Document:

AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF 

TCA BEYOND COMMERCE, LLC 

A WYOMING LIMITED LIABILITY COMPANY 

THE UNITS REPRESENTED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES ACTS OR LAWS OF ANY STATE IN RELIANCE UPON EXEMPTIONS UNDER THOSE ACTS AND LAWS. THE SALE OR OTHER DISPOSITION OF SUCH UNITS IS RESTRICTED AS STATED IN THIS AGREEMENT, AND IN ANY EVENT IS PROHIBITED UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL THAT SUCH SALE OR OTHER DISPOSITION CAN BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES ACTS AND LAWS. BY ACQUIRING UNITS REPRESENTED BY THIS AGREEMENT, EACH MEMBER REPRESENTS THAT IT WILL NOT SELL OR OTHERWISE DISPOSE OF ITS UNITS WITHOUT COMPLIANCE WITH THE PROVISIONS OF THIS AGREEMENT AND REGISTRATION OR OTHER COMPLIANCE WITH THE AFORESAID ACTS AND LAWS AND THE RULES AND REGULATIONS ISSUED THEREUNDER. 

 

AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT 

OF 

TCA BEYOND COMMERCE, LLC 

A WYOMING LIMITED LIABILITY COMPANY 

This Amended and Restated Limited Liability Company Agreement (collectively with all schedules and exhibits hereto, as amended and/or restated from time to time, this “Agreement”), dated as of December 31, 2019, is made and entered into by and among the Persons whose names and addresses are listed on the Schedule of Members attached hereto as Schedule A. Unless otherwise indicated, capitalized words and phrases in this Agreement shall have the meanings set forth in the Glossary of Terms attached hereto as Exhibit A. 

RECITALS: 

WHEREAS, on December 23, 2019, TCA Beyond Commerce, LLC (collectively with its successors and assigns, the “Company”) was organized as a Wyoming limited liability company and its sole initial member entered into a limited liability company agreement (the “Prior LLC Agreement”), governing the organization and management of the Company; 

WHEREAS, in connection with the Financing (as defined below), the Company is converting all of its outstanding membership interests under and pursuant to the Prior LLC Agreement (the “Existing Interests”) into Common Units (as defined herein) and issuing Series A Preferred Units to TCA Credit and Series B Preferred Units to TCA ICAV, as provided on Schedule A hereto and as further set forth in this Agreement; 

WHEREAS, on December 31, 2019, the Company entered into a Securities Purchase Agreement, dated as of December 31, 2019 (as amended and/or restated from time to time, the “Purchase Agreement”), by and among the Company, Beyond Commerce, Inc., the parent company of the Company and a Nevada corporation (“BYOC”), and TCA Special Situations Credit Strategies ICAV (“TCA ICAV”), among others, pursuant to which TCA ICAV advanced principal amounts to BYOC and the Company, as co-borrowers (the transactions contemplated by the Purchase Agreement are referred to herein as the “Financing”); 

WHEREAS, BYOC currently owes $450,000.00 to TCA Global Credit Master Fund, LP (including affiliates thereof, “TCA Credit”), pursuant to that certain Financial Consulting Services letter agreement, dated July 30, 2019, by and between BYOC and TCA Credit (as amended, the “Financial Consulting Services Agreement”);

WHEREAS, concurrently with the execution of this Agreement, BYOC, the Company and TCA Credit are executing an Exchange Agreement, pursuant to which, in exchange for $250,000.00 of the $450,000.00 in financial consulting services fees currently owed by BYOC to TCA Credit, BYOC has caused the Company to issue, and the Company acknowledged the benefit of the Financing to the Company and agreed to issue, certain Common Units and Series A Preferred Units to TCA Credit, as provided on Schedule A hereto; 

WHEREAS, in consideration of the Financing, the Company has agreed to issue a Series B Preferred Unit to TCA ICAV, as provided on Schedule A hereto;

WHEREAS, the Company and its existing member wish to amend and restate the Prior LLC Agreement in its entirety and the parties hereto wish to enter into an amended and restated limited liability company agreement of the Company for the purposes of, among other things, creating multiple classes of Units, admitting BYOC as a Member, admitting TCA Credit as a Member, admitted TCA ICAV as a Member, setting forth the provisions regarding the governance and management of the Company, issuing Series A Preferred Units to TCA Credit and issuing Series B Preferred Units to TCA ICAV, as reflected in the Schedule of Members. 

AGREEMENT:

NOW, THEREFORE, in consideration of the mutual promises of the parties hereto, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound, the parties hereto hereby restate the Prior LLC Agreement in its entirety as follows: 

ARTICLE I

 

FORMATION

1.1 Formation; General Terms; Effective Date. The Company was formed on December 23, 2019, as a Wyoming limited liability company by the filing of Articles of Organization with the Wyoming Secretary of State. The Persons listed on the Schedule of Members are the Members of the Company. This Agreement shall be effective immediately on the date hereof (the “Effective Date”). The rights and obligations of the Members and the terms and conditions of the Company shall be governed by the Act and this Agreement. To the extent the Act and this Agreement are inconsistent with respect to any subject matter covered in this Agreement, this Agreement shall govern to the extent permitted by law. The Board shall cause to be executed and filed on behalf of the Company all other instruments or documents, and shall do or cause to be done all such filing, recording, or other acts as may be necessary or appropriate from time to time to comply with the requirements of law for the continuation and operation of a limited liability company in Wyoming and in the other states and jurisdictions in which the Company shall transact business. 

1.2 Name. The name of the Company shall be “TCA Beyond Commerce, LLC”. The name of the Company shall be the exclusive property of the Company, and no Member shall have any rights, commercial or otherwise, in the Company’s name or any derivation thereof. The Company’s name may be changed only by an amendment to the Articles of Organization of the Company. 

1.3 Purposes. The purposes of the Company shall be (i) to own and operate a solar energy business (the “Business”), (ii) to own, hold, maintain, encumber, lease, sell, transfer or otherwise dispose of all property or assets or interests in property or assets as may be necessary, appropriate or convenient to accomplish the activities described in clause (i) above, (iii) subject to Section 5.3(i), to incur indebtedness or obligations in furtherance of the activities described in clause (i) above, and (iv) subject to the provisions herein contained, to engage in any activity for 

which limited liability companies may be organized in the State of Wyoming, all on the terms and conditions and subject to the limitations set forth in this Agreement.

1.4 Principal Place of Business. The principal place of business of the Company shall be at such place as the Board may designate from time to time, which need not be in the State of Wyoming. The Company may have such other offices (within or without the State of Wyoming) as the Board may designate from time to time. 

1.5 Registered Agent; Registered Office. The Company’s registered agent is Vcorp Services, LLC and the Company’s registered office in the State of Wyoming is 1908 Thomes Avenue, Cheyenne, Wyoming 82001. The Company’s registered agent and office may be changed from time to time only by the Board.

1.6 Commencement and Term. The Company commenced at the time and on the date appearing in the Articles of Organization of the Company and shall continue until it is dissolved, its affairs are wound up and final liquidating distributions are made pursuant to this Agreement and in compliance with the Act. 

ARTICLE II

UNITS; CAPITAL CONTRIBUTIONS 

2.1 Classes of Units; Voting; Exchange; Redemption. 

(a) Classes of Units. All interests of the Members in distributions and other amounts specified in this Agreement, as well as the rights of the Members to vote on, consent to, or approve any matter related to the Company, shall be denominated in units of membership interests in the Company (each a “Unit” and collectively, the “Units”); and the relative rights, privileges, preferences and obligations of the Members with respect to Units shall be determined under this Agreement and the Act to the extent provided herein and therein. The number and the class of Units held by each Member shall be set forth opposite each Member’s name on the Schedule of Members. The classes of Units as of the Effective Date are as follows: Common Units (the “Common Units”); Series A Convertible Redeemable Preferred Units (the “Series A Preferred Units”) and Series B Preferred Units (the “Series B Preferred Units”). The Common Units shall have no voting rights and be redeemable by the Company in accordance with the provisions of Section 2.1(e).  The Series A Preferred Units shall have no voting rights, be convertible into common stock of BYOC (as defined below) in accordance with the provisions of Section 2.1(d) and shall be redeemable by the Company for cash in accordance with the provisions of Section 2.1(e).  The Series B Preferred Units shall have sole voting rights and be redeemable by the Company in accordance with the provisions of Section 2.1(g). The Company shall be authorized to issue not more than 10,000 Common Units, not more than 250,000 Series A Preferred Units and not more than 1 Series B Preferred Unit.  Each Series A Preferred Unit shall have a stated value equal to $1.00, each Series B Preferred Unit shall have a stated value equal to $0.01, and each Common Unit shall have a stated value equal to $0.01 (the “Stated Value”).

(b) Issuance of Units. The Company shall issue Common Units to Beyond Commerce, Inc., a Nevada corporation (“BYOC”), on the Effective Date. The Company shall issue Common 

Units and Series A Preferred Units to TCA Credit on the Effective Date, in consideration of the value delivered to the Company provided in the recitals hereto.  The Company shall issue Series B Preferred Units to TCA ICAV on the Effective Date, in consideration of the value delivered to the Company provided in the recitals hereto.  The Common Units, the Series A Preferred Units and the Series B Preferred Units shall be issued in the amounts and to the individuals and entities provided on Schedule A hereto.  The issuances and exchanges provided herein shall be effective on the Effective Date.  Any other issuances shall be subject to approval of the Requisite Series B Preferred Holders pursuant to Section 5.3. 

(c) Voting. The Members shall have no right to vote on any matter, except as specifically set forth in this Agreement or as may be required under the Act. Any such vote shall be at a meeting of the Members entitled to vote or in writing. Each Series B Preferred Unit shall be entitled to cast one (1) vote on any matter requiring approval of such Units (as calculated as of the time of the vote) and on any matter requiring the approval of the Members. 

(d) Conversion of Series A Preferred Units for Common Stock of BYOC. 

(i) Optional Exchange. BYOC hereby agrees that any Holder of Series A Preferred Units shall have the right, at such Holder’s option, at any time and from time to time to convert all or any portion of the Series A Preferred Units held by such Holder into common stock of BYOC (the “Conversion Shares”) by providing the Company with written notice of such conversion.  A conversion of Series A Preferred Units pursuant to this Section 2.1(d)(i) shall be effective as of the Company’s receipt of a written conversion notice (“Notice of Conversion”), provided that the conversion notice may specify that the conversion be conditioned upon, and be effective as of, a later date or the occurrence of a later event. The date on which the conversion shall be effective shall be referred to as the “Conversion Date”.

 

(ii) Number of Conversion Shares. In connection with any exchange pursuant to Section 2.1(d)(i), subject to the limitations provided herein, each Series A Preferred Unit shall have a value equal to the Stated Value and shall be exchangeable into Conversion Shares.  The Holder of Series A Preferred Units shall have the right from time to time, and at any time following the date hereof, to convert all or any part of the Series A Preferred Units into fully paid and non-assessable Conversion Shares, or any shares of capital stock or other securities of BYOC into which such Conversion Shares shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined as provided herein (a “Conversion”); provided, however, that in no event shall the Holder of Series A Preferred Units be entitled to convert any portion of the Series A Preferred Units in excess of that portion of the Series A Preferred Units upon conversion of which the sum of (1) the number of Conversion Shares beneficially owned by the Holder of the Series A Preferred Units and its affiliates (other than shares of common stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Series A Preferred Units or the unexercised or unconverted portion of any other security of the Holder of the Series A Preferred Units subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of Conversion Shares issuable upon the conversion of the portion of the Series A Preferred Units with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder of the Series A Preferred Units and its affiliates of more than 4.99% of the outstanding shares of common stock of BYOC (the “Beneficial Ownership Limitation”).  For purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance 

with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder.   A Holder of Series A Preferred Units Holder may decrease the Beneficial Ownership Limitation at any time and such Holder, upon not less than 61 days’ prior notice to the Company and BYOC, may increase the Beneficial Ownership Limitation provisions of this Section 2.1(d)(ii), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the common stock of BYOC outstanding immediately after giving effect to the issuance of shares of common stock of BYOC upon conversion of the Series A Preferred Units held by such Holder and the provisions of this Section 2.1(d)(ii) shall continue to apply.  Any such increase will not be effective until the 61st day after such notice is delivered to the Company and BYOC.  The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2.1(d)(ii) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. 

 

(iii) Conversion Price.  Subject to the adjustments described herein, the Conversion Price shall equal the Variable Conversion Price (as defined herein) (subject to equitable adjustments for stock splits, stock dividends or rights offerings by BYOC relating to BYOC’s securities or the securities of any subsidiary of BYOC, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The “Variable Conversion Price” shall mean 90% multiplied by the Market Price (as defined herein) (representing a discount rate of 10%). “Market Price” means the lowest closing bid price for BYOC’s common stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the lowest closing bid price on the Over-the-Counter Bulletin Board (the “OTCBB”), OTCQB or applicable trading market as reported by a reliable reporting service (“Reporting Service”) or, if the OTCBB is not the principal trading market for such security, the trading price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no trading price of such security is available in any of the foregoing manners, the average of the trading prices of any market makers for such security that are listed in the “pink sheets” by the National Quotation Bureau, Inc. To the extent the Conversion Price of BYOC’s common stock closes below the par value per share, BYOC will take all steps necessary to solicit the consent of the stockholders to reduce the par value to the lowest value possible under law. BYOC agrees to honor all conversions submitted pending this adjustment. Furthermore, the Conversion Price may be adjusted downward if, within three (3) business days of the transmittal of the Notice of Conversion to BYOC, the common stock of BYOC has a closing bid which is 5% or lower than that set forth in the Notice of Conversion. If the shares of BYOC’s common stock have not been delivered within three (3) business days to the Holder of the Series A Preferred Units, the Notice of Conversion may be rescinded. If in the case that BYOC’s commons stock is not deliverable by DWAC (including if the BYOC’s transfer agent has a policy prohibiting or limiting delivery of shares of the BYOC’s common stock specified in a Notice of Conversion), an additional 10% discount will apply for all future conversions. If in the case that BYOC’s common stock is “chilled” for deposit into the DTC system and only eligible for clearing deposit, an additional 7.5% discount shall apply for all future conversions while the “chill” is in effect. If in the case of both of the above, an additional cumulative 17.5% discount shall apply. Additionally, if BYOC ceases to be a reporting company pursuant to the 1934 Act or if the Series A Preferred Units 

cannot be converted into free trading shares after one hundred eighty-one (181) days following the Conversion Date, an additional 15% discount will be attributed to the Conversion Price. If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Holder of the Series A Preferred Units in order to determine the Conversion Price. “Trading Day” shall mean any day on which the common stock of BYOC is tradable for any period on the OTCBB, OTCQB or on the principal securities exchange or other securities market on which the common stock is then being traded. BYOC shall be responsible for the fees of its transfer agent, legal opinions, and all DTC and clearing fees. If at any time the Conversion Price as determined hereunder for any conversion would be less than the par value of the common stock, then at the sole discretion of the Holder of the Series A Preferred Units, the Conversion Price hereunder may equal such par value for such conversion and the Conversion Amount for such conversion may be increased to include such additional amount to be added to the Conversion Amount to the extent necessary to cause the number of conversion shares issuable upon such conversion to equal the same number of conversion shares as would have been issued had the Conversion Price not been adjusted to the par value price.  In the event of a dispute as to the number of shares of common stock issuable to the Holder of the Series A Preferred Units in connection with a conversion, BYOC shall issue to the Holder of the Series A Preferred Units the number of shares of common stock determined by the Holder of the Series A Preferred Units in its reasonable discretion. 

 

(iv)  Effect of Conversion. Notwithstanding anything in this Agreement to the contrary, each Series A Preferred Unit that has been converted into Conversion Shares pursuant to this Section 2.1(d) shall cease to have the rights, preferences and privileges provided under this Agreement for the Series A Preferred Units.

 

(v)Redemption of Common Units of Investor in Connection with each Conversion. In connection with any conversion of Series A Preferred Units pursuant to this Section 2.1(d) the Company shall redeem from the Investor concurrently with such conversion Common Units in an amount equal to the Series A Preferred Units then being converted. 

 

(vi)Make-Whole Provision. Upon conversion by a Holder of Series A Preferred Units into Conversion Shares issued pursuant to a Conversion Notice, provided that such Holder realizes a net amount from such conversion and subsequent sale (such net realized amount, the “Realized Amount”) equal to less than the Stated Value of the Series A Preferred Units converted pursuant to the relevant Conversion Notice (“Converted Stated Value”), BYOC shall issue to such Holder additional shares of BYOC’s common stock in an amount equal to: (i) the Converted Stated Value; minus (ii) the Realized Amount, as evidenced by a reconciliation statement from such Holder (a “Sale Reconciliation”) showing the Realized Amount from the sale of the Conversion Shares; divided by (iii) the average volume weighted average price of BYOC’s Common Stock during the five (5) Business Days immediately prior to the date upon which the Holder delivers notice (the “Make-Whole Notice”) to BYOC that such additional shares are requested by such Holder (the “Make-Whole Stock Price”) (such number of additional shares to be issued, the “Make-Whole Shares”). Upon receiving the Make-Whole Notice and Sale Reconciliation evidencing the number of Make-Whole Shares requested, BYOC shall instruct its transfer agent to issue certificates representing the Make-Whole Shares, which  

Make-Whole Shares shall be issued and delivered in the same manner and within the same time frames s set forth herein. The Make-Whole Shares, when issued, shall be deemed to be validly issued, fully paid, and non-assessable shares of BYOC’s common stock. Following the sale of the Make-Whole Shares by such Holder: (i) in the event that such Holder receives net proceeds from such sale which, when added to the Realized Amount from the prior relevant Conversion Notice, is less than the Conversion Amount specified in the relevant Conversion Notice, the Holder shall deliver an additional Make-Whole Notice BYOC following the procedures provided previously in this paragraph, and such procedures and the delivery of Make-Whole Notices and issuance of Make-Whole Shares shall continue until the Converted Stated Value has been fully satisfied; and (ii) in the event that the Holder received net proceeds from the sale of Make Whole Shares in excess of the Converted Stated Value, such excess amount shall be applied to satisfy any and all amounts owed hereunder in excess of Converted Stated Value.

 

(e) Redemption of Series A Preferred Units and Common Units of TCA Credit. On the Redemption Date, the Company shall, redeem 100% of the Series A Preferred Units outstanding as of such date and 100% of the Common Units held by TCA Credit as of such date (such amount, the “Redeemed Units”), for cash, in an amount equal to the Redemption Price.  “Redemption Date” shall be the date that is twenty-four (24) months from the date hereof.  “Redemption Price” shall mean, with respect to the Redeemed Units, the Stated Value of such Redeemed Units. Upon payment of the Redemption Price, all rights of the Holder in the units so redeemed and paid, shall cease, and such units shall no longer be deemed issued and outstanding.

 

(f) Redemption of Series B Preferred Units of TCA ICAV.  Upon (i) satisfaction in full of all Obligations (as defined in the Purchase Agreement) owing by BYOC and the Company to TCA ICAV in connection with the Financing, as determined by TCA ICAV in its sole discretion, (ii) the full cash redemption and/or conversion of all Series A Preferred Units and Common Units held by TCA Credit, as determined by TCA Credit in its sole discretion, and (iii) satisfaction in full of all obligations owing by BYOC to TCA Credit pursuant to the Financial Consulting Services Agreement, as determined by TCA Credit in its sole discretion, the Series B Preferred Units may be redeemed by the Company for an amount equal to $0.01.

 

(g) Treatment of Repurchased Units. Any Unit which reverts to the Company pursuant to conversion or redemption shall no longer be deemed to be an “outstanding” Unit.

 

(h) Record of Units Outstanding; Unit Certificates. The Secretary will maintain a current and updated Schedule of Members, the Units held by such Members, and such Members’ capital contributions. Units will not be represented by certificates unless so requested by any Unit Holder. 

(i) Effect of Subsequent Common Unit Issuances; Anti-Dilution. Upon a Subsequent Common Unit Issuance, the Company shall, immediately and concurrently with such Subsequent Common Unit Issuance, issue to each Series A Preferred Holder additional Common Units in an amount which shall maintain such Series A Preferred Holder’s percent ownership of the Company’s issued and outstanding Common Units immediately prior to such Subsequent Common Unit Issuance (e.g., if a Series A Preferred Holder owns 10% of the issued and outstanding Common Units prior to a Subsequent Common Unit Issuance, the Company shall issue that number of Common Units to such Series A Preferred Holder to ensure that such Series 

A Preferred Holder owns 10% of the issued and outstanding Common Units following such Subsequent Common Unit Issuance). Notwithstanding the Company’s failure to actually issue the Common Units pursuant to the preceding sentence, such Common Units shall automatically be deemed issued to each Series A Preferred Holder at the time of a Subsequent Common Unit Issuance.

2.2 Additional Capital Contributions; Participation Rights. The Board, subject to the written approval of the Holders of the Series B Preferred Units, may from time to time authorize and cause the Company to issue additional Units, securities or rights convertible into Units, options or warrants to purchase Units, or any combination of the foregoing, consisting either of the classes of Units authorized hereby or as otherwise may be authorized in accordance with the terms hereof (collectively, “New Securities”), and with such rights, privileges, preferences and restrictions and other terms and conditions, and in exchange for such cash or other lawful consideration, as the Board may determine; provided, however, no Member shall have any obligation to contribute additional capital to the Company except to the extent expressly set forth in the second paragraph of Section 3.3. Any such New Securities will be issued pursuant to subscription agreements and such other documents deemed appropriate by the Board. 

2.3 Liability of Members. No Member shall be liable for any debts or losses of capital or profits of the Company or be required to guarantee the liabilities of the Company. Except as otherwise expressly set forth herein, no Member shall be required to contribute or lend funds to the Company. 

2.4 Capital Contributions. The initial Capital Contribution (if any) and additional Capital Contribution(s) (if any) of each Member to the capital of the Company shall be set forth opposite such Member’s name under the heading “Cash Contribution” on the Schedule of Members and in the Company’s books and records. 

2.5 Capital Accounts. 

(a) A separate capital account (each a “Capital Account”) shall be maintained for each Member in accordance with the rules of Treasury Regulations Section 1.704-1 (b)(2)(iv), and this Section 2.5 shall be interpreted and applied in a manner consistent therewith. Whenever the Company would be permitted to adjust the Capital Accounts of the Members pursuant to Treasury Regulations Section 1.704-1 (b)(2)(iv)(f) to reflect revaluations of Company property, the Company, at the direction of the Board, may so adjust the Capital Accounts of the Members. In the event that the Capital Accounts of the Members are adjusted pursuant to Treasury Regulations Section 1.704-1 (b)(2)(iv)(f) to reflect revaluations of Company property, (i) the Capital Accounts of the Members shall be adjusted in accordance with Treasury Regulations Section 1.704-1 (b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain or loss, as computed for book purposes, with respect to such property, (ii) the Members’ distributive shares of depreciation, depletion, amortization and gain or loss, as computed for tax purposes, with respect to such property shall be determined so as to take account of the variation between the adjusted tax basis and book value of such property in the same manner as Section 704(c) allocations are made under Section 4.3, and (iii) the amount of upward and/or downward adjustments to the book value of the Company property shall be treated as income, gain, deduction and/or loss for purposes of applying the allocation provisions of Article IV. In the event that Section 704(c) of the Code applies to Company property, the Capital Accounts of the 

Members shall be adjusted in accordance with Treasury Regulations Section 1.704-1 (b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain and loss, as computed for book purposes, with respect to such property. 

(b) As of the Effective Date, each Member’s Capital Account is reflected opposite such Member’s name under the heading “Capital Account” on the Schedule of Members. Such Capital Account of each Member as of the Effective Date reflects all transactions contemplated in this Agreement, including the Financing. In the event of a default by any Member to make any Capital Contribution required by this Agreement, the Company shall have all the rights and remedies provided by law, including the right to recover the amounts of the defaulted contributions and any and all other damages. 

(c) Except as otherwise expressly provided in this Agreement, or, unless consented to in writing by all of the Members, (i) no Member shall be entitled to withdraw or receive any part of its Capital Account or receive any distribution with respect to its Units, (ii) no Member shall be entitled to receive any interest on its Capital Account or Capital Contributions, (iii) each Member shall look solely to the assets of the Company for the return of its Capital Contributions and distributions with respect to its Units, (iv) no Member shall have any right or power to demand or receive any property or cash from the Company, (v) no Member shall have priority over any other Member as to the return of its Capital Contributions and (vi) no Member shall be required to restore any negative balance in its Capital Account. 

2.6 Exchange of Existing Interests; Waiver of Anti-Dilution and Pre-Emptive Rights. 

Concurrently with the execution of this Agreement, the Company is converting all of its outstanding membership interests under and pursuant to the Prior LLC Agreement (regardless of class or type of membership interest and including the Existing Interests of BYOC) into Common Units. In furtherance thereof, BYOC shall receive Common Units (in the amounts set forth on Schedule A), which such Common Units shall be issued by the Company to BYOC on the Effective Date pursuant to Section 2.1(b)(iii). 

 

ARTICLE III 

DISTRIBUTIONS 

3.1 Distributions of Available Cash Flows 

(a) Subject to Section 2.1(e), Section 3.2 and Section 3.4, the Company may distribute Available Cash On Hand, from time to time upon the majority vote of the Board and consent of the Holders of the Series B Preferred Units, to the Holders of Series A Preferred Units and Common Units pro rata based upon the number of Units held thereby (with respect to the Series A Preferred Units, on an as-converted to Common Units basis). 

(b) The Company shall engage an accounting firm selected by the Board from time to time to review and audit the Company’s compliance with this Section 3.1 no less frequently than once per calendar year, and the Company agrees that it will provide such accounting firm with reasonable access to the books, records and properties of the Company and its Subsidiaries in order to conduct such review and audit. In the event that such accounting firm determines Available Cash On Hand for any period was not distributed in accordance with this Section 3.1, 

the Company shall adjust future distributions as necessary to bring the Company into compliance with this Section 3.1 as soon as practicable thereafter. 

3.2 Distributions Upon Liquidation or a Deemed Liquidation Event. 

(a) Upon a Liquidation or a Deemed Liquidation Event, upon written request of the Series B Preferred Holders, after payment of, or other adequate provision for, the debts and obligations of the Company, including the expenses of its liquidation and dissolution or other transaction expenses, the Company shall distribute the net proceeds or assets available for distribution, whether in cash or in other property (“Net Liquidation Proceeds”), to the Holders of Series A Preferred Units and Common Units as follows: 

(i) First, to the Holders of Series A Preferred Units on a pari passu basis, until the Holders of such Series A Preferred Units receive, in respect of each Series A Preferred Unit held by them, the Stated Value; and 

(ii) Next, to the Holders of Common Units, pro rata in proportion to the number of Common Units held by such Holders. 

(b) A “Deemed Liquidation Event” shall mean (a) any merger, consolidation, recapitalization or sale of the Company, transfer of Units or other transaction or series of transactions in which the Members and their Permitted Transferees immediately prior to such transaction do not own and control a majority of the voting power represented by the outstanding equity of the surviving entity after the closing of such transaction, (b) a sale, exclusive license or other transfer or disposition of all or substantially all of the Company’s and/or its Subsidiaries’ assets (determined on a consolidated basis) to any Person. For avoidance of doubt, in the event of a Deemed Liquidation Event pursuant to this Section 3.2(b), if any portion of the consideration payable directly to the Members in respect of their Units and/or if any portion of the consideration that is payable to the Members is placed into escrow and/or is payable to the Members subject to contingencies, the principal transaction agreement shall provide that (a) the portion of such consideration that is not placed in escrow and not subject to any contingencies (the “Initial Consideration”) shall be allocated among the holders of Common Units and Series A Preferred Units in accordance with Section 3.2(a) as if the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event and (b) any additional consideration which becomes payable to the Members of the Company upon release from escrow or satisfaction of contingencies shall be allocated among the holders of Common Units and Series A Preferred Units in accordance with Section 3.2(a) after taking into account the previous payment of the Initial Consideration as part of the same transaction. 

3.3 Withholding. If any federal, foreign, state or local jurisdiction requires the Company to withhold taxes or other amounts with respect to any Member’s allocable share of taxable income or any items thereof, or with respect to distributions, the Company shall withhold from distributions or other amounts then due to such Member an amount necessary to satisfy the withholding responsibility and shall pay any amounts withheld to the appropriate taxing authorities. In such a case, for purposes of this Agreement the Member for whom the Company has paid the withholding tax shall be deemed to have received the withheld distribution or other amount due and to have paid the withholding tax directly and such Member’s share of cash distributions or other amounts due shall be reduced by a corresponding amount. 

If it is anticipated that, at the due date of the Company’s withholding obligation, a Member’s share of cash distributions or other amounts due is less than the amount of the withholding obligation, the Member with respect to which the withholding obligation applies shall pay to the Company the amount of such shortfall within thirty (30) days after written notice by the Company. If a Member fails to make the required payment when due hereunder, and the Company nevertheless pays the withholding, in addition to the Company’s remedies for breach of this Agreement, the amount paid shall be deemed a recourse loan from the Company to such Member bearing interest at the Default Rate, and the Company shall apply all distributions or payments that would otherwise be made to such Member toward payment of the loan and interest, which payments or distributions shall be applied first to interest and then to principal until the loan is repaid in full. 

3.4 Tax Distributions Notwithstanding the other provisions of this Article III, if at any time the cumulative Tax Liability of any Member exceeds the cumulative distributions to such Member pursuant to this Section 3.4 (such excess, the Member’s “Unpaid Tax Liability”), such Member shall have the right to receive a distribution of the Unpaid Tax Liability on a timely basis to make all required estimated payments of income taxes, but in no event later than April 10, June 10, September 10 and December 10 of each calendar year, provided that each Member shall be entitled to an additional payment on or before March 10 of each calendar year to the extent the total amounts distributed under this Section 3.4 with respect to the immediately preceding taxable year are less than each Member’s Unpaid Tax Liability as of the end of such year). Distributions pursuant to this Section 3.4 (each, a “Tax Distribution”) shall not reduce any Member’s right to distributions under any other provision of this Agreement. In the event that one or more Members are entitled to distributions pursuant to this Section 3.4 and the Company does not have available funds sufficient to make all such distributions in full, then such funds which are available for such distributions shall be distributed in proportion to the Members’ Unpaid Tax Liabilities. For purposes of this Agreement, the “Tax Liability” of any Member for each taxable year or portion thereof shall equal (A) the sum of (i) such Member’s distributive share of the taxable income or loss of the Company for such taxable year or portion thereof determined without regard to any taxable income or loss of the Company as a result of Section 704(c) of the Code allocated to a Member, if any, and (ii) the amount of any guaranteed payments realized by such Member in respect of its interest in the Company, multiplied by (B) the maximum combined federal and state marginal income tax rates generally applicable to individuals under the Code and the laws of the State of Wyoming, for each category of income (ordinary income, long-term capital gains, etc.), after taking into account the federal deduction for state income taxes, as determined by the Board. 

3.5 Designation of Distributions. With respect to each distribution made by the Company pursuant to this Article III, the Company shall designate in a written notice delivered to the Members at the time of such distribution whether such distribution is made pursuant to Section 3.1, Section 3.2 or Section 3.4; provided, however, that the Company may, by written notice to the Members prior to the end of any fiscal year, re-designate as distributions made pursuant to Section 3.4 any amounts previously designated during such fiscal year as distributions made pursuant to Section 3.1 and, to the extent of such re-designation, the Company shall not be required to make a distribution pursuant to Section 3.4. 

ARTICLE IV 

ALLOCATIONS 

4.1 Allocations. Subject to Section 4.2, net income or net loss (but not items thereof) (a) for any taxable year within which a Liquidation or disposition of substantially all of the assets of the Company occurs shall be allocated among the Holders of Common Units in such amounts and ratios as may be necessary to cause the Adjusted Capital Account balances of the Holders of Common Units to be as nearly equal to their Target Balances as possible and (b) for any other taxable year shall be allocated among the Members pro rata in accordance with the number of Common Units held by each Member. 

4.2 Qualified Income Offset, etc. To the extent the allocation provisions of Section 4.1 would not comply with the Treasury Regulations under Section 704(b) of the Code, there is hereby included in this Agreement such special allocation provisions governing the allocation of income, gain, loss, deduction and credit (prior to making the remaining allocations in conformity with Section 4.1) as may be necessary to provide herein a so-called “qualified income offset,” and ensure that this Agreement complies with all provisions, including “minimum gain” provisions, relating to the allocation of so-called “nonrecourse deductions” and “partner nonrecourse deductions” and the charge back thereof as are required to comply with the Treasury Regulations under Section 704 of the Code. In particular, so-called “nonrecourse deductions” and “excess nonrecourse liabilities,” as defined in the Treasury Regulations under Sections 704 and 752 of the Code, shall be allocated to the Members in proportion to the ratios in which they would share distributions under Section 3.1(a) if all distributions were made pursuant to such section. 

4.3 Section 704(c) Allocations. In accordance with Section 704(c) of the Code and the Treasury Regulations thereunder, depreciation, amortization, gain, loss and deduction with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its initial book value, such allocation to be made by the Manager in accordance with any permissible method under the Treasury Regulations as may be approved by the Board.

4.4 Allocations for Tax Purposes. Subject to Sections 2.5(a) and 4.3, items of income, gain, deduction and loss for federal income tax purposes shall be allocated in the same manner as the corresponding items are allocated for book purposes pursuant to this Article IV. 

4.5 Tax Elections. Except as otherwise specifically provided in this Agreement, any elections or other decisions relating to tax matters, including allocations of income, gain, loss, deduction or credit hereunder shall be made by the Board, in any manner that reasonably reflects the purpose and intention of this Agreement. 

4.6 No Guaranteed Payments. Except to the extent required by applicable law for any tax year with respect to which allocations are made pursuant to Section 4.1(a), the Company and the Members shall not treat any of the rights of the Series A Preferred Holders under this Agreement as giving rise to any guaranteed payments within the meaning of Section 707(c) of the Code. 

ARTICLE V 

MANAGEMENT AND GOVERNANCE 

5.1 Management by Board; Specific Acts Authorized; Delegation of Authority by the Board. 

(a) General Authority of the Board; Size. The business, property and affairs of the Company shall be managed by a board of managers (the “Board”). The Board shall consist of not more than three (3) individuals designated pursuant to Section 5.1(b) (each a “Manager” and collectively, the “Managers”) and shall not be increased in size without the consent of the Requisite Series B Preferred Holders. The Requisite Series B Preferred Holders shall be entitled to elect two (2) Managers in their sole discretion and BYOC shall be entitled to appoint one (1). Subject to Section 5.3 and except as otherwise required by the Act, the Board shall have authority, power and discretion to manage and control the business, property and affairs of the Company and its Subsidiaries, to make all decisions regarding those matters and to supervise, direct and control the actions of the Officers and to perform any and all other actions customary or incident to the management of the Company’s business, property and affairs. 

(b) Composition. 

(i) The Requisite Series B Preferred Holders shall be entitled to designate, appoint and remove all Managers by delivering written notice thereof to the Company. The Requisite Series B Preferred Holders shall have the right to change any such designees at any time and to fill the vacancy left by the resignation or removal of any such designees by delivering written notice to the Company. 

(c) Voting. Each Manager shall have one (1) vote on all matters before the Board. 

(d) Meetings of the Board. Meetings of the Board may be called by any Manager. Notice of any meeting shall be given pursuant to Section 10.1 below to all Managers not less than forty- eight (48) hours prior to the meeting. A majority of the total number of Managers authorized pursuant to Section 5.1(a) shall be required to constitute a quorum for the transaction of business by the Board. Except as otherwise provided in this Agreement, a simple majority of the Managers present at any duly constituted meeting of the Board at which a quorum is present shall be required for the Board to take any action. A notice need not specify the purpose of any meeting. Notice of a meeting need not be given to any Manager who signs a waiver of notice, a consent to holding the meeting or an approval of the minutes thereof, whether before or after the meeting, or who attends the meeting without protesting the lack of notice prior to the commencement of the meeting. All such waivers, consents and approvals shall be filed with the Company’s records or made a part of the minutes of the meeting. Managers may participate in any meeting of the Managers by means of conference telephones or other means of electronic communication so long as all Managers participating can hear or communicate with one another. A Manager so participating is deemed to be present at the meeting. Meetings of the Board shall be held no less frequently than once per calendar quarter, unless otherwise approved by a majority of the Board. The Company shall reimburse all Managers for all reasonable out-of-pocket travel expenses incurred in connection with attending meetings of the Board or any Committee or any other services on behalf of the Company or any Subsidiary.

(e) Board Action by Written Consent. Any action that is permitted or required to be taken by the Board may be taken or ratified by written consent setting forth the specific action to be taken, which written consent is signed by a majority of the Managers. 

(f) Committees. The Board may appoint one or more committees (each, a “Committee”), each such Committee consisting of two (2) or more Managers. Except as otherwise expressly provided herein, any such appointed Committee shall have and may exercise such of the powers and authority of the Board delegated to it. Each Committee shall elect a person to serve as secretary, shall keep regular minutes of its proceedings, shall report the same to the Board when requested, shall fix its own rules and procedures that are not inconsistent with the provisions of Sections 5.1(c), (d) and (e) as such provisions apply to the Board, and shall meet at such times and at such place or places as may be provided by such rules or procedures, or by resolution of such Committee or the Board. 

(g) Limitation of Liability; Fiduciary Duties. 

(i) No Manager shall be obligated personally for any debt, obligation or liability of the Company or of any Member, whether arising in contract, tort or otherwise, by reason of being or acting as Manager of the Company. No Manager shall be personally liable to the Company or its Members for any action undertaken or omitted in good faith reliance upon the provisions of this Agreement unless the acts or omissions of the Manager were not in good faith or involved criminal activity, intentional misconduct, fraud or a knowing and intentional violation or breach of this Agreement; provided, however, that each Manager shall owe, and shall act in a manner consistent with, fiduciary duties to the Company and its Members of the nature, and to the same extent, as those owed by directors of a Wyoming corporation. 

(ii) Notwithstanding the provisions of Section 5.1(g)(i) above, in the event that any of the Series A Preferred Holders or Series B Preferred Holders, as a Member, the Managers or their respective Affiliates acquires knowledge of a potential transaction or matter that may be a corporate opportunity for both the Company, its Subsidiaries or any of their Affiliates, on the one hand, and any other Person (including any Member or its Affiliates), on the other hand, none of the Series A Preferred Holders and none of the Series B Preferred Holders, the Managers or their respective Affiliates shall have any duty (contractual or otherwise) to communicate or present such corporate opportunity to the Company, its Subsidiaries or any of their Affiliates and, notwithstanding any other provision of this Agreement to the contrary, no such Person shall be liable to any Member or the Company or its Subsidiaries or any of their Affiliates for breach of any duty (contractual or otherwise) by reason of the fact that any of the Series A Preferred Holders or any of the Series B Preferred Holders, the Managers or their respective Affiliates directly or indirectly pursues or acquires such opportunity for itself, directs such opportunity to another Person, or does not present such opportunity to any Member, the Company or its Subsidiaries or any of their Affiliates. Furthermore, the Members and the Company and its Subsidiaries and Affiliates hereby acknowledge and agree that the Managers, as appointees of the Series B Preferred Holders, may, from time to time, vote in the best interests of the Series A Preferred Holders and the Series B Preferred Holders and no Managers shall be liable to any Member or the Company or its Subsidiaries or any of their Affiliates for breach of any duty (contractual or otherwise) by reason of the fact 

that any Manager voted in the best interest of the Series A Preferred Holders and the Series B Preferred Holders and not the Company.

5.2 Officers. 

(a) Enumeration. Except as otherwise provided herein, the Board may appoint one or more officers of the Company (each an “Officer” and, collectively, the “Officers”), which shall consist of a Chief Executive Officer, President, Chief Financial Officer and Treasurer, and Secretary, and which may consist of such other Officers, including a Chairman of the Board, Chief Operating Officer, one or more Vice Presidents, Assistant Treasurers and Assistant Secretaries, as the Board may determine. 

(b) Election. The Chief Executive Officer, President, Chief Financial Officer and Treasurer, and Secretary shall be appointed annually by the Board at their first meeting. Other Officers may be appointed by the Board at such meeting or at any other meeting. 

(c) Qualification. An Officer need not be a Member or Manager. Any number of offices may be held by the same Person. 

(d) Tenure. Except as otherwise provided by the Act or by this Agreement and unless otherwise specified in the vote appointing him, each of the Officers shall hold office until his successor is elected or until his earlier resignation or removal. Any Officer may resign by delivering his written resignation to the Company or to the Chief Executive Officer or Secretary, and such resignation shall be effective upon receipt unless it is specified to be effective at some other time or upon the happening of some other event. 

(e) Removal. Subject to Section 5.3(d), any Officer elected or appointed by the Board or by the Chief Executive Officer may be removed at any time by the affirmative vote of a majority of the Board, or a Committee duly authorized to do so, except that any Officer appointed by the Chief Executive Officer may also be removed at any time by the Chief Executive Officer. 

(f) Vacancies. Any vacancy in any office may be filled for the unexpired portion of the term by the Board. 

(g) Chief Executive Officer. The Chief Executive Officer shall, subject to the direction of the Board, have general supervision and control of the Company’s business. Unless otherwise provided by the Board, he shall preside, when present, at all meetings of the Members. Any action taken by the Chief Executive Officer, and the signature of the Chief Executive Officer on any agreement, contract, instrument or other document on behalf of the Company shall, with respect to any third-party, be sufficient to bind the Company and shall conclusively evidence the authority of the Chief Executive Officer and the Company with respect thereto. 

(h) President. The President shall report to the Chief Executive Officer and shall have such powers and shall perform such duties as the Board or the Chief Executive Officer may from time to time designate. 

(i) Chief Financial Officer and Treasurer. The Chief Financial Officer and Treasurer shall, subject to the direction of the Board, have general charge of the financial affairs of the Company and shall cause to be kept accurate books of account. The Treasurer shall have custody of all 

funds, securities and valuable documents of the Company, except as the Board may otherwise provide. 

(j) Secretary; Assistant Secretaries. The Secretary shall record all the proceedings of the meetings of the Board (including Committees thereof) in books kept for that purpose. In his absence from any such meeting an Assistant Secretary, or if there be none or he is absent, a temporary secretary chosen at the meeting, shall record the proceedings thereof. The Secretary shall have such other duties and powers as may be designated from time to time by the Board, the President or the Chief Executive Officer. 

(k) Other Powers and Duties. Subject to this Agreement, each Officer of the Company shall have, in addition to the duties and powers specifically set forth in this Agreement, such duties and powers as are customarily incident to his office, and such duties and powers as may be designated from time to time by the Board. 

5.3 Certain Approval Rights. Notwithstanding anything which may be contained herein to the contrary, without the prior written consent of the Requisite Series B Preferred Holders, the Company shall not, and neither the Members, the Board, nor the Company shall permit the Company or any Subsidiary to (and they themselves to the extent they are referenced below in this section shall not), directly or indirectly, by amendment, merger, recapitalization, sale, consolidation or otherwise: 

(a)Amendment of Organizational Documents. Amend or modify this Agreement or the Articles of Organization of the Company (i) to change the rights, preferences or privileges of the Series A Preferred Units or the Series B Preferred Units, (ii) to change the authorized number of Managers or (iii) in a manner that materially and adversely affects the Holders of Series A Preferred Units or the Series B Preferred Units.  

(b)Authorization and Issuance of Units. Increase or decrease the number of authorized Common Units or Series A Preferred Units or Series B Preferred Units or authorize or issue any new class or series of Units.  

(c)Issuances. Issue any equity, debt or convertible or derivative instruments or securities. 

(d)Officer Removal and Appointment. Remove or Appoint any Officers of the Company.  

(e)Officer Compensation. Increase the level of compensation paid to any current Officer or member of the Company’s senior management or payable to any individual who becomes an Officer or member of the Company’s senior management after the Effective Date (collectively “Senior Managers”) above an annual base salary of $50,000, subject to compensation plans in effect prior to the Effective Date.  

(f)Purchase or Redemption of Units; Distributions. Purchase or redeem, or declare or make any distribution or dividend on, any Units (other than the Series A Preferred Units and the Series B Preferred Units).  

(g)Affiliate Transactions. Enter into or permit to exist any transaction or series of transactions (including the purchase, sale, lease or exchange of any property or the rendering of any service) of any kind whatsoever with, or for the benefit of any  

Manager, Member, Officer of the Company or any of its Subsidiaries or any Affiliate of any such Person. 

(h)Liquidation. Liquidate, dissolve, effect a recapitalization or reorganization in any form of transaction, commence a voluntary case under the U.S. bankruptcy code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, consent to the entry of an order for relief in an involuntary case, or the conversion of an involuntary case to a voluntary case, under any such law, consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property, or make a general assignment for the benefit of creditors.  

(i)Indebtedness. Create, incur, assume, guarantee, repay, make payment on, refinance, replace, endorse or suffer to exist (or extend, supplement, amend or otherwise modify any of the terms of), in any transaction or series of related transactions, any indebtedness for borrowed money of any nature or kind, whether as endorser, guarantor, surety or otherwise or permit the Company to default on any debt obligation.  

(j)Public Offering. Effectuate any Public Offering which would subject a Series A Preferred Holder or the Series B Preferred Holder to a materially adverse change or consequence as a result of the Public Offering.       

(k)Sale Transactions. Effect any transaction or series of related transactions pursuant to which any Person or group of Persons acting in concert (other than any Person who is a Member or a Permitted Transferee as of the Effective Date), together with such Person’s or group of Persons’ Affiliates acquire(s) more than fifty percent (50%) of the Units of the Company or (ii) the sale, exclusive license or other transfer or disposition of any material portion of the Company’s and/or its Subsidiaries’ assets determined on a consolidated basis.  

(l)Acquisition Transactions. Acquire, through any transaction or series of related transactions, voting securities or assets of any Person (including, without limitation the creation or acquisition of a new Subsidiary of the Company not existing as of the Effective Date).        

(m)Transfer; Merger. Either directly or indirectly, permit or enter into any transaction involving a Change of Control, or any other merger, consolidation, sale, transfer, license, lease, encumbrance or other disposition of all or substantially all of the Company’s properties or business or all or substantially all of its assets, except for the sale, lease or licensing of property or assets of the Company in the ordinary course of business of the Credit Parties.  

(n)Change in Principal Business; Budget. Make any material change to the Company’s Business, enter into any new material lines of business, discontinue the Business or change the annual budget.  

(o)Litigation. Initiate, settle or compromise any suit, action, arbitration or other proceeding (whether administrative, civil or criminal, in law or in equity, or before a  

governmental authority or private arbitrator or mediator) involving (i) a claim by or against or potential award or loss to the Company or any of its Subsidiaries in excess of $250,000 or (ii) a claim against the Company or any of its Subsidiaries which would be reasonably likely to result in a material restriction or limitation on a material portion of the Company’s Business. 

(p)Actions relating to Series A Preferred Holders and Series B Preferred Holders. Take any action that would alter or change in any manner the terms, powers, preferences or special rights of the Series A Preferred Units or the Series B Preferred Units, or grant waivers thereof, or which would otherwise adversely affect the rights of the Series A Preferred Holders or the Series B Preferred Holders. 

(q)Admission of New Members. Either directly or indirectly, permit the admission of any new Members (whether pursuant to Section 6 or otherwise).   

(r)Actions relating to the foregoing. Enter into any agreement or otherwise obligate the Company, any Member or any Subsidiary to do any of the foregoing.  

 

5.4 Indemnification of Managers and Officers; D&O Insurance. The Managers and Officers of the Company shall not be liable, responsible or accountable for damages or otherwise to the Company, or to the Members, and, the to the maximum extent permitted by law, each Manager and Officer will be indemnified and held harmless by the Company, including advancement of attorneys’ fees and other expenses, from and against all claims, liabilities, and expenses by reason of the fact that such Manager or Officer is or was a Manager or Officer of the Company. The Company shall at all times maintain directors’ and officers’ indemnity insurance at commercially reasonable levels of coverage and at all times in sufficient amounts required pursuant to the Financing, Purchase Agreement and other documents executed in connection therewith. 

ARTICLE VI 

TRANSFER OF INTERESTS 

6.1 In General. Except as otherwise set forth in this Article VI, a Member may not effect a Transfer of all or any portion of its Units, unless such Transfer complies with the applicable provisions of this Article VI. Any Transfer that does not comply with this Article VI shall be void. The provisions of this Article VI shall terminate and be of no further force or effect immediately before consummation of an Public Offering or a Deemed Liquidation Event. 

6.2 Admission as a Member. No Transfer of Units shall be effective and no Person taking or acquiring, by whatever means, all or any portion of any Units shall be admitted as a Member unless (in addition to the requirements of Section 6.1) such proposed Transfer complies with each of the following provisions: 

(a) Prior Notice. In the case of a Voluntary Transfer, the Member proposing to effect a Voluntary Transfer delivers a notice to the Company and the Series A Preferred Holdings and the Series B Preferred Holders at least ten (10) days prior to any proposed Voluntary Transfer of Units; 

(b) Securities Law Compliance. In the case of either a Voluntary Transfer or an Involuntary Transfer, either (i) the Units are registered under the Securities Act and the rules and regulations thereunder, and any applicable state securities laws; or (ii) the Company and its counsel determine that the Transfer qualifies for an exemption from the registration requirements of the Securities Act, any applicable state securities laws and any securities laws of any applicable jurisdiction; 

(c) Taxation; Termination. In the case of either a Voluntary Transfer or an Involuntary Transfer, the Transfer will not (i) result in the taxation of the Company as an association taxable as a corporation or otherwise subject the Company to entity-level taxation for federal income tax purposes or (ii) affect the Company’s existence or qualification as a limited liability company under the Act; 

(d) LLC Agreement; Other Agreements. Such proposed transferee agrees to become a Member by executing and delivering a joinder to this Agreement and the other agreements entered into in connection with the Financing 

(e) Assignment. Such Member and its proposed transferee execute, acknowledge, and deliver to the Company a written assignment of the Units in such form as may be required by the Requisite Series B Preferred Holders; and 

 

(f) Transfers. With respect to any transfer (whether a Voluntary Transfer or an Involuntary Transfer) of Common Units, Series A Preferred Units or Series B Preferred Units, the Requisite Series B Preferred Holders shall have approved the admission of the transferee as a Member of the Company. 

The Board shall amend the Schedule of Members from time to time to reflect the admission of Members pursuant to this Section 6.2. 

6.3 Distributions and Allocations With Respect to Transferred Units. If any Units are transferred (by Voluntary Transfer or Involuntary Transfer) during any Fiscal Year in compliance with the provisions of this Article VI, then (i) allocations of net income and net loss with respect to the Units for such period shall be divided and allocated between the transferor and the transferee by taking into account their varying interests during such Fiscal Year in accordance with Code Section 706(d) using any conventions permitted by the Code and selected by the transferor and transferee in connection with the Transfer and approved by the Board; (ii) all distributions on or before the date of such Transfer shall be made to the transferor, and all distributions thereafter shall be made to the transferee; and (iii) the transferee shall succeed to and assume the Capital Account and other similar items of the transferor to the extent related to the transferred Units. Solely for purposes of making such allocations and distributions, the Company shall recognize such Transfer not later than the end of the calendar month during which the Company receives notice of such Transfer and all of the conditions in Section 6.2 are satisfied. If the Company does not receive a notice stating the date the Units were transferred and such other information as the Company may reasonably require within thirty (30) days after the end of the Fiscal Year during which the Transfer occurs, then all of such items shall be allocated, and all distributions shall be made to the Person, who, according to the books and records of the Company on the last day of the Fiscal Year during which the Transfer occurs, was the owner of the Units. Neither the Company nor any Member shall incur any liability for making allocations 

and distributions in accordance with the provisions of this Section 6.3, whether or not such Person had knowledge of any Transfer of ownership of any Units. 

ARTICLE VII 

CESSATION OF MEMBERSHIP 

7.1 When Membership Ceases. A Person who is a Member shall cease to be a Member upon the Voluntary Transfer or Involuntary Transfer of all of such Member’s Units as permitted under this Agreement. A Member is not entitled to withdraw voluntarily from the Company while such Member owns Units. 

7.2 Deceased, Incompetent or Dissolved Members. The personal representative, executor, administrator, guardian, conservator or other legal representative of a deceased individual Member or of an individual Member who has been adjudicated incompetent may exercise the rights of the Member for the purpose of administration of such deceased Member’s estate or such incompetent Member’s property. The beneficiaries of a deceased Member’s estate shall become Members of the deceased Member only upon compliance with the conditions of this Agreement. If a Member who is a Person other than an individual is dissolved, the legal representative or successor of such Person may exercise the rights of the Member pending liquidation. The distributees of such Person may become Members only upon compliance with the conditions of this Agreement. 

7.3 Consequences of Cessation of Membership. In the event a Person ceases to be a Member as provided in Section 7.1 above, the Person (or the Person’s successor in interest) shall continue to be liable for all obligations of the former Member to the Company and, with respect to any Units owned by such Person, shall be an assignee with only the rights and subject to the restrictions, conditions and limitations described above. 

ARTICLE VIII 

DISSOLUTION, WINDING UP AND LIQUIDATING DISTRIBUTIONS 

8.1 Dissolution Triggers. The Company shall dissolve upon the first occurrence of the following events: 

(a) The determination by the Board that the Company should be dissolved; or 

(b) The entry of a decree of judicial dissolution or the administrative dissolution of the Company as provided in the Act. 

8.2 Winding Up; Termination. Upon a dissolution of the Company, the Board, or, if there are no members of the Board, a court appointed liquidating trustee, shall take full account of the Company’s assets and liabilities and wind up the affairs of the Company. The Persons charged with winding up the Company shall settle and close the Company’s business, and dispose of and convey the Company’s non-cash assets as promptly as reasonably possible following dissolution as is consistent with obtaining the fair market value for the Company’s assets. 

8.3 Liquidating Distributions. Any distribution in connection with the dissolution and winding up of the Company pursuant to this Article VIII shall be made in accordance with Section 3.2. 

ARTICLE IX 

BOOKS AND RECORDS 

9.1 Books and Records. The Company shall keep adequate books and records at its principal place of business, which shall set forth an accurate account of all transactions of the Company as well as the other information required by the Act. 

9.2 Taxable Year; Accounting Methods. The Company’s taxable year shall be the calendar year, and, with respect to the last year of the Company, the period beginning on January 1 and ending with the date of the final liquidating distributions, in each case, unless otherwise required by the Code. The Company shall report its income for income tax purposes using such method of accounting selected by the Board and permitted by law. 

 

9.3 Tax Information. Tax information necessary to enable each Member to prepare its state, federal, local and foreign income tax returns shall be delivered to each Member within sixty (60) days after the end of each Fiscal Year, or as soon as practicable thereafter. Tax information necessary for the Members to make their quarterly estimated tax payments shall be given to the Members as soon as practicable after reasonably requested by the Members. 

ARTICLE X 

MISCELLANEOUS 

10.1 Notices. Any notice, payment, demand or communication required or permitted to be given by any provision of this Agreement shall be in writing and shall be delivered personally to the Person or to an officer of the Person to whom the same is directed, or sent by registered or certified United States mail return receipt requested, or by nationally recognized overnight delivery service, addressed as follows: if to the Company or the Board, to the Company’s principal office address located at 12411 Poway Road, Poway, CA 92064, or to such other address as may be specified from time to time by notice to the Members; if to a Member, to the Member’s address as set forth on the Schedule of Members, or to such other address as may be specified from time to time by notice to the Members; if to a Manager, to the address of such Manager as set forth in the records of the Company (with a copy to the Member entitled to designate such Manager), or to such other address as such Manager may specify from time to time by notice to the Members. Any such notice shall be deemed to be delivered, given and received for all purposes (i) as of the date and time of actual receipt, in the case of notices delivered personally, (ii) one business day after deposit with a nationally recognized overnight delivery service, or (iii) five days after deposit in registered or certified United States mail return receipt requested, as applicable. 

10.2 Binding Effect. Except as otherwise provided in this Agreement, every covenant, term and provision of this Agreement shall be binding upon and inure to the benefit of the Members 

and their respective heirs, legatees, legal representatives and permitted successors, transferees and assigns. 

10.3 Construction. No provision of this Agreement is to be interpreted as a penalty upon, or a forfeiture by, any party to this Agreement. The parties acknowledge that each party to this Agreement, together with such party’s legal counsel, has shared equally in the drafting and construction of this Agreement and, accordingly, no court construing this Agreement shall construe it more strictly against one party hereto than the other. 

10.4 Entire Agreement; No Oral Agreements; Amendments to the Agreement. This Agreement, constitutes the entire agreement among the Members with respect to the affairs of the Company and the conduct of its business, and supersedes all prior agreements and understandings, whether oral or written. The Company shall have no oral operating agreements. Any provision of this Agreement may be amended or waived by the written consent of the Series B Preferred Units. Any amendment adopted consistent with the provisions of this Section 10.4 shall be binding on all Members without the necessity of their execution of the amendment or any other instrument. 

 

10.5 Headings; Interpretation; Treatment of Affiliates and Permitted Transferees. 

(a) The table of contents and section and other headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof. All references to days or months shall be deemed references to calendar days or months. All references to “$” shall be deemed references to United States dollars. Unless the context otherwise requires, any reference to a “Section”, “Schedule” or “Exhibit” shall be deemed to refer to a section of this Agreement or Schedule or Exhibit to this Agreement, as applicable. The words “hereof,” “herein” and “hereunder” and words of similar import referring to this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Whenever the words “include”, “includes” or “including” are used in this Agreement, they will be deemed to be followed by the words “without limitation.” Any agreement, instrument or statute defined or referred to herein, or in any agreement or instrument that is referred to herein, means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. 

(b) All Units held or acquired by Affiliates or Permitted Transferees of a Member shall be deemed to be held by such Member for purposes of determining availability of any rights under this Agreement. 

10.6 Severability. Every provision of this Agreement is intended to be severable. If any term or provision hereof is illegal or invalid for any reason whatsoever, then (a) such illegality or invalidity shall not affect the validity or legality of the remainder of this Agreement and (b) the parties agree to negotiate in good faith to draft a new legal and enforceable provision that to the maximum extent possible under applicable law comports with the original intent of the parties and maintains the economic and other terms to which the parties originally agreed. 

10.7 Additional Documents. Each Member, upon the request of the Board, agrees to perform all further acts and execute, acknowledge, and deliver any documents that may be reasonably necessary, appropriate, or desirable to carry out the provisions of this Agreement.  

10.8 Variation of Pronouns. All pronouns and any variations thereof shall be deemed to refer to masculine, feminine or neuter, singular or plural, as the identity of the Person or Persons may require.  

10.9Governing Law; Consent to Exclusive Jurisdiction; Dispute Resolution. Other than with respect to Section 10.11, the laws of the State of Wyoming shall govern the validity of this Agreement, the construction and interpretation of its terms, and organization and internal affairs of the Company and the limited liability of the Members. 

10.10WAIVER OF JURY TRIAL. THE PARTIES HERETO, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE, IRREVOCABLY, THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER AGREEMENT EXECUTED OR CONTEMPLATED TO BE EXECUTED IN CONJUNCTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT OR COURSE OF DEALING IN WHICH THE PARTIES ARE ADVERSE PARTIES.  

10.11MANDATORY FORUM SELECTION.  TO INDUCE THE SERIES B PREFERRED HOLDERS TO MAKE THE FINANCING (AS HEREIN DEFINED), THE PARTIES IRREVOCABLY AGREE THAT ANY DISPUTE ARISING UNDER, RELATING TO, OR IN CONNECTION WITH, DIRECTLY OR INDIRECTLY, THIS AGREEMENT OR RELATED TO ANY MATTER WHICH IS THE SUBJECT OF OR INCIDENTAL TO THIS AGREEMENT ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH (WHETHER OR NOT SUCH CLAIM IS BASED UPON BREACH OF CONTRACT OR TORT) SHALL, EXCEPT AS HEREINAFTER PROVIDED, BE SUBJECT TO THE EXCLUSIVE JURISDICTION AND VENUE OF THE STATE AND/OR FEDERAL COURTS LOCATED IN BROWARD COUNTY, FLORIDA; PROVIDED, HOWEVER, THE SERIES B PREFERRED HOLDERS MAY, AT SERIES B PREFERRED HOLDER’S SOLE OPTION, ELECT TO BRING ANY ACTION IN ANY OTHER JURISDICTION.  THIS PROVISION IS INTENDED TO BE A “MANDATORY” FORUM SELECTION CLAUSE AND GOVERNED BY AND INTERPRETED CONSISTENT WITH FLORIDA LAW.  THE COMPANY HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION AND VENUE OF ANY STATE OR FEDERAL COURT HAVING ITS SITUS IN SAID COUNTY (OR TO ANY OTHER JURISDICTION OR VENUE, IF THE SERIES B PREFERRED HOLDERS SO ELECTS), AND WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS. THE COMPANY HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO THE COMPANY, AS SET FORTH HEREIN OR IN THE MANNER PROVIDED BY APPLICABLE STATUTE, LAW, RULE OF COURT OR OTHERWISE. 

10.12Waiver of Action for Partition. Each of the Members irrevocably waives any right that it may have to maintain any action for partition with respect to any of the assets of the Company. 

10.13Counterpart Execution; Facsimile Execution. This Agreement may be executed in any number of counterparts with the same effect as if all of the Members had signed the same document. Such executions may be transmitted to the Company and/or the other Members by facsimile and such facsimile execution shall have the full force and effect of an original signature. All fully executed counterparts, whether original executions or facsimile executions or a combination, shall be construed together and shall constitute one and the same agreement.  

10.14Tax Matters Member.  

(a) BYOC shall be the “tax matters partner” of the Company within the meaning of Code Section 6231(a)(7) (the “Tax Matters Member”), and shall serve as the Tax Matters Member of the Company until its successor is duly designated by the Board (which the Board shall do promptly upon request by the Tax Matters Member or if the Tax Matters Member is no longer a Member). The Tax Matters Member shall cause all other Members to be a “Notice Partner” within the meaning of Section 6231(a)(8) of the Code. The Tax Matters Member shall notify the other Members in writing of all material matters that come to its attention in its capacity as Tax Matters Member. The Tax Matters Member will give the other Members not less than fifteen (15) days’ prior written notice, delivered in accordance with Section 10.1, as to any action to be taken or of any decision not to take action with respect to any such material matter. The Tax Matters Member shall act in any similar capacity under applicable state, local or foreign law, subject to similar restrictions and obligations. The Company shall reimburse the Tax Matters Member for its reasonable expenses in connection with the performance of its duties hereunder. 

(b) If necessary to cause the Company and the Members to be subject to Code Sections 6221 et seq. (sometimes referred to as the “TEFRA audit provisions”), the Company shall make the election pursuant to Code Section 6231(a)(l)(B)(ii). 

10.15Time of the Essence. Time is of the essence with respect to each and every term and provision of this Agreement.  

10.16Exculpation Among Members. Each Member acknowledges that it is not relying upon any other Person in making its investment or decision to invest in the Company. Each Member agrees that no Member nor the respective Affiliates, controlling persons, officers, directors, partners, agents or employees of any Member shall be liable to any other Member for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with their purchase or acquisition of any Units.  

10.17Payment of Preferred Holders’ Costs. The Company agrees to pay and hold each Series A Preferred Holder and Series B Preferred Holder harmless against liability for payment of reasonable legal fees and disbursements of counsel and other professionals in connection with any modification, waiver, consent or amendment to this Agreement, the Purchase Agreement or any agreement, document or instrument executed and delivered in connection therewith.  

10.18Confidentiality. Each Holder covenants and agrees that: (a) it will not disclose or make use of any Trade Secrets or Confidential Information of the Company; and (b) it shall not,  

directly or indirectly, transmit or disclose any Trade Secret or Confidential Information of the Company to any Person and shall not make use of any such Trade Secret or Confidential Information, directly or indirectly, for itself or others, without the prior written consent of the Company, except for a disclosure that is required by any law, order or legal process, in which case such Holder shall provide the Company prior written notice of such requirement as promptly as practicable so that the Company may contest such disclosure. To the extent that such information is a “trade secret” as that term is defined under a state or federal law, this subparagraph is not intended to, and does not, limit the Company’s rights or remedies thereunder and the time period for prohibition on disclosure or use of such information is until such information becomes generally known to the public through the act of one who has the right to disclose such information without violating a legal right of the Company. Notwithstanding anything contained in this Section 10.16 to the contrary, each Holder shall be permitted to use all Trade Secrets and Confidential Information of the Company for purposes of evaluating and monitoring its investment in the Company and shall be permitted to disclose such Trade Secrets and Confidential Information as follows: (i) to its attorneys, accountants, consultants and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company, provided that such Holder informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; (ii) to any prospective purchaser of any Units from such Holder, if such prospective purchaser agrees to be bound by obligations of confidentiality and non-use comparable this Section 10.16 with respect to such Trade Secrets and Confidential Information where the Company is a third party beneficiary of such obligations; (iii) in the case of any such Holder that is an investment fund, to any partner (limited or general), member, stockholder or wholly owned subsidiary of, or any prospective investor in, such holder in the ordinary course of business, provided that such holder informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information. 

10.19Exhibits. The Exhibits to this Agreement, each of which are incorporated by reference, are:  

Exhibit A: Glossary of Terms 

 [Signatures Appear On Following Page] 

 

IN WITNESS WHEREOF, the Members have executed this Amended and Restated Limited Liability Company Agreement on the following execution pages, to be effective as of the Effective Date. 

 

 

THE COMPANY:

 

TCA BEYOND COMMERCE, LLC

 

 

By: 

Name: Carlos Sandino

Title:Manager 

 

 

STATE OF ________________) 

)  SS. 

COUNTY OF ______________) 

 

 

The undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Carlos Sandino, a Manager of TCA Beyond Commerce, LLC, a Wyoming limited liability company, who is personally known to me to be the same person whose name is subscribed to the foregoing, appeared before me this day in person and acknowledged that he/she signed and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said limited liability company, for the uses and purposes therein set forth. 

 

GIVEN under my hand and notarial seal this _____ day of ________________, 20____. 

 

______________________________________ 

Notary Public 

 

My Commission Expires: 

 

_________________________________________

MEMBER:

 

BEYOND COMMERCE, INC.

 

 

By: 

Name:Geordan Pursglove 

Title:Chief Executive Officer 

 

 

STATE OF ________________) 

)  SS. 

COUNTY OF ______________) 

 

 

The undersigned, a Notary Public in and for the said County, in the State aforesaid, DOES HEREBY CERTIFY that Geordan Pursglove, the Chief Executive Officer of Beyond Commerce, Inc., a Nevada corporation, who is personally known to me to be the same person whose name is subscribed to the foregoing, appeared before me this day in person and acknowledged that he/she signed and delivered the said instrument as his/her own free and voluntary act and as the free and voluntary act of said corporation, for the uses and purposes therein set forth. 

 

GIVEN under my hand and notarial seal this _____ day of ________________, 20____. 

 

______________________________________ 

Notary Public 

 

My Commission Expires: 

 

_________________________________________

MEMBER:

 

TCA GLOBAL CREDIT MASTER FUND, LP

 

By:TCA Global Credit Master Fund GP, Ltd. 

Its:General Partner 

 

By:  

Name:Robert Press 

Title:Director 

 

SCHEDULE A 

Schedule of Members* 

 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	Member

	 

	Common Units

	 

	 

	Series A Preferred
Units

	 

	 

	Series B

Preferred Units

	Cash Contribution

	 

	 

	Capital Account

	 

	Beyond Commerce, Inc.

3773 Howard Hughes Pkwy

Suite 500
Las Vegas, Nevada 89169

 

	 

	 

	8,000

	 

	 

	 

	0

	 

	 

	 

	 0

	-- 

	 

	 

	$

	 

	 

	TCA Global Credit Master Fund, LP

1315 S. Hwy 89

Suite 101

Jackson, Wyoming 83001

 

	 

	 

	2,000

	 

	 

	 

	250,000

	 

	 

	 

 

 

 

0

	 

	--

	 

	 

	$

	 

	 

	TCA Special Situations Credit Strategies ICAV

1315 S. Hwy 89

Suite 101

Jackson, Wyoming 83001

 

	 

	 

	0

	 

	 

	 

	0

	 

	 

	 

 

 

 

 

1

	 

	--

	 

	 

	$

	 

	 

 

	*

	After giving effect to the Financing 

	 

	 

EXHIBIT A

Glossary of Terms

Capitalized words and phrases used in this Agreement are defined below. 

“Act” shall mean the Wyoming Limited Liability Company Act, as amended from time to time, or any successor statute thereto. 

“Adjusted Capital Account” shall mean such Member’s Capital Account increased by any amount that such Member is deemed obligated to restore under Treasury Regulations Section 1.704-2. 

“Affiliate” shall mean, with respect to any Person, (i) any Person directly or indirectly controlling, controlled by or under common control with such Person, (ii) any Person directly or indirectly owning or controlling 10% or more of any class of outstanding equity interests of such Person or of any Person which such Person directly or indirectly owns or controls 10% or more of any class of equity interests, (iii) any officer, director, general partner or trustee of such Person, or any Person of which such Person is an officer, director, general partner or trustee, or (iv) any Person who is an officer, director, general partner, trustee or holder of 10% or more of the equity interests of any Person described in clauses (i) through (iii) of this sentence; provided, that in the case of a Person who is an individual, such terms shall also include members of such specified Person’s immediate family (as defined in Instruction 2 of Item 404(a) of Regulation S-K under the Securities Act); provided further, that for purposes of Article VI and the definition of “Permitted Transferee,” the phrase “10% or more” used in this sentence above shall replaced by “a majority.” “Control”, when used with respect to any Person, shall mean the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have the meanings correlative to the foregoing. 

“Agreement” shall have the meaning set forth in the introductory paragraph hereto. 

 “Available Cash On Hand” shall mean as of any given date, the Company’s and its Subsidiaries’ cash and cash equivalents as determined in accordance with GAAP, unless otherwise approved by the Board. 

“Board” shall have the meaning set forth in Section 5.1(a). 

“Business” shall have the meaning set forth in Section 1.3. 

“Capital Account” shall have the meaning set forth in Section 2.5(a). 

“Capital Contribution” shall mean with respect to any Member, the amount of money and the fair market value of any property contributed to the Company with respect to the Units of such Member. 

“Change of Control” shall mean any sale, conveyance, assignment or other transfer, directly or indirectly, of any ownership interest of the Company which results in any change in the identity of the individuals or entities previously having the power to direct, or cause the direction of, the management and policies of the Company or its Subsidiaries, or the grant of a security interest in any ownership interest of any Person directly or indirectly controlling the Company or 

its Subsidiaries, which could result in a change in the identity of the individuals or entities previously having the power to direct, or cause the direction of, the management and policies of the Company or its Subsidiaries. 

“Class” shall mean any class of Units, which consists of the Common Units, Series A Preferred Units and Series B Preferred Units. 

“Code” shall mean the Internal Revenue Code of 1986, as amended, or any successor federal revenue law. 

“Committee” shall have the meaning set forth in Section 5.1(f). 

 “Common Units” shall have the meaning set forth in Section 2.l(a). 

“Common Unit Holders” shall mean holders of Common Units. 

“Company” shall have the meaning set forth in the Recitals. 

“Confidential Information” shall mean all information regarding the Company, the Company’s activities, the Company’s Business, clients or customers that is not generally known to persons not employed by the Company and that is not generally disclosed by the Company’s practice or authority to persons not employed by the Company, but that does not rise to the level of a Trade Secret, and shall include, but is not limited to, sales and marketing techniques and plans, production techniques, purchase information, prices, billing information, financial plans and data concerning the Company, clients or customers (including, but not limited to client or customer lists), and management planning information. Notwithstanding the foregoing, Confidential Information shall not include information that (i) has become generally available to the public by the act of one who has the right to disclose such information without violating any legal right or contractual right of the Company or (ii) otherwise becomes available to a third-party and such third-party has no knowledge that such disclosure violated any Company right of confidentiality. 

“Deemed Liquidation Event” shall have the meaning set forth in Section 3.2(b). 

“Default Rate” shall mean a per annum rate of interest equal to the greater of (i) Prime Rate plus 100 basis points or (ii) 18%, but in no event greater than the amount of interest that may be charged and collected under applicable law. 

“Dividend Payment Date” shall have the meaning set forth in Section 2.1(d).

“Effective Date” shall have the meaning set forth in Section 1.1. 

“Existing Interests” shall have the meaning set forth in the Recitals.

“Financing” shall have the meaning set forth in the Recitals. 

“Fiscal Year” shall be the Company’s taxable year, as described in Section 9.2. 

“GAAP” shall mean United States generally accepted accounting principles. 

“Holders” shall mean the holders of Units. 

“Initial Consideration” shall have the meaning set forth in Subsection 3.2(b). 

“Involuntary Transfer” shall mean the involuntary transfer of all or any portion of Units by way of intestacy, will, bankruptcy, receivership, levy, execution, charging order or other similar seizure by legal process. 

“Issuance Date” shall have the meaning set forth in Section 2.1(e)(i).

“Liquidation” shall mean any liquidation, dissolution or winding up, voluntary or involuntary, of the Company. 

“Manager” shall have the meaning set forth in Section 5.1(a). 

 

“Members” shall refer collectively to the Persons listed on the Schedule of Members as Members and to any other Persons who are admitted to the Company as Members or who become Members under the terms of this Agreement until such Persons have ceased to be Members under the terms of this Agreement. “Member” shall mean any one of the Members. 

“Net Liquidation Proceeds” shall have the meaning set forth in Section 3.2(a). 

“New Securities” shall have the meaning set forth in Section 2.2. 

“Officers” shall have the meaning set forth in Section 5.2(a). 

“Permitted Transferee” shall mean: (i) the estate, personal representative or executor, or any parent, spouse, child or sibling of such Member; (ii) any trust for the exclusive benefit of any of the Persons set forth in clause (i); (iii), a corporation, limited partnership, limited liability company or other entity all of the equity interests of which are owned by the Member or any of the Persons set forth in clause (i) or clause (ii); or (iv) any transferee deemed appropriate to the Series B Preferred Holders.. 

“Person” shall mean any natural person, partnership, trust, estate, association, limited liability company, corporation, custodian, nominee, governmental instrumentality or agency, body politic or any other entity in its own or any representative capacity. 

“Public Offering” shall mean the sale of shares of capital stock of BYOC.

“Prime Rate” as of a particular date shall mean the prime rate of interest as published on that date in the Wall Street Journal, and generally defined therein as “the base rate on corporate loans posted by at least 75% of the nation’s 30 largest banks.” If the Wall Street Journal is not published on a date for which the Prime Rate must be determined, the Prime Rate shall be the prime rate published in the Wall Street Journal on the nearest-preceding date on which the Wall Street Journal was published. 

“Prior LLC Agreement” shall have the meaning set forth in the Recitals. 

“Purchase Agreement” shall have the meaning set forth in the Recitals. 

“Redemption Date” shall have the meaning set forth in Section 2.1(e)(i).

“Redemption Price” shall have the meaning set forth in Section 2.1(e)(i).

“Requisite Series B Preferred Holders” shall mean TCA Special Situations Credit Strategies ICAV or its designee. 

“Schedule of Members” shall mean the Schedule of Members attached hereto as Schedule A. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Series A Preferred Holders” shall mean holders of Series A Preferred Units. 

“Series A Preferred Units” shall have the meaning set forth in Section 2.1(a). 

“Series B Preferred Holders” shall mean holders of Series B Preferred Units. 

“Series B Preferred Units” shall have the meaning set forth in Section 2.1(a). 

“Stated Value” shall have the meaning set forth in Section 2.1(a). 

“Subsequent Common Unit Issuance” shall mean an issuance of authorized but unissued Common Units following the Effective Date as approved by the Requisite Series B Preferred holders pursuant to Section 5.3.

“Subsidiaries” shall mean any Person a majority of the equity interests of which are owned, directly or indirectly, by the Company. 

“Target Balance” shall mean with respect to each Member, as of the close of any period for which allocations are made under Article IV, the amount such Member would receive in a hypothetical liquidation of the Company as of the close of such period, assuming for purposes of such hypothetical liquidation that (i) all of the assets of the Company are sold at prices equal to their then book values (as maintained by the Company for purposes of, and pursuant to, Section 2.6(a) and the capital account maintenance provisions of Treasury Regulations Section 1.704-1 (b)(2)(iv)), and (ii) all of the cash of the Company is distributed pursuant to Sections 3.1 and 3.2, as applicable (but in the case of such distributions pursuant to Section 3.2, after the payment of all Company liabilities, limited in the case of nonrecourse liabilities to the collateral securing or otherwise available to satisfy such liabilities). 

“Tax Distribution” shall have the meaning set forth in Section 3.4. 

“Tax Liability” shall have the meaning set forth in Section 3.4. 

“Tax Matters Member” shall have the meaning set forth in Section 10.12. 

“TCA Credit” shall mean TCA Global Credit Master Fund, LP, including its affiliates.

“Trade Secret” means all secret, proprietary or confidential information regarding the Company or the Company’s activities, including any and all information not generally known to, or ascertainable by, persons not employed by the Company, the disclosure or knowledge of which would permit those persons to derive actual or potential material economic value therefrom or to cause material economic or financial harm to the Company and shall include, but not be limited to, customer lists, pricing information, customer and supplier contacts, technical information regarding Company processes, services and process and service development, information concerning Company methods, current development and expansion or contraction plans of the Company, information concerning the legal affairs of the Company and information 

concerning the financial affairs of the Company. Notwithstanding the foregoing, Trade Secrets shall not include information that has become generally available to the public by the act of one who has the right to disclose such information without violating a legal right or privilege of the Company. This definition shall not limit any definition of “trade secrets” or any equivalent term under state or federal law 

“Transfer” shall mean a Voluntary Transfer or an Involuntary Transfer. 

“Treasury Regulations” shall mean the final and temporary Income Tax Regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Units” shall have the meaning set forth in Section 2.1(a). 

“Unpaid Tax Liability” shall have the meaning set forth in Section 3.4. 

“Voluntary Transfer” shall mean any direct or indirect voluntary sale, assignment, transfer, conveyance, pledge, hypothecation or other disposition, with or without consideration, or otherwise of all or any portion of any Units.Exhibit 10.1

 

EXECUTION VERSION

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

THIS
SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of January 7, 2020, is made by and
between JBG SMITH PROPERTIES LP, a limited partnership formed under the laws of the State of Delaware (“Borrower”),
the Banks party hereto (the “Banks”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (“Administrative
Agent”).

 

WHEREAS, Borrower,
Administrative Agent and the financial institutions initially a signatory to the Existing Credit Agreement (as defined below) together
with their successors and assigns under Section 12.05 of the Existing Credit Agreement have entered into that certain Credit Agreement
dated as of July 18, 2017 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof,
the “Existing Credit Agreement”; capitalized terms used herein and not defined herein have the meanings provided
in the Existing Credit Agreement as amended by this Amendment (the “Amended Credit Agreement”));

 

WHEREAS, Borrower has
requested that Administrative Agent and Banks amend certain terms and conditions of the Existing Credit Agreement as described
herein; and

 

WHEREAS, Administrative
Agent and the Banks party to this Amendment have agreed to so amend certain terms and conditions of the Existing Credit Agreement
to make certain agreed upon modifications on the terms and conditions set forth below in this Amendment.

 

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties
hereto hereby agree as follows:

 

1.             Amendments
to Existing Credit Agreement. Effective as set forth in Section 2 below:

 

(a)           the
Existing Credit Agreement (excluding all Schedules, other than Schedule 1 to the Existing Credit Agreement, and Exhibits thereto)
is hereby amended as set forth in the marked terms on Exhibit A attached hereto. In Exhibit A hereto, deletions of text in the
Existing Credit Agreement are indicated by struck-through text, and insertions of text are indicated by double-underlined text.

 

(b)           Schedule
1 to Existing Credit Agreement is hereby amended and restated as set for in Exhibit B hereto.

 

2.             Conditions
to Effectiveness. The effectiveness of this Amendment is subject to the satisfaction or waiver of the following conditions
precedent:

 

(a)           Administrative
Agent shall have received:

 

(i)            counterparts
of this Amendment duly executed and delivered by Borrower, Administrative Agent, each Ratable Loan Bank and the Required Banks;
and

 

     

     

    

 

(ii)           customary
year to date pro forma consolidated financial statements of the General Partner for the period ending as of September 30, 2019,
prepared after giving effect to this Amendment and any borrowings under the Amended Credit Agreement as of the Second Amendment
Effective Date, and, to the extent reasonably requested by the Administrative Agent, financial projections for the General Partner’s
consolidated operations;

 

(iii)          an
opinion of Hogan Lovells LLP, counsel to the Borrower and the other Loan Parties, addressed to the Administrative Agent and the
Banks and in form and substance reasonably satisfactory to the Administrative Agent;

 

(iv)          a
copy of the Certificate of Limited Partnership for Borrower, a copy of the articles of trust of General Partner and a copy of the
certificate or articles of incorporation or formation, articles of organization, certificate of limited partnership, declaration
of trust or other comparable organizational instrument (if any) of each other Loan Party, each certified by the appropriate Secretary
of State or equivalent state official;

 

(v)           a
copy of the Agreement of Limited Partnership for Borrower, a copy of the bylaws of General Partner and a copy of the by-laws, the
operating agreement, the partnership agreement, or other comparable document in the case of each other Loan Party, including all
amendments thereto, each certified by the Secretary or an Assistant Secretary (or other individual performing similar functions)
of each Loan Party as being in full force and effect on the Second Amendment Effective Date;

 

(vi)          a
certified copy of a certificate from the Secretary of State or equivalent state official of the states where Borrower, General
Partner and each other Loan Party are organized, dated as of the most recent practicable date, showing the good standing or partnership
qualification of Borrower, General Partner and each other Loan Party;

 

(vii)         a
certified copy of a certificate from the Secretary of State or equivalent state official of the state where Borrower, General Partner
and each other Loan Party maintain their principal places of business, dated as of the most recent practicable date, showing the
qualification to transact business in such state as a foreign limited partnership or foreign trust, as the case may be, for Borrower,
General Partner and each other Loan Party, except where the failure to be so qualified would likely cause a Material Adverse Change
to occur;

 

(viii)        a
copy of a resolution or resolutions (which may be redacted to remove authorizations unrelated to this Amendment and the Loan Documents)
adopted by the Board of Trustees of General Partner and all other corporate, partnership, member or other necessary action taken
by each other Loan Party, certified by the Secretary or an Assistant Secretary of General Partner or such other Loan Party (or
other individual performing similar functions) as being in full force and effect on the Second Amendment Effective Date, authorizing
the Ratable Loans provided for in the Amended Credit Agreement and the execution, delivery and performance of this Amendment;

 

    	 	2	 

     

    

 

(ix)           a
certificate, signed by the Secretary or an Assistant Secretary of General Partner and each other Loan Party (or other individual
performing similar functions) and dated the Second Amendment Effective Date, as to the incumbency, and containing the specimen
signature or signatures, of the Persons authorized to execute and deliver the Loan Documents to be executed and delivered by it,
Borrower and each other Loan Party;

 

(x)            a
certificate dated as of the Second Amendment Effective Date signed by a Responsible Officer of Borrower stating, to the best of
the certifying party’s knowledge, the following:

 

(A)       All
representations and warranties of Borrower and the other Loan Parties contained in this Amendment, in the Amended Credit Agreement
and in each of the other Loan Documents are true and correct in all material respects on and as of the Second Amendment Effective
Date as though made on and as of such date (except in those cases where such representation or warranty expressly relates to an
earlier date or is qualified as to “materiality”, “Material Adverse Change” or similar language (which
shall be true and correct in all respects) and except for changes in factual circumstances not prohibited thereunder), and

 

(B)       No
Default or Event of Default has occurred and is continuing.

 

(b)           All
fees owed to the Banks incurred in connection with this Amendment (including any fees and expenses due to each Lead Arranger in
connection with the execution of its duties in connection with the arranging of this Amendment) and required to be paid as of the
Second Amendment Effective Date and all expenses (including, without limitation, the reasonable and documented out-of-pocket fees
and expenses of legal counsel of Administrative Agent) for which invoices have been presented to Borrower on or prior to the Second
Amendment Effective Date shall have been paid.

 

(c)           At
least five (5) days prior to the date hereof, Borrower shall have delivered, on behalf of itself and any Guarantor that qualifies
as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation
to itself and to such Guarantor, to each Bank that so requests such a Beneficial Ownership Certification.

 

Administrative Agent
shall notify in writing Borrower and the Banks of the effectiveness of this Amendment, and such notice shall be conclusive and
binding.

 

    	 	3	 

     

    

 

3.             Representations
and Warranties. Borrower hereby certifies that: (a) no Default or Event of Default exists as of the date hereof or would exist
immediately after giving effect to this Amendment; (b) each of the representations and warranties of Borrower and the other Loan
Parties contained in the Amended Credit Agreement and in each of the other Loan Documents are true and correct in all material
respects as of the date hereof (except in those cases where such representation or warranty expressly relates to an earlier date
or is qualified as to “materiality”, “Material Adverse Change” or similar language (which shall be true
and correct in all respects) and except for changes in factual circumstances not prohibited thereunder); (c) no consent, approval,
order or authorization of, or registration or filing with, any third party (other than any required filing with the SEC, which,
to the extent required, Borrower agrees to file in a timely manner) is required in connection with the execution, delivery and
carrying out of this Amendment or, if required, has been obtained; and (d) this Amendment has been duly authorized, executed and
delivered so that it constitutes the legal, valid and binding obligation of Borrower, enforceable in accordance with its terms,
except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally
and the availability of equitable remedies for the enforcement of certain obligations contained herein and as may be limited by
equitable principles generally. Borrower confirms that the Obligations remain outstanding without defense, set off, counterclaim,
discount or charge of any kind as of the date of this Amendment. Except as expressly provided herein, this Amendment shall not
constitute an amendment, waiver, consent or release with respect to any provision of any Loan Document, a waiver of any default
or Event of Default under any Loan Document, or a waiver or release of any of the Banks’ or Administrative Agent’s
rights and remedies (all of which are hereby reserved).

 

4.             Ratification.
Without in any way establishing a course of dealing by Administrative Agent or any Bank, Borrower hereby reaffirms and confirms
its obligations under the Amended Credit Agreement and the other Loan Documents to which it is a party and each and every such
Loan Document executed by the undersigned in connection with the Existing Credit Agreement remains in full force and effect and
is hereby reaffirmed, ratified and confirmed. This Amendment is not intended to and shall not constitute a novation. All references
to the Existing Credit Agreement contained in the above-referenced documents shall be a reference to the Amended Credit Agreement
and as the same may from time to time hereafter be amended, restated, supplemented or otherwise modified.

 

5.             GOVERNING
LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

6.             Counterparts.
This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument,
and any party hereto may execute this Amendment by signing any such counterpart. Delivery of an executed counterpart of a signature
page of this Amendment by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed
signature page shall be effective as delivery of a manually executed counterpart of this Amendment. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to any document
to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures,
deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be,
to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act; provided that nothing herein shall require Administrative Agent to accept electronic signatures in any form or
format without its prior written consent.

 

    	 	4	 

     

    

 

7.             Headings.
The headings of this Amendment and captions hereunder are for convenience only and shall not affect the interpretation or construction
of this Amendment.

 

8.             Miscellaneous.
This Amendment shall constitute a Loan Document under the Amended Credit Agreement. This Amendment sets forth the entire agreement
among the parties hereto relating to the transactions contemplated hereby (except with respect to agreements relating solely to
compensation, consideration and the coordinated syndication of the Loan). No prior negotiations or discussions shall limit, modify,
or otherwise affect the provisions hereof. The provisions of this Amendment are intended to be severable. If for any reason any
provision of this Amendment shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall,
as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the
validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction. Borrower hereby
represents and warrants that it has consulted with independent legal counsel of its selection in connection herewith and is not
relying on any representations or warranties of Administrative Agent or its counsel in entering into this Amendment.

 

REST OF PAGE INTENTIONALLY LEFT BLANK

 

    	 	5	 

     

    

 

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

 

	 	BORROWER:
	 	 
	 	JBG SMITH PROPERTIES LP
	 	 
	 	By:	JBG SMITH Properties,
	 	 	a Maryland real estate investment trust,
	 	 	its General Partner
	 	 
	 	 	By:	/s/ Stephen Theriot
	 	 	Name:	Stephen Theriot
	 	 	Title:	Chief Financial Officer

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	WELLS FARGO BANK, NATIONAL
	 	ASSOCIATION, as Administrative Agent, as a Ratable Loan Bank, as a Term A-1 Bank and as a Term A-2 Bank
	 	 
	 	 
	 	By:	/s/ Kristen Ray
	 	 	Name: Kristen Ray
	 	 	Title: Vice President

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	Bank of America, N.A.,
	 	as a Ratable Loan Bank and Term A-1 Bank
	 	 
	 	 
	 	By:	/s/ Robert T. Wratten
	 	 	Name: Robert T. Wratten
	 	 	Title: Senior Vice President

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A.,
	 	as a Ratable Loan Bank, and Term A-1 Bank
	 	 
	 	 
	 	By:	/s/ Jaime Gitler
	 	 	Name: Jaime Gitler
	 	 	Title: Vice President

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	CAPITAL ONE, NATIONAL ASSOCIATION,
	 	as a Ratable Loan Bank, as a Term A-1 Bank, and as a Term A-2 Bank
	 	 
	 	 
	 	By:	/s/ Andrew Moore
	 	 	Name: Andrew Moore
	 	 	Title: Duly Authorized Signatory

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	Citizens Bank, N.A.,
	 	as a Ratable Loan Bank, and Term A-1 Bank and Term A-2 Bank
	 	 
	 	 
	 	By:	/s/ Michelle M. Dawson
	 	 	Name: Michelle M. Dawson
	 	 	Title: Vice President

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	PNC Bank, National Association
	 	as a Bank
	 	 
	 	 
	 	By:	/s/ Kinnery Clinebell
	 	 	Name: Kinnery Clinebell
	 	 	Title: Senior Vice President

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	BMO HARRIS BANK N.A.,
	 	as a Bank
	 	 
	 	 
	 	By:	/s/ Michael Kauffman
	 	 	Name: Michael Kauffman
	 	 	Title: Managing Director

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	REGIONS BANK,
	 	as a Ratable Loan Bank, and Term A-1 Bank and Term A-2 Bank
	 	 
	 	 
	 	By:	/s/ Nicholas R. Frerman
	 	 	Name: Nicholas R. Frerman
	 	 	Title: Vice President

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	TD Bank, N.A.
	 	as a Bank
	 	 
	 	 
	 	By:	/s/ James M. Cupelli
	 	 	Name: James M. Cupelli
	 	 	Title: Vice President

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	THE BANK OF NEW YORK MELLON,
	 	as a Ratable Loan Bank, Term A-1 Bank and Term A-2 Bank
	 	 
	 	 
	 	By:	/s/ Carol Murray
	 	 	Name: Carol Murray
	 	 	Title: Director

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	The Bank of Nova Scotia,
	 	as a Ratable Loan Bank and Term A-1 Bank
	 	 
	 	 
	 	By:	/s/ Melissa Chow
	 	 	Name: Melissa Chow
	 	 	Title: Associate Director

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	TRUIST BANK, successor by merger to SunTrust Bank,
	 	as a Ratable Loan Bank, and Term A-1 Bank and Term A-2 Bank
	 	 
	 	 
	 	By:	/s/ Trudy A. Wilson
	 	 	Name: Trudy A. Wilson
	 	 	Title: Vice President

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	Fifth Third Bank, National Association,
	 	as a Bank
	 	 
	 	 
	 	By:	/s/ Casey Ciccone
	 	 	Name: Casey Ciccone
	 	 	Title: Vice President

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	GOLDMAN SACHS BANK USA,
	 	as a Ratable Loan Bank and Term A-1 Bank
	 	 
	 	 
	 	By:	/s/ Annie Carr
	 	 	Name: Annie Carr
	 	 	Title: Authorized Signatory

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	MORGAN STANLEY BANK, N.A.,
	 	as a Ratable Loan Bank
	 	 
	 	 
	 	By:	/s/ Michael King
	 	 	Name: Michael King
	 	 	Title: Authorized Signatory

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	LANDESBANK BADEN-WÜRTTEMBERG, NEW YORK BRANCH
	 	as a Ratable Loan Bank and Term A-1 Bank
	 	 
	 	 
	 	By:	/s/ Chase Cassidy
	 	 	Name: Chase Cassidy
	 	 	Title: Associate Director
	 	 
	 	 
	 	By:	/s/ David McGannon
	 	 	Name: David McGannon
	 	 	Title: Director

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	ING CAPITAL LLC, a Delaware limited liability company, as a Ratable Loan Bank and Term A-1 Bank
	 	 
	 	 
	 	By:	/s/ Sofya Shuster
	 	 	Name: Sofya Shuster
	 	 	Title: Vice President
	 	 
	 	 
	 	By:	/s/ Craig Bender
	 	 	Name: Craig Bender
	 	 	Title: Managing Director

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
	 	as a Ratable Loan Bank, Term A-1 Bank, and Term A-2 Bank
	 	 
	 	 
	 	By:	/s/ Adam Jenner
	 	 	Name: Adam Jenner
	 	 	Title: Director
	 	 
	 	 
	 	By:	/s/ Steven Jonassen
	 	 	Name: Steven Jonassen
	 	 	Title: Managing Director

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	ASSOCIATED BANK, NATIONAL ASSOCIATION,
	 	as a Ratable Loan Bank and Term A-2 Bank
	 	 
	 	 
	 	By:	/s/ Mitchell Vega
	 	 	Name: Mitchell Vega
	 	 	Title: Vice President

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	UNITED BANK
	 	as a Ratable Loan Bank and Term A-1 Bank
	 	 
	 	 
	 	By:	/s/ Paul P Adams
	 	 	Name: Paul P. Adams
	 	 	Title: Senior Vice President

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

	 	U.S. Bank National Association,
	 	as a Ratable Loan Bank
	 	 
	 	 
	 	By:	/s/ Timothy J. Tillman
	 	 	Name: Timothy J. Tillman
	 	 	Title: Senior Vice President

 

Signature Page to Second Amendment to
Credit Agreement

 

     

     

    

 

 

EXHIBIT A

 

Marked Amended Credit Agreement

 

Attached

 

     

     

    

 

EXECUTION VERSION

(Conformed
to First Amendment to Credit Agreement dated May 8, 2019 and

(Conformed
to FirstSecond Amendment to Credit Agreement
dated May 8January
7, 20192020)

EXHIBIT A To Second Amendment to Credit Agreement

 

 

CREDIT AGREEMENT

 

dated as of July 18, 2017,

among

 

JBG SMITH PROPERTIES LP,

as Borrower,

 

THE BANKS SIGNATORY HERETO,

each as a Bank,

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

 

BANK OF AMERICA, N.A. and JPMORGAN CHASE
BANK, N.A.,

as Co-Syndication Agents for the Ratable Loans and the Term A-1 Loans,

 

CAPITAL ONE, NATIONAL ASSOCIATION, PNC BANK,
NATIONAL ASSOCIATION and CITIZENS BANK, N.A.,

as Co-Syndication Agents for the Term A-2 Loans,

 

BMO HARRIS BANK, N.A., REGIONS BANK, TD
BANK, N.A., and

THE BANK OF NEW YORK MELLON, TRUIST BANK, GOLDMAN SACHS BANK USA,

The
Bank of Nova Scotia, AND Morgan Stanley Senior Funding, Inc.

as Co-Documentation Agents

 

 

WELLS FARGO SECURITIES LLC, MERRILL
LYNCH, PIERCE, FENNER & SMITH

INCORPORATEDBOFA SECURITIES,
INC. and JPMORGAN CHASE BANK, N.A.,

as Joint Bookrunners for the Ratable Loans and the Term A-1 Loans,

 

WELLS FARGO SECURITIES LLC, CAPITAL ONE,
NATIONAL ASSOCIATION,

PNC CAPITAL MARKETS LLC and CITIZENS BANK,
N.A.,

as Joint Bookrunners for the Term A-2 Loans,

 

WELLS FARGO SECURITIES LLC, MERRILL
LYNCH, PIERCE, FENNER & SMITH

INCORPORATEDBOFA SECURITIES,
INC., JPMORGAN CHASE BANK, N.A.,

CAPITAL ONE, NATIONAL ASSOCIATION,

PNC CAPITAL MARKETS LLC and CITIZENS BANK,
N.A.,

as Joint Lead Arrangers for the Ratable
Loans and the Term A-1 Loans,

 

WELLS FARGO SECURITIES LLC, CAPITAL ONE,
NATIONAL ASSOCIATION,

PNC CAPITAL MARKETS LLC and CITIZENS BANK,
N.A.,

as Joint Lead Arrangers for the Term A-2
Loans

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS; ETC.	1
	 	 	 
	SECTION 1.01.	Definitions.	1
	SECTION 1.02.	Accounting Terms.	3537
	SECTION 1.03.	Computation of Time Periods.	3537
	SECTION 1.04.	Rules of Construction.	3537
	SECTION 1.05.	Financial Covenant Calculations.	3638
	 	 	 
	ARTICLE II	THE LOANS	3638
	 	 	 
	SECTION 2.01.	Ratable Loans; Bid Rate Loans; Term Loans.	3638
	SECTION 2.02.	Bid Rate Loans.	3839
	SECTION 2.03.	Swingline Loan Subfacility.	4142
	SECTION 2.04.	Advances, Generally.	4345
	SECTION 2.05.	Procedures for Advances.	4445
	SECTION 2.06.	Interest Periods; Renewals.	4446
	SECTION 2.07.	Interest.	4547
	SECTION 2.08.	Fees.	4547
	SECTION 2.09.	Notes; Due at Maturity.	4648
	SECTION 2.10.	Prepayments.	4749
	SECTION 2.11.	Method of Payment.	4950
	SECTION 2.12.	Elections, Conversions or Continuation of Loans.	4951
	SECTION 2.13.	Minimum Amounts.	5051
	SECTION 2.14.	Certain Notices Regarding Elections, Conversions and Continuations of Loans.	5051
	SECTION 2.15.	Payments Generally.	5052
	SECTION 2.16.	Changes of Loan Commitments; Incremental Increases.	5152
	SECTION 2.17.	Letters of Credit.	5354
	SECTION 2.18.	Extension Option.[Reserved]	5960
	SECTION 2.19.	Funds Transfer Disbursements.	5960
	SECTION 2.20.	Permitted Extension Amendments.	5960
	 	 	 
	ARTICLE III	YIELD PROTECTION; ILLEGALITY; ETC.	6263
	 	 	 
	SECTION 3.01.	Additional Costs.	6263
	SECTION 3.02.	Alternate Rate of Interest.	6365
	SECTION 3.03.	Illegality.	6466
	SECTION 3.04.	Treatment of Affected Loans.	6466
	SECTION 3.05.	Certain Compensation.	6567
	SECTION 3.06.	Capital Adequacy.	6568
	SECTION 3.07.	Substitution of Banks.	6668
	SECTION 3.08.	Obligation of Banks to Mitigate.	6870
	SECTION 3.09.	Usury.	6870
	 	 	 
	ARTICLE IV	CONDITIONS PRECEDENT	6871
	 	 	 
	SECTION 4.01.	Conditions Precedent to the Loans.	6971
	SECTION 4.02.	Conditions Precedent to Advances After the Initial Advance.	7173

 

    vi

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	SECTION 4.03.	Deemed Representations.	7274
	 	 	 
	ARTICLE V	REPRESENTATIONS AND WARRANTIES	7274
	 	 	 
	SECTION 5.01.	Existence	7274
	SECTION 5.02.	Corporate/Partnership Powers.	7274
	SECTION 5.03.	Power of Officers	7375
	SECTION 5.04.	Power and Authority; No Conflicts; Compliance With Laws.	7375
	SECTION 5.05.	Legally Enforceable Agreements.	7375
	SECTION 5.06.	Litigation.	7375
	SECTION 5.07.	Good Title to Properties.	7375
	SECTION 5.08.	Taxes.	7476
	SECTION 5.09.	ERISA.	7476
	SECTION 5.10.	No Default on Outstanding Judgments or Orders.	7577
	SECTION 5.11.	No Defaults on Other Agreements.	7577
	SECTION 5.12.	Government Regulation.	7577
	SECTION 5.13.	Environmental Protection.	7577
	SECTION 5.14.	Solvency.	7577
	SECTION 5.15.	Financial Statements	7577
	SECTION 5.16.	Valid Existence of Affiliates.Subsidiaries	7678
	SECTION 5.17.	Insurance	7678
	SECTION 5.18.	Accuracy of Information; Full Disclosure	7678
	SECTION 5.19.	Use of Proceeds	7679
	SECTION 5.20.	Governmental Approvals.	7779
	SECTION 5.21.	Principal Offices	7779
	SECTION 5.22.	General Partner Status.	7779
	SECTION 5.23.	Labor Matters.	7779
	SECTION 5.24.	Organizational Documents	7780
	SECTION 5.25.	Anti-Corruption Laws and Sanctions	7880
	SECTION 5.26.	EEA Financial Institutions.	7880
	 	 	 
	ARTICLE VI	AFFIRMATIVE COVENANTS	7880
	 	 	 
	SECTION 6.01.	Maintenance of Existence.	7880
	SECTION 6.02.	Maintenance of Records	7881
	SECTION 6.03.	Maintenance of Insurance.	7881
	SECTION 6.04.	Compliance with Laws; Payment of Taxes.	7981
	SECTION 6.05.	Right of Inspection.	7981
	SECTION 6.06.	Compliance With Environmental Laws.	7982
	SECTION 6.07.	Intentionally Omitted.	7982
	SECTION 6.08.	Maintenance of Properties.	8082
	SECTION 6.09.	Reporting and Miscellaneous Document Requirements.	8082
	SECTION 6.10.	Guarantors.	838587
	 	 	 
	ARTICLE VII	NEGATIVE COVENANTS	8487
	 	 	 
	SECTION 7.01.	Mergers, Etc.	8487

 

    vii

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	SECTION 7.02.	Distributions.	8688
	SECTION 7.03.	Amendments to Organizational Documents.	8789
	SECTION 7.04.	Activities of General Partner.	8789
	SECTION 7.05.	Use of Proceeds and Letters of Credit.	8891
	SECTION 7.06.	Transactions with Affiliates.	8991
	 	 	 
	ARTICLE VIII	FINANCIAL COVENANTS	8992
	 	 	 
	SECTION 8.01.	Ratio of Total Outstanding Indebtedness to Capitalization Value.	8992
	SECTION 8.02.	Ratio of Combined EBITDA to Fixed Charges.	9093
	SECTION 8.03.	Ratio of Unencumbered Combined EBITDA to Unsecured Interest Expense.	9093
	SECTION 8.04.	Ratio of Unsecured Indebtedness to Capitalization Value of Unencumbered Assets.	9093
	SECTION 8.05.	Ratio of Secured Indebtedness to Capitalization Value.	9193
	SECTION 8.06.	Debt of General Partner.	9194
	 	 	 
	ARTICLE IX	EVENTS OF DEFAULT	9194
	 	 	 
	SECTION 9.01.	Events of Default.	9194
	SECTION 9.02.	Remedies.	9598
	SECTION 9.03.	Allocation of Proceeds.	9698
	SECTION 9.04.	Performance by Administrative Agent.	9799
	SECTION 9.05.	Rights Cumulative.	97100
	 	 	 
	ARTICLE X	ADMINISTRATIVE AGENT; RELATIONS AMONG BANKS	98100
	 	 	 
	SECTION 10.01.	Appointment, Powers and Immunities of Administrative Agent.	98101
	SECTION 10.02.	Reliance by Administrative Agent.	99102
	SECTION 10.03.	Defaults.	99102
	SECTION 10.04.	Rights of Agent as a Bank.	100102
	SECTION 10.05.	Indemnification of Agents.	100103
	SECTION 10.06.	Non-Reliance on Agents and Other Banks.	101103
	SECTION 10.07.	Failure of Administrative Agent to Act.	101104
	SECTION 10.08.	Resignation or Removal of Administrative Agent	101104
	SECTION 10.09.	Amendments Concerning Agency Function.	103105
	SECTION 10.10.	Liability of Administrative Agent.	103105
	SECTION 10.11.	Transfer of Agency Function.	103105
	SECTION 10.12.	Non-Receipt of Funds by Administrative Agent	103106
	SECTION 10.13.	Taxes	103106
	SECTION 10.14.	Pro Rata Treatment.	107110
	SECTION 10.15.	Sharing of Payments Among Banks.	109111
	SECTION 10.16.	Possession of Documents	109112
	SECTION 10.17.	Syndication Agents and Documentation Agents	109112
	SECTION 10.18.	Rates	112
	SECTION 10.19.	Certain ERISA Matters	112113

 

    viii

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE XI	NATURE OF OBLIGATIONS	109113
	 	 	 
	SECTION 11.01.	Absolute and Unconditional Obligations	109113
	SECTION 11.02.	Non-Recourse to Principals and General Partner.	110114
	 	 	 
	ARTICLE XII	MISCELLANEOUS	111114
	 	 	 
	SECTION 12.01.	Binding Effect of Request for Advance.	111115
	SECTION 12.02.	Amendments and Waivers.	111115
	SECTION 12.03.	Survival; Termination.	114118
	SECTION 12.04.	Expenses; Indemnification.	115119
	SECTION 12.05.	Assignment; Participation.	117121
	SECTION 12.06.	Documentation Satisfactory	122126
	SECTION 12.07.	Notices.	122126
	SECTION 12.08.	Setoff.	126130
	SECTION 12.09.	Table of Contents; Headings.	127131
	SECTION 12.10.	Severability.	127131
	SECTION 12.11.	Counterparts.	127131
	SECTION 12.12.	Integration.	127131
	SECTION 12.13.	Governing Law.	128132
	SECTION 12.14.	Waivers.	128132
	SECTION 12.15.	Jurisdiction; Immunities.	128132
	SECTION 12.16.	Designated Lender.	129133
	SECTION 12.17.	No Bankruptcy Proceedings.	130134
	SECTION 12.18.	Intentionally Omitted.	130134
	SECTION 12.19.	USA Patriot Act.	130134
	SECTION 12.20.	Defaulting Lenders.	130134
	SECTION 12.21.	Use for Mortgages.	134138
	SECTION 12.22.	Bottom-Up Guaranties.	134138
	SECTION 12.23.	Confidentiality	135139
	SECTION 12.24.	No Advisory or Fiduciary Responsibility	136140
	SECTION 12.25.	Acknowledgement and Consent to Bail-In of EEA Financial Institutions.	136140
	SECTION 12.26.	Acknowledgment Regarding Any Supported QFCs	141

 

    ix

     

    

 

	SCHEDULES AND EXHIBITS	 
	 	 	 
	SCHEDULE 1	-	Loan Commitments	 
	SCHEDULE 2	-	Other Investments	 
	SCHEDULE 2A	-	General Partner Investments	 
	SCHEDULE 3	-	General Partner – Debt	 
	SCHEDULE 5.16	-	Subsidiaries	 
	SCHEDULE 5.23	-	Labor Matters	 
	 	 	 	 
	EXHIBIT A	-	Disbursement Instruction Agreement	 
	EXHIBIT B-1	-	Ratable Loan Note	 
	EXHIBIT B-2	-	Bid Rate Loan Note	 
	EXHIBIT B-3	-	Term Loan Note	 
	EXHIBIT C	-	Guaranty	 
	EXHIBIT D	-	Solvency Certificate	 
	EXHIBIT E	-	Assignment and Assumption Agreement	 
	EXHIBIT G-1	-	Bid Rate Quote Request	 
	EXHIBIT G-2	-	Invitation for Bid Rate Quotes	 
	EXHIBIT G-3	-	Bid Rate Quote	 
	EXHIBIT G-4	-	Acceptance of Bid Rate Quote	 
	EXHIBIT H	-	Designation Agreement	 
	EXHIBIT J	-	Tax Compliance Certificates	 
	EXHIBIT K	 	Notice of Borrowing	 

 

     

     

    

 

CREDIT AGREEMENT (this
 “Agreement”) dated as of July 18, 2017 among JBG SMITH PROPERTIES LP, a limited partnership organized and existing
under the laws of the State of Delaware (“Borrower”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as agent for
the Banks (in such capacity, together with its successors in such capacity, “Administrative Agent”), and the
other lenders signatory hereto (said lenders signatory hereto and the lenders who from time to time become Banks pursuant to Section
3.07 or 12.05 and, if applicable, any of the foregoing lenders’ Designated Lenders, each a “Bank” and
collectively, the “Banks”).

 

In consideration of
the premises and the mutual agreements, covenants and conditions hereinafter set forth, Borrower, Administrative Agent and each
of the Banks agree as follows:

 

ARTICLE I

DEFINITIONS; ETC.

 

SECTION 1.01. Definitions.
As used in this Agreement the following terms have the following meanings (except as otherwise provided, terms defined in the
singular have a correlative meaning when used in the plural, and vice versa):

 

“1031 Property”
means any Real Property Asset that is at any time held by a “qualified intermediary” (a “QI”), as
defined in the Treasury Regulations promulgated pursuant to Section 1031 of the Code, or an “exchange accommodation
titleholder” (an “EAT”), as defined in Internal Revenue Service Revenue Procedure 2000-37, as modified
by Internal Revenue Procedure 2004-51, (or in either case, by one or more Wholly Owned Subsidiaries thereof, singly or as tenants
in common) which is a single purpose entity and has entered into an “exchange agreement” or a “qualified exchange
accommodation agreement” with General Partner, Borrower or a Wholly Owned Subsidiary in connection with the acquisition (or
possible disposition) of such Real Property Asset by Borrower or a Wholly Owned Subsidiary pursuant to, and intended to qualify
for tax treatment under, Section 1031 of the Code.

 

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

 

“Additional
Costs” has the meaning specified in Section 3.01.

 

“Additional
Lender” has the meaning specified in Section 2.20(d).

 

“Administrative
Agent” has the meaning specified in the preamble.

 

“Administrative
Agent’s Office” means Administrative Agent’s office located at 600 South 4th Street, 9th Floor, Minneapolis,
Minnesota 55415, or such other office in the United States as Administrative Agent may designate by written notice to Borrower
and the Banks.

 

     

     

    

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by Administrative Agent.

 

“Affected
Bank” has the meaning specified in Section 3.07.

 

“Affected
Loan” has the meaning specified in Section 3.04.

 

“Affiliate”
means, with respect to any Person (for purposes of this definition, the “first Person”), any other Person which
directly or indirectly controls, or is controlled by, or is under common control with, the first Person. The term “control”
means the possession, directly or indirectly, of the power, alone, 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.

 

“Agent”
means, individually and collectively, Administrative Agent, each Syndication Agent and each Documentation Agent.

 

“Agreement”
means this Credit Agreement.

 

“Anti-Corruption
Laws” means all Laws of any jurisdiction applicable to General Partner and its Subsidiaries from time to time concerning
or relating to bribery or corruption or money laundering, including without limitation, the Foreign Corrupt Practices Act of 1977.

 

“Applicable
Lending Office” means, for each Bank and for its Loans, the lending office of such Bank (or of an Affiliate of such Bank)
designated as such in its Administrative Questionnaire or in the applicable Assignment and Assumption Agreement, or such other
office of such Bank (or of an Affiliate of such Bank) as such Bank may from time to time specify to Administrative Agent and Borrower
as the office by which its Loans are to be made and maintained.

 

“Applicable
Margin” means

 

    	 	2	 

     

    

 

(a)            (i) At any time other than during the
Investment Grade Pricing Period and, solely with respect to Term A-2 Loans, prior to July 18, 2019 and other than
during the Investment Grade Pricing Period, the percentage rate set forth below corresponding to the level (each, a “Level”)
into which the ratio of Total Outstanding Indebtedness to Capitalization Value as determined in accordance with Section 8.01
then falls:

 

	Level	Ratio of Total 

Outstanding 

Indebtedness to 

Capitalization 

Value	Applicable 

Margin for 

Term A-1 

Loans that are 

LIBOR Loans 	Applicable 

Margin for 

Term A-1 

Loans that are 

Base Rate 

Loans	Applicable 

Margin for 

Term A-2 

Loans that are 

LIBOR Loans	Applicable 

Margin for 

Term A-2 

Loans that are 

Base Rate 

Loans	Applicable 

Margin for 

Ratable Loans 

that are LIBOR 

Loans 	Applicable 

Margin for 

Ratable Loans 

that are Base 

Rate Loans
	1	≤30%	1.200%	0.200%	1.5501.150%	0.5500.150%	1.1001.050%	0.1000.050%
	2	> 30 and ≤35%	1.200%	0.200%	1.6501.150%	0.6500.150%	1.1001.050%	0.1000.050%
	3	>35% and ≤40%	1.300%	0.300%	1.7001.200%	0.7000.200%	1.1501.100%	0.1500.100%
	4	>40% and ≤45%	1.350%	0.350%	1.7501.300%	0.7500.300%	1.2001.150%	0.2000.150%
	5	>45% and ≤50%	1.400%	0.400%	1.9001.400%	0.9000.400%	1.250%	0.250%
	6	>50% and ≤55%	1.500%	0.500%	2.0501.500%	1.0500.500%	1.300%	0.300%
	7	>55%	1.700%	0.700%	2.3501.700%	1.3500.700%	1.500%	0.500%

 

and (ii) solely
with respect to Term A-2 Loans, on and after July 18, 2019 and other than during an Investment Grade Pricing Period, the percentage
rate set forth below corresponding to the Level into which the ratio of Total Outstanding Indebtedness to Capitalization Value
as determined in accordance with Section 8.01 then falls:

 

	Level	Ratio of Total 

Outstanding 

Indebtedness to 

Capitalization

Value	Applicable

Margin for

Term A-2

Loans that are

LIBOR Loans	Applicable

Margin for

Term A-2

Loans that are

Base Rate

Loans
	1	≤30%	1.150%	0.150%
	2	> 30 and ≤35%	1.150%	0.150%
	3	>35% and ≤40%	1.200%	0.200%
	4	>40% and ≤45%	1.300%	0.300%
	5	>45% and ≤50%	1.400%	0.400%
	6	>50% and ≤55%	1.500%	0.500%
	7	>55%	1.700%	0.700%

 

The
Applicable Margin shall be determined by Administrative Agent from time to time, based on the ratio of Total Outstanding
Indebtedness to Capitalization Value as set forth in the certificate most recently delivered by Borrower pursuant to
Section 6.09(3). Any adjustment to the Applicable Margin under this clause (a) shall be effective as of the first
day of the calendar month immediately following the month during which Borrower delivers to Administrative Agent the
applicable certificate pursuant to Section 6.09(3). At such time or times as the Applicable Margin is determined under
this clause (a), if Borrower fails to deliver a certificate within the applicable time period required pursuant to such
Section and such failure continues for three days following notice of such failure from Administrative Agent to Borrower,
then the Applicable Margin shall equal the percentages corresponding to Level 7 from the date of such notice until the
first day of the calendar month immediately following the month that the required certificate pursuant to
Section 6.09(3) is delivered. Notwithstanding the foregoing, for the period from the Closing Date through but excluding
the date on which Administrative Agent first determines the Applicable Margin for Loans as set forth above, the Applicable
Margin shall be determined based on Level 1. Thereafter, such Applicable Margin shall be adjusted from time to time as set
forth in this definition.

 

    	 	3	 

     

    

 

(b)            (i) During the Investment Grade Pricing
Period and, solely with respect to Term A-2 Loans, prior to July 18, 2019 during the Investment Grade Pricing Period,
the percentage rate set forth in the table below corresponding to the Level into which the Credit Rating then falls;:

 

	Level	S&P/Moody’s

/Fitch Rating	Applicable 

Margin for 

Term A-1 

Loans that are 

LIBOR Loans	Applicable 

Margin for 

Term A-1 

Loans that are 

Base Rate 

Loans	Applicable 

Margin for 

Term A-2 

Loans that are 

LIBOR Loans	Applicable 

Margin for 

Term A-2 

Loans that are 

Base Rate 

Loans	Applicable 

Margin for 

Ratable Loans 

that are LIBOR 

Loans	Applicable 

Margin for 

Ratable Loans 

that are Base 

Rate Loans
	1	A-/A3 or better	0.900%	0.000%	1.5000.850%	0.5000.000%	0.825%	0.000%
	2	BBB+/Baa1	0.950%	0.000%	1.5500.900%	0.5500.000%	0.875%	0.000%
	3	BBB/Baa2	1.100%	0.100%	1.6501.000%	0.6500.000%	1.000%	0.000%
	4	BBB-/Baa3	1.350%	0.350%	1.9001.250%	0.9000.250%	1.200%	0.200%
	5	<BBB-/Baa3/ Unrated	1.750%	0.750%	2.4501.650%	1.4500.650%	1.550%	0.550%

 

and (ii) solely
with respect to Term A-2 Loans, during an Investment Grade Pricing Period occurring on and after July 18, 2019, the percentage
rate set forth in the table below corresponding to the Level into which the Credit Rating then falls:

 

	Level	S&P/Moody’s/

Fitch Rating	Applicable

Margin for

Term A-2

Loans that are

LIBOR Loans	Applicable

Margin for

Term A-2

Loans that are

Base Rate

Loans
	1	A-/A3 or better	0.850%	0.000%
	2	BBB+/Baa1	0.900%	0.000%
	3	BBB/Baa2	1.000%	0.000%
	4	BBB-/Baa3	1.250%	0.250%
	5	<BBB-/Baa3/ Unrated	1.650%	0.650%

 

    	 	4	 

     

    

 

Any change in the
Credit Rating which would cause the Applicable Margin to be determined at a different Level shall be effective as of the first
day of the first calendar month immediately following receipt by Administrative Agent of written notice delivered by Borrower in
accordance with Section 6.09(14) that the Credit Rating has changed (or, if earlier, the date on which Borrower shall receive
written notice of such change from Administrative Agent); provided, however, if Borrower has not delivered the notice required
by such Section but Administrative Agent becomes aware that the Credit Rating has changed, then Administrative Agent may, in its
reasonable discretion, adjust the Level at which the Applicable Margin is determined effective as of the first day of the first
calendar month following the date Administrative Agent becomes aware that the Credit Rating has changed. The Applicable Margin
for purposes of this clause (b) shall be determined based on the Level corresponding to the lower of the highest two Credit Ratings;
provided that if the higher two Credit Ratings are from S&P and Moody’s, then the Applicable Margin for purposes of this
clause (b) shall be determined based on the higher of such two Credit Ratings. During any period for which Borrower has received
a Credit Rating from only one Rating Agency, the Applicable Margin for purposes of this clause (b) shall be determined based on
such Credit Rating so long as such Credit Rating is from either S&P or Moody’s. During any period during the Investment
Grade Pricing Period that Borrower has (a) no Credit Rating from any Rating Agency or (b) received a Credit Rating from only
one Rating Agency that is neither S&P or Moody’s, the Applicable Margin for purposes of this clause (b) shall be
determined based on Level 5.

 

(c)            The provisions of clause (a) of this definition shall be subject to the last paragraph of Section 2.06.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Bank, (b) an Affiliate of a Bank, or (c) an entity or an
Affiliate of any entity that administers or manages a Bank.

 

“Assignment
and Assumption Agreement” means an Assignment and Assumption Agreement, substantially in the form of EXHIBIT E, pursuant
to which a Bank assigns and a Qualified Institution (with the consent of any party whose consent is required by Section 12.05),
assumes rights and obligations in accordance with Section 12.05, and Administrative Agent accepts such assignment.

 

“Available
Ratable Commitment” at any time with respect to any Bank, the Ratable Loan Commitment of such Bank then in effect minus
the Ratable Credit Exposure of such Bank at such time.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability
of an EEA Financial Institution.

 

    	 	5	 

     

    

 

“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.

 

“Bank”
and “Banks” have the respective meanings specified in the preamble; provided, however, that the
term “Bank” shall exclude each Designated Lender when used in reference to a Ratable Loan, the Ratable Loan Commitments
or terms relating to the Ratable Loans and the Ratable Loan Commitments.

 

“Bank Affiliate”
means, (a) with respect to any Bank, (i) a Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such Bank or (ii) any entity (whether a corporation, partnership, trust or otherwise) that is engaged in making,
purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary course of its business
and is administered or managed by such Bank or a Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such Bank and (b) with respect to any Bank that is a fund which invests in bank loans and similar
extensions of credit, any other fund that invests in bank loans and similar extensions of credit and is managed by the same investment
advisor as such Bank or by a Person directly or indirectly controlling or controlled by or under direct or indirect common control
with such investment advisor.

 

“Bank of America”
means Bank of America, N.A.

 

“Bank Party”
means Administrative Agent, any Fronting Bank, any Swingline Lender or any other Bank.

 

“Bank Reply
Period” has the meaning specified in Section 12.02.

 

“Banking Day”
means (1) any day except a Saturday or Sunday on which commercial banks are not authorized or required to close in New York City
and (2) whenever such day relates to a LIBOR Loan, a Bid Rate Loan, an Interest Period with respect to a LIBOR Loan or a Bid Rate
Loan, or notice with respect to a LIBOR Loan or Bid Rate Loan, a day on which dealings in Dollar deposits are carried out in the
London interbank market and banks are open for business in London and New York City, and (3) in the case of Letters of Credit transactions
for a particular Fronting Bank, any day except a Saturday or Sunday on which commercial banks are not authorized or required to
close in the place where its office for issuance or administration of the pertinent Letter of Credit is located and in New York
City.

 

“Bankruptcy
Code” means Title 11 of the United States Code, entitled “Bankruptcy”, as amended from time to time, and
any successor or statute or statutes.

 

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

 

    	 	6	 

     

    

 

“Banks’
L/C Fee Rate” has the meaning specified in Section 2.17(g).

 

“Base Rate”
means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus 0.50% and (c) the
LIBOR Interest Rate plus 1.0%. Each change in the Base Rate shall take effect simultaneously with the corresponding change
or changes in the Prime Rate, the Federal Funds Effective Rate or the LIBOR Interest Rate (provided that clause (c)
shall not be applicable during any period in which the LIBOR Base Rate is unavailable or unascertainable).

 

“Base Rate
Loan” means all or any portion (as the context requires) of a Bank’s Ratable Loans or Term Loans which shall accrue
interest at a rate determined in relation to the Base Rate.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership
Regulation.

 

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

 

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

 

“Bid Borrowing
Limit” has the meaning specified in Section 2.01(c).

 

“Bid Rate
Loan” has the meaning specified in Section 2.01(c).

 

“Bid Rate
Loan Note” has the meaning specified in Section 2.09.

 

“Bid Rate
Quote” means an offer by a Bank to make a Bid Rate Loan in accordance with Section 2.02.

 

“Bid Rate
Quote Request” has the meaning specified in Section 2.02(a).

 

“BofA
Securities” means BofA Securities, Inc.

 

    	 	7	 

     

    

 

“Bookrunners”
means (x) with respect to the Ratable Loan and Term A-1 Loans, Wells Fargo Securities, Merrill
LynchBofA Securities and JPMorgan and (y)
with respect to the Term A-2 Loans, Wells Fargo Securities, Capital One, PNC Capital and Citizens.

 

“Borrower”
has the meaning specified in the preamble.

 

“Borrower’s
Accountants” means Deloitte LLP, any other “Big 4” accounting firm selected by Borrower (or a successor thereof),
or such other accounting firm(s) selected by Borrower and reasonably acceptable to the Required Banks.

 

“Borrower’s
Pro Rata Share” means an amount determined based on the pro rata ownership of the Equity Interests of a Person by Borrower
and Borrower’s consolidated subsidiaries.

 

“Capital Lease”
means any lease which has been or should be capitalized on the books of the lessee in accordance with GAAP. All
obligations of any Person that are or would have been treated as operating leases for purposes of GAAP prior to the effectiveness
of FASB ASC 842 shall continue to be accounted for as operating leases for purposes of all financial definitions and calculations
for purpose of the Loan Documents (whether or not such obligations were in effect on such date) notwithstanding the fact that such
obligations are required in accordance with FASB ASC 842 (on a prospective or retroactive basis or otherwise) to be treated as
Capital Leases in the financial statements of such Person.

 

“Capital One”
means Capital One, National Association.

 

“Capitalization
Value” means, at any time, the sum (without duplication) of:

 

(1)            with
respect to Real Property Businesses (other than UJVs and Real Property Businesses the value of which is to be included in Capitalization
Value under clauses (2) and (3) below), individually determined, the greater of (x) Combined EBITDA from such Real Property Businesses
(a) in the case of all Real Property Businesses other than hotels, for the most recently ended calendar quarter, annualized (i.e.,
multiplied by four), and (b) in the case of hotels, for the most recently ended four consecutive calendar quarters, in both cases,
capitalized at a rate of 6.0% per annum, and (y) 75% of the Gross Book Value of such Real Property Businesses;

 

(2)            with respect to Real Property Businesses (other than UJVs and Real Property Businesses the value of which is to be included
in Capitalization Value under clause (3) below) acquired during the four (4) fiscal quarters most recently ended, the Gross Book
Value of such Real Property Business (except for any such Real Property Business which Borrower has elected in a certificate of
the type required by paragraph (3) of Section 6.09 delivered to Administrative Agent be included in determinations of Capitalization
Value under the immediately preceding clause (1));

 

    	 	8	 

     

    

 

(3)            Capitalized Development Costs (except with respect to any Real Property Business which Borrower has elected in a certificate
of the type required by paragraph (3) of Section 6.09 delivered to Administrative Agent prior to the relevant 18- or 24-month period,
as applicable, be included in determinations of Capitalization Value under the preceding clause (1));

 

(4)            with respect to Other Investments, which do not have publicly traded shares, the Net Equity Value of such Other Investments;

 

(5)            with respect to Real Property UJVs, which do not have publicly traded shares, individually determined, the greater of (x)
Combined EBITDA from such Real Property UJVs (a) in the case of all Real Property UJVs other than those owning hotels, for the
most recently ended calendar quarter, annualized (i.e., multiplied by four), and (b) in the case of Real Property UJVs owning hotels,
for the most recently ended four consecutive calendar quarters, in both cases, capitalized at the rate of 6.0%, less Borrower’s
Pro Rata Share of any IndebtednessDebt
attributable to such Real Property UJVs, and (y) the Net Equity Value of such Real Property UJVs (subject to the last sentence
of this definition); and

 

(6)            without duplication, Borrower’s Pro Rata Share of Unrestricted Cash and Cash Equivalents, the book value of notes
and mortgage loans receivable, and the fair market value of publicly traded securities, at such time, all as determined in accordance
with GAAP.

 

For clarity, the parties
acknowledge and agree that the calculations pursuant to clause (1)(x) and (y), clause (2), clause (3) and clause (5)(x) and (y)
above in this definition are intended to be made on a Real-Property-Asset-by-Real-Property-Asset basis. For the purposes of this
definition, (1) for any Disposition of Real Property Assets by a Real Property Business during any calendar quarter, Combined EBITDA
will be reduced by actual Combined EBITDA generated from such asset or assets, (2) the aggregate contribution to Capitalization
Value in excess of 35% of the total Capitalization Value from all Real Property Businesses and Other Investments owned by UJVs
shall not be included in Capitalization Value, and (3) the aggregate contribution to Capitalization Value from leasing commissions
and management and development fees in excess of 15% of Combined EBITDA shall not be included in Capitalization Value. To the extent
that liabilities of a Real Property UJV are Recourse to Borrower or General Partner, then for purposes of clause (5)(y) above,
the Net Equity Value of such Real Property UJV shall not be reduced by such Recourse liabilities.

 

“Capitalization
Value of Unencumbered Assets” means, at any time, the sum (without duplication) of:

 

(7)            with
respect to Real Property Businesses (other than UJVs and Real Property Businesses the value of which is to be included in
Capitalization Value under clauses (2) and (3) below), individually determined, the greater of (x) Unencumbered Combined
EBITDA from such Real Property Businesses (a) in the case of all Real Property Businesses other than hotels, for the most
recently ended calendar quarter, annualized (i.e., multiplied by four), and (b) in the case of hotels, the most recently
ended four consecutive calendar quarters, in both cases, capitalized at a rate of 6.0% per annum, and (y) 75% of the Gross
Book Value of such Real Property Businesses constituting Unencumbered Assets;

 

    	 	9	 

     

    

 

(8)            with respect to Real Property Businesses (other than UJVs and Real Property Businesses the value of which is to be included
in Capitalization Value under clause (3) below) constituting Unencumbered Assets acquired during the four (4) fiscal quarters most
recently ended, the Gross Book Value of such Real Property Business (except for any such Real Property Business which Borrower
has elected in a certificate of the type required by paragraph (3) of Section 6.09 delivered to Administrative Agent be included
in determinations of Capitalization Value under the immediately preceding clause (1));

 

(9)            Capitalized Development Costs (except with respect to any Real Property Business which Borrower has elected in a certificate
of the type required by paragraph (3) of Section 6.09 delivered to Administrative Agent prior to the relevant 18- or 24-month period,
as applicable, be included in determinations of Capitalization Value under the preceding clause (1));

 

(10)          with respect to Real Property UJVs, which do not have publicly traded shares, individually determined, the greater of (x)
the Unencumbered Combined EBITDA from such Real Property UJVs (a) in the case of Real Property UJVs other than those owning hotels,
for the most recently ended calendar quarter, annualized (i.e., multiplied by four), and (b) in the case of Real Property UJVs
owning hotels, for the most recently ended four consecutive calendar quarters, in both cases, capitalized at a rate of 6.0% per
annum, and (y) the Net Equity Value of such Real Property UJVs constituting Unencumbered Assets; and

 

(11)          without duplication, Borrower’s Pro Rata Share of Unrestricted Cash and Cash Equivalents, the book value of notes
and mortgage loans receivable and the fair market value of publicly traded securities that are Unencumbered Assets, at such time,
all as determined in accordance with GAAP.

 

For the purposes
of this definition, (1) for any Disposition of Real Property Assets by a Real Property Business during any calendar quarter,
Unencumbered Combined EBITDA will be reduced by actual Unencumbered Combined EBITDA generated from such asset or assets, (2)
the aggregate contribution to Capitalization Value of Unencumbered Assets in excess of 35% of the total Capitalization Value
of Unencumbered Assets from the aggregate of all Real Property Businesses owned by UJVs, Real Property Businesses subject to
Permitted Transfer Restrictions of the type described in clause (c) of the definition thereof and notes and mortgage loans
receivable that are Unencumbered Assets at such time, as determined, in accordance with GAAP, shall not be included in
Capitalization Value of Unencumbered Assets, and (3) the aggregate contribution to Capitalization Value of Unencumbered
Assets from leasing commissions and management and development fees in excess of 15% of Unencumbered Combined EBITDA shall
not be included in Capitalization Value of Unencumbered Assets.

 

    	 	10	 

     

    

 

“Capitalized
Development Costs” means development costs (including land and building being readied for development or redevelopment
expected to commence within the next 12 months) capitalized in accordance with GAAP. Development costs for a Real Property Business
on which development has been completed for at least 24 months or redevelopment has been completed for at least 18 months shall
be excluded from Capitalized Development Costs.

 

“Cash
or Cash Equivalents” means (a) cash; (b) marketable direct obligations issued or unconditionally guaranteed by the
United States Government or issued by an agency thereof and backed by the full faith and credit of the United States, in each
case maturing within one (1) year after the date of acquisition thereof; (c) marketable direct obligations issued by any
state of the United States of America or any political subdivision of any such state or any public instrumentality thereof
maturing within ninety (90) days after the date of acquisition thereof and, at the time of acquisition, having one of the two
highest ratings obtainable from any two of S&P, Moody’s or Fitch (or, if at any time no two of the foregoing shall
be rating such obligations, then from such other nationally recognized rating services as are reasonably acceptable to
Administrative Agent); (d) domestic corporate bonds, other than domestic corporate bonds issued by Borrower or any of its
Affiliates, maturing no more than two (2) years after the date of acquisition thereof and, at the time of acquisition, having
a rating of at least A or the equivalent from any two (2) of S&P, Moody’s or Fitch (or, if at any time no two of
the foregoing shall be rating such obligations, then from such other nationally recognized rating services as are reasonably
acceptable to Administrative Agent); (e) variable-rate domestic corporate notes or medium term corporate notes, other than
notes issued by Borrower or any of its Affiliates, maturing or resetting no more than one (1) year after the date of
acquisition thereof and having a rating of at least A or the equivalent from two of S&P, Moody’s or Fitch (or, if
at any time no two of the foregoing shall be rating such obligations, then from such other nationally recognized rating
services as are reasonably acceptable to Administrative Agent); (f) commercial paper (foreign and domestic) or master notes,
other than commercial paper or master notes issued by Borrower or any of its Affiliates, and, at the time of acquisition,
having a long-term rating of at least A or the equivalent from S&P, Moody’s or Fitch and having a short-term rating
of at least A-2 and P-2 from S&P and Moody’s, respectively (or, if at any time neither S&P nor Moody’s
shall be rating such obligations, then the highest rating from such other nationally recognized rating services as are
reasonably acceptable to Administrative Agent); (g) domestic and foreign certificates of deposit or domestic time deposits or
foreign deposits or bankers’ acceptances (foreign or domestic) in Dollars, Hong Kong Dollars, Singapore Dollars, Pounds
Sterling, Euros or Yen that are issued by a bank (I) which has, at the time of acquisition, a long-term rating of at least A
or the equivalent from S&P, Moody’s or Fitch (or, if at any time no two of the foregoing shall be rating such
obligations, then from such other nationally recognized rating services as are reasonably acceptable to Administrative Agent)
and (II) if a domestic bank, which is a member of the Federal Deposit Insurance Corporation; (h) overnight securities
repurchase agreements, or reverse repurchase agreements secured by any of the foregoing types of securities or debt
instruments, provided that the collateral supporting such repurchase agreements shall have a value not less than 101% of the
principal amount of the repurchase agreement plus accrued interest; and (i) money market funds invested in investments at
least 75% of which consist of the items described in clauses (a) through (h) above.

 

    	 	11	 

     

    

 

“Cash Collateral”
has the meaning specified in Section 2.17(i); and “Cash Collateralize” shall mean to pledge and deposit Cash
Collateral with Administrative Agent.

 

“Cash Management
Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit
or debit card (including non-card electronic payables), electronic funds transfer and other cash management arrangements.

 

“Citizens”
means Citizens Bank, N.A.

 

“Closing Date”
means the date on which all of the conditions precedent set forth in Section 4.01 shall be fulfilled or waived by the Banks in
accordance with Section 12.02.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Combination
Agreement” means that certain Master Transaction Agreement, dated October 31, 2016, by and among Vornado Realty Trust,
Vornado Realty L.P., JBG Properties, Inc., and JBG/Operating Partners, L.P.

 

“Combination
Transaction” means, collectively, the following transactions as described and entered into pursuant to the Combination
Agreement: (a) the contribution of all of the assets and liabilities of Vornado Realty Trust’s (“Vornado”)
Washington, DC segment (which operates as Vornado / Charles E. Smith) to JBG SMITH Properties or its subsidiaries; (b) the distribution
by Vornado to the holders of common shares of Vornado, of all of the outstanding common shares of General Partner; (c) the distribution
by Vornado Realty L.P., the operating partnership of Vornado (“VRLP”), to the holders of VRLP common limited
partnership units, of all of the common limited partnership units of Borrower; and (d) following the distributions, the combination
with the management business and certain Washington, DC metropolitan area assets of The JBG Companies.

 

“Combined
EBITDA” means, for any quarter, Borrower’s Pro Rata Share of net income or loss plus Interest Expense,
income taxes, depreciation and amortization and excluding (x) the effect of extraordinary or non-recurring items (such as,
without limitation, (i) gains or losses from asset sales, (ii) gains or losses from debt restructurings or write-ups or
forgiveness of indebtedness (including prepayment premiums), and costs and expenses incurred during such period with respect
to acquisitions (whether or not consummated) during such period, (iii) severance and non-cash stock based compensation
expenses and other restructuring, impairment or one-time changes, and (iv) non-cash gains or losses from foreign currency
fluctuations), (y) other non-cash charges (such as, without limitation, share-based compensation), and (z) transaction and
restructuring costs and expenses incurred in connection with the Combination Transaction (other than severance costs and
expenses) to the extent arising on or prior to the eighteen-month anniversary of the Closing Date (or such later date as
determined by Administrative Agent in the exercise of its reasonable discretion), all as determined in accordance with GAAP,
of Consolidated Businesses and UJVs (provided, however, that for purposes of determining the ratio of Combined EBITDA to
Fixed Charges, Combined EBITDA of UJVs shall exclude UJVs that are not Real Property UJVs), as the case may be, multiplied by
four, provided however, that Combined EBITDA shall include only general and administrative expenses that are attributable to
the management and operation of the assets in accordance with GAAP and shall not include any corporate general and
administrative expenses of Borrower, General Partner, Consolidated Businesses or UJVs (e.g., salaries of
corporate officers).

 

    	 	12	 

     

    

 

“Consolidated
Businesses” means, at any time, Borrower and Subsidiaries of Borrower that Borrower consolidates in its consolidated
financial statements prepared in accordance with GAAP, provided, however, that UJVs which are consolidated in accordance with GAAP
are not Consolidated Businesses.

 

“Continue”,
 “Continuation” and “Continued” refer to the continuation pursuant to Section 2.12 of a LIBOR
Loan as a LIBOR Loan from one Interest Period to the next Interest Period.

 

“Convert”,
 “Conversion” and “Converted” refer to a conversion pursuant to Section 2.12 of a Base Rate
Loan into a LIBOR Loan or a LIBOR Loan into a Base Rate Loan, each of which may be accompanied by the transfer by a Bank (at its
sole discretion) of all or a portion of its applicable Loan from one Applicable Lending Office to another.

 

“Credit Exposure”
means, as to any Bank at any time, the sum of (a) such Bank’s Ratable Credit Exposure at such time, plus (b) an
amount equal to the aggregate principal amount of its Term Loans outstanding at such time.

 

“Credit Rating”
means the rating assigned by a Rating Agency to Borrower’s senior, unsecured, non-credit enhanced long-term indebtedness.

 

“Debt”
means, at any time, without duplication, (i) all indebtedness and liabilities of a Person for borrowed money, secured or
unsecured, including mortgage and other notes payable (but excluding any indebtedness to the extent secured by cash or cash
equivalents or marketable securities, or defeased), as determined in accordance with GAAP, and (ii) without duplication, all
liabilities of a Person consisting of indebtedness for borrowed money, determined in accordance with GAAP, that are or would
be stated and quantified as contingent liabilities in the notes to the consolidated financial statements of such Person as of
that date (excluding contingent liabilities constituting Debt that is Without Recourse). For purposes of determining
 “Total Outstanding Indebtedness” and “Debt”, the term “without duplication” shall mean
(without limitation) that amounts loaned from one Person to a second Person that under GAAP would be consolidated with the
first Person shall not be treated as Debt of the second Person.

 

    	 	13	 

     

    

 

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

 

“Defaulting
Lender” means any Bank that (a) has failed, within three Banking Days of the date required to be funded or paid, to (i)
fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay
over to any Bank Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Bank
notifies Administrative Agent in writing that such failure is the result of such Bank’s good faith determination that a condition
precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, or, in the
case of clause (iii) above, such Bank notifies Administrative Agent in writing that such failure is the result of a good faith
dispute which has been specifically identified, (b) has notified Borrower or any Bank Party in writing, or has made a public statement
to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such
writing or public statement indicates that such position is based on such Bank’s good faith determination that a condition
precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot
be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Banking Days
after request by Administrative Agent, a Fronting Bank, a Swingline Lender or Borrower, acting in good faith, to provide a certification
in writing from an authorized officer of such Bank that it will comply with its obligations to fund prospective Loans and participations
in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Bank shall cease to be a Defaulting
Lender pursuant to this clause (c) upon Administrative Agent’s, such Fronting Bank’s, such Swingline Lender’s
or Borrower’s (as applicable) receipt of such certification in form and substance reasonably satisfactory to it or them (as
applicable), or (d) has, or has a direct or indirect parent company that has, become the subject of a Bankruptcy Event or a Bail-In
Action.

 

“Default Rate”
means a rate per annum equal to: (1) with respect to Base Rate Loans, a variable rate of two percent (2%) plus the rate of interest
then in effect thereon (including the Applicable Margin); and (2) with respect to LIBOR Loans and Bid Rate Loans, a fixed rate
of two percent (2%) plus the rate(s) of interest in effect thereon (including the Applicable Margin or the LIBOR Bid Margin, as
the case may be) at the time of any Default or Event of Default until the end of the then current Interest Period therefor and,
thereafter, a variable rate of two percent (2%) plus the rate of interest for a Base Rate Loan (including the Applicable Margin).

 

“Derivatives
Contract” means a “swap agreement” as defined in Section 101 of the Bankruptcy Code.

 

    	 	14	 

     

    

 

 

“Designated
Lender” means a special purpose corporation that (i) shall have become a party to this Agreement pursuant to Section
12.16 and (ii) is not otherwise a Bank.

 

“Designating
Lender” has the meaning specified in Section 12.16.

 

“Designation
Agreement” means an agreement in substantially the form of EXHIBIT H, entered into by a Bank and a Designated Lender
and accepted by Administrative Agent.

 

“Disbursement
Instruction Agreement” means an agreement executed by Borrower in the form of EXHIBIT A.

 

“Disposition”
means a sale (whether by assignment, transfer or Capital Lease) of an asset.

 

“Dividing
Person” has the meaning assigned to it in the definition of “Division.”

 

“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two
or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the
Dividing Person and pursuant to which the Dividing Person may or may not survive.

 

“Division
Successor” means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion
of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of
such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division shall be deemed
a Division Successor upon the occurrence of such Division.

 

“Documentation
Agents” means BMO Harris Bank, N.A., Regions Bank, TD Bank, N.A. and The
Bank of New York Mellon, Truist Bank, Goldman Sachs Bank USA, The Bank
of Nova Scotia and Morgan Stanley Senior Funding, Inc.

 

“Dollars”
and the sign “$” mean lawful money of the United States of America.

 

“EAT”
has the meaning given that term in the definition of “1031 Property”.

 

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

 

    	 	15	 

     

    

 

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

 

“EEA Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Elect”,
and “Election”
and “Elected” refer to elections, if any, by Borrower pursuant to Section 2.12
to have all or a portion of an advance of the applicable Loans be outstanding as LIBOR Loans.

 

“Electronic
Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record
and adopted by a person with the intent to sign, authenticate or accept such contract or record.

 

“Electronic
System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain,
Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by Administrative
Agent and any of its Affiliates or any other Person, providing for access to data protected by passcodes or other security system(s).

 

“Environmental
Discharge” means any discharge or release of any Hazardous Materials in violation of any applicable Environmental LawLaws.

 

“Environmental
Law” means any applicable Law relating to pollution or the environment, including Laws relating to noise or to emissions,
discharges, releases or threatened releases of Hazardous Materials into the work place, the community or the environment, or otherwise
relating to the generation, manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of
Hazardous Materials.

 

“Environmental
Notice” means any written complaint, order, citation, letter, inquiry, notice or other written communication from any
Person (1) affecting or relating to Borrower’s compliance with any Environmental Law in connection with any activity or operations
at any time conducted by Borrower, (2) relating to the occurrence or presence of or exposure to or possible or threatened or alleged
occurrence or presence of or exposure to Environmental Discharges or Hazardous Materials at any of Borrower’s locations or
facilities, including, without limitation: (a) the existence of any contamination or possible or threatened contamination at any
such location or facility and (b) remediation of any Environmental Discharge or Hazardous Materials at any such location or facility
or any part thereof; and (3) any violation or alleged violation of any relevant Environmental Law.

 

    	 	16	 

     

    

 

“Equity
Interest” means, with respect to any Person, any share of capital stock of (or other ownership or profit interests
in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of
capital stock of (or other ownership or profit interests in) such Person, whether or not certificated, any security
convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or
warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests), and
any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests
therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized
or otherwise existing on any date of determination.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, including the rules and regulations promulgated thereunder.

 

“ERISA Affiliate”
means any corporation or trade or business which is a member of the same controlled group of organizations (within the meaning
of Section 414(b) of the Code) as Borrower or General Partner or is under common control (within the meaning of Section 414(c)
of the Code) with Borrower or General Partner or is required to be treated as a single employer with Borrower or General Partner
under Section 414(m) or 414(o) of the Code.

 

“Escrow Date”
means June 29, 2017.

 

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

 

“Event of
Default” has the meaning specified in Section 9.01.

 

“Excluded
Swap Obligation” means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion
of the liability of such Loan Party for or the guarantee of such Loan Party of, or the grant by such Loan Party of a Lien to secure,
such Swap Obligation (or any liability or guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule,
regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof)
by virtue of such Loan Party’s failure for any reason to constitute an “eligible contract participant” as defined
in the Commodity Exchange Act and the regulations thereunder at the time the liability for or the guarantee of such Loan Party
or the grant of such Lien becomes effective with respect to such Swap Obligation (such determination being made after giving effect
to any applicable keepwell, support or other agreement for the benefit of the applicable Loan Party). If a Swap Obligation arises
under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that
is attributable to swaps for which such guarantee or Lien is or becomes illegal for the reasons identified in the immediately preceding
sentence of this definition.

 

    	 	17	 

     

    

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), profits or gains,franchise
Taxes (imposed in lieu of income Taxes), and branch profits Taxes (or any similar Taxes), in each case, (i) imposed as a result
of such Recipient being organized under the laws of, or having its principal office or, in the case of any Bank, its applicable
lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection
Taxes, (b) in the case of a Bank, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Bank
with respect to an applicable interest in a Loan, Letter of Credit or Loan Commitment pursuant to a law in effect on the date
on which (i) such Bank acquires such interest in such Loan, Letter of Credit or Loan Commitment (other than pursuant to an assignment
requested by Borrower under Section 3.07) or (ii) such Bank changes its lending office, except in each case to the extent that,
pursuant to Section 10.13, amounts with respect to such Taxes were payable either to such Bank's assignor immediately before such
Bank acquired the applicable interest in a Loan, Letter of Credit or Loan Commitment or to such Bank immediately before it changed
its lending office, (c) Taxes attributable to such Recipient's failure to comply with Section 10.13 and (d) any U.S. Federal withholding
Taxes imposed under FATCA.

 

“Existing
General Partner Debt” has the meaning specified in Section 5.22.

 

“Existing
Maturity Date” has the meaning specified in Section 2.20(a).

 

“Extending
Lender” has the meaning specified in Section 2.20(b).

 

“Extension
Date” has the meaning specified in Section 2.18. 

 

“Extension
Notice” has the meaning specified in Section 2.18.

 

“Facility
Fee” means:

 

(d)              
At any time other than during the Investment Grade Pricing Period, the percentage per annum set forth in the table below
corresponding to the Level at which the “Applicable Margin” is determined in accordance with clause (a) of the definition
thereof:

 

	Level	Facility Fee
	1	0.150%
	2	0.150%
	3	0.2000.150%
	4	0.200%
	5	0.200%
	6	0.300%
	7	0.300%

 

    	 	18	 

     

    

 

(e)              
During the Investment Grade Pricing Period, the percentage per annum set forth in the table below corresponding to the Level
at which the “Applicable Margin” is determined in accordance with clause (b) of the definition thereof:

 

	Level	Facility Fee
	1	0.125%
	2	0.150%
	3	0.200%
	4	0.250%
	5	0.300%

 

(f)               
Any change in the applicable Level at which the Applicable Margin is determined shall result in a corresponding and simultaneous
change in the Facility Fee. The provisions of this definition shall be subject to Section 2.06.

 

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

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code or any fiscal or regulatory legislation, rules or
practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections
of the Code.

 

“Federal Funds
Effective Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to
the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published
for such day (or, if such day is not a Banking Day, for the immediately preceding Banking Day) by the Federal Reserve Bank of New
York, or, if such rate is not so published for any day which is a Banking Day, the average of the quotations for such day on such
transactions received by Administrative Agent from three Federal Funds brokers of recognized standing selected by Administrative
Agent. If the Federal Funds Effective Rate determined as provided above would be less than zero, the Federal Funds Effective Rate
shall be deemed to be zero.

 

“Final
Term A-1 Loan Availability Date” means July 17, 2020.

 

“Final Term
A-2 Loan Availability Date” means July 18, 2018.

 

“First
Amendment Effective Date” means May 8, 2019.

 

“Fiscal Year”
means each period from January 1 to December 31.

 

“Fitch”
means Fitch, Inc.

 

    	 	19	 

     

    

 

“Fixed Charges”
means, without duplication, in respect of any quarter, the sum of (i) Borrower’s Pro Rata Share of Interest Expense for such
period attributable to Debt in respect of Consolidated Businesses and Real Property UJVs, as well as to any other Debt that is
Recourse to Borrower, multiplied by four (4); and (ii) distributions during such period on preferred units of Borrower, as determined
on a consolidated basis, in accordance with GAAP, multiplied by four (4).

 

“Foreign Bank”
means a Bank that is not a U.S. Person.

 

“Form 10”
means the Form 10 filed in connection with the Combination Transaction by General Partner with the SEC initially on January 23,
2017, as amended by various amendments thereto on or prior to the Escrow Date.

 

“Fronting
Bank” means Wells Fargo, Bank of America, JPMorgan, Capital One, PNC Bank, Citizens or another Bank that shall have agreed
to be designated by Borrower from among those Banks identified by Administrative Agent as being a permissible Fronting Bank pursuant
to Section 2.17, each in its capacity as the issuer of Letters of Credit hereunder and its successors in such capacity. A Fronting
Bank may, in its discretion, arrange for Letters of Credit to be issued by its Affiliate, in which case “Fronting Bank”
shall include such Affiliate. When used herein, “Fronting Bank” shall mean the applicable Fronting Bank, each Fronting
Bank, any Fronting Bank or all of the Fronting Banks, as the context may require.

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) with respect to a Fronting Bank, such Defaulting
Lender’s Pro Rata Share of the outstanding Letter of Credit Liabilities other than Letter of Credit Liabilities as to which
such Defaulting Lender’s participation obligation has been reallocated to other Banks or Cash Collateralized in accordance
with the terms hereof, and (b) with respect to a Swingline Lender, such Defaulting Lender’s Pro Rata Share of outstanding
Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated
to other Banks.

 

“Fund”
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities.

 

“GAAP”
means accounting principles generally accepted in the United States of America as in effect from time to time, applied on a
basis consistent with those used in the preparation of the pro forma financial statements delivered prior to the Escrow Date
(captioned “Financial Statements”) (except for changes concurred to by Borrower’s Accountants); provided
that, if Borrower notifies Administrative Agent that Borrower requests an amendment to any provision hereof or of any other
Loan Document to eliminate the effect of any change occurring after the date hereof in GAAP or in the application of any such
change on the operation of such provision, or if Administrative Agent notifies Borrower that the Required Banks request an
amendment to any provision hereof for such purpose, in either case, regardless of whether any such notice is given before or
after such change in GAAP or in the application of any such change, then such provision shall be interpreted on the basis of
GAAP as in effect and applied for purposes of this Agreement immediately before such change shall have become effective.

 

    	 	20	 

     

    

 

“General Partner”
means JBG SMITH Properties, a real estate investment trust organized and existing under the laws of the State of Maryland and the
sole general partner of Borrower.

 

“General Partner’s
Consolidated Financial Statements” means the consolidated balance sheet and related consolidated statements of operations,
changes in equity and cash flows, and footnotes thereto, of General Partner, in each case prepared in accordance with GAAP and
as filed with the SEC as SEC Reports.

 

“Good Faith
Contest” means the contest of an item if: (1) the item is diligently contested in good faith, and, if appropriate, by
proceedings timely instituted; (2) adequate reserves are established with respect to the contested item; (3) during the period
of such contest, the enforcement of any contested item is effectively stayed; and (4) the failure to pay or comply with the contested
item during the period of the contest could not reasonably be expected to result in a Material Adverse Change.

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, and any agency, authority,
regulatory body, central bank or other entity exercising executive, legislative, judicial, regulatory or administrative functions
of or pertaining to government, including any supra-national bodies such as the European Union or the European Central Bank.

 

“Gross Book
Value” means the undepreciated book value of assets comprising a business, determined in accordance with GAAP.

 

“Guaranteed
Obligations” means, collectively, (a) the Obligations and (b) all existing or future payment and other obligations
owing by any Loan Party under any Specified Derivatives Contract (other than any Excluded Swap Obligation) and any Specified Cash
Management Agreement.

 

“Guarantor”
means any Person that is party to the Guaranty as a “Guarantor”.

 

“Guaranty”
means the guaranty executed and delivered pursuant to Section 6.10 and substantially in the form of EXHIBIT C.

 

“Hazardous
Materials” means any pollutant, effluents, emissions, contaminants, toxic or hazardous wastes or substances, as any of
those terms are defined from time to time in or for the purposes of any relevant Environmental Law, including asbestos fibers and
friable asbestos, polychlorinated biphenyls, and any petroleum or hydrocarbon-based products or derivatives.

 

“Incremental
Increase” has the meaning specified in Section 2.16(c).

 

    	 	21	 

     

    

 

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

 

“Initial Advance”
means the first advance of proceeds of the Loans and/or issuance of Letters of Credit.

 

“Interest
Expense” means, for any quarter, the consolidated interest expense, whether paid, accrued or capitalized (without deduction
of consolidated interest income) of Borrower that is attributable to Borrower’s Pro Rata Share in its Consolidated Businesses
in respect of Real Property Businesses, including, without limitation or duplication (or, to the extent not so included, with the
addition of), (1) the portion of any rental obligation in respect of any Capital Lease obligation allocable to interest expense
in accordance with GAAP; (2) the amortization of Debt discounts and premiums; (3) any payments or fees (other than upfront fees)
with respect to interest rate swap or similar agreements; and (4) the interest expense and items listed in clauses (1) through
(3) above applicable to each of the UJVs (to the extent not included above) multiplied by Borrower’s Pro Rata Share in the
UJVs in respect of Real Property Businesses, in all cases as reflected in the most recent General Partner’s Consolidated
Financial Statements, provided that there shall be excluded from Interest Expense capitalized interest covered by an interest reserve
established under a loan facility (such as capitalized construction interest provided for in a construction loan). “Interest
Expense” shall not include the non-cash portion of interest expense attributable to convertible Debt determined in accordance
with ASC 470-20.

 

“Interest
Period” means, (1) with respect to any LIBOR Loan, the period commencing on the date the same is advanced, Converted
from a Base Rate Loan or Continued, as the case may be, and ending, as Borrower may select pursuant to Section 2.06, on the numerically
corresponding day one week thereafter or in the first, third or sixth calendar month thereafter, provided that each such Interest
Period (other than an Interest Period of one week) which commences on the last Banking Day of a calendar month (or on any day for
which there is no numerically corresponding day in the appropriate subsequent calendar month) shall end on the last Banking Day
of the appropriate calendar month; and (2) with respect to any Bid Rate Loan, the period commencing on the date the same is advanced
and ending, as Borrower may select pursuant to Section 2.02, on the numerically corresponding day one week thereafter or in the
first, third or sixth calendar month thereafter, provided that each such Interest Period (other than an Interest Period of one
week) which commences on the last Banking Day of a calendar month (or on any day for which there is no numerically corresponding
day in the appropriate subsequent calendar month) shall end on the last Banking Day of the appropriate calendar month.

 

“Investment
Grade Pricing Period” means the period commencing on the date specified by Borrower in an irrevocable written notice
to Administrative Agent and the Banks after Borrower obtains an Investment Grade Rating from Moody’s or S&P.

 

    	 	22	 

     

    

 

“Investment
Grade Rating” means a Credit Rating of BBB- (or equivalent) or higher from S&P or Baa3 (or equivalent) or higher
from Moody’s.

 

“Invitation
for Bid Rate Quotes” has the meaning specified in Section 2.02(b).

 

“JPMorgan.”
means JPMorgan Chase Bank, N.A.

 

“Law”
means all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes,
executive orders, and administrative or judicial precedents or authorities, including the interpretation or administration thereof
by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative
orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in
each case whether or not having the force of law.

 

“LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the
aggregate amount of all drawings under Letters of Credit that have not yet been reimbursed by or on behalf of Borrower (including,
for clarity, by means of advances of Loans pursuant to this Agreement) at such time. The LC Exposure of any Bank at any time shall
be its Pro Rata Share of the total LC Exposure at such time.

 

“Lead Arrangers”
means (x) with respect to the Ratable Loans, Wells Fargo Securities, Merrill LynchBofA
Securities, JPMorgan, Capital One, PNC Capital, and Citizens, (y) with respect to the Term A-1 Loans, Wells Fargo Securities,
Merrill LynchBofA Securities,
JPMorgan, Capital One, PNC Capital and Citizens and (z) with respect to the Term A-2 Loans, Wells Fargo Securities, Capital One,
PNC Capital and Citizens, including, in each case, their respective designated affiliates.

 

“Lender Notice
Date” has the meaning specified in Section 2.20(b).

 

“Letter of
Credit” has the meaning specified in Section 2.17(a).

 

“Letter of
Credit Commitment” means, with respect to each Fronting Bank, the commitment of each Fronting Bank to issue Letters of
Credit hereunder. The initial amount of each Fronting Bank’s Letter of Credit Commitment is $25,000,000.

 

“Letter of
Credit Liabilities” means, without duplication, at any time and in respect of any Letter of Credit (1) the stated undrawn
amount of such Letter of Credit plus (2) the aggregate unpaid principal amount of all Reimbursement Obligations of Borrower at
such time due and payable in respect of all drawings made under such Letter of Credit. For purposes of this Agreement, with respect
to a Letter of Credit, a Ratable Loan Bank (including the Ratable Loan Bank that is the Fronting Bank for such Letter of Credit)
shall be deemed to hold a Letter of Credit Liability in an amount equal to such Bank’s Pro Rata Share of the stated undrawn
amount of such Letter of Credit and any outstanding Reimbursement Obligations in respect of such Letter of Credit.

 

    	 	23	 

     

    

 

“Leverage
Pricing Period” means any period other than the Investment Grade Pricing Period.

 

“LIBOR
Base Rate” means, subject to the implementation of a Replacement Rate in accordance with Section 3.02(ii), with
respect to any LIBOR Loan for any Interest Period, the rate of interest per annum determined on the basis of the rate for deposits
in U.S. Dollars for a period equal to the applicable Interest Period which appears on Reuters Screen LIBOR01 Page (or a comparable
or successor quoting service approved by Administrative Agent) at approximately 11:00 a.m. (London time) two (2) Banking Days prior
to the first day of the applicable Interest Period; provided that if as so determined the LIBOR Base Rate (including, without
limitation, any Replacement Rate with respect thereto) shall be less than zero, such rate shall be deemed to be zero for the purposes
of this Agreement. If, for any reason, the rate referred to in the preceding clause (i) does not appear on Reuters Screen LIBOR01
Page (or any applicable successor page), then the LIBOR Base Rate shall be determined by Administrative Agent to be the arithmetic
average of the rate per annum at which deposits in U.S. Dollars would be offered by first class banks in the London interbank market
to Administrative Agent at approximately 11:00 a.m. (London time) two (2) Banking Days prior to the first day of the applicable
Interest Period for a period equal to such Interest Period; provided that if as so determined the LIBOR Base Rate shall
be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding the foregoing, unless
otherwise specified in any amendment to this Agreement entered into in accordance with Section 3.02(ii), in the event that
a Replacement Rate with respect to the LIBOR Base Rate is implemented, then all references herein to the LIBOR Base Rate shall
be deemed to be references to such Replacement Rate.

 

“LIBOR Bid
Margin” has the meaning specified in Section 2.02(c)(2)(iii).

 

“LIBOR Bid
Rate” means a rate per annum equal to the sum of (1) the LIBOR Interest Rate for a Bid Rate Loan with the applicable
Interest Period and (2) the LIBOR Bid Margin.

 

“LIBOR Interest
Rate” means, for any LIBOR Loan or Bid Rate Loan, a rate per annum determined by Administrative Agent to be equal to
the quotient of (1) the LIBOR Base Rate for such LIBOR Loan or Bid Rate Loan, as the case may be, for the Interest Period therefor
divided by (2) a percentage equal to one minus the LIBOR Reserve Requirement for such LIBOR Loan or Bid Rate Loan, as the case
may be, for such Interest Period. Any change in the LIBOR Reserve Requirement shall result in a change in the LIBOR Interest Rate
on the date on which such change in the LIBOR Reserve Requirement becomes effective.

 

“LIBOR Loan”
means all or any portion (as the context requires) of any Bank’s Ratable Loans or Term Loans which shall accrue interest
at rate(s) determined in relation to LIBOR Interest Rate(s).

 

    	 	24	 

     

    

 

“LIBOR Reserve
Requirement” means, for any day, the percentage which is in effect for such day as prescribed by the Board of Governors
of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation,
any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities or any similar category of liabilities for
a member bank of the Federal Reserve System in New York City.

 

“Lien”
means any mortgage, deed of trust, pledge, security interest, hypothecation, assignment for collateral purposes, deposit arrangement,
lien (statutory or other), or other security agreement or charge of any kind or nature whatsoever of any third party (excluding
any right of setoff but including, without limitation, any conditional sale or other title retention agreement, any financing lease
having substantially the same economic effect as any of the foregoing, and the filing of any financing statement under the Uniform
Commercial Code or comparable law of any jurisdiction to evidence any of the foregoing).

 

“Loan”
means, with respect to each Bank, its Ratable Loans, Bid Rate Loans, Swingline Loans and Term Loans, individually or collectively,
as the context may require.

 

“Loan Commitment”
means, with respect to each Bank, the sum of such Bank’s Ratable Loan Commitment, Term A-1 Loan Commitment and Term A-2 Loan
Commitment.

 

“Loan Documents”
means this Agreement, the Notes, the Disbursement Instruction Agreement, the Solvency Certificate and any Guaranty.

 

“Loan Party” means
Borrower and each Guarantor (if any).

 

“Mandatorily
Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms of such Equity
Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the
happening of any event or otherwise, (a) matures or is mandatorily redeemable (except as a result of a change of control or
asset sale so long as any rights of the holder thereof upon the occurrence of any such event shall be subject to the prior payment
in full of the Obligations and the termination of the Ratable Loan Commitments, Term A-1 Commitments and Term A-2 Commitments and
the termination or Cash Collateralization of all outstanding Letters of Credit), pursuant to a sinking fund obligation or otherwise
(other than an Equity Interest to the extent redeemable in exchange for stock that is not Mandatorily Redeemable Stock at the option
of the issuer of such Equity Interest), (b) is convertible into or exchangeable or exercisable for Debt or Mandatorily Redeemable
Stock, or (c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity Interest which
is redeemable solely in exchange for stock that is not Mandatorily Redeemable Stock and cash in lieu of fractional shares), in
the case of each of clauses (a), (b) and (c) above, on or prior to the latest occurring Maturity Date hereunder.

 

    	 	25	 

     

    

 

“Mandatory
Borrowing” has the meaning specified in Section 2.03(b)(3).

 

“Material
Adverse Change” means either (1) a material adverse change in the status of the business, results of operations, financial
condition, or property of General Partner, Borrower and their Subsidiaries taken as a whole or (2) any event or occurrence of whatever
nature which is likely to have a material adverse effect on the ability of Borrower and the other Loan Parties taken as a whole
to perform their obligations under the Loan Documents.

 

“Maturity
Date” means the Ratable Loan Maturity Date, the Term A-1 Loan Maturity Date or the Term A-2 Loan Maturity Date, individually
or collectively, as the context may require.

 

“Merrill
Lynch” means Merrill Lynch, Pierce, Fenner & Smith Incorporated.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Multiemployer
Plan” means a Plan defined as such in Section 3(37) of ERISA to which contributions have been or are required to be made
by Borrower or General Partner or any ERISA Affiliate and which is covered by Title IV of ERISA.

 

“Negative
Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan
Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Debt of
the Person owning such asset or any other Person (unless such prohibition does not apply to Liens securing the Obligations); provided,
however, that (i) an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more
specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance
of its assets, or the encumbrance of specific assets, (ii) an agreement relating to Unsecured Indebtedness containing restrictions
substantially similar to, or taken as a whole, not more restrictive than, the restrictions contained in the Loan Documents (as
determined by Borrower in good faith), (iii) Permitted Transfer Restrictions and (iv) Permitted Sale Restrictions, in each case,
shall not constitute a Negative Pledge.

 

“Net Equity
Value” means, at any time, the total assets of the applicable business less the total liabilities of such business less
the amounts attributable to the minority interest in such business, in each case as determined on a consolidated basis, in accordance
with GAAP, subject to the last sentence of the definition of Capitalization Value.

 

“Non-Consenting
Bank” means any Bank that does not approve any consent, approval, amendment or waiver that (a) requires the consent
of all Banks or all adversely affected Banks in accordance with the terms of Section 12.02 and (b) has been approved
by the Required Banks.

 

“Non-Extending
Lender” has the meaning specified in Section 2.20(b).

 

    	 	26	 

     

    

 

“Note”
and “Notes” have the respective meanings specified in Section 2.09.

 

“Notice of
Borrowing” means a notice substantially in the form of EXHIBIT K (or such other form reasonably acceptable to Administrative
Agent and containing the information required in the Exhibit) to be delivered to Administrative Agent pursuant to Section 2.04
evidencing Borrower’s request for the borrowing of any Loan.

 

“Obligations”
means each and every obligation, covenant and agreement of Borrower and each other Loan Party, now or hereafter existing, contained
in this Agreement, and any of the other Loan Documents, whether for principal, reimbursement obligations, interest, fees, expenses,
indemnities or otherwise, and any amendments or supplements thereto, extensions or renewals thereof or replacements therefor, including
but not limited to all indebtedness, obligations and liabilities of Borrower or another Loan Party to Administrative Agent and
any Bank now existing or hereafter incurred under or arising out of or in connection with the Notes, this Agreement, the other
Loan Documents, and any documents or instruments executed in connection therewith, in each case, whether direct or indirect, joint
or several, absolute or contingent, liquidated or unliquidated, now or hereafter existing, renewed or restructured, whether or
not from time to time decreased or extinguished and later increased, created or incurred, and including all indebtedness of Borrower
under any instrument now or hereafter evidencing or securing any of the foregoing.

 

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

 

“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such
Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan, Letter of Credit
or Loan Document).

 

“Other Investment”
means a Consolidated Business or UJV that does not own primarily Real Property Assets or publicly traded securities, including,
without limitation, those entities more particularly set forth on Schedule 2 attached
hereto.

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 3.07).

 

“Parent”
means, with respect to any Bank, any Person controlling such Bank.

 

“Parent Entity”
has the meaning specified in Section 7.04.

 

    	 	27	 

     

    

 

“Participant”
has the meaning specified in Section 12.05(d).

 

“Participant
Register” has the meaning specified in Section 12.05(d).

 

“Patriot Act”
has the meaning specified in Section 12.19.

 

“Payor”
has the meaning specified in Section 10.12.

 

“PBGC”
means the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA.

 

“Permitted
Sale Restrictions” means obligations, encumbrances or restrictions contained in any Real Property Business or Real Property
Asset sale agreement restricting the creation of Liens on, or the sale, transfer or other disposition of Equity Interests or property
that is subject to, such Real Property Business or Real Property Asset pending such sale; provided that the encumbrances
and restrictions apply only to the Subsidiary or assets that are subject to such Real Property Business or Real Property Asset.

 

“Permitted
Transfer Restrictions” means (a) reasonable and customary restrictions on transfer, mortgage liens, pledges and changes
in beneficial ownership arising under management agreements and ground leases entered into in the ordinary course of business (including
in connection with any acquisition or development of any applicable Real Property Asset, without regard to the transaction value),
including rights of first offer or refusal arising under such agreements and leases, in each case, that limit, but do not prohibit,
sale or mortgage transactions, (b) reasonable and customary obligations, encumbrances or restrictions contained in agreements not
constituting Debt entered into with limited partners or members of Borrower or of any other Subsidiary of General Partner imposing
obligations in respect of contingent obligations to make any tax “make whole” or similar payment arising out of the
sale or other transfer of assets reasonably related to such limited partners’ or members’ interest in Borrower or such
Subsidiary pursuant to “tax protection” or other similar agreements, and (c) customary major decision rights in favor
of partners or co-investors requiring approvals of transfers, mortgage liens, pledges and changes in beneficial ownership in the
ordinary course of business.

 

“Person”
means an individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture,
limited liability company, Governmental Authority or other entity of whatever nature.

 

“Plan”
means any employee benefit or other plan (other than a Multiemployer Plan) established or maintained, or to which contributions
have been or are required to be made, by Borrower or General Partner or any ERISA Affiliate and which is covered by Title IV of
ERISA or to which Section 412 of the Code applies.

 

“PNC Bank”
means PNC Bank, National Association.

 

    	 	28	 

     

    

 

“PNC Capital”
means PNC Capital Markets LLC.

 

“Prepayment
Premium” has the meaning specified in Section 2.10(b).

 

“presence”,
when used in connection with any Environmental Discharge or Hazardous Materials, means and includes presence, generation, manufacture,
installation, treatment, use, storage, handling, repair, encapsulation, disposal, transportation, spill, discharge and release.

 

“Prime Rate”
means, at any time, the rate of interest per annum publicly announced from time to time by the Bank then acting as Administrative
Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change
in such prime rate occurs. The parties hereto acknowledge that the rate announced publicly by the Bank acting as Administrative
Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers
or other banks.

 

“Principals”
means the trustees, executive officers and directors of Borrower (other than General Partner) or of General Partner at any applicable
time.

 

“Pro Rata
Share” means, with respect to each Bank, (a) with respect to Ratable Loans, LC Exposure or Swingline Exposure, a
fraction the numerator of which is such Ratable Loan Bank’s Ratable Loan Commitment and the denominator of which is the aggregate
Ratable Loan Commitments of all Ratable Loan Banks (or, if the Ratable Loan Commitments have terminated or reduced to zero, the
Pro Rata Share shall be determined based upon the Ratable Loan Commitments most recently in effect), (b) with respect to the
Term A-1 Loans, a fraction the numerator of which is such Term A-1 Bank’s Term A-1 Loan Commitment and the denominator of
which is the Total Term A-1 Loan Commitments (or, after advancing the Term A-1 Loans or if the Term A-1 Loan Commitments have terminated
or reduced to zero, a fraction the numerator of which is the principal amount of such Term A-1 Bank’s outstanding Term A-1
Loans and the denominator of which is the aggregate outstanding principal amount of the Term A-1 Loans of all Term A-1 Banks);
and (c) with respect to the Term A-2 Loans, a fraction the numerator of which is such Term A-2 Bank’s Term A-2 Loan
Commitment and the denominator of which is the Total Term A-2 Loan Commitments (or, after advancing the Term A-2 Loans or if the
Term A-2 Loan Commitments have terminated or reduced to zero, a fraction the numerator of which is the principal amount of such
Term A-2 Bank’s outstanding Term A-2 Loans and the denominator of which is the aggregate outstanding principal amount of
the Term A-2 Loans of all Term A-2 Banks); provided that, in each case, in the case of Section 12.20 when a Defaulting
Lender shall exist, “Pro Rata Share” shall disregard any Defaulting Lender’s Loan Commitment and outstanding
Loans.

 

“Prohibited
Transaction” means any transaction set forth in Section 406 of ERISA or Section 4975 of the Code.

 

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

 

    	 	29	 

     

    

 

“QI”
has the meaning given that term in the definition of “1031 Property”.

 

“Qualified
Institution” means a Bank, or one or more banks, finance companies, insurance or other financial institutions which (A)
has (or, in the case of a banking institution which is a subsidiary, such banking institution’s parent has) a rating of its
senior debt obligations of not less than BBB+ by S&P or Baal by Moody’s or a comparable rating by a rating agency reasonably
acceptable to Administrative Agent and (B) has (or, in the case of a banking institution which is a subsidiary, such banking institution’s
parent has) total assets in excess of Ten Billion Dollars ($10,000,000,000), but shall exclude any natural person (or a company,
investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof), any
Defaulting Lender and Borrower or any of its Affiliates.

 

“Ratable Credit
Exposure” means, with respect to any Ratable Loan Bank at any time, the sum of the outstanding principal amount of such
Ratable Loan Bank’s Ratable Loans, its LC Exposure and its Swingline Exposure at such time.

 

“Ratable Loan”
has the meaning specified in Section 2.01(b).

 

“Ratable Loan
Bank” means, as of any date of determination, each Bank that has a Ratable Loan Commitment or, if the Ratable Loan Commitments
have terminated or expired, a Bank that holds Ratable Loans, Swingline Exposure or LC Exposure.

 

“Ratable Loan
Commitment” means, with respect to each Bank, the obligation to make a Ratable Loan in the principal amount set forth
on Schedule 1 attached hereto and incorporated herein, as such amount may be reduced
or increased from time to time in accordance with the provisions of Section 2.16 (upon the execution of Assignment and Assumption
Agreements, the definition of Ratable Loan Commitment shall be deemed revised to reflect the assignment being effected pursuant
to each such Assignment and Assumption Agreement). The initial aggregate amount
of the Ratable Loan Banks’ Ratable Loan Commitments
on the Second Amendment Effective Date is $1,000,000,000.

 

“Ratable Loan
Maturity Date” means July 16, 2021, subject to extension pursuant to Section 2.18January
7, 2025.

 

“Ratable Loan
Note” has the meaning specified in Section 2.09.

 

“Rating Agency”
means S&P, Moody’s, Fitch or any other nationally recognized securities rating agency selected by Borrower and approved
by Administrative Agent in writing.

 

“Real
Property Asset” means an asset from which income is, or upon completion expected by Borrower to be, derived
predominantly from contractual rent payments under leases with unaffiliated third party tenants, hotel operations, tradeshow
operations or leasing commissions and management and development fees, and shall include those investments in mortgages and
mortgage participations owned by Borrower as to which Borrower has demonstrated to Administrative Agent, in Administrative
Agent’s reasonable discretion, that Borrower has control of the decision-making functions of management and leasing of
such mortgaged properties, has control of the economic benefits of such mortgaged properties, and holds the right to acquire
such mortgaged properties.

 

    	 	30	 

     

    

 

“Real Property
Business” means a Consolidated Business or UJV that is primarily engaged in the ownership, operation, leasing, management
or development of or investment in a Real Property Asset.

 

“Real Property
UJV” means a UJV that is a Real Property Business.

 

“Recipient”
means Administrative Agent, any Bank and any Fronting Bank, as applicable.

 

“Recourse”
means, with reference to any obligation or liability, any liability or obligation that is not Without Recourse to the obligor thereunder,
directly or indirectly. For purposes hereof, a Person shall not be deemed to be “indirectly” liable for the liabilities
or obligations of an obligor solely by reason of the fact that such Person has an ownership interest in such obligor, provided
that such Person is not otherwise legally liable, directly or indirectly, for such obligor’s liabilities or obligations (e.g.
by reason of a guaranty or contribution obligation, by operation of law or by reason of such Person being a general partner of
such obligor). A guaranty of Debt issued by Borrower or General Partner (as distinguished from a Subsidiary) shall be Recourse,
but a guaranty for completion of improvements in connection with Debt shall be deemed Without Recourse, unless and except to the
extent of a claim made under such guaranty that remains unpaid.

 

“Refinancing
Mortgage” has the meaning specified in Section 12.21.

 

“Regulation
D” means Regulation D of the Board of Governors of the Federal Reserve System, as the same may be amended or supplemented
from time to time, or any similar Law from time to time in effect.

 

“Regulation
U” means Regulation U of the Board of Governors of the Federal Reserve System, as the same may be amended or supplemented
from time to time, or any similar Law from time to time in effect.

 

“Regulatory
Change” means the occurrence after the date of this Agreement or, with respect to any Bank, such later date on
which such Bank becomes a party to this Agreement, of (a) the adoption of or taking effect of any law, rule, regulation or
treaty, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any
Governmental Authority or (c) compliance by any Bank or any Fronting Bank (or, for purposes of Section 3.06, by any lending
office of such Bank or by such Bank's or such Fronting Bank's holding company, if any) with any request, guideline or
directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this
Agreement; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and
(y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in
each case pursuant to Basel III, shall be deemed to be a “Regulatory Change,” regardless of the date enacted,
adopted or issued, provided, however, that if the applicable Bank shall have implemented changes prior to the Escrow Date in
response to any such requests, rules, guidelines or directives, then the same shall not be deemed to be a Regulatory Change
with respect to such Bank.

 

    	 	31	 

     

    

 

“Reimbursement
Obligation” means the absolute, unconditional and irrevocable obligation of Borrower to reimburse the applicable Fronting
Bank for any drawing honored by such Fronting Bank under a Letter of Credit.

 

“REIT”
means a “real estate investment trust,” as such term is defined in Section 856 of the Code.

 

“Related Party
Transaction Policy” means that certain Related Party Transaction Policy adopted by the Board of Trustees of General Partner
on or prior to the Closing Date, in the form provided to Administrative Agent and the Banks on or prior to the Escrow Date.

 

“Relevant
Documents” has the meaning specified in Section 11.02.

 

“Replacement
Bank” has the meaning specified in Section 3.07.

 

“Replacement
Notice” has the meaning specified in Section 3.07.

 

“Replacement
Rate” has the meaning given that term in Section 3.02(ii).

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty
(30) day notice period is waived by the PBGC.

 

“Requested
Extension Date” has the meaning specified in Section 2.20(a).

 

“Required
Banks” means at any time Banks having Credit Exposures and unused Loan Commitments representing at least 51% of
the sum of the Ratable Loan Commitments, the unused Term Loan Commitments and the aggregate unpaid principal amount of the
Term Loans at such time (excluding, however, any Defaulting Lender); provided, however, that if the Loan
Commitments shall have been terminated or reduced to zero, the “Required Banks” shall be the Banks holding at
least 51% of the then aggregate unpaid principal amount of the Loans (excluding, however, any Defaulting Lender); and provided, further
that in the case of Swingline Loans, the amount of each Ratable Loan Bank’s funded participation interest in such
Swingline Loans shall be considered for purposes hereof as if it were a direct Ratable Loan and not a participation interest,
and the aggregate amount of Swingline Loans owing to a Swingline Lender shall be considered for purposes hereof as reduced by
the amount of such funded participation interests.

 

    	 	32	 

     

    

 

“Required
Payment” has the meaning set forth in Section 10.12.

 

“Required
Ratable Loan Banks” means, as of any date, Ratable Loan Banks having at least 51% of the aggregate amount of the Ratable
Loan Commitments (excluding, however, any Defaulting Lender); provided, however, that if the Ratable Loan Commitments
have been terminated or reduced to zero, the “Required Ratable Loan Banks” shall be the Ratable Loan Banks holding
at least 51% of the Ratable Credit Exposure of all Ratable Loan Banks (excluding, however, any Defaulting Lender); provided,
further, that in the case of Swingline Loans, the amount of each Ratable Loan Bank’s funded participation interest
in such Swingline Loans shall be considered for purposes hereof as if it were a direct Ratable Loan and not a participation interest,
and the aggregate amount of Swingline Loans owing to a Swingline Lender shall be considered for purposes hereof as reduced by the
amount of such funded participation interests.

 

“Required
Term A-1 Loan Banks” means, as of any date, Term A-1 Banks having at least 51% of the sum of (a) the aggregate amount
of the unused Total Term A-1 Loan Commitments plus (b) the aggregate outstanding principal amount of the Term A-1 Loans; provided,
however, that if the Term A-1 Loan Commitments have been terminated or reduced to zero, the “Required Term A-1 Loan
Banks” shall be the Term A-1 Banks holding at least 51% of the aggregate outstanding principal amount of the Term A-1 Loans
(excluding, however, any Defaulting Lender).

 

“Required
Term A-2 Loan Banks” means, as of any date, Term A-2 Banks having at least 51% of the sum of (a) the aggregate amount
of the unused Total Term A-2 Loan Commitments plus (b) the aggregate outstanding principal amount of the Term A-2 Loans; provided,
however, that if the Term A-2 Loan Commitments have been terminated or reduced to zero, the “Required Term A-2 Loan
Banks” shall be the Term A-2 Banks holding at least 51% of the aggregate outstanding principal amount of the Term A-2 Loans
(excluding, however, any Defaulting Lender).

 

“Responsible
Officer” means the chief executive officer, chief financial officer or chief accounting officer of General Partner.

 

“Restricted
Payment” means (1) any dividend or other distribution, direct or indirect, on account of any Equity Interest of
Borrower or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in shares of that class of Equity
Interests to the holders of that class; (2) any redemption, conversion, exchange, retirement, sinking fund or similar payment,
purchase or other acquisition for value, direct or indirect, of any Equity Interests of Borrower or any of its Subsidiaries now
or hereafter outstanding; and (3) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options
or other rights to acquire any Equity Interests of Borrower or any of its Subsidiaries now or hereafter outstanding.

 

    	 	33	 

     

    

 

“Sanctioned
Country” means, at any time, a country, territory or region which is itself the subject or target of any Sanctions.

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained
by any Governmental Authority of the United States of America, including without limitation, OFAC or the U.S. Department of State,
or by the United Nations Security Council, Her Majesty’s Treasury, the European Union or any other Governmental Authority,
(b) any Person located, organized or resident in a Sanctioned Country, (c) an agency of the government of a Sanctioned
Country or (d) any Person Controlled by any Person or agencyagencies
described in any of the preceding clauses (a) through (c). For purposes of this definition, “Controlled” means
the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise.

 

“Sanctions”
means any sanctions or trade embargoes imposed, administered or enforced by any Governmental Authority of the United States of
America, including without limitation, OFAC or the U.S. Department of State, or by the United Nations Security Council, Her Majesty’s
Treasury, the European Union or any other Governmental Authority.

 

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

 

“SEC Reports”
means the reports required to be delivered to the SEC pursuant to the Securities Exchange Act of 1934, as amended.

 

“Second
Amendment Effective Date” means January 7, 2020.

 

“Secured Indebtedness”
means, at any time, that portion of Total Outstanding Indebtedness that is not Unsecured Indebtedness.

 

“Secured Indebtedness
Adjustment” has the meaning set forth in Section 8.05.

 

“Solvency
Certificate” means a certificate in substantially the form of EXHIBIT D, to be delivered by Borrower pursuant to the
terms of this Agreement.

 

“Solvent”
means, when used with respect to any Person, that (1) the fair value of the property of such Person, on a going concern
basis, is greater than the total amount of liabilities (including, without limitation, contingent liabilities) of such
Person; (2) the present fair saleable value of the assets of such Person, on a going concern basis, is not less than the
amount that will be required to pay the probable liabilities of such Person on its debts as they become absolute and matured;
(3) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s
ability to pay as such debts and liabilities mature; (4) such Person is not engaged in business or a transaction, and is not
about to engage in business or a transaction, for which such Person’s property would constitute unreasonably small
capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged; and (5)
such Person has sufficient resources, provided that such resources are prudently utilized, to satisfy all of such
Person’s obligations. Contingent liabilities will be computed at the amount that, in light of all the facts and
circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured
liability.

 

    	 	34	 

     

    

 

“Specified
Cash Management Agreement” means any Cash Management Agreement that is made or entered into at any time, or in effect
at any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between or among any Loan Party and
any Specified Cash Management Bank, and which was not prohibited by any of the Loan Documents when made or entered into.

 

“Specified
Cash Management Bank” means any Person that (a) at the time it enters into a Cash Management Agreement with a Loan Party,
is a Bank or an Affiliate of a Bank or (b) at the time it (or its Affiliate) becomes a Bank (including on the Closing Date), is
a party to a Cash Management Agreement with a Loan Party, in each case in its capacity as a party to such Cash Management Agreement.

 

“Specified
Derivatives Contract” means any Derivatives Contract that is made or entered into at any time, or in effect at any time
now or hereafter, whether as a result of an assignment or transfer or otherwise, between or among any Loan Party and any Specified
Derivatives Provider, and which was not prohibited by any of the Loan Documents when made or entered into.

 

“Specified
Derivatives Obligations” means all indebtedness, liabilities, obligations, covenants and duties of a Loan Party under
or in respect of any Specified Derivatives Contract, whether direct or indirect, absolute or contingent, due or not due, liquidated
or unliquidated, and whether or not evidenced by any written confirmation.

 

“Specified
Derivatives Provider” means any Person that (a) at the time it enters into a Specified Derivatives Contract with a Loan
Party, is a Bank or an Affiliate of a Bank or (b) at the time it (or its Affiliate) becomes a Bank (including on the Closing Date),
is a party to a Specified Derivatives Contract with a Loan Party, in each case in its capacity as a party to such Specified Derivatives
Contract.

 

“S&P”
means Standard & Poor’s Ratings Services, a division of McGraw-Hill Financial, Inc.

 

“Subsidiary”
means, with respect to any Person, a corporation, partnership, joint venture, limited liability company or other entity,
fifty percent (50%) or more of the outstanding voting stock, partnership interests or membership interests, as the case may
be, of which are owned, directly or indirectly, by that Person or by one or more other Subsidiaries of that Person and over
which that Person or one or more other Subsidiaries of that Person exercise sole control. For the purposes of this
definition, “voting stock” means stock having voting power for the election of directors or trustees, as the case
may be, whether at all times or only so long as no senior class of stock has voting power for the election of directors or
trustees by reason of any contingency, and “control” means the power to direct the management and policies of a
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise.

 

    	 	35	 

     

    

 

“Swap Obligation”
means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

“Swingline
Commitment” has the meaning specified in Section 2.03(a).

 

“Swingline
Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline
Exposure of any Ratable Loan Bank at any time shall be the sum of (a) its Pro Rata Share of the total Swingline Exposure at such
time other than with respect to any Swingline Loans made by such Ratable Loan Bank in its capacity as a Swingline Lender and (b)
the aggregate principal amount of all Swingline Loans made by such Ratable Loan Bank as a Swingline Lender outstanding at such
time (less the amount of participations funded by the other Ratable Loan Banks in such Swingline Loans).

 

“Swingline
Lenders” means Wells Fargo, Bank of America, JPMorgan, Capital One, PNC Bank and Citizens, each in their capacity as
Swingline Lenders hereunder, and their permitted successors in such capacity in accordance with the terms of this Agreement. When
used herein, “Swingline Lender” shall mean the applicable Swingline Lender, each Swingline Lender, any Swingline Lender
or all of the Swingline Lenders, as the context may require.

 

“Swingline
Loan” has the meaning set forth in Section 2.03(a).

 

“Syndication
Agents” means (x) with respect to the Ratable Loans and the Term A-1 Loans, Bank of America and JPMorgan and (y) with
respect to the Term A-2 Loans, Capital One, PNC Bank and Citizens.

 

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

 

“Term A-1
Bank” means, as of any date of determination, each Bank having a Term A-1 Loan Commitment or that holds Term A-1 Loans.

 

“Term A-1
Loan” has the meaning specified in Section 2.01(d).

 

“Term A-1
Loan Availability Period” means the period commencing on the Closing Date to and including the Final Term A-1 Loan Availability
Date.

 

“Term
A-1 Loan Commitment” means, with respect to each Bank, the obligation to make a Term A-1 Loan in the principal
amount set forth in Schedule 1 attached hereto and incorporated herein,
as such amount may be reduced or increased from time to time in accordance with the provisions of Section 2.16 (upon the
execution of Assignment and Assumption Agreements, the definition of Loan Commitment shall be deemed revised to reflect the
assignment being effected pursuant to each such Assignment and Assumption Agreement).

 

    	 	36	 

     

    

 

“Term A-1
Loan Maturity Date” means January 18, 2023.

 

“Term A-2
Bank” means, as of any date of determination, each bank having a Term A-2 Loan Commitment or that holds Term A-2 Loans.

 

“Term A-2
Loan” has the meaning specified in Section 2.01(d).

 

“Term A-2
Loan Availability Period” means the period commencing on the Closing Date to and including the Final Term A-2 Loan Availability
Date.

 

“Term A-2
Loan Commitment” means, with respect to each Bank, the obligation to make a Term A-2 Loan in the principal amount set
forth in Schedule 1 attached hereto and incorporated herein, as such amount
may be reduced or increased from time to time in accordance with the provisions of Section 2.16 (upon the execution of Assignment
and Assumption Agreements, the definition of Loan Commitment shall be deemed revised to reflect the assignment being effected pursuant
to each such Assignment and Assumption Agreement).

 

“Term A-2
Loan Maturity Date” means July 18, 2024.

 

“Term Loan
Bank” means a Term A-1 Bank or a Term A-2 Bank or both, as the context requires.

 

“Term Loan
Commitment” means, with respect to each Bank, an amount equal to the aggregate amount of such Bank’s Term A-1 Loan
Commitment and Term A-2 Loan Commitment.

 

“Term Loan
Note” has the meaning specified in Section 2.09.

 

“Term Loans”
means, with respect to each Bank, collectively, its Term A-1 Loans and Term A-2 Loans.

 

“Total Ratable
Credit Exposure” means the sum of the outstanding principal amount of all Ratable Loan Banks’ Ratable Loans, their
LC Exposure and their Swingline Exposure at such time.

 

“Total Term
A-1 Loan Commitment” means an amount equal to the aggregate amount of all Term A-1 Loan Commitments. The initial Total
Term A-1 Loan Commitment is $200,000,000.

 

“Total Term
A-2 Loan Commitment” means an amount equal to the aggregate amount of all Term A-2 Loan Commitments. The initial Total
Term A-1 Loan Commitment is $200,000,000.

 

    	 	37	 

     

    

 

 

“Total Outstanding
Indebtedness” means, at any time, without duplication, the sum of Debt of Borrower, Borrower’s Pro Rata Share of
Debt in respect of Consolidated Businesses, and any Debt of UJVs to the extent Recourse to Borrower, as determined on a consolidated
basis in accordance with GAAP.

 

“UJVs”
means, at any time, (1) investments of Borrower that are accounted for under the equity method in the most recent General Partner’s
Consolidated Financial Statements prepared in accordance with GAAP and (2) investments of Borrower in which Borrower owns less
than 50% of the Equity Interests and that are consolidated in the most recent General Partner’s Consolidated Financial Statements
prepared in accordance with GAAP.

 

“Unencumbered
Assets” means, collectively, assets, reflected in the most recent General Partner’s Consolidated Financial
Statements, owned in whole or in part, directly or indirectly, by Borrower and not subject to any Lien to secure all or any
portion of Secured Indebtedness or to any Negative Pledge, and assets of Consolidated Businesses and UJVs which are not
subject to any Lien to secure all or any portion of Secured Indebtedness or to any Negative Pledge. Notwithstanding the
foregoing, a 1031 Property may constitute an Unencumbered Asset so long as: (I) such Real Property Asset is owned in fee
simple by, or is subject to a ground lease to, the applicable EAT (or a combination of such fee simple ownership and being
subject to a ground lease); (II) such Real Property Asset is located in the United States; (III) Borrower or a Wholly Owned
Subsidiary thereof (a) leases such 1031 Property from the applicable EAT (or Wholly Owned Subsidiary thereof, as applicable)
and (b) manages such 1031 Property or such Real Property Asset is subject to a third-party management agreement, as
applicable; (IV) Borrower or a Wholly Owned Subsidiary or Subsidiaries thereof is obligated to purchase such 1031 Property
(or Wholly Owned Subsidiary or Subsidiaries of the applicable EAT that owns such 1031 Property) from the applicable EAT (or
such Wholly Owned Subsidiary or Subsidiaries of the EAT, as applicable) (other than in circumstances where the 1031 Property
is disposed of by Borrower or any Subsidiary); (V) the applicable EAT is obligated to transfer such 1031 Property (or its
Wholly Owned Subsidiary or Subsidiaries that owns such 1031 Property, as applicable) to Borrower or a Wholly Owned Subsidiary
thereof, directly or indirectly (including through a QI); (VI) the applicable EAT (or Wholly Owned Subsidiary or Subsidiaries
thereof that owns such 1031 Property, as applicable) acquired such 1031 Property with the proceeds of a loan made by Borrower
or a Wholly Owned Subsidiary which loan is secured either by a mortgage on such 1031 Property and/or a pledge of all of the
Equity Interests of the applicable Wholly Owned Subsidiary or Subsidiaries of an EAT that owns such 1031 Property, as
applicable; and (VII) neither such 1031 Property nor, if such Real Property Asset is owned or leased by a Subsidiary, any of
Borrower’s direct or indirect ownership interests in such Subsidiary, is subject to any liens, claims, or
restrictions on transferability or assignability of any kind other than (A) pursuant to Permitted Transfer Restrictions or
Permitted Sale Restrictions or as permitted pursuant to clause (V) above, (B) the Lien of any mortgage or pledge referred to
in the preceding clause (VI), or (C) a Negative Pledge binding on the EAT in favor of Borrower or a Wholly Owned Subsidiary.
In no event shall a 1031 Property qualify as an Unencumbered Asset for a period in excess of 180 days after the date the
applicable EAT (or Wholly Owned Subsidiary or Subsidiaries thereof, as applicable) acquired ownership of such Real Property
Asset (or, if such 180 day period is subject to extension under the Code (including any Treasury Regulations), then such
period as extended).

 

    38

     

    

 

“Unencumbered
Combined EBITDA” means that portion of Combined EBITDA attributable to Unencumbered Assets; provided that Unencumbered
Combined EBITDA shall include only general and administrative expenses that are attributable to the management and operation of
the Unencumbered Assets in accordance with GAAP and shall not include any corporate general and administrative expenses of Borrower,
General Partner, Consolidated Businesses or UJVs (e.g., salaries of corporate officers).

 

“Unfunded
Current Liability” of any Plan means the amount, if any, by which the actuarial present value of accumulated plan benefits
as of the close of its most recent plan year, based upon the actuarial assumptions used by such Plan’s actuary in the most
recent annual valuation of such Plan, exceeds the fair market value of the assets allocable thereto, determined in accordance with
Section 412 of the Code.

 

“Unrestricted
Cash and Cash Equivalents” means Cash or Cash Equivalents owned by Borrower, and Borrower’s Pro Rata Share of any
Cash or Cash Equivalents owned by any Consolidated Businesses or UJV, that are not subject to any pledge, lien or control agreement,
less amounts placed with third parties as deposits or security for contractual obligations; provided, that Unrestricted
Cash and Cash Equivalents shall (a) not exclude Cash and Cash Equivalents subject to customary rights of set-off and statutory
or common law provisions relating to bankers’ liens, and (b) include Cash and Cash Equivalents representing the proceeds
from the sale of an asset (the “Disposed Asset”; it being understood that no Disposed Asset shall constitute
a Real Property Asset from and after the date of such sale), which proceeds have been escrowed for a period not in excess of 180
days in anticipation of the acquisition of a 1031 Property, net of related tax obligations for the cancellation of such acquisition
and transaction costs and expenses related thereto; provided that to the extent the amount of Unrestricted Cash and Cash
Equivalents attributable to this clause (b) shall exceed 50% of the aggregate Unrestricted Cash and Cash Equivalents, such excess
shall be excluded.

 

“Unsecured
Indebtedness” means, at any time, Total Outstanding Indebtedness that is not secured by a lien (except any Refinancing
Mortgage) on assets of Borrower, a Consolidated Business or a UJV, as the case may be.

 

“Unsecured
Indebtedness Adjustment” has the meaning set forth in Section 8.04.

 

“Unsecured
Indebtedness Subsidiary” means any Subsidiary of Borrower that is a borrower or a guarantor, or otherwise has a
payment obligation in respect of, any Unsecured Indebtedness (other than (a) subordinated intercompany IndebtednessDebt owing
to General Partner, (b) intercompany IndebtednessDebt between
or among any of Borrower and its Subsidiaries, and (c) IndebtednessDebt of
any non-Wholly Owned Subsidiary the incurrence of which was not subject to the Control or affirmative consent of Borrower or
any of its Subsidiaries; provided, however, that any non-Wholly Owned Subsidiary of Borrower that guarantees Unsecured
Indebtedness of General Partner or any Wholly Owned Subsidiary as described in this definition shall be an
Unsecured Indebtedness Subsidiary).

 

    39

     

    

 

“Unsecured
Interest Expense” means, for any quarter, Borrower’s Pro Rata Share of Interest Expense attributable to Total Outstanding
Indebtedness constituting Unsecured Indebtedness.

 

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

 

“U.S. Tax
Compliance Certificate” has the meaning assigned to such term in Section 10.13(f)(ii)(B)(3).

 

“Wells Fargo”
means Wells Fargo Bank, National Association.

 

“Wells Fargo
Securities” means Wells Fargo Securities LLC.

 

“Wholly Owned
Subsidiary” means any Subsidiary of a Person in respect of which all of the Equity Interests (other than (x) in the case
of a corporation, directors’ qualifying shares and (y) solely for purposes of Section 9.01(16), in the case of a Subsidiary
which is qualified as a real estate investment trust, Equity Interests issued to not more than 125 separate Persons solely in order
to satisfy the requirements for such qualification) are at the time directly or indirectly owned or controlled by such Person or
one or more other Subsidiaries of such Person or by such Person and one or more other Subsidiaries of such Person.

 

“Withholding
Agent” means any Loan Party and Administrative Agent.

 

“Without Recourse”
means, with reference to any obligation or liability, any obligation or liability for which the obligor thereunder is not liable
or obligated other than as to its interest in a designated asset or assets only, subject to such exceptions to the non-recourse
nature of such obligation or liability (such as, but not limited to, fraud, misappropriation, misapplication and environmental
indemnities), as are usual and customary in like transactions involving institutional lenders at the time of the incurrence of
such obligation or liability, and including any guaranty for completion of improvements in connection with Debt, unless and except
to the extent of a claim made under such guaranty that remains unpaid.

 

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

SECTION 1.02. Accounting
Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP, and, except as
otherwise provided herein, all financial data required to be delivered hereunder shall be prepared in accordance with
GAAP.

 

    40

     

    

 

SECTION 1.03. Computation
of Time Periods. Except as otherwise provided herein, in this Agreement, in the computation of periods of time from a specified
date to a later specified date, the word “from” means “from and including” and words “to” and
 “until” each means “to but excluding”.

 

SECTION 1.04. Rules
of Construction. When used in this Agreement: (1) “or” is not exclusive; (2) a reference to a Law includes any
amendment or modification to such Law; (3) a reference to a Person includes its permitted successors and permitted assigns; (4)
except as provided otherwise, all references to the singular shall include the plural and vice versa; (5) except
as provided in this Agreement, a reference to an agreement, instrument or document shall include such agreement, instrument or
document as the same may be amended, modified or supplemented from time to time in accordance with its terms and as permitted
by the Loan Documents; (6) all references to Articles, Sections, Schedules and Exhibits shall be to Articles, Sections, Schedules
and Exhibits of this Agreement unless otherwise indicated; (7) all Exhibits to this Agreement shall be incorporated into this
Agreement; and (8) unless explicitly set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of
Borrower or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means an Affiliate of Borrower. Titles
and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience only, and neither limit nor
amplify the provisions of this Agreement. Unless otherwise indicated, (a) all references to time are references to New York City
time and (b) when any date specified herein as the due date for a payment, notice or other deliverable is not a Banking Day, such
due date shall be extended to the next following Banking Day.

 

SECTION 1.05. Financial
Covenant Calculations. The calculation of liabilities shall not include any fair value adjustments to the carrying value of
liabilities to record such liabilities at fair value pursuant to electing the fair value option election under FASB ASC 825-10-25
(formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards
allowing entities to elect fair value option for financial liabilities. Therefore, the amount of liabilities shall be the historical
cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any premium or discount. Notwithstanding
anything in this Agreement to the contrary, the financial covenants shall ignore the adoption of ASU 2016-02 such that Capital
Leases shall specifically exclude any operating leases under GAAP as in effect on the Escrow Date and upon the adoption of ASU
2016-02.

 

SECTION
1.06. Rounding.  Any financial ratios required to be maintained by
the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying
the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down
to the nearest number (with a rounding-up if there is no nearest number).

 

    41

     

    

 

ARTICLE II

 

THE LOANS

 

SECTION 2.01. Ratable
Loans; Bid Rate Loans; Term Loans. (a) Subject to the terms and conditions of this Agreement, each Bank, severally and not
jointly, agrees to make loans to Borrower as provided in this Article II. Each Loan of each Bank shall be maintained at such Bank’s
Applicable Lending Office.

 

(b)           Each of the Ratable Loan Banks severally agrees to make loans to Borrower in Dollars (each such loan by a Ratable Loan Bank,
a “Ratable Loan”) from time to time in an aggregate principal amount that will not result in (i) the amount
of such Ratable Loan Bank’s Ratable Credit Exposure exceeding such Ratable Loan Bank’s Ratable Loan Commitment or (ii)
the Total Ratable Credit Exposure plus the aggregate outstanding principal amount of all Bid Rate Loans exceeding the aggregate
amount of the Ratable Loan Commitments. Within the limits set forth herein, Borrower may borrow from time to time under this paragraph
(b) and prepay from time to time pursuant to Section 2.10 (subject, however, to the restrictions on prepayment set forth in said
Section), and thereafter reborrow pursuant to this paragraph (b). The Ratable Loans may be outstanding as: (1) Base Rate Loans;
(2) LIBOR Loans; or (3) a combination of the foregoing, as Borrower shall elect and notify Administrative Agent in accordance with
Section 2.14.

 

(c)           So
long as Borrower has an Investment Grade Rating, one or more Ratable Loan Banks may, at Borrower’s request and in their
sole discretion, make non-ratable loans in Dollars which shall bear interest at the LIBOR Bid Rate in accordance with Section
2.02 (such loans being referred to in this Agreement as “Bid Rate Loans”). Borrower may borrow Bid Rate Loans
from time to time pursuant to this paragraph (c) in an amount up to fifty percent (50%) of the aggregate Ratable Loan Commitments
at the time of the borrowing (taking into account any repayments of the Ratable Loans made simultaneously therewith) (the “Bid
Borrowing Limit”), provided that at no time shall the sum of the Total Ratable Credit Exposure plus the aggregate outstanding
principal amount of all Bid Rate Loans exceed the aggregate amount of the Ratable Loan Commitments, and shall repay such Bid Rate
Loans as required by Section 2.09, and it may thereafter reborrow pursuant to this paragraph (c) or paragraph (b) above; provided,
however, that the aggregate outstanding principal amount of Bid Rate Loans at any particular time shall not exceed the
Bid Borrowing Limit.

 

(d)           Each
of the Term A-1 Banks severally agrees to make loans to Borrower in Dollars (each such loan by a Term A-1 Bank, a
 “Term A-1 Loan”), during the Term A-1 Loan Availability Period, in an aggregate amount not to exceed its
Term A-1 Loan Commitment; provided, that (x) to the extent that Term A-1 Loans in an aggregate principal amount equal
to $50,000,000 (the “Term A-1 Incremental Amount”) shall not have been made on the Closing Date, the Total
Term A-1 Term Loan Commitments shall be automatically terminated at 5:00 p.m. (New York Time) ratably among the Term A-1
Banks on the Closing Date in an amount equal to the excess of the Term A-1 Incremental Amount over the actual amount of Term
A-1 Loans made on the Closing Date, (y) to the extent that Term A-1 Loans (exclusive of Term A-1 Loans subject to clause (x))
in an aggregate principal amount equal to the Term A-1 Incremental Amount shall not have been made during the period
commencing on the Closing Date through and including January 18, 2018 (the “Second Term A-1 Commitment Termination
Date”), the Total Term A-1 Term Loan Commitments shall be automatically terminated at 5:00 p.m. (New York Time)
ratably among the Term A-1 Banks on the Second Term A-1 Commitment Termination Date in an amount equal to the excess of the
Term A-1 Incremental Amount over the actual amount of Term A-1 Loans (exclusive of Term A-1 Loans subject to clause (x)) made
during the period commencing on the Closing Date through and including the Second Term A-1 Commitment Termination Date and
(z) the remaining unused Total Term A-1 Loan Commitments shall automatically terminate at 5:00 p.m. (New York time) on
the Final Term A-1 Loan Availability Date. Each of the Term A-2 Banks severally agrees to make loans to Borrower in Dollars
(each such loan by a Term A-2 Bank, a “Term A-2 Loan”), during the Term A-2 Loan Availability Period, in
an aggregate amount not to exceed its Term A-2 Loan Commitment. Unused Total Term A-2 Loan Commitments shall terminate at
5:00 p.m. (New York time) on the Final Term A-2 Loan Availability Date. Amounts repaid or prepaid in respect of the Term
Loans may not be reborrowed.

 

    42

     

    

 

(e)           The
obligations of the Banks under this Agreement are several, and no Bank shall be responsible for the failure of any other Bank
to make any advance of a Loan to be made by such other Bank. However, the failure of any Bank to make any advance of each Loan
to be made by it hereunder on the date specified therefor shall not relieve any other Bank of its obligation to make any advance
of its Loans specified hereby to be made on such date.

 

SECTION 2.02. Bid
Rate Loans. (a) So long as Borrower has an Investment Grade Rating and wishes to request offers from the Ratable Loan Banks
to make Bid Rate Loans, it shall transmit to Administrative Agent by facsimile a request (a “Bid Rate Quote Request”)
substantially in the form of EXHIBIT G-1 so as to be received not later than 10:30 a.m. (New York time) on the fourth Banking Day
prior to the date for funding of the Bid Rate Loan(s) proposed therein, specifying:

 

(1)           the proposed date of funding of such Bid Rate Loan(s), which shall be a Banking Day;

 

(2)           the
aggregate amount of the Bid Rate Loans requested, which shall be at least Five Million Dollars ($5,000,000) and an integral multiple
of One Million Dollars ($1,000,000);

 

(3)           the
prepayment terms of such Bid Rate Loan(s), which, if not specified, shall have the same prepayment terms as Ratable Loans; and

 

(4)           the
duration of the Interest Period(s) applicable thereto, subject to the provisions of the definition of “Interest Period”
in Section 1.01.

 

    43

     

    

 

Borrower may request offers to make Bid
Rate Loans for more than one (1) Interest Period in a single Bid Rate Quote Request. No Bid Rate Quote Request may be submitted
by Borrower sooner than seven (7) calendar days after the submission of any other Bid Rate Quote Request.

 

(b)           Promptly
upon receipt of a Bid Rate Quote Request, Administrative Agent shall send to the Ratable Loan Banks by facsimile an invitation
(an “Invitation for Bid Rate Quotes”) substantially in the form of EXHIBIT G-2, which shall constitute an invitation
by Borrower to the Ratable Loan Banks to submit Bid Rate Quotes offering to make Bid Rate Loans to which such Bid Rate Quote Request
relates in accordance with this Section 2.02.

 

(c)            (1)           Each
Ratable Loan Bank may submit a Bid Rate Quote containing an offer or offers to make Bid Rate Loans in response to any Invitation
for Bid Rate Quotes. Each Bid Rate Quote must comply with the requirements of this paragraph (c) and must be submitted to Administrative
Agent by facsimile not later than 10:00 a.m. (New York time) on the third Banking Day prior to the proposed date of the Bid Rate
Loan(s); provided that Bid Rate Quotes submitted by the Ratable Loan Bank serving as Administrative Agent (or any Affiliate
of the Bank serving as Administrative Agent) in its capacity as a Ratable Loan Bank may be submitted, and may only be submitted,
if the Ratable Loan Bank serving as Administrative Agent or such Affiliate notifies Borrower of the terms of the offer or offers
contained therein not later than fifteen (15) minutes prior to the deadline for the other Ratable Loan Banks. Any Bid Rate Quote
so made shall (subject to Borrower’s satisfaction of the conditions precedent set forth in this Agreement to its entitlement
to an advance) be irrevocable except with the written consent of Administrative Agent given on the instructions of Borrower. Bid
Rate Loans to be funded pursuant to a Bid Rate Quote may, as provided in Section 12.16, be funded by a Ratable Loan Bank’s
Designated Lender. A Ratable Loan Bank making a Bid Rate Quote shall specify in its Bid Rate Quote whether the related Bid Rate
Loans are intended to be funded by such Ratable Loan Bank’s Designated Lender, as provided in Section 12.16.

 

(2)           Each
Bid Rate Quote shall be in substantially the form of EXHIBIT G-3 and shall in any case specify:

 

(ii)           the
proposed date of funding of the Bid Rate Loan(s);

 

(iii)          the
principal amount of the Bid Rate Loan(s) for which each such offer is being made, which principal amount (w) may be greater than
or less than the applicable Ratable Loan Commitment of the quoting Ratable Loan Bank, (x) must be in the aggregate at least Five
Million Dollars ($5,000,000) and an integral multiple of One Hundred Thousand Dollars ($100,000), (y) may not exceed the principal
amount of Bid Rate Loans for which offers were requested and (z) may be subject to an aggregate limitation as to the principal
amount of Bid Rate Loans for which offers being made by such quoting Ratable Loan Bank may be accepted;

 

    44

     

    

 

(iv)          the
margin above or below the applicable LIBOR Interest Rate (the “LIBOR Bid Margin”) offered for each such Bid
Rate Loan, expressed as a percentage per annum (specified to the nearest 1/1,000th of 1%) to be added to (or subtracted from)
the applicable LIBOR Interest Rate;

 

(v)           the
applicable Interest Period; and

 

(vi)          the
identity of the quoting Ratable Loan Bank.

 

A Bid Rate Quote may set forth up to five
(5) separate offers by the quoting Ratable Loan Bank with respect to each Interest Period specified in the related Invitation for
Bid Rate Quotes.

 

(3)           Any
Bid Rate Quote shall be disregarded if it:

 

(vii)         is
not substantially in conformity with EXHIBIT G-3 or does not specify all of the information required by sub-paragraph (c)(2) above;

 

(viii)        contains
qualifying, conditional or similar language (except for an aggregate limitation as provided in subparagraph (c)(2)(ii)(z) above);

 

(ix)          proposes
terms other than or in addition to those set forth in the applicable Invitation for Bid Rate Quotes (except for an aggregate limitation
as provided in subparagraph (c)(2)(ii)(z) above); or

 

(x)           arrives after the time set forth in sub-paragraph (c)(1) above.

 

(d)           Administrative
Agent shall no later than 10:15 a.m. (New York City time) on the third Banking Day prior to the proposed date for the requested
Bid Rate Loan notify Borrower in writing of the terms of any Bid Rate Quote submitted by a Ratable Loan Bank that is in accordance
with paragraph (c). Any subsequent Bid Rate Quote shall be disregarded by Administrative Agent unless such subsequent Bid Rate
Quote is submitted solely to correct a manifest error in such former Bid Rate Quote. Administrative Agent’s notice to Borrower
shall specify (A) the aggregate principal amount of Bid Rate Loans for which offers have been received for each Interest Period
specified in the related Bid Rate Quote Request, (B) the respective principal amounts and LIBOR Bid Margins so offered and (C)
if applicable, limitations on the aggregate principal amount of Bid Rate Loans for which offers in any single Bid Rate Quote may
be accepted.

 

(e)           Not
later than 11:00 a.m. (New York time) on the third Banking Day prior to the proposed date of funding of the Bid Rate Loan,
Borrower shall notify Administrative Agent of its acceptance or non-acceptance of the offers so notified to it pursuant to
paragraph (d). A notice of acceptance shall be substantially in the form of EXHIBIT G-4 and shall specify the aggregate
principal amount of offers for each Interest Period that are accepted. Borrower may accept any Bid Rate Quote in whole or in
part; provided that:

 

    45

     

    

 

(1)           the
principal amount of each Bid Rate Loan may not exceed the applicable amount set forth in the related Bid Rate Quote Request or
be less than Five Million Dollars ($5,000,000) and shall be an integral multiple of One Hundred Thousand Dollars ($100,000);

 

(2)           acceptance
of offers with respect to a particular Interest Period may only be made on the basis of ascending LIBOR Bid Margins offered for
such Interest Period from the lowest effective cost; and

 

(3)           Borrower
may not accept any offer that is described in subparagraph (c)(3) or that otherwise fails to comply with the requirements of this
Agreement.

 

(f)            If offers are made by two (2) or more Ratable Loan Banks with the same LIBOR Bid Margins, for a greater aggregate principal
amount than the amount in respect of which such offers are permitted to be accepted for the related Interest Period, the principal
amount of Bid Rate Loans in respect of which such offers are accepted shall be allocated by Administrative Agent among such Ratable
Loan Banks as nearly as possible (in multiples of One Hundred Thousand Dollars ($100,000)) in proportion to the aggregate principal
amounts of such offers. Administrative Agent shall promptly (and in any event within one (1) Banking Day after such offers are
accepted) notify Borrower and each such Bank in writing of any such allocation of Bid Rate Loans. Determinations by Administrative
Agent of the allocation of Bid Rate Loans shall be conclusive in the absence of manifest error.

 

(g)           In the event that Borrower accepts the offer(s) contained in one (1) or more Bid Rate Quotes in accordance with paragraph
(e), the Ratable Loan Bank(s) making such offer(s) shall make a Bid Rate Loan in the accepted amount (as allocated, if necessary,
pursuant to paragraph (f)) on the date specified therefor, in accordance with the procedures specified in Section 2.05.

 

(h)           Notwithstanding
anything to the contrary contained herein, each Ratable Loan Bank shall be required to fund its Pro Rata Share of the Available
Ratable Commitment in accordance with Section 2.01(b) despite the fact that any Ratable Loan Bank’s Ratable Loan Commitment
may have been or may be exceeded as a result of such Ratable Loan Bank’s making Bid Rate Loans.

 

(i)            A
Ratable Loan Bank who is notified that it has been selected to make a Bid Rate Loan as provided above may designate its Designated
Lender (if any) to fund such Bid Rate Loan on its behalf, as described in Section 12.16. Any Designated Lender which funds a Bid
Rate Loan shall on and after the time of such funding become the obligee under such Bid Rate Loan and be entitled to receive payment
thereof when due.

 

    46

     

    

 

No Ratable Loan Bank shall be relieved
of its obligation to fund a Bid Rate Loan, and no Designated Lender shall assume such obligation, prior to the time the applicable
Bid Rate Loan is funded.

 

SECTION 2.03. Swingline
Loan Subfacility.

 

(a)           Swingline
Commitment. Subject to the terms and conditions of this Section 2.03, each Swingline Lender, in its individual capacity, agrees
to make certain revolving credit loans in Dollars to Borrower (each a “Swingline Loan” and, collectively, the
 “Swingline Loans”) from time to time during the term hereof in an amount equal to its pro
rata sharePro Rata Share of the Swingline
Loans requested by Borrower in its notice of borrowing described in clause (b) below; provided, however, that the
aggregate amount of Swingline Loans outstanding at any time shall not exceed Seventy-Five Million Dollars ($75,000,000) (the “Swingline
Commitment”); provided, further, that (i) the aggregate amount of Swingline Loans outstanding to any Swingline
Lender shall not exceed the lesser of (A) Twelve Million Five-Hundred Thousand Dollars ($12,500,000) and (B) such Swingline Lender’s
Ratable Loan Commitment minus its Ratable Loan Credit Exposure and (ii) the Total
Ratable Credit Exposure plus the aggregate outstanding principal amount of all Bid Rate Loans shall not exceed the aggregate amount
of the Ratable Loan Commitments. Subject to the limitations set forth herein, any amounts repaid in respect of Swingline Loans
may be reborrowed.

 

(b)           Swingline
Borrowings.

 

(1)           Notice of Borrowing. With respect to any Swingline Loan, Borrower shall give Swingline Lenders and Administrative
Agent notice in writing which is received by Swingline Lenders and Administrative Agent not later than 2:00 p.m. (New York City
time) on the proposed date of such Swingline Loan (and confirmed by telephone by such time), specifying (A) that a Swingline Loan
is being requested, (B) the amount of such Swingline Loan, (C) the proposed date of such Swingline Loan, which shall be a Banking
Day and (D) stating that no Default or Event of Default has occurred and is continuing both before and after giving effect to such
Swingline Loan. Such notice shall be irrevocable.

 

(2)           Minimum Amounts. Each Swingline Loan shall be at least Three Million Dollars ($3,000,000) and, or an integral multiple
of One Million Dollars ($1,000,000).

 

    47

     

    

 

(3)           Repayment
of Swingline Loans. Each Swingline Loan shall be due and payable on the earliest of (A) five (5) Banking Days from and
including the date of such Swingline Loan or (B) the Ratable Loan Maturity Date. If, and to the extent, any Swingline Loans
shall be outstanding on the date any Ratable Loan is advanced, such Swingline Loans shall first be repaid from the proceeds
of such Ratable Loan prior to the disbursement of the same to Borrower. If, and to the extent, a Ratable Loan is not
requested prior to the earliest of the Ratable Loan Maturity Date, the last calendar day of the month in which such Swingline
Loan is made, or the end of the five (5) Banking Day period after such Swingline Loan was made, or unless Borrower shall have
notified Administrative Agent and the Swingline Lenders prior to 1:00 p.m. (New York City time) on the third (3rd) Banking
Day after such Swingline Loan was made that Borrower intends to reimburse Swingline Lender for the amount of such Swingline
Loan with funds other than proceeds of the Ratable Loans, Borrower shall be deemed to have requested a Ratable Loan comprised
entirely of Base Rate Loans in the amount of the applicable Swingline Loan then outstanding, the proceeds of which shall be
used to repay such Swingline Loan to Swingline Lenders. In addition, if (x) Borrower does not repay a Swingline Loan on or
prior to the end of such five (5) Banking Day period, or (y) a Default or Event of Default shall have occurred during such
five (5) Banking Day period, a Swingline Lender may, at any time, in its sole discretion, by written notice to Borrower and
Administrative Agent, demand repayment of all Swingline Loans by way of a Ratable Loan, in which case Borrower shall be
deemed to have requested a Ratable Loan comprised entirely of Base Rate Loans in the amount of such Swingline Loans then
outstanding, the proceeds of which shall be used to repay such Swingline Loans to Swingline Lenders. Any Ratable Loan which
is deemed requested by Borrower in accordance with this Section 2.03(b)(3) is hereinafter referred to as a
 “Mandatory Borrowing”. Each Bank hereby irrevocably agrees to make Ratable Loans promptly upon receipt
of notice from a Swingline Lender or Administrative Agent of any such deemed request for a Mandatory Borrowing in the amount
and in the manner specified in the preceding sentences and on the date such notice is received by such Bank (or the next
Banking Day if such notice is received after 12:00 p.m. (New York City time)) notwithstanding (I) the amount of the Mandatory
Borrowing may not comply with the minimum amount of Ratable Loans otherwise required hereunder, (II) whether any conditions
specified in Section 4.02 are then satisfied, (III) whether a Default or an Event of Default then exists, (IV) failure of any
such deemed request for a Ratable Loan to be made by the time otherwise required in Section 2.05, (V) the date of such
Mandatory Borrowing (provided that such date must be a Banking Day), or (VI) any termination of the Loan Commitments
immediately prior to such Mandatory Borrowing or contemporaneously therewith; provided, however, that no Bank shall be
obligated to make Ratable Loans in respect of a Mandatory Borrowing if a Default or an Event of Default then exists and the
applicable Swingline Loan was made by Swingline Lenders without receipt of a written notice of borrowing in the form
specified in Section 2.03(b)(1) or after Administrative Agent has delivered a notice of Default or Event of Default which has
not been rescinded.

 

(4)           Purchase
of Participations. In the event that any Mandatory Borrowing cannot for any reason be made on the date otherwise
required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code with
respect to Borrower), then each Ratable Loan Bank hereby agrees that it shall forthwith purchase (as of the date the
Mandatory Borrowing would otherwise have occurred, but adjusted for any payment received from Borrower on or after such date
and prior to such purchase) from Swingline Lenders such participations in the outstanding Swingline Loans as shall be
necessary to cause each such Ratable Loan Bank to share in such Swingline Loans ratably based upon its Pro Rata Share
(determined before giving effect to any termination of the Loan Commitments), provided that (A) all interest payable on the
Swingline Loans with respect to any participation shall be for the account of Swingline Lenders until but excluding the day
upon which the Mandatory Borrowing would otherwise have occurred, and (B) in the event of a delay between the day upon which
the Mandatory Borrowing would otherwise have occurred and the time any purchase of a participation pursuant to this sentence
is actually made, the purchasing Ratable Loan Bank shall be required to pay to Swingline Lenders interest on the principal
amount of such participation for each day from and including the day upon which the Mandatory Borrowing would otherwise have
occurred to but excluding the date of payment for such participation, at the rate equal to the Federal Funds Effective Rate,
for the two (2) Banking Days after the date the Mandatory Borrowing would otherwise have occurred, and thereafter at a rate
equal to the Base Rate. Notwithstanding the foregoing, no Ratable Loan Bank shall be obligated to purchase a participation in
any Swingline Loan if a Default or an Event of Default then exists and such Swingline Loan was made by Swingline Lenders
without receipt of a written notice of borrowing in the form specified in Section 2.03(b)(1) or after Administrative Agent
has delivered a notice of Default or Event of Default which has not been rescinded.

 

    48

     

    

 

(c)           Interest
Rate. Each Swingline Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such
Swingline Loan is made until the date it is repaid, at a rate per annum equal to the Base Rate plus the Applicable Margin for
Base Rate Loans.

 

(d)           Replacement
and Resignation of Swingline Lender. Any Swingline Lender may be replaced at any time by written agreement among
Borrower, Administrative Agent, the replaced Swingline Lender and the successor Swingline Lender. Administrative Agent shall
notify the Ratable Loan Banks of any such replacement of a Swingline Lender. At the time any such replacement shall become
effective, Borrower shall pay all unpaid interest accrued for the account of the replaced Swingline Lender pursuant to
Section 2.03(c). From and after the effective date of any such replacement, (x) the successor Swingline Lender
shall have all the rights and obligations of the replaced Swingline Lender under this Agreement with respect to Swingline
Loans made thereafter and (y) references herein to the term “Swingline Lender” shall be deemed to refer to
such successor or to any previous Swingline Lender, or to such successor and all previous Swingline Lenders and all other
Swingline Lenders, as the context shall require. After the replacement of a Swingline Lender hereunder, the replaced
Swingline Lender shall remain a party hereto and shall continue to have all the rights and obligations of a Swingline Lender
under this Agreement with respect to Swingline Loans made by it prior to its replacement, but shall not be required to make
additional Swingline Loans. Subject to the appointment and acceptance by Administrative Agent and Borrower of a successor
Swingline Lender, any Swingline Lender may resign as a Swingline Lender at any time upon thirty days’ prior written
notice to Administrative Agent, Borrower and the Ratable Loan Banks, in which case, such Swingline Lender shall be replaced
as provided above.

 

    49

     

    

 

SECTION 2.04. Advances,
Generally. The amount of each advance hereunder shall, subject to Section 2.13, be at least One Million Dollars ($1,000,000)
(unless less than One Million Dollars ($1,000,000) is available for disbursement pursuant to the terms hereof at the time of any
advance, in which case the amount of such advance shall be equal to such remaining availability) and in an integral multiple of
One Hundred Thousand Dollars ($100,000). Additional restrictions on the amounts and timing of, and conditions to the making of,
advances of Bid Rate Loans and Swingline Loans are set forth in Sections 2.02 and 2.03, respectively.

 

Each advance shall
be subject, in addition to the limitations and conditions applicable to advances of the Loans generally, to Administrative Agent’s
receipt, in accordance with the timing requirements of Section 2.05 with respect to requests for advances, a Notice of Borrowing.

 

SECTION 2.05. Procedures
for Advances. In the case of advances of Ratable Loans and Term Loans, Borrower shall submit to Administrative Agent a Notice
of Borrowing for each advance, stating the date of the Loan, the amount of the Loan, the type of Loan and, in the case of LIBOR
Loans, the initial Interest Period for such LIBOR Loans, no later than 11:00 a12:00
p.m. (New York time) on the date, in the case of advances of Base Rate Loans, which is the proposed date of such Base
Rate Loan, and, in the case of advances of LIBOR Loans, which is three (3) Banking Days prior to the date such advance is to be
made. In the case of advances of Bid Rate Loans, Borrower shall submit a Bid Rate Quote Request at the time specified in Section
2.02. In the case of advances of Swingline Loans, Borrower shall submit a notice of borrowing at the time specified in Section
2.03. Administrative Agent, upon its receipt of the Notice of Borrowing, will so notify the Ratable Loan Banks by facsimile. Not
later than 11:30 a.m. (New York time) on the date of each advance (or 1:002:00
p.m. (New York time) in the case of a Base Rate Loan for which Borrower has made a Loan request on such date), each applicable
Bank shall, through its Applicable Lending Office and subject to the conditions of this Agreement, make the amount to be advanced
by it on such day available to Administrative Agent, at Administrative Agent’s Office and in immediately available funds
for the account of Borrower. The amount so received by Administrative Agent shall, subject to the conditions of this Agreement,
be made available to Borrower, in immediately available funds, by Administrative Agent’sAgent
to an account designated by Borrower.

 

SECTION 2.06. Interest
Periods; Renewals. In the case of the LIBOR Loans, Borrower shall select an Interest Period in a Notice of Borrowing of
any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1)
no Interest Period may extend beyond the applicable Maturity Date for that type of Loan; (2) if an Interest Period would end
on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day
would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking
Day; (3) only eight (8) discrete segments of a Ratable Loan Bank’s Ratable Loan bearing interest at a LIBOR Interest
Rate for a designated Interest Period pursuant to a particular Election, Conversion or Continuation, may be outstanding at
any one time (each such segment of each Ratable Loan Bank’s Ratable Loan corresponding to a proportionate segment of
each of the other Ratable Loan Banks’ Ratable Loans) and (4) only five (5) discrete segments of a Term Loan
Bank’s applicable Term Loans bearing interest at a LIBOR Interest Rate for a designated Interest Period pursuant to a
particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Term Loan
Bank’s applicable Term A-1 Loans and Term A-2 Loans corresponding to a proportionate segment of each of the other Term
Loan Banks’ applicable Term A-1 Loans and Term A-2 Loans).

 

    50

     

    

 

Upon notice to Administrative
Agent as provided in Section 2.14, Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different
duration in accordance with the limitations provided above.

 

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

 

SECTION 2.07. Interest.
Borrower shall pay interest to Administrative Agent for the account of the applicable Bank, on the outstanding and unpaid principal
amount of the Loans, at a rate per annum as follows: (1) for Base Rate Loans at a rate equal to the Base Rate plus the Applicable
Margin; (2) for LIBOR Loans at a rate equal to the applicable LIBOR Interest Rate plus the Applicable Margin; and (3) for Bid Rate
Loans at a rate equal to the applicable LIBOR Bid Rate. Any principal amount not paid when due (when scheduled, at acceleration
or otherwise) shall bear interest thereafter, payable on demand, at the Default Rate and, with respect to any other Obligation
that is not paid when due (when scheduled, at acceleration or otherwise), shall bear interest thereafter, payable on demand, at
the Default Rate applicable to Base Rate Loans.

 

    51

     

    

 

The interest rate on
Base Rate Loans shall change when the Base Rate changes. Interest on Base Rate Loans, LIBOR Loans and Bid Rate Loans shall not
exceed the maximum amount permitted under applicable law. Interest shall be calculated for the actual number of days elapsed on
the basis of a year consisting of three hundred sixty (360) days, except interest on Base Rate Loans shall be computed on the basis
of a year of 365 or 366 days, as applicable.

 

Accrued interest shall
be due and payable in arrears, (x) in the case of Base Rate Loans, on the first Banking Day of each calendar month and (y) in the
case of both LIBOR Loans and Bid Rate Loans, at the expiration of the Interest Period applicable thereto, but no less frequently
than once every three (3) months determined on the basis of the first (1st) day of the Interest Period applicable to
the Loan in question; provided, however, that interest accruing at the Default Rate shall be due and payable on demand.

 

SECTION 2.08. Fees.

 

(a)           Borrower
shall, commencing as of the Closing Date, pay to Administrative Agent for the account of each Ratable Loan Bank a facility fee
computed, on the daily Ratable Loan Commitment of such Bank, by multiplying the aggregate Ratable Loan Commitments on such day
by an amount equal to the daily Facility Fee, calculated on the basis of a year of three hundred sixty (360) days for the actual
number of days elapsed. The accrued facility fee shall be due and payable in arrears on the first Banking Day of January, April,
July and October of each year, commencing on the first such date after the Closing Date, and upon the Ratable Loan Maturity Date
(as may be accelerated) or earlier termination of the Ratable Loan Commitments.

 

(b)           Borrower
shall, commencing on the 91st day following the Closing Date, pay to Administrative Agent for the account of each Term
A-1 Bank an unused fee equal to the product, computed on a daily basis, of (x) the unused portion of the Total Term A-1 Loan
Commitment then in effect and (y) the per annum rate of 0.150%, calculated on the basis of a year of three hundred sixty
(360) days for the actual number of days elapsed. The accrued unused fee shall be due and payable in arrears on the first Banking
Day of January, April, July and October of each year, commencing on the first such date after the 91st day following
the Closing Date, and upon the Final Term A-1 Loan Availability Date (as may be accelerated) or earlier termination of the Term
A-1 Loan Commitments.

 

(c)           Borrower
shall, commencing on the 91st day following the Closing Date, pay to Administrative Agent for the account of each Term
A-2 Bank an unused fee equal to the product, computed on a daily basis, of (x) the unused portion of the Total Term A-2 Loan
Commitment then in effect and (y) the per annum rate of 0.150%, calculated on the basis of a year of three hundred sixty
(360) days for the actual number of days elapsed. The accrued unused fee shall be due and payable in arrears on the first Banking
Day of January, April, July and October of each year, commencing on the first such date after the 91st day following
the Closing Date, and upon the Final Term A-2 Loan Availability Date (as may be accelerated) or earlier termination of the Term
A-2 Loan Commitments.

 

    52

     

    

 

SECTION 2.09. Notes;
Due at Maturity. At the request of a Ratable Loan Bank, any Ratable Loans made by such Ratable Loan Bank under this
Agreement shall be evidenced by a promissory note of Borrower in the form of EXHIBIT B-1 duly completed and executed by
Borrower, in a principal amount equal to such Ratable Loan Bank’s Ratable Loan Commitment, payable to such Ratable Loan
Bank for the account of its Applicable Lending Office (each such note, as the same may hereafter be amended, modified,
extended, severed, assigned, substituted, renewed or restated from time to time, including any substitute note pursuant to
Section 3.07 or 12.05, a “Ratable Loan Note”). At the request of any Bank, any Bid Rate Loans made by such
Bank under this Agreement shall be evidenced by a promissory note of Borrower substantially in the form of EXHIBIT B-2, duly
completed and executed by Borrower, payable to such Bank for the account of its Applicable Lending Office (each such note, as
the same may hereafter be amended, modified, extended, severed, assigned, substituted, renewed or restated from time to time,
the “Bid Rate Loan Note”). At the request of a Term Loan Bank, the tranche of Term Loans made by such Term
Loan Bank under this Agreement shall be evidenced by a promissory note of Borrower in the form of EXHIBIT B-3 duly completed
and executed by Borrower, in a principal amount equal to such Term Loan Bank’s Term A-1 Loan Commitment or Term A-2
Loan Commiment, as applicable, payable to such Term Loan Bank for the account of its Applicable Lending Office (each such
note, as the same may hereafter be amended, modified, extended, severed, assigned, substituted, renewed or restated from time
to time, including any substitute note pursuant to Section 3.07 or 12.05, a “Term Loan Note”). A
particular Bank’s Ratable Loan Note, Term Loan Note and Bid Rate Loan Note are referred to individually or collectively
in this Agreement, as the context may require, as such Bank’s “Note”; all such Ratable Loan Notes,
Term Loan Notes and Bid Rate Loan Notes are referred to collectively in this Agreement as the “Notes”.

 

The Ratable Loans shall
mature, and all outstanding principal and accrued interest and Obligations in respect thereof shall be paid in full, on the Ratable
Loan Maturity Date, or, in the case of Swingline Loans, in accordance with Section 2.03, in either case as the same may be accelerated
in accordance with this Agreement. The outstanding principal amount of each Bid Rate Loan evidenced by each Bid Rate Loan Note,
and all accrued interest and other sums with respect thereto, shall become due and payable to the Bank making such Bid Rate Loan
at the earlier of the expiration of the Interest Period applicable thereto or the Ratable Loan Maturity Date, as the same may be
accelerated in accordance with this Agreement. The Term A-1 Loans shall mature, and all outstanding principal and accrued interest
and Obligations in respect thereof shall be paid in full, on the Term A-1 Loan Maturity Date, or as the same may be accelerated
in accordance with this Agreement. The Term A-2 Loans shall mature, and all outstanding principal and accrued interest and other
Obligations in respect thereof shall be paid in full, on the Term A-2 Loan Maturity Date, as the same may be accelerated in accordance
with this Agreement.

 

The date,
amount, interest rate, type and duration of Interest Periods (if applicable) of each Loan made by each Bank to Borrower, and
each payment made on account of the principal thereof, shall be evidenced by one or more accounts or records maintained by
such Bank and by Administrative Agent in the ordinary course of business. The accounts or records maintained by
Administrative Agent and each Bank shall be conclusive absent manifest error. Any failure to so record or any error in doing
so shall not, however, limit or otherwise affect the obligation of Borrower hereunder to pay any amount owing with respect to
the Obligations. In the event of any conflict between the accounts and records maintained by any Bank and the accounts and
records of Administrative Agent in respect of such matters, the accounts and records of Administrative Agent shall control in
the absence of manifest error.

 

    53

     

    

 

In connection with
a Refinancing Mortgage, Borrower shall deliver to Administrative Agent, a mortgage note, payable to Administrative Agent for the
account of the applicable Banks receiving the benefit of, and which shall be secured by, the applicable Refinancing Mortgage. Such
note shall be in such form as shall be requested by Borrower, subject to Administrative Agent’s reasonable approval. Each
reference in this Agreement to the “Notes” shall be deemed to refer to and include any or all of such mortgage
notes, as the context may require.

 

SECTION 2.10. Prepayments.

 

(a)           Without
prepayment premium or penalty (other than any applicable Prepayment Premium) but subject to Section 3.05, Borrower may, upon same
Banking Day’s notice to Administrative Agent in the case of the Base Rate Loans, and at least three (3) Banking Days’
notice to Administrative Agent in the case of LIBOR Loans, which notice shall have been received not later than 11:00 a.m. (New
York time) on such applicable date, prepay in whole or in part the Ratable Loans or any of the Term Loans; provided, that
(1) any partial prepayment under the foregoing shall be in integral multiples of One Million Dollars ($1,000,000) and (2) each
prepayment under the foregoing shall include, at Administrative Agent’s option, all interest accrued on the amount of principal
prepaid to (but excluding) the date of prepayment. Borrower shall have the right to prepay Bid Rate Loans only if so provided
in the Bid Rate LoanQuote
Request, and otherwise with the consent of the Ratable Loan Bank or the Designated Lender that funded the Bid Rate
Loan that Borrower desires to prepay. Borrower may, from time to time on any Banking Day so long as prior notice is given to Administrative
Agent and Swingline Lender no later than 1:00 p.m. (New York City time) on the day on which Borrower intends to make such prepayment,
prepay any Swingline Loans in whole or in part in amounts aggregating at least One Hundred Thousand Dollars ($100,000), and in
an integral multiple of One Hundred Thousand Dollars ($100,000) (or, if less, the aggregate outstanding principal amount of all
Swingline Loans then outstanding) by paying the principal amount to be prepaid together with accrued interest thereon to the date
of prepayment by initiating a wire transfer of the principal and interest on the Swingline Loans no later than 1:00 P.M. (New
York City time) on such day and Borrower shall deliver a federal reference number evidencing such wire transfer to Administrative
Agent as soon as available thereafter on such day.

 

    54

     

    

 

(b)           Notwithstanding
the foregoing, to the extent that Borrower makes a prepayment of principal of all or any portion of the Term A-2 Loans
(whether voluntary or otherwise) prior to the second anniversary of the Closing Date, Borrower shall pay to Administrative
Agent, for the ratable account of the Term A-2 Banks, a prepayment premium (the “Prepayment Premium”)
equal to the percentage of the principal amount so prepaid set forth in the following table corresponding to the period
during which such prepayment is made. Such fee shall be due and payable on the date of any such prepayment:

 

	Period	Prepayment

 Premium
	After Closing Date and prior to the 1-year anniversary of the Closing Date	2.0%
	On or after the 1-year anniversary of the Closing Date and prior to the 2-year anniversary of the Closing Date	1.0%

 

The Loan Parties and the Term A-2 Banks
expressly agree as follows:

 

(x)           (A)          All amounts
payable pursuant to this Section 2.10 are reasonable and are the product of an arm’s length transaction between sophisticated
business people, ably represented by counsel; (B) all such amounts shall be payable notwithstanding the then prevailing market
rates at the time payment is made; (C) there has been a course of conduct between the Banks and the Loan Parties giving specific
consideration in this transaction for such agreement to pay all such amounts; (D) the Loan Parties, Administrative Agent and the
Term A-2 Banks shall be estopped hereafter from claiming differently than as agreed to herein; (E) their agreement to pay all such
amounts is a material inducement to the Banks to make the Loans, and (F) such amounts represents a good faith, reasonable estimate
and calculation of the lost profits or damages of Administrative Agent and the Term A-2 Banks and it would be impractical and extremely
difficult to ascertain the actual amount of damages to Administrative Agent and the Term A-2 Banks or profits lost by Administrative
Agent and the Banks as a result of the occurrence of the events described in such Sections.

 

(y)           Any
amounts payable in accordance with this Section 2.10 shall be presumed to be equal to the liquidated damages sustained by the Term
A-2 Banks as the result of the occurrence of the events described in this Section and the Loan Parties agree that it is reasonable
under the circumstances currently existing. THE LOAN PARTIES EXPRESSLY WAIVE TO THE EXTENT PERMITTED BY APPLICABLE LAW THE PROVISIONS
OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF ANY SUCH AMOUNTS IN CONNECTION WITH ANY
ACCELERATION.

 

SECTION 2.11. Method
of Payment.

 

Borrower shall
make each payment under this Agreement and under the Notes not later than 1:00 p.m. (New York time) on the date when due in
Dollars to Administrative Agent at Administrative Agent’s Office in immediately available funds, without condition or
deduction for any counterclaim, defense, recoupment or setoff. Borrower shall deliver federal reference number(s) evidencing
the applicable wire transfer(s) to Administrative Agent as soon as available thereafter on such day. Administrative Agent
will thereafter, on the day of its receipt of each such payment(s), cause to be distributed to each Bank (1) such
Bank’s appropriate share (based upon the respective outstanding principal amounts and interest due under the Loans of
the Banks) of the payments of principal and interest in like funds for the account of such Bank’s Applicable Lending
Office; and (2) fees payable to such Bank by Borrower in accordance with the terms of this Agreement. In the event
Administrative Agent fails to pay such amounts to such Bank within one BusinessBanking Day
of receipt of such amounts, Administrative Agent shall pay interest on such amounts until paid at a rate per annum equal to
the Federal Funds Effective Rate from time to time in effect.

 

    55

     

    

 

Except to the extent
provided in this Agreement, whenever any payment to be made under this Agreement or under the Notes is due on any day other than
a Banking Day, such payment shall be made on the next succeeding Banking Day, and such extension of time shall in such case be
included in the computation of the payment of interest and other fees, as the case may be.

 

SECTION 2.12. Elections,
Conversions or Continuation of Loans.

 

Subject to the provisions
of Article III and Sections 2.06 and 2.13, Borrower shall have the right to Elect to have all or a portion of any advance of the
Ratable Loans or Term Loans be LIBOR Loans, to Convert Base Rate Loans into LIBOR Loans, to Convert LIBOR Loans into Base Rate
Loans, or to Continue LIBOR Loans as LIBOR Loans, at any time or from time to time, provided that: (1) Borrower shall give Administrative
Agent notice of each such Election, Conversion or Continuation as provided in Section 2.14; and (2) a LIBOR Loan may be Continued
or Converted only on the last day of the applicable Interest Period for such LIBOR Loan. Except as otherwise provided in this Agreement,
each Election, Continuation and Conversion shall be applicable to each Bank’s applicable Loans in accordance with its Pro
Rata Share of such Loans. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing,
Administrative Agent, at the request of the Required Banks, may require, by notice to Borrower, that (i) no outstanding Loan may
be converted to or continued as a LIBOR Loan and (ii) unless repaid, each Loan shall be converted to a Base Rate Loan at the end
of the Interest Period applicable thereto.

 

SECTION 2.13. Minimum
Amounts.

 

With respect to the
Ratable Loans and Term Loans as a whole, each Election and each Conversion thereof shall be in an amount at least equal to One
Million Dollars ($1,000,000) and in integral multiples of One Hundred Thousand Dollars ($100,000) or such lesser amount as shall
be available or outstanding, as the case may be.

 

    56

     

    

 

SECTION 2.14. Certain
Notices Regarding Elections, Conversions and Continuations of Loans.

 

Notices by
Borrower to Administrative Agent of Elections, Conversions and Continuations of LIBOR Loans shall be irrevocable and shall be
effective only if received by Administrative Agent not later than 11:00 a.m. (New York time) on the number of Banking Days
prior to the date of the relevant Election, Conversion or Continuation specified below:

 

	Notice	Number of

Banking Days Prior
	Conversions into or Continuances as Base Rate Loans	Same Banking Day
	Elections of, Conversions into or Continuations as LIBOR Loans	Three (3)

 

Promptly following its receipt of any such
notice, Administrative Agent shall so advise the applicable Banks by facsimile. Each such notice of Election shall specify the
portion of the amount of the advance that is to be LIBOR Loans (subject to Section 2.13) and the duration of the Interest Period
applicable thereto (subject to Section 2.06); each such notice of Conversion shall specify the LIBOR Loans or Base Rate Loans to
be Converted; and each such notice of Conversion or Continuation shall specify the date of Conversion or Continuation (which shall
be a Banking Day), the amount thereof (subject to Section 2.13) and the duration of the Interest Period applicable thereto (subject
to Section 2.06). In the event that Borrower fails to Elect to have any portion of an advance of the Ratable Loans or Term Loans
be LIBOR Loans, the portion of such advance for which a LIBOR Loan Election is not made shall constitute Base Rate Loans. Subject
to the terms of the last sentence of Section 2.12, in the event that Borrower fails to Continue LIBOR Loans within the time period
and as otherwise provided in this Section, such LIBOR Loans will be automatically Continued as LIBOR Loans with an Interest Period
of one month on the last day of the then current applicable Interest Period for such LIBOR Loans.

 

SECTION 2.15. Payments
Generally. If any Bank shall fail to make any payment required to be made by it pursuant to Section 2.03(b)(4), 2.17(h) or
10.05, then Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts
thereafter received by Administrative Agent for the account of such Bank for the benefit of Administrative Agent, the Swingline
Lenders or the Fronting Banks to satisfy such Bank’s obligations to it under such Section until all such unsatisfied obligations
are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future
funding obligations of such Bank under any such Section, in the case of each of clauses (i) and (ii) above, in any order as determined
by Administrative Agent in its discretion.

 

    57

     

    

 

SECTION 2.16. Changes
of Loan Commitments; Incremental Increases.

 

(a)           At
any time, Borrower shall have the right, without premium or penalty, to terminate any unused Loan Commitments existing as of
the date of such termination, in whole or in part, from time to time, provided that: (1) Borrower shall give notice of each
such termination to Administrative Agent (which shall promptly notify each of the Banks holding such Loan Commitments) no
later than 10:00 a.m. (New York time) on the date which is three (3) Banking Days prior to the effectiveness of such
termination (it being understood that any notice of termination may be conditioned upon the consummation of any financing or
acquisition or similar transaction and, to the extent such condition is not satisfied by the effective date specified
therein, such notice of termination may be revoked or the effective date specified therein may be delayed); (2) (x) the
Ratable Loan Commitments of each of the Ratable Loan Banks must be terminated (and, in the case of a partial termination, on
a pro rata basis) (taking into account, however, Section 2.02(h)) simultaneously with those of the other Ratable Loan Banks,
(y) the Term A-1 Loan Commitments of each of the Term A-1 Banks must be terminated (and, in the case of a partial
termination, on a pro rata basis) (taking into account, however, Section 2.02(h)) simultaneously with those of the other Term
A-1 Banks, and (z) the Term A-2 Loan Commitments of each of the Term A-2 Banks must be terminated (and, in the case of a
partial termination, on a pro rata basis) (taking into account, however, Section 2.02(h)) simultaneously with those of the
other Term A-2 Banks; and (3) each partial termination of the Loan Commitments in the aggregate shall be in an integral
multiple of One Million Dollars ($1,000,000). A reduction of the unused Ratable Loan Commitments pursuant to this Section
2.16(a) shall not effect a reduction in the Swingline Commitments (unless so elected by Borrower) until the aggregate unused
Ratable Loan Commitments have been reduced to an amount equal to or less than the Swingline Commitments.

 

(b)          The
Loan Commitments and the Swingline Commitment, to the extent terminated pursuant to Section 2.16(a), may not be reinstated.

 

    58

     

    

 

(c)           Unless
a Default or an Event of Default has occurred and is continuing, Borrower, by written notice to Administrative Agent,
may request to increase the Ratable Loan Commitments, Term A-1 Loan Commitment or Term A-2 Loan Commitment or enter into one
or more other tranches of revolving loans or term loans (each an “Incremental Increase”), in each case
by/in an amount not less than Twenty Five Million Dollars ($25,000,000) per request and not more than Six Hundred Million
Dollars ($600,000,000) in the aggregate (such that the aggregate amount of the Ratable Loan Commitments, the unused Term
Loan Commitments and the aggregate outstanding principal amount of the Term Loans after any such Incremental Increase shall
never exceed Two Billion Dollars ($2,000,000,000)); provided that (a) any such request shall be accompanied by a
certificate from Borrower confirming that the representations and warranties of Borrower and each other Loan Party contained
in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the date of
the requested Incremental Increase (except in those cases where such representation or warranty expressly relates to an
earlier date or is qualified as to “materiality”, “Material Adverse Change” or similar language
(which shall be true and correct in all respects as qualified therein) and except for changes in factual circumstances
permitted hereunder), (b) any Bank which is a party to this Agreement prior to such request for an Incremental Increase, at
its sole discretion, may elect to provide a portion of such Incremental Increase but shall not have any obligation to provide
any portion of such Incremental Increase (and it being agreed and understood that Borrower or the arrangers of such
Incremental Increase shall not be required to offer to or solicit from any existing Bank the opportunity to provide a portion
of such Incremental Increase), and (c) to the extent that a Bank does not elect, or is not offered, to provide any part of
a requested Incremental Increase, the Lead Arrangers shall use commercially reasonable efforts to locate additional Qualified
Institutions willing to hold commitments for the requested Incremental Increase, and Borrower may also identify additional
Qualified Institutions willing to hold commitments for the requested Incremental Increase; provided however
that Administrative Agent and, in the case of an Incremental Increase in the aggregate Ratable Loan Commitments, each
Swingline Lender and each Fronting Bank, shall have the right to approve any such additional Qualified Institutions, which
approval will not be unreasonably withheld or delayed. In the event that the Banks or additional Qualified
Institutions commit to any such Incremental Increase, the Loan Commitments of the Banks shall be increased (as applicable),
the Pro Rata Shares of the Banks shall be adjusted, new Notes shall be issued, Borrower shall make such borrowings and
repayments as shall be necessary to effect the reallocation of the Loans so that the Loans are held by the Banks in
accordance with their Pro Rata Shares after giving effect to such Incremental Increase, and other changes shall be made to
the Loan Documents as may be necessary to reflect the aggregate amount, if any, by which the Banks or additional Qualified
Institutions have agreed to increase their respective Loan Commitments or make new Loan Commitments in response to
Borrower’s request for an Incremental Increase pursuant to this Section 2.16(c), in each case without the consent of
the Banks other than those Banks providing such Incremental Increase. The fees payable by Borrower upon any such Incremental
Increase shall be agreed upon by the Lead Arrangers and Borrower at the time of such increase. Any Incremental Increase (i)
shall rank pari passu in right of payment with the applicable Loans hereunder, (ii) shall not mature earlier than, (A)
with respect to an Incremental Increase of the Ratable Loan Commitments or in the form of a new tranche of revolving loans,
the applicable Maturity Date for the Ratable Loan Commitments hereunder, and (B)
with respect to an Incremental Increase of the Term A-1 Loan Commitments or Term A-2 Loan Commitments, the applicable
Maturity Date for such respective Term Loans, or (C)provided
that no such limitation shall apply with respect to an Incremental Increase in the form of a new tranche of
term loans, the applicable Maturity Date for the Term A-2 Loans) and
(iii) all other terms of such Incremental Increase (other than the maturity date and matters in relation to pricing and
fees, including, without limitation, interest rate, facility fees, commitment fees, prepayment premiums, upfront
fees, arranger fees, or other similar fees applicable to such Incremental Increase) that apply prior to the Maturity Date of
the applicable Loans, if not consistent with the terms of the applicable Loans hereunder, shall be reasonably acceptable
to Administrative Agent. In connection with any Incremental Increase pursuant to this Section 2.16, any Bank becoming
a party hereto shall (1) execute such documents and agreements as Administrative Agent may reasonably request
and (2) in the case of any Bank that is organized under the laws of a jurisdiction outside of the United States of
America, provide to Administrative Agent, its name, address, tax identification number and/or such other information as shall
be necessary for Administrative Agent to comply with “know your customer” and anti-money laundering rules
and regulations, including without limitation, the Patriot Act.

 

Notwithstanding the
foregoing, nothing in this Section 2.16(c) shall constitute or be deemed to constitute an agreement by any Bank to increase its
Loan Commitment hereunder.

 

    59

     

    

 

SECTION 2.17. Letters
of Credit.

 

(a)           Borrower,
by notice to Administrative Agent and the applicable Fronting Bank, may request, in lieu of advances of proceeds of the Ratable
Loans, that such Fronting Bank issue unconditional, irrevocable standby letters of credit in Dollars (each, a “Letter
of Credit”) for the account of Borrower or its designee (which shall be an Affiliate of Borrower) (it being understood
that the issuance of a Letter of Credit for the account of a designee shall not in any way relieve Borrower of any of its obligations
hereunder), payable by sight drafts, for such beneficiaries and with such other terms as Borrower shall specify. Unless the applicable
Fronting Bank has received written notice from Administrative Agent, not less than one (1) Banking Day prior to the requested
date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Section
4.02 shall not have been satisfied, then, subject to the terms and conditions hereof, such Fronting Bank, on the requested date,
shall issue a Letter of Credit for the account of Borrower or enter into the applicable amendment, as the case may be, in each
case in accordance with such Fronting Bank’s usual and customary business practices. Promptly upon issuance of a Letter
of Credit, the applicable Fronting Bank shall notify Administrative Agent and Administrative Agent shall notify each of the Banks
by telephone or by facsimile. Notwithstanding anything herein to the contrary, the Fronting Banks shall have no obligation hereunder
to issue, and shall not issue, any Letter of Credit the proceeds of which would be made available to any Person (i) to fund any
activity or business of or with any Sanctioned Person, or in any Sanctioned Country or (ii) in any manner that would result in
a violation of any Sanctions by any party to this Agreement.

 

(b)           To
request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), Borrower
shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the
applicable Fronting Bank) to the Fronting Bank or Fronting Banks which are being requested to issue (or has or have issued, in
the case of an amendment, renewal or extension) such Letter of Credit and Administrative Agent (reasonably in advance of the requested
date of issuance, amendment, renewal or extension, but in any event no less than three Banking Days or such shorter period as
the applicable Fronting Bank shall agree to) a notice requesting the issuance of a Letter of Credit, or identifying the Letter
of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall
be a Banking Day), the identity of the Fronting Bank(s) selected to issue such Letter of Credit, the date on which such Letter
of Credit is to expire (which shall comply with paragraph (e) of this Section), the amount of such Letter of Credit, the
name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend
such Letter of Credit. If requested by the Fronting Bank, Borrower also shall submit a letter of credit application on the Fronting
Bank’s standard form in connection with any request for a Letter of Credit; provided that the provisions of this Agreement
shall prevail if there is an inconsistency between this Agreement and such letter of credit application. Borrower and the Fronting
Banks shall use reasonable efforts, to the extent practical, to cause any Letters of Credit to be issued by the Fronting Banks
on a proportionate basis in accordance with their respective Letter of Credit Commitments, although, for the avoidance of
doubt, no single Letter of Credit will be required to be issued by more than one Fronting Bank unless the amount of such Letter
of Credit will exceed the available Letter of Credit Commitment of the applicable Fronting Bank. A Letter of Credit shall be issued,
amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit Borrower shall
be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) (x) the
aggregate undrawn amount of all outstanding Letters of Credit issued by the applicable Fronting Bank at such time plus (y) the
aggregate amount of all drawings under Letters of Credit issued by such Fronting Bank that have not yet been reimbursed by or
on behalf of Borrower (including, for clarity, by means of advances of Loans pursuant to this Agreement) at such time shall not
exceed its Letter of Credit Commitment (unless agreed to by such Fronting Bank), (ii) the aggregate LC Exposure at such time shall
not exceed $150,000,000 (as such amount may be reduced by written notice from Borrower consistent with Section 2.16(a) so long
as the outstanding Letters of Credit do not exceed such reduced amount), (iii) the Total Ratable Credit Exposure plus the aggregate
outstanding principal amount of all Bid Rate Loans shall not exceed the aggregate amount of the Ratable Loan Commitments, and
(iv) the amount of such Letter of Credit shall not exceed the excess of the Fronting Bank’s Loan Commitment minus the sum
of the outstanding principal amount of such Fronting Bank’s Ratable Loans, Swingline Exposure and LC Exposure at such time.
Borrower may, at any time and from time to time, reduce the Letter of Credit Commitment of any Fronting Bank with the consent
of such Fronting Bank; provided that Borrower shall not reduce the Letter of Credit Commitment of any Fronting Bank if,
after giving effect of such reduction, the conditions set forth in clauses (i) through (iv) of this paragraph (b) shall not be
satisfied. The amount of each Letter of Credit issued and outstanding shall effect a reduction, by an equal amount, of the Available
Ratable Commitment as provided in Section 2.01(b) (such reduction to be allocated to each Ratable Loan Bank’s Ratable Loan
Commitment ratably in accordance with the Banks’ respective Pro Rata Shares).

 

    	 	60	 

     

    

 

(c)           The
amount of each Letter of Credit shall be further subject to the conditions and limitations applicable to amounts of advances set
forth in Section 2.04 and except as otherwise provided in clause (b) above, the procedures for the issuance of each Letter of
Credit shall be the same as the procedures applicable to the making of advances as set forth in the first sentence of Section
2.05.

 

(d)           The
Fronting Bank’s issuance of each Letter of Credit shall be subject to Borrower’s satisfaction of all conditions precedent
to its entitlement to an advance of proceeds of the Loans.

 

(e)           Each
Letter of Credit shall, unless approved by Administrative Agent and the applicable Fronting Bank, (i) expire no later than one
(1) year after the date of its issuance (without regard to any automatic renewal provisions thereof), and (ii) be in a minimum
amount of One Hundred Thousand Dollars ($100,000), or such lesser amount approved by the Fronting Bank. In no event shall a Letter
of Credit expire later than the first anniversary of the Ratable Loan Maturity Date. Notwithstanding the foregoing, in the
event that, with the approval of Administrative Agent and each Fronting Bank with a Letter of Credit then outstanding, any Letters
of Credit are issued and outstanding on the date that is fourteen (14) days prior to the Ratable Loan Maturity Date (any such
Letter of Credit being referred to as an “Extended Letter of Credit”), Borrower shall deliver to Administrative
Agent on such date by wire transfer of immediately available funds a cash deposit in the amount of such Letters of Credit in accordance
with the provisions of Section 2.17(i). To the extent Borrower fails to provide such cash deposit with respect to any Extended
Letter of Credit by the date that is fourteen (14) days prior to the Ratable Loan Maturity Date, such failure shall be treated
as a drawing under such Extended Letter of Credit (in an amount equal to the maximum stated amount of such Letter of Credit),
which shall be reimbursed (or participations therein funded) by the Banks in accordance with Section 2.17(h), with the proceeds
being utilized to provide such cash deposit for such Extended Letter of Credit. Such funds shall be held by Administrative Agent
and applied to repay the amount of each drawing under such Letters of Credit on or after the Ratable Loan Maturity Date. Such
funds, with any interest earned thereon, will be returned to Borrower (and may be returned from time to time with respect to any
applicable Letter of Credit) on the earlier of (a) the date that the applicable Letter of Credit or Letters of Credit expire in
accordance with their terms; and (b) the date that the applicable Letter of Credit or Letters of Credit are cancelled; provided
that upon the expiration or cancellation of an Extended Letter of Credit for which the Ratable Loan Banks reimbursed (or funded
participations in) a drawing deemed to have occurred as provided in this Section 2.17 but in respect of which the Ratable
Loan Banks have not otherwise received payment for the amount so reimbursed or funded, Administrative Agent shall promptly remit
to the Ratable Loan Banks the amount of such funds so reimbursed or funded for such Extended Letter of Credit, pro rata in accordance
with the respective unpaid reimbursements or funded participations of the Ratable Loan Banks in respect of such Extended Letter
of Credit. Notwithstanding the foregoing, Administrative Agent shall not be required to, and shall not, return any such funds
to the extent doing so would result in the amount of such funds being less than the stated amount of all Extended Letters of Credit
then outstanding.

 

    	 	61	 

     

    

 

(f)            In
connection with, and as a further condition to the issuance of, each Letter of Credit, Borrower shall execute and deliver to the
Fronting Bank an application for the Letter of Credit in such form, and together with such other documents, opinions and assurances,
as the Fronting Bank shall reasonably require.

 

(g)           In
connection with each Letter of Credit, Borrower hereby covenants to pay (i) to Administrative Agent, quarterly in arrears
(on the first Banking Day of each calendar quarter following the issuance of such Letter of Credit), a fee, payable to
Administrative Agent for the account of the Ratable Loan Banks, computed daily (calculated on the basis of a year of three
hundred and sixty (360) days for the actual number of days elapsed) on the face amount of such Letter of Credit issued and
outstanding at a rate per annum equal to the “Banks’ L/C Fee Rate” (as hereinafter defined) and (ii) to the
Fronting Bank, payable quarterly in arrears, a fee, payable to the Fronting Bank for its own account, computed daily
(calculated on the basis of a year of three hundred and sixty (360) days for the actual number of days elapsed) as mutually
agreed between Borrower and such Fronting Bank. Administrative Agent shall have no responsibility for the collection of the
fee for any Letter of Credit that is payable to the Fronting Bank. For purposes of this Agreement, the “Banks’
L/C Fee Rate” shall mean, provided no Event of Default has occurred and is continuing, a rate per annum (calculated on
the basis of a year of three hundred and sixty (360) days for the actual number of days elapsed) equal to the Applicable
Margin for Ratable Loans that are LIBOR Loans minus 0.125% and, in the event an Event of Default has occurred and is
continuing, a rate per annum (calculated on the basis of a year of three hundred and sixty (360) days for the actual number
of days elapsed) equal to 2%. It is understood and agreed that the last installment of the fees provided for in this
paragraph (g) with respect to any particular Letter of Credit shall be due and payable on the first day of the calendar
quarter following the surrender or cancellation, of such Letter of Credit.

 

    	 	62	 

     

    

 

(h)           The
Fronting Bank shall promptly notify Administrative Agent of any drawing under a Letter of Credit issued by such Fronting Bank.
The parties hereto acknowledge and agree that, immediately upon notice from Administrative Agent of any drawing under a Letter
of Credit, each Ratable Loan Bank shall, notwithstanding the existence of a Default or Event of Default or the non-satisfaction
of any conditions precedent to the making of an advance of the Loans, advance proceeds of its Ratable Loan, in an amount equal
to its Pro Rata Share of such drawing, which advance shall be made to Administrative Agent for disbursement to the Fronting Bank
issuing such Letter of Credit to reimburse the Fronting Bank, for its own account, for such drawing, all in satisfaction of Borrower’s
obligation to reimburse such drawing. Each of the Ratable Loan Banks further acknowledges that its obligation to fund its Pro
Rata Share of drawings under Letters of Credit as aforesaid shall survive the Ratable Loan Banks’ termination of this Agreement
or enforcement of remedies hereunder or under the other Loan Documents. If any Ratable Loan cannot for any reason be made on the
date otherwise required above (including, without limitation, as a result of the commencement of a proceeding under any applicable
bankruptcy law with respect to Borrower), then Borrower shall immediately reimburse such drawing by paying to Administrative Agent
the amount of such drawing and each of the Ratable Loan Banks shall purchase (on the date such Ratable Loan would otherwise have
been made) from the Fronting Bank a participation interest in any unreimbursed drawing in an amount equal to its Pro Rata Share
of such unreimbursed drawing. Promptly following any change in Letters of Credit outstanding, the applicable Fronting Bank shall
deliver to Administrative Agent, which shall promptly deliver the same to each Ratable Loan Bank and Borrower, a notice describing
the aggregate amount of all Letters of Credit outstanding at such time. Upon the request of any Ratable Loan Bank from time to
time, such Fronting Bank shall deliver any other information reasonably requested by such Ratable Loan Bank with respect to each
Letter of Credit then outstanding. Other than as set forth in this subsection, no Fronting Bank shall have any duty to notify
the Ratable Loan Banks regarding the issuance or other matters regarding Letters of Credit issued hereunder. The failure of any
Fronting Bank to perform its requirements under this subsection shall not relieve any Ratable Loan Bank from its obligations under
this subsection (h).

 

    	 	63	 

     

    

 

(i)            Borrower
agrees (a), upon and during the occurrence of an Event of Default and within one (1) Banking Day following the written request
of Administrative Agent or the Required Ratable Loan Banks (or automatically upon an Event of Default under Section 9.01(5)) and
(b) as required by Section 2.17(e) with respect to Extended Letters of Credit, (x) to deposit with Administrative Agent cash
collateral in the amount of all the outstanding Letters of Credit (“Cash Collateral”), which Cash Collateral
is hereby pledged and shall be held by Administrative Agent for the benefit of the Ratable Loan Banks and the Fronting Banks in
an account as security for Borrower’s obligations in connection with the Letters of Credit and (y) to execute and deliver
to Administrative Agent such documents as Administrative Agent requests to confirm and perfect the assignment of such Cash Collateral
and such account to Administrative Agent for the benefit of the Ratable Loan Banks. In addition, at any time that there shall
exist a Defaulting Lender, within one (1) Banking Day upon the written request of Administrative Agent or any Fronting Bank that
has issued a Letter of Credit, Borrower shall deliver to Administrative Agent Cash Collateral in an amount sufficient to cover
all Fronting Exposure (after giving effect to Section 12.20(d) and any Cash Collateral provided by such Defaulting Lender). All
Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, interest
bearing deposit accounts at Administrative Agent. Borrower, and to the extent provided by any Bank, such Bank, hereby grants to
(and subjects to the control of) Administrative Agent, for the benefit of Administrative Agent, the Fronting BankingBank
and the Banks, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all
balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all
as security for the obligations to which such Cash Collateral may be applied as set forth below. Notwithstanding anything to the
contrary contained in this Agreement, Cash Collateral provided hereunder in respect of Letters of Credit shall be held and applied
to the satisfaction of the specific L/C Obligations for which the Cash Collateral was so provided. Cash Collateral (or the appropriate
portion thereof) provided to reduce Fronting Exposure or other obligations shall be released promptly following (i) the elimination
of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender
status of the applicable Bank) or (ii) Administrative Agent’s good faith determination that there exists excess Cash Collateral;
provided, however, that such Cash Collateral furnished by Borrower to reduce Fronting Exposure shall not be released if
Borrower is required to deposit Cash Collateral in accordance with the first sentence of this Section 2.17(i).

 

(j)            Intentionally Omitted.

 

    	 	64	 

     

    

 

(k)           A
Fronting Bank may be replaced at any time by written agreement in a form reasonably satisfactory to Administrative Agent
among Borrower, Administrative Agent, the replaced Fronting Bank and the successor Fronting Bank. In addition, Borrower, by
written agreement in a form reasonably satisfactory to Administrative Agent among Borrower, Administrative Agent and a
Ratable Loan Bank delivered to Administrative Agent, may designate such Ratable Loan Bank as an additional Fronting Bank with
such Letter of Credit Commitment as may be agreed on between such Ratable Loan Bank and Borrower provided that the sum of (x)
all Letter of Credit Commitments plus (y) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus
(z) the aggregate amount of all drawings under Letters of Credit that have not yet been reimbursed by or on behalf of
Borrower (including, for clarity, by means of advances of Loans pursuant to this Agreement) shall not exceed $150,000,000
(and the Letter of Credit Commitment of each other Fronting Bank shall be reduced pro rata by the amount of the additional
Fronting Bank’s Letter of Credit Commitment). Administrative Agent shall notify the Ratable Loan Banks of any such
replacement of the Fronting Bank and any additional Fronting Bank. At the time any such replacement of a Fronting Bank shall
become effective, Borrower shall pay all unpaid fees accrued for the account of the replaced Fronting Bank pursuant to
Section 2.17(g). From and after the effective date of any such replacement or addition of a Fronting Bank, (x) the
successor or additional (as applicable) Fronting Bank shall have all the rights and obligations of a Fronting Bank under this
Agreement with respect to Letters of Credit to be issued thereafter and (y) references herein to the term
 “Fronting Bank” shall be deemed to refer to such successor or additional Fronting Bank, or to any
previous Fronting Bank, or to such successor or additional, and all previous, Fronting Banks and all other Fronting Banks, as
the context shall require. After the replacement of a Fronting Bank hereunder, the replaced Fronting Bank shall remain a
party hereto and shall continue to have all the rights and obligations of an Fronting Bank under this Agreement with respect
to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.
Subject to the appointment and acceptance by Administrative Agent and Borrower of a successor Fronting Bank, any Fronting
Bank may resign as a Fronting Bank at any time upon thirty days’ prior written notice to Administrative Agent, Borrower
and the Ratable Loan Banks, in which case, such Fronting Bank shall be replaced as provided above.

 

(l)            Borrower’s
obligation to reimburse drawings under Letters of Credit as provided in paragraph (h) of this Section shall be
absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under
any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of
Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of
Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any
respect, (iii) payment by the Fronting Bank under a Letter of Credit against presentation of a draft or other document
that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever,
whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or
equitable discharge of, or provide a right of setoff against, Borrower’s obligations hereunder. Neither Administrative
Agent, the Ratable Loan Banks nor the Fronting Bank shall have any liability or responsibility by reason of or in connection
with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective
of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in
transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any
document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising
from causes beyond the control of the Fronting Bank; provided that the foregoing shall not be construed to excuse the
Fronting Bank from liability to Borrower to the extent of any direct damages (as opposed to special, indirect, consequential
or punitive damages, claims in respect of which are hereby waived by Borrower to the extent permitted by applicable law)
suffered by Borrower that are caused by the Fronting Bank’s failure to exercise care when determining whether drafts
and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree
that, in the absence of gross negligence or wilful misconduct on the part of the Fronting Bank (as finally determined by a
court of competent jurisdiction), the Fronting Bank shall be deemed to have exercised care in each such determination. In
furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents
presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Fronting Bank
may, in its sole discretion, either accept and make payment upon such documents without responsibility for further
investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such
documents if such documents are not in strict compliance with the terms of such Letter of Credit.

 

    	 	65	 

     

    

 

(m)          No
Fronting Bank shall be under any obligation to issue any Letter of Credit if: (a) any order, judgment or decree of any Governmental
Authority or arbitrator shall by its terms purport to enjoin or restrain such Fronting Bank from issuing the Letter of Credit,
or any law applicable to such Fronting Bank or any request or directive (whether or not having the force of law) from any Governmental
Authority with jurisdiction over such Fronting Bank shall prohibit, or request that such Fronting Bank refrain from, the issuance
of letters of credit generally or the Letter of Credit in particular or shall impose upon such Fronting Bank with respect to the
Letter of Credit any restriction, reserve or capital requirement (for which such Fronting Bank is not otherwise compensated hereunder)
not in effect on the Closing Date, or shall impose upon such Fronting Bank any unreimbursed loss, cost or expense which was not
applicable on the Closing Date and which such Fronting Bank in good faith deems material to it; or (b) the issuance of the Letter
of Credit would violate one or more policies of such Fronting Bank applicable to letters of credit generally.

 

SECTION
2.18. Extension Option. Borrower may extend the Ratable Loan Maturity Date two (2)
times only for a period of six (6) months per extension upon satisfaction of the following terms and conditions for each
extension: (i) delivery by Borrower of a written notice to Administrative Agent (an “Extension
Notice”) on or before a date that is not more than one hundred twenty (120) days nor less than one
(1) month prior to the then-scheduled Ratable Loan Maturity Date, which Extension Notice Administrative Agent shall promptly
deliver to the Banks, which Extension Notice shall include a certification dated as of the date of such Extension Notice
signed by a duly authorized signatory of Borrower, stating, to the best of the certifying party’s knowledge, (x) all
representations and warranties of Borrower and the other Loan Parties contained in this Agreement and in each of the other
Loan Documents are true and correct in all material respects (and in all respects to the extent qualified by Material Adverse
Change or other materiality qualifier) on and as of the date of such Extension Notice (except in those cases where
such representation or warranty expressly relates to an earlier date, in which case such representations and warranties were
true and correct as of such date, and except for changes in factual circumstances not prohibited under the Loan Documents),
and (y) no Event of Default has occurred and is continuing; (ii) no Event of Default shall have occurred and be continuing on
the original Ratable Loan Maturity Date (an “Extension Date”), and (iii) Borrower shall pay to
Administrative Agent on or before such Extension Date a fee equal to (x) 0.0625% of the aggregate Ratable Loan Commitments
for the first extension and (y) 0.075% of the aggregate Ratable Loan Commitments for the second extension, which fee shall be
distributed by Administrative Agent pro rata to each of the Ratable Loan Banks based on each Ratable Loan Bank’s Pro
Rata Share. Borrower’s delivery of an Extension Notice shall be irrevocable.

 

    	 	66	 

     

    

 

SECTION
2.18. [Reserved]. 

 

SECTION 2.19. Funds
Transfer Disbursements. Borrower hereby authorizes Administrative Agent to disburse the proceeds of any Loan made by the Banks
or any of their Affiliates pursuant to the Loan Documents as requested by an authorized representative of Borrower to any of the
accounts designated in the Disbursement Instruction Agreement.

 

SECTION 2.20. Permitted
Extension Amendments.

 

(a)           Borrower
may (i) with respect to any requested extension of any of the Term Loans, at any time or from time to time not more than one hundred
twenty (120) days and not less than thirty (30) days prior to any anniversary of the Closing Date and (ii) in the case of any
requested extension of the Ratable Loan Maturity Date, (A) not more than one
hundred twenty (120) days and not less than thirty (30) days prior to the then-current Ratable Loan Maturity Date and
(B) solely to the extent Borrower shall have executed each extension option pursuant to Section 2.18, in the case
of each of clauses (i) and (ii), by notice to Administrative Agent (who shall promptly notify the Banks under the applicable tranche),
request that each Term A-1 Bank, Term A-2 Bank, and/or each Ratable Loan Bank extend (each such date on which an extension occurs,
a “Requested Extension Date”) such Bank’s Maturity Date applicable to such class of Loans and/or Loan
Commitment to the date that is one year after the applicable Maturity Date (or, if such one year anniversary date is not a BusinessBanking
Day, the immediately preceding BusinessBanking
Day) for such class of Loans and/or Loan Commitment then in effect for such Bank (the “Existing Maturity Date”),
subject to the terms and conditions contained in such request which may include (i) an increase in the interest rate or other
fees applicable solely with respect to the Loans and/or Loan Commitments in respect of which such extension is made to apply on
and after the Requested Extension Date and (ii) the inclusion of additional fees to be payable to the Extending Lenders (as defined
below) in connection with such extension (including any upfront fees).

 

(b)           Each
Bank under the applicable class of Loans and/or Loan Commitments, acting in its sole and individual discretion, shall, by notice
to Administrative Agent given not later than the date that is fifteen (15) days after the date on which Administrative Agent received
Borrower’s extension request (the “Lender Notice Date”), advise Administrative Agent whether or
not such Bank agrees to such extension under such class of Loans and/or Loan Commitments (each Bank that determines to so extend
its applicable Maturity Date under such class of Loans and/or Loan Commitments, an “Extending Lender”). Each
Bank that determines not to so extend its applicable Maturity Date under such class of Loans and/or Loan Commitments (a “Non-Extending
Lender”) shall notify Administrative Agent of such fact promptly after such determination (but in any event no later
than the Lender Notice Date), and any Bank under such class of Loans and/or Loan Commitments that does not so advise Administrative
Agent on or before the Lender Notice Date shall be deemed to be a Non-Extending Lender. The election of any Bank under such class
of Loans and/or Loan Commitments to agree to such extension shall not obligate any other Bank under the same class of Loans and/or
Loan Commitments to so agree, and it is understood and agreed that no Bank shall have any obligation whatsoever to agree to any
request made by Borrower for extension of the applicable Maturity Date.

 

    	 	67	 

     

    

 

(c)           Administrative
Agent shall promptly notify Borrower of each Bank’s determination under this Section.

 

(d)           Borrower
shall have the right, but shall not be obligated, on or before the applicable Maturity Date for any Non-Extending Lender to replace
such Non-Extending Lender with, and add as “Ratable Loan Banks”, “Term A-1 Banks”, and/or “Term
A-2 Banks”, as the case may be, under this Agreement in place thereof, one or more financial institutions under the applicable
class of Loans and/or Loan Commitments (each, an “Additional Lender”) approved by Administrative Agent and
the Fronting Banks in accordance with the procedures provided in Section 3.07, each of which Additional Lenders shall have entered
into an Assignment and Assumption Agreement (in accordance with and subject to the restrictions contained in Section 12.05, with
Borrower obligated to pay any applicable processing or recordation fee) with such Non-Extending Lender, pursuant to which such
Additional Lenders shall, effective on or before the applicable Maturity Date for such Non-Extending Lender, assume Ratable Loan
Commitments, Term A-1 Loans and/or Term A-2 Loans, as the case may be (and, if any such Additional Lender is already a Bank, its
Ratable Loan Commitment, Term A-1 Loans and/or Term A-2 Loans, as applicable, shall be in addition to such Bank’s Ratable
Loan Commitment, Term A-1 Loans and/or Term A-2 Loans, as applicable, hereunder on such date). Prior to any Non-Extending Lender
being replaced by one or more Additional Lenders pursuant hereto, such Non-Extending Lender may elect, in its sole discretion,
by giving irrevocable notice thereof to Administrative Agent and Borrower (which notice shall set forth such Bank’s new
applicable Maturity Date), to become an Extending Lender. Administrative Agent may effect such amendments to this Agreement as
are reasonably necessary to provide for any such extensions with the consent of Borrower but without the consent of any other
Banks.

 

    	 	68	 

     

    

 

(e)           If
(and only if) (x) with respect to the Ratable Loan Commitments, the total of the Ratable Loan Commitments of the Ratable
Loan Banks that have agreed to extend their Ratable Loan Maturity Date and the new or increased Ratable Loan Commitments of
any Additional Lenders is more than 50% of the aggregate amount of the Ratable Loan Commitments in effect immediately prior
to the applicable Requested Extension Date, (y) with respect to the Term A-1 Loans, the total of the outstanding Term A-1
Loans of the Term A-1 Banks that have agreed to extend their Term A-1 Loan Maturity Date and the assumed Term A-1 Loans of
any Additional Lenders is more than 50% of the aggregate amount of the Term A-1 Loans outstanding immediately prior to the
applicable Requested Extension Date, or (z) with respect to the Term A-2 Loans, the total of the outstanding Term A-2 Loans
of the Term A-2 Banks that have agreed to extend their Term A-2 Loan Maturity Date and the assumed Term A-2 Loans of any
Additional Lenders is more than 50% of the aggregate amount of the Term A-2 Loans outstanding immediately prior to the
applicable Requested Extension Date then, in each case, effective as of the applicable ReqestedRequested Extension
Date, the applicable Maturity Date of each Extending Lender under the applicable class of Loans and/or Loan Commitments and
of each Additional Lender shall be extended to the date that is one year after the Existing Maturity Date for such class of
Loans and/or Loan Commitments (except that, if such date is not a Banking Day, such Maturity Date as so extended shall be the
next preceding Banking Day) and each Additional Lender shall thereupon become a “Ratable Loan Bank”, “Term
A-1 Bank”, and/or “Term A-2 Bank”, as applicable, for all purposes of this Agreement and shall be bound by
the provisions of this Agreement as a Bank under such class of Loans and/or Loan Commitments hereunder and shall have the
obligations of a Bank under such class of Loans and/or Loan Commitments hereunder. For purposes of clarity, it is
acknowledged and agreed that (x) from and after the six-month anniversary of the Closing Date, the Term A-1 Loan Maturity
Date on any date of determination shall not be a date more than five (5) years after such date of determination and (y) the
Term A-2 Loan Maturity Date on any date of determination shall not be a date more than seven (7) years after such date of
determination, whether such determination is made before or after giving effect to any extension request made hereunder.

 

(f)            Notwithstanding
the foregoing, (x) with respect to any extension of the Ratable Loan Maturity Date pursuant to
this Section 2.20, Borrower shall have first exercised each of its extension options pursuant to Section 2.18 and (y) any
extension of any Maturity Date pursuant to this Section 2.20 shall not be effective with respect to any Extending Lender unless:

 

(i)           no
Default or Event of Default shall have occurred and be continuing on the applicable Requested Extension Date and immediately after
giving effect thereto;

 

(ii)          the
representations and warranties of Borrower and each other Loan Party contained in this Agreement and the other Loan Documents
shall be true and correct in all material respects on and as of the applicable Requested Extension Date (except in those cases
where such representation or warranty expressly relates to an earlier date or is qualified as to “materiality”, “Material
Adverse Change” or similar language (which shall be true and correct in all respects as qualified therein) and except
for changes in factual circumstances permitted hereunder); and

 

    	 	69	 

     

    

 

(iii)         Administrative
Agent shall have received a certificate dated as of the applicable Requested Extension Date from Borrower (A) certifying the accuracy
of the foregoing clauses (i) and (ii) and (B) certifying and attaching the resolutions adopted by Borrower approving or consenting
to such extension.

 

(g)           On the applicable Maturity Date of each Non-Extending Lender, (i) with respect to any extension of the Ratable Loan Maturity
Date, any Ratable Loan Commitment of each Non-Extending Lender shall automatically terminate and (ii) Borrower shall repay such
Non-Extending Lender in accordance with Section 2.09 (and shall pay to such Non-Extending Lender all of the other Obligations owing
to it under this Agreement) and after giving effect thereto shall prepay any Ratable Loans and/or Term Loans outstanding on such
date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep outstanding Loans under
the applicable class of Loans ratable with any revised applicable percentages of the respective Banks under such class of Loans
effective as of such date, and, with respect to the Ratable Loan Commitments, Administrative Agent shall administer any necessary
reallocation of the Ratable Credit Exposures (without regard to any minimum borrowing, pro rata borrowing and/or pro rata payment
requirements contained elsewhere in this Agreement).

 

(h)           This Section shall supersede any provisions in Sections 2.09, 10.14, 10.15, or 12.02 to the contrary.

 

ARTICLE III

 

YIELD PROTECTION; ILLEGALITY; ETC.

 

SECTION 3.01. Additional
Costs. Borrower shall pay directly to each Bank or other Recipient from time to time on demand such amounts as such Bank or
other Recipient may reasonably determine to be necessary to compensate it for any increased costs which such Bank or other Recipient
determines are attributable to its making or maintaining a Loan, or its obligation to make or maintain a Loan, or its obligation
to Convert a Loan hereunder, or any reduction in any amount receivable by such Bank or other Recipient hereunder in respect of
its Loan(s) or such obligations (such increases in costs and reductions in amounts receivable being herein called “Additional
Costs”), in each case resulting from any Regulatory Change which:

 

(1)              
subjects any Recipient to any Taxes (other than (A) Indemnified Taxes, and (B) Excluded Taxes) on its loans, loan principal,
letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;
or

 

(2)               (other
than to the extent the LIBOR Reserve Requirement is taken into account in determining the LIBOR Rate at the commencement of
the applicable Interest Period) imposes or modifies any reserve, special deposit, liquidity, deposit insurance or assessment,
minimum capital, capital ratio or similar requirements relating to any extensions of credit or other assets of, or any
deposits with or other liabilities of, such Bank (including any Loan or any deposits referred to in the definition of
 “LIBOR Interest Rate”), or any commitment of such Bank (including such Bank’s Loan Commitment hereunder);
or

 

    	 	70	 

     

    

 

(3)              
imposes any other condition, cost or expense (other than Taxes) affecting this Agreement or the Notes (or any of such extensions
of credit or liabilities).

 

Without limiting the
effect of the provisions of the first paragraph of this Section, in the event that, by reason of any Regulatory Change, any Bank
becomes subject to restrictions on the amount of such a category of liabilities or assets which it may hold, then, if such Bank
so elects by notice to Borrower (with a copy to Administrative Agent), the obligation of such Bank to permit Elections of, to Continue,
or to Convert Base Rate Loans into, LIBOR Loans shall be suspended (in which case the provisions of Section 3.04 shall be applicable)
until such Regulatory Change ceases to be in effect.

 

The obligations of
Borrower under this Section shall survive the repayment of all amounts due under or in connection with any of the Loan Documents
and the termination of the Loan Commitments in respect of the period prior to such termination.

 

Determinations and
allocations by a Bank for purposes of this Section of the effect of any Regulatory Change pursuant to the first or second paragraph
of this Section, on its costs or rate of return of making or maintaining its Loan or portions thereof or on amounts receivable
by it in respect of its Loan or portions thereof, and the amounts required to compensate such Bank under this Section, shall be
included in a calculation of such amounts given to Borrower and shall be conclusive absent manifest error.

 

Notwithstanding anything
contained in this Article III to the contrary, Borrower shall only be obligated to pay any amounts due under this Section 3.01
or under Section 3.06 if, and a Bank shall not exercise any right under this Section 3.01 or Sections 3.02, 3.03, 3.04 or 3.06
unless, the applicable Bank is generally imposing a similar charge on, or otherwise similarly enforcing its agreements with, its
other similarly situated borrowers. In addition, Borrower shall not be obligated to compensate any Bank under any such provision
for any amounts attributable to any period which is more than 180 days prior to such Bank’s delivery of notice thereof to
Borrower (except that if a Regulatory Change is retroactive, then such period shall be extended to include the period of retroactive
effect, provided that such Bank delivered notice thereof to Borrower no later than 180 days after the date on which the Regulatory
Change with such retroactive effect was made).

 

For purposes of this
Section 3.01, the term “Bank” includes any Fronting Bank.

 

    	 	71	 

     

    

 

SECTION 3.02. Alternate
Rate of Interest.

 

(i)            Anything herein
to the contrary notwithstanding, unless and until a Replacement Rate is implemented in accordance with clause (ii) below,
if, on or prior to the determination of the LIBOR Base Rate for any Interest Period:

 

(a)           Administrative Agent shall determine (which determination shall be conclusive absent manifest error) that reasonable
and adequate means do not exist for ascertaining the LIBOR Base Rate for such Interest Period;

 

(b)           Administrative Agent reasonably determines (which determination shall be conclusive absent manifest error) that quotations
of interest rates for the relevant deposits referred to in the definition of the LIBOR Base Rate are not being provided in the
relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Loans as provided herein;
or

 

(c)           Administrative
Agent reasonably determines (which determination shall be conclusive absent manifest error) that the relevant rates of interest
referred to in the definition of the LIBOR Base Rate upon the basis of which the rate of interest for LIBOR Loans for such Interest
Period is to be determined are not likely to adequately and fairly reflect the cost to Banks of making or maintaining LIBOR Loans
for such Interest Period;

 

then Administrative
Agent shall give Borrower and each Bank prompt notice thereof and, so long as such condition remains in effect, Banks shall be
under no obligation to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and
Borrower shall, on the last day of each current Interest Period for each outstanding LIBOR Loan, either prepay such Loan or Convert
such Loan into a Base Rate Loan.

 

(ii)       
Notwithstanding anything to the contrary in Section 3.02(i) above, if Administrative Agent or Required Banks have made the
determination (such determination to be conclusive absent manifest error) that (a) the circumstances described in Section 3.02(i)(a)
or (i)(b) have arisen and that such circumstances are unlikely to be temporary, (b) any applicable interest rate specified
herein is no longer a widely recognized benchmark rate for newly originated loans in Dollars in the U.S. syndicated loan market
or (c) the applicable supervisor or administrator (if any) of any applicable interest rate specified herein or any Governmental
Authority having or purporting to have jurisdiction over Administrative Agent has made a public statement identifying a specific
date after which any applicable interest rate specified herein shall no longer be used for determining interest rates for loans
in Dollars in the U.S. syndicated loan market, then Administrative Agent may, to the extent practicable (in consultation with
Borrower and as determined by Administrative Agent to be generally in accordance with similar situations in other transactions
in which it is serving as administrative agent or otherwise consistent with market practice generally), establish a replacement
interest rate (the “Replacement Rate”), in which case, the Replacement Rate shall, subject to the next two
sentences, replace such applicable interest rate for all purposes under the Loan Documents unless and until (A) an event
described in Section 3.02(i)(a) or (i)(b), 3.02(ii)(a), 3.02(ii)(b) or 3.02(ii)(c) occurs with respect to the Replacement
Rate or (B) Administrative Agent (or Required Banks through Administrative Agent) notifies Borrower that the
Replacement Rate does not adequately and fairly reflect the cost to Banks of funding the Loans bearing interest at the Replacement
Rate. In connection with the establishment and application of the Replacement Rate, this Agreement and the other Loan Documents
shall be amended solely with the consent of Administrative Agent and Borrower, as may be necessary or appropriate, in the opinion
of Administrative Agent, to effect the provisions of this Section 3.02(ii). Notwithstanding anything to the contrary in this
Agreement or the other Loan Documents (including, without limitation, Section 12.02), such amendment shall become effective
without any further action or consent of any other party to this Agreement so long as Administrative Agent shall not have received,
within five (5) Banking Days of the delivery of such amendment to Banks, written notices from such Banks that in the aggregate
constitute Required Banks, with each such notice stating that such Bank objects to such amendment. To the extent the Replacement
Rate is approved by Administrative Agent in connection with this clause (ii), the Replacement Rate shall be applied in a
manner consistent with market practice;,
provided that, in each case, to the extent such market practice is not administratively feasible for Administrative
Agent, such Replacement Rate shall be applied as otherwise reasonably determined by Administrative Agent (it being understood
that any such modification by Administrative Agent shall not require the consent of, or consultation with, any of the Banks).

 

    	 	72	 

     

    

 

SECTION 3.03. Illegality.
Notwithstanding any other provision of this Agreement, in the event that it becomes unlawful for any Bank or its Applicable Lending
Office to honor its obligation to make or maintain a LIBOR Loan or Bid Rate Loan hereunder, to allow Elections or Continuations
of a LIBOR Loan or to Convert a Base Rate Loan into a LIBOR Loan, then such Bank shall promptly notify Administrative Agent and
Borrower thereof and such Bank’s obligation to make or maintain a LIBOR Loan or Bid Rate Loan, or to permit Elections of,
to Continue, or to Convert its Base Rate Loan into, a LIBOR Loan shall be suspended (in which case the provisions of Section 3.04
shall be applicable) until such time as such Bank may again make and maintain a LIBOR Loan or Bid Rate Loan.

 

SECTION 3.04. Treatment
of Affected Loans. If the obligations of any Bank to make or maintain a LIBOR Loan or a Bid Rate Loan, or to permit an Election
of a LIBOR Loan, to Continue its LIBOR Loan, or to Convert its Base Rate Loan into a LIBOR Loan, are suspended pursuant to Section
3.01 or 3.03 (each LIBOR Loan or Bid Rate Loan so affected being herein called an “Affected Loan”), such Bank’s
Affected Loan shall be automatically Converted into a Base Rate Loan (or, in the case of an Affected Loan that is a Bid Rate Loan,
the interest rate thereon shall be converted to the rate applicable to Base Rate Loans) on the last day of the then current Interest
Period for the Affected Loan (or, in the case of a Conversion or conversion resulting from Section 3.03, on such earlier date as
such Bank may specify to Borrower).

 

To the extent
that such Bank’s Affected Loan has been so Converted (or the interest rate thereon so converted), all payments and
prepayments of principal which would otherwise be applied to such Bank’s Affected Loan shall be applied instead to its
Base Rate Loan (or to its Bid Rate Loan bearing interest at the converted rate) and such Bank shall have no obligation to
Convert its Base Rate Loan into a LIBOR Loan.

 

    	 	73	 

     

    

 

SECTION 3.05. Certain
Compensation. Other than in connection with a Conversion of an Affected Loan, Borrower shall pay to Administrative Agent for
the account of the applicable Bank, upon the request of such Bank through Administrative Agent which request includes a calculation
of the amount(s) due, such amount or amounts as shall be sufficient (in the reasonable opinion of such Bank) to compensate it for
any loss, cost or expense which such Bank reasonably determines is attributable to:

 

(1)              
any payment or prepayment of a LIBOR Loan or Bid Rate Loan made by such Bank, or any Conversion of a LIBOR Loan (or conversion
of the rate of interest on a Bid Rate Loan) made by such Bank, in any such case on a date other than the last day of an applicable
Interest Period, whether by reason of acceleration or otherwise;

 

(2)              
any failure by Borrower for any reason to Convert a LIBOR Loan or a Base Rate Loan or to Continue a LIBOR Loan, as the case
may be, to be Converted or Continued by such Bank on the date specified therefor in the relevant notice under Section 2.14;

 

(3)              
any failure by Borrower to borrow (or to qualify for a borrowing of) a LIBOR Loan or Bid Rate Loan which would otherwise
be made hereunder on the date specified in the relevant Election notice under Section 2.14 or Bid Rate Quote acceptance under Section
2.02(e) given or submitted by Borrower; or

 

(4)              
any failure by Borrower to prepay a LIBOR Loan or Bid Rate Loan on the date specified in a notice of prepayment.

 

Without limiting the
foregoing, such compensation shall include an amount equal to the present value (using as the discount rate an interest rate equal
to the rate determined under (2) below) of the excess, if any, of (1) the amount of interest (less the Applicable Margin) which
otherwise would have accrued on the principal amount so paid, prepaid, Converted or Continued (or not Converted, Continued or borrowed)
for the period from the date of such payment, prepayment, Conversion or Continuation (or failure to Convert, Continue or borrow)
to the last day of the then current applicable Interest Period (or, in the case of a failure to Convert, Continue or borrow, to
the last day of the applicable Interest Period which would have commenced on the date specified therefor in the relevant notice)
at the applicable rate of interest for the LIBOR Loan or Bid Rate Loan provided for herein, over (2) the amount of interest (as
reasonably determined by such Bank) based upon the interest rate which such Bank would have bid in the London interbank market
for Dollar deposits, for amounts comparable to such principal amount and maturities comparable to such period. A determination
of any Bank as to the amounts payable pursuant to this Section shall be conclusive absent manifest error.

 

    	 	74	 

     

    

 

The obligations of
Borrower under this Section shall survive the repayment of all amounts due under or in connection with any of the Loan Documents
and the termination of the Loan Commitments in respect of the period prior to such termination.

 

SECTION 3.06. Capital
Adequacy. If any Bank shall have determined that, after the date hereof, due to any Regulatory Change or the adoption of, or
any change in, any applicable law, rule or regulation regarding capital adequacy or liquidity ratios or requirements, or any change
in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the
interpretation or administration thereof, or any request or directive regarding capital adequacy or liquidity requirements (whether
or not having the force of law) of any such Governmental Authority, central bank or comparable agency, has or would have the effect
of reducing the rate of return on capital of such Bank (or its Parent) as a consequence of such Bank’s obligations hereunder
to a level below that which such Bank (or its Parent) could have achieved but for such adoption, change, request or directive (taking
into consideration its policies with respect to capital adequacy and liquidity) by an amount deemed by such Bank to be material,
then from time to time, within fifteen (15) days after demand by such Bank (with a copy to Administrative Agent), Borrower shall
pay to such Bank such additional amount or amounts as will compensate such Bank (or its Parent) for such reduction. A certificate
of any Bank claiming compensation under this Section, setting forth in reasonable detail the basis therefor, shall be conclusive
absent manifest error. The obligations of Borrower under this Section shall survive the repayment of all amounts due under or in
connection with any of the Loan Documents and the termination of the Loan Commitments in respect of the period prior to such termination.

 

SECTION 3.07. Substitution
of Banks. If any Bank (an “Affected Bank”) (i) makes demand upon Borrower for (or if Borrower is
otherwise required to pay) Additional Costs pursuant to Section 3.01, (ii) is unable to make or maintain a LIBOR Loan or Bid
Rate Loan as a result of a condition described in Section 3.03 or clause (b) of Section 3.02, (iii) has any increased costs
as described in Section 3.06, (iv) requires Borrower to pay any Indemnified Taxes or other amounts to such Bank or any
Governmental Authority pursuant to Section 10.13, or (v) becomes a Defaulting Lender or a Non-Consenting Bank, Borrower may,
at Borrower’s sole expense and effort within ninety (90) days of receipt of such demand or notice of the occurrence of
an event described above in this Section 3.07 (provided (A) such 90-day limit shall not be applicable for a Defaulting
Lender and (B) such 90-day period shall be extended for an additional period of 60 days if Borrower shall have attempted
during such 90-day period to secure a Replacement Bank (as defined below) and shall be diligently pursuing such attempt),
give written notice (a “Replacement Notice”) to Administrative Agent and to each Bank of Borrower’s
intention to replace the Affected Bank with another financial institution (the “Replacement Bank”)
designated in such Replacement Notice; provided, that in the case of any assignment resulting from a Bank becoming a
Non-Consenting Bank, the Replacement Bank shall have consented to the applicable consent, approval, amendment or waiver; provided, further,
that in the case of an Affected Bank that is not a Defaulting Lender or Non-Consenting Bank, if Borrower has been unable to
obtain a Replacement Bank after using its commercially reasonable efforts to do so for a period of sixty (60) days, Borrower
shall be permitted to prepay in full such Affected Bank’s Loans and to terminate such Affected Bank’s entire Loan
Commitment so long as (A) no Default or Event of Default shall have ocurrred and be continuing at the time of such prepayment
or immediately after giving effect thereto, (B) within thirty (30) days after its receipt of Borrower’s request
therefor, such Affected Bank shall not have agreed to waive the payment of the Additional Costs, Indemnified Taxes or other
amounts in question pursuant to Section 10.13 or the effect of the circumstances described in Section 3.03, in clause (b) of
Section 3.02 or in Section 3.06 and (C) to the extent two or more Affected Banks are so prepaid and their Loan Commitments
terminated, such Affected Banks’ aggregate Loan Commitments so terminated shall not exceed 5% of the total Loan
Commitments before giving effect to such terminations, and such prepayments shall be made ratably in accordance with such
Affected Banks’ respective Pro Rata Shares.

 

    	 	75	 

     

    

 

In the event Borrower
shall elect to make a prepayment of an Affected Bank to the extent permitted in the final proviso of the preceding paragraph, then,
so long as no Event of Default shall exist, Borrower may (notwithstanding the provisions of clause (2) of Section 2.16(a)) terminate
the Affected Bank’s entire Loan Commitments, provided that in connection therewith it pays to the Affected Bank all
outstanding principal and accrued and unpaid interest under the Affected Bank’s Loans, together with all other amounts, if
any, due from Borrower to the Affected Bank, including all amounts properly demanded and unreimbursed under Sections 3.01, 3.05
or 10.13. After any replacement or termination, an Affected Bank shall remain entitled to the benefits of Sections 3.01, 3.06,
10.13 and 12.04 in respect of the period prior to such termination.

 

In the event Borrower
opts to give a Replacement Notice, and if Administrative Agent and, in the case of the replacement of a Ratable Loan Bank, each
Fronting Bank and each Swingline Lender, shall promptly (and in any event, within thirty (30) days of its receipt of the Replacement
Notice), notify Borrower and each Bank in writing that the Replacement Bank is reasonably satisfactory to Administrative Agent,
then the Affected Bank shall, so long as no Event of Default shall exist, assign its Loans and all of its rights and obligations
under this Agreement to the Replacement Bank, and the Replacement Bank shall assume all of the Affected Bank’s rights and
obligations, pursuant to an agreement, substantially in the form of an Assignment and Assumption Agreement, executed by the Affected
Bank and the Replacement Bank. In connection with such assignment and assumption, the Replacement Bank shall pay to the Affected
Bank an amount equal to the outstanding principal amount of the Affected Bank’s Loans plus all interest accrued thereon,
plus all other amounts, if any (other than the Additional Costs in question), then due and payable to the Affected Bank; provided,
however, that prior to or simultaneously with any such assignment and assumption, Borrower shall have paid to such Affected
Bank all amounts properly demanded and unreimbursed under Sections 3.01, 3.05 and 10.13. Upon the effective date of such assignment
and assumption, the Replacement Bank shall become a Bank party to this Agreement and shall have all the rights and obligations
of a Bank as set forth in such Assignment and Assumption Agreement, and the Affected Bank shall be released from its obligations
hereunder, and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant
to this Section, Notes shall be issued to the Replacement Bank by Borrower in accordance with Section 2.09. If the Replacement
Bank is not incorporated under the laws of the United States of America or a state thereof, it shall, prior to the first date
on which interest or fees are payable hereunder for its account, deliver to Borrower and Administrative Agent a certification
as to exemption from deduction or withholding of any United States federal income taxes in accordance with Section 10.13. Each
Replacement Bank shall be deemed to have made the representations contained in, and shall be bound by the provisions of, Section
10.13. After any assignment as provided in this paragraph, an Affected Bank shall remain entitled to the benefits of Sections
3.01, 3.06, 10.13 and 12.04 in respect of the period prior to such assignment. The Affected Bank shall not be required to make
any assignment described in this Section if, prior thereto, as a result of a waiver by such Affected Bank or otherwise, the circumstances
entitling Borrower to require such assignment cease to apply.

 

    	 	76	 

     

    

 

Borrower, Administrative
Agent and the Banks shall execute such modifications to the Loan Documents as shall be reasonably required in connection with and
to effectuate the foregoing.

 

SECTION 3.08. Obligation
of Banks to Mitigate. Each Bank agrees that, as promptly as practicable after such Bank has actual knowledge of the occurrence
of an event or the existence of a condition that would cause such Bank to become an Affected Bank or that would entitle such Bank
to receive payments under Sections 3.01, 3.02, 3.03, 3.06 or 10.13, it will, to the extent not inconsistent with any applicable
legal or regulatory restrictions, use reasonable efforts at the cost and expense of Borrower (i) to make, issue, fund, or maintain
the Loan Commitment of such Bank or the affected Loans of such Bank through another lending office of such Bank, or (ii) to assign
its rights and obligations hereunder to another of its offices, branches or Affiliates, if as a result thereof the circumstances
that would cause such Bank to be an Affected Bank would cease to exist or the additional amounts that would otherwise be required
to be paid to such Bank pursuant to Sections 3.01, 3.02, 3.03, 3.06 or 10.13 would be reduced and if, as reasonably determined
by such Bank in its sole discretion, the making, issuing, funding, or maintaining of such Loan Commitment or Loans through such
other lending office or in accordance with such other measures, as the case may be, would not otherwise adversely affect such Loan
Commitment or Loans or would not be otherwise disadvantageous to the interests of such Bank.

 

SECTION 3.09. Usury.
In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of
interest allowed by applicable Law and, if any such payment is paid by Borrower or any other Loan Party or received by any
Bank, then such excess sum shall be credited as a payment of principal, unless Borrower shall notify the respective Bank in
writing that Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto
that Borrower not pay and the Banks not receive, directly or indirectly, in any manner whatsoever, interest in excess of that
which may be lawfully paid by Borrower under applicable Law. The parties hereto hereby agree and stipulate that the only
charge imposed upon Borrower for the use of money in connection with this Agreement is and shall be the interest specifically
described in Section 2.07 and, with respect to Swingline Loans, in Section 2.03(c). Notwithstanding the foregoing,
the parties hereto further agree and stipulate that all agency fees, syndication fees, facility fees, closing fees, letter of
credit fees, underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost
charges, attorneys’ fees and reimbursement for costs and expenses paid by Administrative Agent or any Bank to third
parties or for damages incurred by Administrative Agent or any Bank, in each case in connection with the transactions
contemplated by this Agreement and the other Loan Documents, are charges made to compensate Administrative Agent or any such
Bank for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred,
by Administrative Agent and the Banks in connection with this Agreement and shall under no circumstances be deemed to be
charges for the use of money. All charges other than charges for the use of money shall be fully earned and nonrefundable
when due.

 

    	 	77	 

     

    

 

ARTICLE IV

 

CONDITIONS PRECEDENT

 

SECTION 4.01. Conditions
Precedent to the Loans. The obligations of the Banks hereunder and the obligation of each Bank to make the Initial Advance
hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance
with Section 12.02):

 

(1)              
Fees and Expenses. The payment of all fees owed to the Banks incurred in connection with the origination of the Loans
and required to be paid as of the Closing Date and all expenses (including, without limitation, the reasonable and documented out-of-pocket
fees and expenses of legal counsel of Administrative Agent) for which invoices have been presented to Borrower on or prior to the
Closing Date;

 

(2)              
Loan Agreement and Notes. This Agreement (including all schedules hereto, which shall be accurate as of the Closing
Date), duly executed by Borrower, and the Notes for each of the Banks signatory hereto which has requested such Note, each duly
executed by Borrower;

 

(3)              
Pro Forma Compliance Certificate and Financial Projections. Receipt and review of pro forma compliance certificate
of the type required by paragraph (3) of Section 6.09 and financial projections for General Partner’s consolidated operations
calculated as of the most recent quarter ending at least 50 days prior to the Closing Date (or fiscal year ending at least 95 days
prior to the Closing Date, whichever is later) and giving pro forma effect to the Combination Transactions;

 

(4)              
Certificates of Limited Partnership/Trust, etc. A copy of the Certificate of Limited Partnership for Borrower, a
copy of the articles of trust of General Partner and a copy of the certificate or articles of incorporation or formation,
articles of organization, certificate of limited partnership, declaration of trust or other comparable organizational instrument
(if any) of each other Loan Party, each certified by the appropriate Secretary of State or equivalent state official;

 

    	 	78	 

     

    

 

(5)              
Agreements of Limited Partnership/Bylaws, etc. A copy of the Agreement of Limited Partnership for Borrower, a copy
of the bylaws of General Partner and a copy of the by-laws, the operating agreement, the partnership agreement, or other comparable
document in the case of ecah other Loan Party, including all amendments thereto, each certified by the Secretary or an Assistant
Secretary (or other individual performing similar functions) of each Loan Party as being in full force and effect on the Closing
Date;

 

(6)              
Good Standing Certificates. A certified copy of a certificate from the Secretary of State or equivalent state official
of the states where Borrower, General Partner and each other Loan Party are organized, dated as of the most recent practicable
date, showing the good standing or partnership qualification of Borrower, General Partner and each other Loan Party;

 

(7)              
Foreign Qualification Certificates. A certified copy of a certificate from the Secretary of State or equivalent state
official of the state where Borrower, General Partner and each other Loan Party maintain their principal places of business, dated
as of the most recent practicable date, showing the qualification to transact business in such state as a foreign limited partnership
or foreign trust, as the case may be, for Borrower, General Partner and each other Loan Party, except where the failure to be so
qualified would likely cause a Material Adverse Change to occur;

 

(8)              
Resolutions. A copy of a resolution or resolutions adopted by the Board of Trustees of General Partner and all other
corporate, partnership, member or other necessary action taken by each other Loan Party, certified by the Secretary or an Assistant
Secretary of General Partner or such other Loan Party (or other individual performing similar functions) as being in full force
and effect on the Closing Date, authorizing the Loans provided for herein and the execution, delivery and performance of the Loan
Documents to be executed and delivered by General Partner, including on behalf of Borrower, and each other Loan Party hereunder;

 

(9)              
Incumbency Certificate. A certificate, signed by the Secretary or an Assistant Secretary of General Partner and each
other Loan Party (or other individual performing similar functions) and dated the Closing Date, as to the incumbency, and containing
the specimen signature or signatures, of the Persons authorized to execute and deliver the Loan Documents to be executed and delivered
by it, Borrower and each other Loan Party hereunder;

 

    	 	79	 

     

    

 

(10)             Solvency
Certificate. A Solvency Certificate, duly executed, from Borrower;

 

(11)             Opinion
of Counsel for Borrower. Favorable opinions, dated as of the Closing Date, from counsels for Borrower, General Partner and
the other Loan Parties, as to such customary matters as Administrative Agent may reasonably request;

 

(12)             Disbursement
Instruction Agreement. The Disbursement Instruction Agreement, duly executed by Borrower;

 

(13)             Combination
Transaction. The Combination Transaction shall have been consummated pursuant to and on the terms set forth in the Combination
Agreement;

 

(14)             Notice
of Borrowing. To the extent an advance is to be made on the Closing Date, a Notice of Borrowing in accordance with Section
2.05;

 

(15)           
Certificate. The following statements shall be true and Administrative Agent shall have received a certificate dated
as of the Closing Date signed by a Responsible Officer of Borrower stating, to the best of the certifying party’s knowledge,
the following:

 

(A)            
All representations and warranties of Borrower and the other Loan Parties contained in this Agreement and in each of the
other Loan Documents are true and correct on and as of the Closing Date as though made on and as of such date,

 

(B)             
No Default or Event of Default has occurred and is continuing; and

 

(C)             
On or prior to the Closing Date, the Combination Transaction shall have been consummated pursuant to and on the terms set
forth in the Combination Agreement (as provided to Administrative Agent and the Banks on or prior to the Escrow Date, without giving
effect to any amendment, waiver or other modification thereto after the Escrow Date that is adverse to the interests of the Banks
in any material respect or could otherwise reasonably be expected to have a Material Adverse Effect);

 

(16)             KYC
Information. Administrative Agent and each Bank shall have received all documentation and other information about
Borrower, General Partner and the other Loan Parties as shall have been reasonably requested by Administrative Agent or such
Bank that it shall have reasonably determined is required by regulatory authorities under applicable “know your
customer” and anti-money laundering rules and regulations; provided, that the Banks shall have requested any such
know-your-customer documentation at least ten (10) Banking Days prior to the Closing Date, and Borrower shall have delivered
any such know-your-customer documentation at least seven (7) Banking Days prior to the Closing Date; provided, further, that
to the extent that any such documentation shall not be available in executed and certified form prior to the Escrow Date,
Borrower shall have delivered final and complete drafts of such documentation at least seven (7) Banking Days prior to the
Escrow Date (with any non-material changes to such drafts after the Escrow Date and prior to the Closing Date to be approved
by Administrative Agent in its reasonable discretion); and

 

    	 	80	 

     

    

 

(17)             General
Partner Status. The Form 10, in substantially the form in effect as of the Escrow Date (as such Form 10, together with
all schedules and exhibits thereto, may be further amended or supplemented in a manner that is not adverse to the interests of
the Banks in any material respect or could not otherwise reasonably be expected to have a Material Adverse Effect), filed with
respect to General Partner’s common stock shall have become effective and General Partner’s common stock shall have
been approved for listing on the New York Stock Exchange.

 

SECTION 4.02. Conditions
Precedent to Advances After the Initial Advance. The obligation of each Bank to make any advance of the Loans or issue, renew
or increase the amount of any Letter of Credit subsequent to the Initial Advance shall be subject to satisfaction of the following
conditions precedent:

 

(1)              
No Default or Event of Default shall have occurred and be continuing;

 

(2)              
Each of the representations and warranties of Borrower and the other Loan Parties contained in this Agreement and in each
of the other Loan Documents shall be true and correct in all material respects as of the date of the advance, issuance, renewal
or increase (except in those cases where such representation or warranty expressly relates to an earlier date or is qualified as
to “materiality”, “Material Adverse Change” or similar language (which shall be true and correct in all
respects) and except for changes in factual circumstances not prohibited hereunder); and

 

(3)              
Administrative Agent shall have received a Notice of Borrowing in accordance with Section 2.05.

 

SECTION 4.03. Deemed
Representations. Each request by Borrower for, and acceptance by Borrower of, an advance of proceeds of the Loans or the
issuance, renewal or increase of any Letter of Credit, shall constitute a representation and warranty by Borrower that, as of
both the date of such request and the date of such advance, issuance, renewal or increase (1) no Default or Event of Default
has occurred and is continuing as of the date of such advance, issuance, renewal or increase, and (2) each of the
representations and warranties by Borrower and the other Loan Parties contained in this Agreement and in each of the other
Loan Documents is true and correct in all material respects (except in those cases where such representation or warranty
expressly relates to an earlier date or is qualified as to “materiality”, “Material Adverse Change”
or similar language (which shall be true and correct in all respects)) on and as of such date with the same effect as if made
on and as of such date, except where such representation or warranty expressly relates to an earlier date and except for
changes in factual circumstances not prohibited hereunder. In addition, the request by Borrower for, and acceptance by
Borrower of, the Initial Advance shall constitute a representation and warranty by Borrower that, as of the Closing Date,
each certificate delivered pursuant to Section 4.01 is true and correct in all material respects.

 

    	 	81	 

     

    

 

ARTICLE V

 

REPRESENTATIONS AND WARRANTIES

 

Borrower represents
and warrants to Administrative Agent and each Bank as follows:

 

SECTION 5.01. Existence.
Borrower is a limited partnership duly organized, existing and in good standing under the laws of the jurisdiction of its formation,
with its principal executive office, as of the Closing Date, in the State of Maryland, and is duly qualified as a foreign limited
partnership, properly licensed, in good standing and has all requisite authority to conduct its business in each jurisdiction in
which it owns properties or conducts business except where the failure to be so qualified or to obtain such authority would not
constitute a Material Adverse Change. General Partner is a REIT duly organized, existing and in good standing under the laws of
the jurisdiction of its incorporation, with its principal executive office, as of the Closing Date, in the State of Maryland, is
duly qualified as a foreign corporation or trust and properly licensed and in good standing in each jurisdiction where the failure
to qualify or be licensed would constitute a Material Adverse Change. The common shares of General Partner are listed on the New
York Stock Exchange.

 

SECTION 5.02. Corporate/Partnership
Powers. The execution, delivery and performance of this Agreement and the other Loan Documents required to be delivered by
Borrower and the other Loan Parties are within the partnership or other authority of Borrower or such Loan Party, as applicable,
have been duly authorized by all requisite action, and are not in conflict with the terms of any organizational documents of such
entity, or any instrument or agreement to which Borrower, any other Loan Party or General Partner is a party or by which Borrower,
any other Loan Party or General Partner or any of their respective assets may be bound or affected (which conflict with any such
instrument or agreement would likely cause a Material Adverse Change).

 

SECTION 5.03. Power
of Officers. The officers of General Partner executing the Loan Documents required to be delivered by it on behalf of Borrower
hereunder and the officers or other representatives of the other Loan Parties executing the Loan Documents required to be delivered
by such Loan Parties hereunder have been duly elected or appointed and were fully authorized to execute the same at the time each
such Loan Document was executed.

 

    	 	82	 

     

    

 

 

SECTION 5.04. Power
and Authority; No Conflicts; Compliance With Laws. The execution and delivery of, and the performance of the obligations
required to be performed by Borrower and the other Loan Parties under, the Loan Documents do not and will not (a) violate any
provision of, or, except for those which have been made or obtained, require any filing (other than SEC disclosure filings),
registration, consent or approval under, any Law (including, without limitation, Regulation U), order, writ, judgment,
injunction, decree, determination or award presently in effect having applicability to it, (b) result in a breach of or
constitute a default under or require any consent under any material indenture or material loan or credit agreement or any
other material agreement, lease or instrument to which it may be a party or by which it or its properties may be bound or
affected except for consents which have been obtained, or (c) result in, or require, the creation or imposition of any Lien,
upon or with respect to any of its properties now owned or hereafter acquired. Borrower and its Subsidiaries are in
compliance with all Laws applicable to it and its respective properties where the failure to be in compliance could
reasonably be expected to cause a Material Adverse Change to occur.

 

SECTION 5.05. Legally
Enforceable Agreements. Each Loan Document to which Borrower or another Loan Party is party is a legal, valid and binding obligation
of Borrower or such other Loan Party, enforceable in accordance with its terms, except to the extent that such enforcement may
be limited by applicable bankruptcy, insolvency and other similar laws affecting creditors’ rights generally, as well as
general principles of equity.

 

SECTION 5.06. Litigation.
There are no investigations, actions, suits or proceedings pending or, to its knowledge, threatened against Borrower, General Partner
or any of their Affiliates before any court or arbitrator or any Governmental Authority reasonably likely to (i) have a material
effect on Borrower’s ability to repay the Loans, (ii) except with respect to matters existing as of the Escrow Date as disclosed
and specifically identified in General Partner’s SEC Reports prior to the Escrow Date, result in a Material Adverse Change,
or (iii) affect the validity or enforceability of any Loan Document.

 

SECTION 5.07. Good
Title to Properties. Borrower and each Subsidiary have good, marketable and legal title to all of the properties and assets
each of them purports to own (including, without limitation, those reflected in the financial statements referred to in Sections
4.01(3) and 5.15 and only with exceptions which do not materially detract from the value of such property or assets or the use
thereof in the Loan Parties’ and each Affiliate’s businesses, and except to the extent that any such properties and
assets have been encumbered or disposed of since the date of such financial statements without violating any of the covenants contained
in Article VII or elsewhere in this Agreement) and except where failure to comply with the foregoing would likely result in a Material
Adverse Change. Borrower and its Subsidiaries enjoy peaceful and undisturbed possession of all leased property under leases which
are valid and subsisting and are in full force and effect, except to the extent that the failure to be so would not likely result
in a Material Adverse Change.

 

    	 	83	 

     

    

 

SECTION 5.08. Taxes.
Borrower, the Loan Parties and General Partner have filed all tax returns (federal, state and local) required to be filed
and have paid all taxes, assessments and governmental charges and levies due and payable without the imposition of a penalty,
including interest and penalties, except to the extent they are the subject of a Good Faith Contest or where the failure to
comply with the foregoing would not likely result in a Material Adverse Change.

 

SECTION 5.09. ERISA.
To the knowledge of Borrower, each Plan is in compliance in all material respects with its terms and all applicable provisions
of ERISA. No Prohibited Transaction has occurred with respect to any Plan that could subject Borrower, any of its Subsidiaries,
General Partner or any ERISA Affiliate to a tax or penalty imposed under Section 4975 of the Code or Section 502(i) of ERISA in
an amount that is in excess of $250,000; except as would not likely result in a Material Adverse Change, no Reportable Event has
occurred with respect to any Plan within the last six (6) years; except as would not likely result in a Material Adverse Change,
no notice of intent to terminate a Plan has been filed nor has any Plan been terminated within the past five (5) years; except
as would not likely result in a Material Adverse Change, no Multiemployer Plan has been determined to be in “endangered status”
or “critical status”; except as would not likely result in a Material Adverse Change, none of Borrower, its Subsidiaries,
General Partner or ERISA Affiliate has partially or completely withdrawn from a Multiemployer Plan or incurred any liablity with
respect to a Multiemployer Plan under Section 4201 of ERISA (or received notice under Section 4219 of ERISA of withdrawal liability
with respect to Multiemployer Plan); except as would not likely result in a Material Adverse Change, there has been no filing of
a notice of reorganization, insolvency or termination, or treatment of a plan amendment as termination, under 4041A of ERISA; to
the knowledge of Borrower, there are no circumstances which constitute grounds under Section 4042 of ERISA entitling the PBGC to
institute proceedings to terminate, or appoint a trustee to administer, a Plan, nor has the PBGC instituted any such proceedings;
except as would not likely result in a Material Adverse Change, Borrower, its Subsidiaries, General Partner and the ERISA Affiliates
have met the minimum funding requirements of Section 412 of the Code and Section 302 of ERISA of each with respect to the Plans
of each and except as disclosed in the most recent General Partner’s Consolidated Financial Statements there was no Unfunded
Current Liability with respect to any Plan established or maintained by each as of the last day of the most recent plan year of
each Plan; and except as would not likely result in a Material Adverse Change, Borrower, its Subsidiaries, General Partner and
the ERISA Affiliates have not incurred any liability to the PBGC under ERISA (other than for the payment of premiums under Section
4007 of ERISA) which is due and payable for more than 45 days and has not been reserved against. None of the assets of Borrower
its Subsidiaries or General Partner under this Agreement constitute “plan assets” of any “employee benefit plan”
within the meaning of ERISA or of any “plan” within the meaning of Section 4975(e)(1) of the Code, as interpreted by
the Internal Revenue Service and the U.S. Department of Labor in rules, regulations, releases or bulletins or as interpreted under
applicable case law.

 

    	 	84	 

     

    

 

SECTION 5.10. No
Default on Outstanding Judgments or Orders. Borrower and its Subsidiaries have satisfied all judgments which are not
being appealed and are not in default with respect to any rule or regulation or any judgment, order, writ, injunction or
decree applicable to Borrower or any of its Subsidiaries, of any court, arbitrator or federal, state, municipal or other
Governmental Authority, commission, board, bureau, agency or instrumentality, domestic or foreign, in each case which failure
to satisfy or which being in default is likely to result in a Material Adverse Change.

 

SECTION 5.11. No
Defaults on Other Agreements. Except as disclosed to the Bank Parties in writing prior to the Escrow Date or with respect to
matters existing as of the Escrow Date as disclosed and specifically identified in General Partner’s SEC Reports prior to
the Escrow Date, none of Borrower or any of its Subsidiaries, to the best of Borrower’s knowledge, is a party to any indenture,
loan or credit agreement or any lease or other agreement or instrument or subject to any partnership, trust or other restriction
which is likely to result in a Material Adverse Change. To the best of Borrower’s knowledge, none of Borrower or any of its
Subsidiaries is in default in any respect in the performance, observance or fulfillment of any of the obligations, covenants or
conditions contained in any agreement or instrument which is likely to result in a Material Adverse Change.

 

SECTION 5.12. Government
Regulation. None of Borrower, General Partner or any Loan Party is subject to regulation under the Investment Company Act of
1940.

 

SECTION 5.13. Environmental
Protection. To Borrower’s knowledge, except with respect to matters existing as of the Escrow Date as disclosed and specifically
identified in General Partner’s SEC Reports prior to the Escrow Date, none of the properties of Borrower, General Partner
or any Subsidiary contains any Hazardous Materials that, under any Environmental Law currently in effect, (1) would impose liability
on Borrower, General Partner or any Subsidiary that is likely to result in a Material Adverse Change, or (2) is likely to result
in the imposition of a Lien on any assets of Borrower, General Partner or any Subsidiary that is likely to result in a Material
Adverse Change. To Borrower’s knowledge, neither it nor any Subsidiaries are in violation of, or subject to any existing,
pending or threatened investigation or proceeding by any Governmental Authority under any Environmental Law that is likely to result
in a Material Adverse Change.

 

SECTION 5.14. Solvency.
Borrower and the other Loan Parties, taken as a whole, are, and upon consummation of the transactions contemplated by this Agreement,
the other Loan Documents and any other documents, instruments or agreements relating thereto, will be, Solvent.

 

SECTION 5.15. Financial
Statements. General Partner’s Consolidated Financial Statements most recently delivered to the Banks prior to the
Closing Date are in all material respects complete and fairly present in all material respects the financial condition and
results of operations of the subjects thereof as of the dates of and for the periods covered by such statements, all in
accordance with GAAP(subject, in the case of the unaudited statements, to changes resulting from normal year-end audit
adjustments and the inclusion in the final audited statements of footnotes that were not contained in the unaudited
statements). There has been no Material Adverse Change since the Escrow Date, or if any of General Partner’s
Consolidated Financial Statements have been delivered pursuant to Section 6.09(1) subsequent to the Escrow Date, there has
been no Material Adverse Change since the date of such recently delivered General Partner’s Consolidated Financial
Statements.

 

    	 	85	 

     

    

 

SECTION 5.16. Valid
Existence of Subsidiaries. Each Subsidiary is (i) an entity duly organized and validly existing under the laws of the jurisdiction
of its formation and (ii) in good standing under the laws of the jurisdiction of its formation except in the case of this clause
(ii),where the failure to be so qualified would not likely cause a Material Adverse Change. As to each Subsidiary and as of the
Closing Date, its correct name, the jurisdiction of its formation, and Borrower’s direct or indirect percentage of beneficial
interest therein, are set forth on Schedule 5.16. Borrower and each of its Subsidiaries
have the power to own their respective properties and to carry on their respective businesses now being conducted, except, in the
case of a Subsidiary that does not own, directly or indirectly, any Unencumbered Asset, where the failure to have such power would
not likely result in a Material Adverse Change. Each Subsidiary is duly qualified as a foreign corporation to do business and is
in good standing in every jurisdiction in which the nature of the respective businesses conducted by it or its respective properties,
owned or held under lease, make such qualification necessary and where the failure to be so qualified would likely cause a Material
Adverse Change.

 

SECTION 5.17. Insurance.
Borrower (with respect to itself and its Subsidiaries) and General Partner have in force paid insurance with financially sound
and reputable insurance companies or associations in such amounts and covering such risks as are usually carried by companies engaged
in the same or a similar business and similarly situated.

 

SECTION 5.18. Accuracy
of Information; Full Disclosure.

 

(a)               Neither
this Agreement nor any documents, financial statements, reports, notices, schedules, certificates, statements or other
writings furnished by or on behalf of Borrower to Administrative Agent or any Bank in connection with the negotiation of this
Agreement or the consummation of the transactions contemplated hereby, required herein to be furnished by or on behalf
of Borrower (other than projections which are made by Borrower in good faith) or certified as being true and correct by or on
behalf of Borrower to Administrative Agent or any Bank in connection with the negotiation of this Agreement or delivered
hereunder, taken as a whole, contains any untrue statement of a material fact or omits to state any material fact necessary
to make the statements herein or therein, in the light of the circumstances under which they were made, not misleading in any
material respect; provided that, with respect to projected financial information, Borrower represents only that such
information was prepared in good faith based upon assumptions believed to be reasonable at the time prepared. There is no
fact which Borrower has not disclosed to Administrative Agent and the Banks in writing or that is not included in General
Partner’s SEC Reports that materially affects adversely or, so far as Borrower can foresee as of the Closing Date, will
materially affect adversely the business or financial condition of Borrower or the ability of Borrower to perform this
Agreement and the other Loan Documents.

 

    	 	86	 

     

    

 

(b)              
As of the FirstSecond
Amendment Effective Date, the information included in each Beneficial Ownership Certification is true and correct in all respects.

 

SECTION 5.19. Use
of Proceeds. All proceeds of the Loans and Letters of Credit will be used by Borrower (x) to pay fees and expenses in connection
with the Combination Transaction and (y) for any purpose permitted by law, including, without limitation, working capital and other
general corporate purposes. Neither the making of any Loan nor the use of the proceeds thereof nor any other extension of credit
hereunder will violate the provisions of Regulations T, U, or X of the Federal Reserve Board. No Swingline Loan shall be used more
than once for the purpose of refinancing another Swingline Loan, in whole or part. Borrower is not engaged principally or as one
of its important activities in the business of extending credit for the purposes of “purchasing” or “carrying”
any “margin stock” within the respective meanings of such terms under Regulations T, U and X of the Federal Reserve
Board.

 

SECTION 5.20. Governmental
Approvals. No order, consent, approval, license, authorization, or validation of, or filing, recording or registration with,
or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to authorize, or is required
in connection with the execution, delivery and performance of any Loan Document or the consummation of any of the transactions
contemplated thereby other than those that have already been duly made or obtained and remain in full force and effect or those
which, if not made or obtained, would not likely result in a Material Adverse Change and those which will be made in due course
as SEC disclosure filings.

 

SECTION 5.21. Principal
Offices. As of the Closing Date, the principal office, chief executive office and principal place of business of Borrower is
4445 Willard Avenue, Suite 400, Chevy Chase, Maryland 20815.

 

SECTION 5.22. General
Partner Status.

 

(1)              
General Partner (i) at all times operates its business in a manner not to prevent it from qualifying for status as a REIT
under the Code and (ii) from and after the date that General Partner’s election to qualify as a REIT under the Code is effective,
General Partner is qualified and intends to continue to qualify as a REIT (provided that, General Partner shall elect to
be taxed as a REIT under the Code commencing with its 2018 taxable year (or, at the election of General Partner, commencing with
its 2017 taxable year)).

 

(2)              
As of the Closing Date, General Partner owns no assets other than ownership interests in Borrower or as disclosed on SCHEDULE
2A attached hereto.

 

    	 	87	 

     

    

 

(3)              
General Partner is neither the borrower nor guarantor of any Debt except as disclosed on SCHEDULE 3 attached hereto (the
 “Existing General Partner Debt”) and except for Debt of General Partner permitted by Section 7.04(b).

 

SECTION 5.23. Labor
Matters. Except for collective bargaining agreements disclosed on Schedule 5.23
and Multiemployer Plans disclosed in SCHEDULE 5.23, (i) as of the Closing Date, there are no collective bargaining agreements or
Multiemployer Plans covering the employees of Borrower, General Partner, or any ERISA Affiliate and (ii) neither Borrower, General
Partner, nor any ERISA Affiliate has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the
last five years which could reasonably be expected to result in a Material Adverse Change.

 

SECTION 5.24. Organizational
Documents. The documents delivered pursuant to Section 4.01(4) and (5) constitute, as of the Closing Date, all of the organizational
documents of Borrower, the other Loan Parties and General Partner. Borrower represents that it has delivered to Administrative
Agent true, correct and complete copies of each such document. General Partner (or a wholly-owned Subsidiary of General Partner)
is General Partner of Borrower. General Partner holds (directly or indirectly) not less than seventy-five percent (75%) of the
ownership interests in Borrower as of the Closing Date.

 

SECTION 5.25. Anti-Corruption
Laws and Sanctions. None of General Partner, Borrower, any Subsidiary, any of their respective directors, officers, employees,
Affiliates or, to the knowledge of General Partner, any agent or representative of General Partner, Borrower or any Subsidiary
that will act in any capacity in connection with or benefit from this Agreement, (i) is a Sanctioned Person or currently the
subject or target of any Sanctions, (ii) has its assets located in a Sanctioned Country, (iii) except to the extent permitted
for a Person required to comply with Sanctions, directly or indirectly derives revenues from investments in, or transactions with,
Sanctioned Persons or (iv) has violated any anti-money laundering rule or regulation in any material respect. Each of General
Partner, Borrower and its Subsidiaries, and to the knowledge of Borrower, each director, officer, employee, agent and Affiliate
of General Partner, Borrower and each such Subsidiary, is in compliance with the Anti-Corruption Laws in all material respects.
Each of General Partner and Borrower has implemented and maintains in effect policies and procedures reasonably designed to ensure
compliance with the Anti-Corruption Laws and applicable Sanctions by General Partner, Borrower, its Subsidiaries, their respective
directors, officers, employees, Affiliates and agents and representatives of General Partner, Borrower or any Subsidiary that will
act in any capacity in connection with or benefit from this Agreement.

 

SECTION 5.26. EEA
Financial Institutions. None of General Partner, Borrower or any of its or their Subsidiaries is an EEA Financial Institution.

 

    	 	88	 

     

    

 

ARTICLE VI

AFFIRMATIVE COVENANTS

 

So long as this Agreement
is in effect, Borrower shall:

 

SECTION 6.01. Maintenance
of Existence. Preserve and maintain, and, except as permitted by Section 7.01, cause General Partner and each Subsidiary to
preserve and maintain, its legal existence and, if applicable, good standing in its jurisdiction of organization (except, in the
case of a Subsidiary, where the failure to maintain such good standing would not likely cause a Material Adverse Change) and, if
applicable, qualify and remain qualified as a foreign entity in each jurisdiction in which such qualification is required, except
to the extent that failure to so qualify would not likely result in a Material Adverse Change.

 

SECTION 6.02. Maintenance
of Records. Keep adequate records and books of account, in which entries will be made in accordance with GAAP in all material
respects, except as disclosed in General Partner’s financial statements, reflecting all of its financial transactions.

 

SECTION 6.03. Maintenance
of Insurance. At all times, maintain and keep in force with respect to General Partner, Borrower, and their respective Subsidiaries,
insurance with financially sound and reputable insurance companies or associations in such amounts and covering such risks as are
usually carried by companies engaged in the same or a similar business and similarly situated, which insurance may provide for
reasonable deductibles from coverage thereof.

 

SECTION 6.04. Compliance
with Laws; Payment of Taxes.

 

(a)              
Comply, and cause General Partner and each Subsidiary to comply, in all material respects with all Laws applicable to it
or to any of its properties or any part thereof, such compliance to include, without limitation, paying before the same become
delinquent all taxes, assessments and governmental charges imposed upon it or upon any of its property, except to the extent they
are the subject of a Good Faith Contest or the failure to so comply would not cause a Material Adverse Change.

 

(b)              
Borrower shall, and shall cause General Partner to, maintain in effect and enforce policies and procedures reasonably designed
to ensure compliance with the Anti-Corruption Laws and applicable Sanctions by General Partner, Borrower, its or their Subsidiaries,
its or their respective directors, officers, employees, Affiliates, and agents and representatives of General Partner, Borrower
or its or their Subsidiaries that will act in any capacity in connection with or benefit from this Agreement.

 

SECTION 6.05. Right
of Inspection. At any reasonable time and from time to time upon reasonable notice, but not more frequently than twice
in any 12-month period provided that no Event of Default shall have occurred and be continuing, permit, and cause each
Subsidiary to permit, Administrative Agent or any Bank or any agent or representative thereof (provided that, at
Borrower’s request, Administrative Agent or such Bank, or such representative, must be accompanied by a representative
of Borrower), to examine and make copies and abstracts from the records and books of account of, and visit the properties of,
Borrower and its Subsidiaries and to discuss the affairs, finances and accounts of Borrower and its Subsidiaries with the
independent accountants of Borrower (subject to limitations, if any, imposed under regulatory or confidentiality requirements
and agreements to which General Partner, Borrower or one of its Subsidiaries is subject (and not entered into with the intent
to prohibit the inspection rights set forth herein) or could otherwise reasonably be expected to contravene
attorney–client privilege or constitute attorney work product). The request by any Bank or agent or representative
thereof for such an inspection shall be made to Administrative Agent and Administrative Agent promptly shall notify all the
Banks of such request (or if Administrative Agent shall have requested the same on its behalf, Administrative Agent shall
notify all the Banks thereof) and any Bank that shall so desire may accompany Administrative Agent or such Bank, or such
representative on such examination.

 

    	 	89	 

     

    

 

SECTION 6.06. Compliance
With Environmental Laws. Comply, and cause General Partner and each Subsidiary to comply, in all material respects with all
applicable Environmental Laws and immediately pay or cause to be paid all costs and expenses incurred in connection with such compliance,
except to the extent there is a Good Faith Contest or the failure to so comply would not likely cause a Material Adverse Change.

 

SECTION 6.07. Intentionally
Omitted.

 

SECTION 6.08. Maintenance
of Properties. Do all things reasonably necessary to maintain, preserve, protect and keep its and its Subsidiaries’ properties
in good repair, working order and condition except where the failure to do so would not result in a Material Adverse Change.

 

SECTION 6.09. Reporting
and Miscellaneous Document Requirements. Furnish to Administrative Agent (which shall promptly distribute to each of the Banks):

 

(1)              
Annual Financial Statements. Not later than five (5) days following the filing of General Partner’s Form 10-K
with the SEC and in any event within ninety-five (95) days after the end of each Fiscal Year, General Partner’s Consolidated
Financial Statements as of the end of and for such Fiscal Year, audited by Borrower’s Accountants;

 

(2)              
Quarterly Financial Statements. Not later than five (5) days following the filing of General Partner’s Form
10-Q with the SEC and in any event within fifty (50) days after the end of each of the first three quarters of each Fiscal Year,
the unaudited General Partner’s Consolidated Financial Statements as of the end of and for such quarter;

 

(3)               Certificate
of No Default and Financial Compliance. Within fifty (50) days after the end of each of the first three quarters of each
Fiscal Year and within ninety-five (95) days after the end of each Fiscal Year, a certificate of the chief financial officer
or other appropriate financial officer of General Partner (a) stating that, to the best of his or her knowledge, no
Default or Event of Default has occurred and is continuing, or if a Default or Event of Default has occurred and is
continuing, specifying the nature thereof and the action which is being taken with respect thereto; (b) stating that the
covenants contained in Article VIII have been complied with as of the date that such covenants are required to be tested (or
specifying those that have not been complied with) and including computations demonstrating such compliance (or
non-compliance); (c) setting forth all items comprising Total Outstanding Indebtedness, Capitalization Value, Secured
Indebtedness, Combined EBITDA, Unencumbered Combined EBITDA, Interest Expense, Unsecured Interest Expense and Unsecured
Indebtedness; (d) only at the end of each Fiscal Year an estimate of Borrower’s taxable income and (e) describing any
item appearing on the balance sheet delivered pursuant to clauses (1) or (2) above, as applicable, that would not appear on
the consolidated balance sheet of Borrower;

 

    	 	90	 

     

    

 

(4)              
Certificate of Borrower’s Accountants. Within ninety-five (95) days after the end of each Fiscal Year, a report
with respect thereto of Borrower’s Accountants, which report shall not be subject to (i) any “going concern”
qualification or exception (other than any such qualification or exception with respect to the Obligations being treated as short-term
indebtedness resulting solely from a maturity date under the Facilitiesany
Maturity Date occurring within one year from the time such opinion is delivered) or (ii) any qualification or exception
as to the scope of such audit, and shall state that such financial statements fairly present the consolidated financial position
of each of General Partner and its Subsidiaries as at the dates indicated and the consolidated results of their operations and
cash flows for the periods indicated, in conformity with GAAP applied on a basis consistent with prior years (except for changes
which shall have been disclosed in the notes to the financial statements).

 

(5)              
Notice of Litigation. Promptly after the commencement and knowledge thereof, notice of all actions, suits, and proceedings
before any court or arbitrator, in respect of the Loan Documents or affecting General Partner or Borrower or any of its Subsidiaries
which, if determined adversely to General Partner or Borrower or such Subsidiary is likely to result in a Material Adverse Change
and which would be required to be reported in Borrower’s SEC Reports;

 

(6)              
Notice of ERISA Events. Promptly after the occurrence thereof, (a) notice of any action or event described in Section
9.01(7), (b) the establishment of (or agreement to establish) a Plan or (c) the making of contributions (or the undertaking of
any obligation or agreement to make contributions) to a Multiemployer Plan not listed on Schedule
5.23 or other incurrence of any liability with respect to a Multiemployer Plan;

 

(7)               Notices
of Defaults and Events of Default. As soon as possible and in any event within ten (10) days after Borrower becomes aware
of the occurrence of (a) a material Default, (b) any Event of Default, or (c) an event of the type described in Section
9.01(8), in each case, a written notice setting forth the details of such Default, Event of Default or such event and
the action which is proposed to be taken with respect thereto;

 

    	 	91	 

     

    

 

(8)              
Sales or Acquisitions of Assets. Promptly after the occurrence thereof, written notice of any Disposition or acquisition
of an individual asset (other than acquisitions or Dispositions of investments such as certificates of deposit, Treasury securities
and money market deposits in the ordinary course of Borrower’s cash management) in excess of Five Hundred Million Dollars
($500,000,000);

 

(9)              
Material Adverse Change. As soon as is practicable and in any event within five (5) days after knowledge of the occurrence
of any event or circumstance which is likely to result in or has resulted in a Material Adverse Change and which would be required
to be reported in Borrower’s SEC Reports;

 

(10)          
Environmental and Other Notices. As soon as practicable and in any event within thirty (30) days after receipt, copies
of all Environmental Notices received by Borrower or any Subsidiary which are not received in the ordinary course of business and
which relate to a previously undisclosed situation which could reasonably be expected to result in a Material Adverse Change;

 

(11)          
Insurance Coverage. Promptly, such information concerning Borrower’s insurance coverage as Administrative Agent
may reasonably request;

 

(12)          
Proxy Statements, Etc. Promptly after the sending or filing thereof, copies of all proxy statements, financial statements
and reports which Borrower or General Partner sends to its respective shareholders, and copies of all regular, periodic and special
reports, and all registration statements, which Borrower or General Partner files with the SEC or any Governmental Authority which
may be substituted therefor, or with any national securities exchange;

 

(13)          
Capital Expenditures. If reasonably requested by Administrative Agent, a schedule of such Fiscal Year’s capital
expenditures and a budget for the next Fiscal Year’s planned capital expenditures for Borrower and each Consolidated Business
that is a Real Property Business;

 

(14)          
Change in Borrower’s Credit Rating. During the Investment Grade Pricing Period, within two (2) Banking Days
after Borrower’s receipt of notice of any change in Borrower’s Credit Rating, written notice of such change;

 

(15)           General
Information. Promptly, rent rolls, capital expenditure summaries and such other information respecting the condition or
operations, financial or otherwise, of General Partner, Borrower or any properties of Borrower as Administrative Agent or any
Bank may from time to time reasonably request (in the case of non-financial information, subject to (i) limitations, if any,
imposed under regulatory or confidentiality requirements and agreements to which General Partner, Borrower, or one of its
Subsidiaries is subject (and not entered into with the intent to prohibit any request for information hereunder) or (ii)
the right of Borrower to exclude any information that could reasonably be expected to contravene attorney–client
privilege or constitute attorney work product);

 

    	 	92	 

     

    

 

(16)          
Promptly, upon each request, such information and documentation as a Bank may request in order to comply with applicable
 “know your customer” and anti-money laundering rules and regulations, including, without limitation, the Patriot Act
and the Beneficial Ownership Regulation; and

 

(17)          
Prompt written notice of any change in the information provided in the Beneficial Ownership Certification delivered to any
Bank that would result in a change to the list of beneficial owners identified in such certification.

 

Documents and notices
required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including the
Internet, e-mail or intranet websites to which Administrative Agent and each Bank have access (including a commercial, third-party
website such as www.Edgar.com <http://www.Edgar.com> or a website sponsored or hosted by Administrative Agent, General Partner
or Borrower); provided that (A) the foregoing shall not apply to notices to any Bank (or any Fronting Bank) pursuant
to Article II, (B) any Bank has not notified Administrative Agent and Borrower that it cannot or does not want to receive
electronic communications and (C) documents required to be delivered pursuant to Sections 6.09(1), 6.09(2), 6.09(4) and 6.09(12)
shall, if not otherwise delivered to Administrative Agent, be deemed to have been delivered on the date on which such documents
are filed for public availability on the SEC’s Electronic Data Gathering and Retrieval System (it being understood that Borrower
shall not be required to provide notice to Administrative Agent or any Bank of such electronic filing of information (other than
with respect to financial statements pursuant to 6.09(1) or 6.09(2)) to satisfy its reporting obligations). Documents or notices
delivered electronically shall be deemed to have been delivered on the date on which Administrative Agent, General Partner or Borrower
posts such documents or the documents become available on a commercial website and Borrower notifies (except in such instances
where notification is not required pursuant to this paragraph) Administrative Agent of said posting and provides a link thereto;
provided that if such notice or other communication is not sent or posted during normal business hours, said posting date
and time shall be deemed to have commenced as of 9:00 a.m. New York City time on the opening of business on the next Banking
Day. Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered
electronically, and in any event shall have no responsibility to monitor compliance by Borrower with any such request for delivery.
Each Bank shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

 

SECTION 6.10. Guarantors.
If (a) any Subsidiary becomes an Unsecured Indebtedness Subsidiary in respect of IndebtednessDebt in
an aggregate principal amount in excess of $1,000,000 or (b) General Partner becomes a borrower or guarantor of, or otherwise
has a payment obligation in respect of, any Unsecured Indebtedness (other than intercompany IndebtednessDebt owing
to Borrower or any of its Subsidiaries) in an aggregate principal amount in excess of $1,000,000, then, within five (5)
Banking Days thereof (or such longer period as (i) Administrative Agent may agree in its sole discretion or (ii) may be
reasonably agreed to be extended by Administrative Agent to permit such Loan Party to comply with the requirements of
Section 6.10(9)), Borrower shall cause such Person to deliver to Administrative Agent each of the following in form and
substance satisfactory to Administrative Agent:

 

    	 	93	 

     

    

 

(1)              
An Accession Agreement (or if the Guaranty is not then in effect, a Guaranty);

 

(2)              
The certificate or articles of incorporation or formation, articles of organization, certificate of limited partnership,
declaration of trust or other comparable organizational document (if any) for such Loan Party, certified as of a recent date by
the appropriate Secretary of State or equivalent state official;

 

(3)              
A copy of such Loan Party’s by-laws, if a corporation, operating agreement, if a limited liability company, partnership
agreement, if a limited or general partnership, or other comparable document in the case of any other form of legal entity or other
comparable organizational instrument (if any), including all amendments thereto, certified by the Secretary or an Assistant Secretary
(or other individual performing similar functions) of such Loan Party, as being in full force and effect;

 

(4)              
A certificate from the Secretary of State or equivalent state official of the state where such Loan Party is organized,
dated as of a recent date, evidencing the good standing of such Loan Party;

 

(5)              
A certified copy of a certificate, in each case dated as of a recent date, from the Secretary of State or equivalent state
official of the state (x) where such Loan Party is organized, showing the good standing or partnership qualification of such Loan
Party and (y) where such Loan Party maintains its principal place of business, showing the qualification to transact business in
such state as a foreign limited partnership, foreign trust or other foreign entity, as the case may be, except where the failure
to be so qualified under this clause (y) would likely cause a Material Adverse Change to occur;

 

(6)              
A copy of a resolution or resolutions adopted by the partners, members or directors, as required, for such Loan Party, certified
by the Secretary or an Assistant Secretary (or other individual performing similar functions) of such Loan Party as being in full
force and effect, authorizing the execution, delivery and performance of the Loan Documents to be executed and delivered by such
Loan Party;

 

(7)               A
certificate, signed by the Secretary or an Assistant Secretary (or other individual performing similar functions) of such
Loan Party, as to the incumbency, and containing the specimen signature or signatures, of the Persons authorized to
execute and deliver the Loan Documents to be executed and delivered by such Loan Party;

 

    	 	94	 

     

    

 

(8)              
If requested by Administrative Agent, favorable opinions from counsel for such Loan Party, as to such customary matters
as Administrative Agent may reasonably request;

 

(9)              
All documentation and other information about such Loan Party as shall have been reasonably requested by Administrative
Agent or any Bank that it shall have reasonably determined is required by regulatory authorities under applicable “know your
customer” and anti-money laundering rules and regulations; and

 

(10)          
Such other usual and customary documents, agreements and instruments as Administrative Agent, or any Bank through Administrative
Agent, may reasonably request.

 

Borrower may request
in writing that Administrative Agent release, and, at Borrower’s expense, upon receipt of such request Administrative Agent
shall release (pursuant to customary release documentation or as may be reasonably requested by Borrower), a Guarantor from the
Guaranty so long as: (i) such Guarantor is not otherwise required to be a party to the Guaranty under the immediately preceding
sentence; (ii) no Default under Section 9.01(1) or Event of Default shall then be in existence or would occur as a result of such
release; (iii) the representations and warranties of Borrower and each other Loan Party contained in this Agreement and the other
Loan Documents shall be true and correct in all material respects on and as of the date of such release (except in those cases
where such representation or warranty expressly relates to an earlier date or is qualified as to “materiality”, “Material
Adverse Change” or similar language (which shall be true and correct in all respects as qualified therein) and except for
changes in factual circumstances permitted hereunder); and (iv) Administrative Agent shall have received such written request at
least 10 Banking Days (or such shorter period as may be acceptable to Administrative Agent) prior to the requested date of release.
Delivery by Borrower to Administrative Agent of any such request shall constitute a representation by Borrower that the matters
set forth in the preceding sentence (both as of the date of the giving of such request and as of the date of the effectiveness
of such request) are true and correct with respect to such request.

 

    	 	95	 

     

    

 

ARTICLE VII

NEGATIVE COVENANTS

 

So long as this Agreement
is in effect, Borrower shall not do any or all of the following:

 

SECTION 7.01. Mergers,
Etc.

 

(a)              
Merge or consolidate or permit any other Loan Party to merge or consolidate, with, or permit General Partner to merge or
consolidate with any other Person, except (i) where Borrower or General Partner, or in the case of any other Loan Party, another
Loan Party, is the surviving entity, (ii) in a transaction the purpose of which is to redomesticate such entity in another United
States jurisdiction, and no Default or Event of Default has occurred and is continuing or (iii) that a Guarantor may merge or consolidate
with or into any other Loan Party or any other Person; provided, however, that, in the case of this clause (iii):

 

(1)              
(A) immediately prior to entering into such transaction, no Default or Event of Default shall exist and (B) at the time
of, and immediately thereafter and after giving effect to such transaction, no Event of Default arising under Section 9.01(1) or
9.01(5) shall have occurred and be continuing, nor, as the result of the occurrence of any other Event of Default, have the Obligations
been accelerated pursuant to Section 9.02;

 

(2)              
if the surviving entity is required to be a Guarantor pursuant to Section 6.10, such surviving entity shall be a Guarantor
or shall become a Guarantor in accordance with the applicable requirements of Section 6.10; and

 

(3)              
in the case of the entry into any transaction of merger or consolidation with a Person other than a Loan Party or a Subsidiary
which transaction or series of related transactions shall have a fair market value in excess of $50,000,000, not later than the
date on which such transaction is entered into: (A) Borrower shall have given Administrative Agent and the Banks written notice
of the entry into such transaction; and (B) Borrower shall have delivered to Administrative Agent a pro forma compliance certificate
of the type required by paragraph (3) of Section 6.09, evidencing the continued compliance by the Loan Parties with the financial
covenants contained in Article VIII, after giving effect to such transaction or series of transactions; provided, however, that
in the event that the obligation of any Guarantor to consummate such transaction is subject to a financing condition or the obtaining
of the requisite approval of the Banks under this Agreement, the certificate required by this clause (B) shall not be required
to be delivered until the date on which such transaction is consummated;

 

(b)              
sell, assign, lease or otherwise dispose of (whether in one transaction or in a series of transactions and whether effected
pursuant to a Division or otherwise) all or substantially all of Borrower’s or General Partner’s or any other Loan
Party’s assets, except (i) in the case of a sale, assignment or disposition (including pursuant to a Division) of all or
a substantial part of the assets of a Loan Party (other than Borrower) where Borrower or any other Loan Party is the transferee
of such assets, and no Default or Event of Default has occurred and is continuing or (ii) in the case of any such transaction or
series of related transactions involving assets, capital stock or other Equity Interests of a Guarantor being conveyed, sold, leased,
subleased or otherwise transferred or disposed (including pursuant to a Division) of to any other Person that is not a Loan Party,
with such assets, capital stock or other Equity Interests having a fair market value of not more than $50,000,000, or, if more
than such amount:

 

    	 	96	 

     

    

 

(1)              
Borrower shall have, not later than the date of such transaction or series of related transactions, (A) given Administrative
Agent and the Banks written notice of such transaction or series of related transactions and (B) delivered to Administrative
Agent a pro forma compliance certificate of the type required by paragraph (3) of Section 6.09, evidencing the continued compliance
by the Loan Parties with the financial covenants contained in Article VIII, after giving effect to such transaction or series of
transactions, and

 

(2)              
immediately prior to any such transaction or series of related transactions, and immediately thereafter and after giving
effect to such transaction or series of related transactions, no Event of Default arising under Section 9.01(1) or 9.01(5) shall
have occurred and be continuing, nor, as the result of the occurrence of any other Event of Default, have the Obligations been
accelerated pursuant to Section 9.02; provided, that, in each case described in this Section 7.01, if any Loan Party that
is a limited liability company consummates a Division, each Division Successor shall be required to comply with the obligations
set forth in Section 6.10; and

 

(c)              
with respect to Borrower or General Partner or any other Loan Party, liquidate, wind up or dissolve (or suffer any liquidation
or dissolution) or discontinue its business, except that a Guarantor (other than General Partner) may liquidate, wind up or dissolve
or discontinue a business so long as the continued entity is a Loan Party if required pursuant to Section 6.10.

 

SECTION 7.02. Distributions.
Make any Restricted Payment to General Partner except that Borrower may declare and make Restricted Payments to General Partner;
provided, that:

 

(a)              
if a Default or Event of Default resulting from noncompliance with any of the provisions of Article VIII exists, Borrower
shall not, and shall not permit any Subsidiary to, declare or make any Restricted Payments to General Partner other than:

 

(i)                
 the declaration and making of cash distributions to General Partner and other holders of partnership interests in Borrower
with respect to any fiscal year to the extent necessary for General Partner to distribute an aggregate amount not to exceed the
minimum amount necessary for General Partner to avoid (x) an Event of Default under Section 9.01(8)(ii) and (y) income or
excise tax under the Code; and

 

(ii)             
Borrower may make repurchases, retirement or other acquisition of Equity Interests in General Partner, Borrower or any Subsidiary
pursuant to any employee or director equity or stock option plan entered into in the ordinary course of business;

 

(b)               if
a Default or Event of Default, in each case, specified in Section 9.01(1) or Section 9.01(5) shall exist, or if as
a result of the occurrence of any other Event of Default any of the Obligations have been accelerated pursuant to
Section 9.02, Borrower shall not, and shall not permit any Subsidiary to, make any Restricted Payments to any Person
other than to Borrower or any Subsidiary (except that, in the case of a Subsidiary that is not a Wholly Owned Subsidiary,
distributions are made only to holders of Equity Interests in such Subsidiary ratably according to the holders’
respective holdings of the type of Equity Interest in respect of which such distributions are being made); and

 

    	 	97	 

     

    

 

(c)              
notwithstanding the foregoing in paragraphs (a) and (b) above, Borrower may make Restricted Payments in an amount sufficient
to pay customary and reasonable administrative and legal costs and expenses, including, without limitation, audit expenses, of
the Parent Entities in connection with the maintenance of its respective legal existence as a publicly traded company.

 

SECTION 7.03. Amendments
to Organizational Documents.

 

(a)              
Amend Borrower’s agreement of limited partnership or other organizational documents in any manner that would result
in a Material Adverse Change without the Required Banks’ consent, which consent shall not be unreasonably withheld. Without
limitation of the foregoing, no Person shall be admitted as a general partner of Borrower other than General Partner.

 

(b)              
Make any “in-kind” transfer of any of Borrower’s property or assets to any of Borrower’s constituent
partners if such transfer would result in an Event of Default, without, in each case, the Required Banks’ consent, which
consent shall not be unreasonably withheld.

 

SECTION 7.04. Activities
of General Partner.

 

(a)              
General Partner Assets. For so long as General Partner is not a Guarantor, Borrower shall not permit General Partner
or any Subsidiary of General Partner that owns, directly or indirectly, any Equity Interests of Borrower (each, a “Parent
Entity”) to own any assets other than:

 

(i)                
Equity Interests in any other Parent Entity that is a Wholly Owned Subsidiary of General Partner or Borrower;

 

(ii)             
cash and other assets of nominal value incidental to its status as a public company or its ownership of the Equity Interests
described in clause (i) of this Section 7.04(a);

 

(iii)           
assets maintained on a temporary or pass-through basis that are held (x) for subsequent payment of dividends, repurchase
or redemption of Equity Interests in General Partner, or repayment of Debt of General Partner or other satisfaction of obligations
of General Partner not prohibited by this Agreement or any other Loan Document or (y) for contribution to Borrower or any of its
Subsidiaries, in each case, for a period not in excess of ten (10) Banking Days for any such asset;

 

    	 	98	 

     

    

 

(iv)            
customary contract rights (x) related to General Partner’s
status as a public company and the general partner of Borrower or (y)
arising pursuant to any merger, purchase, acquisition or other similar agreement in relation to transactions permitted under this
Agreement; or

 

(v)              
other assets with an aggregate book value not to exceed $50,000,000.

 

(b)              
General Partner Liabilities. For so long as General Partner is not a Guarantor, Borrower shall not permit any Parent
Entity to incur, assume or permit to exist any liabilities other than:

 

(i)                
liabilities incidental to its status as a publicly traded REIT under the Code and not constituting liabilities in respect
of Debt for borrowed money (including liabilities associated with employment contracts, executive officer and director indemnification
agreements and employee benefit matters), indemnification obligations pursuant to purchase and sale agreements, tax liabilities
and legacy liabilities arising pursuant to contracts entered into in the ordinary course of business prior to (and not in contemplation
of) the Combination Transaction, this Agreement or any other Loan Document;

 

(ii)             
nonconsensual obligations imposed by operation of applicable Law; and 

 

(iii)           
other immaterial obligations, immaterial intercompany obligations or other intercompany obligations owing by any Parent
Entity to Borrower or any Subsidiary of Borrower.;

 

(iv)            
customary payment and indemnity liabilities under banker engagement letters;

 

(v)              
customary contract rights, and to the extent not constituting Debt, customary
liabilities arising pursuant to merger, purchase, acquisition or similar agreements in relation to transactions otherwise permitted
hereunder;

 

(vi)            
 liabilities arising under preferred Equity Interests (other than Mandatorily
Redeemable Stock) issued by the General Partner; and 

 

(vii)         
to the extent not constituting Debt, (x) liabilities that may be satisfied
solely by the issuance of Equity Interests (other than Mandatorily Redeemable Stock) of the General Partner and (y) liabilities
in connection with forward sale agreements and forward purchase agreements and other stock buyback arrangements, in the case of
each of clause (x) and (y), in connection with transactions otherwise permitted hereunder.

 

    	 	99	 

     

    

 

(c)              
Parent Entity Business Activities. For so long as General Partner is not a Guarantor, Borrower shall not permit any
Parent Entity to engage in any business or activity other than the ownership of outstanding Equity Interests of any other Parent
Entity or Borrower and Borrower’s Subsidiaries, the issuance and sale of its Equity Interests and, in each case, activities
incidental thereto or incidental to the ownership of assets and liabilities permitted under clauses (a) and (b) above,
and subject to exceptions consistent with the exceptions set forth under clauses (a) and (b) above (subject, in clause (a)(v) above,
to the maximum aggregate amount set forth in such clause).

 

(d)              
Contribution of Indebtedness or Equity Proceeds. The Parent Entities shall cause 100% of the net cash proceeds received
(including into escrow) from the incurrence of Debt (including hybrid securities and debt securities convertible to equity) or
the issuance of Equity Interests by any Parent Entity to be contributed to Borrower within ten (10) Banking Days of receipt thereof.

 

(e)               Cure
Period and Parent Entity Guaranty Trigger Event. If at any time any of the requirements set forth in the
preceding Section 7.04(a)-(d) are not satisfied, each Parent Entity shall promptly and in any event within five (5)
Banking Days of the earlier of (A) the first date a Responsible Officer of a Parent Entity or Borrower obtains knowledge that
such requirements were not satisfied or (B) the date upon which Borrower has received written notice that such requirements
were not satisfied by Administrative Agent, either (i) satisfy such requirements or (ii) deliver to Administrative Agent each
of the following in form and substance satisfactory to Administrative Agent: (x) an Accession Agreement (or if the
Guaranty is not then in effect, the Guaranty) executed by such Parent Entity and (y) the items that would have been
delivered under Section 4.01(3) through (9) if such Parent Entity had been a Loan Party on the Closing Date.

 

SECTION 7.05. Use
of Proceeds and Letters of Credit.

 

(a)              
Intentionally Omitted.

 

(b)              
Neither General Partner nor Borrower shall use, and shall procure that none of its or their Subsidiaries shall use, any
proceeds of the Loans or any Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of
the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for
the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or
in any Sanctioned Country or (c) in any manner that would result in the violation of any Sanctions applicable to any party
hereto.

 

SECTION 7.06. Transactions
with Affiliates. Permit to exist or enter into, or permit any Subsidiary to permit to exist or enter into, any transaction
(including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate (other than
any Parent Entity, Borrower, any other Loan Party or any Subsidiary), except:

 

    	 	100	 

     

    

 

(a)              
 transactions upon fair and reasonable terms which are no less favorable to Borrower or such other Subsidiary than would
be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate;

 

(b)              
Restricted Payments permitted under Section 7.02;

 

(c)              
transactions permitted by Section 7.04;

 

(d)              
the Combination Transaction;

 

(e)              
transactions constituting investments by Borrower or any Subsidiary in any UJV that are not otherwise prohibited under the
Loan Documents; and

 

(f)               
transactions permitted or approved in accordance with the Related Party Transaction Policy.

 

ARTICLE VIII

FINANCIAL COVENANTS

 

So long as this Agreement
is in effect, Borrower shall not permit or suffer:

 

SECTION 8.01. Ratio
of Total Outstanding Indebtedness to Capitalization Value. Total Outstanding Indebtedness to exceed sixty percent (60%) of
Capitalization Value, each measured as of the most recently ended calendar quarter; provided, however, with respect
to any fiscal quarter in which Borrower or any of its Consolidated Businesses or UJVs have acquired Real Property Assets, the ratio
of Total Outstanding Indebtedness to Capitalization Value as of the end of such fiscal quarter and the next three (3) succeeding
fiscal quarters may increase to 65%, provided that such ratio does not exceed 60% as of the end of the fiscal quarter immediately
thereafter. For purposes of this Section 8.01 only:

 

(i)             
Total Outstanding Indebtedness shall be adjusted by deducting therefrom an amount equal to the
lesser of (x) Total Outstanding Indebtedness that by its terms is either (1) scheduled to mature (including by reason of the election
of the borrower of such debt to call such debt prior to its maturity) on or before the date that is 24 months from the date of
calculation, or (2) convertible Debt with the right to put all or a portion thereof on or before the date that is 24 months from
the date of calculation, and (y) Unrestricted Cash and Cash Equivalents;

 

(ii)          
Capitalization Value shall be adjusted by deducting therefrom the amount by which Total Outstanding Indebtedness is reduced
under the immediately preceding clause (i);

 

(iii)         for
purposes of determining Capitalization Value costs and expenses incurred during the applicable period with respect to
acquisitions that failed to close and were abandoned during such period shall not be deducted in determining EBITDA; and

 

    	 	101	 

     

    

 

(iv)         
for purposes of clause (i)(y) above, Unrestricted Cash and Cash Equivalents
shall be (x) adjusted to deduct therefrom $35,000,00010,000,000
and (y) calculated without inclusion of Borrower’s Pro Rata Share of any Cash or Cash Equivalents owned by any UJV.

 

SECTION 8.02. Ratio
of Combined EBITDA to Fixed Charges. The ratio of Combined EBITDA to Fixed Charges, each measured as of the most recently ended
calendar quarter, to be less than 1.50 to 1.00.

 

SECTION 8.03. Ratio
of Unencumbered Combined EBITDA to Unsecured Interest Expense. The ratio of Unencumbered Combined EBITDA to Unsecured Interest
Expense, each measured as of the most recently ended calendar quarter, to be less than 1.50 to 1.00.

 

SECTION 8.04. Ratio
of Unsecured Indebtedness to Capitalization Value of Unencumbered Assets. Unsecured Indebtedness to exceed sixty percent (60%)
of Capitalization Value of Unencumbered Assets, each measured as of the most recently ended calendar quarter; provided, however,
with respect to any fiscal quarter in which Borrower or any of its Consolidated Businesses or UJVs has acquired Real Property Assets,
the ratio of Unsecured Indebtedness to Capitalization Value of Unencumbered Assets as of the end of such fiscal quarter and the
next three (3) succeeding fiscal quarters may increase to 65%, provided that such ratio does not exceed 60% as of the end
of the fiscal quarter immediately thereafter. For purposes of this Section 8.04 only:

 

(i)             
Unsecured Indebtedness shall be adjusted by deducting therefrom an amount equal to the
lesser of (x) Unsecured Indebtedness that by its terms is either (1) scheduled to mature (including by reason of the election of
the borrower of such debt to call such debt prior to its maturity) on or before the date that is 24 months from the date of calculation,
or (2) convertible Debt with the right to put all or a portion thereof on or before the date that is 24 months from the date of
calculation, and (y) Unrestricted Cash and Cash Equivalents or such lesser amount of Unrestricted Cash and Cash
Equivalents as Borrower shall specify solely for this purpose (the “Unsecured Indebtedness Adjustment”);

 

(ii)          
Capitalization Value of Unencumbered Assets shall be adjusted by deducting therefrom the Unsecured Indebtedness Adjustment;

 

(iii)        
for purposes of determining Capitalization Value of Unencumbered Assets, costs and expenses incurred during the applicable
period with respect to acquisitions that failed to close and were abandoned during such period shall not be deducted in determining
EBITDA; and

 

(iv)          for
purposes of clause (i)(y) above, Unrestricted Cash and Cash
Equivalents shall be (x) adjusted to deduct therefrom the sum of $35,000,00010,000,000 plus
the amount of any Unrestricted Cash and Cash Equivalents used to determine the Secured Indebtedness Adjustment in Section
8.05, and (y) calculated without inclusion of Borrower’s Pro Rata Share of any Cash or Cash Equivalents owned by any
UJV.

 

    	 	102	 

     

    

 

SECTION 8.05. Ratio
of Secured Indebtedness to Capitalization Value. The ratio of Secured Indebtedness to Capitalization Value, each measured as
of the most recently ended calendar quarter, to exceed 50%. For purposes of this Section 8.05 only:

 

(i)             
Secured Indebtedness shall be adjusted by deducting therefrom an amount equal to the lesser
of (x) Secured Indebtedness that by its terms is either (1) scheduled to mature on (including by reason of the election of the
borrower of such debt to call such debt prior to its maturity) or before the date that is 24 months from the date of calculation,
or (2) convertible Debt with the right to put all or a portion thereof on or before the date that is 24 months from the date of
calculation, and (y) Unrestricted Cash and Cash Equivalents or such lesser amount of Unrestricted Cash and Cash
Equivalents as Borrower shall specify solely for this purpose (the “Secured Indebtedness Adjustment”);

 

(ii)          
Capitalization Value shall be adjusted by deducting therefrom the Secured Indebtedness Adjustment;

 

(iii)        
for purposes of determining Capitalization Value, costs and expenses incurred during the applicable period with respect
to acquisitions that failed to close and were abandoned during such period shall not be deducted in determining EBITDA; and

 

(iv)         
for purposes of clause (i)(y) above, Unrestricted Cash and Cash Equivalents
shall be (x) adjusted to deduct therefrom the sum of $35,000,00010,000,000
plus the amount of any Unrestricted Cash and Cash Equivalents used to determine the Unsecured Indebtedness Adjustment in Section
8.04, and (y) calculated without inclusion of Borrower’s Pro Rata Share of any Cash or Cash Equivalents owned by any UJV.

 

SECTION 8.06. Debt
of General Partner. Notwithstanding anything contained herein to the contrary, any Debt of General Partner shall be deemed
to be Debt of Borrower (provided that the same shall be without duplication), for purposes of calculating the financial covenants
set forth in this Article VIII.

 

    	 	103	 

     

    

 

ARTICLE IX

EVENTS OF DEFAULT

 

SECTION 9.01. Events
of Default. Any of the following events shall be an “Event of Default”:

 

(1)              
If Borrower shall fail to pay the principal of any Loans or reimburse any drawing on a Letter of Credit as and when due;
or fail to pay interest accruing on any Loans as and when due and such failure to pay shall continue unremedied for five (5) daysBanking
Days after the due date of such amount; or fail to pay any fee, Prepayment Premium or any other amount due under this
Agreement or any other Loan Document as and when due and such failure to pay shall continue unremedied for five (5) daysBanking
Days after notice by Administrative Agent of such failure to pay;

 

(2)              
If any representation or warranty made or deemed made by Borrower or any other Loan Party in this Agreement or in any other
Loan Document or which is contained in any certificate, document, opinion, financial or other statement furnished at any time under
or in connection with a Loan Document shall prove to have been incorrect in any material respect (or in any respect to the extent
qualified by Material Adverse Change or other materiality qualifier) on or as of the date made or deemed made;

 

(3)              
If Borrower shall fail (a) to perform or observe any term, covenant or agreement contained in Section 6.01, 6.09(7), Article
VII or Article VIII; or (b) to perform or observe any term, covenant or agreement contained in this Agreement or any other Loan
Document (other than obligations specifically referred to elsewhere in this Section 9.01) and such failure shall remain unremedied
for thirty (30) consecutive calendar days after the date upon which Borrower has received written notice of such failure from Administrative
Agent; provided, however, that if any such default under clause (b) above cannot by its nature be cured within such
thirty (30) day grace period and so long as Borrower shall have commenced cure within such thirty (30) day grace period and shall,
at all times thereafter, diligently prosecute the same to completion, Borrower shall have an additional period to cure such default;
provided, however, that, in no event is the foregoing intended to effect an extension of any Maturity Date;

 

(4)               If
Borrower or any Subsidiary that owns, directly or indirectly, any Unencumbered Asset, shall fail (a) to pay any Debt (other
than the payment obligations described in paragraph (1) of this Section 9.01 or obligations that are Without Recourse
to Borrower) the Recourse portion of which to Borrower is an amount equal to or greater than Fifty Million Dollars
($50,000,000) when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) after the
expiration of any applicable grace period, or (b) to perform or observe any material term, covenant, or condition under any
agreement or instrument relating to any such Debt, when required to be performed or observed, if the effect of such failure
to perform or observe is to accelerate, or to permit the acceleration of, after the giving of notice or the lapse of time, or
both (other than in cases where, in the judgment of the Required Banks, meaningful discussions likely to result in (i) a
waiver or cure of the failure to perform or observe, or (ii) otherwise averting such acceleration are in progress between
Borrower and the obligee of such Debt), the maturity of such Debt, or any such Debt shall be declared to be due and payable,
or required to be prepaid (other than by a regularly scheduled or otherwise required prepayment, repurchase or defeasance not
triggered by such failure, or customary non-default events, such as mandatory prepayments triggered by asset sales or
casualty events), prior to the stated maturity thereof;

 

    	 	104	 

     

    

 

(5)              
If Borrower, General Partner, any Guarantor or any other Subsidiary (other than a Subsidiary that does not own, in whole
or in part, directly or indirectly, any Unencumbered Assets) shall (a) generally not, or be unable to, or shall admit in writing
its inability to, pay its debts as such debts become due; (b) make an assignment for the benefit of creditors, petition or apply
to any tribunal for the appointment of a custodian, receiver or trustee for it or a substantial part of its assets; (c) commence
any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute
of any jurisdiction, whether now or hereafter in effect; (d) have had any such petition or application filed or any such proceeding
shall have been commenced, against it, in which an adjudication or appointment is made or order for relief is entered, or which
petition, application or proceeding remains undismissed or unstayed for a period of sixty (60) days or more; (e) be the subject
of any proceeding under which all or a substantial part of its assets may be subject to seizure, forfeiture or divestiture by any
governmental entity; (f) by any act or omission indicate its consent to, approval of or acquiescence in any such petition, application
or proceeding or order for relief or the appointment of a custodian, receiver or trustee for all or any substantial part of its
property; or (g) suffer any such custodianship, receivership or trusteeship for all or any substantial part of its property, to
continue undischarged for a period of sixty (60) days or more;

 

(6)              
If one or more judgments, decrees or orders for the payment of money in excess of Fifty Million Dollars ($50,000,000) in
the aggregate shall be rendered against Borrower, General Partner, any Guarantor or any other Subsidiary that owns, directly or
indirectly, any Unencumbered Asset, and any such judgments, decrees or orders shall continue unsatisfied and in effect for a period
of sixty (60) consecutive days without being vacated, discharged, satisfied or stayed or bonded pending appeal (excluding (x) amounts
for which insurance coverage has not been denied by the applicable carrier and (y) judgments, decrees or orders in respect of Debt
that is Without Recourse to Borrower or General Partner), or such earlier date as any Person shall commence enforcement of such
judgment, decree or order;

 

(7)               If
any of the following events shall occur or exist with respect to any Plan or Multiemployer Plan (as applicable): (a) any
Prohibited Transaction; (b) any Reportable Event; (c) the filing under Section 4041 or 4041A of ERISA of a notice of
intent to terminate any Plan or Multiemployer Plan or the termination of any Plan or Multiemployer Plan; (d) the complete or
partial withdrawal from a Multiemployer Plan (or receipt of a notice under Section 4219 of ERISA of withdrawal liability with
respect to a Multiemployer Plan) by Borrower, its Subsidiaries, General Partner or any ERISA Affiliate from a Multiemployer
Plan; (e) the determination that a Multiemployer Plan is in “endangered status” or “critical status”;
(f) the receipt of a notice from a Multiemployer Plan that it is in “reorganization” or “insolvency”;
(g) receipt of notice of an application by the PBGC to institute proceedings under Section 4042 of ERISA for the termination
of, or for the appointment of a trustee to administer, any Plan or Multiemployer Plan, or the institution by the PBGC of any
such proceedings; (h) Borrower, its Subsidiaries, General Partner or any ERISA Affiliate fails to meet the minimum funding
standards under Section 412 of the Code or a condition exists which gives rise to imposition of a lien under Section 430(k)
of the Code or Section 303(k) of ERISA, and in each case above, if either (1) such event or conditions, if any, result in
Borrower, its Subsidiaries, General Partner or any ERISA Affiliate being subject to any tax, penalty or other liability to a
Plan, a Multiemployer Plan, the PBGC or otherwise (or any combination thereof), which in the aggregate exceeds or is
reasonably likely to exceed TwentyFifty Million
Dollars ($20,000,00050,000,000),
and the same continues unremedied or unpaid for a period of forty-five (45) consecutive days or (2) such event or
conditions, if any, is reasonably likely to result in Borrower, its Subsidiaries, General Partner or any ERISA Affiliate
being subject to any tax, penalty or other liability to a Plan, a Multiemployer Plan, the PBGC or otherwise (or any
combination thereof), which in the aggregate exceeds or may exceed TwentyFifty Million
Dollars ($20,000,00050,000,000)
and such event or condition is unremedied, or such tax, penalty or other liability is not reserved against or the payment
thereof otherwise secured to the reasonable satisfaction of Administrative Agent, for a period of forty-five (45) consecutive
days after notice from Administrative Agent;

 

    	 	105	 

     

    

 

(8)              
If General Partner shall fail at any time to (i) maintain at least one class of its common shares which has trading privileges
on the New York Stock Exchange or the American Stock Exchange or is the subject of price quotations in the over-the-counter market
as reported by the National Association of Securities Dealers Automated Quotation System, or (ii) from and after the date that
General Partner’s election to qualify as a REIT under the Code is effective, maintain its status as a self-directed and self-administered
REIT (provided that, General Partner shall elect to be taxed as a REIT under the Code commencing with its 2018 taxable year
(or, at the election of General Partner, commencing with its 2017 taxable year)), and in either case such failure shall remain
unremedied for thirty (30) consecutive calendar days after notice thereto;

 

(9)              
Intentionally Omitted;

 

(10)          
If at any time assets of Borrower or General Partner constitute Plan assets for ERISA purposes (within the meaning of C.F.R.
 § 2510.3-101, as modified by Section 3(32) of ERISA);

 

(11)          
Intentionally Omitted;

 

    	 	106	 

     

    

 

 

(12)          
If Borrower or any other Loan Party shall disavow, revoke or terminate any Loan Document to which it is a party or shall
otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity
or enforceability of any Loan Document or any Loan Document shall cease to be in full force and effect (except, in each case, as
a result of the express terms thereof or as Administrative Agent may approve in writing);

 

(13)          
If any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), is or becomes the “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership”
of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage
of time), directly or indirectly, of more than 40.0% of the total voting power of the then outstanding voting stock of General
Partner;

 

(14)          
If, during any period of 12 consecutive months ending after the Closing Date, individuals who at the beginning of any such
12-month period constituted the Board of Trustees of General Partner (together with any new trustees whose election by such
Board of Trustees or whose nomination for election by the
shareholders of General Partner was approved by a vote of a majority of the trustees then still in office who were either trustees
at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to
constitute a majority of the Board of Trustees of General Partner then in office;

 

(15)          
If General Partner shall cease to own or control, directly or indirectly, more than 50% of the outstanding Equity Interests
of Borrower; or

 

(16)          
If General Partner, or a Wholly Owned Subsidiary of General Partner, shall cease to be the sole general partner of Borrower
or shall cease to have the sole and exclusive power to exercise all management and control over Borrower substantively in the same
manner as provided for in Borrower’s partnership agreement as contained in the Form 10 most recently filed with the SEC prior
to the Escrow Date.

 

Notwithstanding
the foregoing, in the event of a Default or Event of Default arising as a result of the determination of any asset,
Consolidated Business or UJV as an Unencumbered Asset at any particular time of reference, if such Default or Event of
Default is capable of being cured solely by the exclusion of such asset, Consolidated Business or UJV as an Unencumbered
Asset, Borrower shall be permitted a period not to exceed fifteen (15) days from the earlier of (x) the date upon which a
Responsible Officer of Borrower obtains knowledge of such Default or Event of Default (as applicable) or (y) the date upon
which Borrower has received written notice of such Default or Event of Default from Administrative Agent to remove such
asset, Consolidated Business or UJV as an Unencumbered Asset upon delivery by Borrower to Administrative Agent of each of the
following: (i) written notice thereof and (ii) a compliance certificate excluding such asset, Consolidated Business or UJV as
an Unencumbered Asset and evidencing compliance with the financial covenants for the periods such asset, Consolidated
Business or UJV was determined to be an Unencumbered Asset.

 

    107

     

    

 

SECTION 9.02. Remedies.
If any Event of Default shall occur and be continuing, Administrative Agent shall, (a) upon request of the Required Banks, by notice
to Borrower, (1) terminate the applicable Loan Commitments of such Banks, whereupon such Loan Commitments shall terminate and such
Banks (including the Swingline Lenders and the Fronting Banks, as applicable) shall have no further obligation to extend credit
hereunder; and/or (2) declare the unpaid balance of the applicable Loans, all interest thereon, any Prepayment Premium and all
other Guaranteed Obligations related to such Loans payable under this Agreement to be forthwith due and payable, whereupon such
balance, all such interest, any Prepayment Premium and all such Guaranteed Obligations due under this Agreement shall become and
be forthwith due and payable, without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly
waived by Borrower; and/or (3) exercise any remedies provided in any of the Loan Documents or by law; and/or (b) upon request of
the Required Ratable Loan Banks, require the deposit of Cash Collateral for the Letters of Credit pursuant to Section 2.17(i);
provided, however, that upon the occurrence of any Event of Default specified in Section 9.01(5), the Loan Commitments shall
automatically terminate (and the Banks, the Swingline Lenders and the Fronting Banks shall have no further obligation to extend
credit hereunder) and the unpaid balance of the Loans, all interest thereon, any Prepayment Premium and all other Guaranteed Obligations
payable under this Agreement shall automatically be and become forthwith due and payable, and the obligations to deliver Cash Collateral
for the Letters of Credit pursuant to Section 2.17(i) shall automatically become effective without presentment, demand, protest,
or further notice of any kind, all of which are hereby expressly waived by Borrower.

 

SECTION 9.03. Allocation
of Proceeds.

 

(a)              
If an Event of Default exists, all payments received by Administrative Agent (or any Bank as a result of its exercise of
remedies permitted under Section 12.08) under any of the Loan Documents in respect of any Guaranteed Obligations shall be
applied in the following order and priority:

 

(i)                
to payment of that portion of the Guaranteed Obligations constituting fees, indemnities, expenses and other amounts, including
attorney fees then due and payable in accordance with the Loan Documents, payable to Administrative Agent in its capacity as such,
each Fronting Bank in its capacity as such and each Swingline Lender in its capacity as such, ratably among Administrative Agent,
the Fronting Banks and the Swingline Lenders in proportion to the respective amounts described in this clause (i) payable
to them;

 

    108

     

    

 

(ii)              to
payment of that portion of the Guaranteed Obligations constituting fees, indemnities and other amounts (other than principal,
interest and Prepayment Premium) then due and payable to the Banks in accordance with the Loan Documents, including
reasonable attorney fees, ratably among the Banks in proportion to the respective amounts described in this clause (ii)
payable to them;

 

(iii)           
to payment of that portion of the Guaranteed Obligations constituting accrued and unpaid interest on the Swingline Loans;

 

(iv)            
to payment of that portion of the Guaranteed Obligations constituting accrued and unpaid interest and Prepayment Premiums
on the Loans and Reimbursement Obligations, ratably among the Banks and the Fronting Banks in proportion to the respective amounts
described in this clause (iv) payable to them;

 

(v)              
to payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Swingline Loans;

 

(vi)            
to payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Loans, Reimbursement Obligations
and other Letter of Credit Liabilities and payment obligations then owing under Specified Derivatives Contracts and Specified Cash
Management Agreements, ratably among the Banks, the Fronting Banks, the Specified Derivatives Providers and the Specified Cash
Management Banks in proportion to the respective amounts described in this clause (vi) payable to them; provided, however,
to the extent that any amounts available for distribution pursuant to this clause are attributable to the issued but undrawn amount
of an outstanding Letter of Credit, such amounts shall be paid to Administrative Agent to be held as provided in Section 2.17(i);
and

 

(vii)         
the balance, if any, after all of the Guaranteed Obligations have been indefeasibly paid in full, to Borrower or as otherwise
required by applicable Law.

 

Notwithstanding the foregoing, Guaranteed
Obligations arising under Specified Derivatives Contracts and Specified Cash Management Agreements shall be excluded from the application
described above if Administrative Agent has not received written notice thereof, together with such supporting documentation as
Administrative Agent may request, from the applicable Specified Derivatives Provider or Specified Cash Management Bank, as the
case may be. Each Specified Derivatives Provider or Specified Cash Management Bank not a party to this Agreement that has given
the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment
of Administrative Agent pursuant to the terms of Article X for itself and its Affiliates as if a “Bank” party
hereto.

 

SECTION 9.04. Performance
by Administrative Agent. If Borrower or any other Loan Party shall fail to perform any covenant, duty or agreement
contained in any of the Loan Documents, Administrative Agent may, after notice to Borrower, perform or attempt to perform
such covenant, duty or agreement on behalf of Borrower or such other Loan Party after the expiration of any cure or grace
periods set forth herein. In such event, Borrower shall, at the request of Administrative Agent, promptly pay any amount
reasonably expended by Administrative Agent in such performance or attempted performance to Administrative Agent, together
with interest thereon at the applicable Default Rate from the date of such expenditure until paid. Notwithstanding the
foregoing, neither Administrative Agent nor any Bank shall have any liability or responsibility whatsoever for the
performance of any obligation of Borrower under this Agreement or any other Loan Document.

 

    109

     

    

 

SECTION 9.05. Rights
Cumulative.

 

(a)              
The rights and remedies of Administrative Agent, the Fronting Banks and the Banks under this Agreement and each of the other
Loan Documents, of the Specified Derivatives Providers under the Specified Derivatives Contracts, and of the Specified Cash Management
Banks under the Specified Cash Management Agreements, shall be cumulative and not exclusive of any rights or remedies which any
of them may otherwise have under applicable law. In exercising their respective rights and remedies Administrative Agent, the Fronting
Banks, the Banks, the Specified Derivatives Providers and the Specified Cash Management Banks may be selective and no failure or
delay by any such Person in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any
power or right preclude its other or further exercise or the exercise of any other power or right.

 

(b)              
Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights
and remedies hereunder and under the other Loan Documents against Borrower and the other Loan Parties or any of them shall be vested
exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively
by, Administrative Agent in accordance with Article X for the benefit of all of the Banks and the Fronting Banks; provided
that the foregoing shall not prohibit (i) Administrative Agent from exercising on its own behalf the rights and remedies that
inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (ii) a
Fronting Bank or Swingline Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as
a Fronting Bank or Swingline Lender, as the case may be) hereunder or under the other Loan Documents, (iii) any Specified
Derivatives Provider or Specified Cash Management Bank from exercising the rights and remedies that inure to its benefit under
any Specified Deriviatives Contract or Specified Cash Management Agreement, as applicable, (iv) any Bank from exercising setoff
rights in accordance with Section 12.08 (subject to the terms of Section 10.15), or (v) any Bank from filing proofs
of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under
any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and
under the other Loan Documents, then (x) the Required Banks shall have the rights otherwise ascribed to Administrative Agent pursuant
to Article X and (y) in addition to the matters set forth in clauses (ii), (iii) and (iv) of the preceding proviso and subject
to Section 10.15, any Bank may, with
the consent of the Required Banks, enforce any rights and remedies available to it and as authorized by the Required Banks.

 

    110

     

    

 

ARTICLE X

ADMINISTRATIVE AGENT; RELATIONS AMONG BANKS

 

SECTION 10.01. Appointment,
Powers and Immunities of Administrative Agent. Each Bank hereby irrevocably appoints and authorizes Administrative Agent
to act as its agent hereunder and under any other Loan Document with such powers as are specifically delegated to
Administrative Agent by the terms of this Agreement and any other Loan Document, together with such other powers as are
reasonably incidental thereto. Administrative Agent shall have no duties or responsibilities except those expressly set forth
in this Agreement and any other Loan Document or required by law, and shall not by reason of this Agreement be a fiduciary or
trustee for any Bank except to the extent that Administrative Agent acts as an agent with respect to the receipt or payment
of funds (nor shall Administrative Agent have any fiduciary duty to Borrower nor shall any Bank have any fiduciary duty to
Borrower or to any other Bank). Administrative Agent shall not be responsible to the Banks for any recitals, statements,
representations or warranties made by Borrower or any officer, partner or official of Borrower or any other Person contained
in this Agreement or any other Loan Document, or in any certificate or other document or instrument referred to or provided
for in, or received by any of them under, this Agreement or any other Loan Document, or for the value, legality, validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or any other document
or instrument referred to or provided for herein or therein, for the perfection or priority of any Lien securing the
Guaranteed Obligations or for any failure by Borrower to perform any of its obligations hereunder or thereunder. None of
Administrative Agent, its Affiliates or its or its Affiliates’ officers, directors, employees, agents, trustees,
administrators, managers, advisors or representatives (collectively, the “Related Parties”): (a) makes any
warranty or representation to any Bank, any Fronting Bank or any other Person, or shall be responsible to any Bank, any
Fronting Bank or any other Person for any statement, warranty or representation made or deemed made by Borrower, any other
Loan Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to
ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or
any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part
of Borrower or other Persons, or to inspect the property, books or records of Borrower or any other Person; and (c) shall
incur any liability under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent,
certificate or other instrument or writing (which may be by telephone, telecopy or electronic mail) believed by it to be
genuine and signed, sent or given by the proper party or parties. Administrative Agent may employ agents and
attorneys-in-fact and shall not be responsible, except as to money or securities received by it or its authorized agents, for
the negligence or misconduct (as finally determined by a court of competent jurisdiction) of any such agents or
attorneys-in-fact selected by it with reasonable care. Neither Administrative Agent nor any of its directors, officers,
employees or agents shall be liable or responsible for any action taken or omitted to be taken by it or them hereunder or
under any other Loan Document or in connection herewith or therewith, except for its or their own gross negligence or
willful misconduct (as finally determined by a court of competent jurisdiction). Borrower shall pay any fee agreed to by
Borrower and Administrative Agent with respect to Administrative Agent’s services hereunder. Notwithstanding anything
to the contrary contained in this Agreement, Administrative Agent agrees with the Banks that Administrative Agent shall
perform its obligations under this Agreement in good faith according to the same standard of care as that customarily
exercised by it in administering its own revolving credit loans.

 

    111

     

    

 

SECTION 10.02. Reliance
by Administrative Agent. Administrative Agent shall be entitled to rely upon any certification, notice or other communication
(including any thereof by telephone, telefax or cable) believed by it to be genuine and correct and to have been signed or sent
by or on behalf of the proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other
experts selected by Administrative Agent. Administrative Agent may deem and treat each Bank as the holder of the Loan made by it
for all purposes hereof and shall not be required to deal with any Person who has acquired a participation in any Loan or participation
from a Bank. As to any matters not expressly provided for by this Agreement or any other Loan Document, Administrative Agent shall
in all cases be fully protected in acting, or in refraining from acting, hereunder in accordance with instructions signed by the
Required Banks, and such instructions of the Required Banks and any action taken or failure to act pursuant thereto shall be binding
on all of the Banks and any other holder of any of the Guaranteed Obligations; provided, however, that, notwithstanding anything
in this Agreement to the contrary, Administrative Agent shall not be required to take any action which exposes Administrative Agent
to personal liability or which is contrary to this Agreement or any other Loan Document or applicable law. Without limiting the
foregoing, no Bank shall have any right of action whatsoever against Administrative Agent as a result of Administrative Agent acting
or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the Required
Banks, or where applicable, all of the Banks.

 

SECTION 10.03. Defaults.
Administrative Agent shall not be deemed to have knowledge of the occurrence of a Default or Event of Default (other than an
Event of Default pursuant to Section 9.01(1)) unless Administrative Agent has received notice from a Bank or Borrower
specifying such Default or Event of Default and stating that such notice is a “Notice of Default.” In the event
that Administrative Agent receives a Notice of Default, Administrative Agent shall give prompt notice thereof to the Banks.
Administrative Agent, following consultation with the Banks, shall (subject to Section 9.02, Section 10.07 and Section 12.02)
take such action with respect to such Default or Event of Default which is continuing as shall be directed by the Required
Banks; provided that, unless and until Administrative Agent shall have received such directions, Administrative Agent
may take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem
advisable in the best interest of the Banks; and provided further that Administrative Agent shall not
(subject to Section 9.02) send a notice of Default, Event of Default or acceleration to Borrower without the approval of the
Required Banks. In no event shall Administrative Agent be required to take any such action which it determines to be contrary
to law. If any Bank (excluding the Bank which is also serving as Administrative Agent) becomes aware of any Default or Event
of Default, it shall promptly send to Administrative Agent such a “Notice of Default”; provided, a
Bank’s failure to provide such a “Notice of Default” to Administrative Agent shall not result in any
liability of such Bank to any other party to any of the Loan Documents.

 

    112

     

    

 

SECTION 10.04. Rights
of Agent as a Bank. With respect to its Loan Commitment and the Loan provided by it, each Person serving as an Agent in its
capacity as a Bank hereunder shall have the same rights and powers hereunder as any other Bank and may exercise the same as though
it were not acting as such Agent, and the term any “Bank” or “Banks” shall include each Person serving
as an Agent in its capacity as a Bank. Each Person serving as an Agent and its Affiliates may (without having to account therefor
to any Bank) accept deposits from, lend money to (on a secured or unsecured basis), and generally engage in any kind of banking,
trust or other business with, Borrower (and any Affiliates of Borrower) as if it were not acting as such Agent. The Fronting Banks
and the Banks acknowledge that, pursuant to such business activities, an Agent or its Affiliates may receive information regarding
Borrower and its Affiliates (including information that may be subject to confidentiality obligations in favor of such Person)
and acknowledge that no Agent shall be under any obligation to provide such information to the Fronting Banks or the Banks.

 

SECTION 10.05. Indemnification
of Agents. Each Bank agrees to indemnify each Agent (to the extent not reimbursed under Section 12.04 or under the
applicable provisions of any other Loan Document, but without limiting the obligations of Borrower under Section 12.04 or
such provisions), for its Pro Rata Share of any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or
asserted against such Agent in any way relating to or arising out of this Agreement, any other Loan Document or any other
documents contemplated by or referred to herein or the transactions contemplated hereby or thereby (including, without
limitation, the costs and expenses which Borrower is obligated to pay under Section 12.04) or under the applicable provisions
of any other Loan Document or the enforcement of any of the terms hereof or thereof or of any such other documents or
instruments; provided that no Bank shall be liable for (1) any of the foregoing to the extent they arise from the gross
negligence or willful misconduct (as finally determined by a court of competent jurisdiction) of the party to be indemnified,
(2) any loss of principal or interest with respect to the Loan of any Bank serving as an Agent or (3) any loss suffered by
such Agent in connection with a swap or other interest rate hedging arrangement entered into with Borrower, and that no
action taken in accordance with the written directions of the Required Banks (or all of the Banks, if expressly required
hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. The agreements
in this Section shall survive the payment of the Loans and all other amounts payable hereunder or under the other Loan
Documents and the termination of this Agreement.

 

    113

     

    

 

SECTION 10.06. Non-Reliance
on Agents and Other Banks. Each of the Banks and the Fronting Banks expressly acknowledges and agrees that no Agent nor any
of its respective Related Parties has made any representations or warranties to such Fronting Bank or such Bank and that no act
by any Agent hereafter taken, including any review of the affairs of General Partner, Borrower, any other Loan Party or any other
Subsidiary or Affiliate, shall be deemed to constitute any such representation or warranty by any Agent to a Fronting Bank or any
Bank. Each of the Banks and the Fronting Banks acknowledges that it has made its own credit and legal analysis and decision to
enter into this Agreement and the transactions contemplated hereby, independently and without reliance upon any Agent, any other
Bank or counsel to Administrative Agent, or any of their respective Related Parties, and based on the financial statements of General
Partner, Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such Persons, its independent
due diligence of the business and affairs of General Partner, Borrower, the other Loan Parties, the other Subsidiaries and other
Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel
and such other documents and information as it has deemed appropriate. Each of the Banks and the Fronting Banks also acknowledges
that it will, independently and without reliance upon any Agent, any other Bank or counsel to Administrative Agent or any of their
respective Related Parties, and based on such review, advice, documents and information as it shall deem appropriate at the time,
continue to make its own decisions in taking or not taking action under the Loan Documents. No Agent shall be required to keep
itself informed as to the performance or observance by Borrower or any other Loan Party of the Loan Documents or any other document
referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, Borrower, any
other Loan Party or any other Subsidiary. Except for notices, reports and other documents and information expressly required to
be furnished to the Banks and the Fronting Banks by Administrative Agent under this Agreement or any of the other Loan Documents,
Administrative Agent shall have no duty or responsibility to provide any Bank or Fronting Bank with any credit or other information
concerning the business, operations, property, financial and other condition or creditworthiness of General Partner, Borrower,
any other Loan Party or any other Affiliate thereof which may come into possession of Administrative Agent or any of its Related
Parties. Each of the Banks and the Fronting Banks acknowledges that Administrative Agent’s legal counsel in connection with
the transactions contemplated by this Agreement is only acting as counsel to Administrative Agent and is not acting as counsel
to any Bank or Fronting Bank.

 

SECTION 10.07. Failure
of Administrative Agent to Act. Except for action expressly required of Administrative Agent hereunder, Administrative
Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall have received further
assurances (which may include Cash Collateral) of the indemnification obligations of the Banks under Section 10.05 in respect
of any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.
If any indemnity furnished by the Banks to Administrative Agent for any purpose shall, in the reasonable opinion of
Administrative Agent, be insufficient or become impaired, Administrative Agent may call for additional indemnity and cease,
or not commence, to do the action indemnified against until such additional indemnity is furnished.

 

    114

     

    

 

SECTION 10.08. Resignation
or Removal of Administrative Agent. If the Person serving as Administrative Agent is a Defaulting Lender pursuant to
clause (d) of the definition thereof, the Required Banks may, to the extent permitted by applicable law, by notice in writing
to Borrower and such Person remove such Person as Administrative Agent and appoint a successor; provided, however, that so
long as no Default under Section 9.01(1) or Section 9.01(5) or Event of Default exists, such appointment shall be
subject to Borrower’s approval (such approval not to be unreasonably withheld or delayed) (except that Borrower shall,
in all events, be deemed to have approved each Bank and any of its Affiliates as a successor Administrative Agent). If no
such successor shall have been so appointed by the Required Banks and shall have accepted such appointment within 30 days (or
such earlier day as shall be agreed by the Required Banks) (the “Removal Closing Date”), then such removal
shall nonetheless become effective in accordance with such notice on the Removal Closing Date. Administrative Agent may
resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the Banks and
Borrower. Upon any such resignation, the Required Banks shall have the right to appoint a successor Administrative Agent
which appointment shall, provided no Default under Section 9.01(1) or Section 9.01(5) or Event of Default exists,
be subject to Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that Borrower
shall, in all events, be deemed to have approved each Bank and any of its Affiliates as a successor Administrative Agent). If
no successor Administrative Agent shall have been so appointed in accordance with the immediately preceding sentence, and
shall have accepted such appointment, within 30 days after the current Administrative Agent’s giving of notice of
resignation, then the current Administrative Agent may, on behalf of the Banks and the Fronting Banks, appoint a successor
Administrative Agent, which shall be a Bank, if any Bank shall be willing to serve, and otherwise shall be a Qualified
Institution; provided that if Administrative Agent shall notify Borrower and the Banks that no Bank has accepted such
appointment, then such resignation shall nonetheless become effective in accordance with such notice. As of the Removal
Closing Date or the effectiveness of such resignation, as applicable, (1) Administrative Agent shall be discharged from
its duties and obligations hereunder and under the other Loan Documents and (2) all payments, communications and
determinations provided to be made by, to or through Administrative Agent shall instead be made to each Bank and the Fronting
Banks directly, until such time as a successor Administrative Agent has been appointed as provided for above in this Section;
provided, further that such the Banks and the Fronting Banks so acting directly shall be and be deemed to be protected by all
indemnities and other provisions herein for the benefit and protection of Administrative Agent as if each such Bank or
Fronting Bank were itself Administrative Agent. Upon the acceptance of any appointment as Administrative Agent hereunder by a
successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the
rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be
discharged from its duties and obligations under the Loan Documents. Any resignation by or removal of an Administrative
Agent shall also constitute the resignation or removal as a Fronting Bank and as the Swingline BankLender by
the Bank then acting as Administrative Agent (the “Resigning Bank”). Upon the acceptance of
a successor’s appointment as Administrative Agent hereunder (i) the Resigning Bank shall be discharged from all
duties and obligations of a Fronting Bank and the Swingline Lenders hereunder and under the other Loan Documents and
(ii) the successor Fronting Bank shall issue letters of credit in substitution for all Letters of Credit issued by the
Resigning Bank as Fronting Bank outstanding at the time of such succession (which letters of credit issued in substitutions
shall be deemed to be Letters of Credit issued hereunder) or make other arrangements satisfactory to the Resigning Bank to
effectively assume the obligations of the Resigning Bank with respect to such Letters of Credit. After any Administrative
Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Article X shall continue
to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan
Documents.

 

    115

     

    

 

SECTION 10.09. Amendments
Concerning Agency Function. Notwithstanding anything to the contrary contained in this Agreement, no Agent shall be bound by
any waiver, amendment, supplement or modification of this Agreement or any other Loan Document which affects its duties, rights,
and/or function hereunder or thereunder unless it shall have given its prior written consent thereto.

 

SECTION 10.10. Liability
of Administrative Agent. Administrative Agent shall not have any liabilities or responsibilities to Borrower on account of
the failure of any Bank to perform its obligations hereunder or to any Bank on account of the failure of Borrower to perform its
obligations hereunder or under any other Loan Document.

 

SECTION 10.11. Transfer
of Agency Function. Without the consent of Borrower or any Bank, Administrative Agent may at any time or from time to time
transfer its functions as Administrative Agent hereunder to any of its offices wherever located in the United States, provided
that Administrative Agent shall promptly notify in writing Borrower and the Banks thereof.

 

SECTION 10.12. Non-Receipt
of Funds by Administrative Agent. Unless Administrative Agent shall have received notice from a Bank or Borrower (either
one as appropriate being the “Payor”) prior to the date on which such Bank is to make payment hereunder to
Administrative Agent of the proceeds of a Loan or Borrower is to make payment to Administrative Agent, as the case may be
(either such payment being a “Required Payment”), which notice shall be effective upon receipt, that the
Payor will not make the Required Payment in full to Administrative Agent, Administrative Agent may assume that the Required
Payment has been made in full to Administrative Agent on such date, and Administrative Agent in its sole discretion may, but
shall not be obligated to, in reliance upon such assumption, make the amount thereof available to the intended recipient on
such date. If and to the extent the Payor shall not have in fact so made the Required Payment in full to Administrative
Agent, the recipient of such payment shall repay to Administrative Agent forthwith on demand such amount made available to it
together with interest thereon, for each day from the date such amount was so made available by Administrative Agent until
the date Administrative Agent recovers such amount, at the customary rate set by Administrative Agent for the correction of
errors among the Banks for three (3) Banking Days and thereafter at the Base Rate.

 

    116

     

    

 

SECTION 10.13. Taxes.

 

(a)              
Payments Free of Taxes. Any and all payments by or on account of any obligation of Borrower under any Loan Document
shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined
in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such
payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and
shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law
and, if such Tax is an Indemnified Tax, then the sum payable by Borrower shall be increased as necessary so that after such deduction
or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section
10.13) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding
been made.

 

(b)              
Payment of Other Taxes by Borrower. Borrower shall timely pay to the relevant Governmental Authority in accordance
with applicable law, or at the option of Administrative Agent timely reimburse it for, Other Taxes.

 

(c)              
Evidence of Payments. As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant
to this Section 10.13, Borrower shall deliver to Administrative Agent the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to Administrative Agent.

 

(d)              
Indemnification by Borrower. Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the
full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under
this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any
reasonable out-of-pocket expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to Borrower by a Recipient (with a copy to Administrative Agent), or by Administrative Agent on its own behalf or on
behalf of a Recipient, shall be conclusive absent manifest error.

 

(e)              
Indemnification by Banks. Each Bank shall severally indemnify Administrative Agent, within 10 days after demand therefor,
for (i) any Indemnified Taxes attributable to such Bank (but only to the extent that Borrower has not already indemnified Administrative
Agent for such Indemnified Taxes and without limiting the obligation of Borrower to do so), (ii) any Taxes attributable to such
Bank's failure to comply with the provisions of Section 12.05(b) relating to the maintenance of a Participant Register and (iii)
any Excluded Taxes attributable to such Bank, in each case, that are payable or paid by Administrative Agent in connection with
any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to any Bank by Administrative Agent shall be conclusive absent manifest error. Each Bank hereby authorizes Administrative
Agent to set off and apply any and all amounts at any time owing to such Bank under any Loan Document or otherwise payable by Administrative
Agent to such Bank from any other source against any amount due to Administrative Agent under this paragraph (e).

 

    117

     

    

 

(f)               
Status of Banks. (i) Any Bank that is entitled to an exemption from or reduction of withholding Tax with respect
to payments made under any Loan Document shall deliver to Borrower and Administrative Agent, at the time or times reasonably requested
by Borrower or Administrative Agent, such properly completed and executed documentation reasonably requested by Borrower or Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Bank, if
reasonably requested by Borrower or Administrative Agent, shall deliver such other documentation prescribed by applicable law or
reasonably requested by Borrower or Administrative Agent as will enable Borrower or Administrative Agent to determine whether or
not such Bank is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary
in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Section 10.13(f)(ii)(A),(B) and (D) below) shall not be required if in the applicable Bank's reasonable judgment
such completion, execution or submission would subject such Bank to any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such Bank.

 

(ii)                   
Without limiting the generality of the foregoing, in the event that Borrower is a U.S. Person,

 

(A)            
any Bank that is a U.S. Person shall deliver to Borrower and Administrative Agent on or prior to the date on which such
Bank becomes a Bank under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or Administrative
Agent), an executed IRS Form W-9 certifying that such Bank is exempt from U.S. Federal backup withholding tax;

 

(B)              any
Foreign Bank shall, to the extent it is legally entitled to do so, deliver to Borrower and Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Bank becomes a
Bank under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or Administrative Agent),
whichever of the following is applicable:

 

(1)              
in the case of a Foreign Bank claiming the benefits of an income tax treaty to which the United States is a party (x) with
respect to payments of interest under any Loan Document, an executed IRS Form W-8BEN or Form W-8BEN-E establishing an exemption
from, or reduction of, U.S. Federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with
respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or
reduction of, U.S. Federal withholding Tax pursuant to the "business profits" or "other income" article of
such tax treaty;

 

    118

     

    

 

(2)              
in the case of a Foreign Bank claiming that its extension of credit will generate U.S. effectively connected income, an
executed IRS Form W-8ECI;

 

(3)              
in the case of a Foreign Bank claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Code, (x) a certificate substantially in the form of Exhibit J-1 to the effect that
such Foreign Bank is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder"
of Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" within the
meaning of Section 881(c)(3)(C) of the Code (a "U.S. Tax Compliance Certificate") and (y) an executed IRS Form
W-8BEN or W-8BEN-E; or

 

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

 

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

 

    119

     

    

 

(D)            
if a payment made to a Bank under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if
such Bank were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), such Bank shall deliver to Borrower and Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by Borrower or Administrative Agent such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by
Borrower or Administrative Agent as may be necessary for Borrower and Administrative Agent to comply with their obligations under
FATCA and to determine that such Bank has complied with such Bank's obligations under FATCA or to determine the amount to deduct
and withhold from such payment. Solely for purposes of this clause (D), "FATCA" shall include any amendments made to
FATCA after the date of this Agreement.

 

Each Bank
agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall
update such form or certification or promptly notify Borrower and Administrative Agent in writing of its legal inability to do
so.

 

(g)               Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which it has been indemnified pursuant to this Section 10.13 (including by the payment
of additional amounts pursuant to this Section 10.13), it shall pay to the indemnifying party an amount equal to such refund
(but only to the extent of indemnity payments made under this Section 10.13 with respect to the Taxes giving rise to such
refund), net of all reasonable out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other
than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the
request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g)
(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such
indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary
in this paragraph (g), in no event will any indemnified party be required to pay any amount to an indemnifying party pursuant
to this paragraph (g) the payment of which would place such indemnified party in a less favorable net after-Tax position than
such indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had
never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or
any other information relating to its Taxes that it deems confidential) to, or to apply for or seek a refund of any Taxes on
behalf of, any indemnifying party or any other Person.

 

    120

     

    

 

(h)              
Survival. Each party's obligations under this Section 10.13 shall survive the resignation or replacement of Administrative
Agent or any assignment of rights by, or the replacement of, a Bank, the termination of the Loan Commitments and the repayment,
satisfaction or discharge of all obligations under any Loan Document.

 

(i)                
Defined Terms. For purposes of this Section 10.13, the term “Bank” includes any Fronting
Bank or Designated BankLender
and the term “applicable law” includes FATCA.

 

SECTION 10.14. Pro
Rata Treatment. Except to the extent otherwise provided:

 

(a)              
each borrowing of Ratable Loans from the Ratable Loan Banks under Sections 2.01(b), 2.03(b)(3) and 2.17(h) shall be
made from the Ratable Loan Banks, each payment of the fees under Sections 2.08,
and 2.17(g)(i) and 2.18
shall be made for the account of the Ratable Loan Banks, and each termination or reduction of the amount of the
Ratable Loan Commitments under Section 2.16(a) shall be applied to the respective Ratable Loan Commitments of the Ratable
Loan Banks, according to the amounts of their respective Pro Rata Shares;

 

(b)              
each payment or prepayment of principal of Ratable Loans shall be made for the account of the Ratable Loan Banks according
to the amounts of their respective Pro Rata Shares; provided that, subject to Section 12.20, if immediately prior to
giving effect to any such payment in respect of any Ratable Loans the outstanding principal amount of the Ratable Loans shall not
be held by the Ratable Loan Banks in accordance with their respective Pro Rata Shares in effect at the time such Ratable Loans
were made, then such payment shall be applied to the Ratable Loans in such manner as shall result, as nearly as is practicable,
in the outstanding principal amount of the Ratable Loans being held by the Ratable Loan Banks according to the amounts of their
respective Pro Rata Shares;

 

(c)              
each payment of interest on Ratable Loans shall be made for the account of the Ratable Loan Banks pro rata in accordance
with the amounts of interest on such Ratable Loans then due and payable to the respective Ratable Loan Bank;

 

(d)               each
borrowing of a tranche of Term Loans from the applicable tranche of Term Loan Banks under Sections 2.01(d) shall be made
from the applicable Term Loan Banks, each payment of the fees under Sections 2.08 shall be made for the account of the
the applicable tranche of Term Loan Banks, and each termination or reduction of the amount of a tranche of Term Loans
Commitments under Section 2.16(a) shall be applied to the respective tranche of Term Loan Commitments of the applicable
Term Loan Banks, according to the amounts of their respective Pro Rata Shares of such tranche;

 

    121

     

    

 

(e)              
each payment or prepayment of principal of any tranche of Term Loans shall be made for the account of the applicable Term
Loan Banks according to the amounts of their respective Pro Rata Shares of such tranche; provided that, subject to Section 12.20,
if immediately prior to giving effect to any such payment in respect of any tranche of Term Loans the outstanding principal amount
of the Term Loans of such tranche shall not be held by the Term Loan Banks in accordance with their respective Pro Rata Shares
in effect at the time such Term Loan Loans of such tranche were made, then such payment shall be applied to such tranche of the
Term Loans in such manner as shall result, as nearly as is practicable, in the outstanding principal amount of the Terms Loans
of such tranche being held by the Term Loan Banks of such tranche in accordance with such respective Pro Rata Shares;

 

(f)               
each payment of interest on a tranche of Term Loans shall be made for the account of the applicable tranche of Term Loan
Banks according to the amounts of their respective Pro Rata Shares of such tranche, as applicable, then due and payable to the
respective Term Loan Banks;

 

(g)              
the Conversion and Continuation of Ratable Loans or a tranche of Term Loans (other than Conversions provided for by Sections 3.01,
3.02, 3.03 and 3.04) shall be made pro rata among the Ratable Loan Banks or tranche of Term Loan Banks, as applicable, according
to the amounts of their respective Pro Rata Shares;

 

(h)              
the Ratable Loan Banks’ participation in, and payment obligations in respect of, Swingline Loans under Section 2.03(b)(4)
shall be in accordance with their respective Pro Rata Shares; and

 

(i)                
the Ratable Loan Banks’ participation in, and payment obligations in respect of, Letters of Credit under Section 2.17(h)
shall be in accordance with their respective Pro Rata Shares.

 

SECTION 10.15. Sharing
of Payments Among Banks. If a Bank shall obtain payment of any principal of or interest on any Loan made by it through
the exercise of any right of setoff, banker’s lien or counterclaim, or by any other means (including direct payment),
and such payment results in such Bank receiving a greater payment than it would have been entitled to had such payment been
paid directly to Administrative Agent for disbursement to the Banks, then such Bank shall promptly purchase for cash from the
other Banks participations in the Loans made by the other Banks in such amounts, and make such other adjustments from time to
time as shall be equitable to the end that all of the Banks shall share ratably the benefit of such payment; provided
that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is
recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without
interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by Borrower
pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Bank as consideration for
the assignment of or sale of a participation in any of its Loans or participations in Letters of Credit to any assignee or
participant, other than to Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this
paragraph shall apply). To such end the Banks shall make appropriate adjustments among themselves (by the resale of
participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Borrower agrees that any Bank
so purchasing a participation in the Loans made by other Banks may exercise all rights of setoff, banker’s lien,
counterclaim or similar rights with respect to such participation. Nothing contained herein shall require any Bank to
exercise any such right or shall affect the right of any Bank to exercise, and retain the benefits of exercising, any such
right with respect to any other indebtedness of Borrower.

 

    122

     

    

 

SECTION 10.16. Possession
of Documents. Each Bank shall keep possession of its own Notes. Administrative Agent shall hold all the other Loan Documents
and related documents in its possession and maintain separate records and accounts with respect thereto, and shall permit the Banks
and their representatives access at all reasonable times to inspect such Loan Documents, related documents, records and accounts.

 

SECTION 10.17. Syndication
Agents and Documentation Agents. The Banks serving as Syndication Agents or Documentation Agents shall have no duties or obligations
in such capacities. In addition, in acting as an Agent, no Bank will have any responsibility except as set forth herein and shall
in no event be subject to any fiduciary or other implied duties.

 

SECTION 10.18. Rates.
Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to, the administration,
submission or any other matter related to the rates in the definition of “LIBOR Base Rate”.

 

SECTION 10.19. Certain
ERISA Matters.

 

(a)              
Each Bank (x) represents and warrants, as of the date such Person became a Bank party hereto, that, and (y) covenants, from
the date such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit of, Administrative
Agent, each Lead Arranger and each Bookrunner and their respective Affiliates, and not, for the avoidance of doubt, to or for the
benefit of Borrower, that at least one of the following is and will be true:

 

		(i)	such Bank is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101,
as modified by Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Bank’s entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the Loan Commitments or this Agreement;

 

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

 

    123

     

    

 

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

 

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

 

(b)               In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a
Bank or (2) a Bank has provided another representation, warranty and covenant in accordance with sub-clause (iv) in
the immediately preceding clause (a), such Bank further (x) represents and warrants, as of the date such Person
became a Bank party hereto, and (y) covenants, from the date such Person became a Bank party hereto to the date such
Person ceases being a Bank party hereto, for the benefit of, Administrative Agent, each Lead Arranger, each Bookrunner and
their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of Borrower or any other Loan Party,
that none of Administrative Agent, any Lead Arranger or any Bookrunner or any of their respective Affiliates is a fiduciary
with respect to the assets of such Bank involved in such Bank’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Loan Commitments and this Agreement (including in connection with the
reservation or exercise of any rights by Administrative Agent under this Agreement, any Loan Document or any documents
related hereto or thereto).

 

    124

     

    

 

 

ARTICLE XI

NATURE OF OBLIGATIONS

 

SECTION 11.01. Absolute
and Unconditional Obligations. Borrower acknowledges and agrees that its obligations and liabilities under this Agreement and
under the other Loan Documents shall be absolute and unconditional irrespective of (1) any lack of validity or enforceability of
any of the Guaranteed Obligations, any Specified Derivative Contract, any Specified Cash Management Agreement, any Loan Documents,
or any agreement or instrument relating thereto; (2) any change in the time, manner or place of payment of, or in any other term
in respect of, all or any of the Guaranteed Obligations, or any other amendment or waiver of or consent to any departure from any
Loan Documents or any other documents or instruments executed in connection with or related to the Guaranteed Obligations; (3)
any exchange or release of any collateral, if any, or of any other Person from all or any of the Guaranteed Obligations; or (4)
any other circumstances which might otherwise constitute a defense available to, or a discharge of, Borrower or any other Person
in respect of the Guaranteed Obligations.

 

The obligations and
liabilities of Borrower under this Agreement and the other Loan Documents shall not be conditioned or contingent upon the pursuit
by any Bank or any other Person at any time of any right or remedy against Borrower, any other Loan Party or any other Person which
may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral or security or guarantee
therefor or right of setoff with respect thereto.

 

SECTION 11.02. Non-Recourse
to Principals and General Partner. This Agreement and the obligations hereunder and under the other Loan Documents are fully
recourse to Borrower and the Guarantors. Unless General Partner becomes a Guarantor pursuant to Section 6.10 and subject
to the limitations described below in this Section 11.02, notwithstanding anything to the contrary contained in this Agreement,
in any of the other Loan Documents, or in any other instruments, certificates, documents or agreements executed in connection
with the Loans (all of the foregoing, for purposes of this Section, hereinafter referred to, individually and collectively, as
the “Relevant Documents”), and notwithstanding any applicable law that would make General Partner liable for
the debts or obligations of Borrower, including as a general partner, no recourse under or upon any Obligation, representation,
warranty, promise or other matter whatsoever shall be had against any of the Principals or General Partner, and each Bank expressly
waives and releases, on behalf of itself and its successors and assigns, all right to assert any liability whatsoever under or
with respect to the Relevant Documents against, or to satisfy any claim or obligation arising thereunder against, any of the Principals
or General Partner or out of any assets of the Principals or General Partner, provided, however, that nothing in
this Section shall be deemed to (1) release Borrower from any liability pursuant to, or from any of its obligations under, the
Relevant Documents, or from liability for its fraudulent actions or fraudulent omissions; (2) release General Partner from personal
liability arising outside of the terms of this Agreement for its, his or her own fraudulent actions, fraudulent omissions, misappropriation
of funds, rents or insurance proceeds, gross negligence or willful misconduct; (3) constitute a waiver of any obligation evidenced
or secured by, or contained in, the Relevant Documents or affect in any way the validity or enforceability of the Relevant Documents;
or (4) limit the right of Administrative Agent and/or the Banks to proceed against or realize upon any collateral hereafter given
for the Loans and Letters of Credit or any and all of the assets of Borrower (notwithstanding the fact that General Partner has
an ownership interest in Borrower and, thereby, an interest in the assets of Borrower) or to name Borrower (or, to the extent
that the same are required by applicable law or are determined by a court to be necessary parties in connection with an action
or suit against Borrower or any collateral hereafter given for the Loans, General Partner) as a party defendant in, and to enforce
against any collateral hereafter given for the Loans and/or assets of Borrower any judgment obtained by Administrative Agent and/or
the Banks with respect to, any action or suit under the Relevant Documents so long as no judgment shall be taken (except to the
extent taking a judgment is required by applicable law or determined by a court to be necessary to preserve Administrative Agent’s
and/or the Banks’ rights against any collateral hereafter given for the Loans or Borrower, but not otherwise) or shall be
enforced against General Partner or its assets.

 

    	 	125	 

     

    

 

ARTICLE XII

MISCELLANEOUS

 

SECTION 12.01. Binding
Effect of Request for Advance. Borrower agrees that, by its acceptance of any advance of proceeds of the Loans under this Agreement
or the issuance of any Letter of Credit, it shall be bound in all respects by the request for advance or Letter of Credit submitted
on its behalf in connection therewith with the same force and effect as if Borrower had itself executed and submitted the request
for advance or Letter of Credit and whether or not the request for advance is executed and/or submitted by an authorized person.

 

SECTION 12.02. Amendments
and Waivers.

 

(a)              
Generally. No amendment or material waiver of any provision of this Agreement or any other Loan Document nor consent
to any material departure by Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed
by the Required Banks and, solely for purposes of its acknowledgment thereof, Administrative Agent (and, in the case of an amendment
to any Loan Document, the written consent of each Loan Party a party thereto), and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given; provided, that subject to the immediately following
subsection (b):

 

(i)              any
term of this Agreement or of any other Loan Document relating to the rights or obligations of the Ratable Loan Banks, and not
any other Banks, may be amended, and the performance or observance by Borrower or any other Loan Party or any Subsidiary of any
such terms may be waived (either generally or in a particular instance and either retroactively or prospectively) with, and only
with, the written consent of the Required Ratable Loan Banks (and, in the case of an amendment to any Loan Document, the written
consent of each Loan Party a party thereto);

 

    	 	126	 

     

    

 

(ii)             any term of this Agreement or of any other Loan Document relating to the rights or obligations of the Term A-1 Banks, and
not any other Banks, may be amended, and the performance or observance by Borrower or any other Loan Party or any Subsidiary of
any such terms may be waived (either generally or in a particular instance and either retroactively or prospectively) with, and
only with, the written consent of the Required Term A-1 Loan Banks (and, in the case of an amendment to any Loan Document, the
written consent of each Loan Party a party thereto); and

 

(iii)            any
term of this Agreement or of any other Loan Document relating to the rights or obligations of the Term A-2 Banks, and not any
other Banks, may be amended, and the performance or observance by Borrower or any other Loan Party of any such terms may be waived
(either generally or in a particular instance and either retroactively or prospectively) with, and only with, the written consent
of the Required Term A-2 Loan Banks (and, in the case of an amendment to any Loan Document, the written consent of each Loan Party
a party thereto).

 

(b)              
Additional Bank Consents. Notwithstanding the foregoing, no amendment, waiver or consent shall do any of the following:

 

(i)              forgive or reduce the principal of, or interest on, the Loans or any fees or Prepayment Premium due hereunder or any other
amount due hereunder or under any other Loan Document (other than a waiver of default interest and changes in calculation of the
ratio of Total Outstanding Indebtedness to Capitalization Value that may indirectly affect pricing), in each case, without the
written consent of each Bank directly and adversely affected thereby;

 

(ii)             change
the definition of “Ratable Loan Maturity Date”, or otherwise postpone any date on which a, or forgive any, scheduled
payment of principal of any Ratable Loans, fees payable to the Ratable Loan Banks or any other Obligations owing to the Ratable
Loan Banks, or permit the expiration date of any Letter of Credit to be later than the first anniversary of the Ratable Loan Maturity
Date, in each case, without the written consent of each Ratable Loan Bank directly and adversely affected thereby;

 

(iii)            change
the definition of “Term A-1 Loan Maturity Date” or otherwise postpone any date on which a, or forgive any, scheduled
payment of principal of the Term A-1 Loans, fees payable to any Term A-1 Banks or any other Obligations owing to the Term A-1
Banks (excluding mandatory prepayments, if any), in each case, without the written consent of each Term A-1 Bank directly and
adversely affected thereby;

 

    	 	127	 

     

    

 

(iv)            change
the definition of “Term A-2 Loan Maturity Date” or otherwise postpone any date on which a, or forgive any, scheduled
payment of principal of the Term A-2 Loans, fees or Prepayment Premium payable to any Term A-2 Banks or any other Obligations
owing to the Term A-2 Banks (excluding mandatory prepayments, if any), in each case, without the written consent of each Term
A-2 Bank directly and adversely affected thereby;

 

(v)             change the definition of Pro Rata Share or change Section 10.14 or 10.15 in a manner that would alter the pro rata sharing
of payments required thereby without the written consent of each Bank directly and adversely affected thereby;

 

(vi)            amend
this Section 12.02 without the written consent of each Bank directly and adversely affected thereby;

 

(vii)           increase or decrease the Ratable Loan Commitment, Term A-1 Loan Commitment or Term A-2 Loan Commitment of any Bank or subject
any of the Banks to any additional obligations without the written consent of such Bank (other than pursuant to Section 2.16(c)
or Section 3.07 and except for a ratable decrease in the Ratable Loan Commitments of all Ratable LendersLoan
Banks, the Term A-1 Loan Commitments of all Term A-1 Banks or the Term A-2 Loan Commitments of all Term A-2 Banks, as
applicable);

 

(viii)          waive
any default in payment under paragraph (1) of Section 9.01 or any default under paragraph (5) of Section 9.01 with respect to
Borrower, any other Loan Party or General Partner, in each case, without the written consent of all of the Banks;

 

(ix)            release all or substantially all of the Guarantors (other than as provided in Section 6.10) without the written consent
of all of the Banks;

 

(x)             change
the definition of Required Banks or except as otherwise provided in the following clause (xi), make any other modification that
reduces the number or percentage of the Banks required to make any determinations or waive any rights hereunder or to modify any
provision hereof without the written consent of all of the Banks;

 

(xi)             change
(i) the definition of the term “Required Ratable Loan Banks” or modify the Loan Documents in any other manner that
reduces the number or percentage of the Ratable Loan Banks required to make any determinations or waive any rights hereunder or
to modify any provision hereof solely with respect to the Ratable Loan Banks without the written consent of each Ratable Loan
Bank, (ii) the definition of the term “Required Term A-1 Loan Banks” or modify in any other manner the number or percentage
of the Term A-1 Banks required to make any determinations or waive any rights hereunder or to modify any provision hereof without
the written consent of each Term A-1 Bank or (iii) the definition of the term “Required Term A-2 Loan Banks” or modify
in any other manner the number or percentage of the Term A-1 Banks required to make any determinations or waive any rights hereunder
or to modify any provision hereof without the written consent of each Term A-1 Bank; or

 

    	 	128	 

     

    

 

(xii)           permit
the assignment or transfer by Borrower of any of its rights or obligations hereunder or under any other Loan Document except in
a transaction permitted (with or without the Required Banks’ consent) pursuant to Section 7.01 without the written consent
of all of the Banks; and

 

provided further, that
(A) an amendment, waiver or consent relating to the time specified for payment of principal, interest and fees with respect to
Bid Rate Loans shall only be binding if in writing and signed by the affected Bank or Designated Lender and (B) an amendment,
waiver or consent relating to the Swingline Loans or the Letters of Credit (including any letter of credit application; provided
that the provisions of this Agreement shall prevail if there is an inconsistency between this Agreement and such amendment, waiver
or consent to a letter of credit application) shall only be binding if in writing and signed by the Swingline Lenders or the Fronting
Banks affected thereby, as applicable. Any advance of proceeds of the Loans made prior to or without the fulfillment by Borrower
of all of the conditions precedent thereto, whether or not known to Administrative Agent and the Banks, shall not constitute a
waiver of the requirement that all conditions, including the non-performed conditions, shall be required with respect to all future
advances. No failure on the part of Administrative Agent or any Bank to exercise, and no delay in exercising, any right hereunder
shall operate as a waiver thereof or preclude any other or further exercise thereof or the exercise of any other right. The remedies
herein provided are cumulative and not exclusive of any remedies provided by law. All communications from Administrative Agent
to the Banks requesting the Banks’ determination, consent, approval or disapproval (i) shall be given in the form of a written
notice to each Bank and (ii) shall be accompanied by a description of the matter or thing as to which such determination, approval,
consent or disapproval is requested. Each Bank shall reply promptly, but in any event within fifteen (15) Banking Days (or five
(5) Banking Days with respect to any decision to accelerate or stop acceleration of the Loan) after receipt of the request therefor
by Administrative Agent (the “Bank Reply Period”). Unless a Bank shall give written notice to Administrative
Agent that it objects to the requested determination, approval, consent or disapproval within the Bank Reply Period, such Bank
shall be deemed to have approved or consented to such requested determination, approval, consent or disapproval; provided
that this sentence shall not apply to any determination, consent, approval or disapproval regarding any matter requiring the consent
of all Banks or all affected Banks under the first proviso of this Section.

 

    	 	129	 

     

    

 

(c)              
Notwithstanding anything to the contrary in this Section, if Administrative Agent and Borrower have jointly identified an
ambiguity, omission, mistake or defect in any provision of this Agreement or an inconsistency between provisions of this Agreement,
Administrative Agent and Borrower shall be permitted to amend such provision or provisions to cure such ambiguity, omission, mistake,
defect or inconsistency so long as to do so would not adversely affect the interests of the Banks and the Fronting Banks. Any such
amendment shall become effective without any further action or consent of any of other party to this Agreement. Administrative
Agent shall notify the Banks and the Fronting Banks of any such amendment.

 

(d)              
Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with only the written consent of
Administrative Agent and Borrower (a) to provide for the making of any Incremental Increase as contemplated by Section 2.16 and
to permit the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan
Documents with the Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Banks in respect
of such Incremental Increase in any determination of the Required Banks.

 

(e)              
Notwithstanding anything to the contrary in this Section 12.02, Administrative Agent and Borrower may, without the
consent of any Bank, (x) enter into amendments or modifications to this Agreement or any of the other Loan Documents or (y) enter
into additional Loan Documents, in each case, as Administrative Agent reasonably deems appropriate in order to implement any Replacement
Rate or otherwise effectuate the terms of Section 3.02(ii) in accordance with the terms of Section 3.02(ii).

 

SECTION 12.03. Survival;
Termination. All covenants, agreements, representations and warranties made by Borrower herein and in the certificates or
other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the
other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans, regardless of
any investigation made by any such other party or on its behalf and notwithstanding that Administrative Agent or any Bank may
have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder,
and shall continue in full force and effect as long as any Guaranteed Obligations hereunder are outstanding and unpaid. At such
time as (a) all of the Loan Commitments have been terminated, (b) all Letters of Credit have terminated or expired (other
than Letters of Credit the expiration dates of which extend beyond the Ratable Loan Maturity Date as permitted under Section 2.17(e)
and in respect of which Borrower has satisfied the requirements of such Section and Section 2.17(i)), (c) none of the
Banks is obligated any longer under this Agreement to make any Loans and (d) all Obligations (other than obligations which
survive as hereafter provided in this Section 12.03 and contingent indemnification obligations that have not been asserted)
have been paid and satisfied in full, this Agreement shall terminate. Promptly following such termination, each Bank shall promptly
return to Borrower any Note issued to such Bank. The provisions of Sections 3.01, 3.05, 3.06, 10.13, 12.14 and 12.15, the
indemnities to which Administrative Agent, the Fronting Banks and the Banks are entitled under Sections 10.05 and 12.04,
and any other provision of this Agreement and the other Loan Documents, and (for as long as any Letters of Credit remain outstanding)
the provisions of Sections 2.17(e) and 2.17(i), shall continue in full force and effect and shall protect Administrative
Agent, the Fronting Banks and the Banks (i) notwithstanding any termination of this Agreement, or of the other Loan Documents,
against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a
party to this Agreement with respect to all matters and events existing on or prior to the date such party ceased to be a party
to this Agreement. Upon Borrower’s request, Administrative Agent agrees to deliver to Borrower, at Borrower’s sole
cost and expense, written confirmation of the foregoing termination.

 

    	 	130	 

     

    

 

SECTION 12.04. Expenses;
Indemnification.

 

(a)              
Borrower agrees (a) to pay or reimburse Administrative Agent and, solely in connection with the initial closing and
syndication of the facilities hereunder, the Bookrunners, for all of its and their reasonable and documented out-of-pocket costs
and expenses incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or modification
to, any of the Loan Documents (including, without limitation, in respect of any notice given by Borrower under Section 2.16(c),
whether or not the requested increase is actually effected), and the consummation of the transactions contemplated thereby, including
the reasonable and documented out-of-pocket fees, disbursements and other charges of counsel to Administrative Agent and all reasonable
and documented out-of-pocket costs and expenses of Administrative Agent in connection with the use of IntraLinks, SyndTrak or
other similar information transmission systems in connection with the Loan Documents, (b) without duplication of the provisions
of Section 2.17(g), to pay to each Fronting Bank all reasonable and documented out-of-pocket costs and expenses incurred
by such Fronting Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for
payment thereunder, (c) to pay or reimburse Administrative Agent, the Fronting Banks and the Banks for all their costs and
expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents, including the reasonable
and documented out-of-pocket fees, disbursements and other charges of their respective counsel and (d) to the extent not
already covered by any of the preceding subsections, to pay or reimburse the fees and disbursements of counsel to Administrative
Agent, any Lead Arranger, any Bookrunner, any Fronting Bank and any Bank incurred in connection with the representation of Administrative
Agent, such Lead Arranger, any Bookrunner, such Fronting Bank or such Bank in any matter relating to or arising out of any bankruptcy
or other proceeding of the type described in Sections 9.01(5), including, without limitation, (i) any motion for relief
from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to the
Obligations and (iii) the negotiation and preparation of any debtor in possession financing or any plan of reorganization
of Borrower or any other Loan Party, whether proposed by Borrower, such Loan Party, the Banks or any other Person, and whether
such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion
of any such proceeding. Notwithstanding the foregoing, (i) the obligation to reimburse Administrative Agent, the Lead Arrangers,
the Bookrunners, the Banks and the Fronting Banks for fees and expenses of counsel in connection with the matters described in
clauses (a), (c) and (d) above shall be limited to the reasonable and documented out-of-pocket fees, disbursements and other charges
of one counsel to Administrative Agent, the Lead Arrangers, the Bookrunners, the Fronting Banks and the Banks and, if reasonably
necessary, a single local counsel for Administrative Agent, the Fronting Banks and the Banks in each relevant jurisdiction and
with respect to each relevant specialty, and in the case of an actual or perceived conflict of interest, one additional counsel
in each relevant jurisdiction to the affected Bank similarly situated and (ii) except to the extent otherwise agreed among Borrower,
the Lead Arrangers and Administrative Agent, Borrower is not responsible for costs, expenses and charges incurred by the Bank
Parties in connection with the administration or syndication of the Loans (other than any administration fee payable to Administrative
Agent). Other than to the extent constituting a condition to the Closing Date set forth in Section 4.01, all reimbursement obligations
pursuant to this Section 12.04(a) shall be due and payable not later than fifteen (15) Banking Days following receipt of
a reasonably detailed invoice therefor.

 

    	 	131	 

     

    

 

(b)              
Borrower agrees to indemnify Administrative Agent, each Bank, Affiliates of the foregoing, and their respective directors,
officers, employees, agents and advisors (each such Person being called an “Indemnified Party”) from, and hold
each of them harmless against, any and all losses, liabilities, claims, damages or expenses incurred by any of them arising out
of or by reason of (w) the execution, delivery or performance of the Loan Documents by Borrower or the use of the proceeds of
the Loans or Letters of Credit, directly or indirectly, by Borrower, (x) any claims by brokers due to acts or omissions by Borrower,
(y) any investigation or litigation or other proceedings (including any threatened investigation or litigation or other proceedings)
(an “Indemnity Proceeding”) relating to any actual or proposed use by Borrower of the proceeds of the Loans,
including without limitation, the reasonable fees and disbursements of third-party counsel incurred in connection with any such
investigation or litigation or other proceedings or (z) third party claims or actions against any Bank or Administrative Agent
relating to or arising from this Agreement and the transactions contemplated pursuant to this Agreement; provided, however,
that Borrower shall not be obligated to indemnify any Indemnified Party for any acts or omissions of such Indemnified Party in
connection with matters described in this Section 12.04 to the extent arising from (A) the gross negligence, bad faith or willful
misconduct of such Indemnified Party, as determined by a court of competent jurisdiction in a final, non-appealable judgment,
(B) a material breach by such Indemnified Party of its obligations under the Loan Documents, as determined by a court of competent
jurisdiction in a final, non-appealable judgment, (C) any dispute solely among Indemnified Parties (except in connection with
claims or disputes (1) against Administrative Agent and/or any Bookrunner or any Lead
Arranger in their respective capacities relating to whether the conditions to any advance have been satisfied, (2)
against Administrative Agent, any Bookrunner and/or any Lead
Arranger in their respective capacities with respect to a Defaulting Lender or the determination of whether a Bank is a Defaulting
Lender, (3) against Administrative Agent, any Bookrunner and/or any Lead
Arranger in their respective capacities as such and (4) directly resulting from any act or omission on the part of
General Partner, Borrower, any other Loan Parties or any other Subsidiary), and (D) tax and yield maintenance matters otherwise
addressed in Sections 3.01, 3.05, 3.06 and 10.13.

 

    	 	132	 

     

    

 

(c)               
If and to the extent that the obligations of Borrower under this Section are unenforceable for any reason, Borrower hereby
agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable
law.

 

(d)              
The obligations of Borrower under this Section shall survive the repayment of all amounts due under or in connection with
any of the Loan Documents and the termination of the Loan Commitments.

 

(e)              
An Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to,
any Indemnity Proceeding covered by this Section and, as provided above, all costs and expenses incurred by such Indemnified Party
shall be reimbursed by Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or defending
against any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of Borrower hereunder to indemnify
and hold harmless each such Indemnified Party; provided, however, that (i) if Borrower is required to indemnify an
Indemnified Party pursuant hereto and (ii) Borrower has provided evidence reasonably satisfactory to such Indemnified Party that
Borrower has the financial wherewithal to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect
to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior
written consent of Borrower (which consent shall not be unreasonably withheld or delayed).

 

SECTION 12.05. Assignment;
Participation.

 

(a)              
Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns permitted hereby, provided that neither Borrower, General Partner
nor any other Loan Party may, except as otherwise provided in Section 7.01, assign or otherwise transfer any of its rights
or obligations hereunder or under any other Loan Document without the prior written consent of Administrative Agent and each Bank,
and no Bank may assign or otherwise transfer any of its rights or obligations hereunder except (i) to a Qualified Institution
in accordance with the provisions of the immediately following subsection (b), (ii) by way of participation in accordance
with the provisions of the following subsection (d) or (iii) by way of pledge or assignment of a security interest subject
to the restrictions of the following subsection (e) (and, subject to the last sentence of the immediately following subsection (b),
any other attempted assignment or transfer by any party hereto shall be null and void). Except as otherwise provided under Section
12.04, nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby (including any Affiliate of a Fronting Bank that issues any Letter of
Credit), Participants to the extent provided in the following subsection (d) and, to the extent expressly contemplated hereby,
the Affiliates and their respective directors, officers, employees, agents and advisors of each of Administrative Agent, the Fronting
Banks and the Banks) any legal or equitable right, remedy or claim under or by reason of this Agreement. The
parties hereby agree that Merrill Lynch may, without notice to Borrower, General Partner or any Loan Party, assign its rights
and obligations under this Agreement to any other registered broker-dealer wholly-owned by Bank of America Corporation to
which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial
lending services or related businesses may be transferred following the date of this Agreement.

 

    	 	133	 

     

    

 

(b)              
Assignments by Banks. Any Bank may at any time assign to one or more Qualified Institutions all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Loan Commitment and the Loans at the time owing
to it); provided that any such assignment shall be subject to the following conditions:

 

(i)              Minimum Amounts.

 

(1)          in the case of an assignment of the entire remaining amount of an assigning Bank’s Loan Commitment and the Loans at
the time owing to it, or contemporaneous assignments to related Approved Funds that equal at least the amount specified in the
immediately following clause (2) in the aggregate, or in the case of an assignment to a Bank, an Affiliate of a Bank or an
Approved Fund, no minimum amount need be assigned; and

 

(2)          in any case not described in the immediately preceding subsection (1), the aggregate amount of the Loan Commitment
(which for this purpose includes Loans outstanding thereunder) or, if the applicable Loan Commitment is not then in effect, the
principal outstanding balance of the Loans of the assigning Bank subject to each such assignment (in each case, determined as of
the date the Assignment and Assumption Agreement with respect to such assignment is delivered to Administrative Agent or, if “Trade
Date” is specified in the Assignment and Assumption Agreement, as of the Trade Date) shall not be less than $5,000,000, unless
each of Administrative Agent and, so long as no Event of Default shall exist, Borrower otherwise consents (each such consent not
to be unreasonably withheld or delayed); provided, however, that if, after giving effect to such assignment, the amount
of the Loan Commitment held by such assigning Bank or the outstanding principal balance of the Loans of such assigning Bank, as
applicable, and in each case, without Participants, would be less than $10,000,000 (which minimum amount shall be reduced pro rata
as a result of a cancellation or reduction of the aggregate Loan Commitments), then such assigning Bank shall assign the entire
amount of its Loan Commitment and the Loans at the time owing to it.

 

(ii)              Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Bank’s
rights and obligations under this Agreement with respect to the Loan or the Loan Commitment assigned, except that this clause (ii)
shall not apply to rights in respect of a Bid Rate Loan.

 

    	 	134	 

     

    

 

(iii)             Required Consents. No consent shall be required for any assignment except to the extent required by clause (i)(2)
of this subsection (b) and, in addition:

 

(1)          the
consent of Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless an Event of Default shall
exist at the time of such assignment; provided that (I) Borrower shall be deemed to have consented to any such assignment
unless it shall object thereto by written notice to Administrative Agent within five (5) Banking Days after having received
notice thereof and (II) Borrower can withhold such consent if such assignment shall subject Borrower to any greater obligations
under Sections 3.01 or 3.06; provided further that no such consent shall be required if such assignment is to a Person
that is already a Bank with a Loan Commitment, an Affiliate of such a Bank or an Approved Fund with respect to such a Bank;

 

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

 

(3)          the consent of each Fronting Bank and each Swingline Lender (such consent not to be unreasonably withheld or delayed) shall
be required for any assignment in respect of a Ratable Loan Commitment if such assignment is to a Person that is not already a
Bank with a Loan Commitment, an Affiliate of such a Bank or an Approved Fund with respect to such a Bank.

 

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

 

(v)             No
Assignment to Certain Persons. No such assignment shall be made to (A) Borrower or any of Borrower’s Affiliates
or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or to any Person who, upon becoming a Bank hereunder,
would constitute any of the foregoing Persons described in this clause (B).

 

(vi)            No Assignment to Natural Persons. No such assignment shall be made to a natural person (or a company, investment
vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof).

 

    	 	135	 

     

    

 

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

 

Subject to acceptance and recording thereof
by Administrative Agent pursuant to the immediately following subsection (c), from and after the effective date specified
in each Assignment and Assumption Agreement, the assignee thereunder shall be a party to this Agreement and, to the extent of
the interest assigned by such Assignment and Assumption Agreement, have the rights and obligations of a Bank under this Agreement,
and the assigning Bank thereunder shall, to the extent of the interest assigned by such Assignment and Assumption Agreement, be
released from its obligations under this Agreement (and, in the case of an Assignment and Assumption Agreement covering all of
the assigning Bank’s rights and obligations under this Agreement, such Bank shall cease to be a party hereto) but shall
continue to be entitled to the benefits of Sections 3.05 and 12.04 and the other provisions of this Agreement and the other
Loan Documents with respect to facts and circumstances occurring prior to the effective date of such assignment; provided,
that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute
a waiver or release of any claim of any party hereunder arising from that Bank having been a Defaulting Lender. Any assignment
or transfer by a Bank of rights or obligations under this Agreement that does not comply with this paragraph shall be treated
for purposes of this Agreement as a sale by such Bank of a participation in such rights and obligations in accordance with the
following subsection (d).

 

    	 	136	 

     

    

 

 

(c)           Register. Administrative Agent, acting solely for this purpose as a non-fiduciary agent of Borrower, shall maintain
at Administrative Agent’s Office a copy of each Assignment and Assumption Agreement delivered to it and a register for the
recordation of the names and addresses of the Banks, and the Loan Commitments of, and principal amounts (and stated interest) of
the Loans owing to, each Bank pursuant to the terms hereof from time to time (the “Register”). The entries in
the Register shall be conclusive absent manifest error, and Borrower, Administrative Agent and the Banks shall treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Bank hereunder for all purposes of this Agreement. The
Register shall be available for inspection by Borrower and any Bank, at any reasonable time and from time to time upon reasonable
prior notice.

 

(d)           Participations.
Any Bank may at any time, without the consent of, or notice to, Borrower or Administrative Agent, sell participations to any
Person (other than a natural Person or Borrower or any of Borrower’s Affiliates or Subsidiaries or any Defaulting
Lender) (each, a “Participant”) in all or a portion of such Bank’s rights and/or obligations under
this Agreement (including all or a portion of its Loan Commitment and/or the Loans owing to it) in minimum amounts of
not less than $5,000,000 prior to an Event of Default, and upon the occurrence and during the continunance of an Event of
Default, in any amount; provided that (i) such Bank’s obligations under this Agreement shall remain
unchanged, (ii) such Bank shall remain solely responsible to the other parties hereto for the performance of such
obligations and (iii) Borrower, Administrative Agent, the Fronting Banks and the Banks shall continue to deal solely and
directly with such Bank in connection with such Bank’s rights and obligations under this Agreement. Any agreement or
instrument pursuant to which a Bank sells such a participation shall provide that such Bank shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Bank will not, without the consent of the Participant, agree to
(w) increase such Bank’s Loan Commitment, (x) extend the date fixed for the payment of principal on the Loans
or portions thereof owing to such Bank, (y) reduce the rate at which interest is payable thereon or (z) release any
Guarantor from its Obligations under the Guaranty except as contemplated by Section 6.10, in each case, as applicable to
that portion of such Bank’s rights and/or obligations that are subject to the participation. Borrower agrees that each
Participant shall be entitled to the benefits of Sections 3.01 and, 3.06 and
10.13 (subject, in each case, to the
requirements and limitations therein, including the requirements
under Section 10.13(f) (it being understood that documentation required under Section 10.13(f) shall be delivered to the
participating Bank)) to the same extent as if it were a Bank and had acquired its interest by assignment pursuant
to subsection (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of
Section 3.07 as if it were an assignee under subsection (b) of this Section; and (B) shall not be entitled to
receive any greater payment under Sections 3.01 or, 3.06 or
10.13, with respect to any participation, than its participating Bank would have been entitled to receive, except
to the extent such entitlement to receive a greater payment results from a Regulatory Change that occurs after the
Participant acquired the applicable participation. Each Bank that sells a participation agrees, at Borrower’s request
and expense, to use reasonable efforts to cooperate with Borrower to effectuate the provisions of Section 3.07 with
respect to any Participant. To the extent permitted by Law, each Participant also shall be entitled to the benefits of
Section 12.08 as though it were a Bank; provided that such Participant agrees to be subject to Section 10.15
as though it were a Bank. Each Bank that sells a participation shall, acting solely for this purpose as a non-fiduciary agent
of Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and
stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the
 “Participant Register”); provided that no Bank shall have any obligation to disclose all or any
portion of the Participant Register (including the identity of any Participant or any information relating to a
Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document)
to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of
credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The
entries in the Participant Register shall be conclusive absent manifest error, and such Bank shall treat each Person whose
name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement
notwithstanding any notice to the contrary. For the avoidance of doubt, Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

    	 	 137	 

     

    

 

(e)           Certain
Pledges. Any Bank may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Bank, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other
central bank having jurisdiction over such Bank; provided that no such pledge or assignment shall release such Bank from any of
its obligations hereunder or substitute any such pledgee or assignee for such Bank as a party hereto.

 

(f)            No
Registration. Each Bank agrees that, without the prior written consent of Borrower and Administrative Agent, it will not make
any assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings
in respect of, any Loan or Note under the Securities Act of 1933 or any other securities laws of the United States of America
or of any other jurisdiction.

 

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

 

SECTION 12.06.     Documentation
Satisfactory. All documentation required from or to be submitted on behalf of Borrower in connection with this Agreement and
the documents relating hereto shall be subject to the prior approval of, and be satisfactory in form and substance to, Administrative
Agent, its counsel and, where specifically provided herein, the Banks. In addition, the persons or parties responsible for the
execution and delivery of, and signatories to, all of such documentation, shall be acceptable to, and subject to the approval
of, Administrative Agent and its counsel and the Banks.

 

    	 	 138	 

     

    

 

SECTION 12.07.     Notices.
(a) Unless otherwise provided herein, communications provided for hereunder shall be in writing and shall be mailed, telecopied,
or delivered as follows:

 

If to Borrower:

 

JBG SMITH Properties LP

4445
Willard4747 Bethesda Avenue

Suite 400200

Chevy
ChaseBethesda, Maryland 2081520814

Attention: Stephen Theriot,
Chief Financial Officer

Telecopier: 240-333-3630

Telephone: 240-333-3704

Email: stheriot@jbgjbgsmith.com

 

With a copy to:

 

JBG SMITH Properties LP

4445
Willard4747 Bethesda Avenue

Suite 400200

Chevy
ChaseBethesda, Maryland 2081520814

Attention: Steven Museles, Chief
Legal Officer

Telecopier: 240-333-3630

Telephone: 240-333-3654

Email: smuseles@jbgjbgsmith.com

 

If to Administrative
Agent:

 

Wells Fargo Bank, National Association

550 South Tryon Street, 6th Floor

Charlotte, NC 28202

Attention: Bryan
GregoryKristen Ray

Telephone: 704-410-17761772

Email: Bryan.Gregory@wellsfargo.comKristen.Ray@wellsfargo.com

 

 

If to Administrative
Agent under Article II:

 

Wells Fargo Bank, National Association

CRE Agency Services

600 South 4th Street, 9th Floor

Minneapolis, MN 55415

Attention: Anthony Gangelhoff

Telecopier: 877-410-5023

Telephone: 612-316-0109

Email: Anthony.Gangelhoff@wellsfargo.com

 

    	 	 139	 

     

    

 

If to Wells
Fargo as Fronting Bank:

 

Wells Fargo Bank, National Association

550 South Tryon Street, 6th Floor

Charlotte, NC 28202

Attention: Bryan
GregoryKristen Ray

Telephone:
704-410-17761772

Email: Bryan.Gregory@wellsfargo.comKristen.Ray@wellsfargo.com

 

With a copy
to:

 

Wells Fargo Bank, National Association

550
South Tryon Street, 6th Floor

Charlotte,
NC 28202

1512 Eureka
Road, Suite 350

Roseville,
CA 95661

Attention: Patty
CabreraAngela Dale

Telephone: 916-788-4672(704)
410-0080

Email: pcabrera@wellsfargo.comAngela.Dale@wellsfargo.com

 

If to a Fronting Bank
(as applicable):

 

Bank of America, N.A.

One Fleet Way, 2nd Floor

Mail Code PA6-580-02-30

Scranton, PA 18507

Attention: Global Trade Operations

Phone: 1.800.370.7519 and choose Trade
product

opt. #1

Fax: 1. 800.755.8743

Email: scranton_standby_lc@bankofamerica.com

 

    	 	 140	 

     

    

 

With a copy to:

Bank of America, N.A.

900 West Trade Street

NC1-026-06-01

Charlotte, NC 28255

Attention: Linda
J. Frixen, Assistant Vice PresidentShana Boney, Relationship
Administrator II

Telephone: 980-386275-69946500

Email: linda.j.frixen@baml.comshana.boney@bofa.com

 

Capital One, National Association

6200 Chevy Chase Drive

Laurel, MD 20707

Attention: Jason Hall, Principal
Operations Coordinator

Telecopier: 469-522-3588

Telephone: 301-939-5910

Email: 14694225388@tls.ldsprod.com

 

Citizens Bank, N.A.

20 Cabot Road

Medford, MA 02155

Attention: Laura Ferraz, Operations
Team Lead

Telecopier: 855-457-1554

Telephone: 781-655-4107

Email: CLOoperations@citizensbank.com

 

JPMorgan Chase Bank, N.A.

Standby Letter of Credit Department

10420 Highland Manor Drive, Floor
4

Tampa, FL 33610

Attention: Letter of Credit Department

Fax: (856) 294-5267

 

PNC Bank, National Association

6750 Miller Road

Brecksville, OH 44141

Attention: Myra Ollison

Telecopier: 877-733-1172

Telephone: 440-546-7434

Email: myra.ollison@pnc.com

 

    	 	 141	 

     

    

 

If to any other Bank:

 

To such Bank’s address or
telecopy number as set forth in the applicable Administrative Questionnaire

 

All such notices and other communications
shall be effective (i) if mailed, upon the first to occur of receipt or the expiration of 3 days after the deposit in the
United States Postal Service mail, postage prepaid and addressed to the address of Borrower or Administrative Agent, the Fronting
Banks and the Banks at the addresses specified; (ii) if telecopied, when transmitted; or (iii) if hand delivered or sent
by overnight courier, when delivered; provided, however, that, non-receipt of any communication as of the result of any change
of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt
of such communication. Notwithstanding the immediately preceding sentence, all notices or communications to Administrative Agent,
a Fronting Bank or any Bank under Article II shall be effective only when actually received. Notices delivered through Electronic
Systems, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph. Failure of a Person
designated to get a copy of a notice to receive such copy shall not affect the validity of notice properly given to another Person.

 

(b)           Notices
and other communications to the Banks and the Fronting Banks hereunder may be delivered or furnished by using Electronic Systems
pursuant to procedures approved by Administrative Agent; provided that the foregoing shall not apply to notices pursuant
to Article II unless otherwise agreed by Administrative Agent and the applicable Bank. Administrative Agent or Borrower may,
in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures
approved by it; provided that approval of such procedures may be limited to particular notices or communications.

 

Unless Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet
or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described
in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address
therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during
the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business
on the next business day for the recipient.

 

(c)           Any
party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties
hereto in accordance with this Section 12.07, except that each Bank must only give such notice to Administrative Agent, Borrower,
the Fronting Banks and the Swingline Lenders.

 

(d)           Electronic
Systems.

 

    	 	 142	 

     

    

 

(i)                  Borrower
agrees that Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available to the Fronting
Banks and the other Banks by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar
Electronic System.

 

(ii)                 Any
Electronic System used by Administrative Agent is provided “as is” and “as available.” None of Administrative
Agent or Borrower or any of their respective Affiliates and such Affiliates’ respective directors, officers, employees,
agents or advisors (the “Communications Parties”) warrant the adequacy of such Electronic Systems and each
expressly disclaims liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory,
including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom
from viruses or other code defects, is made by any Communications Party in connection with the Communications or any Electronic
System. In no event shall any Communications Party have any liability to the other parties hereto or any other Person or entity
for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether
in tort, contract or otherwise) arising out of Borrower’s or Administrative Agent’s transmission of communications
through an Electronic System. “Communications” means, collectively, any notice, demand, communication, information,
document or other material provided by or on behalf of Borrower pursuant to any Loan Document or the transactions contemplated
therein which is distributed by Administrative Agent, any Bank or any Fronting Bank by means of electronic communications pursuant
to this Section, including through an Electronic System.

 

SECTION
12.08.     Setoff. Upon the occurrence of an Event of Default, to the extent permitted or not
expressly prohibited by applicable law, Borrower agrees that, in addition to (and without limitation of) any right of setoff,
bankers’ lien or counterclaim a Bank may otherwise have, each Bank shall be entitled, subject to receipt of the prior
written consent of the Required Banks exercised in their sole discretion, to offset balances (general or special, time or
demand, provisional or final) held by it for the account of Borrower at any of such Bank’s offices, in Dollars or in
any other currency, against any amount payable by Borrower to such Bank under this Agreement or such Bank’s Notes, or
any other Loan Document, which is not paid when due (regardless of whether such balances are then due to Borrower or General
Partner), in which case it shall promptly notify Borrower and Administrative Agent thereof; provided that such
Bank’s failure to give such notice shall not affect the validity thereof. Payments by Borrower hereunder or under the
other Loan Documents shall be made without setoff or counterclaim. Notwithstanding anything to the contrary in this Section,
if any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over
immediately to Administrative Agent for further application in accordance with the provisions of Section 12.20 and,
pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for
the benefit of Administrative Agent, the Fronting Banks and the Banks and (y) the Defaulting Lender shall provide
promptly to Administrative Agent a statement describing in reasonable detail the Guaranteed Obligations owing to such
Defaulting Lender as to which it exercised such right of setoff.

 

    	 	 143	 

     

    

 

SECTION 12.09.      Table
of Contents; Headings. Any table of contents and the headings and captions hereunder are for convenience only and shall not
affect the interpretation or construction of this Agreement.

 

SECTION 12.10.      Severability.
The provisions of this Agreement are intended to be severable. If for any reason any provision of this Agreement shall be held
invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective
to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in
any other jurisdiction or the remaining provisions hereof in any jurisdiction.

 

SECTION 12.11.      Counterparts.
This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument,
and any party hereto may execute this Agreement by signing any such counterpart. Delivery of an executed counterpart of a signature
page of this Agreement by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed
signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to any document
to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic
Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity
or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act; provided that nothing herein shall require Administrative Agent to accept electronic
signatures in any form or format without its prior written consent.

 

SECTION 12.12.      Integration.
The Loan Documents set forth the entire agreement among the parties hereto relating to the transactions contemplated thereby (except
with respect to agreements relating solely to compensation, consideration and the coordinated syndication of the Loan) and supersede
any prior oral or written statements or agreements with respect to such transactions.

 

SECTION 12.13.      Governing
Law. This Agreement shall be governed by, and interpreted and construed in accordance with, the laws of the State of New York.

 

SECTION
12.14.      Waivers. To the extent permitted or not expressly prohibited by applicable
law, in connection with the obligations and liabilities as aforesaid, Borrower hereby waives (1) notice of any actions taken
by any Bank Party under this Agreement, any other Loan Document or any other agreement or instrument relating hereto or
thereto except to the extent otherwise provided herein; (2) all other notices, demands and protests, and all other
formalities of every kind in connection with the enforcement of the Obligations, the omission of or delay in which, but for
the provisions of this Section 12.14, might constitute grounds for relieving Borrower of its obligations hereunder; (3) any
requirement that any Bank Party protect, secure, perfect or insure any Lien on any collateral or exhaust any right or
take any action against Borrower or any other Person or any collateral; (4) any right or claim of right to cause a
marshalling of the assets of Borrower; and (5) all rights of subrogation or contribution, whether arising by contract or
operation of law (including, without limitation, any such right arising under the Bankruptcy Code) or otherwise by reason of
payment by Borrower, pursuant to this Agreement or any other Loan Document.

 

    	 	 144	 

     

    

 

SECTION 12.15.      Jurisdiction;
Immunities. Borrower, Administrative Agent and each Bank hereby irrevocably submit to the exclusive jurisdiction of any New
York State or United States Federal court sitting in New York City, Borough of Manhattan, over any action or proceeding arising
out of or relating to this Agreement, the Notes or any other Loan Document. Borrower, Administrative Agent, and each Bank irrevocably
agree that all claims in respect of such action or proceeding may be heard and determined in such New York State or United States
Federal court. Borrower, Administrative Agent, and each Bank irrevocably consent to the service of any and all process in any
such action or proceeding by the mailing of copies of such process to Borrower, Administrative Agent or each Bank, as the case
may be, at the addresses specified herein. Borrower, Administrative Agent and each Bank agree that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Borrower, Administrative Agent and each Bank further waive any objection to venue in the State of New York and
any objection to an action or proceeding in the State of New York on the basis of forum non conveniens. Borrower, Administrative
Agent and each Bank agree that any action or proceeding brought against Borrower, Administrative Agent or any Bank, as the case
may be, shall be brought only in a New York State court sitting in New York City, Borough of Manhattan, or a United States Federal
court sitting in New York City, Borough of Manhattan, to the extent permitted or not expressly prohibited by applicable law.

 

Nothing in this Section
shall affect the right of Borrower, Administrative Agent or any Bank to serve legal process in any other manner permitted by law.

 

To the extent that
Borrower, Administrative Agent or any Bank have or hereafter may acquire any immunity from jurisdiction of any court or from any
legal process (whether from service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise)
with respect to itself or its property, Borrower, Administrative Agent and each Bank hereby irrevocably waive such immunity in
respect of its obligations under this Agreement, the Notes and any other Loan Document.

 

    	 	 145	 

     

    

 

BORROWER, ADMINISTRATIVE
AGENT AND EACH BANK WAIVE ANY RIGHT EACH SUCH PARTY MAY HAVE TO JURY TRIAL IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING BROUGHT
WITH RESPECT TO THIS AGREEMENT, THE NOTES OR THE LOAN. IN ADDITION, BORROWER HEREBY WAIVES, IN CONNECTION WITH ANY SUIT, ACTION
OR PROCEEDING BROUGHT BY ADMINISTRATIVE AGENT OR THE BANKS WITH RESPECT TO THE NOTES, ANY RIGHT BORROWER MAY HAVE (1) TO THE EXTENT
PERMITTED OR NOT EXPRESSLY PROHIBITED BY APPLICABLE LAW, TO INTERPOSE ANY COUNTERCLAIM THEREIN (OTHER THAN A COUNTERCLAIM THAT
IF NOT BROUGHT IN THE SUIT, ACTION OR PROCEEDING BROUGHT BY ADMINISTRATIVE AGENT OR THE BANKS COULD NOT BE BROUGHT IN A SEPARATE
SUIT, ACTION OR PROCEEDING OR WOULD BE SUBJECT TO DISMISSAL OR SIMILAR DISPOSITION FOR FAILURE TO HAVE BEEN ASSERTED IN SUCH SUIT,
ACTION OR PROCEEDING BROUGHT BY ADMINISTRATIVE AGENT OR THE BANKS) OR (2) TO THE EXTENT PERMITTED OR NOT EXPRESSLY PROHIBITED BY
APPLICABLE LAW, TO HAVE THE SAME CONSOLIDATED WITH ANY OTHER OR SEPARATE SUIT, ACTION OR PROCEEDING. NOTHING HEREIN CONTAINED SHALL
PREVENT OR PROHIBIT BORROWER FROM INSTITUTING OR MAINTAINING A SEPARATE ACTION AGAINST ADMINISTRATIVE AGENT OR THE BANKS WITH RESPECT
TO ANY ASSERTED CLAIM.

 

To the extent not prohibited
by applicable law, Borrower shall not assert, and Borrower hereby waives, any claim against any Bank or any Agent, on any theory
of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of,
in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby
or thereby, any Loan or other extension of credit hereunder or the use of the proceeds thereof.

 

SECTION
12.16.     Designated Lender. Any Bank (other than an Affected Bank or a Bank which is such
solely because it is a Designated Lender) (each, a “Designating Lender”) may at any time designate one (1)
Designated Lender to fund Bid Rate Loans on behalf of such Designating Lender subject to the terms of this Section and the
provisions in Section 12.05 shall not apply to such designation. No Bank may designate more than one (1) Designated Lender.
The parties to each such designation shall execute and deliver to Administrative Agent for its acceptance a Designation
Agreement. Upon such receipt of an appropriately completed Designation Agreement executed by a Designating Lender and a
designee representing that it is a Designated Lender, Administrative Agent will accept such Designation Agreement and give
prompt notice thereof to Borrower, whereupon, (i) from and after the “Effective Date” specified in the
Designation Agreement, the Designated Lender shall become a party to this Agreement with a right to make Bid Rate Loans on
behalf of its Designating Lender pursuant to Section 2.02 after Borrower has accepted the Bid Rate Quote of the Designating
Lender and (ii) the Designated Lender shall not be required to make payments with respect to any obligations in this
Agreement except to the extent of excess cash flow of such Designated Lender which is not otherwise required to repay
obligations of such Designated Lender which are then due and payable; provided, however, that regardless of
such designation and assumption by the Designated Lender, the Designating Lender shall be and remain obligated to Borrower,
Administrative Agent and the Banks for each and every of the obligations of the Designating Lender and its related Designated
Lender with respect to this Agreement, including, without limitation, any indemnification obligations under Section 10.05.
Each Designating Lender shall serve as the administrative agent of its Designated Lender and shall on behalf of, and to the
exclusion of, the Designated Lender (i) receive any and all payments made for the benefit of the Designated Lender and (ii)
give and receive all communications and notices and take all actions hereunder, including, without limitation, votes,
approvals, waivers and consents under or relating to this Agreement and the other Loan Documents. Any such notice,
communication, vote, approval, waiver or consent shall be signed by the Designating Lender as administrative agent for the
Designated Lender and shall not be signed by the Designated Lender on its own behalf, but shall be binding on the
Designated Lender to the same extent as if actually signed by the Designated Lender. Borrower, Administrative Agent and the
Banks may rely thereon without any requirement that the Designated Lender sign or acknowledge the same. No Designated Lender
may assign or transfer all or any portion of its interest hereunder or under any other Loan Document, other than assignments
to the Designating Lender which originally designated such Designated Lender.

 

    	 	 146	 

     

    

 

SECTION 12.17.      No
Bankruptcy Proceedings. Each of Borrower, the Banks and Administrative Agent hereby agrees that it will not institute against
any Designated Lender or join any other Person in instituting against any Designated Lender any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding under any federal or state bankruptcy or similar law, for 366 days after the payment in full
of the latest maturing commercial paper note issued by such Designated Lender.

 

SECTION 12.18.      Intentionally
Omitted.

 

SECTION 12.19.     USA
Patriot Act. Each Bank hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub.
L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record
information that identifies Borrower, General Partner and each other Loan Party, which information includes the name, address,
tax identification and/or such other identification information of Borrower, General Partner and each other Loan Party that will
allow such Bank to identify Borrower, General Partner and each other Loan Party in accordance with the Patriot Act. Borrower shall
provide such information and take such actions as are reasonably requested by Administrative Agent or any Bank in order to assist
Administrative Agent and the Banks in maintaining compliance with applicable “know your customer” and anti-money laundering
rules and regulations, including, without limitation, the Patriot Act.

 

    	 	 147	 

     

    

 

SECTION 12.20.     Defaulting
Lenders. Notwithstanding anything to the contrary contained in this Agreement, if any Bank becomes a Defaulting Lender, then,
until such time as such Bank is no longer a Defaulting Lender, to the extent permitted by applicable Law:

 

(a)           Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of “Required Banks”, “Required Ratable
Loan Banks”, “Required Term A-1 Loan Banks”, “Required Term A-2 Loan Banks” and in Section 12.02.

 

(b)           Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by Administrative Agent for the
account of such Defaulting Lender (whether voluntary or mandatory, at maturity or otherwise) or received by Administrative
Agent from a Defaulting Lender pursuant to Section 12.08 shall be applied at such time or times as may be determined by
Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to
Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to the Fronting Banks or the Swingline Lenders hereunder; third, to Cash Collateralize the Fronting
Banks’ Fronting Exposure with respect to such Defaulting Lender in accordance with subsection (e) below; fourth,
as Borrower may request (so long as no Default or Event of Default exists other than a Default or Event of Default that will
be cured by the application of such funds in accordance with this paragraph), to the funding of any Loan in respect of which
such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Administrative
Agent; fifth, if so determined by Administrative Agent and Borrower, to be held in a deposit account and released pro
rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans
under this Agreement and (y) Cash Collateralize the Fronting Banks’ future Fronting Exposure with respect to such
Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with
subsection (e) below; sixth, to the payment of any amounts owing to the Banks, the Fronting Banks or the
Swingline Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Bank, a Fronting Bank or
the Swingline Lenders against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any
amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower against such
Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth,
to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that such payment is
a payment of the principal amount of any Loans or amounts owing by such Defaulting Lender under Section 2.17 in respect
of Letters of Credit (such amounts “L/C Disbursements”), in respect of which such Defaulting Lender
has not fully funded its appropriate share, such payment shall be applied solely to pay the Loans of, and L/C Disbursements
owed to, all Non-Defaultingnon-Defaulting Lenders
on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Disbursements owed to, such Defaulting
Lender until such time as all Loans and funded and unfunded participations in Letter of Credit Liabilities and
Swingline Loans are held by the Ratable Loan Banks in accordance with their respective Pro Rata Shares (determined without
giving effect to the immediately following subsection (d)) and all Term Loans are held by the Term Loan Banks in
accordance with their respective Pro Rata Shares as if there had been no Term Loan Banks that are Defaulting Lenders. Any
payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed
by a Defaulting Lender or to post Cash Collateral pursuant to this subsection shall be deemed paid to and redirected by such
Defaulting Lender, and each Bank irrevocably consents hereto.

 

    	 	 148	 

     

    

 

(c)           Certain Fees.

 

(1)              No
Defaulting Lender shall be entitled to receive any fee payable under Section 2.08 for any period during which that Bank is
a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise would have been required to have been
paid to that Defaulting Lender).

 

(2)              Each
Defaulting Lender shall be entitled to receive the fee payable under Section 2.17(g)(i) for any period during which that
Bank is a Defaulting Lender only to the extent allocable to its Pro Rata Share of the stated amount of Letters of Credit for which
it has provided Cash Collateral pursuant to the immediately following subsection (e).

 

(3)             With
respect to any fee not required to be paid to any Defaulting Lender pursuant to the immediately preceding clause (2), Borrower
shall (x) pay to each Non-Defaultingnon-Defaulting
Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s
participation in Letter of Credit Liabilities that has been reallocated to such Non-Defaultingnon-Defaulting
Lender pursuant to the immediately following subsection (d), (y) pay to the applicable Fronting Bank the
amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Fronting Bank’s Fronting
Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

 

(d)           Reallocation of Pro Rata Shares to Reduce Fronting Exposure.

 

(i)               During
any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each
non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit or SwingSwingline Loans,
the “Pro Rata Share” of each non- Defaulting Lender shall be computed without giving effect to the Ratable Loan
Commitment of that Defaulting Lender; provided, that, (i) each such reallocation shall be given effect only if, at the
date the applicable Bank becomes a Defaulting Lender, the conditions set forth in Section 4.02 are satisfied at the time of
such reallocation (and, unless Borrower shall have otherwise notified Administrative Agent at such time, Borrower shall be
deemed to have represented and warranted that such conditions are satisfied at such time); and (ii) the aggregate
obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and SwingSwingline Loans
shall not exceed the positive difference, if any, of (1) the Ratable Loan Commitment of that non-Defaulting Lender minus (2)
the aggregate outstanding Ratable Credit Exposure of that Bank.

 

    	 	 149	 

     

    

 

(ii)             
 If such reallocation cannot, or can only partially, be effected, Borrower shall (x) within two Banking Days following notice
by Administrative Agent, prepay such Fronting Exposure of the SwingSwingline
Lender with respect to SwingSwingline
Loans and (y) within five (5) Banking Days following notice by Administrative Agent, Cash Collateralize for the benefit of the
Fronting Banks only Borrower’s obligations corresponding to the Fronting Exposure of the Fronting Banks with respect to Letters
of Credit (after giving effect to any partial reallocation described above) in accordance with the procedures set forth in Section
2.17(i) for so long as such Fronting Exposure is outstanding.

 

(iii)           
So long as such Ratable Loan Bank is a Defaulting Lender, the SwingSwingline
Lender shall not be required to fund any SwingSwingline
Loan and the Fronting Banks shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that
the related Fronting Exposure will be 100% covered by the Ratable Loan Commitments of the non-Defaulting Lenders and/or Cash Collateral
will be provided by Borrower in accordance with Section 2.17(i) and/or Section 12.20(d), and participating interests in any newly
made SwingSwingline
Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with
the above provisions (and such Defaulting Lender shall not participate therein.

 

(e)           Defaulting
Lender Cure. If Borrower, Administrative Agent, the Swingline Lenders and the Fronting Banks agree in writing that a Bank
is no longer a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective date
specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any
Cash Collateral), that Bank will, to the extent applicable, purchase at par that portion of outstanding Loans of the other
Banks or take such other actions as Administrative Agent may determine to be necessary to cause, as applicable (i)
the Ratable Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held by the Banks in
accordance with their respective Pro Rata Shares (determined without giving effect to the immediately preceding
subsection (d)) and (ii) the Term Loans to be held by the Term Loan LendersBanks in
accordance with their respective Pro Rata Shares as if there had been no Term Loan LendersBanks that
were Defaulting Lenders, whereupon such Bank will cease to be a Defaulting Lender; provided that no adjustments will
be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower while that Bank was a
Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected
parties, no change hereunder from Defaulting Lender to Non-Defaultingnon-Defaulting Lender
will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a
Defaulting Lender.

 

    	 	 150	 

     

    

 

(f)            New
Swingline Loans/Letters of Credit. So long as any Ratable Loan Bank is a Defaulting Lender, (i) the Swingline Lenders
shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect
to such Swingline Loan and (ii) a Fronting Bank shall not be required to issue, extend, renew or increase any Letter of Credit
unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

 

(g)           Purchase of Defaulting Lender’s Commitment. During any period that a Bank is a Defaulting Lender, Borrower
may, by Borrower giving written notice thereof to Administrative Agent, such Defaulting Lender and the other Banks, demand that
such Defaulting Lender assign its Loan Commitment and Loans to a Qualified Institution subject to and in accordance with the provisions
of Section 12.05. No party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in finding
a Qualified Institution. In addition, any Bank which is not a Defaulting Lender may, but shall not be obligated to, in its sole
discretion, acquire the face amount of all or a portion of such Defaulting Lender’s Loan Commitment and Loans via an assignment
subject to and in accordance with the provisions of Section 12.04. In connection with any such assignment, such Defaulting
Lender shall promptly execute all documents reasonably requested to effect such assignment, including an appropriate Assignment
and Assumption Agreement and, notwithstanding Section 12.05, shall pay to Administrative Agent an assignment fee in the amount
of $4,500. The exercise by Borrower of its rights under this Section shall be at Borrower’s sole cost and expense and at
no cost or expense to Administrative Agent, the Fronting Banks or the Banks provided that the foregoing shall not constitute a
waiver or release of any claim of Borrower, Administrative Agent, any Fronting Bank or any Bank against any Defaulting Lender.

 

SECTION
12.21.     Use for Mortgages. From time to time, on not less than ten (10) Banking
Days’ notice, Borrower may request proceeds of the Ratable Loans or Term Loans be used to refinance or acquire
properties secured by certain secured mortgage Debt of Borrower and/or its Subsidiaries, in which event, a portion of such
Ratable Loans or Term Loans equal to the amount of the advances made hereunder in connection with such refinancing or
acquisition, at Borrower’s election, may be secured by an amended and restated mortgage on the property securing the
mortgage Debt to be so refinanced or acquired (a “Refinancing Mortgage”) and evidenced by a separate
mortgage note executed by Borrower and/or one or more Subsidiaries (provided that (i) if Borrower shall not execute such
mortgage note, Borrower shall execute a guaranty of such mortgage note and (ii) it being agreed and understood the
execution of, and being obligated under, such a mortgage note and Refinancing Mortgage, shall not cause any Subsidiary to be
deemed an Unsecured Indebtedness Subsidiary for purposes of Section 6.10), as more particularly set forth in Section 2.09,
provided that no Refinancing Mortgage may encumber a property located in a Special Flood Hazard Area as designated by the
Federal Emergency Management Agency. At least seven (7) Banking Days prior to the recordation of any Refinancing Mortgage,
Administrative Agent shall provide all of the applicable Banks requested to make such refinancing or acquisition Loans with a
legal description and special flood hazard determination form for all property proposed to be encumbered thereby. Any such
Refinancing Mortgage and any other agreement, certifications, opinions and other documents will be (i) in form and substance
reasonably acceptable to Administrative Agent and its counsel, (ii) consistent in all respects with the terms of this
Agreement, and (iii) subject to being, and shall be, released or assigned by Administrative Agent at the request of Borrower
(it being understood and agreed that Administrative Agent and the Banks shall not be required to give any representations or
warranties with respect to any such release or assignment, including with respect to any aspects of the Debt secured thereby,
except that it is the holder thereof and authorized to execute and deliver the same), and Administrative Agent shall, and is
authorized by the Banks to, execute and deliver any release or assignment documents reasonably requested by, and at the
expense of, Borrower. In addition, in connection with each Refinancing Mortgage, Administrative Agent, at the request and
expense of Borrower, will provide subordination, non-disturbance and attornment agreements and intercreditor and/or
subordination agreements with respect to any other Debt secured by the related mortgaged property, in each case in form and
substance reasonably satisfactory to Administrative Agent. Unless otherwise directed by Borrower, any prepayments made
by Borrower shall be applied first to any and all Loans outstanding that are not secured by a Refinancing Mortgage, and only
to Loans secured by Refinancing Mortgages if there shall be no other Loans outstanding at the time.

 

    	 	 151	 

     

    

 

SECTION 12.22.      Bottom-Up
Guaranties. At Borrower’s request from time to time, Administrative Agent shall accept “bottom-up” guaranties
of the Loans from limited partners in Borrower in such amounts and on such terms as Borrower shall request, provided that Administrative
Agent shall have reasonably satisfied itself and the Banks with respect to applicable “know your customer” and anti-money
laundering rules and regulations, including without limitation, the Patriot Act and other similar restrictions in respect of any
such proposed guarantor. A Person shall not be considered to be a “Guarantor” or a “Loan Party” as a result
of providing such a “bottom-up” guaranty.

 

SECTION 12.23.     Confidentiality.
Each of Administrative Agent, the Fronting Banks and the Banks agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its and its Affiliates' directors, officers, employees, and agents,
including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made
will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to
the extent requested by any Governmental Authority (including any self-regulatory authority, such as the National Association
of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal
process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or
any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty
(or its advisors) to any swap or derivative transaction relating to Borrower and its obligations, (g) with the consent of
Borrower, (h) a confidential basis to any rating agency in connection with rating Borrower or the Loans or (i) to the extent
such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes
available to Administrative Agent, any Fronting Bank or any Bank on a non-confidential basis from a source other than Borrower.
For the purposes of this Section, “Information” means all information received from Borrower relating to Borrower
or its business, other than any such information that was available to Administrative Agent, any Fronting Bank or any Bank on
a non-confidential basis prior to disclosure by Borrower. In addition, Administrative Agent and the Banks may disclose the existence
of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry
and service providers to Administrative Agent and the Banks in connection with the administration of this Agreement, the other
Loan Documents, and the Loan Commitments.

 

    	 	 152	 

     

    

 

EACH BANK ACKNOWLEDGES THAT INFORMATION
AS DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION
CONCERNING BORROWER, ITS Affiliates and theIR respective directors, officers, employees,
agents, advisors and representatives OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES
REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE
WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

 

ALL INFORMATION, INCLUDING REQUESTS FOR
WAIVERS AND AMENDMENTS, FURNISHED BY BORROWER OR ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT
WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT BORROWER, THE OTHER LOAN PARTIES,
THEIR Affiliates and theIR respective directors, officers, employees, agents, advisors
and representatives OR THEIR RESPECTIVE SECURITIES.  ACCORDINGLY, EACH BANK REPRESENTS TO BORROWER AND ADMINISTRATIVE
AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN
MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

 

SECTION 12.24.      No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), Borrower acknowledges and agrees,
and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement
provided by Administrative Agent, the Lead Arrangers, the Bookrunners and the Banks are arm’s-length commercial transactions
between Borrower and its Affiliates, on the one hand, and Administrative Agent, the Lead Arrangers, the Bookrunners and the Banks,
on the other hand, (B) Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate, and (C) Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents; (ii) (A) Administrative Agent, each Lead Arranger, each Bookrunner and each
Bank is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not
been, is not, and will not be acting as an advisor, agent or fiduciary for Borrower or any of its Affiliates, or any other Person
and (B) neither Administrative Agent, any Lead Arranger, any Bookrunner nor any Bank has any obligation to Borrower or any of
its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in
the other Loan Documents; and (iii) Administrative Agent, the Lead Arrangers, the Bookrunners and the Banks and their respective
Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of Borrower and its Affiliates,
and neither Administrative Agent, any Lead Arranger, any Bookrunner nor any Bank has any obligation to disclose any of such interests
to Borrower or its Affiliates. To the fullest extent permitted by law, Borrower hereby waives and releases any claims that it
may have against Administrative Agent, any Lead Arranger, any Bookrunner or any Bank with respect to any breach or alleged breach
of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

    	 	 153	 

     

    

 

SECTION 12.25. Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
EEA Financial Institution arising under any Loan Document may be subject to the write-down and conversion powers of an EEA Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)           the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)           the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)                  a reduction in full or in part or cancellation of any such liability;

 

(ii)                 a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

    	 	 154	 

     

    

 

(iii)                the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of
any EEA Resolution Authority.

 

SECTION
12.26.      Acknowledgment Regarding Any Supported QFCs. To the extent that the Loan Documents
provide support, through a guarantee or otherwise, for Specified Derivatives Contracts or any other agreement or instrument that
is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge
and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit
Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated
thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the
provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed
by the laws of the State of New York and/or of the United States or any other state of the United States):

 

 

(a)           In the event a Covered Entity that is party to a Supported QFC (each, a “Covered
Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the
benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support,
and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to
the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit
Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of
the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any
QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such
Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed
by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed
that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)           As
used in this Section 12.26., the following terms have the following meanings:

 

(1)              “BHC Act Affiliate” of a party means an “affiliate”
(as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

 

(2)              “Covered Entity” means any of the following:

 

    	 	 155	 

     

    

 

(1)              
a “covered entity” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. §252.82(b);

 

(2)              
a “covered bank” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. §47.3(b); or

 

(3)              
a “covered FSI” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. §382.2(b).

 

(3)              “Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.

 

(4)              “QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12. U.S.C 5390(c)(8)(D).

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

    	 	 156	 

     

    

 

EXHIBIT B

 

Schedule 1

 

LOAN COMMITMENTS

 

 

	Lender	Ratable Loan Commitment Amount	Term A-1 Loan Commitment Amount
	Wells Fargo Bank, National Association	$70,000,000.00	$16,250,000.00
	Bank of America, N.A.	$91,250,000.00	$21,000,000.00
	JPMorgan Chase Bank, N.A.	$85,000,000.00	$0
	Capital One, National Association	$65,000,000.00	$13,500,000.00
	Citizens Bank, N.A.	$65,000,000.00	$13,500,000.00
	PNC Bank, National Association	$65,000,000.00	$13,500,000.00
	BMO Harris Bank N.A.	$50,000,000.00	$11,000,000.00
	Regions Bank	$50,000,000.00	$11,000,000.00
	TD Bank, N.A.	$50,000,000.00	$14,000,000.00
	The Bank of New York Mellon	$50,000,000.00	$11,000,000.00
	The Bank of Nova Scotia	$50,000,000.00	$10,000,000.00
	Truist Bank	$50,000,000.00	$8,750,000.00
	Fifth Third Bank	$30,000,000.00	$7,250,000.00
	Santander Bank, N.A.	$0	$6,000,000.00
	Goldman Sachs Bank USA	$50,000,000.00	$6,000,000.00
	Morgan Stanley Bank, N.A.	$50,000,000.00	$0
	Société Générale	$0	$0
	Landesbank Baden-Württemberg, New York Branch	$25,000,000.00	$5,000,000.00
	ING Capital LLC	$20,000,000.00	$4,250,000.00
	Crédit Agricole Corporate and Investment Bank	$17,000,000.00	$4,000,000.00
	Associated Bank, National Association	$18,375,000.00	$0
	United Bank	$18,375,000.00	$24,000,000.00
	U.S. Bank National Association	$30,000,000.00	$0
	 	 	 
	TOTAL	$1,000,000,000.00	$200,000,000.00

 

     

     

    

 

	Lender	Term A-2 Loan Commitment Amount
	Wells Fargo Bank, National Association	$26,000,000.00
	Capital One, National Association	$26,000,000.00
	Citizens Bank, N.A.	$26,000,000.00
	PNC Bank, National Association	$26,000,000.00
	BMO Harris Bank N.A.	$18,000,000.00
	Regions Bank	$18,000,000.00
	TD Bank, N.A.	$18,000,000.00
	The Bank of New York Mellon	$18,000,000.00
	Associated Bank, National Association	$12,000,000.00
	Fifth Third Bank	$8,000,000.00
	Crédit Agricole Corporate and Investment Bank	$4,000,000.00
	 	 
	TOTAL	$200,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]