Document:

Exhibit 4.21

 

 

PHARMACEUTICAL PACKAGING

 PROFESSIONALS PTY LTD

ABN 96 129 377 948

 

and

PRANA BIOTECHNOLOGY LTD

ABN 37 080 699 065

SERVICES AGREEMENT

Table of Contents

 

	
RECITALS

	
3

	
 

	
 

	
OPERATIVE PART

	
3

	
 

	
1

	
PERIOD OF AGREEMENT

	
3

	
 

	
2

	
SERVICES TO BE PROVIDED

	
4

	
 

	
3

	
OBLIGATIONS OF EACH PARTY 

	
4

	
 

	
4

	
PPP PERSONNEL

	
5

	
 

	
5

	
PPP’S ADDITIONAL OBLIGATIONS

	
5

	
 

	
6

	
COMPLIANCE WITH STANDARDS

	
5

	
 

	
7

	
ENTRY ONTO PPP’S PREMISES

	
6

	
 

	
8

	
SECURITY

	
6

	
 

	
9

	
INTELLECTUAL PROPERTY

	
6

	
 

	
10

	
PARTIES’ REPRESENTATIVES

	
6

	
 

	
11

	
PAYMENT FOR CONTRACTED SERVICES

	
7

	
 

	
12

	
VARIATION TO TERMS AND CONDITIONS

	
8

	
 

	
13

	
ASSIGNMENT OR TRANSFER

	
8

	
 

	
14

	
CONFIDENTIALITY AND PRIVACY

	
8

	
 

	
15

	
INSURANCE

	
8

	
 

	
16

	
AUDIT  

	
9

	
 

	
17

	
DISPUTE RESOLUTION  

	
9

	
 

	
18

	
TERMINATION  

	
10

	
 

	
19

	
NOTICES  

	
11

	
 

	
20

	
MISCELLANEOUS 

	
11

	
 

	
21

	
REPRESENTATIONS AND WARRANTIES 

	
13

	
 

	
22

	
LIABILITY AND INDEMNITY 

	
13

	
 

	
23

	
SUB-CONTRACTING 

	
13

	
 

	
24

	
DEFINITIONS AND INTERPRETATIONS

	
13

	
 

	
 

	
 

	
 

	
EXECUTION

	
15

	
 

	
 

	
SCHEDULE 1

	
 

	
 

	
 

	
SCHEDULE 2 

	
 

	
 

	
 

	
SCHEDULE 3 

	
	
 

	
 

	
SCHEDULE 4

	

Page 2 of 15

PPP Service Agreement PBT434 040617

Agreement dated the 06 day of JUL 2017

between:

PHARMACEUTICAL PACKAGING PROFESSIONALS PTY LTD ABN 96 129 377 948 a corporation, whose principal place of business is 3/31 Sabre Drive, Port Melbourne, Victoria, Australia 3207 (“PPP”)

and

PRANA BIOTECHNOLOGY LTD (ABN 37 080 699 065) of Level 2, 369 Royal Parade Parkville, VIC 3052, Australia (the “Client”)

(“CLIENT”).

RECITALS

	A.	
CLIENT has chosen PPP as the provider of the services specified in Item 1 of Schedule 1 and Schedule 3 (“the Contracted Services”).

	B.	
This Agreement records the terms and conditions on which the provision of the Contracted Services will take place.

OPERATIVE PART

	1	
PERIOD OF AGREEMENT

Commencement Date

	1.1	
This Agreement commences on the date of document execution (‘the Commencement Date’) and will end after the completion of the Contracted Services on or before the date specified in Item 2 of Schedule 1 (‘the Expiry Date’) unless terminated or extended in accordance with clause 1.3 of this Agreement.

	1.2	
CLIENT may terminate this s Agreement at any time by giving PPP 30 day’s written notice. If CLIENT exercises this right, then CLIENT shall pay PPP all fees earned by PPP up until the effective date of termination.

	1.3	
If a party wishes to extend this Agreement, it must notify the other party in writing at least thirty (30) days prior to the Expiry Date. The other party must inform the first party of its decision within fourteen (14) days of receiving the notice (but no later than the Expiry Date) as to whether it consents to an extension. If the other party consents to the extension, the parties will extend this Agreement on the same terms and conditions as this Agreement, except that:

		1.3.1	
the Contract Fee must be re-negotiated;

Page 3 of 15

PPP Service Agreement PBT434 040617

		1.3.2	
any other term or condition nominated by either party must be re-negotiated; and

		1.3.3	
there will be no further option to extend the Agreement unless both parties agree.

	1.4	
If the parties are unable to agree on the Contract Fee to be charged or the terms of the extended Agreement as referred to in clause 1.3, this Agreement will end on the Expiry Date.

	2	
SERVICES TO BE PROVIDED

	2.1	
During the term of this Agreement, PPP must provide the Contracted Services to CLIENT at the locations specified in Item 3 of Schedule 1 in accordance with the terms and conditions contained in this Agreement.

	3	
OBLIGATIONS OF EACH PARTY

Timing of service provision

	3.1	
PPP must provide the Contracted Services at the times set out in Schedule 3.

Delays

	3.2	
PPP is not liable to CLIENT for any failure to provide or delay in providing the Contracted Services if that failure or delay is the result of a Cause Beyond the Reasonable Control of PPP.

Service standards

	3.3	
PPP must ensure that the Contracted Services, and all of PPP’s work practices associated with providing the Contracted Services, meet the service standards specified in Item 5 of Schedule I and are conducted in accordance with the highest industry standards and with due skill, diligence, prudence, foresight and with the care that would reasonably be expected from a prudent, expert and experienced provider of services which are similar to the Contracted Services.

	3.4	
PPP is responsible for performance management of all PPP Personnel engaged in providing the Contracted Services.

Obligations of PPP

	3.5	
PPP must promptly consult with CLIENT if PPP considers there is a problem with the Contracted Services or any other matter under this Agreement.

Page 4 of 15

PPP Service Agreement PBT434 040617

	4	
PPP PERSONNEL

Staff standards

	4.1	
PPP must employ only persons or where permitted under clause 23, sub-contractors who are, skilled, qualified experienced to the level reasonably expected of professional persons providing services of the kind contemplated by the Contracted Services (‘PPP Personnel’).

	4.3	
PPP is entirely responsible for the employment, engagement and conditions of service of all PPP Personnel, and PPP shall ensure that all PPP Personnel and other parties involved with PPP’s performance hereunder are subject to contractual obligations consistent with this Agreement and reasonably sufficient to enable PPP to comply with and satisfy the terms of this Agreement.

	5	
PPP’S ADDITIONAL OBLIGATIONS

Compliance with relevant laws

	5.1	
PPP must comply with all applicable laws, statutes, regulations, standards, codes, orders, guidance’s or guidelines (Laws) which regulate the development, and provision of the Contracted Services to CLIENT and the performance by PPP of its other obligations under this Agreement. In particular, PPP must:

		5.1.1	
hold all authorisations, permits and licences required by applicable Laws to perform the Contracted Services, and

		5.1.2	
comply with the requirements of all Laws of any kind applying to the performance of the Contracted Services and the performance by PPP of its other obligations under this Agreement..

	6	
COMPLIANCE WITH STANDARDS

	6.1	
PPP must ensure that it complies with the latest Therapeutic Goods Administration requirements, all requirements of the Department of Human Services, any conditions relating to the Study imposed by a HREC and any relevant Australian Standards in performing the Contracted Services, where such exist, or otherwise to generally accepted industry standards.

	6.2	
PPP must use its best endeavours to perform all Contracted Services and .in accordance with GMP the principles of Good Manufacturing Practice

Page 5 of 15

PPP Service Agreement PBT434 040617

	7	
ENTRY ONTO PPP’S PREMISES

Subject to CLIENT giving PPP reasonable notice, PPP must permit CLIENT reasonable entry to PPP’s premises to review the Contracted Services under this Agreement and the performance by PPP of its obligations under this Agreement. The permission given to enter PPP’s premises shall cease immediately upon the ending or expiry of this Agreement.

	8	
SECURITY

If PPP or its staff detect any breach of security or confidentiality whilst providing the Contracted Services, PPP must notify the CLIENT immediately in writing giving details of the breach.

	9	
INTELLECTUAL PROPERTY

9.1 All Intellectual Property Rights owned or licensed for use by a party (IP Owner) as at the Commencement Date or subsequently developed by the IP Owner independently of this Agreement including such Intellectual Property Rights which the IP Owner determines in its sole discretion to make available to the other party for carrying out the Contracted Services remain the exclusive property of the IP Owner or the IP Owner’s licensor, as applicable.. 9.2 Subject to subclause 9.1 all data, results, information, know how, advice, reports and analyses and all improvements, modifications, advancements, developments, discoveries to CLIENT’s Intellectual Property Rights, that are produced, prepared or compiled by PPP in carrying out the Contracted Services (and all Intellectual Property Rights subsisting therein, collectively ‘Services Intellectual Property’) shall be the sole property of CLIENT upon creation. PPP agrees to do all things and sign all documents as may be necessary to vest and transfer ownership of the Service Intellectual Property to CLIENT in accordance with this clause.

	10	
PARTIES’ REPRESENTATIVES

PPP Representative

	10.1	
PPP will appoint a person or persons to be the duly authorised representative of PPP for all purposes connected with this Agreement (‘PPP Representative’). Any notice, information or communication given or made to the PPP Representative will be deemed to have been given or made to PPP. The PPP Representative at the Commencement Date shall be the person or persons specified in Item 6 of Schedule 1.

 

Page 6 of 15

PPP Service Agreement PBT434 040617

CLIENT Representative

	10.2	
CLIENT must appoint one of its senior staff to be the CLIENT Representative. The CLIENT Representative at the Commencement Date shall be the person or persons specified in Item 7 of Schedule 1.

	10.3	
The CLIENT Representative will be the duly authorised representative of CLIENT for all purposes connected with this Agreement. Any notice, information, instruction or other communication given or made to the CLIENT Representative shall be deemed to have been given or made to PPP.

	10.4	
The parties must ensure that their representatives are available as needed to consult in relation to this Agreement.

	11	
PAYMENT FOR CONTRACTED SERVICES

 

Interpretation

	11.1	
Terms used in this clause have the same meaning as those terms in A New Tax System (Goods and Services Tax) Act 1999 (Cth).

Fees payable

	11.2	
PPP will invoice CLIENT in Australian dollars for the Contract Fee in accordance with the Payment Schedule in Schedule 2. CLIENT must pay PPP the Contract Fee in the manner set out in Item 8 of Schedule 1. At the time of payment, CLIENT must pay to PPP any amount of GST PPP is required to pay in addition to the amount payable for the applicable supply.

Invoice requirements

	11.3	
The obligation of CLIENT to pay PPP the amount of GST payable in respect of a supply arises on delivery by PPP to CLIENT of a tax invoice in the format required by law for the supply.

Payment terms

	11.4	
CLIENT must pay PPP for the amount invoiced for the Contract Fee within thirty (30) days after the invoice is received. If CLIENT fails to pay an invoice within this period, PPP may charge interest on the amount unpaid at the rate specified as the Penalty Interest Rate in Victoria calculated by reference to each day after the 45 day period during which the invoice remains unpaid until the date payment is made in full.

Page 7 of 15

PPP Service Agreement PBT434 040617

	12	
VARIATION TO TERMS AND CONDITIONS

	12.1	
If CLIENT requires the Contracted Services to be varied, extended or reduced, CLIENT must give PPP reasonable written notice of such variation, extension or reduction.

	12.2	
The Contracted Services shall be deemed to be varied, extended or reduced in accordance with the written notice referred to in clause 12.1 if PPP agrees to the requested change(s). PPP is not obligated to accept any notice of variation, extension or reduction.

	12.3	
If the Contracted Services are varied, extended or reduced in accordance with clause 12.2 the parties must re-negotiate the Contract Fee and agree an equitable variation of it.

	13	
ASSIGNMENT OR TRANSFER

Each party may only assign its rights under this Agreement with the written consent of the other party. Such consent shall not be unreasonably withheld. The assignment shall not affect any contractual obligations undertaken by either party prior to the assignment taking place.

	14	
CONFIDENTIALITY AND PRIVACY

	14.1	
General obligation

Each party shall regard as confidential and shall not disclose to any person other than a person approved by the disclosing party, any information acquired by the recipient party in or in connection with the provision of the Contracted Services.

	15	
INSURANCE

General Requirement

	15.1	
Each party must, throughout the period of this Agreement, maintain such insurances as are necessary to provide cover for itself against the costs associated with any liability which may be incurred under this Agreement.

	15.2	
Types of insurance

Without limitation to the generality of clause 15.1, PPP must, at its own cost and expense, insure and keep in effect such insurance in its name in respect of the following risks:

		15.2.1	
product liability; and

		15.2.2	
professional indemnity.

Page 8 of 15

PPP Service Agreement PBT434 040617

	15.3	
Adequacy of coverage

All insurances required under clause 15.1 must:

		15.3.1	
be obtained from a reputable insurer; and

		15.3.2	
provide cover of not less than one million dollars ($1,000,000.00) in respect of any single insurable event.

	15.4	
Insurance period

 

PPP must maintain all insurances required of it under this clause 15:

		15.5.1	
at all times during the term of this Agreement; and

		15.5.2	
for a period of six (6) years after the term of this Agreement.

	16	
AUDIT

	16.1	
CLIENT and its agents and designees shall have the right at anytime to audit PPP’s facilities, systems, records (financial and otherwise), procedures, and documentation related to this Agreement, as well as the progress of the Contracted Services and all information and results derived from or relating to such Services. Such audits may be conducted upon reasonable notice during the term of this Agreement and for a period of up to two (2) years after termination or expiration.

	16.2	
PPP agrees to permit representatives of the TGA or any other relevant regulatory or governmental authority to access at any reasonable time during normal business hours relevant records, information (and, where applicable, make copies of the same), personnel and facilities.

	17	
DISPUTE RESOLUTION

Mediation

	17.1	
If a dispute arises in relation to this Agreement or any accounts given by PPP to CLIENT, the parties must adhere to the following procedure:

		17.1.1	
In the first instance, the CLIENT Representative and PPP Representative shall meet and endeavour to resolve the dispute in an expeditious and informal manner.

		17.1.2	
If resolution is not achieved within 10 Business Days, then either party may commence legal proceedings to resolve the dispute.

 

Page 9 of 15

PPP Service Agreement PBT434 040617

	18	
TERMINATION

Right of termination

	18.1	
This Agreement may be terminated by the written agreement of the parties or in accordance with this clause.

Failure to rectify

	18.2	
If a party is in breach of its obligations under this Agreement, then the other party may:

		18.2.1	
by notice in writing to the party in default, specify in what respect that party is in default of its obligations under this Agreement; and

		18.2.2	
if after fourteen (14) days from the notification has been given, the party on whom the notification is given has not remedied the default, the other party may terminate this Agreement in whole or in part on giving fourteen (14) days’ notice in writing to the party.

Immediate termination

	18.3	
Notwithstanding any other clause of this Agreement, a party may end this Agreement immediately if any of the following events occur:

		18.3.1	
an Event Indicating Insolvency happens in relation to the other party; or

		18.3.2	
the other party ceases, or indicates that it is about to cease, carrying on its business.

	18.4	
Any termination of this Agreement shall not prejudice the parties’ accrued rights including the rights of either party in respect of any antecedent breach of this Agreement.

Consequences of Termination

	18.5	
If this Agreement terminates for any reason, then PPP must return to CLIENT all:

		18.5.1	
CLIENT Confidential Information;

		18.5.2	
PBT434 in whatever form; and

		18.5.3	
data, results, reports, analyses and other materials produced by the Consultant in the course of providing the Contracted Services, in the possession or control of PPP.

Page 10 of 15

PPP Service Agreement PBT434 040617

	19	
NOTICES

	19.1	
A notice, consent, information or request that must or may be given or made to a party under this Agreement is only given or made if it is:

		19.1.1	
delivered or posted to that party at the address stated in Item 9 of Schedule 1; or

		19.1.2	
emailed to that party at the email number stated in Item 10 of Schedule 1.

	19.2	
A notice, consent, information or request that must or may be given or made to a party under this Agreement is deemed as given or made at the following time:

		19.2.1	
if it is hand delivered, when it is left at the relevant address;

		19.2.2	
if it is sent by post, 2 Business Days after it is posted;

		19.2.3	
if it is sent by email when sent by the sender.

	19.3	
If a notice, consent, information or request is delivered, or an error free transmission report in relation to it is received, after 5:00pm or on a day which is not a Business Day, it is to be treated as having been given or made at the beginning of the next Business Day.

	20	
MISCELLANEOUS

Further co-operation

	20.1	
Each party must do anything (including executing a document) that the other party reasonably requires to give full effect to, and to comply with any legislative requirements arising as a result of, this Agreement and the transactions it contemplates.

Accrued Rights

	20.2	
The ending of this Agreement does not affect any accrued rights of a party.

Liability for costs

	20.3	
Each party must pay its own costs in relation to preparing, negotiating, and executing this Agreement and any document related to the transaction that this Agreement contemplates.

 

Page 11 of 15

PPP Service Agreement PBT434 040617

Variation

	20.4	
The terms of this Agreement may only be varied by agreement in writing signed by both parties.

Waiver

	20.5	
The fact that a party fails to do, or delays in doing, something the party is entitled to do under this Agreement, does not amount to a waiver of any obligation of, or breach of obligation by, the other party. A waiver by a party is only effective if it is in writing.

	20.6	
A written waiver by a party is only effective in relation to the particular obligation or breach in respect of which it is given. It is not to be taken as an implied waiver of any other obligation or breach, or as an implied waiver of that obligation or breach in relation to any other occasion.

Severability

	20.7	
If a clause or part of a clause can be read in a way that makes it illegal, unenforceable or invalid, but can also be read in a way that makes it legal, enforceable and valid, it must be read in the latter way. If any clause or part of a clause is illegal, unenforceable or invalid, that clause or part is to be treated as removed from this Agreement, but the rest of this Agreement is not affected.

Entire agreement

	20.8	
This Agreement contains everything the parties have agreed on in relation to this transaction. No party can rely on an earlier document), or on anything said or done by another party (or by a director, officer, agent or employment of that party) before this Agreement was executed.

Relationship of the Parties

	20.9	
This Agreement does not create a partnership, agency, fiduciary or any other relationship, except the relationship of contracting parties.

	20.10	
No party is liable for an act or omission of another party, except to the extent set out in this Agreement.

Governing law

	20.11	
This Agreement is governed by the laws of the State of Victoria, Australia. The parties submit to the non-exclusive jurisdiction of the courts of Victoria and courts entitled to hear appeals from those courts.

Page 12 of 15

PPP Service Agreement PBT434 040617

	21	
REPRESENTATIONS AND WARRANTIES

Each party represents and warrants to the other Party that:

		(a)	
it has obtained all necessary corporate authorisations to enter into this Agreement;

		(b)	
it has the right to enter into and perform its obligations under this Agreement.

	22	
LIABILITY AND INDEMNITY

The CLIENT shall indemnify and hold harmless PPP, its agents and employees from and against all losses, costs, expenses, liabilities, claims, actions and damages, including without limitation interest, penalties, reasonable attorney’s fees, and arbitration and/or litigation costs arising out of the contract or obligations to be performed by PPP or from breach of any of the CLIENT’S covenants, representation or warranties, except to the extent that any such claim is caused by PPP’s negligence, recklessness or wilful misconduct.

	23	
SUB-CONTRACTING

PPP may not assign or subcontract the performance of any of its obligations under this Agreement without the prior written approval of CLIENT. Subcontracting shall not relieve PPP of its obligations under this Agreement and PPP shall be responsible for all acts or omissions or breaches of this Agreement by any subcontractor engaged (with CLIENT’S written consent) by it.

	24	
DEFINITIONS AND INTERPRETATIONS

	24.1	
In this Agreement unless the contrary intention appears:

“PPP Personnel” has the meaning given to it in clause 4.1.

“Business Day” means any weekday that is not gazetted as a public holiday in Victoria or other Australian state or country in which the relevant party(ies) is (are) located.

“Cause Beyond the Reasonable Control” means an act of God, strike, lockout, other disturbance or labour difficulty, war, act of public enemy, blockade, revolution, riot, insurrection, civil commotion, lightning, storm, flood, fire, earthquake, explosion, embargo, unavoidable accident, lack of transportation, or anything done or not done by or to a person, government or other competent authority, except the party concerned, which is beyond the reasonable control of the party concerned.

Page 13 of 15

PPP Service Agreement PBT434 040617

“Contract Fee” means the fee payable by PPP to CLIENT for the Contracted Services as specified in Schedule 2.

“Event Indicating Insolvency” in relation to a party, means something that reasonably indicates that there is a significant risk that the party is or will become unable to pay debts as they fall due.

“GMP” means the current Manufacturing Principles to be observed in the manufacture in Australia of therapeutic goods for use in humans, as determined from time to time pursuant to section 36 of the Therapeutic Goods Act 1989.

“Intellectual Property Rights” means any intellectual or industrial property rights, whether registered or unregistered, including, without limitation:

		(a)	
patents, patentable inventions, designs, works of copyright, trade marks, trade secrets and rights in Confidential Information;

		(b)	
non-public ideas, knowledge, know how, information, strategies, concepts, methodologies, processes, methods, techniques, drawings, designs, diagrams, computer programs, data, formulae, specifications, procedures for experiments and tests or results of experiments and tests, (collectively, Confidential Information”).

“Study” means CLIENT’S Phase 1 clinical trial of its drug candidate known as PBT434.

	24.2	
A reference to a clause or schedule is a reference to a clause or schedule of this Agreement.

	24.3	
A reference to any legislation or legislative provision means that legislative provision as amended from time to time.

Page 14 of 15

PPP Service Agreement PBT434 040617

	 	 	

	
EXECUTION

	 
	 	 
	
Executed as an agreement

	 
	 	 
	
Signed for and on behalf of

	
)

	
PHARMACEUTICAL PACKAGING

	
)

	
PROFESSIONAS PTY LTD

	
)

	
Signature of authorised officer

	
ABN 96 129 377 948

	
)

	 
	
by

		
)

	 
	
an authorised officer, in the presence of:

	
)

	 
	 	 	 
	

	 	 
	
Signature of witness

	 	 
	 	 	 
	
Kamal bhardwaJ

	 	 
	
(name printed in full)

	 	 
	 	 	 
	
Signed for and on behalf of

	
)

	

	
PRANA BIOTECHNOLOGY LTD

	
)

	
ABN 37 080 699 065

	
)

	 	
)

	
by Dianne Angus,

	
)

	
an authorised signatory, in the presence of:

	
)

	
Signature of authorised

	
signatory

	
)

	 
	 	 	 
	

	 	 
	
Signature of witness

	 	 
	 	 	 
	
KATHRYN ANDREWS

	 	 
	
(name printed in full)

	 	 

Page 15 of 15

PPP Service Agreement PBT434 040617Exhibit 10.1

 

Execution
Version

 

Education Realty Operating Partnership,
LP

Education Realty Trust, Inc.

 

$150,000,000

 

4.22%
Series A Guaranteed Senior Notes due August 31, 2029

4.30%
Series B Guaranteed Senior Notes due August 31, 2032

 

 

 

Note and Guarantee Agreement

 

 

 

Dated
as of August 31, 2017

 

 

 

     

     

    

 

Table
of Contents

 

	Section	Heading	Page
	Section 1.           Authorization of Notes	1
	 	 	 
	Section 2.           Sale and Purchase of Notes; Guarantee	1
	 	 	 	 
	Section 2.1.	 	Sale and Purchase of Notes	1
	 	 	 	 
	Section 2.2.	 	Guarantee	1
	 	 	 	 
	Section 3.           Closing	2
	 	 	 
	Section 4.           Conditions to Closing	2
	 	 	 	 
	Section 4.1.	 	Representations and Warranties	2
	 	 	 	 
	Section 4.2.	 	Performance; No Default	2
	 	 	 	 
	Section 4.3.	 	Compliance Certificates	2
	 	 	 	 
	Section 4.4.	 	Opinions of Counsel	3
	 	 	 	 
	Section 4.5.	 	Purchase Permitted By Applicable Law, Etc.	3
	 	 	 	 
	Section 4.6.	 	Sale of Other Notes	3
	 	 	 	 
	Section 4.7.	 	Payment of Fees	3
	 	 	 	 
	Section 4.8.	 	Private Placement Numbers	3
	 	 	 	 
	Section 4.9.	 	Changes in Corporate Structure	3
	 	 	 	 
	Section 4.10.	 	Funding Instructions	4
	 	 	 	 
	Section 4.11.	 	Material Credit Facilities	4
	 	 	 	 
	Section 4.12.	 	Proceedings and Documents	4
	 	 	 	 
	Section 5.           Representations and Warranties of the Constituent Companies	4
	 	 	 	 
	Section 5.1.	 	Organization; Power and Authority	4
	 	 	 	 
	Section 5.2.	 	Authorization, Etc.	5
	 	 	 	 
	Section 5.3.	 	Disclosure	5
	 	 	 	 
	Section 5.4.	 	Organization and Ownership of Shares of Subsidiaries; Affiliates	5
	 	 	 	 
	Section 5.5.	 	Financial Statements; Material Liabilities	6
	 	 	 	 
	Section 5.6.	 	Compliance with Laws, Other Instruments, Etc.	6
	 	 	 	 
	Section 5.7.	 	Governmental Authorizations, Etc.	7
	 	 	 	 
	Section 5.8.	 	Litigation; Observance of Agreements, Statutes and Orders	7
	 	 	 	 
	Section 5.9.	 	Taxes; REIT Status	7
	 	 	 	 
	Section 5.10.	 	Title to Property; Leases	8

 

 

     i

     

    

 

	Section 5.11.	 	Licenses, Permits, Etc.	8
	 	 	 	 
	Section 5.12.	 	Compliance with Employee Benefit Plans	9
	 	 	 	 
	Section 5.13.	 	Private Offering by the Issuer	9
	 	 	 	 
	Section 5.14.	 	Use of Proceeds; Margin Regulations	10
	 	 	 	 
	Section 5.15.	 	Existing Indebtedness; Future Liens	10
	 	 	 	 
	Section 5.16.	 	Foreign Assets Control Regulations, Etc.	11
	 	 	 	 
	Section 5.17.	 	Status under Certain Statutes	11
	 	 	 	 
	Section 5.18.	 	Environmental Matters	12
	 	 	 	 
	Section 6.           Representations of the Purchasers	12
	 	 	 	 
	Section 6.1.	 	Purchase for Investment	12
	 	 	 	 
	Section 6.2.	 	Source of Funds	13
	 	 	 	 
	Section 7.           Information as to the Constituent Companies	14
	 	 	 	 
	Section 7.1.	 	Financial and Business Information	14
	 	 	 	 
	Section 7.2.	 	Officer’s Certificate	18
	 	 	 	 
	Section 7.3.	 	Visitation	19
	 	 	 	 
	Section 7.4.	 	Electronic Delivery	19
	 	 	 	 
	Section 8.           Payment and Prepayment of the Notes	20
	 	 	 	 
	Section 8.1.	 	Maturity	20
	 	 	 	 
	Section 8.2.	 	Optional Prepayments with Make-Whole Amount	20
	 	 	 	 
	Section 8.3.	 	Offer to Prepay Notes in the Event of a Change in Control	21
	 	 	 	 
	Section 8.4.	 	Allocation of Partial Prepayments	22
	 	 	 	 
	Section 8.5.	 	Maturity; Surrender, Etc.	23
	 	 	 	 
	Section 8.6.	 	Purchase of Notes	23
	 	 	 	 
	Section 8.7.	 	Make-Whole Amount	23
	 	 	 	 
	Section 8.8.	 	Payments Due on Non-Business Days	25
	 	 	 	 
	Section 8.9.	 	Optional Prepayment at Par	25
	 	 	 	 
	Section 9.           Affirmative Covenants	25
	 	 	 	 
	Section 9.1.	 	Compliance with Laws	25
	 	 	 	 
	Section 9.2.	 	Insurance	26
	 	 	 	 
	Section 9.3.	 	Maintenance of Properties	26
	 	 	 	 
	Section 9.4.	 	Payment of Taxes and Claims	26
	 	 	 	 
	Section 9.5.	 	Corporate Existence, Etc.	26

 

     ii

     

    

 

	Section 9.6.	 	Books and Records	26
	 	 	 	 
	Section 9.7.	 	Environmental Matters	27
	 	 	 	 
	Section 9.8.	 	Parent Guarantor Covenants	27
	 	 	 	 
	Section 9.9.	 	Subsidiary Guarantors	28
	 	 	 	 
	Section 9.10.	 	Fiscal Year	29
	 	 	 	 
	Section 10.          Negative Covenants	29
	 	 	 	 
	Section 10.1.	 	Transactions with Affiliates	29
	 	 	 	 
	Section 10.2.	 	Fundamental Changes	30
	 	 	 	 
	Section 10.3.	 	Economic Sanctions, Etc.	30
	 	 	 	 
	Section 10.4.	 	Sale/Leaseback	30
	 	 	 	 
	Section 10.5.	 	Investments, Loans, Advances and Acquisitions	30
	 	 	 	 
	Section 10.6.	 	Hedging Agreements	31
	 	 	 	 
	Section 10.7.	 	Restricted Payments	31
	 	 	 	 
	Section 10.8.	 	Parent Guarantor Covenants	32
	 	 	 	 
	Section 10.9.	 	Restrictive Agreements	32
	 	 	 	 
	Section 10.10.	 	Indebtedness	33
	 	 	 	 
	Section 10.11.	 	Financial Covenants	33
	 	 	 	 
	Section 11.          Events of Default	35
	 	 	 	 
	Section 12.          Remedies on Default, Etc.	37
	 	 	 	 
	Section 12.1.	 	Acceleration	37
	 	 	 	 
	Section 12.2.	 	Other Remedies	38
	 	 	 	 
	Section 12.3.	 	Section 12.3. Rescission	38
	 	 	 	 
	Section 12.4.	 	No Waivers or Election of Remedies, Expenses, Etc.	39
	 	 	 	 
	Section 13.          Guarantee	39
	 	 	 	 
	Section 13.1.	 	The Guarantee	39
	 	 	 	 
	Section 13.2.	 	Waiver of Defenses	39
	 	 	 	 
	Section 13.3.	 	Guaranty of Payment	40
	 	 	 	 
	Section 13.4.	 	Guaranty Unconditional	40
	 	 	 	 
	Section 13.5.	 	Reinstatement	40
	 	 	 	 
	Section 13.6.	 	Payment on Demand	41
	 	 	 	 
	Section 13.7.	 	Stay of Acceleration	41
	 	 	 	 
	Section 13.8.	 	No Subrogation	41

 

     iii

     

    

 

	Section 13.9.	 	Marshalling	41
	 	 	 	 
	Section 13.10.	 	Transfer of Notes	41
	 	 	 	 
	Section 13.11.	 	Consideration	42
	 	 	 	 
	Section 14.          Registration; Exchange; Substitution of Notes	42
	 	 	 	 
	Section 14.1.	 	Registration of Notes	42
	 	 	 	 
	Section 14.2.	 	Transfer and Exchange of Notes	42
	 	 	 	 
	Section 14.3.	 	Replacement of Notes	42
	 	 	 	 
	Section 15.          Payments on Notes	43
	 	 	 	 
	Section 15.1.	 	Place of Payment	43
	 	 	 	 
	Section 15.2.	 	Payment by Wire Transfer	43
	 	 	 	 
	Section 15.3.	 	FATCA Information	44
	 	 	 	 
	Section 16.          Expenses, Etc	44
	 	 	 	 
	Section 16.1.	 	Transaction Expenses	44
	 	 	 	 
	Section 16.2.	 	Certain Taxes	45
	 	 	 	 
	Section 16.3.	 	Survival	45
	 	 	 	 
	Section 17.          Survival of Representations and Warranties; Entire Agreement	45
	 	 	 
	Section 18.          Amendment and Waiver	45
	 	 	 	 
	Section 18.1.	 	Requirements	45
	 	 	 	 
	Section 18.2.	 	Solicitation of Holders of Notes	46
	 	 	 	 
	Section 18.3.	 	Binding Effect, Etc.	47
	 	 	 	 
	Section 18.4.	 	Notes Held by the Constituent Companies, Etc.	47
	 	 	 	 
	Section 19.          Notices	47
	 	 	 	 
	Section 20.          Reproduction of Documents	47
	 	 	 
	Section 21.          Confidential Information	48
	 	 	 
	Section 22.          Substitution of Purchaser	49
	 	 	 
	Section 23.          Miscellaneous	49
	 	 	 	 
	Section 23.1.	 	Successors and Assigns	49
	 	 	 	 
	Section 23.2.	 	Accounting Terms	50
	 	 	 	 
	Section 23.3.	 	Severability	50
	 	 	 	 
	Section 23.4.	 	Construction, Etc.	50
	 	 	 	 
	Section 23.5.	 	Counterparts	51
	 	 	 	 
	Section 23.6.	 	Governing Law	51
	 	 	 	 
	Section 23.7.	 	Jurisdiction and Process; Waiver of Jury Trial	51
	 	 	 	 
	Section 23.8.	 	Transaction References	52

 

     iv

     

    

  

	Schedule A	—	Defined Terms
	 	 	 
	Schedule 1(a)	—	Form of 4.22% Series A Guaranteed Senior Note due August 31, 2029
	 	 	 
	Schedule 1(b)	—	Form of 4.30% Series B Guaranteed Senior Note due August 31, 2032
	 	 	 
	Schedule 4.4(a)	— 	Form of Opinion of Special Counsel for the Constituent Companies
	 	 	 
	Schedule 4.4(b)	—	Form of Opinion of Special Counsel for the Purchasers
	 	 	 
	Schedule 5.3	—	Disclosure Materials
	 	 	 
	Schedule 5.4	—	Subsidiaries and Affiliates of the Parent Guarantor and Ownership of Subsidiary Stock
	 	 	 
	Schedule 5.5	—	Financial Statements
	 	 	 
	Schedule 5.10(b)	—	Initial Unencumbered Pool
	 	 	 
	Schedule 5.15	—	Existing Indebtedness
	 	 	 
	Schedule AUP	—	Acceptable Unencumbered Property Representations
	 	 	 
	Purchaser Schedule 	—	Information Relating to Purchasers
	 	 	 
	Exhibit CC	—	Form of Compliance Certificate

 

     v

     

    

 

Education Realty Operating
Partnership, LP

Education Realty Trust, Inc.

999
South Shady Grove Road

Suite
600

Memphis,
Tennessee 38120

 

4.22%
Series A Guaranteed Senior Notes due August 31, 2029

4.30%
Series B Guaranteed Senior Notes due August 31, 2032

 

Dated as of August 31, 2017

 

To
each of the Purchasers listed in

the
Purchaser Schedule hereto:

 

Ladies and Gentlemen:

 

Education
Realty Operating Partnership, LP, a Delaware limited partnership (the “Issuer”), and Education
Realty Trust, Inc., a Maryland corporation (the “Parent Guarantor,” and together with the Issuer, the
“Constituent Companies” and individually, a “Constituent Company”), agree with each of the
Purchasers as follows:

 

Section
1.           Authorization
of Notes.

 

The Issuer will authorize
the issue and sale of $150,000,000 aggregate principal of its Guaranteed Senior Notes, of which $75,000,000 aggregate principal
amount shall be its 4.22% Series A Guaranteed Senior Notes due August 31, 2029 (the
“Series A Notes”) and $75,000,000 aggregate principal amount shall be its 4.30% Series B Guaranteed Senior Notes
due August 31, 2032 (the “Series B Notes”; the Series A Notes and the Series B Notes are hereinafter referred
to collectively as the “Notes”). The Series A Notes and the Series B Notes shall be substantially in the forms
set out in Schedule 1(a) and Schedule 1(b), respectively. Certain capitalized and other terms used in this Agreement are defined
in Schedule A and, for purposes of this Agreement, the rules of construction set forth in Section 23.4 shall govern.

 

Section
2.           Sale and Purchase
of Notes; Guarantee.

 

Section 2.1.          Sale
and Purchase of Notes. Subject to the terms and conditions of this Agreement, the Issuer will issue and sell to each Purchaser
and each Purchaser will purchase from the Issuer, at the Closing provided for in Section 3, Notes in the principal amount and of
the series specified opposite such Purchaser’s name in the Purchaser Schedule at the purchase price of 100% of the principal
amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any
liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder.

 

Section 2.2.          Guarantee.
The obligations of the Issuer hereunder and under the Notes shall have the benefits of the Guarantee of the Parent Guarantor contained
in Section 13 (the “Parent Guarantee”).

 

     

     

    

 

Section
3.          Closing.

 

The sale and purchase
of the Notes to be purchased by each Purchaser shall occur at the offices of Schiff Hardin LLP, 666 Fifth Avenue, 17th Floor, New
York, New York 10103, at 11:00 a.m., New York, New York time, at a closing (the “Closing”) on August 31, 2017
or on such other Business Day thereafter on or prior to August 30, 2017 as may be agreed upon by the Constituent Companies and
the Purchasers. At the Closing, the Issuer will deliver to each Purchaser the Notes of each series to be purchased by such Purchaser
in the form of a single Note of such series (or such greater number of Notes of such series in denominations of at least $100,000
as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of its
nominee), against delivery by such Purchaser to the Issuer or its order of immediately available funds in the amount of the purchase
price therefor by wire transfer to the account of the Issuer set forth in the funding instructions delivered by the Issuer pursuant
to Section 4.10. If at the Closing the Issuer shall fail to tender such Notes to any Purchaser as provided above in this Section 3,
or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such
Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights
such Purchaser may have by reason of such failure by the Issuer to tender such Notes or any of the conditions specified in Section
4 not having been fulfilled to such Purchaser’s satisfaction.

 

Section
4.          Conditions to
Closing.

 

Each Purchaser’s
obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such
Purchaser’s satisfaction, prior to or at the Closing, of the following conditions:

 

Section 4.1.          Representations
and Warranties. The representations and warranties of each Constituent Company in this Agreement shall be correct when made
and at the Closing.

 

Section 4.2.          Performance;
No Default. Each Constituent Company shall have performed and complied with all agreements and conditions contained
in this Agreement required to be performed or complied with by it prior to or at the Closing. Before and after giving effect to
the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event
of Default shall have occurred and be continuing. Neither Constituent Company nor any Subsidiary shall have entered into any transaction
since March 13, 2017 that would have been prohibited by Section 10 had such Section applied since such date.

 

Section 4.3.          Compliance
Certificates.

 

(a)          Officer’s
Certificates. Each Constituent Company shall have delivered to such Purchaser an Officer’s Certificate, dated the date
of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.

 

(b)          Secretary’s
Certificates. Each Constituent Company shall have delivered to such Purchaser a certificate of its Secretary or Assistant Secretary,
dated the date of the Closing, certifying as to (1) the resolutions attached thereto and other corporate or limited partnership
proceedings relating to the authorization, execution and delivery of the Notes (in the case of the Issuer) and this Agreement (in
the case of each Constituent Company) and (2) such Constituent Company’s organizational documents as then in effect.

 

    	 	2	 

     

    

 

Section 4.4.          Opinions
of Counsel. Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the date
of the Closing (a) from Bass, Berry & Sims, PLC, counsel for the Constituent Companies, covering the matters set forth
in Schedule 4.4(a) (and the Constituent Companies hereby instruct their counsel to deliver such opinion to the Purchasers)
and (b) from Schiff Hardin, LLP, the Purchasers’ special counsel in connection with such transactions, substantially
in the form set forth in Schedule 4.4(b) and covering such other matters incident to such transactions as such Purchaser may reasonably
request.

 

Section 4.5.          Purchase
Permitted By Applicable Law, Etc. On the date of the Closing, such Purchaser’s purchase of Notes shall (a) be permitted
by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8)
of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of
the particular investment, (b) not violate any applicable law or regulation (including Regulation T, U or X of the Board of
Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant
to any applicable law or regulation, which law or regulation was not in effect on the date of this Agreement. If requested by such
Purchaser at least five Business Days prior to the date of the Closing, such Purchaser shall have received an Officer’s Certificate
from the Issuer certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine
whether such purchase is so permitted.

 

Section 4.6.          Sale
of Other Notes. Contemporaneously with the Closing, the Issuer shall sell to each other Purchaser and each other Purchaser
shall purchase the Notes to be purchased by it at the Closing as specified in the Purchaser Schedule.

 

Section 4.7.          Payment
of Fees.

 

(a)          Special
Counsel Fees. Without limiting Section 16.1, the Issuer shall have paid on or before the date of the Closing the reasonable
and documented fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4(b) to the extent
reflected in a statement of such counsel rendered to the Issuer at least two Business Days prior to such date.

 

(b)          Other
Fees. The Issuer shall have paid such other fees as provided in the Commitment Letter.

 

Section 4.8.          Private
Placement Numbers. A Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with
the SVO) shall have been obtained for each series of the Notes.

 

Section 4.9.          Changes
in Corporate Structure. Neither Constituent Company shall have changed its jurisdiction of incorporation or organization, as
applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any
other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5.

 

    	 	3	 

     

    

 

Section 4.10.         Funding
Instructions. At least three Business Days prior to the date of the Closing, each Purchaser shall have received written instructions
signed by a Responsible Officer of the Issuer on letterhead of the Issuer directing the manner of the payment of the purchase price
for the Notes and setting forth (a) the name and address of the transferee bank, (b) such transferee bank’s ABA number
and (c) the account name and number into which the purchase price for the Notes is to be deposited.

 

Section 4.11.         Material
Credit Facilities. Such Purchaser shall have received a copy of each Material Credit Facility as in effect on the date of the
Closing, which copy shall be certified as true, correct and complete.

 

Section 4.12.         Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated by this Agreement and all
documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such
Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies of such documents
as such Purchaser or such special counsel may reasonably request.

 

Section
5.          Representations
and Warranties of the Constituent Companies.

 

Each Constituent Company
represents and warrants to each Purchaser that:

 

Section 5.1.          Organization;
Power and Authority.

 

(a)          The
Issuer is a limited partnership duly organized, validly existing and in good standing under the laws of its jurisdiction of organization,
and is duly qualified as a foreign limited partnership and is in good standing in each jurisdiction in which such qualification
is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Issuer has the limited partnership power and
authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts
and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof.

 

(b)          The
Parent Guarantor is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation,
and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required
by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect. The Parent Guarantor has the corporate power and authority
to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes
to transact, to execute and deliver this Agreement and to perform the provisions hereof.

 

    	 	4	 

     

    

 

Section 5.2.          Authorization,
Etc.

 

(a)          This
Agreement and the Notes have been duly authorized by all necessary limited partnership action on the part of the Issuer, and this
Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation
of the Issuer enforceable against the Issuer in accordance with its terms, except as such enforceability may be limited by (1)
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’
rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

 

(b)          This
Agreement has been duly authorized by all necessary corporate action on the part of the Parent Guarantor, and this Agreement constitutes
a legal, valid and binding obligation of the Parent Guarantor enforceable against the Parent Guarantor in accordance with its terms,
except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law).

 

Section 5.3.          Disclosure.
This Agreement, the financial statements listed in Schedule 5.5 and the documents, certificates or other writings delivered
to the Purchasers by or on behalf of the Constituent Companies prior to March 13, 2017 in connection with the transactions contemplated
hereby and identified in Schedule 5.3 (this Agreement and such documents, certificates or other writings and such financial statements
delivered to each Purchaser being referred to, collectively, as the “Disclosure Documents”), taken as a whole,
do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein
not misleading in light of the circumstances under which they were made; provided that with respect to projections, estimates
and other forward-looking information, the Constituent Companies represent only that such information was prepared in good faith
based upon assumptions believed by the Constituent Companies to be reasonable at the time. Except as disclosed in the Disclosure
Documents, since December 31, 2016, there has been no change in the financial condition, operations, business or properties of
the Parent Guarantor or any Subsidiary except changes that could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. There is no fact known to either Constituent Company that could reasonably be expected to have
a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents.

 

Section 5.4.          Organization
and Ownership of Shares of Subsidiaries; Affiliates.

 

(a)          Schedule 5.4
contains (except as noted therein) complete and correct lists of (1) the Parent Guarantor’s Subsidiaries, showing, as to
each Subsidiary, the name thereof, the jurisdiction of its organization, the percentage of shares of each class of its capital
stock or similar equity interests outstanding owned by the Parent Guarantor and each other Subsidiary, (2) the Parent Guarantor’s
Affiliates, other than Subsidiaries, and identifying each Unconsolidated Affiliate of the Issuer, and (3) the directors and senior
officers of the Parent Guarantor and the general partner of the Issuer.

 

    	 	5	 

     

    

 

(b)          All
of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned
by the Parent Guarantor and its Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by the Parent
Guarantor or another Subsidiary free and clear of any Lien that is prohibited by this Agreement.

 

(c)          Each
Subsidiary is a corporation or other legal entity duly organized, validly existing and, where applicable, in good standing under
the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable,
is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which
the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect. Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties
it purports to own or hold under lease and to transact the business it transacts and proposes to transact.

 

(d)          No
Subsidiary is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on Schedule
5.4 and customary limitations imposed by corporate law or similar statutes and customary limitations imposed by the terms of agreements
governing non-recourse Indebtedness) restricting the ability of such Subsidiary to pay dividends out of profits or make any other
similar distributions of profits to the Parent Guarantor or any of its Subsidiaries that owns outstanding shares of capital stock
or similar equity interests of such Subsidiary.

 

Section 5.5.          Financial
Statements; Material Liabilities. The Constituent Companies have delivered to each Purchaser copies of the financial statements
of the Parent Guarantor and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the
related schedules and notes) fairly present in all material respects the consolidated financial position of the Parent Guarantor
and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and
cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout
the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal
year-end adjustments). The Parent Guarantor and its Subsidiaries do not have any Material liabilities that are not disclosed in
the Disclosure Documents.

 

Section 5.6.          Compliance
with Laws, Other Instruments, Etc. The execution, delivery and performance by (a) the Issuer of this Agreement and the Notes
and (b) the Parent Guarantor of this Agreement will not (1) contravene, result in any breach of, or constitute a default under,
or result in the creation of any Lien in respect of any property of the Parent Guarantor or any Subsidiary under, any indenture,
mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter, regulations or by-laws, shareholders agreement
or any other agreement or instrument to which the Parent Guarantor or any Subsidiary is bound or by which the Parent Guarantor
or any Subsidiary or any of their respective properties may be bound or affected, (2) conflict with or result in a breach
of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental
Authority applicable to the Parent Guarantor or any Subsidiary or (3) violate any provision of any statute or other rule or
regulation of any Governmental Authority applicable to the Parent Guarantor or any Subsidiary.

 

    	 	6	 

     

    

 

Section 5.7.          Governmental
Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration with, any Governmental
Authority is required in connection with the execution, delivery or performance by (a) the Issuer of this Agreement or the Notes
or (b) the Parent Guarantor of this Agreement.

 

Section 5.8.          Litigation;
Observance of Agreements, Statutes and Orders.

 

(a)          There
are no actions, suits, investigations or proceedings pending or, to the knowledge of the Constituent Companies, threatened against
or affecting the Parent Guarantor or any Subsidiary or any property of the Parent Guarantor or any Subsidiary in any court or before
any arbitrator of any kind or before or by any Governmental Authority that could, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

 

(b)          Neither
the Parent Guarantor nor any Subsidiary is (a) in default under any agreement or instrument to which it is a party or by which
it is bound, (b) in violation of any order, judgment, decree or ruling of any court, any arbitrator of any kind or any Governmental
Authority or (c) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including Environmental
Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16), which default or
violation could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section
5.9.          Taxes; REIT Status.

 

(a)          The
Parent Guarantor and its Subsidiaries have filed all tax returns that are required to have been filed in any jurisdiction, and
have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties,
assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become
delinquent, except for any taxes and assessments (1) the amount of which, individually or in the aggregate, is not Material
or (2) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings
and with respect to which the Parent Guarantor or a Subsidiary, as the case may be, has established adequate reserves in accordance
with GAAP. Neither Constituent Company knows of any basis for any other tax or assessment that could, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of the Parent Guarantor
and its Subsidiaries in respect of U.S. federal, state or other taxes for all fiscal periods are adequate. The U.S. federal income
tax liabilities of the Parent Guarantor and its Subsidiaries have been finally determined (whether by reason of completed audits
or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2012.

 

    	 	7	 

     

    

 

(b)          The
Parent Guarantor has operated, and intends to continue to operate in a manner so as to permit it to qualify, as a REIT. The Parent
Guarantor has elected treatment as a REIT. Each Subsidiary of the Parent Guarantor is either (1) a “qualified REIT subsidiary”
within the meaning of Section 856(i) of the Code, (2) a REIT, (3) a “taxable REIT subsidiary” within the meaning of
Section 856(l) of the Code, (4) a partnership under Treasury Regulation Section 301.7701-3 or (5) an entity disregarded as a separate
entity from its owner under Treasury Regulation Section 301.7701-3.

 

Section 5.10.         Title
to Property; Leases.

 

(a)          The
Parent Guarantor and its Subsidiaries have good, marketable and legal title to, or valid leasehold interests in, their respective
properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited
balance sheet referred to in Section 5.5 or purported to have been acquired by the Parent Guarantor or any Subsidiary after such
date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited
by this Agreement. All leases that individually or in the aggregate are Material are valid and subsisting and are in full force
and effect in all material respects.

 

(b)          On
the date of the Closing, the Unencumbered Pool consists solely of those Acceptable Unencumbered Properties listed on Schedule 5.10(b),
with those Acceptable Unencumbered Properties that are either an Eligible Off Campus Ground Lease or an Eligible Property Lease
being so designated thereon.

 

Section 5.11.         Licenses,
Permits, Etc.

 

(a)          The
Parent Guarantor and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary
software, service marks, trademarks and trade names, or rights thereto (collectively, “Intellectual Property”),
that individually or in the aggregate are Material, without known conflict with the rights of others.

 

(b)          To
the knowledge of each Constituent Company, no product or service of the Parent Guarantor or any of its Subsidiaries infringes in
any material respect any Intellectual Property owned by any other Person.

 

(c)          To
the knowledge of each Constituent Company, there is no Material violation by any Person of any right of the Parent Guarantor or
any of its Subsidiaries with respect to any Intellectual Property owned or used by the Parent Guarantor or any of its Subsidiaries.

 

    	 	8	 

     

    

 

Section 5.12.         Compliance
with Employee Benefit Plans.

 

(a)          The
Parent Guarantor and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except
for such instances of noncompliance as have not resulted in and could not, individually or in the aggregate, reasonably be expected
to result in a Material Adverse Effect.  Neither the Parent Guarantor nor any ERISA Affiliate has incurred any liability pursuant
to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in
section 3 of ERISA), and no event, transaction or condition has occurred or exists that could, individually or in the aggregate,
reasonably be expected to result in the incurrence of any such liability by the Parent Guarantor or any ERISA Affiliate, or in
the imposition of any Lien on any of the rights, properties or assets of the Parent Guarantor or any ERISA Affiliate, in either
case pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under
the Code or federal law or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of
a Plan, other than such liabilities or Liens as would not be individually or in the aggregate Material.

 

(b)          The
present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the
end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes
in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan
allocable to such benefit liabilities. The term “benefit liabilities” has the meaning specified in section 4001
of ERISA and the terms “current value” and “present value” have the meaning specified in
section 3 of ERISA.

 

(c)          The
Parent Guarantor and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal
liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are
Material.

 

(d)          The
expected postretirement benefit obligation (determined as of the last day of the Parent Guarantor’s most recently ended fiscal
year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to
liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Parent Guarantor and its Subsidiaries
is not Material.

 

(e)          The
execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that
is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D)
of the Code. The representation by the Constituent Companies to each Purchaser in the first sentence of this Section 5.12(e) is
made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of
the funds to be used to pay the purchase price of the Notes to be purchased by such Purchaser.

 

(f)          The
Parent Guarantor and its Subsidiaries do not have any Non-U.S. Plans.

 

Section 5.13.         Private
Offering by the Issuer. Neither the Issuer nor anyone acting on its behalf has offered the Notes, the Parent Guarantee or any
similar Securities for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached
or negotiated in respect thereof with, any Person other than the Purchasers, each of which has been offered the Notes and the Parent
Guarantee at a private sale for investment. Neither Constituent Company or anyone acting on their behalf has taken, or will take,
any action that would subject the issuance or sale of the Notes or the execution and delivery by the Parent Guarantor of this Agreement
for purposes of providing the Parent Guarantee to the registration requirements of section 5 of the Securities Act or to the registration
requirements of any Securities or blue sky laws of any applicable jurisdiction.

 

    	 	9	 

     

    

 

Section 5.14.         Use
of Proceeds; Margin Regulations. The Issuer will apply the proceeds of the sale of the Notes hereunder for the repayment of
certain outstanding Indebtedness and for other general corporate purposes. No part of the proceeds from the sale of the Notes hereunder
will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U
of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any
Securities under such circumstances as to involve the Issuer in a violation of Regulation X of said Board (12 CFR 224) or to involve
any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute any of
the value of the consolidated assets of the Issuer and its Subsidiaries and the Issuer does not have any present intention that
margin stock will constitute any of the value of such assets. As used in this Section, the terms “margin stock”
and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.

 

Section 5.15.         Existing
Indebtedness; Future Liens.

 

(a)          Except
as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Parent Guarantor
and its Subsidiaries as of August 18, 2017 (including descriptions of the obligors and obligees, principal amounts outstanding,
any collateral therefor and any Guarantee thereof, other than any Guarantee of customary exceptions for fraud, misapplication of
funds, environmental indemnities and other similar customary exceptions to recourse liability or exceptions relating to bankruptcy,
insolvency, receivership or other similar events, provided that the obligations under such Guarantee have not become due
and payable), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments
or maturities of the Indebtedness of the Parent Guarantor or its Subsidiaries. Neither the Parent Guarantor nor any Subsidiary
is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness
of the Parent Guarantor or such Subsidiary and no event or condition exists with respect to any Indebtedness of the Parent Guarantor
or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause
such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

 

(b)          Except
as disclosed in Schedule 5.15, neither the Parent Guarantor nor any Subsidiary has agreed or consented to cause or permit any of
its property, whether now owned or hereafter acquired, to be subject to a Lien (other than Liens permitted by this Agreement).

 

    	 	10	 

     

    

 

(c)          Neither
the Parent Guarantor nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing
Indebtedness of the Parent Guarantor or such Subsidiary, any agreement relating thereto or any other agreement (including its charter
or any other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness
of either Constituent Company, except as disclosed in Schedule 5.15.

 

Section 5.16.         Foreign
Assets Control Regulations, Etc.

 

(a)          Neither
the Parent Guarantor nor any Controlled Entity (1) is a Blocked Person, (2) has been notified that its name appears or may in the
future appear on a State Sanctions List or (3) is a target of sanctions that have been imposed by the United Nations or the European
Union.

 

(b)          Neither
the Parent Guarantor nor any Controlled Entity (1) has violated, been found in violation of, or been charged or convicted under,
any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (2) to either Constituent Company’s
knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money
Laundering Laws or Anti-Corruption Laws.

 

(c)          No
part of the proceeds from the sale of the Notes hereunder:

 

(1)         constitutes
or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Parent Guarantor or any Controlled
Entity, directly or indirectly, (i) in connection with any investment in, or any transactions or dealings with, any Blocked Person,
(ii) for any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (iii) otherwise in
violation of any U.S. Economic Sanctions Laws;

 

(2)         will
be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money Laundering
Laws; or

 

(3)         will
be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official
or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would
be in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws.

 

(d)          The
Parent Guarantor has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable
law) to ensure that the Parent Guarantor and each Controlled Entity is and will continue to be in compliance with all applicable
U.S. Economic Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.

 

Section 5.17.         Status
under Certain Statutes. Neither Constituent Company nor any Subsidiary is subject to regulation under the Investment Company
Act of 1940, the Public Utility Holding Company Act of 2005, the ICC Termination Act of 1995, or the Federal Power Act.

 

    	 	11	 

     

    

 

Section 5.18.         Environmental
Matters.

 

(a)          Neither
the Parent Guarantor nor any Subsidiary has knowledge of any claim or has received any notice of any claim and no proceeding has
been instituted asserting any claim against the Parent Guarantor or any Subsidiary or any of their respective Real Properties or
other assets now or formerly owned, leased or operated by any of them, alleging any damage to the environment or violation of any
Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect.

 

(b)          Neither
the Parent Guarantor nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of violation
of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to Real Properties now or
formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as could not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(c)          Neither
the Parent Guarantor nor any Subsidiary has stored any Hazardous Materials on Real Properties now or formerly owned, leased or
operated by any of them in a manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect.

 

(d)          Neither
the Parent Guarantor nor any Subsidiary has disposed of any Hazardous Materials in a manner which is contrary to any Environmental
Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(e)          All
buildings on all Real Properties now owned, leased or operated by the Parent Guarantor or any Subsidiary are in compliance with
applicable Environmental Laws, except where failure to comply could not, individually or in the aggregate, reasonably be expected
to result in a Material Adverse Effect.

 

Section
6.          Representations
of the Purchasers.

 

Section 6.1.          Purchase
for Investment. Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more
separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to
the distribution thereof, provided that the disposition of such Purchaser’s or their property shall at all times be within
such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under the Securities
Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration
is available, except under circumstances where neither such registration nor such an exemption is required by law, and that neither
the Parent Guarantor nor the Issuer is required to register the Notes. Each Purchaser severally represents that (a) it has conducted
its own investigation of the Constituent Companies, the terms of the Notes and the terms of the Parent Guarantee, (b) it has received
the Disclosure Documents and such other financial and other information as it deemed necessary to make its decision to purchase
its Notes and (c) it has been offered the opportunity to conduct such review and analysis of the business, assets, condition and
operations of the Constituent Companies and to ask questions of management of the Constituent Companies and received answers thereto,
each as it deemed necessary in connection with its decision to purchase its Notes. Each Purchaser further severally represents
and acknowledges that it has had such opportunity to consult with its own counsel, financial and tax advisors and other professional
advisers as it believes is necessary for purposes of the purchase of its Notes and that it can bear the economic risk of its investment
in its Notes and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits
and risks of its investment in its Notes. Each Purchaser severally represents that it is an “accredited investor” (as
defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) acting for its own account (and not for the
account of others) or as a fiduciary or agent for others (which others are also “accredited investors”).

 

    	 	12	 

     

    

 

Section 6.2.          Source
of Funds. Each Purchaser severally represents that at least one of the following statements is an accurate representation as
to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to
be purchased by such Purchaser hereunder:

 

(a)          the
Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s
Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined
by the annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for
the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and
liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same
employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed
10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus
as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or

 

(b)          the
Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations
under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such
separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by
the investment performance of the separate account; or

 

(c)          the
Source is either (1) an insurance company pooled separate account, within the meaning of PTE 90-1 or (2) a bank collective investment
fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Issuer in writing pursuant to this
clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns
more than 10% of all assets allocated to such pooled separate account or collective investment fund; or

 

    	 	13	 

     

    

 

(d)          the
Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”))
managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM
Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the
assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning
of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent
more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied,
neither the QPAM nor a Person controlling or controlled by the QPAM maintains an ownership interest in the Issuer that would cause
the QPAM and the Issuer to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (1) the identity
of such QPAM and (2) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets
of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part
VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such
investment fund, have been disclosed to the Issuer in writing pursuant to this clause (d); or

 

(e)          the
Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”))
managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption),
the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a Person controlling or controlled
by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest
in the Issuer and (1) the identity of such INHAM and (2) the name(s) of the employee benefit plan(s) whose assets constitute the
Source have been disclosed to the Issuer in writing pursuant to this clause (e); or

 

(f)          the
Source is a governmental plan; or

 

(g)          the
Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans,
each of which has been identified to the Issuer in writing pursuant to this clause (g); or

 

(h)          the
Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA.

 

As used in this Section 6.2, the terms
“employee benefit plan,” “governmental plan,” and “separate account” shall
have the respective meanings assigned to such terms in section 3 of ERISA.

 

Section
7.          Information
as to the Constituent Companies.

 

Section 7.1.          Financial
and Business Information. The Constituent Companies shall deliver to each holder of a Note that is an Institutional Investor:

 

(a)          Quarterly
Statements — within 45 days (or such shorter period as is the earlier of (x) 15 days greater than the period applicable
to the filing of the Parent Guarantor’s Quarterly Report on Form 10-Q (the “Form 10-Q”) with
the SEC regardless of whether the Parent Guarantor is subject to the filing requirements thereof and (y) the date by which such
financial statements are required to be delivered under any Material Credit Facility) after the end of each quarterly fiscal period
in each fiscal year of the Parent Guarantor (other than the last quarterly fiscal period of each such fiscal year), duplicate copies
of,

 

    	 	14	 

     

    

 

(1)         a
consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such quarter, and

 

(2)         consolidated
statements of income and comprehensive income, changes in equity and cash flows of the Parent Guarantor and its Subsidiaries, for
such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,

 

setting
forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable
detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial
Officer of the Parent Guarantor as fairly presenting, in all material
respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to
changes resulting from year-end adjustments;

 

(b)          Annual
Statements — within 90 days (or such shorter period as is the earlier of (x) 30 days greater than the period applicable
to the filing of the Parent Guarantor’s Annual Report on Form 10-K (the “Form 10-K”) with the
SEC regardless of whether the Parent Guarantor is subject to the filing requirements thereof and (y) the date by which such financial
statements are required to be delivered under any Material Credit Facility) after the end of each fiscal year of the Parent Guarantor,
duplicate copies of,

 

(1)         a
consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such year, and

 

(2)         consolidated
statements of income and comprehensive income, changes in equity and cash flows of the Parent Guarantor and its Subsidiaries for
such year,

 

setting forth in each case in
comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied
by an opinion thereon (without a “going concern” or similar qualification or exception and without any qualification
or exception as to the scope of the audit on which such opinion is based) of independent public accountants of recognized national
standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position
of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP,
and that the examination of such accountants in connection with such financial statements has been made in accordance with generally
accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances;

 

    	 	15	 

     

    

 

(c)          SEC
and Other Reports — promptly upon their becoming available, one copy of (1) each financial statement, report, notice,
proxy statement or similar document (collectively, “Reports”) sent by the Parent Guarantor or any Subsidiary
(i) to its creditors under any Material Credit Facility (excluding (A) information sent to such creditors in the ordinary
course of administration of such Material Credit Facility, such as information relating to pricing and borrowing availability,
(B) information provided in response to specific inquiries from individual creditors (but not the agent bank) under such Material
Credit Facility in respect of matters not reasonably believed by the Parent Guarantor to be Material and (C) Reports that correspond
to Reports that are separately required to be provided pursuant to the requirements of this Agreement (it being understood that
the certificate required to be provided pursuant to Section 7.2(a) shall be in lieu of any corresponding certificate required to
be delivered under any Material Credit Facility)) or (ii) to its public Securities holders generally, and (2) each regular
or periodic report, each registration statement (without exhibits except as expressly requested by such holder), and each prospectus
and all amendments thereto filed by the Parent Guarantor or any Subsidiary with the SEC and of all press releases and other statements
made available generally by the Parent Guarantor or any Subsidiary to the public concerning developments that are Material;

 

(d)          Notice
of Default or Event of Default — promptly, and in any event within five days after a Responsible Officer of either Constituent
Company becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any
action with respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to
a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof
and what action the Constituent Companies are taking or propose to take with respect thereto;

 

(e)          Employee
Benefits Matters — promptly, and in any event within five Business Days after a Responsible Officer of either Constituent
Company becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that
the Parent Guarantor or an ERISA Affiliate proposes to take with respect thereto:

 

(1)         with
respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for which
notice thereof has not been waived pursuant to such regulations as in effect on the date of this Agreement;

 

(2)         the
taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042
of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Parent Guarantor
or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer
Plan;

 

    	 	16	 

     

    

 

(3)         any
event, transaction or condition that could result in the incurrence of any liability by the Parent Guarantor or any ERISA Affiliate
pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in
the imposition of any Lien on any of the rights, properties or assets of the Parent Guarantor or any ERISA Affiliate pursuant to
Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such
liabilities or Liens then existing, could reasonably be expected to have a Material Adverse Effect; or

 

(4)         receipt
of notice of the imposition of a Material financial penalty (which for this purpose shall mean any tax, penalty or other liability,
whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans;

 

(f)          Notices
from Governmental Authority — promptly, and in any event within five Business Days of receipt thereof, copies of any
notice to the Parent Guarantor or any Subsidiary from any Governmental Authority relating to any order, ruling, statute or other
law or regulation that could reasonably be expected to have a Material Adverse Effect;

 

(g)          Resignation
or Replacement of Auditors — within 10 days following the date on which the Parent Guarantor’s auditors resign
or the Parent Guarantor elects to change auditors, as the case may be, notification thereof, together with such further information
as the Required Holders may request;

 

(h)          Property
Reports — within 45 days after the end of each quarterly fiscal period of the Parent Guarantor, a property report with
a list of all Real Property acquired by the Issuer or any of its Subsidiaries since the last quarterly property report and summary
operating information for each property, including the Net Operating Income of each property;

 

(i)          Material
Proceedings — promptly, and in any event within five Business Days after the filing or commencement of any action, suit
or proceeding by or before any arbitrator or Governmental Authority against or affecting either Constituent Company or any Affiliate
thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect, notice of such filing
or commencement;

 

(j)          Material
Adverse Effect — promptly, and in any event within five days after a Responsible Officer of either Constituent Company
becoming aware thereof, notice of any other development that results in, or could reasonably be expected to result in, a Material
Adverse Effect; and

 

(k)          Requested
Information — with reasonable promptness, such other data and information relating to the business, operations, affairs,
financial condition, assets or properties of the Parent Guarantor or any of its Subsidiaries (including actual copies of the Parent
Guarantor’s Form 10-Q and Form 10-K) or relating to the ability of either Constituent Company or any Subsidiary
Guarantor to perform its obligations hereunder, under the Notes or under any Subsidiary Guaranty as from time to time may be reasonably
requested by any such holder of a Note.

 

    	 	17	 

     

    

 

Section 7.2.          Officer’s
Certificate. Each set of financial statements delivered to a holder of a Note pursuant to Section 7.1(a) or Section 7.1(b)
shall be accompanied by a certificate of a Senior Financial Officer of each Constituent Company substantially in the form of Exhibit
CC:

 

(a)          Covenant
Compliance — setting forth the information from such financial statements that is required in order to establish whether
the Constituent Companies were in compliance with the requirements of Section 10 during the quarterly or annual period covered
by the financial statements then being furnished (including with respect to each such provision that involves mathematical calculations,
the information from such financial statements that is required to perform such calculations) and detailed calculations of the
maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Section, and the calculation
of the amount, ratio or percentage then in existence. In the event that the Parent Guarantor or any Subsidiary has made an election
to measure any financial liability using fair value (which election is being disregarded for purposes of determining compliance
with this Agreement pursuant to Section 23.2) as to the period covered by any such financial statement, such Senior Financial Officer’s
certificate as to such period shall include a reconciliation from GAAP with respect to such election;

 

(b)          Event
of Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused
to be made, under his or her supervision, a review of the transactions and conditions of the Constituent Companies and their Subsidiaries
from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate
and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default
or an Event of Default or, if any such condition or event existed or exists (including any such event or condition resulting from
the failure of the either Constituent Company or any Subsidiary to comply with any Environmental Law), specifying the nature and
period of existence thereof and what action the Constituent Companies shall have taken or propose to take with respect thereto;
and

 

(c)          Subsidiary
Guarantors — setting forth a list of all Subsidiaries, if any, that are Subsidiary Guarantors and certifying that each
Subsidiary that is required to be a Subsidiary Guarantor pursuant to Section 9.9(a) is a Subsidiary Guarantor as of the date of
such certificate of such Senior Financial Officer.

 

    	 	18	 

     

    

 

Section 7.3.          Visitation.
Each Constituent Company shall permit the representatives of each holder of a Note that is an Institutional Investor:

 

(a)          No
Default — if no Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice
to such Constituent Company, to visit the principal executive office of such Constituent Company, to discuss the affairs, finances
and accounts of such Constituent Company and its Subsidiaries with such Constituent Company’s officers, and (with the consent
of such Constituent Company, which consent will not be unreasonably withheld) its independent public accountants, and (with the
consent of such Constituent Company, which consent will not be unreasonably withheld) to visit the other offices and, subject to
the rights of tenants, properties of such Constituent Company and each of its Subsidiaries, all at such reasonable times and as
often as may be reasonably requested in writing; and

 

(b)          Default
— if a Default or Event of Default then exists, at the expense of the Constituent Companies, to visit and inspect any of
the offices or, subject to the rights of tenants, properties of such Constituent Company or any of its Subsidiaries, to examine
all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss
their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this
provision each Constituent Company authorizes said accountants to discuss the affairs, finances and accounts of such Constituent
Company and its Subsidiaries), all at such times and as often as may be requested.

 

Section 7.4.          Electronic
Delivery. Financial statements, opinions of independent certified public accountants, other information and Officer’s
Certificates that are required to be delivered by a Constituent Company pursuant to Sections 7.1(a), (b) or (c) and Section 7.2
shall be deemed to have been delivered if such Constituent Company satisfies any of the following requirements with respect thereto:

 

(a)          such
financial statements satisfying the requirements of Section 7.1(a) or (b) and related Officer’s Certificates satisfying the
requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered to each holder of a Note by e-mail
at the e-mail address set forth in such holder’s Purchaser Schedule or as communicated from time to time in a separate writing
delivered to the Constituent Companies;

 

(b)          the
Parent Guarantor shall have filed such Form 10–Q or Form 10 K, satisfying the requirements of Section 7.1(a) or Section 7.1(b),
as the case may be, with the SEC on EDGAR and shall have made such form available on its website (which is located at http://www.edrtrust.com
as of the date of this Agreement), provided the related Officer’s Certificate is delivered to each holder of a Note
(1) by e-mail at the e-mail address set forth in such holder’s Purchaser Schedule or as communicated from time to time in
a separate writing delivered to the Constituent Companies or (2) by any other means permitted under this Agreement;

 

(c)          such
financial statements satisfying the requirements of Section 7.1(a) or Section 7.1(b) and related Officer’s Certificates satisfying
the requirements of Section 7.2 and any other information required under Section 7.1(c) are timely posted by or on behalf of such
Constituent Company on IntraLinks or on any other similar website to which each holder of Notes has free access; or

 

(d)          such
Constituent Company shall have filed any of the items referred to in Section 7.1(c) with the SEC on EDGAR and shall have made such
items available on its website or on IntraLinks or on any other similar website to which each holder of Notes has free access;

 

    	 	19	 

     

    

 

provided however, that in no case
shall access to such financial statements, other information and Officer’s Certificates be conditioned upon any waiver or
other agreement or consent (other than confidentiality provisions consistent with Section 21 of this Agreement); provided further,
that in the case of delivery pursuant to clause (b), (c) or (d), such Constituent Company shall have given each holder of a Note
prompt email notice of such posting or filing in connection with each delivery, so long as such holder shall have either provided
its email address on its Purchaser Schedule or any update thereto pursuant to Section 19 or registered to receive such notice on
the Parent Guarantor’s website, provided further, that upon request of any holder to receive paper copies of such
forms, financial statements, other information and Officer’s Certificates or to receive them by e-mail, such Constituent
Company will promptly e-mail them or deliver such paper copies, as the case may be, to such holder.

 

Section
8.          Payment and
Prepayment of the Notes.

 

Section 8.1.          Maturity.
As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the Maturity Date thereof.

 

Section 8.2.          Optional
Prepayments with Make-Whole Amount.

 

(a)          The
Issuer may, at its option, upon notice as provided in Section 8.2(c), prepay at any time all, or from time to time any part of,
the Notes of either series, in an amount not less than 5% of the aggregate principal amount of the Notes of such series then outstanding
in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for the prepayment
date with respect to such principal amount.

 

(b)          Notwithstanding
Section 8.2(a), if a Default or Event of Default then exists or would be caused by an optional prepayment, the Issuer may, at its
option, upon notice as provided in Section 8.2(c), only prepay at any time all, or from time to time any part of, the Notes of
each series, in an amount not less than 5% of the aggregate principal amount of the Notes then outstanding in the case of a partial
prepayment, at 100% of the principal amount so prepaid together with interest accrued thereon to the date of such prepayment, and
the Make-Whole Amount, if any, determined for the prepayment date with respect to such principal amount.

 

(c)          The
Issuer will give each holder of Notes of each series to be prepaid (with a copy to each other holder of Notes) written notice of
each optional prepayment under Section 8.2(a) or (b) not less than 10 days and not more than 60 days prior to the date fixed
for such prepayment unless the Issuer and the Required Holders agree to another time period pursuant to Section 18. Each such notice
shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes of each series to be prepaid
on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.4),
and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied
by a certificate of a Senior Financial Officer of the Issuer as to the estimated Make-Whole Amount due in connection with such
prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation.
Any such notice of prepayment delivered in connection with a refinancing, the proceeds of which are to be used to make such prepayment,
may be made, if expressly so stated in such notice, contingent upon the consummation of such refinancing and may be revoked by
the Issuer in the event such refinancing is not consummated, provided that such notice of revocation is in writing and no
notice of prepayment may be revoked after the third Business Day prior to the date specified in such notice of prepayment for the
prepayment of the Notes. Two Business Days prior to such prepayment, the Issuer shall deliver to each holder of Notes a certificate
of a Senior Financial Officer of the Issuer specifying the calculation of such Make-Whole Amount as of the specified prepayment
date.

 

    	 	20	 

     

    

 

Section 8.3.          Offer
to Prepay Notes in the Event of a Change in Control.

 

(a)          The
Issuer will, within five Business Days after any Responsible Officer of either Constituent Company has knowledge of the occurrence
of any Change in Control or any Control Event, give written notice of such Change in Control or Control Event to each holder of
Notes unless notice in respect of such Change in Control (or the Change in Control contemplated by such Control Event) shall have
been given pursuant to Section 8.3(b). If a Change in Control has occurred, such notice shall contain and constitute an offer by
the Issuer to prepay Notes as described in Section 8.3(c) and shall be accompanied by the certificate described in Section 8.3(g).

 

(b)          The
Parent Guarantor will not take any action that consummates or finalizes a Change in Control unless (1) at least 30 days prior to
such action the Issuer shall have given to each holder of Notes written notice containing and constituting an offer to prepay Notes
as described in Section 8.3(c), accompanied by the certificate described in Section 8.3(g), and (2) contemporaneously with such
action, the Issuer prepays all Notes required to be prepaid in accordance with this Section 8.3.

 

(c)          The
offer to prepay Notes contemplated by Sections 8.3(a) and 8.3(b) shall be an offer to prepay, in accordance with and subject to
this Section 8.3, all, but not less than all, Notes held by each holder on a date specified in such offer (the “Change
in Control Proposed Prepayment Date”). If such Change in Control Proposed Prepayment Date is in connection with an offer
contemplated by Section 8.3(a), such date shall be a Business Day not less than 30 days and not more than 60 days after the date
of such offer (or if the Change in Control Proposed Prepayment Date shall not be specified in such offer, the Change in Control
Proposed Prepayment Date shall be the Business Day nearest to the 30th day after the date of such offer).

 

(d)          A
holder of Notes may accept or reject the offer to prepay made pursuant to this Section 8.3 by causing a notice of such acceptance
or rejection to be delivered to the Issuer at least five Business Days prior to the Change in Control Proposed Prepayment Date.
A failure by a holder of Notes to so respond to an offer to prepay made pursuant to this Section 8.3 shall be deemed to constitute
a rejection of such offer by such holder.

 

(e)          Prepayment
of the Notes to be prepaid pursuant to this Section 8.3 shall be at 100% of the principal amount of such Notes, together with accrued
and unpaid interest on such Notes accrued to the date of prepayment but without any Make-Whole Amount. The prepayment shall be
made on the Change in Control Proposed Prepayment Date, except as provided by Section 8.3(f).

 

    	 	21	 

     

    

 

(f)          The
obligation of the Issuer to prepay Notes pursuant to the offers required by Section 8.3(c) and accepted in accordance with Section
8.3(d) is subject to the occurrence of the Change in Control in respect of which such offers and acceptances shall have been made.
In the event that such Change in Control does not occur on the Change in Control Proposed Prepayment Date in respect thereof, the
prepayment shall be deferred until, and shall be made on the date on which, such Change in Control occurs. The Issuer shall keep
each holder of Notes reasonably and timely informed of (1) any such deferral of the date of prepayment, (2) the date on which such
Change in Control and the prepayment are expected to occur and (3) any determination by the Issuer that efforts to effect such
Change in Control have ceased or been abandoned (in which case the offers and acceptances made pursuant to this Section 8.3 in
respect of such Change in Control automatically shall be deemed rescinded without penalty or other liability).

 

(g)          Each
offer to prepay the Notes pursuant to this Section 8.3 shall be accompanied by a certificate, executed by a Senior Financial Officer
of the Issuer and dated the date of such offer, specifying (1) the Change in Control Proposed Prepayment Date, (2) that such offer
is made pursuant to this Section 8.3 and that failure by a holder to respond to such offer by the deadline established in Section
8.3(c) shall result in such offer to such holder being deemed rejected, (3) the principal amount of each Note offered to be prepaid,
(4) the interest that would be due on each Note offered to be prepaid, accrued to the Change in Control Proposed Prepayment Date,
(5) that the conditions of this Section 8.3 have been fulfilled and (6) in reasonable detail, the nature and date of the Change
in Control.

 

(h)          As
used in this Section 8.3, the following terms shall have the following meanings:

 

(1)         “Change
in Control” means (i) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person
or affiliated group (within the meaning of the Exchange Act as in effect on the date of this Agreement) of shares representing
more than 30% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of the Parent Guarantor;
(ii) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Parent Guarantor by Persons
who were neither (A) nominated by the board of directors of the Parent Guarantor nor (B) appointed by directors so nominated; or
(iii) the acquisition of direct or indirect Control of the Parent Guarantor by any Person or group.

 

(2)         “Control
Event” means the execution of any definitive written agreement which, when fully performed by the parties thereto, would
result in a Change in Control.

 

Section 8.4.          Allocation
of Partial Prepayments. In the case of each partial prepayment of the Notes pursuant to Section 8.2(a), the principal amount
of the Notes of each series to be prepaid shall be allocated among all of the Notes of such series at the time outstanding in proportion,
as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. In the case
of each partial prepayment of the Notes pursuant to Section 8.2(b), the principal amount of the Notes to be prepaid shall
be allocated among all of the Notes of each series at the time outstanding in proportion, as nearly as practicable, to the respective
unpaid principal amounts thereof not theretofore called for prepayment.

 

    	 	22	 

     

    

 

Section 8.5.          Maturity;
Surrender, Etc. In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be
prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal
amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Issuer shall fail
to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest
on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Issuer and cancelled
and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note.

 

Section 8.6.          Purchase
of Notes. The Issuer will not, and will not permit any Affiliate to, purchase, redeem, prepay or otherwise acquire, directly
or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with this Agreement
and the Notes or (b) pursuant to an offer to purchase made by the Issuer or an Affiliate thereof pro rata to the holders of all
Notes at the time outstanding upon the same terms and conditions. Any such offer shall provide each holder with sufficient information
to enable it to make an informed decision with respect to such offer, and shall remain open for at least 10 Business Days. If the
holders of more than 50% of the principal amount of the Notes then outstanding accept such offer, the Issuer shall promptly notify
the remaining holders of such fact and the expiration date for the acceptance by holders of Notes of such offer shall be extended
by the number of days necessary to give each such remaining holder at least 10 Business Days from its receipt of such notice to
accept such offer. The Issuer will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment or prepayment
of Notes pursuant to this Agreement and no Notes may be issued in substitution or exchange for any such Notes.

 

Section 8.7.          Make-Whole
Amount.

 

The term “Make-Whole
Amount” means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining
Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided
that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount, the following
terms have the following meanings: “Called Principal” means, with respect to any Note, the principal of such
Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant
to Section 12.1, as the context requires.

 

“Discounted
Value” means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled
Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to
such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis
as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.

 

    	 	23	 

     

    

 

“Reinvestment
Yield” means, with respect to the Called Principal of any Note, the sum of (a) 0.50% plus (b) the yield to maturity
implied by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the
Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display
as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities
(“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement
Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life, then such
implied yield to maturity will be determined by (1) converting U.S. Treasury bill quotations to bond equivalent yields in
accordance with accepted financial practice and (2) interpolating linearly between the “Ask Yields” Reported for
the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (i) closest to
and greater than such Remaining Average Life and (ii) closest to and less than such Remaining Average Life. The Reinvestment
Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.

 

If such yields are
not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then “Reinvestment
Yield” means, with respect to the Called Principal of any Note, the sum of (x) 0.50% plus (y) the yield to
maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so
reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve
Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term equal
to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity
having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly
between (A) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life
and (B) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life.
The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.

 

“Remaining
Average Life” means, with respect to any Called Principal, the number of years obtained by dividing (a) such Called
Principal into (b) the sum of the products obtained by multiplying (1) the principal component of each Remaining Scheduled
Payment with respect to such Called Principal by (2) the number of years, computed on the basis of a 360-day year comprised
of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such
Called Principal and the scheduled due date of such Remaining Scheduled Payment.

 

“Remaining
Scheduled Payments” means, with respect to the Called Principal of any Note, all payments of such Called Principal and
interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called
Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest
payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced
by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2
or Section 12.1.

 

    	 	24	 

     

    

 

“Settlement
Date” means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid
pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the
context requires.

 

Section 8.8.          Payments
Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding, (a) except as set
forth in clause (b), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the
next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next
succeeding Business Day; and (b) any payment of principal of or Make-Whole Amount on any Note (including principal due on the Maturity
Date of such Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall
include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.

 

Section 8.9.          Optional
Prepayment at Par. Notwithstanding any provision herein to the contrary, so long as no Default or Event of Default shall have
occurred and be continuing, the Issuer may, at its option, upon notice as provided below, prepay either series of Notes at any
time during the 60-day period immediately preceding the Maturity Date of such series of Notes at 100% of the principal amount of
all Notes of such series then outstanding. The Issuer will give each holder of Notes of the series to be prepaid (with a copy to
each other holder of Notes) written notice of each optional prepayment pursuant to this Section 8.9 not less than 10 days and not
more than 30 days prior to the date fixed for such prepayment; provided that any prepayment of Notes under this Section
8.9 shall not occur prior to the 60th day preceding the Maturity Date of such series of Notes. Each such notice shall specifically
refer to this Section 8.9 and shall specify the prepayment date (which shall be a Business Day), the aggregate principal amount
of the Notes of the series to be prepaid on such date, the principal amount of each Note of such series held by such holder to
be prepaid, and the accrued interest to be paid on the prepayment date with respect to such principal amount being prepaid.

 

Section
9.          Affirmative
Covenants.

 

The Constituent Companies
covenant that so long as any of the Notes are outstanding:

 

Section 9.1.          Compliance
with Laws. Without limiting Section 9.7 or Section 10.3, each Constituent Company will, and will cause each of its Subsidiaries
to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject (including ERISA, Environmental
Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16) and will obtain and maintain
in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their
respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance
with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates,
permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

 

    	 	25	 

     

    

 

Section 9.2.          Insurance.
Each Constituent Company will, and will cause each of its Subsidiaries to, maintain, with financially sound and reputable insurers,
insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types,
on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained
with respect thereto) as is customary in the case of entities engaged in the same or a similar business and similarly situated,
or as may be required by applicable law.

 

Section 9.3.          Maintenance
of Properties. Each Constituent Company will, and will cause each of its Subsidiaries to, maintain and keep, or cause to be
maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear),
so that the business carried on in connection therewith may be properly conducted at all times, provided that this Section
9.3 shall not prevent the Parent Guarantor or any Subsidiary from discontinuing the operation and the maintenance of any of its
properties if such discontinuance is desirable in the conduct of its business and the Parent Guarantor has concluded that such
discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 9.4.          Payment
of Taxes and Claims. Each Constituent Company will, and will cause each of its Subsidiaries to, pay and discharge all taxes,
assessments, governmental charges, or levies imposed on them or any of their properties, assets, income or franchises, to the extent
the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable
that have or might become a Lien on properties or assets of the Parent Guarantor or any Subsidiary, provided that neither
the Parent Guarantor nor any Subsidiary need pay any such tax, assessment, charge, levy or claim if (a) the amount, applicability
or validity thereof is contested by the Parent Guarantor or such Subsidiary on a timely basis in good faith and in appropriate
proceedings, and the Parent Guarantor or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the
books of the Parent Guarantor or such Subsidiary or (b) the nonpayment of all such taxes, assessments, charges, levies and
claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 9.5.          Corporate
Existence, Etc. Each Constituent Company will at all times preserve and keep its legal existence in full force and effect.
Subject to Sections 10.2, each Constituent Company will at all times preserve and keep in full force and effect the legal existence
of each of its Subsidiaries and all rights and franchises of each Constituent Company and its Subsidiaries unless, in the good
faith judgment of the Parent Guarantor, the termination of or failure to preserve and keep in full force and effect such legal
existence, right or franchise could not, individually or in the aggregate, have a Material Adverse Effect.

 

Section 9.6.          Books
and Records. Each Constituent Company will, and will cause each of its Subsidiaries to, maintain proper books of record and
account in conformity with GAAP and in conformity in all material respects with all applicable requirements of any Governmental
Authority having legal or regulatory jurisdiction over such Constituent Company or such Subsidiary, as the case may be. Each Constituent
Company will, and will cause each of its Subsidiaries to, keep books, records and accounts which, in reasonable detail, accurately
reflect all transactions and dispositions of assets. Each Constituent Company and its Subsidiaries have devised a system of internal
accounting controls sufficient to provide reasonable assurances that their respective books, records, and accounts accurately reflect
all transactions and dispositions of assets and each Constituent Company will, and will cause each of its Subsidiaries to, continue
to maintain such system.

 

    	 	26	 

     

    

 

Section 9.7.          Environmental
Matters.

 

(a)          The
Issuer will, and will cause each of its Subsidiaries and each Real Property owned or leased by such Persons to, comply in all material
respects with all applicable Environmental Laws currently or hereafter in effect, except to the extent noncompliance could not
reasonably be expected to have a Material Adverse Effect.

 

(b)          If
the Required Holders at any time have a reasonable basis to believe that there may be a material violation of any Environmental
Law related to any Real Property owned or leased by the Issuer or any of its Subsidiaries, or Real Property adjacent to such Real
Property, which could reasonably be expected to have a Material Adverse Effect, then the Issuer agrees, upon request from the Required
Holders, to provide the holders of the Notes, at the Constituent Companies’ expense, with such reports, certificates, engineering
studies or other written material or data as the Required Holders may reasonably require so as to reasonably satisfy the Required
Holders that either Constituent Company or Property Subsidiary or Real Property owned or leased by them is in material compliance
with all applicable Environmental Laws.

 

(c)          The
Issuer will, and will cause each of its Subsidiaries to, take such Remedial Action or other action as required by Environmental
Law or any Governmental Authority.

 

(d)          If
the Issuer fails to timely take, or to diligently and expeditiously proceed to complete in a timely fashion, any action described
in this Section 9.7, any holder of a Note may, after notice to the Issuer, make advances or payments toward the performance or
satisfaction of the same, but shall in no event be under any obligation to do so. All sums so advanced or paid by such holder (including
reasonable counsel and consultant and investigation and laboratory fees and expenses, and fines or other penalty payments) and
all sums advanced or paid in connection with any judicial or administrative investigation or proceeding relating thereto, will
become due and payable from the Issuer 10 Business Days after demand, and shall bear interest at the highest Default Rate on the
Notes held by such holder from the date any such sums are so advanced or paid by such holder until the date any such sums are repaid
by the Issuer. Promptly upon request, the Issuer will execute and deliver such instruments as the Required Holders may deem reasonably
necessary to permit any holder of Notes to take any such action, and as the Required Holders may require to secure all sums so
advanced or paid by such holder.

 

Section 9.8.          Parent
Guarantor Covenants. The Parent Guarantor will:

 

(a)          maintain
at least one class of common shares of the Parent Guarantor having trading privileges on the New York Stock Exchange;

 

(b)          own,
directly or indirectly, all of the general partner interests in the Issuer and at least 51% of (1) the shares of beneficial interest
of the Issuer, and (2) each class of security issued by the Issuer with the power to select the general partner of the Issuer;

 

    	 	27	 

     

    

 

(c)          maintain
management and control of the Issuer;

 

(d)          conduct
substantially all of its operations through the Issuer and one or more of the Issuer’s Subsidiaries;

 

(e)          comply
with all laws necessary to maintain, and will at all times elect, qualify as and maintain, its status as a REIT; and

 

(f)          promptly
contribute to the Issuer the net proceeds of any stock sales or debt offerings.

 

Section 9.9.          Subsidiary
Guarantors.

 

(a)          The
Parent Guarantor will cause each of its Subsidiaries that guarantees or otherwise becomes liable at any time, whether as a borrower
or an additional or co-borrower or otherwise, for or in respect of any Indebtedness under any Material Credit Facility to concurrently
therewith:

 

(1)         enter
into an agreement in form and substance satisfactory to the Required Holders providing for the guaranty by such Subsidiary, on
a joint and several basis with all other such Subsidiaries, of (i) the prompt payment in full when due of all amounts payable by
the Issuer pursuant to the Notes (whether for principal, interest, Make-Whole Amount or otherwise) and this Agreement, including
all indemnities, fees and expenses payable by the Issuer hereunder or thereunder and (ii) the prompt, full and faithful performance,
observance and discharge by the Issuer of each and every covenant, agreement, undertaking and provision required pursuant to the
Notes or this Agreement to be performed, observed or discharged by it (a “Subsidiary Guaranty”); and

 

(2)         deliver
the following to each holder of a Note:

 

(i)          an
executed counterpart of such Subsidiary Guaranty;

 

(ii)         a
certificate signed by an authorized Responsible Officer of such Subsidiary containing representations and warranties on behalf
of such Subsidiary to the same effect, mutatis mutandis, as those contained in Sections 5.1(b), 5.2(b), 5.6(b) and 5.7(b)
of this Agreement (but with respect to such Subsidiary and such Subsidiary Guaranty rather than the Parent Guarantor and this Agreement);

 

(iii)        all
documents as may be reasonably requested by the Required Holders to evidence the due organization, continuing existence and, where
applicable, good standing of such Subsidiary and the due authorization by all requisite action on the part of such Subsidiary of
the execution and delivery of such Subsidiary Guaranty and the performance by such Subsidiary of its obligations thereunder; and

 

    	 	28	 

     

    

 

(iv) an opinion
of counsel reasonably satisfactory to the Required Holders covering such matters relating to such Subsidiary and such Subsidiary
Guaranty as the Required Holders may reasonably request.

 

(b)          At
the election of the Parent Guarantor and by written notice to each holder of Notes, any Subsidiary Guarantor that has provided
a Subsidiary Guaranty under subparagraph (a) of this Section 9.9 may be discharged from all
of its obligations and liabilities under its Subsidiary Guaranty and shall be automatically released from its obligations thereunder
without the need for the execution or delivery of any other document by the holders, provided that (1) if such Subsidiary
Guarantor is a guarantor or is otherwise liable for or in respect of any Material Credit Facility, then such Subsidiary Guarantor
has been released and discharged (or will be released and discharged concurrently with the release of such Subsidiary Guarantor
under its Subsidiary Guaranty) under such Material Credit Facility, (2) at the time of, and after giving effect to, such release
and discharge, no Default or Event of Default shall have occurred and be continuing, (3) no amount is then due and payable under
such Subsidiary Guaranty, (4) if in connection with such Subsidiary Guarantor being released and discharged under any Material
Credit Facility, any fee or other form of consideration is given to any holder of Indebtedness under such Material Credit Facility
for such release, the holders of the Notes shall receive equivalent consideration substantially concurrently therewith and (5)
each holder shall have received a certificate of a Responsible Officer of the Parent Guarantor certifying as to the matters set
forth in clauses (1) through (4).

 

Section 9.10.         Fiscal
Year. The Constituent Companies will maintain as their fiscal year the 12-month period ending on December 31 of each
year.

 

Section
10.         Negative Covenants.

 

The Constituent Companies
covenant that so long as any of the Notes are outstanding:

 

Section 10.1.          Transactions
with Affiliates. The Constituent Companies will not, and will not permit any Subsidiary to, sell, lease or otherwise transfer
any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not
less favorable to such Constituent Company or such Subsidiary than could be obtained on an arm’s-length basis from unrelated
third parties, (b) transactions between or among a Constituent Company and its wholly-owned Subsidiaries not involving any other
Affiliate, (c) any Restricted Payment permitted by Section 10.7, and (d) as permitted by Section 10.2.

 

    	 	29	 

     

    

 

Section 10.2.          Fundamental
Changes. The Constituent Companies will not, and will not permit any Subsidiary to:

 

(a)          merge
into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer,
lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of the assets of either
Constituent Company or all or substantially all of the stock of their Subsidiaries (in each case, whether now owned or hereafter
acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default
or Event of Default shall have occurred and be continuing (1) any Person may merge into, or consolidate with, the Parent Guarantor
or the Issuer in a transaction in which the Parent Guarantor or the Issuer is the surviving entity, (2) any Person other than
a Constituent Company or a Property Subsidiary may merge into, or consolidate with any Subsidiary in a transaction in which the
surviving entity is a Subsidiary, (3) any Subsidiary other than the Issuer or a Property Subsidiary may sell, transfer, lease or
otherwise dispose of its assets to a Constituent Company or to another Subsidiary, (4) any Subsidiary other than the Issuer or
a Property Subsidiary may liquidate or dissolve if the Parent Guarantor determines in good faith that such liquidation or dissolution
is in the best interests of the Parent Guarantor and is not materially disadvantageous to the holders of the Notes, (5) any Subsidiary
which is a Property Subsidiary may merge into (or consolidate with) or liquidate or dissolve into, a Constituent Company or any
other Subsidiary which is a Property Subsidiary, and (6) any Subsidiary which is a Property Subsidiary may sell, transfer, lease
or otherwise dispose of its assets to Constituent Company or to any other Subsidiary which is a Property Subsidiary; provided
that any such merger involving a Person that is not a wholly-owned (directly or indirectly) Subsidiary immediately prior to such
merger shall not be permitted unless also permitted by Section 10.5; or

 

(b)          engage
to any material extent in any business other than the ownership, development, operation and management of collegiate housing communities
and businesses reasonably related thereto, except, in the case of the Issuer and its Subsidiaries, as allowed by Section 10.5(e).

 

Section 10.3.          Economic
Sanctions, Etc. The Constituent Companies will not, and will not permit any Controlled Entity to, (a) become (including
by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly have
any investment in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds
of the Notes) with any Person if such investment, dealing or transaction (1) would cause any holder or any affiliate of such holder
to be in violation of, or subject to sanctions under, any law or regulation applicable to such holder, or (2) is prohibited by
or subject to sanctions under any U.S. Economic Sanctions Laws.

 

Section 10.4.          Sale/Leaseback.
The Issuer will not, and will not permit any of its Subsidiaries to, enter into a sale/leaseback, or similar transaction, for any
of its Real Property other than “PILOT” or similar transactions (including transactions related to the Issuer’s
University of Kentucky Campus Housing Revitalization Plan and other developments under the Issuer’s ONE Plan).

 

Section 10.5.          Investments,
Loans, Advances and Acquisitions. The Issuer will not, and will not permit any of its Subsidiaries to, purchase, hold or acquire
(including pursuant to any merger with any Person that was not a wholly-owned Subsidiary prior to such merger) any capital stock,
evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of,
make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other
Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting
a business unit, except:

 

    	 	30	 

     

    

 

(a)          Permitted
Investments;

 

(b)          Real
Property operated as collegiate housing communities;

 

(c)          investments
in Unconsolidated Affiliates;

 

(d)          undeveloped
land;

 

(e)          investments
not related to the ownership, development, operation and management of collegiate housing communities;

 

(f)          investments
in notes secured by Real Property not to exceed 15% of Total Asset Value;

 

(g)          Assets
Under Development; and

 

(h)          mergers,
consolidations and other transactions permitted under Section 10.2, so long as same do not cause the Issuer to be in violation
of any provision of this Section 10.5.

 

In addition to the foregoing, the aggregate
value of the investments described in clauses (c), (d), (e), (f) and (g), above shall not exceed 35% of Total Asset Value after
giving effect to such investments. The failure to comply with the provisions of this paragraph shall not constitute a Default or
an Event of Default, but shall instead result in a reduction of Total Asset Value by the incremental amounts in excess of such
maximum amounts. The investments described above may be purchased or acquired, directly or indirectly, through partnerships, joint
ventures, or otherwise. The calculations in this Section 10.5 will be made without duplication if an investment is within more
than one category described in this Section 10.5.

 

Section 10.6.          Hedging
Agreements. The Issuer will not, and will not permit any of its Subsidiaries to, enter into any Hedging Agreement, other than
Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Issuer or any of its
Subsidiaries is exposed in the conduct of its business or the management of its liabilities.

 

Section 10.7.          Restricted
Payments. The Parent Guarantor will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay
or make, directly or indirectly, during any calendar quarter, any Restricted Payment, except that any of the following Restricted
Payments are permitted: (a) Restricted Payments by the Parent Guarantor required to comply with Section 9.8(e); or (b) dividends
or distributions declared and paid ratably by Subsidiaries to the Issuer with respect to their capital stock or equity interest.
Notwithstanding the foregoing, so long as no Event of Default then exists, the amount of Restricted Payments may be increased as
long as the increased Restricted Payments, when added to all Restricted Payments made during the three immediately preceding calendar
quarters, does not exceed 95% of Funds From Operations for the applicable period (the “Restricted Payments Covenant”).

 

    	 	31	 

     

    

 

Notwithstanding
the foregoing, the Restricted Payments Covenant shall be deemed automatically (i) amended or waived in this Agreement at such time
as each holder of a Note shall have received notice in writing from the Issuer certifying that (A) the “restricted payments
covenant” shall have been so amended or waived under the Bank Credit Agreement (or, if at such time the Bank Credit Agreement
does not exist, under each applicable Material Credit Facility) and (B) no Default or Event of Default shall have occurred
and be continuing, provided further that, if any such amendment has the effect of making the Restricted Payments
Covenant more restrictive on the Issuer, then such amendment shall be immediately effective regardless of whether such notice has
then been delivered and (ii) deleted from this Agreement at such time as each holder of a Note shall have received notice
in writing from the Issuer certifying that (A) the “restricted payments covenant” shall have been deleted from the
Bank Credit Agreement (or, if at such time the Bank Credit Agreement does not exist, from each applicable Material Credit Facility)
or that the Bank Credit Agreement shall have been terminated and that no amounts are outstanding thereunder and that no other Material
Credit Facility includes a “restricted payments covenant” and (B) no Default or Event of Default shall have occurred
and be continuing. If either Constituent Company or any Subsidiary shall pay any fee or other compensation to any Person party
to the Bank Credit Agreement or, if applicable, any Material Credit Facility, as an inducement to receiving any consent, amendment,
waiver, deletion or termination with respect to the “restricted payments covenant” as aforesaid, such consent, amendment,
waiver, deletion or termination with respect to the Restricted Payments Covenant shall not become effective under this Agreement
until the holders of the Notes receive equivalent consideration.

 

Section 10.8.          Parent
Guarantor Covenants. The Parent Guarantor will not (a) own any property other than the ownership interests of the Issuer and
other assets with an aggregate value of no more than $10,000,000 at any time; (b) give or allow any Lien on the ownership interests
of the Issuer; (c) create, incur, suffer or permit to exist, or assume or guarantee, directly or indirectly, contingently
or otherwise, or become or remain liable with respect to any Indebtedness if the aggregate of such Indebtedness and the Indebtedness
of the Issuer would result in a violation of Section 10.11 if such aggregate Indebtedness is treated as the Issuer’s
Indebtedness or (d) engage to any material extent in any business other than the ownership, development, operation and management
of collegiate housing communities. For the avoidance of doubt, the Parent Guarantee shall not be deemed or construed to violate
the provisions of this Section 10.8.

 

Section 10.9.          Restrictive
Agreements. The Issuer will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur
or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability
of the Issuer or any of its Subsidiaries to create, incur or permit to exist any Lien upon any of its property or assets, or (b)
the ability of any Subsidiary of the Issuer to pay dividends or other distributions with respect to any shares of its capital stock
or to make or repay loans or advances to the Issuer or any other Subsidiary of the Issuer or to Guarantee Indebtedness of the Issuer
or any other Subsidiary of the Issuer; provided that (1) the foregoing shall not apply to restrictions and conditions imposed
by law, by this Agreement, by the Bank Credit Agreement as in effect on the date of the Closing, by the Term Facility as in effect
on the date of the Closing or by any other agreement governing Indebtedness that contains restrictions and conditions that are
no more restrictive than the restrictions and conditions in this Agreement, (2) the foregoing shall not apply to customary restrictions
and conditions contained in agreements relating to the sale of a Subsidiary of the Issuer pending such sale, provided such
restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (3) clause (a)
of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness or Liens
permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness
and (4) clause (a) of the foregoing shall not apply to customary provisions in leases restricting the assignment thereof. Notwithstanding
anything herein to the contrary, the provisions of this Agreement (including under this Section 10.9) shall not prohibit the use
by either Constituent Company or any Subsidiary (including a Property Subsidiary) of Acceptable Unencumbered Properties as a borrowing
base for other Unsecured Debt.

 

    	 	32	 

     

    

 

Section 10.10.         Indebtedness.
The Constituent Companies will not, and will not permit any Subsidiary to, create, incur, assume, guarantee or be or remain liable,
contingently or otherwise, with respect to any Indebtedness on a recourse basis, except: (a) Indebtedness of the Constituent Companies
under this Agreement and Indebtedness under any Bond Facility, the Bank Credit Agreement or the Term Facility which does not violate
the provisions of Section 10.11; (b) Indebtedness of a Constituent Company or a Subsidiary (other than a Property Subsidiary at
such time as it owns an Acceptable Unencumbered Property in the Unencumbered Pool) which does not violate the provisions of Section
10.11; (c) with respect to either Constituent Company or a Subsidiary (other than a Property Subsidiary at such time as it owns
an Acceptable Unencumbered Property in the Unencumbered Pool), other Indebtedness solely to the extent that the creation, incurrence
or assumption thereof would not result in a Default or Event of Default under the terms of this Agreement; and (d) with respect
to either Constituent Company or a Subsidiary (other than a Property Subsidiary at such time as it owns an Acceptable Unencumbered
Property in the Unencumbered Pool), Indebtedness whose recourse is solely for so-called “bad-boy” acts, including,
(1) failure to account for a tenant’s security deposits, if any, for rent or any other payment collected by a borrower from
a tenant under the lease, all in accordance with the provisions of any applicable loan documents, (2) fraud or a material misrepresentation
made by a Constituent Company, or the holders of beneficial or ownership interests in such Constituent Company, in connection with
the financing evidenced by the applicable loan documents; (3) any attempt by either Constituent Company to divert or otherwise
cause to be diverted any amounts payable to the applicable lender in accordance with the applicable loan documents; (4) the misappropriation
or misapplication of any insurance proceeds or condemnation awards relating to any Real Property; (5) voluntary or involuntary
bankruptcy by either Constituent Company; and (6) any environmental matter(s) affecting any Real Property which is introduced or
caused by either Constituent Company or any holder of a beneficial or ownership interest in such Constituent Company.

 

Section 10.11.         Financial
Covenants. The Constituent Companies will not, at any time, permit:

 

(a)          the
Total Leverage Ratio to be greater than 60%;

 

(b)          the
Fixed Charge Coverage Ratio to be less than 1.50:1.00;

 

    	 	33	 

     

    

 

(c)          Tangible
Net Worth of the Consolidated Group to be less than $896,000,000, plus 75% of the net proceeds (gross proceeds less reasonable
and customary costs of sale and issuance paid to Persons not Affiliates of either Constituent Company) received by either Constituent
Company at any time from the issuance of stock (whether common, preferred or otherwise) of such Constituent Company after the date
of this Agreement (the “Minimum Net Worth Covenant”); provided that, notwithstanding the foregoing, the
Minimum Net Worth Covenant shall be deemed automatically (1) amended or waived in this Agreement at such time as each holder of
a Note shall have received notice in writing from the Issuer certifying that (i) the “minimum net worth covenant” shall
have been so amended or waived under the Bank Credit Agreement (or, if at such time the Bank Credit Agreement does not exist, under
each applicable Material Credit Facility) and (ii) no Default or Event of Default shall have occurred and be continuing, provided
further that, if any such amendment has the effect of making the Minimum Net Worth Covenant more restrictive on the Constituent
Companies, then such amendment shall be immediately effective regardless of whether such notice has then been delivered and (2) deleted
from this Agreement at such time as each holder of a Note shall have received notice in writing from the Issuer certifying that
(i) the “minimum net worth covenant” shall have been deleted from the Bank Credit Agreement (or, if at such time the
Bank Credit Agreement does not exist, from each applicable Material Credit Facility) or that the Bank Credit Agreement shall have
been terminated and that no amounts are outstanding thereunder and that no other Material Credit Facility includes a “minimum
net worth covenant” and (ii) no Default or Event of Default shall have occurred and be continuing. If either Constituent
Company or any Subsidiary shall pay any fee or other compensation to any Person party to the Bank Credit Agreement or, if applicable,
any Material Credit Facility, as an inducement to receiving any consent, amendment, waiver, deletion or termination with respect
to the “minimum net worth covenant” as aforesaid, such consent, amendment, waiver, deletion or termination with respect
to the Minimum Net Worth Covenant shall not become effective under this Agreement until the holders of the Notes receive equivalent
consideration;

 

(d)          the
Total Secured Debt Ratio to be greater than 40%; provided that notwithstanding the foregoing, the Constituent Companies
will not, and will not permit any Subsidiary to, secure any Indebtedness outstanding under or pursuant to any Material Credit Facility
unless and until the Notes (and this Agreement and each other Guarantee delivered in connection therewith) shall concurrently be
secured equally and ratably with such Indebtedness pursuant to documentation reasonably acceptable to the Required Holders in substance
and in form, including an intercreditor agreement and opinions of counsel to the Constituent Companies and/or any such Subsidiary,
as the case may be, from counsel that is reasonably acceptable to the Required Holders;

 

(e)          the
Total Unsecured Debt to Unencumbered Asset Value Ratio to be greater than 60%; and

 

(f)          the
Unsecured Interest Coverage Ratio to be less than 1.60:1.00.

 

    	 	34	 

     

    

 

Each of the covenants set forth in clauses
(a) through (f) shall be determined on a consolidated basis in accordance with GAAP and compliance therewith shall be tested on
the last day of each fiscal quarter.

 

Section
11.         Events of Default.

 

An “Event
of Default” shall exist if any of the following conditions or events shall occur and be continuing:

 

(a)          the
Issuer defaults in the payment of any principal or Make-Whole Amount on any Note when the same becomes due and payable, whether
at maturity or at a date fixed for prepayment or by declaration or otherwise; or

 

(b)          the
Issuer defaults in the payment of any interest on any Note for more than three Business Days after the same becomes due and payable;
or

 

(c)          either
Constituent Company defaults in the performance of or compliance with any term contained in Sections 7.1(a), (b) or (d),7.2,
9.8 or 10; or

 

(d)          either
Constituent Company or any Subsidiary Guarantor defaults in the performance of or compliance with any term contained herein
(other than those referred to in Sections 11(a), (b) and (c)) or in any Subsidiary Guaranty and such default is not remedied
within 30 days after the earlier of (1) a Responsible Officer of either Constituent Company obtaining actual knowledge of
such default and (2) either Constituent Company receiving written notice of such default from any holder of a Note (any such
written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or

 

(e)          (1)
any representation or warranty made in writing by or on behalf of either Constituent Company or by any officer of either Constituent
Company in this Agreement or any writing furnished in connection with the transactions contemplated hereby proves to have been
false or incorrect in any material respect on the date as of which made, or (2) any representation or warranty made in writing
by or on behalf of any Subsidiary Guarantor or by any officer of such Subsidiary Guarantor in any Subsidiary Guaranty or any writing
furnished in connection with such Subsidiary Guaranty proves to have been false or incorrect in any material respect on the date
as of which made; or

 

(f)          (1)
either Constituent Company or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any
principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount
of at least $35,000,000 (or its equivalent in the relevant currency of payment) beyond any period of grace provided with respect
thereto, or (2) either Constituent Company or any Subsidiary is in default in the performance of or compliance with any term
of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least $35,000,000 (or its equivalent in
the relevant currency of payment) or of any mortgage, indenture or other agreement relating thereto or any other condition exists,
and as a consequence of such default or condition such Indebtedness has become, or has been declared (or one or more Persons are
entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled dates
of payment, or (3) as a consequence of the occurrence or continuation of any event or condition (other than the passage of
time or the right of the holder of Indebtedness to convert such Indebtedness into equity interests), (i) either Constituent
Company or any Subsidiary has become obligated to purchase or repay Indebtedness before its regular maturity or before its regularly
scheduled dates of payment in an aggregate outstanding principal amount of at least $35,000,000 (or its equivalent in the relevant
currency of payment), or (y) one or more Persons have the right to require either Constituent Company or any Subsidiary so
to purchase or repay such Indebtedness; or

 

    	 	35	 

     

    

 

(g)          either
Constituent Company or any Subsidiary (1) is generally not paying, or admits in writing its inability to pay, its debts as
they become due, (2) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization
or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization,
moratorium or other similar law of any jurisdiction, (3) makes an assignment for the benefit of its creditors, (4) consents
to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to
any substantial part of its property, (5) is adjudicated as insolvent or to be liquidated, or (6) takes corporate action
for the purpose of any of the foregoing; or

 

(h)          a
court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by either Constituent
Company or any Subsidiary, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect
to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization
or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction,
or ordering the dissolution, winding-up or liquidation of either Constituent Company or any Subsidiary, or any such petition shall
be filed against either Constituent Company or any Subsidiary and such petition shall not be dismissed within 60 days; or

 

(i)          any
event occurs with respect to either Constituent Company or any Subsidiary which under the laws of any jurisdiction is analogous
to any of the events described in Section 11(g) or Section 11(h), provided that the applicable grace period, if any,
which shall apply shall be the one applicable to the relevant proceeding which most closely corresponds to the proceeding described
in Section 11(g) or Section 11(h); or

 

(j)          one
or more final judgments or orders for the payment of money aggregating in excess of $35,000,000 (or its equivalent in the relevant
currency of payment), including any such final order enforcing a binding arbitration decision, are rendered against one or more
of the Constituent Companies and their Subsidiaries and which judgments are not, within 60 days after entry thereof, bonded, discharged
or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or

 

    	 	36	 

     

    

 

(k)          if
(1) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or
a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (2)
a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall
have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall
have notified the Parent Guarantor or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (3) there
is any “amount of unfunded benefit liabilities” (within the meaning of section 4001(a)(18) of ERISA) under one or more
Plans, determined in accordance with Title IV of ERISA, (4) the aggregate present value of accrued benefit liabilities under
all funded Non-U.S. Plans exceeds the aggregate current value of the assets of such Non-U.S. Plans allocable to such liabilities,
(5) the Parent Guarantor or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant
to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (6) the
Parent Guarantor or any ERISA Affiliate withdraws from any Multiemployer Plan, (7) the Parent Guarantor or any Subsidiary
establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase
the liability of the Parent Guarantor or any Subsidiary thereunder, (8) the Parent Guarantor or any Subsidiary fails to administer
or maintain a Non-U.S. Plan in compliance with the requirements of any and all applicable laws, statutes, rules, regulations or
court orders or any Non-U.S. Plan is involuntarily terminated or wound up, or (9) the Parent Guarantor or any Subsidiary becomes
subject to the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether
by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; and any such event or events described in clauses
(1) through (9) above, either individually or together with any other such event or events, could reasonably be expected to have
a Material Adverse Effect. As used in this Section 11(k), the terms “employee benefit plan” and “employee
welfare benefit plan” shall have the respective meanings assigned to such terms in section 3 of ERISA; or

 

(l)          any
Subsidiary Guaranty shall cease to be in full force and effect, any Subsidiary Guarantor or any Person acting on behalf of any
Subsidiary Guarantor shall contest in any manner the validity, binding nature or enforceability of any Subsidiary Guaranty, or
the obligations of any Subsidiary Guarantor under any Subsidiary Guaranty are not or cease to be legal, valid, binding and enforceable
in accordance with the terms of such Subsidiary Guaranty.

 

Section
12.         Remedies on Default,
Etc.

 

Section 12.1.          Acceleration.

 

(a)          If
an Event of Default with respect to either Constituent Company described in Section 11(g), (h) or (i) (other than an Event
of Default described in clause (1) of Section 11(g) or described in clause (6) of Section 11(g) by virtue of the fact
that such clause encompasses clause (1) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically
become immediately due and payable.

 

    	 	37	 

     

    

 

(b)          If
any other Event of Default has occurred and is continuing, the Required Holders may at any time at their option, by notice or notices
to the Issuer, declare all the Notes then outstanding to be immediately due and payable.

 

(c)          If
any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes at the
time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Issuer,
declare all the Notes held by it or them to be immediately due and payable.

 

Upon any Notes becoming
due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the
entire unpaid principal amount of such Notes, plus (1) all accrued and unpaid interest thereon (including interest accrued
thereon at the applicable Default Rate) and (2) the Make-Whole Amount determined in respect of such principal amount, shall all
be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are
hereby waived. The Issuer acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its
investment in the Notes free from repayment by the Issuer (except as herein specifically provided for) and that the provision for
payment of a Make-Whole Amount by the Issuer in the event that the Notes are prepaid or are accelerated as a result of an Event
of Default, is intended to provide compensation for the deprivation of such right under such circumstances.

 

Section 12.2.          Other
Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become
or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed
to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for
the specific performance of any agreement contained herein or in any Note or Subsidiary Guaranty, or for an injunction against
a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or
otherwise.

 

Section 12.3.          Section 12.3.          Rescission.
At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the Required Holders, by written
notice to the Issuer, may rescind and annul any such declaration and its consequences if (a) the Issuer has paid all overdue
interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other
than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent
permitted by applicable law) any overdue interest in respect of the Notes, at the applicable Default Rate, (b) neither the
Issuer nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all
Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have
been cured or have been waived pursuant to Section 18, and (d) no judgment or decree has been entered for the payment
of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect
any subsequent Event of Default or Default or impair any right consequent thereon.

 

    	 	38	 

     

    

 

Section 12.4.          No
Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any holder of any Note in
exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers
or remedies. No right, power or remedy conferred by this Agreement, any Subsidiary Guaranty or any Note upon any holder thereof
shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity,
by statute or otherwise. Without limiting the obligations of the Constituent Companies under Section 16, the Issuer will pay to
the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred
in any enforcement or collection under this Section 12, including reasonable attorneys’ fees, expenses and disbursements.

 

Section
13.         Guarantee.

 

Section 13.1.          The
Guarantee. The Parent Guarantor hereby absolutely, unconditionally and irrevocably guarantees, as primary obligor and not merely
as surety, to each holder of a Note (a) the full and punctual payment when due, whether at maturity, by acceleration, by redemption
or otherwise, of the principal of, Make-Whole Amount, if any, and interest (including any interest accruing after the commencement
of any proceeding in bankruptcy and any additional interest that would accrue but for the commencement of such proceeding) on the
Notes and all other obligations of the Issuer under this Agreement and (b) the full and prompt performance and observance by the
Issuer of each and all of the obligations, covenants and agreements required to be performed or observed by the Issuer under the
terms of this Agreement and the Notes (all the foregoing being hereinafter collectively called the “Obligations”).
The Parent Guarantor further agrees (to the extent permitted by applicable law) that the Obligations may be extended or renewed,
in whole or in part, without notice or further assent from it, and that it shall remain bound under this Section 13 notwithstanding
any extension or renewal of any Obligation.

 

Section 13.2.          Waiver
of Defenses. The Parent Guarantor waives presentation to, demand of payment from and protest to the Issuer of any of the Obligations
and also waives notice of protest for nonpayment. The Parent Guarantor waives notice of any Default or Event of Default hereunder
or any default under any other Obligation. The obligation of the Parent Guarantor hereunder shall not be affected by (a) the failure
of any holder of a Note to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person
(including any Subsidiary Guarantor) under this Agreement, the Notes, any Subsidiary Guaranty or any other agreement or otherwise;
(b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions
of this Agreement, the Notes, any Subsidiary Guaranty or any other agreement; (d) the acceptance of any security or Guarantee (including
any Subsidiary Guaranty) by any holder of a Note for the Obligations or any of them; (e) the release of any security or Guarantee
(including any Subsidiary Guaranty) held by any holder of a Note for the Obligations or any of them; (f) the release of the Issuer,
any Subsidiary Guarantor or any other Person from its liability with respect to the Obligations; (g) any act or failure to act
with regard to the Obligations; (h) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or
substantially all the assets, marshalling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit
of creditors, reorganization or arrangement under bankruptcy or similar laws, composition with creditors or readjustment of, or
other similar procedure affecting the Issuer, any Subsidiary Guarantor or any other Person or any of the assets of any of them,
or any allegation or contest of the validity of this Agreement, the Notes, or Subsidiary Guaranty or any other agreement or the
disaffirmance of this Agreement or the Notes or any Subsidiary Guaranty or any other agreement in any such proceeding; (i) the
invalidity or unenforceability of this Agreement, the Notes, any Subsidiary Guaranty or any other agreement; (j) the impossibility
or illegality of performance on the part of the Issuer, any Subsidiary Guarantor or any other Person of its obligations under the
Notes, this Agreement, any Subsidiary Guaranty or any other instrument or agreement; (k) in respect of the Issuer, any Subsidiary
Guarantor or any other Person, any change of circumstances, whether or not foreseen or foreseeable, whether or not imputable to
the Issuer, any Subsidiary Guarantor or any other Person, or other impossibility of performance through fire, explosion, accident,
labor disturbance, floods, droughts, embargoes, wars (whether or not declared), acts of terrorists, civil commotions, acts of God
or the public enemy, delays or failures of suppliers or carriers, inability to obtain materials, action of any Governmental Authority,
change of law or any other causes affecting performance, or other force majeure, whether or not beyond the control of the
Issuer, any Subsidiary Guarantor or any other Person and whether or not of the kind above specified; or (l) any change in the ownership
of the Issuer.

 

    	 	39	 

     

    

 

It being understood
that the specific enumeration of the above-mentioned acts, failures or omissions shall not be deemed to exclude any other acts,
failures or omissions, though not specifically mentioned above, it being the purpose and intent of this Section 13.2 that the obligations
of the Parent Guarantor shall be absolute, unconditional and irrevocable to the extent herein specified and shall not be discharged,
impaired or varied except by the payment and performance of the Obligations and then only to the extent of such payment and performance.

 

Section 13.3.          Guaranty
of Payment. The Parent Guarantor further agrees that the Guarantee herein constitutes a guaranty of payment when due (and not
a guaranty of collection) and waives any right to require that any resort be had by any holder of a Note to any other Person or
to any security held for payment of the Obligations.

 

Section 13.4.          Guaranty
Unconditional. The obligations of the Parent Guarantor hereunder shall not be subject to any reduction, limitation, impairment
or termination for any reason (other than payment and performance of the Obligations in full), including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the
generality of the foregoing, the obligations of the Parent Guarantor herein shall not be discharged or impaired or otherwise affected
by the failure of any holder of a Note to assert any claim or demand or to enforce any remedy under this Agreement, the Notes,
any Subsidiary Guaranty or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay,
willful or otherwise, in the performance of the Obligations, or by any other act or thing or omission or delay to do any other
act or thing which may or might in any manner or to any extent vary the risk of the Parent Guarantor or would otherwise operate
as a discharge of the Parent Guarantor as a matter of law or equity.

 

Section 13.5.          Reinstatement.
The Parent Guarantor further agrees that the Guarantee herein shall continue to be effective or be reinstated, as the case may
be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored by any holder
of a Note upon the bankruptcy or reorganization of the Issuer or otherwise.

 

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Section 13.6.          Payment
on Demand. In furtherance of the foregoing and not in limitation of any other right which any holder of a Note has at law or
in equity against the Parent Guarantor by virtue hereof, upon the failure of the Issuer to pay any of the Obligations when and
as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, the Parent Guarantor hereby promises
to and shall, upon receipt of written demand by any holder of a Note, forthwith pay, or cause to be paid, in cash, to the holders
an amount equal to the unpaid amount of such Obligations then due and owing.

 

The Parent Guarantor
acknowledges and agrees that repeated and successive demands may be made and recoveries may be had hereunder as and when, from
time to time, the Issuer shall default under the terms of a Note or this Agreement and that notwithstanding recovery hereunder
for or in respect of any given Default or Event of Default, the Guarantee contained in this Section 13 shall remain in full force
and effect and shall apply to each and every subsequent Default or Event of Default.

 

Section 13.7.          Stay
of Acceleration. The Parent Guarantor further agrees that, as between itself, on the one hand, and the holders of the Notes,
on the other hand, (a) the maturity of the Obligations guaranteed hereby may be accelerated as provided in this Agreement for the
purposes of the Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect
of the Obligations guaranteed hereby and (b) in the event of any such declaration of acceleration of such Obligations, such Obligations
(whether or not due and payable by the Issuer) shall forthwith become due and payable by the Parent Guarantor for the purposes
of this Guarantee.

 

Section 13.8.          No
Subrogation. Notwithstanding any payment or payments made by the Parent Guarantor hereunder, the Parent Guarantor shall not
be entitled to be subrogated to any of the rights of any holder of a Note against the Issuer or any collateral security or Guarantee
or right of offset held by any holder for the payment of the Obligations, nor shall the Parent Guarantor seek or be entitled to
seek any contribution or reimbursement from the Issuer or any Subsidiary Guarantor in respect of payments made by the Parent Guarantor
hereunder, until all amounts owing to the holders of the Notes by the Issuer on account of the Obligations are paid in full. If
any amount shall be paid to the Parent Guarantor on account of such subrogation rights at any time when all of the Obligations
shall not have been paid in full, such amount shall be held by the Parent Guarantor in trust for the holders of the Notes, segregated
from other funds of the Parent Guarantor, and shall, forthwith upon receipt by the Parent Guarantor, be turned over to the holders
of the Notes in the exact form received by the Parent Guarantor (duly indorsed by the Parent Guarantor to the holders of the Notes,
if required), to be applied against the Obligations.

 

Section 13.9.          Marshalling.
No holder of a Note shall be under any obligation: (a) to marshal any assets in favor of the Parent Guarantor or in payment of
any or all of the liabilities of the Issuer under or in respect of the Notes and this Agreement or the obligations of the Parent
Guarantor hereunder or (b) to pursue any other remedy that the Parent Guarantor may or may not be able to pursue itself and that
may lighten the Parent Guarantor’s burden, any right to which the Parent Guarantor hereby expressly waives.

 

Section 13.10.         Transfer
of Notes. All rights of any holder of a Note under this Section 13 shall be considered to be transferred or assigned at any
time or from time to time upon the transfer of any Note held by such holder whether with or without the consent of or notice to
the Parent Guarantor under this Section 13 or to the Issuer.

 

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Section 13.11.         Consideration.
The Parent Guarantor has received, or shall receive, direct or indirect benefits from the making of this Guarantee.

 

Section
14.         Registration; Exchange;
Substitution of Notes.

 

Section 14.1.          Registration
of Notes. The Issuer shall keep at its principal executive office a register for the registration and registration of transfers
of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee
of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a) the name and
address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof
and (b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment, waiver
or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person in whose name any Note
shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Issuer shall not
be affected by any notice or knowledge to the contrary. The Issuer shall give to any holder of a Note that is an Institutional
Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes.

 

Section 14.2.          Transfer
and Exchange of Notes. Upon surrender of any Note to the Issuer at the address and to the attention of the designated officer
(all as specified in Section 19(3)), for registration of transfer or exchange (and in the case of a surrender for registration
of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder’s
attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee
of such Note or part thereof), within 10 Business Days thereafter, the Issuer shall execute and deliver, at the Issuer’s
expense (except as provided below), one or more new Notes of the same series (as requested by the holder thereof) in exchange therefor,
in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable
to such Person as such holder may request and shall be substantially in the form of Schedule 1(a) or Schedule 1(b), as applicable.
Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note
or dated the date of the surrendered Note if no interest shall have been paid thereon. The Issuer may require payment of a sum
sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred
in denominations of less than $100,000, provided that if necessary to enable the registration of transfer by a holder of
its entire holding of Notes of a series, one Note of such series may be in a denomination of less than $100,000. Any transferee,
by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation
set forth in Section 6.2.

 

Section 14.3.          Replacement
of Notes. Upon receipt by the Issuer at the address and to the attention of the designated officer (all as specified in Section 19(3))
of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which
evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such
loss, theft, destruction or mutilation), and

 

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(a)          in
the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such
Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $100,000,000
or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory),
or

 

(b)          in
the case of mutilation, upon surrender and cancellation thereof,

 

within 10 Business Days thereafter, the
Issuer at its own expense shall execute and deliver, in lieu thereof, a new Note of the same series, dated and bearing interest
from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such
lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon.

 

Section
15.         Payments on Notes.

 

Section 15.1.          Place
of Payment. Subject to Section 15.2, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable
on the Notes shall be made in New York, New York at the principal office of Bank of New York in such jurisdiction. The Issuer may
at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall
be either the principal office of the Issuer in such jurisdiction or the principal office of a bank or trust company in such jurisdiction.

 

Section 15.2.          Payment
by Wire Transfer. So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained
in Section 15.1 or in such Note to the contrary, the Issuer will pay all sums becoming due on such Note for principal, Make-Whole
Amount, if any, interest and all other amounts becoming due hereunder by the method and at the address specified for such purpose
below such Purchaser’s name in the Purchaser Schedule, or by such other method or at such other address as such Purchaser
shall have from time to time specified to the Issuer in writing for such purpose, without the presentation or surrender of such
Note or the making of any notation thereon, except that upon written request of the Issuer made concurrently with or reasonably
promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably
promptly after any such request, to the Issuer at its principal executive office or at the place of payment most recently designated
by the Issuer pursuant to Section 15.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee,
such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest
has been paid thereon or surrender such Note to the Issuer in exchange for a new Note or Notes pursuant to Section 14.2. The Issuer
will afford the benefits of this Section 15.2 to any Institutional Investor that is the direct or indirect transferee of any Note
purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have
made in this Section 15.2.

 

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Section
15.3.          FATCA Information. By acceptance of any
Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the Issuer,
or to such other Person as may be reasonably requested by the Issuer, from time to time (a) in the case of any such holder that
is a United States Person, such holder’s United States tax identification number or other forms reasonably requested by the
Issuer necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary
for the Issuer to comply with its obligations under FATCA and (b) in the case of any such holder that is not a United States Person,
such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional
documentation as may be necessary for the Issuer to comply with its obligations under FATCA and to determine that such holder has
complied with such holder’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from any such
payment made to such holder. Nothing in this Section 15.3 shall require any holder to provide information that is confidential
or proprietary to such holder unless the Issuer is required to obtain such information under FATCA and, in such event, the Issuer
shall treat any such information it receives as confidential.

 

Section
16.         Expenses, Etc.

 

Section 16.1.          Transaction
Expenses. Whether or not the transactions contemplated hereby are consummated, the Constituent Companies will pay all
documented costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the
Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a Note in connection with such transactions
and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Subsidiary Guaranty or the
Notes (whether or not such amendment, waiver or consent becomes effective), including: (a) the costs and expenses incurred in enforcing
or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any Subsidiary Guaranty or the
Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement,
any Subsidiary Guaranty or the Notes, or by reason of being a holder of any Note, (b) the costs and expenses, including financial
advisors’ fees, incurred in connection with the insolvency or bankruptcy of the either Constituent Company or any Subsidiary
or in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes and any Subsidiary
Guaranty and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents
and financial information with the SVO provided, that such costs and expenses under this clause (c) shall not exceed
$5,000. If required by the NAIC, the Issuer shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI).

 

The Constituent Companies
will pay, and will save each Purchaser and each other holder of a Note harmless from, (1) all claims in respect of any fees, costs
or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with
its purchase of the Notes), (2) any and all wire transfer fees that any bank or other financial institution deducts from any payment
under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note and (3) any
judgment, liability, claim, order, decree, fine, penalty, cost, fee, expense (including reasonable attorneys’ fees and expenses)
or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the
Notes by the Issuer, except in each case to the extent determined by a court of competent jurisdiction in a final, non-appealable
judgment to have resulted from the gross negligence or willful misconduct of such Purchaser or such other holder.

 

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Section 16.2.          Certain
Taxes. The Constituent Companies agree to pay all stamp, documentary or similar taxes or fees which may be payable in
respect of the execution and delivery or the enforcement of this Agreement or any Subsidiary Guaranty or the execution and delivery
(but not the transfer) or the enforcement of any of the Notes in the United States or any other jurisdiction where either Constituent
Company or any Subsidiary Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement
or any Subsidiary Guaranty or of any of the Notes, and to pay any value added tax due and payable in respect of reimbursement of
costs and expenses by the Constituent Companies pursuant to this Section 16, and will save each holder of a Note to the extent
permitted by applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax
or fee required to be paid by the Constituent Companies hereunder.

 

Section 16.3.          Survival.
The obligations of the Constituent Companies under this Section 16 will survive the payment or transfer of any Note, the enforcement,
amendment or waiver of any provision of this Agreement, any Subsidiary Guaranty or the Notes, and the termination of this Agreement.

 

Section
17.         Survival of Representations
and Warranties; Entire Agreement.

 

All representations
and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer
by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any
subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder
of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of either Constituent Company
pursuant to this Agreement shall be deemed representations and warranties of such Constituent Company under this Agreement. Subject
to the preceding sentence, this Agreement, the Notes and any Subsidiary Guaranties embody the entire agreement and understanding
between each Purchaser and the Constituent Companies and supersede all prior agreements and understandings relating to the subject
matter hereof.

 

Section
18.         Amendment
and Waiver.

 

Section 18.1.          Requirements.
This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively
or prospectively), only with the written consent of the Constituent Companies and the Required Holders, except that:

 

(a)          no
amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21, or any defined term (as it is used therein), will be effective as
to any Purchaser unless consented to by such Purchaser in writing;

 

    	 	45	 

     

    

 

(b)          no
amendment or waiver may, without the written consent of each Purchaser and the holder of each Note at the time outstanding, (1)
subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal
of, or reduce the rate or change the time of payment or method of computation of (i) interest on the Notes or (ii) the Make-Whole
Amount, (2) change the percentage of the principal amount of the Notes the holders of which are required to consent to any amendment
or waiver, or (3) amend any of Sections 8 (except as set forth in the second sentence of Section 8.2), 11(a), 11(b), 12, 13, 18
or 21.

 

Section 18.2.          Solicitation
of Holders of Notes.

 

(a)          Solicitation.
 The Constituent Companies will provide each holder of a Note with sufficient information, sufficiently far in advance of the
date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment,
waiver or consent in respect of any of the provisions hereof or of the Notes or any Subsidiary Guaranty. The Constituent Companies
will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 18 or any
Subsidiary Guaranty to each holder of a Note promptly following the date on which it is executed and delivered by, or receives
the consent or approval of, the requisite holders of Notes.

 

(b)          Payment.
 The Constituent Companies will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental
or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of a Note as consideration
for or as an inducement to the entering into by such holder of any waiver or amendment of any of the terms and provisions hereof
or of any Subsidiary Guaranty or any Note unless such remuneration is concurrently paid, or security is concurrently granted or
other credit support concurrently provided, on the same terms, ratably to each holder of a Note even if such holder did not consent
to such waiver or amendment.

 

(c)          Consent
in Contemplation of Transfer. Any consent given pursuant to this Section 18 or any Subsidiary Guaranty by a holder of a Note
that has transferred or has agreed to transfer its Note to (1) a Constituent Company, (2) any Subsidiary or any other Affiliate
or (3) any other Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer for or merging
with either Constituent Company and/or any of its Affiliates in each case in connection with such consent, shall be void and of
no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted
that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of
Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such
holder.

 

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Section 18.3.          Binding
Effect, Etc. Any amendment or waiver consented to as provided in this Section 18 or any Subsidiary Guaranty applies
equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Constituent Companies
without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend
to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right
consequent thereon. No course of dealing between either Constituent Company and any holder of a Note and no delay in exercising
any rights hereunder or under any Note or Subsidiary Guaranty shall operate as a waiver of any rights of any holder of such Note.

 

Section 18.4.          Notes
Held by the Constituent Companies, Etc.  Solely for the purpose of determining whether the holders of the requisite
percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent
to be given under this Agreement, any Subsidiary Guaranty or the Notes, or have directed the taking of any action provided herein
or in any Subsidiary Guaranty or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate
principal amount of Notes then outstanding, Notes directly or indirectly owned by a Constituent Company or any of its Affiliates
shall be deemed not to be outstanding.

 

Section
19.         Notices.

 

Except to the extent
otherwise provided in Section 7.4, all notices and communications provided for hereunder shall be in writing and sent (a) by telecopy
if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service
(charges prepaid), (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by an internationally
recognized overnight delivery service (charges prepaid). Any such notice must be sent:

 

(1)         if
to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in the Purchaser
Schedule, or at such other address as such Purchaser or nominee shall have specified to the Constituent Companies in writing,

 

(2)         if
to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Constituent Companies
in writing, or

 

(3)         if
to either Constituent Company, to such Constituent Company at its address set forth at the beginning hereof to the attention of
the Chief Financial Officer, or at such other address as such Constituent Company shall have specified to the holder of each Note
in writing.

 

Notices under this Section 19 will be deemed
given only when actually received.

 

Section
20.         Reproduction of Documents.

 

This Agreement and
all documents relating hereto, including (a) consents, waivers and modifications that may hereafter be executed, (b) documents
received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information
previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic,
digital, or other similar process and such Purchaser may destroy any original document so reproduced. Each Constituent Company
agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as
the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not
such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction
of such reproduction shall likewise be admissible in evidence. This Section 20 shall not prohibit either Constituent Company or
any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from
introducing evidence to demonstrate the inaccuracy of any such reproduction.

 

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Section 21.         Confidential
Information.

 

For the purposes of
this Section 20, “Confidential Information” means information delivered to any Purchaser by or on behalf of
a Constituent Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement
that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser
as being confidential information of such Constituent Company or such Subsidiary, provided that such term does not include
information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently
becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c)
otherwise becomes known to such Purchaser other than through disclosure by a Constituent Company or any Subsidiary or (d) constitutes
financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain
the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect
confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose
Confidential Information to (1) its directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent
such disclosure reasonably relates to the administration of the investment represented by its Notes), (2) its auditors, financial
advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance
with this Section 21, (3) any other holder of any Note, (4) any Institutional Investor to which it sells or offers to sell such
Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential
Information to be bound by this Section 21), (5) any Person from which it offers to purchase any Security of a Constituent Company
(if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 21), (6)
any federal or state regulatory authority having jurisdiction over such Purchaser, (7) the NAIC or the SVO or, in each case, any
similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s
investment portfolio, or (8) any other Person to which such delivery or disclosure may be necessary or appropriate (i) to effect
compliance with any law, rule, regulation or order applicable to such Purchaser, (ii) in response to any subpoena or other legal
process, (iii) in connection with any litigation to which such Purchaser is a party or (iv) if an Event of Default has occurred
and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate
in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes, this Agreement or any Subsidiary
Guaranty. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to
the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by a Constituent Company in
connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement
or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into
an agreement with the Constituent Companies embodying this Section 21.

 

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In the event that as
a condition to receiving access to information relating to a Constituent Company or its Subsidiaries in connection with the transactions
contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality
undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from
this Section 21, this Section 21 shall not be amended thereby and, as between such Purchaser or such holder and such Constituent
Company, this Section 21 shall supersede any such other confidentiality undertaking.

 

Section
22.         Substitution of Purchaser.

 

Each Purchaser shall
have the right to substitute any one of its Affiliates or another Purchaser or any one of such other Purchaser’s Affiliates
(a “Substitute Purchaser”) as the purchaser of the Notes that it has agreed to purchase hereunder, by written
notice to the Constituent Companies, which notice shall be signed by both such Purchaser and such Substitute Purchaser, shall contain
such Substitute Purchaser’s agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser
of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to
such Purchaser in this Agreement (other than in this Section 22), shall be deemed to refer to such Substitute Purchaser in lieu
of such original Purchaser. In the event that such Substitute Purchaser is so substituted as a Purchaser hereunder and such Substitute
Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt
by the Constituent Companies of notice of such transfer, any reference to such Substitute Purchaser as a “Purchaser”
in this Agreement (other than in this Section 22), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer
to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under
this Agreement.

 

Section
23.         Miscellaneous.

 

Section 23.1.    Successors
and Assigns. All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto
bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) whether so
expressed or not, except that, subject to Section 10.2, neither Constituent Company may assign or otherwise transfer any of its
rights or obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors
and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

    	 	49	 

     

    

 

Section 23.2.   Accounting
Terms. All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively
given to them in accordance with GAAP. Except as otherwise specifically provided herein, (a) all computations made pursuant
to this Agreement shall be made in accordance with GAAP, and (b) all financial statements shall be prepared in accordance
with GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in this
Agreement and either the Constituent Companies or the Required Holders shall so request, the holders of the Notes and the Constituent
Companies shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of
such change in GAAP (subject to the approval of the Required Holders); provided that, until so amended, (1) such ratio or
requirement shall continue to be computed in accordance with GAAP prior to such change therein and (2) the Constituent Companies
shall provide to the holders of the Notes financial statements and other documents required under this Agreement or as reasonably
requested by any holder of a Note setting forth a reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP. For purposes of determining compliance with this Agreement (including Section 9,
Section 10 and the definition of “Indebtedness”), any election by the Parent Guarantor to measure any financial liability
using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 –
Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement
or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been
made.

 

Section 23.3.    Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such
provision in any other jurisdiction.

 

Section 23.4.    Construction,
Etc. Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent
of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision)
be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person,
or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly
by such Person.

 

Defined 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) and, for purposes of the Notes, shall also include any such notes issued in substitution
therefor pursuant to Section 14, (b) subject to Section 23.1, 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 Sections, Schedules and Exhibits shall be construed to refer to Sections of, and Schedules
and Exhibits to, this Agreement, and (e) any reference to any law or regulation herein shall, unless otherwise specified,
refer to such law or regulation as amended, modified or supplemented from time to time.

 

    	 	50	 

     

    

 

Section 23.5.    Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall
constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together
signed by all, of the parties hereto.

 

Section 23.6.    Governing
Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed
by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application
of the laws of a jurisdiction other than such State.

 

Section 23.7.    Jurisdiction
and Process; Waiver of Jury Trial. 

 

(a)        Each
Constituent Company irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the
Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or
the Notes. To the fullest extent permitted by applicable law, each Constituent Company irrevocably waives and agrees not to assert,
by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection
that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and
any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

(b)       Each
Constituent Company agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding
of the nature referred to in Section 23.7(a) brought in any such court shall be conclusive and binding upon it subject to rights
of appeal, as the case may be, and may be enforced in the courts of the United States or the State of New York (or any other courts
to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment.

 

(c)        Each
Constituent Company consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of
the nature referred to in Section 23.7(a) by mailing a copy thereof by registered, certified, priority or express mail (or
any substantially similar form of mail), postage prepaid, return receipt or delivery confirmation requested, to it at its address
specified in Section 19 or at such other address of which such holder shall then have been notified pursuant to said Section.
Each Constituent Company agrees that such service upon receipt (1) shall be deemed in every respect effective service of process
upon it in any such suit, action or proceeding and (2) shall, to the fullest extent permitted by applicable law, be taken
and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received
as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service.

 

    	 	51	 

     

    

 

(d)       Nothing
in this Section 23.7 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit
any right that the holders of any of the Notes may have to bring proceedings against a Constituent Company in the courts of any
appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

 

(e)        The
parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement, the Notes or any other document
executed in connection herewith or therewith.

 

Section 23.8.     Transaction
References. Each Constituent Company agrees that each of NYL Investors LLC, the Purchasers and their respective Affiliates
may (a) refer to the identity of such Constituent Company and the aggregate principal amount of the Notes on its internet site
or in marketing materials, press releases, published “tombstone” announcements or any other print or electronic medium
and (b) display such Constituent Company’s corporate logo in conjunction with any such reference.

 

* * * * *

 

    	 	52	 

     

    

 

If you are in agreement
with the foregoing, please sign the form of agreement on a counterpart of this Agreement and return it to the Constituent Companies,
whereupon this Agreement shall become a binding agreement between you and the Constituent Companies.

 

	 	Very truly yours,
	 	 
	 	Education Realty Operating Partnership, LP,

a Delaware limited partnership

 

	 	 	By: Education Realty OP GP, Inc.,
	 	 	  a Delaware corporation, its General Partner

 

	 	By:	/s/ J. Drew Koester
	 	 	Name:	J. Drew Koester
	 	 	Title:	Senior Vice President, Capital Markets and Investor Relations

 

	 	Education Realty Trust, Inc.,
	 	a Maryland corporation
	 	 	 
	 	By:	/s/ J. Drew Koester
	 	 	 	Name: 	J. Drew Koester
	 	 	 	Title:	Senior Vice President, Capital Markets and Investor Relations

 

[Signature Page to
Note and Guarantee Agreement]

 

     

     

    

 

This Agreement is hereby

accepted and agreed to as

of the date hereof.

 

	 	New York Life Insurance Company
	 	 	 
	 	By:	/s/ Christopher H. Carey
	 	 	Name: Christopher H. Carey
	 	 	Title: Vice President
	 	 	 
	 	New York Life Insurance and Annuity Corporation
	 	 	 
	 	By:	NYL Investors LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Christopher H. Carey
	 	 	Name: Christopher H. Carey
	 	 	Title: Managing Director

 

	 	The Bank of New York Mellon, a banking corporation organized under the laws of New York, not in its individual capacity but solely as Trustee under that certain Trust Agreement dated as of July 1st, 2015 between New York Life Insurance Company, as Grantor, John Hancock Life Insurance Company (U.S.A.), as Beneficiary, John Hancock Life Insurance Company of New York, as Beneficiary, and The Bank of New York Mellon, as Trustee

 

	 	By:   New York Life Insurance Company, its attorney-in-fact

 

	 	By:	/s/ Christopher H. Carey
	 	 	Name: Christopher H. Carey
	 	 	Title: Vice President

 

[Signature Page to Note and Guarantee Agreement]

 

     

     

    

 

	 	New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account (BOLI 3)

 

	 	By:	NYL Investors LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Christopher H. Carey
	 	 	Name: Christopher H. Carey
	 	 	Title: Managing Director

 

[Signature Page to Note and Guarantee Agreement]

 

     

     

    

 

Defined Terms

 

As used herein, the
following terms have the respective meanings set forth below or set forth in the Section hereof following such term:

 

“Acceptable
Unencumbered Property” means Real Property (a) that is approved by the Required Holders in their sole discretion; (b)
that at all times satisfies all of the following criteria: (1) such Real Property is wholly-owned (directly or indirectly) by the
Issuer or a Property Subsidiary which is a wholly-owned Subsidiary of the Issuer or a Subsidiary that is part of the Consolidated
Group, either in fee simple title or through an Eligible Off Campus Ground Lease or an Eligible Property Lease; (2) such Real Property
is not subject to a Lien in favor of any Person in any manner, including a Lien on the capital stock or other equity interests
of any Property Subsidiary or any direct or indirect parent thereof that owns or leases such Real Property, other than Permitted
Encumbrances; (3) such Real Property consists of completed income-producing, first-class collegiate housing communities of scope
and quality consistent with the Issuer’s overall portfolio of Real Property; (4) such Real Property is located in states
in the United States; (5) such Real Property is managed by the Issuer, one of its Subsidiaries or the Management Company; (6) a
final certificate of occupancy, or the local equivalent, has been issued by the appropriate Governmental Authority for all of the
improvements on the Real Property; (7) no material deferred maintenance and no material deferred capital improvements are required
to continue operating as a first-class collegiate housing community, as determined by an architectural or engineering report; (8)
the owner of the subject Real Property must be able to make the representations and warranties set forth in Schedule AUP as to
such Real Property and (9) such Real Property is an “acceptable unencumbered property” under the Bank Credit Agreement
(or, if at such time the Bank Credit Agreement does not exist, under any applicable Material Credit Facility); or (c) if such Real
Property does not satisfy the requirements of clause (a) or (b) above, (1) such Real Property is an “acceptable unencumbered
property” under the Bank Credit Agreement (or, if at such time the Bank Credit Agreement does not exist, under any applicable
Material Credit Facility), (2) within 30 days of such Real Property becoming an “acceptable unencumbered property”
under such agreement, the Parent Guarantor shall have given each holder of Notes notice thereof, including a description of such
Real Property and each characteristic set forth in clause (b) above that it fails to satisfy, and (3) the Required Holders, acting
reasonably, shall not have objected to the inclusion of such Real Property as an acceptable unencumbered property under this Agreement.

 

“Adjusted
EBITDA” means, for a given testing period, EBITDA less the Capital Expenditure Reserve.

 

“Adjusted
Unencumbered NOI” means Unencumbered NOI for the most recently ended testing period less the Capital Expenditures
Reserve.

 

“Affiliate”
means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or
more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person. Unless the context otherwise
clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Parent Guarantor.

 

Schedule
A

(to
Note and Guarantee Agreement)

 

     

     

    

 

“Agreement”
means this Note and Guarantee Agreement, including all Schedules and Exhibits attached to this Agreement.

 

“Anti-Corruption
Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity,
including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.

 

“Anti-Money
Laundering Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug
trafficking, terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions
Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act.

 

“Assets Under
Development” means all Real Property, or phases thereof, that is under construction or development as an income-producing
project in a diligent manner and in accordance with industry standard construction schedules, but for which a certificate of occupancy
has not been issued.

 

“Bank Credit
Agreement” means that certain Fifth Amended and Restated Credit Agreement dated as of November 19, 2014 by and among
the Issuer, the lenders party thereto, KeyBank, National Association, as Administrative Agent, Regions Bank, PNC Bank, National
Association, and Royal Bank of Canada, as Documentation Agents, and KeyBanc Capital Markets, PNC Capital Markets LLC, RBC Capital
Markets, and Regions Capital Markets, as Co-Bookrunners and Co-Lead Arrangers, including any renewals, extensions, amendments,
supplements, restatements, replacements or refinancings thereof.

 

“Blocked Person”
means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b)
a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic
Sanctions Laws or (c) a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled
by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a)
or (b).

 

“Bond Facility”
means the $250,000,000 of unsecured senior bonds issued by the Issuer via public bond offering on November 19, 2014 maturing
on November 19, 2024, and any other issuance of public or private senior unsecured bonds by the Issuer.

 

“Business
Day” means (a) for the purposes of Section 8.7 only, any day other than a Saturday, a Sunday or a day on which commercial
banks in New York City are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement,
any day other than a Saturday, a Sunday or a day on which commercial banks in Memphis, Tennessee or New York, New York are required
or authorized to be closed.

 

“Capital Expenditure
Reserve” means, on an annual basis, an amount equal to (a) the aggregate number of beds available for lease in each Real
Property parcel owned by the Issuer or any Subsidiary measured as of the last day of each of the immediately preceding four calendar
quarters and averaged, multiplied by (b) $125.

 

    S-A-2 

     

    

 

“Capital Lease
Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to
be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations
shall be the capitalized amount thereof determined in accordance with GAAP.

 

“Capitalization
Rate” means 6.50%, provided that, if any Material Credit Facility provides for a “capitalization rate”
that is higher or lower than 6.50%, then the capitalization rate herein shall be the highest capitalization rate then applicable
under any of the Material Credit Facilities, provided, however, that in no event may the capitalization rate herein
be less than 6.00%.

 

“Change in
Control” is defined in Section 8.3(h).

 

“Change in
Control Proposed Prepayment Date” is defined in Section 8.3(c).

 

“Closing”
is defined in Section 3.

 

“Code”
means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.

 

“Commitment
Letter” means that certain letter dated as of March 13, 2017 between Parent Guarantor and NYL Investors LLC.

 

“Confidential
Information” is defined in Section 21.

 

“Consolidated
Group” means the Parent Guarantor and all Persons whose financial results are consolidated with the Parent Guarantor
for financial reporting purposes under GAAP.

 

“Constituent
Companies” and “Constituent Company” are defined in the first paragraph of this Agreement.

 

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

 

“Control Event”
is defined in Section 8.3(h).

 

“Controlled
Entity” means (a) any of the Subsidiaries of the Parent Guarantor and any of their or the Parent Guarantor’s respective
Controlled Affiliates and (b) if the Parent Guarantor has a parent company, such parent company and its Controlled Affiliates.

 

“Default”
means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both,
become an Event of Default.

 

    S-A-3 

     

    

 

“Default Rate”
means, with respect to any Note, that rate of interest per annum that is the greater of (a) 2.00% above the rate of interest
stated in clause (a) of the first paragraph of such Note or (b) 2.00% over the rate of interest publicly announced by Bank of New
York in New York, New York as its “base” or “prime” rate.

 

“Disclosure
Documents” is defined in Section 5.3.

 

“EBITDA”
means, with respect to any Person and for any period, an amount derived from, in each case with respect to such Person and
such period and without duplication, (a) net income, plus (b) deferred fee revenue and interest income associated with third
party development efforts that have commenced, plus (c) to the extent included in the determination of such net income,
depreciation, amortization, interest expense and income taxes, plus or minus (d) to the extent included in the determination
of such net income, straight line impact of GAAP land lease expense, plus or minus (e) to the extent included in
the determination of such net income, any extraordinary losses or gains resulting from sales or payment of Indebtedness, plus
(f) unless objected to by the Required Holders acting reasonably, any extraordinary, non-recurring expenses associated with
any financing, merger, acquisition, divestiture, asset impairment or other capital transaction, in each case, as determined on
a consolidated basis in accordance with GAAP, and including (without duplication), in the case of the Issuer, the Equity Percentage
of EBITDA for the Issuer’s Unconsolidated Affiliates. If EBITDA is calculated over a period of less than four quarters which
includes the month of August, then the average EBITDA for the months in the calculation period other than August will be substituted
for the EBITDA for such month of August.

 

“EDGAR”
means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for
such purposes.

 

“Eligible
Off Campus Ground Lease” means (a) a lease with respect to Real Property (or a portion thereof) not owned by a university,
college or other educational entity entered into by the Issuer or a Subsidiary meeting the following requirements: (1) a remaining
term (including renewal options exercisable at lessee’s sole option) of at least 30 years; (2) may be transferred and/or
assigned by lessee without landlord’s consent (or as to which the lease provides that (i) such lease may be transferred and/or
assigned with the consent of the landlord and (ii) such consent shall not be unreasonably withheld or delayed) or subject to certain
reasonable pre-defined requirements; and (3) the lease is financeable in that it contains customary lender protection provisions
and provides or allows for, without further consent from the landlord, (i) notice and right to cure to lessee’s lender,
(ii) a pledge and mortgage of the leasehold interest, (iii) recognition of a foreclosure of the leasehold interest including no
prohibition on entering into a new lease with the lender, and (iv) no right of landlord to terminate the lease without consent
of lessee’s lender or (b) if such lease does not satisfy the requirements of clause (a) above, (1) such lease is an “eligible
off campus ground lease” under the Bank Credit Agreement (or, if at such time the Bank Credit Agreement does not exist, under
any applicable Material Credit Facility), (2) within 30 days of such lease becoming an “eligible off campus ground lease”
under such agreement, the Parent Guarantor shall have given each holder of Notes notice thereof, including a description of such
lease and each characteristic set forth in clause (b) above that it fails to satisfy, and (3) the Required Holders, acting reasonably,
shall not have objected to the inclusion of such lease as an eligible off campus ground lease under this Agreement.

 

    S-A-4 

     

    

 

“Eligible
Property Lease” means a lease with respect to Real Property (or a portion thereof) owned by a university, college or
other educational entity entered into by the Issuer or a Subsidiary which does not constitute an Eligible Off Campus Ground Lease
and is not objected to by the Required Holders acting reasonably.

 

“Environmental
Claim” means any notice of violation, action, claim, Environmental Lien, demand, abatement or other order or direction
(conditional or otherwise) by any Governmental Authority or any other Person for personal injury (including sickness, disease or
death), tangible or intangible property damage, damage to the environment, nuisance, pollution, contamination or other adverse
effects on the environment, or for fines, penalties or restriction, resulting from or based upon (a) the existence, or the
continuation of the existence, of a Release (including sudden or non-sudden accidental or non-accidental Releases) of, or exposure
to, any Hazardous Material, or other Release in, into or onto the environment (including the air, soil, surface water or groundwater)
at, in, by, from or related to any property owned, operated or leased by the Issuer or any of its Subsidiaries or any activities
or operations thereof; (b) the environmental aspects of the transportation, storage, treatment or disposal of Hazardous Materials
in connection with any property owned, operated or leased by the Issuer or any of its Subsidiaries or their operations or facilities;
or (c) the violation, or alleged violation, of any Environmental Laws or Environmental Permits of or from any Governmental Authority
relating to environmental matters connected with any property owned, leased or operated by the Issuer or any of its Subsidiaries.

 

“Environmental
Laws” means all applicable laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, or binding
agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation
or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety
matters and includes (without limitation) the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”),
42 U.S.C. §  9601 et seq., the Hazardous Materials Transportation Act, 49 U.S.C. §  1801 et seq.,
the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. §  136 et seq., the Resource Conservation and
Recovery Act (“RCRA”), 42 U.S.C. §  6901 et seq., the Toxic Substances Control Act, 15 U.S.C.
§  2601 et seq., the Clean Air Act, 42 U.S.C. § 7401 et seq., the Clean Water Act, 33 U.S.C. § 
1251 et seq., the Occupational Safety and Health Act, 29 U.S.C. §  651 et seq., (to the extent the same
relates to any Hazardous Materials), and the Oil Pollution Act of 1990, 33 U.S.C. §  2701 et seq., and the regulations
promulgated pursuant thereto, and all analogous state and local statutes.

 

“Environmental
Lien” means any lien in favor of any Governmental Authority arising under any Environmental Law.

 

“Environmental
Permit” means any permit required under any applicable Environmental Law or under any and all supporting documents associated
therewith.

 

    S-A-5 

     

    

 

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

 

“ERISA”
means the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder from time to time
in effect.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that is treated as a single employer together with the Parent Guarantor
under section 414 of the Code.

 

“Event of
Default” is defined in Section 11.

 

“Exchange
Act” means the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder from time to time
in effect.

 

“FATCA”
means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official
interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement
between the United States and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause
(a), and (c) any agreements entered into pursuant to section 1471(b)(1) of the Code.

 

“Fixed Charge
Coverage Ratio” means, as of any date, the ratio of (a) Adjusted EBITDA of the Consolidated Group for the immediately
preceding period of four consecutive calendar quarters to (b) the sum of all of the principal due and payable (excluding principal
due at maturity) and principal paid on the Indebtedness (including scheduled payments on Capital Lease Obligations) of the Consolidated
Group, plus the Interest Expense of the Consolidated Group, plus the aggregate of all cash dividends payable on the
preferred stock of the Parent Guarantor or any Subsidiary, in each case for the period used to calculate Adjusted EBITDA, all of
the foregoing calculated without duplication.

 

“Form 10-K”
is defined in Section 7.1(b).

 

“Form 10-Q”
is defined in Section 7.1(a).

 

“Funds From
Operations” means, as of any date, net income of the Issuer determined in accordance with GAAP, plus depreciation
and amortization, revenues on participating projects which are deferred for GAAP purposes, excluding the impact of straight line
accounting treatment on rents and leasehold rent expense, transaction costs related to acquisitions, severance costs and other
non-cash items; plus or minus any loss or gain from debt restructuring, impairments, or sales of property and, unless
objected to by the Required Holders acting reasonably, any extraordinary, non-recurring expenses associated with any financing,
merger, acquisition, divestiture, or other capital transaction. Funds From Operations will be calculated for the period of four
consecutive calendar quarters immediately preceding the date of the calculation. Funds From Operations shall be calculated on a
consolidated basis, and including (without duplication) the Equity Percentage of funds from operations (calculated as set forth
above) for the Issuer’s Unconsolidated Affiliates.

 

    S-A-6 

     

    

 

“GAAP”
means (a) generally accepted accounting principles as in effect from time to time in the United States and (b) for purposes of
Section 9.6, with respect to any Subsidiary, generally accepted accounting principles (including International Financial Reporting
Standards, as applicable) as in effect from time to time in the jurisdiction of organization of such Subsidiary.

 

“Governmental
Authority” means

 

(a)          the
government of

 

(1)         the
United States or any state or other political subdivision thereof, or

 

(2)         any
other jurisdiction in which the Parent Guarantor or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction
over any properties of the Parent Guarantor or any Subsidiary, or

 

(b)          any
entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.

 

“Governmental
Official” means any governmental official or employee, employee of any government-owned or government-controlled entity,
political party, any official of a political party, candidate for political office, official of any public international organization
or anyone else acting in an official capacity.

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or
indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation
or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or
lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment
thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary
obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect
of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term
Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.

 

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances or wastes, including
petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious
or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law; provided
that Hazardous Materials shall not include any such substances or wastes utilized or maintained at a Real Property in the ordinary
course of business and in accordance with all applicable Environmental Laws.

 

“Hedging Agreement”
means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other
interest or currency exchange rate or commodity price hedging arrangement.

 

    S-A-7 

     

    

 

“Historical
Value” means, for any Real Property, the purchase price of such Real Property (including improvements) and ordinary related
purchase transaction costs, plus the cost of subsequent capital improvements thereon (including construction costs for property
under construction or development) made by the Issuer, less any provision for losses, all determined in accordance with
GAAP. If the Real Property is purchased as a part of a group of properties, the Historical Value shall be calculated based upon
a pro rata allocation of the aggregate purchase price by the Issuer based on net operating income of such property, and consistent
with GAAP. Historical Value shall include the Equity Percentage of Historical Value for the Issuer’s Unconsolidated Affiliates.

 

“holder”
means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Issuer pursuant
to Section 14.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 8.3, 12,
18.2 and 19 and any related definitions in this Schedule A, “holder” shall mean the beneficial owner of such Note whose
name and address appears in such register.

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to
deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person
under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations
of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in
the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether
or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all
Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party
in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect
of bankers’ acceptances, (k) all obligations contingent or otherwise, of such Person with respect to any Hedging Agreements
(calculated on a mark-to-market basis as of the reporting date), and (l) in the case of the Parent Guarantor, payments received
in consideration of sale of an ownership interest in the Issuer when the interest so sold is determined, and the date of delivery
is, more than one month after receipt of such payment and only to the extent that the obligation to deliver such interest is not
payable solely in such interest of such Person. The Indebtedness of any Person shall include the Indebtedness of any other entity
(including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result
of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness
provide that such Person is not liable therefor. Indebtedness shall be calculated on a consolidated basis in accordance with GAAP,
and including (without duplication), in the case of the Issuer, the Equity Percentage of Indebtedness for the Issuer’s Unconsolidated
Affiliates.

 

    S-A-8 

     

    

 

“INHAM Exemption”
is defined in Section 6.2(e).

 

“Institutional
Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or more of its
affiliates) more than $2,000,000 of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company,
savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any
broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund
of any holder of any Note.

 

“Intellectual
Property” is defined in Section 5.11(a).

 

“Intercompany
Debt” means indebtedness for borrowed money of any Subsidiary owed to the Parent Guarantor or any other Lending Subsidiary
that is eliminated in connection with the preparation of the consolidated financial statements of the Parent Guarantor in accordance
with GAAP.

 

“Interest
Expense” means with respect to any Person and for any period, all of such Person’s paid, accrued or capitalized
interest expense on such Person’s Indebtedness (whether direct, indirect or contingent, and including interest on all convertible
debt), and including (without duplication), in the case of the Issuer, the Equity Percentage of Interest Expense for the Issuer’s
Unconsolidated Affiliates.

 

“Issuer”
is defined in the first paragraph of this Agreement.

 

“JV Related
Intercompany Debt” means any Intercompany Debt that is issued by a Property Subsidiary that is a joint venture (herein,
a “JV Property Subsidiary”), one of the equity owners in which is the Issuer or one of its direct or indirect
wholly-owned Lending Subsidiaries, which Intercompany Debt is evidenced by a physical note or notes, which note or notes shall
be free and clear of any Lien, and held by the Issuer and/or one of its direct or indirect wholly-owned Lending Subsidiaries and,
if such JV Property Subsidiary is a Subsidiary Guarantor, such Intercompany Debt is subordinated to such Property Subsidiary’s
obligations under its Subsidiary Guaranty on terms acceptable to the Required Holders. For the avoidance of doubt, at any time
after the Issuer and/or any of its direct or indirect wholly-owned Subsidiaries acquire all of the equity interests in a JV Property
Subsidiary, the Intercompany Debt, if any, of such JV Property Subsidiary shall no longer be treated as JV Related Intercompany
Debt.

 

“Lending Subsidiary”
means each Subsidiary of the Issuer (a) that holds a Lien on any Real Property which is owned by a Property Subsidiary and (b)
which Subsidiary is not an obligor on any Indebtedness.

 

“Lien”
means, with respect to an asset, (a) any mortgage, deed of trust, lien (statutory or other), pledge, hypothecation, negative
pledge, collateral assignment, encumbrance, deposit arrangement, charge or security interest in, on or of such asset; (b) the interest
of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease
having substantially the same economic effect as any of the foregoing) relating to such asset; (c) the filing under the uniform
commercial code or comparable law of any jurisdiction of any financing statement naming the owner of the asset to which such Lien
relates as debtor; (d) any other preferential arrangement of any kind or nature whatsoever intended to assure payment of any Indebtedness
or other obligation; and (e) in the case of securities, any purchase option, call or similar right of a third party with respect
to such securities.

 

    S-A-9 

     

    

 

“Make-Whole
Amount” is defined in Section 8.7.

 

“Management
Company” means the manager of the Real Property owned by the Issuer or a Subsidiary of the Issuer.

 

“Material”
means material in relation to the business, operations, affairs, financial condition, assets, properties, or prospects of the Parent
Guarantor and its Subsidiaries taken as a whole.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, operations, or condition, financial or otherwise,
of (1) the Issuer and its Subsidiaries (other than Owners) and the Parent Guarantor, taken as a whole, or (2) any Owner, (b) the
ability of either Constituent Company or any Subsidiary Guarantor to perform its obligations under this Agreement, the Notes or
any Subsidiary Guaranty, as applicable, or (c) the validity or enforceability of this Agreement, the Notes or any Subsidiary Guaranty.

 

“Material
Contract” means any contract or other arrangement (other than this Agreement, the Notes or any Subsidiary Guaranty),
whether written or oral, to which either Constituent Company is a party as to which the breach, nonperformance, cancellation or
failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect.

 

“Material
Credit Facility” means, as to the Constituent Companies and their Subsidiaries,

 

(a) the
Bank Credit Agreement;

 

(b) the
Term Facility

 

(c) the
Bond Facility; and

 

(d) any
other agreement(s) creating or evidencing indebtedness for borrowed money (excluding non-recourse Indebtedness) entered into on
or after the date of the Closing by either Constituent Company or any Subsidiary, or in respect of which either Constituent Company
or any Subsidiary is an obligor or otherwise provides a guarantee or other credit support (other than a guaranty of customary recourse
exceptions) (“Credit Facility”), in a principal amount outstanding or available for borrowing equal to or greater
than $150,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the closing
of such facility based on the exchange rate of such other currency). 

 

“Maturity
Date” with respect to any Note is defined in the first paragraph of such Note.

 

“Minimum Net
Worth Covenant” is defined in Section 10.11(c).

 

    S-A-10 

     

    

 

“Multiemployer
Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3) of ERISA).

 

“NAIC”
means the National Association of Insurance Commissioners.

 

“Net Operating
Income” means for any income producing operating Real Property and for any period, the difference between (a) any rentals,
proceeds and other income received from such property, including early lease termination penalties to the extent no new tenant
is in place and allocated over the applicable remaining term (but excluding (1) security or other deposits, and (2) other
income of a non-recurring nature) during such period, less (b) an amount equal to all costs and expenses (excluding Interest
Expense, non-cash straight line ground rent as determined in accordance with GAAP, any expenditures that are capitalized in accordance
with GAAP, non-cash expenses such as depreciation and amortization, and, unless objected to by the Required Holders acting reasonably,
any extraordinary, non-recurring expenses associated with any financing, merger, acquisition, divestiture, or other capital transaction)
incurred as a result of, or in connection with, or properly allocated to, the operation or leasing of such property during such
period; provided, however, that the amount for the expenses for the management of a property included in clause (b)
above shall be set at 3% of (i) the amount provided in clause (a) above, less (ii) a bad debt allowance. Net Operating Income
shall be calculated based on the immediately preceding period of four consecutive calendar quarters unless the Real Property has
not been owned by the Issuer or its Subsidiaries for four consecutive calendar quarters, in which event (x) Net Operating
Income shall be calculated for the period of ownership, and annualized, and (y) if the period of ownership includes the month
of August, the Net Operating Income for August will be disregarded in the annualization calculation. Net Operating Income shall
be calculated on a consolidated basis in accordance with GAAP, and including (without duplication) the Equity Percentage of Net
Operating Income for the Issuer’s Unconsolidated Affiliates.

 

“Non-U.S.
Plan” means any plan, fund or other similar program that (a) is established or maintained outside the United States by
the Parent Guarantor or any Subsidiary primarily for the benefit of employees of the Parent Guarantor or one or more Subsidiaries
residing outside the United States, which plan, fund or other similar program provides, or results in, retirement income, a deferral
of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA
or the Code.

 

“Notes”
is defined in Section 1.

 

“Obligations”
is defined in Section 13.1.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“OFAC Sanctions
Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of OFAC
Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.

 

    S-A-11 

     

    

 

“Officer’s
Certificate” means, with respect to any Person, a certificate of a Senior Financial Officer or of any other officer of
such Person whose responsibilities extend to the subject matter of such certificate.

 

“Owner”
is defined in Schedule AUP.

 

“Parent Guarantee”
is defined in Section 2.2.

 

“Parent Guarantor”
is defined in the first paragraph of this Agreement.

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

 

“Permitted
Encumbrances” means:

 

(a)       Liens
imposed by law for taxes that are not yet due or are being contested in compliance with Section 9.4;

 

(b)       pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations;

 

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

 

(d)       the
Title Instruments and customary Liens incidental to, and not interfering with, the ordinary conduct of the business of the Issuer
or any of its Subsidiaries, provided that such Liens do not secure Indebtedness;

 

(e)       uniform
commercial code protective filings with respect to personal property leased to the Issuer or any Subsidiary;

 

(f)        landlords’
liens for rent not yet due and payable; and

 

(g)       Liens
in favor of the Issuer or a direct or indirect wholly-owned Lending Subsidiary of the Issuer securing JV Related Intercompany Debt;

 

provided that the term “Permitted
Encumbrances” shall not include any Lien securing Indebtedness.

 

“Permitted
Investments” means:

 

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

 

    S-A-12 

     

    

 

(b)       investments
in commercial paper maturing within 270 days from the date of acquisition thereof and having an investment grade credit rating
on the date of acquisition;

 

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

 

(d)       fully
collateralized repurchase agreements with a term of not more than 90 days for securities described in clause (a) above and
entered into with a financial institution satisfying the criteria described in clause (c) above;

 

(e)       Intercompany
Debt; and

 

(f)        investments
in Subsidiaries and Unconsolidated Affiliates made in accordance with this Agreement.

 

“Person”
means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business
entity or Governmental Authority.

 

“Plan”
means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within
the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years,
have been made or required to be made, by the Parent Guarantor or any ERISA Affiliate or with respect to which the Parent Guarantor
or any ERISA Affiliate may have any liability.

 

“property”
or “properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible
or intangible, choate or inchoate.

 

“Property
Subsidiary” means each Subsidiary of the Issuer that owns an Acceptable Unencumbered Property in the Unencumbered Pool.

 

“PTE”
is defined in Section 6.2(a).

 

“Purchaser”
or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to the Constituent
Companies and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 14.2), provided,
however, that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner (through a nominee) of
such Note as the result of a transfer thereof pursuant to Section 14.2 shall cease to be included within the meaning of “Purchaser”
of such Note for the purposes of this Agreement upon such transfer.

 

“Purchaser
Schedule” means the Purchaser Schedule to this Agreement listing the Purchasers of the Notes and including their notice
and payment information.

 

    S-A-13 

     

    

 

“QPAM Exemption”
is defined in Section 6.2(d).

 

“Qualified
Institutional Buyer” means any Person who is a “qualified institutional buyer” within the meaning of such
term as set forth in Rule 144A(a)(1) under the Securities Act.

 

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

 

“REIT”
means a Person qualifying for treatment as a “real estate investment trust” under Section 856(c)(i) of the Code.

 

“Related Fund”
means, with respect to any holder of any Note, any fund or entity that (a) invests in Securities or bank loans, and (b) is
advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment
advisor.

 

“Release”
means any release, spill, emission, leaking, pumping, pouring, dumping, emptying, injection, deposit, disposal, discharge, dispersal,
leaching or migration on or into the indoor or outdoor environment or into or out of any property.

 

“Remedial
Action” means all actions, including any capital expenditures, required or necessary to (a) clean up, remove, treat or
in any other way address any Hazardous Material; (b) prevent the Release or threat of Release, or minimize the further Release,
of any Hazardous Material so it does not migrate or endanger public health or the environment; (c) perform pre-remedial studies
and investigations or post-remedial monitoring and care; or (d) bring facilities on any property owned or leased by the Issuer
or any of its Subsidiaries into compliance with all Environmental Laws.

 

“Reports”
is defined in Section 7.1(c).

 

“Required
Holders” means at any time on or after the Closing, the holders of more than 50% in principal amount of the Notes at
the time outstanding (exclusive of Notes then owned by either Constituent Company or any of its Affiliates).

 

“Responsible
Officer” means, with respect to any Person, any Senior Financial Officer and any other officer of such Person with responsibility
for the administration of the relevant portion of this Agreement.

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any
ownership interests in the Issuer, or any payment (whether in cash, securities or other property), including any sinking fund or
similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such ownership
interests in the Issuer or any option, warrant or other right to acquire any such shares of capital stock of the Issuer.

 

“Restricted
Payments Covenant” is defined in Section 10.7.

 

    S-A-14 

     

    

 

“SEC”
means the Securities and Exchange Commission of the United States.

 

“Secured Debt”
means all Indebtedness, whether on a recourse or a non-recourse basis, which is secured by a Lien on any asset of any Person.

 

“Securities”
or “Security” shall have the meaning specified in section 2(1) of the Securities Act.

 

“Securities
Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in effect.

 

“Senior Financial
Officer” means, with respect to any Person, the chief financial officer, senior vice president of capital markets, principal
accounting officer, treasurer or comptroller of such Person.

 

“Series A
Notes” is defined in Section 1.

 

“Series B
Notes” is defined in Section 1.

 

“Source”
is defined in Section 6.2.

 

“State Sanctions
List” means a list that is adopted by any state Governmental Authority within the United States pertaining to Persons
that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed
under U.S. Economic Sanctions Laws.

 

“Subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation,
limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise
Controlled, by the parent or one or more subsidiaries of the parent. The Issuer is a Subsidiary of the Parent Guarantor. Unless
the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Parent
Guarantor.

 

“Subsidiary
Guarantor” means each Subsidiary that has executed and delivered a Subsidiary Guaranty.

 

“Subsidiary
Guaranty” is defined in Section 9.9(a)(1).

 

“Substitute
Purchaser” is defined in Section 22.

 

“SVO”
means the Securities Valuation Office of the NAIC.

 

    S-A-15 

     

    

 

“Tangible
Net Worth” means, for any Person and as of any date, total assets of such Person (without deduction for accumulated depreciation)
less (a) all intangibles of such Person and (b) all liabilities of such Person (including contingent and indirect
liabilities), all determined on a consolidated basis in accordance with GAAP. The term “intangibles” shall include
(1) deferred charges, and (2) the aggregate of all amounts appearing on the assets side of any such balance sheet for
franchises, licenses, permits, patents, patent applications, copyrights, trademarks, trade names, goodwill, treasury stock, experimental
or organizational expenses and other like intangibles. The term “liabilities” shall include (i) Indebtedness secured
by Liens on property of the Person with respect to which Tangible Net Worth is being computed whether or not such Person is liable
for the payment thereof, (ii) deferred liabilities, and (iii) Capital Lease Obligations.

 

“Term Facility”
means that certain Second Amended and Restated Credit Agreement dated January 18, 2017 entered into between PNC Bank, National
Association, as administrative agent, the various lenders party thereto, and the Issuer, as may be amended from time to time.

 

“Title Instruments”
means all instruments of record in the Office of the County Clerk, the Real Property Records or of any other Governmental Authority
affecting title to all or any part of the Real Property in the Unencumbered Pool, including those, if any, which impose restrictive
covenants, easements, rights-of-way or other encumbrances on all or any part of the Real Property in the Unencumbered Pool.

 

“Total Asset
Value” means, as of any date, the sum of (without duplication) (a) the aggregate Value of all of the Issuer’s and
its Subsidiaries’ Real Property and other assets as set forth in the definition of Value, plus (b) the amount of any
cash and cash equivalents, excluding tenant security and other restricted deposits of the Issuer and its Subsidiaries. Total Asset
Value shall be calculated on a consolidated basis (inclusive of the Equity Percentage of the value of the total assets (calculated
as set forth above) of Unconsolidated Affiliates and unconsolidated joint ventures of the Issuer and its Subsidiaries) in accordance
with GAAP.

 

“Total Leverage
Ratio” means, as of any date, the ratio (expressed as a percentage) of (a) the Indebtedness of the Consolidated
Group to (b) Total Asset Value.

 

“Total Secured
Debt Ratio” means, as of any date, the ratio (expressed as a percentage) of (a) the Secured Debt of the Consolidated
Group to (b) Total Asset Value.

 

“Total Unsecured
Debt to Unencumbered Asset Value Ratio” means, as of any date, the ratio (expressed as a percentage) of (a) the
Unsecured Debt of the Consolidated Group to (b) Unencumbered Asset Value.

 

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

 

“Unencumbered
Asset Value” means, as of any date, the sum of the aggregate Value of the Acceptable Unencumbered Properties, provided
that the aggregate Value of Acceptable Unencumbered Properties of Subsidiaries that are not wholly-owned (directly or indirectly)
by the Issuer shall not exceed 15% of the total Unencumbered Asset Value.

 

    S-A-16 

     

    

 

“Unencumbered
NOI” means, as of any date, aggregate Net Operating Income for the most recently ended period of four consecutive fiscal
quarters from Acceptable Unencumbered Properties included in the Unencumbered Pool.

 

“Unencumbered
Pool” means, as of any date, all Acceptable Unencumbered Property other than any such Real Property that is not at such
date part of the “unencumbered pool” for purposes of the Bank Credit Agreement.

 

“United States”
or “U.S.” means the United States of America.

 

“United States
Person” has the meaning set forth in Section 7701(a)(30) of the Code.

 

“Unsecured
Debt” means all Indebtedness of any Person which is not Secured Debt.

 

“Unsecured
Interest Coverage Ratio” means, as of any date, the ratio of (a) Adjusted Unencumbered NOI for the most recently ended
period of four consecutive fiscal quarters to (b) Unsecured Interest Expense.

 

“Unsecured
Interest Expense” means, as of any date, the actual interest expense on account of all Unsecured Debt of the Consolidated
Group for the most recently ended period of four consecutive fiscal quarters.

 

“USA PATRIOT
Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 and the rules and regulations promulgated thereunder from time
to time in effect.

 

“U.S. Economic
Sanctions Laws” means those laws, executive orders, enabling legislation or regulations administered and enforced by
the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime,
including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability
and Divestment Act and any other OFAC Sanctions Program.

 

“Value”
means, as of any date, the sum of the following:

 

(a)        for
Real Property that has been owned by the Issuer, one of its Subsidiaries or one of its Unconsolidated Affiliates for 12 months
or longer, the Net Operating Income for the most recently ended period of four consecutive fiscal quarters for such Real Property,
divided by the Capitalization Rate; plus

 

(b)        for
Real Property that was acquired by the Issuer, one of its Subsidiaries or one of its Unconsolidated Affiliates less than 12 months
prior to the date of calculation, the Historical Value of such Real Property; plus

 

    S-A-17 

     

    

 

(c)        for
Real Property owned by the Issuer, one of its Subsidiaries or one of its Unconsolidated Affiliates that is an Asset Under Development
or undeveloped land, the Historical Value of the subject property; plus

 

(d)        for
Real Property owned by the Issuer, one of its Subsidiaries or one of its Unconsolidated Affiliates that was an Asset Under Development
but has been open and operating for less than 12 months prior to the date of calculation, the Historical Value of such Real Property
or, at the Issuer’s election (which election shall be irrevocable with respect to such Real Property once made until such
time as such Real Property has been open and operated by the Issuer, one of its Subsidiaries or one of its Unconsolidated Affiliates
for at least 12 months or longer, at which time the provisions of subsection (a) above shall control), the Net Operating Income
for such Real Property calculated for the period of operation instead of the period of ownership, annualized, divided by
the Capitalization Rate; plus

 

(e)        the
value of 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 of the Issuer, one of its Subsidiaries or one of
its Unconsolidated Affiliates under GAAP and included as Indebtedness plus

 

(f)         the
book value of any loan receivables secured by Real Property which loan receivables are owned by the Issuer, one of its Subsidiaries
or one of its Unconsolidated Affiliates.

 

    S-A-18 

     

    

 

Form of Series A Note

 

Education Realty Operating
Partnership, LP

 

4.22%
Series A Guaranteed Senior Notes due August 31, 2029

 

	No. AR-	________________ __, 20__
	$_______	PPN 28140T A*9

 

For
Value Received, the undersigned, Education
Realty Operating Partnership, LP (herein called the “Issuer”), a limited partnership organized and existing
under the laws of the State of Delaware, hereby promises to pay to ____________, or registered assigns, the principal sum of _____________________
Dollars (or so much thereof as shall not have been prepaid) on August 31, 2029 (the
“Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on
the unpaid balance hereof at the rate of 4.22% per annum from the date hereof, payable semiannually, on the last day of February
and August in each year, commencing with the last day of February or August next succeeding the date hereof, and on the Maturity
Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (1) on any overdue
payment of interest and (2) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of
any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 6.22% or (ii) 2.00% over the rate
of interest publicly announced by Bank of New York from time to
time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the
option of the registered holder hereof, on demand).

 

Payments
of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States
of America at the principal office of Bank of New York in New York, New York or
at such other place as the Issuer shall have designated by written notice to the holder of this Note as provided in the Note Agreement
referred to below.

 

This Note is one of
a series of Senior Notes (herein called the “Notes”) issued pursuant to the Note and Guarantee Agreement dated
as of August 31, 2017 (as from time to time amended, the “Note Agreement”) between the Issuer, Education Realty
Trust, Inc., a Maryland corporation, and the respective Purchasers named therein and is entitled to the benefits thereof. Each
holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth
in Section 21 of the Note Agreement and (ii) made the representation set forth in Section 6.2 of the Note Agreement.
Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the
Note Agreement.

Schedule
1(a)

(to Note and Guarantee Agreement)

 

     

     

    

 

This Note is a registered
Note and, as provided in the Note Agreement, upon surrender of this Note for registration of transfer accompanied by a written
instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing,
a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment
for registration of transfer, the Issuer may treat the Person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment and for all other purposes, and the Issuer will not be affected by any notice to the contrary.

 

This Note is subject
to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Agreement, but
not otherwise.

 

If an Event of Default
occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the
price (including any applicable Make-Whole Amount) and with the effect provided in the Note Agreement.

 

This Note shall be
construed and enforced in accordance with, and the rights of the Issuer and the holder of this Note shall be governed by, the law
of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws
of a jurisdiction other than such State.

 

	 	Education Realty Operating Partnership, LP,

a Delaware Limited Partnership

 

	 	By: 	Education Realty OP GP, Inc.,
	 	 	a Delaware Corporation, its General Partner

 

	 	By	 
	 	 	Its

 

    S-1(a)-2 

     

    

 

Form of Series B Note

 

Education Realty Operating
Partnership, LP

 

4.30%
Series B Guaranteed Senior Notes due August 31, 2032

 

	No. BR-	________________ __, 20__
	$_______	PPN 28140T A@7

 

For
Value Received, the undersigned, Education
Realty Operating Partnership, LP (herein called the “Issuer”), a limited partnership organized and existing
under the laws of the State of Delaware, hereby promises to pay to ____________, or registered assigns, the principal sum of _____________________
Dollars (or so much thereof as shall not have been prepaid) on August 31, 2032 (the
“Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on
the unpaid balance hereof at the rate of 4.30% per annum from the date hereof, payable semiannually, on the last day of February
and August in each year, commencing with the last day of February or August next succeeding the date hereof, and on the Maturity
Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (1) on any overdue
payment of interest and (2) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of
any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 6.30% or (ii) 2.00% over the rate
of interest publicly announced by Bank of New York from time to
time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the
option of the registered holder hereof, on demand).

 

Payments
of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States
of America at the principal office of Bank of New York in New York, New York
or at such other place as the Issuer shall have designated by written notice to the holder of this Note as provided in the Note
Agreement referred to below.

 

This Note is one of
a series of Senior Notes (herein called the “Notes”) issued pursuant to the Note and Guarantee Agreement dated
as of August 31, 2017 (as from time to time amended, the “Note Agreement”) between the Issuer, Education Realty
Trust, Inc., a Maryland corporation, and the respective Purchasers named therein and is entitled to the benefits thereof. Each
holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth
in Section 21 of the Note Agreement and (ii) made the representation set forth in Section 6.2 of the Note Agreement.
Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the
Note Agreement.

 

Schedule
1(b)

(to Note and Guarantee Agreement)

 

     

     

    

 

This Note is a registered
Note and, as provided in the Note Agreement, upon surrender of this Note for registration of transfer accompanied by a written
instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing,
a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment
for registration of transfer, the Issuer may treat the Person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment and for all other purposes, and the Issuer will not be affected by any notice to the contrary.

 

This Note is subject
to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Agreement, but
not otherwise.

 

If an Event of Default
occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the
price (including any applicable Make-Whole Amount) and with the effect provided in the Note Agreement.

 

This Note shall be
construed and enforced in accordance with, and the rights of the Issuer and the holder of this Note shall be governed by, the
law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of
the laws of a jurisdiction other than such State.

  

	 	Education Realty Operating Partnership, LP,

a Delaware Limited Partnership

 

	 	By: 	Education Realty OP GP, Inc.,
	 	 	a Delaware Corporation, its General Partner

 

	 	By	 
	 	 	Its

 

    S-1(b)-2 

     

    

 

 

Form of Opinion of Special Counsel

for the Constituent Companies

 

The closing opinion of
Bass, Berry & Sims, PLC, special counsel for the Constituent Companies, which is called for by Section 4.4(a) of the Agreement,
shall be dated the date of the Closing and addressed to each Purchaser, shall be satisfactory in scope and form to each Purchaser
and shall be to the effect that:

 

1.         The
General Partner is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware
and has the corporate power and authority to execute on behalf of the Issuer the Note Documents.1

 

2.         The Issuer is a limited
partnership duly formed, validly existing and in good standing under the laws of the State of Delaware, has the limited partnership
power and authority to execute and perform the Note Agreement and to issue the Notes and has the limited partnership power and
authority to own its properties and conduct the activities in which it is now engaged.

 

3.         The Parent Guarantor
is a corporation duly organized, validly existing and in good standing under the laws of the State of Maryland, has the corporate
power and authority to execute and perform the Note Agreement and has the corporate power and authority to own its properties and
to conduct the activities in which it is now engaged.

 

4.         The Note Documents
have been duly authorized by all necessary limited partnership action on the part of the Issuer, have been duly executed and delivered
by the Issuer and constitute the legal, valid and binding contracts of the Issuer enforceable against the Issuer in accordance
with their respective terms.

 

5.         The Note Agreement
has been duly authorized by all necessary corporate action on the part of the Parent Guarantor, has been duly executed and delivered
by the Parent Guarantor and constitutes the legal, valid and binding contract of the Parent Guarantor enforceable against the Parent
Guarantor in accordance with its terms.

 

6.         No consent, approval,
authorization, order, registration, filing or qualification of or with any Governmental Authority under any Included Law is necessary
for the execution, delivery or performance (a) by the Issuer of the Note Documents or (b) by the Parent Guarantor of the Note Agreement.

 

7.         The issuance and
sale of the Notes by the Issuer and the execution, delivery and performance by the Issuer of the Note Agreement do not (a) violate
any federal, Delaware or New York Included Law; (b) conflict with the Limited Partnership Certificate or the Limited Partnership
Agreement; or (c) result in a breach of or constitute a default under any of the Bank Credit Agreement, the Term Facility or the
Bond Facility (provided we express no opinion with respect to any matters which would require us to perform a mathematical calculation
or make a financial or accounting determination).

 

 

		1	Capitalized terms used herein shall have the meanings set
forth in the final opinion letter unless herein defined or the context shall otherwise require.

 

 

Schedule
4.4(a)

(to Note and Guarantee Agreement)

     

     

    

 

8.         The execution, delivery
and performance of the Note Agreement by the Parent Guarantor and the granting of the guarantee by the Parent Guarantor thereunder
(the “Parent Guarantee”) do not: (a) violate any federal, Maryland or New York Included Law; (b) conflict with the
Charter or the Bylaws; or (c) result in a breach of or constitute a default under any of the Bank Credit Agreement, the Term Facility
or the Bond Facility (provided we express no opinion with respect to any matters which would require us to perform a mathematical
calculation or make a financial or accounting determination).

 

9.         On the basis of the
representations of the Issuer contained in Section 5.13 of the Note Agreement and the representations of the Purchasers contained
in Section 6.1 of the Note Agreement, the issuance, sale and delivery of the Notes and the issuance of the Parent Guarantee under
the circumstances contemplated by the Note Agreement do not require the registration of the Notes or the Parent Guarantee under
the Securities Act or the qualification of an indenture under the Trust Indenture Act of 1939. We express no opinion, however,
as to when or under what circumstances any Notes initially purchased by you may be reoffered or resold.

 

10.         Neither Constituent
Company is required to be registered as an “investment company” within the meaning of the Investment Company Act of
1940, as amended.

 

11.         The issuance of
the Notes in accordance with the provisions of and contemplated by the Note Agreement and the use of the proceeds thereof do not
violate Regulation T, U or X of the Board of Governors of the Federal Reserve System, assuming the Issuer complies with the provisions
of the Note Agreement relating to the use of proceeds.

 

The opinion of Bass, Berry
& Sims, PLC shall cover such other matters relating to the sale of the Notes as any Purchaser may reasonably request and shall
provide that (i) subsequent holders of the Notes may rely upon such opinion and (ii) such opinion may be provided to
Governmental Authorities including the National Association of Insurance Commissioners. With respect to matters of fact on which
such opinion is based, such counsel shall be entitled to rely on appropriate certificates of public officials and officers of Constituent
Companies.

 

    	 	S-4.4(a)-2	 

     

    

 

Form of Opinion of Special Counsel

for the Purchasers

 

The
closing opinion of Schiff Hardin LLP, special counsel to the Purchasers, called for by Section 4.4(b) of the Agreement, shall be
dated the date of the Closing and addressed to the Purchasers,
shall be satisfactory in form and substance to the Purchasers and shall be to the effect that:

 

1.         The Issuer
is a limited partnership in good standing under the laws of the State of Delaware.

 

2.         The Parent
Guarantor is a corporation in good standing under the laws of the State of Maryland.

 

3.         The Agreement
and the Notes being delivered on the date hereof constitute the legal, valid and binding contracts of the Issuer enforceable against
the Issuer in accordance with their respective terms.

 

4.         The Agreement
constitutes the legal, valid and binding contract of the Parent Guarantor enforceable against the Parent Guarantor in accordance
with its terms.

 

5.         The issuance,
sale and delivery of the Notes being delivered on the date hereof under the circumstances contemplated by this Agreement do not,
under existing law, require the registration of such Notes under the Securities Act or the qualification of an indenture under
the Trust Indenture Act of 1939.

 

The opinion of Schiff Hardin
LLP shall also state that the opinions of Bass Berry & Sims, PLC is satisfactory in scope and form to Schiff Hardin LLP and
that, in its opinion, the Purchasers are justified in relying thereon.

 

The opinion of Schiff Hardin
LLP is limited to the laws of the State of New York and the federal laws of the United States.

 

With respect to matters
of fact upon which such opinion is based, Schiff Hardin LLP may rely on appropriate certificates of public officials and officers
of the Constituent Companies and upon representations of the Constituent Companies and the Purchasers delivered in connection with
the issuance and sale of the Notes.

 

Schedule
4.4(b)

(to Note and Guarantee Agreement)

 

     

     

    

 

Disclosure Materials

 

None.

 

Schedule
5.3

(to Note and Guarantee Agreement)

 

     

     

    

 

Subsidiaries of the Parent Guarantor
and

Ownership of Subsidiary Stock

 

		(i)	Subsidiaries:

 

	Legal Name	 	Jurisdiction of
 Organization	 	% of
 Shares	 
	109 Tower FL LLC	 	Delaware	 	 	100	%
	28th and Aurora at Boulder LLC	 	Delaware	 	 	100	%
	319 Bragg Student Housing Auburn AL LLC	 	Delaware	 	 	100	%
	1313 5th Street MN Holdings, LLC	 	Delaware	 	 	50	%
	1313 5th Street MN Owner, LLC	 	Delaware	 	 	50	%
	3949 Lindell LLC	 	Delaware	 	 	100	%
	Anderson Road Lafayette LLC	 	Delaware	 	 	100	%
	Anderson Road Oxford LLC	 	Delaware	 	 	100	%
	Armory Illinois LLC (Inactive)	 	Delaware	 	 	100	%
	Blacksburg VA Housing LLC	 	Delaware	 	 	100	%
	Cape Place (DE), LLC (Inactive)	 	Delaware	 	 	100	%
	Carriage House Ft Collins CO LLC3	 	Delaware	 	 	100	%
	Carrollton Place, LLC	 	Georgia	 	 	100	%
	CD/Park7 Pittsburgh Owner LLC	 	Delaware	 	 	80	%
	Centre Lubbock TX LLC	 	Delaware	 	 	100	%
	Chapel Hill Durham NC LP	 	Delaware	 	 	100	%
	Chapel Hill Durham NC GP LLC	 	Delaware	 	 	100	%
	Chapel Hill Investor LLC	 	Delaware	 	 	100	%
	Commons on Bridge TN Limited Partnership	 	Delaware	 	 	100	%
	Commons on Bridge TN LLC	 	Delaware	 	 	100	%
	Core Campus Madison LLC	 	Delaware	 	 	98.41	%
	Core Campus Tucson II LLC	 	Delaware	 	 	62.15	%
	Core Minneapolis LLC	 	Delaware	 	 	51	%
	Corvallis OR Student Housing Owner LLC	 	Delaware	 	 	100	%
	Cottages W. Lafayette IN LLC	 	Delaware	 	 	100	%
	CV East Lansing MI LLC	 	Delaware	 	 	100	%
	District on 5th Tucson AZ LLC	 	Delaware	 	 	100	%
	District on Apache Tempe AZ LLC	 	Delaware	 	 	100	%
	East Edge Tuscaloosa LLC	 	Delaware	 	 	100	%
	EDR Athens I, LLC (Inactive)	 	Delaware	 	 	100	%
	EDR Austin, LLC	 	Delaware	 	 	100	%
	EDR Berkeley LLC	 	Delaware	 	 	100	%
	EDR Berkeley LP	 	Delaware	 	 	100	%
	EDR Boise LLC	 	Delaware	 	 	100	%
	EDR Carbondale, LLC	 	Delaware	 	 	100	%

 

 

Schedule
5.4

(to Note and Guarantee Agreement)

     

     

    

 

	Legal Name	 	Jurisdiction of
 Organization	 	% of
 Shares	 
	EDR Charlottesville LLC	 	Delaware	 	 	100	%
	EDR Charlottesville Jefferson LLC	 	Delaware	 	 	100	%
	EDR Charlottesville Wertland LLC	 	Delaware	 	 	100	%
	EDR Columbia Limited Partnership	 	Delaware	 	 	100	%
	EDR Columbia, Inc.	 	Delaware	 	 	100	%
	EDR Columbia, LLC	 	Delaware	 	 	100	%
	EDR Development LLC	 	Delaware	 	 	100	%
	EDR Employment Resources, LLC	 	Delaware	 	 	100	%
	EDR Fund GP, Inc.	 	Delaware	 	 	100	%
	EDR Gainesville GP, LLC	 	Delaware	 	 	100	%
	EDR Gainesville Limited Partnership	 	Florida	 	 	100	%
	EDR Green Link, Inc.	 	Delaware	 	 	100	%
	EDR Greensboro, LLC	 	Delaware	 	 	100	%
	EDR Investment Advisor Inc.	 	Delaware	 	 	100	%
	EDR Investment Fund, LP	 	Delaware	 	 	100	%
	EDR Knoxville Limited Partnership	 	Delaware	 	 	100	%
	EDR Knoxville, Inc.	 	Delaware	 	 	100	%
	EDR Knoxville, LLC	 	Delaware	 	 	100	%
	EDR Lexington I LLC	 	Delaware	 	 	100	%
	EDR Lexington II LLC	 	Delaware	 	 	100	%
	EDR Lexington III LLC	 	Delaware	 	 	100	%
	EDR Lexington IV LLC	 	Delaware	 	 	100	%
	EDR Lexington V LLC	 	Delaware	 	 	100	%
	EDR Lexington VI LLC	 	Delaware	 	 	100	%
	EDR Lexington VII LLC	 	Delaware	 	 	100	%
	EDR Lexington VIII LLC	 	Delaware	 	 	100	%
	EDR Lexington IX LLC	 	Delaware	 	 	100	%
	EDR Limpar, LLC	 	Delaware	 	 	100	%
	EDR Management Inc.	 	Delaware	 	 	100	%
	EDR Manager, LLC (Inactive)3	 	Delaware	 	 	100	%
	EDR Maplewood LLC	 	Delaware	 	 	100	%
	EDR Marquette LLC	 	Delaware	 	 	100	%
	EDR OP Development LLC	 	Delaware	 	 	100	%
	EDR Orlando Limited Partnership	 	Delaware	 	 	100	%
	EDR Orlando, Inc.	 	Delaware	 	 	100	%
	EDR Orlando, LLC	 	Delaware	 	 	100	%
	EDR Oxford, LLC	 	Delaware	 	 	100	%
	EDR Phoenix, LLC	 	Delaware	 	 	100	%
	EDR State College Limited Partnership	 	Delaware	 	 	100	%
	EDR State College, Inc.	 	Delaware	 	 	100	%
	EDR State College, LLC	 	Delaware	 	 	100	%
	EDR Stillwater Limited Partnership	 	Delaware	 	 	100	%

 

    	 	S-5.4-2	 

     

    

 

	Legal Name	 	Jurisdiction of
 Organization	 	% of
 Shares	 
	EDR Stillwater, Inc.	 	Delaware	 	 	100	%
	EDR Stillwater, LLC	 	Delaware	 	 	100	%
	EDR Storrs IC LLC	 	Delaware	 	 	100	%
	EDR Storrs II LLC	 	Delaware	 	 	100	%
	EDR Storrs LLC	 	Delaware	 	 	100	%
	EDR Syracuse Campus West LLC	 	Delaware	 	 	100	%
	EDR Syracuse, LLC	 	Delaware	 	 	100	%
	EDR Tallahassee I, LLC	 	Delaware	 	 	100	%
	EDR Tallahassee Limited Partnership (Inactive)	 	Delaware	 	 	100	%
	EDR Tallahassee, Inc. (Inactive)	 	Delaware	 	 	100	%
	EDR Tallahassee, LLC (Inactive)	 	Delaware	 	 	100	%
	EDR Technology LLC	 	Delaware	 	 	100	%
	EDR Tuscaloosa LLC	 	Delaware	 	 	100	%
	Education Realty OP GP, Inc.	 	Delaware	 	 	100	%
	Education Realty OP Limited Partner Trust	 	Maryland	 	 	100	%
	Education Realty Operating Partnership, LP	 	Delaware	 	 	100	%
	Elizabeth Street CO Manager LLC	 	Delaware	 	 	100	%
	Elizabeth Street CO Owner LLC	 	Delaware	 	 	70	%
	Empire Pitt PA Member LLC	 	Delaware	 	 	100	%
	Fifth Street MN LLC	 	Delaware	 	 	100	%
	GM Westberry LLC	 	Delaware	 	 	100	%
	Hawaii Student Housing Manager LLC	 	Delaware	 	 	100	%
	Honolulu Student Housing One LLC	 	Delaware	 	 	90	%
	HUB Manager Eugene OR LLC (Inactive)	 	Delaware	 	 	100	%
	HUB Manager Madison WI LLC	 	Delaware	 	 	100	%
	HUB Owner Madison WI LLC	 	Delaware	 	 	98.41	%
	Icon Columbia SC LLC (Inactive)	 	Delaware	 	 	100	%
	Irish Row at Vaness LLC	 	Delaware	 	 	100	%
	Land Developer LLC	 	Delaware	 	 	100	%
	Lansing Properties I, LLC	 	Delaware	 	 	90	%
	Lansing Housing Manager LLC	 	Delaware	 	 	100	%
	Lokal Fort Collins CO LLC	 	Delaware	 	 	100	%
	Louisville KY Housing Manager LLC	 	Delaware	 	 	100	%
	Louisville KY Housing Member LLC	 	Delaware	 	 	100	%
	Plum Manager Ft. Collins CO LLC	 	Delaware	 	 	100	%
	Plum Owner Ft. Collins CO LLC	 	Delaware	 	 	70	%
	Pura Vida Ft. Collins CO LLC	 	Delaware	 	 	100	%
	Province Kent OH LLC	 	Delaware	 	 	100	%
	Province Boulder CO LLC	 	Delaware	 	 	100	%
	Renaissance Knoxville TN Inc.	 	Delaware	 	 	100	%
	Retreat at Blacksburg, LLC	 	Delaware	 	 	100	%
	Retreat at State College, LLC	 	Georgia	 	 	100	%

 

    	 	S-5.4-3	 

     

    

 

	Legal Name	 	Jurisdiction of
 Organization	 	% of
 Shares	 
	Retreat at Louisville, LLC	 	Delaware	 	 	100	%
	River Place (DE), LLC	 	Delaware	 	 	100	%
	RoPo Phoenix AZ LLC	 	Delaware	 	 	100	%
	RH Blacksburg, LLC	 	Delaware	 	 	100	%
	San Marcos Student Housing Manager LLC	 	Delaware	 	 	100	%
	San Marcos Student Housing Owner LLC (Inactive)	 	Delaware	 	 	100	%
	San Marcos TX Student Housing LLC	 	Delaware	 	 	80	%
	Seventh Street Tempe AZ Manager LLC	 	Delaware	 	 	100	%
	Seventh Street Tempe AZ Owner LLC	 	Delaware	 	 	90	%
	State College Housing LLC	 	Delaware	 	 	100	%
	Stillwater Student Housing Manager LLC	 	Delaware	 	 	100	%
	Stillwater Student Housing Owner LLC	 	Delaware	 	 	70	%
	Stinson at Norman LLC	 	Delaware	 	 	100	%
	Storrs Lodges LLC	 	Delaware	 	 	100	%
	Storrs Lodges Manager LLC	 	Delaware	 	 	100	%
	Student Housing Manager Iowa LLC	 	Delaware	 	 	100	%
	Student Housing Owner Iowa LLC	 	Delaware	 	 	70	%
	Suites Lubbock TX LLC	 	Delaware	 	 	100	%
	Terraces Illinois LLC	 	Delaware	 	 	100	%
	The Province Greenville NC GP LLC	 	Delaware	 	 	100	%
	The Province Greenville NC LP	 	Delaware	 	 	100	%
	Tyndall Manager Tucson AZ LLC	 	Delaware	 	 	100	%
	Tyndall Owner Tucson AZ LLC	 	Delaware	 	 	62.15	%
	University Towers OP GP, LLC	 	Delaware	 	 	100	%
	University Towers Operating Partnership, LP	 	Delaware	 	 	72.66	%
	University Towers Raleigh Services, LLC	 	North Carolina	 	 	72.66	%
	University Village – Greensboro, LLC	 	Delaware	 	 	25	%
	University Village Towers, LLC	 	Delaware	 	 	100	%
	University Village Towers, LP	 	Delaware	 	 	100	%
	Varsity Ann Arbor Equity Partners, LLC (Inactive)	 	Delaware	 	 	100	%
	Varsity Ann Arbor MI LLC (Inactive)	 	Delaware	 	 	100	%
	Varsity at Ann Arbor, LLC	 	Delaware	 	 	100	%
	Washington Ave MN Manager LLC	 	Delaware	 	 	100	%
	West Clayton GA LLC	 	Delaware	 	 	100	%
	West Clayton Athens GA Holdings, LLC	 	Delaware	 	 	100	%
	West Clayton Athens GA Owner, LLC	 	Delaware	 	 	50	%

 

		(ii)	Affiliates:*

 

*Indicates an Unconsolidated Affiliate

 

    	 	S-5.4-4	 

     

    

 

		(iii)	Parent Guarantor’s Directors and Senior Officers:

 

Directors

 

	Randall L. Churchey
	John V. Arabia
	William J. Cahill, III
	Kimberly K. Schaefer
	Howard A. Silver
	John T. Thomas
	Thomas Trubiana
	Wendell W. Weakley

 

Senior Officers

 

	Randall L. Churchey	 	Chief Executive Officer, Chairman of the Board 
	Thomas Trubiana	 	President, Board Member
	Edwin B. Brewer, Jr.	 	Chief Financial Officer, Executive Vice President, Treasurer
	Christine D. Richards	 	Chief Operating Officer, Executive Vice President
	Lindsey Mackie	 	Chief Accounting Officer, Senior Vice President
	Scott P. Casey	 	Chief Technology Officer, Senior Vice President Strategic Development
	Randy Simpson	 	Chief Information Systems Officer, Senior Vice President
	Olan Brevard	 	Executive Vice President of Acquisitions and Development
	Scott Barton	 	Senior Vice President Real Estate Acquisitions & Development
	J. Drew Koester	 	Senior Vice President of Capital Markets and Investor Relations
	Elizabeth L. Keough	 	Senior Vice President, General Counsel, Secretary
	Agnes Webb	 	Vice President Tax Compliance
	Matt Fulton	 	Senior Vice President of Operations
	Julie Skolnicki	 	Senior Vice President, University Partnerships

 

		(iv)	General Partner of the Issuer’s Directors and Senior
Officers:

 

Directors 

 

	Randall L. Churchey
	Thomas Trubiana
	Edwin B. Brewer

 

    	 	S-5.4-5	 

     

    

 

Senior Officers 

 

	Randall L. Churchey	 	Chief Executive Officer 
	Thomas Trubiana	 	President 
	Edwin B. Brewer	 	Chief Financial Officer, Executive Vice President, and Treasurer
	Christine D. Richards	 	Chief Operating Officer, Executive Vice President 
	Lindsey Mackie	 	Chief Accounting Officer, Senior Vice President
	Scott Casey	 	Chief Technology Officer, Senior Vice President Strategic Development
	J. Drew Koester	 	Senior Vice President of Capital Markets and Investor Relations
	Bob Earwood	 	Senior Vice President of Construction
	Olan Brevard	 	Executive Vice President of Acquisitions and Development
	Scott W. Barton	 	Senior Vice President Real Estate Acquisitions & Development
	Elizabeth L. Keough	 	Senior Vice President, General Counsel, Secretary
	Agnes Webb	 	Vice President Tax Compliance
	Randy Simpson	 	Chief Information Systems Officer, Senior Vice President
	Matt Fulton	 	Senior Vice President of Operations
	Julie Skolnicki	 	Senior Vice President, University Partnerships

 

Legal, regulatory, contractual or other
restrictions

 

None.

 

    	 	S-5.4-6	 

     

    

 

Financial Statements

 

The financial statements
contained in the following are incorporated herein by reference:

 

		·	Annual Report on Form 10-K for the year ended December 31, 2016;

 

		·	Quarterly Report on Form 10-Q for the period ended March 31, 2017; and

 

		·	Quarterly Report on Form 10-Q for the period ended June 30, 2017.

 

 

Schedule
5.5

(to Note and Guarantee Agreement)

     

     

    

 

Initial Unencumbered Pool

 

	1.	109 Tower – Miami, Miami-Dade County, FL
	2.	2400 Nueces – Austin, Travis County, TX**
	3.	319 Bragg – Auburn, Lee County, AL
	4.	3949 Lindell – St. Louis, Saint Louis County, MO
	5.	Campus Creek – Oxford, Lafayette County, MS
	6.	Campus Lodge – Gainesville, Alachua County, FL
	7.	Campus Village – East Lansing, Ingham County, MI* 
	8.	Campus West – Syracuse, Onondaga County, NY**
	9.	Carriage House – Fort Collins, Larimer County, CO
	10.	Carrollton Crossing – Carrollton, Carroll County, GA
	11.	Central Hall – Lexington, Fayette County, KY**
	12.	Champions Court I – Lexington, Fayette County, KY**
	13.	Champions Court II – Lexington, Fayette County, KY**
	14.	Commons on Bridge – Knoxville, Knox County, TN
	15.	East Edge – Tuscaloosa, Tuscaloosa County, AL
	16.	Grandmarc at the Corner – Charlottesville, Albemarle County, VA*
	17.	Grandmarc at Westberry Place – Fort Worth, Denton County, TX* 
	18.	Haggin Hall I – Lexington, Fayette County, KY**
	19.	Hub at Madison – Madison, Dane County, WI***
	20.	Irish Row – South Bend, St. Joseph County, IN
	21.	Jefferson Commons – Charlottesville, Albemarle County, VA
	22.	Limestone Park I & II – Lexington, Fayette County, KY**
	23.	Lokal – Fort Collins, Larimer County, CO
	24.	Province at Kent State – Kent, Portage County, OH
	25.	Pura Vida Place – Fort Collins, Larimer County, CO
	26.	Retreat at Blacksburg – Blacksburg, Montgomery County, VA
	27.	Retreat at Corvallis – Corvallis, Benton County, OR
	28.	Retreat at Louisville – Louisville, Jefferson County, KY
	29.	Retreat at Oxford – Oxford, Lafayette County, MS
	30.	River Pointe – Carrollton, Carroll County, GA
	31.	Roosevelt Point – Phoenix, Maricopa County, AZ
	32.	Sawtooth Hall – Boise, Ada County, ID**
	33.	SkyVue – Lansing, Ingham County, MI***
	34.	The Berk – Berkeley, Alameda County, CA
	35.	The Centre at Overton Park – Lubbock, Lubbock County, TX
	36.	The Commons at Knoxville – Knoxville, Knox County, TN
	37.	The Commons at Tallahassee – Tallahassee, Leon County, FL
	38.	The Cottages on Lindberg – West Lafayette, Tippecanoe County, IN
	39.	The District on 5th – Tucson, Pima County, AZ
	40.	The District on Apache – Tempe, Maricopa County, AZ
	41.	The Local – San Marcos, Hays County, TX***
	42.	The Lofts Orlando – Orlando, Orange County, FL
	43.	The Lotus – Boulder, Boulder County, CO
	44.	The Oaks on the Square – Phase I and II – Storrs, Tolland County, CT
	45.	The Oaks on the Square – Phase III – Storrs, Tolland County, CT
	46.	The Pointe State College – State College, Centre County, PA
	47.	The Province – Greenville, Pitt County, NC

 

Schedule
5.10(b)

(to Note and Guarantee Agreement)

     

     

    

 

	48.	The Province at Boulder – Boulder, Boulder County, CO
	49.	The Reserve at Columbia – Columbia, Boone County, MO
	50.	The Reserve at Saluki Pointe – Carbondale, Jackson County, IL
	51.	The Reserve on Perkins – Stillwater, Payne County, OK
	52.	The Retreat at State College – State College, Centre County, PA
	53.	The Suites at Overton Park – Lubbock, Lubbock County, TX
	54.	The Varsity at Ann Arbor – Ann Arbor, Washtenaw County, MI
	55.	The Woods – Marquette, Marquette County, MI**
	56.	University Flats – Lexington, Fayette County, KY**
	57.	University Towers – Raleigh, Wake County, NC
	58.	University Village on Colvin – Syracuse, Onondaga County, NY**
	59.	University Village Tower – Riverside, Riverside County, CA***
	60.	Urbane – Tucson, Pima County, AZ*** 
	61.	Wertland Square – Charlottesville, Albemarle County, VA
	62.	Woodland Glen I and II – Lexington, Fayette County, KY**
	63.	Woodland Glenn III – Lexington, Fayette County, KY**

 

* denotes Eligible Off Campus Ground Lease

** denotes Eligible Property Lease

*** denotes Acceptable Unencumbered Property that is not wholly-owned
by the Issuer

 

    	 	S-5.10(b)-2	 

     

    

 

Existing
Indebtedness of the Parent Guarantor and its Subsidiaries

 

(A)

 

	 	 	 	 	 	 	 	 	 	 	 	 	Final	 	Outstanding	 
	Obligor(s)	 	Creditor	 	CUSIP
        or ISIN

        (if
        applicable)
	 	Description
    of

Indebtedness	 	Interest

Rate(s)	 	Collateral	 	Maturity	 	Principal
        Amount

        As
        of 8/18/17
	 
	Education Realty Operating Partnership, LP	 	Public Investors	 	CUSIP: 28140T AA6 

    ISIN: US28140TAA60	 	Senior Notes	 	4.6%	 	Unsecured	 	12/1/2024	 	$250,000,000	 
	Education Realty Operating
        Partnership, LP

         

        Education Realty Trust, Inc.
        (Guarantor)
	 	PNC Bank and Regions Bank as syndication agents	 	NA	 	Term Loan – Tranche A	 	3.85%	 	Unsecured	 	1/31/2021	 	$122,500,000	 
	 	 	 	 	NA	 	Term Loan – Tranche B	 	2.86%	 	Unsecured	 	1/18/2022	 	$65,000,000	 
	Education Realty Trust Operating
        Partnership, LP

         

        Education Realty Trust, Inc.
        (Guarantor)
	 	KeyBank National Association as Admin Agent	 	NA	 	Revolving Credit Facility	 	Variable	 	Unsecured	 	11/19/2018	 	$412,000,000	 
	EdR Storrs II LLC and Leyland Storrs II LLC	 	PNC Bank	 	NA	 	Construction Loan	 	Variable	 	Secured	 	10/20/2017	 	$29,771,745	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Debt On Unconsolidated JVs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	University Village – Greensboro, LLC	 	Hunt Mortgage Group	 	N/A	 	Mortgage Debt	 	5.62%	 	Secured	 	7/1/2020	 	$22,707,240

        (EdR $5,676,810)
	 
	1313 5th Street MN Owner, LLC (The Marshall)	 	Wells Fargo Bank	 	N/A	 	Construction Loan	 	Variable	 	Secured	 	12/31/2017	 	$55,250,380

        (EdR $27,625,190)
	 
	Obligor(s)	 	Creditor	 	CUSIP
        or ISIN

        (if
        applicable)
	 	Description
    of Indebtedness	 	Interest
    Rate(s)	 	Collateral	 	Final

        Maturity
	 	Outstanding
        

        Principal
        Amount
	 
	West Clayton Athens GA Owner, LLC (Georgia Heights)	 	Wells Fargo Bank	 	N/A	 	Construction Loan	 	Variable	 	Secured	 	10/31/2018	 	$34,866,046

        (EdR $17,433,023)
	 

 

		(B)	None

 

		(C)	Material Credit Facilities

 

Schedule
5.15

(to Note Purchase Agreement)

     

     

    

 

Acceptable Unencumbered Property
Representations

 

		I.	Properties.

 

(a)         Other
than Permitted Encumbrances, the owner of the subject Real Property (the “Owner”) has title to, or valid leasehold
interests in, such Real Property, except for minor defects in title that do not interfere with its ability to conduct its business
as currently conducted or to utilize such Real Property for its intended purposes.

 

(b)         All components
of all improvements included within the subject Real Property, including, the roofs and structural elements thereof and the heating,
ventilation, air conditioning, plumbing, electrical, mechanical, sewer, waste water, storm water, paving and parking equipment,
systems and facilities included therein, are in good working order and repair, subject to such exceptions which are not reasonably
likely to have, in the aggregate, a Material Adverse Effect. All water, gas, electrical, steam, compressed air, telecommunication,
sanitary and storm sewage lines and systems and other similar systems serving such Real Property are installed and operating and
are sufficient to enable the Real Property to continue to be used and operated in the manner currently being used and operated,
and neither Constituent Company has any knowledge of any factor or condition that reasonably could be expected to result in the
termination or material impairment of the furnishing thereof, subject to such exceptions which are not likely to have, in the aggregate,
a Material Adverse Effect. No improvement or portion thereof is dependent for its access, operation or utility on any land, building
or other improvement not included in such Real Property, other than for access provided pursuant to a recorded easement or other
right of way establishing the right of such access subject to such exceptions which are not likely to have, in the aggregate, a
Material Adverse Effect.

 

(c)         All franchises,
licenses, authorizations, rights of use, governmental approvals and permits (including all certificates of occupancy and building
permits) required to have been issued by Governmental Authority to enable the subject Real Property to be operated as then being
operated have been lawfully issued and are in full force and effect, other than those which the failure to obtain in the aggregate
could not be reasonably expected to have a Material Adverse Effect. The Owner is not in violation of the terms or conditions of
any such franchises, licenses, authorizations, rights of use, governmental approvals and permits, which violation would reasonably
be expected to have a Material Adverse Effect.

 

(d)         Neither
Constituent Company or, if different, the Owner, has received any notice or has any knowledge, of any pending, threatened or contemplated
condemnation proceeding affecting the subject Real Property or any part thereof, or any proposed termination or impairment of any
parking at such Real Property or of any sale or other disposition of such Real Property or any part thereof in lieu of condemnation,
which in the aggregate, are reasonably likely to have a Material Adverse Effect.

 

Schedule
AUP

(to Note and Guarantee Agreement)

     

     

    

 

(e)         Except
for events or conditions not reasonably likely to have, in the aggregate, a Material Adverse Effect, (1) no portion of the subject
Real Property has suffered any material damage by fire or other casualty loss which has not heretofore been completely repaired
and restored to its condition prior to such casualty, and (2) no portion of such Real Property is located in a special flood hazard
area as designated by any federal Governmental Authorities or any area identified by the insurance industry or other experts acceptable
to the Required Holders as an area that is a high probable earthquake or seismic area.

 

(f)         There
are no Persons operating or managing the subject Real Property other than the Issuer and the Management Company pursuant to (1)
the management agreements delivered to the Purchasers on or prior to the date of this Agreement, and (2) such other management
agreements in form and substance reasonably satisfactory to the Required Holders. To the knowledge of the Constituent Companies,
no improvement or portion thereof, or any other part of the subject Real Property, is dependent for its access, operation or utility
on any land, building or other improvement not included in such Real Property, other than for access provided pursuant to a recorded
easement or other right of way establishing the right of such access.

 

		II.	Litigation and Environmental Matters.

 

Except with respect
to any matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect:

 

(a)         to the
knowledge of the Constituent Companies, the subject Real Property is free from contamination by any Hazardous Material;

 

(b)         to the
knowledge of the Constituent Companies, the operations at the subject Real Property are in compliance with all applicable Environmental
Laws;

 

(c)         neither
Constituent Company or, if different, the Owner, has known liabilities with respect to Hazardous Materials on the subject Real
Property and, to the knowledge of the Constituent Companies, no facts or circumstances exist which could reasonably be expected
to give rise to liabilities with respect to Hazardous Materials on the subject Real Property;

 

(d)         (i) the
Owner and the subject Real Property have all Environmental Permits necessary for the operations at such Real Property and are in
compliance with such Environmental Permits; (ii) there are no legal proceedings pending nor, to the knowledge of the Constituent
Companies, threatened to revoke, or alleging the violation of, such Environmental Permits; and (iii) neither Constituent Company
or, if different, the Owner, has received any notice from any source to the effect that there is lacking any Environmental Permit
required in connection with the current use or operation of such Real Property;

 

    	 	S-5.15-2	 

     

    

 

(e)         the subject
Real Property is not subject to any outstanding written order or contract, including Environmental Liens, with any Governmental
Authority or other Person, or to any federal, state, local, foreign or territorial investigation of which either Constituent Company
or, if different, the Owner, has been given notice respecting (i) Environmental Laws, (ii) Remedial Action, (iii) any Environmental
Claim or (iv) the Release or threatened Release of any Hazardous Material;

 

(f)         solely
with respect to the subject Real Property, neither Constituent Company or, if different, the Owner, is subject to any pending legal
proceeding alleging the violation of any Environmental Law or, to the knowledge of either Constituent Company, are any such proceedings
threatened;

 

(g)         solely
with respect to the subject Real Property, neither such Constituent Company or, if different, the Owner, nor, to the knowledge
of the Constituent Companies, or any predecessor thereof, has filed any notice under federal, state or local, territorial or foreign
law indicating past or present treatment, storage, or disposal of or reporting a Release of Hazardous Material into the environment;

 

(h)         solely
with respect to the subject Real Property, none of the operations of the Owner involve or previously involved the generation, transportation,
treatment, storage or disposal of hazardous waste, as defined under 40 C.F.R. Part 261.3 (in effect as of the date of this Agreement)
or any state, local, territorial or foreign equivalent, in violation of Environmental Laws; and

 

(i)         to the
knowledge of the Constituent Companies, there is not now, nor has there been in the past, on, in or under the subject Real Property
(i) any underground storage tanks or surface tanks, dikes or impoundments (other than for surface water); (ii) any friable asbestos-containing
materials; (iii) any polychlorinated biphenyls; or (iv) any radioactive substances other than naturally occurring radioactive
material.

 

    	 	S-5.15-3	 

     

    

 

Information
Relating to Purchasers

 

	Name of Purchaser	 	Series	 	 	Principal Amount of
 Notes to be
 Purchased	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

Purchaser
Schedule

(to Note and Guarantee Agreement)

     

     

    

 

Form
of Compliance Certificate

 

To each holder of a Note

that is an Institutional Investor

 

		Re:	Education Realty Operating Partnership, LP

Education Realty Trust, Inc.

Compliance Certificate

 

Ladies and Gentlemen:

 

This Compliance Certificate is made
with reference to that certain Note and Guarantee Agreement dated as of August 31, 2017 (as amended, supplemented or otherwise
modified from time to time, the “Note Agreement”), among Education Realty Operating Partnership, LP, a Delaware limited
partnership (the “Issuer”), Education Realty Trust, Inc., a Maryland corporation (the “Parent Guarantor”),
and each of the Purchasers listed on the Purchaser Schedule attached thereto. All capitalized terms used in this Compliance Certificate
(including any attachments hereto) and not otherwise defined in this Compliance Certificate shall have the meanings set forth for
such terms in the Note Agreement. All Section references herein shall refer to the Note Agreement.

 

I hereby certify that I am the [insert
title(s) of Senior Financial Officer] of the Issuer and the Parent Guarantor, and that I make this Compliance Certificate on behalf
of each Constituent Company. I further represent and certify on behalf of each Constituent Company as follows as of the date of
this Compliance Certificate:

 

I have reviewed the relevant terms
of the Note Agreement and have made, or have caused to be made under my supervision, a review of the transactions and conditions
of the Constituent Companies and their Subsidiaries from the beginning of the [quarterly][annual] period (the “Reporting
Period”) covered by the financial statements being furnished herewith to the date hereof, [and that such review has not disclosed
the existence during the Reporting Period of any condition or event that constitutes a Default or an Event of Default.]2

 

All referenced dollar amounts in
this Compliance Certificate are stated in thousands unless otherwise noted.

 

 

 

		2	If any such condition or event existed during the Reporting Period or exists, specify the nature
and period of existence thereof and what action the Constituent Companies have taken or propose to take with respect thereto.

 

E-CC-2

(to Note and Guarantee Agreement)

     

     

    

 

Attached hereto as Schedule A-1
is (i) a list of the Real Property that comprises the Unencumbered Pool, (ii) a detailed calculation of Unencumbered Asset Value
as at the end of the Reporting Period, and (iii) a detailed calculation of Adjusted Unencumbered NOI for the Reporting Period.
Attached hereto as Schedule A-2 is a list of the Real Property assets that were identified as being in the Unencumbered Pool in
the last Compliance Certificate and that are no longer qualified to be in the Unencumbered Pool as of the last day of the Reporting
Period.

 

Attached hereto as Schedule B-1
is a detailed calculation of Interest Expense for the Reporting Period and Schedule B-2 is a detailed calculation of Interest Expense,
principal paid and due and payable on Indebtedness, and cash dividends payable on the Parent Guarantor's preferred stock for the
Reporting Period, which amounts aggregated:

 

	Schedule B-1	 	$	 	 
	Schedule B-2	 	$	 	 

 

Attached hereto as Schedule C is a detailed calculation
of EBITDA for the Reporting Period, which amount was:

 

	Schedule C EBITDA     	 	$	 	 

 

A detailed calculation of Total Asset Value as at the
end of the Reporting Period is also provided herewith.

 

As of the last day of the Reporting Period:

 

 

		1.	Fixed Charge Coverage Ratio (Section 10.11(b)):

 

	(a)	 	EBITDA     	 	$	 	 
	(b)	 	Capital Expenditure Reserve     	 	$	 	 
	(c)	 	Adjusted EBITDA [(a)-(b)]	 	$	 	 
	(d)	 	Principal paid and due and payable	 	 	 	 
	 	 	plus Interest Expense	 	 	 	 
	 	 	plus cash dividends on preferred stock	 	$	 	 
	(e)	 	Fixed Charge Coverage Ratio [(c) to (d)]	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Covenant: Not less than 1.50:1.00	 	 	 	 

 

    	 	E-CC-1	 
	 	(to Note and Guarantee Agreement)
	 

     

    

 

		2.	Tangible Net Worth (Section 10.11(c)):

 

	Total Tangible Net Worth	 	 	 	 	 	$	 	 
	 	 	 	 	 	 	 	 	 
	Required Tangible Net Worth:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Net Proceeds of Offerings after date of Note Agreement	 	$	 	 	 	 	 	 
	 	 	 	75	%	 	 	 	 
	 	 	$	  	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Plus	 	$	896,000	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Total Required Tangible Net Worth	 	 	 	 	 	$	 	 

 

Covenant: Tangible Net Worth not
less than Required Tangible Net Worth

 

		3.	Total Leverage Ratio (Section 10.11(a)):

 

	(a)	 	Indebtedness   	 	$	  	 
	(b)	 	Total Asset Value   	 	$	  	 
	(c)	 	Total Leverage Ratio	 	 	%	 
	 	 	 	 	 	 	 
	 	 	Covenant: No greater than 60%	 	 	 	 

 

		4.	Total Secured Debt Ratio (Section 10.11(d)):

 

	(a)	 	Secured Debt	 	$	   	 
	(b)	 	Total Asset Value	 	$	   	 
	(c)	 	Total Secured Debt Ratio	 	 	%	 
	 	 	 	 	 	 	 
	 	 	Covenant: No greater than 40%	 	 	 	 

 

		5.	Total Unsecured Debt to Unencumbered Asset Value (Section
10.11(e))

 

	(a)	 	Total Unsecured Debt	 	$	   	 
	(b)	 	Unencumbered Asset Value	 	$	  	 
	(c)	 	Total Unsecured Debt to Unencumbered Asset Value	 	 	%	 
	 	 	 	 	 	 	 
	 	 	Covenant: No greater than 60%	 	 	 	 

 

    	 	E-CC-2	 
	 	(to Note and Guarantee Agreement)
	 

     

    

 

	6.	Unsecured Interest Coverage (Section 10.11(f)) 	$

 

 

	(a)	 	Adjusted Unencumbered NOI	 	$	  	 
	(b)	 	Unsecured Interest Expense	 	$	  	 
	(c)	 	Unsecured Interest Coverage Ratio	 	 	%	 
	 	 	 	 	 	 	 
	 	 	Covenant: Not less than 1.60 to 1.0	 	 	 	 

 

		7.	Limitation on Investments (Section 10.5)

 

	(i)(c)	 	Investments in Unconsolidated Affiliates	 	$	 	 	 	 	  	 
	(i)(d)	 	Investments in undeveloped land	 	$	 	 	 	 	  	 
	(i)(e)	 	Investments not related to collegiate housing communities	 	$	 	 	 	 	 	 
	(i)(f)	 	Investments in notes secured by Real Property (not to	 	 	 	 	 	 	 	 
	 	 	exceed 15% of Total Asset Value)	 	$	 	 	 	 	 	 
	(i)(g)	 	Investments in Assets Under Development	 	$	 	 	 	 	 	 
	 	 	Total	 	 	 	 	 	$	  	 
	 	 	 	 	 	 	 	 	 	 	 
	(ii)	 	Total Asset Value	 	 	 	 	 	$	  	 
	 	 	 	 	 	 	 	 	 	 	 
	(iii)	 	(i)(c) – (g) / (ii), expressed as a percentage	 	 	 	 	 	 	%	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	Covenant: No greater than 35%	 	 	 	 	 	 	 	 

 

		8.	Restricted Payments (Section 10.7)

 

Restricted Payments to be made on
or after ______________ for reporting period and restricted payments made preceding 3 quarters

 

Covenant: any increased Restricted
Payment, when added to all Restricted Payments made during the 3 immediately preceding calendar quarters, shall not exceed 95%
of Funds From Operations for the applicable period.

 

	Q_ 20__ Dividends	 	$	 	 
	Q_ 20__ Dividends	 	$	 	 
	Q_ 20__ Dividends	 	$	 	 
	Q_ 20__ Dividends	 	$	 	 

 

	(i)	 	Aggregate	    	$	  	 
	(ii)	 	Funds From Operations	 	$	  	 
	(iii)	 	(i) / (ii), expressed as a percentage	 	 	%	 
	 	 	Covenant: No greater than 95%	 	 	 	 

 

    	 	E-CC-3	 
	 	(to Note and Guarantee Agreement)
	 

     

    

 

This Compliance Certificate has been executed and delivered
as of the date set forth above.

 

	 	Education Realty Operating Partnership, LP
	 	 
	 	By:  Education Realty OP GP, Inc., its General Partner
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	 	Education Realty Trust, Inc.
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	E-CC-4	 
	 	(to Note and Guarantee Agreement)

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