate in effect at its principal office in New York City (the Prime Rate not being intended to be the lowest rate of interest charged by JPMorgan Chase Bank, N.A. in connection with extensions of credit to debtors). 

“Proceeding”: as defined in Section 10.5. 

“Prohibited Transaction”: as defined in Section 406 of ERISA and Section 4975(c) of the Code. 

  
 28 

 “Projections”: as defined in Section 6.2(c). 

“Properties”: the facilities and properties owned, leased or operated by any Group Member. 

“Qualified Investment Asset”: an Investment Asset which contributes to the calculation of the Maximum Permitted Outstanding
Amount. 
 “Qualified Levered SPV Affiliated Investor”: an Affiliated Investor that is not an Unlevered Affiliated Investor
and directly owns only First Priority Commercial Real Estate Debt Investments or Portfolios of First Priority Commercial Real Estate Debt Investments, so long as the aggregate amount of Indebtedness (other than Indebtedness incurred pursuant to the
Loan Documents) outstanding of such Affiliated Investor and all Affiliated Investors that, directly or indirectly, hold Capital Stock of such Affiliated Investor does not exceed 65% of the aggregate Adjusted Net Book Value of the Investment Assets
of such Affiliated Investor; provided that, solely for purposes of this definition, a Portfolio otherwise constituting a First Priority Commercial Real Estate Debt Investment may include Junior Priority Commercial Real Estate Debt Investments
of up to 5% of the Adjusted Net Book Value of such Portfolio. An Affiliated Investor shall not be a Qualified Levered SPV Affiliated Investor if it owns any Specified Levered SPV Investments. 

“Qualified Levered SPV Capital Stock”: all of the Capital Stock held, directly or indirectly, by any Pledged Loan Party in
any Qualified Levered SPV Affiliated Investor. 
 “Qualifying Criteria”: with respect to any Investment Asset the
requirements that: 
 (A) such Investment Asset is owned directly or indirectly by a Pledged Loan Party or a Pledged Affiliate, 

(B) the Pledged Loan Party or Affiliated Investor that owns the Investment Asset and each other Loan Party or Affiliated Investor that
directly or indirectly owns any Capital Stock in such Affiliated Investor shall (1) except as otherwise permitted hereunder with respect to any Colony Fund (as described in the definition of Unlevered Affiliated Investor), any encumbered
Commercial Real Estate Ownership Investment (as described in the definition of Specified Asset Investments), Qualified Levered SPV Capital Stock, Specified Levered SPV Investment or Specified Levered SPV Capital Stock, have no Indebtedness (other
than (x) the Obligations, (y) any other Indebtedness incurred by the Borrower in accordance with Section 7.2(g) and (z) any intercompany obligations owing to Borrower or any Subsidiary) outstanding at such time, (2) be
Solvent at such time, (3) not be subject to any proceedings under any Debtor Relief Law at such time and (4) other than in the case of any Pledged Loan Party, any Pledged Affiliate or any Colony Fund, be Controlled by a Pledged Affiliate
and, in the case of a Colony Fund, be Controlled by an Affiliate, 
 (C) Adjusted Net Book Value with respect to such Investment Asset be
included in the calculation of the Maximum Permitted Outstanding Amount only to the extent that (1) there are no contractual or legal prohibitions on the making of dividends, distributions or other payments that, as in effect on any date of
determination, are effective to prevent dividends, distributions or other payments from the applicable Investment Asset to, directly or indirectly, a Loan Party (it being understood that reasonable or customary limitations associated with
(i) distributions by any Colony Fund to its fund investors and (ii) the timing of distributions or requirements associated with the retention of funds by an Affiliated Investor for the purpose of maintaining working capital, liquidity,
reserves or otherwise satisfying funding needs in respect of an Investment Asset shall in any event not constitute prohibitions 

  
 29 

 
on dividends, distributions or other payments hereunder) and (2) the obligations under Section 6.14 hereof with respect to such Investment Asset are satisfied, 

(D) except in connection with Indebtedness permitted hereunder with respect to any encumbered Commercial Real Estate Ownership Investment (as
described in the definition of Specified Asset Investments), Qualified Levered SPV Capital Stock, Specified Levered SPV Investment or Specified SPV Levered Capital Stock, such Investment Asset (excluding, for the avoidance of doubt, any real estate
to which such Investment Asset relates and Liens encumbering the assets of any Equity Investment Asset Issuer) shall not be, directly or indirectly, encumbered by any Lien (other than a Lien arising under a Loan Document) at such time, and 

(E) such Investment Asset (or the real estate to which such Investment Asset relates) is not the subject of any proceedings under any Debtor
Relief Law at such time. 
 “Qualifying Location”: each of the U.S., Australia, Austria, Belgium, Canada, Denmark, Finland,
France, Germany, Ireland, Japan, Italy, Luxembourg, Netherlands, Norway, Spain, Sweden, Switzerland and United Kingdom. 

“Quotation Day”: with respect to any Eurodollar Loan for any Interest Period, two Business Days prior to the commencement of
such Interest Period. 
 “Register”: as defined in Section 10.6(b). 

“Regulation U”: Regulation U of the Board as in effect from time to time. 

“Reimbursement Obligation”: the obligation of the Borrower to reimburse an Issuing Lender pursuant to Section 3.5 for
amounts drawn under Letters of Credit. 
 “REIT”: a “real estate investment trust” as defined in
Section 856(a) of the Code. 
 “REIT Entity”: Colony Capital, Inc., a Maryland corporation. 

“REIT Guaranty”: a guaranty in form and substance substantially similar to the guarantee contained in Section 2 of the
Guarantee and Collateral Agreement, to be entered into by the REIT Entity pursuant to which the REIT Entity shall guarantee the Obligations; provided that recourse under such guaranty shall only be available upon the occurrence of an Event of
Default pursuant to Section 8(l) hereof. 
 “REO Asset”: with respect to any Person, any real property owned by such
Person and acquired as a result of the foreclosure or other enforcement of a Lien on such asset securing a loan or other mortgage-related receivable. 

“Reportable Event”: any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder, with
respect to a Pension Plan, other than those events as to which notice is waived pursuant to DOL Reg. Section 4043 as in effect on the date hereof (no matter how such notice requirement may be changed in the future). 

“Required Lenders”: the holders of more than 50% of (x) until the Closing Date, the Revolving Commitments then in effect
and (y) thereafter, the sum of the Total Revolving Commitments then in effect or, if the Revolving Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding, subject to Section 2.18(b). 

  
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 “Requirement of Law”: as to any Person, any law (including common law), code,
statute, ordinance, treaty, rule, regulation, decree, order or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of
its property is subject. 
 “Responsible Officer”: the chief executive officer, president, vice president, chief financial
officer or treasurer of the Borrower, but in any event, with respect to financial matters, the chief financial officer or treasurer of the Borrower. 

“Restricted Investment”: an Investment by any Loan Party in an Investment Asset in respect of which (a) as a result of
the operation of clause (iv) of the proviso to Section 3.1 of the Guarantee and Collateral Agreement, the Administrative Agent, on behalf the Lenders, does not have (or, after the making thereof, will not have), a direct or indirect pledge
of Capital Stock associated with such Investment Asset (it being understood that the pledge of the Capital Stock of any Upper Tier Issuer (as defined in the Guarantee and Collateral Agreement) that indirectly owns such Investment Asset will
constitute an indirect pledge for purposes of this clause (a)) and (b) at the time such Investment Asset is initially acquired, Total Revolving Extensions of Credit outstanding exceed 90% of the Maximum Permitted Outstanding Amount immediately
after giving effect to the acquisition of such Investment Asset. For clarity, an Investment made in respect of an existing Investment Asset pursuant to pre-existing funding obligations shall not constitute a Restricted Investment. 

“Restricted Payments”: as defined in Section 7.6. 

“Revolving Commitment”: as to any Lender, the obligation of such Lender, if any, to make Revolving Loans and participate in
Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Commitment” opposite such Lender’s name on Schedule 1.1A or in the Assignment and Assumption pursuant to
which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original amount of the Total Revolving Commitments is $850,000,000. 

“Revolving Commitment Period”: the period from and including the Closing Date to the Revolving Termination Date. 

“Revolving Extensions of Credit”: as to any Revolving Lender at any time, an amount equal to the sum of (a) the
aggregate principal amount of all Revolving Loans held by such Lender then outstanding and (b) such Lender’s Revolving Percentage of the L/C Obligations then outstanding. 

“Revolving Facility”: the Revolving Commitments and the extensions of credit made thereunder. 

“Revolving Lender”: each Lender that has a Revolving Commitment or that holds Revolving Loans. 

“Revolving Loans”: as defined in Section 2.1. 

“Revolving Percentage”: as to any Revolving Lender at any time, the percentage which such Lender’s Revolving Commitment
then constitutes of the Total Revolving Commitments or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender’s Revolving Loans then outstanding
constitutes of the aggregate principal amount of the Revolving Loans then outstanding. Notwithstanding the foregoing, in 

  
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the case of Section 2.18 when a Defaulting Lender shall exist, Revolving Percentages shall be determined without regard to any Defaulting Lender’s Revolving Commitment. 

“Revolving Termination Date”: (i) until the exercise by the Borrower of an Extension Option in accordance with and
subject to the terms and conditions of Section 2.20, the Initial Revolving Termination Date and (ii) thereafter, the Extended Termination Date. 

“Sanctioned Country”: at any time, a country, region or territory which is itself the subject or target of any Sanctions (as
of the Closing Date, the Crimea region of Ukraine, Cuba, Iran, North Korea, Republic of Sudan and Syria). 
 “Sanctioned
Person”: at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United
Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or
controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 
 “Sanctions”: economic or
financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S.
Department of State, or (b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority. 

“Screen Rate”: as defined in the definition of “Eurodollar Base Rate”. 

“SEC”: the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority. 

“Secured Parties”: collectively, the Administrative Agent, the Lenders, any affiliate of the foregoing, the Swap Banks and
each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.2. 
 “Secured Swap
Agreement”: any Swap Agreement permitted under Section 7.11 that is entered into by and between the Borrower or any other Loan Party and any Swap Bank, to the extent (i) designated by the Borrower and such Swap Bank as a
“Secured Swap Agreement” in writing to the Administrative Agent within ten (10) Business Days of the date such Swap Agreement is entered into (or such later time as may be permitted by the Administrative Agent) and (ii) the
requirements described in the definition of “Swap Agreement” shall have been satisfied with respect to such Swap Agreement. The designation of any Secured Swap Agreement shall not create in favor of such Swap Bank any rights in connection
with the management or release of Collateral or of the obligations of any Subsidiary Guarantor under the Loan Documents. 

“Security Documents”: the collective reference to the Guarantee and Collateral Agreement any Control Agreement and all other
security documents hereafter delivered to the Administrative Agent granting or perfecting (or purporting to grant or perfect) a Lien on any property of any Person to secure the obligations and liabilities of any Loan Party under any Loan Document.

 “Solvent”: when used with respect to any Person, means that, as of any date of determination, (a) the amount of the
“present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, 

  
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as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the
assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an
unreasonably small amount of capital with which to conduct its business, and (d) such Person will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, and
(ii) “claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or
(y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed,
secured or unsecured. 
 “Specified Asset Investments”: collectively, (a) any encumbered Commercial Real Estate
Ownership Investment (excluding land) that is owned by an Affiliated Investor and any unencumbered Commercial Real Estate Ownership Investment in land that is owned by an Unlevered Affiliated Investor, (b) Specified Common Stock,
(c) Preferred Equity Investments to the extent held by a Pledged Loan Party or an Unlevered Affiliated Investor, (d) any Specified Commercial Real Estate Debt Investment, (e) any Specified Levered SPV Investment and (f) any
Specified Levered SPV Capital Stock. 
 “Specified Commercial Real Estate Debt Investment”: any Portfolio otherwise
constituting a Junior Priority Commercial Real Estate Debt Investment (for clarity, excluding any Investment Asset classified as a Junior Priority Commercial Real Estate Debt Investment pursuant to clause (ii) to the proviso to the definition
of First Priority Commercial Real Estate Debt Investment) in which greater than 10% of the Adjusted Net Book Value of such Portfolio is classified as Non-Performing Loans (and any single Investment Asset otherwise constituting a Junior Priority
Commercial Real Estate Debt Investment that is a Non-Performing Loan). 
 “Specified Common Stock”: common stock in
platforms or companies listed on Schedule 1.1B, in each case, to the extent held by a Pledged Loan Party or an Unlevered Affiliated Investor. 

“Specified GAAP Reportable B Loan Transaction”: a transaction involving either (i) the sale by the Borrower, any
Subsidiary or any Affiliated Investor of the portion of an Investment Asset consisting of an “A-Note”, and the retention by the Borrower, its Subsidiaries and the Affiliated Investors of the portion of such Investment Asset consisting of a
“B-Note”, which transaction is required to be accounted for under GAAP as a “financing transaction” or (ii) the acquisition or retention by the Borrower, any of its Subsidiaries or any Affiliated Investor of an Investment
Asset consisting of a “b-piece” in a securitization facility, which transaction under GAAP results in all of the assets of the trust that is party to the securitization facility, and all of the bonds issued by such trust under such
securitization facility that are senior to the “b-piece”, to be consolidated on the Borrower’s consolidated balance sheet as assets and liabilities, respectively. 

“Specified Levered SPV Investment”: any Portfolio otherwise constituting a First Priority Commercial Real Estate Debt
Investment held by an Affiliated Investor that would otherwise qualify as a Qualified Levered SPV Affiliated Investor in which greater than 25% of the Adjusted Net Book Value of such Portfolio is classified as Non-Performing Loans (and any single
Investment Asset held by an Affiliated Investor that would otherwise qualify as a Qualified Levered SPV Affiliated Investor that is a Non-Performing Loan). 

“Specified Levered SPV Capital Stock”: all of the Capital Stock held, directly or indirectly, by any Pledged Loan Party in
any Affiliated Investor that would otherwise qualify as a Qualified Levered SPV Affiliated Investor but for the fact that the aggregate amount of Indebtedness 

  
 33 

 
(other than Indebtedness incurred pursuant to this Agreement or any Loan Document) outstanding of such Affiliated Investor and all Affiliated Investors that, directly or indirectly, hold Capital
Stock of such Affiliated Investor exceeds 65% of the aggregate Adjusted Net Book Value of the Investment Assets of such Affiliated Investor. 

“Specified Time”: 11:00 a.m., London time. 

“Subscription Line Indebtedness”: Indebtedness incurred to provide bridge financing pending receipt of capital call
commitments, which Indebtedness would be either (i) Non-Recourse Indebtedness, or (ii) in the case of such Indebtedness of a Loan Party, limited in recourse to the rights of such Loan Party to provide capital commitments, make capital
calls, exercise rights as the general partner or managing member of the subsidiary or affiliate obtaining such subscription line, and ancillary rights related thereto or otherwise granted in connection with such subscription facility, including,
without limitation, in relation to any bank accounts into which proceeds of such capital calls are made; provided that, in each case, the amount of such Subscription Line Indebtedness shall be limited to a borrowing base that cannot exceed
the amount of uncalled capital commitments of the borrower of such Subscription Line Indebtedness. 
 “Subsidiary”: as to
any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason
of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly
through one or more intermediaries, or both, by such Person; provided, however, that in no event shall a Colony Fund constitute a Subsidiary. Unless otherwise qualified, all references to a “Subsidiary” or to
“Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower. 
 “Subsidiary
Guarantor”: (a) each Subsidiary that is party to the Guarantee and Collateral Agreement on the Closing Date and (b) each Subsidiary that becomes a party to the Guarantee and Collateral Agreement after the Closing Date pursuant to
Section 6.10 or otherwise. 
 “Supermajority Lenders”: the holders of more than
66 2⁄3% of (x) until the Closing Date, the Revolving Commitments then in effect and (y) thereafter, the sum of the Total Revolving Commitments then
in effect or, if the Revolving Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding, subject to Section 2.18(b). 

“Swap”: any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of
the Commodity Exchange Act. 
 “Swap Agreement”: any agreement with respect to any swap, forward, future or derivative
transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or
pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers,
employees or consultants of the Borrower or any of its Subsidiaries shall be a “Swap Agreement”. 
 “Swap Bank”:
any Person that is the Administrative Agent, a Lender, an Affiliate of the Administrative Agent or an Affiliate of a Lender at the time it enters into a Secured Swap Agreement, in its capacity as a party thereto, and (other than a Person already
party hereto as the Administrative Agent 

  
 34 

 
or a Lender) that delivers to the Administrative Agent a letter agreement reasonably satisfactory to it (i) appointing the Administrative Agent as its agent under the applicable Loan
Documents and (ii) agreeing to be bound by Sections 10.5, 10.11, 10.12, 10.16 and the Guarantee and Collateral Agreement as if it were a Lender. 

“Swap Obligation”: with respect to any Subsidiary Guarantor, any obligation to pay or perform under any Swap. 

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

“Taxes”: all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Total Asset Value”: as of any date, the net book value of the total assets of the Borrower and its Consolidated Subsidiaries
on such date as determined in accordance with GAAP; provided, that Total Asset Value shall (i) exclude the amount of all restricted cash of the Borrower and its Consolidated Subsidiaries to the extent such cash supports obligations that
do not constitute Consolidated Total Debt, (ii) include the net book value of assets associated with a Specified GAAP Reportable B Loan Transaction only to the extent in excess of the amount of any Indebtedness attributable to such Specified
GAAP Reportable B Loan Transaction, (iii) include the net book value of assets associated with any Permitted Non-Recourse CLO Indebtedness only to the extent (A) in excess of the amount of any associated Permitted Non-Recourse CLO
Indebtedness and (B) such assets are Investment Assets that contribute, directly or indirectly, to the Maximum Permitted Outstanding Amount, (iv) solely with respect to the net book value of the total assets of a Non Wholly-Owned
Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of the net book value of such Non Wholly-Owned Consolidated Affiliate’s total assets and (v) exclude any assets of a Colony Fund funded with Subscription Line
Indebtedness. 
 “Total Revolving Commitments”: at any time, the aggregate amount of the Revolving Commitments then in
effect. 
 “Total Revolving Extensions of Credit”: at any time, the aggregate amount of the Revolving Extensions of Credit
of the Revolving Lenders outstanding at such time. 
 “Transferee”: any Assignee or Participant. 

“Trigger Event”: at any time with respect to any Qualified Investment Asset, any event or circumstance that occurs with
respect to such Qualified Investment Asset (including, for this purpose, in respect of any direct or indirect owner thereof) that could reasonably be expected to result in a reduction in the Maximum Permitted Outstanding Amount during the then
current fiscal quarter of the Borrower (including any default or restructuring in respect of such Qualified Investment Asset, any modification, waiver, termination or expiration of any applicable loan agreement, lease agreement or joint venture or
other equityholder documentation relating to such Qualified Investment Asset, any bankruptcy or insolvency event relating to any real property manager, tenant or any other obligor in respect of such Qualified Investment Asset, any liabilities
(environmental, tax or otherwise) incurred by any Loan Party or Affiliated Investor in respect of such Qualified Investment Asset, any casualty or condemnation event with respect to such Qualified Investment Asset); provided that either
(i) immediately before or after giving effect to such event or circumstance, the Total Revolving Extensions of Credit outstanding exceeds 90% of the Maximum Permitted Outstanding Amount or (ii) (x) immediately before or after giving
effect 

  
 35 

 
to such event or circumstance, the Total Revolving Extensions of Credit outstanding exceeds 75% of the Maximum Permitted Outstanding Amount and (y) such event or circumstance results in a
reduction of the Maximum Permitted Outstanding Amount in excess of 5% thereof (to be calculated after giving effect to such reduction). 

“Type”: as to any Loan, its nature as an ABR Loan or a Eurodollar Loan. 

“UCP” means, with respect to any Letter of Credit, the “Uniform Customs and Practice for Documentary Credits,
International Chamber of Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance). 

“Unconsolidated Subsidiary”: any Subsidiary of the Borrower that is not a Consolidated Subsidiary of the Borrower. 

“United States”: the United States of America. 

“Unlevered Affiliated Investor”: any Affiliated Investor so long as (i) such Affiliated Investor has no Indebtedness
outstanding, (ii) such Affiliated Investor is not an Excluded Subsidiary and (iii) no Affiliated Investor that, directly or indirectly, holds Capital Stock of such Affiliated Investor has any Indebtedness outstanding (in each case with
respect to clauses (i) and (iii), other than (x) any Indebtedness incurred pursuant to the Loan Documents and (y) in the case of any Colony Fund or any Affiliated Investor in which a Colony Fund directly or indirectly holds Capital
Stock, any Subscription Line Indebtedness) or is an Excluded Subsidiary. 
 “Unreimbursed Amounts”: as defined in
Section 3.4. 
 “Unrestricted Cash”: at any time (i) the aggregate amount of cash of the Loan Parties at such
time that are not subject to any Lien (excluding Liens arising under a Loan Document, Liens of the type described in Section 7.3(a), and statutory Liens in favor of any depositary bank where such cash is maintained), minus
(ii) amounts included in the foregoing clause (i) that are held by a Person other than a Loan Party as a deposit or security for Contractual Obligations. 

“U.S. Person”: a “United States person” within the meaning of Section 7701(a)(30) of the Code. 

“U.S. Tax Compliance Certificate”: as defined in Section 2.14(f)(ii)(B)(3). 

“Warehouse Facility”: any financing arrangement of any kind, including, but not limited to, financing arrangements in the
form of repurchase facilities, loan agreements, note issuance facilities and commercial paper facilities (excluding in all cases, securitizations), with a financial institution or other lender or purchaser exclusively to finance the purchase or
origination of Commercial Real Estate Debt Investments prior to securitization thereof; provided that such purchase or origination is in the ordinary course of business. 

“Warehouse Indebtedness”: Indebtedness in connection with a Warehouse Facility; provided that the amount of any
particular Warehouse Indebtedness as of any date of determination shall be calculated in accordance with GAAP. 
 “Wholly Owned
Subsidiary”: as to any Person, any other Person all of the Capital Stock of which (other than directors’ qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 

  
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 “Wholly-Owned Subsidiary Guarantor”: any Subsidiary Guarantor that is a
Wholly-Owned Subsidiary of the Borrower. 
 “Withdrawal Liability”: any liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Title IV of ERISA. 
 “Write-Down and
Conversion Powers”: with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule. 
 1.2 Other Definitional Provisions. (a) Unless
otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 

(b) As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto,
(i) accounting terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP (provided
that all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to (i) any election under Accounting Standards Codification
825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities
of the Borrower or any Subsidiary at “fair value”, as defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards
Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal
amount thereof), (ii) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (iii) the word “incur” shall be construed to mean
incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative meanings), (iv) 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, Capital Stock, securities, revenues, accounts, leasehold interests and contract rights, and (v) references
to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, supplemented, restated or otherwise modified from time to time. 

(c) The words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement, shall
refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

(d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 

(e) All references herein to consolidated financial statements of the Borrower and its Subsidiaries or to the determination of any amount for
the Borrower and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable interest entity that the Borrower is required to consolidated pursuant to FASB ASC 810 as if such variable
interest entity were a Subsidiary as defined herein. 

  
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 1.3 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit
at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Application related thereto,
provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such
maximum stated amount is in effect at such times. 
 SECTION 2. AMOUNT AND TERMS OF COMMITMENTS 

2.1 Revolving Commitments. Subject to the terms and conditions hereof, each Revolving Lender severally agrees to make revolving credit
loans in Dollars (“Revolving Loans”) to the Borrower from time to time during the Revolving Commitment Period in an aggregate principal amount at any one time outstanding which, when added to such Lender’s Revolving Percentage
of the L/C Obligations then outstanding, does not exceed the amount of such Lender’s Revolving Commitment. During the Revolving Commitment Period the Borrower may use the Revolving Commitments by borrowing, prepaying the Revolving Loans in
whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in
accordance with Sections 2.2 and 2.7. Notwithstanding anything to the contrary in this Agreement, in no event shall the Total Revolving Extensions of Credit exceed the Maximum Permitted Outstanding Amount. 

2.2 Procedure for Revolving Loan Borrowing. The Borrower may borrow under the Revolving Commitments during the Revolving Commitment
Period on any Business Day, provided that the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 12:00 Noon, New York City time, (a) three Business Days
prior to the requested Borrowing Date (or, with respect to any such borrowing to be made on the Closing Date, such later date agreed to by the Administrative Agent in its sole discretion), in the case of Eurodollar Loans, or (b) on the
requested Borrowing Date, in the case of ABR Loans), specifying (i) the amount and Type of Revolving Loans to be borrowed, (ii) the requested Borrowing Date and (iii) in the case of Eurodollar Loans, the respective amounts of each
such Type of Loan and the respective lengths of the initial Interest Period therefor. Each borrowing under the Revolving Commitments shall be in an amount equal to (x) in the case of ABR Loans, $1,000,000 or a whole multiple thereof (or, if the
then aggregate Available Revolving Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurodollar Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Upon receipt of any such notice from the
Borrower, the Administrative Agent shall promptly notify each Revolving Lender thereof. Each Revolving Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of the
Borrower at the Funding Office prior to 2:00 P.M., New York City time, on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the
Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Lenders and in like funds as received by the Administrative Agent.

 2.3 Commitment Fees, etc. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a
commitment fee for the period from and including the date hereof to the last day of the Revolving Commitment Period, computed at the Commitment Fee Rate on the average daily amount of the Available Revolving Commitment of such Lender during the
period for which payment is made, payable quarterly in arrears on each Fee Payment Date, commencing on the first such date to occur after the date hereof. 

  
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 (b) The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the
dates as set forth in any fee agreements with the Administrative Agent and to perform any other obligations contained therein. 
 2.4
Termination or Reduction of Revolving Commitments. The Borrower shall have the right at any time, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Revolving Commitments or, from time to time,
to reduce the amount of the Revolving Commitments; provided that no such termination or reduction of Revolving Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Loans made on the effective
date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving Commitments
then in effect. 
 2.5 Optional Prepayments. The Borrower may at any time and from time to time prepay the Loans, in whole or in
part, without premium or penalty, upon irrevocable notice delivered to the Administrative Agent no later than 12:00 Noon, New York City time, three Business Days prior thereto, in the case of Eurodollar Loans, and no later than 12:00 Noon, New York
City time, on the date of such prepayment, in the case of ABR Loans, which notice shall specify the date and amount of prepayment and whether the prepayment is of Eurodollar Loans or ABR Loans; provided, that if a Eurodollar Loan is prepaid
on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.15. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant
Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving Loans that are ABR Loans) accrued interest to such date on the
amount prepaid. Partial prepayments of Loans shall be in an aggregate principal amount of $1,000,000 or a whole multiple thereof. Notwithstanding the foregoing, any notice of prepayment delivered in connection with any refinancing or prepayment of
all of the Revolving Facility with the proceeds of Indebtedness or other transaction to be incurred or consummated substantially simultaneously with such refinancing or prepayment, may be, if expressly stated in such notice of prepayment, contingent
upon the consummation of such transactions and may be revoked by the Borrower in the event the incurrence of such transaction is not consummated. 

2.6 Mandatory Prepayments and Commitment Reductions. (a) If for any reason the Total Revolving Extensions of Credit exceeds the
lesser of (x) the Total Revolving Commitments then in effect and (y) the Maximum Permitted Outstanding Amount, the Borrower shall immediately, prepay the applicable Loans in an aggregate amount equal to such excess. 

(b) [Reserved] 
 (c) [Reserved]

 (d) If any Indebtedness shall be incurred pursuant to Section 7.2(h), an amount equal to 100% of the Net Cash Proceeds thereof shall
be immediately applied toward the prepayment of the Loans. 
 (e) Any reduction of the Revolving Commitments shall be accompanied by
prepayment of the Revolving Loans to the extent, if any, that the Total Revolving Extensions of Credit exceed the amount of the Total Revolving Commitments as so reduced, provided that if the aggregate principal amount of Revolving Loans then
outstanding is less than the amount of such excess (because L/C Obligations constitute a portion thereof), the Borrower shall, to the extent of the balance of such excess, cash collateralize on or prior to the date of such reduction (in the manner
described in Section 3.9) or replace outstanding Letters of Credit. The application of any prepayment pursuant to Section 2.6 shall be 

  
 39 

 
made, first, to ABR Loans and, second, to Eurodollar Loans. Each prepayment of the Revolving Loans under Section 2.6 (except in the case of Revolving Loans that are ABR Loans)
shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid. 
 2.7 Conversion and Continuation
Options. (a) The Borrower may elect from time to time to convert Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the Business Day
preceding the proposed conversion date, provided that any such conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to
Eurodollar Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of
the initial Interest Period therefor), provided that no ABR Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined in its or
their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

(b) Any Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower
giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans,
provided that no Eurodollar Loan may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit
such continuations or (ii) if an Event of Default specified in clause (i) or (ii) of Section 8(f) with respect to the Borrower is in existence, and provided, further, that (i) if the Borrower shall fail to give
any required notice as described above in this paragraph or to specify any Interest Period in any such notice, such Loans shall be continued as Eurodollar Loans with an Interest Period of one month, or (ii) if such continuation is not permitted
pursuant to the preceding proviso, such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender
thereof. 
 2.8 Limitations on Eurodollar Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings,
conversions and continuations of Eurodollar Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the Eurodollar
Loans comprising each Eurodollar Tranche shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (b) no more than ten Eurodollar Tranches shall be outstanding at any one time. 

2.9 Interest Rates and Payment Dates. (a) Each Eurodollar Loan shall bear interest for each day during each Interest Period with
respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin. 
 (b) Each ABR Loan
shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin. 
 (c) (i) If all or a portion of the principal
amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of Loans, the rate
that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2% and
(ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or 

  
 40 

 
any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate
per annum equal to the rate then applicable to ABR Loans plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment). 

(d) Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph
(c) of this Section shall be payable from time to time on demand. 
 2.10 Computation of Interest and Fees. (a) Interest
and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect to ABR Loans, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be)
day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in
the ABR or the Eurocurrency Reserve Requirements shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant
Lenders of the effective date and the amount of each such change in interest rate. 
 (b) Each determination of an interest rate by the
Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the
Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to Section 2.9(a). 

2.11 Inability to Determine Interest Rate. If prior to the first day of any Interest Period: 

(a) the Administrative Agent shall have determined (which determination shall be conclusive and binding absent manifest error)
that adequate and reasonable means do not exist for ascertaining the Eurodollar Base Rate or the Eurodollar Rate, as applicable, for such Interest Period, or 

(b) the Administrative Agent shall have received notice from the Required Lenders that the Eurodollar Base Rate or the
Eurodollar Rate, as applicable, determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during
such Interest Period, 
 the Administrative Agent shall give telecopy or telephonic notice thereof to the Borrower and the relevant Lenders as soon as
practicable thereafter. If such notice is given (x) any Eurodollar Loans requested to be made on the first day of such Interest Period shall be made as ABR Loans, (y) any Loans that were to have been converted on the first day of such
Interest Period to Eurodollar Loans shall be continued as ABR Loans and (z) any outstanding Eurodollar Loans shall be converted, on the last day of the then-current Interest Period, to ABR Loans. Until such notice has been withdrawn by the
Administrative Agent, no further Eurodollar Loans shall be made or continued as such, nor shall the Borrower have the right to convert Loans to Eurodollar Loans. 

2.12 Pro Rata Treatment and Payments. (a) Each borrowing by the Borrower from the Lenders hereunder, each payment by the Borrower
on account of any commitment fee (other than as provided in Section 2.18(a)) and any reduction of the Revolving Commitments of the Lenders shall be made pro rata according to the respective Revolving Percentages of the relevant
Lenders. 

  
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 (b) Subject to Section 2.18, each payment (including each prepayment) by the Borrower on
account of principal of and interest on the Loans shall be made pro rata according to the respective outstanding principal amounts of the Loans then held by the Lenders. 

(c) All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise,
shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the Administrative Agent, for the account of the Lenders, at the Funding Office, in Dollars and in immediately
available funds. The Administrative Agent shall distribute such payments to each relevant Lender promptly upon receipt in like funds as received, net of any amounts owing by such Lender pursuant to Section 9.7. If any payment hereunder (other
than payments on the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan becomes due and payable on a day other than a
Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately
preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension. 

(d) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the
amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in
reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative
Agent, on demand, such amount with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation, for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this paragraph shall be
conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three Business Days after such Borrowing Date, the Administrative Agent shall also be
entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans, on demand, from the Borrower. 
 (e)
Unless the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment due to be made by the Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the
Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Lenders their respective pro rata shares
of a corresponding amount. If such payment is not made to the Administrative Agent by the Borrower within three Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount
which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative
Agent or any Lender against the Borrower. 
 (f) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.12(d), 2.12(e), 2.14(e) or 9.7, then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, apply any amounts thereafter received by the Administrative Agent for the account of such Lender
in accordance with Section 2.18(c). 

  
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 2.13 Requirements of Law. (a) If the adoption of or any change in any Requirement of
Law or in the interpretation or application thereof or compliance by any Lender or other Credit Party with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the
date hereof: 
 (i) shall subject any Credit Party to any Taxes (other than (A) Indemnified Taxes and (B) Excluded
Taxes ) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 

(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit (or participations therein) by, or any other acquisition of funds by, any office of such Lender that is not
otherwise included in the determination of the Eurodollar Rate; or 
 (iii) shall impose on such Lender any other condition
(other than Taxes); 
 and the result of any of the foregoing is to increase the cost to such Lender or such other Credit Party, by an amount that such
Lender or other Credit Party deems to be material, of making, converting into, continuing or maintaining Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case,
the Borrower shall promptly pay such Lender or such other Credit Party, upon its demand and delivery to Borrower of a certificate described in clause (d) below, any additional amounts necessary to compensate such Lender or such other Credit
Party for such increased cost or reduced amount receivable. If any Lender or such other Credit Party becomes entitled to claim any additional amounts pursuant to this paragraph, it shall promptly notify the Borrower (with a copy to the
Administrative Agent) of the event by reason of which it has become so entitled. 
 (b) If any Lender shall have determined that the
adoption of or any change in any Requirement of Law regarding capital or liquidity requirements or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive
regarding capital or liquidity requirements (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such
corporation’s capital as a consequence of its obligations hereunder or under or in respect of any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance
(taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy or liquidity) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender to the
Borrower (with a copy to the Administrative Agent) of a written request therefor in the form of a certificate described in clause (d) below, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender
or such corporation for such reduction. 
 (c) Notwithstanding anything herein to the contrary, (i) all requests, rules, guidelines,
requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or by United States or foreign regulatory authorities, in each case pursuant to
Basel III, and (ii) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof, shall in each case be
deemed to be a change in law, regardless of the date enacted, adopted, issued or implemented; provided that a Lender may only submit a request for compensation in connection with the changes in the Requirements in Law described in clauses
(i) and (ii) above if such Lender imposes such increased costs on borrowers similarly situated to the Borrower under syndicated credit facilities comparable to the Revolving Facility. 

  
 43 

 (d) A certificate as to any additional amounts payable pursuant to this Section submitted by any
Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. Notwithstanding anything to the contrary in this Section, the Borrower shall not be required to compensate a Lender pursuant to
this Section for any amounts incurred more than nine months prior to the date that such Lender notifies the Borrower of such Lender’s intention to claim compensation therefor; provided that, if the circumstances giving rise to such claim
have a retroactive effect, then such nine-month period shall be extended to include the period of such retroactive effect. The obligations of the Borrower pursuant to this Section shall survive the termination of this Agreement and the payment of
the Loans and all other amounts payable hereunder. 
 2.14 Taxes. (a) Any and all payments by or on account of any obligation of
any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires
the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the
relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that, after such deduction or withholding has been made
(including such deductions and withholdings applicable to additional sums payable under this Section 2.14), the amounts received with respect to this agreement equal the sum which would have been received had no such deduction or withholding
been made. 
 (b) The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the
option of the Administrative Agent timely reimburse it for, Other Taxes. 
 (c) As soon as practicable after any payment of Taxes by any
Loan Party to a Governmental Authority pursuant to this Section 2.14, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment (if
any), or a copy of the return reporting such payment (or other evidence of such payment reasonably satisfactory to the Administrative Agent). 

(d) The Loan Parties shall jointly and severally indemnify each Credit Party, within 10 days after demand therefor, for the full amount of any
Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable to such Credit Party by a Loan Party under this Section) payable or paid by such Credit Party or required to be withheld or deducted from a
payment to such Credit Party and any reasonable expenses arising therefrom or with respect thereto, whether or not such 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 (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(e) Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Taxes attributable
to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Taxes and without limiting the obligation of the Loan Parties to do so) and (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 10.6(c) relating to the maintenance of a Participant Register, in either case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any
reasonable expenses arising therefrom or with respect thereto, whether or not such 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
any Lender by the Administrative Agent shall be conclusive absent 

  
 44 

 
manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by
the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e). 

(f) (i) Each Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan
Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or
the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.14(f)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or
commercial position of such Lender. 
 (ii) Without limiting the generality of the foregoing, in the event that the Borrower
is a U.S. Person, 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or
prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender
is fully exempt from U.S. federal backup withholding tax; 
 (B) any Non-U.S. Lender shall, to the extent it is legally
entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable (plus any other documents or other evidence to fully exempt any amount payable or paid to such Non-U.S. Lender from
U.S. federal backup withholding tax): 
  

	 	(1)	in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form
W-8BEN or IRS Form W-8BEN-E establishing an exemption from U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty (if such amount is properly treated as interest thereunder and as otherwise required under U.S.
federal tax law) and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business
profits” or “other income” article of such tax treaty; 

  

	 	(2)	executed originals of IRS Form W-8ECI; 

  
 45 

	 	(3)	in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit F-1 to the effect that
such Non-U.S. Lender is none of the following: a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a
“controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E; 

 

	 	(4)	to the extent a Non-U.S. Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in
the form of Exhibit F-2 or Exhibit F-3, IRS Form W-9, and/or other valid and reasonably acceptable certification documents from each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a partnership and one or more direct
or indirect partners of such Non-U.S. Lender are claiming the portfolio interest exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-4 on behalf of each such direct and indirect
partner; 

 (C) any Non-U.S. Lender shall, to the extent it is legally entitled to do so, deliver to the
Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax under FATCA if such
Lender were to fail to comply with the applicable requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or
times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), and notwithstanding the definition thereof, “FATCA” shall include any and all
amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or certification it previously delivered
expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

  
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 (g) If any party determines, in its reasonable discretion, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section 2.14 (including by the payment of additional amounts pursuant to this Section 2.14), it shall pay to the indemnifying party an amount equal to such refund (but only to the
extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no
event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party
would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This
paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(h) Each party’s obligations under this Section 2.14 shall survive the resignation or replacement of the Administrative Agent or any
assignment of rights by, or the replacement of, a Lender, the termination of the Revolving Commitments and the repayment, satisfaction or discharge of all obligations under the Loan Documents. 

(i) For purposes of this Section 2.14 and the relevant defined terms used therein, (A) the term “applicable law” includes
FATCA and (B) the term “Lender” includes the Issuing Lenders. 
 (j) For purposes of determining withholding Taxes imposed
under FATCA, from and after the Closing Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a “grandfathered obligation”
within the meaning of Treasury Regulations Section 1.1471-2(b)(2)(i). 
 2.15 Indemnity. The Borrower agrees to indemnify each
Lender for, and to hold each Lender harmless from, any loss or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of Eurodollar Loans after the
Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment of or conversion from Eurodollar Loans after the Borrower has given a notice thereof in
accordance with the provisions of this Agreement or (c) the making of a prepayment of Eurodollar Loans on a day that is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to the excess,
if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last
day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein
(excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a
comparable period with leading banks in the interbank eurodollar market. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant
shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

  
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 2.16 Change of Lending Office. Each Lender agrees that, upon the occurrence of any event
giving rise to the operation of Section 2.13, 2.14(a), or 2.14(d) with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending
office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending offices to
suffer no material economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrower or the rights of any Lender pursuant to
Section 2.13, 2.14(a), or 2.14(d). 
 2.17 Replacement of Lenders. The Borrower shall be permitted to replace any Lender that
(a) requests (or any Participant to which such Lender sold a participation requests) reimbursement for amounts owing pursuant to Section 2.13, 2.14(a) or 2.14(d), (b) becomes a Defaulting Lender, or (c) does not consent to any
proposed amendment, supplement, modification, consent or waiver of any provision of this Agreement or any other Loan Document that requires the consent of each of the Lenders or each of the Lenders affected thereby (so long as the consent of the
Required Lenders (with the percentage in such definition being deemed to be 50% for this purpose) has been obtained), with a replacement financial institution; provided that (i) such replacement does not conflict with any Requirement of
Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement, (iii) prior to any such replacement, such Lender (or Participant, as applicable) shall have taken no action under Section 2.16 so as
to eliminate the continued need for payment of amounts owing pursuant to Section 2.13, 2.14(a), or 2.14(d), (iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender (or
Participant, as applicable) on or prior to the date of replacement, (v) the Borrower shall be liable to such replaced Lender (or Participant, as applicable) under Section 2.15 if any Eurodollar Loan owing to such replaced Lender (or
Participant, as applicable) shall be purchased other than on the last day of the Interest Period relating thereto, (vi) except in the case of a Participant, the replacement financial institution shall be reasonably satisfactory to the
Administrative Agent, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided that the Borrower shall be obligated to pay the registration and processing fee
referred to therein), (viii) until such time as such replacement shall be consummated, the Borrower shall pay all additional amounts (if any) required pursuant to Section 2.13, 2.14(a), or 2.14(d), as the case may be, and (ix) any
such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender (or Participant, as applicable). Each party hereto agrees that an assignment
required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee, and that the Lender (or Participant, as applicable) required to make such assignment
need not be a party thereto in order for such assignment to be effective. 
 2.18 Defaulting Lenders. Notwithstanding any provision
of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) fees shall cease to accrue on the unfunded portion of the Revolving Commitment of such Defaulting Lender pursuant to Section 2.3(a)
(it being understood, for the avoidance of doubt, that the Borrower shall have no obligation to retroactively pay such fees after such Lender ceases to be a Defaulting Lender); 

(b) the Revolving Commitment and Revolving Extensions of Credit of such Defaulting Lender shall not be included in determining whether the
Required Lenders or the Supermajority Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 10.1); provided, that this clause (b) shall not
apply to the vote of a 

  
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Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby; 

(c) Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Section 8 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 10.7 shall be applied at such time or times as may be determined by the
Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Default or Event of Default exists), to the
funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the
Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to
the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as
no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal
amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made at a time when the conditions set forth in Section 5.2 were satisfied or waived, such payment shall be
applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with the
Revolving Commitments. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.18(c) shall be
deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto; 
 (d) if any L/C Exposure exists at
the time such Lender becomes a Defaulting Lender then: 
 (i) all or any part of the L/C Exposure of such Defaulting Lender shall be
reallocated among the non-Defaulting Lenders in accordance with their respective Revolving Percentages but only to the extent the sum of all non-Defaulting Lenders’ Revolving Extensions of Credit plus such Defaulting Lender’s L/C Exposure
does not exceed the total of all non-Defaulting Lenders’ Revolving Commitments; 
 (ii) if the reallocation described in clause
(i) above cannot, or can only partially, be effected, the Borrower shall within one Business Day following notice by the Administrative Agent cash collateralize for the benefit of the Issuing Lenders only the Borrower’s obligations
corresponding to such Defaulting Lender’s L/C Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 3.9 for so long as such L/C Exposure is
outstanding; 
 (iii) if the Borrower cash collateralizes any portion of such Defaulting Lender’s L/C Exposure pursuant to clause
(ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.3(a) with respect to such Defaulting Lender’s L/C Exposure during the period such Defaulting Lender’s L/C Exposure is
cash collateralized; 

  
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 (iv) if the L/C Exposure of the non-Defaulting Lenders is reallocated pursuant to clause
(i) above, then the fees payable to the Lenders pursuant to Section 2.3(a) and Section 3.3(a) shall be adjusted in accordance with such non-Defaulting Lenders’ Revolving Percentages; and 

(v) if all or any portion of such Defaulting Lender’s L/C Exposure is neither reallocated nor cash collateralized pursuant to clause
(i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Lenders or any other Lender hereunder, all fees payable under Section 3.3(a) with respect to such Defaulting Lender’s L/C Exposure shall be
payable to the applicable Issuing Lenders until and to the extent that such L/C Exposure is reallocated and/or cash collateralized; and 

(e) so long as such Lender is a Defaulting Lender, the Issuing Lenders shall not be required to issue, amend or increase any Letter of Credit,
unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding L/C Exposure will be 100% covered by the Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower
in accordance with Section 2.18(d), and participating interests in any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.18(d)(i) (and such Defaulting Lender
shall not participate therein). Subject to Section 10.20, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting
Lender, including any claim of a non-Defaulting Lender as a result of such non-Defaulting Lender’s increased exposure following such reallocation. 

If (i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent of any Lender shall occur following the date hereof and for
so long as such event shall continue or (ii) an Issuing Lender has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, no Issuing
Lender shall be required to issue, amend or increase any Letter of Credit, unless such Issuing Lender, as the case may be, shall have entered into arrangements with the Borrower or such Lender, satisfactory to such Issuing Lender, as the case may
be, to defease any risk to it in respect of such Lender hereunder. 
 In the event that the Administrative Agent, the Borrower and the
Issuing Lenders each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the L/C Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s
Revolving Commitment and on such date such Lender shall purchase at par such of the Revolving Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Revolving Loans in accordance
with its Revolving Percentage. 
 2.19 Incremental Commitments. (a) The Borrower and any one or more Lenders (including New
Lenders) may from time to time prior to the Initial Revolving Termination Date agree that such Lenders shall make, obtain or increase the amount of their Revolving Commitments (each, a “Commitment Increase”) by executing and
delivering to the Administrative Agents an Increased Facility Activation Notice specifying (i) the amount of such increase and (ii) the applicable Increased Facility Closing Date; provided that immediately prior to and after giving
effect to any such increase in the Revolving Commitments (i) no Default or Event of Default shall have occurred and be continuing and (ii) each of the representations and warranties made by any Loan Party in or pursuant to the Loan
Documents shall be true and correct in all material respects (or, if such representations and warranties are qualified by materiality, in all respects) on and as of such date as if made on and as of such date (except that any representations and
warranties which expressly relate to an earlier date shall be true and correct in all material respects (or, if such representations and warranties are qualified by materiality, in all respects) as 

  
 50 

 
of such earlier date). Notwithstanding the foregoing, (i) without the consent of the Required Lenders, the aggregate amount of incremental Revolving Commitments obtained after the Closing
Date pursuant to this paragraph shall not exceed the Maximum Permitted Increase Amount and (ii) without the consent of the Administrative Agent, (x) each increase effected pursuant to this paragraph shall be in a minimum amount of at least
$25,000,000 and (y) no more than five Increased Facility Closing Dates may be selected by the Borrower after the Closing Date. No Lender shall have any obligation to participate in any increase described in this paragraph unless it agrees to do
so in its sole discretion. 
 (b) Any additional bank, financial institution or other entity which, with the consent of the Borrower and the
Administrative Agent (which consent shall not be unreasonably withheld), elects to become a “Lender” under this Agreement in connection with any transaction described in Section 2.19(a) shall execute a New Lender Supplement (each, a
“New Lender Supplement”), substantially in the form of Exhibit H, whereupon such bank, financial institution or other entity (a “New Lender”) shall become a Lender for all purposes and to the same extent as if
originally a party hereto and shall be bound by and entitled to the benefits of this Agreement. 
 (c) Upon each Increased Facility Closing
Date, the Borrower shall (A) prepay the outstanding Revolving Loans (if any) in full, (B) simultaneously borrow new Revolving Loans hereunder in an amount equal to such prepayment (in the case of Eurodollar Loans, with Eurodollar Base
Rates equal to the outstanding Eurodollar Base Rate and with Interest Period(s) ending on the date(s) of any then outstanding Interest Period(s)), as applicable (as modified hereby); provided that with respect to subclauses (A) and (B),
(x) the prepayment to, and borrowing from, any existing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender will be subsequently borrowed from such Lender and (y) the existing Lenders
(including existing Lenders providing a Commitment Increase, if applicable) and the New Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Revolving
Loans are held ratably by such existing Lenders and New Lenders in accordance with the respective Revolving Commitments of such Lenders (after giving effect to such Commitment Increase) and (C) pay to the Lenders the amounts, if any, payable
under Section 2.15 as a result of any such prepayment. Concurrently therewith, the Lenders shall be deemed to have adjusted their participation interests in any outstanding Letters of Credit so that such interests are held ratably in accordance
with their Revolving Commitments as so increased. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the
transactions effected pursuant to this clause (c). 
 2.20 Revolving Termination Date Extension. Notwithstanding anything herein to
the contrary, the Borrower may, at its election by written notice to the Administrative Agent (which shall promptly notify each of the Lenders) (each such election, an “Extension Option”, the date of such election, the
“Extension Date”) extend the Revolving Commitments and Revolving Loans (such extended Revolving Commitments, the “Extended Commitments” and such extended Revolving Loans, the “Extended Loans”) for
additional terms of 6 months each (the “Extended Termination Date”), subject to the following terms and conditions: 
 (i)
there shall be no more than two (2) Extension Options exercised during the term of this Agreement; 
 (ii) no Default or Event of
Default shall have occurred or be continuing on the date of such written notice and on the Initial Revolving Termination Date or first Extended Termination Date, as applicable, or would result from the exercise of any Extension Option; 

  
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 (iii) each of the representations and warranties made by any Loan Party in or pursuant to the
Loan Documents shall be true and correct in all material respects (or, if such representations and warranties are qualified by materiality, in all respects) on and as of the date of such written notice and on and as of such Extension Date (and after
giving effect to such Extension Option) as if made on and as of such dates (except that any representations and warranties which expressly relate to an earlier date shall be true and correct in all material respects (or, if such representations and
warranties are qualified by materiality, in all respects) as of such earlier date); 
 (iv) the Borrower shall make the request for such
Extension Option not earlier than 90 days and not later than 30 days prior to the Initial Revolving Termination Date, or first Extended Termination Date, as applicable; 

(v) the latest Extended Termination Date shall be no later than the Latest Maturity Date; and 

(v) the Borrower shall pay or cause to be paid to each Lender on each such Extension Date a fee equal to 0.10% of the amount of the then
existing Revolving Commitments of such Lender. 
 SECTION 3. LETTERS OF CREDIT 

3.1 L/C Commitment. (a)Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the other
Revolving Lenders set forth in Section 3.4(a), agrees to issue letters of credit (“Letters of Credit”) for the account of the Borrower on any Business Day during the Revolving Commitment Period in such form as may be approved
from time to time by such Issuing Lender; provided that such Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations of such Issuing Lender would exceed the
L/C Commitment of such Issuing Lender then in effect, or (ii) the aggregate amount of the Available Revolving Commitments would be less than zero. Each Letter of Credit shall (i) be denominated in Dollars and (ii) except as provided
in Section 3.1(b) below, expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date that is five Business Days prior to the Revolving Termination Date, provided that any Letter of
Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (y) above). 

(b) If requested by the Borrower, each Issuing Lender agrees to issue one or more Letters of Credit hereunder, with expiry dates that would
occur after the fifth (5th) Business Day prior to the Revolving Termination Date, based upon the Borrower’s agreement to cash collateralize the L/C Obligations in accordance with
Section 3.9. If the Borrower fails to cash collateralize the outstanding L/C Obligations in accordance with the requirements of Section 3.9, each outstanding Letter of Credit shall automatically be deemed to be drawn in full on such date
and the reimbursement obligations of the Borrower set forth in Section 3.5 shall be deemed to apply and shall be construed such that the reimbursement obligation is to provide cash collateral in accordance with the requirements of
Section 3.9. 
 (c) The Borrower shall grant to the Administrative Agent for the benefit of each Issuing Lender and the Lenders,
pursuant to the Guarantee and Collateral Agreement, a security interest in all cash, deposit accounts and all balances therein and all proceeds of the foregoing as required to be deposited pursuant to Section 3.1(b) or Section 3.9. Cash
collateral shall be maintained in blocked, interest bearing deposit accounts at JPMorgan Chase Bank, N.A. (or any affiliate thereof) (the “L/C Cash  

  
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Collateral Account”). All interest on such cash collateral shall be paid to the Borrower upon the Borrower’s request, provided that such interest shall first be applied to
all outstanding Obligations at such time and the balance shall be distributed to the Borrower. 
 (d) No Issuing Lender shall at any time be
obligated to issue any Letter of Credit if (i) such issuance would conflict with, or cause such Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law, (ii) any order, judgment or decree of
any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Lender from issuing the Letter of Credit, or any law applicable to such Issuing Lender or any request or directive (whether or not having the
force of law) from any Governmental Authority with jurisdiction over such Issuing Lender shall prohibit, or request that such Issuing Lender refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall
impose upon such Issuing Lender with respect to the Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Lender is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such
Issuing Lender any unreimbursed loss, cost or expense which was not applicable on the Closing Date, which such Issuing Lender in good faith deems material to it and which is not subject to indemnification obligations of the Borrower hereunder or
(iii) issuance of the Letter of Credit would violate one or more policies of such Issuing Lender applicable to letters of credit generally. 

(e) Unless otherwise expressly agreed by the applicable Issuing Lender and the Borrower when a Letter of Credit is issued, (i) the rules
of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit. Notwithstanding the foregoing, no Issuing Lender shall be responsible to the Borrower for, and no Issuing
Lender’s rights and remedies against the Borrower shall be impaired by, any action or inaction of such Issuing Lender required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or
this Agreement, including the law or any order of a jurisdiction where an Issuing Lender or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary
of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses
such law or practice. 
 (f) In the event of any conflict between the terms hereof and the terms of any Application, the terms hereof shall
control. 
 3.2 Procedure for Issuance of Letter of Credit. The Borrower may from time to time request that any Issuing Lender issue
a Letter of Credit by delivering to such Issuing Lender at its address for notices specified herein an Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and
information as such Issuing Lender may reasonably request. Upon receipt of any Application, the relevant Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection
therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall any Issuing Lender be required to issue any Letter of Credit earlier than three Business Days after its
receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the
relevant Issuing Lender and the Borrower. The relevant Issuing Lender shall furnish a copy of such Letter of Credit to the Borrower promptly following the issuance thereof. The relevant Issuing Lender shall promptly furnish to the Administrative
Agent, which shall in turn promptly furnish to the Lenders, notice of the issuance of each Letter of Credit (including the amount thereof). 

  
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 3.3 Fees and Other Charges. (a) Subject to Section 2.18(d)(iii), the Borrower
will pay a fee on all outstanding Letters of Credit at a per annum rate equal to the Applicable Margin then in effect with respect to Eurodollar Loans under the Revolving Facility, shared ratably among the Revolving Lenders and payable quarterly in
arrears on each Fee Payment Date after the issuance date. In addition, the Borrower shall pay to the relevant Issuing Lender for its own account a fronting fee of 0.25% per annum on the undrawn and unexpired amount of each Letter of Credit
issued by such Issuing Lender, payable quarterly in arrears to the relevant Issuing Lender on each Fee Payment Date after the issuance date. 

(b) In addition to the foregoing fees, the Borrower shall pay or reimburse each Issuing Lender for such normal and customary costs and
expenses as are incurred or charged by such Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 

3.4 L/C Participations. (a) Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to
induce such Issuing Lender to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from such Issuing Lender, on the terms and conditions set forth below, for such L/C
Participant’s own account and risk an undivided interest equal to such L/C Participant’s Revolving Percentage in such Issuing Lender’s obligations and rights under and in respect of each Letter of Credit and the amount of each draft
paid by such Issuing Lender thereunder. Each L/C Participant agrees with each Issuing Lender that, if a draft is paid under any Letter of Credit for which such Issuing Lender is not reimbursed in full by the Borrower in accordance with the terms of
this Agreement (or in the event that any reimbursement received by such Issuing Lender shall be required to be returned by it at any time) (“Unreimbursed Amounts”), such L/C Participant shall pay to such Issuing Lender upon demand
at such Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s Revolving Percentage of the amount that is not so reimbursed (or is so returned). Each L/C Participant’s obligation to pay such
amount shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such L/C Participant may have against any Issuing Lender, the Borrower or
any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the condition
(financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any other L/C Participant or (v) any other circumstance, happening or event whatsoever, whether
or not similar to any of the foregoing. 
 (b) If any amount required to be paid by any L/C Participant to any Issuing Lender pursuant to
Section 3.4(a) in respect of any unreimbursed portion of any payment made by such Issuing Lender under any Letter of Credit is paid to such Issuing Lender within three Business Days after the date such payment is due, such L/C Participant shall
pay to such Issuing Lender on demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including the date such payment is required to the date on which
such payment is immediately available to the relevant Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid
by any L/C Participant pursuant to Section 3.4(a) is not made available to the relevant Issuing Lender by such L/C Participant within three Business Days after the date such payment is due, such Issuing Lender shall be entitled to recover from
such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to ABR Loans under the Revolving Facility. A certificate of the relevant Issuing Lender submitted to any L/C
Participant with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error. 

  
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 (c) Whenever, at any time after any Issuing Lender has made payment under any Letter of Credit
and has received from any L/C Participant its pro rata share of such payment in accordance with Section 3.4(a), such Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or
otherwise, including proceeds of collateral applied thereto by such Issuing Lender), or any payment of interest on account thereof, such Issuing Lender will distribute to such L/C Participant its pro rata share thereof;
provided, however, that in the event that any such payment received by such Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant shall return to such Issuing Lender the portion thereof previously
distributed by such Issuing Lender to it. 
 3.5 Reimbursement Obligation of the Borrower. If any draft is paid under any Letter of
Credit, the Borrower shall reimburse the relevant Issuing Lender for the amount of (a) the draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment, not later
than 12:00 Noon, New York City time, on (i) the Business Day that the Borrower receives notice of such draft, if such notice is received on such day prior to 10:00 A.M., New York City time, or (ii) if clause (i) above does not apply,
the Business Day immediately following the day that the Borrower receives such notice. Each such payment shall be made to the relevant Issuing Lender at its address for notices referred to herein in Dollars and in immediately available funds.
Interest shall be payable on any such amounts from the date on which the relevant draft is paid until payment in full at the rate set forth in (x) until the Business Day next succeeding the date of the relevant notice, Section 2.9(b) and
(y) thereafter, Section 2.9(c). 
 3.6 Obligations Absolute. The Borrower’s obligations under this Section 3
shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against any Issuing Lender, any beneficiary of a Letter of Credit or any
other Person. The Borrower also agrees with each Issuing Lender that such Issuing Lender shall not be responsible for, and the Borrower’s Reimbursement Obligations under Section 3.5 shall not be affected by, among other things, the
validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any
other party to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee. No Issuing Lender shall be liable for any error, omission, interruption
or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to
have resulted from the gross negligence or willful misconduct of such Issuing Lender. The Borrower agrees that any action taken or omitted by any Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if
done in the absence of gross negligence or willful misconduct, shall be binding on the Borrower and shall not result in any liability of such Issuing Lender to the Borrower. 

3.7 Letter of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the relevant Issuing Lender
shall promptly notify the Borrower of the date and amount thereof. The responsibility of the relevant Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment
obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such
Letter of Credit. 
 3.8 Applications. To the extent that any provision of any Application related to any Letter of Credit is
inconsistent with the provisions of this Section 3, the provisions of this Section 3 shall apply. 

  
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 3.9 Actions in Respect of Letters of Credit. 

(a) Not later than the date that is ten (10) Business Days prior to the Revolving Termination Date, or at any time after the Revolving
Termination Date when the aggregate funds on deposit in the L/C Cash Collateral Account shall be less than the amounts required herein, the Borrower shall pay to the Administrative Agent in immediately available funds, at the Administrative
Agent’s office referred to in Section 10.2, for deposit in the L/C Cash Collateral Account described in Section 3.1(c), the amount required so that, after such payment, the aggregate funds on deposit in the L/C Cash Collateral Account
are not less than 105% of the sum of all outstanding L/C Obligations with an expiration date beyond the Revolving Termination Date. 
 (b)
The Administrative Agent may, from time to time after funds are deposited in any L/C Cash Collateral Account, apply funds then held in such L/C Cash Collateral Account to the payment of any amounts, in accordance with the terms herein, as shall have
become or shall become due and payable by the Borrower to the Issuing Lenders or Lenders in respect of the L/C Obligations. The Administrative Agent shall promptly give written notice of any such application; provided, however, that
the failure to give such written notice shall not invalidate any such application. 
 3.10 Reporting. Unless otherwise requested by
the Administrative Agent, each Issuing Lender shall report in writing to the Administrative Agent (i) on each Business Day, the aggregate undrawn amount of all outstanding Letters of Credit issued by it, (ii) on each Business Day on which
such Issuing Lender expects to issue, amend, renew or extend any Letter of Credit, the aggregate face amount of the Letters of Credit to be issued, amended, renewed or extended by it on such date, and no Issuing Lender shall be permitted to issue,
amend, renew or extend such Letter of Credit without first notifying the Administrative Agent as set forth herein, (iii) on each Business Day on which such Issuing Lender makes any payment pursuant to a Letter of Credit (including in respect of
a time draft presented thereunder), the date of such payment and the amount of such payment and (iv) on any other Business Day, such other information as the Administrative Agent shall reasonably request, including but not limited to prompt
verification of such information as may be requested by the Administrative Agent. 
 SECTION 4. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters
of Credit, the Borrower hereby represents and warrants to the Administrative Agent and each Lender that: 
 4.1 Financial Condition.
The audited consolidated balance sheets of the REIT Entity and its Consolidated Subsidiaries as at December 31, 2013, December 31, 2014 and December 31, 2015, and the related consolidated statements of income and of cash flows
for the fiscal years ended on such dates, reported on by and accompanied by an unqualified report from Ernst & Young LLP, present fairly in all material respects the consolidated financial condition of the REIT Entity and its Consolidated
Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years then ended. The Consolidating Information for the fiscal year ending December 31, 2015 presents fairly
in all material respects the consolidated financial condition and the consolidated results of operations and consolidated cash flows of the Borrower and its Consolidated Subsidiaries on a standalone basis for the respective fiscal year then ended.
All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and
disclosed therein). As of the Closing Date, no Group Member has any material Guarantee Obligations, contingent liabilities and liabilities for taxes, or any long-term leases or unusual 

  
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forward or long-term commitments, including any interest rate or foreign currency swap or exchange transaction or other obligation in respect of
derivatives, that are not reflected in the most recent financial statements referred to in this paragraph. 
 4.2 No Change. Since
December 31, 2015, there has been no development or event that has had or could reasonably be expected to have a Material Adverse Effect. 

4.3 Existence; Compliance with Law. Each Group Member (a) is duly organized, validly existing and in good standing under the laws
of the jurisdiction of its organization, (b) has the power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged,
(c) is duly qualified as a foreign corporation or other organization and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification and
(d) is in compliance with its Organizational Documents and all Requirements of Law except in each case referred to in clauses (b), (c) and (d), to the extent that the failure to comply therewith could not, in the aggregate, reasonably be
expected to have a Material Adverse Effect. 
 4.4 Power; Authorization; Enforceable Obligations. Each Loan Party has the power and
authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower, to obtain extensions of credit hereunder. Each Loan Party has taken all necessary organizational action to
authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the extensions of credit on the terms and conditions of this Agreement. No consent or authorization of,
filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the extensions of credit hereunder or with the execution, delivery, performance, validity or enforceability of
this Agreement or any of the Loan Documents, except (i) consents, authorizations, filings and notices which have been obtained or made and are in full force and effect and (ii) the filings referred to in Section 4.19. Each Loan
Document has been duly executed and delivered on behalf of each Loan Party party thereto. This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party party
thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 
 4.5 No Legal
Bar. The execution, delivery and performance of this Agreement and the other Loan Documents, the issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or any
Organizational Document or Contractual Obligation of any Group Member, except where any such violation could not reasonably be expected to have a Material Adverse Effect and will not result in, or require, the creation or imposition of any Lien on
any of their respective properties or revenues pursuant to any Requirement of Law or any such Contractual Obligation (other than the Liens created by the Security Documents). No Requirement of Law or Contractual Obligation applicable to the Borrower
or any of its Subsidiaries could reasonably be expected to have a Material Adverse Effect. 
 4.6 Litigation. No litigation,
investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Borrower, threatened by or against any Group Member or against any of their respective properties or revenues (a) with
respect to any of the Loan Documents or any of the transactions contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse Effect. 

  
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 4.7 No Default. No Group Member is in default under or with respect to any of its
Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 

4.8 Ownership of Property; Liens. Each Group Member has title in fee simple to, or a valid leasehold interest in, all its real
property, and good title to, or a valid leasehold interest in, all its other property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect, and none of such property is subject to any Lien except as permitted by Section 7.3. 
 4.9
Intellectual Property. Each Group Member owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted. Except for such claims as could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, no claim has been asserted and is pending by any Person challenging or questioning the use of any Intellectual Property or the validity or effectiveness of any Intellectual Property, nor does
the Borrower know of any valid basis for any such claim. Except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the use of Intellectual Property by each Group Member does not infringe on the
rights of any Person. 
 4.10 Taxes. Each Group Member has timely filed or caused to be filed all Federal and state income Tax
returns and any other material Tax returns that have been required to be filed (taking into account extensions) and has timely paid all such Taxes and assessments payable by it which have become due (other than any the amount or validity of which
are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been established); no Liens for Taxes have been filed (other than Liens for Taxes not yet due or the amount or
validity of which are being contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained in conformity with GAAP), and, to the knowledge of the Borrower, as of the date hereof, no
claim is being asserted with respect to any such Tax. 
 4.11 Federal Regulations. No part of the proceeds of any Loans, and no other
extensions of credit hereunder, will be used for purchasing or “carrying” any “margin stock” or to extend credit to others for the purpose of purchasing or carrying margin stock within the respective meanings of each of the
quoted terms under Regulation U as now and from time to time hereafter in effect or for any purpose that violates the provisions of Regulations T, U or X of the Board. No more than 25% of the assets of the Group Members consist of (or after
applying the proceeds of the Loans will consist of) “margin stock” as so defined. If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the
foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. 

4.12 Labor Matters. Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are
no strikes or other labor disputes against any Group Member pending or, to the knowledge of the Borrower, threatened; (b) hours worked by and payment made to employees of each Group Member have not been in violation of the Fair Labor Standards
Act or any other applicable Requirement of Law dealing with such matters; and (c) all payments due from any Group Member on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant
Group Member. 
 4.13 ERISA. Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect: (a) each Group Member and each of their respective ERISA Affiliates is in compliance with the applicable provisions of ERISA and the provisions of the Code relating to Plans and the regulations and published interpretations thereunder;
(b) no ERISA Event or 

  
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Foreign Plan Event has occurred or is reasonably expected to occur; and (c) all amounts required by applicable law with respect to, or by the terms of, any retiree welfare benefit
arrangement maintained by any Group Member or any ERISA Affiliate or to which any Group Member or any ERISA Affiliate has an obligation to contribute have been accrued in accordance with Accounting Standards Codification No. 715-60. Except as
could not reasonably be expected to have a Material Adverse Effect, the present value of all accumulated benefit obligations under each Pension Plan did not, as of the date of the most recent financial statements reflecting such amounts, exceed the
fair market value of the assets of such Pension Plan allocable to such accrued benefits (determined in both cases using the applicable assumptions under Section 430 of the Code and the Treasury Regulations promulgated thereunder), and the
present value of all accumulated benefit obligations of all underfunded Pension Plans did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of all such underfunded Pension
Plans (determined in both cases using the applicable assumptions under Section 430 of the Code and the Treasury Regulations promulgated thereunder). 

4.14 Investment Company Act. No Loan Party is an “investment company”, or a company “controlled” by an
“investment company”, within the meaning of the Investment Company Act of 1940, as amended. 
 4.15 Subsidiaries. As of the
Closing Date, (a) Schedule 4.15 sets forth the name and jurisdiction of incorporation of each Subsidiary and, as to each such Subsidiary, the percentage of each class of Capital Stock owned by any Loan Party and (b) except as disclosed on
Schedule 4.15, there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to
any Capital Stock of the Borrower or any Subsidiary, except as created by the Loan Documents. 
 4.16 Use of Proceeds. The proceeds
of the Revolving Loans and the Letters of Credit shall be used to finance the investment activities, working capital needs and general corporate purposes of the Borrower and its Subsidiaries. 

4.17 Environmental Matters. Except as, individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect: 
 (a) each Group Member is in compliance with all, and has not violated any, applicable Environmental Laws; 

(b) no Group Member has received any notice of violation, alleged violation, non-compliance, liability or potential liability or request for
information regarding compliance with or liability under any Environmental Laws or regarding liability with respect to Materials of Environmental Concern, nor is any Group Member aware of any of the foregoing concerning any property owned, leased or
operated by any Group Member; 
 (c) no Group Member has used, managed, stored, handled, transported, disposed of, or arranged for the
disposal of, any Materials of Environmental Concern in violation of any applicable Environmental Law, or in a manner or at any location that could give rise to liability under, any applicable Environmental Law; 

(d) no litigation, investigation or proceeding of or before any Governmental Authority or arbitrator is pending or, to the knowledge of the
Borrower, threatened, by or against any Group Member or against or affecting any property owned, leased or operated by any Group Member, under any Environmental Law or regarding any Materials of Environmental Concern; nor are there any consent

  
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decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding against any Group Member or against or affecting any
property owned, leased or operated by any Group Member, under any Environmental Law or regarding any Materials of Environmental Concern; 

(e) Materials of Environmental Concern are not present at any property owned, leased or operated by any Group Member under circumstances or
conditions that could result in liability to any Group Member or interfere with the use or operation of any such property; 
 (f) no Group
Member has assumed or retained, by contract or operation of law, any liability under Environmental Laws or regarding Materials of Environmental Concern. 

4.18 Accuracy of Information, etc. No statement or information contained in this Agreement, any other Loan Document, the Confidential
Information Memorandum or any other document, certificate or statement furnished by or on behalf of any Loan Party to the Administrative Agent or the Lenders, or any of them, for use in connection with the transactions contemplated by this Agreement
or the other Loan Documents, contained as of the date such statement, information, document or certificate was so furnished (or, in the case of the Confidential Information Memorandum, as of the date of this Agreement), any untrue statement of a
material fact or omitted to state a material fact necessary to make the statements contained herein or therein not materially misleading. The projections and pro forma financial information contained in the materials referenced above
are based upon good faith estimates and assumptions believed by management of the Borrower to be reasonable at the time made, it being recognized by the Lenders that such financial information as it relates to future events is not to be viewed as
fact and that actual results during the period or periods covered by such financial information may differ from the projected results set forth therein by a material amount. 

4.19 Security Documents. The Guarantee and Collateral Agreement is effective to create in favor of the Administrative Agent, for the
benefit of the Lenders, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. In the case of the Securities (as defined in the Guarantee and Collateral Agreement) that is certificated described in
the Guarantee and Collateral Agreement, when stock certificates representing such Securities are delivered to the Administrative Agent (together with a properly completed and signed stock power or endorsement), and in the case of the other
Collateral described in the Guarantee and Collateral Agreement, when financing statements and other filings specified on Schedule 4.19 in appropriate form are filed in the offices specified on Schedule 4.19 and the other actions specified on
Schedule 4.19 shall have been taken, the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as
security for the Obligations (as defined in the Guarantee and Collateral Agreement), in each case prior and superior in right to any other Person (except Liens permitted by Section 7.3(a), (h) and (n)). 

4.20 Solvency. On the Closing Date, after giving effect to the transactions contemplated hereby (including the borrowing of Revolving
Loans and the issuance of Letters of Credit, if any), the Loan Parties, on a consolidated basis, are Solvent. 
 4.21 Senior
Indebtedness. The Obligations constitute “Senior Indebtedness” of the Borrower. The obligations of each Subsidiary Guarantor under the Guarantee and Collateral Agreement constitute “Guarantor Senior Indebtedness” of such
Subsidiary Guarantor. 
 4.22 Insurance. The properties of the Borrower and its Subsidiaries are insured with financially sound and
reputable insurance companies which are not Affiliates of the Borrower, in such amounts with such deductibles and covering such risks as are customarily carried by companies engaged 

  
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in similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates. 

4.23 Anti-Corruption Laws and Sanctions. The Borrower has implemented and maintains in effect policies and procedures designed to
ensure compliance by the Borrower, its Affiliates and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower and its Affiliates and, to the knowledge of the Borrower, their
respective officers, employees, directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would reasonably be expected to result in the
Borrower being designated as a Sanctioned Person. None of (a) the Borrower, any Affiliate or any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Affiliate that
will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will violate any
Anti-Corruption Law or applicable Sanctions. 
 4.24 Stock Exchange Listing. The shares of common Capital Stock of the REIT Entity
are listed on the New York Stock Exchange. 
 4.25 REIT Status. The REIT Entity has been organized and has operated in conformity
with the requirements for qualification and taxation as a REIT under the Code and all applicable regulations under the Code for each of its taxable years beginning with its taxable year ended December 31, 2009. 

4.26 EEA Financial Institutions. No Loan Party is an EEA Financial Institution. 

SECTION 5. CONDITIONS PRECEDENT 

5.1 Conditions to Initial Extension of Credit. This Agreement shall become effective on and as of the first date on which all of the
following conditions precedent (except to the extent set forth on Schedule 6.16) shall have been satisfied (or waived in accordance with Section 10.1): 

(a) Credit Agreement; Guarantee and Collateral Agreement. The Administrative Agent shall have received (i) this
Agreement, executed and delivered by the Administrative Agent, the Borrower and each Person listed on Schedule 1.1A, (ii) the Guarantee and Collateral Agreement, executed and delivered by the Borrower and each Subsidiary Guarantor and
(iii) an Acknowledgement and Consent in the form attached to the Guarantee and Collateral Agreement, executed and delivered by each Issuer (as defined therein), if any, that is not a Loan Party. 

(b) Closing Date Payments and Reallocation. 

(i) The Borrower shall have paid to the Administrative Agent all interest, letter of credit fees and commitment fees which are
unpaid and accrued to the Closing Date under the Existing Credit Agreement; and 
 (ii) The payments required pursuant to
Section 10.22(b) shall have been made. 
 (c) Financial Statements. The Lenders shall have received audited
consolidated financial statements of the Borrower and its Consolidated Subsidiaries for the 2013, 2014 and 2015 fiscal years; provided that the Borrower may satisfy its obligations with respect to financial information relating to the
Borrower described above by furnishing financial information relating 

  
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to the REIT Entity; provided further that, with respect to the financial statements for the 2015 fiscal year, (x) the same is accompanied by Consolidating Information and
(y) the Consolidating Information shall be certified by a Responsible Officer as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its Consolidated Subsidiaries on a standalone
basis. 
 (d) Approvals. All governmental and third party approvals necessary in connection with the continuing
operations of the Group Members and the transactions contemplated hereby shall have been obtained and be in full force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any competent
authority that would restrain, prevent or otherwise impose adverse conditions on the financing contemplated hereby. 
 (e)
Lien Searches. The Administrative Agent shall have received the results of a recent Lien search with respect to each Loan Party, and such search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by
Section 7.3 or discharged on or prior to the Closing Date pursuant to documentation satisfactory to the Administrative Agent. 

(f) Fees. The Administrative Agent shall have received all fees required to be paid to the Arrangers and the Lenders,
and all expenses for which invoices have been presented (including the reasonable and documented out-of-pocket fees and expenses of legal counsel), on or before the Closing Date. Such amounts may be paid with proceeds of Revolving Loans made on the
Closing Date and, if so, will be reflected in the funding instructions given by the Borrower to the Administrative Agent on or before the Closing Date. 

(g) Closing Certificate; Certified Certificate of Incorporation; Good Standing Certificates. The Administrative Agent
shall have received (i) a certificate of each Loan Party, dated the Closing Date, substantially in the form of Exhibit C, with appropriate insertions and attachments, including the certificate of incorporation of each Loan Party that is a
corporation certified by the relevant authority of the jurisdiction of organization of such Loan Party, and (ii) a long form good standing certificate for each Loan Party from its jurisdiction of organization. 

(h) Legal Opinions. The Administrative Agent shall have received the legal opinion of Hogan Lovells LLP, counsel to the
Borrower and its Subsidiaries. Such legal opinion shall cover such other matters incident to the transactions contemplated by this Agreement as the Administrative Agent may reasonably require. 

(i) Pledged Stock; Stock Powers. The Administrative Agent shall have received the certificates (if any) representing the
shares of Capital Stock pledged pursuant to the Guarantee and Collateral Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof. 

(j) Filings, Registrations and Recordings. Each document (including any Uniform Commercial Code financing
statement) required by the Security Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Lenders, a
perfected Lien on the Collateral described therein, prior and superior in right to any other Person (other than with respect to Liens expressly permitted by Section 7.3), shall be in proper form for filing, registration or recordation. 

(k) Certificates. 

  
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 (i) a certificate of a Responsible Officer of each Loan Party either
(A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such
consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required. 

(ii) a Compliance Certificate executed by a Responsible Officer of the Borrower, giving pro forma effect to the effectiveness
of this Agreement. 
 (iii) a certificate signed by a Responsible Officer of the Borrower (x) certifying (A) that
the conditions specified in this Section 5 have been satisfied (other than with respect to the satisfaction of the Administrative Agent or any Lender) and (B) that, since December 31, 2015, there has been no development or event that
has had or could reasonably be expected to have a Material Adverse Effect on (1) the business, assets, financial condition or results of operations of (a) the Borrower or (b) the Borrower, its Subsidiaries and any of the entities in
which they have invested directly or indirectly, taken as a whole or (2) the facts and information, taken as a whole, regarding any such entities as heretofore disclosed to the Administrative Agent and the Lenders and (y) certifying that
the Borrower has delivered true and correct copies of the operating agreements, partnership agreements or other applicable organizational documents of each Affiliated Investor in which all or a portion of its Capital Stock are owned directly by a
Loan Party. 
 (iv) a certificate signed by a Responsible Officer of the Borrower setting forth a reasonably detailed
calculation of the Maximum Permitted Outstanding Amount as of the Closing Date. 
 (l) Solvency. The Administrative
Agent shall have received a certificate from the chief financial officer or treasurer of the Borrower, in form and substance reasonably acceptable to the Administrative Agent certifying that the Company and its Subsidiaries, on a consolidated basis
after giving effect to this Agreement and the transactions contemplated hereby (including the borrowing of Revolving Loans, if any) are Solvent as of the Closing Date. 

(m) KYC Information. The Lenders shall have received, to the extent requested by the Administrative Agent in writing at
least 10 days prior to the Closing Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, in
each case at least five (5) days prior to the Closing Date. 
 (n) Representations and Warranties; No Default.
The conditions set forth in Section 5.2(a) and (b) shall have been satisfied. 
 (o) Insurance. The
Administrative Agent shall have received evidence of insurance required to be maintained pursuant to the Loan Documents. 
 For the purpose of determining
compliance with the conditions specified in this Section 5.1, each Lender that has signed this Agreement shall be deemed to have accepted, and to be satisfied with, each document or other matter required under this Section 5.1 unless the
Administrative Agent shall have received written notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

5.2 Conditions to Each Extension of Credit. The agreement of each Lender to make any extension of credit requested to be made by it on
any date (including its initial extension of credit) is 

  
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subject to the satisfaction (or waiver in accordance with Section 10.1) of the following conditions precedent: 

(a) Representations and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to
the Loan Documents shall be true and correct in all material respects (or, if such representations and warranties are qualified by materiality, in all respects) on and as of such date as if made on and as of such date (except that any
representations and warranties which expressly relate to an earlier date shall be true and correct in all material respects (or, if such representations and warranties are qualified by materiality, in all respects) as of such earlier date). 

(b) No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect
to the extensions of credit requested to be made on such date. 
 (c) No Bridge Loans. No Indebtedness incurred
pursuant to Section 7.2(h) shall remain outstanding. 
 Each borrowing by and issuance of a Letter of Credit on behalf of the Borrower hereunder shall
constitute a representation and warranty by the Borrower as of the date of such extension of credit that the conditions contained in this Section 5.2 have been satisfied. 

SECTION 6. AFFIRMATIVE COVENANTS 

The Borrower hereby agrees that, until Payment in Full, the Borrower shall and shall cause each of its Subsidiaries to: 

6.1 Financial Statements. Furnish to the Administrative Agent for distribution to each Lender: 

(a) as soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, a copy of the
audited consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of income and of cash flows for such year, setting forth in each case in comparative form
the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit (except for any going concern exception or explanatory paragraph that is
expressly solely with respect to, or expressly resulting solely from, the upcoming Revolving Termination Date occurring within one year from the time such report is delivered), by Ernst & Young LLP or other independent certified public
accountants of nationally recognized standing; and 
 (b) as soon as available, but in any event not later than 45 days after
the end of each of the first three quarterly periods of each fiscal year of the Borrower, the unaudited consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated
statements of income and of cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year, certified by a Responsible Officer as
presenting fairly in all material respects the financial condition and results of operations of the Borrower and its Consolidated Subsidiaries (subject to normal year-end audit adjustments and the lack of
footnotes). 

  
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 All such financial statements shall be prepared in reasonable detail and in accordance with GAAP applied (except
as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently throughout the periods reflected therein and with prior periods. 

Notwithstanding the foregoing, the Borrower will be permitted to satisfy its obligations with respect to financial information relating to the Borrower
described in clauses (a) and (b) above by furnishing financial information relating to the REIT Entity; provided that (i) the same is accompanied by consolidating information that explains in reasonable detail the differences
between the information relating to the REIT Entity and its Consolidated Subsidiaries, on the one hand, and the information relating to the Borrower and its Consolidated Subsidiaries on a standalone basis, on the other hand, with respect to the
consolidated balance sheet and income statement (“Consolidating Information”) and (ii) the Consolidating Information shall be certified by a Responsible Officer as presenting fairly in all material respects the financial
condition and results of operations of the Borrower and its Consolidated Subsidiaries on a standalone basis. 
 6.2 Certificates; Other
Information. Furnish to the Administrative Agent for distribution to each Lender (or, in the case of clause (g), to the relevant Lender): 

(a) as soon as available, but in any event not later than 90 days after the end of each fiscal year of the Borrower, to the
extent consistent with the policy of the independent certified public accountants reporting on the financial statements referred to in Section 6.1(a), a certificate of such independent certified public accountants stating that in making the
examination necessary therefor no knowledge was obtained of any Event of Default pursuant to Section 7.1, except as specified in such certificate; 

(b) as soon as available, but in any event not later than 90 days after the end of each fiscal year of the Borrower and 45 days
after the end of each of the first three quarterly periods of each fiscal year of the Borrower, (i) a certificate of a Responsible Officer stating that such Responsible Officer has obtained no knowledge of any Default or Event of Default except
as specified in such certificate and (ii) (x) a Compliance Certificate containing calculations necessary for determining compliance by each Group Member with the provisions of Section 7.1 as of the last day of the fiscal quarter or
fiscal year of the Borrower, as the case may be and (y) to the extent not previously disclosed to the Administrative Agent, (1) a description of any change in the jurisdiction of organization of any Loan Party, (2) a list of any
Capital Stock acquired by any Loan Party (or a structure chart depicting such Capital Stock), (3) a description of any Person that has become a Wholly-Owned Subsidiary that is a Domestic Subsidiary (other than an Excluded Subsidiary) (or a
structure chart depicting such Persons) and (4) a description of any Person that has become an Excluded Subsidiary of the type described in clause (ii) of the definition of “Excluded Subsidiary”, in each case since the date of
the most recent report delivered pursuant to this clause (y) (or, in the case of the first such report so delivered, since the Closing Date); 

(c) as soon as available, but in any event no later than 90 days after the end of each fiscal year of the Borrower, a detailed
consolidated budget for the following fiscal year (including a projected consolidated balance sheet of the Borrower and its Subsidiaries as of the end of the following fiscal year, the related consolidated statements of projected cash flow and
projected income and a description of the underlying assumptions applicable thereto) (collectively, the “Projections”), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such
Projections are prepared in good faith based upon assumptions believed to be reasonable at the time furnished (it being recognized that such Projections are not to be viewed as facts and that actual results during the period or periods

  
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covered by any such Projections may differ from the projected results, and such differences may be material); 

(d) as soon as available, but in any event no later than 90 days after the end of each fiscal year of the Borrower and 45 days
after the end of each of the first three quarterly periods of each fiscal year of the Borrower, a certificate of a Responsible Officer setting forth a reasonably detailed calculation of the Maximum Permitted Outstanding Amount on the last date of
the relevant period covered by the financial statements for such fiscal period (including (i) a list of each Investment Asset owned by any Colony Fund and the pro rata share of such Investment Asset that is attributable to the applicable Loan
Party or Affiliated Investor’s limited partnership interest, limited liability company membership interest or other similar equity interest in such Colony Fund as determined in accordance with clause (xiii) of the proviso to the definition
of “Maximum Permitted Outstanding Amount” and (ii) operating results of the investment management segment which details the components of Fee-Related Earnings and any other information necessary to determine Fee-Related Earnings);
provided that in the event that the Total Revolving Extensions of Credit outstanding at any time exceeds 90% of the Maximum Permitted Outstanding Amount at such time, the Borrower shall provide such certificates to the Administrative Agent on
demand; 
 (e) promptly after the same are sent, copies of all financial statements and reports that the Borrower sends to
the holders of any class of its debt securities or public equity securities and, promptly after the same are filed, copies of all financial statements and reports that the Borrower may make to, or file with, the SEC; 

(f) promptly following receipt thereof, copies of (i) any documents described in Section 101(k) or 101(l) of ERISA
that any Group Member or any ERISA Affiliate may request with respect to any Multiemployer Plan or any plan funding notice described in Section 101(f) of ERISA with respect to any Pension Plan or any Multiemployer Plan provided to or received
by any Group Member or any ERISA Affiliate; provided, that if the relevant Group Members or ERISA Affiliates have not received or requested, as applicable, such documents or notices from the administrator or sponsor of the applicable
Multiemployer Plans, then, upon reasonable request of the Administrative Agent, such Group Member or the ERISA Affiliate shall promptly make a request for such documents or notices from such administrator or sponsor and the Borrower shall provide
copies of such documents and notices to the Administrative Agent promptly after receipt thereof; and 
 (g) promptly, such
additional financial and other information (including, for the avoidance of doubt, asset-level data) as the Administrative Agent or any Lender may from time to time reasonably request; provided that in no event shall the Borrower or any Subsidiary
be required to disclose information (x) to the extent that such disclosure to the Administrative Agent or such Lender violates any bona fide contractual confidentiality obligations by which it is bound, so long as (i) such obligations were
not entered into in contemplation of this Agreement or any other Loan Document, and (ii) such obligations are owed by it to a third party, or (y) if such information is subject to attorney-client privilege and as to which the Borrower or
the applicable Subsidiary has been advised by counsel that the provision of such information to the Administrative Agent or such Lender would give rise to a waiver of such attorney-client privilege. 

Information required to be delivered pursuant to Section 6.1 and clause (e) of this Section 6.2 shall be deemed to have been
delivered if such information, or one or more annual or quarterly 

  
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reports containing such information, shall be available on the website of the Borrower or the REIT Entity or the SEC at http://www.sec.gov. 

6.3 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may
be, all its material obligations in respect of Tax liabilities and other governmental charges, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP
with respect thereto have been provided on the books of the relevant Group Member. 
 6.4 Maintenance of Existence; Compliance.
(a)(i) Preserve, renew and keep in full force and effect its organizational existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in
each case, as otherwise permitted by Section 7.4 and except, in the case of this clause (ii), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (b) comply with all Contractual
Obligations and Requirements of Law except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures
designed to ensure compliance by the Borrower, its Affiliates and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

6.5 Maintenance of Property; Insurance. (a) Except as could not, in the aggregate, reasonably be expected to have a Material
Adverse Effect, keep all property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted and (b) maintain with financially sound and reputable insurance companies insurance on all its property
in at least such amounts and against at least such risks (but including in any event public liability, product liability and business interruption) as are usually insured against in the same general area by companies engaged in the same or a similar
business. 
 6.6 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account (in which
full, true and correct entries shall be made of all material financial transactions and matters involving the assets and business of the Borrower and its Subsidiaries) in a manner that permits the preparation of financial statements in conformity
with GAAP and all Requirements of Law and (b) permit representatives of the Administrative Agent or any Lender to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time
during normal business hours and as often as may reasonably be desired, upon reasonable advance notice to the Borrower and to discuss the business, operations, properties and financial and other condition of the Group Members with officers and
employees of the Group Members and with their independent certified public accountants; provided, however, that so long as no Event of Default exists, the Administrative Agent on behalf of the Lenders shall be permitted to make only
one (1) such visit per fiscal year at the expense of the Borrower. 
 6.7 Notices. Promptly upon a Responsible Officer becoming
aware of the occurrence of any of the following events, give notice to the Administrative Agent for distribution to the Lenders: 

(a) of the occurrence of any Default or Event of Default; 

(b) of any (i) default or event of default under any Contractual Obligation of any Group Member or (ii) litigation,
investigation or proceeding that may exist at any time between any Group Member and any Governmental Authority, that in either case, if not cured or if adversely determined, as the case may be, could reasonably be expected to have a Material Adverse
Effect; 

  
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 (c) of any litigation or proceeding affecting any Group Member (i) which
could reasonably be expected to have a Material Adverse Effect and is not covered by insurance, (ii) in which injunctive or similar relief is sought or (iii) which relates to any Loan Document; 

(d) of the occurrence of any ERISA Event or Foreign Plan Event that, alone or together with any other ERISA Events and/or
Foreign Plan Events that have occurred, could reasonably be expected to have a Material Adverse Effect; 
 (e) if at any time
the Total Revolving Extensions of Credit outstanding exceeds 90% of the Maximum Permitted Outstanding Amount; 
 (f) of any
Trigger Event; and 
 (g) of any development or event that has had or could reasonably be expected to have a Material Adverse
Effect. 
 Each notice pursuant to this Section 6.7 shall be accompanied by a statement of a Responsible Officer setting forth details of the
occurrence referred to therein and stating what action the relevant Group Member proposes to take with respect thereto. 
 6.8
Environmental Laws. (a) Comply with, and ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply with and maintain, and ensure that all tenants and subtenants obtain and
comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws to continue activities as currently conducted; and 

(b) Generate, use, treat, store, release, transport, dispose of, and otherwise manage all Materials of Environmental Concern in a manner that
does not result in liability to any Group Member and does not impair the use of any property owned, leased or operated by any Group Member, and take reasonable efforts to prevent any other Person from generating, using, treating, storing, releasing,
transporting, disposing of, or otherwise managing Materials of Environmental Concern in a manner that could result in a liability to, or impair the use of any real property owned, leased or operated by, any Group Member; 

it being understood that this Section 6.8 shall be deemed not breached by a noncompliance with any of the foregoing (a) or (b) provided
that such non-compliance, in the aggregate with any other such non-compliance, could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

6.9 Maintenance of REIT Status; New York Stock Exchange Listing. The REIT Entity will at all times maintain its status as a REIT in
compliance with the Code and all applicable regulations under the Code. The REIT Entity will also at all times be listed on the New York Stock Exchange. 

6.10 Additional Collateral, etc. (a) With respect to any property acquired after the Closing Date by any Loan Party that is
property of the type which would otherwise constitute Collateral subject to the Lien created by any of the Security Documents but is not yet so subject (including, without limitation, (x) all Capital Stock held by any Loan Party in any newly
formed or acquired Subsidiary of the Borrower and (y) all Capital Stock held by any Loan Party in any Affiliated Investor) (collectively, the “After-Acquired Property”), promptly but in any event within 60 days after the end of
the fiscal year during which such property was acquired (or by such later date as the Administrative Agent may agree in its sole discretion) (i) execute and deliver to the Administrative Agent such amendments to the Guarantee

  
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and Collateral Agreement or such other documents as the Administrative Agent may reasonably request to grant to the Administrative Agent, for the benefit of the Lenders, a security interest in
such property and (ii) take all actions necessary or reasonably requested to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in such property, including (A) the filing of
Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent and (B) the delivery of the certificates (if any)
representing any such Capital Stock acquired (together with undated stock powers or other appropriate instruments of transfer executed and delivered in blank by a duly authorized officer of the holder(s) of such Capital Stock); provided that
to extent that the documents described in clause (i) of this clause (a) have not been executed and delivered or the actions described in clause (ii) of this clause (a) have not been taken, in each case, with respect to any
After-Acquired Property with an aggregate value in excess of 5.0% of the Total Asset Value at any time, the Borrower shall cause the requirements set forth in clauses (i) and (ii) of this clause (a) to be met within 60 days after the
end of the fiscal quarter during which such limit was exceeded to the extent necessary to eliminate such excess. 
 (b) With respect to any
new Wholly Owned Subsidiary that is a Domestic Subsidiary (other than an Excluded Subsidiary or an Excluded Foreign Subsidiary) created or acquired after the Closing Date by any Group Member (which, for the purposes of this paragraph (b), shall
include any existing Subsidiary that ceases to be an Excluded Subsidiary or Excluded Foreign Subsidiary) (collectively, the “New Subsidiaries”), promptly but in any event within 60 days after the end of the fiscal year during which
such New Subsidiary was created or acquired (or by such later date as the Administrative Agent may agree in its sole discretion), (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as
the Administrative Agent may reasonably request to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such New Subsidiary that is owned by any Group Member,
(ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Group Member, (iii) cause such New
Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or reasonably requested to grant to the Administrative Agent for the benefit of the Lenders a perfected first priority
security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such New Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the
Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent and (C) to deliver to the Administrative Agent a certificate of such New Subsidiary, substantially in the form of Exhibit C, with
appropriate insertions and attachments and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from
counsel, reasonably satisfactory to the Administrative Agent; provided that to extent that such New Subsidiaries that have not yet executed and delivered the documents and taken the actions described in clauses (i) through (iv) of
this clause (b) have assets with an aggregate value in excess of 5.0% of the Total Asset Value at any time, the Borrower shall cause such New Subsidiaries to comply with clauses (i) through (iv) of this clause (b) within 60 days
after the end of the fiscal quarter during which such limit was exceeded to the extent necessary to eliminate such excess. 
 (c) With
respect to any new Excluded Foreign Subsidiary created or acquired after the Closing Date directly by any Loan Party, promptly but in any event within 60 days after the end of the fiscal year during which such New Excluded Foreign Subsidiary was
created or acquired (or by such later date as the Administrative Agent may agree in its sole discretion) (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent
may reasonably request to grant to the Administrative Agent, for the benefit of the Lenders, a 

  
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perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any Loan Party (provided that in no event shall more than 66% of the total
outstanding voting Capital Stock, as determined for U.S. federal income tax purposes, of any such new Subsidiary be required to be so pledged), and (ii) deliver to the Administrative Agent the certificates (if any) representing such Capital
Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, and take such other action as may be necessary or reasonably requested by the Administrative Agent to perfect the
Administrative Agent’s security interest therein and (iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance,
and from counsel, reasonably satisfactory to the Administrative Agent. Notwithstanding the foregoing or any other provision of the Loan Documents, the Loan Parties shall not be required to undertake such perfection actions in any jurisdictions
outside the United States. 
 (d) Notwithstanding anything set forth herein or any of the other Loan Documents, with respect to any
Collateral that is not included in the calculation of the Maximum Permitted Outstanding Amount, the Loan Parties shall not be required to obtain third party acknowledgements, agreements or consents in support of the creation, perfection or
enforcement of security interests in such Collateral. In addition, the requirements of this Section 6.10 shall not apply to any assets or Subsidiaries created or acquired after the Closing Date, as applicable, as to which the Administrative
Agent has reasonably determined, and has advised the Borrower, that such requirements need not be satisfied because, inter alia, the collateral value thereof is insufficient to justify the difficulty, time and/or expense of obtaining a
perfected security interest therein. 
 6.11 Use of Proceeds. The proceeds of the Loans shall be used to finance the investment
activities, working capital needs and general corporate purposes of the Borrower and its Subsidiaries. 
 6.12 Information Regarding
Collateral. The Borrower shall provide prompt (but in any event within ten (10) days of any such change) written notice to the Administrative Agent of any change (i) in any Loan Party’s legal name, (ii) in the location of any
Loan Party’s chief executive office, (iii) in any Loan Party’s identity or type of organization, (iv) in any Loan Party’s Federal Taxpayer Identification Number (or equivalent thereof), or (v) in any Loan Party’s
jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), in each case, clearly describing such change and providing
such other information in connection therewith as the Administrative Agent may reasonably request. Prior to effecting any such change, the Borrower shall have taken (or will take on a timely basis) all action required to maintain the perfection and
priority of the security interest of the Administrative Agent in the Collateral, if applicable. The Borrower agrees to promptly provide the Administrative Agent with certified organization documents reflecting any of the changes described in the
preceding sentence, to the extent applicable. 
 6.13 Organization Documents of Affiliated Investors. The Borrower shall provide the
Administrative Agent with a copy of the organization documents of each Affiliated Investor promptly upon request by the Administrative Agent. 

6.14 Distribution Accounts. (a) The Borrower shall irrevocably instruct each Affiliated Investor that directly or indirectly owns
an Investment Asset or receives any Fee-Related Earnings, to make any and all Distributions from such Affiliated Investor that are payable to any Loan Party into one or more deposit accounts or securities accounts, as applicable, that is subject to
a Control Agreement and maintained by such Loan Party at JPMorgan Chase Bank, N.A. or an Affiliate thereof (each such deposit account and securities account, a “Distribution Account”). In addition, the Borrower

  
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shall irrevocably instruct each Affiliated Investor that directly or indirectly receives any Fee-Related Earnings from a Colony Fund to distribute such Fee-Related Earnings to a Loan Party, which
Distribution of such Fee-Related Earnings shall be deposited directly into the Distribution Account of such Loan Party in accordance with the foregoing sentence. If, despite such instructions, any Distribution is received by a Loan Party in
contravention of the prior sentences, such Loan Party shall receive such Distribution in trust for the benefit of the Administrative Agent, and the Borrower shall cause such Loan Party to segregate such Distribution from all other funds of such Loan
Party and shall within two (2) Business Days following receipt thereof cause such Distribution to be deposited into a Distribution Account. 

(b) The Borrower and each Subsidiary Guarantor that owns and holds any Investment Asset or directly or indirectly receives any Fee-Related
Earnings from a Colony Fund shall promptly (and in any event within two (2) Business Days) deposit any and all payments and other amounts received by the Borrower or such Subsidiary Guarantor (i) relating to such Investment Asset or
received by any Affiliated Investor that, directly or indirectly, owns such Investment Asset (including, without limitation, all payments of principal, interest, fees, indemnities or premiums in respect of such Investment Asset, and all proceeds
from the sale or other disposition of, or from any exercise of any rights or remedies with respect to, such Investment Asset) or (ii) constituting Fee-Related Earnings into a Distribution Account. 

(c) Notwithstanding the foregoing, the Borrower and each other Loan Party shall have the right (i) to access and make withdrawals from
its Distribution Account at any time unless an Event of Default shall have occurred and be continuing and the Administrative Agent shall have blocked access to such Distribution Account and (ii) in the case that an Event of Default shall have
occurred and be continuing and the Administrative Agent shall have blocked access to such Distribution Account, to access and make withdrawals from its Distribution Account as necessary to make the distributions contemplated by Section 7.6(e)
so long as no Event of Default has occurred pursuant to Section 8(a) or 8(f). 
 6.15 Valuation. The Borrower shall determine
the Adjusted Net Book Value of each Investment Asset included in the Maximum Permitted Outstanding Amount on a quarterly basis, consistent with the Borrower’s valuation policy as of the Closing Date. 

6.16 Post-Closing Obligations. As promptly as practicable, and in any event within the applicable time period set forth in Schedule
6.16 (or by such later date as the Administrative Agent may agree in its sole discretion), the Borrower and each other Loan Party will deliver or cause to be delivered to the Administrative Agent all documents and take all actions set forth on
Schedule 6.16. 
  
 SECTION 7. NEGATIVE COVENANTS 

The Borrower hereby agrees that, until Payment in Full, the Borrower shall not, and shall not permit any of its Subsidiaries to, directly or
indirectly: 
 7.1 Financial Condition Covenants. 

(a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio of the Borrower at any time to exceed 0.65 to 1.00. 

(b) Minimum Interest Coverage Ratio. Permit the Interest Coverage Ratio at any time to be less than 3.00 to 1.00. 

  
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 (c) Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge
Coverage Ratio for any period of four consecutive fiscal quarters of the Borrower to be less than 1.50 to 1.00. 
 (d) Consolidated
Tangible Net Worth. Permit Consolidated Tangible Net Worth at any time to be less than the sum of (i) $1,914,624,000 and (ii) 75% of the Net Cash Proceeds received by the Borrower (x) from any offering by the Borrower of its
common equity and (y) from any offering by the REIT Entity of its common equity to the extent such Net Cash Proceeds are contributed to the Borrower, excluding any such Net Cash Proceeds that are contributed to the Borrower within 90 days of
receipt of such Net Proceeds and applied to purchase, redeem or otherwise acquire Capital Stock issued by the Borrower (or any direct or indirect parent thereof). 

(e) Maximum Permitted Outstanding Amount. Permit the Total Revolving Extensions of Credit at any time to exceed the Maximum Permitted
Outstanding Amount at such time. 
 7.2 Indebtedness. Create, issue, incur, assume, become liable in respect of or suffer to exist
any Indebtedness, except: 
 (a) Indebtedness of any Loan Party pursuant to any Loan Document; 

(b) Indebtedness of (i) the Borrower to any Subsidiary, (ii) any Subsidiary Guarantor to the Borrower or any other
Subsidiary and (iii) to the extent constituting an Investment permitted by Section 7.7, any Subsidiary to the Borrower or any other Subsidiary; 

(c) Guarantee Obligations by the Borrower or any of its Subsidiaries of obligations of any Subsidiary to the extent
constituting an Investment permitted by Section 7.7 (other than pursuant to Section 7.7(c)); provided however, that in the case of a Guarantee Obligation by an Unconsolidated Subsidiary of obligations of any person that is not an
Unconsolidated Subsidiary, such Guarantee Obligation shall be included in the calculation of Consolidated Total Debt hereunder; 

(d) Indebtedness outstanding on the date hereof and listed on Schedule 7.2(d) and any refinancings, refundings, renewals or
extensions thereof (without increasing, or shortening the maturity of, the principal amount thereof); 
 (e) Indebtedness
(including, without limitation, Capital Lease Obligations and Indebtedness incurred to finance the acquisition, construction or development of any fixed or capital assets (except to the extent incurred with respect to any Investment Asset)) secured
by Liens permitted by Section 7.3(g) in an aggregate principal amount not to exceed $50,000,000 at any one time outstanding; 

(f) Non-Recourse Indebtedness (including any Subscription Line Indebtedness that constitutes Non-Recourse Indebtedness) of
Subsidiaries that are not Loan Parties and any Non-Recourse Pledge; provided that after giving pro forma effect to the incurrence of such Non-Recourse Indebtedness or Non-Recourse Pledge, as applicable, the Borrower shall be in compliance
with Section 7.1; 
 (g) unsecured Indebtedness of the Borrower or any other Loan Party; provided that
(i) such unsecured Indebtedness shall mature no earlier than the date that is 91 days following the Latest Termination Date (and shall not require any payment of principal prior to such date other than any provision requiring a mandatory
prepayment or an offer to purchase such Indebtedness 

  
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as a result of a change of control, asset sale, casualty event or de-listing of common stock) and (ii) after giving pro forma effect to the incurrence of such unsecured Indebtedness, the
Borrower shall be in compliance with Section 7.1(a); 
 (h) unsecured Indebtedness of the Borrower or any other Loan
Party not otherwise permitted hereunder; provided that (i) at the time such Indebtedness is incurred and during the period such Indebtedness continues to remain outstanding, there are no Revolving Extensions of Credit outstanding
(provided that, if there are Revolving Extensions of Credit outstanding immediately prior to the time such Indebtedness is incurred, such Loans shall be paid in full and any outstanding Letters of Credit shall have been cash collateralized in
accordance with the procedures set forth in Section 8.1, in each case prior to or simultaneously with the incurrence of such Indebtedness), (ii) no Default shall have occurred or be continuing or would result therefrom and (iii) such
Indebtedness shall not have a maturity date that is later than two (2) years after the initial incurrence thereof; 

(i) Specified GAAP Reportable B Loan Transactions; provided that after giving pro forma effect to the incurrence of such
Specified GAAP Reportable B Loan Transactions, no Default shall have occurred or be continuing or would result therefrom; 

(j) Permitted Warehouse Indebtedness; provided that after giving pro forma effect to the incurrence of such Permitted
Warehouse Indebtedness, no Default shall have occurred or be continuing or would result therefrom; 
 (k) Indebtedness in
respect of netting services, automatic clearinghouse arrangements, overdraft protections, employee credit card programs and other cash management and similar arrangements in the ordinary course of business and any guarantees thereof or the honoring
by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided that any such Indebtedness is extinguished within 30 days; 

(l) Indebtedness incurred by the Borrower or any Subsidiary (including obligations in respect of letters of credit, bank
guarantees, warehouse receipts or similar instruments issued or created in the ordinary course of business) owed to any Person providing workers compensation, health, disability or other employee benefits or property, casualty or liability
insurance; 
 (m) obligations in respect of performance, bid, appeal and surety bonds and performance and completion
guarantees (not for borrowed money) and similar obligations provided by the Borrower or any Subsidiary in each case in the ordinary course of business or consistent with past practice; 

(n) additional Indebtedness of the Borrower or any of its Subsidiaries in an aggregate principal amount (for the Borrower and
all Subsidiaries) not to exceed $25,000,000 at any one time outstanding; 
 (o) the Convertible Notes and Guarantee
Obligations of the Borrower in respect of the Convertible Notes or any Additional Convertible Notes issued by the REIT Entity; provided that, simultaneously with the effectiveness of such Guarantee Obligations in respect of the Convertible
Notes or any Additional Convertible Notes, the REIT Guaranty shall become effective; and 

  
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 (p) Subscription Line Indebtedness; provided that after giving pro forma
effect to the incurrence of such Subscription Line Indebtedness, no Default shall have occurred or be continuing or would result therefrom. 

7.3 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, whether now owned or hereafter acquired, except:

 (a) Liens for Taxes not yet due or the amount or validity of which are being contested in good faith by appropriate
proceedings, provided that adequate reserves with respect thereto are maintained in conformity with GAAP; 
 (b)
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business that are not overdue for a period of more than 30 days or that are being contested in good
faith by appropriate proceedings; 
 (c) pledges or deposits in connection with workers’ compensation, unemployment
insurance and other social security legislation; 
 (d) deposits to secure the performance of bids, trade contracts (other
than for borrowed money), leases, statutory obligations (other than any such obligation imposed pursuant to Section 430(k) of the Code or Sections 303(k) or 4068 of ERISA), surety and appeal bonds, performance bonds and other obligations of a
like nature incurred in the ordinary course of business; 
 (e) (i) easements, rights-of-way, restrictions and other
similar encumbrances incurred in the ordinary course of business that, in the aggregate, do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the
Borrower or any of its Subsidiaries and (ii) other Liens encumbering any Commercial Real Estate Ownership Investment that do not secure Indebtedness for borrowed money or Indebtedness constituting seller financing; 

(f) Liens in existence on the date hereof listed on Schedule 7.3(f), securing Indebtedness permitted by Section 7.2(d),
provided that no such Lien is spread to cover any additional property after the Closing Date and that the amount of Indebtedness secured thereby is not increased; 

(g) Liens securing Indebtedness of the Borrower or any Subsidiary incurred pursuant to Section 7.2(e) to finance the
acquisition, construction or development of fixed or capital assets, provided that (i) such Liens shall be created within 270 days of the acquisition of such fixed or capital assets, (ii) such Liens do not at any time encumber any
property other than the property financed by such Indebtedness and (iii) the amount of Indebtedness secured thereby is not increased; 

(h) Liens created pursuant to the Security Documents; 

(i) any interest or title of a lessor under any lease entered into by the Borrower or any Subsidiary in the ordinary course of
its business and covering only the assets so leased; 
 (j) Liens securing Non-Recourse Indebtedness permitted under
Section 7.2(f); provided that (i) such Liens do not at any time encumber any Collateral or Fee-Related Earnings and (ii) such Liens do not encumber any assets other than assets of any non-Loan Party that incurred such
Non-Recourse Indebtedness (which, for clarity, may include assets of any non-Loan Party guarantor of such Non-Recourse Indebtedness) or any Loan Party that is limited to a Non-

  
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Recourse Pledge; provided that such Liens may be extended to other assets solely in connection with (x) an increase in the amount of such financing (such as in the form of incremental
extensions of credit or the consummation of a refinancing) in an amount that is reasonably proportional to the value of the additional collateral or (y) a substitution of collateral supporting such Non-Recourse Indebtedness with replacement
collateral of reasonably equivalent value, in each case as determined by the Borrower in its commercially reasonable discretion giving due regard to general market conditions at the time of such increase or refinancing; 

(k) Liens on cash and Cash Equivalents securing obligations arising under Swap Agreements that are permitted pursuant to
Section 7.11, provided that at no time shall the aggregate amount of cash and Cash Equivalents subject to such Liens exceed $20,000,000; 

(l) Liens deemed to exist pursuant to Specified GAAP Reportable B Loan Transactions permitted pursuant to Section 7.2(i)
solely to the extent encumbering the assets consisting of “A-Notes” related thereto; 
 (m) Liens securing
Permitted Warehouse Indebtedness of the Borrower or any Subsidiary incurred pursuant to Section 7.2(j), solely to the extent encumbering (i) the Commercial Real Estate Debt Investments financed thereby or (ii) Capital Stock of the
Permitted Warehouse Borrower pursuant to a Permitted Warehouse Equity Pledge; 
 (n) Liens securing judgments for the payment
of money not constituting an Event of Default under Section 8(h); 
 (o) any Lien existing on any property or asset
prior to the acquisition thereof by the Borrower or any Subsidiary, provided that (i) such Lien is not created in contemplation of or in connection with such acquisition, and (ii) such Lien does not apply to any other property or
assets of the Borrower or any Subsidiary; 
 (p) Liens (i) of a collection bank arising under Section 4-210 of the
Uniform Commercial Code on the items in the course of collection and (ii) in favor of a banking or other financial institution arising as a matter of law encumbering deposits or other funds maintained with a financial institution (including the
right of set off) and which are within the general parameters customary in the banking industry; provided that such liens, rights or remedies are not security for or otherwise related to Indebtedness; 

(q) Liens arising from precautionary Uniform Commercial Code financing statement or similar filings; 

(r) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 

(s) Liens solely on any cash earnest money deposits made by the Borrower or any Subsidiary in connection with any acquisition
permitted hereunder; 
 (t) Liens not otherwise permitted by this Section so long as the aggregate outstanding principal
amount of the obligations secured thereby (as to the Borrower and all Subsidiaries) does not exceed $10,000,000 at any one time; 

(u) to the extent constituting a Lien, obligations restricting the sale or other transfer of assets pursuant to commercially
reasonable “tax protection” (or similar) agreements entered into 

  
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with limited partners or members of the Borrower or of any other Subsidiary of the REIT Entity in a so-called “DownREIT Transaction”; and 

(v) Liens on the assets described in clause (ii) of the definition of Subscription Line Indebtedness securing Subscription
Line Indebtedness of a Colony Fund incurred pursuant to Section 7.2(p); provided that, for the avoidance of doubt, the Liens permitted pursuant to this clause (v) shall not encumber any Collateral, any Investment Asset or any Capital Stock
of a Loan Party or an Affiliated Investor. 
 provided that, notwithstanding the foregoing, in no event shall any Liens (other than Liens permitted
pursuant to clauses (a), (h), (n) and (u) above) encumber any of the Collateral. 
 7.4 Fundamental Changes. Enter into any
merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its property or business, except that: 

(a) any Subsidiary of the Borrower may be merged or consolidated with or into the Borrower (provided that the Borrower
shall be the continuing or surviving corporation) or with or into any Subsidiary Guarantor (provided that in the case of any Loan Party merging with a Subsidiary that is not a Loan Party, the surviving entity shall be or become, substantially
simultaneously therewith, a Loan Party); 
 (b) any non-Loan Party Subsidiary may be merged or consolidated with or into any
other non-Loan Party Subsidiary; 
 (c) (i) any Subsidiary of the Borrower may Dispose of all or substantially all of
its assets to the Borrower or any Loan Party (upon voluntary liquidation or otherwise), (ii) any non-Loan Party Subsidiary may Dispose of all or substantially all of its assets to another non-Loan Party Subsidiary (upon voluntary liquidation or
otherwise) or (iii) Borrower or any Subsidiary of the Borrower may Dispose of all or substantially all of its assets pursuant to a Disposition permitted by Section 7.5; provided that any such Disposition by the Borrower must be to
another Loan Party; 
 (d) any Investment permitted by Section 7.7 may be structured as a merger, consolidation or
amalgamation; and 
 (e) any Subsidiary that has no material assets may be dissolved or liquidated. 

7.5 Disposition of Property. Dispose of any of its property, whether now owned or hereafter acquired, or, in the case of any Subsidiary
of the Borrower, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except: 
 (a) the
Disposition of obsolete or worn out property in the ordinary course of business; 
 (b) the sale of inventory in the ordinary
course of business; 
 (c) Dispositions permitted by clauses (i) and (ii) of Section 7.4(c); 

(d) the sale or issuance of any Subsidiary’s Capital Stock to the Borrower or any Subsidiary Guarantor; and 

  
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 (e) the Disposition of other property including the sale or issuance of any
Subsidiary’s Capital Stock; provided that after giving pro forma effect to such Dispositions, the Total Revolving Extensions of Credit shall not exceed the Maximum Permitted Outstanding Amount. 

7.6 Restricted Payments. Declare or pay any dividend (other than dividends payable solely in common stock, partnership interests or
membership interests of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital
Stock of any Group Member, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of any Group Member (collectively, “Restricted
Payments”), except that: 
 (a) any Subsidiary may make Restricted Payments to the Borrower, any Subsidiary
Guarantor and each other owner of Capital Stock of such Subsidiary, which Restricted Payments shall either be paid ratably to the owners entitled thereto or otherwise in accordance with any preferences or priorities among the owners applicable
thereto; 
 (b) the Borrower and any Subsidiary may repurchase Capital Stock in the Borrower or any such Subsidiary deemed to
occur upon exercise of stock options or warrants if such Capital Stock represents a portion of the exercise price of such options or warrants; 

(c) the Borrower and any Subsidiary may make Restricted Payments to acquire the Capital Stock held by any other shareholder,
member or partner in a Subsidiary that is not wholly-owned directly or indirectly by Borrower to the extent constituting an Investment permitted by Section 7.7; 

(d) so long as no Default or Event of Default shall have occurred and be continuing, the Borrower may purchase (and make
distributions to permit the REIT Entity to purchase) its common stock, partnership interests or membership interests, as applicable, or options with respect thereto from present or former officers or employees of any Group Member upon the death,
disability or termination of employment of such officer or employee, provided, that the aggregate amount of payments under this clause (d) after the date hereof (net of any proceeds received by the Borrower after the date hereof in
connection with resales of any such Capital Stock or Capital Stock options so purchased) shall not exceed $20,000,000; 
 (e)
(i) so long as no Event of Default under Section 8(a) or (f) shall have occurred and be continuing or would result therefrom, the Borrower shall be permitted to declare and pay dividends and distributions on its Capital Stock or make
distributions with respect thereto in an amount not to exceed the greater of (x) such amount as is necessary for the REIT Entity to maintain its status as a REIT under the Code and (y) such amount as is necessary for the REIT Entity to
avoid income tax and, so long as no Default shall have occurred and be continuing or shall result therefrom, excise tax under the Code and (ii) the Borrower shall be permitted to declare and pay an additional amount of dividends and
distributions on its Capital Stock or make distributions with respect thereto so long as (x) no Default or Event of Default shall have occurred and be continuing or would result therefrom and (y) after giving pro forma effect to any such
dividend or distribution, the Borrower shall be in compliance with Section 7.1; 
 (f) the Borrower may make Restricted
Payments constituting purchases or redemptions by the Borrower of shares of its Capital Stock (and the Borrower may make such cash distributions as may be required to enable the REIT Entity to purchase or redeem shares of Capital Stock), but only to
the extent that immediately after giving effect to each such Restricted 

  
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Payment (i) no Default or Event of Default is then continuing or shall occur, (ii) the Borrower shall be in compliance with the financial covenants set forth in Section 7.1 on a
pro forma basis and (iii) the aggregate amount of Restricted Payments made in reliance on this clause (f) does not exceed $250,000,000 in the aggregate since the Closing Date; 

(g) the Borrower and each Subsidiary thereof, in addition to distributions permitted by Section 7.6(f), may purchase,
redeem or otherwise acquire Capital Stock issued by it with the proceeds received from the issuance of new shares of its common stock or other Capital Stock within ninety (90) days (or by such later date as the Administrative Agent may agree in
its sole discretion) of such issuance; 
 (h) the Borrower, or any other Subsidiary of the REIT Entity in a so-called
“DownREIT transaction”, may redeem for cash limited partnership interests or membership interests in the Borrower or such Subsidiary, respectively, pursuant to customary redemption rights granted to the applicable limited partner or
member, but only to the extent that, in the good faith determination of the REIT Entity, issuing shares of the REIT Entity in redemption of such partnership or membership interests reasonably could be considered to impair its ability to maintain its
status as a REIT; and 
 (i) to the extent constituting a Restricted Payment, payments by the Borrower to the REIT Entity to
the extent required to fund administrative and operating expenses of the REIT Entity, including, without limitation, to fund liabilities under the Convertible Notes and other liabilities of the REIT Entity that would not result in a default under
Section 8(l), to the extent attributable to any activity of or with respect to the REIT Entity that is not otherwise prohibited by this Agreement. 

provided that, notwithstanding the foregoing, in no event shall the Borrower make any Restricted Payments during the period from and after the Initial
Revolving Termination Date upon the exercise by the Borrower of any Extension Option (other than Restricted Payments permitted pursuant to clauses (b), (c), (d) and (e) above; provided that the amount of any dividend and
distribution permitted pursuant to clause (e)(ii) above shall not exceed the amount of the most recent ordinary dividend that was distributed with respect to the Capital Stock of the Borrower pursuant to such clause (e)(ii) prior to the Initial
Revolving Termination Date). 
 7.7 Investments. Make any advance, loan, extension of credit (by way of guaranty or otherwise) or
capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting a business unit of, or make any other investment in, any Person (all of the foregoing,
“Investments”), except: 
 (a) extensions of trade credit in the ordinary course of business; 

(b) investments in Cash Equivalents; 

(c) Guarantee Obligations permitted by Section 7.2; 

(d) loans and advances to employees of any Group Member (i) in the ordinary course of business (including for travel,
entertainment and relocation expenses) in an aggregate amount for all Group Members not to exceed $1,000,000 at any one time outstanding and (ii) in connection with such employee’s purchase of Capital Stock of a Group Member in an
aggregate amount for all Group Members not to exceed $10,000,000 at any one time outstanding; provided that no cash is actually advanced pursuant to this clause (d)(ii) unless immediately repaid; 

  
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 (e) intercompany Investments by any Group Member in the Borrower or any Person
that, prior to such investment, is a Subsidiary Guarantor; 
 (f) in addition to Investments otherwise permitted by this
Section, Investments by the Borrower or any of its Subsidiaries that do not constitute Restricted Investments, so long as no Default shall have occurred and be continuing at the time of entering into an agreement to make such Investment or shall
result therefrom; and 
 (g) any Investment if and to the extent that Borrower determines in good faith that the making such
Investment is reasonably necessary to permit it (or the REIT Entity) to satisfy the requirements applicable to REITs under the Code, so long as no Default pursuant to Section 8(a) or (f) shall have occurred and be continuing at the time of
entering into such agreement to make such Investment or shall result therefrom. 
 7.8 Optional Payments and Modifications of Certain
Debt Instruments. (a) Make or offer to make (other than an offer conditioned upon the Payment in Full or upon the requisite consent of the Lenders) any optional or voluntary payment, prepayment, repurchase or redemption of or otherwise
optionally or voluntarily defease or segregate funds with respect to Indebtedness in an aggregate principal amount in excess of $25,000,000 during the term of the Facility (other than (A) the refinancing thereof with any Indebtedness permitted
to be incurred under Section 7.2 (provided such Indebtedness does not shorten the maturity date thereof), (B) the conversion or exchange of any such Indebtedness to Capital Stock of the Borrower (other than Disqualified Capital
Stock), including any issuance of such Capital Stock in respect of which the proceeds are applied to the payment of such Indebtedness, (C) repayments, redemptions, purchases, defeasances and other payments in respect of any such Indebtedness of
any non-Loan Party; provided that payments referred to in this clause (C) shall only be permitted so long as after giving effect thereto, the Borrower is in pro forma compliance with Section 7.1(a) and (D) prepayments of
Indebtedness in the nature of revolving loan facilities, including Permitted Warehouse Facilities and Subscription Line Indebtedness); (b) amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver or
other change to, any of the terms of Material Indebtedness (other than any such amendment, modification, waiver or other change that either (A) (i) would extend the maturity or reduce the amount of any payment of principal thereof or
reduce the rate or extend any date for payment of interest thereon and (ii) does not involve the payment of a consent fee, or (B) taken as a whole, is not materially adverse to the Borrower and its Subsidiaries, taken as whole, or the
Lenders ); or (c) amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver or other change to, any of the terms of any preferred stock of the Borrower (other than any such amendment, modification,
waiver or other change that either (A) (i) would extend the scheduled redemption date or reduce the amount of any scheduled redemption payment or reduce the rate or extend any date for payment of dividends thereon and (ii) does not
involve the payment of a consent fee or (B) taken as a whole, is not materially adverse to the Borrower and its Subsidiaries, taken as a whole, or the Lenders); provided, that such actions described in clauses (a), (b) and
(c) may be taken if and to the extent that Borrower determines in good faith that such action is reasonably necessary to permit it (or the REIT Entity) to satisfy the requirements applicable to REITs under the Code, so long as no Default
pursuant to Section 8(a) or (f) shall have occurred and be continuing at the time of entering into such agreement to make such Investment or shall result therefrom. Notwithstanding the foregoing, this Section 7.8 shall not apply to
(i) intercompany Indebtedness, (ii) Indebtedness incurred pursuant to Section 7.2(h) or (iii) obligations of any Pledged Affiliate or Group Member whose Capital Stock is owned directly or indirectly by a Pledged Affiliate. 

7.9 Transactions with Affiliates. Enter into any transaction, including any purchase, sale, lease or exchange of property, the
rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than the Borrower or any Subsidiary Guarantor) unless 

  
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such transaction is (a) otherwise permitted under this Agreement, (b) in the ordinary course of business of the relevant Group Member, and (c) upon fair and reasonable terms no
less favorable to the relevant Group Member than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate; provided that the requirements of this Section 7.9 shall not apply to
(A) transactions subject to the restrictions set forth in Section 7.6 or 7.7 that are permitted pursuant to Sections 7.6 or 7.7, as applicable or (B) payments by the Borrower to the REIT Entity to the extent required to fund
administrative and operating expenses of the REIT Entity, including, without limitation, amounts payable under the Convertible Notes or Additional Convertible Notes issued by the REIT Entity. 

7.10 Accounting Changes. Make any change in accounting policies or reporting practices, except in accordance with GAAP or required by
any governmental or regulatory authority; provided that the Borrower shall notify the Administrative Agent of any such change made in accordance with GAAP or required by any governmental or regulatory authority. 

7.11 Swap Agreements. Enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to
which the Borrower or any Subsidiary has actual exposure (other than those in respect of Capital Stock) and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one
floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary. 

7.12 Changes in Fiscal Periods. Permit the fiscal year of the Borrower to end on a day other than December 31 or change the
Borrower’s method of determining fiscal quarters. 
 7.13 Negative Pledge Clauses. Enter into or suffer to exist or become
effective any agreement that prohibits or limits the ability of any Loan Party to create, incur, assume or suffer to exist any Lien upon any of its property or revenues of the type intended to constitute Collateral, whether now owned or hereafter
acquired, to secure its obligations under the Loan Documents to which it is a party other than (a) this Agreement and the other Loan Documents, (b) any agreements governing any purchase money Liens or Capital Lease Obligations or other
secured Indebtedness otherwise permitted hereby (in each case, which prohibition or limitation shall only be effective against the assets financed thereby which in any event shall not include Collateral), (c) provisions in joint venture
agreements and other similar agreements applicable to joint ventures permitted under Section 7.7 and applicable solely to such joint venture and its equity and (d) change of control or similar limitations applicable to the upstream
ownership of any Investment Asset; provided, in the case of clauses (c) and (d) above, that no Liens securing Indebtedness are permitted to exist on such assets. 

7.14 Use of Proceeds. Request any Loan or Letter of Credit, and the Borrower shall not use, and shall procure that its Affiliates and
its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or
anything else of value, to any Person in violation of any Anti-Corruption Laws or (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country,
to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or in a European Union member state. 

7.15 Nature of Business. Enter into any line of business, either directly or through any Subsidiary, substantially different from those
lines of business conducted by the Borrower and its Subsidiaries on the date hereof or any business substantially related or incidental thereto. 

  
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 7.16 Margin Stock. Use the proceeds of any Loan, whether directly or indirectly, and
whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the Board) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness
originally incurred for such purpose. 
 7.17 Amendment, Waiver and Terminations of Certain Agreements. Directly or indirectly,
consent to, approve, authorize or otherwise suffer or permit any amendment, change, cancellation, termination or waiver in any respect of the terms of any organizational document of any Loan Party, Subsidiary thereof or any Affiliated Investor
(other than a waiver by Borrower of the ownership limitations in and pursuant to its organizational documents), in each case other than amendments and modifications that, taken as a whole, are not materially adverse to the Administrative Agent or
the Lenders. 
 SECTION 8. EVENTS OF DEFAULT 

If any of the following events shall occur and be continuing: 

(a) the Borrower shall fail to pay (x) any principal of any Loan or Reimbursement Obligation when due in accordance with
the terms hereof; (y) any interest on any Loan or Reimbursement Obligation or any fees payable hereunder or under any other Loan Document within three days after any such interest or fees becomes due or (z) any other amount payable
hereunder or under any other Loan Document within five days after such other amount becomes due, in each case, in accordance with the terms hereof; or 

(b) any representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is
contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been inaccurate in any material respect on or as of the
date made or deemed made; or 
 (c) any Loan Party shall default in the observance or performance of any agreement contained
in Section 6.2(d), Section 6.4(a)(i) (with respect to the Borrower only), Section 6.7(a), Section 6.9, Section 6.14 or Section 7 of this Agreement; or 

(d) any Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or any
other Loan Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30 days after the earlier of (i) the date that the Borrower gains knowledge of such
default and (ii) notice to the Borrower from the Administrative Agent or the Required Lenders; or 
 (e) any Loan Party
shall (i) default in making any payment of any principal of any Indebtedness (including any Guarantee Obligation, but excluding the Loans and any Non-Recourse Indebtedness) on the scheduled or original due date with respect thereto; or
(ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in the observance or
performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or
other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness to become due prior
to its stated maturity or (in the case of any such 

  
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Indebtedness constituting a Guarantee Obligation) to become payable by a Loan Party; provided, that a default, event or condition described in clause (i), (ii) or (iii) of this
paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (e) shall have occurred
and be continuing with respect to Indebtedness the aggregate outstanding principal amount of which is $25,000,000 or more; provided further, that this clause (iii) shall not apply to any Indebtedness that becomes due as a
result of customary non-default mandatory prepayments resulting from asset sales, casualty or condemnation events, the incurrence of Indebtedness, equity issuances or excess cash flow or any similar concept; or 

(f) (i) any Loan Party shall commence any case, proceeding or other action (A) under any existing or future law of
any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking
reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian,
conservator or other similar official for it or for all or any substantial part of its assets; or (ii) there shall be commenced against any Loan Party any case, proceeding or other action of a nature referred to in clause (i) above that
(A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed or undischarged for a period of 60 days; or (iii) there shall be commenced against any Loan Party any case, proceeding
or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated,
discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) any Loan Party shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in
clause (i), (ii), or (iii) above; or (v) any Loan Party shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or (vi) or any Loan Party shall make a general
assignment for the benefit of its creditors; or 
 (g) (i) an ERISA Event or a Foreign Plan Event shall have occurred;
(ii) a trustee shall be appointed by a United States district court to administer any Pension Plan; (iii) the PBGC shall institute proceedings to terminate any Pension Plan; (iv) any Group Member or any of their respective ERISA
Affiliates shall have been notified by the sponsor of a Multiemployer Plan that it has incurred or will be assessed Withdrawal Liability to such Multiemployer Plan and such entity does not have reasonable grounds for contesting such Withdrawal
Liability or is not contesting such Withdrawal Liability in a timely and appropriate manner; or (v) any other event or condition shall occur or exist with respect to a Plan, a Foreign Benefit Arrangement, or a Foreign Plan; and in each case in
clauses (i) through (v) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to result in a Material Adverse Effect; or 

(h) one or more judgments or decrees shall be entered against any Loan Party involving in the aggregate a liability (not paid
or fully covered by insurance as to which the relevant insurance company has not denied coverage) of $25,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 45 days from
the entry thereof; or 
 (i) any of the Loan Documents shall cease, for any reason, to be in full force and effect, or any
Loan Party or any Affiliate of any Loan Party shall so assert, or any Lien created by any of 

  
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the Security Documents shall cease to be enforceable and of the same effect and priority purported to be created thereby; or 

(j) the guarantee contained in Section 2 of the Guarantee and Collateral Agreement shall cease, for any reason, to be in
full force and effect or any Loan Party or any Affiliate of any Loan Party shall so assert; or 
 (k) (i) any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) but excluding any employee benefit plan of such person or its
subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) shall become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial
owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group
has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of more than 35% of the outstanding common stock of the REIT Entity,
(ii) the board of directors of the REIT Entity shall cease to consist of a majority of Continuing Directors or (iii) the REIT Entity shall cease to be the sole managing member of the Borrower or the REIT Entity shall cease to own,
directly, (1) at least a majority of the total voting power of the then outstanding voting Capital Stock of the Borrower or (2) Capital Stock of the Borrower representing at least a majority of the total economic interests of the Capital
Stock of the Borrower, in each case free and clear of all Liens (other than Liens in favor of the Administrative Agent for the benefit of the Secured Parties); or 

(l) the REIT Entity shall (i) conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage
in, any business or operations other than those incidental to its ownership of the Capital Stock of the Borrower and the intercompany arrangements described in clause (iii) below, (ii) incur, create, assume or suffer to exist any
Indebtedness or other liabilities or financial obligations, except (w) nonconsensual obligations imposed by operation of law, (x) obligations with respect to its Capital Stock and the intercompany arrangements described in clause
(iii) below, (y) the Convertible Notes or Additional Convertible Notes and (z) the Existing Limited Guarantees and Guarantee Obligations in respect of Additional Convertible Notes; provided that, prior to or simultaneously with
the effectiveness of such Guarantee Obligations in respect of Additional Convertible Notes, the REIT Guaranty shall become effective, or (iii) own, lease, manage or otherwise operate any properties or assets (including cash (other than cash
received in connection with dividends made by the Borrower in accordance with Section 7.6 pending application in the manner contemplated by said Section) and cash equivalents) other than the ownership of shares of Capital Stock of the Borrower
and, to the extent constituting assets, intercompany arrangements in favor of the REIT Entity in relation to providing funding for obligations of the REIT Entity, as well as other contractual intercompany arrangements of immaterial value; or 

(m) the REIT Entity shall (i) default in making any payment of any principal of the Convertible Notes or Additional
Convertible Notes on the scheduled or original due date with respect thereto; or (ii) default in making any payment of any interest on the Convertible Notes or Additional Convertible Notes beyond the period of grace, if any, provided in the
Convertible Notes Indenture or the indenture governing the Additional Convertible Notes, respectively; or (iii) default in the observance or performance of any other agreement or condition relating to the Convertible Notes or Additional
Convertible Notes or contained in the Convertible Notes Indenture or the indenture governing the Additional Convertible Notes, respectively, or any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or

  
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condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of the Convertible Notes or Additional Convertible Notes (or a trustee
or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, the Convertible Notes or Additional Convertible Notes to become due prior to their stated maturity; provided that this clause (iii) shall
not apply if the Convertible Notes or Additional Convertible Notes become due as a result of mandatory prepayments resulting from asset sales, casualty events, the incurrence of Indebtedness not permitted by the Convertible Notes Indenture or the
indenture governing the Additional Convertible Notes, respectively, or excess cash flow or any similar concept. 
 then, and in any such event, (A) if
such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) above with respect to the Borrower, automatically the Revolving Commitments shall immediately terminate and the Loans (with accrued interest thereon)
and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required
thereunder) shall immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or
upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower declare the Revolving Commitments to be terminated forthwith, whereupon the Revolving Commitments shall immediately terminate; and (ii) with the
consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Loans (with accrued interest thereon) and all other amounts owing
under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) to be due and payable
forthwith, whereupon the same shall immediately become due and payable. With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower
shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by
the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of
the Borrower hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of the Borrower hereunder and
under the other Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Borrower (or such other Person as may be lawfully entitled thereto). Except as expressly provided above in
this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrower. 
 SECTION 9. THE
AGENTS 
 9.1 Appointment. Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such
Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents
and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto.
Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied
covenants, functions, responsibilities, 

  
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duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. 

9.2 Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents by
or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be
responsible for the negligence or misconduct of any agents or attorneys in-fact selected by it with reasonable care. 

9.3 Exculpatory Provisions. Neither any Agent nor any of their respective officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement
or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful
misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any
certificate, report, statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to
inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 

9.4 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon
any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy or email message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the
proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent may deem and treat the payee of
any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to
take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders) as it deems appropriate or it shall first be
indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting,
or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all Lenders), and such request and any action taken or failure to act
pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 
 9.5 Notice of Default. The
Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing such
Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative
Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and until the Administrative
Agent shall have received such directions, the Administrative 

  
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Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests
of the Lenders. 
 9.6 Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither the Agents nor any
of their respective officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act
by any Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to the Agents that it
has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and
other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any
Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other
Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports
and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the
business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the Administrative Agent or any of its officers, directors,
employees, agents, advisors, attorneys-in-fact or affiliates. 

9.7 Indemnification. The Lenders agree to indemnify each Agent and its officers, directors, employees, affiliates, agents, advisors and
controlling persons (each, an “Agent Indemnitee”) (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Aggregate Exposure Percentages in
effect on the date on which indemnification is sought under this Section (or, if indemnification is sought after the date upon which the Revolving Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance
with such Aggregate Exposure Percentages immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may
at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent Indemnitee in any way relating to or arising out of, the Revolving Commitments, this Agreement, any of the other Loan Documents
or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent Indemnitee under or in connection with any of the foregoing; provided that no
Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of
competent jurisdiction to have resulted from such Agent Indemnitee’s gross negligence or willful misconduct. The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts
payable hereunder. 
 9.8 Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to, accept deposits from and
generally engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued or participated in by it, each Agent shall have the
same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual
capacity. 

  
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 9.9 Successor Administrative Agent. The Administrative Agent may resign as Administrative
Agent upon 30 days’ notice to the Lenders and the Borrower. The Required Lenders may by written notice to the Administrative Agent and the Borrower remove the Administrative Agent if it has become a Defaulting Lender. If the Administrative
Agent shall resign or be removed as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an
Event of Default under Section 8(a) or Section 8(f) with respect to the Borrower shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed), whereupon such
successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative
Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans. If no
successor agent has accepted appointment as Administrative Agent by the date that is 30 days following a retiring Administrative Agent’s notice of resignation or notice of removal of a removed Administrative Agent, as applicable, the retiring
Administrative Agent’s resignation or the removed Administrative Agent’s removal shall nevertheless thereupon become effective, and the Required Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until
such time, if any, as the Required Lenders appoint a successor agent with the consent of the Borrower as provided for above. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 9
and of Section 10.5 shall continue to inure to its benefit. 
 9.10 Arrangers and Syndication Agent. Neither the Arrangers nor
the Syndication Agent shall have any duties or responsibilities hereunder in their respective capacities as such. 
 SECTION 10.
MISCELLANEOUS 
 10.1 Amendments and Waivers. Except as specifically provided in any Loan Document, neither this Agreement, any other
Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 10.1. The Required Lenders and each Loan Party party to the relevant Loan Document may, or, with
the written consent of the Required Lenders, the Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan
Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as
the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided,
however, that no such waiver and no such amendment, supplement or modification shall (i) forgive the principal amount or extend the final scheduled date of maturity of any Loan of any Lender (except as provided in Section 2.20),
reduce the stated rate of any interest or fee payable hereunder to any Lender (except (x) in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of the
Required Lenders) and (y) that any amendment or modification of defined terms used in the financial covenants in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (i)) or extend the
scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Lender’s Revolving Commitment (except as provided in Section 2.20), in each case without the written consent of such Lender;
(ii) eliminate or reduce the voting rights of any Lender under this Section 10.1 without the written consent of such Lender; (iii) reduce any percentage specified in the definition of Required Lenders or Supermajority Lenders or
consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, in each case without the 

  
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written consent of all Lenders; (iv) except as otherwise permitted by the Loan Documents on the date hereof, release all or substantially all of the Collateral or release all or
substantially all of the Subsidiary Guarantors from their obligations under the Guarantee and Collateral Agreement, in each case, without the written consent of all Lenders; (v) amend, modify or waive any provision of Section 2.12(a) or
(b) without the written consent of all Lenders; provided that amendments permitting the extension of the Revolving Termination Date with respect to any or all Revolving Commitments which provide for compensation solely to extending
Lenders, by increasing the Applicable Margin applicable thereto or otherwise, shall not be considered an amendment, modification or waiver of Section 2.12; (vi) amend, modify or waive any provision of Section 9 or any other provision
of any Loan Document that affects the rights or duties of the Administrative Agent without the written consent of the Administrative Agent; (vii) amend, modify or waive any provision affecting the Maximum Permitted Outstanding Amount or the
component definitions thereof which has the effect of increasing the Maximum Permitted Outstanding Amount (but excluding any technical amendments to the definition of Maximum Permitted Outstanding Amount or any component definition thereof) without
the written consent of the Supermajority Lenders; (viii) amend, modify or waive any provision of Section 3 without the written consent of each Issuing Lender or (ix) amend Section 6.3 of the Guarantee and Collateral Agreement
without the consent of each Lender directly affected thereby. Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative
Agent and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Administrative Agent shall be restored to their former position and rights hereunder and under the other Loan Documents, and any Default or
Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. 

Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the
Administrative Agent and the Borrower (a) to add one or more additional credit facilities to this Agreement on such terms as provided for in any such amendment, including, without limitation, for purposes of effecting an extension of the
Revolving Termination Date in respect of the Revolving Commitments, held by each Lender agreeing to such extension, and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof
to share in the benefits of this Agreement and the other Loan Documents with the Revolving Extensions of Credit and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in
any determination of the Required Lenders and the Supermajority Lenders. 
 Furthermore, notwithstanding the foregoing, the Administrative
Agent, with the consent of the Borrower, may amend, modify or supplement any Loan Document without the consent of any Lender or the Required Lenders (i) in order to correct, amend or cure any ambiguity, inconsistency or defect or correct any
typographical error or other manifest error in any Loan Document and (ii) to the extent necessary in order to obtain the opinions with respect to the Colony Mortgage Capital Loan Parties required pursuant to Schedule 6.16. 

10.2 Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including
by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when
received, addressed as follows in the case of the Borrower and the Administrative Agent, and as set forth in an administrative questionnaire delivered to the Administrative Agent in the case of the Lenders, or to such other address as may be
hereafter notified by the respective parties hereto: 

  
 88 

					
		 	Borrower:	  	 515 S. Flower Street, 44th Floor

Los Angeles, CA 90071

		 		  	 Attention: Director – Legal

Department

		 		  	Telecopy: 310-282-8820
		 		  	 Telephone: 310-282-8820
  

with a copy to:
  

712 Fifth Avenue

35th Floor

New York, NY 10019

		 		  	 Attention: Mr. Ron Sanders
 Telecopy:
212.593.5433
 Telephone: 212.230.3300

			
		 	Administrative Agent:	  	 500 Stanton Christiana Road,
 Ops 2, Floor
03
 Newark, DE, 19713-2107

		 		  	Attention: Joseph Burke
		 		  	Telecopy: 302-634-4733
		 		  	 Telephone: 302-634-1697
  

with a copy to:

			
		 		  	 383 Madison Ave, Floor 23
 New York, NY
10179

		 		  	Attention: Michael E. Kusner
		 		  	Telecopy: 212-270-5222
		 		  	Telephone: 212-270-5650

 provided that any notice, request or demand to or upon the Administrative Agent or the Lenders shall not be effective
until received. 
 Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative
Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to
particular notices or communications. 
 10.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on
the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law. 

  
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 10.4 Survival of Representations and Warranties. All representations and warranties made
hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans and other extensions of
credit hereunder. 
 10.5 Payment of Expenses and Taxes. The Borrower agrees (a) to pay or reimburse the Administrative Agent
and each Arranger for all its reasonable and documented out-of-pocket costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Loan
Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable and documented out-of-pocket fees and disbursements
of one primary counsel to the Administrative Agent and the Arrangers and, if reasonably necessary, one local counsel per necessary jurisdiction, and filing and recording fees and expenses, with statements with respect to the foregoing to be
submitted to the Borrower prior to the Closing Date (in the case of amounts to be paid on the Closing Date) and from time to time thereafter on a quarterly basis or such other periodic basis as the Administrative Agent shall deem appropriate, but in
any event no earlier than ten (10) Business Days after receipt by Borrower of a reasonably detailed invoice therefor, (b) to pay or reimburse each Lender, each Issuing Lender and the Administrative Agent for all its reasonable and
documented out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including the reasonable and documented out-of-pocket
fees and disbursements of any counsel to any Lender and of counsel to the Administrative Agent (but in such case limited to, the reasonable and documented out-of-pocket fees and disbursements of one primary counsel to the Administrative Agent, one
primary counsel to the Lenders (as selected by the Required Lenders other than the Administrative Agent) and, to the extent reasonably necessary, one local counsel in each applicable jurisdiction, and, in the case of a conflict of interest, one
additional primary counsel and one additional local counsel in each applicable jurisdiction for such Persons affected by such conflict), and (c) to pay, indemnify, and hold each Lender, each Issuing Lender, each Arranger and the Administrative
Agent, their respective affiliates, and their respective officers, directors, employees, agents, advisors and controlling persons (each, an “Indemnitee”) harmless from and against any and all other liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement and the other Loan Documents and
any such other documents, including any claim, litigation, investigation or proceeding (a “Proceeding”) regardless of whether any Indemnitee is a party thereto and whether or not the same are brought by the Borrower, its equity
holders, affiliates or creditors or any other Person, including any of the foregoing relating to the use of proceeds of the Loans or the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of any
Group Member or any of the Properties and the reasonable and documented out-of-pocket fees and expenses of one primary legal counsel and, if reasonably necessary, one single local counsel in each relevant jurisdiction for all Indemnitees taken as a
whole (and solely in the case of a conflict in interest, one additional primary counsel and one additional counsel in each relevant jurisdiction to each group of affected Indemnitees similarly situated taken as a whole) in connection with claims,
actions or proceedings by any Indemnitee against any Loan Party under any Loan Document (all the foregoing in this clause (d), collectively, the “Indemnified Liabilities”), provided, that the Borrower shall have no obligation
hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities are (x) found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence,
bad faith or willful misconduct of, or material breach of any Loan Document by, such Indemnitee, or (y) related to any dispute solely among the Indemnitees other than any dispute involving an Indemnitee in its capacity or in fulfilling its role
as the Administrative Agent or Arranger or any similar role under this Agreement unless such dispute is related to any claims arising out of or in connection with any act or omission of the Borrower or any of its

  
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Affiliates and provided, further, that this Section 10.5(d) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax
claim and shall not duplicate any amounts paid under Section 2.13 or Section 2.15. Without limiting the foregoing, and to the extent permitted by applicable law, the Borrower agrees not to assert and to cause its Subsidiaries not to
assert, and hereby waives and agrees to cause its Subsidiaries to waive, all rights for contribution or any other rights of recovery with respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of
whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against any Indemnitee. No Indemnitee shall be liable for any damages arising from the use by others of information or other
materials obtained through electronic, telecommunications or other information transmission systems, except to the extent any such damages are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the
gross negligence, bad faith or willful misconduct of such Indemnitee. None of the parties hereto shall assert, and each hereby waives, any claim for any indirect, special, exemplary, punitive or consequential damages in connection with this
Agreement or the other Loan Documents or the transactions contemplated hereby or thereby (except that nothing contained in this sentence shall limit the Borrower’s indemnity obligations under this Section 10.5). All amounts due under this
Section 10.5 shall be payable not later than 10 Business Days after receipt of a reasonably detailed invoice therefor. Statements payable by the Borrower pursuant to this Section 10.5 shall be submitted to Director – Legal Department
(Telephone No. 310-282-8820) (Telecopy No. 310-282-8808), at the address of the Borrower set forth in Section 10.2, or to such other Person or address as may be hereafter designated by the Borrower in a written notice to the
Administrative Agent. The agreements in this Section 10.5 shall survive the termination of this Agreement and the repayment of the Loans and all other amounts payable hereunder. Notwithstanding the foregoing, the Borrower shall not be liable
under this Agreement for any settlement made by any Indemnitee without its prior written consent (which consent shall not be unreasonably withheld or delayed). If any settlement is consummated with the Borrower’s written consent or if there is
a final judgment for the plaintiff in any such Proceeding, the Borrower agrees to indemnify and hold harmless each Indemnitee from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in
accordance with the provisions hereof. The Borrower further agrees that it will not, without the prior written consent of the Indemnitee, settle or compromise or consent to the entry of any judgment in any pending or threatened Proceeding in respect
of which indemnification may be sought hereunder (whether or not any Indemnitee is an actual or potential party to such Proceeding) unless such settlement, compromise or consent includes (a) an unconditional release of each Indemnitee from all
liability and obligations arising therefrom in form and substance satisfactory to such Indemnitee and (b) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnitee. 

10.6 Successors and Assigns; Participations and Assignments. (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 (including any affiliate of any Issuing Lender that issues any Letter of Credit), except that (i) 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) and (ii) no Lender may assign or
otherwise transfer its rights or obligations hereunder except in accordance with this Section. 
 (b) (i) Subject to the conditions set
forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees (each, an “Assignee”), other than a natural person, the Borrower or any Subsidiary or Affiliate of the Borrower, all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Revolving Commitments and the Loans at the time owing to it) with the prior written consent of: 

  
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 (A) the Borrower (such consent not to be unreasonably withheld or delayed),
provided that no consent of the Borrower shall be required for an assignment to a Lender, an affiliate of a Lender, an Approved Fund (as defined below) or, if an Event of Default under Section 8(a) or (f) has occurred and is
continuing, any other Person; and provided, further, that the Borrower shall be deemed to have consented to any such assignment unless the Borrower shall object thereto by written notice to the Administrative Agent within five Business
Days after having received notice thereof; and 
 (B) the Administrative Agent (such consent not to be unreasonably
withheld or delayed). 
 (ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender, an affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Revolving Commitments or Loans, the amount of the Revolving Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that (1) no such consent of the Borrower
shall be required if an Event of Default under Section 8(a) or (f) has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its affiliates or Approved Funds, if any; 

(B) (1) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500 and (2) the assigning Lender shall have paid in full any amounts owing by it to the Administrative Agent; and 

(C) the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire
in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Affiliates and their related parties or their respective securities)
will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

For the purposes of this Section 10.6, “Approved Fund” means any Person (other than a natural person) 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
paragraph (b)(iv) below, 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 2.13, 2.14, 2.15
and 9.5). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.6 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 paragraph (c) of this Section. 

  
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 (iv) The Administrative 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 (maintained in accordance with Treasury Regulations Sections 5f.103-1(c) and 1.871-14(c)(1)(i)) for the recordation of the names and
addresses of the Lenders, and the Revolving Commitments of, and principal amount (and stated interest) of the Loans and L/C Obligations 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 Administrative Agent, the Issuing Lenders and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Agreement, 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; provided that the
information contained in the Register which is shared with each Lender (other than the Administrative Agent and its affiliates) shall be limited to the entries with respect to such Lender including the Revolving Commitments of, or principal amount
of and stated interest on the Loans owing to such Lender. 
 (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 paragraph (b) of this Section and any
written consent to such assignment required by paragraph (b) of this Section, the Administrative 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, the Administrative Agent or any Issuing Lender, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this
Agreement (including all or a portion of its Revolving Commitments 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, and (iii) the Borrower, the Administrative Agent, the Issuing Lenders 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. Any agreement 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 may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that
(i) requires the consent of each Lender directly affected thereby pursuant to the proviso to the second sentence of Section 10.1 and (ii) directly and adversely affects such Participant. Each Lender that sells a participation agrees,
at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Sections 2.16 and 2.17 with respect to any Participant. The Borrower agrees that each Participant shall be entitled
to the benefits of Sections 2.13, 2.14 and 2.15 (subject to the requirements and limitations therein, including the requirements under Section 2.14(f) (it being understood that the documentation required under Section 2.14(f) shall be
delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (i) agrees to be subject to the
provisions of Sections 2.13 and 2.14, 2.15, 2.16 and 2.17 as if it were an assignee under paragraph (b) of this Section and (ii) shall not be entitled to receive any greater payment under Sections 2.13 or 2.14, with respect to any
participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from an adoption of or any change in any Requirement of Law or in the interpretation or
application thereof or compliance by any Lender with any request or direction (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof that occurs after the Participant
acquired the applicable participation. To the extent 

  
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permitted by law, each Participant also shall be entitled to the benefits of Section 10.7(b) as though it were a Lender, provided such Participant shall be subject to
Section 10.7(a) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register (maintained in accordance with Treasury Regulations Sections
5f.103-1(c) and 1.871-14(c)(1)(i)) on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the
“Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a
Participant’s interest in any Revolving Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Revolving Commitment, Loan, Letter of
Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person
whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (d) 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 or other central bank having jurisdiction
over such Lender, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or 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. The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in
this paragraph (d). 
 10.7 Adjustments; Set-off. (a) Except to the extent that this
Agreement or a court order expressly provides for payments to be allocated to a particular Lender or to the Lenders under a particular facility, if any Lender (a “Benefitted Lender”) shall receive any payment of all or part of the
Obligations owing to it (other than in connection with an assignment made pursuant to Section 10.6), or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off,
pursuant to events or proceedings of the nature referred to in Section 8(f), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of the Obligations owing to such other
Lender, such Benefitted Lender shall purchase for cash from the other Lenders a participating interest in such portion of the Obligations owing to each such other Lender, or shall provide such other Lenders with the benefits of any such collateral,
as shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is
thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 

(b) In addition to any rights and remedies of the Lenders provided by law, if an Event of Default shall have occurred and be continuing, each
Lender shall have the right, without notice to the Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, to apply to the payment of any Obligations of the Borrower, irrespective of whether or not
such Lender shall have made any demand under this Agreement and although such Obligations may be unmatured, by setoff or otherwise, any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other
credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, any affiliate thereof or any of their respective branches or agencies
to or for the credit or the 

  
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account of the Borrower; provided that if any Defaulting Lender shall exercise any such right of setoff, (i) all amounts so set off shall be paid over immediately to the
Administrative Agent for further application in accordance with the provisions of this Agreement and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the
Administrative Agent, the Issuing Lenders and the Lenders and (ii) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which
it exercised such right of set-off; provided further, that to the extent prohibited by applicable law as described in the definition of “Excluded Swap Obligation,” no amounts received
from, or set off with respect to, any Subsidiary Guarantor shall be applied to any Excluded Swap Obligations of such Subsidiary Guarantor. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such application
made by such Lender, provided that the failure to give such notice shall not affect the validity of such application. 
 10.8
Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
Delivery of an executed signature page of this Agreement by email or facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged
with the Borrower and the Administrative Agent. 
 10.9 Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 10.10 Integration. This
Agreement and the other Loan Documents represent the entire agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or
warranties by the Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 

10.11 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 10.12 Submission To Jurisdiction;
Waivers. The Borrower hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal
action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction of the courts of the State of New York in the
Borough of Manhattan, the courts of the United States for the Southern District of New York, and appellate courts from any thereof; provided, that nothing contained herein or in any other Loan Document will prevent any Lender or the
Administrative Agent from bringing any action to enforce any award or judgment or exercise any right under the Security Documents or against any Collateral or any other property of any Loan Party in any other forum in which jurisdiction can be
established; 

  
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 (b) consents that any such action or proceeding may be brought in such courts and
waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to the Borrower at its address set forth in Section 10.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law; and

 (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or
proceeding referred to in this Section any indirect, special, exemplary, punitive or consequential damages. 
 10.13
Acknowledgements. The Borrower hereby acknowledges and agrees that (a) no fiduciary, advisory or agency relationship between the Loan Parties and the Credit Parties is intended to be or has been created in respect of any of the
transactions contemplated by this Agreement or the other Loan Documents, irrespective of whether the Credit Parties have advised or are advising the Loan Parties on other matters, and the relationship between the Credit Parties, on the one hand, and
the Loan Parties, on the other hand, in connection herewith and therewith is solely that of creditor and debtor, (b) the Credit Parties, on the one hand, and the Loan Parties, on the other hand, have an arm’s length business relationship
that does not directly or indirectly give rise to, nor do the Loan Parties rely on, any fiduciary duty to the Loan Parties or their affiliates on the part of the Credit Parties, (c) the Loan Parties are capable of evaluating and understanding,
and the Loan Parties understand and accept, the terms, risks and conditions of the transactions contemplated by this Agreement and the other Loan Documents, (d) the Loan Parties have been advised that the Credit Parties are engaged in a broad
range of transactions that may involve interests that differ from the Loan Parties’ interests and that the Credit Parties have no obligation to disclose such interests and transactions to the Loan Parties, (e) the Loan Parties have
consulted their own legal, accounting, regulatory and tax advisors to the extent the Loan Parties have deemed appropriate in the negotiation, execution and delivery of this Agreement and the other Loan Documents, (f) each Credit Party has been,
is, and will be acting solely as a principal and, except as otherwise expressly agreed in writing by it and the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Loan Parties, any of their
affiliates or any other Person, (g) none of the Credit Parties has any obligation to the Loan Parties or their affiliates with respect to the transactions contemplated by this Agreement or the other Loan Documents except those obligations
expressly set forth herein or therein or in any other express writing executed and delivered by such Credit Party and the Loan Parties or any such affiliate and (h) no joint venture is created hereby or by the other Loan Documents or otherwise
exists by virtue of the transactions contemplated hereby among the Credit Parties or among the Loan Parties and the Credit Parties. 
 10.14
Releases of Guarantees and Liens. (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Administrative Agent is hereby irrevocably authorized by each Lender (including in its capacities as a
potential secured counterparty to a Secured Swap Agreement) (without requirement of notice to or consent of any Lender except as expressly required by Section 10.1) to take any action reasonably requested by the Borrower having the effect of
releasing any Collateral or guarantee obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with Section 10.1 or (ii) under
the circumstances described in paragraphs (b) or (c) below. 

  
 96 

 (b) Upon Payment in Full, the Collateral shall be automatically released from the Liens created
by the Security Documents, and the Security Documents and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Loan Party under the Security Documents shall automatically terminate, all
without delivery of any instrument or performance of any act by any Person. 
 (c) If any of the Collateral shall be sold, transferred or
otherwise disposed of in a transaction permitted hereunder, then the Administrative Agent, at the request and sole expense of such Loan Party, shall execute and deliver to such Loan Party all releases or other documents reasonably necessary or
desirable for the release of the Liens created by the Guarantee and Collateral Agreement on such Collateral; provided that no Default shall have occurred or be continuing or would result therefrom. At the request and sole expense of the
Borrower, any Subsidiary Guarantor or the REIT Entity shall be released from its obligations under the Loan Documents, as applicable, in the event that (i) in the case of a Subsidiary Guarantor, all the Capital Stock of such Subsidiary
Guarantor shall be sold, transferred or otherwise disposed of in a transaction permitted hereunder or if such Subsidiary Guarantor shall cease to be a Wholly-Owned Subsidiary as a result of a transaction permitted hereunder or becomes an Excluded
Subsidiary pursuant to the terms of this Agreement or (ii) in the case of the REIT Entity, upon the request of the Borrower to the extent the REIT Guaranty is not required to be effective pursuant to this Agreement or any other Loan Document;
provided that, in each case, no Default shall have occurred and be continuing or would result therefrom; provided further that the Borrower shall have delivered to the Administrative Agent, at least five days (or such shorter
period as may be permitted by the Administrative Agent in its sole discretion) prior to the date of the proposed release, a written request for release identifying the relevant Subsidiary Guarantor or the REIT Entity (as applicable) and the
associated transaction giving rise to the release request in reasonable detail, together with a certification by the Borrower stating that such transaction is in compliance with this Agreement and the other Loan Documents. 

(d) The Administrative Agent shall, at the request and sole expense of the Borrower in connection with the release of any Collateral in
accordance with this Section 10.14, promptly (i) deliver to the Borrower any such Collateral in the Administrative Agent’s possession and (ii) execute and deliver to the Borrower such documents as the Borrower shall reasonably
request to evidence such release. The Administrative Agent shall, at the request and sole expense of the Borrower following the release of a Subsidiary Guarantor or the REIT Entity from its obligations under the Loan Documents, as applicable, in
accordance with this Section 10.14, execute and deliver to the Borrower such documents as the Borrower shall reasonably request to evidence such release. 

10.15 Confidentiality. Each of the Administrative Agent and each Lender agrees to keep confidential all Information (as defined below);
provided that nothing herein shall prevent the Administrative Agent or any Lender from disclosing any such Information (a) to the Administrative Agent, any other Lender or any affiliate thereof, or to any other party to this Agreement
(b) subject to an agreement to comply with the provisions of this Section, to any actual or prospective Transferee or any direct or indirect counterparty to any Swap Agreement (or any professional advisor to such counterparty), (c) to its
employees, directors, agents, attorneys, accountants and other professional advisors or those of any of its affiliates, who, in each case, are informed of the confidential nature of such information and are or have been advised by the applicable
Credit Party of their obligation to keep information of this type confidential, (d) upon the request or demand of any Governmental Authority having jurisdiction over such Credit Party or its affiliates, (e) in response to any order of any
court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, with prompt advanced notice to Borrower of such disclosure, to the extent practicable and permitted by law, (f) if requested or required
to do so in connection with any litigation or similar proceeding, with prompt advanced notice to Borrower of such disclosure, to the extent practicable and permitted by law, (g) that has been publicly 

  
 97 

 
disclosed (other than by reason of disclosure by the applicable Credit Party, its affiliates or any representatives in breach of this Section 10.15), (h) to the National Association of
Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, (i) in
connection with the exercise of any remedy hereunder or under any other Loan Document, or (j) if agreed by the Borrower in its sole discretion, to any other Person. “Information” means all information received from the Borrower
relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, any Issuing Lender or any Lender on a non-confidential basis prior to disclosure by the Borrower. In addition, the
Administrative Agent, the Arrangers and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry (including league table providers) and
service providers to the Administrative Agent, the Arrangers and the Lenders in connection with the administration of this Agreement, the other Loan Documents, the Loans and the Revolving Commitments. 

Each Lender acknowledges that information furnished to it pursuant to this Agreement or the other Loan Documents may include material
non-public information concerning the Borrower and its Affiliates and their related parties or their respective securities, and confirms that it has developed compliance procedures regarding the use of material non-public information and that it
will handle such material non-public information in accordance with those procedures and applicable law, including Federal and state securities laws. 

All information, including requests for waivers and amendments, furnished by the Borrower or the Administrative Agent pursuant to, or in the
course of administering, this Agreement or the other Loan Documents will be syndicate-level information, which may contain material non-public information about the Borrower and its Affiliates and their related parties or their respective
securities. Accordingly, each Lender represents to the Borrower and the Administrative Agent that it has identified in its administrative questionnaire a credit contact who may receive information that may contain material non-public information in
accordance with its compliance procedures and applicable law, including Federal and state securities laws. 
 10.16 WAIVERS OF JURY
TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY
COUNTERCLAIM THEREIN. 
 10.17 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 “Patriot 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 Patriot Act. 

10.18 Investment Asset Reviews. The Administrative Agent, individually or at the request of the Required Lenders, may engage in its
reasonable discretion, on behalf of the Lenders, an independent consultant (each, an “Independent Valuation Provider”) to complete a review and verification of the accuracy and reliability of the Borrower’s calculation and
reporting of the Adjusted Net Book Value of any Investment Asset included in the calculation of the Maximum Permitted Outstanding Amount (each, an “Investment Asset Review”) at any time, each such Investment Asset Review to be
shared with the Lenders and the Borrower. The Borrower agrees to pay the Administrative Agent, not later than 10 Business Days after receipt of a reasonably detailed invoice therefor, the documented out-of- 

  
 98 

 
pocket cost of each such Investment Asset Review reasonably incurred by the Administrative Agent; provided that (i) the Borrower shall not be required to reimburse such costs with
respect to more than one Investment Asset Review per fiscal year with respect to each such Investment Asset and (ii) the Borrower shall not be required to reimburse more than $500,000 of such costs per fiscal year; provided
further that the limitations on reimbursement contained in the foregoing proviso shall not apply if an Event of Default has occurred and is continuing. 

10.19 Secured Swap Agreements. Except as otherwise expressly set forth herein or in any Security Document, no Swap Bank that obtains
the benefits of Section 10.14, any Guarantee Obligation or any Collateral by virtue of the provisions hereof or any Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or
under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.
Notwithstanding any other provision of this Section 10.19 to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising
under Secured Swap Agreements unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request from the applicable Swap Bank. 

10.20 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan
Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document may be subject to the write-down and
conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any
Bail-In Action on any such liability, including, if applicable: 
 (i) a reduction in full or in part or cancellation of any
such liability; 
 (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in
such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 
 10.21 Interest Rate
Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate 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 the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, 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 payable in respect of such
Loan but were not payable as a result of the operation of this Section shall be cumulated 

  
 99 

 
and the interest and Charges payable to such Lender 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 such Lender. 
 10.22 Effect
of Amendment and Restatement; Reallocation. (a) Upon the Closing Date, this Agreement shall amend, and restate as amended, the Existing Credit Agreement (including any contingent amendments thereto), but shall not constitute a novation
thereof or in any way impair or otherwise affect the rights or obligations of the parties thereunder (including with respect to Loans and representations and warranties made thereunder) except as such rights or obligations are amended or modified
hereby. The Existing Credit Agreement as amended and restated hereby shall be deemed to be a continuing agreement among the parties, and all documents, instruments and agreements delivered pursuant to or in connection with the Existing Credit
Agreement not amended and restated in connection with the entry of the parties into this Agreement shall remain in full force and effect, each in accordance with its terms, as of the date of delivery or such other date as contemplated by such
document, instrument or agreement to the same extent as if the modifications to the Existing Credit Agreement contained herein were set forth in an amendment to the Existing Credit Agreement in a customary form, unless such document, instrument or
agreement has otherwise been terminated or has expired in accordance with or pursuant to the terms of this Agreement, the Existing Credit Agreement or such document, instrument or agreement or as otherwise agreed by the required parties hereto or
thereto. 
 (b) Upon the Closing Date, the Borrower shall (A) prepay the outstanding Revolving Loans (if any) in full,
(B) simultaneously borrow new Revolving Loans hereunder in an amount equal to such prepayment (in the case of Eurodollar Loans, with Eurodollar Base Rates equal to the outstanding Eurodollar Base Rate and with Interest Period(s) ending on the
date(s) of any then outstanding Interest Period(s)), as applicable (as modified hereby); provided that with respect to subclauses (A) and (B), (x) the prepayment to, and borrowing from, any Lender that was a party to the Existing
Credit Agreement as a “Lender” thereunder immediately prior to giving effect to this Agreement (an “Existing Lender”) shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender will
be subsequently borrowed from such Lender and (y) the Existing Lenders and each Person that is a signatory hereto as a Lender but that was not a party to the Existing Credit Agreement immediately prior to giving effect to this Agreement (each,
an “Additional Lender”) shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Revolving Loans are held ratably by such Existing Lenders and
Additional Lenders in accordance with the respective Revolving Commitments of such Lenders as set forth in Schedule 1.1A hereto and (C) pay to the Lenders the amounts, if any, payable under Section 2.15 as a result of any such
prepayment. Concurrently therewith, the Lenders shall be deemed to have adjusted their participation interests in any outstanding Letters of Credit so that such interests are held ratably in accordance with their Revolving Commitments as set forth
in Schedule 1.1A hereto. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected
pursuant to this clause (b). 
 [Remainder of page intentionally left blank.] 

  
 100 

 
					
	COLONY CAPITAL OPERATING COMPANY, LLC, as the Borrower,
		
	By:	 	 /s/ Mark M. Hedstrom

		 	Name:	 	Mark M. Hedstrom
		 	Title:	 	Vice President

  
 [Amended and Restated
Credit Agreement Signature Page] 

 
					
	JPMORGAN CHASE BANK, N.A., as the Administrative Agent and a Lender,
		
	By:	 	 /s/ Michael Kusner

		 	Name:	 	Michael Kusner
		 	Title:	 	Vice President

  
 [Amended and Restated
Credit Agreement Signature Page] 

 
					
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Dennis Kwan

		 	Name:	 	Dennis Kwan
		 	Title:	 	Vice President

  
 [Amended and Restated
Credit Agreement Signature Page] 

 
					
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ Ronnie Glenn

		 	Name:	 	Ronnie Glenn
		 	Title:	 	Vice President

  
 [Amended and Restated
Credit Agreement Signature Page] 

 
					
	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ J.T. Johnston Coe

		 	Name:	 	J.T. Johnston Coe
		 	Title:	 	Managing Director
		
	 By:
	 	 /s/ James Rolison

		 	Name:	 	James Rolison
		 	Title:	 	Managing Director

  
 [Amended and Restated
Credit Agreement Signature Page] 

 
					
	MORGAN STANLEY SENIOR FUNDING, INC., as a Lender
		
	By:	 	 /s/ Kelly Chin

		 	Name:	 	Kelly Chin
		 	Title:	 	Vice President

  
 [Amended and Restated
Credit Agreement Signature Page] 

 
					
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
	By:	 	 /s/ Vipul Dhadda

		 	Name:	 	Vipul Dhadda
		 	Title:	 	Authorized Signatory
		
	 By:
	 	 /s/ D. Andrew Maletta

		 	Name:	 	D. Andrew Maletta
		 	Title:	 	Authorized Signatory

  
 [Amended and Restated
Credit Agreement Signature Page] 

 
					
	UBS AG, STAMFORD BRANCH, as a Lender
		
	By:	 	 /s/ Craig Pearson

		 	Name:	 	Craig Pearson
		 	Title:	 	Associate Director
		
	 By:
	 	 /s/ Houssem Daly

		 	Name:	 	Houssem Daly
		 	Title:	 	Associate Director

  
 [Amended and Restated
Credit Agreement Signature Page] 

 
					
	CIT BANK, N.A., as a Lender
		
	By:	 	 /s/ Michael Pedone

		 	Name:	 	Michael Pedone
		 	Title:	 	Managing Director

  
 [Amended and Restated
Credit Agreement Signature Page] 

 
					
	CHANG HWA COMMERCIAL BANK, LTD., NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ Jerry C.S. Liu

		 	Name:	 	Jerry C.S. Liu
		 	Title:	 	AVP & AGM

  
 [Amended and Restated
Credit Agreement Signature Page] 

 
					
	First Commercial Bank, Ltd., a Republic of China bank acting through its Los Angeles branch, as a Lender
		
	By:	 	 /s/ Terry Yuan-Gan Ju

		 	Name:	 	Terry Yuan-Gan Ju
		 	Title:	 	SVP & General Manager

  
 [Amended and Restated
Credit Agreement Signature Page] 

 
					
	Taiwan Business Bank, Los Angeles Branch, as a Lender
		
	By:	 	 /s/ Sandy Chen

		 	Name:	 	Sandy Chen
		 	Title:	 	General Manager

  
 [Amended and Restated
Credit Agreement Signature Page] 

 SCHEDULE 1.1A 

Commitments 
  

									
	 LENDER
	  	REVOLVING COMMITMENT	 	  	L/C COMMITMENT	 
	 Bank of America, N.A.
	  	$	150,000,000	  	  	$	37,500,000	  
	 JPMorgan Chase Bank, N.A.
	  	$	150,000,000	  	  	$	37,500,000	  
	 Barclays Bank PLC
	  	$	135,000,000	  	  	 	—  	  
	 Deutsche Bank AG New York Branch
	  	$	100,000,000	  	  	 	—  	  
	 Morgan Stanley Senior Funding, Inc.
	  	$	100,000,000	  	  	 	—  	  
	 Credit Suisse AG, Cayman Islands Branch
	  	$	75,000,000	  	  	 	—  	  
	 UBS AG, Stamford Branch
	  	$	50,000,000	  	  	 	—  	  
	 CIT Bank, N.A.
	  	$	40,000,000	  	  	 	—  	  
	 Chang Hwa Commercial Bank, Ltd., New York Branch
	  	$	20,000,000	  	  	 	—  	  
	 First Commercial Bank, Ltd., Los Angeles Branch
	  	$	20,000,000	  	  	 	—  	  
	 Taiwan Business Bank, Co., Ltd., Los Angeles Branch
	  	$	10,000,000	  	  	 	—  	  
		  	  
	  
	 	  	  
	  
	 
			
	 Total
	  	$	850,000,000	  	  	$	75,000,000	  
		  	  
	  
	 	  	  
	  
	 

 SCHEDULE 1.1(B) 

Specified Common Stock 
 [On file with the
Administrative Agent.] 

 SCHEDULE 4.15 

Subsidiaries 
 [On file with the
Administrative Agent.] 

 SCHEDULE 4.19 

UCC Filing Jurisdictions 
  

	A.	Financing Statements 

  

									
	 	  	 Financing
Statement
	  	 Filing Office
	  	 Debtor
	  	 Secured party

					
	1.	  	UCC-1	  	Delaware Department of State	  	Colony Capital Operating Company, LLC	  	JPMorgan Chase Bank, N.A
					
	2.	  	UCC-1	  	Delaware Department of State	  	CC Holdco Corporation, LLC	  	JPMorgan Chase Bank, N.A
					
	3.	  	UCC-1	  	Delaware Department of State	  	CC RE Holdco Corporation, LLC	  	JPMorgan Chase Bank, N.A
					
	4.	  	UCC-1	  	Delaware Department of State	  	CDCF IV GP Holdco, LLC	  	JPMorgan Chase Bank, N.A
					
	5.	  	UCC-1	  	Delaware Department of State	  	CDCF IV Holdco Corporation, LLC	  	JPMorgan Chase Bank, N.A
					
	6.	  	UCC-1	  	Delaware Department of State	  	CDCF IV Investment Advisor, LLC	  	JPMorgan Chase Bank, N.A
					
	7.	  	UCC-1	  	Delaware Department of State	  	CFI 2011 CRE Holdco, LLC	  	JPMorgan Chase Bank, N.A
					
	8.	  	UCC-1	  	Delaware Department of State	  	CFI 2011-2 CRE Holdco, LLC	  	JPMorgan Chase Bank, N.A
					
	9.	  	UCC-1	  	Delaware Department of State	  	CFI 2012 CRE ADC Holdco, LLC	  	JPMorgan Chase Bank, N.A
					
	10.	  	UCC-1	  	Delaware Department of State	  	CFI 2013 CRE ADC Holdco, LLC	  	JPMorgan Chase Bank, N.A
					
	11.	  	UCC-1	  	Delaware Department of State	  	CFI CSFR Investor, LLC	  	JPMorgan Chase Bank, N.A
					
	12.	  	UCC-1	  	Delaware Department of State	  	CFI DB Holding, LLC	  	JPMorgan Chase Bank, N.A
					
	13.	  	UCC-1	  	Delaware Department of State	  	CFI Frenchgate Holding, LLC	  	JPMorgan Chase Bank, N.A
					
	14.	  	UCC-1	  	Delaware Department of State	  	CFI Inland Investor, LLC	  	JPMorgan Chase Bank, N.A
					
	15.	  	UCC-1	  	Delaware Department of State	  	CFI Milestone North Holdco, LLC	  	JPMorgan Chase Bank, N.A
					
	16.	  	UCC-1	  	Delaware Department of State	  	CFI NNN Holdings, LLC	  	JPMorgan Chase Bank, N.A
					
	17.	  	UCC-1	  	Delaware Department of State	  	CFI NNN International Holdings, LLC	  	JPMorgan Chase Bank, N.A
					
	18.	  	UCC-1	  	Delaware Department of State	  	CFI NNN Littleton, LLC	  	JPMorgan Chase Bank, N.A
					
	19.	  	UCC-1	  	Delaware Department of	  	CFI NNN Raiders, LLC	  	JPMorgan Chase

									
		  		  	State	  		  	Bank, N.A
					
	20.	  	UCC-1	  	Delaware Department of State	  	CFI NNN RS Ventura, LLC	  	JPMorgan Chase Bank, N.A
					
	21.	  	UCC-1	  	Delaware Department of State	  	CFI Penn Funding, LLC	  	JPMorgan Chase Bank, N.A
					
	22.	  	UCC-1	  	Delaware Department of State	  	CFI RE Holdco, LLC	  	JPMorgan Chase Bank, N.A
					
	23.	  	UCC-1	  	Delaware Department of State	  	CFI Safe Holdings A, LLC	  	JPMorgan Chase Bank, N.A
					
	24.	  	UCC-1	  	Delaware Department of State	  	CFI Safe Holdings B, LLC	  	JPMorgan Chase Bank, N.A
					
	25.	  	UCC-1	  	Delaware Department of State	  	CFI Safe Holdings C, LLC	  	JPMorgan Chase Bank, N.A
					
	26.	  	UCC-1	  	Delaware Department of State	  	CLNY CDCF IV BBB 1, LLC	  	JPMorgan Chase Bank, N.A
					
	27.	  	UCC-1	  	Delaware Department of State	  	CMC DRE B, LLC	  	JPMorgan Chase Bank, N.A
					
	28.	  	UCC-1	  	Delaware Department of State	  	ColArmonia Manager, LLC	  	JPMorgan Chase Bank, N.A
					
	29.	  	UCC-1	  	Delaware Department of State	  	ColFin 560 Seventh Funding, LLC	  	JPMorgan Chase Bank, N.A
					
	30.	  	UCC-1	  	Delaware Department of State	  	ColFin BAM Funding 2, LLC	  	JPMorgan Chase Bank, N.A
					
	31.	  	UCC-1	  	Delaware Department of State	  	ColFin Cobalt GP, LLC	  	JPMorgan Chase Bank, N.A
					
	32.	  	UCC-1	  	Delaware Department of State	  	ColFin Falcon Funding 2, LLC	  	JPMorgan Chase Bank, N.A
					
	33.	  	UCC-1	  	Delaware Department of State	  	ColFin JIH Funding, LLC	  	JPMorgan Chase Bank, N.A
					
	34.	  	UCC-1	  	Delaware Department of State	  	ColFin Lake Ranch Funding, LLC	  	JPMorgan Chase Bank, N.A
					
	35.	  	UCC-1	  	Delaware Department of State	  	ColFin Lake Ranch Investor, LLC	  	JPMorgan Chase Bank, N.A
					
	36.	  	UCC-1	  	Delaware Department of State	  	ColFin Mission Funding, LLC	  	JPMorgan Chase Bank, N.A
					
	37.	  	UCC-1	  	Delaware Department of State	  	ColFin Multifamily Funding, LLC	  	JPMorgan Chase Bank, N.A
					
	38.	  	UCC-1	  	Delaware Department of State	  	ColFin Multifamily Holdco 2014-1, LLC	  	JPMorgan Chase Bank, N.A
					
	39.	  	UCC-1	  	Delaware Department of State	  	ColFin Texas Portfolio Funding, LLC	  	JPMorgan Chase Bank, N.A
					
	40.	  	UCC-1	  	Delaware Department of State	  	ColFin USL Industrial LP2, LLC	  	JPMorgan Chase Bank, N.A
					
	41.	  	UCC-1	  	Delaware Department of State	  	ColFin WAC Funding, LLC	  	JPMorgan Chase Bank, N.A
					
	42.	  	UCC-1	  	Delaware Department of State	  	Colony Advisors LLC	  	JPMorgan Chase Bank, N.A
					
	43.	  	UCC-1	  	Delaware Department of State	  	Colony Capital Acquisitions, LLC	  	JPMorgan Chase Bank, N.A
					
	44.	  	UCC-1	  	Delaware Department of State	  	Colony Capital Credit IV Investor, LLC	  	JPMorgan Chase Bank, N.A
					
	45.	  	UCC-1	  	Delaware Department of	  	Colony Capital Investment	  	JPMorgan Chase

									
		  		  	State	  	Advisors, LLC	  	Bank, N.A
					
	46.	  	UCC-1	  	Delaware Department of State	  	Colony Capital Investment Holdco, LLC	  	JPMorgan Chase Bank, N.A
					
	47.	  	UCC-1	  	Delaware Department of State	  	Colony Capital OP Subsidiary, LLC	  	JPMorgan Chase Bank, N.A
					
	48.	  	UCC-1	  	Delaware Department of State	  	Colony Financial Holdings, LLC	  	JPMorgan Chase Bank, N.A
					
	49.	  	UCC-1	  	Delaware Department of State	  	Colony Mortgage Sub B REIT, LLC	  	JPMorgan Chase Bank, N.A

  

	B.	The execution of deposit account control agreements covering the accounts in respect of which a security interest is required to be perfected pursuant to Section 6.14 of the Credit Agreement.

 SCHEDULE 6.16 

Post-Closing Obligations 
 [On file with
the Administrative Agent.] 

 SCHEDULE 7.2(d) 

Existing Indebtedness 
 None. 

 SCHEDULE 7.3(f) 

Existing Liens 
 None. 

 EXHIBIT A 

FORM OF 
 GUARANTEE AND
COLLATERAL AGREEMENT 
 [Attached] 

  

 
 AMENDED AND RESTATED GUARANTEE AND
COLLATERAL AGREEMENT 
 made by 

COLONY CAPITAL OPERATING COMPANY, LLC 

and certain of its Subsidiaries 

in favor of 
 JPMORGAN CHASE BANK,
N.A., 
 as Administrative Agent 

Dated as of March 31, 2016 
  

 
  

 TABLE OF CONTENTS 
  

							
	 SECTION 1.
	 	 DEFINED TERMS
	  	 	1	  
	 1.1
	 	 Definitions
	  	 	1	  
	 1.2
	 	 Other Definitional Provisions
	  	 	6	  
			
	 SECTION 2.
	 	 GUARANTEE
	  	 	6	  
	 2.1
	 	 Guarantee
	  	 	6	  
	 2.2
	 	 Right of Contribution
	  	 	7	  
	 2.3
	 	 No Subrogation
	  	 	7	  
	 2.4
	 	 Amendments, etc. with respect to the Borrower Obligations
	  	 	7	  
	 2.5
	 	 Guarantee Absolute and Unconditional
	  	 	7	  
	 2.6
	 	 Reinstatement
	  	 	8	  
	 2.7
	 	 Payments
	  	 	8	  
	 2.8
	 	 Keepwell
	  	 	8	  
			
	 SECTION 3.
	 	 GRANT OF SECURITY INTEREST
	  	 	9	  
	 3.1
	 	 Grant of Security
	  	 	9	  
	 3.2
	 	 Procedures
	  	 	10	  
			
	 SECTION 4.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	12	  
	 4.1
	 	 Title; No Other Liens
	  	 	12	  
	 4.2
	 	 Subsidiaries
	  	 	12	  
	 4.3
	 	 Jurisdiction of Organization; Chief Executive Office
	  	 	12	  
	 4.4
	 	 Pledged Stock
	  	 	12	  
	 4.5
	 	 Distribution Accounts
	  	 	12	  
	 4.6
	 	 No Default
	  	 	12	  
			
	 SECTION 5.
	 	 COVENANTS
	  	 	13	  
	 5.1
	 	 Delivery of Instruments, Certificated Securities and Chattel Paper
	  	 	13	  
	 5.2
	 	 Payment of Obligations
	  	 	13	  
	 5.3
	 	 Maintenance of Perfected Security Interest; Further Documentation
	  	 	13	  
	 5.4
	 	 Changes in Name, etc.
	  	 	13	  
	 5.5
	 	 Notices
	  	 	14	  
	 5.6
	 	 Securities
	  	 	14	  
			
	 SECTION 6.
	 	 REMEDIAL PROVISIONS
	  	 	14	  
	 6.1
	 	 Pledged Stock
	  	 	14	  
	 6.2
	 	 Proceeds to be Turned Over To Administrative Agent
	  	 	15	  
	 6.3
	 	 Application of Proceeds
	  	 	15	  
	 6.4
	 	 Code and Other Remedies
	  	 	16	  
	 6.5
	 	 Registration Rights
	  	 	16	  
	 6.6
	 	 Certain Limitations on Remedies
	  	 	16	  
	 6.7
	 	 Subordination
	  	 	17	  
	 6.8
	 	 Deficiency
	  	 	17	  
			
	 SECTION 7.
	 	 THE ADMINISTRATIVE AGENT
	  	 	17	  
	 7.1
	 	 Administrative Agent’s Appointment as Attorney-in-Fact, etc.
	  	 	17	  
	 7.2
	 	 Duty of Administrative Agent
	  	 	19	  
	 7.3
	 	 Execution of Financing Statements
	  	 	19	  
	 7.4
	 	 Authority of Administrative Agent
	  	 	19	  

							
			
	 SECTION 8.
	 	 MISCELLANEOUS
	  	 	19	  
	 8.1
	 	 Amendments in Writing
	  	 	19	  
	 8.2
	 	 Notices
	  	 	19	  
	 8.3
	 	 No Waiver by Course of Conduct; Cumulative Remedies
	  	 	20	  
	 8.4
	 	 Enforcement Expenses; Indemnification
	  	 	20	  
	 8.5
	 	 Successors and Assigns
	  	 	20	  
	 8.6
	 	 Set-Off
	  	 	20	  
	 8.7
	 	 Counterparts
	  	 	21	  
	 8.8
	 	 Severability
	  	 	21	  
	 8.9
	 	 Section Headings
	  	 	21	  
	 8.10
	 	 Integration
	  	 	21	  
	 8.11
	 	 GOVERNING LAW
	  	 	21	  
	 8.12
	 	 Submission To Jurisdiction; Waivers
	  	 	21	  
	 8.13
	 	 Acknowledgements
	  	 	22	  
	 8.14
	 	 Additional Grantors
	  	 	22	  
	 8.15
	 	 Releases
	  	 	22	  
	 8.16
	 	 WAIVER OF JURY TRIAL
	  	 	23	  
	 8.17
	 	 Acknowledgement and Confirmation
	  	 	23	  

 SCHEDULES 
  

			
	Schedule F-1	  	Enforcement Right Limitations
	Schedule 1	  	Notice Addresses
	Schedule 2	  	Pledged Stock
	Schedule 3	  	[Reserved]
	Schedule 4	  	Jurisdictions of Organization and Chief Executive Offices
	Schedule 5	  	Distribution Accounts

 ANNEXES 
  

			
	Annex 1	  	Assumption Agreement
	Annex 2	  	Acknowledgment and Consent

 AMENDED AND RESTATED GUARANTEE AND COLLATERAL AGREEMENT 

AMENDED AND RESTATED GUARANTEE AND COLLATERAL AGREEMENT, dated as of March 31, 2016, made by each of the signatories hereto (together
with any other entity that may become a party hereto as provided herein, the “Grantors”), in favor of JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) for the banks
and other financial institutions or entities (the “Lenders”) from time to time parties to the Amended and Restated Credit Agreement, dated as of March 31, 2016 (as amended, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among Colony Capital Operating Company, LLC (the “Borrower”), the Lenders and the Administrative Agent. 

W I T N E S S E T H: 

WHEREAS, pursuant to the Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms and
subject to the conditions set forth therein; 
 WHEREAS, the Borrower is a member of an affiliated group of companies that includes each
other Grantor; 
 WHEREAS, the proceeds of the extensions of credit under the Credit Agreement will be used in part to enable the Borrower
to make valuable transfers to one or more of the other Grantors in connection with the operation of their respective businesses; 

WHEREAS, the Borrower and the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect
benefit from the making of the extensions of credit under the Credit Agreement; and 
 WHEREAS, it is a condition precedent to the
obligation of the Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement that the Grantors shall have executed and delivered this Agreement to the Administrative Agent for the ratable benefit of the Secured
Parties; 
 NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent and the Lenders to enter into the
Credit Agreement and to induce the Lenders to make their respective extensions of credit to the Borrower thereunder, each Grantor hereby agrees with the Administrative Agent, for the ratable benefit of the Secured Parties, as follows: 

SECTION 1. DEFINED TERMS 
 1.1
Definitions. (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the following terms are used herein as defined in the New York
UCC: Certificated Security, Clearing Corporation, Chattel Paper, Financial Assets, General Intangibles, Instruments, Investment Property, Securities Intermediary, Security Entitlements, Supporting Obligations and Uncertificated Security. 

(b) The following terms shall have the following meanings: 

“Agreement”: this Amended and Restated Guarantee and Collateral Agreement, as the same may be amended, supplemented or
otherwise modified from time to time. 

  
 1 

 “Borrower Obligations”: the collective reference to the unpaid principal of and
interest on the Loans and Reimbursement Obligations and all other obligations and liabilities of the Borrower (including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after the maturity of the
Loans and Reimbursement Obligations and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating
to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to the Administrative Agent or any Lender (or, in the case of any Secured Swap Agreement, any Affiliate of any Lender), whether direct
or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, this Agreement, the other Loan Documents, any Letter of Credit, any Secured
Swap Agreement or any other document made, delivered or given in connection with any of the foregoing, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including,
without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of any of the foregoing agreements); provided, that for purposes of
determining any Guarantor Obligations of any Guarantor under this Agreement, the definition of “Borrower Obligations” shall not create any guarantee by any Guarantor of any Excluded Swap Obligations of such Guarantor. 

“Certificated Security”: as defined in Section 8-102(a)(4) of the UCC. 

“Collateral”: as defined in Section 3. 

“Collateral Account”: any collateral account established by the Administrative Agent as provided in Section 6.2 and any
other account established and maintained by the Administrative Agent in the name of any Grantor to which Collateral may be credited. 

“Collateral Reporting Date”: as defined in Section 3.2(a). 

“Commodity Exchange Act”: the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Enforcement Action”: as defined in Section 6.6(b). 

“Excluded Collateral”: as defined in the last paragraph of Section 3.1. 

“FDIC Investment Prohibited Foreclosure”: with respect to any FDIC Investment, any sale or transfer of a Grantor’s
direct or indirect interest in an FDIC Private Owner that (after taking into account all other pledges or transfers with respect to the underlying assets): 

(a) would cause less than 50.1% of the Capital Stock of an FDIC Private Owner to be owned, directly or indirectly, by the
Borrower or an Affiliate thereof; 
 (b) would cause 25% or more of the equity interests of an FDIC Private Owner to be
owned, directly or indirectly, by any one Person (including affiliates thereof) other than the Borrower or an Affiliate thereof; or 

(c) would otherwise cause a “change in control” (or like term) under the documentation governing such FDIC
Investment pursuant to terms and conditions notified by the Grantors to the Administrative Agent in writing from time to time prior to such sale or transfer; 

  
 2 

 provided, however, that in order to constitute an FDIC Investment Prohibited Foreclosure, the
applicable Grantor shall have disclosed to the Administrative Agent in writing promptly following knowledge thereof any limitations on Enforcement Actions in respect of the applicable FDIC Investment, which notice shall be reasonably in advance of
such sale or transfer. As of the date hereof, the applicable limitations on foreclosure with respect to the FDIC Investments included in the Collateral are set forth on Schedule F-1. 

“FDIC Private Owner”: with respect to any FDIC Investment, an Affiliated Investor that directly or indirectly owns an
interest in such FDIC Investment. 
 “Guarantor Obligations”: with respect to any Guarantor, all obligations and
liabilities of such Guarantor which may arise under or in connection with this Agreement (including, without limitation, Section 2) or any other Loan Document or any Secured Swap Agreement to which such Guarantor is a party, in each case
whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are
required to be paid by such Guarantor pursuant to the terms of this Agreement or any other Loan Document). 

“Guarantors”: the collective reference to each Grantor other than the Borrower. 

“Issuers”: the collective reference to each issuer of any Securities. 

“Luxembourg Issuer” shall mean any Person organized under the laws of Luxembourg that has issued Securities that constitute
Collateral. 
 “Membership Interest”: all of the issued and outstanding Capital Stock (including, for the avoidance of
doubt, the entire membership interest) at any time owned directly by any Grantor in any limited liability company (each such limited liability company, a “Pledged LLC”), and all of such Grantor’s right, title and interest in
each Pledged LLC, including, without limitation: 
 (a) all the capital thereof and its interest in all profits, losses and other
distributions to which such Grantor shall at any time be entitled in respect of such Membership Interests; 
 (b) all other payments due or
to become due to such Grantor in respect of such Membership Interests, whether under any limited liability company agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 

(c) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any limited
liability company agreement or at law or otherwise in respect of such Membership Interests; 
 (d) all present and future claims, if any,
of such Grantor against any Pledged LLC for moneys loaned or advanced, for services rendered or otherwise; 
 (e) all of such
Grantor’s rights under any limited liability company agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Grantor relating to the Membership Interests, including any power to terminate,
cancel or modify any limited liability company agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Grantor in respect of any Membership Interests and any Pledged LLC to make determinations,
to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce or collect any of
the foregoing, to enforce or execute any checks or 

  
 3 

 
other instruments or orders, to file any claims and to take any action in connection with any of the foregoing; and 

(f) all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments
representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all
thereof. 
 “New York UCC”: the Uniform Commercial Code as from time to time in effect in the State of New York. 

“Obligations”: (i) in the case of the Borrower, the Borrower Obligations, and (ii) in the case of each Guarantor,
its Guarantor Obligations. 
 “Other Prohibited Foreclosure”: with respect to any Investment Asset acquired after the
Closing Date and included in the Collateral, any Enforcement Action with respect to a Grantor’s direct or indirect interest in any applicable Other Restricted Investment Asset Owner that (after taking into account all other pledges or transfers
with respect to the underlying assets) would cause a “change in control” (or like term) or other similar default or termination event under documentation governing such Other Restricted Investment Asset Owner (or any of its property);
provided, however, that in order to constitute an Other Prohibited Foreclosure, the applicable Grantor shall have disclosed to the Administrative Agent in writing promptly following knowledge thereof any limitations on Enforcement
Actions in respect of the applicable Investment Asset, which notice shall be reasonably in advance of any Enforcement Action in respect of the applicable Investment Asset. 

“Other Restricted Asset”: any Investment Asset with respect to which an Enforcement Action would constitute an “Other
Prohibited Foreclosure” pursuant to documentation governing such Investment Asset or any applicable Other Restricted Investment Asset Owner. 

“Other Restricted Investment Asset Owner”: with respect to any applicable Investment Asset, an Affiliated Investor that
directly or indirectly owns an interest in such Investment Asset. 
 “Partnership Interest”: all of the issued and
outstanding Capital Stock (including, for the avoidance of doubt, the entire partnership interest, whether general and/or limited partnership interests) at any time owned directly by any Grantor in any partnership (each such partnership, a
“Pledged Partnership”), and all of such Grantor’s right, title and interest in each Pledged Partnership, including, without limitation: 

(a) all the capital thereof and its interest in all profits, losses and other distributions to which such Grantor shall at any time be
entitled in respect of such Partnership Interests; 
 (b) all other payments due or to become due to such Grantor in respect of such
Partnership Interests, whether under any partnership agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 

(c) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any partnership
agreement or at law or otherwise in respect of such Partnership Interests; 
 (d) all present and future claims, if any, of such Grantor
against any Pledged Partnership for moneys loaned or advanced, for services rendered or otherwise; 

  
 4 

 (e) all of such Grantor’s rights under any partnership agreement or at law to exercise and
enforce every right, power, remedy, authority, option and privilege of such Grantor relating to the Partnership Interests, including any power to terminate, cancel or modify any partnership agreement, to execute any instruments and to take any and
all other action on behalf of and in the name of such Grantor in respect of any Partnership Interests and any Pledged Partnership to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to
give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce or collect any of the foregoing, to enforce or execute any checks or other instruments or orders, to file any
claims and to take any action in connection with any of the foregoing; and 
 (f) all other property hereafter delivered in substitution
for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all thereof. 
 “Permitted Liens”: Liens on
the Collateral permitted pursuant to Section 7.3 of the Credit Agreement. 
 “Pledge”: the security interest in the
Collateral arising under this Agreement. 
 “Pledged Accounts”: collectively, all Collateral Accounts, all Distribution
Accounts and all L/C Cash Collateral Accounts. 
 “Pledged LLC”: as set forth in the definition of “Membership
Interest”. 
 “Pledged Partnership”: as set forth in the definition of “Partnership Interest”. 

“Pledged Stock”: the shares of Capital Stock listed on Schedule 2, together with any other shares, stock
certificates, options, interests or rights of any nature whatsoever in respect of the Capital Stock of any Person that may be issued or granted to, or held by, any Grantor while this Agreement is in effect, in each case, whether such Capital Stock
is a General Intangible, Security (as defined in the New York UCC) or other Investment Property. 
 “Proceeds”: all
“proceeds” as such term is defined in Section 9-102(a)(64) of the New York UCC and, in any event, shall include, without limitation, all dividends or other income from the Securities, collections thereon or distributions or payments
with respect thereto. 
 “Qualified Keepwell Provider”: in respect of any Swap Obligation, each Loan Party that, at the
time the relevant guarantee (or grant of the relevant security interest, as applicable) becomes effective with respect to such Swap Obligation, has total assets exceeding $10,000,000 or otherwise constitutes an “eligible contract
participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” with respect to such Swap Obligation at such time by entering into a
keepwell or guarantee pursuant to Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 “Securities”:
(i) collectively, all Stock, all Partnership Interests and all Membership Interests and (ii) whether or not constituting “Securities” as so defined, all Pledged Stock. 

“Securities Act”: the Securities Act of 1933, as amended. 

  
 5 

 “Stock”: all of the issued and outstanding shares of Capital Stock at any time
owned by any Grantor in any corporation. 
 “Uncertificated Securities”: as defined in Section 8-102(a)(18) of the
UCC. 
 1.2 Other Definitional Provisions. (a) The words “hereof,” “herein”, “hereto” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise
specified. 
 (b) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such
terms. 
 (c) Where the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall
refer to such Grantor’s Collateral or the relevant part thereof. 
 SECTION 2. GUARANTEE 

2.1 Guarantee. (a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the
Administrative Agent, for the ratable benefit of the Secured Parties and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether at the stated maturity, by
acceleration or otherwise) of the Borrower Obligations (other than, with respect to any Guarantor, any Excluded Swap Obligations of such Guarantor). 

(b) Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder and under
the other Loan Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to the insolvency of debtors (after giving effect to the right of contribution established in
Section 2.2). 
 (c) Each Guarantor agrees that the Borrower Obligations may at any time and from time to time exceed the amount of the
liability of such Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Administrative Agent or any Lender hereunder. 

(d) The guarantee contained in this Section 2 shall remain in full force and effect until all the Borrower Obligations shall have been
satisfied by Payment In Full and the obligations of each Guarantor under the guarantee contained in this Section 2 (other than contingent indemnification obligations that have not yet been asserted) shall have been satisfied by payment in full,
notwithstanding that from time to time during the term of the Credit Agreement the Borrower may be free from any Borrower Obligations. 

(e) No payment made by the Borrower, any of the Guarantors, any other guarantor or any other Person or received or collected by the
Administrative Agent or any Lender from the Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction
of or in payment of the Borrower Obligations (other than Payment in Full of the Borrower Obligations) shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such
payment (other than any payment made by such Guarantor in respect of the Borrower Obligations or any payment received or collected from such Guarantor in respect of the Borrower Obligations), remain liable for the Borrower Obligations up to the
maximum liability of such 

  
 6 

 
Guarantor hereunder until Payment in Full of the Borrower Obligations, no Letter of Credit shall be outstanding and the Commitments are terminated. 

2.2 Right of Contribution. Each Subsidiary Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more
than its proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Subsidiary Guarantor hereunder which has not paid its proportionate share of such
payment. Each Subsidiary Guarantor’s right of contribution shall be subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of any Subsidiary
Guarantor to the Administrative Agent and the Lenders, and each Subsidiary Guarantor shall remain liable to the Administrative Agent and the Lenders for the full amount guaranteed by such Subsidiary Guarantor hereunder. 

2.3 No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor
by the Administrative Agent or any Lender, no Guarantor shall be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender against the Borrower or any other Guarantor or any collateral security or guarantee or right of
offset held by the Administrative Agent or any Lender for the payment of the Borrower Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower or any other Guarantor in respect of payments
made by such Guarantor hereunder, until all amounts owing to the Administrative Agent and the Lenders by the Borrower on account of the Borrower Obligations are paid in full, no Letter of Credit shall be outstanding and the Commitments are
terminated. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Borrower Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the
Administrative Agent and the Lenders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly indorsed by such
Guarantor to the Administrative Agent, if required), to be applied against the Borrower Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine. 

2.4 Amendments, etc. with respect to the Borrower Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that,
without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Borrower Obligations made by the Administrative Agent or any Lender may be rescinded by the
Administrative Agent or such Lender and any of the Borrower Obligations continued, and the Borrower Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset
with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender, and the Credit Agreement and the other
Loan Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders or all Lenders, as the case may be)
may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Administrative Agent or any Lender for the payment of the Borrower Obligations may be sold, exchanged, waived, surrendered or
released. Neither the Administrative Agent nor any Lender shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Borrower Obligations or for the guarantee contained in this Section 2
or any property subject thereto. 
 2.5 Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the
creation, renewal, extension or accrual of any of the Borrower Obligations and notice of or proof of reliance by the Administrative Agent or any Lender upon the guarantee contained in this Section 2 or 

  
 7 

 
acceptance of the guarantee contained in this Section 2; the Borrower Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed,
extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between the Borrower and any of the Guarantors, on the one hand, and the Administrative Agent and the Lenders, on the other hand, likewise
shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon
the Borrower or any of the Guarantors with respect to the Borrower Obligations. Each Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of
payment without regard to (a) the validity or enforceability of the Credit Agreement or any other Loan Document, any of the Borrower Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at
any time or from time to time held by the Administrative Agent or any Lender, (b) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by the Borrower or any
other Person against the Administrative Agent or any Lender, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Borrower or such Guarantor) which constitutes, or might be construed to constitute, an
equitable or legal discharge of the Borrower for the Borrower Obligations, or of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its
rights and remedies hereunder against any Guarantor, the Administrative Agent or any Lender may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower, any
other Guarantor or any other Person or against any collateral security or guarantee for the Borrower Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or any Lender to make any such demand, to
pursue such other rights or remedies or to collect any payments from the Borrower, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the
Borrower, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies,
whether express, implied or available as a matter of law, of the Administrative Agent or any Lender against any Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 

2.6 Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be,
if at any time payment, or any part thereof, of any of the Borrower Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or
reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or
otherwise, all as though such payments had not been made. 
 2.7 Payments. Each Guarantor hereby guarantees that payments hereunder
will be paid to the Administrative Agent without set-off or counterclaim in Dollars at the Funding Office. 
 2.8 Keepwell. Each
Qualified Keepwell Provider hereby jointly and severally absolutely, unconditionally, and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under
this guarantee in respect of any Swap Obligation (provided, however, that each Qualified Keepwell Provider shall only be liable under this Section 2.8 for the maximum amount of such liability that can be hereby incurred without rendering its
obligations under this Section 2.8, or otherwise under this guarantee, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified Keepwell Provider
under this Section 2.8 shall remain in full force and effect until a discharge of Guarantor Obligations. Each Qualified Keepwell Provider intends that this 

  
 8 

 
Section 2.8 constitute, and this Section 2.8 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes
of section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 SECTION 3. GRANT OF SECURITY INTEREST 

3.1 Grant of Security. Each Grantor hereby assigns and transfers to the Administrative Agent, and hereby grants to the Administrative
Agent, for the ratable benefit of the Secured Parties, a security interest in, all of the following property now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any
right, title or interest (collectively, the “Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of such Grantor’s
Obligations: 
 (a) all Securities and all options and warrants to purchase Securities (and all certificates, Certificated Securities,
Chattel Paper or Instruments evidencing such Securities); 
 (b) all Pledged Accounts; including any and all assets of whatever type or kind
deposited in any such Pledged Account, whether now owned or hereafter acquired, existing or arising (including, without limitation, all Financial Assets, Investment Property, monies, checks, drafts, Instruments or interests therein of any type or
nature deposited or required by the Credit Agreement or any other Loan Document to be deposited in such Pledged Account, and all investments and all certificates and other instruments (including depository receipts, if any) from time to time
representing or evidencing the same, and all dividends, interest, distributions, cash and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing); 

(c) all books and records pertaining to the Collateral; and 

(d) to the extent not otherwise included, all Proceeds, Supporting Obligations and products of any and all of the foregoing, all Security
Entitlements owned by such Grantor in any and all of the foregoing, and all collateral security and guarantees given by any Person with respect to any of the foregoing; 

provided, however, that notwithstanding any of the other provisions set forth in this Section 3, this Agreement shall not
constitute a grant of a security interest in any property to the extent that such grant of a security interest (i) is of more than 66% of the total voting stock of any Excluded Foreign Subsidiary, (ii) is of a general partner interest held
by a Grantor in a Colony Fund, (iii) is prohibited by any Requirements of Law of a Governmental Authority, requires a consent not obtained of any Governmental Authority pursuant to such Requirement of Law or (iv) in the case of any
Collateral constituting a Security of any Pledged Affiliate, is prohibited by, or constitutes a breach or default under or results in the termination of or requires any consent not obtained under, any contract, license, agreement, instrument or
other document evidencing or giving rise to such property or any material agreement of any such Pledged Affiliate (or any Investment Asset Issuer or Affiliated Investor in which such Pledged Affiliate owns a direct or indirect equity interest)
prohibiting a grant of such security interest in such Security, including, without limitation, any applicable shareholder or similar agreement (other than any of the foregoing issued by a Grantor) or any agreements relating to Indebtedness permitted
pursuant to the Credit Agreement that are either applicable to such Pledged Affiliate, any Investment Asset held directly or indirectly by such Pledged Affiliate or to any Investment Asset Issuer or any Affiliated Investor in which such Pledged
Affiliate owns a direct or indirect equity interest, in each case with respect to clauses (iii) and (iv) of this paragraph, except to the extent that such Requirement of Law or the term in such contract, license, agreement, instrument or
other document or shareholder or 

  
 9 

 
similar agreement providing for such prohibition, breach, default or termination or requirement of such consent is ineffective under applicable law (the property excluded from Collateral pursuant
to this paragraph, the “Excluded Collateral”). Notwithstanding anything to the contrary set forth in this Agreement, the representations, warranties and covenants set forth herein applicable to Collateral shall not apply to Excluded
Collateral. 
 3.2 Procedures. (a) To the extent that any Grantor at any time or from time to time owns, acquires or obtains any
right, title or interest in any Collateral, such Collateral shall automatically (and without the taking of any action by such Grantor) be pledged pursuant to Section 3.1 of this Agreement and, in addition thereto, such Grantor shall, not later
than 60 days (or such later date as the Administrative Agent may agree in its sole discretion) after the end of the fiscal year in which the Grantor acquired or otherwise obtained any such right, title or interest, take the following actions as set
forth below with respect to any such new property constituting Collateral described below (provided that, to the extent that the actions set forth below have not been taken with respect any such new property constituting Collateral with an aggregate
value in excess of 5.0% of the Total Asset Value at any time, the Borrower shall cause such actions to be taken within 60 days after the end of the fiscal quarter during which such limit was exceeded to the extent necessary to eliminate such excess)
(the earlier date on which such actions are required to be taken with respect to any such Collateral, the “Collateral Reporting Date” with respect to such Collateral): 

(i) with respect to a Certificated Security or a Partnership Interest or Membership Interest represented by a certificate that
is a Security for purposes of the New York UCC (in each case other than any such Certificated Security, Partnership Interest or Membership Interest credited on the books of a Clearing Corporation or Securities Intermediary), such Grantor shall
physically deliver such Certificated Security to the Administrative Agent, endorsed to the Administrative Agent or endorsed in blank; 

(ii) with respect to (A) an Uncertificated Security or (B) a Membership Interest or Partnership Interest which is not
represented by a certificate or is not a Security for purposes of the UCC (in each case other than an Uncertificated Security, Membership Interest or Partnership Interest credited on the books of a Clearing Corporation or Securities Intermediary),
such Grantor shall cause the issuer thereof to duly authorize, execute, and deliver to the Administrative Agent, an acknowledgment and consent in favor of the Administrative Agent and the other Secured Parties substantially in the form of Annex 2
hereto (appropriately completed to the reasonable satisfaction of the Administrative Agent and with such modifications, if any, as shall be reasonably satisfactory to the Administrative Agent) pursuant to which such issuer agrees to be bound by the
terms of this Agreement in so much as they apply to such issuer (or to any Uncertificated Security, Partnership Interests or Membership Interests issued by such issuer to such Grantor); provided, however, that the obligations set forth
in this paragraph shall be limited to each such Uncertificated Security, Membership Interest or Partnership Interest issued by a Subsidiary of the Grantor that directly or indirectly owns any Investment Asset or receives any Fee-Related Earnings
that are included in the calculation of the Maximum Permitted Outstanding Amount (and, to the extent that any issuer of such Uncertificated Security, Membership Interest or Partnership Interest did not have to comply with the obligations set forth
in this paragraph on the Collateral Reporting Date in reliance on this proviso but thereafter becomes a Subsidiary that directly or indirectly owns any Investment Asset or receives any Fee-Related Earnings that are included in the calculation of the
Maximum Permitted Outstanding Amount, the applicable Grantor shall cause such issuer to comply with the obligations set forth in this paragraph within 60 days after the end of the fiscal quarter during which such issuer became a Subsidiary that
directly or indirectly owns any Investment Asset or receives any Fee-Related Earnings that are included in the calculation of the Maximum Permitted Outstanding Amount); 

  
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 (iii) with respect to any Collateral consisting of a Certificated Security,
Uncertificated Security, Partnership Interest or Membership Interest credited on the books of a Clearing Corporation or Securities Intermediary (including a Federal Reserve Bank, Participants Trust Company or The Depository Trust Company), such
Grantor shall notify the Administrative Agent thereof and shall take (x) all actions required (i) to comply with the applicable rules of such Clearing Corporation or Securities Intermediary and (ii) to perfect the security interest of
the Administrative Agent under applicable law (including, in any event, under Sections 9-314(a), (b) and (c), 9-106 and 8-106(d) of the New York UCC) and (y) such other actions as the Administrative Agent deems necessary or desirable to
effect the foregoing; 
 (iv) with respect to a Partnership Interest or a Membership Interest (other than a Partnership
Interest or Membership Interest credited on the books of a Clearing Corporation or Securities Intermediary), (1) if such Partnership Interest or Membership Interest is represented by a certificate and is a Security for purposes of the New York
UCC, the procedure set forth in Section 3.2(a)(i) hereof; and (2) if such Partnership Interest or Membership Interest is not represented by a certificate or is not a Security for purposes of the New York UCC, the procedure set forth in
Section 3.2(a)(ii) hereof; 
 (v) with respect to any Security of any Pledged Affiliate, provide the Administrative
Agent with a copy of the organization documents of such Pledged Affiliate; provided, however, that the obligations set forth in this paragraph shall not apply with respect to any Pledged Affiliate that does not, directly or indirectly,
own any material assets; provided further that, if at any time organization documents of a Pledged Affiliate have not been delivered in reliance on the foregoing proviso and such Pledged Affiliate thereafter owns, directly or
indirectly, any material assets, the applicable Grantor shall provide the Administrative Agent with a copy of the organization documents of such Pledged Affiliate within 60 days after the end of the fiscal quarter during which such Pledged Affiliate
first owned, directly or indirectly, any material assets; 
 (vi) with respect to each Distribution Account of such Grantor,
notify the Administrative Agent of the opening thereof (to the extent such Distribution Account is opened after the Closing Date) and deliver to the Administrative Agent a Control Agreement duly executed by each of the parties thereto; and 

(vii) with respect to all Collateral of such Grantor whereby or with respect to which the Administrative Agent may obtain
“control” thereof within the meaning of Section 8-106 of the New York UCC (or under any provision of the New York UCC as same may be amended or supplemented from time to time, or under the laws of any relevant State other than the
State of New York), such Grantor shall take all actions as may be reasonably requested from time to time by the Administrative Agent so that “control” of such Collateral is obtained and at all times held by the Administrative Agent. 

(b) In addition to the actions required to be taken pursuant to Section 3.2(a) hereof, each Grantor shall take the following additional
actions with respect to the Collateral: 
 (i) each Grantor shall from time to time cause appropriate financing statements
(on appropriate forms) under the Uniform Commercial Code as in effect in the various relevant States, covering all Collateral hereunder (with the form of such financing statements to be satisfactory to the Administrative Agent), to be filed in the
relevant filing offices so that at all times the Administrative Agent’s security interest in all Investment Property constituting Collateral and other Collateral which can be perfected by the filing of such financing statements

  
 11 

 
(in each case to the maximum extent perfection by filing may be obtained under the laws of the relevant States, including, without limitation, Section 9-312(a) of the New York UCC) is so
perfected; and 
 (ii) each Grantor shall cause the Pledge to be accepted by each Luxembourg Issuer, and by its signature to
this Agreement, each Luxembourg Issuer existing on the date of this Agreement hereby acknowledges and expressly accepts the Pledge. 

SECTION 4. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective
extensions of credit to the Borrower thereunder, each Grantor hereby represents and warrants to the Administrative Agent and each Lender that: 

4.1 Title; No Other Liens. Except for the security interest granted to the Administrative Agent for the ratable benefit of the Secured
Parties pursuant to this Agreement and the other Liens permitted to exist on the Collateral under the Credit Agreement, such Grantor owns each item of the Collateral free and clear of any and all Liens. No effective financing statement or other
similar public filing with respect to all or any part of the Collateral is on file or of record in any relevant public office, except such as have been filed in favor of the Administrative Agent pursuant to this Agreement or as are permitted by the
Credit Agreement and those filed in connection with the Existing Credit Agreement. 
 4.2 Subsidiaries. As of the Closing Date,
Schedule 2 sets forth the name and jurisdiction of incorporation of each Subsidiary and, as to each such Subsidiary, the percentage of each class of Capital Stock owned by any Grantor. 

4.3 Jurisdiction of Organization; Chief Executive Office. On the date hereof, such Grantor’s jurisdiction of organization, and the
location of such Grantor’s chief executive office or sole place of business or principal residence, as the case may be, are specified on Schedule 4. 

4.4 Pledged Stock. (a) The shares or other interests of Pledged Stock pledged by such Grantor hereunder constitute all the issued
and outstanding shares or other interests of all classes of the Capital Stock of each Issuer owned by such Grantor, other than shares constituting Excluded Collateral. 

(b) All the shares of the Pledged Stock of any Subsidiary have been duly and validly issued and, to the extent applicable, are fully paid and
nonassessable. 
 (c) Such Grantor is the record and beneficial owner of, and has good and marketable title to, the Securities pledged by it
hereunder, free of any and all Liens other than Liens permitted pursuant to the Credit Agreement. 
 (d) As of the date hereof, all of the
Partnership Interests and Membership Interests owned by such Grantor are uncertificated. 
 4.5 Distribution Accounts. As of the
Closing Date, such Grantor has neither opened nor maintains any Distribution Account other than those set forth in Schedule 5 hereto. 
 4.6
No Default. Except as could not reasonably be expected to result in a Material Adverse Effect, (a) such Grantor is not in default in the payment of any portion of any mandatory capital contribution, if any, required to be made under any
partnership agreement or limited liability company agreement to which such Grantor is a party, and such Grantor is not in violation of any other material 

  
 12 

 
provisions of any partnership agreement or limited liability company agreement to which such Grantor is a party, or otherwise in default or violation thereunder and (b) no Partnership
Interest or Membership Interest is subject to any defense, offset or counterclaim, nor have any of the foregoing been asserted or alleged against such Grantor by any Person with respect thereto. 

SECTION 5. COVENANTS 
 Each
Grantor covenants and agrees with the Administrative Agent and the Lenders that, from and after the date of this Agreement until Payment in Full: 

5.1 Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the
Collateral in excess of $100,000 shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper payable to or in the name of any Grantor, such Instrument, Certificated Security or Chattel Paper shall be delivered to the
Administrative Agent by not later than the next following Collateral Reporting Date, duly indorsed in a manner reasonably satisfactory to the Administrative Agent, to be held as Collateral pursuant to this Agreement. 

5.2 Payment of Obligations. Such Grantor will pay and discharge or otherwise satisfy at or before maturity or before they become
delinquent, as the case may be, all Taxes imposed upon the Collateral or in respect of income or profits therefrom, as well as all claims of any kind (including, without limitation, claims for labor, materials and supplies) against or with respect
to the Collateral, except to the extent not required to be paid or discharged pursuant to Section 4.10 of the Credit Agreement. 
 5.3
Maintenance of Perfected Security Interest; Further Documentation. (a) Such Grantor shall maintain the security interest created by this Agreement as a perfected security interest having at least the priority described in
Section 4.19 of the Credit Agreement and shall defend such security interest against the claims and demands of all Persons whomsoever, subject to Permitted Liens and the rights of such Grantor under the Loan Documents to dispose of the
Collateral. 
 (b) Such Grantor will furnish to the Administrative Agent and the Lenders from time to time statements and schedules further
identifying and describing the assets and property of such Grantor and such other reports in connection therewith as the Administrative Agent may reasonably request, all in reasonable detail. 

(c) At any time and from time to time, upon the written request of the Administrative Agent, and at the sole expense of such Grantor, such
Grantor will promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further actions as the Administrative Agent may reasonably request for the purpose of obtaining or preserving the full
benefits of this Agreement and of the rights and powers herein granted, including, without limitation, (i) filing any financing or continuation statements under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction
with respect to the security interests created hereby and (ii) in the case of Securities, Pledged Accounts and any other relevant Collateral, taking any actions consistent with the requirements of Section 3.2 and reasonably necessary to
enable the Administrative Agent to obtain “control” (within the meaning of the applicable Uniform Commercial Code) with respect thereto. 

5.4 Changes in Name, etc. In the event that a Grantor (i) changes its jurisdiction of organization or the location of its chief
executive office or sole place of business or principal residence from that referred to in Section 4.3 or (ii) changes its name, such Grantor shall promptly (but in any event within ten (10) days) provide written notice to the
Administrative Agent and deliver to the Administrative Agent all additional financing statements and other documents reasonably requested by the 

  
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Administrative Agent to maintain the validity, perfection and priority of the security interests provided for herein. 

5.5 Notices. Such Grantor will advise the Administrative Agent and the Lenders promptly, in reasonable detail, of any Lien (other than
security interests created hereby or Liens permitted under the Credit Agreement) on any of the Collateral which would adversely affect the ability of the Administrative Agent to exercise any of its remedies hereunder. 

5.6 Securities. (a) If such Grantor shall become entitled to receive or shall receive any certificate (including, without
limitation, any certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights in respect of the
Capital Stock of any Issuer of Pledged Stock, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of the Pledged Stock, or otherwise in respect thereof, such Grantor shall accept the same as the agent of
the Administrative Agent and the Lenders, hold the same in trust for the Administrative Agent and the Lenders and deliver the same to the Administrative Agent by not later than the applicable Collateral Reporting Date in the exact form received,
duly indorsed by such Grantor to the Administrative Agent, if required, together with an undated stock power covering such certificate duly executed in blank by such Grantor and with, if the Administrative Agent so requests, signature guaranteed, to
be held by the Administrative Agent, subject to the terms hereof, as additional collateral security for the Obligations. 
 (b) Without the
prior written consent of the Administrative Agent, unless permitted pursuant to the Credit Agreement, such Grantor will not (i) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Securities or
Proceeds thereof or (ii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Securities or Proceeds thereof, or any interest therein. 

(c) In the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will be bound by the terms of this Agreement relating
to the Securities issued by it and will comply with such terms insofar as such terms are applicable to it and (ii) the terms of Sections 6.1(c) and 6.5 shall apply to it, mutatis mutandis, with respect to all actions that may be required
of it pursuant to Section 6.1(c) or 6.5 with respect to the Securities issued by it. 
 (d) Such Grantor will not approve any action by
any Pledged Partnership or Pledged LLC to convert such uncertificated interests into certificated interests. 
 SECTION 6. REMEDIAL
PROVISIONS 
 6.1 Pledged Stock. (a) Unless an Event of Default shall have occurred and be continuing and the Administrative
Agent shall have given notice to the relevant Grantor of the Administrative Agent’s intent to exercise its corresponding rights pursuant to Section 6.1(b), each Grantor shall be permitted to receive all cash dividends paid in respect of
the Pledged Stock, in each case paid in the normal course of business of the relevant Issuer and consistent with past practice, to the extent permitted in the Credit Agreement, and to exercise all voting and corporate or other organizational rights
with respect to the Securities; provided, however, that no vote shall be cast or corporate or other organizational right exercised or other action taken which, in the Administrative Agent’s reasonable judgment, would impair the
Collateral or which would be inconsistent with or result in any violation of any provision of the Credit Agreement, this Agreement or any other Loan Document. 

(b) If an Event of Default shall occur and be continuing and the Administrative Agent shall give notice of its intent to exercise such rights
to the relevant Grantor or Grantors, (i) the Administrative 

  
 14 

 
Agent shall have the right to receive any and all cash dividends, payments or other Proceeds paid in respect of the Securities and make application thereof to the Obligations in such order as the
Administrative Agent may determine, and (ii) any or all of the Securities shall be registered in the name of the Administrative Agent or its nominee, and the Administrative Agent or its nominee may thereafter exercise (x) all voting,
corporate and other rights pertaining to such Securities at any meeting of shareholders of the relevant Issuer or Issuers or otherwise and (y) any and all rights of conversion, exchange and subscription and any other rights, privileges or
options pertaining to such Securities as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Securities upon the merger, consolidation, reorganization, recapitalization or
other fundamental change in the corporate or other organizational structure of any Issuer, or upon the exercise by any Grantor or the Administrative Agent of any right, privilege or option pertaining to such Securities, and in connection therewith,
the right to deposit and deliver any and all of the Securities with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Administrative Agent may determine), all without liability
except to account for property actually received by it, but the Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. 

(c) Each Grantor hereby authorizes and instructs each Issuer of any Securities pledged by such Grantor hereunder to (i) comply with any
instruction received by it from the Administrative Agent in writing that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance with the terms of this Agreement, without any other or further
instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (ii) unless otherwise expressly permitted hereby, pay any dividends or other payments with respect to the Securities directly
to the Administrative Agent. 
 6.2 Proceeds to be Turned Over To Administrative Agent. If an Event of Default shall occur and be
continuing, all Proceeds received by any Grantor consisting of cash, checks and other near-cash items shall be held by such Grantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Grantor, and shall,
forthwith upon receipt by such Grantor, be turned over to the Administrative Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the Administrative Agent, if required). All Proceeds received by the Administrative Agent
hereunder shall be held by the Administrative Agent in a Collateral Account maintained under its sole dominion and control. All Proceeds while held by the Administrative Agent in a Collateral Account (or by such Grantor in trust for the
Administrative Agent and the Lenders) shall continue to be held as collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in Section 6.3. 

6.3 Application of Proceeds. At such intervals as may be agreed upon by the Borrower and the Administrative Agent, or, if an Event of
Default shall have occurred and be continuing, at any time at the Administrative Agent’s election, the Administrative Agent may apply all or any part of Proceeds constituting Collateral, whether or not held in any Collateral Account, and any
proceeds of the guarantee set forth in Section 2, in payment of the Obligations in the following order: 
 First,
to pay incurred and unpaid fees and expenses of the Administrative Agent under the Loan Documents; 
 Second, to the
Administrative Agent, for application by it towards payment of amounts then due and owing and remaining unpaid in respect of the Obligations, pro rata among the Secured Parties according to the amounts of the Obligations then due and owing
and remaining unpaid to the Secured Parties; 

  
 15 

 Third, to the Administrative Agent, for application by it towards
prepayment of the Obligations, pro rata among the Secured Parties according to the amounts of the Obligations then held by the Secured Parties; and 

Fourth, any balance remaining after the Payment in Full of the Obligations, no Letters of Credit shall be outstanding
and the Commitments shall have terminated shall be paid over to the Borrower or to whomsoever may be lawfully entitled to receive the same. 

Notwithstanding the foregoing, no amounts received from any Guarantor shall be applied to any Excluded Swap Obligations of such
Guarantor. 
 6.4 Code and Other Remedies. Subject to the limitations set forth in Section 6.6, if an Event of Default shall
occur and be continuing, the Administrative Agent, on behalf of the Lenders, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating to
the Obligations, all rights and remedies of a secured party under the New York UCC or any other applicable law. Without limiting the generality of the foregoing, the Administrative Agent, without demand of performance or other demand, presentment,
protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such
circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part
thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Administrative Agent or any Lender or elsewhere upon such terms and conditions as it
may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Administrative Agent or any Lender shall have the right upon any such public sale or sales, and, to
the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity is hereby waived and released. Each
Grantor further agrees, at the Administrative Agent’s request, to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at such Grantor’s
premises or elsewhere. The Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this Section 6.4, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental
to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Administrative Agent and the Lenders hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to
the payment in whole or in part of the Obligations, in such order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent of any other amount required by any provision of law,
including, without limitation, Section 9-615(a)(3) of the New York UCC, need the Administrative Agent account for the surplus, if any, to any Grantor. To the extent permitted by applicable law, each Grantor waives all claims, damages and
demands it may acquire against the Administrative Agent or any Lender arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be
deemed reasonable and proper if given at least 10 days before such sale or other disposition. 
 6.5 [Reserved.] 

6.6 Certain Limitations on Remedies. (a) Notwithstanding any of the other provisions set forth in this Agreement to the contrary
(including, without limitation, this Section 6), the Administrative Agent hereby agrees, on behalf of itself and the other Secured Parties, that except as permitted pursuant to clause (b) below, it shall not, directly or indirectly,
consummate or otherwise take any Enforcement 

  
 16 

 
Action (as defined below) that would reasonably be expected to result in an FDIC Investment Prohibited Foreclosure or Other Prohibited Foreclosure; provided that the Borrower shall
maintain the ownership structure of it and its Affiliates in a manner that does not restrict the Administrative Agent from commencing Enforcement Actions with respect to any Collateral other than FDIC Investments and Other Restricted Assets (it
being understood that, (x) no such restriction shall be deemed to exist if the Administrative Agent can take Enforcement Actions with respect to a Lower Tier Issuer that is a direct or indirect owner of such Collateral but not an Upper Tier
Issuer and (y) to the extent necessary to ensure compliance with this proviso, the Borrower shall ensure that all Collateral other than FDIC Investments and Other Restricted Assets shall be held, directly or indirectly, by Pledged Affiliates
with respect to which Enforcement Actions would not constitute an FDIC Investment Prohibited Foreclosure or an Other Prohibited Foreclosure). 
 (b) The
parties hereto acknowledge and agree that the foreclosure, transfer or other similar exercise of remedies (an “Enforcement Action”) by the Administrative Agent with respect to certain Pledged Stock, may, in the case of an
Enforcement Action with respect to the Pledged Stock of an Issuer (an “Upper Tier Issuer”) that owns Pledged Stock of any other Issuer of Pledged Stock (each, a “Lower Tier Issuer”), result in an FDIC Prohibited
Foreclosure or Other Prohibited Foreclosure in circumstances where an Investment Asset that could be the subject of an FDIC Prohibited Foreclosure or Other Prohibited Foreclosure is directly or indirectly owned by a Lower Tier Issuer. In such case,
in order to permit the commencement of an Enforcement Action with respect to the Pledged Stock of any Upper Tier Issuer, each Grantor hereby agrees that, upon the occurrence and continuation of an Event of Default, following the written request of
the Administrative Agent, it shall take such actions as may be reasonably requested by Administrative Agent to transfer its Pledged Stock in an FDIC Private Owner or Other Restricted Investment Asset Owner to an Affiliate of such Grantor in a manner
that enables the Administrative Agent to commence an Enforcement Action with respect to the Pledged Stock of any Upper Tier Issuer without indirectly causing an FDIC Investment Prohibited Foreclosure or Other Prohibited Foreclosure. In the event
that the applicable Grantor does not comply with any written transfer request of the Administrative Agent pursuant to this Section 6.6(b) within 10 days after receipt of such request, the Administrative Agent shall be released from the
obligations specified in Section 6.6(a) above in connection with any Enforcement Action with respect to the Pledged Stock of an Upper Tier Issuer relating to such a transfer request. 

6.7 Subordination. Each Grantor hereby agrees that, upon the occurrence and during the continuance of an Event of Default, unless
otherwise agreed by the Administrative Agent, all Indebtedness owing by it to any Subsidiary of the Borrower shall be fully subordinated to the indefeasible payment in full in cash of such Grantor’s Obligations. 

6.8 Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral
are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any Lender to collect such deficiency. 

SECTION 7. THE ADMINISTRATIVE AGENT 

7.1 Administrative Agent’s Appointment as Attorney-in-Fact, etc. (a) Each Grantor hereby irrevocably constitutes and appoints
the Administrative Agent and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or
in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this
Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the 

  
 17 

 
Administrative Agent the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, upon the ocurrence and during the continuance of an Event of Default, to do any
or all of the following: 
 (i) in the name of such Grantor or its own name, or otherwise, take possession of and indorse and
collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due with respect to any Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate
by the Administrative Agent for the purpose of collecting any and all such moneys due with respect to any Collateral whenever payable; 

(ii) pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any repairs or any
insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; 

(iii) execute, in connection with any sale provided for in Section 6.4 or 6.5, any indorsements, assignments or other
instruments of conveyance or transfer with respect to the Collateral; and 
 (iv) (1) direct any party liable for any payment
under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; (2) ask or demand for, collect, and receive payment of and
receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (3) sign and indorse any invoices, freight or express bills, bills of lading, storage or warehouse
receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral; (4) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent
jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral; (6) settle,
compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Administrative Agent may deem appropriate; and (7) generally, sell, transfer, pledge and make any agreement with
respect to or otherwise deal with any of the Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and do, at the Administrative Agent’s option and such Grantor’s expense,
at any time, or from time to time, all acts and things which the Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Administrative Agent’s and the Lenders’ security interests therein and to
effect the intent of this Agreement, all as fully and effectively as such Grantor might do. 
 Anything in this Section 7.1(a) to the
contrary notwithstanding, the Administrative Agent agrees that it will not exercise any rights under the power of attorney provided for in this Section 7.1(a) unless an Event of Default shall have occurred and be continuing. 

(b) If any Grantor fails to perform or comply with any of its agreements contained herein, the Administrative Agent, at its option, but
without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement. 
 (c) The
documented out-of-pocket expenses of the Administrative Agent incurred in connection with actions undertaken as provided in this Section 7.1, together with interest thereon at a rate per annum equal to the highest rate per annum at which
interest would then be payable on any category of past due ABR Loans under the Credit Agreement, from the date of payment by the Administrative Agent 

  
 18 

 
to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Administrative Agent on demand. 

(d) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations
and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released. 

7.2 Duty of Administrative Agent. The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical
preservation of the Collateral in its possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account. Neither the
Administrative Agent, any Lender nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation
to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Administrative Agent and the
Lenders hereunder are solely to protect the Administrative Agent’s and the Lenders’ interests in the Collateral and shall not impose any duty upon the Administrative Agent or any Lender to exercise any such powers. The Administrative Agent
and the Lenders shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act
or failure to act hereunder, except for their own gross negligence or willful misconduct. 
 7.3 Execution of Financing Statements.
Pursuant to any applicable law, each Grantor authorizes the Administrative Agent to file or record financing statements and other filing or recording documents or instruments with respect to the Collateral without the signature of such Grantor in
such form and in such offices as the Administrative Agent determines appropriate to perfect the security interests of the Administrative Agent under this Agreement. Each Grantor authorizes the Administrative Agent to file or record financing
statements describing the Collateral as set forth in Section 3. Each Grantor hereby ratifies and authorizes the filing by the Administrative Agent of any financing statement with respect to the Collateral made prior to the date hereof. 

7.4 Authority of Administrative Agent. Each Grantor acknowledges that the rights and responsibilities of the Administrative Agent under
this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or
arising out of this Agreement shall, as between the Administrative Agent and the Lenders, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the
Administrative Agent and the Grantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the Lenders with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or
entitlement, to make any inquiry respecting such authority. 
 SECTION 8. MISCELLANEOUS 

8.1 Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified
except in accordance with Section 10.1 of the Credit Agreement. 
 8.2 Notices. All notices, requests and demands to or upon the
Administrative Agent or any Grantor hereunder shall be effected in the manner provided for in Section 10.2 of the Credit Agreement; 

  
 19 

 
provided that any such notice, request or demand to or upon any Guarantor shall be addressed to such Guarantor at its notice address set forth on Schedule 1. 

8.3 No Waiver by Course of Conduct; Cumulative Remedies. Neither the Administrative Agent nor any Lender shall by any act (except by a
written instrument pursuant to Section 8.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in
exercising, on the part of the Administrative Agent or any Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or
further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Administrative Agent or any Lender of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the
Administrative Agent or such Lender would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.

 8.4 Enforcement Expenses; Indemnification. (a) Each Guarantor agrees to pay or reimburse each Lender and the Administrative
Agent for all its reasonable and documented out-of-pocket costs and expenses incurred in collecting against such Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Agreement and the
other Loan Documents to which such Guarantor is a party, including, without limitation, the fees and disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each Lender and of counsel to the Administrative Agent.

 (b) Each Guarantor agrees to pay, and to save the Administrative Agent and the Lenders harmless from, any and all liabilities with
respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by
this Agreement. 
 (c) Each Guarantor agrees to pay, and to save the Administrative Agent and the Lenders harmless from, any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement
to the extent the Borrower would be required to do so pursuant to Section 10.5 of the Credit Agreement. 
 (d) The agreements in this
Section 8.4 shall survive repayment of the Obligations and all other amounts payable under the Credit Agreement and the other Loan Documents. 

8.5 Successors and Assigns. This Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the
benefit of the Administrative Agent and the Lenders and their successors and assigns; provided that no Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the
Administrative Agent. 
 8.6 Set-Off. In addition to any rights and remedies of the Lenders provided by law, subject to any
applicable limitations set forth in Section 10.7 of the Credit Agreement, each Lender shall have the right, without notice to any Grantor, any such notice being expressly waived by each Grantor to the extent permitted by applicable law, upon
any Obligations becoming due and payable by any Grantor (whether at the stated maturity, by acceleration or otherwise), to apply to the payment of such Obligations, by setoff or otherwise, any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, any affiliate
thereof or any of their respective branches or agencies to or for the credit or the account of such 

  
 20 

 
Grantor; provided that to the extent prohibited by applicable law as described in the definition of “Excluded Swap Obligation” in the Credit Agreement, no amounts received from, or set
off with respect to, any Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor. Each Lender agrees promptly to notify the relevant Grantor and the Administrative Agent after any such application made by such Lender,
provided that the failure to give such notice shall not affect the validity of such application. 
 8.7 Counterparts. This
Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed
signature page of this Agreement by email or facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. 

8.8 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 8.9 Section Headings. The Section headings used in this Agreement are for convenience of
reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 8.10
Integration. This Agreement and the other Loan Documents represent the agreement of the Grantors, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings,
representations or warranties by the Administrative Agent or any Lender relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Loan Documents. 

8.11 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 8.12 Submission To Jurisdiction; Waivers. Each
Grantor hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or proceeding relating to
this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York located in the Bourough of Manhattan, the courts of the United States of America for
the Southern District of New York, and appellate courts from any thereof; provided, that nothing contained herein or in any other Loan Document will prevent any Lender or the Administrative Agent from bringing any action to enforce any award
or judgment or exercise any right under the Security Documents or against any Collateral or any other property of any Grantor in any other forum in which jurisdiction can be established; 

(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to
the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

  
 21 

 (c) agrees that service of process in any such action or proceeding may be effected by mailing a
copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Grantor at its address referred to in Section 8.2 or at such other address of which the Administrative Agent shall have been
notified pursuant thereto; 
 (d) agrees that nothing herein shall affect the right to effect service of process in any other manner
permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not prohibited by law,
any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 

8.13 Acknowledgements. Each Grantor hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which it is a
party; 
 (b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to any Grantor arising out of or
in connection with this Agreement or any of the other Loan Documents, and the relationship between the Grantors, on the one hand, and the Administrative Agent and Lenders, on the other hand, in connection herewith or therewith is solely that of
debtor and creditor; and 
 (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the
transactions contemplated hereby among the Lenders or among the Grantors and the Lenders. 
 8.14 Additional Grantors. Each
Subsidiary of the Borrower that is required to become a party to this Agreement pursuant to Section 6.10 of the Credit Agreement shall become a Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of an
Assumption Agreement in the form of Annex 1 hereto. 
 8.15 Releases. (a) Upon Payment in Full of the Obligations, the
Collateral shall be automatically released from the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Grantor hereunder shall
automatically terminate, all without delivery of any instrument or performance of any act by any Person. 
 (b) If any of the Collateral
shall be sold, transferred or otherwise disposed of in a transaction permitted by the Credit Agreement, then the Administrative Agent, at the request and sole expense of such Grantor, shall execute and deliver to such Grantor all releases or other
documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral; provided that no Default shall have occurred or be continuing or would result therefrom. At the request and sole expense of the
Borrower, any Subsidiary Guarantor shall be released from its obligations hereunder in the event that all the Capital Stock of such Subsidiary Guarantor shall be sold, transferred or otherwise disposed of in a transaction permitted by the Credit
Agreement or if such Subsidiary Guarantor shall cease to be a Wholly-Owned Subsidiary as a result of a transaction permitted by the Credit Agreement or becomes an Excluded Subsidiary pursuant to the terms of the Credit Agreement; provided
that, in each case, no Default shall have occurred and be continuing or would result therefrom; provided further that the Borrower shall have delivered to the Administrative Agent, at least five days (or such shorter period as may be
permitted by the Administrative Agent in its sole discretion) prior to the date of the proposed 

  
 22 

 
release, a written request for release identifying the relevant Subsidiary Guarantor and the associated transaction giving rise to the release request in reasonable detail, together with a
certification by the Borrower stating that such transaction is in compliance with the Credit Agreement and the other Loan Documents. 
 (c)
The Administrative Agent shall, at the request and sole expense of the Borrower in connection with the release of any Collateral in accordance with this Section 8.15, promptly (i) deliver to the Borrower any such Collateral in the
Administrative Agent’s possession and (ii) execute and deliver to the Borrower such documents as the Borrower shall reasonably request to evidence such release. The Administrative Agent shall, at the request and sole expense of the
Borrower following the release of a Subsidiary Guarantor from its obligations under the Loan Documents, as applicable, in accordance with this Section 8.15, execute and deliver to the Borrower such documents as the Borrower shall reasonably
request to evidence such release. 
 8.16 WAIVER OF JURY TRIAL. EACH GRANTOR AND THE ADMINISTRATIVE AGENT HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

8.17 Acknowledgement and Confirmation. Each Grantor party hereto that was a “Grantor” under and as defined in the Guarantee
and Collateral Agreement, dated as of August 6, 2013 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing Guarantee and Collateral Agreement” and such Grantors, the “Existing
Grantors”), among the Borrower and each other Grantor (as defined therein) party thereto, hereby acknowledges and consents to the Credit Agreement, and agrees with respect to each Loan Document to which it is a party: 

(a) all of its obligations, liabilities and indebtedness under such Loan Document shall remain in full force and effect on a continuous basis
after giving effect to the Credit Agreement and its guarantee, if any, of the obligations, liabilities and indebtedness of the other Loan Parties under the Existing Credit Agreement shall extend to and cover the obligations, liabilities and
indebtedness of the other Loan Parties under the Credit Agreement, including, without limitation, the Loans and any other extensions of credit provided pursuant to the Credit Agreement and interest thereon and fees and expenses and other obligations
in respect thereof and in respect of commitments related thereto; and 
 (b) all of the Liens and security interests created and arising
under such Loan Document remain in full force and effect on a continuous basis, and the perfected status and priority of each such Lien and security interest continues in full force and effect on a continuous basis, unimpaired, uninterrupted and
undischarged, after giving effect to the Credit Agreement, as collateral security for its obligations, liabilities and indebtedness under the Credit Agreement and under its guarantees, if any, in the Loan Documents, including, without limitation,
the obligations under the Credit Agreement. 

  
 23 

 IN WITNESS WHEREOF, each of the undersigned has caused this Amended and Restated Guarantee and
Collateral Agreement to be duly executed and delivered as of the date first above written. 
  

			
	[NAME OF GRANTOR]
		
	By:	 	  

		 	Title:

  
 24 

 EXHIBIT B 

FORM OF 
 COMPLIANCE
CERTIFICATE 
 This Compliance Certificate is delivered pursuant to Section [5.1(k)(ii)][6.2(b)] of the Amended and Restated Credit
Agreement, dated as of March 31, 2016 (as amended, supplemented or otherwise modified from time to time (the “Credit Agreement”), among Colony Capital Operating Company, LLC (the “Borrower”), the Lenders party
thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to
them in the Credit Agreement. 
 I am the duly elected, qualified and acting [Chief Financial Officer] of the Borrower. 

I have reviewed and am familiar with the contents of this Certificate. 

I have reviewed the terms of the Credit Agreement and the Loan Documents and have made or caused to be made under my supervision, a review in
reasonable detail of the transactions and condition of the Borrower during the accounting period covered by the financial statements attached hereto as Attachment 1 (the “Financial Statements”). Such review did not disclose
the existence during or at the end of the accounting period covered by the Financial Statements, and I have no knowledge of the existence, as of the date of this Certificate, of any condition or event which constitutes a Default or Event of
Default[, except as set forth below]. 
 Attached hereto as Attachment 2 are the applicable computations and financial information
showing compliance with the covenants set forth in Section 7.1 of the Credit Agreement[, giving pro forma effect to the effectiveness of the Credit Agreement].1 

IN WITNESS WHEREOF, I have executed this Certificate this      day of         ,
20    . 
  

	
	  

	Name:
	Title:

  

	1 	To be included in the Compliance Certificate delivered pursuant to Section 5.1(k)(ii). 

 Attachment 1 

to Compliance Certificate 
 [Attach
Financial Statements] 

 Attachment 2 

to Compliance Certificate 
 The
information described herein is as of             ,         , and pertains to the period from
            ,          to             ,         .

 [Set forth Covenant Calculations] 

 EXHIBIT C 

FORM OF 
 CLOSING
CERTIFICATE 
 OMNIBUS SECRETARY’S CERTIFICATE 

OF 
 COLONY CAPITAL
OPERATING COMPANY, LLC 
 AND 

EACH OTHER CERTIFYING LOAN PARTY 

March 31, 2016 
 The
undersigned, the duly appointed, qualified and acting Vice President and Secretary of Colony Capital Operating Company, LLC, a Delaware limited liability company (the “Company”), which is the direct or indirect Managing Member of
each of the entities listed on Schedule 1 hereto (together with the Company, collectively, the “Certifying Loan Parties” and each, a “Certifying Loan Party”), as of the date first set forth above, certifies
as follows: 
 1. Each Certifying Loan Party is a limited liability company duly formed, validly existing and in good standing under the
laws of the State of Delaware. 
 2. Attached hereto as Exhibit “A” is a true, correct and complete copy of a written
consent adopted by the Managing Member of the Company, on behalf of each Certifying Loan Party, and such written consent remains in full force and effect as of the date hereof and has not been amended, modified or repealed in any respect since the
date of adoption of such written consent (the “Consent Date”) and is the only corporate proceeding of each Certifying Loan Party now in force relating to or affecting the matters referred to therein. No other consent, license or
approval is required in connection with the execution, delivery and performance by the Certifying Loan Parties of that certain Amended and Restated Credit Agreement dated as of March 31, 2016 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”) among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and the Loan Documents (as defined in the Credit Agreement) to which they are a
party or the validity against the Certifying Loan Parties of the Loan Documents to which they are a party. 
 3. Attached hereto as
Exhibit “B” is a true, correct and complete copy of the Certificate of Formation of each Certifying Loan Party and all amendments thereto, as in effect on the date hereof. 

4. Attached hereto as Exhibit “C” is a true, correct and complete copy of the Limited Liability Company Agreement of each
Certifying Loan Party and all amendments thereto, as in effect on the date hereof and at all times since a date prior to the Consent Date. 

5. Attached hereto as Exhibit “D” is a true, correct and complete copy of the Certificate of Good Standing of each
Certifying Loan Party issued by the Delaware Secretary of State. 
 [Certificate continues on next page.] 

 6. The following persons are duly appointed, qualified and acting officers of the Company and
occupy the office or hold the positions set forth opposite their names, and the signatures set forth opposite their names are the true signatures of such officer, and each of such officers is duly authorized to execute and deliver on behalf of each
Certifying Loan Party each of the Loan Documents to which it is a party and any certificate or other document to be delivered by such Certifying Loan Party pursuant to the Loan Documents to which it is a party: 

 

							
	 Name
	  	 Office
	 	 Signature
	 	 
				
	Darren J. Tangen	  	Vice President and Treasurer	 	  
	 	
				
	Ronald M. Sanders	  	Vice President and Secretary	 	  
	 	
				
	Mark M. Hedstrom	  	Vice President	 	  
	 	
				
	David A. Palamé	  	Assistant Secretary	 	  
	 	

 [Certificate continues on next page.] 

 7. The following persons are duly appointed, qualified and acting officers of each Certifying
Loan Party listed on Schedule 2 hereto and occupy the office or hold the positions set forth opposite their names, and the signatures set forth opposite their names are the true signatures of such officer, and each of such officers is duly
authorized to execute and deliver on behalf of such Certifying Loan Party each of the Loan Documents to which it is a party and any certificate or other document to be delivered by such Certifying Loan Party pursuant to the Loan Documents to which
it is a party: 
  

							
	 Name
	  	 Office
	 	 Signature
	 	 
				
	Ronald M. Sanders	  	Vice President	 	  
	 	
				
	Mark M. Hedstrom	  	Vice President	 	  
	 	
				
	David A. Palamé	  	Assistant Secretary	 	  
	 	

 [Certificate continues on next page.] 

 8. The Borrower has provided a true, correct and complete copy of the operating agreement,
partnership agreement or other applicable organizational document of each Affiliated Investor listed on Schedule 3 hereto in the ColonyCapital Box datasite made available to the Administrative Agent, which includes each Affiliated Investor in
which all or a portion of its Capital Stock are owned directly by a Loan Party. 
 [Certificate continues on next page.] 

 IN WITNESS WHEREOF, the undersigned has executed this Omnibus Secretary’s Certificate as of
the day and year first above written. 
  

	
	  

	Ronald M. Sanders, Vice President and Secretary

 CERTIFICATION 

I, Mark M. Hedstrom, the duly appointed, qualified and acting Vice President of the Company, do hereby certify and affirm that Ronald
M. Sanders is the duly appointed, qualified and acting Vice President and Secretary of the Company and that the signature set forth immediately above is his true signature. 

 

	
	  

	Mark M. Hedstrom, Vice President

 [Signature Page to Omnibus Secretary’s Certificate] 

 EXHIBIT D 

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

							
	1.	  	Assignor:	  	  
	  	
				
	2.	  	Assignee:	  	  
	  	
		  		  	[and is an Affiliate/Approved Fund of [identify Lender]1]
			
	3.	  	Borrower:	  	Colony Capital Operating Company, LLC
			
	4.	  	Administrative Agent:	  	JPMorgan Chase Bank, N.A., as administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	The Amended and Restated Credit Agreement dated as of March 31, 2016 among Colony Capital Operating Company, LLC, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent

  

	1 	Select as applicable. 

	6.	Assigned Interest: 

  

													
	 Facility Assigned2
	  	Aggregate Amount of
Commitment/Loans for
all Lenders	 	  	Amount of
Commitment/Loans
Assigned	 	  	Percentage Assigned of
Commitment/Loans3	 
		  	$	            	  	  	$	            	  	  	 	    	% 
		  	$	            	  	  	$	            	  	  	 	    	% 
		  	$	            	  	  	$	            	  	  	 	    	% 

 Effective Date: [            , 20    ]4 
 The Assignee agrees to deliver to the Administrative Agent a completed administrative questionnaire in
which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower, the Loan Parties and their Affiliates or their respective securities) will be
made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	
	  

	NAME OF ASSIGNOR
		
	By:	 	  

		 	Title:
	
	ASSIGNEE
	
	  

	NAME OF ASSIGNEE
		
	By:	 	  

		 	Title:

  

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

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

	4 	To be inserted by the Administrative Agent and which shall be the effective date of recordation of transfer in the Register therefor. 

  
 2 

			
	Consented to and Accepted:
	
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By	 	  

		 	Title:
	
	[Consented to:]5
	
	[COLONY CAPITAL OPERATING COMPANY, LLC]
		
	By	 	  

		 	Title:

  

	5 	Consent of the Borrower is not required (i) for an assignment to a Lender, an affiliate of a Lender or an Approved Fund (as defined below) or (ii) if an Event of Default under Section 8(a) or (f) has
occurred and is continuing. 

  
 3 

 ANNEX 1 

Amended and Restated Credit Agreement, dated as of March 31, 2016 (as amended, supplemented or otherwise modified from time to time (the “Credit
Agreement”), among Colony Capital Operating Company, LLC (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”)

 STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal
and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit
Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its
Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations
under any Loan Document. 
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements,
if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit
Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 6.1 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on
the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender and (v) if it is a Non-U.S. Lender, attached to the Assignment and Assumption is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any
other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 
 2.
Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have
accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 

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

  
 2 

 EXHIBIT E 

FORM OF 
 NOTICE OF
BORROWING/CONVERSION/CONTINUATION 
  

			
	JPMorgan Chase Bank, N.A.	  	
	500 Stanton Christiana Road, Ops 2, Floor 03	  	
	Newark, DE 19713-2107	  	             , 20    
	Attention: Joseph Burke	  	
	Telephone: 302-634-1697	  	
	Fax: 302-634-4733	  	

 Ladies and Gentlemen: 

Reference is made to the Amended and Restated Credit Agreement, dated as of March 31, 2016 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among Colony Capital Operating Company, LLC, a Delaware limited liability company, (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent
(in such capacity, the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

The undersigned hereby irrevocably requests: 
  

	 ̈	A borrowing of Revolving Loans pursuant to Section 2.2 of the Credit Agreement 

  

	 ̈	A conversion of Loans pursuant to Section 2.7 of the Credit Agreement 

  

	 ̈	A continuation of Eurodollar Loans pursuant to Section 2.7 of the Credit Agreement 

  

	1.	On                  , 201     (which is a Business Day). 

 

	2.	In the amount of $        . 

  

	3.	Comprised of                      (Type of Loan requested). 

 

	4.	For Eurodollar Loans: with an Interest Period of                      months. 

The undersigned hereby represents and warrants that each of the conditions set forth in Section 5.2 of the Credit Agreement has been satisfied on and as
of the date of such borrowing, conversion or continuation. 
 [Signature page follows] 

 
			
	Very truly yours,
	
	COLONY CAPITAL OPERATING COMPANY, LLC
		
	By	 	  

		 	Title:

 EXHIBIT F-1 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the Amended and Restated Credit Agreement, dated as of March 31, 2016 (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Colony Capital Operating Company, LLC (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity,
the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a
ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this
certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:              , 20     

 EXHIBIT F-2 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the Amended and Restated Credit Agreement, dated as of March 31, 2016 (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Colony Capital Operating Company, LLC (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity,
the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS
Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender
in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of
the two calendar years preceding such payments. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:              , 20     

 EXHIBIT F-3 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the Amended and Restated Credit Agreement, dated as of March 31, 2016 (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Colony Capital Operating Company, LLC (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity,
the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the
undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its
participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or
W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned
agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:              , 20     

 EXHIBIT F-4 

FORM OF 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the Amended and Restated Credit Agreement, dated as of March 31, 2016 (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Colony Capital Operating Company, LLC (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity,
the “Administrative Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s)
evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant
to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from
each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such
partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the
calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:              , 20     

 EXHIBIT G 

FORM OF 
 INCREASED
FACILITY ACTIVATION NOTICE—INCREMENTAL REVOLVING 
 COMMITMENTS 

 

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

 under the Credit Agreement referred to
below 
 Reference is made to the Amended and Restated Credit Agreement, dated as of March 31, 2016 (as amended, supplemented or
modified from time to time, the “Credit Agreement”), among Colony Capital Operating Company, LLC (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative
Agent”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 
 This
notice is an Increased Facility Activation Notice referred to in the Credit Agreement, and the Borrower and each of the Lenders party hereto hereby notify you that: 

1. Each Lender party hereto agrees to obtain a Revolving Commitment or increase the amount of its Revolving Commitment as set forth opposite
such Lender’s name on the signature pages hereof under the caption “Incremental Revolving Commitment Amount”. 
 2. The
Increased Facility Closing Date is                     . 

3. The aggregate amount of incremental Revolving Commitments contemplated hereby is $        . 

4. The agreement of each Lender party hereto to obtain an incremental Revolving Commitment on the Increased Facility Closing Date is subject
to the satisfaction of the following conditions precedent: 
 (a) The Administrative Agent shall have received this notice,
executed and delivered by the Borrower and each Lender party hereto. 
 (b) [Insert other applicable conditions precedent,
including, without limitation, delivery of a closing certificate from the Borrower and amendments to the Security Documents (to the extent necessary).] 

(c) (i) Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be
true and correct in all material respects (or, if such representations and warranties are qualified by materiality, in all respects) on and as of such date as if made on and as of such date (except that any representations and warranties which
expressly relate to an earlier date shall be true and correct in all material respects (or, if such representations and warranties are qualified by materiality, in all respects) as of such earlier date) and (ii) no Default or Event of Default
shall have occurred and be continuing. 
 [Signature page follows] 

							
		 	COLONY CAPITAL OPERATING COMPANY LLC
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
		
	Incremental Revolving Commitment Amount	 	[NAME OF LENDER]
	$	 		 		 	
			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  

			
	CONSENTED TO:
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT H 

FORM OF 
 NEW LENDER
SUPPLEMENT 
 SUPPLEMENT, dated
                    , to the Amended and Restated Credit Agreement, dated as of March 31, 2016 (as amended, supplemented or modified from time
to time, the “Credit Agreement”), among Colony Capital Operating Company, LLC (the “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”). Capitalized
terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 
 W I T N E S S E T H: 

WHEREAS, the Credit Agreement provides in Section 2.19(b) thereof that any bank, financial institution or other entity may become a party
to the Credit Agreement with the consent of the Borrower and the Administrative Agent (which consent shall not be unreasonably withheld) in connection with a transaction described in Section 2.19(a) thereof by executing and delivering to the
Borrower and the Administrative Agent a supplement to the Credit Agreement in substantially the form of this Supplement; and 
 WHEREAS, the
undersigned now desires to become a party to the Credit Agreement; 
 NOW, THEREFORE, the undersigned hereby agrees as follows: 

1. The undersigned agrees to be bound by the provisions of the Credit Agreement, and agrees that it shall, on the date this
Supplement is accepted by the Borrower and the Administrative Agent, become a Lender for all purposes of the Credit Agreement to the same extent as if originally a party thereto, with a Revolving Commitment of
$        . 
 2. The undersigned (a) represents and warrants that (i) it
has full power and authority, and has taken all action necessary, to execute and deliver this Supplement and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the
requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to become a Lender, (iii) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 6.1 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Supplement on the basis of which it has made such analysis and
decision independently and without reliance on the Administrative Agent or any other Lender and (iv) if it is a Non-U.S. Lender, attached to this Supplement is any documentation required to be delivered by it pursuant to the terms of the Credit
Agreement, duly completed and executed by the undersigned, and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent or any other Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents
are required to be performed by it as a Lender. 

 3. The undersigned’s address for notices for the purposes of the Credit
Agreement is as follows: 
  

	
	  

	
	  

	
	  

 IN WITNESS WHEREOF, the undersigned has caused this Supplement to be executed and delivered by a duly
authorized officer on the date first above written. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Accepted this      day of         , 20    :
	
	COLONY CAPITAL OPERATING COMPANY, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:

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