Document:

Exhibit 10.2

      

       
        Execution Version

      

      

      

      
        
 

    

    

    

    $1,000,000,000

     

    3-YEAR REVOLVING CREDIT FACILITY AGREEMENT

    

    

    Among

     

    BRISTOL-MYERS SQUIBB COMPANY,

     

    THE BORROWING SUBSIDIARIES,

     

    THE LENDERS NAMED HEREIN,

     

    BARCLAYS BANK PLC, CREDIT SUISSE LOAN FUNDING LLC, SUMITOMO MITSUI BANKING CORPORATION, WELLS FARGO BANK, NATIONAL ASSOCIATION,

      as Documentation Agents,

     

    MUFG BANK, LTD.,

      as Syndication Agent,

     

    MORGAN STANLEY SENIOR FUNDING, INC.,

    as Administrative Agent

    

    

    Dated as of January 25, 2019

     

    
      
        
 

      

      

    

    MORGAN STANLEY SENIOR FUNDING, INC., MUFG BANK, LTD., BARCLAYS BANK PLC, CREDIT SUISSE LOAN FUNDING LLC, SUMITOMO MITSUI BANKING CORPORATION AND WELLS FARGO SECURITIES
      LLC,

      as Joint Lead Arrangers and Bookrunners

    
      
        
 

    

    
    TABLE OF CONTENTS

     

    	 	 	 	 	
            Page

          
	 	 	 	 	 
	
            ARTICLE I Definitions

          	 	
            1

          
	 	 	 	 	 
	
            SECTION 1.1.

          	 	
            Defined Terms

          	 	
            1

          
	
            SECTION 1.2.

          	 	
            Classification of Loans and Borrowings

          	 	
            15

          
	
            SECTION 1.3.

          	 	
            Terms Generally

          	 	
            15

          
	
            SECTION 1.4.

          	 	
            Accounting Terms; GAAP

          	 	
            15

          
	
            SECTION 1.5.

          	 	
            Other Interpretive Provisions

          	 	
            15

          
	
            SECTION 1.6.

          	 	
            LIBO Screen Rate Discontinuation

          	 	
            16

          
	 	 	 	 	 
	
            ARTICLE II The Credits

          	 	
            16

          
	 	 	 	 	 
	
            SECTION 2.1.

          	 	
            Commitments

          	 	
            16

          
	
            SECTION 2.2.

          	 	
            Loans and Borrowings

          	 	
            17

          
	
            SECTION 2.3.

          	 	
            Requests for Borrowings

          	 	
            17

          
	
            SECTION 2.4.

          	 	
            [Reserved]

          	 	
            18

          
	
            SECTION 2.5.

          	 	
            Extension of Maturity Date

          	 	
            18

          
	
            SECTION 2.6.

          	 	
            Funding of Borrowings

          	 	
            19

          
	
            SECTION 2.7.

          	 	
            Interest Elections

          	 	
            19

          
	
            SECTION 2.8.

          	 	
            Termination and Reduction of Commitments

          	 	
            21

          
	
            SECTION 2.9.

          	 	
            Repayment of Loans; Evidence of Debt

          	 	
            21

          
	
            SECTION 2.10.

          	 	
            Prepayment of Loans

          	 	
            22

          
	
            SECTION 2.11.

          	 	
            Fees

          	 	
            22

          
	
            SECTION 2.12.

          	 	
            Interest

          	 	
            22

          
	
            SECTION 2.13.

          	 	
            Alternate Rate of Interest

          	 	
            23

          
	
            SECTION 2.14.

          	 	
            Increased Costs

          	 	
            23

          
	
            SECTION 2.15.

          	 	
            Break Funding Payments

          	 	
            25

          
	
            SECTION 2.16.

          	 	
            Taxes

          	 	
            25

          
	
            SECTION 2.17.

          	 	
            Payments Generally; Pro Rata Treatment; Sharing of Set-offs

          	 	
            28

          
	
            SECTION 2.18.

          	 	
            Mitigation Obligations; Replacement of Lenders

          	 	
            29

          
	
            SECTION 2.19.

          	 	
            Borrowing Subsidiaries

          	 	
            30

          
	
            SECTION 2.20.

          	 	
            [Reserved]

          	 	
            31

          
	
            SECTION 2.21.

          	 	
            Defaulting Lenders

          	 	
            31

          
	 	 	 	 	 
	
            ARTICLE III Representations and Warranties

          	 	
            32

          
	 	 	 	 	 
	
            SECTION 3.1.

          	 	
            Organization; Powers

          	 	
            32

          
	
            SECTION 3.2.

          	 	
            Authorization

          	 	
            32

          
	
            SECTION 3.3.

          	 	
            Enforceability

          	 	
            32

          
	
            SECTION 3.4.

          	 	
            Governmental Approvals

          	 	
            32

          
	
            SECTION 3.5.

          	 	
            Financial Statements; No Material Adverse Effect

          	 	
            32

          
	
            SECTION 3.6.

          	 	
            Litigation; Compliance with Laws

          	 	
            33

          
	
            SECTION 3.7.

          	 	
            Federal Reserve Regulations

          	 	
            33

          
	
            SECTION 3.8.

          	 	
            Use of Proceeds

          	 	
            33

          
	
            SECTION 3.9.

          	 	
            Taxes

          	 	
            33

          
	
            SECTION 3.10.

          	 	
            Employee Benefit Plans

          	 	
            33

          
	
            SECTION 3.11.

          	 	
            Environmental and Safety Matters

          	 	
            33

          
	
            SECTION 3.12.

          	 	
            Properties

          	 	
            34

          
	
            SECTION 3.13.

          	 	
            Investment and Holding Company Status

          	 	
            34

          

    
      i

      
        
 

    

    	
            SECTION 3.14.

          	 	
            Sanctions, Anti-Corruption, and Anti-Money Laundering Laws

          	 	
            34

          
	 	 	 	 	 
	
            ARTICLE IV Conditions

          	 	
            35

          
	 	 	 	 	 
	
            SECTION 4.1.

          	 	
            Effective Date

          	 	
            35

          
	
            SECTION 4.2.

          	 	
            Each Credit Event

          	 	
            35

          
	
            SECTION 4.3.

          	 	
            Initial Borrowing by Each Borrowing Subsidiary

          	 	
            36

          
	 	 	 	 	 
	
            ARTICLE V Covenants

          	 	
            36

          
	 	 	 	 	 
	
            SECTION 5.1.

          	 	
            Existence

          	 	
            36

          
	
            SECTION 5.2.

          	 	
            Business and Properties

          	 	
            36

          
	
            SECTION 5.3.

          	 	
            Financial Statements, Reports, Etc.

          	 	
            36

          
	
            SECTION 5.4.

          	 	
            Insurance

          	 	
            37

          
	
            SECTION 5.5.

          	 	
            Obligations and Taxes

          	 	
            37

          
	
            SECTION 5.6.

          	 	
            Litigation and Other Notices

          	 	
            37

          
	
            SECTION 5.7.

          	 	
            Books and Records

          	 	
            37

          
	
            SECTION 5.8.

          	 	
            Ratings

          	 	
            38

          
	
            SECTION 5.9.

          	 	
            Compliance with Laws

          	 	
            38

          
	
            SECTION 5.10.

          	 	
            Consolidations, Mergers, and Sales of Assets

          	 	
            38

          
	
            SECTION 5.11.

          	 	
            Liens

          	 	
            38

          
	
            SECTION 5.12.

          	 	
            Limitation on Sale and Leaseback Transactions

          	 	
            40

          
	
            SECTION 5.13.

          	 	
            Sanctions

          	 	
            40

          
	
            SECTION 5.14.

          	 	
            Anti-Corruption Laws

          	 	
            40

          
	
            SECTION 5.15.

          	 	
            Guaranties.

          	 	
            40

          
	 	 	 	 	 
	
            ARTICLE VI Events of Default

          	 	
            41

          
	 	 	 	 	 
	
            ARTICLE VII The Administrative Agent

          	 	
            43

          
	 	 	 	 	 
	
            ARTICLE VIII Miscellaneous

          	 	
            47

          
	 	 	 	 	 
	
            SECTION 8.1.

          	 	
            Notices

          	 	
            47

          
	
            SECTION 8.2.

          	 	
            Survival of Agreement

          	 	
            48

          
	
            SECTION 8.3.

          	 	
            Binding Effect

          	 	
            49

          
	
            SECTION 8.4.

          	 	
            Successors and Assigns

          	 	
            49

          
	
            SECTION 8.5.

          	 	
            Expenses; Indemnity

          	 	
            52

          
	
            SECTION 8.6.

          	 	
            Applicable Law

          	 	
            53

          
	
            SECTION 8.7.

          	 	
            Waivers; Amendment

          	 	
            53

          
	
            SECTION 8.8.

          	 	
            Entire Agreement

          	 	
            54

          
	
            SECTION 8.9.

          	 	
            Severability

          	 	
            54

          
	
            SECTION 8.10.

          	 	
            Counterparts

          	 	
            54

          
	
            SECTION 8.11.

          	 	
            Headings

          	 	
            54

          
	
            SECTION 8.12.

          	 	
            Right of Setoff

          	 	
            54

          
	
            SECTION 8.13.

          	 	
            Jurisdiction; Consent to Service of Process

          	 	
            54

          
	
            SECTION 8.14.

          	 	
            Waiver of Jury Trial

          	 	
            55

          
	
            SECTION 8.15.

          	 	
            [Reserved]

          	 	
            55

          
	
            SECTION 8.16.

          	 	
            Guaranty

          	 	
            55

          
	
            SECTION 8.17.

          	 	
            [Reserved]

          	 	
            57

          
	
            SECTION 8.18.

          	 	
            Confidentiality

          	 	
            57

          
	
            SECTION 8.19.

          	 	
            USA PATRIOT Act

          	 	
            58

          
	
            SECTION 8.20.

          	 	
            No Fiduciary Duty

          	 	
            58

          

    
      ii

      
        
 

    

    	
            SECTION 8.21.

          	 	
            Acknowledgement and Consent to Bail-In of EEA Financial Institutions

          	 	
            58

          

     

    SCHEDULES

    

    

    	
            Schedule 2.1

          	
            Commitments

          

     

    EXHIBITS

    

      

    	
            Exhibit A

          	
            Form of Borrowing Request

          
	
            Exhibit B

          	
            Form of Assignment and Assumption

          
	
            Exhibit C

          	
            [Reserved]

          
	
            Exhibit D

          	
            Form of Borrowing Subsidiary Agreement

          
	
            Exhibit E

          	
            Form of Borrowing Subsidiary Termination

          
	
            Exhibits F1-F4

          	
            Forms of U.S. Tax Certificates

          

  

  
    iii

    
      
 

  

  
  
    

    

    3-YEAR REVOLVING CREDIT FACILITY AGREEMENT (the “Agreement”)

      dated as of January 25, 2019, among BRISTOL-MYERS SQUIBB COMPANY, a Delaware corporation (the “Company”), the BORROWING SUBSIDIARIES (as defined herein), the lenders
      listed in Schedule 2.1 (the “Lenders”), BARCLAYS BANK PLC, CREDIT SUISSE LOAN FUNDING LLC, SUMITOMO MITSUI BANKING CORPORATION, WELLS FARGO BANK, NATIONAL ASSOCIATION,
      as documentation agents (in such capacity, the “Documentation Agents”), MUFG BANK, LTD., as syndication agent (in such capacity, the “Syndication Agent”), MORGAN STANLEY SENIOR FUNDING, INC., as administrative agent for the Lenders (in such capacity, the “Administrative

          Agent”).

     

    The Company has requested that the Lenders, on the terms and subject to the conditions herein set forth, extend credit to
      the Company and the applicable Borrowing Subsidiaries to enable them to borrow on a standby revolving credit basis on and after the date hereof and at any time and from time to time prior to the Maturity Date (such term and each other capitalized
      term used but not defined herein having the meaning assigned to it in Article I) a principal amount not in excess of $1,000,000,000. The proceeds of such borrowings are to be used for working capital and other general corporate purposes of the
      Company and its Subsidiaries (other than funding hostile acquisitions). The Lenders are willing to extend such credit on the terms and subject to the conditions herein set forth.

     

    Accordingly, the parties hereto agree as follows:

    

    

    ARTICLE I

      

      Definitions

     

    SECTION 1.1.          Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

     

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

     

    “Additional Amount” shall have the meaning
      assigned to such term in SECTION 2.16. (a).

     

    “Administrative Agent” shall have the
      meaning assigned to such term in the preamble to this Agreement.

     

    “Administrative Fees” shall have the
      meaning assigned to such term in SECTION 2.11. (b).

     

    “Administrative Questionnaire” shall mean
      an administrative questionnaire delivered by a Lender pursuant to SECTION 8.4. (e) in form acceptable to the Administrative Agent.

     

    “Affiliate” shall mean, when used with
      respect to a specified Person, another Person that directly, or indirectly, Controls or is Controlled by or is under common Control with the Person specified.

     

    “Agents” shall mean the Administrative
      Agent, the Syndication Agent and the Documentations Agents.

    
      
        
 

    

    
     

    “Alternate Base Rate” shall mean for any
      day, a rate per annum equal to the greatest of (a) the Prime Rate, (b) 1/2 of one percent above the NYFRB Rate and (c) the LIBO Rate for Dollars applicable for an interest period of one month in effect for such day plus 1%, provided that for the
      purpose of this definition, the LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m., London time, on such
      day. If for any reason the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the LIBO Rate or NYFRB Rate, or both, specified in clause (b) or (c), respectively,
      of the first sentence of this definition, for any reason, including, without limitation, the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms hereof, the Alternate Base Rate shall be
      determined without regard to clause (b) or (c), or both, of the first sentence of this definition until the circumstances giving rise to such inability no longer exist. Any change in the Alternate Base Rate shall be effective on the effective date of
      any change in such rate.

     

    “Anti-Corruption Laws” shall have the
      meaning assigned to such term in SECTION 3.14.

     

    “Anti-Money Laundering Laws” shall mean
      the Bank Secrecy Act of 1970, as amended by the Patriot Act, and the applicable anti-money laundering statutes of jurisdictions where the Company and its Subsidiaries conduct business and the applicable rules and regulations thereunder and any
      related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority, and Executive Order No. 13224 on Terrorist Financing, effective September 23, 2001.

     

    “Applicable Percentage” shall mean, with
      respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment. If the Commitments have terminated or expired, Applicable Percentage shall mean, with respect to any Lender, the percentage of the aggregate
      outstanding principal amount of the Loans represented by the aggregate outstanding principal amount of each Lender’s Loans. Notwithstanding the foregoing, in the case of SECTION 2.21. when a Defaulting Lender shall exist, Applicable Percentage shall
      be determined without regard to any Defaulting Lender’s Commitment.

     

    “Applicable Rate” shall mean on any date,
      the number of Basis Points per annum, based upon the Debt Rating as set forth on the pricing grid below:

     

    	
            Company’s Rating Level (S&P or Moody’s)

          	
            Applicable Margin

          	
            Applicable Revolver Commitment Fee Rate

          
	
            ABR Revolving Loans

          	
            LIBOR Revolving Loans

          
	
            Rating Level 1:  3 A+ / A1

          	
            0 bps

          	
            75 bps

          	
            4 bps

          
	
            Rating Level 2: A / A2

          	
            0 bps

          	
            87.5 bps

          	
            5 bps

          
	
            Rating Level 3: A- / A3

          	
            0 bps

          	
            100 bps

          	
            7 bps

          
	
            Rating Level 4: < BBB+ /
              Baa1

          	
            12.5 bps

          	
            112.5 bps

          	
            10 bps

          

    

     

    

    For the purposes of this Agreement, “Debt Rating”
      shall mean, as of any date of determination, the rating as publicly announced by either S&P or Moody’s (collectively, the “Debt Ratings”) of the Company’s
      non-credit-enhanced, senior unsecured long-term debt; provided that (a) if the Moody's Debt Rating and the S&P Debt Rating differ by one Rating Level, then the
      applicable Rating Level shall be the higher of such Rating Levels; (b) if the Moody's Debt Rating and the S&P Debt Rating differ by more than one Rating Level, then the applicable Rating Level shall be the Rating Level that is one level below the
      higher of the two Rating Levels (for purposes of the pricing grid above, Rating Level 1 is the highest and Rating Level 4 is the lowest); and (c)  if only one of S&P and Moody’s shall have in effect a Rating Level, then the one such Rating Level
      in effect shall be the applicable Rating Level;  and provided further that any period during which there is no Debt Rating, pricing shall be determined at
      Rating Level 4 set forth on the pricing grid above.

    
      2

      
        
 

    

     

    Each change in the Applicable Rate resulting from a publicly announced change in the Debt Rating shall be effective during
      the period commencing on the date on which the relevant change in Debt Rating is first publicly announced by Moody’s or S&P and ending on the date immediately preceding the effective date of the next such change.

     

    “Assignment and Assumption” shall mean an
      assignment and assumption entered into by a Lender and an assignee in the form of Exhibit B.

     

    “Availability Period” shall mean the
      period from and including the Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitments.

     

    “Bail-In Action” shall mean 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” shall mean, 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” shall mean with respect
      to any Person that 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.

     

    “Basis Point” shall mean 1/100th of 1.00%.

     

    “Beneficial Ownership Certification” shall
      mean a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

     

    “Beneficial Ownership Regulation” shall
      mean 31 C.F.R. § 1010.230.

     

    “Benefit Plan” shall mean any of (a) an
      “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for
      purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

     

    “Board” shall mean the Board of Governors
      of the Federal Reserve System of the United States of America.

    
      3

      
        
 

    

     

    “Board of Directors” shall mean either the
      board of directors of the Company or any duly authorized committee thereof or any committee of officers of the Company acting pursuant to authority granted by the board of directors of the Company or any committee of such board.

     

    “Borrower” shall mean the Company or any
      Borrowing Subsidiary.

     

    “Borrowing” shall mean Revolving Loans of
      the same Type, made, converted or continued on the same date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect.

     

    “Borrowing Request” shall mean a request
      by the Company for a Borrowing in accordance with SECTION 2.3.

     

    “Borrowing Subsidiary” shall mean any
      Subsidiary of the Company designated as a Borrowing Subsidiary by the Company pursuant to SECTION 2.19.

     

    “Borrowing Subsidiary Agreement” shall
      mean a Borrowing Subsidiary Agreement substantially in the form of Exhibit D.

     

    “Borrowing Subsidiary Obligations” shall
      mean the due and punctual payment of (i) the principal of and interest on any Loans made by the Lenders to the Borrowing Subsidiaries pursuant to this Agreement, when and as due, whether at maturity, by acceleration, upon one or more dates set for
      prepayment or otherwise, and (ii) all other monetary obligations, including fees, costs, expenses and indemnities (including, without limitation, the obligations described in SECTION 2.16. and SECTION 2.19.) of the Borrowing Subsidiaries to the
      Lenders under this Agreement and the other Loan Documents.

     

    “Borrowing Subsidiary Termination” shall
      mean a Borrowing Subsidiary Termination substantially in the form of Exhibit E.

     

    “Bridge Facility” shall mean the senior
      unsecured bridge term loan facility contemplated by that certain commitment letter, dated January 2, 2019, among MSSF, MUFG Bank, Ltd. and the Company (as may be amended, restated, amended and restated, supplemented or otherwise modified from time to
      time).

     

    “Business Day” shall mean any day (other
      than a day which is a Saturday, Sunday or legal holiday in the State of New York) on which banks are open for business in New York City; provided, however, that, when used in connection with a Eurocurrency Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar
      deposits in the London interbank market.

     

    “Capital Lease Obligations” of any Person
      shall mean 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;
      provided, however, that, any obligations relating to a lease that was accounted for by
      such Person as an operating lease as of December 15, 2018 and any similar lease entered into after December 15, 2018 by such Person shall be accounted for as an operating lease and not a Capital Lease Obligation.

    
      4

      
        
 

    

     

    “Capital Markets Debt” shall mean any
      third party Debt for borrowed money consisting of bonds, debentures, notes or other debt securities issued by the Company.

     

    “CFC Holdco” means a Subsidiary with no
      material assets other than capital stock (and debt securities, if any) of one or more CFCs, or of other CFC Holdcos.

     

    “Change in Control” shall be deemed to
      have occurred if (a) any Person or group of Persons (other than (i) the Company, (ii) any Subsidiary or (iii) any employee or director benefit plan or stock plan of the Company or a Subsidiary or any trustee or fiduciary with respect to any such plan
      when acting in that capacity or any trust related to any such plan) shall have acquired beneficial ownership of shares representing more than 35% of the combined voting power represented by the outstanding Voting Stock of the Company (within the
      meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended, and the applicable rules and regulations thereunder), or (b) during any period of 12 consecutive months, commencing before or after the date of this Agreement,
      individuals who on the first day of such period were directors of the Company (together with any replacement or additional directors who were nominated or elected by a majority of directors then in office) cease to constitute a majority of the Board
      of Directors of the Company.

     

    “Change in Law” shall mean (a) the
      adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance
      by any Lender (or, for purposes of SECTION 2.14. (b), by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority
      made or issued after the date of this Agreement; provided that (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines,
      requirements and directives thereunder, issued in connection therewith or in implementation thereof and (ii) 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 the United States or foreign regulatory authorities (in each case in this clause (ii) pursuant to Basel III) shall in each case be deemed a “Change in Law”, regardless of the date
      enacted, adopted, issued or implemented, if increased costs or loss of yield on the part of any Credit Party pursuant to the Commitments or the making of Loans under, or otherwise in connection with, this Agreement arise after the Effective Date.

     

     “Code” shall mean the Internal Revenue
      Code of 1986, as amended from time to time.

     

    “Commitment” shall mean, with respect to
      each Lender, the commitment of such Lender to make Revolving Loans expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant
      to SECTION 2.8. or (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to SECTION 8.4. The initial amount of each Lender’s Commitment is set forth on Schedule 2.1, or in the Assignment and Assumption
      pursuant to which such Lender shall have assumed its Commitment, as applicable. The initial aggregate amount of the Lenders’ Commitments is $1,000,000,000.

     

    “Communications” shall have the meaning
      assigned to such term in SECTION 8.1.(b).

     

    “Company” shall mean Bristol-Myers Squibb
      Company, a Delaware corporation.

    
      5

      
        
 

    

     

    “Consolidated Net Tangible Assets” shall
      mean, with respect to the Company, the total amount of its assets (less applicable reserves and other properly deductible items) after deducting (i) all current liabilities (excluding the amount of those which are by their terms extendable or
      renewable at the option of the obligor to a date more than 12 months after the date as of which the amount is being determined) and (ii) all goodwill, tradenames, trademarks, patents, unamortized debt discount and expense and other like intangible
      assets, all as set forth on the most recent balance sheet of the Company and its consolidated Subsidiaries and determined on a consolidated basis in accordance with GAAP.

     

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

     

     “Credit Party” shall mean any Agent or
      any Lender.

     

    “Debt” shall mean (i) all obligations
      represented by notes, bonds, debentures or similar evidences of indebtedness; (ii) all indebtedness for borrowed money or for the deferred purchase price of property or services other than, in the case of any such deferred purchase price, on normal
      trade terms and (iii) all rental obligations as lessee under leases which shall have been or should be recorded as Capital Lease Obligations.

     

    “Default” shall mean any event or
      condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

     

    “Defaulting Lender” shall mean any Lender
      that (a) has failed (and such failure has not been cured within two Business Days of the date required to be funded or paid) to (i) fund any portion of its Loans or (ii) pay over to any Lender any other amount required to be paid by it hereunder, (b)
      has notified the Company 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 or generally under other agreements in which
      it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, 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 Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender
      pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent (a copy of which shall promptly be shared with the Company), (d) has become the subject of a
      Bankruptcy Event or (e) has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.

     

    “Documentation Agents” shall have the
      meaning assigned to such term in the preamble to this Agreement.

     

    “Dollars” or “$” shall mean lawful money of the United States of America.

     

    “Domestic Subsidiary” shall mean a
      Subsidiary of the Company that is not a Foreign Subsidiary.

     

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

    
      6

      
        
 

    

     

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

     

    “EEA Resolution Authority” shall mean 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.

     

    “Effective Date” means the date on which
      the conditions specified in SECTION 4.1. are satisfied (or waived in accordance with SECTION 8.7.).

     

    “Environmental and Safety Laws” shall mean
      any and all applicable current and future treaties, laws (including without limitation common law), regulations, enforceable requirements, binding determinations, orders, decrees, judgments, injunctions, permits, approvals, authorizations, licenses,
      permissions, written notices or binding agreements issued, promulgated or entered by any Governmental Authority, relating to the environment, to employee health or safety as it pertains to the use or handling of, or exposure to, any hazardous
      substance or contaminant, to preservation or reclamation of natural resources or to the management, release or threatened release of any hazardous substance, contaminant, or noxious odor, including without limitation the Hazardous Materials
      Transportation Act, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, the Solid Waste Disposal Act, as amended by the Resource Conservation and
      Recovery Act of 1976 and the Hazardous and Solid Waste Amendments of 1984, the Federal Water Pollution Control Act, as amended by the Clean Water Act of 1977, the Clean Air Act of 1970, as amended, the Toxic Substances Control Act of 1976, the
      Occupational Safety and Health Act of 1970, as amended, the Emergency Planning and Community Right-to-Know Act of 1986, the Safe Drinking Water Act of 1974, as amended, the Federal Insecticide, Fungicide and Rodenticide Act of 1947, as amended by the
      Federal Environmental Pesticide Control Act of 1972, the Food Quality Protection Act of 1996, as amended, any similar or implementing state law, all amendments of any of them, and any regulations promulgated under any of them.

     

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

     

    “ERISA Affiliate” shall mean any trade or
      business (whether or not incorporated) that, together with the Company, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 412 of the Code, under Section 414(m) of the Code.

     

    “ERISA Termination Event” shall mean (i) a
      “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC or with respect to which the notice requirement is waived under
      such regulations), or (ii) the withdrawal of the Company or any ERISA Affiliates from a Plan during a plan year in which it was a “substantial employer”, as such term is defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent
      to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which is reasonably likely to constitute
      grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of the Company or any ERISA Affiliate from a Multiemployer Plan.

     

    “EU Bail-In Legislation Schedule” shall
      mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

    
      7

      
        
 

    

     

    “Eurocurrency”, when used in reference to
      any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the LIBO Rate.

     

    “Event of Default” shall have the meaning
      assigned to such term in ARTICLE VI.

     

    “Exchange Act” shall mean the Securities
      Exchange Act of 1934, as amended.

     

     “Existing Five Year Credit Agreements”
      shall mean (i) the Five Year Competitive Advance and Revolving Credit Facility Agreement dated as of September 29, 2011 among the Company, the Lenders named therein, Citibank, N.A. and JPMorgan Chase Bank, N.A., as Administrative Agents, and the
      other Agents party thereto from time to time (as may be amended, restated, amended and restated, supplemented, modified or replaced from time to time) and (ii) the Five Year Competitive Advance and Revolving Credit Facility Agreement dated as of July
      30, 2012 among the Company, the Lenders named therein, Citibank, N.A. and JPMorgan Chase Bank, N.A., as Administrative Agents, and the other Agents party thereto from time to time (as may be amended, restated, amended and restated, supplemented,
      modified or replaced from time to time).

     

    “Extension Letter” shall mean a letter
      from the Company requesting an extension of the Maturity Date.

     

    “FATCA” shall mean Sections 1471 through
      1474 of the Code, or any amendment or revision thereof, so long as such amendment or revision is substantially similar to Sections 1471 to 1474 of the Code as of the date of this Agreement, together in each case with any regulations or official
      interpretations thereof.

     

    “Federal Funds Effective Rate” shall mean,
      on 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; provided that if the Federal Funds Effective Rate shall be less than zero, such rate shall be
      deemed to be zero for purposes of this Agreement.

     

    “Financial Officer” of any corporation
      shall mean the chief financial officer, principal accounting officer, treasurer or assistant treasurer of such corporation.

     

    “Foreign Subsidiary” shall mean (a) each
      Subsidiary which is a “controlled foreign corporation” within the meaning of Section 957(a) of the Code (a “CFC”), (b) each Subsidiary which is a CFC Holdco and (c) each
      Subsidiary of a CFC or CFC Holdco.

     

    “Funded Debt” shall mean Debt of the
      Company or a Subsidiary owning Restricted Property maturing by its terms more than one year after its creation and Debt classified as long-term debt under GAAP and, in the case of Funded Debt of the Company, ranking at least pari passu with the Loans.

     

    “GAAP” shall mean generally accepted
      accounting principles in the United States of America.

     

    “Governmental Authority” shall mean the
      government of any nation, including, but not limited to, the United States of America, or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
      exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

    
      8

      
        
 

    

     

    “Guarantor” and “Guarantors” has the meaning set forth in SECTION 5.15. (a).

     

    “Guaranty” and “Guaranties” has the meaning set forth in SECTION 5.15. (a).

     

    “Hazardous Substances” shall mean any
      toxic, radioactive, mutagenic, carcinogenic, noxious, caustic or otherwise hazardous substance, material or waste, including petroleum, its derivatives, by-products and other hydrocarbons, including, without limitation, polychlorinated biphenyls
      (commonly known as PCBs), asbestos or asbestos-containing material, and any substance, waste or material regulated or that could reasonably be expected to result in liability under Environmental and Safety Laws.

     

    “Indenture” shall mean the Indenture dated
      as of June 1, 1993 between the Company and JPMorgan Chase Bank, N.A., as successor to The Chase Manhattan Bank (National Association), as trustee, as amended, supplemented or otherwise modified from time to time.

     

    “Interest Election Request” shall mean a
      request by the Company to convert or continue a Borrowing in accordance with SECTION 2.7.

     

    “Interest Payment Date” shall mean (a)
      with respect to any ABR Loan, the last day of each March, June, September and December and (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a
      Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period.

     

    “Interest Period” shall mean, as to any
      Eurocurrency Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is 1, 2, 3 or 6 months thereafter, as the Company may elect; provided that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurocurrency
      Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurocurrency Borrowing that
      commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest
      Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

     

    “Impacted Interest Period” shall have the
      meaning assigned to such term in the definition of “LIBO Rate.”

     

    “Interpolated Rate” shall mean, at any
      time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO 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 LIBO Rate for the longest period that is shorter than the Impacted Interest Period; and (b) the LIBO Rate for the shortest period that exceeds the Impacted Interest Period, in
      each case, at such time.

    
      9

      
        
 

    

     

     “Lenders” shall mean (a) the financial
      institutions listed on Schedule 2.1 (other than any such financial institution that has ceased to be a party hereto, pursuant to an Assignment and Assumption) and (b) any financial institution that has become a party hereto pursuant to an Assignment
      and Assumption.

     

    “LIBO Rate” shall mean, with respect to
      any Eurocurrency Borrowing for any Interest Period, the rate appearing on the LIBOR01 or LIBOR02 Page published by Reuters (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate
      quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in Dollars in the London
      interbank market) (the “LIBO Screen Rate”) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for
      deposits in Dollars with a maturity comparable to such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”), then the LIBO Rate shall be the Interpolated
      Rate; provided further that if the LIBO Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

     

    “LIBO Rate Discontinuance Event” shall
      mean any of the following:

     

    (a)          an interest rate is
          not ascertainable pursuant to the provisions of the definition of “LIBO Rate” and the inability to ascertain such rate is unlikely to be temporary;

     

    (b)          the regulatory supervisor for the administrator of the LIBO Screen Rate, the central bank for the
          currency of the LIBO Rate, an insolvency official with jurisdiction over the administrator for the LIBO Rate, a resolution authority with jurisdiction over the administrator for the LIBO Rate or a court or an entity with similar insolvency or
          resolution authority over the administrator for the LIBO Rate, has made a public statement, or published information, stating that the administrator of the LIBO Rate has ceased or will cease to provide the LIBO Rate permanently or indefinitely on
          a specific date, provided that, at that time, there is no successor administrator that will continue to provide the LIBO Rate; or

     

    (c)          the administrator of
          the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent or the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Rate or the LIBO Screen
          Rate shall no longer be made available, or used for determining the interest rate of loans; provided that, at that time, there is no successor administrator that will continue to provide the LIBO Rate (the date of determination or such specific
          date in the foregoing clauses (a)-(c), the “Scheduled Unavailability Date”).

     

    “LIBO Rate Discontinuance Event Time”
      shall mean, with respect to any LIBO Rate Discontinuance Event, (i) in the case of an event under clause (a) of such definition, the Business Day immediately following the date of determination that such interest rate is not ascertainable and such
      result is unlikely to be temporary and (ii) for purposes of an event under clause (b) or (c) of such definition, on the date on which the LIBO Rate ceases to be provided by the administrator of the LIBO Rate or is not permitted to be used or if such
      statement or information is of a prospective cessation or prohibition, the 90th day prior to the date of such cessation or prohibition (or if such prospective cessation or prohibition is fewer than 90 days later, the date of such statement or
      announcement).

    

    

    “LIBO Rate Replacement Date” shall mean,
      in respect of any eurodollar borrowing, upon the occurrence of a LIBO Rate Discontinuance Event, the next interest reset date after the relevant amendment in connection therewith becomes effective (unless an alternative date is specified) and all
      subsequent interest reset dates for which the LIBO Rate would have had to be determined.

    
      10

      
        
 

    

    

    

    “LIBO Screen Rate” shall have the meaning
      assigned to such term in the definition of “LIBO Rate.” “Lien” shall mean any mortgage, lien, pledge, encumbrance, charge or security interest.

     

    “Loan Documents” shall mean this
      Agreement, each Borrowing Subsidiary Agreement, each Borrowing Subsidiary Termination, each Guaranty and each promissory note held by a Lender pursuant to SECTION 2.9. (e).

     

    “Loans” shall mean the loans made by the
      Lenders to the Borrowers pursuant to this Agreement.

     

    “Margin Regulations” shall mean
      Regulations T, U and X of the Board as from time to time in effect, and all official rulings and interpretations thereunder or thereof.

     

    “Material Adverse Effect” shall mean a
      material adverse effect on the business, results of operations, properties or financial condition of the Company and its consolidated Subsidiaries, taken as a whole, excluding changes or effects in connection with specific events applicable to the
      Company and/or its Subsidiaries as disclosed in any annual report on Form 10-K, quarterly report on Form 10-Q or any current report on Form 8-K, in each case filed subsequent to December 31, 2018 and prior to the Effective Date.

     

    “Material Debt” shall mean any Debt of the
      Company contemplated by clauses (i) and (ii) of the definition thereof, in each case, under any revolving or term loan credit facility or any Capital Markets Debt, in each case, in an aggregate committed or principal amount in excess of
      $1,000,000,000. For the avoidance of doubt, Material Debt shall exclude any intercompany Debt and any obligations in respect of interest rate caps, collars, exchanges, swaps or other similar agreements.

     

    “Maturity Date” shall mean January 25,
      2022.

     

    “Moody’s” shall mean Moody’s Investors
      Service, Inc. or any successor thereto.

     

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

     

    “New Lending Office” shall have the
      meaning assigned to such term in SECTION 2.16. (g).

     

    “Non-U.S. Lender” shall have the meaning
      assigned to such term in SECTION 2.16. (g).

     

    “NYFRB” shall mean the Federal Reserve
      Bank of New York.

     

    “NYFRB Rate” shall mean, on 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 date
      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.

    
      11

      
        
 

    

     

    “Obligations” shall mean the due and
      punctual payment of (i) the principal of and interest on any Loans made by the Lenders to the Borrowers (including, for the avoidance of doubt, the Borrowing Subsidiary Obligations) pursuant to this Agreement, when and as due, whether at maturity, by
      acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations, including fees, costs, expenses and indemnities (including, without limitation, the obligations described in SECTION 2.16. and SECTION
      2.19.) of the Borrowers to the Lenders under this Agreement and the other Loan Documents.

     

    “Other Taxes” shall have the meaning
      assigned to such term in SECTION 2.16. (b).

     

    “Overnight Bank Funding Rate” shall mean,
      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 Register” shall have the
      meaning assigned to such term in SECTION 8.4. (f).

     

    “Patriot Act” shall have the meaning
      assigned to such term in SECTION 8.19.

     

    “PBGC” shall mean the Pension Benefit
      Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

     

    “Permanent Financing Commitment Letter”
      shall mean that certain commitment letter dated as of January 2, 2019 by and among the Company, Morgan Stanley Senior Funding, Inc. and MUFG Bank, Ltd. in respect of those certain senior unsecured term loan facility and the senior unsecured revolving
      credit facilities.

     

    “Person” shall mean any natural Person,
      corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

     

    “Plan” shall mean any employee pension
      benefit plan as defined in Section 3(2) of ERISA (other than a Multiemployer Plan), subject to the provisions of Title IV of ERISA or Section 412 of the Code that is maintained by the Company or any ERISA Affiliate for current or former employees, or
      any beneficiary thereof.

     

    “Plan Asset Regulations” shall mean 29 CFR
      § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.

     

    “Platform” shall have the meaning assigned
      to such term in SECTION 8.1. (b).

     

    “Prime Rate” shall mean the rate of
      interest per annum from time to time published in the “Money Rates” section of The Wall Street Journal as being the “Prime Lending Rate” or, if more than
      one rate is published as the Prime Lending Rate, then the highest of such rates.

     

    “Protesting Lender” shall have the meaning
      assigned to such term in SECTION 2.19.

     

    “PTE” shall mean a prohibited transaction
      class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

     

    “Register” shall have the meaning given
      such term in SECTION 8.4. (d).

    
      12

      
        
 

    

     

    “Relevant Governmental Sponsor” means any
      central bank, reserve bank, monetary authority or similar institution (including any committee or working group sponsored thereby) which shall have selected, endorsed or recommended a replacement rate, including relevant additional spreads or other
      adjustments, for the LIBO Rate.

    

    

    “Required Lenders” shall mean, at any
      time, Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time.

     

    “Restricted Property” shall mean (i) any
      manufacturing facility, or portion thereof, owned or leased by the Company or any Subsidiary and located within the continental United States of America which, in the opinion of the Board of Directors of the Company, is of material importance to the
      business of the Company and its Subsidiaries taken as a whole, but no such manufacturing facility, or portion thereof, shall be deemed of material importance if its gross book value (before deducting accumulated depreciation) is less than 2% of
      Consolidated Net Tangible Assets, and (ii) any shares of capital stock or indebtedness of any Subsidiary owning any such manufacturing facility. As used in this definition, “manufacturing facility” means property, plant and equipment used for actual
      manufacturing and for activities directly related to manufacturing, and it excludes sales offices, research facilities and facilities used only for warehousing, distribution or general administration.

     

    “Revolving Credit Exposure” shall mean,
      with respect to any Lender at any time, the aggregate outstanding principal amount of such Lender’s Revolving Loans at such time.

     

    “Revolving Loan” shall mean a Loan made
      pursuant to SECTION 2.3.

     

    “Sale and Leaseback Transaction” shall
      mean any arrangement with any Person pursuant to which the Company or any Subsidiary leases any Restricted Property that has been or is to be sold or transferred by the Company or the Subsidiary to such Person to the extent such property constituted
      Restricted Property at the time leased, other than (i) temporary leases for a term, including renewals at the option of the lessee, of not more than three years, (ii) transactions between the Company and a Subsidiary or between Subsidiaries, (iii)
      leases of Restricted Property executed by the time of, or within 12 months after the latest of, the acquisition, the completion of construction or improvement, or the commencement of commercial operation, of such Restricted Property, and (iv)
      arrangements pursuant to any provision of law with an effect similar to that under former Section 168(f)(8) of the Internal Revenue Code of 1954.

     

    “Sanctions” shall have the meaning
      assigned to such term in SECTION 3.14.

     

    “S&P” shall mean Standard & Poor’s
      Financial Services LLC or any successor thereto.

     

    “SEC” shall mean the Securities and
      Exchange Commission.

     

    “Specified Revolving Credit Agreement”
      shall mean the 364-Day Revolving Credit Facility Agreement dated as of the date hereof by and among the Company, the Lenders named therein, Citibank, N.A. and JPMorgan Chase Bank, N.A., as Administrative Agents, and the other Agents party thereto
      from time to time (as may be amended, restated, amended and restated, supplemented, modified or replaced from time to time), and as contemplated by the Permanent Financing Commitment Letter (as may be amended, restated, amended and restated,
      supplemented, modified or replaced from time to time).

    
      13

      
        
 

    

     

     “Subsidiary” shall mean, with respect to
      any Person (the “parent”) at any date, (i) for purposes of SECTION 5.10. and SECTION 5.11. only, any Person the majority of the outstanding Voting Stock of which is
      owned, directly or indirectly, by the parent or one or more subsidiaries of the parent of such Person and (ii) for all other purposes under this Agreement, any corporation, limited liability company, partnership, association or other entity the
      accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability
      company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general
      partnership interests are, as of such date, owned, controlled or held. References herein to “Subsidiary” shall mean a Subsidiary of the Company.

     

    “Syndication Agent” shall have the meaning
      assigned to such term in the preamble to this Agreement.

     

    “Taxes” shall mean any and all present or
      future taxes, levies, imposts, duties, deductions, withholdings or other charges imposed by any Governmental Authority and all liabilities with respect thereto, including any interest, additions to tax or penalties.

     

    “Term Loan Credit Agreement” shall mean
      the Term Loan Credit Agreement dated as of January 18, 2019 by and among the Company, the Lenders named therein, Morgan Stanley Senior Funding, Inc., as Administrative Agent, and the other Agents party thereto from time to time (as may be amended,
      restated, amended and restated, supplemented, modified or replaced from time to time), and as contemplated by the Permanent Financing Commitment Letter (as may be amended, restated, amended and restated, supplemented, modified or replaced from time
      to time).

     

    “Transactions” means the execution and
      delivery by the Borrowers of this Agreement (or, in the case of the Borrowing Subsidiaries, the Borrowing Subsidiary Agreements), the performance by the Borrowers of this Agreement, the borrowing of the Loans and the use of the proceeds thereof.

     

    “Type”, when used in respect of any Loan
      or Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans comprising such Borrowing is determined. For purposes hereof, “Rate” shall include the LIBO Rate and the Alternate Base Rate.

     

    “Value” shall mean, with respect to a Sale
      and Leaseback Transaction, an amount equal to the present value of the lease payments with respect to the term of the lease remaining on the date as of which the amount is being determined, without regard to any renewal or extension options contained
      in the lease, discounted at the weighted average interest rate on the Securities of all series which are outstanding on the effective date of such Sale and Leaseback Transaction and which have the benefit of Section 1007 of the Indenture under which
      the Securities are issued.

     

    “Voting Stock” shall mean, as applied to
      the stock of any corporation, stock of any class or classes (however designated) having by the terms thereof ordinary voting power to elect a majority of the members of the board of directors (or other governing body) of such corporation other than
      stock having such power only by reason of the happening of a contingency.

     

    “Wholly Owned Subsidiary” of any Person
      shall mean a Subsidiary of such Person of which securities (except for directors’ qualifying shares and/or other nominal amounts of shares required by applicable law to be held by Persons other than such Person) or other ownership interests
      representing 100% of the equity are, at the time any determination is being made, owned by such Person or one or more wholly owned Subsidiaries of such Person or by such Person and one or more wholly owned Subsidiaries of such Person.

    
      14

      
        
 

    

     

    “Write-Down and Conversion Powers” shall
      mean, 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.

     

    SECTION 1.2.          Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by
        Type (e.g., a “Eurocurrency Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurocurrency Borrowing”).

     

    SECTION 1.3.          Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
        defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word
        “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to
        such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
        shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
        hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to
        have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

     

    SECTION 1.4.          Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature
        shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Company notifies the Administrative Agent that the Company requests an amendment to any provision hereof to eliminate the effect of any change
        occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Company that the Required Lenders request an amendment to any provision hereof for such purpose),
        regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have
        become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

     

    SECTION 1.5.          Other Interpretive Provisions.  Any reference herein to a merger, transfer, consolidation, amalgamation,
        consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such
        a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited
        liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

    
      15

      
        
 

    

     

    SECTION 1.6.          LIBO Screen Rate Discontinuation.  If at any time (i) the
          Administrative Agent determines in good faith (which determination shall be conclusive absent manifest error) or (ii) the Company or Required Lenders notify the Administrative Agent in writing (with, in the case of the Required Lenders, a copy to
          the Company) that the Company or Required Lenders (as applicable) have determined that a LIBO Rate Discontinuance Event has occurred, then, at or promptly after the LIBO Rate Discontinuance Event Time, the Administrative Agent and the Company shall endeavor to establish an alternate benchmark rate to replace the LIBO
          Rate under this Agreement, together with any spread or adjustment to be applied to such alternate benchmark rate to account for the effects of transition from the LIBO Rate to such alternate benchmark rate, giving due consideration to the then
          prevailing market convention for determining a rate of interest for syndicated loans in the United States (including the application of a spread and the making of other appropriate adjustments to such alternate benchmark rate and this Agreement
          to account for the effects of transition from the LIBO Rate to such replacement benchmark, including any changes necessary to reflect the available interest periods and timing for determining such alternate benchmark rate) at such time and any
          recommendations (if any) therefor by a Relevant Governmental Sponsor, provided
          that any such alternate benchmark rate and adjustments shall be required to be commercially practicable for the Administrative Agent to administer (as determined by the Administrative Agent in its sole discretion) (any such rate, the “Successor LIBO Rate”).

     

    After such determination that a LIBO Rate Discontinuance
        Event has occurred, promptly following the LIBO Rate Discontinuance Event Time, the Administrative Agent and the Company shall enter into an amendment to this Agreement to reflect such Successor LIBO Rate and such other related changes to this
        Agreement as may be necessary or appropriate, as the Administrative Agent may determine in good faith (which determination shall be conclusive absent manifest error) with the Company’s consent, to implement and give effect to the Successor LIBO
        Rate under this Agreement on the LIBO Rate Replacement Date and, notwithstanding anything to the contrary in SECTION 1.6. or SECTION 8.7., such amendment shall become effective for each Tranche of Loans and Lenders without any further action or
        consent of any other party to this Agreement on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Company unless, prior to such time, Lenders comprising the Required Lenders have
        delivered to the Administrative Agent written notice that such Required Lenders do not accept such amendment; provided, that if a Successor LIBO Rate has not been established pursuant to the foregoing, at the option of the Company, the Company and the Required Lenders may select a different Successor LIBO Rate that is
        commercially practicable for the Administrative Agent to administer (as determined by the Administrative Agent in its sole discretion) and, upon not less than 15 Business Days’ prior written notice to the Administrative Agent, the Administrative
        Agent, such Required Lenders and the Company shall enter into an amendment to this Agreement to reflect such Successor LIBO Rate and such other related changes to this Agreement as may be applicable and, notwithstanding anything to the contrary in
        this SECTION 1.6. or SECTION 8.7., such amendment shall become effective without any further action or consent of any other party to this Agreement; provided, further, that if no Successor LIBO Rate has been determined pursuant to
        the foregoing and a Scheduled Unavailability Date (as defined in the definition of LIBO Discontinuance Event) has occurred,  the Administrative Agent will promptly so notify the Company and each Lender and thereafter, until such Successor LIBO Rate
        has been determined pursuant to this paragraph, (i) any Borrowing Request, the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing shall be ineffective and (ii) all outstanding Eurocurrency Borrowings shall
        be converted to an ABR Borrowing until a Successor LIBO Rate has been chosen pursuant to this paragraph. Notwithstanding anything else herein, any definition of Successor LIBO Rate shall provide that in no event shall such Successor LIBO Rate be
        less than zero for purposes of this Agreement.

    
      

      

      ARTICLE II

        

        The Credits

     

    SECTION 2.1.          Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans to the
        Company and any Borrowing Subsidiary from time to time during the Availability Period in Dollars in an aggregate principal amount that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (b) the sum
        of the total Revolving Credit Exposures exceeding the total Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Company and each applicable Borrowing Subsidiary may borrow, prepay and reborrow
        Revolving Loans.

    
      16

      
        
 

    

     

    SECTION 2.2.          Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made
        by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of
        the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.

     

    (b)          Subject to SECTION
          2.13., each Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans (each of which shall be denominated in Dollars) as the Company (on its own behalf or on behalf of any other applicable Borrower) may request in accordance
          herewith; provided that any exercise of such option shall not affect the obligation of any Borrower to repay such Loan in accordance with the terms of this
          Agreement.

     

    (c)          At the commencement
          of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $10,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be
          in an aggregate amount that is an integral multiple of $1,000,000 and not less than $10,000,000; provided that an ABR Borrowing may be in an aggregate amount that
          is equal to the entire unused balance of the total Commitments. Borrowings of more than one Type may be outstanding at the same time; provided that there shall not
          at any time be more than a total of 15 Eurocurrency Borrowings outstanding.

     

    (d)          Notwithstanding any
          other provision of this Agreement, the Company (on its own behalf or on behalf of any other Borrower) shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would
          end after the Maturity Date.

     

    SECTION 2.3.          Requests for Borrowings. To request a Borrowing, the Company (on its own behalf or on behalf of any other applicable
        Borrower) shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurocurrency Borrowing, not later than 10:30 a.m., New York City time, three Business Days before the date of the proposed Borrowing, or (b) in the
        case of an ABR Borrowing, not later than 10:30 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or electronic
        transmission to the Administrative Agent of a written Borrowing Request in the form of Exhibit A. Each such telephonic and written Borrowing Request shall specify the following information in compliance with SECTION 2.2.:

     

    
      (i)        the aggregate amount of the requested Borrowing;

       

    

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

       

    

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

       

    

    
      (iv)      in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the
          definition of the term “Interest Period”;

      
        17

        
          

        

      

       

    

    
      (v)       the location and number of the account of the Company or the other applicable Borrowers to which funds are to be disbursed, which shall
          comply with the requirements of SECTION 2.6. (a); and

       

    

    
      (vi)      the applicable Borrower.

       

    

    If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be a Eurocurrency Borrowing with an Interest
      Period of one month if such Borrowing is requested at least three Business Days prior to the date of such proposed Borrowing or an ABR Borrowing otherwise. If no Interest Period is specified with respect to any requested Eurocurrency Borrowing, then
      the Company shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and
      of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

     

    SECTION 2.4.          [Reserved]

     

    SECTION 2.5.          Extension of
            Maturity Date

     

    (a)          The Company may, by
          sending an Extension Letter to the Administrative Agent (in which case the Administrative Agent shall promptly deliver a copy to each of the Lenders), during the period of not less than 30 days and not more than 60 days prior to any anniversary
          of the Effective Date, request that the Lenders extend the Maturity Date at the time in effect to the first anniversary of the Maturity Date then in effect.  Each Lender, acting in its sole discretion, shall, by notice to the Administrative Agent
          given not more than 20 days after the date of the Extension Letter, advise the Administrative Agent in writing whether or not such Lender agrees to such extension (each Lender that so advises the Administrative Agent that it will not extend the
          Maturity Date, being referred to herein as a “Non-extending Lender”); provided that
          any Lender that does not advise the Administrative Agent by the 20th day after the date of the Extension Letter shall be deemed to be a Non-extending Lender.  The election of any Lender to agree to such extension shall not obligate any other
          Lender to agree.

     

    (b)          

      

     

    
      (i)       If Lenders holding Commitments that aggregate more than 50% of the total Commitments on the 20th day after the date of the Extension Letter
          shall not have agreed to extend the Maturity Date, then the Maturity Date shall not be so extended and the outstanding principal balance of all Loans and other amounts payable hereunder shall be payable on such Maturity Date.

       

    

    
      (ii)       If (and only if) Lenders holding Commitments that aggregate more than 50% of the total Commitments on the 20th day after the date of the
          Extension Letter shall have agreed to extend the Maturity Date, then the Maturity Date applicable to the Lenders that shall so have agreed shall be the first anniversary of the current Maturity Date.  In the event of such extension, the
          Commitment of each Non-extending Lender shall terminate on the Maturity Date in effect prior to such extension, all Loans and other amounts payable hereunder to such Non-extending Lenders shall become due and payable on such Maturity Date and the
          total Commitment of the Lenders hereunder shall be reduced by the Commitments of Non-extending Lenders so terminated on such Maturity Date.

      
        18

        
          

        

      

       

    

    (c)          In the event that
          the conditions of clause (ii) of paragraph (b) above have been satisfied, the Company shall have the right on or before the Maturity Date in effect prior to the requested extension, at its own expense, to require any Non-extending Lender to
          transfer and assign without recourse (except as to title and the absence of Liens created by it) (in accordance with and subject to the restrictions contained in SECTION 8.4.) all its interests, rights and obligations under this Agreement to one
          or more banks or other financial institutions identified to the Non-extending Lender, which may include any Lender which agrees to accept such transfer and assignment (each an “Additional

              Commitment Lender”); provided that (x) such Additional Commitment Lender, if not already a Lender hereunder, shall be subject to the approval of the
          Administrative Agent and the Company (such approvals not to be unreasonably withheld), (y) such assignment shall become effective as of a date specified by the Company (which shall not be later than the Maturity Date in effect prior to the
          requested extension) and (z) the Additional Commitment Lender shall pay to such Non-extending Lender in immediately available funds on the effective date of such assignment the principal of and interest accrued to the date of payment on the Loans
          made by it hereunder and all other amounts accrued for its account or owed to it hereunder.  Notwithstanding the foregoing, no extension of the Maturity Date shall become effective unless, on the Maturity Date in effect prior to the requested
          extension the conditions set forth in paragraphs (a) and (b) of SECTION 4.2. shall be satisfied or waived (with all references in such paragraphs to a Borrowing being deemed to be references to the current Maturity Date) and the Administrative
          Agent shall have received a certificate to that effect dated such Maturity Date and executed by a Financial Officer of the Company.

     

    SECTION 2.6.          Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof
        by wire transfer of immediately available funds in Dollars to the account of the Administrative Agent or an Affiliate thereof most recently designated by it for such purpose by notice to the Lenders, by (x) in the case of Eurocurrency Borrowings,
        11:00 a.m., New York City time or (y) in the case of ABR Borrowings, 2:00 p.m. New York City time. The Administrative Agent will make such Loans available to such Borrower by promptly crediting the amounts so received, in like funds, to an account
        of such Borrower maintained with the Administrative Agent in New York City (or, in the case of any Loan with respect to which such Borrower shall have requested funding in another jurisdiction, to such account in such jurisdiction as such Borrower
        shall have designated in the applicable Borrowing Request).

     

    (b)          Unless the
          Administrative Agent shall have received notice from a Lender prior to the proposed time of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may
          assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to such Borrower a corresponding amount. In such event, if a Lender has
          not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount
          with interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the NYFRB Rate from time to time
          in effect or (ii) in the case of such Borrower, the interest rate on the applicable Borrowing; provided that no repayment by such Borrower pursuant to this sentence
          shall be deemed to be a prepayment for purposes of SECTION 2.15. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.

     

    SECTION 2.7.          Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request
        and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Company (on its own behalf or on behalf of any other Borrower) may elect to convert such Borrowing to a
        different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this Section. Eurocurrency Loans may not be converted to Loans of a different Type. The Company (on
        its own behalf or on behalf of any other Borrower) may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising
        such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.

    
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    (b)          To make an election
          pursuant to this Section, the Company (on its own behalf or on behalf of any other Borrower) shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under SECTION 2.3. if the
          Company (on its own behalf or on behalf of any other Borrower) were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be
          irrevocable and shall be confirmed promptly by hand delivery, telecopy or electronic transmission to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Company.

     

    (c)          Each telephonic and
          written Interest Election Request shall specify the following information in compliance with SECTION 2.2.:

     

    
      (i)           the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to
          different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

       

    

    
      (ii)          the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

       

    

    
      (iii)         whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and

       

    

    
      (iv)         if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect to
          such election, which shall be a period contemplated by the definition of the term “Interest Period”.

       

    

    If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Company (on its own
      behalf or on behalf of any other Borrower) shall be deemed to have selected an Interest Period of one month’s duration.

     

    (d)          Promptly following
          receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

     

    (e)          If the Company (on
          its own behalf or on behalf of any other Borrower) fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as
          provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the
          request of the Required Lenders, so notifies the Company, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurocurrency Borrowing and (ii) unless repaid, each Eurocurrency
          Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

    
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    SECTION 2.8.          Termination and Reduction of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the
        Maturity Date.

     

    (b)          The Company may at
          any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral
          multiple of $1,000,000 and not less than $10,000,000 and (ii) the Company shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with SECTION 2.10., the Revolving Credit
          Exposures would exceed the total Commitments.

     

    (c)          The Company shall
          notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the
          effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Company may state that such notice is conditioned upon the effectiveness of other credit
          facilities, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be
          permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.

     

    SECTION 2.9.          Repayment of Loans; Evidence of Debt. (a) Each Borrower hereby unconditionally promises to pay to the Administrative
        Agent for the account of each Lender the then unpaid principal amount of its Revolving Loans on the Maturity Date.

     

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

     

    (c)          The Administrative
          Agent shall maintain a Register pursuant to SECTION 8.4. (d), and an account for each Lender in which it shall record (i) the amount of each Loan made hereunder and any promissory note evidencing such Loan, the Type thereof and the Interest
          Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for
          the account of the Lenders and each Lender’s share thereof.

     

    (d)          The entries made in
          the Register and the accounts of each Lender maintained pursuant to paragraphs (b) and (c) of this Section shall be prima facie evidence of the existence and
          amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein
          shall not in any manner affect the obligation of any Borrower to repay the Loans in accordance with the terms of this Agreement.

     

    (e)          Any Lender may
          request that Loans made by it be evidenced by a promissory note for its Revolving Loans. In such event, the applicable Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if
          requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment
          pursuant to SECTION 8.4.) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its assigns).

    
      21

      
        
 

    

     

    SECTION 2.10.          Prepayment of Loans. (a) The applicable Borrower shall have the right at any time and from time to time to prepay any
        Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section.

     

    (b)          The Company (on its
          own behalf or on behalf of any other Borrower) shall notify the Administrative Agent by telephone (confirmed by telecopy or electronic transmission) of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing, not later
          than 10:00 a.m., New York City time three Business Days before the date of prepayment and (ii) in the case of prepayment of an ABR Borrowing, not later than 10:00 a.m., New York City time, one Business Day before the date of prepayment. Each such
          notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a
          notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by SECTION 2.8., then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with
          SECTION 2.8. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted
          in the case of an advance of a Borrowing of the same Type as provided in SECTION 2.2. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to
          the extent required by SECTION 2.12.

     

    SECTION 2.11.          Fees. (a) The Company agrees to pay to the Administrative Agent for the account of each Lender a commitment fee in
        Dollars which shall accrue at the Applicable Rate on the average daily amount of the unused Commitment of such Lender during the period from and including the date hereof to but excluding the date on which such Commitment terminates. Accrued
        commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof. All commitment
        fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

     

    (b)          The Company agrees
          to pay to the Administrative Agent, for its own account, the administrative, auction and other fees separately agreed upon between the Company and the Administrative Agent (collectively, the “Administrative Fees”).

     

    (c)          All fees payable
          hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, in the case of commitment fees, to the Lenders. Fees paid shall not be refundable under any circumstances.

     

    SECTION 2.12.          Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the
        Applicable Rate.

     

    (b)          The Loans comprising
          each Eurocurrency Borrowing shall bear interest at the LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.

     

    (c)          [Reserved]

     

    (d)          Notwithstanding the
          foregoing, if any principal of or interest on any Loan or any fee or other amount payable by any Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after
          as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other
          amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

    
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    (e)          Accrued interest on
          each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Commitments; provided,
          that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability
          Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Revolving Loan prior to the end of the current Interest
          Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

     

    (f)           All interest
          hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at time when the Alternate Base Rate is based on clause (a) of the first sentence of the definition of Alternate
          Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate
          Base Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

     

    SECTION 2.13.          Alternate Rate of Interest. Subject to SECTION 1.6., if prior to the commencement of any Interest Period for a
        Eurocurrency Borrowing:

     

    (a)          the Administrative
          Agent shall have determined (which determination shall be made in good faith and shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBO Rate for such Interest Period; or

     

    (b)          the Administrative
          Agent is advised by the Required Lenders that the LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period;

     

    then the Administrative Agent shall give notice thereof to
      the Company (on its own behalf or on behalf of the applicable Borrower) and the Lenders by telephone or telecopy or electronic transmission, as applicable, as promptly as practicable thereafter and, until the Administrative Agent notifies the Company
      and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing shall be ineffective
      and (ii) if any Borrowing Request requests a Eurocurrency Borrowing, such Borrowing shall be made as an ABR Borrowing.

     

    SECTION 2.14.          Increased Costs. (a) If any Change in Law shall:

     

    
      (i)           subject any Lender or Agent to any Taxes (other than (x) Non-Excluded Taxes imposed on or with respect to any payment made by
          or on account of any obligation of the Borrowers under any Loan Document, (y) Excluded Taxes and (z) Other Taxes) on its Loans, Loan principal, Commitments, or other obligations under the Loan Documents, or its deposits, reserves, other
          liabilities or capital attributable thereto;

       

    

    
      (ii)          impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for
          the account of, or credit extended by, any Lender; or

       

    

    
      (iii)         impose on any Lender or the London interbank market any other condition affecting this Agreement or Eurocurrency Loans made by
          such Lender;

      
        23

        
          

        

      

    

  

  
  
    

    and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Loan (or of maintaining its obligation to make
      any Loan) by an amount deemed by such Lender to be material or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise) by an amount deemed by such Lender to be material, then the
      applicable Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

     

    (b)          If any Lender determines that any Change in Law
        regarding capital requirements or liquidity has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by
        such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to
        capital adequacy or liquidity) by an amount deemed by such Lender to be material, then from time to time the Company will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any
        such reduction suffered.

     

    (c)          A certificate of a Lender setting forth the
        amount or amounts necessary to compensate such Lender or its holding company as specified in paragraph (a) or (b) of this Section, and setting forth in reasonable detail the manner in which such amount or amounts shall have been determined, shall
        be delivered to the applicable Borrower and shall be conclusive absent manifest error. The applicable Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

     

    (d)          Failure or delay on the part of any Lender to
        demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrowers
        shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 60 days prior to the date that such Lender notifies such Borrower of the Change in Law giving rise to such increased
        costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased
        costs or reductions is retroactive, then the 60-day period referred to above shall be extended to include the period of retroactive effect thereof.

     

    (e)          [Reserved]

     

    (f)          If the cost to any Lender of making or
        maintaining any Loan to a Borrowing Subsidiary incorporated or organized in a jurisdiction other than the United States or any state thereof is increased (or the amount of any sum received or receivable by any Lender or its lending office is
        reduced) by an amount deemed by such Lender to be material, by reason of the fact that such Borrowing Subsidiary is incorporated or organized in a jurisdiction outside of the United States, such Borrowing Subsidiary shall indemnify such Lender for
        such increased cost or reduction within fifteen (15) days after demand by such Lender (with a copy to the Administrative Agent), which such Lender shall make within sixty (60) days from the day such Lender has notice of such increased cost or
        reduction. 

    

    
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    SECTION 2.15.          Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto (including as a
        result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Revolving Loan on the date specified in any
        notice delivered pursuant hereto (regardless of whether such notice may be revoked under SECTION 2.10. (b) and is revoked in accordance therewith) or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period
        applicable thereto as a result of a request by any Borrower pursuant to SECTION 2.18., then, in any such event, the applicable Borrower shall compensate each Lender for the out-of-pocket loss, cost and expense attributable to such event. In the
        case of a Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the present value of the excess, if any, of (i) its cost of obtaining the funds for the Loan being paid,
        prepaid, refinanced or not borrowed (assumed to be the LIBO Rate that would have been applicable thereto) for the period from the date of such payment, prepayment, refinancing or failure to borrow or refinance to the last day of the Interest Period
        for such Loan (or, in the case of a failure to borrow or refinance the Interest Period for such Loan which would have commenced on the date of such failure) over (ii) the amount of interest (as reasonably determined by such Lender) that would be
        realized by such Lender in reemploying the funds so paid, prepaid or not borrowed or refinanced for such period or Interest Period, as the case may be. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to
        receive pursuant to this Section and setting forth in reasonable detail the manner in which such amount or amounts shall have been determined shall be delivered to the applicable Borrower and shall be conclusive absent manifest error. Such Borrower
        shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

     

    SECTION 2.16.          Taxes. (a) Any and all payments to the Lenders or the Administrative Agent hereunder by a Borrower or on account of any obligation of any Borrower shall be made free and clear of and
        without deduction for any and all current or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding (i) net income or franchise and similar taxes imposed on (or measured by) net
        income imposed on the Administrative Agent or any Lender (or participant) by the United States and any other jurisdiction as a result of a present or former connection between the Administrative Agent or such Lender (or participant) and the
        jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than as a result of entering into this Agreement, performing any obligations hereunder, receiving any payments
        hereunder or enforcing any rights hereunder) (ii) any branch profits tax imposed by the United States or any similar tax imposed by any other jurisdiction in which any Borrower is located, (iii) taxes that are imposed under FATCA and (iv) any taxes
        that are attributable solely to the failure of any Lender to comply with SECTION 2.16. (g) or SECTION 2.16. (h) (all such nonexcluded taxes, levies, imposts, deductions, charges, withholdings and liabilities, collectively or individually, “Non-Excluded Taxes” and all such excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities, collectively or individually, together with
        any Taxes described in SECTION 2.16. (i), “Excluded Taxes”). If any applicable withholding agent shall be required to deduct any Non-Excluded Taxes from or in
        respect of any sum payable hereunder to any Lender or the Administrative Agent, (i) the sum payable shall be increased by the amount (an “Additional Amount”)
        necessary so that after making all required deductions (including deductions applicable to Additional Amounts payable under this SECTION 2.16.) such Lender or the Administrative Agent (as the case may be) shall receive an amount equal to the sum it
        would have received had no such deductions been made, (ii) the withholding agent shall make such deductions and (iii) the applicable withholding agent shall pay the full amount deducted to the relevant Governmental Authority in accordance with
        applicable law.

     

    (b)          In addition, the relevant Borrower (or the
        Company, as guarantor, as applicable) shall pay to the relevant Governmental Authority in accordance with applicable law any current or future stamp, intangibles or documentary Taxes or any other excise or property Taxes, charges or similar levies
        arising from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Agreement or any other Loan Document that are imposed by a Governmental Authority in a jurisdiction in which the relevant
        Borrower or the Company is incorporated, organized, managed and controlled or considered to have its seat or otherwise has a connection (other than as a result of entering into this Agreement, performing any obligations hereunder, receiving any
        payments hereunder or enforcing any rights hereunder) (“Other Taxes”). 

    

    
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    (c)          Each Borrower and the Company shall jointly and
        severally indemnify each Lender (or participant) and the Administrative Agent for the full amount of Non-Excluded Taxes and Other Taxes paid by such Lender (or participant) or the Administrative Agent, as the case may be, and any liability
        (including penalties, interest and expenses (including reasonable attorney’s fees and expenses)) arising therefrom or with respect thereto, whether or not such Non-Excluded Taxes or Other Taxes were correctly or legally asserted by the relevant
        Governmental Authority. A certificate as to the amount of such payment or liability prepared by a Lender, or the Administrative Agent on its behalf and setting forth in reasonable detail the manner in which such amount shall have been determined,
        absent manifest error, shall be final, conclusive and binding for all purposes. Such indemnification shall be made within 30 days after the date the Lender or the Administrative Agent, as the case may be, makes written demand therefor, which
        written demand shall be made within 180 days of the date such Lender or the Administrative Agent receives written demand for payment of such Taxes or Other Taxes from the relevant Governmental Authority.

     

    (d)          If a Lender (or participant) or the
        Administrative Agent receives a refund in respect of any Non-Excluded Taxes or Other Taxes as to which it has been indemnified by the relevant Borrower or the Company, as guarantor, as applicable, or with respect to which the relevant Borrower has
        paid Additional Amounts pursuant to this SECTION 2.16., it shall within 30 days from the date of such receipt pay over such refund to the relevant Borrower or the Company, as guarantor, as applicable (but only to the extent of indemnity payments
        made, or Additional Amounts paid, by the relevant Borrower or the Company, as guarantor, as applicable under this SECTION 2.16. with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of such Lender
        (or participant) or the Administrative Agent and without interest (other than interest paid by the relevant Governmental Authority with respect to such refund); provided,
        however, that the relevant Borrower or the Company, as guarantor, as applicable, upon the request of such Lender (or participant) or the Administrative Agent,
        agrees to repay the amount paid over to the relevant Borrower or the Company, as guarantor, as applicable (plus penalties, interest or other charges) to such Lender (or participant) or the Administrative Agent in the event such Lender (or
        participant) or the Administrative Agent is required to repay such refund to such Governmental Authority.

     

    (e)          As soon as practicable after the date of any
        payment of Non-Excluded Taxes or Other Taxes by the relevant Borrower to the relevant Governmental Authority, the relevant Borrower will deliver to the Administrative Agent, at its address referred to in SECTION 8.1., the original or a certified
        copy of a receipt issued by such Governmental Authority evidencing payment thereof.

     

    (f)          Without prejudice to the survival of any other
        agreement contained herein, the agreements and obligations contained in this SECTION 2.16. shall survive the payment in full of the principal of and interest on all Loans made hereunder.

    
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    (g)          (i) Each Lender (or participant) that is a United
        States person as defined in Section 7701(a)(30) of the Code shall deliver to the Company and the Administrative Agent two copies of either United States Internal Revenue Service (“IRS”) Form W-9 (or successor forms). Each Lender (or participant) that is not a United States person as defined in Section 7701(a)(30) of the Code (a “Non-U.S. Lender”) shall deliver to the Company and the Administrative Agent two copies of either IRS Form W-8BEN, W-8BEN-E or W-8ECI (or any successor forms), Form W-8IMY (or successor form) together with any applicable
        underlying IRS forms, or, in the case of a Non-U.S. Lender claiming exemption from U.S. Federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, an IRS Form W-8BEN or W-8BEN-E, or any
        subsequent or substitute versions thereof or successors thereto (and a certificate substantially in the form of Exhibit F representing that such Non-U.S. Lender is not a bank for purposes of Section 881(c)(3)(A) of the Code, is not a 10 percent
        shareholder (within the meaning of Section 881(c)(3)(B) of the Code) of the Company, is not a controlled foreign corporation related to the Company (within the meaning of Section 881(c)(3)(C) of the Code) and is not conducting a trade or business
        in the United States with which the relevant interest payments are effectively connected), properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or reduced rate of, U.S. Federal withholding tax on payments
        by the Company under this Agreement. Such forms shall be delivered by each Lender on or before the date it becomes a party to this Agreement (or, in the case of a participant, on or before the date such participant becomes a participant hereunder)
        and on or before the date, if any, such Lender changes its applicable lending office by designating a different lending office (a “New Lending Office”). In
        addition, each Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Lender. Notwithstanding any other provision of this SECTION 2.16. (g), a Non-U.S. Lender shall not be required to
        deliver any form pursuant to this SECTION 2.16. (g) that such Non-U.S. Lender is not legally able to deliver.

     

    (ii)         If a payment
        made to a Lender (or participant) under any Loan Document would be subject to U.S. federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in
        Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the applicable Borrower and the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the applicable
        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 applicable Borrower or the
        Administrative Agent as may be necessary for such Borrower or the Administrative Agent to comply with its obligations under FATCA, to determine that such Lender has or has not complied with such Lender’s obligations under FATCA or to determine the
        amount to deduct and withhold from such payment. 

    

    

    

    (h)          A Lender (or participant) that is entitled to an
        exemption from or reduction of non-U.S. withholding tax under the law of the jurisdiction in which a Borrowing Subsidiary is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver
        to the Borrowing Subsidiary (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrowing Subsidiary, such properly completed and executed documentation prescribed by
        applicable law as will permit such payments to be made without withholding or at a reduced rate, provided that such Lender (or participant) is legally
        entitled to complete, execute and deliver such documentation and in such Lender’s reasonable judgment such completion, execution or submission would not materially prejudice the legal position of such Lender (or participant).

     

    (i)          The relevant Borrower shall not be required to
        indemnify any Lender, or to pay any Additional Amounts to any Lender, in respect of any withholding tax pursuant to paragraph (a) or (c) above to the extent that (i) such withholding tax is imposed by the United States and the obligation to
        withhold amounts with respect to such withholding tax was in effect and would apply to amounts payable to such Lender on the date such Lender became a party to this Agreement (or, in the case of a participant, on the date such participant became a
        participant hereunder) or, with respect to payments to a New Lending Office or the date such Lender designated such New Lending Office with respect to a Loan; provided,
        however, that this clause (i) shall not apply to any Lender (or participant) if the assignment, participation, transfer or designation of a New Lending Office
        was made at the request of the relevant Borrower or was made pursuant to SECTION 2.18.; and provided further, however, that this clause (i) shall not apply to the extent the indemnity payment or Additional Amounts any Lender (or participant) would be entitled to receive (without regard to this
        clause (i)) do not exceed the indemnity payment or Additional Amounts that the Lender (or participant) making the assignment, participation, transfer or designation of such New Lending Office would have been entitled to receive in the absence of
        such assignment, participation, transfer or designation, or (ii) the obligation to pay such Additional Amounts would not have arisen but for a failure by such Lender (or participant) to comply with the provisions of paragraph (g)(i) or (h) above.
        Notwithstanding anything herein to the contrary, each Lender shall remain subject to the obligations under SECTION 2.18. 

    

    
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    (j)          [Reserved]

     

    (k)          Each Lender shall indemnify the Administrative
        Agent for any Taxes (to the extent that the Company or any Borrowing Subsidiary has not already indemnified the Agents for such Taxes and without limiting the obligation of the Company and any Borrowing Subsidiary to do so) attributable to such
        Lender (including any Taxes due to such Lender’s failure to maintain a Participant Register pursuant to SECTION 8.4. (f) ) that are paid or payable 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. The indemnity under this SECTION 2.16. (k) shall be paid within 10 days after the Administrative
        Agent delivers to the applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent. Such certificate shall be conclusive of the amount so paid or payable absent manifest error.

     

    (l)          Nothing contained in this SECTION 2.16. shall
        require any Lender (or participant) or the Administrative Agent to make available any of its tax returns (or any other information that it deems to be confidential or proprietary).

     

    SECTION 2.17.          Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) Each Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees, or of
        amounts payable under SECTION 2.14., SECTION 2.15. or SECTION 2.16., or otherwise) prior to 3:00 p.m., New York City time at the place of payment, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts
        received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the
        Administrative Agent at its offices at 1300 Thames Street, Thames Street Wharf, 4th Floor, Baltimore, MD 21231, or such other location as the Administrative Agent shall designate from time to time, except that payments pursuant to SECTION 2.14.,
        SECTION 2.15., SECTION 2.16. and SECTION 8.5. shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient
        promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest
        thereon shall be payable for the period of such extension. All payments hereunder shall be made in Dollars. Except as provided in clause (c) below, each payment or prepayment of principal or payment of interest in respect of a Borrowing of
        Revolving Loans shall be allocated ratably among the parties entitled thereto.

     

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

    

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

     

    (d)          Unless the Administrative Agent shall have
        received notice from a Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower
        has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Lenders severally
        agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the
        Administrative Agent, at the NYFRB Rate in effect from time to time.

     

    (e)          If any Lender shall fail to make any payment
        required to be made by it pursuant to SECTION 2.6. (b) or SECTION 2.17. (d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for
        the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

     

    SECTION 2.18.          Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under SECTION 2.14., or if any Borrower is required to pay any additional amount to any Lender or
        any Governmental Authority for the account of any Lender pursuant to SECTION 2.16., then such Lender shall use reasonable efforts to file any certificate or document reasonably requested by the Company (consistent with legal and regulatory
        restrictions), to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such filing,
        designation or assignment (i) would eliminate or reduce amounts payable pursuant to SECTION 2.14. or SECTION 2.16., as the case may be, in the future and (ii) would not otherwise be disadvantageous to such Lender.

     

    (b)          If any Lender requests compensation under SECTION
        2.14., or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to SECTION 2.16., or if any Lender becomes a Defaulting Lender, then such Borrower may, upon
        notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in SECTION 8.4.), all its interests, rights and obligations under this
        Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i)
        such Borrower shall have received the prior written consent of the Administrative Agent which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans,
        accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or such Borrower (in the case of all other amounts) and (iii) in the
        case of any such assignment resulting from a claim for compensation under SECTION 2.14. or payments required to be made pursuant to SECTION 2.16., such assignment will result in a reduction in such compensation or payments. 

    

    
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    SECTION 2.19.          Borrowing Subsidiaries. The Company may designate any Wholly Owned Subsidiary of the Company as a Borrowing Subsidiary upon ten Business Days’ notice to the Administrative Agent on
        behalf of the Lenders (such notice to include the name, primary business address and tax identification number of such proposed Borrowing Subsidiary and any other information reasonably requested by the Administrative Agent pursuant to the Patriot
        Act or under the Beneficial Ownership Regulation). Upon proper notice and the receipt by the Administrative Agent of a Borrowing Subsidiary Agreement executed by such a Wholly Owned Subsidiary and the Company, such Wholly Owned Subsidiary shall be
        a Borrowing Subsidiary and a party to this Agreement. A Subsidiary shall cease to be a Borrowing Subsidiary hereunder at such time as no Loans, fees or any other amounts due in connection therewith pursuant to the terms hereof shall be outstanding
        to such Subsidiary and such Subsidiary and the Company shall have executed and delivered to the Administrative Agent a Borrowing Subsidiary Termination; provided
        that, notwithstanding anything herein to the contrary, no Borrowing Subsidiary shall cease to be a Borrowing Subsidiary solely because it no longer is a Wholly Owned Subsidiary of the Company so long as such Borrowing Subsidiary and the Company
        shall not have executed and delivered to the Administrative Agent a Borrowing Subsidiary Termination and the Company’s guarantee of the Borrowing Subsidiary Obligations of such Borrowing Subsidiary pursuant to SECTION 8.16. has not been released.
        Following the giving of any notice pursuant to this SECTION 2.19., if the designation of a Subsidiary as a Borrowing Subsidiary obligates the Administrative Agent or any Lender to comply with “know your customer” or similar identification
        procedures in circumstances where the necessary information is not already available to it, the Company shall, promptly upon the request of the Administrative Agent or any Lender, supply such documentation and other evidence as is reasonably
        requested by the Administrative Agent or such Lender in order for the Administrative Agent or such Lender to carry out and be satisfied it has complied with the results of all necessary “know your customer” or other similar checks under all
        applicable laws and regulations (including in the case of any Borrowing Subsidiary that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation the delivery of a Beneficial Ownership Certificate with respect to such
        Borrowing Subsidiary).

     

    If the Company shall designate as a Borrowing Subsidiary hereunder any Subsidiary not organized under the laws of the United
        States or any State thereof, any Lender unable to lend to such Borrowing Subsidiary due to applicable law, regulation or such Lender’s internal policies may, with prior written notice to the Administrative Agent and the Company, fulfill its
        Commitment by causing an Affiliate of such Lender organized in the same jurisdiction as such Subsidiary or another foreign jurisdiction agreed to by such Lender and the Company, to act as the Lender in respect of such Borrowing Subsidiary, and such
        Lender shall, to the extent of Loans made to such Borrowing Subsidiary, be deemed for all purposes hereof to have satisfied its Commitment hereunder in respect of such Borrowing Subsidiary. 

    

    
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    As soon as practicable after receiving notice from the Company or the Administrative Agent of the Company’s intent to designate a Subsidiary
      as a Borrowing Subsidiary, and in any event no later than five Business Days after the delivery of such notice, for a Borrowing Subsidiary that is organized under the laws of a jurisdiction other than of the United States or a political subdivision
      thereof, any Lender that may not lend to, establish credit for the account of and/or do any business whatsoever with such Subsidiary directly or through an Affiliate of such Lender as provided in the immediately preceding paragraph (a “Protesting Lender”) shall so notify the Company and the Administrative Agent in writing. With respect to each Protesting Lender, the Company shall, effective on or
      before the date that such Borrowing Subsidiary shall have the right to borrow hereunder, either (A) notify the Administrative Agent and such Protesting Lender that the Commitment of such Protesting Lender shall be terminated and replaced with the
      Commitments of one or more other Lenders or assignees which agree to provide such replacement Commitments (in each case selected by the Company and approved by the Administrative Agent, such approval not to be unreasonably withheld); provided that such Protesting Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued
      fees and all other amounts payable to it hereunder, from the assignee(s) (to the extent of such outstanding principal and accrued interest and fees) or the Company or the relevant Borrowing Subsidiary (in the case of all other amounts), (B) cancel
      its request to designate such Subsidiary as a “Borrowing Subsidiary” hereunder or (C) with the written consent of the Administrative Agent, effect such changes
      to the provisions of this ARTICLE II as it and the Administrative Agent reasonably believes are appropriate in order for such provisions to operate in a customary and usual manner for “multiple-currency” syndicated lending agreements to a corporation
      and certain of its subsidiaries, with the intention of providing procedures for the Lenders who are so able and willing to extend credit to such Borrowing Subsidiary and for the other Lenders not to be required to do so (it being understood that
      prior to effecting any such changes, the Administrative Agent shall give all Lenders at least five Business Days’ notice thereof and an opportunity to comment thereon). As of the Effective Date there are no Borrowing Subsidiaries.

     

    SECTION 2.20.          [Reserved].

     

    SECTION 2.21.          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 Commitment of such Defaulting Lender pursuant to SECTION 2.11. (a); and

     

    (b)          the Commitment and Revolving Credit Exposure of
        such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to SECTION 8.7.); provided that this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent
        of such Lender or each Lender affected thereby.

     

    No non-Defaulting Lender shall have any obligation to fund any portion of a Loan which a Defaulting Lender has failed to fund.

    
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    ARTICLE III

      

      Representations and Warranties

     

    The Company represents and warrants to each of the Lenders and the Administrative Agent that:

     

    SECTION 3.1.            Organization; Powers. Each Borrower (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has all requisite power and
        authority to own its property and assets and to carry on its business as now conducted and as proposed to be conducted and (c) is qualified to do business in every jurisdiction where such qualification is required, except where the failure so to
        qualify would not result in a Material Adverse Effect. Each Borrower has the corporate power and authority to execute and deliver this Agreement (or, in the case of the Borrowing Subsidiaries, the Borrowing Subsidiary Agreements), to perform its
        obligations under this Agreement and to borrow hereunder.

     

    SECTION 3.2.            Authorization. The Transactions (a) are within each Borrower’s corporate powers and have been duly authorized by all requisite corporate action and (b) will not (i) violate (A) any
        provision of any law, statute, rule or regulation (including, without limitation, the Margin Regulations), (B) any provision of the certificate of incorporation or other constitutive documents or by-laws of the Company or any Subsidiary, (C) any
        order of any Governmental Authority or (D) any provision of any indenture, agreement or other instrument to which the Company or any Subsidiary is a party or by which it or any of its property is or may be bound, (ii) be in conflict with, result in
        a breach of or constitute (alone or with notice or lapse of time or both) a default under any such indenture, agreement or other instrument or (iii) result in the creation or imposition of any lien upon any property or assets of the Company or any
        Subsidiary other than, in the case of clauses (i)(A), (i)(C), (i)(D), (ii) and (iii), any such violations, conflicts, breaches, defaults or liens that, individually or in the aggregate, would not have a Material Adverse Effect.

     

    SECTION 3.3.            Enforceability. Each Loan Document constitutes or, when executed and delivered, will constitute a legal, valid and binding obligation of each Borrower party thereto, enforceable in
        accordance with its terms (subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and to general principles of equity (regardless of whether such
        enforceability is considered in a proceeding at law or in equity)).

     

    SECTION 3.4.            Governmental Approvals. No action, consent or approval of, registration or filing with or other action by any Governmental Authority is required in connection with the Transactions.

     

    SECTION 3.5.            Financial Statements; No Material Adverse Effect. (a) The Company has heretofore furnished to the Administrative Agent and the Lenders copies of its audited consolidated financial
        statements for the years ended December 31, 2016 and December 31, 2017, respectively, which were included in its annual report on Form 10-K as filed with the SEC under the Exchange Act on February 13, 2018 (the “10-K”). Such financial statements present fairly, in all material respects, the financial condition and the results of operations of the Company and the Subsidiaries, taken as a whole,
        as of, and for accounting periods ending on, such dates in accordance with GAAP.

     

    (b)          Since December 31, 2017, there has been no
        material adverse effect on the business, results of operations, properties or financial condition of the Company and its consolidated Subsidiaries, taken as a whole; provided
        that no representation or warranty is made with respect to matters disclosed in the most recent 10-K or in any 10-Q or current report on Form 8-K, in each case, filed with the SEC under the Exchange Act subsequent to December 31, 2017 and prior to
        the Effective Date. 

    

    
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    SECTION 3.6.            Litigation; Compliance with Laws. (a) Except as disclosed in the most recent 10-K filed by the Company, as of the date hereof, there are no actions, proceedings or investigations filed
        or (to the knowledge of the Company) threatened against the Company or any Subsidiary in any court or before any Governmental Authority or arbitration board or tribunal which question the validity or legality of this Agreement, the Transactions or
        any action taken or to be taken pursuant to this Agreement and no order or judgment has been issued or entered restraining or enjoining the Company from the execution, delivery or performance of this Agreement nor is there any other action,
        proceeding or investigation filed or (to the knowledge of the Company) threatened against the Company or any Subsidiary in any court or before any Governmental Authority or arbitration board or tribunal which would be reasonably likely to result in
        a Material Adverse Effect.

     

    (b)          Neither the Company nor any Subsidiary is in
        violation of any law, rule or regulation, or in default with respect to any judgment, writ, injunction or decree of any Governmental Authority, where such violation or default would be reasonably likely to result in a Material Adverse Effect.

     

    SECTION 3.7.            Federal Reserve Regulations. No part of the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose which
        entails a violation of, or which is inconsistent with, the provisions of the Margin Regulations.

     

    SECTION 3.8.            Use of Proceeds. All proceeds of the Loans shall be used for the purposes referred to in the recitals to this Agreement.

     

    SECTION 3.9.            Taxes. The Company and the Subsidiaries have filed or caused to be filed all Federal and material state, local and foreign Tax returns which are required to be filed by them, and have
        paid or caused to be paid all Taxes shown to be due and payable on such returns or on any assessments received by any of them, other than any Taxes or assessments the validity of which is being contested in good faith by appropriate proceedings,
        and with respect to which appropriate accounting reserves have, to the extent required by GAAP, been set aside.

     

    SECTION 3.10.          Employee Benefit Plans. Except as would not have a Material Adverse Effect (a) the present aggregate value of accumulated benefit obligations of (i) all Plans and (ii) all foreign
        employee pension benefit plans maintained by the Company and its Subsidiaries based on those assumptions used for disclosure of such obligations in corporate financial statements in accordance with GAAP, did not, as of the most recent statements
        available, exceed the aggregate value of the assets for all such plans, (b) no ERISA Termination Event has occurred and (c) each Plan has been established and administered in accordance with its terms and in compliance with the applicable
        provisions of ERISA, the Code and other applicable laws, rules and regulations. 

    

    
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    SECTION 3.11.          Environmental and Safety Matters. Other than exceptions to any of the following that would not reasonably be expected to have a Material Adverse Effect: (i) the Company and the
        Subsidiaries comply and have complied with all applicable Environmental and Safety Laws; (ii) there are and have been no releases or threatened releases of Hazardous Substances at any property owned, leased or operated by the Company now or in the
        past, or at any other location, that could reasonably be expected to result in liability of the Company or any Subsidiary under any Environmental and Safety Law; (iii) to the knowledge of the Company and the Subsidiaries, there are no past,
        present, or anticipated future events, conditions, circumstances, practices, plans, or legal requirements that could reasonably be expected to prevent the Company or any of the Subsidiaries from, or increase the costs to the Company or any of the
        Subsidiaries of, complying with applicable Environmental and Safety Laws or obtaining or renewing all material permits, approvals, authorizations, licenses or permissions required of any of them pursuant to any such law; and (iv) neither the
        Company nor any of the Subsidiaries has retained or assumed by contract or operation of law, any liability, fixed or contingent, under any Environmental and Safety Law. This SECTION 3.11. sets forth the sole representations of the Company with
        respect to matters arising under Environmental and Safety Laws.

     

    SECTION 3.12.          Properties. (a) Each of the Company and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property that are necessary to the operation of the
        business of the Company and its Subsidiaries taken as a whole, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes or
        where failure to have such good title or valid leasehold interests would not reasonably be expected to have a Material Adverse Effect.

     

    (b)          Each of the Company and its Subsidiaries owns, or
        is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property that are necessary to the operation of the business of the Company and its Subsidiaries taken as a whole, and the use thereof by the Company and its
        Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

     

    SECTION 3.13.          Investment and Holding Company Status. Neither the Company nor any of its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company
        Act of 1940.

     

    SECTION 3.14.          Sanctions, Anti-Corruption, and Anti-Money Laundering Laws. None of the Company or any of its Subsidiaries, nor any director or officer thereof, nor, to the knowledge of the Company, any
        employee, agent or affiliate of the Company or any of its Subsidiaries is, or is owned or controlled by Persons that are: (i) the target of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets
        Control or the U.S. Department of State, the United Nations Security Council, the European Union, any European member state or Her Majesty’s Treasury (collectively, “Sanctions”),

        or (ii) located, organized or resident in a country, region or territory that is, or whose government is, the target of Sanctions (currently, Crimea, Cuba, Iran, North Korea, and Syria). Except as disclosed in the most recent 10-K filed by the
        Company, the Company and its Subsidiaries and their respective directors, officers and employees and, to the knowledge of the Company, agents are in compliance in all material respects with all applicable Sanctions and with the Foreign Corrupt
        Practices Act of 1977, as amended, and all other applicable anti-corruption laws (“Anti-Corruption Laws”). None of the Company or any of its Subsidiaries, nor
        any director or officer thereof, nor, to the knowledge of the Company, any employee or Affiliate of the Company or any of its Subsidiaries: (i) is in violation of any Anti-Money Laundering Laws, (ii) is under any investigation by any Governmental
        Authority with respect to any Anti-Money Laundering Laws, (iii) has been assessed civil penalties under any Anti-Money Laundering Laws or (iv) has had any of its funds seized or forfeited in any action under any Anti-Money Laundering Laws, in each
        case, that could, in the aggregate, reasonably be expected to result in a Material Adverse Effect. The Company has implemented and maintains in effect policies and procedures reasonably designed to ensure compliance by the Company, its Subsidiaries
        and their respective directors, officers, employees and agents with Anti-Corruption Laws, applicable Sanctions and Anti-Money Laundering Laws.

    
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      ARTICLE IV

    

    

      Conditions

     

    SECTION 4.1.            Effective Date. The obligations of the Lenders to make Loans hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in
        accordance with SECTION 8.7.):

     

    (a)          The Administrative Agent (or its counsel) shall
        have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include email or telecopy transmission of a signed signature
        page of this Agreement) that such party has signed a counterpart of this Agreement.

     

    (b)          The Administrative Agent shall have received a
        favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of outside counsel to the Company.

     

    (c)          The Administrative Agent shall have received such
        customary documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Company, the authorization of the Transactions and any other legal matters
        relating to the Company, this Agreement or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.

     

    (d)          The Administrative Agent shall have received a
        certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Company, confirming compliance with the conditions set forth in paragraphs (a) and (b) of SECTION 4.2.

     

    (e)          The Administrative Agent shall have received all
        fees and other amounts earned, due and payable on or prior to the Effective Date, including, to the extent invoiced not less than three Business Days before the Effective Date, reimbursement or payment of all reasonable out-of-pocket expenses
        required to be reimbursed or paid by the Company hereunder.

     

    The Administrative Agent shall notify the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

     

    SECTION 4.2.            Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing (other than a Borrowing made solely to refinance outstanding Borrowings that does not
        increase the aggregate principal amount of the Loans of any Lender outstanding) is subject to the satisfaction of the following conditions:

     

    (a)          The representations and warranties of the Company
        set forth in this Agreement (other than those set forth in Sections 3.5(b), 3.6(a), 3.10 and 3.11 on any date other than the Effective Date) shall be true and correct in all material respects (provided that such representations and warranties qualified as to materiality shall be true and correct) on and as of the date of such Borrowing with the same effect as though made on and as of such date,
        except to the extent such representations and warranties expressly relate to an earlier date, in which case those representations and warranties will be true and correct as of such earlier date. 

    

    
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    (b)          At the time of and immediately after giving
        effect to such Borrowing, no Default shall have occurred and be continuing.

     

    Each Borrowing shall be deemed to constitute a representation and warranty by the Company on the date thereof as to the matters specified in paragraphs (a) and
      (b) of this Section.

     

    SECTION 4.3.          Initial Borrowing by Each Borrowing Subsidiary. The obligation of each Lender to make a Loan on the occasion of the first Borrowing by each Borrowing
        Subsidiary is subject to the satisfaction of the condition that the Administrative Agent (or its counsel) shall have received (a) a Borrowing Subsidiary Agreement properly executed by such Borrowing Subsidiary and the Company, (b) a favorable
        written opinion (addressed to the Administrative Agent and the Lenders) of counsel to such Borrowing Subsidiary in form and substance reasonably acceptable to the Administrative Agent and (c) to the extent such Borrowing Subsidiary qualifies as a
        “legal entity customer” under the Beneficial Ownership Regulation, such Borrowing Subsidiary shall have delivered, to each Lender that so requests, a Beneficial Ownership Certification in relation to such Borrowing Subsidiary.

    

    

    ARTICLE V

      

      Covenants

     

    Affirmative Covenants. The Company covenants and
      agrees with each Lender and the Administrative Agent that so long as this Agreement shall remain in effect or the principal of or interest on any Loan, any fees or any other amounts payable hereunder shall be unpaid, unless the Required Lenders shall
      otherwise consent in writing, it will, and will cause each of the Subsidiaries to:

     

    SECTION 5.1.            Existence. Do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and its rights and franchises that are material to the
        business of the Company and its Subsidiaries as a whole, except as expressly permitted under SECTION 5.10. and except, in the case of any Subsidiary, where the failure to do so would not result in a Material Adverse Effect.

     

    SECTION 5.2.            Business and Properties. Comply in all respects with all applicable laws, rules, regulations and orders of any Governmental Authority (including Environmental and Safety Laws and ERISA),
        whether now in effect or hereafter enacted except instances that could not, in the aggregate, reasonably be expected to result in a Material Adverse Effect; and at all times maintain and preserve all property material to the conduct of the business
        of the Company and its Subsidiaries as a whole and keep such property in good repair, working order and condition (ordinary wear and tear and damage by casualty or condemnation excepted) and from time to time make, or cause to be made, all needful
        and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that the business carried on in connection therewith may be properly conducted at all times, except where the failure to do so would not result in a
        Material Adverse Effect.

     

    SECTION 5.3.            Financial Statements, Reports, Etc. Furnish to the Administrative Agent and each Lender:

     

    (a)          within 95 days after the end of each fiscal year,
        its annual report on Form 10-K as filed with the SEC, including its consolidated balance sheet and the related consolidated earnings statement showing its consolidated financial condition as of the close of such fiscal year and the consolidated
        results of its operations during such year, all audited by Deloitte & Touche LLP or other independent certified public accountants of recognized national standing selected by the Company; 

    

    
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    (b)          within 50 days after the end of each of the first
        three fiscal quarters of each fiscal year, its quarterly report on Form 10-Q as filed with the SEC, including its unaudited consolidated balance sheet and related consolidated earnings statement, showing its consolidated financial condition as of
        the close of such fiscal quarter and the consolidated results of its operations during such fiscal quarter and the then elapsed portion of the fiscal year (and each delivery of such statements shall be deemed a representation that such statements
        fairly present the Company’s financial condition and results of operations on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes); and

     

    (c)          promptly, from time to time, such other
        information as any Lender shall reasonably request through the Administrative Agent.

     

    Information required to be delivered pursuant to clauses (a) – (b) of this SECTION 5.3. shall be deemed to have been effectively delivered
      (including for purposes of SECTION 8.1. (b) ) on the date on which such information has been posted on the SEC website on the Internet at www.sec.gov/edaux/searches.htm (or any successor website), on the Company’s DebtDomain site or at another
      relevant website accessible by the Lenders without charge. Information required to be delivered pursuant to clause (c) of this SECTION 5.3. shall be deemed to have been effectively delivered (including for the purposes of SECTION 8.1. (b) ) on the
      date on which the Company provides notice to the Administrative Agent (which notice the Administrative Agent shall promptly provide to the requesting Lenders) that such information has been provided in accordance with the preceding sentence or on the
      date on which the Company actually delivers such information to the Administrative Agent (and the Administrative Agent will promptly deliver such information to the requesting Lenders).

     

    SECTION 5.4.            Insurance. Keep its insurable properties adequately insured at all times by financially sound and reputable insurers (which may include captive insurers), and maintain such other
        insurance or self-insurance, to such extent and against such risks, including fire and other risks insured against by extended coverage, as is customary with companies similarly situated and in the same or similar businesses.

     

    SECTION 5.5.            Obligations and Taxes. Pay and discharge promptly when due all material taxes, assessments and governmental charges imposed upon it or upon its income or profits or in respect of its
        property, in each case before the same shall become delinquent or in default and before penalties accrue thereon, unless and to the extent that the same are being contested in good faith by appropriate proceedings and adequate reserves with respect
        thereto shall, to the extent required by GAAP, have been set aside, or the failure to so pay and discharge would not be reasonably likely to result in a Material Adverse Effect.

     

    SECTION 5.6.            Litigation and Other Notices. Give the Administrative Agent written notice of the following within five Business Days after any executive officer of the Company obtains knowledge
        thereof:

     

    (a)          the filing or commencement of any action, suit or
        proceeding which the Company reasonably expects to result in a Material Adverse Effect; and

     

    (b)          any Event of Default, specifying the nature and
        extent thereof and the action (if any) which is proposed to be taken with respect thereto.

     

    SECTION 5.7.            Books and Records. Keep proper books of record and account in which full, true and correct entries are made of all material dealings and transactions in relation to its business and
        activities.

    
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    SECTION 5.8.            Ratings. Maintain at all times a senior unsecured non-credit-enhanced long term debt rating from either S&P or Moody’s.

     

    SECTION 5.9.            Compliance with Laws. Maintain in effect policies and procedures reasonably designed to ensure compliance by the Company, its Subsidiaries and their respective directors, officers,
        employees and agents with Anti-Corruption Laws and applicable Sanctions.

     

    Negative Covenants. The Company covenants and
      agrees with each Lender and the Administrative Agent that so long as this Agreement shall remain in effect or the principal of or interest on any Loan, any fees or any other amounts payable hereunder shall be unpaid, unless the Required Lenders shall
      otherwise consent in writing, it will not, and will not permit any of the Subsidiaries to:

     

    SECTION 5.10.          Consolidations, Mergers, and Sales of Assets. In the case of the Company (a) consolidate or merge with or into any other Person or liquidate, wind up or dissolve (or suffer any
        liquidation or dissolution) or (b) sell, or otherwise transfer (in one transaction or a series of transactions), or permit any Subsidiary to sell, or otherwise transfer (in one transaction or a series of transactions), all or substantially all of
        the assets of the Company and the Subsidiaries, taken as a whole, to any other Person; provided that the Company may merge or consolidate with another Person
        if (A) the Company is the corporation surviving such merger and (B) immediately after giving effect to such merger or consolidation, no Default or Event of Default shall have occurred and be continuing.

     

    SECTION 5.11.          Liens. Create, assume or suffer to exist any Lien upon any Restricted Property to secure any Debt of the Company, any Subsidiary or any other Person, without making effective provision
        whereby the Loans that may then or thereafter be outstanding shall be secured by such Lien equally and ratably with (or prior to) such Debt for so long as such Debt shall be so secured, except that the foregoing shall not prevent the Company or any
        Subsidiary from creating, assuming or suffering to exist any of the following Liens:

     

    (a)          Liens existing on the date hereof;

     

    (b)          any Lien existing on property owned or leased by
        any Person at the time it becomes a Subsidiary or is merged into the Company;

     

    (c)          any Lien existing on property at the time of the
        acquisition thereof by the Company or any Subsidiary;

     

    (d)          any Lien to secure any Debt incurred prior to, at
        the time of, or within 12 months after the acquisition of any Restricted Property for the purpose of financing all or any part of the purchase price thereof and any Lien to the extent that it secures Debt which is in excess of such purchase price
        and for the payment of which recourse may be had only against such Restricted Property or the proceeds thereof;

     

    (e)          any Lien to secure any Debt incurred prior to, at
        the time of, or within 12 months after the completion of the construction, alteration, repair or improvement of any Restricted Property for the purpose of financing all or any part of the cost thereof and any Lien to the extent that it secures Debt
        which is in excess of such cost and for the payment of which recourse may be had only against such Restricted Property or the proceeds thereof;

     

    (f)          any Liens securing Debt of a Subsidiary owing to
        the Company or to another Subsidiary;

    
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    (g)          any Liens securing industrial development,
        pollution control or similar revenue bonds;

     

    (h)          any Liens incurred in the ordinary course of
        business in connection with workers’ compensation, unemployment insurance and other types of social security benefits or to secure the performance of tenders, bids, leases, contracts, statutory obligations or similar obligations;

     

    (i)          any Liens arising from licenses, sublicenses,
        leases and subleases granted to others by the Company or any Subsidiary;

     

    (j)          any Liens arising by operation of law in
        connection with judgments, attachments or awards which are not an Event of Default under ARTICLE VI;

     

    (k)          any Liens imposed by law for taxes, assessments,
        levies or charges of any Governmental Authority for claims not yet due or which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained in
        accordance with GAAP;

     

    (l)          any Liens of landlords, carriers, warehousemen,
        consignors, mechanics, materialmen and other Liens imposed by law or that arise from operation of law and securing obligations that are not overdue by more than 30 days or are being contested in good faith by appropriate proceedings and with
        respect to which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP;

     

    (m)          easements (including, without limitation,
        reciprocal easement agreements and utility agreements), rights-of-way, covenants, reservations, encroachments, land use restrictions or encumbrances, which do not interfere materially with the ordinary conduct of the business of the Company or any
        Subsidiary, as the case may be, or their ordinary utilization of the Restricted Property;

     

    (n)          zoning, building codes and other land use law or
        regulations regulating the use or occupancy of the Company’s or any Subsidiary’s property or the activities conducted thereon which are imposed by any Governmental Authority having jurisdiction over such property which are not violated by the
        current use or occupancy of such property in the operation of the business conducted thereon;

     

    (o)          security provided to secure liabilities to
        insurance carriers or self-insurance arrangements in the ordinary course of business;

     

    (p)          any extension, renewal or replacement (or
        successive extensions, renewals or replacements) in whole or in part of any Lien referred to in clauses (a) through (o) above, so long as the principal amount of the Debt secured thereby does not exceed the principal amount of Debt so secured at
        the time of such extension, renewal or replacement (except that, where an additional principal amount of Debt is incurred to provide funds for the completion of a specific project, the additional principal amount, and any related financing costs,
        may be secured by the Lien as well) and such Lien is limited to the same property subject to the Lien so extended, renewed or replaced (and improvements on such property); and

     

    (q)          any Lien not permitted by clauses (a) through (p)
        above securing Debt which, together with the aggregate outstanding principal amount of all other Debt of the Company and its Subsidiaries owning Restricted Property which would otherwise be subject to the foregoing restrictions and the aggregate
        Value of existing Sale and Leaseback Transactions which would be subject to the restrictions of SECTION 5.12. but for this clause (q), does not at any time exceed 15% of Consolidated Net Tangible Assets. 

    

    
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    SECTION 5.12.          Limitation on Sale and Leaseback Transactions. Enter into any Sale and Leaseback Transaction, or permit any Subsidiary owning Restricted Property to do so, unless either:

     

    (a)          the Company or such Subsidiary would be entitled
        to incur Debt, in a principal amount at least equal to the Value of such Sale and Leaseback Transaction, which is secured by Liens on the property to be leased (without equally and ratably securing the Loans) without violating SECTION 5.11., or

     

    (b)          the Company, during the six months immediately
        following the effective date of such Sale and Leaseback Transaction, causes to be applied to (A) the acquisition of Restricted Property or (B) the voluntary retirement of Funded Debt (whether by redemption, defeasance, repurchase, or otherwise) an
        amount equal to the Value of such Sale and Leaseback Transaction.

     

    SECTION 5.13.          Sanctions. Directly or, to the Company’s knowledge, indirectly, use the proceeds of the Loans, and shall procure that none of it or their directors, officers, employees or agents
        directly or, to the Company’s knowledge, indirectly, use the proceeds of the Loans (i) to fund, finance or facilitate any activities or business of or with any Person that is, or is owned or controlled by Persons that are, or in any country, region
        or territory, that, at the time of such funding, financing or facilitating is, or whose government is, the target of Sanctions, or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person
        participating in the Loans, whether as lender, underwriter, advisor, investor, or otherwise).

     

    SECTION 5.14.          Anti-Corruption Laws. Use any part of the proceeds of the Loans, directly or indirectly, and shall procure that none of it or their directors, officers, employees or agents directly or,
        to the Company’s knowledge, indirectly, use the proceeds of the Loans 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.

     

    SECTION 5.15.          Guaranties.

     

    (a)          The payment and performance of the Obligations of
        the Company shall at all times be guaranteed by each direct and indirect existing or future Domestic Subsidiary that guarantees the Company’s obligations under the Bridge Facility, the Company’s obligations under the Existing Five Year Credit
        Agreements, the Company’s obligations under the Term Loan Credit Agreement, the Company’s obligations under the Specified Revolving Credit Agreement or the Company’s obligations under any other Material Debt (excluding any such guarantee existing
        prior to January 2, 2019) pursuant to one or more guaranty agreements in form and substance reasonably acceptable to the Administrative Agent and which shall be substantially consistent with the guaranty set forth in SECTION 8.16., as the same may
        be amended, modified or supplemented from time to time (individually a “Guaranty” and collectively the “Guaranties”; and each such Subsidiary executing and delivering a Guaranty, a “Guarantor” and collectively the “Guarantors”).

     

    (b)          In the event any Domestic Subsidiary is required
        pursuant to the terms of SECTION 5.15. (a) above to become a Guarantor hereunder, the Company shall cause such Domestic Subsidiary to execute and deliver to the Administrative Agent a Guaranty and the Company shall also deliver to the
        Administrative Agent, or cause such Domestic Subsidiary to deliver to the Administrative Agent, at the Company’s cost and expense, such other documents, certificates and opinions of the type delivered on the Effective Date pursuant to SECTIONS 4.1.
        (b) and (c) to the extent reasonably required by the Administrative Agent in connection therewith. 

    

    
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    (c)          A Guarantor, upon delivery of written notice to
        the Administrative Agent by a Financial Officer or other authorized officer of the Company certifying that, after giving effect to any substantially concurrent transactions, including any repayment of Debt, release of a guaranty or any sale or
        other disposition, either:  (i) such Guarantor does not guarantee the obligations of the Company (1) under the Bridge Facility (as amended from time to time), (2) under the Specified Revolving Credit Agreement, (3) under the Existing Five Year
        Credit Agreements, (4) under the Term Loan Credit Agreement or (5) under any other Material Debt of the Company or (ii) such Guarantor is no longer a Domestic Subsidiary of the Company as a result of a transaction not prohibited hereunder, shall be
        automatically released from its obligations (including its Guaranty) hereunder without further required action by any Person. The Administrative Agent, at the Company’s expense, shall execute and deliver to the Company or the applicable Guarantor
        any documents or instruments as the Company or such Guarantor may reasonably request to evidence the release of such Guaranty.

     

    ARTICLE VI

      

      Events of Default

     

    In case of the happening of any of the following events (each an “Event of Default”):

     

    (a)          any representation or warranty made or deemed
        made in or in connection with the execution and delivery of this Agreement or the Borrowings hereunder or under any Borrowing Subsidiary Agreement shall prove to have been false or misleading in any material respect when so made, deemed made or
        furnished;

     

    (b)          default shall be made in the payment of any
        principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise;

     

    (c)          default shall be made in the payment of any
        interest on any Loan or any fee or any other amount (other than an amount referred to in paragraph (b) above) due hereunder, when and as the same shall become due and payable, and such default shall continue unremedied for a period of three
        Business Days;

     

    (d)          default shall be made in the due observance or
        performance of any covenant, condition or agreement contained in (i) SECTION 5.1. (solely with respect to the corporate existence of the Company (which shall, for the avoidance of doubt, not include the failure to remain in good standing under the
        laws of the jurisdiction of its organization)), (ii) SECTION 5.6. and such default shall continue unremedied for a period of five Business Days after actual knowledge thereof by a Financial Officer, or (iii) SECTION 5.10., SECTION 5.11., SECTION
        5.12., SECTION 5.13.,  SECTION 5.14. or SECTION 5.15.;

     

    (e)          default shall be made in the due observance or
        performance of any covenant, condition or agreement contained herein (other than those specified in (b), (c) or (d) above) and such default shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent or any
        Lender to the Company;

     

    (f)          the Company or any Subsidiary shall (i) fail to
        pay any principal or interest, regardless of amount, due in respect of one or more items of Debt in an aggregate principal amount greater than or equal to $200,000,000, when and as the same shall become due and payable (giving effect to any
        applicable grace period), or (ii) fail to observe or perform any other term, covenant, condition or agreement contained in any agreement or instrument evidencing or governing any such Debt if the effect of any failure referred to in this clause
        (ii) is to cause such Debt to become due prior to its stated maturity; 

    

    
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    (g)          an involuntary proceeding shall be commenced or
        an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of the Company or any Borrowing Subsidiary, or of a substantial part of the property or assets of the Company or any Borrowing Subsidiary,
        under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal or state bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator
        or similar official for the Company or any Borrowing Subsidiary or for a substantial part of the property or assets of the Company or any Borrowing Subsidiary or (iii) the winding up or liquidation of the Company or any Borrowing Subsidiary; and
        such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

     

    (h)          the Company or any Borrowing Subsidiary shall (i)
        voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal or state bankruptcy, insolvency, receivership or similar law, (ii)
        consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in (g) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
        sequestrator, conservator or similar official for the Company or any Borrowing Subsidiary or for a substantial part of the property or assets of the Company or any Borrowing Subsidiary, (iv) file an answer admitting the material allegations of a
        petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, (vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due or (vii) take any action for the
        purpose of effecting any of the foregoing; or

     

    (i)          one or more judgments for the payment of money in
        an aggregate amount equal to or greater than $200,000,000 (exclusive of any amount thereof covered by insurance) shall be rendered against the Company, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of
        60 consecutive days during which execution shall not be effectively stayed (for this purpose, a judgment shall be effectively stayed during a period when it is not yet due and payable), or any action shall be legally taken by a judgment creditor to
        levy upon assets or properties of the Company or any Subsidiary to enforce any such judgment;

     

    (j)          (i) a Plan of the Company or any Borrowing
        Subsidiary shall fail to maintain the minimum funding standard required by Section 412 of the Code for any plan year or a waiver of such standard is sought or granted under Section 412(c) of the Code, or (ii) an ERISA Termination Event shall have
        occurred or (iii) the Company or any Borrowing Subsidiary or an ERISA Affiliate has incurred or is reasonably likely to incur a liability to or on account of a Plan under Section 4062, 4063, 4064, 4201 or 4204 of ERISA, or (iv) the Company or any
        Borrowing Subsidiary or any ERISA Affiliate shall engage in any prohibited transaction described in Sections 406 of ERISA or 4975 of the Code for which a statutory or class exemption is not available or a private exemption has not been previously
        obtained from the United States Department of Labor, or (v) the Company or any Borrowing Subsidiary or any ERISA Affiliate shall fail to pay any required installment or any other payment required to be paid by such entity under Section 412 or 430
        of the Code on or before the due date for such installment or other payment, or (vi) the Company or any Borrowing Subsidiary or any ERISA Affiliate shall fail to make any contribution or payment to any Multiemployer Plan which the Company or any
        Borrowing Subsidiary or any ERISA Affiliate is required to make under any agreement relating to such Multiemployer Plan or any law pertaining thereto, and there shall result from any such event or events set forth in clauses (i) through (vi) of
        this paragraph either a liability or a material risk of incurring a liability to the PBGC, a Plan or a Multiemployer Plan which liability will have a Material Adverse Effect; 

    

    
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    (k)          a Change in Control shall occur;

     

    (l)          at any time while a Borrowing Subsidiary
        Agreement is in effect, the guarantee in SECTION 8.16. shall cease to be, or shall be asserted by the Company not to be, a valid and binding obligation on the part of the Company; or

     

    (m)        any Guaranty, at any time after its execution and
        delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations (other than contingent obligations that survive the termination of this Agreement), ceases to be in full force and
        effect; or the Company or any Guarantor contests in writing the validity or enforceability of any Guaranty;

     

    then, and in every such event (other than an event with respect to
      the Company described in paragraph (g) or (h) above), and at any time thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Lenders, shall, by notice to the Company or any Borrowing Subsidiary
      (which notice to a Borrowing Subsidiary may be given to the Company), take either or both of the following actions, at the same or different times: (i) terminate forthwith the Commitments and (ii) declare the Loans then outstanding to be forthwith
      due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and any unpaid accrued fees and all other liabilities of the Company or any Borrowing Subsidiary
      accrued hereunder, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived anything contained herein to the contrary notwithstanding; and, in any event
      with respect to the Company described in paragraph (g) or (h) above, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid accrued fees and all other
      liabilities of the Company and the Borrowing Subsidiaries accrued hereunder shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived anything contained
      herein to the contrary notwithstanding.

     

    ARTICLE VII

      

      The Administrative Agent

     

    In order to expedite the transactions contemplated by this Agreement, MSSF is hereby appointed to act as Administrative Agent
        on behalf of the Lenders. Each of the Lenders hereby irrevocably authorizes the Administrative Agent to take such actions on behalf of such Lender or holder and to exercise such powers as are specifically delegated to the Administrative Agent by
        the terms and provisions hereof, together with such actions and powers as are reasonably incidental thereto. The Administrative Agent is hereby expressly authorized by the Lenders, without hereby limiting any implied authority, (a) to receive on
        behalf of the Lenders all payments of principal of and interest on the Loans and all other amounts due to the Lenders hereunder, and promptly to distribute to each Lender its proper share of each payment so received; (b) to give notice on behalf of
        each of the Lenders to the Company or any Borrowing Subsidiary of any Event of Default of which the Administrative Agent has actual knowledge acquired in connection with its agency hereunder; and (c) to distribute to each Lender copies of all
        notices, financial statements and other materials delivered by the Company or any Borrowing Subsidiary pursuant to this Agreement as received by the Administrative Agent. 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, duties, obligations or
        liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. 

    

    
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    Notwithstanding the foregoing, none of the Syndication Agent, Documentation Agents, Joint Lead Arrangers or Bookrunners listed on the cover
      page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity as a Lender.

     

    Neither the Administrative Agent nor any of its respective affiliates nor any of its respective affiliates’ directors, officers, employees,
      agents, advisors or attorneys-in-fact shall be liable for any action taken or omitted to be taken by any of them except for its or his or her own gross negligence or willful misconduct (as determined by a final and non-appealable decision of a court
      of competent jurisdiction), or be responsible for any statement, warranty or representation herein or in any document delivered in connection herewith or the contents of any document delivered in connection herewith, or be required to ascertain or to
      make any inquiry concerning the performance or observance by the Company or any Borrowing Subsidiary of any of the terms, conditions, covenants or agreements contained in this Agreement. The Administrative Agent shall not be responsible to the
      Lenders for the due execution, genuineness, validity, enforceability or effectiveness of this Agreement or other instruments or agreements or for the failure of the Company or any Borrowing Subsidiary to perform its obligations under this Agreement.
      The Administrative Agent may deem and treat the Lender which makes any Loan as the holder of the indebtedness resulting therefrom for all purposes hereof until it shall have received notice from such Lender, given as provided herein, of the transfer
      thereof. The Administrative Agent shall in all cases be fully protected in acting, or refraining from acting, in accordance with written instructions signed by the Required Lenders and, except as otherwise specifically provided herein, such
      instructions and any action or inaction pursuant thereto shall be binding on all the Lenders. 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 them by reason of taking or continuing to take any such action. The Administrative Agent shall, in the absence of knowledge to the contrary, be entitled to rely on any instrument or document believed by it in good
      faith to be genuine and correct and to have been signed or sent by the proper Person or Persons. Neither the Administrative Agent nor any of their respective directors, officers, employees or agents shall have any responsibility to the Company or any
      Borrowing Subsidiary on account of the failure of or delay in performance or breach by any Lender of any of its obligations hereunder or to any Lender on account of the failure of or delay in performance or breach by any other Lender or the Company
      of any of its respective obligations hereunder or in connection herewith. The Administrative Agent may execute any and all duties hereunder by or through its Affiliates, agents, attorneys-in-fact or employees and shall be entitled to rely upon the
      advice of legal counsel selected by them (including counsel to the Company), independent accountants and other experts selected by them with respect to all matters arising hereunder and shall not be liable for any action taken or suffered in good
      faith by them in accordance with the advice of such counsel.

     

    The Lenders hereby acknowledge that the Administrative Agent shall be under no duty to take any discretionary action permitted to be taken
      by it pursuant to the provisions of this Agreement unless it shall be requested in writing to do so by the Required Lenders.

     

    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 Company 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 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. 

    

    
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    Subject, in the case of a resignation of the Administrative Agent, to the appointment and acceptance of a successor Administrative Agent as
      provided below, the Administrative Agent may resign at any time by notifying the Lenders and the Company. Upon any such resignation of the Administrative Agent, the Required Lenders shall have the right to appoint a successor Administrative Agent
      acceptable to the Company. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as
      shall be agreed by the Required Lenders and the Company (the “Resignation Effective Date”)), then the retiring Administrative Agent may, on behalf of the
      Lenders, appoint a successor Administrative Agent (including, for the avoidance of doubt, a successor Administrative Agent) which shall be a bank with an office in New York, New York, having a combined capital and surplus of at least $500,000,000 or
      an Affiliate of any such bank. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor bank, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring
      Administrative Agent and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the
      Resignation Effective Date. After the Administrative Agent’s resignation hereunder, the provisions of this Article and SECTION 8.5. shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was
      acting as Administrative Agent.

     

    With respect to the Loans made by them hereunder, the Administrative Agent shall have the same rights and powers as any other Lender and may
      exercise the same as though it were not the Administrative Agent, and the Administrative Agent and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Company or any Subsidiary or other
      Affiliate thereof as if it were not the Administrative Agent.

     

    Each Lender agrees (i) to reimburse the Administrative Agent, on demand, in the amount of its Applicable Percentage of any
        expenses incurred for the benefit of the Lenders by the Administrative Agent, including counsel fees and compensation of agents and employees paid for services rendered on behalf of the Lenders, which shall not have been reimbursed by the Company
        and (ii) to indemnify and hold harmless the Administrative Agent and any of its respective directors, officers, employees or agents, on demand, in the amount of such pro rata share, from and against any and all liabilities, taxes, obligations,
        losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in its capacity as such in any way relating
        to or arising out of this Agreement or any action taken or omitted by it under this Agreement to the extent the same shall not have been reimbursed by the Company; provided
        that no Lender shall be liable to the Administrative Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the gross negligence or willful
        misconduct of the Administrative Agent or any of its directors, officers, employees or agents as determined by a final and non-appealable decision of a court of competent jurisdiction. 

    

    
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    Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their
      respective affiliates or their or their respective affiliates’ directors, officers, employees, advisors or attorneys-in-fact and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter
      into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their respective affiliates or their or their respective affiliates’ directors, officers,
      employees, advisors or attorneys-in-fact and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement or any related
      agreement or any document furnished hereunder or thereunder. 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 the Company or any Borrowing Subsidiary or any affiliate of
      the Company or any Borrowing Subsidiary that may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, advisors, attorneys in fact or affiliates.

     

    Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such
      Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers, that at least
      one of the following is and will be true:

     

    (i)          such Lender is
        not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans or the Commitments; 

    

    

    (ii)         the
        transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving
        insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or
        PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable and the conditions are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the
        Loans, the Commitments and this Agreement; 

    

    

    (iii)        (A) such
        Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
        participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of
        sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84- 14 are satisfied with respect to such Lender’s entrance into, participation in, administration
        of and performance of the Loans, the Commitments and this Agreement; or 

    

    

    (iv)        such other representation,
        warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. 

    

    

    

    

    

    

    In addition, unless sub-clause (i) in the immediately preceding paragraph is true with respect to a Lender or such Lender has
        not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding paragraph, such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)
        covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the
        benefit of the Borrowers, that neither the Administrative Agent nor any of its Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent
        under this Agreement, any Loan Document or any documents related to hereto or thereto). 

    

    
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    The Administrative Agent hereby informs the Lenders that such Person is not undertaking to provide impartial investment advice, or to give
      advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or
      other payments with respect to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans or the Commitments for an amount less than the amount being paid for an interest in the Loans or the Commitments by such
      Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting
      fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums,
      banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

     

    The Lenders irrevocably authorize and direct the release of any Guarantor from its obligations under its Guaranty automatically as set forth
      in SECTION 5.15. (c) and authorize and direct the Administrative Agent to, at the Company’s expense, execute and deliver to the applicable Guarantor such documents or instruments as the Company or such Guarantor may reasonably request to evidence the
      release of such Guaranty.

     

    ARTICLE VIII

      

      Miscellaneous

     

    SECTION 8.1.            Notices.

     

    (a)          Subject to the last paragraph of SECTION 5.3.,
        notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed or sent by telecopy or electronic transmission, as applicable, as follows:

     

    (i)          if to the
        Company, to Bristol-Myers Squibb Company, Route 206 & Province Line Road, Princeton, New Jersey 08543, Attention of the Treasurer (email: jeffrey.galik@bms.com or

        any successor email address) and Bristol-Myers Squibb Company, 345 Park Avenue, New York, New York 10154, Attention of the Corporate Secretary (email: Katherine.kelly@bms.com or any successor email address); 

    

    

    (ii)         if to the
        Administrative Agent, to Morgan Stanley Senior Funding, Inc., 1300 Thames Street, Thames Street Wharf, 4th Floor, Baltimore, MD 21231, Attention: Morgan Stanley Loan Operations (email: AGENCY.BORROWERS@morganstanley.com or any successor email address and telephone no. (917) 260-0588); if to a Lender, to it at its address (or telecopy number or electronic mail address)
        set forth in Schedule 2.1 or in the Assignment and Assumption pursuant to which such Lender became a party hereto; and 

    

    

    (iii)        if to any
        Borrowing Subsidiary, to it at the addresses (or email addresses) set forth above for the Company. Each Borrowing Subsidiary hereby irrevocably appoints the Company as its agent for the purpose of giving on its behalf any notice and taking any
        other action provided for in this Agreement and hereby agrees that it shall be bound by any such notice or action given or taken by the Company hereunder irrespective of whether or not any such notice shall have in fact been authorized by such
        Borrowing Subsidiary and irrespective of whether or not the agency provided for herein shall have theretofore been terminated. 

    
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    All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the
      date of receipt if delivered by hand or overnight courier service or sent by telecopy or electronic transmission, as applicable, to such party as provided in this Section or in accordance with the latest unrevoked direction from such party given in
      accordance with this Section.

     

    (b)          So long as Morgan Stanley Senior Funding, Inc. or
        any of its Affiliates is the Administrative Agent, materials required to be delivered pursuant to SECTION 5.3. may be delivered to the Administrative Agent in an electronic medium in a format reasonably acceptable to the Administrative Agent by
        e-mail at Borrower.Documents@morganstanley.com; provided, however,
        that if the Company also delivers such materials in paper format to the Administrative Agent, such paper materials shall be deemed the materials delivered pursuant to SECTION 5.3. for all purposes. The Company agrees that, except as directed
        otherwise by the Company, the Administrative Agent may make such materials (collectively, the “Communications”) available to the Lenders by posting such
        notices on DebtDomain or a substantially similar electronic system (the “Platform”), subject to the implementation of confidentiality agreements and
        procedures reasonably acceptable to the Company. The Company acknowledges that (i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such
        distribution, (ii) the Platform is provided “as is” and “as available” and (iii) neither the Administrative Agent nor any of its Affiliates warrants the accuracy, adequacy or completeness of the Communications or the Platform and each expressly
        disclaims liability for errors or omissions in the Communications or the Platform. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose,
        non-infringement of third party rights or freedom from viruses or other code defects, is made by the Company, the Administrative Agent or any of their Affiliates in connection with the Platform. Nothing in this SECTION 8.1. (b) shall limit the
        obligations of the Administrative Agent and the Lenders under SECTION 8.18.

     

    (c)          Each Lender agrees that once any Communications
        or any other written information, documents, instruments and other material relating to the Company, any of its Subsidiaries or any other materials or matters relating to this Agreement or any of the transactions contemplated hereby (collectively,
        with Communications, the “Materials”) have been posted to the Platform such posting shall constitute effective delivery of such information, documents or
        other materials to such Lender for purposes of this Agreement. Each Lender agrees (i) to notify the Administrative Agent in writing of such Lender’s e-mail address to which the Materials may be sent by electronic transmission (including by
        electronic communication) on or before the date such Lender becomes a party to this Agreement (and from time to time thereafter to ensure that the Administrative Agent has on record an effective e-mail address for such Lender), (ii) that any
        Materials may be sent to such e-mail address and (iii) the Company shall be responsible only for the Communications and shall not have any liability (unless otherwise agreed in writing by the Company) for any other Materials made available to the
        Lenders and shall not have any liability for any errors or omissions in the Communications other than errors or omissions in the materials delivered to the Administrative Agent by the Company.

     

    SECTION 8.2.            Survival of Agreement. All covenants, agreements, representations and warranties made by the Company herein and in the certificates or other instruments prepared or delivered in
        connection with or pursuant to this Agreement shall be considered to have been relied upon by the Lenders and shall survive the making by the Lenders of the Loans regardless of any investigation made by the Lenders or on their behalf, and shall
        continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or the Commitments have not been terminated. 

    

    
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    SECTION 8.3.            Binding Effect. This Agreement shall become effective when it shall have been executed by the Company and the Administrative Agent and when the Administrative Agent shall have received
        copies hereof (telecopied or otherwise) which, when taken together, bear the signature of each Lender, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that
        neither the Company nor any Borrowing Subsidiary shall have the right to assign any rights hereunder or any interest herein without the prior consent of all the Lenders.

     

    SECTION 8.4.            Successors and Assigns. (a) Whenever in this Agreement any of the parties is referred to, such reference shall be deemed to include the successors and assigns of such party; and all
        covenants, promises and agreements by or on behalf of any party that are contained in this Agreement shall bind and inure to the benefit of its successors and assigns.

     

    (b)          Each Lender may assign to one or more assignees
        (other than a natural person or a Defaulting Lender) all or a portion of its interests, rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided, however, that, except in the case of an assignment to another Lender or an Affiliate
        of a Lender, (i) each of the Company (so long as no Event of Default shall have occurred and be continuing with respect to the Company under clause (g) or (h) of ARTICLE VI of this Agreement) and the Administrative Agent must give its prior written
        consent to such assignment (which consent shall not be unreasonably withheld or delayed); provided that the Company shall be deemed to have consented to any
        assignment unless it has objected thereto by delivering written notice to the Administrative Agent within 15 Business Days of receipt of a request for consent thereto and (ii) the amount of the Commitment 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 $10,000,000 unless (x) it shall be the entire amount of such Lender’s
        Commitment or (y) the Company and the Administrative Agent shall otherwise agree. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, and a processing and recordation fee of $3,500.
        Upon assumption and recording pursuant to paragraph (e) of this Section, from and after the effective date specified in each Assignment and Assumption, which effective date shall be at least five Business Days (or such shorter period agreed by the
        Company and the Administrative Agent) after the execution thereof, (X) 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 (Y) 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 or the remaining portion of an 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 SECTION 2.14., SECTION 2.15., SECTION 2.16. and
        SECTION 8.5., as well as to any interest or fees accrued for its account hereunder and not yet paid)). Notwithstanding the foregoing, no assignments or participations shall be made to any Borrower or any of such Borrower’s Affiliates or
        Subsidiaries. 

    

    
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    (c)          By executing and delivering an Assignment and
        Assumption, the assigning Lender thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial owner of
        the interest being assigned thereby free and clear of any lien, encumbrance or other adverse claim; (ii) except as set forth in (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any
        statements, warranties or representations made in or in connection with this Agreement or any other Loan Document or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or
        any other instrument or document furnished pursuant hereto or the financial condition of the Company or the performance or observance by the Company of any obligations under this Agreement, any other Loan Document or any other instrument or
        document furnished pursuant hereto; (iii) such assignee represents and warrants that (1) it has full power and authority, and has taken all action necessary, to execute and deliver such Assignment and Assumption and to consummate the transactions
        contemplated hereby and to become a Lender under this Agreement, (2) it satisfies the requirements, if any, specified in this Agreement that are required to be satisfied by it in order to acquire the assigned interest and become a Lender, (3) from
        and after the effective date of such Assignment and Assumption, it shall be bound by the provisions of this Agreement as a Lender hereunder and, to the extent of the assigned interest, shall have the obligations of a Lender hereunder, (4) it has
        received a copy of this Agreement, together with copies of the most recent financial statements delivered pursuant to SECTION 5.3., and such other documents and information as it has deemed appropriate to make its own credit analysis and decision
        to enter into such 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 Agents or any other Lender and (5) if it is a Non-U.S. Lender,
        attached to such Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of this Agreement, duly completed and executed by the assignee; (iv) such assignee agrees that (1) it will, independently and
        without reliance on the Agents, 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 (2) 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; and (v) such assignee appoints and authorizes the Administrative Agent
        to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers as are reasonably incidental thereto.

     

    (d)          The Administrative Agent shall maintain at one of
        its offices in the City of New York a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and the principal amount of the Loans owing to, each
        Lender pursuant to the terms hereof from time to time and any promissory notes evidencing such Loans (the “Register”). The entries in the Register shall be
        conclusive in the absence of manifest error and the Company, the other Borrowers, the Administrative Agent and the Lenders may 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. No assignment or transfer of any Loan (or portion thereof) or any Note evidencing such Loan shall be effected unless and until it has been recorded in the Register as provided in this SECTION 8.4. (d). Notwithstanding
        any other provision of this Agreement, any assignment or transfer of all or part of a promissory note shall be registered on the Register only upon surrender for registration of assignment or transfer of the promissory note (and each promissory
        note shall expressly so provide), accompanied by a duly executed Assignment and Assumption, and thereupon one or more new promissory notes in the same aggregate principal amount shall be issued to the designated Assignee and the old promissory
        notes shall be returned by the Administrative Agent to the applicable Borrower marked “cancelled”. The Register shall be available for inspection by each party hereto, at any reasonable time and from time to time upon reasonable prior notice.

     

    (e)          Upon its receipt of a duly completed Assignment
        and Assumption executed by an assigning Lender and an assignee together with an Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred
        to in paragraph (b) above and, if required, the written consent of the Company to such assignment, the Administrative Agent shall (i) accept such Assignment and Assumption and (ii) record the information contained therein in the Register. 

    

    
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    (f)          Each Lender may sell participations at any time,
        without the consent of the Company or the Administrative Agent, to one or more banks or other entities (other than a natural person or a Defaulting Lender) in all or a portion of its rights and obligations under this Agreement (including all or a
        portion of its Commitment and the Loans owing to it); provided, however,
        that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto or thereto for the performance of such obligations, (iii) each participating bank or other
        entity shall be entitled to the benefit of the cost protection provisions contained in SECTION 2.14., SECTION 2.15. and SECTION 2.16. to the same extent as if it was the selling Lender (and limited to the amount that could have been claimed by the
        selling Lender had it continued to hold the interest of such participating bank or other entity, it being further agreed that the selling Lender will not be permitted to make claims against the Company under SECTION 2.14. (b) for costs or
        reductions resulting from the sale of a participation), except that all claims made pursuant to such Sections shall be made through such selling Lender, and (iv) the Company, the Administrative Agent and the other Lenders shall continue to deal
        solely and directly with such selling Lender in connection with such Lender’s rights and obligations under this Agreement, and such Lender shall retain the sole right to enforce the obligations of the Company relating to the Loans and to approve
        any amendment, modification or waiver of any provision of this Agreement (other than amendments, modifications or waivers decreasing any commitment fees payable hereunder or thereunder or the amount of principal of or the rate at which interest is
        payable on the Loans, extending the final scheduled maturity of the Loans or any date scheduled for the payment of interest on the Loans, or increasing the Commitments, to the extent such Lender’s consent would be required with respect thereto
        under SECTION 8.7. (b) ). Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Company, maintain a register on which it enters the name and address of each participant and the principal
        amounts (and stated interest) of each participant’s interest in the Loans or other obligations under this Agreement (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 Commitments, Loans, or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan 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.

     

    (g)          Any Lender or participant may, in connection with
        any assignment or participation or proposed assignment or participation pursuant to this Section, disclose to the assignee or participant or proposed assignee or participant (and any agent or professional advisor of any of the foregoing) any
        information relating to the Company furnished to such Lender; provided that, prior to any such disclosure, each such assignee or participant or proposed
        assignee or participant (or agent or professional advisor, if applicable) shall be subject to confidentiality provisions substantially the same as the confidentiality provisions of this Agreement.

     

    (h)          The Company and any Borrowing Subsidiary shall
        not assign or delegate any rights and duties hereunder without the prior written consent of all Lenders.

     

    (i)          Any Lender may at any time pledge or otherwise
        assign all or any portion of its rights under this Agreement to a Federal Reserve Bank or other central banking authority; provided that no such pledge shall
        release any Lender from its obligations hereunder. In order to facilitate such an assignment to a Federal Reserve Bank or other central banking authority, the Company shall, at the request of the assigning Lender, duly execute and deliver to the
        assigning Lender a promissory note or notes evidencing the Loans made by the assigning Lender hereunder. 

    

    
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    SECTION 8.5.            Expenses; Indemnity.

     

    (a)          The Company agrees to pay promptly following
        written demand (including documentation reasonably supporting such request) all reasonable and invoiced out-of-pocket expenses incurred by each Agent (and its Affiliates acting as lead arranger and bookrunner in respect of this Agreement) in
        connection with entering into this Agreement, the syndication of the Commitments and the preparation, execution, delivery and administration of the Loan Documents or in connection with any amendments, modifications or waivers of the provisions
        hereof or thereof including the reasonable fees, disbursements and other charges of a single counsel for such Persons as a whole and, if reasonably necessary, one local counsel in any relevant jurisdiction (and, solely in the case of an actual or
        potential conflict of interest, of one additional counsel (and, if reasonably necessary, one additional local counsel in any relevant jurisdiction)), or incurred by the Administrative Agent or any Lender in connection with the enforcement of their
        rights in connection with this Agreement or in connection with the Loans made hereunder or thereunder, including the reasonable fees and disbursements of counsel for the Administrative Agent and, in the case of enforcement, each Lender.

     

    (b)          The Company agrees to indemnify each Agent and
        each Lender, each of their Affiliates and the directors, officers, employees, advisors and agents of the foregoing, in each case, involved with or having responsibility for this Agreement (each such Person being called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related reasonable out-of-pocket expenses, including
        reasonable counsel fees and expenses of one counsel to such Indemnitees taken as a whole and, if reasonably necessary, one local counsel in any relevant jurisdiction (and, solely in the case of an actual or potential conflict of interest, of one
        additional counsel (and, if reasonably necessary, one additional local counsel in any relevant jurisdiction)), incurred by or asserted against any Indemnitee arising out of (i) the consummation of the transactions contemplated by this Agreement,
        (ii) the use of the proceeds of the Loans or (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto and regardless of whether brought by a third party or by any
        Borrower or any of the Company’s Affiliates; provided that (A) such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
        claims, damages, liabilities or related expenses resulted from the bad faith, gross negligence or willful misconduct of such Indemnitee as determined by a final and non-appealable judgment of a court of competent jurisdiction, (B) such indemnity
        shall not apply to losses, claims, damages, liabilities or related expenses that result from disputes solely between Indemnitees (other than disputes involving claims against any Person in its capacity as, or fulfilling its role as, an arranger or
        Agent or agent or similar role in respect of this Agreement) or (C) resulting from material breaches of the Loan Documents by the applicable Indemnitee as determined by a final and non-appealable judgment of a court of competent jurisdiction. The
        Company shall not be liable for any settlement of any actions or proceedings in respect of this Agreement effected without the Company’s written consent (which consent shall not be unreasonably withheld, delayed or conditioned), but if settled with
        the Company’s written consent or if there is a final judgment in any such action or proceeding or if the Company was offered the ability to assume the defense of the action that was the subject matter of such settlement and elected not to assume
        such defense, the Company 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 in accordance with this paragraph. Any Borrower shall not,
        without the prior written consent of the applicable Indemnitees (which shall not be unreasonably withheld), settle, compromise, consent to the entry of any judgment in or otherwise seek to terminate any claim, litigation, investigation or
        proceeding in respect of which indemnification may be sought hereunder (whether or not any Indemnitee is a party thereto) unless such settlement, compromise, consent or termination (i) includes an unconditional release of such Indemnitee from all
        liability or claims that are the subject matter of such claim, litigation, investigation or proceeding and (ii) does not include a statement as to, or an admission of, fault, culpability, or a failure to act by or on behalf of such Indemnitee.
      

    

    
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    (c)          Neither an Indemnitee nor the Company shall be
        liable to the Company or any Indemnitee in connection with its activities related to the Loan Documents or in connection with any suit, action or proceeding (x) for any damages arising from the use by unauthorized Persons of information or
        materials sent through electronic, telecommunications or other information transmission systems that are intercepted by such persons (except to the extent arising from the bad faith, willful misconduct or gross negligence of such Indemnitee or the
        Company, as applicable) or (y) for any special, indirect, consequential or punitive damages; provided that this clause (y) shall not affect or limit the
        Company’s indemnity obligations set forth in paragraph (b) above. In the case of any claim, litigation, investigation or proceeding to which the indemnity in this SECTION 8.5. applies, such indemnity shall be effective whether or not such
        investigation, litigation or proceeding is brought by the Company or its equity holders or creditors, or any Indemnitee, subject to the limitations and exclusions set forth in this paragraph and paragraph (b) above.

     

    (d)          The provisions of this Section shall remain
        operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the invalidity or unenforceability of any term or
        provision of this Agreement or any investigation made by or on behalf of the Administrative Agent or any Lender. All amounts due under this Section shall be payable on written demand therefor.

     

    SECTION 8.6.            Applicable Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

     

    SECTION 8.7.            Waivers; Amendment. (a) No failure or delay of the Administrative Agent or any Lender in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single
        or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of
        the Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have. No waiver of any provision of this Agreement or consent to any departure therefrom shall in any event
        be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on the Company or any Subsidiary in
        any case shall entitle such party to any other or further notice or demand in similar or other circumstances.

     

    (b)          Subject to SECTION 1.6., neither this Agreement
        nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Company and the Required Lenders; provided,
        however, that no such agreement shall (i) decrease the principal amount of, or extend the maturity of or any scheduled principal payment date, the date for
        the payment of any interest on any Loan or the date for the payment of any fee payable hereunder, or waive or excuse any such payment or any part thereof, or decrease the rate of interest on any Loan (other than as a result of a waiver of default
        interest imposed pursuant to SECTION 2.12. (e)), or amend or modify SECTION 8.16., without the prior written consent of each Lender directly adversely affected thereby, (ii) increase the Commitment, or decrease the commitment fees of any Lender
        without the prior written consent of such Lender, (iii) amend or modify the provisions of SECTION 8.4. (h) or this Section or the definition of the “Required Lenders”,

        without the prior written consent of each Lender, (iv) change SECTION 2.17. (a), SECTION 2.17. (b) or SECTION 2.17. (c) in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender
        directly or adversely affected thereby or (v) to the extent any Guaranty is then in effect, release any material Guarantor (except as such release is otherwise provided for in this Agreement or in the other Loan Documents) without the written
        consent of each Lender; provided further, however, that no
        such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent. Each Lender shall be bound by any waiver, amendment or modification
        authorized by this Section and any consent by any Lender pursuant to this Section shall bind any assignee of its rights and interests hereunder. Further, notwithstanding anything to the contrary contained herein, if the Administrative Agent and the
        Company shall have jointly identified an obvious error or any error or omission of a technical or immaterial nature in any provision of the Loan Documents, then the Administrative Agent and the Company shall be permitted to amend such provision and
        such amendment shall become effective without any further action or consent of any other party to any Loan Document. 

    

    
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    SECTION 8.8.            Entire Agreement. This Agreement and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relative to
        the subject matter hereof. Any previous agreement among the parties with respect to the subject matter hereof is superseded by this Agreement. Nothing in this Agreement, expressed or implied, is intended to confer upon any party other than the
        parties hereto any rights, remedies, obligations or liabilities under or by reason of this Agreement.

     

    SECTION 8.9.            Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and
        enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid
        provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

     

    SECTION 8.10.          Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one
        contract, and shall become effective as provided in SECTION 8.3.

     

    SECTION 8.11.          Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction
        of, or to be taken into consideration in interpreting, this Agreement.

     

    SECTION 8.12.          Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law,
        to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender, or any Affiliate thereof, to or for the credit or obligations of the
        Company and the applicable Borrowing Subsidiary now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be
        unmatured. Each Lender agrees promptly to notify the Company after such setoff and application made by such Lender, but the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Lender under
        this Section are in addition to other rights and remedies (including, without limitation, other rights of setoff) which such Lender may have.

     

    SECTION 8.13.          Jurisdiction; Consent to Service of Process. (a) Each of the Company, each Borrowing Subsidiary and each Credit Party hereby irrevocably and unconditionally submits, for itself and its
        property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in the Borough of Manhattan in New York City, and any appellate court from any thereof, in any suit, action or proceeding
        arising out of or relating to this Agreement and the Loan Documents, or for recognition or enforcement of any judgment in respect thereof, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of
        any such action or proceeding shall be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be
        conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

    

    
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    (b)          Each of the parties hereto hereby irrevocably and
        unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or thereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement and the Loan
        Documents in any New York State or Federal court referred to in SECTION 8.13. (a) and agrees that any such suit, action or proceeding shall be brought in such court. Each of the parties hereto hereby irrevocably waives, to the fullest extent
        permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

     

    (c)          Each party to this Agreement irrevocably consents
        to service of process in the manner provided for notices in SECTION 8.1. (a). Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

     

    SECTION 8.14.          Waiver of Jury Trial. Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any litigation directly
        or indirectly arising out of, under or in connection with this Agreement or any other Loan Document. Each party hereto (a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such
        other party would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and other parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and
        certification in this Section.

     

    SECTION 8.15.          [Reserved].

     

    SECTION 8.16.          Guaranty. In order to induce the Lenders to make Loans to the applicable Borrowing Subsidiaries, the Company hereby irrevocably and unconditionally guarantees the Borrowing Subsidiary
        Obligations of all the Borrowing Subsidiaries. The Company further agrees that the Borrowing Subsidiary Obligations may be extended and renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon
        its agreement hereunder notwithstanding any extension or renewal of any Borrowing Subsidiary Obligation.

     

    The Company waives promptness, diligence, presentment to, demand of payment from and protest to the Borrowing Subsidiaries of
        any Borrowing Subsidiary Obligations, and also waives notice of acceptance of its obligations and notice of protest for nonpayment. The obligations of the Company hereunder shall be absolute and unconditional and not be affected by (a) the failure
        of any Lender or the Administrative Agent to assert any claim or demand or to enforce any right or remedy against the Borrowing Subsidiaries under the provisions of this Agreement or any of the other Loan Documents or otherwise; (b) any rescission,
        waiver, amendment or modification of any of the terms or provisions of this Agreement, any other Loan Documents or any other agreement; (c) the failure of any Lender to exercise any right or remedy against any Borrowing Subsidiaries; (d) the
        invalidity or unenforceability of any Loan Document; (e) any change in the corporate existence or structure of any Borrowing Subsidiary; (f) any claims or rights of set off that may be claimed by the Company; (g) any law, regulation, decree or
        order of any jurisdiction or any event affecting any term of any Borrowing Subsidiary Obligation; or (h) any other circumstance which might otherwise constitute a defense available to or discharge of the Company or a guarantor (other than payment).
      

    

    
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    The Company further agrees that its agreement hereunder constitutes a promise of payment when due and not of collection, and waives any
      right to require that any resort be had by any Lender to any balance of any deposit account or credit on the books of any Lender in favor of any Borrowing Subsidiary or any other Person.

     

    The obligations of the Company hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, and
      shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality or unenforceability of the Borrowing Subsidiary Obligations or otherwise. Without limiting the generality of
      the foregoing, the obligations of the Company hereunder shall not be discharged or impaired or otherwise affected by the failure of the Administrative Agent or any Lender to assert any claim or demand or to enforce any remedy under this Agreement or
      under any other Loan Document or any other agreement, by any waiver or modification in respect of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Borrowing Subsidiary Obligations, or by any other act or
      omission which may or might in any manner or to any extent vary the risk of the Company or otherwise operate as a discharge of the Company as a matter of law or equity.

     

    The Company further agrees that its obligations hereunder shall continue to be effective or be reinstated, as the case may be, if at any
      time payment, or any part thereof, of principal of or interest on any Borrowing Subsidiary Obligation is rescinded or must otherwise be restored by the Administrative Agent or any Lender upon the bankruptcy or reorganization of any of the Borrowing
      Subsidiaries or otherwise.

     

    In furtherance of the foregoing and not in limitation of any other right which the Administrative Agent or any Lender may have at law or in
      equity against the Company by virtue hereof, upon the failure of any Borrowing Subsidiary to pay any Borrowing Subsidiary Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise,
      the Company hereby promises to and will, upon receipt of written demand by the Administrative Agent, forthwith pay, or cause to be paid, in cash the amount of such unpaid Borrowing Subsidiary Obligation. In the event that, by reason of the bankruptcy
      of any Borrowing Subsidiary, (i) acceleration of Loans made to such Borrowing Subsidiary is prevented and (ii) the Company shall not have prepaid the outstanding Loans and other amounts due hereunder owed by such Borrowing Subsidiary, the Company
      will forthwith purchase such Loans at a price equal to the principal amount thereof plus accrued interest thereon and any other amounts due hereunder with respect thereto. The Company further agrees that if payment in respect of any Borrowing
      Subsidiary Obligation shall be due at a place of payment other than New York and if, by reason of any Change in Law, disruption of currency or foreign exchange markets, war or civil disturbance or similar event, payment of such Borrowing Subsidiary
      Obligation in such place of payment shall be impossible or, in the judgment of any applicable Lender, not consistent with the protection of its rights or interests, then, at the election of any applicable Lender, the Company shall make payment of
      such Borrowing Subsidiary Obligation in New York, and shall indemnify such Lender against any losses or expenses that it shall sustain as a result of such alternative payment.

     

    Upon payment by the Company of any Borrowing Subsidiary Obligations, each Lender shall, in a reasonable manner, assign the
        amount of the Borrowing Subsidiary Obligations owed to it and paid by the Company pursuant to this guarantee to the Company, such assignment to be pro tanto
        to the extent to which the Borrowing Subsidiary Obligations in question were discharged by the Company, or make such disposition thereof as the Company shall direct (all without recourse to any Lender and without any representation or warranty by
        any Lender except with respect to the amount of the Borrowing Subsidiary Obligations so assigned). 

    

    
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    Upon payment by the Company of any sums as provided above, all rights of the Company against any Borrowing Subsidiary arising as a result
      thereof by way of right of subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment in full of all the Borrowing Subsidiary Obligations to the Lenders.

     

    SECTION 8.17.          [Reserved].

     

    SECTION 8.18.          Confidentiality. Each of the Agents and the Lenders expressly agree, for the benefit of the Company and the Subsidiaries, to keep confidential, and not to publish, disclose or otherwise
        divulge, information, including material nonpublic information within the meaning of Regulation FD promulgated by the SEC (“Regulation FD”), regarding the
        Company or the Subsidiaries or their respective businesses received from the Company or its Subsidiaries or from another Person on their behalf except that the Agents and Lenders shall be permitted to disclose such confidential information (a) to
        their respective Affiliates and their respective Affiliates’ respective directors, officers, employees and agents, including accountants, legal counsel and other advisors involved with the Agreement on a need- to-know basis (it being understood
        that the Persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential), (b) as requested by any state, federal or foreign authority or examiner
        regulating banks or banking, (c) as may be compelled in judicial or administrative proceeding or as otherwise required by law or requested by a governmental authority, (d) to any rating agency on a confidential basis, (e) in connection with the
        exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement, the enforcement of rights hereunder or the administration of the Loans, (f) subject to an acknowledgement and acceptance by any applicable Person that
        such information is being disseminated on a confidential basis (which may be acknowledged and accepted in accordance with the standard syndication process of the Arrangers or customary market standards for dissemination of such types of
        information), (i) to any assignee of or participant in, or any prospective assignee of or participant in (and any agent or professional advisor of any of the foregoing), any of its rights or obligations under this Agreement or (ii) to any credit
        insurance provider or direct, indirect, actual or prospective counterparty (and its advisor) to any swap, derivative, or securitization transaction related to the obligations under this Agreement, (g) with the written consent of the Company or the
        Subsidiaries, as applicable or (h) to the extent such information (1) becomes publicly available other than as a result of a breach of this Section, (2) becomes available to any Agent or any Lender on a non-confidential basis from a source other
        than the Company or the Subsidiaries not in breach of a confidentiality obligation owed to the Company or a Subsidiary (and in the case of this clause (2) the affected party receiving such information does not have actual knowledge that such
        disclosure is in breach of a confidentiality obligation owed to the Company or a Subsidiary) or (3) is independently developed; provided that the
        restrictions of this SECTION 8.18. shall not apply to information pertaining to this Agreement routinely provided by arrangers to market data collectors and data service providers, including league table providers, that serve the lending industry
        in respect of such data customarily provided to such entities. Any Person required to maintain the confidentiality of information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has
        exercised the same degree of care to maintain the confidentiality of such information as is customarily exercised by lenders consisting of commercial banks. With respect to disclosures pursuant to clauses (b) and (c) of this Section (except with
        respect to any auditor examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority), to the extent practicable and permitted under applicable law, rule or regulation, each
        Lender and the Administrative Agent shall inform the Company promptly after receipt of such request and if permissible, before disclosure of such confidential information. It is understood and agreed that the Company, the Subsidiaries and their
        respective Affiliates may rely upon this SECTION 8.18. for any purpose, including without limitation to comply with Regulation FD. 

    

    
      57

      
        
 

    

    
    SECTION 8.19.          USA PATRIOT Act. Each Lender hereby notifies the Borrowers and any Guarantor 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 may be required to obtain, verify and record information that identifies the Borrowers and any Guarantor, which
        information includes the name and address of each Borrower and each Guarantor and other information that will allow such Lender to identify the Borrowers and any Guarantor in accordance with the Patriot Act. Each Borrower and each Guarantor shall
        provide, to the extent commercially reasonable, such information as is reasonably requested by the Administrative Agent or a Lender to comply with the Patriot Act.

     

    SECTION 8.20.          No Fiduciary Duty. Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this Section, the “Lenders”) may have economic interests that conflict with those of
        the Borrowers, their stockholders and/or their Affiliates. Each Borrower agrees that nothing in the Loan Documents will be deemed to create an advisory, fiduciary or agency relationship or fiduciary duty between any Lender, on the one hand, and
        such Borrower, its stockholders or its Affiliates, on the other. The Borrowers acknowledge and agree that (i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are
        arm’s-length commercial transactions between the Lenders, on the one hand, and the Borrowers, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in
        favor of any Borrower, its stockholders or its Affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has
        advised, is currently advising or will advise any Borrower, its stockholders or its Affiliates on other matters) and (y) each Lender is acting solely as principal and not as the agent or fiduciary of any Borrower, its management, stockholders,
        creditors or any other Person with respect to the transactions contemplated hereby. Each Borrower acknowledges that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. The
        Company agrees that it will not assert any claim against any Lender based on an alleged breach of fiduciary duty by such Lender in connection with this Agreement and the transactions contemplated hereby.

     

    SECTION 8.21.          Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or
        understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion
        powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

     

    (a)          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 undertaking, 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.

  

  
    

    

    
      58

      
        
 

    

  

   

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

    

    

    
      	 	
              BRISTOL-MYERS SQUIBB COMPANY, as the Company

            
	 	 
	 	
              By:

            	/s/ Jeffrey Galik 
	 	 	
              Name: Jeffrey Galik

            
	 	 	
              Title: Senior Vice President and Treasurer

            

      

      
        	 	
                By:

              	

              
	 	 	
                Name: Katherine Kelly

              
	 	 	
                Title: Corporate Secretary

              

      

    

    

    

    [Signature Page to 3-Year Revolving Loan Credit Facility]

    

    
      
        
 

    

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

    

    
      	 	
              BRISTOL-MYERS SQUIBB COMPANY,
                as the Company

            
	 	 
	 	
              By:

            	

            
	 	 	
              Name: Jeffrey Galik

            
	 	 	
              Title: Senior Vice President and Treasurer

            

      

      
        	 	
                By:

              	/s/ Katherine Kelly
	 	 	
                Name: Katherine Kelly

              
	 	 	
                Title: Corporate Secretary

              

      

    

    

    

    [Signature Page to 3-Year Revolving Loan Credit Facility]

    
      
        
 

    

    
      

      

      
        	 	
                MORGAN STANLEY SENIOR FUNDING, INC., as Administrative Agent

              
	 	 
	 	
                By:

              	/s/ Anish Shah 
	 	 	
                Name: Anish Shah

              
	 	 	
                Title: Authorized Signatory

              

      

    

    

    

    [Signature Page to 3-Year Revolving Loan Credit Facility]

    
      
        
 

    

    
      
        

        

        
          	 	
                  MORGAN STANLEY BANK, N.A., as a Lender

                
	 	 
	 	
                  By:

                	/s/ Anish Shah 
	 	 	
                  Name: Anish Shah

                
	 	 	
                  Title: Authorized Signatory

                

        

      

      

        [Signature Page to 3-Year Revolving Loan Credit Facility]

      

      
        
          
 

      

    

    

      
        	 	
                MORGAN STANLEY SENIOR FUNDING, INC., as Administrative Agent

              
	 	 
	 	
                By:

              	/s/ Anish Shah 
	 	 	
                Name: Anish Shah

              
	 	 	
                Title: Authorized Signatory

              

      

    

    

    [Signature Page to 3-Year Revolving Loan Credit Facility]

    
      
        
 

    

    
      
        	 	
                MORGAN STANLEY BANK, N.A., as a Lender

              
	 	 
	 	
                By:

              	/s/ Anish Shah 
	 	 	
                Name: Anish Shah

              
	 	 	
                Title: Authorized Signatory

              

      

      

        [Signature Page to 3-Year Revolving Loan Credit Facility]

        
          
            
 

        

        

          
            	 	
                    DEUTSCHE BANK AG NEW YORK BRANCH,
                      as a Lender

                  
	 	 
	 	
                    By:

                  	/s/ Ming K. Chu 
	 	 	
                    Name: Ming K. Chu

                  
	 	 	
                    Title: Director

                  

            

            
              	 	
                      By:

                    	/s/ Virginia Cosenza
	 	 	
                      Name: Virginia Cosenza

                    
	 	 	
                      Title: Vice President

                    

            

          

          

          

          [Signature Page to 3-Year Revolving Loan Credit Facility]

        

        
          
            
 

        

      

    

    

      
        	 	
                U.S. Bank National Association, as a Lender

              
	 	 
	 	
                By:

              	/s/ Ryan M. Black
	 	 	
                Name: Ryan M. Black

              
	 	 	
                Title: Vice President

              

      

    

    

    

    [Signature Page to 3-Year Revolving Loan Credit Facility]

    
      
        
 

    

    

    
      	 	
              MUFG BANK, LTD., as a Lender

            
	 	 
	 	
              By:

            	/s/ David Meisner
	 	 	
              Name: David Meisner

            
	 	 	
              Title: Vice President

            

    

    

    

    [Signature Page to 3-Year Revolving Loan Credit Facility]

  

  
    
      
 

  

  
    

      
        	 	
                SOCIETE GENERALE, as a Lender

              
	 	 
	 	
                By:

              	/s/ Kimberly Metzger
	 	 	
                Name: Kimberly Metzger

              
	 	 	
                Title: Director

              

      

       

    

    [Signature Page to 3-Year Revolving Loan Credit Facility]

    
      
        
 

    

    
      	 	
              The Northern Trust Company, as a Lender

            
	 	 
	 	
              By:

            	/s/ Andrew D. Holtz
	 	 	
              Name: Andrew D. Holtz

            
	 	 	
              Title: Senior Vice President

            

    

    

      [Signature Page to 3-Year Revolving Loan Credit Facility]

  

  
    
      
 

  

  
    

      
        	 	
                BNP Paribas, as a Lender

              
	 	 
	 	
                By:

              	/s/ Christopher Sked
	 	 	
                Name: Christopher Sked

              
	 	 	
                Title: Managing Director

              

      

    

    

      
        	 	
                By:

              	/s/ Ade Adedeji
	 	 	
                Name: Ade Adedeji

              
	 	 	
                Title: Vice President

              

      

      

        [Signature Page to 3-Year Revolving Loan Credit Facility]

      
        
          
 

      

      

        
          	 	
                  Sumitomo Mitsui Banking Corporation, as a Lender

                
	 	 
	 	
                  By:

                	/s/ Katsuyuki Kubo
	 	 	
                  Name: Katsuyuki Kubo

                
	 	 	
                  Title: Managing Director

                

        

      

    

    

    

    [Signature Page to 3-Year Revolving Loan Credit Facility] 

    
      
        
 

    

    

      	 	
              HSBC Bank USA, N.A., as a Lender

            
	 	 
	 	
              By:

            	/s/ Iain Stewart
	 	 	
              Name: Iain Stewart

            
	 	 	
              Title: Managing Director

            

    

    

    [Signature Page to 3-Year Revolving Loan Credit Facility]

    
      
        
 

    

    

    	 	
            PNC BANK, NATIONAL ASSOCIATION, as a Lender

          
	 	 
	 	
            By:

          	/s/ Robert Novak
	 	 	
            Name: Robert Novak

          
	 	 	
            Title: Vice President

          

    

      

    [Signature Page to 3-Year Revolving Loan Credit Facility] 

    
      
        
 

    

    

      	 	
              Mizuho Bank, Ltd., as a Lender

            
	 	 
	 	
              By:

            	/s/ Tracy Rahn
	 	 	
              Name: Tracy Rahn

            
	 	 	
              Title: Authorized Signatory

            

    

    

    [Signature Page to 3-Year Revolving Loan Credit Facility]

    
      
        
 

    

     
      	 	
              THE BANK OF NOVA
                  SCOTIA, as a Lender

            
	 	 
	 	
              By:

            	/s/ Michelle C. Phillips
	 	 	
              Name: Michelle C. Phillips

            
	 	 	
              Title: Managing Director

            

      

      

      [Signature Page to 3-Year Revolving Loan Credit Facility] 

      
        
          
 

      

      
        	 	
                BARCLAYS BANK PLC, as a Lender

              
	 	 
	 	
                By:

              	/s/ Ronnie Glenn
	 	 	
                Name: Ronnie Glenn

              
	 	 	
                Title: Director

              

      

    

    
      

      

      [Signature Page to 3-Year Revolving Loan Credit Facility]

      
        
          
 

      

      

      	 	
              Santander Bank, N.A.,
                as a Lender

            
	 	 
	 	
              By:

            	/s/ Andres Barbosa
	 	 	
              Name: Andres Barbosa

            
	 	 	
              Title: Executive Director

            

      

      	 	
              By:

            	/s/ Daniel Kostman
	 	 	
              Name: Daniel Kostman

            
	 	 	
              Title: Executive Director

            

      

      

      [Signature Page to 3-Year Revolving Loan Credit Facility]

      
        
          
 

      

      	 	
              THE BANK OF NEW YORK MELLON, as a
                Lender

            
	 	 
	 	
              By:

            	/s/ Clifford A. Mull
	 	 	
              Name: Clifford A. Mull

            
	 	 	
              Title: Director

            

      

      

      [Signature Page to 3-Year Revolving Loan Credit Facility]

      
        
          
 

      

      

      	 	
              WELLS FARGO BANK, NATIONAL ASSOCIATION, as

                a Lender

            
	 	 
	 	
              By:

            	/s/ Jordan Harris
	 	 	
              Name: Jordan Harris

            
	 	 	
              Title: Director

            

      

      [Signature Page to 3-Year Revolving Loan Credit Facility]

    

    
      
        
 

    

    

      	 	
              CREDIT SUISSE AG,
                  Cayman Islands Branch, as a Lender

            
	 	 
	 	
              By:

            	/s/ John Toronto
	 	 	
              Name: John Toronto

            
	 	 	
              Title: Authorized Signatory

            

    

    

      	 	
              By:

            	/s/ Emerson Almeida
	 	 	
              Name: Emerson Almeida

            
	 	 	
              Title: Authorized Signatory

            

      

      

      [Signature Page to 3-Year Revolving Loan Credit Facility] 

    

    
      
        
 

    

    

      	 	
              Standard Chartered Bank, as a Lender

            
	 	 
	 	
              By:

            	/s/ Daniel Mattern
	 	 	
              Name: Daniel Mattern

            
	 	 	
              Title: 

            	Associate Director
              

            
	 	 	
                    

              

            	Standard Chartered Bank

    

    

    [Signature Page to 3-Year Revolving Loan Credit Facility]

    
      
        
 

    

  

  

  

    SCHEDULE 2.1

     

    COMMITMENTS
      
 

    Lender Commitme

    
      	
              Lender

            	 	
              Commitment

            
	
              Morgan Stanley Bank, N.A.

            	 	
              75,000,000

            
	
              MUFG Bank, Ltd.

            	 	
              75,000,000

            
	
              Barclays Bank PLC

            	 	
              75,000,000

            
	
              Credit Suisse AG, Cayman Islands Branch

            	 	
              75,000,000

            
	
              Sumitomo Mitsui Banking Corporation

            	 	
              75,000,000

            
	
              Wells Fargo Bank, National Association

            	 	
              75,000,000

            
	
              BNP Paribas

            	 	
              65,000,000

            
	
              Deutsche Bank, AG New York Branch

            	 	
              65,000,000

            
	
              HSBC Bank USA, N.A.

            	 	
              65,000,000

            
	
              Mizuho Bank, Ltd.

            	 	
              65,000,000

            
	
              Société Générale

            	 	
              50,000,000

            
	
              Standard Chartered Bank

            	 	
              50,000,000

            
	
              U.S. Bank National Association

            	 	
              50,000,000

            
	
              Bank of New York Mellon

            	 	
              30,000,000

            
	
              PNC Bank, National Association

            	 	
              30,000,000

            
	
              Santander Bank, N.A.

            	 	
              30,000,000

            
	
              The Bank of Nova Scotia

            	 	
              30,000,000

            
	
              The Northern Trust Company

            	 	
              20,000,000

            
	
              Total

            	 	
              $1,000,000,000

            

    

    

    
      
        
 

    

    

    EXHIBIT A

     

    FORM OF BORROWING REQUEST

    

    
      Morgan Stanley Senior Funding, Inc.

        as Administrative Agent

        for the Lenders referred to below,

        c/o Morgan Stanley Senior Funding, Inc.

        1585 Broadway

      New York, NY 10036

    

     

    [Date]

     

    Ladies and Gentlemen:

     

    

      The undersigned, Bristol-Myers Squibb Company (the “Company”),

        refers to the 3-Year Revolving Credit Facility Agreement, dated as of January 25, 2019 (as it may hereafter be amended, modified, extended or restated from time to time, the “Agreement”),

        among the Company, the Borrowing Subsidiaries, the Lenders named therein, Morgan Stanley Senior Funding, Inc., as Administrative Agent, and the other Agents party thereto from time to time. Capitalized terms used and not otherwise defined herein
        shall have the meanings assigned to such terms in the Agreement.

       

    

    The Company hereby [gives you] [confirms its prior oral] notice to you pursuant to SECTION 2.3. of the Agreement that it [requests] [has
      requested] a Borrowing under the Agreement [on behalf of], and in that connection sets forth below the terms on which such Borrowing [is] [has been] requested to be made:

     

    	
            Date of Borrowing1

          	 
	
            Principal amount of Borrowing2

          	 
	
            Interest rate basis3

          	 
	
            Interest Period and the last day

              thereof4

          	 

     

    Upon acceptance of any or all of the Loans made by the Lenders in response to this request, the Company [and the applicable Borrower] shall
      be deemed to have represented and warranted that the conditions to lending specified in SECTION 4.2. (a) and SECTION 4.2. (b) of the Agreement have been satisfied. Any amounts borrowed shall be deposited in the Administrative Agent’s account number
      [______________].

    

    

    

    
      	
              1

            	
              Must be a Business Day.

            

    

    

    

    
      	
              2

            	
              Not less than $10,000,000 (and in integral multiples of $1,000,000) and not greater than the total Commitments then available.

            

    

    

    

    
      	
              3

            	
              Eurocurrency Loan or ABR Loan.

            

    

    

    

    
      	
              4

            	
              Which shall be subject to the definition of “Interest Period” and end not later than the Maturity Date.

            

    

    
      
        
 

    

    	 	Very truly yours,
	 	 
	 	
            BRISTOL-MYERS SQUIBB COMPANY

          
	 	 	 
	 	
            By:

          	
            

               

          
	 	 	
            Name

            

          
	 	 	Title:

          

    
      
        
 

    

    

    EXHIBIT B

     

    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 existing Lender / an Affiliate of an existing Lender ([identify Lender])1]

          
	 	 	 
	
            3.

          	
            Borrower(s):

          	 	 
	 	 	 	 
	
            4.

          	
            Administrative Agent:

          	
            Morgan Stanley Senior Funding, Inc., as Administrative Agent under the Credit Agreement

          
	 	 	 
	
            5.

          	
            Credit Agreement:

          	
            The 3-Year Revolving Credit Facility Agreement, dated as of January [25], 2019 (as it may hereafter be amended, modified, extended or restated from time to time, the “Credit Agreement”), among Bristol-Myers Squibb Company (the “Company”), the
                  Borrowing Subsidiaries, the Lenders named therein, Morgan Stanley Senior Funding, Inc., as Administrative Agent, and the Agents party thereto from time to time.

          

    

    

    
      	
              1

            	
              Select as applicable.

            

    

  

  
    
      
 

  

  

    
      	
              6.

            	
              Assigned Interest:

            	 

    

    

    

    	
            Aggregate Amount of 

              Commitment/Loans for all Lenders

          	
            Amount of

              Commitment/Loans Assigned

          	
            Percentage Assigned of 

              Commitment/Loans2

          
	
             $

          	
             $

          	
            %

          
	
             $

          	
             $

          	
            %

          
	
             $

          	
             $

          	
            %

          

    

    

    Effective Date: ____________________, 201_ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE
      REGISTER THEREFOR.]

     

    The Assignee agrees to deliver to Morgan Stanley Senior Funding, Inc., as 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 Company and its 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      Set forth,
        to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders.

    
      
        
 

    

    

      
      	
              [Consented to and]3 Accepted:

            	
               

            
	
               

            	
               

            	
               

            
	
              MORGAN STANLEY SENIOR FUNDING, INC., as Administrative Agent

            	
               

            
	
               

            	
               

            	
               

            
	
              By

            	
               

            	
               

            
	
               

            	
              Title:

            	
               

            
	
               

            	
               

            	
               

            
	
              [Consented to:]4

            	
               

            
	
               

            	
               

            	
               

            
	By	 	 
	
               

            	
              Title:

            	
               

            

      

      
        
 

      
        	
                3

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

              

      

       

      
        	4	
                To be added only if the consent of the Company and/or other parties is required by the terms of the Credit Agreement.

              

      

      
        
          

        

      

      ANNEX 1

       

      3-YEAR REVOLVING CREDIT FACILITY AGREEMENT

       

      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, (iii) the financial condition of the Company, 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 Company,
          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 5.3. 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 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 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, Morgan Stanley Senior Funding, Inc., as 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.

       

      
        
          

        

      

      EXHIBIT C

       

      [Reserved]

       

      
        
          

        

      

      EXHIBIT D

       

      FORM OF BORROWING SUBSIDIARY AGREEMENT

       

      Morgan Stanley Senior Funding, Inc.

        as Administrative Agent

        for the Lenders referred to below,

        c/o Morgan Stanley Senior Funding, Inc.

        1585 Broadway

        New York, NY 10036

       

      [Date]

       

      Ladies and Gentlemen:

       

      The undersigned, Bristol-Myers Squibb Company (the “Company”),

        refers to the 3-Year Revolving Credit Facility Agreement, dated as of January [25], 2019 (as it may hereafter be amended, modified, extended or restated from time to time, the “Agreement”),

        among the Company, the Borrowing Subsidiaries, the Lenders named therein, Morgan Stanley Senior Funding, Inc., as Administrative Agent, and the other Agents party thereto from time to time. Capitalized terms used and not otherwise defined herein
        shall have the meanings assigned to such terms in the Agreement.

       

      The Company and [Name of Borrowing Subsidiary] (the “Designated

            Borrowing Subsidiary”) confirm that the Designated Borrowing Subsidiary is a Wholly Owned Subsidiary. The Designated Borrowing Subsidiary hereby agrees to be bound in all respects by the terms of the Agreement, including without
        limitation, ARTICLE IV thereof, and to perform all of the obligations of a Borrowing Subsidiary thereunder. Each reference to a Borrowing Subsidiary in the Agreement shall be deemed to include the Designated Borrowing Subsidiary.

       

      The Company hereby ratifies and confirms the guarantee set forth in SECTION 8.16. of the Agreement with respect to all
        Loans made by any Lender to the Designated Borrowing Subsidiary.

       

      The address to which communications to the Designated Borrowing Subsidiary under the Agreement should be directed is:

        
        	
                [Name of Borrowing Subsidiary]

              
	
                [Address]

              
	
                Taxpayer ID: [     ]

              
	
                 

              

      

      The Designated Borrowing Subsidiary hereby agrees to provide the Lenders with any additional information and
        documentation reasonably requested that will allow such Lender to identify the Designated Borrowing Subsidiary in accordance with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) including, without limitation, a
        Beneficial Ownership Certificate to the extent such Designated Borrowing Subsidiary qualifies as a “legal entity customer” under the Beneficial Ownership Regulation.

       

      This instrument shall be construed in accordance with and governed by the laws of the State of New York. Loan proceeds
        should be deposited as provided in the Agreement.

      
        
          

        

      

      Upon the execution of this Borrowing Subsidiary Agreement by the Company and the Designated Borrowing Subsidiary, and the
        acceptance by the Administrative Agent, the Designated Borrowing Subsidiary shall become a Borrowing Subsidiary under the Agreement as though it were an original party thereto and shall be entitled to borrow under the Agreement upon the
        satisfaction of the conditions precedent set forth in SECTION 4.2. (a) and SECTION 4.2. (b) of the Agreement.

       

      
        	 	Very truly yours,
	 	 
	 	
                BRISTOL-MYERS SQUIBB COMPANY

              
	 	 	 
		
                By:

              	
                 

              
	 	 	
                Name:

              
			Title:

      

      

        
          	 	[DESIGNATED BORROWING SUBSIDIARY] 
	 	 
	 	
                  By:

                	 
	 	 	
                  Name:

                
	 	 	Title:

        

      

       

      Accepted as of the date first above written.

       

      Morgan Stanley Senior Funding, Inc., as Administrative Agent

        
        	By:	 	 
	 	Name:	
                 

              
		Title:	

      

      
        
          

        

      

      EXHIBIT E

       

      FORM OF BORROWING SUBSIDIARY TERMINATION

       

      Morgan Stanley Senior Funding, Inc.

        as Administrative Agent

        for the Lenders referred to below,

        c/o Morgan Stanley Senior Funding, Inc.

        1585 Broadway

        New York, NY 10036

       

      [Date]

       

      Ladies and Gentlemen:

       

      The undersigned, Bristol-Myers Squibb Company (the “Company”),

        refers to the 3-Year Revolving Credit Facility Agreement, dated as of January 25, 2019 (as it may hereafter be amended, modified, extended or restated from time to time, the “Agreement”),

        among the Company, the Borrowing Subsidiaries, the Lenders named therein, Morgan Stanley Senior Funding, Inc., as Administrative Agent, and the other Agents party thereto from time to time. Capitalized terms used and not otherwise defined herein
        shall have the meanings assigned to such terms in the Agreement.

       

      The Company hereby elects to terminate the status of [Name of Borrowing Subsidiary] (the “Terminated Borrowing Subsidiary”) as a Designated Borrowing Subsidiary for purposes of the Agreement. The Company represents and warrants that no Loans made to the Terminated Borrowing
        Subsidiary are outstanding as of the date hereof and that all principal and interest on all amounts payable by the Terminated Borrowing Subsidiary pursuant to the Agreement have been paid in full on or prior to the date hereof.

       

      This instrument shall be construed in accordance with and governed by the laws of the State of New York.

        
        	 	Very truly yours,
	 	 
	 	
                BRISTOL-MYERS SQUIBB COMPANY

              
	 	 	 
	 	
                By:

              	
                 

              
	 	 	
                Name:

              
	 	 	Title:

      

      
        
          

        

      

      EXHIBIT F-1

       

      FORM OF

        U.S. TAX CERTIFICATE

       

      (For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

       

      Reference is made to the 3-Year Revolving Credit Facility Agreement, dated as of January 25, 2019 (as it may hereafter be
        amended, modified, extended or restated from time to time, the “Credit Agreement”), among Bristol-Myers Squibb Company, the Borrowing Subsidiaries, the Lenders named
        therein, and Morgan Stanley Senior Funding, Inc., as Administrative Agent, and the other Agents party thereto from time to time. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the
        Agreement.

       

      Pursuant to the provisions of SECTION 2.16. 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 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, (iii) it is not a 10-percent shareholder of the Company within the meaning of Section 881(c)(3)(B) of the Code, (iv) it is not a controlled foreign corporation
        related to the Company as described in Section 881(c)(3)(C) of the Code and (v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business.

       

      The undersigned has furnished the Administrative Agent and the Company 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 Company and the Administrative Agent and (2) the
        undersigned shall have at all times furnished the Company 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.

       

      IN WITNESS WHEREOF, the undersigned has duly executed this certificate.

       

      [NAME OF LENDER]

      

      

      
        	By:		
                 

              
	 	Name:	
                 

              
	 	Title:	

      

       

      Date: _____________, 201_

      
        
          

        

      

      EXHIBIT F-2

       

      FORM OF

        U.S. TAX CERTIFICATE

       

      (For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

       

      Reference is made to the 3-Year Revolving Credit Facility Agreement, dated as of January 25, 2019 (as it may hereafter be
        amended, modified, extended or restated from time to time, the “Credit Agreement”), among Bristol-Myers Squibb Company, the Borrowing Subsidiaries, the Lenders named
        therein, and Morgan Stanley Senior Funding, Inc., as Administrative Agent, and the other Agents party thereto from time to time. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the
        Agreement.

       

      Pursuant to the provisions of SECTION 2.16. 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 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, neither the undersigned nor any of its 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 partners/members is a 10-percent shareholder of the Company within the meaning of Section 881(c)(3)(B) of the Code, (v) none of its partners/members is a
        controlled foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade
        or business.

       

      The undersigned has furnished the Administrative Agent and the Company 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 the Company and
        the Administrative Agent and (2) the undersigned shall have at all times furnished the Company 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.

       

      IN WITNESS WHEREOF, the undersigned has duly executed this certificate.

       

      [NAME OF LENDER]

       

      	By:		
               

            
	 	Name:	
               

            
	 	Title:	

       

      Date: _____________, 201_

      
        
          

        

      

      EXHIBIT F-3

       

      FORM OF

        U.S. TAX CERTIFICATE

       

      (For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

       

      Reference is made to the 3-Year Revolving Credit Facility Agreement, dated as of January 25, 2019 (as it may hereafter be
        amended, modified, extended or restated from time to time, the “Credit Agreement”), among Bristol-Myers Squibb Company, the Borrowing Subsidiaries, the Lenders named
        therein, Morgan Stanley Senior Funding, Inc., as Administrative Agent, and the other Agents party thereto from time to time. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.

       

      Pursuant to the provisions of SECTION 2.16. 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 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, (iii) it is not a 10-percent shareholder of the Company within the meaning of Section 881(c)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the Company as described in
        Section 881(c)(3)(C) of the Code, and (v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business.

       

      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.

       

      IN WITNESS WHEREOF, the undersigned has duly executed this certificate.

       

      [NAME OF PARTICIPANT]

       

      	By:		
               

            
	 	Name:	
               

            
	 	Title:	

       

      Date: _____________, 201_

       

      
        
          

        

      

      EXHIBIT F-4

       

      FORM OF

        U.S. TAX CERTIFICATE

       

      (For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

       

      Reference is made to the 3-Year Revolving Credit Facility Agreement, dated as of January 25, 2019 (as it may hereafter be
        amended, modified, extended or restated from time to time, the “Credit Agreement”), among Bristol-Myers Squibb Company, the Borrowing Subsidiaries, the Lenders named
        therein, Morgan Stanley Senior Funding, Inc., as Administrative Agent, and the other Agents party thereto from time to time. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.

       

      Pursuant to the provisions of SECTION 2.16. 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 partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of
        its 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 partners/members is a 10-percent
        shareholder of the Company within the meaning of Section 881(c)(3)(B) of the Code, (v) none of its partners/members is a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code, and (vi) the interest
        payments in question are not effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business.

       

      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-BEN-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.

       

      IN WITNESS WHEREOF, the undersigned has duly executed this certificate.

       

      [NAME OF PARTICIPANT]

       

      	By:		
               

            
	 	Name:	
               

            
	 	Title:	

       

      Date: _____________, 201_Document

Exhibit 10.1

SALE AGREEMENT
by and between
EQC Operating Trust, a Maryland real estate investment trust
and
EQC TRS, Inc., a Delaware corporation,
collectively, Seller,
and
Silverstein/Arden 1735 Market Holdco LP, a Delaware limited partnership,
Purchaser

Dated:  January 29, 2019

SALE AGREEMENT 
 

THIS SALE AGREEMENT (this “Agreement”) is made effective as of January 29, 2019 (the “Effective Date”), by and among EQC Operating Trust, a Maryland real estate investment trust (“Trust”), and EQC TRS, Inc., a Delaware corporation (“TRS Inc.”; together with Trust, “Seller”), and Silverstein/Arden 1735 Market Holdco LP, a Delaware limited partnership (“Purchaser”).
In consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser, intending to be legally bound, agree as follows:
1.PURCHASE AND SALE.  Subject to and in accordance with the terms and conditions set forth in this Agreement, Purchaser shall purchase from Seller and Seller shall sell to Purchaser the following membership interests owned by Seller (the “Membership Interests”):  Trust’s 99.75% membership interest in Nine Penn Owner and TRS Inc.’s 0.25% membership interest in Nine Penn Owner.  Certain capitalized terms used in this Agreement shall have the meaning ascribed to such terms in Schedule 1 attached to this Agreement or in Section 1 of the Company Disclosure Letter hereinafter defined.
2.    PURCHASE PRICE.  The total consideration to be paid by Purchaser to Seller for the Membership Interests is Four Hundred Fifty-One Million Six Hundred Thousand and No/100 Dollars ($451,600,000.00) (the “Purchase Price”).
2.1    Earnest Money.  Within one (1) Business Day (as defined in Section 11.4) of the Effective Date, Purchaser shall deliver to the Escrow Agent identified in the letter of even date herewith from Seller to Purchaser and countersigned by Purchaser (the “Company Disclosure Letter”) the sum of Ten Million and No/100 Dollars ($10,000,000.00) (together with any interest earned thereon and net of investment costs, the “Earnest Money”) to be received pursuant to the Escrow Agreement attached to the Company Disclosure Letter as Exhibit E, which shall be executed by Purchaser and Seller concurrently with the execution of this Agreement.  The Earnest Money shall be invested as Seller and Purchaser so direct.  Any and all interest earned on the Earnest Money shall be reported to Purchaser’s federal tax identification number.  Except as expressly set forth herein to the contrary, the Earnest Money is nonrefundable, provided that if the transaction closes in accordance with the terms of this Agreement, then Escrow Agent shall deliver the Earnest Money to Seller at Closing as payment toward the Purchase Price.  In all other events, the Earnest Money shall be applied as set forth in this Agreement. 
2.2    Cash Balance.  At Closing, Purchaser shall pay to Seller the Purchase Price, less the Earnest Money, plus or minus the prorations described in this Agreement (such amount, as adjusted, being referred to as the “Cash Balance”).  Purchaser shall pay the Cash Balance by federal funds wire transferred to an account designated by Seller in writing.
3.    EVIDENCE OF TITLE.

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3.1    Matters Before the Objection Date.  Seller has delivered to Purchaser: (a) a current commitment for an ALTA Owner’s Title Insurance Policy (the “Title Commitment”), in the amount of the Purchase Price, issued by the Title Company identified in the Company Disclosure Letter (in its capacity as title insurer, “Title Insurer”); (b) available copies of all title exception documents referred to in the Title Commitment, and (c) a survey of the Real Property and the Improvements (“Survey”).  At Closing, Purchaser may cause the Title Commitment and Survey to be updated for purposes of issuance of an ALTA Owner’s Policy of Title Insurance (the “Owner’s Policy”) insuring Nine Penn Owner’s fee simple title to the Real Property and the Improvements, subject only to the Permitted Exceptions, in the full amount of the Purchase Price.  If the Title Commitment (or an update of the Title Commitment) or Survey (or an update of the Survey) discloses exceptions or matters other than those Permitted Exceptions which are listed on Exhibit F of the Company Disclosure Letter, then, prior to 5:00 p.m. Chicago time on January 24, 2019 (the “Objection Period”), Purchaser may notify Seller in writing of any such exceptions or matters to which it objects (“Objection Notice”).  Subject to Section 3.3, any exceptions or matters disclosed on the Title Commitment or the Survey delivered to Purchaser prior to the expiration of the Objection Period and not objected to by Purchaser within the Objection Period shall, together with the exceptions set forth on Exhibit F of the Company Disclosure Letter, be “Permitted Exceptions”.  Subject to Section 3.3, if Purchaser does not give notice of any objections to Seller within the Objection Period, Purchaser shall be deemed to have approved the title as shown in the Title Commitment as of the expiration of the Objection Period, and all matters shown on the Survey as of the expiration of the Objection Period, and any such exceptions or matters shall be “Permitted Exceptions”.  If Purchaser delivers an Objection Notice within the Objection Period, Seller shall have until the date that is two (2) Business Days after Seller’s receipt of the Objection Notice to provide written notice to Purchaser (“Seller’s Response”) specifying whether or not Seller elects, by the Closing Date, to cause Title Insurer to remove or endorse over matters or exceptions to which Purchaser has validly objected in its Objection Notice.  If Seller fails to provide Seller’s Response within such two (2) Business Day period, Seller will be deemed to have elected not to cause Title Insurer to remove or endorse over such matters or exceptions.  If Seller elects, or is deemed to have elected, not to cause Title Insurer to remove or endorse over one or more matters or exceptions to which Purchaser has objected in its Objection Notice, then, on or before the expiration of the Due Diligence Period, Purchaser shall deliver Seller written notice that Purchaser has elected to either (1) waive the matters or exceptions which Seller has elected, or been deemed to have elected, not to cause Title Insurer to remove or endorse over (in which event such matters or exceptions shall be Permitted Exceptions and Purchaser will close in accordance with the terms of this Agreement), or (2) terminate this Agreement, in which event the Earnest Money shall be returned to Purchaser, at which time this Agreement shall, without further action of the parties, terminate and become null and void and neither party shall have any further rights or obligations under this Agreement, except for those which expressly survive termination of this Agreement.  Further, if Seller elects to cause Title Insurer to remove or endorse over any matters or exceptions and fails to do so on or before the Closing Date (provided that Seller may extend the Closing Date for such period as shall be reasonably required to cause Title Insurer to remove or endorse over such matters and exceptions (but not exceeding 

2

thirty (30) days)), Purchaser shall have the option, as its sole and exclusive remedy, to either (i) waive the unsatisfied objections (in which event such matters or exceptions shall be Permitted Exceptions) and close, or (ii) terminate this Agreement, in which event the Earnest Money shall be returned to Purchaser (and, promptly after Seller’s receipt of invoices and reasonable documentation showing the cost of Purchaser’s due diligence and copies of any reports received by Purchaser, Purchaser shall have the right to reimbursement for its documented actual out-of-pocket costs and expenses paid to third parties unrelated to Purchaser (including reasonable attorneys’ fees) and incurred in connection with this Agreement and the transaction contemplated hereby to the date of termination in an amount not to exceed $400,000 (collectively, the “Pursuit Costs”)), at which time this Agreement shall, without further action of the parties, terminate and become null and void and neither party shall have any further rights or obligations under this Agreement, except for those which expressly survive termination of this Agreement.  If Purchaser does not elect to terminate this Agreement, Purchaser shall consummate the Closing and accept title to the Property subject to all such exceptions and matters (in which event, all such exceptions and matters shall be deemed Permitted Exceptions).  Notwithstanding anything to the contrary contained in this Section 3.1, by executing and delivering this Agreement, Purchaser acknowledges and agrees that Purchaser has elected to waive the matters or exceptions which Seller has elected, or been deemed to have elected, not to cause Title Insurer to remove or endorse over and, in accordance with clause (1) above, such matters or exceptions shall be Permitted Exceptions.
3.2    Matters After the Objection Date.  Between the expiration of the Objection Period and the Closing Date, Purchaser may notify Seller in writing (the “Gap Notice”) of Purchaser’s objections to any exceptions to title that (i) materially and adversely affect Purchaser or the Property, and (ii) were not disclosed by the Title Commitment (or an update thereto received by Purchaser prior to expiration of the Objection Period) (it being acknowledged and agreed that the items set forth on Exhibit F of the Company Disclosure Letter shall in no way limit Purchaser’s right to object to any exceptions to title that satisfy clauses (i) and (ii) above); provided, however, Purchaser must notify Seller of each such objection within three (3) Business Days after receiving written notice from Title Insurer of the existence of same (but in no event later than noon Central Time on the Closing Date); provided, further, however, in no event shall a Gap Notice include any objection to any exception to title related to the Easement Agreement or the depiction of the Easement Agreement on the Survey or any update of the Survey.  If Purchaser delivers a Gap Notice to Seller, Purchaser and Seller shall have the same rights and obligations with respect to the objections contained within the Gap Notice as with respect to the objections made, if any, prior to the expiration of the Objection Period pursuant to Section 3.1, except that (i) Seller shall issue Seller’s Response to the Gap Notice within three (3) Business Days after receiving the Gap Notice and, if Seller either elects or is deemed to have elected not to cause Title Insurer to remove or endorse over any exception(s) raised in the Gap Notice, Purchaser shall either waive such exception(s) or terminate this Agreement as contemplated by clauses (1) and (2) of Section 3.1 above prior to the date that is two (2) Business Days after Purchaser’s receipt of Seller’s Response to the Gap Notice (or, if Seller’s Response to the Gap Notice is not timely delivered, the expiration of the time permitted for Seller to issue Seller’s 

3

Response to the Gap Notice) (the “Gap Notice Response Period”), and (ii) the Closing Date shall be automatically extended until the expiration of the Gap Notice Response Period if such period extends beyond the Closing Date.  Notwithstanding the foregoing, if any new exceptions to, or matters affecting, title arise as a result of a breach by Seller of the terms of this Agreement and Seller elects not to or fails to cause Title Insurer to remove or endorse over any exception(s) raised in the Gap Notice, then, in addition to the above, the provisions of Section 7.1 shall apply.
3.3    Voluntary Liens.  Notwithstanding anything to the contrary contained herein, Seller shall cause all Voluntary Liens to be fully satisfied, released, removed and discharged of record on or prior to the Closing Date at Seller’s sole cost and expense, and may be paid from proceeds of Closing.  The term “Voluntary Lien” as used herein shall mean a lien or encumbrance affecting the Property and/or the Membership Interests that evidences or secures an outstanding obligation of Nine Penn Owner or Seller under (a) any mortgage, deed of trust, security agreement, financing statement, or any other instrument which secures any monetary obligation of Nine Penn Owner or Seller and which was granted to the beneficiary thereof by Seller or its affiliates to secure such obligation, (b) any mechanic’s, materialman’s or other similar liens, which can be fully and finally satisfied and discharged by the payment of a liquidated or pre-determined sum to the beneficiary thereof and that, in each event, is created by Seller or its affiliates, (iii) any lien for unpaid delinquent real estate taxes affecting the Property or Taxes of Nine Penn Owner (other than Taxes not yet due and payable), (iv) any lien securing an outstanding judgment against Seller or its affiliates, (v) any other monetary lien created by Seller or its affiliates that can be satisfied by the payment of a liquidated or pre-determined sum, and (vi) any encumbrance voluntarily created or voluntarily placed by Seller or its affiliates against the Property or the Membership Interests from and after the date of the Title Commitment, which is not approved by Purchaser. For greater certainty, all references to Seller’s affiliates under this Section 3.3 shall include Nine Penn Owner.
4.    CLOSING.  The payment of the Purchase Price, the transfer of the Membership Interests, and the satisfaction of all other terms and conditions of the transaction contemplated by this Agreement (the “Closing”) shall occur at noon Chicago time on March 15, 2019 (such day being sometimes referred to as the “Closing Date”), through escrow at the office of Title Insurer; provided that Purchaser shall have the one-time right to extend the Closing Date to a date that is on or before March 27, 2019 by written notice of its election to extend delivered to Seller prior to 4:00 p.m. Chicago time on March 14, 2019, which written notice shall (a) include the new Closing Date to which Closing is being extended and (b) be effective to extend the Closing only if Seller receives written confirmation from the Escrow Agent (which confirmation may be in the form of an email) that Purchaser has delivered to Escrow Agent, prior to 4:00 p.m. Chicago time on March 14, 2019, an extension deposit in the amount of Five Million Dollars ($5,000,000) (the “Extension Deposit”) to be held and applied as Earnest Money (for clarification, the aggregate Earnest Money deposit following Purchaser’s exercise of its extension right shall be Fifteen Million Dollars ($15,000,000)).  If the date for Closing provided above falls on a day which is not a Business Day, then the Closing Date will be the next Business Day.

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4.1    Seller’s Closing Deliveries. At Closing, Seller shall execute (as necessary) and deliver to Purchaser (either through escrow or as otherwise provided below) each of the documents described below: (i) an assignment of the Membership Interests of Seller and the assumption thereof by Purchaser, in the form attached hereto as Exhibit G (“Assignment of Membership Interests”), executed by Seller; (ii) resignation letters from each officer, director and/or manager of Nine Penn Owner, in each case effective as of the Closing Date, (iii) one original notice letter to tenants, substantially in the form attached the Company Disclosure Letter as Exhibit H; (iv) one original notice letter to each vendor or contractor under an Assignable Service Contract or Assignable Construction Contract, substantially in the form attached the Company Disclosure Letter as Exhibit I; (v) Seller’s non-foreign affidavit, in the form attached hereto as Exhibit J; (vi) one counterpart of the Joint Closing Statement (as defined in Section 4.3 below); (vii) one counterpart of the final and agreed-upon closing statement prepared by Escrow Agent (the “Escrow Agent’s Closing Statement”); (viii) evidence of termination of (a) any existing master property management agreement with Equity Commonwealth Management LLC, a Delaware limited liability company (“EQC Management”), (b) any existing sub-management agreement with the property management company identified in the Company Disclosure Letter (“Property Manager”), (c) the Brokerage Agreements, (d) all Service Contracts and Utility Agreements that Seller is required to terminate pursuant to this Agreement, and (e) the amenities lease from Nine Penn Owner, as landlord, and EQC Management, as tenant (unless Purchaser shall provide to Seller written notice on or before five (5) days prior to the Closing Date of Purchaser’s election to accept an assignment of such lease, in which event Seller shall cause such lease to be assigned to Purchaser or its nominee at Closing); (ix) a list of Protected Tenants (as defined in Section 4.3.7.2 below); (x) subject to Section 9.2 below, a certificate of Seller stating that the representations and warranties made by Seller in Section 9.1 of this Agreement are true and correct in all material respects as of the Closing; (xi) a certification statement issued by the Philadelphia Department of Licenses and Inspections; and (xii) an updated rent roll in the same form attached to this Agreement dated no earlier than three (3) Business Days prior to Closing and certified by Seller as the operational rent roll used by Nine Penn Owner in the operation and management of the Property.  The Joint Closing Statement and Escrow Agent’s Closing Statement may be signed in facsimile or PDF counterparts on the Closing Date.  To the extent available, Seller shall leave all of the original Leases, Assignable Service Contracts, keys, plans and specifications, licenses and permits, and other books and records of Nine Penn Owner pertaining to the Property at the Real Property.  To the extent required by Title Insurer to issue the Owner’s Policy, Seller agrees to deliver to Title Insurer (x) an owner’s affidavit which shall be in a form acceptable to Title Insurer and Seller (and shall be sufficient in order to cause the Title Insurer to issue a non-imputation endorsement to the Owner’s Policy), and (y) evidence of Seller’s organization, power and authority in form and content reasonably required by the Title Insurer.
4.2    Purchaser’s Closing Deliveries.  At Closing, Purchaser shall deliver or cause to be delivered to Seller (i) executed counterparts of (a) the Assignment of Membership Interests, (b) the Joint Closing Statement, (c) the Escrow Agent’s Closing Statement, (ii) a certificate of Purchaser stating that the representations and warranties made by Purchaser 

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in Section 9.4 of this Agreement are true and correct in all material respects as of the Closing; (iii) an executed, completed copy of each of the City of Philadelphia Certificate of Transfer (Form 83-T-657) and the Pennsylvania Department of Revenue Realty Transfer Tax Declaration of Acquisition (Form Rev-1728) (collectively, the “Transfer Documents”), (iv) evidence of Purchaser’s organization, power and authority as Title Insurer may reasonably request; and (iv) the Cash Balance described in Section 2.2 above.  At Closing, Purchaser shall file and/or record, or cause the Title Company to file and/or record, the Transfer Documents in the public office wherein filing and/or recording is required by applicable law.
4.3    Closing Prorations and Adjustments.  The provisions of this Section 4.3 shall survive the Closing.  Seller shall prepare a statement of the prorations and adjustments required by this Agreement (the “Joint Closing Statement”) and submit it to Purchaser for approval at least two (2) Business Days prior to the Closing Date.  The items listed below are to be prorated or adjusted as of the close of business on the Closing Date (it being understood that, for purposes of prorations and adjustments, Seller shall be deemed the owner of the Membership Interests on the day immediately preceding the Closing Date and Purchaser shall be deemed the owner of the Membership Interests as of and from the day of the Closing Date; provided, however, that in the event any of the Leases provide that a tenant is to directly pay any of the expenses set forth below in this Section 4.3 to a third party other than Nine Penn Owner, then such amount shall not be prorated).
4.3.1    Taxes.  Real estate taxes and assessments (which shall not include Transfer Taxes, which are governed by Section 4.6 below, and shall not include the City of Philadelphia use and occupancy tax (the “U&O Tax”), which is governed by this Section 4.3.1 below) shall be prorated for the period for which such taxes and assessments are payable (regardless of the period for which assessed and assuming that any assessments payable in installments are paid in installments) on the basis of the number of days in such period the Membership Interests will have been owned by Seller and Purchaser, respectively (i.e. on a cash, not an accrual, basis).  If the tax bill payable during the tax year in which Closing occurs is not available at Closing, then the proration shall be made on the basis of the most recent ascertainable tax bill.  Any real estate taxes or assessments paid at or prior to Closing and during the tax year in which Closing occurs shall be prorated based upon the amounts actually paid.  If real estate taxes and assessments payable during the tax year in which Closing occurs have been determined but have not been paid before Closing, Seller shall be charged and Purchaser credited at Closing with an amount equal to that portion of such real estate taxes and assessments which relates to the period before the date of Closing, and Purchaser shall cause Nine Penn Owner to pay the real estate taxes and assessments prior to the same becoming delinquent.  Any Center City District Assessments shall be prorated in the same manner as the real estate taxes and assessments set forth in this Section 4.3.1. The U&O Tax shall not be prorated by the parties.  Seller and Purchaser shall each be responsible for remitting the U&O Tax to the applicable taxing authority that is collected by such party for its period of ownership of Nine Penn Owner.  Seller shall file U&O Tax 

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reports for the calendar month in which the Closing occurs and Purchaser shall file any such reports thereafter.
4.3.2    Rent.  To the extent collected by Nine Penn Owner prior to Closing, the “minimum” or “base” rent paid by tenants under the Assignable Leases for the calendar month in which the Closing occurs shall be prorated between Purchaser and Seller on the basis of the number of days of such month the Membership Interests will have been owned by Purchaser and Seller, respectively.  At Closing Purchaser shall receive a credit against the Purchase Price for all “minimum” or “base” rent paid by tenants under the Assignable Leases for the period following the calendar month in which the Closing occurs, to the extent collected by Nine Penn Owner prior to Closing. There shall be no proration of any rent which is delinquent as of the Closing Date.  Rent collected on or after the Closing Date shall be applied first to the month of Closing, then to any delinquency existing for the period thereafter and then to any delinquency for the period prior to Closing.  Purchaser shall cause any rent applicable to the period prior to Closing to be remitted to Seller if, as, and when collected by Purchaser.  If Seller receives any rent following Closing, then Seller shall cause any rent applicable to the period following Closing to be remitted to Purchaser if, as, and when collected by Seller.  At Closing, Seller shall deliver to Purchaser a schedule of all delinquent rent.  In the event any delinquent rent is omitted from such schedule, Seller shall not be deemed to have waived its rights to such rent.  Purchaser shall cause Nine Penn owner to include the amount of delinquent rent in the first bills thereafter submitted to the tenants in question after the Closing, and shall continue to do so for three (3) months thereafter.  Purchaser shall promptly deliver to Seller a copy of each such bill submitted to tenants.  After such three (3) month period following Closing, Purchaser will cause Nine Penn Owner to use commercially reasonable efforts to pursue remedies directly against delinquent tenants, but shall in no event be obligated to sue to evict or otherwise dispossess such tenants and shall not be required to continue to pursue such remedies against such tenants after the date that is eighteen (18) months after the Closing Date.  Any percentage rent collected in connection with any Assignable Leases shall be prorated at Closing in the same manner as “minimum” and “base” rent above but shall be subject to reproration after the applicable lease year is over and total revenues and breakpoint have been reconciled under the applicable Assignable Lease, with such revenues and breakpoint allocated evenly over the year in which Closing occurs on a daily basis and any amount payable from one party to the other shall be paid promptly after such reconciliation is required under the applicable Assignable Lease.
4.3.3    Security Deposits.  Purchaser shall receive a credit at Closing in the amount of any unapplied refundable cash security deposits under the Assignable Leases.  Seller shall not apply any security deposits under the Assignable Leases to any defaults by the tenant thereunder unless such tenant has vacated the Property. In addition, Seller shall deliver to Purchaser at Closing any and all letters of credit and other instruments held by Nine Penn Owner as security deposits under Assignable Leases.  To the extent required, Seller shall use commercially reasonable 

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efforts to assist Purchaser in obtaining any required amendments or modifications to such letters of credit to reflect the transfer of Membership Interests to Purchaser (e.g. change of address, substitution of acceptable signatories) and, unless and until such modifications or amendments are obtained, Seller shall provide assistance, to the extent necessary and at Purchaser’s expense, in order to draw upon any such instrument and deliver the proceeds thereof to Purchaser as and when requested by Purchaser in writing.
4.3.4    Utilities.  Water, electric, telephone and all other utility and fuel charges, fuel on hand (at cost plus sales tax), and any other payments to utility companies shall be prorated.  If possible, utility prorations will be handled by final meter readings on the Closing Date.  If final readings are not possible, or if any such charges are not separately metered, such charges will be prorated on a daily basis based on the most recent period for which actual costs incurred are available.  Seller shall receive a credit at Closing for any utility deposits that exist as of the Closing Date, to the extent such utility deposits remain in place following Closing for the benefit of Purchaser.  Any refund for overpayments of utilities relating to the period of time before Closing shall be retained by Seller or remitted by Purchaser to Seller, as applicable.
4.3.5    Service Contracts.  Amounts due and prepayments under Assignable Service Contracts (other than non-recurring, upfront payments made prior to Closing by any vendor to Nine Penn Owner) shall be prorated.
4.3.6    Fees Payable.  Fees related to licenses and permits that remain in place following Closing for the benefit of Purchaser shall be prorated.
4.3.7    Tenant Inducement Costs, Leasing Commissions and Construction Contracts.  
4.3.7.1    Purchaser shall be responsible for the payment of all of the following Tenant Inducement Costs (as defined below):  (a) those specifically identified as Purchaser’s obligation on Exhibit K-1 of the Company Disclosure Letter; (b) those payable under a New Lease entered into in accordance with Section 9.3.1 below (in an amount equal to the amount of such costs prorated over the term of such New Lease, with Seller being responsible only for the portion of such costs based on the ratio of base rent payments received by Nine Penn Owner through the Closing Date to the total base rent payable over the term of such New Lease); and (c) those associated with existing Leases other than with respect to the current terms of such existing Leases.
Seller shall be responsible for the payment of all Tenant Inducement Costs with respect to the current term of all existing Leases and other than those for which Purchaser is expressly responsible pursuant to Section 4.3.7.1 above.

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“Tenant Inducement Costs” means any amounts required under a Lease to be paid or credited by the landlord thereunder to or for the benefit of the tenant thereunder which is in the nature of a tenant inducement, including specifically, without limitation, tenant improvement costs, lease buyout costs (other than those accruing as a result of a buyout option executed by Nine Penn Owner after the Closing Date, which buyout costs shall be Purchaser’s sole and exclusive responsibility), moving, design, refurbishment and club membership allowances, but specifically excluding loss of income resulting from any free rental period (it being agreed that Seller shall bear the loss resulting from any free rental period until the Closing Date and that Purchaser shall bear such loss from and after the Closing Date).
If, as of the Closing Date, Nine Penn Owner shall have paid or provided a credit to the tenant for any Tenant Inducement Costs for which Purchaser is responsible pursuant to this Section 4.3.7, Seller shall be credited with an amount equal to such Tenant Inducement Costs.  If, as of the Closing Date, Nine Penn Owner shall not have paid or provided a credit to the tenant for any Tenant Inducement Costs for which Seller is responsible in accordance with the provisions of this Section 4.3.7, Purchaser shall be credited with an amount equal to such Tenant Inducement Costs and Purchaser shall assume the obligation to pay or cause Nine Penn Owner to pay the same.
4.3.7.2    Leasing Commissions.  Purchaser shall be responsible for the payment of all of the following leasing commissions:  (a) those specifically identified as Purchaser’s obligation on Exhibit K-2 of the Company Disclosure Letter; (b) those paid or payable in connection with any New Lease entered into in accordance with Section 9.3.1 below and not designated as Seller’s responsibility in clause (ii) of the next paragraph; (c) to the extent not described above, for any “Protected Tenant” who enters into a lease at the Property following Closing, a commission to the listing broker under the Brokerage Agreement (as defined below) calculated in accordance with the formula set forth on Exhibit K-2 of the Company Disclosure Letter, and (d) those paid or payable in connection with any existing Lease other than with respect to the current terms of such existing Leases.  “Protected Tenant” means any prospective tenant, if such prospective tenant’s entry into a lease after Closing would entitle the listing broker under the Brokerage Agreement to a commission under such Brokerage Agreement.
Seller shall be responsible for the payment of all leasing commissions with respect to the current term of all existing Leases and other than those for which Purchaser is expressly responsible pursuant to Section 4.3.7.2 above, including, without limitation, all of the following leasing commissions: (i) those specifically identified as Seller’s obligations on Exhibit K-2 of the Company Disclosure Letter; and (ii) any leasing commissions paid or payable in connection with any New Lease entered into in accordance with 

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Section 9.3.1 below (in an amount equal to the amount of such commissions prorated over the term of such New Lease, with Seller being responsible only for the portion of such commissions based on the ratio of base rent payments received by Nine Penn Owner through the Closing Date to the total base rent payable over the term of such New Lease).
“Brokerage Agreements” means the agreements described on Exhibit K-3 of the Company Disclosure Letter.
If, as of the Closing Date, Nine Penn Owner shall have paid any leasing commission for which Purchaser is responsible pursuant to this Section 4.3.7, Seller shall be credited with an amount equal to such leasing commission.  If, as of the Closing Date, Nine Penn Owner shall not have paid any leasing commission for which Seller is responsible in accordance with the provisions of this Section 4.3.7, Purchaser shall be credited with an amount equal to such leasing commission and Purchaser shall assume the obligation to pay or cause Nine Penn Owner to pay the same.
4.3.7.3    Construction Contracts.  Purchaser and Seller shall each be responsible for the payment of amounts under Assignable Construction Contracts as designated on Exhibit K-4 of the Company Disclosure Letter.
If, as of the Closing Date, Nine Penn Owner shall have paid any costs under Assignable Construction Contracts for which Purchaser is responsible pursuant to this Section 4.3.7, Seller shall be credited with an amount equal to such costs.  If, as of the Closing Date, Nine Penn Owner shall not have paid any costs under Assignable Construction Contracts for which Seller is responsible in accordance with the provisions of this Section 4.3.7, Purchaser shall be credited with an amount equal to such costs and Purchaser shall assume the obligation to pay the same.
If any item of income or expense set forth in this Section 4.3 is based on an estimate or is to be determined after Closing, then Seller and Purchaser shall make, and each shall be entitled to, an appropriate reproration to each such item promptly when accurate information becomes available.  Any amounts due from one party to the other as a result of such reproration shall be paid promptly in cash to the party entitled thereto.  [Solely for Tax purposes, such amounts shall be treated as an adjustment to the Purchase Price.] Seller and Purchaser hereby covenant and agree to make available to each other for review such records as are necessary to complete such reprorations.  The provisions of this Section 4.3 shall survive the Closing.
4.4    Tenant Reimbursements.  Tenants under the Leases are currently paying Nine Penn Owner certain amounts (referred to herein as “Tenant Reimbursements”) based on Nine Penn Owner’s estimates for real estate taxes and assessments, common area maintenance, operating expenses and similar expenses of Nine Penn Owner (collectively, “Owner Expenses”).

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4.4.1    For the Calendar Year of the Closing.  To the extent collected by Nine Penn Owner prior to Closing, Tenant Reimbursements paid by tenants under the Assignable Leases for the calendar month in which the Closing occurs shall be prorated between Purchaser and Seller based on the number of days of such month the Membership Interests will have been owned by Purchaser and Seller, respectively.  At Closing, Purchaser shall receive a credit for all Tenant Reimbursements paid by tenants under the Assignable Leases for the period following the calendar month in which the Closing occurs, to the extent collected by Nine Penn Owner prior to Closing.  There shall be no proration of such Tenant Reimbursements which are delinquent as of Closing.  Tenant Reimbursements collected on or after the Closing Date shall be applied first to the month of Closing, then to any delinquency existing for the period thereafter and then to any delinquency for the period prior to Closing.  Purchaser shall cause any Tenant Reimbursements applicable to the period prior to Closing to be remitted to Seller if, as, and when collected.  If Seller receives any Tenant Reimbursements following Closing, then Seller shall cause any Tenant Reimbursements applicable to the period following Closing to be remitted to Purchaser if, as, and when collected by Seller.  At Closing, Seller shall deliver to Purchaser a schedule of all delinquent Tenant Reimbursements.  In the event any delinquent Tenant Reimbursements are omitted from such schedule, Seller shall not be deemed to have waived its rights to such amounts.  Purchaser shall cause Nine Penn Owner to include the amount of delinquent Tenant Reimbursements in the first bills thereafter submitted to the tenants in question after the Closing, and shall continue to do so for three (3) months thereafter.  Purchaser shall promptly deliver to Seller a copy of each such bill submitted to tenants.  After such three (3) month period following Closing, Purchaser will cause Nine Penn Owner to use commercially reasonable efforts to pursue remedies directly against delinquent tenants, but shall in no event be obligated to sue to evict or otherwise dispossess such tenants and shall not be required to continue to pursue such remedies against such tenants after the date that is eighteen (18) months after the Closing Date.
Not later than ninety (90) days after the end of the calendar year in which Closing occurs, Purchaser shall determine the Tenant Reimbursements paid to Nine Penn Owner by tenants and Owner Expenses for the portion of the calendar year in which the Closing occurs that Seller owned the Membership Interests. Seller shall provide to Purchaser the information necessary to make such determination.  If the amount of Tenant Reimbursements collected by Nine Penn Owner for such year is less than the amount of Owner Expenses for such year, then the difference shall be prorated between Seller and Purchaser in accordance with this Section and Purchaser shall promptly remit the applicable portion of such difference to Seller. If the amount of Tenant Reimbursements collected by Nine Penn Owner for the calendar year in which the Closing occurs exceeds the amount of Owner Expenses for such year, then the excess shall be prorated between Seller and Purchaser in accordance with this Section and Seller shall promptly remit the applicable portion of such excess amounts to Purchaser. Upon receipt of such excess amounts, Purchaser shall be thereafter obligated to promptly remit the applicable portion to the particular tenants entitled 

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thereto.  Purchaser shall indemnify, defend and hold Seller and Seller’s Affiliates harmless from and against any losses, claims, damages and liabilities, including, without limitation, reasonable attorneys’ fees and expenses incurred in connection therewith, arising out of or resulting from Purchaser’s failure to remit any amounts actually received from Seller to tenants in accordance with the provisions hereof.  The provisions of this Section 4.4.1 shall survive Closing.  
4.4.2    For Prior Calendar Years.  Seller shall be responsible for the reconciliation with tenants of Tenant Reimbursements and Owner Expenses for any calendar year prior to that in which the Closing occurs.  If the amount of Tenant Reimbursements collected by Nine Penn Owner for such prior years is less than the amount of Owner Expenses for such period, then, to the extent permitted under the terms of the Leases, Seller shall be entitled to bill such tenants (which may be included in Purchaser’s bills delivered to tenants after Closing) and Purchaser and Seller agree that any amounts received from tenants on account of such Tenant Reimbursements shall not be applied to any tenant delinquencies, but rather shall be remitted to, or retained by, Seller, as applicable.  If the amount of Tenant Reimbursements collected by Nine Penn Owner for such prior calendar year exceeds the amount of Owner Expenses with respect to such period, then, to the extent required under the terms of the Leases, Seller shall remit such excess amounts to the applicable tenants.  In connection with the foregoing, Seller shall be permitted to make and retain copies of all Leases and all billings concerning Tenant Reimbursements for such prior years, and Purchaser covenants and agrees to provide Seller with reasonable access to the books and records pertaining to such Tenant Reimbursements, and to otherwise cooperate with Seller (at no cost to Purchaser) for the purpose of enabling Seller to adequately respond to any claim by tenants for reimbursement of Tenant Reimbursements previously paid by such tenants.  The provisions of this Section 4.4.2 shall survive the Closing.
4.4.3    Other Costs.    Notwithstanding the foregoing, if a tenant makes a payment to Nine Penn Owner with respect to any other amount owed to Seller (for example reimbursement for a tenant improvement overrun) such amount shall be for the account of Seller and if collected by Purchaser or Nine Penn Owner, shall be promptly paid to Seller.  In addition, if Nine Penn Owner bills certain amounts to a tenant in arrears (for example, reimbursement by a tenant for certain utility costs incurred by Nine Penn Owner or charges for specific services provided by Nine Penn Owner), at Seller’s written request, Purchaser shall include, or cause Nine Penn Owner to include, the amount of any such arrearages in the first bills thereafter submitted to the tenants in question after the Closing, and shall continue to do so for three (3) months thereafter.  Purchaser shall promptly deliver to Seller a copy of each such bill submitted to tenants.  If a tenant makes a payment to Nine Penn Owner with respect to any such arrearage owed to Seller, such amount shall be for the account of Seller and, if collected by Purchaser or Nine Penn Owner after Closing, shall be promptly paid to Seller.  After such three (3) month period following Closing, Purchaser will cause Nine Penn Owner to pursue remedies directly against delinquent 

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tenants for such arrearages, but shall in no event be obligated to sue to evict or otherwise dispossess such tenants and shall not be required to continue to pursue such remedies against such tenants after the date that is eighteen (18) months after the Closing Date.  The provisions of this Section 4.4.3 shall survive the Closing.
4.4.4    Rent Paid in Arrears.  For any tenant or other user of the Property that makes rent payments in arrears pursuant to such tenant’s or user’s lease or other agreement with Nine Penn Owner (including, without limitation, any parking garage operator, if applicable), Purchaser agrees that upon Nine Penn Owner’s receipt after Closing of any rent payment from any such tenant or other user that is for any period of time prior to the Closing Date, Purchaser shall promptly pay to Seller the portion of such payment that applies to the period of time prior to the Closing Date.  The provisions of this Section 4.4.4 shall survive the Closing.
4.5    Reservation of Rights to Contest.  Seller shall retain all rights with respect to a refund, if any, of real estate and personal property taxes and assessments applicable to the 2018 calendar year and any year prior thereto and, if received by Nine Penn Owner after Closing, Purchaser shall cause Nine Penn Owner to remit the applicable portion of such taxes and assessments to Seller. Seller shall not settle any disputes (a) concerning real estate and personal property taxes and assessments for the period in which Closing occurs or (b) which would have an adverse effect on real estate and personal property taxes and assessments for any other periods following Closing, in each case without the prior written consent of Purchaser, not to be unreasonably withheld.
4.6    Transaction Costs.  Except as otherwise specifically set forth in this Agreement (including, for the avoidance of doubt, Section 11.19) the closing costs and other costs incurred in connection with the transactions contemplated by this Agreement shall be paid as follows:  (a) Seller shall pay for (1) the base premium payable to the Title Company in connection with the issuance of the Owner’s Policy, (2) one-half (1⁄2) of all escrow fees payable to Escrow Agent, (3) one-half (1⁄2) of all transfer taxes, documentary stamps and intangible taxes and similar taxes or charges due as a result of the transfer of the Membership Interests from Seller to Purchaser (“Transfer Taxes”), and (4) the Brokerage Commission, and (b) Purchaser shall pay for (i) all title insurance costs and fees in excess of the base premium of the Owner’s Policy, including any for extended coverage, endorsements, coinsurance or reinsurance, and any loan policy charges, (ii) one-half (1⁄2) of all Transfer Taxes, (iii) all recording charges, (iv) all costs incurred in connection with obtaining the Survey (but only if the Closing occurs), (v) one-half (1⁄2) of all escrow fees payable to Escrow Agent, and (vi) all sales and use taxes, if any.  Indemnified Amounts (as defined in the Company Disclosure Letter) shall not include Transfer Taxes.  Seller and Purchaser shall be responsible for the fees of their respective attorneys.  All other customary closing costs incurred in connection with the transactions contemplated by this Agreement for which express provision is not made in this Agreement shall be borne in accordance with local custom (and, in the absence of local custom, shall be borne by the party which incurred the same).  

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4.7    Reprorations.  Notwithstanding anything contained herein to the contrary, all reprorations contemplated by this Agreement shall be completed within one (1) year of Closing (subject to extension solely as necessary due to the unavailability of final information, but in no event to exceed eighteen (18) months after Closing).  The provisions of this Section 4.7 shall survive the Closing.
4.8    Income Support.  Seller shall provide to Purchaser a credit at Closing in an amount equal to the Income Support as further detailed in the Company Disclosure Letter.
4.9    Signage Credit.  Seller shall provide to Purchaser a credit at Closing in an amount equal to the Remaining Signage Costs as further detailed in the Company Disclosure Letter.
5.    CASUALTY LOSS AND CONDEMNATION.  If, prior to Closing, the Property, or any part thereof shall be condemned, destroyed, or damaged by fire or other casualty, Seller shall promptly so notify Purchaser.  In the event of a Material Loss (as defined below), either Seller or Purchaser shall have the option to terminate this Agreement by giving notice to the other party within fifteen (15) days of the date Seller provides notice to Purchaser of the Material Loss (but no later than the Closing).  If either (x) the condemnation, destruction or damage does not result in a Material Loss or (y) the condemnation, destruction or damage does result in a Material Loss and neither Seller nor Purchaser provides notice to the other party within such fifteen (15) day period of its election to terminate this Agreement, then Seller and Purchaser shall consummate the transaction contemplated by this Agreement notwithstanding such condemnation, destruction or damage.  If the transaction contemplated by this Agreement is consummated, then (i) in the case of a condemnation, Purchaser, as the owner of the Membership Interests after Closing, shall be entitled to receive any condemnation proceeds, and (ii) in the case of a casualty, Purchaser, as the owner of the Membership Interests after Closing, shall be entitled to receive (A) any proceeds of insurance under any policy(ies) of insurance applicable to the destruction or damage of the Property, (B) the amount of any deductible, and (C) any remaining cost to repair not covered by insurance (if any); all net of repair costs incurred and paid by Nine Penn Owner prior to Closing.  In addition, in the event Closing occurs, Purchaser shall deliver to Seller at Closing a release in form reasonably satisfactory to Seller whereby Purchaser releases Seller from all ongoing liability and/or claims in connection with such condemnation or casualty, provided that Purchaser shall have received each of the items set forth in sub-clauses (A) through (C) of clause (ii) of the immediately preceding sentence, and provided further that Seller agrees to collaborate after the Closing with the insurance adjuster retained by the parties in connection with such casualty.  If either party elects to terminate this Agreement in accordance with this Section 5, the Earnest Money shall be returned to Purchaser, at which time this Agreement shall, without further action of the parties, terminate and become null and void and neither party shall have any further rights or obligations under this Agreement, except for those which expressly survive termination of this Agreement.  For purposes of this Section 5, a “Material Loss” means condemnation, damage or destruction that (x) is reasonably estimated by Seller’s insurer or appraiser to cost or be valued at (as the case may be) more than the Loss Threshold (defined below), as applicable to the terminating party, as to the Property or any portion thereof, or (y) would permanently and materially impair the current use of, or access to, the Property; and 

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“Loss Threshold” means One Million Dollars ($1,000,000) as to the Purchaser, and Ten Million Dollars ($10,000,000), as to the Seller.
6.    BROKERAGE.  Seller agrees to pay (pursuant to a separate agreement) a brokerage commission due to the Brokerage Company identified in the Company Disclosure Letter for services rendered in connection with the sale and purchase of the Membership Interests.  Seller shall indemnify and hold Purchaser and Nine Penn Owner harmless from and against any and all claims of the Brokerage Company for the failure of Seller to pay such brokerage commission as and when required, including, without limitation, attorneys’ fees and expenses incurred by the indemnified party in connection with such claim.  Seller and Purchaser shall each indemnify and hold the other harmless from and against any and all claims of all other brokers and finders claiming by, through or under the indemnifying party and in any way related to the sale and purchase of the Membership Interests, this Agreement or otherwise, including, without limitation, attorneys’ fees and expenses incurred by the indemnified party in connection with such claim.
7.    DEFAULT AND REMEDIES.
7.1    Pre-Closing Purchaser’s Remedies.  Notwithstanding anything to the contrary contained in this Agreement, if Closing does not occur due to a Seller default, then, as Purchaser’s sole and exclusive remedy hereunder and at Purchaser’s option, either (a) the Earnest Money shall be returned to Purchaser (and, promptly after Seller’s receipt of invoices and reasonable documentation showing the cost of Purchaser’s due diligence and copies of any reports received by Purchaser, Purchaser shall have the right to reimbursement for its Pursuit Costs, at which time this Agreement shall, without further action of the parties, terminate and become null and void and neither party shall have any further rights or obligations under this Agreement, except for those which expressly survive termination of this Agreement, or (b) upon notice to Seller not more than fifteen (15) days after Purchaser becomes aware of such failure, and provided an action is filed within forty-five (45) days thereafter, Purchaser may seek specific performance of this Agreement, but not damages.  Purchaser’s failure to seek specific performance as aforesaid shall constitute its election to proceed under clause (a) above.
7.2    Pre-Closing Seller’s Remedies.  PURCHASER AND SELLER ACKNOWLEDGE THAT IT WOULD BE EXTREMELY IMPRACTICAL AND DIFFICULT TO ASCERTAIN THE ACTUAL DAMAGES WHICH WOULD BE SUFFERED BY SELLER IF PURCHASER FAILS TO CONSUMMATE THE PURCHASE AND SALE CONTEMPLATED HEREIN AS A RESULT OF PURCHASER’S FAILURE TO CONSUMMATE CLOSING AS AND WHEN REQUIRED BY THE TERMS OF THIS AGREEMENT IN BREACH OF ITS OBLIGATIONS TO DO SO.  PURCHASER AND SELLER HAVE CONSIDERED CAREFULLY THE LOSS TO SELLER OCCASIONED BY TAKING THE MEMBERSHIP INTERESTS OR THE PROPERTY OFF THE MARKET AS A CONSEQUENCE OF THE NEGOTIATION AND EXECUTION OF THIS AGREEMENT, THE EXPENSES OF SELLER INCURRED IN CONNECTION WITH THE PREPARATION OF THIS AGREEMENT AND SELLER’S 

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PERFORMANCE HEREUNDER, AND THE OTHER DAMAGES, GENERAL AND SPECIAL, WHICH PURCHASER AND SELLER REALIZE AND RECOGNIZE SELLER WILL SUSTAIN BUT WHICH SELLER CANNOT AT THIS TIME CALCULATE WITH ABSOLUTE CERTAINTY.  BASED ON ALL THOSE CONSIDERATIONS, PURCHASER AND SELLER HAVE AGREED THAT THE DAMAGE TO SELLER IN SUCH EVENT WOULD REASONABLY BE EXPECTED TO BE EQUAL TO THE SUM OF THE EARNEST MONEY.  ACCORDINGLY, IF CLOSING DOES NOT OCCUR AS A RESULT OF PURCHASER’S FAILURE TO CONSUMMATE CLOSING AS AND WHEN REQUIRED BY THE TERMS OF THIS AGREEMENT IN BREACH OF ITS OBLIGATIONS TO DO SO, THEN SELLER SHALL HAVE THE RIGHT, AS ITS SOLE AND EXCLUSIVE REMEDY, TO RETAIN THE EARNEST MONEY AS FULL AND COMPLETE LIQUIDATED DAMAGES, AT WHICH TIME THIS AGREEMENT SHALL, WITHOUT FURTHER ACTION OF THE PARTIES, TERMINATE AND BECOME NULL AND VOID AND NEITHER PARTY SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS UNDER THIS AGREEMENT, EXCEPT FOR THOSE WHICH EXPRESSLY SURVIVE TERMINATION OF THIS AGREEMENT.  NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 7.2 SHALL LIMIT ANY INDEMNIFICATION OBLIGATION OF PURCHASER UNDER THIS AGREEMENT.
7.3    Post-Closing Remedies.  After Closing, Seller and Purchaser shall, subject to the terms and conditions of this Agreement including without limitation Section 10 below, have such rights and remedies as are available at law or in equity, except that neither Seller nor Purchaser shall be entitled to recover from the other consequential or special damages.
8.    CONDITIONS PRECEDENT.
8.1    Due Diligence Period. Purchaser shall have until 4:00 p.m., Chicago, Illinois time on January 29, 2019 (the “Due Diligence Period”) within which to inspect the Property, obtain any necessary internal approvals to the transaction, and satisfy itself as to all matters relating to the Membership Interests and the Property, including, but not limited to, environmental, engineering, structural, financial, title and survey matters.  If Purchaser determines (in its sole and absolute discretion) that the Membership Interests and/or the Property are unsuitable for its purposes for any reason or no reason or otherwise determines (in its sole and absolute discretion) for any reason or no reason not to proceed to Closing, then Purchaser may terminate this Agreement by written notice to Seller given at any time prior to the expiration of the Due Diligence Period. If Purchaser so terminates this Agreement, then the Earnest Money shall be returned to Purchaser, at which time this Agreement shall, without further action of the parties, become null and void and neither party shall have any further rights or obligations under this Agreement, except for those which expressly survive termination of this Agreement.  Purchaser’s failure to terminate this Agreement within the Due Diligence Period shall be deemed a waiver by Purchaser of the condition contained in this Section 8.1, and thereafter the Earnest Money shall not be refunded to Purchaser except pursuant to another express provision of this Agreement.  Notwithstanding anything to the 

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contrary contained in this Agreement, by executing and delivering this Agreement, Purchaser acknowledges and agrees that Purchaser has elected to waive any right that Purchaser may have to terminate this Agreement pursuant to this Section 8.1.  Purchaser’s right of access and inspection pursuant to this Section 8.1 shall be governed by the Access and Indemnity Agreement dated as of December 17, 2018, a copy of which is attached to the Company Disclosure Letter as Exhibit P and which is incorporated by reference into this Agreement.
Notwithstanding anything to the contrary set forth in this Agreement, the Due Diligence Period is deemed to have expired, and Purchaser hereby waives its right to terminate this Agreement pursuant to this Section 8.1, on the Effective Date and concurrent with the execution of this Agreement by both Purchaser and Seller.
8.2    Estoppel Certificates.  As a condition to Purchaser’s obligation to close hereunder, Purchaser shall have received certain estoppel certificates outlined in the Company Disclosure Letter at least one (1) Business Day before the Closing.
8.3    Association Estoppel.  As a condition to Purchaser’s obligation to close hereunder, Purchaser shall have received an association estoppel as outlined in the Company Disclosure Letter.
8.4    Subordination, Non-Disturbance and Attornment Agreements.  Purchaser and Seller have agreed as to the matter of subordination, non-disturbance and attornment agreements as outlined in the Company Disclosure Letter.
8.5    Accuracy of Seller’s Representations and Warranties.  As a condition to the obligations of Purchaser to close hereunder, each of Seller’s representations and warranties set forth in Section 9.1 below shall be materially true and correct as of the Closing Date (or shall be materially true and correct subject to any change thereto resulting from any actions taken by Seller permitted under Section 9.3 or otherwise under this Agreement).  If the foregoing condition is not satisfied and (a) such failure would result in a material adverse effect on the Membership Interests, Property or Purchaser (it being acknowledged and agreed by the parties that only a failure of the foregoing condition that relates to any matter that gives rise to, or could reasonably be expected to give rise to, any loss, damage, liability, cost or expense (including the diminution in value of the Property) (a “Loss”) in excess of $750,000 shall be deemed to have a material adverse effect on the Membership Interests, Property and Purchaser) and (b) Seller has not cured such failure as of the Closing Date (which cure may include causing the applicable representation(s) and warranty(ies) to become true and correct or crediting Purchaser at Closing for the amount of the Loss), then Purchaser, as Purchaser’s sole remedy, shall have the right to terminate this Agreement and receive the return of the Earnest Money and reimbursement from Seller of Purchaser’s Pursuit Costs by delivering written notice thereof to Seller on or before the earlier of (i) the Closing Date or (ii) the fifth (5th) Business Day after Purchaser obtains knowledge or receives written notice of such failure, and upon timely delivery of such written notice to Seller, this Agreement shall, without further action of the parties, terminate and become null and void and neither party shall have any further rights or obligations under this Agreement, except for those which expressly survive termination of this Agreement; provided that, in the event 

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that a Loss shall exceed $3,000,000, Purchaser shall be entitled to terminate this Agreement and obtain the return of the Earnest Money and reimbursement from Seller of Purchaser’s Pursuit Costs, notwithstanding Seller’s willingness to providing a credit at Closing for the amount of the Loss.  If Purchaser does not terminate this Agreement pursuant to its rights under this Section 8.4, then such representations and warranties shall be deemed modified to take into account any such fact of which Purchaser was aware prior to or at Closing.  In the event Purchaser closes with knowledge that a representation or warranty is untrue, Purchaser is prohibited from making any claims against Seller as a result thereof.
8.6    Accuracy of Purchaser’s Representations and Warranties.  As a condition to the obligations of Seller to close hereunder, each of Purchaser’s representations and warranties set forth in Section 9.4 below shall be materially true and correct as of the Closing, and the failure of such condition shall be deemed a breach by Purchaser hereunder entitling Seller to exercise the remedies set forth in Section 7.2.
9.    REPRESENTATIONS, WARRANTIES AND COVENANTS.
9.1    Seller’s Representations and Warranties.  Subject to Section 9.5 below, Seller hereby represents and warrants to Purchaser as to the following matters, as of the Effective Date:
9.1.1    Organization and Authority.  The Trust is duly organized and in good standing under the laws of the state of its organization.  The Trust has the power and authority under its organizational documents to sell, transfer, convey and deliver the Membership Interests to be sold and purchased hereunder, and all action and approvals required thereunder have been duly taken and obtained.  TRS, Inc. is duly organized and in good standing under the laws of the state of its organization.  TRS, Inc. has the power and authority under its organizational documents to sell, transfer, convey and deliver the Membership Interests to be sold and purchased hereunder, and all action and approvals required thereunder have been duly taken and obtained.  Nine Penn Owner is duly organized and in good standing under the laws of the state of its organization.
9.1.2    No Conflict.  The execution and delivery of this Agreement, the consummation of the transactions provided for herein and the fulfillment of the terms hereof will not result in a breach of any of the terms or provisions of, or constitute a default under, any provision of Seller’s organizational documents.
9.1.3    Title to the Membership Interests.
(a)    Each Seller owns legal and beneficial title to its Membership Interests, free and clear of all liens and encumbrances, has the power and authority to sell, transfer, assign and deliver its Membership Interests as provided in this Agreement, and such delivery will assign to Purchaser such Membership Interests.

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(b)    Except for the Operating Agreement of Nine Penn Owner, there is no certificate or other instrument evidencing the Membership Interests.
(c)    Nine Penn Owner is not presently conducting, and has not in the past conducted, any business other than the ownership and operation of the Property.
(d)    There were and are no outstanding subscriptions, securities, options, warrants, calls, rights, commitments, agreements, arrangements, rights of first offer to purchase, rights of first refusal to purchase, rights or negotiation, purchase options or similar rights or contractually required rights or consents to transfers or undertakings of any kind to which the Seller or Nine Penn Owner is a party, or pursuant to which the Seller or Nine Penn Owner is or may become bound, requiring either the issuance of any additional interests in Nine Penn Owner, the sale of any of the membership interests or the admission of additional members of Nine Penn Owner or otherwise.
(e)    There are no outstanding member loans (either from third parties or from other members).
9.1.4    Enforceability.  This Agreement constitutes the legal, valid and binding obligation of the Trust and TRS, Inc., enforceable against the Trust and TRS, Inc. in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity).
9.1.5    Condemnation.  Nine Penn Owner has not received from any Governmental Authority any written notice that any condemnation action has been filed against the Property or any part thereof, and to Seller’s Knowledge, no such condemnation is threatened against the Property or any part thereof.
9.1.6    Litigation.  Except as set forth on Exhibit N of the Company Disclosure Letter and the Loss-Runs (defined below), neither Seller nor Nine Penn Owner has been served with any litigation, legal proceedings, administrative proceeding or investigation, and to Seller’s Knowledge, none has been threatened in writing (and has not been resolved) by any third party, which is still pending against Seller or Nine Penn Owner with respect to its ownership or operation of the Property, and neither Seller nor Nine Penn Owner has received any notice of default from any lender with a recorded security interest on the Property which has not been cured.

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9.1.7    Labor Disputes. To Seller’s Knowledge, there are no pending or threatened unfair labor practice charges, material grievances, material arbitrations, strikes, lockouts, work stoppages, slowdowns or other material labor disputes with respect to any employees serving the Property through the Property Manager.
9.1.8    Tax Matters.  Except as otherwise disclosed in writing to Purchaser:
		
	(a)
	All Tax returns required to be filed by Nine Penn Owner prior to the Effective Date have been timely filed and such Tax returns are true, complete and correct in all material respects.

		
	(b)
	All Taxes due and owing by the Nine Penn Owner prior to the Effective Date have been timely paid, except where such Taxes are being contested in good faith by appropriate proceedings and appropriate reserves have been set aside.

		
	(c)
	All tax deficiencies asserted, or tax assessments made, if any, against Nine Penn Owner as a result of any examinations by a Governmental Authority have been fully paid, and, to Seller’s Knowledge, there are no Tax deficiencies or assessments threatened with respect to Nine Penn Owner.

		
	(d)
	No written claim that Nine Penn Owner is or may be subject to taxation has been made by any Governmental Authority or by any other state, county or municipality, or any other political subdivision, or any agency, department, commission, board, bureau, property owners association, utility district, flood control district, improvement district, or similar district, or other instrumentality of any of them, in a jurisdiction where Nine Penn owner does not file Tax returns.

		
	(e)
	There are no pending or threatened in writing, Tax audits, examinations or, to Seller’s Knowledge, investigations by any Governmental Authority concerning Nine Penn Owner.

		
	(f)
	There is no tax litigation against Nine Penn Owner.

		
	(g)
	Taxes which Nine Penn Owner is required to withhold or collect, including Taxes required to have been withheld in connection with amounts paid or owing to any employee, independent contractor, creditor, equity holder or other third party, have been withheld or collected and, to the extent required, have been paid over to the proper Governmental Authority and Nine Penn Owner has in all material respects complied with all information reporting and backup withholding provisions of applicable law.

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	(h)
	Nine Penn Owner is classified as a partnership for U.S. federal, state, and local income tax purposes (the representations in this Section 9.1.8, the “Tax Representations”).

9.1.9    Tax Appeal Proceedings.  Neither Seller nor Nine Penn Owner has filed, and has not retained anyone to file, notices of protest against, or to commence actions to review real property tax assessments against the Property which are currently pending. Seller has not received any written notice that any other party has filed an appeal related to real property tax assessments against the Property which are currently pending.
9.1.10    Bankruptcy. Neither Seller nor Nine Penn Owner has (a) made a general assignment for the benefit of creditors, (b) filed any voluntary petition in bankruptcy or suffered the filing of any involuntary petition by its creditors, (c) suffered the appointment of a receiver to take possession of all, or substantially all, of its assets, (d) suffered the attachment or other judicial seizure of all, or substantially all, of its  assets, (e) admitted in writing its inability to pay its debts as they come due, or (f) made an offer of settlement, extension or composition to its creditors generally.
9.1.11    Leases.  (i) The list of documents set forth on Exhibit R of the Company Disclosure Letter (the “Lease Documents”) is a true, correct and complete list of all Lease Documents affecting the Property, (ii) the Lease Documents are in full force and effect, (iii) Seller has delivered true, correct and complete copies of the Leases to Purchaser, (iii) no rent under any Lease has been paid more than one (1) month in advance of its due date (other than annual rent from Federal Express and United Parcel Service, which rent in each case does not exceed $1,000 per year), (iv) there are no unfunded Tenant Inducement Costs associated with the current term under any existing Leases, except as set forth on Exhibit K-1 of the Company Disclosure Letter, (v) except as set forth on Exhibit R of the Company Disclosure Letter, neither Seller nor Nine Penn Owner has delivered to any tenant under the Lease Documents, nor has any tenant under the Lease Documents delivered to Seller or Nine Penn Owner, a written notice of default under any such Lease Documents, and (vi) Exhibit T attached to the Company Disclosure Letter contains a true, correct and complete list of the Security Deposits held by Nine Penn Owner under the Leases.
9.1.12    Brokerage Contracts.  (i) The list of documents set forth on Exhibit K-3 of the Company Disclosure Letter is a true, correct and complete list of all Brokerage Agreements entered into by or on behalf of Nine Penn Owner (other than so-called tenant representation agreements), (ii) Seller has delivered true, correct and complete copies of such Brokerage Agreements to Purchaser, and (iii) except as set forth on Exhibit K-2 of the Company Disclosure Letter, all commissions associated with the current term under any existing Leases under such Brokerage Agreements have been paid and the tenant commissions under any such tenant representation agreements have been paid.

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9.1.13    Service Contracts.  Sellers make the representations with respect to Taken Service Contracts (as defined in the Company Disclosure Letter) as set forth in the Company Disclosure Letter.
9.1.14    Easement and Restriction Agreement and Agreement regarding Atrium and Plaza.  Neither Seller nor Nine Penn Owner has delivered to any party under the Easement Agreement, nor has any party under the Easement Agreement delivered to Seller or Nine Penn Owner, a written notice of default under the Easement Agreement which remains uncured.  Neither Seller nor Nine Penn Owner has received any written notice of default under the Agreement regarding Atrium and Plaza of Nine Penn Center and Six Penn Center dated as of June 15, 1998 which remains uncured.
9.1.15    FIRPTA.  Transferors are not a “foreign person” or “foreign corporation” as those terms are defined in the Internal Revenue Code and the regulations promulgated thereunder.
9.1.16    Insurance.  The Transferors have delivered true and complete copies of certificates of Seller’s insurance maintained for the Property.  The insurance policies evidenced by such certificates are currently in full force and effect and, as of the date of the “loss-runs” dated January 29, 2019 and delivered by Seller to Purchaser (the “Loss-Runs”), no claims have been made thereunder.
9.1.17    No Purchase Option. Other than this Agreement or as disclosed in the Title Commitment, to Seller’s Knowledge, there are no recorded or unrecorded rights of first offer to purchase, rights of first refusal to purchase, rights of negotiation, purchase options or similar rights or contractually required rights or consents to transfer pertaining to the Property, the Membership Interests or any portions thereof. 
9.1.18    Violations.  To Seller’s Knowledge, Seller has not received written notice from any federal, state or local government that any condition at the Real Property constitutes a violation, in any material respect, of any federal or state environmental law, regulation, rule or ordinances or any other laws, regulations, rules or ordinances.
9.1.19    Executive Order.
(a)    Seller is in compliance with the requirements of Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 23, 2001) (the “Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders or regulations in respect thereof (the Order and such other rules, regulations, legislation, or orders are collectively called the “Orders”).  Further, Seller covenants and agrees to make its policies, procedures and practices regarding compliance with the 

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Orders, if any, available to Purchaser for its review and inspection during normal business hours and upon reasonable prior notice.
(b)    Neither Seller nor any beneficial owner of Seller:
(i)    is listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order and/or any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists are collectively referred to as the “Lists”); 
(ii)    is a person who has been determined by competent authority to be subject to the prohibitions contained in the Orders; or
(iii)    is owned or controlled by, or acts for or on behalf of, any person on the Lists or any other person who has been determined by competent authority to be subject to the prohibitions contained in the Orders.
(c)    Seller hereby covenants and agrees that if Seller obtains knowledge that Seller or any of its beneficial owners becomes listed on the Lists or is indicted, arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering, Seller shall immediately notify Purchaser in writing, and in such event, Purchaser shall have the right to terminate this Agreement without penalty or liability to Seller immediately upon delivery of written notice thereof to Seller.  In such event, Seller shall return and/or cause to be returned to Purchaser the Earnest Money, at which time this Agreement shall, without further action of the parties, terminate and become null and void and neither party shall have any further rights or obligations under this Agreement, except for those which expressly survive termination of this Agreement.
9.1.20    Foreign Corrupt Practices Act.  Neither Seller nor any of its subsidiaries or affiliates, nor any director, officer, agent, employee or other person associated with or acting on behalf of the Seller or any of its subsidiaries or affiliates, (i) has violated or is in violation of any provision of any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions or any applicable provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K Bribery Act 2010, or any other similar law, including, in each case, the rules and regulations thereunder, (ii) has taken, is currently taking or will take any action in furtherance of an offer, payment, gift or anything else of value, directly or indirectly, to any person while knowing that all or some portion of the money or value will be offered, given or promised to anyone to improperly influence official action, to obtain or retain business or otherwise to secure any improper advantage or (iii) has otherwise made 

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any bribe, rebate, payoff, influence payment, unlawful kickback or other unlawful payment.
9.1.21    Utility Agreements.  (i) The list of documents set forth on Exhibit O of the Company Disclosure Letter is a true, correct and complete list of all Utility Agreements affecting the Property, (ii) Seller has delivered true, correct and complete copies of the Utility Agreements to Purchaser, and (iii) except as set forth on Exhibit O of the Company Disclosure Letter, neither Seller nor Nine Penn Owner has delivered to any vendor under the Utility Agreements, nor has any vendor under any such Utility Agreements delivered to Seller or Nine Penn Owner, a written notice of default under any such Utility Agreements.
9.1.22    Mortgage Debt.  Nine Penn Owner is not the borrower under any mortgage loan secured by the Property.
All references in this Agreement or in the Company Disclosure Letter to “Seller’s Knowledge” or words of similar import (whether or not such words may be capitalized), shall refer only to the conscious actual (and not implied or constructive) knowledge of the Seller’s Representative (as defined in the Company Disclosure Letter) and shall not be construed to refer to the knowledge of any other member, officer, director, trustee, shareholder, venturer, consultant, employee, agent, property manager or representative of Seller, its partners or members (including without limitation Seller’s counsel, Property Manager or any broker), or of any affiliate of any of the foregoing, or to impose or have imposed upon the Seller’s Representative any duty to investigate the matters to which such knowledge, or the absence thereof, pertains (except that Seller’s Representative has requested that the individual employee of Property Manager with direct responsibility for managing the Property provide Seller’s Representative with information known to such individual that is salient to the representations given in this Section 9.1 above).  There shall be no personal liability on the part of the Seller’s Representative or any employee of Property Manager arising out of any representations or warranties made herein.  All references herein to “written notice” having been given to Seller shall include only those notices received by the Seller’s Representative.  
9.2    Representations Remade.  As of Closing, Seller shall be deemed to remake and restate the representations set forth in Section 9.1, except that the representations may be updated at or prior to the Closing Date by delivering written notice to Purchaser that any of Seller’s representations or warranties contained herein are untrue or incorrect and Purchaser shall be entitled to all applicable rights and remedies contained in Section 8.4 in connection therewith.  The condition set forth in Section 8.4 shall not be deemed to have failed if any representation or warranty becomes untrue or incorrect due to (i) new Service Contracts or amendments to Service Contracts entered into in accordance with this Agreement or Service Contracts that have expired by their stated terms, (ii) new Construction Contracts or amendments to Construction Contracts entered into in accordance with this Agreement or all work being complete and all amounts due the contractor being paid with 

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respect to any Construction Contract, (iii) New Leases or amendments to New Leases entered into in accordance with this Agreement or Leases which have expired by their own terms, (iv) new Utility Agreements or amendments to Utility Agreements entered into in accordance with this Agreement or Utility Agreements that have expired by their stated terms, (v) rent prepayments for which Purchaser receives a credit at Closing, (vi) delivery of a written default notice under any Lease, (vii) delivery of a written default notice under the Easement Agreement, (viii) any tenant initiating an audit of pass through expenses, or (ix) changes to Exhibits K-1, K-2 or K-4 of the Company Disclosure Letter to take into account changes in payments made or the completion of work; provided that, in each instance under clauses (i) through (ix), the representation or warranty did not become untrue or incorrect as a result of any act taken by Seller in violation of this Agreement or omission of Seller in violation of this Agreement.
9.3    Covenants.  Seller hereby covenants and agrees with Purchaser as to the following matters.
9.3.1    New Leases.  For purposes of this Agreement, any Lease entered into after December 12, 2018 and any modification, amendment, restatement, renewal, extension, failure to exercise a cancellation option, “must take” space or otherwise entered into or occurring, if applicable, after December 12, 2018 with respect to an existing Lease shall be referred to as a “New Lease”. Seller shall not cause Nine Penn Owner to enter into any New Lease (other than an amendment, restatement, modification or renewal of any existing Lease pursuant to a right granted the tenant under such existing Lease for which Nine Penn Owner is not entitled to withhold, condition or delay its consent pursuant to the terms of such Lease) without Purchaser’s prior written consent, which consent may be withheld, conditioned or delayed in Purchaser’s sole discretion.  If Purchaser does not respond in writing to Seller’s request for approval or disapproval of a New Lease within ten (10) Business Days after Purchaser’s receipt of Seller’s request, Purchaser shall be conclusively deemed to have approved of such New Lease.
9.3.2    Service Contracts.  Seller shall not cause Nine Penn Owner to enter into any new Service Contracts which would be binding on Nine Penn Owner after Closing, or cause Nine Penn Owner to cancel, materially modify or renew any existing Service Contracts which would be binding on Nine Penn Owner after Closing, without the prior written consent of Purchaser, which consent shall not be unreasonably withheld or delayed, unless such new Service Contracts are cancelable by Nine Penn Owner upon thirty (30) days’ notice without penalty or premium.  If Purchaser fails to respond to Seller’s request for consent with respect to any such action within ten (10) Business Days after receipt of Seller’s request, such consent shall be deemed given.  The foregoing terms of this Section 9.3.2 shall not apply to new Service Contracts necessitated by an emergency or other circumstance that could reasonably be expected to give rise to impending injury to person or damage to property (in which event, Seller shall only be required to endeavor to provide notice to Purchaser of such circumstances).  Upon the written request of Purchaser delivered 

25

on or prior to the date that is five (5) days prior to the Closing Date, Seller shall cause Nine Penn Owner to deliver to vendors under Service Contracts specified by Purchaser, on the Closing Date, notices of termination of such Service Contracts terminating such Service Contracts in accordance with the terms thereof at no cost to Seller, except for de minimis amounts (it being understood and agreed that such Service Contracts shall remain in full force and effect with respect to the Property, and that Purchaser shall assume the costs and obligations thereunder in accordance with the terms of this Agreement, from the Closing Date until such date as such termination is effectuated in accordance with the terms of the applicable Service Contracts).
9.3.3    Construction Contracts.  Seller shall not cause Nine Penn Owner to enter into any new Construction Contracts which would be binding on Nine Penn Owner after Closing, or cause Nine Penn Owner to cancel, materially modify or renew any existing Construction Contracts which would be binding on Nine Penn Owner after Closing, without the prior written consent of Purchaser, which consent shall not be unreasonably withheld or delayed, unless such new Construction Contracts are cancelable by Nine Penn Owner upon thirty (30) days’ notice without penalty or premium.  If Purchaser fails to respond to Seller’s request for consent with respect to any such action within ten (10) Business Days after receipt of Seller’s request, such consent shall be deemed given.  The foregoing terms of this Section 9.3.3 shall not apply to new Construction Contracts necessitated by an emergency or other circumstance that could reasonably be expected to give rise to impending injury to person or damage to property (in which event, Seller shall only be required to endeavor to provide notice to Purchaser of such circumstances).
9.3.4    Operations.  After the Effective Date, Seller shall cause Nine Penn Owner to (i) operate the Property as a Class “A” office building in the normal course of Nine Penn Owner’s business (Purchaser hereby acknowledging and agreeing that, as of the Effective Date, the Property is being operated as a Class “A” office building), (ii) maintain the Property in substantially the same condition as of the Effective Date, ordinary wear and tear excepted, and subject to Section 5 above, and (iii) insure the Property with substantially the same insurance coverage as existed as of the Effective Date.  Notwithstanding anything in the preceding sentence to the contrary, in no event shall Seller be required to cause Nine Penn Owner to make any capital repairs, replacements or improvements to the Property except as may be required by the Leases to be made prior to the Closing Date.
9.3.5    Other Agreements.  After the Effective Date, and except as required by law or by any of the Permitted Exceptions or as otherwise permitted under this Agreement, Seller shall not cause Nine Penn Owner to become party to agreements granting an easement or right-of-way on, under or about the Property, and Seller shall not cause Nine Penn Owner to become a party to any agreements granting easements or rights-of-way in favor of the Property or otherwise encumber, or grant interests in, the Property.

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If Seller fails to perform or fails to cause Nine Penn Owner to perform any of the covenants contained in this Section 9.3 hereof and either Purchaser receives written notice thereof from Seller prior to Closing or Purchaser shall have actual knowledge of a default by Seller under this Section 9.3 prior to Closing, Purchaser shall have the rights and remedies available to Purchaser under Section 7.1 hereof, and if Purchaser elects to close, then such default by Seller shall be deemed to be waived by Purchaser at the Closing.
9.4    Purchaser’s Representations and Warranties.  Subject to Section 9.5 below, Purchaser represents and warrants that:
9.4.1    ERISA.  Purchaser’s rights under this Agreement, the assets it shall use to acquire the Membership Interests and, upon acquisition of the Membership Interests by Purchaser, the Membership Interests themselves, do not and shall not constitute plan assets within the meaning of 29 C.F.R. §2510.3-101, and Purchaser is not a “governmental plan” within the meaning of section 3(32) of the Employee Retirement Income Security Act of 1974, as amended, and the execution of this Agreement and the purchase of the Membership Interests by Purchaser is not subject to state statutes regulating investments of and fiduciary obligations with respect to governmental plans.
9.4.2    Organization and Authority.  Purchaser is duly organized and in good standing under the laws of the state of its organization.  Purchaser has the power and authority under its organizational documents to perform its obligations hereunder, and all action and approvals required thereunder have been duly taken and obtained.
9.4.3    No Conflict.  The execution and delivery of this Agreement, the consummation of the transactions provided for herein and the fulfillment of the terms hereof will not result in a breach of any of the terms or provisions of, or constitute a default under, any provision of Purchaser’s organizational documents.
9.4.4    No Bankruptcy.  Purchaser has not (a) made a general assignment for the benefit of creditors, (b) filed any voluntary petition in bankruptcy or suffered the filing of any involuntary petition by Purchaser’s creditors, (c) suffered the appointment of a receiver to take possession of all, or substantially all, of Purchaser’s assets, (d) suffered the attachment or other judicial seizure of all, or substantially all, of Purchaser’s assets, (e) admitted in writing its inability to pay its debts as they come due, or (f) made an offer of settlement, extension or composition to its creditors generally.
9.4.5    Executive Order.
(a)    Purchaser hereby represents and warrants that Purchaser is in compliance with the Orders.  Further, Purchaser covenants and agrees to make its policies, procedures and practices regarding compliance with the Orders, if any, available to Seller for its review and inspection during normal business hours and upon reasonable prior notice.

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(b)    Purchaser hereby represents and warrants that neither Purchaser nor any beneficial owner of Purchaser:
(i)    is listed on the Lists;
(ii)    is a person who has been determined by competent authority to be subject to the prohibitions contained in the Orders; or
(iii)    is owned or controlled by, or acts for or on behalf of, any person on the Lists or any other person who has been determined by competent authority to be subject to the prohibitions contained in the Orders.
(c)    Purchaser hereby covenants and agrees that if Purchaser obtains knowledge that Purchaser or any of its beneficial owners becomes listed on the Lists or is indicted, arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering, Purchaser shall immediately notify Seller in writing, and in such event, Seller shall have the right to terminate this Agreement without penalty or liability to Purchaser immediately upon delivery of written notice thereof to Purchaser.  In such event, Seller shall return and/or cause to be returned to Purchaser the Earnest Money, at which time this Agreement shall, without further action of the parties, terminate and become null and void and neither party shall have any further rights or obligations under this Agreement, except for those which expressly survive termination of this Agreement.
9.4.6    Foreign Corrupt Practices Act.  Neither Purchaser nor any of its subsidiaries or affiliates, nor any director, officer, agent, employee or other person associated with or acting on behalf of the Purchaser or any of its subsidiaries or affiliates, (i) has violated or is in violation of any provision of any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions or any applicable provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K Bribery Act 2010, or any other similar law, including, in each case, the rules and regulations thereunder, (ii) has taken, is currently taking or will take any action in furtherance of an offer, payment, gift or anything else of value, directly or indirectly, to any person while knowing that all or some portion of the money or value will be offered, given or promised to anyone to improperly influence official action, to obtain or retain business or otherwise to secure any improper advantage or (iii) has otherwise made any bribe, rebate, payoff, influence payment, unlawful kickback or other unlawful payment.
9.5    Survival. Purchaser’s right to make a claim after Closing with respect to any breach of a representation or warranty set forth in Section 9.1 herein (except for Tax Representations), shall survive the Closing, but only as to claims of which Purchaser notifies Seller in writing within two hundred seventy (270) days after Closing (or such shorter period 

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of time to the extent Purchaser receives an Estoppel Certificate which obviates any or all of Seller’s representations and/or warranties with respect to any Lease in accordance with Section 2 of the Company Disclosure Letter), and not otherwise, and provided that any suit (except with respect to Tax Representations) must be brought within forty-five (45) days after the expiration of such two hundred seventy (270) day period.  The Tax Representations shall survive indefinitely, but not beyond the date of expiration of the applicable statute of limitations plus a period of forty-five (45) days thereafter, and provided that any suit with respect to Tax Representations must be brought within forty-five (45) days after the expiration of the applicable statute of limitations.  Seller’s right to make a claim after Closing with respect to a breach of a representation or warranty set forth in Section 9.4 shall survive the Closing, provided Subsections 9.4.2 and 9.4.3 shall only survive the Closing as to claims of which Seller notifies Purchaser in writing within two hundred seventy (270) days after Closing and provided that any suit must be brought within forty-five (45) days after the expiration of such two hundred seventy (270) day period.
9.6    Employee Matters. 
(a)    Seller has provided to Purchaser a written list of those employees of Property Manager serving the Property (the “Employee List”).  No later than five (5) days before the Closing Date, Purchaser agrees to provide to Seller the names of employees from the Employee List to whom offers of employment will be proffered upon Closing.  As contemplated by Section 4.1 of this Agreement above, Seller will deliver to Purchaser at Closing evidence of termination of the sub-management agreement with Property Manager effective as of the Closing Date.
(b)    Neither Seller nor any ERISA Affiliate sponsors any multiemployer pension plan (as defined in Section 3(37) of ERISA) or other pension plan, in each case, that is subject to Title IV of ERISA, except in each case as could not constitute an obligation of Purchaser in connection with this Agreement.  Neither Seller nor the Property, nor any portion thereof, comprises plan assets within the meaning of 29 C.F.R. §2510.3-101 as modified by Section 3(42) of ERISA.
(c)    Neither Seller nor Nine Penn Owner has a single employer, joint employer, alter ego or similar relationship with any other company.  Nine Penn Owner has no current employees nor any liability with respect to former employees.
9.7    Brokerage Commissions.  Purchaser agrees that if Purchaser or any of its affiliates, including Nine Penn Owner after Closing, enter into any leasing, brokerage or similar agreements for the Property with any of the brokers or affiliates thereof who are a party to the Brokerage Agreement (collectively, the “Brokers”) for the Property, such leasing, brokerage or similar agreements (each, a “New Agreement”) must contain a provision that the applicable New Agreement supersedes and replaces in its entirety any and 

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all prior leasing, brokerage or similar agreements between such Broker and Purchaser or any previous owner of the Property that is the subject of the New Agreement.
9.8    Lien Waivers.  From the Effective Date through the Closing Date, Seller shall use good faith efforts to obtain and deliver to Purchaser all partial and/or full lien waivers, as applicable, in connection with any payments made pursuant to any Construction Contracts by Seller from the date that is one hundred eighty (180) days prior to the Closing Date through the Closing Date.
10.    LIMITATION OF LIABILITY.  Notwithstanding anything to the contrary contained herein, if the Closing shall have occurred (and Purchaser shall not have waived, relinquished or released any applicable rights pursuant to an express provision of this Agreement or in any of the Closing deliveries in further limitation), then (a) the aggregate liability of Seller arising pursuant to or in connection with the representations, warranties, indemnifications, covenants or other obligations (whether express or implied) of Seller under this Agreement (or any document executed or delivered in connection herewith) shall not exceed Ten Million Dollars ($10,000,000) in the aggregate (the “Liability Limitation”), provided that the Liability Limitation shall not apply to the Tax Representations or to Seller’s indemnifications of Nine Penn Owner and Purchaser with respect to the Brokerage Commission, and (b) no claim by Purchaser alleging a breach by Seller of any representation, warranty, indemnification, covenant or other obligation of Seller contained herein (or in any document executed or delivered in connection herewith) may be made, and Seller shall not be liable for any judgment in any action based upon any such claim, unless and until such claim, either alone or together with any other claims by Purchaser against Seller alleging a breach by Seller of any representation, warranty, indemnification, covenant or other obligation of Seller contained herein (or in any document executed or delivered in connection herewith), is for an aggregate amount in excess of One Hundred Thousand Dollars ($100,000) (the “Floor Amount”), in which event Seller’s liability respecting any final judgment concerning such claim or claims shall be for the entire amount thereof, subject to the limitation set forth in clause (a) above; provided, however, that if any such final judgment is for an amount that is less than or equal to the Floor Amount, then Seller shall have no liability with respect thereto.  No constituent partner or member in or agent of Seller, nor any advisor, trustee, director, officer, member, partner, employee, beneficiary, shareholder, participant, representative or agent of any entity that is or becomes a constituent partner or member in Seller or an agent of Seller (including, but not limited to, the Trust and EQC Management) (collectively, “Seller’s Affiliates”) shall have any personal liability, directly or indirectly, under or in connection with this Agreement or any agreement made or entered into under or pursuant to the provisions of this Agreement, or any amendment or amendments to any of the foregoing made at any time or times, heretofore or hereafter, and Purchaser and its successors and assigns and, without limitation, all other persons and entities, shall look solely to Seller for the payment of any claim or for any performance, and Purchaser, on behalf of itself and its successors and assigns, hereby waives any and all such personal liability.  Notwithstanding anything to the contrary contained in this Agreement, neither the negative capital account of any constituent partner or member in Seller, nor any obligation of any constituent partner or member in any entity owning an interest (directly or indirectly) in Seller to restore a negative capital account or to contribute capital to Seller (or any entity owning an interest, directly or indirectly, in any other constituent partner or member of Seller), shall at any time be deemed to be the property or an asset of Seller 

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or any such other partner or member (and neither Purchaser nor any of its successors or assigns shall have any right to collect, enforce or proceed against or with respect to any such negative capital account of such party’s obligations to restore or contribute).  The provisions of this Section 10 shall survive the Closing and any termination of this Agreement.
11.    MISCELLANEOUS.
11.1    Entire Agreement.  All understandings and agreements heretofore had between Seller and Purchaser with respect to the Property are merged in this Agreement (which shall be deemed to include any Exhibits to this Agreement and the Company Disclosure Letter), which alone fully and completely expresses the agreement of the parties.  
11.2    Assignment.  Neither this Agreement nor any interest hereunder shall be assigned or transferred by Purchaser without Seller’s written consent; provided, however, that no such consent shall be required with respect to Purchaser’s assignment to one or more entities (each such entity, a “Permitted Assignee”) that (a) (x) are wholly owned, directly or indirectly by, or (y) controlled by or under the common control of, Purchaser, and (b) delivers, on or before the date that is ten (10) Business Days before the Closing Date, to Seller a duly executed assumption of all of the duties and obligations of Purchaser by the proposed assignee (including an express statement of the representation and warranty in Section 9.4.5 above). Notwithstanding the foregoing sentence, Seller understands that Purchaser is entering into this Agreement as agent and for the benefit of its nominees and designees, which have been created and shall be disclosed to Seller prior to Closing. Seller further understands that Purchaser is acting as a ‘straw party” for such nominees and designees, has no intent to obtain legal or equitable title to the Membership Interests and that, prior to or concurrent with Closing, Purchaser shall assign this Agreement, and shall be permitted to do so without Seller’s consent, to such two nominees and designees that are Permitted Assignees as follows: (a) Purchaser intends to assign this Agreement with respect to Trust’s 99.75% of the Membership Interests to one such nominee and designee, and (b) Purchaser intends to assign this Agreement with respect to TRS Inc.’s 0.25% of the Membership Interests to the other such nominee and designee. Upon the occurrence of the assignment of this Agreement to such two nominees and designees in accordance with the provisions of this Section 11.2, Purchaser shall be released from any and all duties and obligations to Seller provided for under this Agreement, and the closing documents shall reflect the names of the two nominees and designees rather than Purchaser; provided, however, if any Transfer Tax shall be due and owing in connection with any assignment of this Agreement by Purchaser, then Purchaser and any assignees of Purchaser’s interest in this Agreement shall be responsible for payment of same and agree to indemnify and hold harmless Seller from any liability for such Transfer Taxes.  Subject to the foregoing, this Agreement shall inure to the benefit of and shall be binding upon Seller and Purchaser and their respective successors and assigns.
11.3    Modifications.  This Agreement shall not be modified or amended except in a written document signed by Seller and Purchaser.

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11.4    Time of Essence.  Time is of the essence of this Agreement.  In the computation of any period of time provided for in this Agreement or by law, the day of the act or event from which the period of time runs shall be excluded, and the last day of such period shall be included unless it is not a Business Day, in which event the period shall be deemed to run until the next Business Day.  For purposes hereof, “Business Day” shall mean any day which is not a Saturday, Sunday or federal holiday.
11.5    Governing Law.  This Agreement shall be governed and interpreted in accordance with the laws of the Commonwealth of Pennsylvania.
11.6    Notices. All notices, requests, demands or other communications required or permitted under this Agreement shall be in writing and delivered personally or by electronic mail, or by overnight courier (such as Federal Express), addressed as provided in the Company Disclosure Letter.  All notices given in accordance with the terms hereof shall be deemed given when received (on the day delivered if delivered before 5:00 p.m. Chicago time and the next Business Day if delivered after such time) or upon refusal of delivery.  Either party hereto may change the address for receiving notices, requests, demands or other communication by notice sent in accordance with the terms of this Section 11.6.
11.7    “AS IS” SALE.  ACKNOWLEDGING THE PRIOR USE OF THE PROPERTY AND PURCHASER’S OPPORTUNITY TO INSPECT THE PROPERTY, PURCHASER AGREES, SUBJECT TO THE REPRESENTATIONS AND WARRANTIES SET FORTH IN SECTION 9.1 ABOVE, TO TAKE THE PROPERTY AT CLOSING “AS-IS,” “WHERE-IS,” AND WITH ALL FAULTS AND CONDITIONS THEREON. ANY INFORMATION, REPORTS, STATEMENTS, DOCUMENTS OR RECORDS (COLLECTIVELY, THE “DISCLOSURES”) PROVIDED OR MADE TO PURCHASER OR ITS CONSTITUENTS BY SELLER OR ANY OF SELLER’S AFFILIATES SHALL NOT BE REPRESENTATIONS OR WARRANTIES.  PURCHASER HAS NOT AND SHALL NOT RELY ON SUCH DISCLOSURES, BUT RATHER, PURCHASER SHALL RELY ONLY ON ITS OWN INSPECTION OF THE PROPERTY.  PURCHASER ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS AND TAKES INTO ACCOUNT THAT THE PROPERTY IS BEING SOLD “AS IS”.  PURCHASER ACKNOWLEDGES AND AGREES THAT, SUBJECT TO THE REPRESENTATIONS AND WARRANTIES SET FORTH IN SECTION 9.1 ABOVE, SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO (A) THE NATURE, QUALITY OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY; (B) THE INCOME TO BE DERIVED FROM THE PROPERTY, (C) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT THEREON, (D) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH 

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ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY; (E) THE HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY; OR (F) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY, AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS REGARDING TERMITES OR WASTES, AS DEFINED BY THE U.S. ENVIRONMENTAL PROTECTION AGENCY REGULATIONS AT 40 C.F.R., OR ANY HAZARDOUS SUBSTANCE, AS DEFINED BELOW.  PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT SELLER, UNLESS OTHERWISE REQUIRED BY LAW, IS UNDER NO DUTY TO MAKE ANY AFFIRMATIVE DISCLOSURES REGARDING ANY MATTER WHICH MAY BE KNOWN TO SELLER.
PURCHASER REPRESENTS TO SELLER THAT PURCHASER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO CLOSING, SUCH INVESTIGATIONS OF THE MEMBERSHIP INTERESTS AND THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS OF THE PROPERTY, AS PURCHASER DEEMS NECESSARY OR DESIRABLE TO SATISFY ITSELF AS TO ANY MATTER RELATING TO THE MEMBERSHIP INTERESTS PROPERTY INCLUDING BUT NOT LIMITED TO THE CONDITION OF THE PROPERTY AND THE EXISTENCE OR NONEXISTENCE OR CURATIVE ACTION TO BE TAKEN WITH RESPECT TO ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE PROPERTY, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR ON BEHALF OF SELLER OR ITS AGENTS OR EMPLOYEES WITH RESPECT THERETO.  UPON CLOSING, PURCHASER SHALL ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO, CONSTRUCTION DEFECTS AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY PURCHASER’S INVESTIGATIONS.
PURCHASER, UPON CLOSING, SHALL BE DEEMED ON BEHALF OF ITSELF AND ITS AFFILIATES, SUCCESSORS AND ASSIGNS TO HAVE WAIVED, RELINQUISHED AND RELEASED SELLER (AND SELLER’S AFFILIATES) FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN TORT, COST RECOVERY, CONTRIBUTION OR OTHERWISE), LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING ATTORNEYS’ FEES) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH SUCH PARTIES MIGHT HAVE ASSERTED OR ALLEGED AGAINST NINE PENN OWNER, SELLER (AND SELLER’S AFFILIATES) AT ANY TIME BY REASON OF OR ARISING OUT OF ANY LATENT OR PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS (INCLUDING, WITHOUT LIMITATION, FUNGI, MOLD OR MILDEW), VIOLATIONS OF ANY APPLICABLE LAWS AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS, 

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CIRCUMSTANCES OR MATTERS REGARDING THE MEMBERSHIP INTERESTS AND THE PROPERTY INCLUDING, WITHOUT LIMITATION, PURSUANT TO THE STATUES IN EFFECT IN THE STATE IN WHICH THE PROPERTY IS LOCATED OR ANY OTHER FEDERAL, STATE, OR LOCAL ENVIRONMENTAL OR HEALTH AND SAFETY LAW OR REGULATION, THE EXISTENCE OF ANY HAZARDOUS MATERIAL OR CHEMICAL WHATSOEVER, ON, AT, TO, IN, ABOVE, ABOUT, UNDER, FROM OR IN THE VICINITY OF THE PROPERTY AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS WHATSOEVER REGARDING THE PROPERTY.  THIS RELEASE INCLUDES CLAIMS OF WHICH PURCHASER IS PRESENTLY UNAWARE AND OF WHICH PURCHASER DOES NOT PRESENTLY SUSPECT TO EXIST WHICH, IF KNOWN BY PURCHASER, WOULD MATERIALLY AFFECT PURCHASER’S RELEASE OF SELLER.
TO THE EXTENT PERMITTED BY LAW, PURCHASER HEREBY AGREES, REPRESENTS AND WARRANTS THAT PURCHASER REALIZES AND ACKNOWLEDGES THAT FACTUAL MATTERS NOW UNKNOWN TO PURCHASER MAY HAVE GIVEN OR MAY HEREAFTER GIVE RISE TO CAUSES OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES, DAMAGES, COSTS, LOSSES AND EXPENSES WHICH ARE PRESENTLY UNKNOWN, UNANTICIPATED AND UNSUSPECTED, AND PURCHASER FURTHER AGREES, REPRESENTS AND WARRANTS THAT THE WAIVERS AND RELEASES CONTAINED HEREIN HAVE BEEN NEGOTIATED AND AGREED UPON BY PURCHASER IN LIGHT OF THAT REALIZATION AND THAT PURCHASER NEVERTHELESS HEREBY INTENDS TO RELEASE, DISCHARGE AND ACQUIT SELLER AND SELLER’S AFFILIATES FROM ANY SUCH UNKNOWN CAUSES OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES, DAMAGES, COSTS, LOSSES AND EXPENSES.
The provisions of this Section 11.7 shall survive Closing or any termination of this Agreement.
11.8    TRIAL BY JURY; RESCISSION.  IN ANY LAWSUIT OR OTHER PROCEEDING INITIATED BY EITHER PARTY UNDER OR WITH RESPECT TO THIS AGREEMENT, EACH OF SELLER AND PURCHASER WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY.  ALSO, PURCHASER WAIVES ANY RIGHT TO SEEK RESCISSION OF THE TRANSACTION PROVIDED FOR IN THIS AGREEMENT.
11.9    Confidentiality.  The terms and provisions of the Confidentiality Agreement dated December 14, 2018, a copy of which is attached to the Company Disclosure Letter as Exhibit Q, are incorporated by reference to this Agreement.
11.10    Reports.  If for any reason Purchaser does not consummate the Closing, then Purchaser shall, upon Seller’s written request, assign and transfer to Seller, without representation or warranty of any kind, all of its right, title and interest in and to any and all 

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studies, reports, surveys and other information, data and/or documents relating to the Property (collectively, the “Reports”) or any part thereof prepared by or at the request of Purchaser, its employees and agents, and shall deliver to Seller copies of all of the foregoing; provided that, such Reports are assignable; and provided further, that Seller shall reimburse Purchaser for the out-of-pocket costs and expenses incurred by Purchaser in connection with the preparation of such Reports.
11.11    Reporting Person.  Seller and Purchaser hereby designate Escrow Agent to act as and perform the duties and obligations of the “reporting person” with respect to the transaction contemplated by this Agreement for purposes of 26 C.F.R. Section 1.6045‐4(e)(5) relating to the requirements for information reporting on real estate transactions.  In this regard, Seller and Purchaser each agree to execute at Closing, and to cause Escrow Agent to execute at Closing, a Designation Agreement, designating Escrow Agent as the reporting person with respect to the transaction contemplated by this Agreement.
11.12    Tax Treatment.
11.12.1    General.  The parties intend that the transactions contemplated herein be treated for U.S. federal income (and analogous state and local) tax purposes in accordance with Situation 2 of Revenue Ruling 99-6, 1999-1 C.B. 434.  No party shall take any position contrary to the foregoing unless otherwise required by law.
11.12.2    Tax Returns.  Seller shall be responsible for and shall cause to be prepared and duly filed all Tax Returns of Nine Penn Owner for all taxable periods ending on or before the Closing Date (together with the portion ending on the Closing Date at any taxable period that begin before and ends after the Closing Date, a “Pre-Closing Tax Period”), and Seller shall pay all Taxes shown as due with such Tax Returns. All such Tax Returns shall be prepared in accordance with the accounting methods, conventions and elections used to prepare such Tax Returns for Nine Penn Owner in prior taxable periods, except as required by law.  Purchaser shall prepare and file or cause to be filed when due all Tax Returns with respect to Nine Penn Owner, other than those that are the responsibility of Seller pursuant to this paragraph.  In the case of Tax Returns that are due after the Closing Date but for which Seller has the responsibility for the preparation and payment of Taxes due with respect to such taxable periods, Seller shall deliver filed copies of such Tax Returns to Purchaser for informational purposes only.
11.13    Press Releases.  Upon or after the Closing, neither Seller nor Purchaser shall issue any press releases with respect to the transactions contemplated hereby or consummated in accordance with the terms hereof except upon the mutual agreement of the parties as to the form and content of such press release (with consent not to be unreasonably withheld, conditioned, or delayed by either party).  In addition, notwithstanding anything to the contrary contained herein, (i) Seller shall be permitted to make disclosures in accordance with, or required by, the disclosure requirements applicable to Equity Commonwealth (“REIT”), which is a direct or indirect parent of Seller, or its affiliates, due to the REIT’s status as a publicly-held company listed on the New York Stock Exchange or 

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any other securities exchange (an “Exchange”) (including, but not limited to, (x) disclosure in accordance with, or required by, the rules of, or any listing agreement with, an Exchange, and (y) any so-called “Regulation Fair Disclosure” press release), and (ii) Purchaser shall be permitted to make disclosures in accordance with, or required by, the disclosure requirements applicable to Silverstein Properties Limited, which is an indirect parent of Purchaser, or its affiliates, on any applicable foreign Exchange.
11.14    Counterparts; Electronic Signatures.  This Agreement may be executed in any number of identical counterparts, any or all of which may contain the signatures of less than all of the parties, and all of which shall be construed together as but a single instrument.  Each counterpart may be delivered by electronic mail transmission. Copies of signature pages transmitted by PDF attachment to e-mails shall be sufficient as originals for all purposes.  Purchaser and Seller agree that electronic signatures of the parties are intended to authenticate this Agreement and to have the same force and effect as manual signatures. Purchaser and Seller waive any defenses to the enforcement of this Agreement based upon the form and method of delivery of signatures.
11.15    Construction.  This Agreement shall not be construed more strictly against Seller merely by virtue of the fact that the same has been prepared by Seller or its counsel, it being recognized both of the parties hereto have contributed substantially and materially to the preparation of this Agreement.
11.16    Attorneys’ Fees.  In the event of litigation between the parties with respect to this Agreement or the transaction contemplated hereby, the prevailing party therein shall be entitled to recover from the losing party all of its costs of enforcement and litigation, including, but not limited to, its reasonable attorneys’ and paralegal fees, witness fees, court reporters’ fees and other costs of suit.
11.17    No Memorandum of Agreement.  This Agreement or any notice or memorandum hereof shall not be recorded in any public record, except by Purchaser in connection with any exercise of its right to seek specific performance as provided in this Agreement.  A violation of this prohibition shall constitute a default by Purchaser.
11.18    Severability.  If any portion of this Agreement becomes or is held to be illegal, null or void or against public policy, for any reason, the remaining portions of this Agreement will not be affected thereby and will remain in force and effect to the fullest extent permissible by law.
11.19    Certain Indemnified Amounts. Seller hereby agrees that notwithstanding anything herein to the contrary, Seller shall be responsible for certain Indemnified Amounts, as more particularly provided in the Company Disclosure Letter.
[signature page follows next]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their duly authorized representatives as of the date first above written.

	
		
	SELLER:
	EQC Operating Trust, a Maryland real estate investment trust 

By:  /s/ Orrin S. Shifrin                                
Name:  Orrin S. Shifrin                                
Title:  EVP, General Counsel and Secretary

EQC TRS, Inc., a Delaware corporation

By:   /s/ Orrin S. Shifrin                               
Name: Orrin S. Shifrin                                 
Title:   EVP, General Counsel and Secretary

	 
	 

Signature Page to Sale Agreement

	
		
	PURCHASER:
	Silverstein/Arden 1735 Market Holdco LP, a Delaware limited partnership

By:   /s/ Michael Levy              
Name:Michael Levy                  
Title: Executive Vice President  

Signature Page to Sale Agreement

JOINDER OF TITLE COMPANY AS ESCROW AGENT
The execution version of the Agreement held by Purchaser and Seller contains the Title Company signature page.

Signature Page to Sale Agreement

LIST OF SCHEDULES AND EXHIBITS
Schedule 1    Certain Defined Terms

A    Legal Description
B    List of Excluded Tangible Personal Property
G    Form of Assignment of Membership Interests
J    Non-Foreign Affidavit

SCHEDULE 1
“Assignable Construction Contracts” means Construction Contracts which are in effect as of the Closing Date (but excluding Construction Contracts which are not freely assignable) to the extent that work thereunder is not completed as of the Closing Date.
“Assignable Leases” means all Leases which are in effect as of the Closing Date, including the right to all security deposits and other and instruments deposited pursuant to the terms of such Assignable Leases (a list of the security deposits and other instruments held by Nine Penn Owner under the Leases is attached as Exhibit T to the Company Disclosure Letter (the “Security Deposits”)).
“Assignable Service Contracts” means those Service Contracts which are in effect as of the Closing Date (but excluding (i) Service Contracts designated as “National” or “Regional”, (ii) Service Contracts which are not freely assignable and (iii) property management and leasing brokerage agreements).
“Construction Contracts” means all right, title and interest of Nine Penn Owner under any contracts for work or improvements at the Property (a list of Construction Contracts in effect as of the Effective Date is attached hereto as Exhibit D of the Company Disclosure Letter).
“Easement Agreement” means that certain Easement and Restriction Agreement dated May 25, 1988 as set forth in Deed Book FHS 1077 Page 300.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
“ERISA Affiliate” means, with respect to any entity, trade or business, any other entity, trade or business that is, or was at the relevant time, a member of a group described in Section 414(b), (c), (m) or (o) of the Code or Section 4001(b)(1) of ERISA that includes or included the first entity, trade or business, or that is, or was at the relevant time, a member of the same “controlled group” as the first entity, trade or business pursuant to Section 4001(a)(14) of ERISA.
“Governmental Authority” and “Governmental Authorities” mean the United States of America, the state, the county and city where the Property is located, and any other political subdivision in which the Property is located or that exercises jurisdiction over the Property, and any agency, department, commission, board, bureau, property owners association, utility district, flood control district, improvement district, or similar district, or other instrumentality of any of them. 
“Hazardous Materials” or “Hazardous Substances” shall mean (i) hazardous wastes, hazardous materials, hazardous substances, hazardous constituents, toxic substances or related materials, whether solids, liquids or gases, including, but not limited to, substances defined as “hazardous wastes,” “hazardous materials,” “hazardous substances,” “toxic substances,” “pollutants,” “contaminants,” “radioactive materials”, “toxic pollutants”, or other similar designations in, or otherwise subject to regulation under, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (“CERCLA”), 42 U.S.C. § 9601 et seq.; the Toxic Substance 

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Control Act (“TSCA”), 15 U.S.C. § 2601 et seq.; the Hazardous Materials Transportation Act, 49 U.S.C. §5101 et seq.; the Resource Conservation and Recovery Act (“RCRA”), 42 U.S.C. § 6901, et seq.; the Clean Water Act (“CWA”), 33 U.S.C. § 1251 et seq.; the Safe Drinking Water Act, 42 U.S.C. § 300f et seq.; the Clean Air Act (“CAA”), 42 U.S.C. § 7401 et seq.; and in any permits, licenses, approvals, plans, rules, regulations or ordinances adopted, or other criteria and guidelines promulgated pursuant to the preceding laws or other similar federal, state or local laws, regulations, rules or ordinance now or hereafter in effect relating to environmental matters; and (ii) any other substances, constituents or wastes subject to any applicable federal, state or local law, regulation or ordinance, including any environmental law, now or hereafter in effect, including but not limited to (A) petroleum, (B) refined petroleum products, (C) waste oil, (D) waste aviation or motor vehicle fuel and their byproducts, (E) asbestos, (F) lead in water, paint or elsewhere, (G) radon, (H) Polychlorinated Biphenyls (PCB’s), (I) ureaformaldehyde, (J) volatile organic compounds (VOC), (K) total petroleum hydrocarbons (TPH), (L) benzine derivative (BTEX), and (M) petroleum byproducts.
“Improvements” means all buildings and improvements owned by Nine Penn Owner and located on the Real Property.
“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. 
“Leases” means all right, title and interest of Nine Penn Owner in and to leases, occupancy agreements and license agreements affecting the Property or any part thereof.
“Nine Penn Owner” means EQC Nine Penn Center Property LLC, a Delaware limited liability company.
“Property” means the Real Property, Improvements, Leases, Tangible Personal Property, Service Contracts and Construction Contracts, all to the extent applicable to the period from and after the Closing Date (as defined in Section 4 of this Agreement), except as expressly set forth to the contrary in this Agreement; provided, however, the term “Property” expressly excludes all property owned by tenants or other users or occupants of the Property, all rights with respect to any refund of taxes applicable to any period prior to the Closing Date (as defined in Section 4 of this Agreement), all rights to any insurance proceeds or settlements for events occurring prior to Closing (subject to Section 5 of this Agreement) and all property in the management office of the Property owned by the Property Manager (as defined in Section 4.1 of this Agreement).
“Real Property” means a certain parcel of real estate in the City and County of Philadelphia, Commonwealth of Pennsylvania, which parcel is more particularly described on Exhibit A attached hereto and commonly known as “1735 Market Street”.
“Service Contracts” means all right, title and interest of Nine Penn Owner under any maintenance, service, advertising and other contracts with respect to the operation of the Real Property and Improvements (a list of Service Contracts in effect as of the Effective Date is attached hereto as Exhibit C of the Company Disclosure Letter).

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“Tangible Personal Property” means all furniture, furnishings, fixtures, equipment and other tangible personal property owned by Nine Penn Owner, located on the Property and used solely in connection therewith, but excluding (i) any and all computer hardware and software and (ii) any item containing a logo, name or mark identifying Nine Penn Owner or its Affiliates (as defined in Section 10 of this Agreement), and (iii) the items reflected on Exhibit B attached hereto.
“Tax Returns” means any return (including any information return), report, statement, schedule, notice, form, declaration, claim for refund or other document or information filed with or submitted to, or required to be filed with or submitted to, any Governmental Authority in connection with the determination, assessment, collection or payment of any Taxes or in connection with the administration, implementation or enforcement of or compliance with any legal requirement relating to any Taxes.
“Taxes” means any federal, state, local or foreign income, gross receipts, ad valorem, sales and use, employment, social security, disability, property, severance, value added, transfer, capital stock, excise, withholding, premium, occupation or other taxes, levies or other like assessments, customs, duties, imposts, charges surcharges or fees imposed by or on behalf of any taxing authority, including any interest, penalty thereon or addition thereto.

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EXHIBIT A
LEGAL DESCRIPTION
ALL THAT LAND, PROPERTY and space, situate and being in the Eighth (formerly the Ninth) Ward of the City of Philadelphia, of the County of Philadelphia and Commonwealth of Pennsylvania, within and bounded by the boundaries of those six certain pieces or parcels, each bounded and described on the surface of the earth, in part, as follows, to wit:
PREMISES "A"
PARCEL No. 1. ALL the land, property and space, below, at and above the Surface of the earth, within and bounded by surfaces formed by projecting, vertically upward and downward from the surface of the earth, the boundaries described on the surface of the earth, as follows:
BEGINNING at a point where the Northerly side of Market Street (100 feet wide) meets the Easterly Side of Eighteenth Street (50 feet wide); thence extending from said beginning point the following four courses and distances: (1) Eastwardly along said Northerly side of Market Street 200 feet 11 3/4 inches to a point; (2) leaving said side of Market Street and extending at right angles to said side of Market Street N 11 deg 01 min 00 sec E 259 feet 6 inches to a point, which is 12 feet 6 inches Southwardly from the southerly side of J. F. Kennedy Boulevard (104 feet wide); (3) Westwardly on a line Parallel with and at a distance of 12 feet 6 inches Southwardly from the southerly side of J. F. Kennedy Boulevard 199 feet 5 5/8 inches to a point on the Easterly side of said Eighteenth Street; (4) Southwardly along the said Easterly side of Eighteenth Street, 259 feet 6 inches to the point and place of beginning.
PARCEL No. 2. ALL the land, property and space, at and above a horizontal plane 29.20 feet above Philadelphia City Datum, within and bounded by surfaces formed by projecting vertically upward from the said horizontal plane, the boundaries described on the surface of the earth, as follows:
BEGINNING at a point, where the Southerly side of J. F. Kennedy Boulevard (104 feet wide) meets the Easterly side of Eighteenth Street, (50 feet wide), thence extending from the beginning point the following four courses and distances: (1) southwardly along said Easterly line of Eighteenth Street 12 feet 6 inches to a point; (2) Eastwardly by a line parallel with and 12 feet 6 inches Southwardly from the Southerly side of said J. F. Kennedy Boulevard 199 feet 5 5/8 inches to a point; (3) thence at right angles to J. F. Kennedy Boulevard N 11 deg 01 min 00 sec E 12 feet 6 inches to a point on the Southerly side of said J. F. Kennedy Boulevard; and (4) westwardly along the said Southerly side of J. F. Kennedy Boulevard, 199 feet 4 3/4 inches to the point and place of beginning.
PARCEL No. 3, ALL the land, property and space, at and below a horizontal plane 29.20 feet above Philadelphia City Datum, within and bounded by surfaces formed by projecting vertically downward from the said horizontal plane, the boundaries described on the surface of the earth, as follows:

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BEGINNING at a point on the Easterly side of Eighteenth Street (50 feet wide), said point being measured along the said Easterly side of Eighteenth Street S 11 deg 21 min 00 sec W 3.18 feet from the intersection of the said Easterly side of Eighteenth Street with the southerly side of J. F. Kennedy Boulevard (104 feet wide) thence from said point of beginning leaving said line of Eighteenth Street and extending S 67 deg 31 min 15 sec E 0.18 feet to a point; thence extending S 11 deg 01 min 00 sec W 6.47 feet to a point; thence extending S 78 deg 59 min 00 sec E 199 feet 2 5/8 inches to a point; thence extending S 11 deg 01 min 00 sec W 2.82 feet to a point; thence extending N 78 deg 59 min 00 sec W on a line parallel with and 12.50 feet Southwardly at right angles from said Southerly line of J. F. Kennedy Boulevard 199 feet 5 5/8 inches to the Easterly line of said Eighteenth Street; thence N 11 deg 21 min 00 sec E along the Easterly line of Eighteenth Street 9.32 feet to the point and place of beginning.
MEANING AND INTENDING TO BE THE SAME AS (SURVEYED LEGAL DESCRIPTION)
PARCEL NO. 3
All that certain lot or parcel of ground situate in the City of Philadelphia, County of Philadelphia, State of Pennsylvania, bounded and described as follows:
Beginning at a point located on the East right-of-way line of 18th Street, said point being situate North eleven degrees twenty-one minutes and no seconds East (N 11°21’00” E) a distance of two hundred fifty-nine and fifty hundredths feet (259.50') from a point located at the intersection of the aforementioned East right-of-way line of 18th Street with the North right-of-way line of Market Street; THENCE FROM THE PLACE OF BEGINNING along the aforementioned East right-of-way line of 18th Street, North eleven degrees twenty one minutes and no seconds East (N 11°21’00” E) for a distance of nine and thirty-two hundredths feet (9.32’) to a point; thence, South seventy degrees eighteen minutes and fifty-nine seconds East (S 70°18’59” E) for a distance of zero and twenty hundredths feet (0.20’) to a point; thence, South eleven degrees one minute and no seconds West (S 11°01’00” W) for a distance of six and forty–seven hundredths feet (6.47') to a point; thence, South seventy-eight degrees fifty-nine minutes and no seconds East (S 78°59’00”E) for a distance of one hundred ninety-nine and twenty-two hundredths feet (199.22') to a point; thence, South eleven degrees one minute and no seconds West (S 11°01’00” W) for a distance of two and eighty-two hundredths feet (2.82') to a point; thence, North seventy-eight degrees fifty-nine minutes and no seconds West (N 78°59’00” W) for a distance of one hundred ninety-nine and forty seven hundredths feet (199.47') to the place of the beginning.
For Information Only: Containing 563.88 Square Feet (0.013 Acres).
PREMISES "B"
PARCEL NO. 4. ALL the land, property and space, below a horizontal plane 36.00 feet above Philadelphia City Datum, within and bounded by surfaces formed by projecting vertically downward from the said horizontal plane, the boundaries described on the surface of the earth, as follows:
BEGINNING at a point on the Northerly side of Market street (100 feet wide), said point being measured South 78 deg 59 min 00 sec East along said side of Market Street 200 feet 11 3/4 inches 

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from the Easterly side of Eighteenth Street (50 feet wide); thence from said point of beginning leaving the side of Market Street and extending at right angles to Market Street North 11 deg 01 min 00 sec East 259 feet 6 inches to a point which is 12 feet 6 inches Southwardly from the Southerly side of J. F. Kennedy Boulevard (104 feet wide); thence extending on a line 12 feet 6 inches Southwardly and parallel with J. F. Kennedy Boulevard South 78 deg 59 min 00 sec East 23 feet 7 3/8 inches to a point; thence extending at right angles to Market Street South 11 deg 01 min 00 sec West 259 feet 6 inches to a point on the Northerly side of Market Street; thence extending along said side of Market Street North 78 deg 59 min 00 sec West 23 feet 7 3/8 inches to the point and place of beginning.
PARCEL NO. 5. ALL the land, property and space, at and above a horizontal plane 29.20 feet above Philadelphia City Datum and below a horizontal plane 36.00 feet Philadelphia City Datum formed by projecting vertically upward and downward from said horizontal planes the boundaries described on the surface of the earth, as follows:
BEGINNING at a point on the Southerly side of J. F. Kennedy Boulevard (104 feet wide), said point being measured South 78 deg 59 min 00 sec East along said side of J. F. Kennedy Boulevard 199 feet 4 3/4 inches from the Easterly side of 18th Street (50 feet wide); thence from said point of beginning extending South 78 deg 59 min 00 sec East along said side of J. F. Kennedy Boulevard 23 feet 7 3/8 inches to a point; thence leaving the side of J. F. Kennedy Boulevard and extending South 11 deg 01 min 00 sec West 12 feet 6 inches to a point; thence extending on a line 12 feet 6 inches Southwardly and parallel with J. F. Kennedy Boulevard North 78 deg 59 min 00 sec West 23 feet 7 3/8 inches to a point; thence extending North 11 deg 01 min 00 sec East 12 feet 6 inches to the Southerly side of J. F. Kennedy Boulevard the point and place of beginning.
PARCEL NO. 6. ALL the land, property and space, at and below a horizontal plane 29.20 feet above Philadelphia City Datum, within and bounded by surfaces formed by projecting vertically downward from the said horizontal plane, the boundaries described on the surface of the earth, as follows:
BEGINNING at a point, located the two following two (2) courses and distances from the intersection of the Southerly side of J. F. Kennedy Boulevard (104 Feet wide) with the Easterly side of Eighteenth Street (50 feet wide): (1) Along said southerly side of J. F. Kennedy Boulevard South 78 deg 59 min 00 sec East 199 feet 4 3/4 inches to a point; (2) Leaving the side of J. F. Kennedy Boulevard and extending South 11 deg 01 min 00 sec West 9.68 feet to the point of beginning; thence from said point of beginning extending on a line 9.68 feet Southwardly and parallel with J. F. Kennedy Boulevard South 78 deg 59 min 00 sec East 23 feet 7 3/8 inches to a point; thence extending South 11 deg 01 min 00 sec West 2.82 feet to a point; thence extending on a line 12.50 feet Southwardly and parallel with J. F. Kennedy Boulevard N 78 deg 59 min 00 sec West 23 feet 7 3/8 inches to a point; thence extending North 11 deg 01 min 00 sec East 2.82 feet to the point and place of beginning.
TOGETHER with all right, title and interest in and to (1) so much of those parts of J.F. Kennedy Boulevard and Eighteenth Street to the middle lines thereof, abutting parcel No. 2, at and above the horizontal plan, 29.20 feet above Philadelphia City Datum within and bounded by surfaces formed by projecting vertically upward from said horizontal plane, the boundaries of that certain piece or parcel of land described as parcel No. 2; (2) so much of that part of J.F. Kennedy Boulevard to the 

A-3

middle line thereof, abutting parcel No. 5, at and above horizontal plane 29.20 feet above Philadelphia City Datum and below a horizontal plan 36.00 feet above Philadelphia City Datum; (3) all of Market Street and Eighteenth Street to the middle lines thereof, abutting parcel No. 1; and (4) all of Market Street to the middle line thereof abutting parcel No. 4, below a horizontal plan, 36.00 feet above Philadelphia City Datum.
TOGETHER with all rights, title and interest in and to all of Eighteenth Street to the middle line thereof, abutting parcel No. 3 below a horizontal plane, 29.20 feet above Philadelphia City Datum, within and bounded by surfaces formed by projecting vertically downward from the said horizontal plane, the boundaries of that certain piece or parcel of land described as parcel no. 3.
TOGETHER with all rights, title and interest of Grantor of, in or to any strips, gaps or gores of land adjacent to, abutting or adjoining the said Premises "A" and "B" on all sides thereof.
BEING 1735 Market Street, Philadelphia, Pennsylvania
BEING OPA NO.'S 88-3053525, 88-3053515, 88-3053520
BEING the same premises which Nine Penn Center Associates, L.P., a Pennsylvania limited partnership, now known as EQC Nine Penn Center Property, LLC, a Delaware limited liability company, by Deed of Confirmation dated 11/07/2016 and recorded 01/03/2017 in Philadelphia County at Document No. 53155943, granted and conveyed unto EQC Nine Penn Center Property, LLC, a Delaware limited liability company, in fee.

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EXHIBIT B
LIST OF TANGIBLE PERSONAL PROPERTY

NONE

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EXHIBIT G
FORM OF ASSIGNMENT OF MEMBERSHIP INTERESTS

ASSIGNMENT AND ASSUMPTION 
OF MEMBERSHIP INTERESTS
THIS ASSIGNMENT AND ASSUMPTION OF MEMBERSHIP INTERESTS (this “Assignment”), is entered into as of the ______ day of _____________, 2019 (the “Effective Date”), by and between                 , a                      (the “Assignor”), and                         , a                         , as assignee (“Assignee”).
WITNESSETH:
WHEREAS, Assignor is the owner of              percent (        %) of the membership interest of EQC Nine Penn Center Property, LLC, a Delaware limited liability company (the “Company”);
WHEREAS, the Company is governed pursuant to Limited Liability Company Agreement of EQC Nine Penn Center Property, LLC dated _______________ (the “Operating Agreement”), and by the laws of the state of Delaware with respect thereto and the Company was qualified to do business in the Commonwealth of Pennsylvania on __________________, 20___;
WHEREAS, the Company is the owner of certain immovable property and related assets located thereon, known as 1735 Market Street, located in Philadelphia, Pennsylvania (the “Property”) more fully described in the Sale Agreement (as hereinafter defined);
WHEREAS, pursuant to a Sale Agreement dated as of __________________, 2019 (as may be amended, the “Sale Agreement”) among Assignor and                         , collectively as Seller, and Assignee, as Purchaser, Assignor agreed to sell to Assignee or its permitted assigns, all of Assignor’s outstanding membership interests in the Company;
WHEREAS, Assignor desires to sell and assign the membership interests to Assignee and Assignee desires to accept the assignment of the membership interests, subject to and upon the terms and conditions set forth in this Assignment;
NOW, THEREFORE, in consideration of the sum of Ten and 00/100 Dollars ($10.00) paid, the mutual agreements and covenants contained herein, and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties agree as follows:
1.    Assignment of Membership Interest.  Assignor hereby assigns, conveys and transfers to Assignee, its successors and assigns, all of Assignor’s right, title and interest in and to the 

G-1

membership interest owned by Assignor pursuant to the Operating Agreement, or otherwise, effective as of the Effective Date to have and to hold such membership interest forever.
2.    Acceptance of the Membership Interest.  As of the Effective Date, Assignee hereby (i) accepts the foregoing assignment of all of Assignor’s membership interest in the Company, (ii) accepts, adopts and approves all the terms and provisions of the Operating Agreement, and (iii) expressly assumes all of the rights, duties, and obligations of Assignor pursuant to the terms and conditions of the Operating Agreement that first arise or accrue on or after the Effective Date hereof.
3.    Withdrawal of Assignor/Admission of Assignee as Member and Manager of Company.  Upon execution of this Assignment, Assignee is hereby admitted as a member of the Company, and immediately following such admission, Assignor ceases to be a member of the Company.
4.    Continuation of Company; Further Actions.  This Assignment shall not cause the dissolution of the Company, and the business of the Company shall continue.
5.    Modification.  This Assignment may not be amended, modified or terminated except by an instrument in writing executed by the parties hereto.
6.    Governing Law.  This Assignment shall be governed by, and construed and enforced in accordance with, the laws of the Commonwealth of Pennsylvania.
7.    Successors and Assigns.  This Assignment shall be binding upon Assignor and Assignee and their respective successors and assigns.
8.    Counterparts.  This Assignment may be executed in multiple counterparts which, taken together, shall constitute one fully executed and effective Assignment.  Executed counterparts delivered by facsimile, email/PDF or other electronic means shall have the same force and effect as wet-signed original counterparts.
(The balance of this page is intentionally blank. Signatures appear on following page.)

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IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment to be duly executed as of the Effective Date.

	
		
	 
	ASSIGNOR:

                                                      , a                                        
 
By:                                                   
Name:                                              
Title:                                                

	 
	ASSIGNEE:

                                                      , a                                        
 
By:                                                   
Name:                                              
Title:                                                

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EXHIBIT J
CERTIFICATE OF NON-FOREIGN STATUS
Section 1445 of the Internal Revenue Code provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person.  For U.S. tax purposes (including section 1445), the owner of a disregarded entity (which has legal title to a U.S. real property interest under local law) will be the transferor of the property and not the disregarded entity.  _______________, a ______________________(“Transferor”), is the owner for U.S. tax purposes of the property commonly known as __________________.  To inform the transferee that withholding of tax is not required upon the disposition of a U.S. real property interest by Transferor, the undersigned hereby certifies the following on behalf of Transferor:
1.    Transferor is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations);
2.    Transferor’s U. S. employer identification number is ___________;
3.    Transferor’s office address is Two North Riverside Plaza, Suite 2100, Chicago, Illinois 60606; and
4.    Transferor is not a “disregarded entity” as defined in IRS Regulation 1.1445-2(b)(2)(iii).
Transferor understands that this certification may be disclosed to the Internal Revenue Service by transferee and that any false statement contained herein could be punished by fine, imprisonment or both.
Under penalties of perjury, I declare that I have examined this certification and to the best of my knowledge and belief it is true, correct and complete, and I further declare that I have authority to sign this document on behalf of Transferor.
	
		
	 
	[TRANSFEROR]

By:                                                               
Name:                                                          
Its:                                                                

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