Document:

KonaRed Corporation - Exhibit 10.1 - Filed by newsfilecorp.com

EXECUTIVE EMPLOYMENT AGREEMENT 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this "Agreement''), dated
as of December 29, 2014 (the “Effective Date") is made and entered
into by and between the KonaRed Corporation, a Nevada corporation (the
"Company"), and John Dawe (the "Executive"). 

WITNESSETH: 

                   WHEREAS,
the Executive is currently employed as the Company's Chief Financial Officer and
Secretary and Treasurer and is expected to make major contributions to the short
and long term profitability, growth and financial strength of the Company; 

                   WHEREAS,
the Company has determined that appropriate arrangements should be taken to
encourage the continued attention and dedication of the Executive to his
assigned duties without distraction; and 

                   WHEREAS,
in consideration of the Executive's employment with the Company, the Company
desires to provide the Executive with certain compensation and benefits as set
forth in this Agreement in order to ameliorate the financial and career impact
on the Executive in the event the Executive' s employment with the Company is
terminated for a reason related to, or unrelated to, a Change in Control (as
defined below) of the Company. 

                   NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements hereinafter set forth and intending to be legally bound hereby, the
Company and the Executive agree as follows: 

                   l.       
Certain Defined Terms. In addition to terms defined elsewhere herein, the
following terms have the following meanings when used in this Agreement with
initial capital letters: 

                                 (a)       
"Annual Base Salary" means the Executive's annual base salary rate, exclusive of
bonuses, commissions and other incentive pay, as in effect immediately preceding
Executive's Termination Date. As of the Effective Date, Executive's Annual Base
Salary is $125,000 to be paid in equal monthly instalments in cash. The
Executive will also be granted a bonus of 100% of base salary per annum (the
"Standard Bonus") which is to be paid, subject to the Company having an average
daily cash balance in excess of $250,000 during the three business days (the
"Measurement Period") leading up to the relevant quarterly bonus payment date,
in quarterly cash payments; or if the Company's average cash balance is less
than $250,000 during the Measurement Period prior to the relevant quarterly
bonus payment date, in quarterly payments in the form of S-8 Registered common
shares of the Company. The amount of each quarterly shares payment to be
calculated based on the average closing market price of the 20 trading days
prior to the final date of each quarter. 

                               
(b)        "Board" means the Board of
Directors of the Company. 

                                 (c)       
"Compensation Committee" means the Compensation Committee of the Board of
Directors, comprised of the Board's Independent Directors. 

                                
(d)        "Cause" means: 

                                        (i)       
an intentional tort (excluding any tort relating to a motor vehicle) which
causes substantial loss, damage or injury to the property or reputation of the
Company or its subsidiaries; 

                                       
(ii)        any serious crime or intentional,
material act of fraud or dishonesty against the Company; 

                                        (iii)       
the commission of a felony that results in other than immaterial harm to the
Company's business or to the reputation of the Company or Executive; 

                                        (iv)       
habitual neglect of Executive's reasonable duties (for a reason other than
illness or incapacity) which is not cured within ten (10) days after written
notice thereof by the Board to the Executive; 

1

                                        
(v)        the disregard of written, material
policies of the Company or its subsidiaries which causes other than immaterial
loss, damage or injury to the property or reputation of the Company or its
subsidiaries which is not cured within ten (10) days after written notice
thereof by the Board to the Executive; or 

                                        (vi)       
any material breach of the Executive's ongoing obligation not to disclose
confidential information and not to assign intellectual property developed
during employment which, if capable of being cured, is not cured within ten (10)
days after written notice thereof by the Board to the Executive. 

                                
(e)        "Change in Control" means: 

                                        (i)       
any person or entity becoming the beneficial owner, directly or indirectly, of
securities of the Company representing thirty five (35%) percent of the total
voting power of all its then outstanding voting securities; 

                                        (ii)       
a merger or consolidation of the Company in which its voting securities
immediately prior to the merger or consolidation do not represent, or are not
converted into securities that represent, a majority of the voting power of all
voting securities of the surviving entity immediately after the merger or
consolidation; 

                                        (iii)       
a sale of substantially all of the assets of the Company or a liquidation or
dissolution of the Company; or 

                                        (iv)       
individuals who, as of the date of the signing of this Agreement, constitute the
Board of Directors (the ''Incumbent Board") cease for any reason to constitute
at least a majority of such Board; provided that any individual who becomes a
director of the Company subsequent to the date of the signing of this Agreement,
whose election, or nomination for election by the Company stockholders, was
approved by the vote of at least a majority of the directors then in office
shall be deemed a member of the Incumbent Board. 

                                
(f)        "COBRA" means the Consolidated
Omnibus Budget Reconciliation Act of 1986, as amended. 

                                 (g)       
"Disability" means (i) the Executive has been incapacitated by bodily injury,
illness or disease so as to be prevented thereby from engaging in the
performance of the Executive' s duties (provided, however, that the Company
acknowledges its obligations to provide reasonable accommodation to the extent
required by applicable law); (ii) such total incapacity shall have continued for
a period of six (6) consecutive months; and (iii) such incapacity will, in the
opinion of a qualified physician, be permanent and continuous during the
remainder of the Executive's life. 

                                
(h)        "Good Reason Termination" means:

                                        (i)       
a material diminution in the Executive' s base compensation (comprised of Annual
Base Salary plus Standard Bonus) or Target Bonus (if Target Bonuses are then
implemented) below the amount as of the date of this Agreement or as increased
during the course of his employment with the Company, excluding one or more
reductions (totaling no more than 20% in the aggregate) generally applicable to
all senior executives provided, however, that such exclusion shall not apply if
the material diminution in the Executive's base compensation occurs within: (A)
60 days prior to the consummation of a Change in Control where such Change in
Control was under consideration at the time of Executive's Termination Date; or
(B) twelve (12) months after the date upon which such a Change in Control
occurs; 

                                       
(ii)        a material diminution in the
Executive's authority, duties or responsibilities; 

                                        (iii)       
a requirement that the Executive report to a corporate officer or employee of
the Company instead of reporting directly to the Board (or if the corporate
structure of the Company changes to a structure wherein the Company has a parent
corporation, a requirement that the Executive report to any individual or entity
other than the board of the ultimate parent corporation of the Company); 

                                       
(iv)        a material diminution in the
budget over which the Executive retains authority; 

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                                        {v)       
a material change in the geographic location at which the Executive must perform
services; or 

                                        (vi)       
any action or inaction that constitutes a material breach by the Company of this
Agreement; provided, however, that for the Executive to be able to terminate his
employment with the Company on account of Good Reason he must provide notice of
the occurrence of the event constituting Good Reason and his desire to terminate
his employment with the Company on account of such within ninety (90) days
following the initial existence of the condition constituting Good Reason, and
the Company must have a period of thirty (30) days following receipt of such
notice to cure the condition. If the Company does not cure the event
constituting Good Reason within such thirty (30) day period, the Executive's
Termination Date shall be the day immediately following the end of such thirty
(30) day period, unless the Company provides for an earlier Termination Date.

                                 (i)       
"Target Bonus" means any Target Bonus based on any Target Bonus system which may
be established subsequent to the start date of this Agreement. 

                                
(j)        "Termination Date" means the last
day of Executive's employment with the Company. 

                                 (k)       
"Termination of Employment" means the termination of Executive's active
employment relationship with the Company. 

                   2.       
Compensation. Executive shall receive an Annual Base Salary of $125,000 a
year, payable in cash instalments of $10,417 per month; plus the Standard Bonus
of $100,000 to be paid, subject to the Company having an average daily cash
balance in excess of $250,000 during the Measurement Period leading up to the
relevant quarterly bonus payment date, in quarterly cash payments of $25,000 per
quarter; or if the Company's average cash balance is less than $250,000 during
the Measurement Period prior to the relevant quarterly bonus payment date, in
the form of S-8 Registered common shares of the Company payable in instalments
of $25,000 per quarter with the amount of each quarterly shares payment to be
calculated based on the average of the 20 trading days prior to the final date
of each quarter. The cash component of the Annual Base Salary shall be payable
in accordance with the customary payroll practices of the Company which are
monthly, but may be adjusted by the Company to a frequency less than monthly.
Any share payments shall be paid no later than 30 calendar days following each
quarter end. From time to time during the Term, the Company will review the
Annual Base Salary and may make such upward adjustments, if any, but not
downward, in its sole discretion it determines to be appropriate in light of the
performance of the Executive. Executive also participates in the Company's
Target Bonus Plan (if a Target Bonus system is then implemented) and Strategic
Bonus Plan, both outlined in Exhibit A. The first monthly cash payment for the
Executive's Annual Compensation Plan will be due on the first day of the month
following execution of this agreement (the "Start Date") and will be in effect
for 12 months, including the month of the Start Date, and be
re-negotiated during the last month of this annual term prior to expiration.

                  
3.        Benefits. 

                                 (a)       
The Company agrees to reimburse Executive for all reasonable out-of- pocket
business expenses, which the Executive deems appropriate for particular business
circumstances, incurred by Executive in the normal course of business in
connection with the performance of Executive's duties under this Agreement in
accordance with the Company's policy as it may be amended from time to time. The
Company shall make such reimbursements within a reasonable amount of time after
submission by Executive of vouchers, receipts, credit card bills or other
documentation in accordance with the Company's then applicable policies and
procedures.

                                 
(b)        Executive shall be entitled to a
phone or phone allowance from the Company at the Company's discretion for use by
Executive in carrying out the duties hereunder, and for such personal use as
permitted by the Company at the Company's discretion. 

                                 (c)       
With the exclusion of Medical Health Insurance, Executive shall be entitled to
participate in any and all disability insurance, pension and other benefit plans
which are made generally available by the Company. 

                                 
(d)        Executive shall be entitled to
twenty one (21) business days paid vacation per annum at a time or times to be
determined in consultation with the Board; and unused vacation days may be
carried forward to the next year of the employment, but not accrued into the
second following year.

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                                 (e)       
Executive shall be entitled to five (5) business days paid personal/sick leave
per annum, and must provide notice to the Company of each day missed no later
than on the day Executive takes said personal/sick leave day. 

                  
4.        Termination Unrelated to a
Change in Control. 

                                 (a)       
Involuntary Termination Unrelated to a Change in Control. In the event
of: (i) an involuntary termination of Executive's employment by the Company for
any reason other than Cause, death or Disability, or (ii) Executive's
resignation for Good Reason, and if Section 5 does not apply, Executive shall be
entitled to the benefits provided in subsection (b) of this Section 4. 

                                 (b)       
Compensation Upon Termination Unrelated to a Change in Control. Subject
to the provisions of Section 4 hereof, in the event a termination described in
subsection (a) of this Section 4 occurs, the Company shall provide Executive
with the following, provided that Executive executes and does not revoke the
Release (as defined in Section 25): 

                                        (i)       
1.5 times the sum of [Annual Base Salary, plus Standard Bonus, plus Target Bonus
(if a Target Bonus system is then implemented)], paid in a single lump sum cash
payment on, or prior to, the sixtieth (60th) day following Executive's
Termination Date. (For purposes of this subsection (i), Annual Base Salary will
mean the largest among the following: Executive's annual base salary immediately
prior to: (A) Executive' s Termination Date; or (B) Executive's base salary
after any reduction of Executive's base salary described in the first clause of
subsection (i) in the definition of Good Reason. For purposes of this subsection
(i), Target Bonus (if a Target Bonus system is then implemented) will mean the
largest among the following: Executive's Target Bonus (if a Target Bonus system
is then implemented) immediately prior to: (A) Executive's Termination Date; or
(B) Target Bonus (if a Target Bonus system is then implemented) after any
reduction of Executive's Target Bonus (if a Target Bonus system is then
implemented) described in the first clause of subsection (i) in the definition
of Good Reason.) 

                                        (ii)       
Employee acknowledges he and his family receive medical coverage under the
Canadian medical health care insurance system and does not require medical
insurance coverage provided by the Company and that COBRA provisions do not
apply.

                                        (iii)       
With respect to any outstanding Company stock options held by the Executive as
of his Termination Date that are not vested and exercisable as of such date, the
Company shall accelerate the vesting of that portion of the Executive's stock
options, if any, which would have vested and become exercisable within the
eighteen (18) month period after the Executive' s Termination Date, such options
(as well as any outstanding stock options that previously became vested and
exercisable) to remain exercisable, via a cashless exercise or by regular
exercise, notwithstanding anything in any other agreement governing such
options, until the earlier of: (A) a period of one year after the Executive' s
Termination Date; or (B) the original term of the option. 

Except as provided in this Section 4(b)(iii) and in Section
5(b)(iii) below, any portion of Executive's outstanding stock options that are
not vested and exercisable as of Executive's Termination Date shall terminate.

                                        (iv)       
Executive shall receive any amounts earned, accrued or owing but not yet paid to
Executive as of his Termination Date, payable in a lump sum, and any benefits
accrued or earned in accordance with the terms of any applicable benefit plans
and programs of the Company. 

                  
5.        Termination
Related to a Change in Control.

                                 (a)       
Involuntary Termination Relating to a Change in Control. In the event
Executive's employment is terminated on account of: (i) an involuntary
termination by the Company for any reason other than Cause, death or Disability;
or (ii) the Executive voluntarily terminates employment with the Company on
account of a resignation for Good Reason, in either case that occurs: (x) at the
same time as, or within the twelve (12) month period following, the consummation
of a Change in Control, or (y) within the sixty (60) day period prior to the
date of a Change in Control where the Change in Control was under consideration
at the time of Executive's Termination Date, then Executive shall be entitled to
the benefits provided in subsection (b) of this Section 5. 

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(b) Compensation Upon Involuntary Termination Relating to a
Change in Control. Subject to the provisions of Section 5 hereof, in the
event a termination described in subsection (a) of this Section 5 occurs, the
Company shall provide that the following be paid to the Executive after his
Termination Date, provided that Executive executes and does not revoke the
Release: 

                                        
(i)         2.0 times the sum of [Annual
Base Salary, plus Standard Bonus, plus Target Bonus (if a Target Bonus system is
then implemented)], paid in a single lump sum cash payment on, or prior to, the
sixtieth (60th) day following Executive's Termination Date. Notwithstanding the
foregoing, to the extent Executive is entitled to receive the severance benefit
payable pursuant to Section 4(b)(i) as a result of a qualifying termination
prior to a Change in Control and then becomes entitled to receive the severance
benefit payable pursuant to this Section 5 as a result of the Change in Control
that was considered at the time of Executive's Termination Date becoming
consummated within sixty (60) days following Executive's Termination Date,
Executive shall not receive the Severance benefit payable pursuant to Section
4(b)(i) of this Agreement, but instead shall receive the severance benefit
payable pursuant to this Section 5(b)(i) on, or prior to, the sixtieth (60th)
day following Executive's Termination Date. (For purposes of this subsection
(i), Annual Base Salary will mean the largest among the following: (A)
Executive's annual base salary immediately prior to Executive's Termination
Date, (B) Executive's base salary after any reduction of Executive's base salary
described in the first clause of subsection (i) in the definition of Good
Reason, or (C) Executive's base salary immediately prior to the Change in
Control. For purposes of this subsection: (i), Target Bonus (if a Target Bonus
system is then implemented) will mean the largest among the following:
Executive's Target Bonus (if a Target Bonus system is then implemented): (A)
immediately prior to Executive's Termination Date, (B) immediately prior to any
reduction of Executive's Target Bonus (if a Target Bonus system is then
implemented) described in the first clause of subsection (i) in the definition
of Good Reason, (C) immediately prior to the Change in Control, or (D) for the
fiscal year preceding the year in which the Change in Control took place.) 

                                        (ii)       
Employee acknowledges he and his family receive medical coverage under the
Canadian medical health care insurance system and does not require medical
insurance coverage provided by the Company and that COBRA provisions do not
apply. 

                                        (iii)       
With respect to any outstanding Company stock options held by the Executive as
of his Termination Date, the Company shall fully accelerate the vesting and
exercisability of such stock options, so that all such stock options shall be
fully vested and exercisable as of Executive's Termination Date, such options
(as well as any outstanding stock options that previously became vested and
exercisable) to remain exercisable, via a cashless exercise or by regular
exercise, notwithstanding anything in any other agreement governing such
options, until the earlier of: (A) a period of one year after the Executive's
Termination Date; or (B) the original term of the option. Notwithstanding the
foregoing, to the extent Executive is entitled to receive the vesting and
exercisability acceleration provided pursuant to Section 4(b)(iii) of the
Agreement as a result of a qualifying termination prior to a Change in Control,
if Executive becomes entitled to receive the severance benefits payable pursuant
to this Section 5 as a result of the Change in Control that was considered at
the time of Executive's Termination Date becoming consummated within sixty (60)
days following Executive's Termination Date, any outstanding stock options that
did not become vested and exercisable pursuant to Section 4(b)(iii) shall become
vested and exercisable as of the date of the Change in Control; provided,
however, if a Change in Control does not occur within sixty (60) days following
Executive's Termination Date, the portion of any stock options held by Executive
that did not become vested and exercisable pursuant to Section 4(b)(iii), but
did become vested and exercisable pursuant to this Section 5(b)(iii), shall
terminate as of the sixtieth (60th) day following Executive' s Termination Date
or the end of the term, if earlier. 

                                        (iv)       
Executive shall receive any amounts earned, accrued or owing but not yet paid to
Executive as of his Termination Date, payable in a lump sum, and any benefits
accrued or earned in accordance with the terms of any applicable benefit plans
and programs of the Company. 

                   6.       
Change in Control which does not result in Termination. In the event
Executive is not terminated as the result of a Change In Control and remains
employed by the Company, as of the date of a Change in Control any stock options
issued to Executive that are were yet vested and exercisable prior to the Change
of Control, shall become fully vested and exercisable as of the date of the
Change in Control if the acquirer does not agree to assume or substitute, on equivalent or better terms, an equivalent or
increased quantity of stock options for such prior stock options which were not
yet vested and exercisable. 

5

                   7.       
Termination of Employment on Account of Disability, Death, Cause or Voluntarily
Without Good Reason. 

                                 
(a)        Termination on Account of
Disability. Notwithstanding anything in this Agreement to the contrary, if
Executive's employment terminates on account of Disability, Executive shall be
entitled to receive disability benefits under any disability program maintained
by the Company that covers Executive, and Executive shall not receive benefits
pursuant to Sections 4 and 5 hereof, except that, subject to the provisions of
Section 7 hereof, the Executive shall also be entitled to the following benefits
provided that Executive executes and does not revoke the Release: 

                                        (i)         Employee
acknowledges he and his family receive medical coverage under the Canadian
medical health care insurance system and does not require medical insurance
coverage provided by the Company and that COBRA provisions do not apply. 

                                        (ii)       
With respect to any outstanding Company stock options held by the Executive as
of his Termination Date that are not vested and exercisable as of such date, the
Company shall fully accelerate the vesting and exercisability of such stock
options, so that all such stock options shall be fully vested and exercisable as
of the Executive's Termination Date, such options (as well as any outstanding
stock options that previously became vested and exercisable) to remain
exercisable, via a cashless exercise or by regular exercise, notwithstanding
anything in any other agreement governing such options, until the earlier of:
(A) a period of one year after the Executive's Termination Date; or (B) the
original term of the option. 

                                 (b)       
Termination on Account of Death. Notwithstanding anything in this Agreement to
the contrary, if Executive's employment terminates on account of death, the
beneficiary whom Executive has named to the Company as the party to receive his
benefits, or otherwise Executive's estate, shall be entitled to receive death
benefits under any death benefit program maintained by the Company that covers
Executive, and the beneficiary whom Executive has named to the Company as the
party to receive his benefits, or otherwise Executive's estate, shall not
receive benefits pursuant to Sections 4 and 5 hereof, except that subject to the
provisions of Section 7 hereof, the beneficiary whom Executive has named to the
Company as the party to receive his benefits, or otherwise Executive's estate,
shall be entitled to the following benefits provided that the beneficiary whom
Executive has named to the Company as the party to receive his benefits, or
otherwise Executive's estate, executes and does not revoke the Release: 

                                        (i)       
With respect to any outstanding Company stock options held by the Executive as
of his death that are not vested and exercisable as of such date, the Company
shall fully accelerate the vesting and exercisability of such stock options, so
that all such stock options shall be fully vested and exercisable via a cashless
exercise or by regular exercise, as of the Executive's death. Such options (as
well as any outstanding stock options that previously became vested and
exercisable) will remain exercisable by the beneficiary whom Executive has named
to the Company as the party to receive his benefits, or otherwise Executive's
estate, notwithstanding anything in any other agreement governing such options,
until the earlier of: (A) a period of one year after the Executive's death; or
(B) the original term of the option. 

                                 (c)       
Termination on Account of Cause. Notwithstanding anything in this
Agreement to the contrary, if Executive's employment terminates by the Company
on account of Cause, Executive shall not receive benefits pursuant to Sections 4
and 5 hereof. 

                                 (d)       
Termination on Account of Voluntary Resignation Without Good Reason.
Notwithstanding anything in this Agreement to the contrary, if Executive's
employment terminates on account of a resignation by Executive for no reason or
any reason other than on account of Good Reason, Executive shall not receive
benefits pursuant to Sections 4 and 5 hereof. 

                   8.       
No Mitigation Obligation. Executive shall not be required to mitigate the amount
of any payment or benefit provided for in this Agreement by seeking other
employment or otherwise, nor shall the amount of any payment or benefit provided
for herein be reduced by any compensation earned by other employment or
otherwise. 

6

                   
9.        Employment Rights. Nothing
expressed or implied in this Agreement will create any right or duty on the part
of the Company or the Executive to have the Executive remain in the employment
of the Company or any subsidiary prior to or following any Change in Control.

                  
10.      Tax Matters 

                                 (a)       
Withholding of Taxes. The Executive shall be paid as a consultant to the Company
and shall be allowed to designate the corporations to which his cash and shares
compensation payments shall be made. Executive shall be responsible to pay all
Canadian taxes which he may owe in Canada. In the event that the Company is
required to withhold from any amounts payable under this Agreement for United
States federal, state, city or other taxes as the Company is required to
withhold pursuant to any applicable law, regulation or ruling, then the
Executive shall be entitled to payments to compensate him for these United
States withholdings, except to the extent to which he may deduct these United
States tax withholdings from the currently due portion of Canadian taxes which
he may owe related to this Agreement. 

                                 (b)       
Parachute Excise Tax. In the event that any amounts payable under this Agreement
or otherwise to Executive would: (i) constitute "parachute payments" within the
meaning of section 2800 of the Internal Revenue Code of 1986, as amended (the
"Code"), or any comparable successor provisions, and (ii) but for this
Subsection (b) would be subject to the excise tax imposed by section 4999 of the
Code or any comparable successor provisions (the "Excise Tax"), then such
amounts payable to Executive hereunder shall be either: 

                                       
(i)         Provided to Executive in
full; or 

                                        (ii)       
Provided to Executive to the maximum extent that would result in no portion of
such benefits being subject to the Excise Tax; whichever of the foregoing
amounts, when taking into account applicable federal, state, local and foreign
income and employment taxes, the Excise Tax and any other applicable taxes,
results in the receipt by Executive, on an after-tax basis, of the greatest
amount of benefits, notwithstanding that all or some portion of such benefits
may be taxable under the Excise Tax. Unless the Company and Executive otherwise
agree in writing, any determination required under this Subsection (b) shall be
made in writing in good faith by a nationally recognized accounting firm (the
"Accountants"). In the event of a reduction in benefits hereunder, the reduction
of the total payments shall apply as follows, unless otherwise agreed in writing
and such agreement is in compliance with section 409A of the Code: (i) any cash
severance payments subject to Section 409A of the Code due under this Agreement
shall be reduced, with the last such payment due first forfeited and reduced,
and sequentially thereafter working from the next last payment; (ii) any cash
severance payments not subject to Section 409A of the Code due under this
Agreement shall be reduced, with the last such payment due first forfeited and
reduced, and sequentially thereafter working from the next last payment; (iii)
any acceleration of vesting of any equity subject to Section 409A of the Code
shall remain as originally scheduled to vest, with the tranche that would vest
last (without any such acceleration) first remaining as originally scheduled to
vest; and (iv) any acceleration of vesting of any equity not subject to Section
409A of the Code shall remain as originally scheduled to vest, with the tranche
that would vest last (without any such acceleration) first remaining as
originally scheduled to vest. For purposes of making the calculations required
by this Subsection (b), the Accountants may make reasonable assumptions and
approximations concerning applicable truces and may rely on reasonable,
good-faith interpretations concerning the application of the Code and other
applicable legal authority. The Company and Executive shall furnish to the
Accountants such information and documents as the Accountants may reasonably
request in order to make a determination under this Subsection (b). The Company
shall bear all costs that the Accountants may reasonably incur in connection
with any calculations contemplated by this Subsection (b). 

If notwithstanding any reduction described in this Subsection
(b), the Internal Revenue Service ("IRS") determines that Executive is liable
for the Excise Tax as a result of the receipt of amounts payable under this
Agreement or otherwise as described above, then Executive shall be obligated to
pay back to the Company, within thirty (30) days after a final IRS determination
or, in the event that Executive challenges the final IRS determination, a final
judicial determination, a portion of such amounts equal to the Repayment Amount.
The "Repayment Amount" with respect to the payment of benefits shall be the
smallest such amount, if any, that is required to be paid to the Company so that
Executive's net after-tax proceeds with respect to any payment of benefits
(after taking into account the payment of the Excise Tax and all other
applicable truces imposed on such payment) are maximized. The Repayment Amount
with respect to the payment of benefits shall be zero if a Repayment Amount of
more than zero would not result in Executive's net after-tax proceeds with respect to
the payment of such benefits being maximized. If the Excise Tax is not
eliminated pursuant to this paragraph. Executive shall pay the Excise Tax.
Notwithstanding any other provision of this Subsection (b), if: (i) there is a
reduction in the payment of benefits as described in this Subsection (b), (ii)
the IRS later determines that Executive is liable for the Excise True, the
payment of which would result in the maximization of Executive's net after-tax
proceeds (calculated as if Executive's benefits had not previously been
reduced), and (iii) Executive pays the Excise Tax, then the Company shall pay to
Executive those benefits which were reduced pursuant to this Subsection (b) as
soon as administratively possible after Executive pays the Excise Tax, so that
Executive's net after-tax proceeds with respect to the payment of benefits are
maximized. 

7

                   11.
Term of Agreement. This Agreement shall continue in full force and effect
until the third anniversary of the Effective Date (the "Initial Term"), and
shall automatically renew for additional one (1) year renewal periods (a
"Renewal Term") if Executive is employed by the Company on the last day of the
Initial Term and on each Renewal Term; provided, however, that within the sixty
(60) to ninety (90) day period prior to the expiration of the Initial Term or
any Renewal Term, at its discretion, the Compensation Committee may propose for
consideration by Executive, such amendments to the Agreement as it deems
appropriate. If Executive's employment with the Company terminates during the
Initial Term or a Renewal Term, this Agreement shall remain in effect until all
of the obligations of the parties hereunder are satisfied or have expired. 

                  
12. Successors and Binding Agreement. 

                                 (a)       
The Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation, reorganization or otherwise) to all or substantially all
of the business or assets of the Company, by agreement in form and substance
reasonably satisfactory to the Executive, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent the Company
would be required to perform if no such succession had taken place. This
Agreement will be binding upon and inure to the benefit of the Company and any
successor to the Company, including without limitation any persons acquiring
directly or indirectly all or substantially all of the business or assets of the
Company whether by purchase, merger, consolidation, reorganization or otherwise
(and such successor will thereafter be deemed the "Company" for the purposes of
this Agreement), but will not otherwise be assignable, transferable or delegable
by the Company. 

                                 (b)       
This Agreement will inure to the benefit of and be enforceable by the
Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees and legatees. For the purposes of this
Agreement, the Executive's personal representative for this Section 12, and
designated as beneficiary for the purposes of Section 7(b), shall be the
person(s) named in Exhibit B to this Agreement. This Agreement will supersede
the provisions of any employment, severance or other agreement between the
Executive and the Company that relate to any matter that is also the subject of
this Agreement, and such provisions in such other agreements will be null and
void. 

                                 (c)       
This Agreement is personal in nature and neither of the parties hereto will,
without the consent of the other, assign, transfer or delegate this Agreement or
any rights or obligations hereunder except as expressly provided in Sections
12(a) and 12(b). Without limiting the generality or effect of the foregoing, the
Executive's right to receive payments hereunder will not be assignable,
transferable or delegable, whether by pledge, creation of a security interest.
or otherwise, other than by a transfer by the Executive's will or by the laws of
descent and distribution and, in the event of any attempted assignment or
transfer contrary to this Section 12(c), the Company will have no liability to
pay any amount so attempted to be assigned, transferred or delegated. 

8

                   13. Notices. For all purposes of this Agreement, all communications,
including without limitation notices, consents, requests or approvals, required
or permitted to be given hereunder will be in writing, and which may be signed
using Docusign, and will be deemed to have been duly given when hand delivered
or dispatched by email or electronic facsimile transmission (with receipt
thereof orally confirmed), or five (5) business days after having been mailed by
United States registered or certified mail, return receipt requested, postage
prepaid, or three business days after having been sent by a nationally
recognized overnight courier service such as FedEx or UPS, addressed to the
Company (to the attention of the Chief Executive Officer of the Company) at its
principal executive office, or its operational office in California, and to the
Executive at his principal residence, or to such other address as any party may have furnished to the other in writing and in accordance
herewith, except that notices of changes of address will be effective only upon
receipt 

	Notice to the Executive: 	John Dawe 
	  	  
	  	  
	  	  
	  	  
	Notice to Company: 	President and CEO 
	  	KonaRed Corporation 
	  	1101 Via Callejon #200 
	  	San Clemente, CA 92673 
	  	Tel 808.212.1553 
	  	Email: shaun@konared.com 

                  
14. Section 409A of the Code. 

                                 (a)       
Interpretation. Notwithstanding the other provisions hereof. this Agreement is
intended to comply with the requirements of section 409A of the Code, to the
extent applicable. and this Agreement shall be interpreted to avoid any penalty
sanctions under section 409A of the Code. Accordingly, all provisions herein, or
incorporated by reference, shall be construed and interpreted to comply with
section 409A of the Code and, if necessary, any such provision shall be deemed
amended to comply with section 409A of the Code and regulations thereunder. If
any payment or benefit cannot be provided or made at the time specified herein
without incurring sanctions under section 409A of the Code, then such benefit or
payment shall be provided in full at the earliest time thereafter when such
sanctions will not be imposed. Any amount payable under this Agreement that
constitutes deferred compensation subject to section 409A of the Code shall be
paid at the time provided under this Agreement or such other time as permitted
under section 409A of the Code. No interest will be payable with respect to any
amount paid within a time period permitted by, or delayed because of, section
409A of the Code. All payments to be made upon a termination of employment under
this Agreement that are deferred compensation may only be made upon a
"separation from service" under section 409A of the Code. For purposes of
section 409A of the Code, each payment made under this Agreement shall be
treated as a separate payment. In no event may Executive. directly or
indirectly, designate the calendar year of payment. 

                                 (b)       
Payment Delay. To the maximum extent permitted under section 409A of the Code,
the severance benefits payable under this Agreement are intended to comply with
the "short-term deferral exception" under Treas. Reg. §l.409A- I (b)(4), and any
remaining amount is intended to comply with the "separation pay exception" under
Treas. Reg. §l.409A-l(b)(9)(iii); provided, however, any amount payable to
Executive during the six (6) month period following Executive's Termination Date
that does not qualify within either of the foregoing exceptions and constitutes
deferred compensation subject to the requirements of section 409A of the Code,
then such amount shall hereinafter be referred to as the "Excess Amount." If at
the time of Executive's separation from service, the Company's (or any entity
required to be aggregated with the Company under section 409A of the Code) stock
is publicly-traded on an established securities market or otherwise and
Executive is a "specified employee"(as defined in section 409A of the Code and
determined in the sole discretion of the Company (or any successor thereto) in
accordance with the Company's (or any successor thereto) "specified employee"
determination policy), then the Company shall postpone the commencement of the
payment of the portion of the Excess Amount that is payable within the six (6)
month period following Executive's Termination Date with the Company (or any
successor thereto) for six (6) months following Executive's Termination Date
with the Company (or any successor thereto).The delayed Excess Amount shall be
paid in a lump sum to Executive within ten (10) days following the date that is
six (6) months following Executive's Termination Date with the Company (or any
successor thereto). If Executive dies during such six (6) month period and prior
to the payment of the portion of the Excess Amount that is required to be
delayed on account of section 409A of the Code, such Excess Amount shall be paid
to the personal representative of Executive's estate within sixty (60) days
after Executive's death. 

9

                          (c)       
Reimbursements. All reimbursements provided under this Agreement shall be made
or provided in accordance with the requirements of section 409A of the Code,
including, where applicable, the requirement that: (i) any reimbursement is for
expenses incurred during Executive's lifetime (or during a shorter period of
time specified in this Agreement), (ii) the amount of expenses eligible for
reimbursement during a calendar year may not affect the expenses eligible for
reimbursement in any other calendar year, (iii) the reimbursement of an eligible
expense will be made on or before the last day of the taxable year following the
year in which the expense is incurred, and (iv) the right to reimbursement is
not subject to liquidation or exchange for another benefit. Any tax gross up
payments to be made hereunder shall be made not later than the end of
Executive's taxable year next following Executive's taxable year in which the
related taxes are remitted to the taxing authority. 

            15.
Governing Law. The validity, interpretation, construction and performance
of this Agreement will be governed by and construed in accordance with the
substantive laws of the State of Nevada, without giving effect to the principles
of conflict of laws of such State. 

            16.
Validity. If any provision of this Agreement or the application of any
provision hereof to any person or circumstances is held invalid, unenforceable
or otherwise illegal, the remainder of this Agreement and the application of
such provision to any other person or circumstances will not be affected, and
the provision so held to be invalid, unenforceable or otherwise illegal will be
reformed to the extent (and only to the extent) necessary to make it
enforceable, valid or legal. 

            17.
Miscellaneous. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing
signed by the Executive and the Company. No waiver by either party hereto at any
time of any breach by the other party hereto or compliance with any condition or
provision of this Agreement to be performed by such other party will be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time. No agreements or representations, oral or otherwise,
expressed or implied with respect to the subject matter hereof have been made by
either party that are not set forth expressly in this Agreement. References to
Sections are to references to Sections of this Agreement. Any reference in this
Agreement to a provision of a statute, rule or regulation will also include any
successor provision thereto. 

            18.
Board Membership. At each annual meeting of the Company's stockholders
prior to the Termination Date, the Company will nominate Executive to serve as a
Secretary and Treasurer of the Company. Executive's service as Secretary and
Treasurer will be subject to any required stockholder approval. Upon the
termination of Executive's employment for any reason, unless otherwise requested
by the Board, Executive agrees to resign from the position of Secretary and
Treasurer (and all other positions held at the Company and its affiliates), and
Executive, at the Board's request, will execute any documents necessary to
reflect his resignation. 

            19.
Indemnification and D&O Insurance. Executive will be provided
indemnification to the maximum extent permitted by the Company's and its
subsidiaries' and affiliates' Articles of Incorporation or Bylaws, including, if
applicable, any directors and officers insurance policies, with such
indemnification to be on terms determined by the Board or any of its committees,
but on terms no less favorable than provided to any other Company executive
officer or director and subject to the terms of any separate written
indemnification agreement. 

            20.
Employee Benefits. With the exception of medical health insurance,
Executive will be eligible to participate in the Company employee benefit plans,
policies and arrangements that are applicable to other executive officers of the
Company, as such plans, policies and arrangements may exist from time to time
and on terms at least as favorable as provided to any other executive officer of
the Company. 

            21.
No Duplication of Benefits. The benefits provided to Executive in this
Agreement shall offset substantially similar benefits provided to Executive
pursuant to another Company policy, plan or agreement. 

            22.
Survival. Notwithstanding any provision of this Agreement to the
contrary, the parties' respective rights and obligations under Sections 4 and 5,
will survive any termination or expiration of this Agreement or the termination
of the Executive's employment for any reason whatsoever. 

10

            23.
Non-Compete. During the term of this agreement and for a period of one
(1) year following the termination of this agreement, Executive shall not be
employed by a direct competitor in the coffee fruit business, directly or
indirectly. 

           
24. Arbitration. In the event of the breach of or a default under this
Agreement by either party, the other party, in addition to any other rights or
remedies under this Agreement, shall be entitled to injunctive relief and/or
specific performance of this Agreement, either of which shall be sought from a
court of competent jurisdiction within the State of Nevada. In the event either
party’s Marks are in jeopardy of reputation, dilution, tarnishment, or other
harm or damage that money damages cannot remedy alone, that party shall be
entitled to temporary, preliminary, or permanent injunctive relief without bond.
Any other dispute for breach of contract shall be brought by binding arbitration
in Clark County, Nevada under the American Arbitration Association Rules.
Arbitration shall not be commenced until expiration of a sixty (60) day cooling
off period after notice of default, during which time the parties shall act in
good faith to: (1) resolve the dispute; and (2) continue to perform under the
Agreement. In any proceedings brought to enforce this Agreement or enjoin
improper action or to recover damages, the prevailing party shall be entitled to
recover its reasonable attorneys’ fees incurred with respect to those
proceedings, in addition to any other damages or remedies allowed under
applicable law. 

            25.
Release. In the event of a Termination for other than Cause, in acceptance
of any applicable termination payments in this Agreement, Executive will provide
a Release wherein Executive and his successors, heirs and assigns release and
forever discharge the Company, any Company-sponsored employee benefit plans, and
all related organizations and affiliates, and each of their respective past,
present and future directors, officers, trustees, employees, agents and
attorneys and all of their successors and predecessors (collectively
“Releasees”), from, and covenant not to sue with respect to, any and all claims,
damages, promises or expenses of whatever nature (including attorneys' fees and
costs), either known or presently unknown, which Executive may now have, has
ever had, or may in the future have, arising from or in any way connected with
any and all matters from the beginning of time to the date of execution of this
Agreement , including but not limited to any claims under any applicable state
labor laws, the Civil Rights Act of 1964 and 1991 (including Title VII of that
Act), the Equal Pay Act of 1963, the Older Workers Benefits Protection Act (29
U.S.C. § 626(f)), the Age Discrimination in Employment Act of 1967 (ADEA), the
Americans with Disabilities Act of 1990 (ADA), the Fair Labor Standards Act of
1938 (FLSA), the Family and Medical Leave Act of 1993 (FMLA), the Worker
Adjustment and Retraining Notification Act (WARN), the Employee Retirement
Income Security Act of 1974 (ERISA), the National Labor Relations Act (NLRA),
the Uniformed Services Employment and Reemployment Rights Act (USERRA), and all
similar provincial, federal, state and local laws. Excluded from this release
are claims Employee may have with regard to vested benefits under ERISA,
worker's compensation claims or any other claim that may not be lawfully
released in this Agreement. 

      
     26. Counterparts. This Agreement may be
executed in one or more counterparts, each of which will be deemed to be an
original but all of which together will constitute one and the same agreement.

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

KonaRed Corporation 

 

By: /s/ Shaun
Roberts
        Shaun
Roberts, President and CEO 

 

Executive 

 

By: /s/ John
Dawe
        John Dawe,
CFO, Secretary and Treasurer 

11

Exhibit A 

I. Year-End Adjustment: 

In addition to being eligible for a Strategic Bonus, Executive
will be eligible to receive increases to Annual Salary and Standard Bonus
compensation rates at year-end, based on a determination by the CEO.

II. STRATEGIC BONUS PLAN: 

In addition to the any other compensation, a Strategic Bonus
will be awarded based on the following parameters: 

12

Exhibit B 

The Executive designates his beneficiary and/or personal
representative for the purposes of Section 7(b) and Section 12 to be: 

 

Contact: 

 

Relationship: 

 

13Exhibit 10.1

 

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

	
        - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
        - - -- - - - - - - - - - -        

         

        In re

         

        FILENE's BASEMENT, LLC,
        et al.,1

         

        Reorganized Debtors.

        

        

        - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - -
        -  - - -
	
        x

        :

        :

        

        :

        :

        :

        :

        :

        :

        x
	
         

         

        Chapter 11

         

        Case No. 11-13511 (KJC)

         

        Jointly Administered

        

        Hrg. Date: January 21, 2015, at 11:00 a.m. (ET)

        Obj. Due: January 14, 2015, at 4:00 p.m. (ET)

        

 

REORGANIZED
Debtors’ Motion for AN Order (i) AUTHORIZING THE REORGANIZED DEBTORS TO ENTER INTO SECURED DEBT FINANCING AND EFFECTUATE
THE TRANSACTIONS CONTEMPLATED THEREIN; (II) AUTHORIZING THE REORGANIZED DEBTORS TO Develop, SELL, and/or otherwise transfer SYMS
OWNED REAL ESTATe, including the trinity property, PURSUANT TO THE PLAN; AND 

(III)
GRANTING RELATED RELIEF 

 

The reorganized debtors
in the above-captioned jointly administered cases (collectively, the “Reorganized Debtors”) hereby move (the
“Motion”), pursuant to sections 105(a), 1142, and 1146 of title 11 of the United States Code (the “Bankruptcy
Code”), Rules 4001 and 6004 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”),
Rules 4001-2 and 6004-1 of the Local Rules of Bankruptcy Practice and Procedure of the United States Bankruptcy Court for the District
of Delaware (the “Local Rules”), sections VII.B, VII.F, VII.H, and XIII of the Modified Second Amended Joint
Chapter 11 Plan of Reorganization of Syms Corp. and Its Subsidiaries (the “Plan”)2
and paragraphs 7, 18, 21, and 49 of the Findings of Fact, Conclusions of Law and Order Confirming the Modified Second Amended
Joint Chapter 11 Plan of Reorganization of Syms Corp. and Its Subsidiaries (D.I. 1983) (the “Confirmation Order”)
for entry of an order, substantially in the form of Exhibit A hereto (the “Proposed Order”), (i)
authorizing the Reorganized Debtors to enter into the Loan (as defined below) and effectuate the transactions contemplated therein;
(ii) authorizing the Reorganized Debtors to effectuate a transaction(s) to maximize the value of all or any portion of the Trinity
Property and any other Syms Owned Real Estate, including by developing, selling, or otherwise transferring such assets pursuant
to the Plan and Confirmation Order and approving protective measures to preserve the Reorganized Debtors’ significant net
operating losses (“NOLs”); (iii) waiving any and all mortgage recording, transfer, stamp, or similar taxes that
may otherwise be incurred due to the transfer of any interest in Syms Owned Real Estate, including but not limited to the Loan,
the development, sale, transfer, and/or other transaction involving all or any portion of the Trinity Property including any subsequent
financing (including seller financing) secured by the Trinity Property, pursuant to section 1146 of the Bankruptcy Code, the Plan,
and Confirmation Order; and (iv) granting such other relief as may be just and proper. In support of the Motion, the Reorganized
Debtors respectfully state as follows:

  

 

 

		1	The Reorganized Debtors and the last four digits of their
respective taxpayer identification numbers are as follows: Filene's Basement, LLC (8277), Syms Corp. (5228), Syms Clothing, Inc.
(3869), and Syms Advertising Inc. (5234). The Reorganized Debtors’ address is 717 Fifth Avenue, Suite 1303, New York, NY
10022.

 

		2	Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Plan.

 

    	 

    	 

    

  

PRELIMINARY STATEMENT

 

1.          By
this Motion, the Reorganized Debtors seek approval of transactions that will allow the Reorganized Debtors to fulfill the primary
objective of the Plan, the achievement of a General Unsecured Claim Satisfaction. The creditor representative and his counsel have
been involved in the process leading to the filing of this Motion and are supportive of this Motion and the transactions contemplated
herein. Specifically, the Reorganized Debtors request this Court’s approval of a secured debt financing, and the transactions
contemplated therein, that will provide the Reorganized Debtors with up to $50 million, an amount more than sufficient to pay any
remaining unpaid Allowed Claims and reserve for any remaining Disputed Claims in accordance with the Plan.

 

    	2

    	 

    

  

2.          While
the Reorganized Debtors are entering into a secured financing at this time to accelerate their ability to pay all creditors, they
also continue work on the pre-development and marketing of their most valuable asset—the lower Manhattan property at 42 Trinity
Place and 67 Greenwich Street and related air rights (the “Trinity Property”). The Reorganized Debtors have
made significant progress in the pre-leasing, programming, and design for the Trinity Property as a mixed-use commercial and residential
building of over 280,000 gross square feet. Over the last two years, Lower Manhattan has continued to evolve into a premier and
proven location for residential development. Current market indicators such as recent sales prices for development sites as well
as contracts for comparable residential luxury condominiums in the area have established a sale price of over $2,500 per sellable
square foot, demonstrating that the Trinity Property is worth far more than the parties believed when the Plan was confirmed. In
addition, a signed Letter of Intent to develop and sell the base of the building as a commercial condominium unit (which would
constitute approximately 30% of the entire building) enhances the value of the residential units above and further strengthens
the value of the Trinity Property. As reinforced by the proposed $50 million debt financing, the tremendous value of the Trinity
Property affords the Reorganized Debtors the opportunity to carefully consider all possible alternatives. In order to fully realize
the value of the Trinity Property, the Reorganized Debtors have hired a reputable brokerage firm to market the Trinity Property
and manage a sale process to seek the highest offers for interest, in whole or in part. Through the pre-development and marketing
of the Trinity Property, the Reorganized Debtors seek to embark on a path that will obtain the highest and best risk-adjusted value
for the Trinity Property for the benefit of their stakeholders.

 

    	3

    	 

    

  

3.          Due
to the enormity of these transactions and the significant consequences they will have on the administration of the Reorganized
Debtors’ bankruptcy cases, the parties involved are understandably hesitant to move forward without approval from this Court
that the financing and any possible transaction involving the Trinity Property are authorized under and pursuant to the Plan and
Confirmation Order. In connection therewith, the parties request, out of an abundance of caution, that the Court confirm that the
mortgage and/or sale or other transaction regarding the Trinity Property (i) are approved by the Court and (ii) will not be subject
to any recording, transfer, stamp, or similar tax. Additionally, the Reorganized Debtors request that the Court approve proposed
amendments to the certificate of incorporation of Reorganized Syms that will preserve the value of the Reorganized Debtors’
NOLs for the benefit of all stakeholders.

 

4.          The
relief requested in this Motion is in the best interests of the Reorganized Debtors’ stakeholders by providing the Reorganized
Debtors with the means to fulfill the objectives set forth in the Plan. For these reasons, the Reorganized Debtors request that
the Court enter the Proposed Order and grant such other relief as may be just and proper.

 

Jurisdiction

 

5.          The
Court has jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334. This matter is a core proceeding within
the meaning of 28 U.S.C. § 157(b)(2). Venue is proper pursuant to 28 U.S.C. §§ 1408 and 1409.

 

    	4

    	 

    

  

6.          The
bases for the relief requested herein are sections 105, 1142, and 1146 of the Bankruptcy Code,
Bankruptcy Rules 4001 and 6004, Local Rules 4001-2 and 6004-1, sections VII.B, VII.F, VII.H, and XIII of the Plan, and paragraphs
7, 18, 21, and 49 of the Confirmation Order.

 

Background

 

A.           General
Background

 

7.          On
August 30, 2012, the Court entered the Confirmation Order. Pursuant to the Confirmation Order, the Court confirmed the Plan.

 

8.          On
September 14, 2012, the Effective Date of the Plan occurred.

 

B.           Relevant
Plan Provisions

 

9.          The
Plan requires that Excess Cash be distributed to holders of Allowed Claims subject to the Plan Waterfall. “Excess Cash”
is defined, as relevant, as “all Cash proceeds realized by the Reorganized Company from the sale or assignment or use of
Syms Assets, including the Syms Owned Real Estate, or Filene’s Assets, settlements, or any other sources, net of the costs
and expenses of such transactions,” less certain operating costs and specified distributions to creditors. Plan § 1.69,
1.110. The Plan Waterfall is described at Article IV of the Plan, and sets forth the order in which creditors are to be paid from
Excess Cash generated by the Reorganized Debtors. See id. § IV.

 

10.         Upon
payment of all Allowed Claims in full and reserving Cash for any remaining Disputed Claims, the Reorganized Debtors achieve a “General
Unsecured Claim Satisfaction” under the Plan. Specifically, the Plan defines a “General Unsecured Claim Satisfaction”
as “when Claims in Syms and Filene’s Class 3 (Convenience Claims), Syms Class 4 (General Unsecured Claims), Filene’s
Class 4 (General Unsecured Short-Term Claims) and Filene’s Class 5 (General Unsecured Long-Term Claims) have been paid in
full their Distributions under the Plan, and any Disputed Claims in such Classes have been Disallowed or reserved for in Cash by
the Reorganized Company, which reserve shall be funded contemporaneously with the pro rata distribution to the Holders of the allowed
Unsecured Claims in such Class.” Plan § 1.86.

 

    	5

    	 

    

  

11.         The
Plan and Confirmation Order authorize the Reorganized Debtors to incur secured debt and use the proceeds to achieve a General Unsecured
Claim Satisfaction. Generally, the Plan and Confirmation Order state that “[f]ollowing the Effective Date, the Reorganized
Company may issue new debt or equity capital in accordance with applicable law, as and to the extent authorized by the Board of
Directors of Reorganized Syms and consistent with the Plan.” Plan § VII.F; see also Confirmation Order ¶ 21
(same).

 

12.         The
Plan imposes only certain limited restrictions on the Reorganized Debtors’ ability to issue debt and grant liens. Specifically,
the Plan provides that “[t]he Reorganized Company shall be permitted to incur debt [and] grant liens...without any restrictions...other
than...[s]o long as Plan obligations are unpaid under the Plan Waterfall, and unless otherwise required to be used to fund
the Operating Reserves, 100% of net cash proceeds from each transaction, including the incurrence of any debt, lien or other obligation...received
by the Reorganized Company, shall be treated as Excess Cash and used to fund distributions under the Plan Waterfall.” Plan
§ VII.F(1).

 

13.         The
Plan also authorizes the Reorganized Debtors to sell or otherwise dispose of Syms Owned Real Estate, including the Trinity Property,
to achieve a General Unsecured Claim Satisfaction. See, e.g., Plan § VII.B (“As of the Effective
Date, the Reorganized Company shall...use, acquire and dispose of its property, including by operating, leasing and disposing
of the Syms Owned Real Estate....”); Confirmation Order ¶ 7 (same). As with debt financing, the Plan imposes
only certain limited restrictions on the Reorganized Debtors’ ability to dispose of Syms Owned Real Estate: “The Reorganized
Company shall be permitted to...sell all or any portion of any asset without any restrictions...other than...[s]o
long as Plan obligations are unpaid under the Plan Waterfall, and unless otherwise required to be used to fund the Operating Reserves,
100% of net cash proceeds from each transaction...shall be treated as Excess Cash and used to fund distributions under the
Plan Waterfall.” Plan § VII.F.

 

    	6

    	 

    

  

14.         Transfers
of property pursuant to the Plan are not subject to any recording, transfer, stamp, or similar tax. Paragraph 18 of the Confirmation
Order provides that “[p]ursuant to Bankruptcy Code section 1146(a)...any agreement regarding the transfer of title to
or ownership of any of the Debtors’ real or personal property to any Person or entity after the Effective Date, will not
be subject to any document recording tax, stamp tax, real estate transfer tax, mortgage recording tax, Uniform Commercial Code
filing or recording tax, or other similar tax or governmental assessment.” Confirmation Order ¶ 18; see also
Plan § VII.H (same). Moreover, the Confirmation Order directs state and local governmental officials and agents to
“forego the collection of any such tax or governmental assessment and to accept for filing and recordation any of the foregoing
instruments or other documents without the payment of any such tax or governmental assessment.” Confirmation Order ¶ 18.

 

    	7

    	 

    

  

C.           The
Trinity Property

 

15.         
The Trinity Property is located in Lower Manhattan at 38-42 Trinity Place and 67 Greenwich Street. In addition to the two buildings
that make up the Trinity Property, the Reorganized Debtors also own an additional 16,500 square feet of “air rights,”
floor area development rights which can be transferred from an adjacent property by virtue of a zoning land use and development
agreement and used as part of the redevelopment of the Trinity Property. In total, the redevelopment would consist of approximately
235,000 square feet of zoning floor area. The Trinity Property is one of the last remaining development sites in Lower Manhattan
that is regularly shaped and of a substantial size. When redeveloped, it will have unobstructed water and urban scape views. It
is in walking distance to waterfront parks and enjoys superior access from highways and mass transit. In addition to a significant
as-of-right program, the site also has potential for up-zoning through a subway bonus as well as potential as a larger assemblage
site. As noted above, recently developed site sales as well as condominium contracts have established Lower Manhattan as a proven
location for high value residential condominiums. Understanding these evolving market conditions, the Reorganized Debtors have
made significant pre-development progress to date developing a program for a 280,000 gross square foot mixed-use building that
includes luxury residential condominiums as well as a strong commercial base use, which will enhance the value of these tower residential
units, which would start at an elevation of approximately 135 feet.

 

16.         The
Reorganized Debtors have engaged in an ongoing marketing process, including hiring an established brokerage firm to assist with
achieving the highest and best price for the Trinity Property in whole or in part. The Reorganized Debtors have also been approached
by a wide range of prospective partners and purchasers. During this process the Reorganized Debtors have received indications of
interest from various credible third parties that demonstrate that the value of the Trinity Property is, in whole or in part, much
higher than the parties believed when the Plan was confirmed in 2012. The Reorganized Debtors intend to continue the process of
marketing the Trinity Property and will continue to work on pre-development activities in order to ensure the most appropriate
risk-adjusted path to value-maximization for their stakeholders, whether through a sale, joint venture, or development on its own.

 

    	8

    	 

    

  

17.         As
a further effort to maximize value in connection with the development, sale, transfer, and/or other transaction involving all or
any portion of the Trinity Property, the Reorganized Debtors request that this Court approve amendments to the certificate of incorporation
of Reorganized Syms that will preserve the Reorganized Debtors’ valuable NOLs.3
The amendments to the certificate of incorporation will restrict stockholders’ ability to enter into certain transfers of
stock, and will impose certain restrictions on stock ownership, that may otherwise result in significant limitations being imposed
on the Reorganized Debtors’ use of their NOLs. These protections are fully supported by the creditor representative and are
similar to protections previously approved by this Court before the Effective Date pursuant to the Final Order Pursuant to Bankruptcy
Code Sections 105, 362 and 541 and Bankruptcy Rule 3001 Establishing Procedures and Restrictions on Equity Transfers (D.I.
392) (the “Final NOL Order”). Similarly, the amendments include provisions to facilitate the implementation
of an NOL rights plan if the Reorganized Debtors deem advisable. As such, the proposed amendments are in the best interest of the
Reorganized Debtors’ creditors and other stakeholders.

 

D.           The
Reorganized Debtors’ Progress Since the Effective Date

 

18.         In
addition to their efforts to develop and market their interests in the Trinity Property, the Reorganized Debtors have made significant
progress in administering these chapter 11 cases and conducting all aspects of their business. As of the Effective Date, the Reorganized
Debtors owned thirteen Near Term Properties, three Medium Term Properties, and the Trinity Property, and there were approximately
3,130 proofs of claim and approximately 3,200 scheduled claims with a face value of approximately $320 million. As of December
31, 2014, Reorganized Debtors will have accomplished the following, among other things:

 

		·	the sale of 14 properties, generating aggregate net sale proceeds of approximately $83.7 million;

 

 

 

		3	The proposed amended certificate of incorporation of Reorganized Syms is attached hereto as Exhibit
B.

 

    	9

    	 

    

  

		·	distribution of approximately $83.6 million in Excess Cash to claimants on account of Allowed Claims;

 

		·	reconciliation and resolution of all but approximately 52 Disputed Claims, which number includes:

 

		o	29 Claims related to the Reorganized Debtors’ insurance coverage, the majority of which are
personal injury claims that are being handled in the ordinary course in conjunction with the Reorganized Debtors’ insurance
carrier as provided in the Plan.

 

		o	13 Claims asserted by the Debtors’ former landlords. The Reorganized Debtors are currently
in negotiations regarding each of these Claims (approximately half of which are redundant of other Claims filed by the same landlord
and/or its affiliates), and will continue to communicate and negotiate with these landlords and/or file objections to such Claims
to the extent such negotiations are unsuccessful.

 

		o	10 trade claims, the majority of which are the subject of a pending claims objection and/or ongoing
negotiations with the Reorganized Debtors.

 

		·	the activation of repositioning for West Palm Beach and Paramus properties with brand new, financially
capable national retailers paying strong rental rates for new or renovated structures at these prime locations;

 

		·	establishment of a leasing plan for the Westbury property that has resulted in multiple redevelopment
options which are currently being evaluated for activation in 2015; and

 

		·	reinvestment in the Reorganized Debtors’ intellectual property with the launch of a new Filene’s
Basement web-based retailer in 2015.

 

    	10

    	 

    

 

E.           The
Loan

 

19.         To
promptly achieve a General Unsecured Claim Satisfaction, the Reorganized Debtors are seeking to incur up to $50 million in debt
financing secured by a first mortgage lien on the Trinity Property (the “Loan”). The principal terms of the
Loan are as follows:4

 

	Lender(s):	Sterling National Bank (“Sterling”) and Israel Discount Bank of New York (“IDBNY”).
	Borrower:	A special purpose entity to be formed and wholly-owned by Trinity Place Holdings, Inc., which entity shall hold fee title to the Trinity Property.
	Guarantor:	Trinity Place Holdings, Inc.
	Principal Amount:	Initial term loans totaling $40 million, with the option, if certain conditions are met, to add one or more incremental term loans in an aggregate principal amount not to exceed $10 million.
	Security:	A first mortgage lien on the Trinity Property, assignment of all current and future rents and/or leases associated with the Trinity Property, and a blanket lien on any other assets of the borrower.
	Use of Proceeds:	To satisfy the Reorganized Debtors’ obligations to creditors pursuant to the Confirmation Order and Plan and, following payment of such obligations and/or reserving for the potential future payment of currently disputed obligations in accordance with the Plan, for such other lawful purposes as the borrower  or its parent shall elect.
	Term:	Two years, with a six-month extension at the option of the borrower, so long as no event of default shall have occurred and be continuing.
	Bankruptcy Court Approval:   	This Court’s approval is a condition precedent to obtaining the Loan.

 

 

 

		4	A copy of the applicable Loan Agreement and Carveout Guaranty are attached hereto as Exhibit
C and Exhibit D, respectively. The description of the principal terms of the Loan in this Motion are qualified
in all respects by the terms of the Loan Agreement and Carveout Guaranty. In the event of any inconsistency between the description
of the Loan in this Motion and the terms of the Loan Agreement and Carveout Guaranty, the terms of the Loan Agreement and Carveout
Guaranty shall control.

 

			The Loan Agreement and related financing documents, specifically the $20,000,000 Promissory Note
payable to SNB, $20,000,000 Promissory Note payable to IDB, Carveout Guaranty, Mortgage and Security Agreement, Assignment of Leases
and Rents, Environmental Compliance and Indemnification Undertaking, ADA Compliance and Indemnification Undertaking, Pledge Agreement
(Blocked Account) (for the Blocked Account at SNB), Pledge Agreement (Blocked Account) (for the Blocked Account at IDB), and the
Blocked Account Control Agreement (for the Blocked Account at IDB) shall collectively be referred to herein as the “Loan
Documents.”

 

    	11

    	 

    

  

20.         Additionally,
in connection with the Loan, the Reorganized Debtors intend to form new special purpose entities, each to be a wholly owned subsidiary
of Reorganized Syms, for the purpose of owning the remaining Syms Owned Real Estate. Each special purpose entity will own a single
parcel of Syms Owned Real Estate in accordance with that entity’s governance documents.

 

RELIEF REQUESTED

 

21.         By
this Motion, the Reorganized Debtors respectfully request that the Court enter the Proposed Order and thereby: (i) authorize, to
the extent necessary, the Reorganized Debtors to enter into the Loan and effectuate the transactions contemplated therein; (ii)
authorize the Reorganized Debtors to effectuate a transaction(s) to maximize the value of all or any portion of the Trinity Property
and any other Syms Owned Real Estate, including by developing, selling, or otherwise transferring such assets pursuant to the Plan
and Confirmation Order; (iii) authorize the Reorganized Debtors to amend the certificate of incorporation of Reorganized Syms to
preserve NOLs; and (iv) waive any and all mortgage recording, transfer, stamp, or similar taxes that may otherwise be incurred
due to the transfer of any interest in Syms Owned Real Estate, including but not limited to the Loan, the development, sale, transfer,
and/or other transaction involving all or any portion of the Trinity Property including any subsequent financing (including seller
financing) secured by the Trinity Property, pursuant to section 1146 of the Bankruptcy Code, the Plan, and Confirmation Order.

 

22.         As
noted, the Reorganized Debtors have involved the creditor representative and his counsel in the process that led to the filing
of this Motion, and the creditor representative is supportive of this Motion and the transactions contemplated herein.

 

    	 

    	 

    

  

BASIS FOR RELIEF

 

		A.	The Plan and Confirmation Order Authorize the Reorganized
Debtors to Incur Secured Debt, and Doing So Is in the Best Interest of All Stakeholders.

 

23.         As
described above, the Plan and Confirmation Order unequivocally authorize the Reorganized Debtors to incur secured debt. The Plan
states that “[f]ollowing the Effective Date, the Reorganized Company may issue new debt or equity capital in accordance with
applicable law, as and to the extent authorized by the Board of Directors of Reorganized Syms and consistent with the Plan.”
Plan § VII.F; Confirmation Order ¶ 21. The only relevant limitation upon the Reorganized Debtors’
ability to incur debt is the requirement to use the net cash proceeds to fund distributions under the Plan Waterfall. See
Plan § VII.F(1).

 

24.         Here,
entering into the Loan and the transactions contemplated therein is not only authorized by the Plan and Confirmation Order, but
is in the best interests of the Reorganized Debtors’ creditors and other stakeholders. Consistent with the Plan’s requirements,
the proceeds of the Loan will be used, inter alia, to satisfy any unpaid Allowed Claims pursuant to the Plan Waterfall and
reserve for any remaining Disputed Claims in accordance with the Plan. In this manner, entering into the Loan allows the Reorganized
Debtors to promptly satisfy their obligations to creditors under the Plan and achieve a General Unsecured Claim Satisfaction, the
primary objective of the Plan. Moreover, the liquidity offered by the Loan allows the Reorganized Debtors to continue to develop
and pursue various options for the Trinity Property upon a commercially reasonable timeline, without pressure to prematurely monetize
the asset. As such, the Reorganized Debtors submit that entry into the Loan and the transactions contemplated therein should be
approved as a sound exercise of their business judgment and in the best interests of the Reorganized Debtors, their creditors,
and other stakeholders.

 

    	12

    	 

    

  

		B.	The Plan and Confirmation Order Authorize the Reorganized
Debtors to Develop, Sell, Transfer, and/or Enter Into Any Other Transaction Involving All or Any Portion of Syms Owned Real Estate,
Including the Trinity Property, and Doing So Is in the Best Interest of All Stakeholders.

 

25.         The
Plan and Confirmation Order are clear that the sale of the Syms Owned Real Estate, including the Trinity Property, is the primary
means by which the Reorganized Debtors may satisfy their obligations under the Plan. See, e.g., Plan § VII.B;
Confirmation Order ¶ 7. Moreover, the Plan provides that the Trinity Property “will be developed or sold over an
extended period of time.” Plan § VII.C. Through their ongoing development and marketing processes, the Reorganized
Debtors intend to continue to work to maximize the value of the Syms Owned Real Estate, including their most valuable asset, the
Trinity Property.

 

26.         
As the Court is aware, the transactions will result in taxable gains under the Internal Revenue Code, making the preservation of
the Reorganized Debtors’ sizeable NOLs an important part of maximizing the return to stakeholders in connection with the
sale, development, or other transaction involving the Trinity Property. Indeed, this Court has previously recognized the importance
of safeguarding the Debtors’ NOLs by entering the Final NOL Order on December 14, 2011. Although there are several alternative
ways to seek to protect the Reorganized Debtors’ NOLs, Delaware law permits this Court to enable the Reorganized Debtors
to protect those NOLs through the proposed amendments to Reorganized Syms’ certificate of incorporation which, of all options,
is the most effective means of preventing the inadvertent loss of or significant limitation on the Reorganized Debtors’ valuable
NOLs.5

  

 

 

		5	Specifically, section 303 of the Delaware General Corporation Law provides that the Reorganized
Debtors’ actions pursuant to an order of this Court operate “with like effect as if exercised and taken by unanimous
action of the directors and stockholders of the corporation.” 8 Del. C. § 303(a).

 

    	13

    	 

    

  

27.         The
proposed transactions involving the Trinity Property and approval of the proposed amendments to Reorganized Syms’ certificate
of incorporation are thus in the best interests of the Reorganized Debtors, their creditors, and other stakeholders.

 

		C.	The Plan and Confirmation Order Waive any Recording,
Transfer, Stamp, or Similar Taxes that May Otherwise Apply in Connection with the Loan or Any Transfer of Syms Owned Real Estate.

 

28.         Neither
the Loan (and the transactions contemplated therein) nor the sale and/or other transfer of any interest in the Trinity Property
or any other Syms Owned Real Estate or any Equity Interests is subject to any recording, transfer, mortgage recording, stamp, or
similar tax. See Confirmation Order ¶ 18; Plan § VII.H; 11 U.S.C. § 1146; City of N.Y.
v. Baldwin League of Indep. Schs. (In re Baldwin League of Indep. Schs.), 110 B.R. 125, 128 (S.D.N.Y. 1990) (“Debtor
is exempt under Section 1146[a] of the Bankruptcy Code from paying the mortgage recording tax sought by the City.”). The
Confirmation Order directs state and local governmental officials and agents, pursuant to section 1146 of the Bankruptcy Code,
to “forego the collection of any such tax or governmental assessment and to accept for filing and recordation any of the
foregoing instruments or other documents without the payment of any such tax or governmental assessment.” Confirmation Order
¶ 18.

 

29.         Given
the large size of the transactions discussed above and the tremendous value of the Trinity Property, the potential recording and
transfer taxes in connection with the Loan and any transfer of any interest in the Trinity Property—now or in the future—would
likely be significant, material charges. As a consequence, the parties involved in these transactions seek confirmation from this
Court that such taxes may not be assessed pursuant to the Confirmation Order and Plan. Thus, for the benefit of their creditors
and other stakeholders under the Plan who will reap the benefit of such transactions, the Reorganized Debtors request that the
Court confirm that such taxes may not be assessed or collected by any taxing authority or recording office.

 

    	14

    	 

    

  

		D.	Relief from the Fourteen-Day Waiting Period Under Bankruptcy
Rule 6004(h) is Appropriate.

 

30.         Bankruptcy
Rule 6004(h) provides that unless the Court orders otherwise, all orders authorizing the sale of property pursuant to section 363
of the Bankruptcy Code are automatically stayed for fourteen days after entry of the order.

 

31.         The
purpose of Bankruptcy Rule 6004(h) is to provide sufficient time for an objecting party to appeal before an order can be implemented.
See Advisory Committee Notes to Fed. R. Bankr. P. 6004(h). Although Bankruptcy Rule 6004(h) and the Advisory Committee Notes
are silent as to when a court should “order otherwise” and eliminate or reduce the fourteen-day period, the leading
treatise on bankruptcy suggests that the stay period should be eliminated to allow the sale to close “immediately”
in all cases where there has been no objection to the sale procedure. 10 Collier on Bankruptcy
¶¶ 6004.09 (Resnick & Sommer, 16th rev. ed. 2013). The treatise further provides that if an objecting party
informs the court of its intent to appeal, the stay may be reduced to the amount of time actually necessary to file such appeal.
Id.

 

32.         To
the extent that Bankruptcy Rule 6004(h)’s fourteen-day waiting period applies to the Loan or sale and/or other transaction
involving the Syms Owned Real Estate, including the Trinity Property, waiver of the waiting period is appropriate to expedite and
remove uncertainty regarding such transactions. A fourteen-day stay may unnecessarily delay, complicate, or jeopardize the proposed
transactions and related benefits to the Reorganized Debtors’ stakeholders. Waiving the fourteen-day stay is also in the
interests of general unsecured creditors, who will receive distributions at an earlier date if the Proposed Order granting this
Motion is immediately effective. Under these circumstances, the Reorganized Debtors submit that a waiver of the fourteen-day stay
period under Bankruptcy Rules 6004(h) is appropriate.

 

    	15

    	 

    

  

NOTICE

 

33.         The
Reorganized Debtors have provided notice of this Motion by first class mail to (i) the U.S. Trustee; (ii) all holders of Disputed
Claims; (iii) counsel to Sterling; (iv) counsel to IDBNY; (v) all federal, state, county, and local and foreign regulatory or taxing
authorities or recording offices which have a reasonably known interest in the relief requested by the Motion; (vi) all current
stockholders of Reorganized Syms; and (vii) those parties entitled to notice pursuant to Bankruptcy Rule 2002. In light of the
nature of the relief requested in this Motion, the Reorganized Debtors respectfully submit that no further notice is necessary.

 

WHEREFORE, for the
reasons stated above, the Reorganized Debtors respectfully request that the Court grant the Motion, enter the Proposed Order attached
hereto as Exhibit A, and grant such other relief as may be just and proper.

 

	Dated:	December 31, 2014	MORRIS, NICHOLS, ARSHT & TUNNELL LLP 
	 	Wilmington, Delaware	 
	 	 	/s/ William M. Alleman, Jr.
	 	 	Robert J. Dehney (Bar No. 3578)
	 	 	Curtis S. Miller (Bar No. 4583)
	 	 	William M. Alleman, Jr. (Bar No. 5449)
	 	 	1201 North Market Street 
	 	 	P.O. Box 1347
	 	 	Wilmington, DE 19899-1347
	 	 	Telephone: (302) 658-9200
	 	 	Fax: (302) 658-3989
	 	 	 
	 	 	Counsel for Reorganized Debtors

 

8705864

    	16

    	 

    

 

Exhibit A

 

Proposed Order

 

    	 

    	 

    

  

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

	
        - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - -- - - - - - - - - - -

        In re

         

        FILENE's BASEMENT, LLC,
        et al.,1

         

        Reorganized Debtors.

         

         

         

        - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
        - - - -  - - - - - - - -
        -                
	
        x

        :

        :

        :

        :

        :

        :

        :

        :

        x
	
         

        

        Chapter 11

         

        Case No. 11-13511 (KJC)

         

        Jointly Administered

         

        RE: D.I. _______

 

 

ORDER (I) AUTHORIZING THE REORGANIZED
DEBTORS TO ENTER INTO SECURED DEBT FINANCING AND EFFECTUATE THE TRANSACTIONS CONTEMPLATED THEREIN; (II) AUTHORIZING THE REORGANIZED
DEBTORS TO DEVELOP, SELL, AND/OR OTHERWISE TRANSFER SYMS OWNED REAL ESTATE, INCLUDING THE TRINITY PROPERTY, PURSUANT TO THE PLAN;
AND 

(III) GRANTING RELATED RELIEF

 

Upon the motion (the
“Motion”)2 of the Reorganized Debtors
for entry of an order under sections 105, 1142, and 1146 of the Bankruptcy Code,
Bankruptcy Rules 4001 and 6004, Local Rules 4001-2 and 6004-1, sections VII.B, VII.F, VII.H, and XIII of the Plan, and paragraphs
7, 18, 21, and 49 of the Confirmation Order (i) authorizing the Reorganized Debtors to enter into the Loan and effectuate the transactions
contemplated therein; (ii) authorizing the Reorganized Debtors to effectuate a transaction(s) to maximize the value of all or any
portion of the Trinity Property and any other Syms Owned Real Estate, including by developing, selling, or otherwise transferring
such assets pursuant to the Plan and Confirmation Order and approving protective measures to preserve the Reorganized Debtors’
significant NOLs; (iii) waiving any and all mortgage recording, transfer, stamp, or similar taxes that may otherwise be incurred
due to the transfer of any interest in Syms Owned Real Estate, including but not limited to the Loan, the development, sale, transfer,
and/or other transaction involving all or any portion of the Trinity Property including any subsequent financing (including seller
financing) secured by the Trinity Property, pursuant to section 1146 of the Bankruptcy Code, the Plan, and Confirmation Order;
and (iv) granting such other relief as may be just and proper; and due and sufficient notice of the Motion as described in the
Motion having been given under the circumstances; and it appearing that no other or further notice need be provided; and it appearing
that the relief requested by the Motion is in the best interests of the Reorganized Debtors, their estates, their creditors, their
stakeholders, and other parties in interest; and after due deliberation thereon; and sufficient cause appearing therefor, it is
hereby

  

 

 

		1	The Reorganized Debtors and the last four digits of their respective taxpayer identification numbers
are as follows: Filene's Basement, LLC (8277), Syms Corp. (5228), Syms Clothing, Inc. (3869), and Syms Advertising Inc. (5234).
The Reorganized Debtors’ address is 717 Fifth Avenue, Suite 1303, New York, NY 10022.

 

		2	Terms not otherwise defined herein shall have the meanings ascribed to them in the Motion.

 

    	 

    	 

    

  

ORDERED, ADJUDGED, AND DECREED THAT:

 

1.          The
Motion is GRANTED as set forth herein.

 

2.          The
Reorganized Debtors are authorized to enter into the Loan and the transactions contemplated therein, including but not limited
to the incurrence of debt and granting of liens as described in the applicable Loan documents, and the proceeds of such Loan and
the transactions contemplated therein shall be used, unless otherwise required to fund the Operating Reserves (as defined in the
Plan) in accordance with the terms of the Plan, first (i) to make distributions on any unpaid Allowed Claims and (ii) to reserve
for any remaining Disputed Claims, both in accordance with the Plan.  Thereafter, the proceeds of such Loan and the transactions
contemplated therein shall be retained by the Reorganized Debtors and distributed or otherwise used in accordance with the terms
of the Plan.

 

    	2

    	 

    

  

3.          Pursuant
to the Confirmation Order and Plan, the Reorganized Debtors are authorized to effectuate a transaction(s) to maximize the value
of all or any portion of the Trinity Property and any other Syms Owned Real Estate, including by developing, selling, or otherwise
transferring such assets in their sole discretion and business judgment without further order of this Court.

 

4.          The
Reorganized Debtors are authorized to enter into transactions by which they will form new special purpose entities, each to be
a wholly owned subsidiary of Trinity Place Holdings Inc., for the purpose of owning the remaining Syms Owned Real Estate in accordance
with each entity’s applicable governance documents.

 

5.          Pursuant
to paragraph 18 of the Confirmation Order and section 1146(a) of the Bankruptcy Code, no document recording tax, stamp tax, real
estate transfer tax, mortgage recording tax, Uniform Commercial Code filing or recording tax, or other similar tax or governmental
assessment shall be due and owing on account of any transfer of any interest in Syms Owned Real Estate, including but not limited
to the Loan (and the transactions contemplated therein) and the development, sale, transfer, and/or other transaction involving
all or any portion of the Trinity Property including any subsequent financing (including seller financing) secured by the Trinity
Property, and the appropriate state or local governmental officials or agents are directed to forego the collection of any such
tax or governmental assessment and to accept for filing and recordation any instrument or other document in connection with the
Loan or any transfer of the Syms Owned Real Estate, including but not limited to the Trinity Property, without payment of any such
tax or assessment.

 

    	3

    	 

    

  

6.          The
Reorganized Debtors (including Trinity Place Holdings Inc.) are authorized to amend the certificate of incorporation of Trinity
Place Holdings Inc. in the form attached to the Motion as Exhibit B, and each officer of Trinity Place Holdings Inc.
(acting alone) is authorized to make, execute, and acknowledge an instrument setting forth such amendments (in such form as any
officer of Trinity Place Holdings Inc. deems advisable) and to cause such instrument to be filed with the Office of the Secretary
of State of the State of Delaware at such time as any such officer may deem advisable.

 

7.          Each
action taken by or on behalf of any of the Reorganized Debtors (including by any officer of Trinity Place Holdings Inc.) to effect
the actions and transactions approved or contemplated by this Order shall be deemed to have been taken to effect and carry out
this Order pursuant to Section 303 of the Delaware General Corporation Law.

 

8.          This
Court shall retain exclusive jurisdiction with respect to (i) all matters arising from or related to the implementation or interpretation
of this Order; and (ii) any finding for purposes of section 7.5(a) of the Loan Agreement that any Loan Party has violated or taken
any action that is inconsistent with the Confirmed Plan, the Confirmation Order, this Order or any other order issued by the Bankruptcy
Court that is final and non-appealable or that remains unstayed for thirty (30) days, or has failed to take any action that it
is required to take pursuant to the Confirmed Plan, the Confirmation Order, this Order or any other such order of the Bankruptcy
Court; provided, however, that if this Court does not exercise jurisdiction to enter such a finding for purposes of section 7.5(a)
of the Loan Agreement, such finding may be made by any other court of competent jurisdiction.  Except as set forth in this
paragraph, this Order shall not supersede the jurisdictional provisions of the Loan Documents.

 

	Dated:	 _____________, 2015	 
	 	Wilmington, Delaware	 
	 	 	 
	 	 	THE HONORABLE KEVIN J. CAREY
	 	 	UNITED STATES BANKRUPTCY JUDGE

 

    	4

    	 

    

 

Exhibit B

 

Certificate of Incorporation

 

    	 

    	 

    

 

AMENDED AND RESTATED CERTIFICATE OF
INCORPORATION 

OF

TRINITY PLACE HOLDINGS INC.

 

(originally incorporated
on September 12, 2012)

 

FIRST: The name
of the corporation is Trinity Place Holdings Inc. (the “Corporation”).

 

SECOND: The address
of the registered office of the Corporation in the State of Delaware is 2711 Centerville Road, Suite 400, Wilmington, Delaware
19808, in the County of New Castle. The name of its registered agent at such address is Corporation Service Company.

 

THIRD: The nature
and purpose of the business of the Corporation is to engage in any lawful act or activity for which corporations may be organized
under the Delaware General Corporation Law (the “DGCL”).

 

FOURTH: The aggregate
number of shares of capital stock that the Corporation shall have authority to issue is [_________] which shall be divided into
39,999,997 shares of a class of Common Stock, par value $.01 per share (the “Common Stock”), two (2) shares
of a class of Preferred Stock, par value $.01 per share (the “Preferred Stock”), one (1) share of a class of
Special Stock, par value $.01 per share (the “Special Stock”), and [_____] shares of a class of Designation
Preferred Stock, par value $.01 per share (the “Designation Preferred Stock”). The Preferred Stock shall be issued
in two series, of which one such series shall be designated the Series A Preferred Stock, and the other such series shall be designated
the Series B Preferred Stock. The Series A Preferred Stock shall consist of one (1) authorized share, and the Series B Preferred
Stock shall consist of one (1) authorized share. The Series B Preferred Stock shall be held by the Escrow Agent pursuant to the
terms of the Escrow Agreement as security for the full payment to the Redeemed Stockholder on or before October 16, 2016 of the
Initial Majority Shareholder Payment and Subsequent Majority Shareholder Payment.

 

The following is a statement
of the designations and the powers, privileges and rights, and the qualifications, limitations and restrictions thereof in respect
of each class of capital stock of the Corporation:

 

A.           COMMON
STOCK

 

1.          General.
The Common Stock shall be subject to the express terms of the Special Stock, Preferred Stock and any series of Preferred Stock
and any series of Designation Preferred Stock. Until such time as (i) there has been a General Unsecured Claim Satisfaction and
(ii) the Redeemed Stockholder is paid the Initial Majority Shareholder Payment and the Subsequent Majority Shareholder Payment,
the Corporation shall not (whether by merger, consolidation or otherwise), directly or indirectly (through any Subsidiary or otherwise),
(A) declare or pay any dividends on, or make or pay any distributions to the holders of, the Common Stock (for the avoidance of
doubt, the foregoing shall not restrict the declaration or payment or making of dividends or distributions on the Common Stock
solely in the form of (1) Common Stock of the Corporation, (2) rights to acquire Common Stock of the Corporation, or (3) any rights
declared or paid or distributed to any class or series of Capital Stock in connection with the adoption of any stockholder rights
plan to preserve the Corporation’s loss carryforwards or otherwise limit ownership in the Corporation, or (B) repurchase
or redeem any shares of Common Stock, in each case other than in accordance with the Plan, or (C) without the written consent of
the Redeemed Stockholder, amend, alter or repeal (i) this Certificate of Incorporation or the Corporation’s by-laws if such
amendment would amend, alter or repeal any rights, privileges or terms applicable to the Series B Preferred Stock, or (ii) Section
B8(iv) of Article Fourth if such amendment would amend, alter or repeal any rights, privileges or terms applicable to the Redeemed
Stockholder.

 

    	1

    	 

    

 

2.          Certain
Amendments. Except as otherwise required by law, holders of Common Stock, as such, shall not be entitled to vote on any amendment
to this Certificate of Incorporation that relates solely to the alteration or change of the powers, preferences, rights or other
terms of one or more outstanding series of Preferred Stock or series of Designation Preferred Stock (or of Special Stock, as applicable)
if the holders of such affected series of Preferred Stock or Designation Preferred Stock (or the Special Stock, as applicable)
are entitled, either separately or, in the case of one or more series of Preferred Stock or Designation Preferred Stock, together
with the holders of one or more other series of Preferred Stock or Designation Preferred Stock, as applicable, to vote thereon
as a separate class pursuant to this Certificate of Incorporation or pursuant to the DGCL as currently in effect or as the same
may hereafter be amended.

 

B.           PREFERRED
STOCK

 

1.          No
Dividends. No dividends or distributions may be declared, paid or made on the Series A Preferred Stock or Series B Preferred
Stock.

 

2.          Liquidation
Rights. In the event of any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or
involuntary, the holder of the Series A Preferred Stock and the holder of the Series B Preferred Stock shall be entitled to receive
for its share of Series A Preferred Stock or Series B Preferred Stock, as applicable, out of the assets of the Corporation or proceeds
thereof (whether capital or surplus) available for distribution to stockholders of the Corporation, and after satisfaction of all
liabilities and obligations to creditors of the Corporation, on par with each share of Parity Stock but before any distribution
of such assets or proceeds is made to or set aside for the holders of Junior Stock, an amount equal to the par value of such share
of Series A Preferred Stock or such share of Series B Preferred Stock, as applicable. To the extent such amount is paid in full
to the holder of the Series A Preferred Stock, the holder of the Series B Preferred Stock and all holders of Parity Stock, the
holders of Junior Stock of the Corporation shall be entitled to receive all remaining assets of the Corporation (or proceeds thereof)
according to their respective rights and preferences.

 

3.          Redemption.
The Series A Preferred Stock shall not be redeemed until such time as the General Unsecured Claim Satisfaction has occurred. The
Series A Preferred Stock shall, subject to lawfully available funds, be automatically redeemed at such time as the General Unsecured
Claim Satisfaction has occurred, at a per share redemption price equal to the par value of one share of Series A Preferred Stock.
The Series B Preferred Stock shall not be redeemed until such time as the Redeemed Stockholder is paid the Initial Majority Shareholder
Payment and the Subsequent Majority Shareholder Payment. The Series B Preferred Stock shall, subject to lawfully available funds,
be automatically redeemed at such time as the Redeemed Stockholder is paid the Initial Majority Shareholder Payment and the Subsequent
Majority Shareholder Payment, at a per share redemption price equal to the par value of one share of Series B Preferred Stock.

 

    	2

    	 

    

 

4.          Voting
Rights. Except as expressly provided in this Certificate of Incorporation or as otherwise required by applicable law, the holder
of the Series A Preferred Stock and the holder of the Series B Preferred Stock shall not be entitled to vote on any matters submitted
to a vote of stockholders of the Corporation.

 

5.          Special
Voting Rights of the Holder of the Series A Preferred Stock. For so long as the Series A Preferred Stock is outstanding, without
the affirmative vote of the holder of the Series A Preferred Stock, the Corporation shall not (whether by merger, consolidation
or otherwise) take any of the following actions, directly or indirectly (through any Subsidiary or otherwise):

 

(i)          use
the amounts reserved in each of the Sub-Category Expense Reserves to fund any expenses designated to be paid from another Sub-Category
Expense Reserve, except that, (y) by majority vote of the Board of Directors, amounts in the Corporate Overhead Reserve may be
reallocated to the Carry Cost/Repair/TI Reserve and (x) by majority vote of the Board of Directors, which shall include the affirmative
vote of the Independent Director, amounts in the Corporate Overhead Reserve may be reallocated to the Trinity Carry Reserve;

 

(ii)         distribute
any proceeds realized from the JV Interest Sale (net of transaction related expenses) other than as follows: not less than 60%
of the balance of net proceeds will be included as Excess Cash and shall be distributed in accordance with the Plan Waterfall,
and the remaining 40% or lesser amount of the balance of such net proceeds shall be invested in full in the Trinity Joint Venture;

 

(iii)        distribute
any funds received from any Trinity Mortgage other than as follows: first, the Trinity Carry Reserve Amount to the extent that
an amount equal to the Trinity Carry Cost Reserve Amount has not been distributed as Excess Cash from a JV Interest Sale, which
funds shall become Excess Cash and shall be distributed in accordance with the Plan Waterfall; and thereafter the balance of borrowed
funds shall remain in the Trinity Joint Venture and will be limited to be used for pre-construction costs, direct development and
construction costs, corporate overhead and carry costs for the Trinity Property, and taxes, licenses and fees for the Trinity Property,
as applicable, to be determined at the Board of Directors’ discretion;

 

(iv)        for
so long as the Board of Directors is constituted pursuant to Section 2 of Article Fifth, sell or otherwise dispose of a majority
interest in the Trinity Joint Venture to a non-Insider unless there has been (or will be as a result of such sale) a General Unsecured
Claim Satisfaction;

 

(v)         increase
the aggregate cap for any Sub-Category Expense Reserve;

 

(vi)        take
any action that requires the consent of the holder of the Series A Preferred Stock under Article VII.F. of the Plan (Capital Raising
And Use Of Cash Proceeds) or Article VII.G. of the Plan (Funding of Reserves);

 

(vii)       increase
the fees or other compensation payable to directors in excess of that provided in the Budget;

 

    	3

    	 

    

 

(viii)      except
as specifically provided for in the Plan, replenish the Operating Reserves, once fully funded, using Net Proceeds;

 

(ix)         amend,
alter or repeal any provision of this Certificate of Incorporation or the Corporation’s by-laws;

 

(x)          establish
any committee of the Board of Directors that does not include the Series A Directors then in office;

 

(xi)         take
any action that would result in Reorganized Filene’s ceasing to be a wholly-owned subsidiary of the Corporation other than
as reasonably necessary to maximize the value of the intellectual property or other assets of Reorganized Filene’s;

 

(xii)        if
the Syms and Filene’s Class 3 (Convenience Claims) and the Syms Unsecured Creditors in Syms Class 4 General Unsecured Claims
are not paid their full distributions under the Plan by October 1, 2013, sell or otherwise dispose of any unsold Near Term Properties;
provided that such vote of the holder of the Series A Preferred Stock shall not be required if such sale or disposition is made
in accordance with Section B7(i) of this Article Fourth;

 

(xiii)       if
the Filene’s Class 4A and B General Unsecured (Short-Term) Claims and Filene’s Class 5A and B General Unsecured (Long-Term)
Claims are not paid their full distributions under the Plan by October 1, 2014, sell or otherwise dispose of any unsold Medium
Term Properties and Near Term Properties, provided that such deadline may be extended up to April 1, 2015 (A) with the consent
of the holder of the Series A Preferred Stock or (B) if the Independent Director concludes that the Corporation is proceeding in
good faith to lease and sell the Medium Term Properties and Near Term Properties such that additional time is appropriate because
the Corporation still has a reasonable prospect of leasing and selling the Medium Term Properties and Near Term Properties within
any extension period; provided that such vote of the holder of the Series A Preferred Stock shall not be required if such sale
or disposition is made in accordance with Section B7(ii) of this Article Fourth;

 

(xiv)      dissolve,
or amend, alter or repeal the powers and authority of the Series A Committee, remove any Series A Director then in office from
such committee, or cause any director other than the Series A Directors to be appointed thereto; and

 

(xv)       issue,
sell or grant any Common Stock or any Common Stock Equivalent; provided, that the foregoing shall not apply to (i) the issuance,
sale or grant of Common Stock or any Common Stock Equivalent to employees or directors of the Corporation in connection with or
as compensation for the performance of services to the Corporation and (ii) the issuance or sale of Common Stock or any Common
Stock Equivalent for consideration that consists exclusively of cash.

 

6.          Special
Voting Rights of the Series A Director. For so long as the Board of Directors is constituted pursuant to Section 2 of Article
Fifth:

 

(i)          without
the affirmative vote of the Series A Director, the Corporation shall not (whether by merger, consolidation or otherwise), directly
or indirectly (through any Subsidiary or otherwise), enter into any transaction with an Insider or an Affiliate (other than transactions
between the Corporation and any of its direct or indirect Subsidiaries, which transactions have also been approved by the Series
A Committee); and

 

    	4

    	 

    

 

(ii)         at
the end of the two year period commencing on the Effective Date, the sum of $500,000, to be funded from Net Proceeds realized by
the Corporation from the sale of assets, settlements or any other sources, before such proceeds become Excess Cash, shall be set
aside in an Emergency Fund Reserve to be used, by the Corporation with the consent of the Series A Director, for operating and
other expenses. The Series A Director may at any time reduce the amount of funds in the Emergency Fund Reserve and make such reduced
funds Excess Cash.

 

7.          Disposition
of Medium Term Properties and Near Term Properties.

 

(i)          If
the Syms and Filene’s Class 3 (Convenience Claims) and the Syms Unsecured Creditors in Syms Class 4 General Unsecured Claims
are not paid their full distributions under the Plan by October 1, 2013, the Series A Committee shall have the exclusive authority
from that date forward to sell the Near Term Properties and to direct the sale process for any unsold Near Term Properties, whether
by auction or otherwise, which sale process shall be done in a commercially reasonable manner consistent with maximizing the value
of the Near Term Properties; and

 

(ii)         If
the Filene’s Class 4A and B General Unsecured (Short-Term) Claims and Filene’s Class 5A and B General Unsecured (Long-Term)
Claims are not paid their full distributions under the Plan by October 1, 2014, the Series A Committee shall have the exclusive
authority from that date forward to sell the Medium Term Properties and Near Term Properties and to direct the sale process for
any unsold Medium Term Properties and Near Term Properties, whether by auction or otherwise, which sale process shall be done in
a commercially reasonable manner consistent with maximizing the value of the Medium Term Properties and Near Term Properties, provided
that such deadline may be extended up to April 1, 2015 (A) with the consent of the holder of the Series A Preferred Stock or (B)
if the Independent Director concludes that the Corporation is proceeding in good faith to lease and sell the Medium Term Properties
and Near Term Properties such that additional time is appropriate because the Corporation still has a reasonable prospect of leasing
and selling the Medium Term Properties and Near Term Properties within any extension period.

 

8.          Certain
Covenants.

 

(i)          In
furtherance and not in limitation of the Corporation’s obligations to comply with the terms of the Plan and the other provisions
of this Certificate of Incorporation, the Corporation shall comply with the provisions of Article IV of the Plan (Plan Waterfall),
Article VII. F. of the Plan (Capital Raising And Use Of Cash Proceeds), Article VII. G.3. of the Plan (Operating Reserves), and
Article VIII of the Plan (Provisions Governing Distributions).

 

(ii)         The
amount allocated in the second year of the Budget for the Corporate Overhead Reserve and the Pension Reserve shall be funded in
the last quarter of the first year, unless the Board of Directors determines that the delay of such funding would provide the Corporation
with inadequate liquidity to operate in accordance with the Budget.

 

    	5

    	 

    

 

(iii)        On
the two-year anniversary of the Effective Date, the Board of Directors shall review and revise the Sub-Category Reserve amounts
set forth in the Plan for the third and fourth year periods after the Effective Date, provided that any increase in the aggregate
amount of the cap increases for the Sub-Category Reserves shall not exceed the amounts set forth in Sections VII.G.3(2) and (3)
of the Plan without the consent of the holder of the Series A Preferred Stock except that, (i) by majority vote of the Board of
Directors, amounts in the Corporate Overhead Reserve may be reallocated to the Carry Cost/Repair/TI Reserve and (ii) by majority
vote of the Board of Directors, which shall include the affirmative vote of the Independent Director, amounts in the Corporate
Overhead Reserve may be reallocated to the Trinity Carry Reserve.

 

(iv)        For
so long as the Board of Directors is constituted pursuant to Section 2 or Section 3(iii) of Article Fifth, the Corporation may
only sell or otherwise dispose of a majority interest in the Trinity Joint Venture to a non-Insider if (x) there has been (or will
be as a result of such sale) a General Unsecured Claim Satisfaction and to the extent a General Unsecured Claim Satisfaction has
occurred, the Redeemed Stockholder has received full payment of its Plan distributions, or (y) the holder of the Series A Preferred
Stock or to the extent the General Unsecured Claim Satisfaction has occurred, Marcy Syms (or her personal representatives in the
event of her death or incapacity) consents.

 

9.          Record
Holders. To the fullest extent permitted by applicable law, the Corporation may deem and treat the record holder of the share
of Series A Preferred Stock and the record holder of the share of Series B Preferred Stock as the applicable true and lawful owner
thereof for all purposes, and the Corporation shall not be affected by any notice to the contrary.

 

10.         Notices.
All notices or communications in respect of the Series A Preferred Stock or Series B Preferred Stock (with a copy to the Redeemed
Stockholder) shall be sufficiently given if given in writing and delivered in person or by first class mail, postage prepaid, or
if given in such other manner as may be permitted in this Certificate of Incorporation or the Corporation’s by-laws or by
applicable law or regulation. Notwithstanding the foregoing, if the Series A Preferred Stock or Series B Preferred Stock is issued
in book-entry form through The Depository Trust Corporation or any similar facility, such notices may be given to the holder of
the Series A Preferred Stock or the holder of the Series B Preferred Stock, as applicable, in any manner permitted by such facility.

 

C.           SPECIAL
STOCK

 

1.          No
Dividends. No dividends or distributions may be declared, paid or made on the Special Stock.

 

2.          Liquidation
Rights. The Special Stock shall rank junior to the Series A Preferred Stock and Series B Preferred Stock, and senior to the
Common Stock, as to distributions of assets on any liquidation, dissolution or winding up of the Corporation. In the event of any
liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, the holder of the Special
Stock shall be entitled to receive for its share of stock, out of the assets of the Corporation or proceeds thereof (whether capital
or surplus) available for distribution to stockholders of the Corporation, an amount equal to the par value of such share.

 

    	6

    	 

    

 

3.          Redemption.
The Special Stock shall, subject to lawfully available funds, be automatically redeemed at such time as the Special Stock Ownership
Threshold is no longer satisfied, at a per share redemption price equal to the par value of one share of Special Stock.

 

4.          Voting
Rights. Except as expressly provided in this Certificate of Incorporation or as otherwise required by applicable law, the holder
of the Special Stock shall not be entitled to vote such share on any matters submitted to a vote of stockholders of the Corporation.
For so long as the Special Stock is outstanding, without the affirmative vote of the holder of the Special Stock, the Corporation
shall not (whether by merger, consolidation or otherwise) amend, alter or repeal any provision of this Certificate of Incorporation
or the Corporation’s by-laws in a manner that alters or changes the powers, preferences, or special rights of the Special
Stock so as to the affect the Special Stock adversely.

 

5.          Record
Holder. To the fullest extent permitted by applicable law, the Corporation may deem and treat the record holder of the share
of Special Stock as the applicable true and lawful owner thereof for all purposes, and the Corporation shall not be affected by
any notice to the contrary.

 

6.          Notices.
All notices or communications in respect of the Special Stock shall be sufficiently given if given in writing and delivered in
person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this Certificate of Incorporation
or the Corporation’s by-laws or by applicable law or regulation. Notwithstanding the foregoing, if the Special Stock is issued
in book-entry form through The Depository Trust Corporation or any similar facility, such notices may be given to the holder of
the Special Stock in any manner permitted by such facility.

 

D.           DESIGNATION
PREFERRED STOCK

 

Subject to the rights
of the holders of the Series A Preferred Stock, the Series B Preferred Stock and the Special Stock, and subject to the limitations
prescribed by law, the Board of Directors is authorized, subject to any limitations prescribed by law or expressly set forth in
this Certificate of Incorporation, to provide for the issuance of shares of Designation Preferred Stock in series, and by filing
a certificate pursuant to the applicable law of the State of Delaware (such certificate being hereinafter referred to as a “Preferred
Stock Designation”), to establish from time to time the number of shares to be included in each such series, and to fix the
designation, powers, preferences, and rights of the shares of each such series and any qualifications, limitations or restrictions
thereof. The number of authorized shares of Designation Preferred Stock may be increased or decreased (but not below the number
of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding
shares of capital stock of the Corporation entitled to vote thereon, without a vote of the holders of the Designation Preferred
Stock, or of any series thereof, unless a vote of any such holders is required pursuant to the terms of any Preferred Stock Designation.

 

FIFTH: The provisions
of this Article (including the provisions relating to the election, designation and appointment of directors and the terms of directors)
have been adopted pursuant to the final clause of the first sentence, and the second sentence, of Section 141(a) of the DGCL. Except
as otherwise provided in this Certificate of Incorporation, the business and affairs of the Corporation shall be managed by or
under the direction of the Board of Directors elected, appointed and/or designated in the manner set forth in this Article. Except
as otherwise provided in this Certificate of Incorporation, the provisions of the DGCL that otherwise apply to directors or a board
of directors shall apply to the directors of the Corporation and the Board of Directors.

 

    	7

    	 

    

 

1.          Staggered
Board. Upon the effectiveness of the amendment or restatement of this Certificate of Incorporation first inserting this sentence
(such time, the “Effective Time”), the Board of Directors shall be divided into two classes, as nearly equal
in number as possible, designated Class I and Class II. Class I directors shall initially serve until the first annual meeting
of stockholders following the Effective Time, and Class II directors shall initially serve until the second annual meeting of stockholders
following the Effective Time, in each case subject to automatic termination of directorships as set forth in this Article. Commencing
with the first annual meeting of stockholders following the Effective Time, directors of each class the term of which shall then
expire shall be elected to hold office for a term ending at the second annual meeting following such persons’ election and
until the election and qualification of their respective successors in office, subject to automatic termination of directorships
as set forth in this Article. Commencing with the Effective Time, (i) the initial Class I directors shall be the Series A Director
and the Independent Director, and (ii) the initial Class II directors shall be the EC Directors. The Special Stock Director shall
be a Class II director. In case of any increase or decrease, from time to time, in the number of directors, the number of directors
in each class shall be apportioned as nearly equal as possible. Any director may be removed from office at any time, with or without
cause, by the affirmative vote of the holders of a majority in voting power of the shares of capital stock of the Corporation entitled
to elect such director.

 

2.          Board
of Directors – Generally. Except as set forth in Section 3 of this Article below, for so long as the Series A Preferred
Stock is outstanding, the Board of Directors shall be comprised of five directors, as follows:

 

(i)          two
directors who (A) as of the effective time of the amendment or restatement of the Certificate of Incorporation first inserting
this amended clause (A), are the persons serving as EC Directors at such effective time; and (B) following the Effective Date shall
be elected by the holders of Common Stock pursuant to the Corporation’s by-laws (the “EC Directors”);
provided, however, that on and after the first date that the Special Stock Ownership Threshold is no longer satisfied, the number
of EC Directors shall be increased from two to three EC Directors, with each EC Director elected in accordance with the foregoing
provisions of this subparagraph (i)(B);

 

(ii)         one
director who shall be (A) designated and appointed to the Board of Directors on the Effective Date by the Creditors’ Committee
and (B) following the Effective Date shall be elected by the holder of the Series A Preferred Stock, voting as a separate class
to the exclusion of the holders of Common Stock, the Special Stock, the Designation Preferred Stock and any other Preferred Stock
(such director, the “Series A Director”);

 

(iii)        from
and after the issuance of Special Stock and until the first date that the Special Stock Ownership Threshold is no longer satisfied,
one director who shall be elected by the holder of the Special Stock, voting as a separate class to the exclusion of the holders
of Common Stock, Designation Preferred Stock and any Preferred Stock (such director, the “Special Stock Director”);
and

 

    	8

    	 

    

 

(iv)        one
director who shall be (A) designated and appointed to the Board of Directors on the Effective Date by the mutual agreement of the
Equity Committee and the Creditors’ Committee and (B) following the Effective Date, shall be nominated by the EC Directors
with the reasonable consent of the holder of the Series A Preferred Stock and, following such nomination, shall be elected by the
holder of the Series A Preferred Stock, voting as a separate class to the exclusion of the holders of Common Stock, the Special
Stock, any series of Designation Preferred Stock and any other Preferred Stock (the “Independent Director”),
provided that such director shall (I) meet the requirements of an independent director under the standards of the NASDAQ Stock
Market and (II) not be an Affiliate of (v) any holder of the Special Stock, (w) any Unsecured Creditor that holds a Claim in an
amount that is greater than $50,000, (x) any holder of two percent or more of the Corporation’s Common Stock, (y) any Backstop
Party or (z) any person or entity included in the definition of the Redeemed Stockholder.

 

Notwithstanding anything
herein to the contrary, on the first date that the Special Stock Ownership Threshold is no longer satisfied, the term of the Special
Stock Director shall automatically terminate, the person formerly holding such directorship shall cease to be a director of the
Corporation and the size of the Board will be automatically reduced by one directorship. Immediately following such reduction,
the size of the Board of Directors shall automatically be increased by one directorship, which shall be an EC Director.

 

3.          Board
of Directors - Contingencies.

 

(i)          If
there has not been a General Unsecured Claim Satisfaction by October 1, 2016, then, effective on such date, (A) the term(s) of
the EC Director(s) then in office, except the oldest EC Director in age then in office, shall automatically terminate (provided
that if there is only one EC Director in office on such date, then such director’s term shall not terminate), the term of
the Independent Director and the term of the Special Stock Director shall automatically terminate, and the persons formerly holding
such directorships shall cease to be directors of the Corporation, all without the need for any action by the Board of Directors
or the stockholders of the Corporation, (B) immediately following such termination of directorships and the resultant automatic
reduction in the size of the Board of Directors to two (2) directors (the one EC Director and the Series A Director), the size
of the Board of Directors shall automatically be increased so that the Board of Directors is comprised of a total of nine (9) authorized
directorships with the seven (7) directorships created thereby to be filled (and thereafter elected) solely by the holder of the
Series A Preferred Stock, voting as a separate class to the exclusion of the holders of Common Stock, the Special Stock, any series
of Designation Preferred Stock and any other Preferred Stock (such additional directors shall also each be a Series A Director,
and together will be “Series A Directors”). Thereafter, upon the occurrence of a General Unsecured Claim Satisfaction
after October 1, 2016, the Corporation shall immediately redeem the Series A Preferred Stock, the terms of all Series A Directors
shall automatically terminate, the persons holding such directorships immediately prior to such termination shall cease to be directors
of the Corporation and the size of the Board of Directors shall be automatically reduced to one (1) authorized directorship. Subject
to Section 3(ii) of this Article below, following the redemption of the Series A Preferred Stock (whether before or after October
1, 2016), (a) all directors shall be elected exclusively by the holders of Common Stock and any series of Designation Preferred
Stock entitled to vote thereon, and (b) notwithstanding anything in this Certificate of Incorporation or the Corporation’s
by-laws to the contrary, but subject to the terms of any series of Designation Preferred Stock, the total number of directors comprising
the Board of Directors may be fixed from time to time solely by resolution of the Board of Directors, and vacancies and newly created
directorships may be filled solely by a majority of the directors then in office, even if less than a quorum.

 

    	9

    	 

    

 

(ii)         If
the Series A Preferred Stock has been redeemed but the Redeemed Stockholder has not received the Initial Majority Shareholder Payment
and the Subsequent Majority Shareholder Payment by October 16, 2016, then, effective on such date, (A) the terms of all of the
directors then in office except for the oldest EC Director in age shall automatically terminate and the persons formerly holding
such directorships shall cease to be directors of the Corporation, all without the need for any action by the Board of Directors
or the stockholders of the Corporation, (B) immediately following such termination of directorships and the resultant automatic
reduction in the size of the Board of Directors to one (1) director, the size of the Board of Directors shall automatically be
increased so that the Board of Directors is comprised of a total of four (4) authorized directorships with the three (3) directorships
created thereby to be filled solely by the holder of the Series B Preferred Stock, voting as a separate class to the exclusion
of the holders of Common Stock, the Special Stock, the Designation Preferred Stock and any other Preferred Stock (such additional
directors, the “Series B Directors”). Thereafter, upon the payment of the Initial Majority Shareholder Payment
and the Subsequent Majority Shareholder Payment in full after October 16, 2016, the Corporation shall redeem the Series B Preferred
Stock, the terms of all Series B Directors shall automatically terminate, the persons holding such directorships immediately prior
to such termination shall cease to be directors of the Corporation and the size of the Board of Directors shall be automatically
reduced to one (1) authorized directorship. Following the redemption of the Series B Preferred Stock after the prior redemption
of the Series A Preferred Stock (whether before or after October 16, 2016), (a) all directors shall be elected exclusively by the
holders of Common Stock and any series of Designation Preferred Stock entitled to vote thereon, and (b) notwithstanding anything
in this Certificate of Incorporation or the Corporation’s by-laws to the contrary, but subject to the terms of any series
of Designation Preferred Stock, the total number of directors comprising the Board of Directors may be fixed from time to time
solely by resolution of the Board of Directors, and vacancies and newly created directorships may be filled solely by a majority
of the directors then in office, even if less than a quorum.

 

(iii)        If
the Series A Preferred Stock has been redeemed on or before October 1, 2016 (and subject to Section 3(ii) of this Article above)
then, effective on such date, the terms of the Series A Director and the Independent Director shall automatically terminate, the
persons formerly holding those directorships shall cease to be directors of the Corporation, and the size of the Board will be
automatically reduced to three (3) (subject to the right of the Board of Directors to change such number as set forth in this Article),
all without the need for any action by the Board of Directors or the stockholders of the Corporation.

 

    	10

    	 

    

 

4.          Vacancies.
In the event (i) a Series A Director is removed, resigns or is unable to serve as a member of the Board of Directors, the holder
of the Series A Preferred Stock, voting as a separate class to the exclusion of the holders of Common Stock, the Special Stock,
the Designation Preferred Stock and all other series of Preferred Stock, shall have the sole right to fill such vacancy; (ii) the
Independent Director is removed, resigns or is unable to serve as a member of the Board of Directors prior to the first annual
meeting following the Effective Date, the Board of Directors may fill such vacancy; provided that the Series A Committee and the
EC Directors shall mutually agree on an Independent Director to fill such vacancy who (I) meets the requirements of an independent
director under the standards of the NASDAQ Stock Market and (II) is not an Affiliate of (v) any holder of the Special Stock, (w)
any Unsecured Creditor that holds a Claim in an amount that is greater than $50,000, (x) any holder of two percent or more of the
Corporation’s Common Stock, (y) any Backstop Party or (z) any person or entity included in the definition of the Redeemed
Stockholder; (iii) an EC Director is removed, resigns or is unable to serve as a member of the Board of Directors, or there is
an increase in the number of EC Directors (including pursuant to Section 2(i) of this Article Fifth), a majority of the remaining
EC Director(s) then in office, if any, shall have the sole right to fill such vacancy (and if there are no remaining EC Directors,
such vacancy shall be filled in the manner set forth in the Corporation’s by-laws); (iv) any director elected by the holder
of the Series B Preferred Stock is removed, resigns or is unable to serve as a member of the Board of Directors, the holder of
the Series B Preferred Stock, voting as a separate class to the exclusion of the holders of Common Stock, the Special Stock, the
Designation Preferred Stock and all other series of Preferred Stock, shall have the sole right to fill such vacancy; or (v) any
director elected by the holder of the Special Stock is removed, resigns or is unable to serve as a member of the Board of Directors,
the holder of the Special Stock, voting as a separate class to the exclusion of the holders of Common Stock and Preferred Stock
and Designation Preferred Stock, shall have the sole right to fill such vacancy.

 

5.          Series
A Committee. The Series A Committee, which shall consist of the Series A Directors in office at any given time, is hereby established
to take and, to the fullest extent permitted by applicable law, shall have the sole power and authority to take, the actions set
forth in Sections B6(i) and B7 of Article Fourth and Section 4 of Article Fifth, which Sections provide for such actions to be
taken by the Series A Committee, including the taking of any actions necessary for or incidental to the taking of the actions set
forth in Sections B6(i) and B7 of Article Fourth and Section 4 of Article Fifth. The vote of a majority of the members of the Series
A Committee present at any meeting of the Series A Committee at which there is a quorum shall be the act of the Series A Committee.
In the event that the Board of Directors is comprised as set forth in Section 3(i) of this Article, the Board of Directors, by
resolution adopted by a majority of the directors then in office, may elect to dissolve the Series A Committee and repeal the rules
and procedures for the conduct of its business, provided, that any such dissolution of the Series A Committee and repeal of its
rules and procedures must be approved by a majority of the Series A Directors then in office.

 

6.          Other
Committees. For so long as the Board of Directors is constituted pursuant to Section 2 of this Article, and to the fullest
extent permitted by law, (i) each committee of the Board of Directors other than the Series A Committee shall have five (5) members,
(ii) the presence of four (4) members shall be necessary and sufficient to constitute a quorum for the transaction of business
by such committee, and (iii) the vote of a majority of the members of such committee present at any meeting at which there is a
quorum shall be the act of that committee. If the Board of Directors is constituted pursuant to Section 3 of this Article, unless
the Board of Directors provides otherwise and to the fullest extent permitted by law, (i) each committee of the Board of Directors
other than the Series A Committee shall consist of one or more of the directors of the Corporation, (ii) at all meetings of such
committee, a majority of the members of the committee then in office shall constitute a quorum for the transaction of business,
and (iii) the vote of a majority of the members of the committee present at any meeting at which there is a quorum shall be the
act of the committee. Committees of the Board of Directors (other than the Series A Committee) may not create one or more subcommittees
of such committee. Notwithstanding the foregoing or anything to the contrary herein, for so long as there is a Special Stock directorship,
the Special Stock Director shall have the right to be a member of each committee of the Board of Directors (other than the Series
A Committee).

 

    	11

    	 

    

 

SIXTH: The name
and mailing address of the incorporator(s) of the Corporation are:

 

Delaware Corporation Organizers, Inc.

P.O. Box 1347

Wilmington, DE 19899

 

SEVENTH: Unless
and except to the extent that the by-laws of the Corporation shall so require, the election of directors of the Corporation need
not be by written ballot.

 

EIGHTH: To the
fullest extent permitted by law, a director of the Corporation shall not be personally liable to the Corporation or to its stockholders
for monetary damages for any breach of fiduciary duty as a director. No amendment to, modification of or repeal of this Article
shall apply to or have any effect on the liability or alleged liability of any director of the Corporation for or with respect
to any acts or omissions of such director occurring prior to such amendment, modification or repeal.

 

NINTH:
(i) The Corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists
or may hereafter be amended, any person (a “Covered Person”) who was or is made or is threatened to be made
a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a
“proceeding”), by reason of the fact that he or she, or a person for whom he or she is the legal representative, is
or was a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request
of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust,
enterprise, nonprofit entity or other entity, including service with respect to employee benefit plans, against all liability and
loss suffered and expenses (including attorneys’ fees) reasonably incurred by such Covered Person. Notwithstanding the preceding
sentence, except as otherwise provided in paragraph (iii) of this Article with respect to an action brought by a Covered Person
to recover an unpaid indemnification or advancement claim to which such Covered Person is entitled, the Corporation shall be required
to indemnify a Covered Person in connection with a proceeding (or part thereof) commenced by such Covered Person only if the commencement
of such proceeding (or part thereof) by the Covered Person was authorized in the specific case by the Board of Directors of the
Corporation.

 

(ii)         The
Corporation shall to the fullest extent not prohibited by applicable law pay the expenses (including attorneys’ fees) incurred
by a Covered Person in defending any proceeding in advance of its final disposition; provided, however, that, to the extent required
by law, such payment of expenses in advance of the final disposition of the proceeding shall be made only upon receipt of an undertaking
by the Covered Person to repay all amounts advanced if it should be ultimately determined that the Covered Person is not entitled
to be indemnified under this Article or otherwise.

 

    	12

    	 

    

 

(iii)        If
a claim for indemnification under this Article (following the final disposition of such proceeding) is not paid in full within
sixty days after the Corporation has received a claim therefor by the Covered Person, or if a claim for any advancement of expenses
under this Article is not paid in full within thirty days after the Corporation has received a statement or statements requesting
such amounts to be advanced, the Covered Person shall thereupon (but not before) be entitled to file suit to recover the unpaid
amount of such claim. If successful in whole or in part, the Covered Person shall be entitled to be paid the expense of prosecuting
such claim to the fullest extent permitted by law. In any such action, the Corporation shall have the burden of proving that the
Covered Person is not entitled to the requested indemnification or advancement of expenses under applicable law.

 

(iv)        The
rights conferred on any Covered Person by this Article shall not be exclusive of any other rights which such Covered Person may
have or hereafter acquire under any statute, provision of this Certificate of Incorporation, the Corporation’s by-laws, agreement,
vote of stockholders or disinterested directors or otherwise.

 

(v)         The
Corporation’s obligation, if any, to indemnify or to advance expenses to any Covered Person who was or is serving at its
request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, enterprise, nonprofit
entity or other entity shall be reduced by any amount such Covered Person may collect as indemnification or advancement of expenses
from such other corporation, partnership, joint venture, trust, enterprise, non-profit entity or other entity.

 

(vi)        Any
repeal or modification of the provisions of this Article shall not adversely affect any right or protection hereunder of any Covered
Person in respect of any proceeding (regardless of when such proceeding is first threatened, commenced or completed) arising out
of, or related to, any act or omission occurring prior to the time of such repeal or modification.

 

(vii)       This
Article shall not limit the right of the Corporation, to the extent and in the manner permitted by law, to indemnify and to advance
expenses to persons other than Covered Persons when and as authorized by appropriate corporate action.

 

TENTH: In furtherance
of, and not in limitation of, the powers conferred by statute, subject to any express restrictions contained in this Certificate
of Incorporation, but subject to the terms of any series of Designation Preferred Stock, the Board of Directors is expressly authorized
to adopt, amend or repeal the Corporation’s by-laws or adopt new by-laws without any action on the part of the stockholders;
provided that any by-law adopted or amended by the Board of Directors, and any powers thereby conferred, may be amended, altered
or repealed by the stockholders.

 

ELEVENTH: The
Corporation shall have the right, subject to any express provisions or restrictions contained in the Certificate of Incorporation
(including the terms of any series of Designation Preferred Stock) or the Corporation’s by-laws, from time to time, to amend
the Certificate of Incorporation or any provision thereof in any manner now or hereafter provided by law, and all rights and powers
of any kind conferred upon a director or stockholder of the Corporation by the Certificate of Incorporation or any amendment thereof
are conferred subject to such right.

 

    	13

    	 

    

 

TWELFTH: Unless
the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall
be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action
asserting a claim for breach of a fiduciary duty owed by any director, officer, employee or agent of the Corporation to the Corporation
or the Corporation’s stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL, the
Certificate of Incorporation or the Corporation’s by-laws or (iv) any action asserting a claim governed by the internal affairs
doctrine, in each case subject to said Court of Chancery of the State of Delaware having personal jurisdiction over the indispensable
parties named as defendants therein. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock
of the Corporation shall be deemed to have notice of and consented to the provisions of this Article.

 

THIRTEENTH: As
used herein, the following defined terms shall have the meanings set forth below, and the following rules of construction shall
apply:

 

A.           DEFINED
TERMS

 

Capitalized terms otherwise
not defined in the Certificate of Incorporation have the meanings as defined in the Plan.

 

“Affiliate”
means, with respect to any Person, as defined below, any other Person that directly, or indirectly through one or more intermediaries,
controls or is controlled by or is under common control with such Person. For purposes of this Certificate of Incorporation, “control”
shall mean, as to any Person, the power to direct or cause the direction of the management and policies of such Person, whether
through the ownership of voting securities, by contract or otherwise (and the terms “controlled by” and “under
common control with” shall have correlative meanings).

 

“Backstop Parties”
has the meaning set forth in the Plan.

 

“Board of Directors”
shall mean the board of directors of the Corporation.

 

“Budget”
has the meaning set forth in the Plan.

 

“Business Day”
shall mean a day that is a Monday, Tuesday, Wednesday, Thursday or Friday and is not a day on which banking institutions in New
York, New York generally are authorized or obligated by law, regulation or executive order to close.

 

“Claim”
has the meaning set forth in the Plan.

 

“Capital Stock”
shall mean any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests
in (in each case however designated) stock issued by the Corporation.

 

“Carry Cost/Repair/TI
Reserve” has the meaning set forth in the Plan.

 

    	14

    	 

    

 

“Certificate
of Incorporation” shall mean this Certificate of Incorporation of the Corporation, as amended from time to time.

 

“Common Stock”
shall mean the common stock, par value $0.01 per share, of the Corporation.

 

“Common Stock
Equivalent” means an option, warrant, right or other security of the Corporation that is, directly or indirectly, exercisable,
convertible or exchangeable for or into Common Stock or any other Common Stock Equivalent at any time.

 

“Corporate Overhead
Reserve” has the meaning set forth in the Plan.

 

“Corporation”
shall mean Trinity Place Holdings Inc., a corporation organized and existing under the laws of the State of Delaware, and any successor
thereof.

 

“Creditors’
Committee” has the meaning set forth in the Plan.

 

“Effective Date”
means the date the Plan becomes effective in accordance with its terms.

 

“Emergency Reserve
Fund” has the meaning set forth in the Plan.

 

“Escrow Agreement”
shall mean an escrow and pledge agreement by and among the escrow agent therein named (“Escrow Agent”), the
Corporation, and the Redeemed Stockholder pursuant to which the Escrow Agent shall hold in escrow the Series B Preferred Stock
pledged by the Corporation and related stock assignment executed in blank as security for the full payment of all distributions
due the Redeemed Stockholder under the Plan, and may deliver the Series B Preferred Stock and stock assignment to the Redeemed
Stockholder if full payment of the Initial Majority Shareholder Payment (as defined below) and Subsequent Majority Shareholder
Payment (as defined below) has not been made on or before October 16, 2016.

 

“Equity Committee”
has the meaning set forth in the Plan.

 

“Excess Cash”
has the meaning set forth in the Plan.

 

“Filene’s
Unsecured Creditors” means the holders of Filene’s General Unsecured (Short-Term) Claims and Filene’s General
Unsecured (Long-Term) Claims, each as defined in the Plan.

 

“Filene’s
Class 3 (Convenience Claims)” has the meaning set forth in the Plan.

 

“Filene’s
Class 4A and B General Unsecured (Short-Term) Claims” has the meaning set forth in the Plan.

 

“Filene’s
Class 5A and B General Unsecured (Long-Term) Claims” has the meaning set forth in the Plan.

 

“General Unsecured
Claim Satisfaction” has the meaning set forth in the Plan. “Initial Majority Shareholder Payment”
has the meaning set forth in the Plan. “Insider” has the meaning set forth in 11 U.S.C. §101(31).

 

    	15

    	 

    

 

“Junior Stock”
shall mean the Common Stock and any other class or series of Capital Stock that ranks junior to the Series A Preferred Stock and
Series B Preferred Stock as to the distribution of assets on any liquidation, dissolution or winding up of the Corporation, or
both.

 

“JV Interest
Sale” has the meaning set forth in the Plan.

 

“Medium Term
Properties” means the following properties of the Corporation:

 

(i)          695
Merrick Avenue, Westbury, NY 11590;

 

(ii)         330
Route 17 North, Paramus, NJ 07652; and

 

(iii)        295
Tarrytown Road, Elmsford, NY 10523.

 

“Near Term Properties”
means the following properties of the Corporation:

 

(i)          4400
Forest Hill Blvd, West Palm Beach, FL 33406;

 

(ii)         1340
Swedesford Rd, Berwyn, PA 19312;

 

(iii)        4615
NW 77th Avenue, Miami, FL 33166;

 

(iv)        21700
Telegraph Road, Southfield, MI 48034;

 

(v)         Jimmy
Carter Boulevard, Norcross, GA 30071;

 

(vi)        Westheimer,
Houston, TX 77042; 16

 

(vii)       652
Commerce Drive, Fairfield, CT 06825;

 

(viii)      1803
Roswell Road, Marietta, GA 30062;

 

(ix)         280
West North Avenue, Addison, IL 60101;

 

(x)          1865
E. Marlton Pike, Cherry Hill, NJ 08003;

 

(xi)         8075
Sheridan Drive, Williamsville, NY 14221;

 

(xii)        5300
Powerline, Ft. Lauderdale, FL 33309; and

 

(xiii)       1
Syms Way, Secaucus, NJ 07094.

 

“Net Proceeds”
has the meaning set forth in the Plan.

 

“Operating Reserves”
has the meaning set forth in the Plan.

 

“Parity Stock”
shall mean any class or series of Capital Stock (other than the Series A Preferred Stock or the Series B Preferred Stock) that
ranks equally with the Series A Preferred Stock and Series B Preferred Stock in the distribution of assets upon any liquidation,
dissolution or winding up of the Corporation (in each case, without regard to whether dividends accrue cumulatively or non-cumulatively).

 

    	16

    	 

    

 

“Pension Reserve”
has the meaning set forth in the Plan.

 

“Person”
shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company,
trust, unincorporated organization, government or agency or political subdivision thereof or any other entity.

 

“Plan”
means the Second Amended Joint Chapter 11 Plan of Reorganization of the Corporation and its Subsidiaries filed on July 13, 2012,
as it may be amended.

 

“Plan Waterfall”
has the meaning set forth in the Plan.

 

“Redeemed Stockholder”
means Ms. Marcy Syms, the Laura Merns Living Trust, dated February 14, 2003, and the Marcy Syms Revocable Living Trust, dated January
12, 1990.

 

“Reorganized
Filene’s” has the meaning set forth in the Plan. “Rights Offering” has the meaning set forth
in the Plan.

 

“Series A Committee”
means the committee of the Board of Directors, consisting of the Series A Directors, established pursuant to Section 5 of Article
Fifth.

 

“Series A Director”
has the meaning ascribed to it in Section 2 of Article Fifth.

 

“Special Stock
Director” has the meaning ascribed to it in Section 2 of Article Fifth.

 

“Special Stock
Ownership Threshold” means the holder of the Special Stock and its Affiliates collectively own no less than 2,345,000
shares of Common Stock (as such number may be adjusted to reflect equitably any stock split, subdivision, combination or similar
change with respect to the Common Stock).

 

“Sub-Category
Expense Reserve” has the meaning set forth in the Plan.

 

“Subsidiary”
shall mean any corporation, partnership, limited liability company, joint venture, joint stock company, trust, unincorporated organization
or other entity for which the Corporation owns at least 50% of the voting stock (or equivalent voting interest) of such entity.

 

“Subsequent
Majority Shareholder Payment” has the meaning set forth in the Plan.

 

“Syms Class
3 (Convenience Claims)” has the meaning set forth in the Plan.

 

“Syms Class
4 (General Unsecured Claims)” has the meaning set forth in the Plan.

 

“Syms Unsecured
Creditors” means the holders of Syms General Unsecured Claims as defined in the Plan.

 

“Trinity Carry
Reserve” has the meaning set forth in the Plan.

 

“Trinity Joint
Venture” has the meaning set forth in the Plan.

 

    	17

    	 

    

 

“Trinity Property”
has the meaning set forth in the Plan.

 

“Unsecured Creditors”
means the holders of General Unsecured Claims as defined in the Plan.

 

“Unsubscribed
Shares” has the meaning set forth in the Plan.

 

B.           RULES
OF CONSTRUCTION

 

Unless the context otherwise
requires: (i) a term has the meaning assigned to it herein; (ii) an accounting term not otherwise defined herein has the meaning
accorded to it in accordance with generally accepted accounting principles in effect from time to time in the United States, applied
on a consistent basis; (iii) words in the singular include the plural, and in the plural include the singular; (iv) “or”
is not exclusive; (v) “will” shall be interpreted to express a command; (vi) “including” means including
without limitation; (vii) provisions apply to successive events and transactions; (viii) except for references to Sections of the
Plan, references to any Section or clause refer to the corresponding Section or clause, respectively, of this Certificate of Incorporation;
(ix) any reference to a day or number of days, unless expressly referred to as a Business Day, shall mean the respective calendar
day or number of calendar days; (x) headings are for convenience only; and (xi) unless otherwise expressly provided in this Certificate
of Incorporation, a reference to any specific agreement or other document shall mean a reference to such agreement or document
as amended from time to time.

 

When the terms of this
Certificate of Incorporation refer to a specific agreement or other document, or a decision by any body, person or entity, to determine
the meaning or operation of a provision hereof, the secretary of the Corporation shall maintain a copy of such agreement, document
or decision, as amended, at the principal executive offices of the Corporation and a copy thereof shall be provided free of charge
to any stockholder who make a request therefor.

 

FOURTEENTH:

 

(a)          Definitions.
As used in this Article Fourteenth, the following capitalized terms have the following meanings when used herein with initial capital
letters (and any references to any portions of Treasury Regulation § 1.382-2T shall include any successor provisions):

 

“Agent”
has the meaning set forth in paragraph (f) of this Article Fourteenth.

 

“Board of
Directors” or “Board” means the Board of Directors of the Corporation, including any duly authorized
committee thereof.

 

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

 

“Corporation
Securities” means (i) shares of common stock, (ii) shares of preferred stock (other than preferred stock described in
Section 1504(a)(4) of the Code or treated as so described pursuant to Treasury Regulation § 1.382– 2(a)(3)(i)), (iii)
warrants, rights, or options (including those within the meaning of Treasury Regulation § 1.382-2T(h)(4)(v) and § 1.382-4(d)(8))
to purchase stock of the Corporation, and (iv) any other interest that would be treated as “stock” of the Corporation
pursuant to Treasury Regulation § 1.382-2T(f)(18); provided that the Series A Preferred Stock, Series B Preferred Stock and
the Special Stock shall not be considered Corporation Securities and shall be disregarded for purposes of this Article Fourteenth.

 

    	18

    	 

    

 

“Restriction
Effective Date” means the date on which the amendment and restatement of the Certificate of Incorporation first inserting
this sentence is filed with the Secretary of State of Delaware.

 

“Excess Securities”
has the meaning given such term in paragraph (e) of this Article Fourteenth.

 

“Expiration
Date” means the earliest of—

 

(i)          the
tenth (10th) year anniversary of the Restriction Effective Date;

 

(ii)         the
repeal, amendment or modification of Section 382 of the Code (and any comparable successor provision and any similar state or local
provision applicable to the Corporation) in such a way as to render the restrictions imposed by such section of the Code (and any
similar state or local provision) no longer applicable to the Corporation;

 

(iii)        the
beginning of a taxable year of the Corporation (or any successor thereof) in which no Tax Benefits are available;

 

(iv)        the
date selected by the Board of Directors, if the Board of Directors determines that the limitation amount imposed by Section 382
of the Code, as of such date, in the event of an “ownership change” of the Corporation (as defined in Section 382 of
the Code) would not be materially less than the net operating loss carryforwards or “net unrealized built-in loss”
(within the meaning of Section 382 of the Code) of the Corporation;

 

(v)         the
date selected by the Board of Directors, if the Board of Directors determines that it is in the best interests of the Corporation’s
stockholders for the restrictions set forth in paragraph (b) of this Article Fourteenth to be removed or released; and

 

(vi)        the
date selected by the holders of a majority of the voting power of the Corporation, at an annual or special meeting of stockholders
or by written consent.

 

“Indirect
Securities” has the meaning set forth in paragraph (h) of this Article Fourteenth.

 

“Percentage
Securities Ownership” means the percentage Securities Ownership interest of any Person or group (as the context may require)
for purposes of Section 382 of the Code, as determined in accordance with Treasury Regulation § 1.382-2T(g), (h), (j) and
(k) or any successor provision.

 

“Person”
means any individual, partnership, joint venture, limited liability company, firm, corporation, unincorporated association or organization,
trust or other entity or any group of such “Persons” having a formal or informal understanding among themselves to
make a “coordinated acquisition” of shares within the meaning of Treasury Regulation § 1.382-3(a)(1) or who are
otherwise treated as an “entity” within the meaning of Treasury Regulation § 1.382-3(a)(1), and shall include
any successor (by merger or otherwise) of any such entity or group.

 

    	19

    	 

    

 

“Prohibited
Distributions” has the meaning given such term in paragraph (f) of this Article Fourteenth.

 

“Prohibited
Transfer” means any purported Transfer of Corporation Securities to the extent that such Transfer is prohibited and/or
void under this Article Fourteenth.

 

“Proposed
Transaction” has the meaning set forth in paragraph (c)(ii) of this Article Fourteenth.

 

“Purported
Transferee” has the meaning set forth in paragraph (e) of this Article Fourteenth.

 

“Purported
Transferor” has the meaning set forth in paragraph (f)(ii) of this Article Fourteenth.

 

“Request”
has the meaning set forth in paragraph (c)(ii) of this Article Fourteenth.

 

“Requesting
Person” has the meaning set forth in paragraph (c)(ii) of this Article Fourteenth.

 

“Securities
Ownership” means any direct or indirect ownership of Corporation Securities, including any ownership by virtue of application
of constructive ownership rules, with such direct, indirect, and constructive ownership determined under the provisions of Code
Section 382 and the Treasury Regulations thereunder.

 

“Substantial
Stockholder” means a Person with a Percentage Securities Ownership of 4.75% or more.

 

“Substantial
Stockholder Transaction” means any Transfer described in clause (i) or (ii) of paragraph (b) of this Article Fourteenth.

 

“Tax Benefit”
means the net operating loss carryovers, capital loss carryovers, general business credit carryovers, alternative minimum tax credit
carryovers and foreign tax credit carryovers, as well as any loss or deduction attributable to a “net unrealized built-in
loss” within the meaning of Code Section 382 (or any similar tax attribute for state and/or local purposes), of the Corporation
or any direct or indirect subsidiary thereof.

 

“Transfer”
means the acquisition or disposition, directly or indirectly, of ownership of Corporation Securities by any means, including, without
limitation, (i) the creation or grant of any pledge (or other security interest), right or option with respect to Corporation Securities,
including an option within the meaning of Treasury Regulation § 1.382-4(d)(8), (ii) the exercise of any such pledge, right
or option, (iii) any sale, assignment, conveyance or other disposition, or (iv) any other transaction treated under the applicable
rules under Section 382 of the Code as a direct or indirect acquisition or disposition (including the acquisition of an ownership
interest in a Substantial Stockholder), but shall not include the acquisition of any such rights unless, as a result, the acquirer
would be considered an owner within the meaning of the U.S. federal income tax laws.

 

    	20

    	 

    

 

(b)          Restrictions
on Transfers. Any attempted Transfer of Corporation Securities from and after the Restriction Effective Date and prior to the
Expiration Date and any attempted Transfer of Corporation Securities pursuant to an agreement entered into prior to the Expiration
Date shall be prohibited and void ab initio—

 

(i)          if
the transferor is a Substantial Stockholder or such Transfer results in a decrease in the Percentage Securities Ownership of any
Substantial Stockholder;

 

(ii)         to
the extent that, as a result of such Transfer (or any series of Transfers of which such Transfer is a part), either—

 

(1)         any
Person or group of Persons would become a Substantial Stockholder, or

 

(2)         the
Percentage Securities Ownership in the corporation of any Substantial Stockholder would be increased.

 

Notwithstanding the foregoing,
the provisions of this paragraph (b) shall not preclude the Transfer to the Depository Trust Company (“DTC”), Clearing
and Depository Services (“CDS”) or any other securities intermediary, as such term is defined in § 8-102(14)
of the Uniform Commercial Code, of Corporation Securities not previously held through DTC, CDS or such intermediary or the settlement
of any transactions in Corporation Securities entered into through the facilities of a national securities exchange, any national
securities quotation system or any electronic or other alternative trading system; provided that, if such Transfer or the
settlement of the transaction would result in a Prohibited Transfer, such Transfer shall nonetheless be a Prohibited Transfer subject
to all of the provisions and limitations set forth in the remainder of this Article Fourteenth.

 

(c)          Exceptions.

 

(i)          The
restrictions set forth in paragraph (b) of this Article Fourteenth shall not apply to an attempted Transfer that is a Substantial
Stockholder Transaction if the transferor or the transferee obtains the prior written approval of the Board of Directors. In addition
and without limiting the foregoing, the Board may determine that the restrictions set forth in this Article Fourteenth shall not
apply to any particular transaction or transactions, in whole or in part, whether or not a request has been made to the Board,
including a Request pursuant to paragraph (c)(ii) below, subject to any conditions that the Board deems reasonable and appropriate
in connection therewith; provided, that the Board may approve any Transfer notwithstanding the effect on Tax Benefits if
it determines that such approval is in the best interests of the Corporation.

 

(ii)         Any
Person who desires to effect an otherwise Prohibited Transfer (a “Requesting Person”) shall, prior to the date
of the transaction for which the Requesting Person seeks authorization (the “Proposed Transaction”), request
in writing (a “Request”) that the Board of Directors review the Proposed Transaction and authorize or not authorize
the Proposed Transaction in accordance with this paragraph (c)(ii). A Request shall be delivered to the Secretary of the Corporation
at the Corporation’s principal place of business. Such Request shall be deemed to have been received by the Corporation when
actually received. A Request shall include—

 

    	21

    	 

    

 

(1)         the
name, address and telephone number of the Requesting Person;

 

(2)         the
number and Percentage Securities Ownership of Corporation Securities (by type) then beneficially owned by the Requesting Person;

 

(3)         a
reasonably detailed description of the Proposed Transaction or Proposed Transactions for which the Requesting Person seeks authorization;
and

 

(4)         a
request that the Board of Directors authorize the Proposed Transaction pursuant to paragraph (c) of this Article Fourteenth.

 

The Board
of Directors shall, in good faith, endeavor to respond to each Request within twenty (20) Business Days of receiving such Request;
provided, however, that the failure of the Board to respond during such twenty (20) Business Day period shall not
be deemed to be a consent to the Transfer. The Board of Directors may authorize a Proposed Transaction unless the Board of Directors
determines in good faith that the Proposed Transaction, considered alone or with other transactions (including, without limitation,
past transactions or contemplated transactions), would create a material risk that the Tax Benefits may be jeopardized. Any determination
by the Board of Directors not to authorize a Proposed Transaction shall cause such Proposed Transaction to be deemed a Prohibited
Transfer.

 

The Board
of Directors may impose any conditions that it deems reasonable and appropriate in connection with authorizing any Proposed Transaction.
In addition, the Board of Directors may require an affidavit, representations and/or other documentation from such Requesting Person,
including an opinion of counsel to be rendered by counsel acceptable to the Board, in each case as to such matters as the Board
determines with respect to the preservation of the Tax Benefits.

 

(iii)        If
so required by the Board of Directors, any Requesting Person who makes a Request to the Board of Directors shall reimburse the
Corporation, within thirty (30) days of demand therefor, for all reasonable out-of pocket costs and expenses incurred by the Corporation
with respect to any Proposed Transaction, including, without limitation, the Corporation’s reasonable costs and expenses
incurred in determining whether to authorize the Proposed Transaction, which costs may include, but are not limited to, any expenses
of counsel and/or tax advisors engaged by the Board of Directors to advise the Board of Directors or deliver an opinion thereto.
The Board of Directors may require, as a condition to its consideration of the Request, that the Requesting Person execute an agreement
in form and substance satisfactory to the Corporation providing for the reimbursement of such costs and expenses.

 

(iv)        Any
authorization of the Board of Directors hereunder may be given prospectively or retroactively.

 

(d)          Legend.

 

(i)          Each
certificate or book-entry, and any notice of issuance provided to stockholders, representing shares of common stock of the Corporation
shall, if so determined by the Board of Directors, conspicuously include the following legend:

 

    	22

    	 

    

 

“THE CERTIFICATE OF INCORPORATION,
AS AMENDED (THE “CERTIFICATE OF INCORPORATION”), OF THE CORPORATION CONTAINS RESTRICTIONS PROHIBITING THE TRANSFER
(AS DEFINED IN THE CERTIFICATE OF INCORPORATION) OF ANY STOCK OF THE CORPORATION (INCLUDING THE CREATION OR GRANT OF CERTAIN OPTIONS)
WITHOUT THE PRIOR AUTHORIZATION OF THE BOARD OF DIRECTORS OF THE CORPORATION (THE “BOARD OF DIRECTORS”) IF SUCH TRANSFER
AFFECTS THE PERCENTAGE OF STOCK OF THE CORPORATION (WITHIN THE MEANING OF SECTION 382 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”) AND THE TREASURY REGULATIONS PROMULGATED THEREUNDER) THAT IS TREATED AS OWNED BY A HOLDER OF 4.75%
OR MORE OF THE OUTSTANDING STOCK, AS DETERMINED UNDER THE CODE AND SUCH TREASURY REGULATIONS (A “SUBSTANTIAL STOCKHOLDER”).
IF THE TRANSFER RESTRICTIONS ARE VIOLATED, THEN THE TRANSFER WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEREE OF THE STOCK WILL
BE REQUIRED TO TRANSFER EXCESS SECURITIES TO THE CORPORATION’S AGENT. IN THE EVENT OF A TRANSFER WHICH DOES NOT INVOLVE SECURITIES
OF THE CORPORATION WITHIN THE MEANING OF THE DELAWARE GENERAL CORPORATION LAW (“INDIRECT SECURITIES”) BUT WHICH WOULD
VIOLATE THE TRANSFER RESTRICTIONS, THE PURPORTED TRANSFEREE (OR THE RECORD OWNER) OF THE INDIRECT SECURITIES WILL BE REQUIRED TO
TRANSFER SUFFICIENT INDIRECT SECURITIES PURSUANT TO THE TERMS PROVIDED FOR IN THE CERTIFICATE OF INCORPORATION TO CAUSE THE SUBSTANTIAL
STOCKHOLDER TO NO LONGER BE IN VIOLATION OF THE TRANSFER RESTRICTIONS. THE CORPORATION WILL FURNISH WITHOUT CHARGE TO THE HOLDER
OF RECORD OF THIS CERTIFICATE A COPY OF THE RELEVANT GOVERNING DOCUMENTS, CONTAINING THE ABOVE-REFERENCED TRANSFER RESTRICTIONS,
UPON WRITTEN REQUEST TO THE CORPORATION AT ITS PRINCIPAL PLACE OF BUSINESS.”

 

The Board
of Directors may also require that any certificates representing shares of common stock of the Corporation that are subject to
conditions imposed by the Board of Directors under paragraph (c) of this Article Fourteenth bear a conspicuous legend referencing
any applicable restrictions imposed by the Board of Directors.

 

(ii)         The
Corporation shall have the power to make appropriate notations upon its stock transfer records and to instruct any transfer agent,
registrar, securities intermediary or depository with respect to the requirements of this Article Fourteenth for any uncertificated
Corporation Securities or Corporation Securities held in an indirect holding system, and the Corporation shall provide notice of
the restrictions on transfer and ownership to holders of uncertificated shares in accordance with applicable law.

 

Without limiting
the foregoing, the Corporation may make such arrangements or issue such instructions to its stock transfer agent as may be determined
by the Board of Directors to be necessary or advisable to implement this Article Fourteenth, including, without limitation, authorizing
such transfer agent to require an affidavit from a Purported Transferee regarding such Person’s actual and constructive ownership
of stock and other evidence that a Transfer will not be prohibited by this Article Fourteenth, as a condition to registering any
transfer.

 

    	23

    	 

    

 

(e)          Excess
Securities. No employee or agent of the Corporation shall record any Prohibited Transfer, and the purported transferee of such
a Prohibited Transfer (the “Purported Transferee”) shall not be recognized as a stockholder of the Corporation
for any purpose whatsoever in respect of the Corporation Securities which are the subject of the Prohibited Transfer (the “Excess
Securities”). The Purported Transferee shall not be entitled with respect to such Excess Securities to any rights of
stockholders of the Corporation, including, without limitation, the right to vote such Excess Securities and to receive dividends
or distributions, whether liquidating or otherwise, in respect thereof, if any, and the Excess Securities shall be deemed to remain
with the transferor unless and until the Excess Securities are transferred to the Agent pursuant to paragraph (f) of this Article
Fourteenth or until an approval is obtained under paragraph (c) of this Article Fourteenth. After the Excess Securities have been
acquired in a Transfer that is not a Prohibited Transfer, such Corporation Securities shall cease to be Excess Securities. For
this purpose, any Transfer of Excess Securities not in accordance with the provisions of paragraph (e) or paragraph (f) of this
Article Fourteenth shall also be a Prohibited Transfer.

 

(f)          Transfer
to Agent.

 

(i)          If
the Board of Directors determines that a Transfer of Corporation Securities constitutes a Prohibited Transfer pursuant to paragraph
(b)(ii) of this Article Fourteenth, then, upon written demand by the Corporation sent within thirty (30) days of the date on which
the Board of Directors determines that the attempted Transfer would result in Excess Securities, the Purported Transferee shall
transfer or cause to be transferred any certificate or other evidence of ownership of the Excess Securities within the Purported
Transferee’s possession or control, together with any dividends or other distributions that were received by the Purported
Transferee from the Corporation with respect to the Excess Securities (“Prohibited Distributions”), to an agent
designated by the Board of Directors (the “Agent”). The Agent shall thereupon sell to a buyer or buyers, which
may include the Corporation, the Excess Securities transferred to it in one or more arm’s-length transactions; provided,
however, that any such sale must not constitute a Prohibited Transfer; and provided further that the Agent
shall effect such sale or sales in an orderly fashion and shall not be required to effect any such sale within any specific time
frame if, in the Agent’s discretion, such sale or sales would disrupt the market for the Corporation Securities or otherwise
would adversely affect the value of the Corporation Securities. If the Purported Transferee has resold the Excess Securities before
receiving the Corporation’s demand to surrender Excess Securities to the Agent, the Purported Transferee shall be deemed
to have sold the Excess Securities for the Agent, and shall be required to transfer to the Agent any Prohibited Distributions and
proceeds of such sale, except to the extent that the Corporation grants written permission to the Purported Transferee to retain
a portion of such sales proceeds not exceeding the amount that the Purported Transferee would have received from the Agent pursuant
to paragraph (g) of this Article Fourteenth if the Agent, rather than the Purported Transferee, had resold the Excess Securities.

 

    	24

    	 

    

 

(ii)         If
the Board of Directors determines that a Transfer of Corporation Securities constitutes a Prohibited Transfer pursuant to paragraph
(b)(i) of this Article Fourteenth, the purported transferor of such Prohibited Transfer (the “Purported Transferor”)
shall, upon written demand by the Corporation, deliver to the Agent the sales proceeds from the Prohibited Transfer (in the form
received, i.e., whether in cash or other property), and the Agent shall thereupon sell any non-cash consideration to a buyer
or buyers in one or more arm's-length transactions. If the Purported Transferee is determinable and any Excess Securities have
not been resold, the Agent (after deducting amounts necessary to cover its costs and expenses incurred in connection with its duties
hereunder) shall, to the extent possible, return the Excess Securities and any Prohibited Distributions to the Purported Transferor,
and shall reimburse the Purported Transferee from the sales proceeds received from the Purported Transferor (or the proceeds from
the disposition of any non-cash consideration) for the cost of any Excess Securities.

 

If the Purported Transferee
is not determinable, or to the extent the Excess Securities have been resold or it is not otherwise possible to return the Excess
Securities to the Purported Transferor, the Agent (after deducting amounts necessary to cover its costs and expenses incurred in
connection with its duties hereunder) shall use the proceeds to acquire on behalf of the Purported Transferor, in one or more arm's-length
transactions, an equal amount of Corporation Securities in replacement of the Excess Securities sold; provided, however,
that, to the extent the amount of proceeds is not sufficient to fund the purchase price of such Corporation Securities and the
Agent’s costs and expenses, the Purported Transferor shall promptly fund such amounts upon demand by the Agent. Any remaining
amounts held by the Agent shall be paid in accordance with paragraph (g)(iii) of this Article Fourteenth.

 

(g)          Application
of Proceeds. The Agent shall apply any proceeds of a sale by it of Excess Securities and, if the Purported Transferee has previously
resold the Excess Securities, any amounts received by it from a Purported Transferee, together, in either case, with any Prohibited
Distributions, as follows:

 

(i)          first,
such amounts shall be paid to the Agent to the extent necessary to cover its costs and expenses incurred in connection with its
duties hereunder;

 

(ii)         second,
any remaining amounts shall be paid to the Purported Transferee, up to the amount paid by the Purported Transferee for the Excess
Securities (or the fair market value at the time of the Transfer, in the event the purported Transfer of the Excess Securities
was, in whole or in part, a gift, inheritance or similar Transfer) which amount shall be determined at the discretion of the Board
of Directors; and

 

(iii)        third,
any remaining amounts shall be paid to one or more organizations qualifying under section 501(c)(3) of the Code (or any comparable
successor provision) selected by the Board of Directors; provided, however, that if the Excess Securities (including
any Excess Securities arising from a previous Prohibited Transfer not sold by the Agent in a prior sale or sales) represent a 5%
or greater Percentage Securities Ownership in any class of Corporation Securities, then any such remaining amounts to the extent
attributable to the disposition of the portion of such Excess Securities exceeding a 5% Percentage Securities Ownership interest
in such class shall be paid to two or more organizations qualifying under section 501(c)(3) of the Code selected by the Board of
Directors, such that no organization qualifying under section 501(c)(3) of the Code shall be deemed to possess a Percentage Securities
Ownership in excess of 4.75%.

 

    	25

    	 

    

 

The Purported Transferee
of Excess Securities shall have no claim, cause of action or any other recourse whatsoever against any transferor of Excess Securities.
The Purported Transferee’s sole right with respect to such shares shall be limited to the amount payable to the Purported
Transferee pursuant to paragraph (g) of this Article Fourteenth. In no event shall the proceeds of any sale of Excess Securities
pursuant to paragraph (g) of this Article Fourteenth inure to the benefit of the Corporation or the Agent, except to the extent
used to cover costs and expenses incurred by the Agent in performing its duties hereunder.

 

(h)          Modification
of Remedies for Certain Indirect Transfers. In the event of any Transfer which does not involve a transfer of securities of
the Corporation within the meaning of the DGCL (“Indirect Securities”), but which would cause a Substantial Stockholder
to violate a restriction on Transfers provided for in this Article Fourteenth, the application of paragraph (f) and paragraph (g)
hereof shall be modified as described in this paragraph (h). In such case, no such Substantial Stockholder shall be required to
dispose of any interest that is not an Indirect Security, but such Substantial Stockholder and/or any Person whose ownership of
Indirect Securities is attributed to such Substantial Stockholder shall be deemed to have disposed of and shall be required to
dispose of sufficient Indirect Securities (which Indirect Securities shall be disposed of in the inverse order in which they were
acquired) to cause such Substantial Stockholder, following such disposition, not to be in violation of this Article Fourteenth.
Such disposition shall be deemed to occur simultaneously with the Transfer giving rise to the application of this provision, and
such number of Indirect Securities that are deemed to be disposed of shall be considered Excess Securities and shall be disposed
of through the Agent as provided in paragraph (f) and paragraph (g) of this Article Fourteenth; provided that the maximum
aggregate amount payable either to such Substantial Stockholder, or to such other Person that was the direct holder of such Excess
Securities, in connection with such sale shall be the fair market value of such Excess Securities at the time of the purported
Transfer. All expenses incurred by the Agent in disposing of such Excess Securities shall be paid out of any amounts due such Substantial
Stockholder or such other Person.

 

The purpose of paragraph
(h) of this Article Fourteenth is to extend the restrictions in paragraph (b) and paragraph (f) of this Article Fourteenth to situations
in which there is a Substantial Stockholder Transaction without a direct Transfer of Corporation Securities, and this paragraph
(h), along with the other provisions of Article Fourteenth, shall be interpreted to produce the same results, with differences
as the context requires, as a direct Transfer of Corporation Securities.

 

(i)          Legal
Proceedings. If the Purported Transferee fails to surrender the Excess Securities or the proceeds of a sale thereof to the
Agent within thirty (30) days from the date on which the Corporation makes a written demand pursuant to paragraph (f) of this Article
Fourteenth (whether or not made within the time specified in such paragraph), then the Corporation shall use its reasonable best
efforts to take all actions necessary to enforce the provisions hereof, and/or enjoin or rescind any violation hereof, including
the institution of legal proceedings to compel the surrender. Nothing in this paragraph (i) shall (x) be deemed inconsistent with
any Transfer of the Excess Securities provided in this Article Fourteenth being void ab initio, (y) preclude the Corporation
in its discretion from immediately bringing legal proceedings without a prior demand or (z) cause any failure of the Corporation
to act within the time periods set forth in this Article Fourteenth to constitute a waiver or loss of any right of the Corporation
under this Article Fourteenth.

 

    	26

    	 

    

 

(j)          Liability.
Any stockholder subject to the provisions of this Article Fourteenth who knowingly violates the provisions of this Article Fourteenth,
and any Persons controlling, controlled by or under common control with such stockholder, shall be jointly and severally liable
to the Corporation for, and shall indemnify and hold the Corporation harmless against, any and all damages suffered as a result
of such violation, including but not limited to damages resulting from a reduction in, or elimination of, the corporation’s
ability to utilize its Tax Benefits, and attorneys’ and auditors’ fees incurred in connection with such violation.

 

(k)          Obligation
to Provide Information. At the request of the Corporation, any Person that is a beneficial, legal or record holder of Corporation
Securities, any proposed transferor or transferee and any Person controlling, controlled by or under common control with the proposed
transferor or transferee shall provide such information as the Corporation may reasonably request as may be necessary from time
to time in order to determine compliance with this Article Fourteenth or the status of the Corporation’s Tax Benefits. In
furtherance thereof, as a condition to the registration of the Transfer of any Corporation Securities, any Person who is a beneficial,
legal or record holder of Corporation Securities, any proposed transferor or transferee and any Person controlling, controlled
by or under common control with the proposed transferor or transferee shall provide an affidavit containing such information as
the Corporation may reasonably request from time to time in order to determine compliance with this Article Fourteenth or the status
of the Tax Benefits of the Corporation.

 

(l)          Board
Authority.

 

(i)          All
determinations and interpretations of the Board of Directors shall be interpreted or determined, as the case may be, by the Board
of Directors in its sole discretion and shall be conclusive and binding for all purposes of this Article Fourteenth. The Board
shall have the power to determine all matters necessary for assessing compliance with this Article Fourteenth, including, without
limitation,—

 

(1)         the
identification of Substantial Stockholders;

 

(2)         whether
a Transfer is a Substantial Stockholder Transaction or a Prohibited Transfer;

 

(3)         the
Percentage Securities Ownership of any Substantial Stockholder;

 

(4)         whether
an instrument constitutes an Indirect Security;

 

(5)         the
amount (or fair market value) due to a Purported Transferee pursuant to paragraph (g) of this Article Fourteenth; and

 

(6)         any
other matters which the Board of Directors determines to be relevant;

 

and the good faith determination
of the Board of Directors on such matters shall be conclusive and binding for all the purposes of this Article Fourteenth. In addition,
the Board of Directors may, to the extent permitted by law, from time to time establish, modify, amend or rescind any bylaws, regulations,
policies and procedures of the Corporation not inconsistent with the provisions of this Article Fourteenth for purposes of determining
whether any Transfer of Corporation Securities would jeopardize the Corporation’s ability to preserve and use the Tax Benefits
and for the orderly application, administration and implementation of this Article Fourteenth.

 

    	27

    	 

    

 

(ii)         Nothing
contained in this Article Fourteenth shall limit the authority of the Board of Directors to take such other action, to the extent
permitted by law, as it deems necessary or advisable to protect the Corporation and its stockholders in preserving the Tax Benefits.
Without limiting the generality of the foregoing, in the event of a change in law making one or more of the following actions necessary
or desirable, the Board of Directors may, by adopting a written resolution,—

 

(1)         modify
the ownership interest percentage in the Corporation or the Persons or groups covered by this Article Fourteenth;

 

(2)         modify
the definitions of any terms set forth in this Article Fourteenth; or

 

(3)         modify
the terms of this Article Fourteenth as appropriate to prevent an ownership change for purposes of Section 382 of the Code as a
result of any changes in applicable Treasury Regulations or otherwise;

 

provided, however,
that the Board of Directors shall not cause there to be such modification unless it determines, by adopting a written resolution,
that such action is reasonably necessary or advisable to preserve the Tax Benefits or that the continuation of these restrictions
is no longer reasonably necessary for the preservation of the Tax Benefits. Such written resolution of the Board of Directors shall
be filed with the Secretary of the Corporation. Stockholders of the Corporation shall be notified of such determination through
such method of notice as the Secretary of the Corporation shall deem appropriate.

 

(iii)        In
the case of an ambiguity in the application of any of the provisions of this Article Fourteenth, including any definition used
herein, the Board of Directors shall have the power to determine the application of such provisions with respect to any situation
based on its reasonable belief, understanding or knowledge of the circumstances. In the event this Article Fourteenth requires
an action by the Board of Directors but fails to provide specific guidance with respect to such action, the Board of Directors
shall have the power to determine the action to be taken so long as such action is not contrary to the provisions of this Article
Fourteenth. All such actions, calculations, interpretations and determinations which are taken or made by or on behalf of the Board
of Directors in good faith shall be conclusive and binding on the Corporation, the Agent, and all other parties for all other purposes
of this Article Fourteenth.

 

(iv)        The
Board of Directors, to the fullest extent permitted by law, may exercise the authority granted by this Article Fourteenth through
duly authorized officers or agents of the Corporation.

 

(v)         Nothing
in this Article Fourteenth shall be construed to limit or restrict the Board of Directors in the exercise of its fiduciary duties
under applicable law.

 

    	28

    	 

    

 

(m)          Reliance.
The Corporation and the members of the Board of Directors shall be fully protected in relying in good faith upon the information,
opinions, reports or statements of the chief executive officer, the chief operating officer or the chief accounting officer, and
any other duly appointed officer of the Corporation or of the Corporation’s legal counsel, independent auditors, transfer
agent, investment bankers or other employees and agents in making the determinations and findings contemplated by this Article
Fourteenth, and the members of the Board of Directors shall not be responsible for any good faith errors made in connection therewith.
For purposes of determining the existence and identity of, and the amount of any Corporation Securities owned by any shareholder,
the Corporation is entitled to rely on the existence and absence of filings of Schedule 13D or 13G under the Exchange Act (or similar
filings), as of any date, subject to its actual knowledge of the ownership of Corporation Securities.

 

(n)          Benefits.
Nothing in this Article Fourteenth shall be construed to give to any Person, other than the Corporation or the Agent, any legal
or equitable right, remedy or claim under this Article Fourteenth. This Article Fourteenth shall be for the sole and exclusive
benefit of the Corporation and the Agent.

 

(o)          Severability.
If any provision of this Article Fourteenth or any application of any provision thereunder is determined to be invalid, the validity
of the remaining provisions shall be unaffected and application of such provision shall be affected only to the extent necessary.

 

(p)          Waiver.         With
regard to any power, remedy or right provided herein or otherwise available to the Corporation or the Agent under this Article
Fourteenth, (i) no waiver will be effective unless expressly contained in a writing signed by the waiving party and (ii) no alteration,
modification or impairment will be implied by reason of any previous waiver, extension of time, delay or omission in exercise or
other indulgence.

 

    	29

    	 

    

 

(q)          Limitation
of Liability. To the maximum extent permitted by Delaware law, no director of the Corporation shall be liable for any breach
of any duty under this Article Fourteenth, it being understood that no director shall be responsible to the Corporation, any holder
of Corporation Securities or any other Person for any action taken or omitted to be taken under this Article Fourteenth. In particular,
without creating any liability to any Person, the Board may distinguish between holders of Corporation Securities in connection
with any Request under this Article Fourteenth.

 

(r)          Application
of Restrictions. To the fullest extent permitted by law, but subject to the other provisions of this Article Fourteenth, the
restrictions on ownership and transfer set forth in this Article Fourteenth shall apply to all shares of Corporation Securities
(whether issued before, on or after the Restriction Effective Date), except with respect to shares of Corporation Securities that
the holder or owner thereof can establish, by sufficient factual evidence presented to the Corporation, were (i) issued prior to
the Restriction Effective Date and (ii) were not voted in favor of the amendment and restatement of the Certificate of Incorporation
first inserting this Article Fourteenth (the conditions set forth in clauses (i) and (ii), the “Conditions”).
Except as otherwise determined by a court of competent jurisdiction, the Board of Directors (or a committee thereof) shall have
the power and authority to determine whether sufficient evidence has been presented to determine that the Conditions have been
satisfied, and such determination shall be conclusive and binding on the Corporation and all persons and entities.

 

[remainder of page intentionally
left blank]

 

    	30

    	 

    

 

IN WITNESS WHEREOF,
the undersigned certifies that provision for the making of this Amended and Restated Certificate of Incorporation is contained
in a decree or order of a court or judge having jurisdiction of a proceeding under Chapter 11 of the Federal Bankruptcy Code and
the undersigned certifies that this Amended and Restated Certificate of Incorporation has been duly adopted in accordance with
the provisions of Sections 242, 245 and 303 of the Delaware General Corporation Law and has been executed by a duly authorized
officer on this ____ day of ____, 2014.

 

	 	TRINITY PLACE HOLDINGS INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    	 

    	 

    

 

Exhibit C

 

Loan Agreement

 

    	 

    	 

    

 

 

LOAN AGREEMENT

 

Dated as of January __,
2015

 

among

 

[TPH SPECIAL PURPOSE
ENTITY]

as the Borrower

 

STERLING NATIONAL BANK,

as Administrative Agent

 

and

 

THE LENDERS PARTY
HERETO

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	PAGE
	 	 
	ARTICLE I  DEFINITIONS	1
	 	 
	Section 1.1  Defined Terms.	1
	 	 
	Section 1.2  Other Definitional Provisions.	12
	 	 
	ARTICLE II  COMMITMENTS; LOANS.	13
	 	 
	Section 2.1  Borrowing.	13
	 	 
	Section 2.2  Evidence of Loans.	14
	 	 
	Section 2.3  Repayment and Prepayment of Loans.	14
	 	 
	Section 2.4  Interest.	15
	 	 
	Section 2.5  Fees.	15
	 	 
	Section 2.6  Use of Proceeds.	16
	 	 
	Section 2.7  Computations.	16
	 	 
	Section 2.8  Minimum Amounts of Borrowings and Repayments.	16
	 	 
	Section 2.9  Time and Method of Payments.	16
	 	 
	Section 2.10  Lending Offices.	17
	 	 
	Section 2.11  Several Obligations.	17
	 	 
	Section 2.12  Pro Rata Treatment Among Lenders.	17
	 	 
	Section 2.13  Non-Receipt of Funds by the Administrative Agent.	17
	 	 
	Section 2.14  Sharing of Payments and Set-Off Among Lenders.	17
	 	 
	Section 2.15  Extension of Maturity Date.	18
	 	 
	Section 2.16  Additional Commitments.	18
	 	 
	Section 2.17  Defaulting Lenders.	19
	 	 
	ARTICLE III  REPRESENTATIONS AND WARRANTIES	21
	 	 
	Section 3.1  Organization.	21

 

    	- ii -

    	 

    

 

	Section 3.2  Power, Authority, Consents.	21
	 	 
	Section 3.3  No Violation of Law or Agreements.	21
	 	 
	Section 3.4  Due Execution, Validity, Enforceability.	22
	 	 
	Section 3.5  Title to Properties.	22
	 	 
	Section 3.6  Judgments, Actions, Proceedings.	22
	 	 
	Section 3.7  No Defaults, Compliance With Laws.	22
	 	 
	Section 3.8  Financial Statements.	23
	 	 
	Section 3.9  Tax Returns.	23
	 	 
	Section 3.10  Intangible Assets.	23
	 	 
	Section 3.11  Regulation U.	23
	 	 
	Section 3.12  Name Changes, Mergers, Acquisitions.	24
	 	 
	Section 3.13  Full Disclosure.	24
	 	 
	Section 3.14  Licenses and Approvals.	24
	 	 
	Section 3.15  ERISA.	24
	 	 
	Section 3.16  OFAC.	24
	 	 
	ARTICLE IV  CONDITIONS TO INITIAL LOANS	25
	 	 
	Section 4.1  Conditions to Initial Loan(s).	25
	 	 
	ARTICLE V  AFFIRMATIVE COVENANTS	28
	 	 
	Section 5.1  Existence, Properties.	28
	 	 
	Section 5.2  Payment of Indebtedness, Taxes.	28
	 	 
	Section 5.3  Financial Statements, Reports, etc.	29
	 	 
	Section 5.4  Notice of Adverse Events and Significant Changes.	30
	 	 
	Section 5.5  Books and Records; Inspection; Audits.	31
	 	 
	Section 5.6  Insurance.	31
	 	 
	Section 5.7  Compliance with Laws.	32

 

    	- iii -

    	 

    

 

	Section 5.8  Environmental Laws.	32
	 	 
	Section 5.9  Use of Proceeds.	32
	 	 
	Section 5.10  Establishment and Maintenance of Deposit Accounts.	32
	 	 
	ARTICLE VI  NEGATIVE COVENANTS.	33
	 	 
	Section 6.1  Indebtedness.	33
	 	 
	Section 6.2  Liens.	34
	 	 
	Section 6.3  Single Purpose Entity.	34
	 	 
	Section 6.4  Distributions.	35
	 	 
	Section 6.5  Disposition of Assets.	36
	 	 
	Section 6.6  Fiscal Year.	36
	 	 
	Section 6.7  ERISA Obligations.	36
	 	 
	Section 6.8  Transactions with Affiliates.	36
	 	 
	Section 6.9  Hazardous Materials.	36
	 	 
	ARTICLE VII  EVENTS OF DEFAULT.	37
	 	 
	Section 7.1  Payments.	37
	 	 
	Section 7.2  Certain Covenants.	37
	 	 
	Section 7.3  Other Covenants.	37
	 	 
	Section 7.4  Other Defaults.	38
	 	 
	Section 7.5  Representations and Warranties.	38
	 	 
	Section 7.6  Bankruptcy.	38
	 	 
	Section 7.7  Judgments.	39
	 	 
	Section 7.8  ERISA.	39
	 	 
	Section 7.9  Loss of Control or Management.	39
	 	 
	Section 7.10  Assertions by Loan Parties.	39
	 	 
	Section 7.11  Effectiveness of Liens.	39

 

    	- iv -

    	 

    

 

	ARTICLE VIII  THE ADMINISTRATIVE AGENT	39
	 	 
	Section 8.1  The Administrative Agent	39
	 	 
	Section 8.2  Priority.	42
	 	 
	Section 8.3  Collection of Payments.	43
	 	 
	Section 8.4  Authority.	44
	 	 
	Section 8.5  Rights of the Administrative Agent as Lender.	45
	 	 
	Section 8.6  Standards of Care and Loan Administration.	45
	 	 
	Section 8.7  Non-Reliance on the Administrative Agent and Other Lenders.	47
	 	 
	Section 8.8  Failure to Act.	48
	 	 
	Section 8.9  Action by the Administrative Agent.	48
	 	 
	Section 8.10  Books and Records.	49
	 	 
	Section 8.11  Information to Lenders.	49
	 	 
	Section 8.12  Notice of Event of Default, Exercise of Remedies, Foreclosure, etc.	49
	 	 
	Section 8.13  Successor Administrative Agent.	51
	 	 
	ARTICLE IX  MISCELLANEOUS PROVISIONS	52
	 	 
	Section 9.1  Fees, Costs and Expenses; Indemnity.	52
	 	 
	Section 9.2  Taxes.	54
	 	 
	Section 9.3  Payments.	54
	 	 
	Section 9.4  Lien on and Set-off of Deposits.	54
	 	 
	Section 9.5  Modifications, Consents and Waivers; Entire Agreement.	55
	 	 
	Section 9.6  Remedies Cumulative; Counterclaims.	57
	 	 
	Section 9.7  Further Assurances.	57
	 	 
	Section 9.8  Notices.	57
	 	 
	Section 9.9  Counterparts.	58
	 	 
	Section 9.10  Severability.	58

 

    	- v -

    	 

    

 

	Section 9.11  Binding Effect; No Assignment or Delegation by Borrower.	58
	 	 
	Section 9.12  Assignments and Participations by Lenders.	58
	 	 
	Section 9.13  FATCA.	60
	 	 
	Section 9.14  GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF TRIAL BY JURY.	61
	 	 
	Section 9.15  USA Patriot Act Notice; Anti-Money Laundering.	62
	 	 
	Section 9.16  No Advisory or Fiduciary Responsibility.	62
	 	 
	Section 9.17  Permitted Agreements.	63
	 	 
	Section 9.18  Assignment of Loan Documents.	63

 

EXHIBITS:

 

	A	Form of Note
	B	Form of Assignment and Assumption
	C	Form of Consent Order

 

SCHEDULES:

 

	1.1	Commitments and Pro Rata Shares
	3.2	Consents, Waivers, Approvals; Violation of Agreements
	3.6	Judgments, Actions, Proceedings
	3.7	Defaults; Compliance with Laws, Regulations, Agreements
	3.8	Burdensome Documents
	3.13	Name Changes, Mergers, Acquisitions
	3.16	Employee Benefit Plans
	6.1	Permitted Indebtedness and Guarantees
	6.2	Permitted Security Interests, Liens and Encumbrances

 

    	- vi -

    	 

    

 

LOAN AGREEMENT

 

AGREEMENT, made
this __ day of January, 2015, by and among:

 

[TPH SPECIAL PURPOSE
ENTITY], a ______________ [corporation/limited liability company] (the “Borrower”);

 

Each Lender from time
to time party hereto (individually, a “Lender” and collectively, the “Lenders”); and

 

STERLING NATIONAL
BANK, a national banking association (“Sterling”), as Administrative Agent for the Lenders (in such capacity,
together with any successor thereto in such capacity, the “Administrative Agent”);

 

W I T
N E S S E T H:

 

WHEREAS, the Borrower
has requested that the Lenders extend credit in the form of one or more Loans on and after the Effective Date, to be used in accordance
with the terms hereof; and

 

WHEREAS, the Lenders
are willing to provide one or more Loans to the Borrower, on the terms and subject to the conditions set forth below;

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section
1.1           Defined Terms.

 

As used in this Agreement,
the following terms shall have the following meanings:

 

“Accession Agreement”
has the meaning assigned to such term in Section 2.16.

 

“Affiliate”
means, as to any Person, any other Person that directly or indirectly controls, or is under common control with, or is controlled
by, such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled
by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause
the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by
contract or otherwise), provided that, in any event: (a) any Person that owns directly or indirectly 15% or more of the securities
having ordinary voting power for the election of directors or other governing body of a corporation or 15% or more of the partnership
or other ownership interests of any other Person (other than as a limited partner of such other Person) will be deemed to control
such corporation or other Person; and (b) each 15% or more shareholder, each director and each executive officer of the Borrower
or the Limited Guarantor shall be deemed to be an Affiliate of the Borrower and the Limited Guarantor.

 

    	 

    	 

    

 

“Aggregate Exposure”
means, with respect to any Lender as of any date, the outstanding principal balance of such Lender’s Loans.

 

“Air Rights”
means those certain air rights owned by the Borrower with respect to 81 Greenwich Street, New York, New York, Block 19, Lot 18.

 

“Allowed Claim”
has the meaning assigned to such term in the Confirmed Plan.

 

“Applicable
Percentage” means, at any time, with respect to any Incremental Loan, an amount equal to the product of (a) the daily
amount of interest payable on the then outstanding principal amount of such Incremental Loan, computed in accordance with Section
2.7 at the rate of 4.5% per annum, times (b) the number of days in the period commencing on the borrowing date for such
Incremental Loan and ending on the Maturity Date.

 

“Appraised Value”
means the fair market value of the Property set forth in the Closing Appraisal or any subsequent real estate appraisal requested
by the Administrative Agent (it being understood and agreed that any such subsequent appraisal shall be conducted by an appraiser
having the qualifications, and in accordance with the standards, policies and guidelines, specified in Section 4.1(i).

 

“Approved Joint
Venture” means any joint venture organized for the purpose of developing the Property, in which the Limited Guarantor
is a partner or joint venturer and which has been consented to by the Administrative Agent (it being understood and agreed that
the Administrative Agent shall review promptly and in good faith and reasonably consider any joint venture documents and information
presented to it by the Loan Parties but shall have no obligation to consent to any such joint venture).

 

“Assignment
and Assumption” means an agreement in the form of Exhibit B hereto.

 

“Assignment
of Leases and Rents” has the meaning assigned to such term in Section 4.1(e).

 

“Assignee”
has the meaning assigned to such term in Section 9.12(a).

 

“Assignor”
has the meaning assigned to such term in Section 9.12(a).

 

“Automatic Debit
Account” has the meaning assigned to such term in Section 5.10(a).

 

“Bankruptcy
Case” means, collectively, cases of Syms Corp, Filene’s Basement, LLC and all other debtors that were filed on
November 2, 2011, in the Bankruptcy Court under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court, and which are jointly
administered under Case No. 11-13511 (KJC).

 

    	2

    	 

    

 

“Bankruptcy
Code” means the United States Bankruptcy Code, being Title 11 of the United States Code as enacted in 1978, 11 U.S.C.
§§101 et seq, as the same has heretofore been or may hereafter be amended, recodified, modified or supplemented,
together with all rules, regulations and interpretations thereunder or related thereto.

 

“Bankruptcy
Court” means the United States Bankruptcy Court for the District of Delaware or any other court that has jurisdiction
over the Bankruptcy Case.

 

“Bankruptcy
Rules” shall mean the Federal Rules of Bankruptcy Procedure, as the same may from time to time be in effect and applicable
to the Chapter 11 Cases.

 

“Basel III”
means the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by
the Basel Committee on Banking Supervision in June 2004 in the form existing on the Effective Date.

 

“Blocked Account”
and “Blocked Accounts” have the respective meanings assigned to such terms in Section 5.10(b).

 

“Borrowing”
means a borrowing consisting of simultaneous Loans made by each of the Lenders pursuant to Section 2.1.

 

“Business Day”
means any day other than Saturday, Sunday or any other day on which commercial banks in the State of New York are authorized or
required to close under the laws of such State.

 

“Capitalized
Lease” means any lease, the obligations to pay rent or other amounts under which constitute Capitalized Lease Obligations.

 

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

 

“Cash”
means, as to any Person, such Person’s cash and cash equivalents, as defined in accordance with GAAP consistently applied.

 

“CERCLA”
means the Comprehensive Environmental Response Compensation and Liability Act of 1980, 42 U.S.C. §9601, et seq.

 

“Change in Control”
means failure on the part of the Limited Guarantor to own, beneficially and of record, at least 75% of the equity interests in
the Borrower having ordinary voting power for the election of directors or managing members; provided, however, that
any such failure that results from the entry by the Limited Guarantor into an Approved Joint Venture shall not constitute a Change
in Control.

 

    	3

    	 

    

 

“Closing Appraisal”
has the meaning assigned to such term in Section 4.1(i).

 

“Code”
means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder, as amended, modified, succeeded or
replaced from time to time.

 

“Collateral”
means all assets of the Borrower which secure the Obligations from time to time, including the Property, as such term is defined
in the Mortgage.

 

“Commitment”
means, as to each Lender, the obligation of such Lender to make Loans pursuant to Section 2.1.

 

“Commitment
Amount” means, as to each Lender, the amount of such Lender’s Commitment. The initial Commitment Amount of each
Lender is set forth opposite such Lender’s name on Schedule 1.1 hereto under the caption “Commitment Amount”,
or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. Such Commitment
Amounts may be (a) increased from time to time pursuant to Section 2.16 and (b) reduced or increased from time to time pursuant
to assignments by or to such Lender pursuant to Section 9.12.

 

“Confirmation
Order” means the order dated August 30, 2012, entered by the Bankruptcy Court, confirming the Confirmed Plan.

 

“Confirmed Plan”
means the Modified Second Amended Joint Chapter 11 Plan of Reorganization of Syms Corp. and Its Subsidiaries, as approved and confirmed
by the Confirmation Order.

 

“Consent Order”
means a final and non-appealable order entered by the Bankruptcy Court in form and substance reasonably satisfactory to the Administrative
Agent, approving this Loan Agreement, the other Loan Documents and the transactions contemplated hereby and thereby. Attached as
Exhibit C is a form of Consent Order satisfactory to the Administrative Agent.

 

“Contract Rate”
has the meaning assigned to such term in Section 2.4(a).

 

“Controlled
Group” means all members of a controlled group of corporations and all trades or businesses (whether or not incorporated)
under common control which, together with the Borrower, are treated as a single employer under Section 414(b), 414(c) or 414(m)
of the Code and Section 4001(a)(2) of ERISA.

 

“Default”
means an event which with notice or lapse of time, or both, would constitute an Event of Default.

 

    	4

    	 

    

 

“Defaulting
Lender” means subject to Section 2.17, any Lender that (a)
has failed to perform any of its funding obligations
hereunder, including
in respect of its Loans, within three (3) Business
Days of the date required to be funded by
it hereunder, unless the subject of a good
faith dispute, (b) has notified the Borrower
or the Administrative Agent in writing that it does not intend to comply
with its funding obligations
or has made a public statement to that effect with
respect to its funding
obligations hereunder or
under other agreements generally
in which it commits to extend credit,
(c) has failed, within
three (3) Business Days
after written request by the Administrative Agent,
to confirm in writing to the Administrative Agent that it will comply with its
funding obligations hereunder (provided that such Lender
shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative
Agent), or (d) has,
or has a direct or indirect parent company that
has, (i) become the subject
of a bankruptcy or insolvency proceeding or any similar
proceeding under any applicable Laws,
or (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian,
appointed for it, or 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 Lender shall
not be a Defaulting Lender solely
by virtue of the ownership or acquisition
of any equity interest
in that Lender or any direct or
indirect parent company thereof by a Governmental
Authority; it being understood
that if a Lender has been turned over to
the Federal Deposit Insurance Corporation (or a similar
regulatory entity)
for the purpose of sale
or liquidation it shall be a
Defaulting Lender.

 

“Disposition”
means the sale, lease, conveyance, transfer or other disposition of the Property (whether in one or a series of transactions),
including accounts and notes receivable (with or without recourse) and sale-leaseback transactions.

 

“Disputed Claim”
has the meaning assigned to such term in the Confirmed Plan.

 

“Effective Date”
means the date on which the conditions specified in Section 4.1 are satisfied (or waived in accordance with Section 9.5).

 

“Eligible Assignee”
means any of (a) a commercial bank organized under the laws of the United States or any state thereof and having (x) total assets
in excess of $2,000,000,000 and (y) a combined capital and surplus of at least $200,000,000; (b) a branch or agency licensed under
the laws of the United States or any state thereof of a commercial bank organized under the laws of any country that is a member
of the Organization for Economic Cooperation and Development, or a political subdivision of any such country, and having (x) total
assets in excess of $2,000,000,000 and (y) a combined capital and surplus of at least $200,000,000; (c) a life insurance company
organized under the Laws of any state of the United States and having admitted assets of at least $2,000,000,000; (d) a nationally
recognized investment banking company or other financial institution in the business of making loans, or an Affiliate thereof organized
under the Laws of any state of the United States, and licensed or qualified to conduct such business under the Laws of any such
state and having (1) total assets of at least $2,000,0000,000 and (2) a net worth of at least $200,000,000; (e) any Lender, or
(f) an Affiliate of any Lender; provided, however, that none of the foregoing entities shall be or be deemed to be
an Eligible Assignee if such entity’s primary business is the investment in distressed debt or securities; and provided,
further, however, that (x) no Lender that is or at any time was a Defaulting Lender, nor any Affiliate of such Defaulting
Lender, nor a Person who, upon becoming a Lender hereunder would constitute a Defaulting Lender, shall be an Eligible Assignee,
unless consented to in writing by the Borrower and the Administrative Agent, and (y) no Loan Party, and no Affiliate of a Loan
Party, shall qualify as an Eligible Assignee.

 

    	5

    	 

    

 

“Employee Benefit
Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA which is subject to ERISA and (a) is
maintained for employees of the Borrower or (b) with respect to which any Loan Party has any liability.

 

“Environmental
Costs”: any and all actual, out of pocket costs or expenses (including, without limitation, reasonable attorneys’
and consultants’ fees, investigation and laboratory fees, response costs, court costs and litigation expenses) of whatever
kind or nature, known or unknown, contingent or otherwise, arising out of, or in any way relating to any violation of, noncompliance
with or liability under any Environmental Laws and Regulations or any orders, requirements, demands, or investigations of any Person
related to any Environmental Laws and Regulations. Environmental Costs include any and all of the foregoing, without regard to
whether they arise out of or are related to any past, pending or threatened proceeding of any kind.

 

“Environmental
Laws and Regulations” means all federal, state and local environmental laws, regulations, ordinances, orders, judgments
and decrees applicable to the Borrower or any other Loan Party, or any of their respective assets or properties.

 

“Environmental
Liability” means any liability under any applicable Environmental Laws and Regulations for any disposal, release or threatened
release of a hazardous substance, pollutant or contaminant, as those terms are defined under CERCLA, and any liability which would
require a removal, remedial or response action, as those terms are defined under CERCLA, by any Person or by any environmental
regulatory body having jurisdiction over the Borrower and its Subsidiaries and/or any liability arising under any Environmental
Laws and Regulations for the Borrower’s or any Subsidiary’s failure to comply with such laws and regulations, including
without limitation, the failure to comply with or obtain any applicable environmental permit.

 

“Environmental
Proceeding” means any judgment, action, proceeding or investigation pending before any court or Governmental Authority,
with respect to the Borrower or any Subsidiary and arising under or relating to any Environmental Laws and Regulations.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as it may be amended from time to time, and the regulations promulgated
thereunder.

 

“ERISA Affiliate”
means any corporation, person or trade or business which is a member of a group which is under common control with the Borrower,
who together with the Borrower, is treated as a single employer within the meaning of Section 414(b) – (o) of the Code and,
if applicable, Section 4001(a)(14) and (b) of ERISA.

 

    	6

    	 

    

 

“Event of Default”
has the meaning assigned to such term in Article 8.

 

“Executive Orders”
has the meaning assigned to such term in Section 9.15(b).

 

“Exposure”
means, with respect to any Lender as of any date the outstanding principal balance of such Lender’s Loans.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement and any current or future regulations or official
interpretations thereof.

 

“Federal Funds
Rate” means, for any day, the weighted average of the rates on overnight federal funds transactions with member banks
of the Federal Reserve System arranged by federal funds brokers as published by the Federal Reserve Bank of New York for such day,
or if such day is not a Business Day, for the next preceding Business Day (or, if such rate is not so published for any such day,
the average rate charged to the Person serving as the Administrative Agent on such day on such transactions as reasonably determined
by the Administrative Agent).

 

“Fee”
and “Fees” have the respective meanings assigned to such terms in Section 2.5(c).

 

“Financial Statements”
means the annual audited financial statements of the Limited Guarantor for its fiscal year ended March 1, 2014 that are part of
its filing on Form 10-K for such fiscal year and the quarterly unaudited financial statements of the Limited Guarantor for its
fiscal quarters ended May 31, 2014 and August 30, 2014 that are part of its filings on Form 10-Q for such fiscal quarters.

 

“GAAP”
means generally accepted accounting principles in the United States of America in effect from time to time.

 

“Governmental
Approval” means an authorization, consent, approval, permit or license issued by, or a registration, qualification or
filing with, any Governmental Authority.

 

“Governmental
Authority” means any nation and any state or political subdivision thereof and any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government and any tribunal or arbitrator of competent jurisdiction
..

 

“Hazardous Materials”
means any toxic chemical, hazardous substances, contaminants or pollutants, medical wastes, infectious wastes, or hazardous wastes
which have not been remediated in accordance with applicable Environmental Laws and Regulations.

 

“IDB”
means Israel Discount Bank of New York.

 

    	7

    	 

    

 

“Increase Request”
has the meaning assigned to such term in Section 2.16.

 

“Incremental
Commitment” has the meaning assigned to such term in Section 2.16.

 

“Incremental
Commitment Effective Date” has the meaning assigned to such term in Section 2.1(b).

 

“Incremental
Lender” has the meaning assigned to such term in Section 2.16.

 

“Incremental
Loan” has the meaning assigned to such term in Section 2.16.

 

“Indebtedness”
means, with respect to any Person, all: (a) liabilities or obligations, direct and contingent, which in accordance with GAAP
would be included in determining total liabilities as shown on the liability side of a balance sheet of such Person at the date
as of which Indebtedness is to be determined, including, without limitation, contingent liabilities that in accordance with such
principles, would be set forth in a specific U.S. Dollar amount on the liability side of such balance sheet, and Capitalized Lease
Obligations of such Person; (b) liabilities or obligations of others for which such Person is directly or indirectly liable, by
way of guaranty (whether by direct guaranty, suretyship, discount, endorsement, take-or-pay agreement, agreement to purchase or
advance or keep in funds or other agreement having the effect of a guaranty) or otherwise; (c) liabilities or obligations secured
by Liens on any assets of such Person, whether or not such liabilities or obligations shall have been assumed by it; (d) liabilities
or obligations of such Person, direct or contingent, with respect to letters of credit issued for the account or upon the application
of such Person and bankers acceptances created for such Person, and (e) monetary obligations of such Person under a so-called synthetic
lease, off-balance sheet or tax retention lease or under an agreement for the use or possession of property creating obligations
that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized
as the indebtedness of such Person (without regard to accounting treatment).

 

“Initial Lender”
means Sterling or IDB; and “Initial Lenders” means Sterling and IDB, collectively.

 

“Initial Loan”
and “Initial Loans” have the respective meanings assigned to such terms in Section 2.1.

 

“Interest Rate
Contracts” means interest rate swap agreements, interest rate cap agreements, interest rate collar agreements, interest
rate insurance and other agreements or arrangements designed to provide protection against fluctuation in interest rates.

 

    	8

    	 

    

 

“Investment”
means, with respect to any Person, (i) the purchase or acquisition by such Person of any equity interest, evidence of indebtedness
or other security issued by any other Person, or any binding obligation or option by such Person to make such purchase or acquisition,
(ii) any loan, advance, or extension of credit by such Person to, or contribution by such Person to the capital of, any other Person,
or (iii) any purchase by such Person of all or any integral part of the business of any other Person or assets comprising such
business or part thereof, or any binding obligation or option by such Person to make such purchase; provided, however,
that the term “Investment” shall not include (a) current trade and customer accounts receivable for services rendered
in the ordinary course of business and payable in accordance with customary trade terms and other investments in accounts, contract
rights and chattel paper arising or acquired in the ordinary course of business or (b) stock or other securities acquired by such
Person in connection with the satisfaction or enforcement of debts or claims due or owing to such Person or as security for any
such debts or claims, provided that such debts or claims were not created for the purpose or with a view to the acquisition of
such stock or other securities.

 

“Latest Balance
Sheet” has the meaning assigned to such term in Section 3.8.

 

“Laws”
means all applicable provisions of all (a) constitutions, treaties, statutes, laws, rules, regulations, codes and ordinances of
any Governmental Authority, (b) Governmental Approvals and (c) orders, decisions, judgments, awards and decrees of any Governmental
Authority.

 

“Lender(s)”
has the meaning specified in the introductory paragraph hereto and shall include Incremental Lenders.

 

“Lending Office”
means, with respect to each Lender, the Lending Office designated below its name on the signature pages hereof or such other office
of such Lender or of an affiliate of such Lender as it may from time to time specify to the Administrative Agent and the Borrower
as the office at which its Loans are to be made and maintained.

 

“Lien”
means any mortgage, deed of trust, pledge, security interest, encumbrance, lien, claim or charge of any kind (including any agreement
to give any of the foregoing), any conditional sale or other title retention agreement, any lease in the nature of any of the foregoing,
and the filing of or agreement to give any financing statement under the Uniform Commercial Code of any jurisdiction.

 

“Limited Guarantee”
has the meaning assigned to such term in Section 4.1(c).

 

“Limited Guarantor”
means Trinity Place Holdings, Inc., a Delaware corporation.

 

“Loan”
means an Initial Loan or an Incremental Loan, as the context may require; and “Loans” means the Initial Loans
and the Incremental Loans, collectively.

 

“Loan Documents”
means this Agreement, the Notes, and all other instruments, documents and agreements executed and delivered by the Borrower or
the Limited Guarantor in connection herewith or therewith, including all amendments, modifications and supplements of or to all
such instruments, documents and agreements.

 

“Loan Party”
means the Borrower, and the Limited Guarantor.

 

    	9

    	 

    

 

“Material Adverse
Effect” means any of the following: (a) a material adverse effect on the business, operation, property or financial condition
of the Borrower or the Limited Guarantor or (b) a material adverse effect on the ability of the Borrower or the Limited Guarantor
to perform its obligations under this Agreement, the Notes or the other Loan Documents.

 

“Material Amount”
means (a) with respect to the Borrower, $1,000,000 and (b) with respect to the Limited Guarantor, an amount equal to twenty percent
(20%) of the aggregate fair market value of the assets of the Limited Guarantor.

 

“Material Indebtedness”
means (a) with respect to the Borrower, Indebtedness of the Borrower, or obligations of the Borrower in respect of one or more
Interest Rate Contracts, exceeding in aggregate principal amount the sum of $1,000,000 and (b) with respect to the Limited Guarantor,
Indebtedness of the Limited Guarantor, or obligations of the Limited Guarantor in respect of one or more Interest Rate Contracts,
exceeding in the aggregate twenty percent (20%) of the aggregate fair market value of the assets of the Limited Guarantor. For
purposes of determining Material Indebtedness, the “principal amount” of the obligations of any Loan Party in respect
of any Interest Rate Contract at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that
such Loan Party would be required to pay if such Interest Rate Contract were terminated at such time.

 

“Maturity Date”
means January __, 2017, or any later date established in accordance with Section 2.15.

 

“Mortgage”
has the meaning assigned to such term in Section 4.1(d).

 

“Multiemployer
Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Loan Party or any
ERISA Affiliate is making, or is accruing an obligation to make, contributions or has made, or been obligated to make, contributions
within the preceding six (6) years.

 

“Non-Consenting
Lender” has the meaning assigned to such term in Section 9.5(b).

 

“Note”
means a Promissory Note made by the Borrower, in substantially the form of Exhibit A, payable to the order of a Lender, evidencing
the obligation of the Borrower to repay the Loans made by such Lender, and includes any Note issued in exchange or substitution
therefor.

 

“Obligations”
means, collectively, all of the indebtedness, liabilities and obligations of the Borrower to the Lenders and the Administrative
Agent, whether now existing or hereafter arising, whether or not currently contemplated, including, without limitation, those arising
under the Loan Documents and under any Interest Rate Contract to which a Lender or any Affiliate of a Lender is a party.

 

    	10

    	 

    

 

“OFAC”
has the meaning assigned to such term in Section 9.15(b).

 

“Origination
Fee” has the meaning assigned to such term in Section 2.5(a).

 

“Participant”
has the meaning assigned to such term Section 9.12(e).

 

“Payor”
has the meaning assigned to such term in Section 2.13.

 

“PBGC”
means Pension Benefit Guaranty Corporation.

 

“Permitted Indebtedness”
has the meaning assigned to such term in Section 6.1.

 

“Permitted Liens”
means, as to any Person: (a) pledges or deposits by such Person under workers’ compensation laws, unemployment insurance
laws, social security laws, or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than
for the payment of Indebtedness of such Person), or leases to which such Person is a party, or deposits to secure public or statutory
obligations of such Person or deposits of Cash or United States Government Bonds to secure surety, appeal, performance or other
similar bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment
of rent; (b) Liens imposed by law, such as carriers’, warehousemen’s, materialmen’s and mechanics’ liens,
or Liens arising out of judgments or awards against such Person that are being Properly Contested; (c) Liens for taxes not yet
subject to penalties for non-payment and Liens for taxes the payment of which is being Properly Contested; (d) minor survey exceptions,
minor encumbrances, easements or reservations of, or rights of, others for rights of way, highways and railroad crossings, sewers,
electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real
properties; and (e) Liens incidental to the conduct of the business of such Person or to the ownership of such Person’s property
that were not incurred in connection with Indebtedness of such Person, all of which Liens referred to in this clause (e) do not
in the aggregate materially impair the value of the properties to which they relate or materially impair their use in the operation
of the business taken as a whole of such Person, and as to all the foregoing only to the extent arising and continuing in the ordinary
course of business.

 

“Person”
means an individual, a corporation, a limited liability company, a partnership, a joint venture, a trust or unincorporated organization,
a joint stock company or other similar organization, a government or any political subdivision thereof, a court, or any other legal
entity, whether acting in an individual, fiduciary or other capacity.

 

“Plan”
means at any time an employee pension benefit plan that is covered by Title IV of ERISA or subject to the minimum funding standards
under Section 412 of the Code and is either: (a) maintained by the Borrower or any member of the Controlled Group for employees
of the Borrower, or by the Borrower for any other member of the Controlled Group, or (b) maintained pursuant to a collective bargaining
agreement or any other arrangement under which more than one employer makes contributions and to which the Borrower or any member
of the Controlled Group is then making or accruing an obligation to make contributions or has within the preceding five plan years
made contributions.

 

    	11

    	 

    

 

“Post-Default
Rate” means (a) in respect of any Loans, a rate per annum equal to 4% plus the otherwise applicable rate of interest
thereon and (b) in respect of other amounts payable by the Borrower hereunder (other than interest), a rate per annum equal to
4% plus the otherwise applicable rate of interest from time to time on Loans at the time of the Event of Default that resulted
in the Post-Default Rate being instituted.

 

“Principal Office”
means the principal office of the Administrative Agent presently located at 400 Rella Boulevard, Montebello, New York 10901.

 

“Pro Rata Share”
means, as of any date and with respect to each Lender, the percentage equal to a fraction (a) the numerator of which is such Lender’s
Commitment Amount on such date and (b) the denominator of which is the Total Commitment Amount on such date. If the Commitments
have terminated or expired, the Lenders’ respective Pro Rata Shares shall be determined based upon the Commitment Amounts
most recently in effect, giving effect to any assignments of Loans that occur after such termination or expiration and to any Lender’s
status as a Defaulting Lender at the time of determination. The initial Pro Rata Share of each Lender is set forth opposite the
name of such Lender on Schedule 1.1 hereto or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto,
as applicable.

 

“Properly Contested”
has the meaning assigned to such term in Section 5.2.

 

“Property”
means the properties commonly known as 38-42 Trinity Place and 67 Greenwich Street, New York, New York 10006 and the Air Rights,
all as more fully described in the Mortgage.

 

“Register”
has the meaning assigned to such term in Section 9.12(b).

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees
and advisors of such Person and of such Person’s Affiliates.

 

“Required Lenders”
means, as of any date of determination, any combination of two (2) or more Lenders holding more than 66-2/3% of the aggregate outstanding
principal amount of the Loans or, if no Loans are then outstanding, the Total Commitment Amount. The Commitment of, and the outstanding
principal amount of Loans held by, any Lender that is, as of such date of determination, a Defaulting Lender shall be excluded
for purposes of making a determination of Required Lenders as provided in Section 2.17(a).

 

“Required Payment”
has the meaning assigned to such term in Section 2.13.

 

“Required Reserve”
has the meaning assigned to such term in Section 5.10(b).

 

    	12

    	 

    

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, joint venture or other entity, whether now existing or hereafter
organized or acquired: (a) in the case of a corporation, of which a majority of the securities having ordinary voting power for
the election of directors (other than securities having such power only by reason of the happening of a contingency) are at the
time owned by such Person and/or one or more Subsidiaries of such Person, (b) in the case of a partnership, limited liability company
or other entity, in which such Person is a general partner or a managing member or of which a majority of the partnership, membership
or other equity interests are at the time owned by such Person and/or one or more of its Subsidiaries, or (c) in the case of a
joint venture, in which such Person is a joint venturer and of which a majority of the ownership interests are at the time owned
by such Person and/or one or more of its Subsidiaries. Unless the context otherwise requires, references in this Agreement to “Subsidiary”
or “Subsidiaries” shall be deemed to be references to a Subsidiary or Subsidiaries of the Borrower.

 

“Tax Service
Fee” has the meaning assigned to such term in Section 2.5(b).

 

“Title Policy”
has the meaning assigned to such term in Section 4.1(f).

 

“Total Exposure”
means, at any time, the outstanding principal balance of all Loans made by the Lenders hereunder.

 

“Total Commitment
Amount” means the aggregate Commitment Amount of all the Lenders, which initially shall be $40,000,000 and may be increased
to up to $50,000,000 pursuant to Section 2.16 hereof.

 

“USA Patriot
Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as amended.

 

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

 

“WSJ Prime Rate”
means the rate published from time to time by the Wall Street Journal as the U.S. Prime Rate, or, in the event that the Wall Street
Journal ceases publication of prime rates, the base, reference or other rate then designated by the Administrative Agent, in its
sole discretion, for other commercial loans that prior to such cessation accrued interest at a rate that was based upon the WSJ
Prime Rate, it being understood that such rate is a reference rate, not necessarily the lowest, established from time to time,
which serves as the basis upon which effective interest rates are calculated for loans making reference thereto. The effective
interest rate applicable to the Loans shall change on the date of each change in the WSJ Prime Rate.

 

Section
1.2           Other Definitional Provisions.

 

(a)          Unless
otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in any other Loan Document
or any certificate or other document made or delivered pursuant hereto or thereto.

 

    	13

    	 

    

 

(b)          As
used herein, in the other Loan Documents, and in any certificate or other documents made or delivered pursuant hereto or thereto,
accounting terms which are not defined in Section 1.1 and accounting terms which are partly defined in Section 1.1, to the extent
not defined, shall have the respective meanings given to them under GAAP.

 

(c)          The
words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement; references to Articles, Sections,
Schedules and Exhibits are references to Articles and Sections of, and Schedules and Exhibits to, this Agreement unless otherwise
specified; and the words “this Agreement” refer to this Loan Agreement, together with all schedules and exhibits hereto,
as amended, restated, supplemented or otherwise modified from time to time.

 

(d)          Unless
otherwise expressly specified herein, defined terms denoting the singular number shall, when in the plural form, denote the plural
number of the matter or item to which such defined terms refer, and vice-versa. Words of the neuter gender mean and include correlative
words of the masculine and feminine gender.

 

(e)          The
Table of Contents and Article, Section, Schedule and Exhibit headings used in this Agreement are for convenience only and shall
not affect the construction or meaning of any provisions of this Agreement.

 

(f)          Except
as otherwise specified herein, all references herein (i) to any Person shall be deemed to include such Person’s successors
and assigns, (ii) to any Law defined or referred to herein shall be deemed references to such Law or any successor Law as the same
may have been or may be amended or supplemented from time to time, and (iii) to any Loan Document or other document or agreement
defined or referred to herein shall be deemed to refer to such Loan Document or other document or agreement (and, in the case of
any Note or any other instrument, any instrument issued in substitution therefor) as the terms thereof may have been or may be
amended, restated, supplemented or otherwise modified from time to time.

 

(g)          Unless
otherwise specified, all references to times of day shall be to New York, New York times.

 

(h)          Unless
otherwise specified, the term “including”, whenever used in this Agreement or any other Loan Document, shall be deemed
to mean “including without limitation”.

 

(i)          All
agreements, representations and warranties made herein shall survive the delivery of this Agreement and the Notes.

 

    	14

    	 

    

 

ARTICLE II

COMMITMENTS; LOANS.

 

Section
2.1           Borrowing.

 

(a)          Each
Lender hereby severally agrees, on the terms and subject to the conditions of this Agreement, to make a Loan (individually an “Initial
Loan” and, collectively, the “Initial Loans”) to the Borrower on the Effective Date in a principal
amount equal to such Lender’s Commitment Amount set forth on Schedule 1.1 on such date.

 

(b)          In
addition, in the event that one or more Incremental Commitments are established pursuant to Section 2.16, each Incremental Lender
hereby severally agrees, on the terms and subject to the conditions of this Agreement, to make an Incremental Loan to the Borrower
on the effective date of each such Incremental Commitment (the “Incremental Commitment Effective Date”), in
a principal amount equal to such Incremental Commitment.

 

The Borrower shall borrow
the Initial Loans in a single borrowing on the Effective Date and any Incremental Loans in a single borrowing on the Incremental
Commitment Effective Date applicable thereto. The Lenders’ respective Initial Commitments shall terminate at the close of
business on the Effective Date and their Incremental Commitments shall terminate at the close of business on the Incremental Commitment
Effective Date. All Loan proceeds shall be disbursed to the Borrower by depositing the amount thereof in an account of the Borrower
designated by the Borrower and maintained with the Administrative Agent. Amounts repaid or prepaid in respect of the principal
of any Loans may not be reborrowed.

 

Section
2.2           Evidence of Loans.

 

(a)          The
Loan made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative
Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall
be conclusive absent manifest error of the amount of the Loans made by the Lenders to the Borrower and the interest accrued and
payments made thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation
of the 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 the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts
and records of the Administrative Agent shall control in the absence of manifest error.

 

(b)          The
Borrower shall execute and deliver Notes to the Lenders (through the Administrative Agent), which Notes shall evidence the Lenders’
respective Loans in addition to the accounts and records specified above.

 

Section
2.3           Repayment and Prepayment of Loans.

 

(a)          The
Loans shall be interest-only until the Maturity Date. The principal amount of the Loans then outstanding shall be paid in full
on the Maturity Date (as it may be extended pursuant to Section 2.15).

 

(b)          The
Borrower shall have the right to prepay the Loans at any time, in whole or in part, without premium or penalty, in the minimum
amounts specified in Section 2.8.

 

    	15

    	 

    

 

(c)          To
the extent the Administrative Agent or any Lender receives payment of any amount under the Loan Documents, whether by way of payment
by the Borrower, set-off or otherwise, which payment is subsequently invalidated, declared to be fraudulent or preferential, set
aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, other law or equitable cause,
in whole or in part, then, to the extent of such payment received, the Obligations or part thereof intended to be satisfied thereby
shall be revived and shall continue in full force and effect.

 

Section
2.4           Interest.

 

(a)          The
Borrower shall pay to the Administrative Agent for the account of each Lender interest on the unpaid principal amount of the Loan
made by such Lender for the period commencing on the date such Loan is made until it is paid in full, at a rate per annum equal
to the greater of (i) the WSJ Prime Rate plus one and a quarter percent (1.25%) or (ii) four and a half percent (4.5%) (the “Contract
Rate”); provided, however, that the Contract Rate shall be automatically increased by one and a half percent
(1.5%) per annum during any period in which the Borrower does not maintain available credit balances in its deposit accounts with
the Administrative Agent (other than the Blocked Account) sufficient to make payments then due hereunder and under the other Loan
Documents.

 

(b)          Notwithstanding
the foregoing, after the occurrence and during the continuance of an Event of Default, the Borrower shall pay interest on the Loans,
and on any other amounts payable by the Borrower hereunder or under any other Loan Documents, after as well as before judgment,
at the applicable Post-Default Rate.

 

(c)          Interest
accrued on the Loans shall be payable monthly in arrears on the first day of each month (commencing with ____________, 2015) and
upon any payment or prepayment of the Loans (but only on the principal amount so paid or prepaid); provided, however,
that interest that is payable at the Post-Default Rate shall be payable from time to time on demand of the Administrative Agent
in accordance with the terms hereof.

 

(d)          Each
payment of interest shall be debited on the due date thereof from the Borrower’s operating account with the Administrative
Agent, or, if sufficient funds are unavailable in such account on such day, from any other account of the Borrower maintained with
the Administrative Agent.

 

(e)          If
the Administrative Agent has not received the full amount of any payment (other than a principal payment) within seven (7) days
after its due date, the Borrower shall pay a late fee to the Administrative Agent for the ratable benefit of the Lenders in an
amount equal to three percent (3%) of the overdue payment. The Borrower will pay the late fee promptly but only once with respect
to each late payment.

 

    	16

    	 

    

 

(f)          Anything
in this Agreement or any of the Notes to the contrary notwithstanding, the obligation of the Borrower to make payments of interest
shall be subject to the limitation that payments of interest shall not be required to be made to any Lender to the extent that
such Lender’s receipt thereof would not be permissible under the law or laws applicable to such Lender limiting rates of
interest that may be charged or collected by such Lender. Any such payments of interest that are not made as a result of the limitation
referred to in the preceding sentence shall be made by the Borrower to such Lender on the earliest interest payment date or dates
on which the receipt thereof would be permissible under the laws applicable to such Lender limiting rates of interest that may
be charged or collected by such Lender. Such deferred interest shall not bear interest.

 

Section
2.5           Fees.

 

(a)          The
Borrower shall pay to the Administrative Agent for the ratable benefit of the Lenders, on the Effective Date, a one-time fee (the
“Origination Fee”) in the amount of Two Hundred Thousand Dollars and 00/100 ($200,000.00). The Origination Fee
shall be deemed earned when paid and shall not be refundable.

 

(b)          The
Borrower shall pay to the Administrative Agent for its own account, on the Effective Date, a one-time tax service fee (the “Tax
Service Fee”), in the amount of Four Hundred Twenty Dollars and 00/100 ($420.00).

 

(c)          The
Origination Fee and the Tax Service Fee are hereinafter sometimes referred to individually as a “Fee” and collectively
as the “Fees”.

 

Section
2.6           Use of Proceeds.

 

The proceeds of the Loans
may be used by the Borrower solely as follows: (a) to declare or pay dividends or distributions of any kind on its outstanding
stock or membership interests to Limited Guarantor, which proceeds shall be used by Limited Guarantor solely to satisfy Allowed
Claims pursuant to the Confirmed Plan, the Confirmation Order and the Consent Order or for such other purposes as provided by the
Confirmed Plan, the Confirmation Order and the Consent Order, and (b) after the payment of such Allowed Claims and/or the establishment
of reserves for the potential future payment of any Disputed Claims as required by the Confirmed Plan, the Confirmation Order or
the Consent Order, for such other lawful purposes as the Borrower may elect; provided, however, that no Loan proceeds
may be used to construct any improvements on or make any alterations to the Property.

 

Section
2.7           Computations.

 

Interest and Fees shall
be computed on the basis of a year of 360 days and actual days elapsed (including the first day but excluding the last) occurring
in the period for which payable.

 

    	17

    	 

    

 

Section
2.8           Minimum Amounts of Borrowings and Repayments.

 

All borrowings shall
exhaust the full remaining amount of the Commitments: (i) Borrowings made pursuant to Section 2.1(a) shall exhaust the Total Commitment
Amount as in effect on such date and (ii) in the event of the establishment of one or more Incremental Commitments as provided
in Section 2.16, the Borrower may borrow, on the relevant Incremental Commitment Effective Date, an amount equal to the full amount
of such Incremental Commitment. Except for prepayments that result in the repayment in full of the Loans, each prepayment of principal
of Loans hereunder shall be in a minimum amount of $1,000,000 and, if in excess thereof, in integral multiples of $100,000.

 

Section
2.9           Time and Method of Payments.

 

All payments of principal,
interest and other amounts (including indemnities) payable by the Borrower hereunder shall be made in Dollars, in immediately available
funds, to the Administrative Agent at the Principal Office not later than 1:00 p.m. on the date on which such payment shall become
due (and the Administrative Agent or any Lender for whose account any such payment is to be made may, but shall not be obligated
to, debit the amount of any such payment that is not made by such time to any ordinary deposit account of the Borrower with the
Administrative Agent or such Lender, as the case may be). Each payment received by the Administrative Agent hereunder for the account
of a Lender shall be paid promptly to such Lender, in like funds, for the account of such Lender’s Lending Office for application
in respect of which such payment is made.

 

Section
2.10         Lending Offices.

 

The Loans made by each
Lender shall be made and maintained at such Lender’s applicable Lending Office.

 

Section
2.11         Several Obligations.

 

The failure of any Lender
to make any Loan to be made by it on the date specified therefor shall not relieve the other Lenders of their respective obligations
to make their Loans on such date, but no Lender shall be responsible for the failure of the other Lenders to make Loans to be made
by such other Lenders.

 

Section
2.12         Pro Rata Treatment Among Lenders.

 

Except as otherwise provided
herein: (a) each borrowing of Loans under Section 2.1 will be made from the Lenders, and each payment of Fees (other than
the Tax Service Fee, which shall be paid to and for the benefit of the Administrative Agent) shall be made for the account of the
Lenders, pro rata according to their respective Pro Rata Shares and (b) each payment, repayment and prepayment of principal
of or interest on the Loans will be made to the Administrative Agent for the account of the Lenders pro rata in accordance with
the respective unpaid principal amounts of the Loans held by such Lenders.

 

    	18

    	 

    

 

Section
2.13         Non-Receipt of Funds by the Administrative Agent.

 

Unless the Administrative
Agent shall have received notice from a Lender or the Borrower (in such capacity, the “Payor”) prior to the
date on which such Lender is to make payment to the Administrative Agent of the proceeds of a Loan to be made by it hereunder or
the Borrower is to make a payment to the Administrative Agent for the account of one or more of the Lenders, as the case may be
(such payment being herein called the “Required Payment”), which notice shall be effective upon receipt, that
the Payor does not intend to make the Required Payment to the Administrative Agent, the Administrative Agent may assume that the
Required Payment has been made and may, in reliance upon such assumption (but shall not be required to), make the amount thereof
available to the intended recipient on such date and, if the Payor has not in fact made the Required Payment to the Administrative
Agent, the recipient of such payment shall, on demand, repay to the Administrative Agent the amount made available to it together
with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the
Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (i) when the recipient
is a Lender, the Federal Funds Rate for such day, or (ii) when the recipient is the Borrower, the rate of interest applicable to
such Loan.

 

Section
2.14         Sharing of Payments and Set-Off Among Lenders.

 

The Borrower hereby
agrees that, in addition to (and without limitation of) any right of setoff, banker’s lien or counterclaim a Lender may
otherwise have, each Lender shall be entitled, at its option, to offset balances held by it at any of its offices against any
principal of or interest on any of its Loans hereunder or any fee or other amount payable to it, that is not paid when due and
with respect to which all applicable grace periods have lapsed (regardless of whether such balances are then due the Borrower),
in which case it shall promptly notify the Borrower and the Administrative Agent thereof, provided that its
failure to give such notice shall not affect the validity thereof. If other than as expressly provided elsewhere herein, any Lender
shall obtain on account of its Loans, any payment (whether voluntary, involuntary, through the exercise of any right of set-off,
banker’s lien, counterclaim or otherwise) of principal or interest in excess of its ratable share (or other share contemplated
hereunder) thereof, such Lender shall immediately (a) notify the Administrative Agent of such fact, and (b) purchase from the
other Lenders such participations in their Loans as shall be necessary to cause such purchasing Lender to share the excess payment
in respect of its Loans or such participations, as the case may be, pro rata with each of them. To such end all the Lenders shall
make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded
or must otherwise be restored. The Borrower agrees that any Lender so purchasing a participation in the Loans held by the other
Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights with respect to such participation
as fully as if such Lender were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require
any Lender to exercise any such right or shall affect the right of any Lender to exercise and retain the benefits of exercising,
any such right with respect to any other indebtedness or obligation of the Borrower. The Administrative Agent will keep records
(which shall be conclusive and binding in the absence of manifest error) of participations purchased under this Section and will
in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant
to this Section shall from and after such purchase have the right to give all notices, requests, demands, directions and other
communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the
purchasing Lender were the original owner of the Obligations purchased.

 

    	19

    	 

    

 

Section
2.15         Extension of Maturity Date.

 

The Borrower may extend
the initial Maturity Date from January __, 2017 to a date no later than July __, 2017 by written notice to the Administrative Agent
delivered at least thirty (30) days, but not more than ninety (90) days, prior to the initial Maturity Date, provided that no Event
of Default has occurred and is continuing on the date of such notice or on the initial Maturity Date. Promptly upon receipt of
such written notice, the Administrative Agent shall deliver a copy to each Lender and the initial Maturity Date shall be deemed
so extended.

 

Section
2.16         Additional Commitments.

 

At any time prior to
the Maturity Date (as such date may be extended pursuant to Section 2.15), the Borrower may, by written notice (an “Increase
Request”) to the Administrative Agent (which shall promptly deliver copies to the Lenders) request that the Total Commitment
Amount be increased by the amount specified in such notice (any such increase herein called an “Incremental Commitment”
and any loans made pursuant to an Incremental Commitment herein called “Incremental Loans”); provided,
however, that (i) no Incremental Commitment shall be less than $5,000,000, (ii) the aggregate Incremental Commitments
requested by the Borrower hereunder shall in no event exceed $10,000,000, (iii) after giving effect to all Incremental Commitments
requested by the Borrower hereunder, the Total Commitment Amount shall not exceed the lesser of (x) $50,000,000 or (y) 50% of the
Appraised Value of the Property, (iv)  the proceeds of the Incremental Loans shall only be used in compliance with Section
2.6, (v) no Event of Default shall have occurred and be continuing on the date on which any Incremental Commitment becomes effective
or would result from such Incremental Commitment or from borrowing the Incremental Loans, (vi) the Incremental Loans shall bear
the same interest rate and shall have the same Maturity Date (as such date may be extended pursuant to Section 2.15) and amortization
schedule as the Initial Loans hereunder (i.e., there shall be no required prepayments prior to the Maturity Date, except upon acceleration
pursuant to Article VII) and (vii) the Incremental Commitments and the Incremental Loans shall be subject to such other terms and
conditions, the delivery of such documents (including documents required to reflect increases in the Mortgage and the Title Policy)
and the payment of such fees and taxes (including origination fees in an amount equal to one-half of one percent of the Incremental
Commitment, legal fees and mortgage recording taxes on the increase in the amount of the Mortgage) as the Borrower, the Incremental
Lenders and the Administrative Agent may agree. Each Incremental Loan and the collateral therefor will be pari passu
with the Intial Loan. Each Increase Request shall specify the identity of each existing Lender and Eligible Assignee to whom the
Borrower proposes any portion of the requested Incremental Commitments be allocated and the amounts of such allocations (each such
existing Lender (to the extent of its Incremental Commitment) and Eligible Assignee herein called an “Incremental Lender”);
provided, however, that (A) the Borrower shall offer the Incremental Commitments to the existing Lenders before offering
them to any Eligible Assignee that is not a Lender already, (B) any existing Lender approached to provide all or a portion of the
Incremental Commitments may elect or decline, in its sole discretion, to provide all or any portion of such Incremental Commitment
offered to it and (C) any Eligible Assignee to whom the Borrower proposes any portion of the requested Incremental Commitments
be allocated that is not already a Lender shall be satisfactory to the Administrative Agent (whose approval shall not be unreasonably
withheld or delayed) and shall become a party to this Agreement by completing and delivering to the Administrative Agent a duly
executed accession agreement in a form reasonably satisfactory to the Administrative Agent and the Borrower (an “Accession
Agreement”). Upon the effectiveness of any Accession Agreement to which any Eligible Assignee is a party, (i) such
Eligible Assignee shall thereafter be deemed to be a party to this Agreement and shall be entitled to all rights, benefits and
privileges accorded a Lender and subject to all obligations of a Lender hereunder and (ii) Schedule 1.1 shall be deemed to
have been amended to reflect the Commitment of such Eligible Assignee as provided in such Accession Agreement. The Borrower shall
borrow the full amount of each Incremental Commitment on the date such Incremental Commitment becomes effective. All Incremental
Commitments shall constitute Commitments, all Incremental Loans shall constitute Loans, and all Incremental Lenders shall constitute
Lenders, for purposes of this Agreement and all other Loan Documents.

 

    	20

    	 

    

 

Section
2.17         Defaulting Lenders.

 

Notwithstanding any provision
of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so
long as such Lender is a Defaulting Lender:

 

(a)          The
Commitment and the Exposure of such Defaulting Lender shall not be included in determining whether all Lenders or Required
Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section
9.5, other than in respect of an increase in the amount of such Defaulting Lender’s Commitment or an extension of the
Maturity Date), provided that any waiver, amendment or modification requiring the consent of all Lenders,
and any waiver, amendment or modification which, if determined adversely to a Defaulted Lender, would adversely affect such
Defaulting Lender differently than other affected Lenders, shall require the consent of such Defaulting Lender; and

 

(b)          Any
amount payable to any Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise) shall, in lieu
of being distributed to such Defaulting Lender, be retained by the Administrative Agent in a segregated account and subject to
any applicable requirements of law, be applied (i) first, to the payment of any amounts owing by such Defaulting Lender to the
Administrative Agent hereunder, (ii) second, pro rata, to the payment of any amounts owing to the Borrower or the Lenders as a
result of any judgment of a court of competent jurisdiction obtained by the Borrower or any Lender against such Defaulting Lender
as a result of such Defaulting Lender’s breach of its obligations under this Agreement and (iii) third, to such Defaulting
Lender or as otherwise directed by a court of competent jurisdiction, provided that if such payment is a prepayment
of the principal amount of any Loan, such payment shall be applied solely to prepay the Loans of all non-Defaulting Lenders pro
rata prior to being applied to the prepayment of any Loan of any Defaulting Lender.

 

    	21

    	 

    

 

(c)          In
the event that the Administrative Agent and the Borrower each agrees, in a writing signed by the Administrative Agent and the Borrower,
that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then on such date
such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary
in order for such Lender to hold such Loans in accordance with its Pro Rata Share. Except as expressly modified by this Section
2.17, the performance by the Borrower under any Loan Documents shall not be excused or otherwise modified, nor shall its rights
be increased, as a result of this Section 2.17.

 

(d)          In
the event that any Lender becomes a Defaulting Lender, the Borrower shall have the right, at its own expense, upon notice to such
Lender and the Administrative Agent, to require such Lender to transfer and assign without recourse (in accordance with and subject
to the restrictions contained in Section 9.12) all its interest, rights and obligations under this Agreement to one or more Eligible
Assignees acceptable to (i) the Borrower (unless an Event of Default has occurred and is continuing) and (ii) the Administrative
Agent, which consent, in each case shall not be unreasonably withheld or delayed, which financial institution shall assume such
obligations; provided that (A) no such assignment shall conflict with any law, rule or regulation or order
of any Governmental Authority and (B) the Borrower or the assignee or assignees, as the case may be, shall pay to such Defaulting
Lender in immediately available funds on the date of such assignment the principal of and interest accrued to the date of payment
on the Loans made by it hereunder and all other amounts accrued for its account or owed to it hereunder. Any Lender being replaced
shall execute and deliver an Assignment and Assumption covering such Lender's Loans and Commitment and otherwise comply with this
Section. If a Lender being replaced refuses to execute and deliver such Assignment and Assumption or otherwise comply with this
Section, such Lender hereby irrevocably constitutes and appoints the Administrative Agent as such Lender's attorney-in-fact, which
power of attorney is coupled with an interest and irrevocable, to do so on such Lender’s behalf. Administrative Agent shall
distribute an amended Schedule of Lenders, which shall thereafter be incorporated into this Agreement, to reflect adjustments
to Lenders and their Commitments. Upon receipt by such Defaulting Lender of all amounts required to be paid to such Lender pursuant
to this Section, the Administrative Agent shall be entitled (but not obligated) and authorized to execute an Assignment and Assumption
on behalf of such Defaulting Lender, and any such Assignment and Assumption so executed by the Administrative Agent and the assignee
shall be effective for purposes of this Section 2.17 and Section 9.12. A Defaulting Lender shall not be required to make any such
assignment if, prior to the Administrative Agent’s approval of such assignment, the circumstances entitling the Borrower
to require such assignment cease to apply.

 

    	22

    	 

    

 

ARTICLE III

REPRESENTATIONS AND
WARRANTIES.

 

The Borrower hereby represents
and warrants to the Lenders and the Administrative Agent as of the date hereof that:

 

Section
3.1           Organization.

 

(a)          Each
Loan Party is duly organized and validly existing under the laws of its state of organization and has the power to own its assets
and to transact the business in which it is presently engaged.

 

(b)          Each
Loan Party is in good standing in its state of organization and in each state in which the character of the properties owned or
the business transacted requires qualification, except to the extent that the failure to do so could not be reasonably expected
to have a Material Adverse Effect.

 

Section
3.2           Power, Authority, Consents.

 

Each Loan Party has the
power to execute, deliver and perform the Loan Documents to be executed by it. The Borrower has the power to request extensions
of credit and has taken all necessary action, corporate or otherwise, to authorize the borrowings hereunder on the terms and conditions
of this Agreement. Each Loan Party has taken all necessary action, corporate or otherwise, to authorize the execution, delivery
and performance of the Loan Documents to be executed by it. No consent or approval of any Person (including, without limitation,
any equity holder of any Loan Party), no consent or approval of any landlord or mortgagee (excluding the Lenders and the Administrative
Agent), no waiver of any Lien or right of distraint or other similar right and no consent, license, certificate of need, approval,
authorization or declaration of any applicable governmental authority, bureau or agency, is or will be required in connection with
the execution, delivery or performance by any Loan Party of, the extensions of credit under, or the validity or enforceability
of, any of the Loan Documents to which it is a party, except for consents which have been duly and validly obtained on or prior
to the date hereof and are currently in full force and effect.

 

Section
3.3           No Violation of Law or Agreements.

 

The execution and delivery
by the Loan Parties of the Loan Documents to which they are party, the performance by the Loan Parties thereunder and the extensions
of credit to Borrower hereunder, will not violate any provision of law and will not conflict with or result in a breach of any
order, writ, injunction, ordinance, resolution, decree, or other similar document or instrument of any court or governmental authority,
bureau or agency, domestic or foreign, or any certificate of incorporation or by-laws or other organizational document of any Loan
Party, or create (with or without the giving of notice or lapse of time, or both) a default under or breach of any agreement, bond,
note or indenture to which any Loan Party is party, or by which any Loan Party is bound or any of its properties or assets is affected,
except for such defaults and breaches which in the aggregate could not have a Material Adverse Effect, or result in the imposition
of any Lien of any nature whatsoever upon the Property.

 

    	23

    	 

    

 

Section
3.4           Due Execution, Validity, Enforceability.

 

This Agreement and each
other Loan Document to which any Loan Party is a party has been duly executed and delivered by such Loan Party and each constitutes
the valid and legally binding obligation of such Loan Party, enforceable in accordance with its terms, except as such enforcement
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws, now or hereafter in effect,
relating to or affecting the enforcement of creditors’ rights generally and except that the remedy of specific performance
and other equitable remedies are subject to judicial discretion.

 

Section
3.5           Title to Properties.

 

The Borrower has good,
marketable and insurable title in fee simple to the Property, except for Permitted Liens and such additional defects in title as
could not, individually or in the aggregate, have a Material Adverse Effect.

 

Section
3.6           Judgments, Actions, Proceedings.

 

Except as set forth on
Schedule 3.6, there are no outstanding judgments, investigations, actions or proceedings, including, without limitation, any Environmental
Proceeding, pending before any court or governmental authority, bureau or agency, with respect to or, to the best of the Borrower’s
knowledge, threatened against or affecting any Loan Party or any Loan Party’s assets involving, in the case of any court
proceeding, a Material Amount nor, to the best of the Borrower’s knowledge, is there any reasonable basis for the institution
of any such action or proceeding that is probable of assertion, nor are there any pending actions or proceedings in which any Loan
Party is a plaintiff or complainant, involving, in the case of any court proceeding, a Material Amount.

 

Section
3.7           No Defaults, Compliance With Laws.

 

Except as set forth on
Schedule 3.7, none of the Loan Parties is in default under any agreement, ordinance, resolution, decree, bond, note, indenture,
order or judgment to which it is a party or by which it is bound, or any other agreement or other instrument by which any of the
properties or assets owned by it or used in the conduct of its business is affected, which default could have a Material Adverse
Effect. Borrower has complied and is in compliance in all respects with all applicable laws, ordinances and regulations, resolutions,
ordinances, decrees, executive orders, judgments and other similar documents and instruments of all courts and governmental authorities,
bureaus and agencies, domestic and foreign, including, without limitation, all applicable provisions of the Americans with Disabilities
Act (42 U.S.C. §12101-12213) and the regulations issued thereunder and all applicable Environmental Laws and Regulations,
non-compliance with which could have a Material Adverse Effect.

 

    	24

    	 

    

 

Section
3.8           Financial Statements.

 

Each of the Financial
Statements is complete and presents fairly the financial position of the Limited Guarantor as at its date and the results of operations
of the Limited Guarantor for the fiscal period ended on such date, and has been prepared in accordance with GAAP. The Limited Guarantor
has no material obligation, liability or commitment, direct or contingent (including, without limitation, any Environmental Liability),
that is not reflected in the Financial Statements. There has been no material adverse change in the financial position or operations
of the Limited Guarantor since the date of the latest balance sheet included in the Financial Statements (the “Latest
Balance Sheet”). The Loan Parties’ fiscal year is the twelve-month period ending on March 1 in each year.

 

Section
3.9           Tax Returns.

 

Each Loan Party has filed
all federal, state and local tax returns required to be filed by it and has not failed to pay any taxes, or interest and penalties
relating thereto, on or before the due dates thereof, except where such failure to file or failure to pay could not, individually
or in the aggregate, have a Material Adverse Effect. Except to the extent that reserves therefor are reflected in the Financial
Statements: (i) there are no material federal, state or local tax liabilities of any Loan Party, due or to become due for
any tax year ended on or prior to the date of the Latest Balance Sheet relating to such entity, whether incurred in respect of
or measured by the income of such entity, that are not properly reflected in the Latest Balance Sheet relating to such entity,
and (ii) there are no material claims pending or, to the knowledge of the Borrower, proposed or threatened against any Loan
Party for past federal, state or local taxes, except those, if any, as to which proper reserves are reflected in the Financial
Statements.

 

Section
3.10         Intangible Assets.

 

Each Loan Party possesses
all patents, trademarks, service marks, trade names, and copyrights, and rights with respect to the foregoing, necessary to conduct
its business as now conducted and as proposed to be conducted, without any conflict with the patents, trademarks, service marks,
trade names, and copyrights and rights with respect to the foregoing, of any other Person.

 

Section
3.11         Regulation U.

 

No part of the proceeds
of the Loans will be used directly or indirectly for: (a) any purpose other than as set forth in Section 2.6, or (b) the purpose
of purchasing or carrying, or for payment in full or in part of Indebtedness that was incurred for the purposes of purchasing or
carrying, any “margin stock”, as such term is defined in §221.3 of Regulation U of the Board of Governors of the
Federal Reserve System, 12 C.F.R., Chapter II, Part 221.

 

Section
3.12         Name Changes, Mergers, Acquisitions.

 

Except as set forth on
Schedule 3.13 hereto, no Loan Party has within the six-year period immediately preceding the date of this Agreement changed its
name, been the surviving entity of a merger or consolidation, or, except in the ordinary course of business, acquired all or substantially
all of the assets of any Person.

 

    	25

    	 

    

 

Section
3.13         Full Disclosure.

 

Neither the Financial
Statements nor any certificate, opinion, or any other statement made or furnished in writing to the Administrative Agent or any
Lender by or on behalf of any Loan Party in connection with this Agreement or the transactions contemplated herein or pursuant
hereto, contains any untrue statement of a material fact, or omits to state a material fact necessary in order to make the statements
contained therein or herein not misleading, as of the date such statement was made. There is no fact known to the Borrower that
has, or would in the now foreseeable future have, a Material Adverse Effect, which fact has not been set forth herein, in the Financial
Statements, in filings with the Securities and Exchange Commission or in any certificate, opinion or other written statement so
made or furnished to the Administrative Agent or the Lenders.

 

Section
3.14         Licenses and Approvals.

 

Borrower has all necessary
licenses, permits and governmental authorizations, including, without limitation, licenses, permits and authorizations arising
under or relating to Environmental Laws and Regulations, to own and operate its properties and to carry on its business as now
conducted, the absence of which would have a Material Adverse Effect.

 

Section
3.15         ERISA.

 

Except as set forth on
Schedule 3.16 hereto, no Employee Benefit Plan is maintained or has ever been maintained by the Borrower or any ERISA Affiliate,
nor has the Borrower or any ERISA Affiliate ever contributed to a Multiemployer Plan.

 

There are no agreements
which will provide payments to any officer, employee, shareholder or highly compensated individual which will be “parachute
payments” under 280G of the Code that are nondeductible to any Loan Party and which will be subject to tax under Section
4999 of the Code which could result in a Material Adverse Effect with respect to any Loan Party.

 

Section
3.16         OFAC.

 

No
Loan Party: (i) is a person named on the list of Specially Designated Nationals or Blocked Persons maintained by OFAC available
at http://www.treas.gov/offices/enforcement/ofac/index.html or as otherwise
published from time to time; (ii) is (A) an agency of the government of a country, (B) an organization controlled by a country,
or (C) a person resident in a country that is subject to a sanctions program identified on the list maintained by OFAC and available
at www.treas.gov/offices/enforcement/ofac/index.shtml, or as otherwise published from time to time, as such program may be applicable
to such agency, organization or person; or (iii) derives any of its assets or operating income from investments in or transactions
with any such country, agency, organization or person. None of the proceeds from any Loan will be used to finance any operations,
investments or activities in, or make any payments to, any such country, agency, organization, or person.

 

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ARTICLE IV

CONDITIONS TO INITIAL
LOANS

 

Section
4.1           Conditions to Initial Loan(s).

 

The obligations of the
Lenders to make any Loans hereunder shall not become effective until the date on which the Administrative Agent has received all
of the following documents, evidence, information and payments (in the case of documents, dated or certified as of the Effective
Date unless otherwise provided herein and in form and substance satisfactory to the Administrative Agent), except to the extent
waived by the Administrative Agent:

 

(a)          Loan
Agreement. The Loan Agreement, duly executed by the Borrower, the Administrative Agent and the Lenders;

 

(b)          Notes.
The Notes, duly executed by the Borrower;

 

(c)          Carveout
Guarantee. A carveout guaranty, duly executed by the Limited Guarantor (the “Limited Guarantee”);

 

(d)          Mortgage.
A mortgage duly executed by the Borrower (the “Mortgage”), granting to the Administrative Agent for the ratable
benefit of the Lenders, as security for the Obligations, a mortgage on the Property, all improvements and fixtures thereon, and
all other assets specified in the Mortgage;

 

(e)          Intentionally
Omitted.

 

(f)          Title
Insurance. A title insurance policy (the “Title Policy”) issued on the current form of ALTA Lender’s
Policy of Title Insurance and otherwise in form acceptable to the Administrative Agent with respect to the Mortgage, which policy
shall (1) be issued by an insurer that has an Alfred M. Best Company, Inc. rating of “A-“ or higher (or in the event
an Alfred M. Best Company, Inc. rating is not available, a rating acceptable to the Administrative Agent from another national
insurance rating company acceptable to the Administrative Agent) and is in all respects acceptable to the Administrative Agent,
(2) insure the Administrative Agent’s lien under the Mortgage as a valid mortgage lien on the Property, subject only to title
exceptions that are acceptable to the Administrative Agent, for an amount not less than $40,000,000, and (3) contain such endorsements
and affirmative coverages as shall be required by the Administrative Agent, together with evidence that the premium with respect
to such policy has been paid and copies of any encumbrances of record on the Property;

 

(g)          Flood
Insurance. Evidence satisfactory to it that the Property is not located in a federally designated special flood hazard area,
or if it is so located, a flood insurance policy covering it;

 

    	27

    	 

    

 

(h)          Environmental
Audit. A Phase I environmental audit prepared with respect to the Property by a firm of environmental consultants that is acceptable
to the Administrative Agent, disclosing no actual or contingent environmental liability or other environmental matter that is not
acceptable to the Administrative Agent;

 

(i)          Real
Estate Appraisal. An appraisal (the “Closing Appraisal”) conducted by a firm of MAI-certified appraisers
in accordance with the Uniform Standard of Professional Appraisal Practice (USPAP) set forth by the Appraisal Standards Board of
the Appraisal Foundation, as well as the Administrative Agent’s regulatory appraisal policies and guidelines, setting forth
the fair market value of the Property in detail, and based upon assumptions, reasonably satisfactory to the Administrative Agent,
which fair market value shall be not less than $100,000,000;

 

(j)          Survey.
An as-built survey of the Property prepared by a licensed surveyor satisfactory to the Administrative Agent and certified to the
Administrative Agent and the issuer of the Title Policy, showing a state of facts satisfactory to the Administrative Agent and
its counsel;

 

(k)          Environmental
Indemnity. An Environmental Compliance and Indemnification Undertaking, duly executed by the Borrower;

 

(l)          Intentionally
Omitted.

 

(m)          Documents
Listed on the Closing Checklist. All other documents listed on the closing checklist provided by the Administrative Agent to
the Borrower prior to the Effective Date;

 

(n)          Financing
Statements. (1) UCC-1 financing statements properly completed for filing in the office of the New York Secretary of State and
the office of the county clerk for New York County and (2) evidence that no financing statements are currently on record in any
such office naming the Borrower as debtor;

 

(o)          Insurance.
Certificates of insurance satisfactory in form and substance to the Administrative Agent (issued on ACORD 28 in the case of property
insurance and ACCORD 25 in the case of liability insurance) with respect to the insurance required by this Agreement or any of
the other Loan Documents, which shall include loss payable clauses naming the Administrative Agent as lender loss-payee or additional
insured, as appropriate, and shall show that the insurance policies listed therein shall be in effect for a period of not less
than one year following the Effective Date;

 

(p)          Operating
Accounts. Evidence satisfactory to it that the Borrower and the Limited Guarantor have established their respective operating
accounts with the Administrative Agent;

 

    	28

    	 

    

 

(q)          Blocked
Accounts. Evidence satisfactory to it that the Borrower has established the Blocked Accounts with the Initial Lenders, has
deposited $1,800,000.00 in each Blocked Account (for a total of $3,600,000.00) and has pledged the funds in the Blocked Accounts
to the Administrative Agent for the ratable benefit of the Lenders;

 

(r)          Opinion
of Counsel. The favorable written opinion of Kramer Levin Naftalis and Frankel LLP, counsel to the Loan Parties, addressed
to the Administrative Agent and the Lenders, as to such matters as the Administrative Agent may reasonably require. The Borrower
hereby requests that said counsel deliver such opinion;

 

(s)          Evidence
of Authority, Actions and Incumbency. Originals or copies of such documents as the Administrative Agent may request (all of
which shall be certified by such corporate officers or governmental officials as the Administrative Agent may require) relating
to the existence and corporate authority of each Loan Party, the taking of all necessary action to authorize the execution, delivery
and performance by each Loan Party of the Loan Documents to which it is party, and the incumbency and authenticity of the signature
of each officer who executes a Loan Document on behalf of a Loan Party;

 

(t)          Financial
Statements. Copies of (i) the Financial Statements, certified to the Administrative Agent’s satisfaction and (ii) a balance
sheet of the Borrower as at the Effective Date, certified to the Administrative Agent’s satisfaction;

 

(u)          Consent
Order. A copy of the Consent Order, certified to the Administrative Agent’s satisfaction;

 

(v)         Payment
of Fees. Evidence satisfactory to it that the Borrower has paid the Fees in full;

 

(w)          Payment
of Legal and Due Diligence Expenses. Evidence satisfactory to it that the Borrower has paid (i) all invoiced fees and disbursements
of Windels Marx Lane & Mittendorf, LLP, counsel to the Administrative Agent, relating to this transaction and (ii) all other
reasonable, out of pocket costs and expenses incurred by the Administrative Agent in accordance with this Agreement, including
without limitation the Closing Appraisal and the environmental audit;

 

(x)          Know
Your Customer. Such reasonable documentation and other information required by bank regulatory authorities under applicable
“know your customer” and anti-money laundering rules and regulations, including without limitation the Patriot Act,
as the Administrative Agent or any Lender may reasonably request;

 

(y)          Disbursement
Instructions. Disbursement instructions duly executed by the Borrower; and

 

    	29

    	 

    

 

(z)          Additional
Documents and Information. Such other documents or information as the Administrative Agent may reasonably specify.

 

The funding of the Initial
Loans shall be evidence of the satisfaction or waiver of all the conditions precedent set forth in this Article IV. The Borrower’s
acceptance of the proceeds of the Initial Loans shall constitute a representation and warranty that (1) the Loan Parties are in
compliance in all material respects with all the terms, covenants and conditions of the Loan Documents, (2) there exists no Default
or Event of Default, and (3) the representations and warranties in the Loan Documents are true as of the date hereof in all material
respects.

 

ARTICLE V

AFFIRMATIVE COVENANTS.

 

Until the Commitments
have expired or been terminated and the principal of and interest on each Loan and all fees and other amounts payable hereunder
or under any other Loan Documents shall have been paid in full, unless it shall have obtained the Administrative Agent’s
prior written consent:

 

Section
5.1           Existence, Properties.

 

The Borrower shall do
or cause to be done all things necessary to:

 

(a)          preserve
and keep in full force and effect its legal existence;

 

(b)          remain
or become a [limited liability company] qualified to engage in business in good standing in all jurisdictions in which the character
of its properties or the transaction of its business make such qualification necessary;

 

(c)          maintain,
preserve and protect all permits, rights and privileges necessary for the proper conduct of its business and all franchises, licenses,
patents, trade names, trademarks and copyrights owned by or licensed to it that are necessary or desirable in the normal conduct
of its business; and

 

(d)          ensure
that the Property is maintained and kept in good repair, working order and condition, and from time to time take all reasonable
action to make, or cause to be made, all needful and proper repairs, renewals, replacements, betterments and improvements thereto
so that, in the reasonable judgment of the Administrative Agent, the business carried on in connection therewith may be properly
and advantageously conducted at all times.

 

    	30

    	 

    

 

Section
5.2           Payment of Indebtedness, Taxes.

 

The Borrower shall pay
all of its Indebtedness and obligations in accordance with normal terms and trade practices and shall pay and discharge or cause
to be paid or discharged all taxes, assessments or other governmental charges or levies imposed upon it or upon its income and
profits or upon its property, real, personal or mixed, or upon any part thereof, before the date on which it becomes delinquent
and penalties attach thereto, as well as all lawful claims for labor, materials and supplies or otherwise which, if unpaid, might
become a lien or charge upon such properties or any part thereof; provided, however, that the Borrower shall not
be required to pay and discharge any such debt, obligation, tax, assessment, charge, levy or claim so long as it is Properly Contested.
For purposes of this Agreement, any debt or obligation of, any tax, assessment, charge, levy or claim against, the alleged violation
of any Law or legal requirement asserted against, and any litigation or other legal proceeding involving, any Person shall be deemed
to be “Properly Contested” only if (a) it shall be contested diligently and in good faith by appropriate proceedings,
(b) such Person shall have assigned on its books adequate reserves with respect to any such debt, obligation, tax, assessment,
charge, Law, legal requirement levy or claim so contested, and (c) no material portion of such Person’s assets (including,
in the case of the Borrower, the Property) shall be subject to encumbrance, loss or forfeiture by reason of such contest.

 

Section
5.3           Financial Statements, Reports, etc.

 

The Borrower shall furnish
or cause to be furnished, as applicable, to the Administrative Agent (in reasonable detail satisfactory to the Administrative Agent
and in sufficient number for distribution to each Lender):

 

(a)          As
soon as available, but in any event within one hundred twenty (120) days after the last day of each of its fiscal years, a consolidated
balance sheet of the Limited Guarantor and its Subsidiaries as at such last day of such fiscal year, and consolidated statements
of income and retained earnings and statements of cash flow for such fiscal year, each prepared in accordance with generally accepted
accounting principles consistently applied, in reasonable detail, and certified without qualification by a nationally recognized
independent public accounting firm or by any other certified public accounting firm satisfactory to the Administrative Agent as
fairly presenting the financial position and results of operations of the Limited Guarantor and its consolidated Subsidiaries
as at and for the year ending on its date and as having been prepared in accordance with GAAP; provided, however,
that the Borrower may satisfy its obligations to deliver the financial statements described in this Section 5.3(a) by furnishing
to the Administrative Agent in sufficient number for distributions to the Lenders copies of its annual report on Form 10-K in
respect of such fiscal year together with the financial statements required to be attached thereto, so long as the Limited Guarantor
is required to file such annual report on Form 10-K with the Securities and Exchange Commission and such filing is actually made.

 

(b)          As
soon as available, but in any event within one hundred twenty (120) days after the last day of each of its fiscal years, the balance
sheet of the Borrower as at such last day of such fiscal year, and the statements of income and retained earnings and statements
of cash flow for such fiscal year, used to prepare the Limited Guarantor’s certified financial statements specified in Section
5.3(a), each prepared internally and certified by the Chief Financial Officer of the Borrower as accurately presenting the financial
position and the results of operations of the Borrower as at its date and for such quarter and as having been prepared in accordance
with GAAP.

 

    	31

    	 

    

 

(c)          As
soon as available, but in any event within sixty (60) days after the end of each of the Limited Guarantor’s fiscal quarters,
a consolidated balance sheet of the Limited Guarantor and the Subsidiaries as of the last day of such quarter and consolidated
statements of income and retained earnings and statements of cash flow for such quarter, all in reasonable detail, each such statement
to be reviewed by a nationally recognized independent public accounting firm or by any other certified public accounting firm
satisfactory to the Administrative Agent; provided, however, the Borrower may satisfy its obligations to deliver
the financial statements described in this Section 5.3(c) by furnishing to the Administrative Agent in sufficient number for distribution
to the Lenders copies of its quarterly report on Form 10-Q in respect of such fiscal quarter together with the financial statements
required to be attached thereto, so long as the Limited Guarantor is required to file such quarterly report on Form 10-Q with
the Securities and Exchange Commission and such filing is actually made.

 

(d)          As
soon as available, but in any event within sixty (60) days after the end of each of the Borrower’s fiscal quarters, a balance
sheet of the Borrower as of the last day of such quarter and statements of income and retained earnings and statements of cash
flow for such quarter, all in reasonable detail, each such statement to be compiled by a nationally recognized independent public
accounting firm or by any other certified public accounting firm satisfactory to the Administrative Agent

 

(e)          Promptly
after a written request therefor, such other financial data or information evidencing compliance with the requirements of this
Agreement, the Notes and the other Loan Documents, as the Administrative Agent may reasonably request from time to time.

 

(f)          At
the same time as it delivers the financial statements required under the provisions of Section 5.3(a) through (d), a certificate
of a senior officer of the Borrower or the Limited Guarantor, as the case may be, to the effect that no Event of Default exists
or, if such cannot be so certified, specifying in reasonable detail the exceptions, if any, to such statement.

 

(g)          Promptly
upon their becoming available, copies of any: (i) publicly filed financial statements, reports and notices; (ii) correspondence
or notices received by the Borrower from any federal, state or local governmental authority that regulates the operations of the
Borrower or the Property, relating to an actual or threatened change or development that would be materially adverse to the Borrower;
and (iii) registration statements and any amendments and supplements thereto, and any regular and periodic reports, if any,
filed by the Limited Guarantor with any securities exchange or with the Securities and Exchange Commission or any governmental
authority succeeding to any or all of the functions of the said Commission.

 

(h)          Promptly
upon their becoming available, copies of: (i) all correspondence with the PBGC, the Secretary of Labor or any representative of
the Internal Revenue Service with respect to any Plan, relating to an actual or threatened change or development that would be
materially adverse to the Borrower; (ii) all actuarial valuations received by the Borrower with respect to any Plan; and (iii)
any notices of Plan termination filed by any Plan Administrator (as those terms are used in ERISA) with the PBGC and of any notices
from the PBGC to the Borrower with respect to the intent of the PBGC to institute involuntary termination proceedings.

 

    	32

    	 

    

 

(i)          Such
other material additional information regarding the business, affairs and condition of the Borrower or the Limited Guarantor as
the Administrative Agent may from time to time reasonably request.

 

Section
5.4           Notice of Adverse Events and Significant Changes.

 

The Borrower shall, promptly
after obtaining knowledge thereof, furnish to the Administrative Agent written notice of:

 

(a)          the
occurrence of any event which constitutes an Event of Default;

 

(b)          the
commencement of any action or proceeding involving or affecting (x) any Loan Party or any properties or assets of any Loan Party
an adverse determination of which could reasonably be expected to have a Material Adverse Effect or (y) the Property;

 

(c)          any
litigation, investigation or proceeding which may exist at any time between the Borrower and any Governmental Authority, which
in either case, if not cured or if adversely determined, as the case may be, could reasonably be expected to have a Material Adverse
Effect;

 

(d)          any
change in the business, operations, property or condition (financial or otherwise) of any Loan Party which could reasonably be
expected to have a Material Adverse Effect, other than a change in market conditions generally; and

 

(e)          (i)
any release or discharge by the Borrower of any Hazardous Materials required to be reported under Environmental Laws and Regulations
to any Governmental Authority; (ii) any condition, circumstance, occurrence or event that could result in material Environmental
Costs or could result in the imposition of any lien or other restriction on the title, ownership or transferability of the Property;
and (iii) any proposed action to be taken by any Loan Party that could subject the Borrower to any material additional or different
requirements or liabilities under Environmental Laws and Regulations.

 

Section
5.5           Books and Records; Inspection; Audits.

 

The Borrower shall maintain
proper books and records with respect to the operation of its business in accordance with GAAP consistently applied; permit authorized
representatives of the Administrative Agent to visit and inspect from time to time upon reasonable notice during business hours
(or at any time after the occurrence and during the continuance of an Event of Default hereunder) the Property and any of the offices
of the Borrower, to examine the books and records of the Borrower and make copies or extracts therefrom and to discuss the affairs
of the Borrower with its officers and accountants.

 

    	33

    	 

    

 

Section
5.6           Insurance.

 

The Borrower shall (a)
keep the Property and all of its other assets that are of an insurable character insured by financially sound and reputable insurers
against loss or damage by fire, explosion, and other hazards insured against by extended coverage in amounts sufficient to prevent
it from becoming a co insurer (other than maintaining reasonable deductibles) and in any event 100% of the full insurable value
(replacement value if available) of the property insured, (b) maintain with financially sound and reputable insurers, insurance
against hazards, risks and liability to persons and property to the extent and in the manner customary for companies in similar
business similarly situated, including flood insurance in the maximum amount available for the building and all improvements at
the Premises and all contents therein, (c) provide to the Administrative Agent no later than thirty (30) days prior to the scheduled
expiration date of any insurance policy, evidence satisfactory to the Administrative Agent that such expiration date has been extended
for at least one year (including evidence of payment of the relevant premiums), (d) ensure that the Administrative Agent is named
at all times a lender loss payee or additional insured, as appropriate, on all of the Borrower’s insurance policies, and
(e) promptly upon request by the Administrative Agent, provide such other information regarding the insurance maintained by the
Borrower as the Administrative Agent may require.

 

Section
5.7           Compliance with Laws.

 

The Borrower shall observe
and comply in all material respects with all Laws which now or at any time hereafter may be applicable to the Borrower and/or the
Property (including all applicable provisions of ERISA, the Bankruptcy Code, the Confirmed Plan, the Confirmation Order, the Consent
Order and the Code), noncompliance with which could reasonably be expected to have a Material Adverse Effect; provided,
however, that nothing herein contained shall be deemed to limit the Borrower’s right to contest any assertion of noncompliance
with Laws and other legal requirements to the extent permitted under Section 5.2.

 

Section
5.8           Environmental Laws.

 

The Borrower shall (a)
comply with, and use all reasonable efforts to ensure compliance by all tenants and subtenants of the Property, if any, with, all
applicable Environmental Laws and Regulations and obtain and comply with and maintain and use all reasonable efforts to ensure
that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations
or permits required by applicable Environmental Laws and Regulations, except in each case to the extent that the failure to do
so could not reasonably be expected to result in the payment of a Material Amount, (b) conduct and complete all investigations,
studies, sampling and testing, and all remedial, removal and other similar actions required of the Borrower under Environmental
Laws and Regulations and promptly comply with all orders and directives of all Governmental Authorities regarding Environmental
Laws and Regulations, except to the extent that the same are being Properly Contested, and except, in the case of any of the foregoing,
to the extent that the failure to do so could not reasonably be expected to result in the payment of a Material Amount.

 

    	34

    	 

    

 

Section
5.9           Use of Proceeds.

 

The Borrower shall use
the proceeds of the Loan solely in accordance with its representations and warranties in Section 2.6.

 

Section
5.10         Establishment and Maintenance of Deposit Accounts.

 

The Borrower shall:

 

(a)          Establish
on or before the Effective Date and thereafter maintain its operating checking account (its “Automatic Debit Account”)
and all of its cash management, security deposit and other ancillary accounts with the Administrative Agent.

 

(b)          Establish
on or before the Effective Date and thereafter maintain blocked accounts with the Initial Lenders (each, a “Blocked Account”
and, collectively, the “Blocked Accounts”) and maintain at all times in each Blocked Account credit balances
that are not less than (i) in the case of the Blocked Account maintained at IDB, the sum of (x) 9% of the then outstanding aggregate
principal amount of IDB’s Initial Loans, plus (y) the Applicable Percentage of the then outstanding aggregate principal
amount of Incremental Loans made by IDB, if any, and (ii) in the case of the Blocked Account maintained at Sterling, the sum of
(x) 9% of the then outstanding aggregate principal amount of Sterling’s Initial Loans, plus (y) the Applicable Percentage
of the then outstanding aggregate principal amount of all Incremental Loans made by Lenders other than IDB, if any (in each case,
the “Required Reserve”). In the event that the credit balances in any Blocked Account are less than the Required
Reserve for such Blocked Account at any time, the Borrower shall deposit in such Blocked Account an amount equal to the amount
of the shortfall promptly after receipt of written notice thereof from the Initial Lender with whom such Blocked Account is maintained,
delivered through the Administrative Agent. In the event that the credit balances in any Blocked Account exceed the Required Reserve
for such Blocked Account at any time, the Initial Lender with whom such Blocked Account is maintained shall allow the Borrower
to withdraw the excess from such Blocked Account promptly after receipt of written request therefor from the Borrower, delivered
through the Administrative Agent. The funds in the Blocked Accounts shall secure payment in full of the Obligations when due. All
funds in the Blocked Accounts shall be returned to the Borrower immediately after the payment in full of all the Obligations in
accordance with the terms of this Agreement and the termination of any commitment to lend on the part of the Lenders.

 

(c)          Ensure
that the Limited Guarantor establishes on or before the Effective Date and thereafter maintains its primary operating checking
account and all of its cash management, security deposit and other ancillary accounts with the Administrative Agent; provided,
however, that the Limited Guarantor may maintain balances in deposit accounts at other financial institutions if it reasonably
determines that doing so is necessary for business purposes.

 

    	35

    	 

    

  

ARTICLE VI

NEGATIVE COVENANTS.

 

Until the Commitments
have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid
in full, the Borrower shall not do, agree to do, or permit to be done, any of the following without the prior written consent of
the Administrative Agent:

 

Section
6.1           Indebtedness.

 

Create, incur, permit
to exist or have outstanding any Indebtedness, except the following (collectively, the “Permitted Indebtedness”):

 

(a)          Indebtedness
created hereunder;

 

(b)          Taxes,
assessments and governmental charges that are not delinquent and with respect to which no penalties have attached, or that are
Properly Contested, and non-interest bearing deferred liabilities other than liabilities for borrowed money (e.g., deferred compensation
and deferred taxes), in each case incurred and continuing in the ordinary course of business;

 

(c)          Trade
payables that are Properly Contested or are incurred in the ordinary course of business of owning and operating the Property, provided
that such trade payables (i) are paid within sixty (60) days from invoice date, (ii) are unsecured, (iii) are not evidenced by
a promissory note or similar instrument and (iv) do not exceed $1,000,000 in the aggregate.

 

(d)          Indebtedness
secured by the security interests referred to in Section 6.2(b);

 

(e)          The
Indebtedness listed on Schedule 6.1 hereto; and

 

(f)          Obligations
to provide cash, goods or services under (i) any lease for space at the Property to a tenant that is not an Affiliate of the Borrower,
(ii) any agreement with the New York City School Construction Authority or another Governmental Authority with respect to the financing,
design, development, demolition and/or construction of improvements at the Property and/or the purchase or lease of a portion of
the Property and/or (iii) any agreement with any architect, engineer, developer, contractor, financial advisor, broker or consultant
that is not an Affiliate of the Borrower with respect to the financing, design, development, demolition and/or construction of
improvements at the Property, provided, in each case, that such lease or agreement does not constitute Indebtedness for
borrowed money.

 

Section
6.2           Liens.

 

Create, or assume or
permit to exist, any Lien on any of the properties or assets of the Borrower, whether now owned or hereafter acquired, except:

 

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(a)          Permitted
Liens;

 

(b)          Purchase
money Liens on property acquired or held by the Borrower in the ordinary course of business, securing Indebtedness incurred or
assumed for the purpose of financing all or any part of the cost of acquiring such property; provided that (i) any such Lien attaches
to such property concurrently with or within twenty (20) days after the acquisition thereof, (ii) such Lien attaches solely to
the property so acquired in such transaction, (iii) the principal amount of the Indebtedness secured thereby does not exceed 100%
of the cost of such property, and (iv) the aggregate amount of all such Indebtedness shall not at any time exceed Two Hundred Fifty
Thousand Dollars ($250,000.00);

 

(c)          The
Liens listed on Schedule 6.2.

 

Section
6.3           Single Purpose Entity.

 

(a)          Engage
in any business or activity other than the ownership, development, operation and maintenance of the Property, and activities incidental
thereto;

 

(b)          Acquire
or own any material assets other than (i) the Property, and (ii) such incidental personal property as may be necessary for the
operation of the Property;

 

(c)          Merge
into or consolidate with any person or entity or dissolve, terminate or liquidate in whole or in part, transfer or otherwise dispose
of all or substantially all of its assets or change its legal structure, without the Administrative Agent’s prior written
consent;

 

(d)          Fail
to preserve its existence as an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization or formation or, without the prior written consent of the Administrative Agent, amend, modify, terminate or
fail to comply with the provisions of the Borrower’s organizational documents, as same may be further amended or supplemented,
if such amendment, modification, termination or failure to comply would materially adversely affect the ability of the Borrower
to perform its obligations hereunder and under the other Loan Documents;

 

(e)          Own
any subsidiary or make any investment in any person or entity without the prior written consent of the Administrative Agent;

 

(f)          Commingle
its assets with the assets of any of its members, shareholders, directors, officers, partners, trustees, affiliates, principals
or of any other Person;

 

(g)          Incur
any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than Permitted Indebtedness;

 

    	37

    	 

    

 

(h)          Fail
to maintain its records, books of account and bank accounts separate and apart from those of its members, shareholders, directors,
officers, partners, trustees, principals or affiliates, or of any other Person;

 

(i)          Enter
into any contract or agreement with any of its members, shareholders, directors, officers, partners, trustees, principals or affiliates,
except upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an arms-length
basis with unrelated third parties;

 

(j)          Seek
its own dissolution or winding up in whole, or in part;

 

(k)          Maintain
its assets in such a manner that it will be costly or difficult to segregate, ascertain or identify its individual assets from
those of any of its members, shareholders, directors, officers, partners, trustees, principals or affiliates, or of any or of any
other Person;

 

(l)          Hold
itself out to be responsible for the debts of another Person;

 

(m)          Make
any loans or advances to any third party, including any of its members, shareholders, directors, officers, partners, trustees,
principals or affiliates, or of any other Person;

 

(n)          Fail
to file its own tax returns;

 

(o)          Fail
either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its business
solely in its own name in order not (i) to mislead others as to the identity with which such other Person is transacting business,
or (ii) to suggest that it is responsible for the debts of any other Person, including any of its members, shareholders, directors,
officers, partners, trustees, principals or affiliates, or of any other Person;

 

(p)          Fail
to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light
of its contemplated business operations; or

 

(q)          File
or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any applicable insolvency, bankruptcy,
liquidation or reorganization statute, or make an assignment for the benefit of creditors.

 

Section
6.4           Distributions.

 

Declare or pay any dividends
or make any distribution of any kind on its outstanding stock or membership interests, or set aside any sum for any such purpose,
except that:

 

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(a)          So
long as no Event of Default shall exist hereunder when such dividends or distributions are declared or made, the Borrower may declare
and pay cash dividends or distributions to the Limited Guarantor; and

 

(b)          the
Borrower may declare and make dividend payments or other distributions payable solely in its equity;

 

Section
6.5           Disposition of Assets.

 

Subject to Section 9.17
hereof, make any Disposition of Property, or enter into any agreement to do so.

 

Section
6.6           Intentionally Omitted.

 

Section
6.7           ERISA Obligations.

 

Permit the establishment
of any Employee Benefit Plan or amend any Employee Benefit Plan which establishment or amendment could result in liability to any
Loan Party or increase the obligation for post-retirement welfare benefits of any Loan Party which liability or increase, individually
or together with all similar liabilities and increases, has a Material Adverse Effect.

 

Section
6.8           Transactions with Affiliates.

 

Except as expressly
permitted by this Agreement, directly or indirectly: (a) make any Investment in an Affiliate; (b) transfer, sell, lease, assign
or otherwise dispose of any assets to an Affiliate; (c) merge into or consolidate with or purchase or acquire assets from an Affiliate;
or (d) enter into any other transaction directly or indirectly with or for the benefit of any Affiliate (including, without
limitation, guarantees and assumptions of obligations of an Affiliate); provided, however, that: (i) payments
on Investments expressly permitted by this Agreement may be made, (ii) any Affiliate who is a natural person may serve as an employee
or director of the Borrower and receive reasonable compensation for his or her services in such capacity, and (iii) the Borrower
may enter into any transaction with an Affiliate providing for the leasing of property, the development of the Property, the rendering
or receipt of services or the purchase or sale of product, inventory and other assets in the ordinary course of business if the
monetary or business consideration arising therefrom would be substantially as advantageous to the Borrower as the monetary or
business consideration that would obtain in a comparable arm’s length transaction with a Person not an Affiliate.

 

Section
6.9           Hazardous Materials.

 

Cause or permit: (i)
any Hazardous Materials to be placed, held, located or disposed of on, under or at the Property or any part thereof, except for
such Hazardous Materials that shall be used, stored, treated and disposed of in compliance with all applicable Environmental Laws
and Regulations or (ii) the Property or any part thereof to be used as a collection, storage, treatment or disposal site for any
Hazardous Materials. The Borrower acknowledges and agrees that, as long as the Administrative Agent or its designee shall not have
taken actual possession of the Property, the Administrative Agent and the Lenders shall have no liability or responsibility for
either:

 

    	39

    	 

    

 

(i)          damage,
loss or injury to human health or the environment caused by the presence, disposal, release or threatened release of Hazardous
Materials on any part of the Property; or

 

(ii)         abatement
and/or clean-up required under any applicable Environmental Laws and Regulations for a release, threatened release or disposal
of any Hazardous Materials at the Property or used by or in connection with the Borrower’s business.

 

Section
6.10         No Alterations or Occupancy.

 

(a)          Make
any alterations to the Property that exceed in the aggregate Two Hundred Fifty Thousand Dollars ($250,000.00), other than repairs
and alterations required to maintain the safety and soundness of the Property and to ensure that the Property is in compliance
with all applicable Laws.

 

(b)          Enter
into any leases, subleases, licenses, rental contracts or other agreements relating to the occupancy of the Property or any part
thereof without (i) giving prior written notice to the Administrative Agent and (ii) delivering to the Administrative Agent (x)
a duly executed Assignment of Leases and Rents in form and substance reasonably satisfactory to the Administrative Agent assigning
to the Administrative Agent for the ratable benefit of the Lenders, as security for the Obligations, all rents, issues, profits,
income and proceeds due or to become due from tenants, occupants, or licensees of the Property or any portion thereof and (y) an
ADA Compliance and Indemnification Undertaking in form and substance reasonably satisfactory to the Administrative Agent.

 

ARTICLE VII

EVENTS OF DEFAULT.

 

If any one or more of
the following events (“Events of Default”) shall occur and be continuing, any commitment to lend shall terminate
and the entire unpaid balance of the principal of and interest on the Loans outstanding and all other Obligations of the Borrower
to the Lenders and the Administrative Agent arising hereunder and under the other Loan Documents shall immediately become due and
payable upon written notice to that effect given to the Borrower by the Administrative Agent (except that in the case of the occurrence
of any Event of Default described in Section 7.5 no such notice shall be required), without presentment or demand for payment,
notice of non-payment, protest or further notice or demand of any kind (other than as described below), all of which are expressly
waived by the Borrower:

 

    	40

    	 

    

  

Section
7.1           Payments.

 

Failure by the Borrower
(a) to make any payment of principal on any Loan when due (whether at stated maturity or otherwise) or (b) to make any payment
of interest or other amounts payable hereunder or under any other Loan Document (other than principal) when due (whether at stated
maturity or otherwise) and, in the case of failure to pay any amount specified in this clause (b) such failure shall continue unremedied
for more than 10 days after written notice thereof is given by the Administrative Agent to the Borrower; or

 

Section
7.2           Other Covenants.

 

Failure by the Borrower
to perform or observe any other term, condition or covenant of this Agreement or of any other Loan Document to which it is a party,
which shall remain unremedied for a period of thirty (30) days after notice thereof shall have been given to the Borrower by the
Administrative Agent; provided, however, that if any such failure to perform or observe any such term, condition
or covenant is capable of being cured and on or prior to the end of such 30-day period the Borrower shall have commenced commercially
reasonable activities to effect such cure and shall have delivered to the Administrative Agent a certificate signed by one of its
senior officers describing such activities, and provided that the Borrower is diligently pursuing such activities, then such 30-day
period shall automatically be extended for a single additional 60-day period; or

 

Section
7.3           Other Defaults.

 

(a)          Any
Loan Party shall fail (after giving effect to any notice or grace periods) to make any payment when due (whether of principal or
interest) in respect of any Material Indebtedness; or

 

(b)          Any
event or condition occurs that results in any Material Indebtedness of any Loan Party becoming due prior to its scheduled maturity
or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material
Indebtedness of any Loan Party or any trustee or agent on its or their behalf to cause any Material Indebtedness of any Loan Party
to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity or redemption
date; or

 

Section
7.4           Representations and Warranties.

 

Any representation or
warranty made by a Loan Party to the Lenders or the Administrative Agent in any of the Loan Documents or in connection with the
making of the Loans, or any certificate, statement or report made or delivered in compliance with this Agreement, shall have been
false or misleading in any material respect when made; or

 

Section
7.5           Bankruptcy.

 

(a)          The
Bankruptcy Court (or, if the Bankruptcy Court does not exercise jurisdiction, any other court of competent jurisdiction) shall
find that any Loan Party has violated or taken any action that is inconsistent with the Confirmed Plan, the Confirmation Order,
the Consent Order or any other order issued by the Bankruptcy Court that is final and non-appealable or that remains unstayed for
thirty (30) days, or has failed to take any action it is required to take pursuant to the Confirmed Plan, the Confirmation Order,
the Consent Order or any other such order of the Bankruptcy Court, and the Bankruptcy Court or such other court shall impose any
obligation on any Loan Party as a result of such finding that could reasonably be expected to have a Material Adverse Effect; or

 

    	41

    	 

    

  

(b)          Any
Loan Party shall be insolvent or shall generally cease paying, or be unable to pay, its debts as they become due or shall make
any admission in writing to the foregoing effect, shall make an assignment for the benefit of creditors, file a petition in bankruptcy,
be adjudicated insolvent, petition or apply to any tribunal for the appointment of a receiver, custodian, or any trustee for it
or a substantial part of its assets, or shall commence any proceeding under the Bankruptcy Code (other than the Bankruptcy Case)
or any other bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction,
whether now or hereafter in effect, or any Loan Party shall take any corporate action to authorize any of the foregoing actions;
or there shall have been filed any such petition or application, or any such proceeding shall have been commenced against it, that
remains undismissed for a period of sixty (60) days or more; or any order for relief shall be entered in any such proceeding; or
any Loan Party by any act or omission shall indicate its consent to, approval of or acquiescence in any such petition, application
or proceeding or the appointment of a custodian, receiver or trustee for it or any substantial part of its properties, or shall
suffer any custodianship, receivership or trusteeship to continue undischarged for a period of thirty (30) days or more; or

 

Section
7.6           Judgments.

 

Any judgment against
any Loan Party or any attachment, levy or execution against any of its properties, in any such case for a Material Amount, shall
remain unpaid, unstayed on appeal, undischarged, unbonded or undismissed for a period of thirty (30) days or more; or

 

Section
7.7           ERISA.

 

(a)          The
termination of any Plan or the institution by the PBGC of proceedings for the involuntary termination of any Plan, in either case,
by reason of, or that results or could reasonably be expected to result in, a Material Adverse Effect and that is not corrected
within 30 days, provided that in the case of a Plan sponsored by an entity other than the Borrower, correction shall mean the payment
by the Borrower to the entity sponsoring the Plan of an amount sufficient to reimburse such entity for any accumulated funding
deficiency in connection with such Plan termination; or

 

(b)          Failure
by the Borrower to make required contributions, in accordance with the applicable provisions of ERISA, to each of the Plans hereafter
established or assumed by it, which failure is not corrected within 30 days; or

 

    	42

    	 

    

 

Section
7.8           Loss of Control or Management.

 

Any Change in Control
shall occur or the Limited Guarantor shall cease for any reason to control the management or operations of the Borrower.

 

Section
7.9           Assertions by Loan Parties.

 

Any Loan Party shall
assert, or institute any proceedings seeking to establish, that any provision of any Loan Document is invalid, not binding or unenforceable;
or

 

Section
7.10         Effectiveness of Liens.

 

The Mortgage shall cease
to be in full force and effect or shall cease to be effective to grant to the Administrative Agent for the ratable benefit of the
Lenders a mortgage on the Property, with the priority purported to be created thereby.

 

ARTICLE VIII

THE ADMINISTRATIVE AGENT

 

Section
8.1           The Administrative Agent

 

(a)          Appointment
of Administrative Agent.

 

Sterling National Bank
is hereby appointed as the Administrative Agent hereunder and under each of the Loan Documents, and the Lenders hereby irrevocably
authorize the Administrative Agent to act as their agent and to take such actions as the Lenders are obligated or entitled to take
under the provisions of this Agreement and the other Loan Documents and to exercise such powers as are set forth herein or therein,
together with such other powers as are reasonably incidental thereto. The Administrative Agent agrees to act in substantially the
same manner that it would act in dealing with a loan held for its own account ("Servicing Standard"). The Administrative
Agent shall not have a fiduciary relationship with respect to the Lenders by reason of this Agreement. In performing its functions
and duties under this Agreement, The Administrative Agent shall act solely as agent of the Lenders and does not assume, and shall
not be deemed to have assumed, any obligations toward or relationship of agency or trust with or for the Borrower or any other
Loan Party. As used in this Agreement, the term "Administrative Agent" shall be deemed to include Sterling National
Bank and/or any successor Administrative Agent appointed pursuant to Section 8.13. Unless the Servicing Standard or the standards
of care set forth in this Article require otherwise, the Administrative Agent (a) shall have no duties or responsibilities except
those expressly set forth in this Agreement and in the other Loan Documents, and shall not by reason of this Agreement or any other
Loan Document be a trustee or fiduciary for any of Lenders; (b) shall not have any duty to take any discretionary action or exercise
any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that
the Administrative Agent is required to exercise as directed in writing by the Required Lenders, provided that the Administrative
Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative
Agent to liability unless properly indemnified to the satisfaction of the Administrative Agent, or that is contrary to this Agreement,
any other Loan Document or applicable law; (c) shall not, except as expressly set forth herein and in the other Loan Documents,
have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any
of its Affiliates that is communicated to or obtained by the Lender serving as Administrative Agent or any of its Affiliates in
any capacity unless such item is material and is required to be delivered to a Lender under the terms of the Loan Documents; (d)
shall not be responsible to Lenders for or have any duty to ascertain or inquire into (i) any recitals, statements, representations
or warranties contained in this Agreement, any other Loan Document or in any certificate or other document referred to or provided
for in, or received by any Lender under this Agreement or any other Loan Document, (ii) the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or any other Loan Document or any other document referred to or provided for herein
or therein, (iii) any failure by the Borrower or any other Loan Party to perform any of such party’s obligations hereunder
or thereunder, or (iv) the satisfaction of any condition set forth herein, other than to confirm receipt of items expressly required
to be delivered to the Administrative Agent; and (e) shall not be responsible to Lenders for any action taken or omitted to be
taken by the Administrative Agent hereunder or under any other Loan Document provided for herein or therein or in connection herewith
or therewith, except for the Administrative Agent’s willful misfeasance or willful breach of this Agreement, or gross negligence
in the performance of its duties or by reason of reckless disregard of its duties (as determined by a court of competent jurisdiction
from which all appeal has been exhausted). The Administrative Agent shall be deemed not to have knowledge of any default or event
of default unless and until notice describing such default or event of default is given to the Administrative Agent by the Borrower
or a Lender.

 

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To the extent that any
action is to be taken, any information is to be delivered to or by any Lender, any determination is to be made, or any consent
is to be given or withheld by any Lender, any such action, delivery, determination or consent shall be taken, made or given or
withheld, as the case may be, by the Administrative Agent or any successor agent thereto at the direction of the Required Lenders,
as provided for herein.

 

The Administrative Agent
may deem and treat the payee of any Note as the holder thereof for all purposes hereof unless and until the Administrative Agent
shall have been notified of the assignment thereof.

 

(b)          Reliance
on the Administrative Agent. All acts of and communications by the Administrative Agent, as agent for the Lenders, shall be
deemed legally conclusive and binding; and the Lenders acknowledge that Borrower or any third party (including any court) shall
rely on any and all communications or acts of the Administrative Agent with respect to the exercise of any rights or the granting
of any consent, waiver or approval on behalf of the Lenders in all circumstances where an action by Lenders is required or permitted
pursuant to this Agreement or the provisions of any other Loan Document or by applicable laws without the right or necessity of
making any inquiry of Lenders as to the authority of the Administrative Agent with respect to such matter.

 

    	44

    	 

    

 

In no event shall any
of the foregoing limit the rights or obligations of any Lender with respect to any other Lender pursuant to the terms of this Agreement.

 

(c)          Powers.
The Administrative Agent shall, subject to Section 8.1 and Section 8.4(b) of this Agreement, have and may exercise all powers that
Lenders have under the Loan Documents and shall exercise such powers on behalf of the Lenders.

 

(d)          Action
on Instructions of Lenders. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from
acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Required Lenders, and
such instructions and any action taken or failure to act pursuant thereto shall be binding on all Lenders. Each Lender, severally
to the extent of its Pro Rata Share, hereby agrees to indemnify the Administrative Agent against and hold it harmless from any
and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action, provided that
the foregoing shall not release the Administrative Agent from liability for its willful misfeasance or willful breach of this Agreement
or gross negligence in the performance of its duties or by reason of reckless disregard of its duties (as determined by a court
of competent jurisdiction from which all appeal has been exhausted).

 

(e)          Employment
of Agents and Counsel. The Administrative Agent may undertake any of its duties as the Administrative Agent hereunder and under
any other Loan Document by or through employees, agents, and attorneys-in-fact and shall not be responsible for the negligence
or misconduct of any such agents or attorneys-in-fact selected by the Administrative Agent in good faith and shall not be liable
to the Lenders except as to money or securities received by them or their authorized agents, or for the Administrative Agent’s
gross negligence or willful misconduct (as determined by a court of competent jurisdiction from which all appeal has been exhausted)
in hiring, retaining or overseeing of any such agents or attorneys-in-fact. The Administrative Agent shall be entitled to advice
of counsel concerning all matters pertaining to the agency hereby created and its duties hereunder and under any Loan Document.
The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any Loan Document
by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent
may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory
provisions of this Section 8.1(e) shall apply to any such sub-agent and to the Affiliates of the Administrative Agent and any such
sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided
for herein as well as activities as Administrative Agent.

 

    	45

    	 

    

  

(f)          Reliance
on Documents; Counsel. The Administrative Agent shall be entitled to rely upon any notice, consent, certificate, affidavit,
letter, telegram, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the
proper person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the Administrative Agent, which
counsel may be an employee of the Administrative Agent, provided that the foregoing shall not release the Administrative Agent
from liability for its gross negligence or willful misconduct (as determined by a court of competent jurisdiction from which all
appeal has been exhausted). Any such counsel shall be deemed to be acting on behalf of Lenders in assisting the Administrative
Agent with respect to the Loans, and shall be precluded from also representing the Administrative Agent in any matter in which
the interests of the Administrative Agent and the Lenders may differ.

 

(g)          Payment
of Expenses. Each Lender shall be responsible for and shall pay to the Administrative Agent upon demand each Lender's respective
Pro Rata Share of all reasonable expenditures (including, without limitation, outside counsel fees and the allocated cost of internal
counsel) incurred by the Administrative Agent to the extent such expenditures are not reimbursed by Borrower, any other Loan Party
or other parties for which the Administrative Agent is entitled to reimbursement hereunder or under the Loan Documents (a) in connection
with the preparation, execution, delivery, administration and enforcement of the Loan Documents, (b) for collection of the Obligations,
(c) for any amounts (excluding principal and interest on the Loans and loan fees), and (d) for enforcement of any remedies under
the Loan Documents; each Lender shall indemnify the Administrative Agent and hold the Administrative Agent harmless from and against,
to the extent of each Lender's respective Pro Rata Share, all damages or liabilities, including but not limited to damages or liabilities
resulting from the presence on the Premises of hazardous materials, suffered or incurred by the Administrative Agent by reason
of its acting or having acted as, or pursuant to its rights and responsibilities as, lender or mortgagee under the Loan Documents,
except any damages or liabilities resulting from the Administrative Agent’s willful misfeasance or willful breach of this
Agreement or gross negligence in the performance of its duties or by reason of reckless disregard of its duties (as determined
by a court of competent jurisdiction from which all appeal has been exhausted). Each Lender shall make all payments due and owing
to the Administrative Agent under this Agreement or the other Loan Documents, as and when same become due, by federal reserve wire
for transfer to the Administrative Agent in accordance with the wire instructions provided by the Administrative Agent from time
to time.

 

Section
8.2           Priority.

 

Each Lender’s undivided
interests in the Loans shall be of equal priority with the interest of each other Lender.

 

Section
8.3           Collection of Payments.

 

(a)          The
Administrative Agent shall collect all payments of interest, principal and other sums due at any time or in connection with the
Loans and/or the Loan Documents. Sterling National Bank will hold the Loan Documents (other than the other Lenders’ Notes)
as Administrative Agent for itself and the Pro Rata benefit of the Lenders as evidence of the Loan and the Collateral and will
receive all payments made by Borrower, Limited Guarantor or others on account of principal, interest, expenses and fees, holding
each Lender's Pro Rata Share thereof for the benefit of such Lender to be applied in accordance with the terms hereof. Each Lender
shall hold its own Note.

 

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(b)          The
Administrative Agent shall be entitled to retain in full all amounts collected with respect to the Obligations which are: (i) reimbursements
for expenditures made by the Administrative Agent with respect to which a Lender did not pay its Pro Rata Share and (ii) interest
accrued on sums added to the amount due under the Loan as a result of expenditures made by the Administrative Agent to cure defaults
under the Loan Documents and with respect to which a Lender did not pay its Pro Rata Share. Payments received from or on behalf
of the Borrower with respect to the Obligations shall be allocated first to items listed in this Section 8.3(b) prior to items
contained in Section 8.3(c).

 

(c)          With
respect to items of interest, principal, reimbursement of expenses for which any Lender has paid such Lender's Pro Rata Share to
the Administrative Agent, and other amounts paid by Borrower, Limited Guarantor or other parties or otherwise collected by the
Administrative Agent on or in connection with the Loans, out of all sums which are received by the Administrative Agent by 1:00
p.m. (New York City time) the Administrative Agent shall remit to each Lender on the date of collection its Pro Rata Share thereof;
out of all such sums collected by the Administrative Agent after 1:00 p.m. (New York City time) the Administrative Agent shall
remit to each Lender its Pro Rata Share thereof on or before the next succeeding business day in immediately available funds by
wire transfer in accordance with the wire transfer instructions provided by such Lender from time to time. In the event the Administrative
Agent does not remit such payment within the time period provided herein, it shall pay to Co-Lender interest on such payment at
the Federal Funds rate from the date such payment should have been remitted to the date such amount is paid.

 

(d)          Unless
the Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders hereunder that Borrower will not make such payment, the Administrative Agent may assume that
Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption and pursuant to the
foregoing paragraphs, distribute to the Lenders the amount due. In such event, if Borrower has not in fact made such payment or
for any reason such payment is required to be returned to Borrower or paid to any other Person pursuant to any bankruptcy or insolvency
law, any sharing clause in the Loan Documents or otherwise, then each of the Lenders severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender, without interest thereon, unless the Administrative Agent is
required to return such amount with interest thereon, in which case, with interest thereon at the rate that the Administrative
Agent is required to pay in connection therewith for each day from and including the date such amount is distributed to such Lender
to but excluding the date of payment to the Administrative Agent.

 

(e)          The
transfer of funds to any Lender by the Administrative Agent is made on a nonrecourse basis. The Administrative Agent shall have
no duty or obligation whatsoever to make any payments to any Lender except from corresponding payments received by the Administrative
Agent from Borrower or any other Person pursuant to the Loan Documents.

 

    	47

    	 

    

  

(f)          Each
Lender represents and warrants as of the date hereof that it is entitled to receive payments hereunder and under the Loan Documents
without the withholding of any tax.

 

Section
8.4           Authority.

 

(a)          Subject
to Section 9.5, the Lenders hereby authorize the Administrative Agent to act on behalf of the Lenders, to the extent herein provided,
to exercise such powers as are, in the Administrative Agent’s good faith determination, incidental to the Administrative
Agent's exercise of its rights and responsibilities hereunder and under the other Loan Documents, including the receipt of all
payments of principal, interest, fees and expense reimbursements payable under or in connection with the Loans and/or the other
Loan Documents, with full power and authority, on behalf of the Lenders, to determine whether conditions for borrowing have been
satisfied, to institute and maintain against Borrower or any other Loan Party actions, suits or proceedings for the protection,
collection and enforcement of the other Loan Documents and realization upon any Collateral and to take such other actions for the
protection, collection and enforcement of the Loan Documents and realization upon any Collateral as it may deem necessary or appropriate,
each in accordance with the terms of this Agreement and the other Loan Documents.

 

(b)          the
Administrative Agent may, at its option, at any time request instructions from the Lenders with respect to any actions or approvals
which, by the terms of this Agreement or of any of the other Loan Documents, the Administrative Agent is permitted or required
to take or to grant without instructions from the Lenders, and if such instructions are promptly requested, the Administrative
Agent shall be absolutely entitled to refrain from taking any action or to withhold any approval and shall not be under any liability
whatsoever for refraining from taking any action or withholding any approval under any of the Loan Documents until it shall have
received such instructions from the Lenders. Without limiting the foregoing, the Lenders shall not have any right of action whatsoever
against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting under this Agreement
or any of the other Loan Documents in accordance with the instructions of the Lenders. As to any matters not expressly provided
for by this Agreement or any other Loan Document, the Administrative Agent shall in all cases be fully protected in acting, or
in refraining from acting, hereunder or thereunder in accordance with instructions given by the Required Lenders and such instructions
to the Administrative Agent and any action taken or not taken pursuant thereto shall be binding on all Lenders.

 

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(c)          The
Lenders authorize and direct the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. The Lenders
agree that any action taken by the Administrative Agent in accordance with the provisions of this Agreement or any other Loan Document,
and the exercise by the Administrative Agent of the powers set forth herein or therein, together with such other powers as are,
in the Administrative Agent’s good faith determination, reasonably incidental thereto, shall be authorized and binding upon
the Lenders, except for actions specifically requiring the approval of the Lenders. All communications from the Administrative
Agent to the Lenders requesting the Lenders’ determination, consent, approval or disapproval (i) shall be given in the form
of a written notice to each Lender, (ii) shall be accompanied by a description of the matter or item as to which such determination,
approval, consent or disapproval is requested, or shall advise each Lender where such matter or item may be inspected, or shall
otherwise describe the matter or issue to be resolved, (iii) shall include, if requested by the Lenders and to the extent not previously
provided to the Lenders, a summary of all oral information provided to the Administrative Agent by the Borrower, and all available
written materials, in each case relating to the matter or issue to be resolved, and (iv) shall include the Administrative Agent's
recommended course of action or determination in respect thereof. The Lenders shall reply promptly, but in any event within fifteen
(15) days after receipt of the request therefor from the Administrative Agent (the “Reply Period”). If a Lender
shall fail to give written notice to the Administrative Agent that it approves or consents to the recommendation or determination
of the Administrative Agent within the Reply Period, such Lender shall be deemed to have approved of or consented to such recommendation
or determination being recommended by the Administrative Agent.

 

Section
8.5           Rights of the Administrative Agent as Lender.

 

With respect to its interest
in the Loans, the Administrative Agent in its capacity as a Lender hereunder shall have the same rights and powers hereunder as
any other Lender and may exercise the same as though it were not acting as the Administrative Agent, and the terms “Lender”
and “Lenders” shall include the Administrative Agent in its capacity as a Lender. The Administrative Agent and the
Administrative Agent’s parent, affiliates or subsidiaries may (without having to account therefor to any Lender) 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 or any of its Affiliates as if it were not acting as the Administrative Agent. Lenders and Lenders’ parents, affiliates
or subsidiaries may (without having to account therefor to any other Lender or the Administrative Agent) 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
or any of its Affiliates.

 

Section
8.6           Standards of Care and Loan Administration. 

 

(a)          The
Administrative Agent agrees to service the Loans in accordance with the Administrative Agent's usual practices in the ordinary
course of its business, modified from time to time as it deems appropriate under the circumstances, and to exercise the same care
in administering the Loans and all Collateral as the Administrative Agent customarily exercises in administering similar loans.
In this regard, the Administrative Agent, may from time to time, consistent with its usual practices for administering similar
loans and subject to Section 9.5, waive non-material defaults of Borrower or Limited Guarantor provided that the waiver of such
defaults will not materially adversely affect the Property or any other Collateral or the ability of the Administrative Agent to
enforce the rights and remedies of the Lenders under the Loan Documents.

 

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(b)          The
Administrative Agent shall not have any liability, express or implied, for any action taken or omitted to be taken by the Administrative
Agent or for any failure or delay in exercising any right or power possessed by the Administrative Agent hereunder or under any
of the other Loan Documents except for actual losses, if any, suffered by any Lender to the extent caused by or resulting from
the Administrative Agent’s willful misfeasance or willful breach of this Agreement, or gross negligence in the performance
of its duties or by reason of reckless disregard of its duties (as determined by a court of competent jurisdiction from which all
appeal has been exhausted). Without limiting the foregoing, the Administrative Agent, its directors, officers, agents and employees:
(i) may consult with legal counsel, independent public accountants, appraisers, and other experts selected by the Administrative
Agent, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of
such persons, (ii) may rely on, and shall incur no liability by acting upon, any conversation, notice, consent, certificate, statement,
order, or any document or other writing (including, without limitation, telegraph, telex, facsimile transmission, or other telecommunication
device) believed by the Administrative Agent in good faith and with the exercise of commercially reasonable judgment to be genuine
and correct and to have been signed, sent, or made by the proper person, (iii) makes no warranty or representation of any kind
or character relating to Borrower, Limited Guarantor or the Property, and shall not be responsible for the correctness as to form,
the due execution, legality, validity, enforceability, genuineness, sufficiency, or collectability of any of the Loan Documents,
for any failure by Borrower or any person to perform its obligations thereunder, for Borrower's use of the proceeds therefrom,
or for the preservation of the Property or the loss, depreciation, or release thereof, (v) makes no warranty or representation
as to, and assumes no responsibility for, the authenticity, validity, accuracy, or completeness of any notice, financial statement,
or other document or information received by any Lender in connection with, or otherwise referred to in, any of the Loan Documents,
and (vi) shall not be required to make any inquiry concerning the observance or performance of any agreements contained in, or
conditions of, any of the Loan Documents, or to inspect the property, books or records of Borrower or any other Person, except
as is customary for the Administrative Agent acting in a commercially reasonable manner.

 

(c)          Should
the Administrative Agent commence any proceeding or in any way seek to enforce the Administrative Agent's or the Lenders’
rights or remedies under the Loan Documents, irrespective of whether as a result thereof the Administrative Agent shall acquire
title to the Property or any other Collateral, Lenders, upon demand therefor from time to time, shall contribute their respective
Pro Rata Share of the reasonable actual costs and/or expenses of any such enforcement or acquisition, including fees of receivers
or trustees, court costs, title insurer charges, filing and recording fees, appraisers' fees and fees and expenses of attorneys
to the extent not otherwise reimbursed by Borrower or Limited Guarantor. Without limiting the generality of the foregoing, the
Lenders shall contribute their respective Pro Rata Share of all reasonable actual costs and expenses incurred by the Administrative
Agent (including, without limitation, all outside attorneys' fees and expenses and allocated costs of internal counsel) if the
Administrative Agent employs counsel for advice or other representation (whether or not any suit has been or shall be filed) with
respect to the Property or any other Collateral or any part thereof, or any of the Loan Documents, or the attempt to enforce any
security interest or lien on any Collateral, or to enforce any rights of the Administrative Agent or the Lenders or any of Borrower's
or any other party's obligations under any of the Loan Documents (collectively, “Costs”). Provided that no Lender
shall be liable for any of the foregoing Costs to the extent such Costs arise from the gross negligence or willful misconduct of
the Administrative Agent (as determined by a court of competent jurisdiction from which all appeal has been exhausted) or the failure
of the Administrative Agent to follow the directions of the Required Lenders or all of the Lenders, as the case may be. The foregoing
indemnity shall survive the payment of the Obligations and the termination or non-renewal of this Agreement.

 

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Any request by the Administrative
Agent for reimbursement of Costs shall be in the form of a certificate from the Administrative Agent to each Lender as to the nature
and amount for which the Administrative Agent claims reimbursement from Lenders pursuant to this Section 8.6(c). Any such request
shall include reasonable evidence that such Costs meet the criteria set forth in this Section 8.6(c) and have been incurred by
the Administrative Agent.

 

Any Costs which are required
to be reimbursed by Lenders to the Administrative Agent in accordance with this Section 8.6(c) and which are not reimbursed to
the Administrative Agent within ten (10) Business Days after demand therefor in accordance with this Section 8.6(c) shall accrue
interest at the Federal Funds Rate from and after the eleventh (11th) Business Day after the date that such reimbursement request
was made through and including the date of reimbursement by such Lender.

 

Any Costs which are subsequently
recovered from Borrower, Limited Guarantor or any other Person shall be returned to each Lender in proportion to the Pro Rata Share
of said Costs previously remitted by each Lender to the Administrative Agent.

 

Section
8.7           Non-Reliance on the Administrative Agent and Other Lenders.

 

Each Lender agrees that
such Lender has, independently and without reliance on the Administrative Agent or any of the other Lenders, and based on such
documents and information as such Lender has deemed appropriate, made such Lender’s own credit analysis of Borrower and the
other Loan Parties and has made such Lender’s own decision to enter into this Agreement and the other Loan Documents and
that such Lender shall, independently and without reliance upon the Administrative Agent or any of the other Lenders, and based
on such documents and information as such Lender shall deem appropriate at the time, continue to make such Lender’s own analysis
and decisions in taking or not taking action under this Agreement and the Loan Documents. Other than determining whether payments
due to the Administrative Agent under the Loan Documents have in fact been made and determining, based solely on the review of
compliance certificates delivered to the Administrative Agent by Borrower or Limited Guarantor, whether Borrower and Limited Guarantor
are in compliance with the covenants set forth in this Agreement, the Administrative Agent shall not be required to keep itself
informed as to the performance or observance by Borrower or Limited Guarantor of any term or provision of this Agreement or any
of the other Loan Documents or any other document referred to as provided for herein or therein or to inspect the properties or
books of Borrower or Limited Guarantor. The Administrative Agent shall provide each Lender with any information received by the
Administrative Agent from Borrower or Limited Guarantor which is required to be provided to Lenders hereunder and with a copy of
any notice of default received by the Administrative Agent from Borrower or any Lender. Except for notices, reports and other documents
expressly required to be furnished to Lenders by the Administrative Agent, the Administrative Agent shall not have any duty or
responsibility to provide any Lender with any other credit or other information concerning the affairs, financial condition or
business of Borrower or Limited Guarantor that may come into the possession of the Administrative Agent.

 

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Section
8.8           Failure to Act.

 

Except for action expressly
required of the Administrative Agent hereunder or under any of the other Loan Documents, the Administrative Agent shall in all
cases be fully justified in failing or refusing to act hereunder and thereunder unless the Administrative Agent shall receive further
assurances to the Administrative Agent’s complete satisfaction from Lenders of their indemnification obligations under Section
8.6(c) hereof against any and all liability and expense that may be incurred by the Administrative Agent by reason of the Administrative
Agent taking or continuing to take or failing to take any such action.

 

Section
8.9           Action by the Administrative Agent.

 

Each of the entities
comprising Lenders hereby appoints the Administrative Agent as agent and bailee for the purpose of perfecting the security interests
in and liens upon the Property and the other Collateral, in accordance with Article 9 of the Uniform Commercial Code in effect
in the State where the Property is located or the State where Borrower is organized, can be perfected only by possession (or where
the security interest of a secured party with possession has priority over the security interest of another secured party). Each
Lender hereby appoints the Administrative Agent as such Lender’s attorney-in-fact for the purpose of executing the Loan Documents
on such Lender’s behalf.

 

(a)          In
the event that all or any portion of the Property or any other Collateral is acquired by the Administrative Agent as the result
of the exercise of any remedies hereunder or under any other Loan Document, or is retained in satisfaction of all or any part of
the Borrower's obligations under the Loan Documents, title to any such Collateral or any portion thereof shall be held in the name
of a nominee or subsidiary of each Lender in accordance with such Lender’s Pro Rata Share and pursuant to an agreement to
be approved by the Required Lenders. The Administrative Agent shall prepare a recommended course of action for such Collateral
and submit it to the Lenders for approval by the Required Lenders (upon such approval, the "Post-Default Plan").
The Administrative Agent shall administer the Collateral in accordance with the Post-Default Plan, and upon demand therefor from
time to time, the Lenders will contribute their respective Pro Rata Share of all costs and expenses incurred by the Administrative
Agent pursuant to the Post-Default Plan, including any operating losses and all necessary operating reserves. To the extent there
is net operating income from such Collateral, the Administrative Agent shall, in accordance with the Post-Default Plan, make distributions
to the Lenders. All such distributions shall be made to the Lenders in accordance with their respective Pro Rata Share. In no event
shall the provisions of this subsection or the Post-Default Plan require the Administrative Agent or any Lender to take an action
which would cause the Administrative Agent or such Lender to be in violation of any applicable regulatory requirements.

 

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(b)          If
at any time or times any Lender shall receive (i) by payment, foreclosure, setoff or otherwise, any proceeds or other Collateral
or any payments with respect to the obligations of Borrower to such Lender arising under, or relating to, this Agreement or any
of the Loan Documents except for any such proceeds or payments received by such Lender from the Administrative Agent or otherwise
pursuant to the terms of this Agreement, or (ii) payments from the Administrative Agent hereunder in excess of such Lender’s
ratable portion of the relevant distributions by the Administrative Agent hereunder, such Lender shall promptly turn the same over
to the Administrative Agent, in kind, and with such endorsements as may be required to negotiate the same to the Administrative
Agent, or in same day funds, as applicable, for the account of all of the Lenders and for application to the obligations hereunder
in accordance with the applicable provisions of this Agreement.

 

Section
8.10         Books and Records.

 

The Administrative Agent
will at all times keep and maintain proper books of account and records reflecting the interest of the Lenders in the Loans, in
a manner satisfactory to bank examiners from regulatory authorities having jurisdiction over the Administrative Agent, which books
of account and records shall be accessible for inspection by any Lender at all times during normal business hours upon not less
than five (5) banking days’ notice by such Lender to the Administrative Agent. The Administrative Agent shall record in its
records the following information (the “Lender Records”): name and address of Lenders, the amount of the Lenders’
respective commitments and the percentage of the Loans owing to such Lender from time to time.

 

Section 8.11         Information
to Lenders.

 

The Administrative Agent
shall provide to Lenders such information in the Administrative Agent's possession as to the status of the Loans, the status of
principal and interest payments, Collateral values, lien status and any factual information bearing on the continued creditworthiness
of Borrower and Limited Guarantor and such other information regarding the Borrower, Limited Guarantor, the Property, the Lenders’
Committed Amounts and the Lenders’ Pro Rata Shares as the Lenders may, from time to time, reasonably request and the Administrative
Agent shall promptly update those records as necessary.

 

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Section
8.12         Notice of Event of Default, Exercise of Remedies, Foreclosure, etc.

 

(a)          The
Administrative Agent shall not (unless it has actual knowledge) be deemed to have knowledge or notice of the occurrence of any
Event of Default unless and until the Administrative Agent has received written notice from a Lender or Borrower specifying such
Event of Default.

 

(b)          In
the event of the occurrence of an Event of Default and if the Administrative Agent, in the Administrative Agent’s sole and
absolute discretion, determines that any action is to be taken by the Administrative Agent on behalf of Lenders in connection therewith,
or the Administrative Agent is instructed to take action by the Required Lenders, the Administrative Agent shall send a notice
(the “Action Notice”) to each Lender recommending a course of action (which may include a recommendation to
refrain from taking any action) and Lenders shall promptly consult in good faith to either confirm the Administrative Agent’s
suggested course of action (or inaction) or to arrive at a course of action which shall be mutually acceptable to all Lenders in
their reasonable discretion. Such course of action shall address, among other issues, (i) the exercise of remedies and the manner
in which a foreclosure or additional remedies shall be conducted, (ii) the interests of all of the Lenders at a foreclosure sale
or auction and whether Lenders or their nominees shall succeed to title to the Mortgaged Property or any other Collateral and (iii)
issues pertaining to the operation, management, maintenance, leasing and/or the sale of the Property or any other Collateral. The
Administrative Agent shall promptly implement any such agreed upon course of action (or inaction) on behalf of Lenders. Notwithstanding
anything to the contrary contained herein, if Lenders are unable to agree on a course of action (or inaction) within ten (10) Days
of the date of the Action Notice, the Administrative Agent shall have the right (but not the obligation), upon notice to Lenders,
to take such course of action (or refrain from taking such action) as the Administrative Agent deems appropriate and the Administrative
Agent may continue to proceed on such course of action, or refrain from taking such action, until the Administrative Agent receives
notice to the contrary from the Required Lenders (“Agent Discretion Standard”). Provided and on condition that
the Administrative Agent has acted in accordance with this Subsection 8.12(b) and the Agent Discretion Standard, Lenders hereby
acknowledge and agree that the Administrative Agent shall have no obligation to take any action unless failure to do so would be
willful misfeasance or willful breach of this Agreement, or gross negligence in the performance of its duties or by reason of reckless
disregard of its duties (as determined by a court of competent jurisdiction from which all appeal has been exhausted).

 

(c)          Provided
that Lenders have agreed to a foreclosure or auction in accordance with Subsection 8.12(b) (or the Administrative Agent has exercised
the Agent Discretion Standard), upon a foreclosure sale or auction and subject to the terms and provisions of this Agreement, the
Administrative Agent shall have the right to bid at the foreclosure sale or auction on behalf of Lenders. Any bid entered by the
Administrative Agent in an amount not in excess of the total indebtedness due under the Notes plus expenses and all other amounts
which are recoverable from the proceeds of the sale (collectively, the “Judgment Amount”) shall be deemed to
have been entered on behalf and for the benefit of Lenders, and, if such bid is the successful bid, the Administrative Agent shall
cause a referee’s deed (as to the Property) or the applicable title instrument (as to all other Collateral) to be issued
to the Administrative Agent (or the Administrative Agent’s nominee) in trust for Lenders, and the Administrative Agent (or
the Administrative Agent’s nominee) shall hold title subject to the terms and provisions of Subsection 8.12(d) and Subsection
8.12(e) on behalf of, and as trustee for, Lenders.

 

 

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(d)          The
Administrative Agent and Lenders hereby acknowledge and agree that if title to (i) the Property or (ii) any other Collateral is
obtained by the Administrative Agent (or the Administrative Agent’s nominee) for the benefit of Lenders, such asset(s) shall
not be held as a permanent investment, but shall be marketed and sold as soon as possible, taking into account then current economic
and market conditions. Subject to Subsection 8.12(b), each Lender shall, upon demand therefor from time to time, contribute such
Lender’s Pro Rata Share of all costs, fees and expenses (including, without limitation, outside attorney’s fees and
disbursements and the allocated costs of internal counsel) suffered or incurred by the Administrative Agent (or the Administrative
Agent’s nominee) in connection with the operation, management, maintenance, leasing and/or sale of all or any part of the
Property or any other Collateral. Funds received from the ownership, operation or sale of the Property or any other Collateral
(net of operating expenses or transaction costs in connection with such ownership, operation or sale) shall constitute debt service
payments and shall be applied first, to reimburse the Administrative Agent for any Costs, and thereafter, in accordance with Section
8.3. Lenders shall consult with the Administrative Agent and attempt to determine a mutually acceptable course of action relating
to, but not limited to, the management, operation and leasing of the Property and any other Collateral as well as the sale of
the Property and any other Collateral; provided, however, if Lenders cannot agree on a mutually acceptable
course of action, the Administrative Agent shall have the right (but not the obligation) to apply the Agent Discretion Standard
upon notice to Lenders.

 

(e)          Notwithstanding
anything to the contrary contained herein, each Lender shall have the right to enter a bid in an amount in excess of the Judgment
Amount and, if such bid is the successful bid, such Lender shall acquire the Property or other Collateral, as the case may be,
for such Lender’s own account and, provided and on the condition that the non-bidding party is, by not later than the date
of delivery to the bidding party (or such bidding party’s nominee) of the referee’s deed or other title instrument,
paid in full all amounts owed to the non-bidding party under this Agreement and the other Loan Documents, the non-bidding party
shall have no further interest in the Property or other Collateral, as the case may be, and the terms and provisions of Subsection
8.12(b) shall be null and void and of no further force or effect.

 

(f)          The
Lenders agree that they will only take action, or institute actions or proceedings, against the Borrower or Limited Guarantor or
any other person under any Loan Documents with respect to exercising claims against the Borrower (except for rights of set-off
and other rights to payments in accordance with Sections 2.16 and 9.4) or Limited Guarantor or rights in any Collateral through
the Administrative Agent and in accordance with the terms hereof.

 

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Section
8.13         Successor Administrative Agent.

 

(a)          The
Administrative Agent may resign from the performance of all of its functions and duties hereunder at any time, by giving at least
thirty (30) days’ prior written notice to the Lenders and Borrower. Such resignation shall take effect on the date set forth
in such notice or as otherwise provided below. Such resignation by the Administrative Agent as Administrative Agent shall not affect
its rights or obligations hereunder and under the other Loan Documents as a Lender. If the Administrative Agent is guilty of gross
negligence or willful misconduct (as determined by a court of competent jurisdiction from which all appeal has been exhausted),
the Lenders may remove the Administrative Agent from its role as the Administrative Agent for the Lenders, without affecting the
Administrative Agent's rights or obligations as a Lender hereunder and under the other Loan Documents.

 

(b)          Upon
resignation by the Administrative Agent, or any successor Administrative Agent, the Required Lenders shall appoint a successor
Administrative Agent, which successor agent shall be either one of the Initial Lenders or another Lender that is consented to by
the Borrower (which consent shall not be unreasonably withheld or delayed and shall not be required after the occurrence and during
the continuance of an Event of Default). If no successor agent is appointed prior to the effective date of the resignation of the
Administrative Agent, the Administrative Agent may appoint, after consulting with the Lenders (other than the Lender which is the
Administrative Agent resigning), a successor agent from among such other Lenders (it being understood and agreed that if such successor
agent is not an Initial Lender, its appointment shall be subject to the consent of the Borrower, which shall not be unreasonably
withheld or delayed and shall not be required after the occurrence and during the continuance of an Event of Default). Upon the
acceptance of any appointment as Administrative Agent hereunder by a successor agent, the Administrative Agent's resignation shall
become effective and such successor agent shall thereupon succeed to and become vested with all the rights, powers, privileges
and duties of the Administrative Agent upon the recordation of a written designation and acceptance, and the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents other than its liability,
if any, for duties and obligations accrued prior to its retirement. After any retiring Administrative Agent's resignation hereunder
as an Administrative Agent, the provisions of this Section shall continue in effect for its benefit in respect of any actions taken
or omitted to be taken by it while it was acting as the Administrative Agent hereunder and under the other Loan Documents. The
new Administrative Agent shall promptly deliver to the Borrower a copy of the designation and acceptance.

 

(c)          If
no successor agent has accepted appointment as Administrative Agent by the date which is thirty (30) days after the date of a retiring
Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nonetheless thereupon
become effective and the Lenders shall perform all of the duties of the Administrative Agent hereunder until such time, if any,
as the Lenders (other than the Lender which has resigned as Administrative Agent) appoint a successor agent as provided for above.
The resigning Administrative Agent shall have continuing liability for any act of willful misfeasance or willful breach of this
Agreement or gross negligence in the performance of its duties or by reason of reckless disregard of its duties (as determined
by a court of competent jurisdiction from which all appeal has been exhausted) committed by it during the period it was the Administrative
Agent under this Agreement.

 

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ARTICLE IX

MISCELLANEOUS PROVISIONS

 

Section
9.1           Fees, Costs and Expenses; Indemnity.

 

(a)          The
Borrower will promptly pay all reasonable out of pocket costs and expenses of the Administrative Agent (including the reasonable
out of pocket fees and disbursements of counsel to the Administrative Agent and the cost of all appraisals, surveys, title insurance
policies, environmental assessments, tax service, engineering, inspections, searches, and recording) in connection with the preparation,
execution and delivery, administration, interpretation and enforcement of this Agreement, the other Loan Documents and all other
agreements, instruments and documents relating to this transaction, the consummation of the transactions contemplated by all such
documents, the preservation of all rights of the Lenders and the Administrative Agent, the negotiation, preparation, execution
and delivery of any amendment, modification or supplement of or to, or any consent or waiver under, any such document (or any such
instrument that is reasonably proposed by Agent but not executed and delivered) and with any claim or action threatened, made or
brought against any of the Lenders or the Administrative Agent arising out of or relating to any extent to this Agreement, the
other Loan Documents or the transactions contemplated hereby or thereby (other than a claim or action resulting from the gross
negligence, willful misconduct, or intentional violation of law by the Administrative Agent and/or the Lenders).

 

(b)          In
addition, the Borrower will promptly pay all out-of-pocket costs and expenses (including the reasonable fees and disbursements
of counsel) suffered or incurred by each Lender in connection with its enforcement of the payment of the Notes held by it or any
other sum due it under this Agreement or any of the other Loan Documents or any of its other rights hereunder or thereunder. In
addition to the foregoing, the Borrower shall indemnify each Lender and the Administrative Agent and each of their respective Related
Parties against, and hold each of them harmless from, any actual losses, liabilities, damages, penalties, claims, costs and expenses
(including reasonable attorneys’ fees and disbursements) suffered or incurred by any of them arising out of, resulting from
or in any manner connected with, the execution, delivery and performance of each of the Loan Documents, making Loans hereunder
and any and all transactions related to or consummated in connection with the Loan Documents and/or the Loans (other than as a
result of the gross negligence, willful misconduct or intentional violation of law by the party seeking indemnification), including
actual losses, liabilities, damages, penalties, claims, costs and expenses suffered or incurred by any Lender or the Administrative
Agent or any of their respective Related Parties arising out of or related to any Environmental Liability or Environmental Proceeding,
or in investigating, preparing for, defending against, or providing evidence, producing documents or taking any other action in
respect of any commenced or threatened litigation, administrative proceeding or investigation under any federal securities law
or any other statute of any jurisdiction, or any regulation, or at common law or otherwise against the Administrative Agent, the
Lenders or any of their Related Parties, that is alleged to arise out of or is based upon: (i) any untrue statement or alleged
untrue statement of any material fact by any Loan Party or any of Affiliate of a Loan Party in any document or schedule filed with
the Securities and Exchange Commission or any other Governmental Authority; (ii) any omission or alleged omission to state
any material fact required to be stated in such document or schedule, or necessary to make the statements made therein, in light
of the circumstances under which made, not misleading; (iii) any acts, practices or omissions or alleged acts, practices or
omissions of any Loan Party or any Affiliates or agents of a Loan Party related to the making of any acquisition, purchase of shares
or assets pursuant thereto, financing of such purchases or the consummation of any other transactions contemplated by any such
acquisitions that are alleged to be in violation of any federal securities law or of any other statute, regulation or other law
of any jurisdiction applicable to the making of any such acquisition, the purchase of shares or assets pursuant thereto, the financing
of such purchases or the consummation of the other transactions contemplated by any such acquisition; or (iv) any withdrawals,
termination or cancellation of any such proposed acquisition for any reason whatsoever. The indemnity set forth herein shall be
in addition to any other obligations or liabilities of the Borrower to the Administrative Agent and the Lenders hereunder, at common
law or otherwise. The provisions of this Section shall survive the payment of the Obligations and the termination of this Agreement.

 

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(c)          Notwithstanding
anything to the contrary herein, the Borrower will not be obligated to pay any costs or expenses suffered or incurred by the Administrative
Agent or any Lender in connection with any voluntary assignment by any Lender of its Loans or any portion thereof or any voluntary
sale by any Lender of a participation therein.

 

Section
9.2           Taxes.

 

If, under any law in
effect on the date of the extension of any credit hereunder, or under any retroactive provision of any law subsequently enacted,
it shall be determined that any federal, state or local tax is payable in respect of the issuance of any Note, or in connection
with the filing or recording of any assignments, mortgages, financing statements, or other documents (whether measured by the amount
of Indebtedness secured or otherwise) as contemplated by this Agreement, then the Borrower will pay any such tax and all interest
and penalties, if any, and will indemnify the Lenders and the Administrative Agent against and save each of them harmless from
any actual loss or actual damage resulting from or arising out of the nonpayment or delay in payment of any such tax. If any such
tax or taxes shall be assessed or levied against any Lender or any other holder of a Note, such Lender, or such other holder, as
the case may be, may notify the Borrower and make immediate payment thereof, together with interest or penalties in connection
therewith, and shall thereupon be entitled to and shall receive prompt reimbursement therefor from the Borrower. Notwithstanding
any other provision contained in this Agreement, the covenants and agreements of the Borrower in this Section shall survive payment
of the Obligations and termination of this Agreement.

 

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Section
9.3           Payments.

 

All payments by the Borrower
on account of principal, interest, fees and other charges (including any indemnities) shall be made to the Administrative Agent
at the Principal Office in U.S. Dollars and in immediately available funds, by wire transfer or otherwise, not later than 1:00
p.m. on the date such payment is due. Any such payment made on such date but after such time shall, if the amount paid bears interest,
be deemed to have been made on, and interest shall continue to accrue and be payable thereon until, the next succeeding Business
Day. If any payment of principal or interest becomes due on a day other than a Business Day, such payment may be made on the next
succeeding Business Day and such extension shall be included in computing interest in connection with such payment. All payments
hereunder and under the Notes shall be made without set-off or counterclaim and in such amounts as may be necessary in order that
all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement and the Notes (without
regard to withholding for or on account of: (i) any present or future taxes, levies, imposts, duties or other similar charges
of whatever nature imposed by any government or any political subdivision or taxing authority thereof, other than any tax (except
those referred to in clause (ii) below) on or measured by the net income of the Lender to which any such payment is due pursuant
to applicable federal, state and local income tax laws, and (ii) deduction of amounts equal to the taxes on or measured by
the net income of such Lender payable by such Lender with respect to the amount by which the payments required to be made under
this sentence exceed the amounts otherwise specified to be paid in this Agreement and the Notes). Upon payment in full of any Note,
the Lender holding such Note shall mark the Note “Paid” and return it to the Borrower.

 

Section
9.4           Lien on and Set-off of Deposits.

 

As security for the due
payment and performance of all the Obligations, the Borrower hereby grants to the Administrative Agent for the ratable benefit
of the Lenders a Lien on any and all deposits or other sums at any time credited by or due from the Administrative Agent or any
Lender to the Borrower, whether in regular or special depository accounts or otherwise, and any and all monies, securities and
other property of the Borrower, and the proceeds thereof, now or hereafter held or received by or in transit to any Lender or the
Administrative Agent from or for the Borrower, whether for safekeeping, custody, pledge, transmission, collection or otherwise,
and any such deposits, sums, monies, securities and other property, may at any time after the occurrence and during the continuance
of any Event of Default be set-off, appropriated and applied by any Lender or the Administrative Agent against any of the Obligations,
whether or not any of such Obligations is then due or is secured by any collateral.

 

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Section
9.5           Modifications, Consents and Waivers; Entire Agreement.

 

(a)          Neither
this Agreement, nor any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in
accordance with the provisions of this Section. The Required Lenders and each Loan Party that is a signatory to the relevant Loan
Document may or, with respect to those Loan Documents to which the Lenders are not party, with the written consent of the Required
Lenders, the Administrative Agent and each Loan Party that is a signatory to the relevant Loan Document may, from time to time,
(a) enter into written amendments, supplements or modifications to such Loan Document or (b) waive, on such terms and conditions
as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements
of such Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver
and no such amendment, supplement or modification shall (i) reduce (by way of forgiveness or otherwise) or increase the principal
amount of any Loan, postpone any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment
of principal, interest, fees or other amounts to the Lenders (or any of them) hereunder or under any other Loan Document, including
the Maturity Date (subject to the Borrower’s right to extend the initial Maturity Date pursuant to Section 2.15), change
the amount or stated rate of any interest or fees payable hereunder (provided that the waiver of applicability of the Post-Default
Rate and any increase in the Contract Rate specified in the proviso to Section 2.4(a) shall not constitute a change in the rate
of interest or fees for purposes of this clause (i)) or extend the scheduled date of any payment thereof, or increase the amount
or extend the expiration date of any Lender's Commitment, or change any Lender's Pro Rata Share, in each case without the written
consent of each Lender directly affected thereby; (ii) eliminate or reduce the voting rights of any Lender under, or otherwise
amend any provisions of, this Section without the written consent of such Lender; (iii) waive any of the conditions set forth in
Section 4.1, reduce any percentage specified in the definition of Required Lenders, consent to the assignment or transfer by the
Borrower of any of its rights and obligations under this Agreement or any of the other Loan Documents, amend or modify Section
9.12 or the definition of “Eligible Assignee” so as to make less restrictive the prohibitions against the Borrower
and its Affiliates becoming Lenders or participants, release the Mortgage or any other collateral for the Obligations in whole
or in part, release the Limited Guarantor from its obligations under the Limited Guarantee, or change any provision hereof requiring
ratable funding or ratable sharing of payments or setoffs or otherwise related to the pro rata treatment of Lenders, in each case
without the written consent of all the Lenders; or (iv) amend, modify or waive any provision of Article VIII without the written
consent of the Administrative Agent. Any such waiver and any such amendment, supplement or modification shall apply equally to
each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative Agent and all future holders of
the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Administrative Agent shall be restored to their former
position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to
be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair
any right consequent thereon.

 

(b)          In
the event that (x) the Borrower or the Administrative Agent has requested that the Lenders consent to a departure from or
waiver of any provisions of the Loan Documents or agree to any amendment thereto, (y) the consent, waiver or amendment in
question requires the agreement of all Lenders or all affected Lenders and (z) the Required Lenders have agreed to such consent,
waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a “Non-Consenting
Lender.”

 

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(c)          The
Borrower may, at its sole expense and effort, upon notice to any Non-Consenting Lender and the Administrative Agent, (x) require
such Non-Consenting Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in, and consents required by, Section 9.12), all of its interests, rights and obligations under this Agreement and all other
Loan Documents to one or more Eligible Assignees that are willing to agree to such consent, waiver or amendment and that shall
assume such obligations (any of which assignee may be another Lender, if a Lender accepts such assignment in its sole discretion),
provided that:

 

(i)          the
Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 9.12;

 

(ii)         such
Non-Consenting Lender shall have received payment of an amount equal to the outstanding principal amount of its Loans, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents from the assignee
(to the extent of such outstanding principal) or the Borrower (in the case of accrued interest, fees and all other amounts);

 

(iii)        such
Non-Consenting Lender shall (i) execute and deliver an Assignment and Assumption with respect to all of such Lender’s
Commitment and outstanding Loans and (ii) deliver any Notes evidencing such Loans to the Administrative Agent (or a lost or
destroyed note indemnity in lieu thereof); provided that the failure of any such Lender to execute an Assignment and Assumption
or deliver such Notes shall not render such sale and purchase (and the corresponding assignment) invalid and such assignment
shall be recorded in the Register and the Notes shall be deemed to be canceled upon such failure;

 

(iv)        the
Eligible Assignee shall become a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect
to such assigned Loans, Commitments and participations, except with respect to indemnification provisions under this Agreement,
which shall survive as to such assigning Lender with respect to the period preceding such assignment;

 

(v)         such
assignment does not conflict with applicable Laws;

 

(vi)        the
Administrative Agent cannot be replaced other than in accordance with Section 8.13;

 

Notwithstanding the foregoing,
a Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender
or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

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Section
9.6           Remedies Cumulative; Counterclaims.

 

Each and every right
granted to the Administrative Agent and the Lenders hereunder or under any other document delivered hereunder or in connection
herewith, or allowed them by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part
of the Administrative Agent or any Lender or the holder of any Note to exercise, and no delay in exercising, any right shall operate
as a waiver thereof, nor shall any single or partial exercise of any right preclude any other or future exercise thereof or the
exercise of any other right. The due payment and performance of the Obligations shall be without regard to any counterclaim, right
of offset or any other claim whatsoever that the Borrower may have against any Lender or the Administrative Agent and without regard
to any other obligation of any nature whatsoever that any Lender or the Administrative Agent may have to the Borrower, and no such
counterclaim or offset shall be asserted by the Borrower (unless such counter-claim or offset would, under applicable law, be permanently
and irrevocably lost if not brought in such action) in any action, suit or proceeding instituted by any Lender or the Administrative
Agent for payment or performance of the Obligations.

 

Section
9.7           Further Assurances.

 

At any time and from
time to time, upon the request of the Administrative Agent, the Borrower shall execute, deliver and acknowledge or cause to be
executed, delivered and acknowledged, such further documents and instruments and do such other acts and things as the Administrative
Agent may reasonably request in order to fully effect the purposes of this Agreement, the other Loan Documents and any other agreements,
instruments and documents delivered pursuant hereto or in connection with the Loans.

 

Section
9.8           Notices.

 

All notices, requests,
reports and other communications pursuant to this Agreement shall be in writing, either by letter (delivered by hand or commercial
messenger service or sent by certified mail, return receipt requested, except for routine reports delivered pursuant to Section
5.3 which may be sent by ordinary first-class mail) or facsimile, addressed, with respect to each party hereto, to its address
set forth below its name on the signature pages hereof. Any notice, request, demand or other communication hereunder shall be
deemed to have been given on: (x) the day on which it is telecopied to such party at its facsimile number specified below (provided that
such notice shall be effective only if followed by one of the other methods of delivery set forth herein) or delivered by receipted
hand or such commercial messenger service to such party at its address specified below, or (y) on the third Business Day after
the day deposited in the mail, postage prepaid, if sent by mail. Any party hereto may change the Person, address or facsimile
number to whom or which notices are to be given hereunder, by notice duly given hereunder; provided, however,
that any such notice regarding a change shall be deemed to have been given hereunder only when actually received by the party
to which it is addressed.

 

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Section
9.9           Counterparts.

 

This Agreement may be
signed in any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument.

 

Section
9.10         Severability.

 

The provisions of this
Agreement are severable, and if any clause or provision hereof shall be held invalid or unenforceable in whole or in part in any
jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction
and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provision in this
Agreement in any jurisdiction. Each of the covenants, agreements and conditions contained in this Agreement is independent and
compliance by the Borrower with any of them shall not excuse non-compliance by the Borrower with any other. All covenants hereunder
shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact
that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant shall not avoid the
occurrence of a Default or an Event of Default if such action is taken or condition exists.

 

Section
9.11         Binding Effect; No Assignment or Delegation by Borrower.  

 

This Agreement shall
be binding upon and inure to the benefit of the Borrower and its successors and to the benefit of the Lenders and the Administrative
Agent and their respective successors and assigns. The rights and obligations of the Borrower under this Agreement shall not be
assigned or delegated without the prior written consent of the Administrative Agent and the Lenders, and any purported assignment
or delegation without such consent shall be null and void.

 

Section
9.12         Assignments and Participations by Lenders.

 

Any Lender (an "Assignor")
may, in accordance with applicable law, at any time and from time to time assign to any Eligible Assignee (an "Assignee")
all or any part of its rights and obligations under this Agreement and the other Loan Documents pursuant to an Assignment and Assumption
executed by such Assignee, such Assignor and any other Person whose consent is required pursuant to this paragraph, and delivered
to the Administrative Agent for its acceptance and recording in the Register; provided that (i) the consent of the Administrative
Agent (which shall not be unreasonably withheld or delayed) shall be required in the case of any assignment of a Loan, in whole
or in part, to a Person that is not a Lender or an Affiliate of a Lender, (ii) in the case of any assignment by an Initial Lender
of its Loan, in whole or in part, to a Person that is not an Affiliate of such Initial Lender, the consent of the other Initial
Lender (which shall not be unreasonably withheld or delayed) shall be required, (iii) the consent of the Administrative Agent (which
shall not be unreasonably withheld or delayed) and, so long as no Event of Default shall have occurred and be continuing at the
time of such proposed assignment, the Borrower (which shall not be unreasonably withheld or delayed and shall be deemed to have
been given if the Borrower has not responded to a proposed assignment within ten (10) Business Days following its receipt of notice
of such proposed assignment) shall be required in the case of any assignment of a Commitment to a Person that is not a Lender or
a Lender Affiliate and (iv) unless otherwise agreed by the Borrower and the Administrative Agent, no such assignment to an Assignee
(other than any Lender or any Affiliate of a Lender) shall be in an aggregate principal amount of less than $10,000,000, in each
case except in the case of an assignment of all of a Lender's interests under this Agreement and the other Loan Documents. Upon
such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and
Assumption, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Assumption,
have the rights and obligations of a Lender hereunder with a Commitment and/or Loans as set forth therein, and (y) the Assignor
thereunder shall, to the extent provided in such Assignment and Assumption, be released from its obligations under this Agreement
and the other Loan Documents (and, in the case of an Assignment and Assumption covering all of an Assignor's rights and obligations
under this Agreement and the other Loan Documents, such Assignor shall cease to be a party hereto and thereto); provided,
however, that, notwithstanding such assignment, an assigning Lender shall retain the benefit of all indemnities provided
by the Borrower hereunder for the period prior to the effective date of such Assignment and Assumption.

 

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(a)          The
Administrative Agent shall, on behalf of the Borrower, maintain at the Principal Office a copy of each Assignment and Assumption
delivered to it and a register (the "Register") for the recordation of the names and addresses of the Lenders
and the Commitment of, and the principal amount (and stated interest) of the Loans owing to, each Lender from time to time, which
Register shall be made available to the Borrower and any Lender upon reasonable request. The entries in the Register shall be conclusive,
in the absence of manifest error, and the Borrower, each other Loan Party, the Administrative Agent and the Lenders shall treat
each Person whose name is recorded in the Register as the owner of the Loans and any Notes evidencing the Loans recorded therein
for all purposes of this Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon
appropriate entries with respect thereto being made in the Register (and each Note shall expressly so provide). Any assignment
or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration
of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Assumption, and thereupon
one or more new Notes shall be issued to the designated Assignee.

 

(b)          Upon
its receipt of an Assignment and Assumption executed by an Assignor, an Assignee and any other Person whose consent is required
by this Section, together with payment to the Administrative Agent of a registration and processing fee of $4,000 (such fee not
to be payable with respect to assignments to an Assignor’s Affiliate and such fee not to be payable by the Borrower, except
for an assignment pursuant to Section 2.17(d) or Section 9.5(c)), the Administrative Agent shall (i) promptly accept such Assignment
and Assumption and (ii) record the information contained therein in the Register on the effective date determined pursuant thereto.

 

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(c)          The
Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate
transactions of the type described above.

 

(d)          Each
Lender may, at its sole expense, without the prior consent of the Administrative Agent, the other Lenders or the Borrower, sell
participations to one or more Persons (other than a natural person, a Defaulting Lender or a Person who, if it were to become
a Lender hereunder, would constitute a Defaulting Lender, or any Loan Party or any Affiliate of a Loan Party) (each, a “Participant”)
in all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its
Commitment, the Loans owing to it, and the Note held by it); provided, however, that: (A) such Lender’s
obligations under this Agreement (including, without limitation, its Commitment hereunder) shall remain unchanged, (B) such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) such Lender
shall remain the holder of any such Note for all purposes of this Agreement, and the Borrower, the Administrative Agent and the
other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such
Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification
or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will
not, without the consent of the Participant, agree to any amendment, waiver or other modification that would change the amount,
interest rate or maturity of the Loans or any other matter that requires unanimous consent of all of the Lenders. The Borrower
agrees that if any Obligations are due or unpaid, or shall have been declared or shall have become due and payable upon the occurrence
of an Event of Default, each Participant shall, to the maximum extent permitted by applicable law, be deemed to have the right
of setoff in respect of its participating interest in the Loans to the same extent as if the amount of its participating interest
were owing directly to it as a Lender under this Agreement, provided that by purchasing such participating interest, such
Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in Sections 2.14 and 8.9(b)
as fully as if it were a Lender hereunder.

 

(e)          Any
Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section,
disclose to the assignee or participant or proposed assignee or participant, any information relating to any Loan Party furnished
to such Lender by or on behalf of such Loan Party, other than confidential information furnished to such Lender under a confidentiality
agreement with such Loan Party.

 

(f)          Anything
in this Section to the contrary notwithstanding, any Lender may at any time pledge and assign, or grant a security interest in,
all or any portion of its rights under this Agreement (including under its Note(s), if any) to secure obligations of such Lender,
including any pledge or assignment, or grant of a security interest, to secure obligations to a Federal Reserve Bank; provided
that no such pledge or assignment, or grant of a security interest, shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee or grantee for such Lender as a party hereto.

 

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Section
9.13         FATCA.

 

If a payment made to
any Lender hereunder would be subject to United States federal withholding tax imposed by FATCA if such Lender were to fail to
comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code,
as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and
at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by
the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine
the amount to deduct and withhold from such payment.

 

Section
9.14         GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF TRIAL BY JURY.

 

(a)          THIS
AGREEMENT, THE OTHER LOAN DOCUMENTS AND ALL OTHER DOCUMENTS AND INSTRUMENTS EXECUTED AND DELIVERED IN CONNECTION HEREWITH AND THEREWITH,
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS
RULES PERTAINING TO CONFLICTS OF LAWS.

 

(b)          EXCEPT
AS PROVIDED IN SECTION 7.5(a), THE BORROWER IRREVOCABLY CONSENTS THAT ANY LEGAL ACTION OR PROCEEDING AGAINST IT UNDER, ARISING
OUT OF OR IN ANY MANNER RELATING TO THIS AGREEMENT, AND EACH OTHER LOAN DOCUMENT MAY BE BROUGHT IN ANY COURT OF THE STATE OF NEW
YORK, COUNTY OF NEW YORK, OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. THE BORROWER, THE ADMINISTRATIVE
AGENT AND EACH LENDER, BY THEIR EXECUTION AND DELIVERY OF THIS AGREEMENT, EXPRESSLY AND IRREVOCABLY ASSENT AND SUBMIT TO THE EXCLUSIVE
PERSONAL JURISDICTION OF ANY OF SUCH COURTS IN ANY SUCH ACTION OR PROCEEDING. THE BORROWER FURTHER IRREVOCABLY CONSENTS TO THE
SERVICE OF ANY COMPLAINT, SUMMONS, NOTICE OR OTHER PROCESS RELATING TO ANY SUCH ACTION OR PROCEEDING BY DELIVERY THEREOF TO IT
BY HAND OR BY MAIL IN THE MANNER PROVIDED FOR IN SECTION 9.8. THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY EXPRESSLY
AND IRREVOCABLY WAIVE ANY CLAIM OR DEFENSE IN ANY SUCH ACTION OR PROCEEDING BASED ON ANY ALLEGED LACK OF PERSONAL JURISDICTION,
IMPROPER VENUE OR FORUM NON CONVENIENS OR ANY SIMILAR BASIS. THE BORROWER SHALL NOT BE ENTITLED IN ANY SUCH ACTION OR PROCEEDING
TO ASSERT ANY DEFENSE GIVEN OR ALLOWED UNDER THE LAWS OF ANY STATE OTHER THAN THE STATE OF NEW YORK UNLESS SUCH DEFENSE IS ALSO
GIVEN OR ALLOWED BY THE LAWS OF THE STATE OF NEW YORK. NOTHING IN THIS SECTION SHALL AFFECT OR IMPAIR IN ANY MANNER OR TO ANY EXTENT
THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY LENDER, IN CONNECTION WITH ANY LEGAL ACTION OR PROCEEDING WHATSOEVER, TO SERVE LEGAL
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

 

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(c)          THE
BORROWER, THE LENDERS AND THE ADMINISTRATIVE AGENT WAIVE TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN CONNECTION
WITH, OR ARISING OUT OF, THIS AGREEMENT, ANY OF THE OTHER LOAN DOCUMENTS, OR ANY INSTRUMENT OR DOCUMENT DELIVERED PURSUANT TO THIS
AGREEMENT, OR THE VALIDITY, INTERPRETATION, COLLECTION OR ENFORCEMENT THEREOF.

 

Section
9.15         USA Patriot Act Notice; Anti-Money Laundering.

 

(a)          The
Administrative Agent and each of the Lenders hereby notifies the Borrower that, pursuant to the requirements of the USA Patriot
Act, it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name
and address of each Loan Party and other information that will allow Administrative Agent and such Lender to identify each Loan
Party in accordance with the USA Patriot Act.

 

(b)          The
Borrower shall ensure that (i) no person who owns a controlling interest in or otherwise controls the Borrower or the Limited Guarantor
is or shall be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office
of Foreign Assets Control (“OFAC”) or the Department of the Treasury or included in any Executive Orders of the President
of the United States of America (“Executive Orders”), that prohibits or limits the Lenders from making any advance
or extension of credit to the Borrower or from otherwise conducting business with the Borrower, and (ii) the proceeds of the Loans
shall not be used to violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating
thereto. Further, the Borrower shall comply, and cause the Limited Guarantor to comply, with all applicable Bank Secrecy Act laws
and regulations, as amended.

 

(c)          The
Borrower shall, following a request by the Administrative Agent or any Lender, provide all documentation and other information
that the Administrative Agent or such Lender reasonably requests in order to comply with its ongoing obligations under applicable
“know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act.

 

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Section
9.16         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), the Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this
Agreement or any of the transactions contemplated hereby provided by the Administrative Agent and the Lenders are arm’s-length
commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative Agent and the Lenders,
on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate, and (C) the 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) in connection with the process leading to such transactions,
(A) the Administrative Agent and each Lender 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 a financial advisor, agent or fiduciary for the Borrower
or any of its Affiliates, and (B) neither the Administrative Agent nor any Lender has any obligation to the 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) the Administrative Agent, the Lenders and their respective Affiliates may be engaged in a broad
range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and neither the Administrative
Agent nor any Lender has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent
permitted by law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent and the
Lenders with respect to any breach or alleged breach of agency or fiduciary duty, arising on or before the date of this Agreement
in connection with any aspect of any transactions contemplated hereby.

 

Section
9.17         Permitted Agreements. 

 

The Borrower shall have
the right to enter into any contract or agreement, including those related to the predevelopment or potential development of the
Property, provided that such contract or agreement (a) does not adversely affect the value, marketability or insurability of the
Property, (b) does not adversely affect the Administrative Agent’s ability to foreclose on the Property, (c) does not violate
the terms of this Agreement or any other Loan Document and (d) would not be binding on the Administrative Agent or its designee
if it were to acquire title to the Property in a foreclosure action or otherwise.

 

Section
9.18         Assignment of Loan Documents.

 

Upon the request of the
Borrower in connection with a sale of the Property or a refinancing of the Loans which, in either case, results in the payment
in full of the Loans and all other Obligations, the Administrative Agent shall assign the Loan Documents to the Borrower’s
designee, without recourse and without any representations or warranties, or provide a payoff letter and releases or discharges
of Liens, all at the sole cost and expense of the Borrower.

 

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

 

	 	[TPH SPECIAL PURPOSE ENTITY]
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	Address for Notices:
	 	 
	 	c/o Trinity Place Holdings, Inc. 
	 	717 Fifth Avenue
	 	New York, New York 10022
	 	Attn: Mr. Matthew Messinger
	 	Facsimile No.: _________________
	 	 
	 	With a copy (other than in the case of routine communications) to:
	 	 
	 	Kramer Levin Naftalis & Frankel LLP
	 	1177 Avenue of the Americas
	 	New York, New York 10036
	 	Attn: James P. Godman, Esq.
	 	Facsimile No.: __________________

 

Loan Agreement Signature
Page

 

    	 

    	 

    

 

	 	STERLING NATIONAL BANK, 
	 	as Administrative Agent and as a Lender
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	Lending Office:
	 	 
	 	 
	 	 
	 	Attention:	 	 
	 	 
	 	Address for Notices:
	 	 
	 	400 Rella Boulevard
	 	P.O. Box 600
	 	Montebello, New York 10901-4256
	 	Attn: Commercial Loan Department
	 	Facsimile No.: (845) 369-8175
	 	 
	 	With a copy (other than in the case
	 	of routine communications and documents delivered pursuant to Section 5.3) to:
	 	 
	 	Windels Marx Lane & Mittendorf, LLP
	 	156 West 56th Street
	 	New York, New York 10019
	 	Attn: Michael Clain, Esq.
	 	Facsimile No.: (212) 262-1215
	 	 	 	 

 Loan Agreement Signature
Page

 

    	 

    	 

    

 

	 	ISRAEL DISCOUNT BANK OF NEW YORK, 
	 	as a Lender
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	Lending Office:
	 	 
	 	 
	 	 
	 	Attention:  	 
	 	 
	 	Address for Notices:
	 	 
	 	511 Fifth Avenue, 8th Floor
	 	New York, New York 10017
	 	Attention: Commercial Real Estate
	 	 
	 	With a copy (other than in the case
	 	of routine communications and documents delivered pursuant to Section 5.3) to:
	 	 
	 	Venable LLP
	 	1270 Avenue of the Americas
	 	New York, New York 10020
	 	Attention: Peter G. Koffler
	 	Facsimile No.:	 
	 	 	 	 	 

Loan Agreement Signature
Page

 

    	 

    	 

    

 

EXHIBIT A

 

FORM OF PROMISSORY NOTE

 

	$_____________________	New York, New York
	 	___________ __,____

 

FOR VALUE RECEIVED, [________________].,
a [New York/Delaware limited liability company (the “Borrower”), hereby promises to pay to _______________ or
its registered assigns (the “Lender”), in lawful money of the United States of America in immediately available
funds, at the office of Sterling National Bank, acting as Administrative Agent (in such capacity, the “Administrative
Agent”), located at 400 Rella Boulevard, Montebello, New York 10901, on the Maturity Date (as defined in the Agreement
referred to below) the principal sum of _________ DOLLARS ($_________) or, if less, the then unpaid principal amount of all the
Loans made by the Lender pursuant to the Agreement.

 

The Borrower promises
also to pay interest on the unpaid principal amount of each Loan made by the Lender in like money at said office from the date
hereof until paid in full at the rates and on the dates specified in Section 2.4 of the Agreement.

 

This Note is one of the
Notes referred to in the Loan Agreement dated as of January __, 2015 (as from time to time amended, restated, supplemented or otherwise
modified, the “Agreement”), among the Borrower, the lenders from time to time party thereto (including the Lender)
and the Administrative Agent, and is entitled to the benefits thereof and of the other Loan Documents (as defined in the Agreement).
All capitalized terms that are defined in the Agreement and are not otherwise defined herein have the respective meanings assigned
to them in the Agreement.

 

This Note is secured
by the Mortgage, is entitled to the benefits of the Limited Guaranty, and is subject to voluntary prepayment in whole or in part,
in each case as provided in the Agreement.

 

In case an Event of Default
shall occur and be continuing, the principal of and accrued interest on this Note may be declared to be, or may automatically become,
due and payable in the manner and with the effect provided in the Agreement.

 

The Borrower hereby waives
presentment, demand, protest or notice of any kind in connection with this Note.

 

    	 

    	 

    

 

THIS NOTE SHALL BE
CONSTRUED IN ACCORDANCE WITH AND SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CONFLICTS OF LAW
PRINCIPLES.

 

	 	[________________________]
	 	 
	 	By	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

EXHIBIT B

 

FORM OF ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption
(this "Assignment and Assumption") is dated as of the Effective Date (referred to below) and is entered into by
and between the Assignor identified below (the "Assignor") and the Assignee identified below (the "Assignee").
Capitalized terms used but not defined herein shall have the respective meanings set forth in the Loan Agreement identified below
(as amended, supplemented or otherwise modified from time to time, the "Loan Agreement"). The parties hereto hereby
agree to the Standard Terms and Conditions for Assignment and Assumption (the "Standard Terms and Conditions")
specified in Annex 1 attached hereto which are incorporated herein by reference and made a part of this Assignment and Assumption
as if set forth in full herein. The Assignee hereby acknowledges receipt of a copy of the Loan Agreement.

 

Subject to and in accordance
with the Standard Terms and Conditions and the Loan Agreement, as of the Effective Date (selected by the Administrative Agent identified
below), and for an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby
irrevocably purchases and assumes from the Assignor, (a) all of the Assignor's rights and obligations as a Lender under the Loan
Agreement, the Loan Documents and any other documents or instruments delivered pursuant thereto to the extent related to the amount
and percentage interest identified below of the Assignor’s Loans and (b) to the extent permitted by applicable Law, all suits,
claims, causes of action and any other right of the Assignor (as a Lender) against any Person, whether known or unknown, arising
under or with respect to the Loan Agreement, any other Loan Document, any other documents or instruments delivered pursuant thereto
or the loan transactions governed thereby or otherwise based on or related to any of the foregoing, including, but not limited
to, contract claims, statutory claims, tort claims, malpractice claims and all other claims at law or in equity with respect to
the rights and obligations sold and assigned pursuant to clause (a) above (the rights and obligations sold and assigned pursuant
to clauses (a) and (b) above, collectively, the "Assigned Interest"). Such sale and assignment is without recourse
to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the
Assignor.

 

	1.	Assignor:      ______________________________
	 	 
	2.	Assignee:       ______________________________
	 	 
	3.	Borrower:      ______________________________
	 	 
	4.	Administrative Agent:  Sterling National Bank, in its capacity as Administrative Agent under the Loan Agreement 

 

    	 

    	 

    

 

5.          Loan
Agreement:The Loan Agreement dated as of January ____, 2015, among the Borrower, the Lenders from time to time party thereto,
and the Administrative Agent.

 

6.          Assigned
Interest:

 

(a)          Loan balance
assigned: _____________________________

 

(b)          Loan
balance retained by the Assignor: _________________

 

(c)          Assignee’s
Pro Rata Share following assignment: _________

 

(d)          Assignor’s
Pro Rata Share following assignment: _________

 

7.          Effective
Date: _______________________

 

The Assignor attaches the Note held by it
and requests that the Administrative Agent exchange such Note for a new Note payable to the Assignee in an amount equal to the
Assigned Interest and a new Note payable to the Assignor in an amount equal to the aggregate principal amount of the Loan retained
by the Assignor.

 

[Balance of page intentionally left blank;
signature page follows]

 

    	 

    	 

    

 

The terms set forth in this Assignment and
Assumption are hereby agreed to:

 

	 	ASSIGNOR:
	 	 
	 	[NAME OF ASSIGNOR]
	 	 
	 	By: 	 
	 	Name:
	 	Title:

 

	 	ASSIGNEE:
	 	 
	 	[NAME OF ASSIGNEE]
	 	 
	 	By: 	 
	 	Name:
	 	Title:

 

	
        Consented to:

         
	 
	 	 
	STERLING NATIONAL BANK,	 
	as Administrative Agent	 
	 	 
	By: 	 	 
	Name:	 
	
        Title:

         
	 
	 	 
	[NAME OF BORROWER]	 
	 	 
	By: 	 	 
	Name:	 
	Title:	 

 

    	 

    	 

    

 

ANNEX 1 TO

ASSIGNMENT
AND ASSUMPTION

 

STANDARD TERMS AND
CONDITIONS FOR ASSIGNMENT AND ASSUMPTION

 

1. Representations
and Warranties.

 

1.1. Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby
and (iv) it is [not] a Defaulting Lender; and (b) except as set forth herein, makes no representation or warranty and assumes no
responsibility with respect to (i) any statements, representations or warranties made in or in connection with the Loan Agreement
or any other Loan Document, (ii) the execution, validity, legality, enforceability, sufficiency, genuineness or value of, or the
perfection or priority of any lien or security interest created or purported to be created under or in connection with, the Loan
Agreement, any other Loan Document or any other instrument or document furnished pursuant thereto or any collateral thereunder,
(iii) the performance or observance by the Borrower or any other Person of any of their respective obligations under the Loan Agreement,
any other Loan Document or any other instrument or document furnished pursuant thereto or (iv) the financial condition of the Borrower
or any other Person obligated in respect of the Loan Agreement or any other Loan Document.

 

1.2. Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under
the Loan Agreement, (ii) it meets all the requirements of an Eligible Assignee under the Loan Agreement (subject to receipt of
such consents as may be required under the Loan Agreement), (iii) it shall be bound by the provisions of the Loan Agreement as
a Lender thereunder and, to the extent of the Assigned Interest, it shall have the obligations of a Lender thereunder, from and
after the Effective Date, (iv) it is sophisticated regarding decisions to purchase assets such as those represented by the Assigned
Interest and either it, or the Person exercising discretion in making its decision to purchase the Assigned Interest, is experienced
in acquiring assets of such type, (v) it has received a copy of the Loan Agreement and the other Loan Documents, together with
(or been given the opportunity to receive) copies of the most recent financial statements delivered pursuant to Section 5.3 of
the Loan Agreement, as applicable, and such other documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest and, on the basis of such
documents and information, it has made such analysis and decision independently and without reliance on the Administrative Agent,
the Assignor or any other Lender, and (vi) if it is a branch or agency of a bank that is not organized under the laws of the United
States or any state thereof, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Loan
Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or refraining from taking action
under the Loan Documents, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, (ii)
it appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and
discretion under the Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers
and discretion as are reasonably incidental thereto; and (iii) it will perform in accordance with their terms all of the obligations
that are required to be performed by it as a Lender under the Loan Agreement and the other Loan Documents.

 

    	 

    	 

    

 

2. Payments. [From
and after the Effective Date, the Administrative Agent shall make all payments of principal, interest, fees and other amounts in
respect of the Assigned Interest to the Assignor for amounts which have accrued prior to but excluding the Effective Date and to
the Assignee for amounts which have accrued from and after the Effective Date.][From and after the Effective Date, the Administrative
Agent shall make all payments of principal, interest, fees and other amounts in respect of the Assigned Interest to the Assignee
whether such amounts have accrued prior to or on or after the Effective Date. The Assignor and the Assignee shall make all appropriate
adjustments in payments made by the Administrative Agent for periods prior to the Effective Date or with respect to the making
of this assignment directly between themselves.] Each of the Assignor and the Assignee agrees that it will hold in trust for the
other party any interest, fees and other amounts which it may receive to which the other party is entitled pursuant to this clause,
and pay to the other party any such amounts which it may receive promptly upon receipt.

 

3. General Provisions.
This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors
and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by facsimile or in electronic
(i.e., "pdf" or "tif") format shall be effective as delivery of a manually executed counterpart of this Assignment
and Assumption. This Assignment and Assumption and any claim, controversy, dispute or cause of action (whether in contract or tort
or otherwise) based upon, arising out of or relating to this Assignment and Assumption and the transactions contemplated hereby
shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to its conflicts
of law principles.

 

    	 

    	 

    

 

Exhibit D

 

Carveout Guaranty

 

    	 

    	 

    

 

CARVEOUT GUARANTY

 

THIS CARVEOUT GUARANTY
(this “Guaranty”) is made as of January __, 2015, by Trinity
place holdings, inc., a Delaware corporation having an address at 717 Fifth Avenue, New York, New York 10022
(the “Guarantor”) for the benefit of STERLING NATIONAL BANK, having a place of business at 400 Rella
Boulevard, Montebello, New York 10901, in its capacity as Administrative Agent (in such capacity, the “Administrative
Agent”) for the ratable benefit of the Lenders specified in the Term Loan Agreement described below.

 

WITNESSETH:

 

WHEREAS,
concurrently herewith [TPH SPECIAL PURPOSE ENTITY], a ___________________ (the “Borrower”), the Lenders named
therein and the Administrative Agent are entering into a Term Loan Agreement of even date herewith (as it may be amended, restated,
supplemented or modified from time to time, herein called the “Loan Agreement”), providing, among other things,
for first mortgage loans to be made by the Lenders to the Borrower in the initial aggregate principal amount of $40,000,000,
which amount may be increased to $50,000,000 on the terms and subject to the conditions set forth in the Loan Agreement
(such loans will be referred to herein collectively as the “Loans” and individually as a “Loan”)
to be evidenced by promissory notes of even date herewith (each, a “Note” and, collectively, the “Notes”),
and secured by, among other things, (i) a mortgage of even date herewith (the “Mortgage”), encumbering certain
land and improvements located at 38-42 Trinity Place and 67 Greenwich Street, New York, New York 10006 (collectively the “Property”),
as more fully described in the Mortgage, and (ii) various other documents executed in connection with the Loan Agreement, the
Notes and the Mortgage (the Loan Agreement, the Notes, the Mortgage, and any other instruments, documents or agreements executed
in connection therewith, as the same may be amended, restated, supplemented or modified from time to time, are hereinafter collectively
referred to as the “Loan Documents” and each as a “Loan Document”); and

 

WHEREAS, Guarantor
is the direct, legal and beneficial owner of 100% of the equity interests in Borrower, and Guarantor will directly or indirectly
and substantially benefit from the Lenders making the Loans to Borrower.

 

NOW, THEREFORE, as
an inducement to the Lenders to make the Loans to Borrower and to the Administrative Agent to act as such under the Loan Agreement,
and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties
do hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

1.1           Definitions.
All capitalized terms that are defined in the Loan Agreement and are not otherwise defined herein shall have the respective meanings
assigned to them in the Loan Agreement and, in addition, the following terms shall have the following meanings:

 

(a)          “Carveout
Obligations” means all actual losses incurred by Administrative Agent or any Lender (such losses to include, without
limitation, the failure to recover any or all Loan Obligations but excluding punitive damages) resulting from any of the following:

 

(i)          any
fraud or intentional misrepresentation by Borrower in connection with the Loans;

 

(ii)         the
misapplication in violation of the Loan Documents by Borrower or any of its Affiliates of any (1) insurance proceeds paid to Borrower
or any of its affiliates by reason of any loss, damage or destruction to the Property, (2) awards or other amounts received by
Borrower or any of its Affiliates in connection with the condemnation of all or a portion of the Property, (3) any Rents following
an Event of Default, or (4) any funds that are to be disbursed into or from any accounts or lockbox established under the Loan
Documents;

 

(iii)        use
of any Loan proceeds in violation of Section 2.6 of the Loan Agreement;

 

    	1

    	 

    

  

(iv)        physical
waste of any portion of the Property resulting from intentional or fraudulent acts or omissions by Borrower or any of its Affiliates
(other than physical waste resulting from insufficient cash flow from the Property);

 

(v)         intentional
failure by Borrower or any of its Affiliates to comply with any legal requirements of any Governmental Authority (other than a
failure resulting from the non-payment of money) resulting in a forfeiture by Borrower of the Property, or any material portion
thereof; or

 

(vi)        any
action or failure to act on the part of Borrower that causes it to cease to be a single purpose entity in accordance with Section
6.3 of the Loan Agreement; or

 

(vii)       the
commencement by the Borrower (as debtor) of any voluntary proceeding under the Bankruptcy Code or any other insolvency, bankruptcy,
arrangement, reorganization, liquidation, dissolution or similar law of the United States or any other jurisdiction.

 

(b)          “Guaranteed
Obligations” means the Maintenance Obligations and the Carveout Obligations.

 

(c)          “Guarantor
Claims” shall have the meaning set forth in Section 5.1 of this Guaranty.

 

(d)          “herein,”
“hereof,” “hereunder,” and “herewith” shall be deemed to refer to this
entire Guaranty and not any particular provision of this Guaranty.

 

(e)          “Including”
or “including” means “including, without limitation.”

 

(f)          “Leases”
means all leases, licenses, concessions, occupancy agreements, and other agreements affecting the use or occupancy of the Property
or any portion thereof, now or hereafter entered into and all guarantees of any of the foregoing.

 

(g)          “Loan
Obligations” means the Obligations, as such term is defined in the Loan Agreement.

 

(h)          “Maintenance
Obligations” means the obligation by Borrower to pay the following in full when due:

 

(i)          all
costs necessary to maintain the Property in good condition and repair to the extent required in order to comply with all applicable
Laws;

 

(ii)         all
insurance premiums under policies maintained by Borrower and covering the Property (except to the extent that Borrower has deposited
funds therefor with Administrative Agent); and

 

(iii)        all
real estate taxes payable with respect to the Property (except to the extent that Borrower has deposited funds therefor with Administrative
Agent).

 

(i)          “Rents”
means all rents, issues and profits of the Property or any part thereof.

 

ARTICLE II

NATURE AND SCOPE OF GUARANTY

 

2.1           Guaranty
of Certain Obligations. Subject to the terms hereof, effective immediately on the date hereof (and without any notice or
further act or condition of any kind), Guarantor hereby irrevocably and unconditionally agrees that it shall be liable to the Administrative
Agent for the ratable benefit of the Lenders (and their respective successors and permitted assigns) for the payment in full when
due of all Guaranteed Obligations. Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for
the Guaranteed Obligations as a primary obligor and not merely as a surety.

 

    	2

    	 

    

  

2.2           Nature
of Guaranty. This Guaranty is an irrevocable, absolute, continuing guaranty of payment, and is not a guaranty of collection.
This Guaranty may not be revoked by Guarantor, and shall continue to be effective with respect to any Guaranteed Obligations arising
or created after any attempted revocation by Guarantor and after Guarantor’s liquidation and dissolution (and in any such
event, this Guaranty shall be binding upon Guarantor’s successors and assigns). The fact that, at any time, or from time
to time, the Loan Obligations or the Guaranteed Obligations may be increased or reduced, shall not release or discharge the obligation
of Guarantor to the Administrative Agent for the ratable benefit of Lenders with respect to the Guaranteed Obligations. This Guaranty
may be enforced by the Administrative Agent, and shall not be discharged by the assignment or negotiation of all or part of any
Note. This Guaranty shall survive any reinstatement of the Loan Obligations or any portion thereof.

 

2.3           Guaranteed
Obligations Not Reduced by Offset. The Guaranteed Obligations, and the liabilities and obligations of Guarantor to Administrative
Agent and Lenders hereunder, shall not be reduced, discharged or released because, or by reason, of any existing or future offset,
claim or defense of Borrower or any other Person against Administrative Agent or any Lender or against payment of any Loan Obligations
or Guaranteed Obligations, whether such offset, claim or defense arises in connection with the Loan Obligations or the Guaranteed
Obligations (or the transactions creating any Loan Obligations or Guaranteed Obligations) or otherwise (other than, in any such
case, the defense of payment of the Guaranteed Obligation in question).

 

2.4           Payment
by Guarantor. If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at demand,
maturity, acceleration or otherwise, Guarantor shall, upon demand by Administrative Agent and without presentment, protest, notice
of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any
other notice whatsoever, pay in lawful money of the United States of America, the amount then due on the Guaranteed Obligations,
to Administrative Agent’s address as set forth herein. Such demand(s) may be made at any time coincident with or after the
time for payment of all or part of the Guaranteed Obligations pursuant to the terms of the Loan Documents. Such demand shall be
deemed made, given and received in accordance with the notice provisions hereof.

 

2.5           No
Duty to Accelerate or Pursue Others. It shall not be necessary for Administrative Agent (and Guarantor hereby waives any
rights which Guarantor may have to require Administrative Agent), in order to enforce the obligations of Guarantor hereunder, first
to (a) accelerate the Loan Obligations or the Guaranteed Obligations or take any other action or exercise any remedy available
to it under any Loan Document or by operation of Law, (b) provide any notice to or make any demand upon any Person other than the
Guarantor, (c) institute suit or exhaust its remedies against Borrower or others liable on the Loan Obligations or the Guaranteed
Obligations or any other Person, (d) enforce Administrative Agent’s or Lenders’ rights against any collateral which
shall ever have been given to secure the Loan Obligations or the Guaranteed Obligations, (e) enforce Administrative Agent’s
or Lenders’ rights against any other guarantors of the Loan Obligations or the Guaranteed Obligations, (f) join Borrower
or any other Person liable on the Loan Obligations or the Guaranteed Obligations in any action seeking to enforce this Guaranty,
(g) exhaust any remedies available to Administrative Agent or any Lender against any collateral which shall ever have been given
to secure the Loan Obligations or the Guaranteed Obligations, or (h) resort to any other means of obtaining payment of the Loan
Obligations or the Guaranteed Obligations. Neither Administrative Agent nor any Lender shall be required to mitigate damages or
take any other action to reduce, collect or enforce the Loan Obligations or the Guaranteed Obligations.

 

2.6           Waivers.
Guarantor acknowledges having reviewed the provisions of the Loan Documents, and hereby waives notice of (i) any loans or advances
made by any Lender to Borrower, (ii) acceptance of this Guaranty, (iii) any amendment, extension, increase, waiver, consent or
other modification of the Loan Agreement, Mortgage, or any other Loan Documents, (iv) the execution and delivery by Borrower, Administrative
Agent or any Lender of any other loan or credit agreement or of Borrower’s execution and delivery of any promissory notes
or other documents arising under the Loan Documents or in connection with the Loan Obligations or the Guaranteed Obligations, (v)
the occurrence of any Event of Default, (vi) any Lender’s transfer or disposition of its share of the Loan Obligations or
the Guaranteed Obligations, or any part thereof, (vii) sale or foreclosure (or posting or advertising for sale or foreclosure)
of any collateral for the Loan Obligations or the Guaranteed Obligations, (viii) protest, proof of nonpayment or default by Borrower,
or (ix) except to the extent expressly required by the terms hereof or the Loan Agreement, all demands and notices of every kind
in connection with this Guaranty or the Loan Documents.

 

    	3

    	 

    

  

2.7           Payment
of Expenses. In the event that Guarantor should breach or fail to timely perform any provisions of this Guaranty,
Guarantor shall, within 5 days following demand by Administrative Agent, pay Administrative Agent all out of pocket costs and expenses
(including court costs and reasonable attorneys’ fees and disbursements) incurred by Administrative Agent or any Lender in
the enforcement hereof or the preservation of Administrative Agent’s or Lenders’ rights hereunder.  All costs
and expenses will accrue interest at the highest default rate in any instrument evidencing the Loan Obligations until payment is
actually received by the Administrative Agent. Subject to Section 7.14 hereof, the covenant contained in this Section shall survive
the payment and performance of the Guaranteed Obligations.

 

2.8           Effect
of Bankruptcy. In the event that, pursuant to any insolvency, bankruptcy, reorganization, receivership or other
debtor relief law, or any judgment, order or decision thereunder, Administrative Agent or any Lender must rescind or restore any
payment or any part thereof received by Administrative Agent or such Lender in satisfaction of the Loan Obligations or the Guaranteed
Obligations, as set forth herein, then any prior release or discharge from the terms of this Guaranty, or credit, given to Guarantor
by Administrative Agent or any Lender shall be without effect and this Guaranty shall be restored and remain in full force and
effect to the extent of such payment so restored. It is the intention of Borrower and Guarantor that, subject to Section 7.14 hereof,
the Guarantor’s obligations hereunder shall not be discharged except by Borrower’s indefeasible payment in full of
the Guaranteed Obligations, that in the event of any such rescission or restoration by Administrative Agent or any Lender with
respect to any payment as provided above in this paragraph, then to the extent of such rescission or restoration the Guaranteed
Obligations shall also be restored and shall remain in effect.

 

2.9           Waiver
of Subrogation, Reimbursement and Contribution. Notwithstanding anything to the contrary contained in this Guaranty,
Guarantor hereby unconditionally and irrevocably defers, until the indefeasible payment in full of the Loan Obligations, all rights
it may now or hereafter have under any agreement, at law or in equity (including, without limitation, any law subrogating Guarantor
to the rights of Administrative Agent or any Lender), to assert any claim against or seek contribution, indemnification or any
other form of reimbursement from Borrower, or any other Person liable for payment of any or all of the Guaranteed Obligations,
for any payment made by Guarantor under or in connection with this Guaranty.

 

2.10         Borrower.
The term “Borrower” as used herein shall include any new or successor corporation, association, partnership (general
or limited), limited liability company, joint venture, trust or other individual or organization formed as a result of any merger,
reorganization, sale or transfer of Borrower or any interest in Borrower.

 

2.11         Other
Guaranties. This Guaranty is separate, distinct and in addition to any liability or obligations that Borrower or
any other guarantor may have under any other guaranty or indemnity executed by Borrower or such other guarantor in connection with
the Loan Obligations.

 

ARTICLE III

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTOR’S OBLIGATIONS

 

Guarantor hereby (i) consents and agrees
to each of the following, and agrees that Guarantor’s obligations under this Guaranty shall not be released, diminished,
impaired, reduced or adversely affected by any of the following, except to the extent expressly required by the terms hereof, and
(ii) waives any common law, equitable, statutory or other rights (including without limitation, except to the extent required by
the terms hereof, rights to notice) which Guarantor might otherwise have as a result of or in connection with any of the following:

 

3.1           Modifications.
Subject to Section 7.5 hereof, any amendment, renewal, extension, increase, modification, alteration or rearrangement of all
or any part of the Loan Obligations, the Loan Agreement, the Mortgage, or any other Loan Documents or any other document, instrument,
contract or understanding between Borrower and Administrative Agent or any Lender or any other Person pertaining to the Loan Obligations
or the Guaranteed Obligations, or any failure of Administrative Agent to notify Guarantor of any such action.

 

    	4

    	 

    

  

3.2           Adjustment.
Any adjustment, indulgence, forbearance or compromise that might be granted or given by Administrative Agent or any Lender
to Borrower.

 

3.3           Condition
of Borrower or Guarantor. The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability,
dissolution or lack of power of Borrower, Guarantor or any other Person at any time liable for the payment of all or part of the
Loan Obligations or the Guaranteed Obligations; or any death or dissolution of Borrower or Guarantor or any sale, lease or transfer
of any or all of the assets of Borrower or Guarantor or any changes in the shareholders, partners or members of Borrower or Guarantor;
or any reorganization of Borrower or Guarantor.

 

3.4           Invalidity
of Guaranteed Obligations. The invalidity, illegality or unenforceability against Borrower or any other Person at
any time liable for the payment of all or part of the Loan Obligations or the Guaranteed Obligations or any document or agreement
executed in connection with the Loan Obligations or the Guaranteed Obligations for any reason whatsoever, including, without limitation,
the fact that (a) the Loan Obligations or the Guaranteed Obligations or any part thereof exceeds the amount permitted by law, (b)
the act of creating the Loan Obligations or the Guaranteed Obligations or any part thereof is ultra vires, (c) the officers
or representatives executing the Loan Agreement, the Mortgage, or any other Loan Documents or otherwise creating the Loan Obligations
or the Guaranteed Obligations acted in excess of their authority, (d) the Loan Obligations or the Guaranteed Obligations violate
applicable usury laws, (e) Borrower or any other Person at any time liable for the payment of all or part of the Loan Obligations
or the Guaranteed Obligations has valid defenses (other than payment), claims or offsets (whether at law, in equity or by agreement)
which render the Loan Obligations or the Guaranteed Obligations wholly or partially unenforceable against or uncollectible from
Borrower or any other Person at any time liable for the payment of all or part of the Loan Obligations or the Guaranteed Obligations,
(f) the creation, performance or repayment of the Loan Obligations or the Guaranteed Obligations (or the execution, delivery and
performance of any document or instrument representing part of the Loan Obligations or the Guaranteed Obligations or executed in
connection with the Loan Obligations or the Guaranteed Obligations or given to secure the repayment of the Loan Obligations or
the Guaranteed Obligations) is illegal, uncollectible or unenforceable, or (g) the Loan Agreement, the Mortgage or any of the other
Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantor shall remain
liable hereon regardless of whether Borrower or any other Person be found not liable on the Loan Obligations or the Guaranteed
Obligations or any part thereof for any reason (other than by reason of payment in full thereof).

 

3.5           Release
of Obligors. Any full or partial release of the liability of Borrower on the Loan Obligations or the Guaranteed
Obligations or any part thereof, or of any co-guarantors, or any other Person now or hereafter liable, whether directly or indirectly,
jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Loan Obligations or the Guaranteed
Obligations, or any part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be required to pay
the Guaranteed Obligations in full without assistance or support of any other Person, and Guarantor has not been induced to enter
into this Guaranty on the basis of a contemplation, belief, understanding or agreement that any other Person will be liable to
pay or perform the Loan Obligations or the Guaranteed Obligations, or that Administrative Agent or any Lender will look to any
other Person to pay or perform any of the Loan Obligations or the Guaranteed Obligations.

 

3.6           Other
Collateral. The taking or accepting of any other security, collateral or guaranty, or other assurance of payment,
for all or any part of the Loan Obligations or the Guaranteed Obligations.

 

3.7           Release
of Collateral. Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including
without limitation negligent, willful, unreasonable or unjustifiable impairment) by any Person of any collateral, property or security
at any time existing in connection with, or assuring or securing payment of, all or any part of the Loan Obligations or the Guaranteed
Obligations.

 

3.8           Care
and Diligence. The failure of Administrative Agent, any Lender or any other Person to exercise diligence or reasonable
care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of any collateral, property
or security, including but not limited to any neglect, delay, omission, failure or refusal of Administrative Agent or any Lender
(a) to take or prosecute any action for the collection of any of the Loan Obligations or the Guaranteed Obligations, (b) to foreclose,
or initiate any action to foreclose, or, once commenced, prosecute to completion any action to foreclose upon any security therefor,
or (c) to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any part of
the Loan Obligations or the Guaranteed Obligations.

 

    	5

    	 

    

  

3.9           Unenforceability.
The fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted
as security for the repayment of the Loan Obligations or the Guaranteed Obligations, or any part thereof, shall not be properly
perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it being recognized
and agreed, as between Administrative Agent, Lenders and Guarantor, that Guarantor is not entering into this Guaranty in reliance
on, or in contemplation of the benefits of, the validity, enforceability, collectibility or value of any of the collateral for
the Loan Obligations or the Guaranteed Obligations.

 

3.10         Offset.
Any existing or future right of offset, claim or defense of Borrower against Administrative Agent or any Lender, or any other
Person, or against payment of the Loan Obligations or the Guaranteed Obligations, whether such right of offset, claim or defense
arises in connection with the Loan Obligations or the Guaranteed Obligations (other than the indefeasible payment in full of the
Guaranteed Obligations) or the transactions creating the Loan Obligations and the Guaranteed Obligations.

 

3.11         Merger.
The reorganization, merger or consolidation of Borrower into or with any other Person.

 

3.12         Preference.
Any payment by Borrower to Administrative Agent or any Lender that is returned, recovered or otherwise paid, in whole or in
part, in settlement of a suit, claim or other demand seeking avoidance and recovery of such payment as a preference or fraudulent
conveyance under bankruptcy laws or applicable state law, or if for any reason Administrative Agent or any Lender is required to
refund such payment or pay such amount to Borrower or any other Person.

 

3.13         Other
Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to the Loan Documents, the
Loan Obligations, the Guaranteed Obligations, or the security and collateral therefor, whether or not such action or omission prejudices
Guarantor or increases the likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms hereof;
and it is the unambiguous and unequivocal intention of Guarantor that Guarantor shall be obligated to pay the Guaranteed Obligations
when due, notwithstanding any occurrence, circumstance, event, action, or omission whatsoever, whether contemplated or uncontemplated,
and whether or not otherwise or particularly described herein, which obligation shall be deemed satisfied only upon the indefeasible
payment in full of the Guaranteed Obligations.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

 

To induce Administrative Agent and Lenders
to enter into the Loan Agreement, the Mortgage and the other Loan Documents, and extend and maintain credit to Borrower, Guarantor
represents and warrants as of the date hereof to Administrative Agent for the benefit of the Lenders as follows:

 

4.1           Benefit.
Guarantor is an Affiliate of Borrower, and is the direct legal and beneficial owner of 100% of the equity interests in Borrower,
and has received, or will receive, direct or indirect and substantial benefit from the Loan.

 

4.2           Familiarity
and Reliance. Guarantor is familiar with, and has independently reviewed books and records regarding, the financial
condition of Borrower, and is familiar with the value of any and all collateral intended to be created as security for the payment
of the Loan Obligations and the Guaranteed Obligations; however, as between Administrative Agent, Lenders and Guarantor, Guarantor
is not relying on such information, or the financial condition of Borrower, the collateral or any other condition, as an inducement
to enter into this Guaranty.

 

4.3           No
Representation by Administrative Agent or Lenders. Neither Administrative Agent nor any Lender, nor any other Person
on behalf of Administrative Agent or any Lender, has made any representation, warranty or statement to Guarantor in order to induce
Guarantor to execute this Guaranty.

 

4.4           Guarantor’s
Financial Condition. As of the date hereof, and after giving effect to this Guaranty and the contingent obligation
evidenced hereby, Guarantor is solvent and has assets which, fairly valued, exceed its obligations, liabilities (including contingent
liabilities fairly estimated) and debts, and has property and assets sufficient to satisfy and repay its obligations and liabilities,
as and when the same become due.

 

    	6

    	 

    

  

4.5           Legality;
Due Authorization; Enforceability. The execution, delivery and performance by Guarantor of this Guaranty, and the
consummation of the transactions contemplated hereunder, do not and will not contravene or conflict with any law, statute or regulation
whatsoever to which Guarantor is subject, or constitute a default under or result in the breach of, any indenture, mortgage, charge,
lien, or any contract, agreement or other instrument to which Guarantor is a party or which may be applicable to Guarantor. This
Guaranty is a legal and binding obligation of Guarantor and is enforceable in accordance with its terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to the enforcement of creditors’ rights and subject, as to enforceability,
to general principals of equity regardless of whether enforcement is sought in a proceeding in equity or at law.

 

4.6           Litigation.
There are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other agency now
pending or, to Guarantor’s knowledge, threatened, against or affecting Guarantor which would reasonably be expected to materially
adversely affect the ability of Guarantor to perform its obligations under this Guaranty.

 

4.7           Survival.
All representations and warranties made by Guarantor herein shall survive the execution hereof.

 

ARTICLE V

SUBORDINATION OF CERTAIN INDEBTEDNESS

 

5.1           Subordination
of All Guarantor Claims. As used herein, the term “Guarantor Claims” shall mean all debts
and liabilities of Borrower to Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether
the obligations of Borrower thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective
of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of any Person
in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be, created, or the manner in which
they have been or may hereafter be acquired by Guarantor. The Guarantor Claims shall include, without limitation, all rights and
claims of Guarantor against Borrower (arising as a result of subrogation or otherwise) as a result of Guarantor’s payment
of all or a portion of the Guaranteed Obligations. After the occurrence and during the existence of an Event of Default, or the
occurrence of an event which would, with the giving of notice or the passage of time, or both, constitute an Event of Default,
Guarantor shall not receive or collect, directly or indirectly, from Borrower or any other Person, any amount upon the Guarantor
Claims, until the indefeasible payment in full of the Loan Obligations and the Guaranteed Obligations.

 

5.2           Claims
in Bankruptcy. In the event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief, or
other insolvency proceedings involving Borrower as debtor, Administrative Agent and Lenders shall have the right to prove their
respective claims in any such proceeding so as to establish its rights hereunder and receive directly, from the receiver, trustee
or other court custodian, dividends and payments which would otherwise be payable upon Guarantor Claims. Guarantor hereby assigns
such dividends and payments to Administrative Agent for the benefit of the Lenders to the extent of the Guaranteed Obligations.
Should Administrative Agent receive, for application against the Guaranteed Obligations, any dividend or payment which is otherwise
payable to Guarantor, and which, as between Borrower and Guarantor, shall constitute a credit against the Guarantor Claims, then,
upon the indefeasible payment and performance in full to Administrative Agent and Lenders of the Loan Obligations and the Guaranteed
Obligations, Guarantor shall become subrogated to the rights of Administrative Agent and Lenders to the extent that such payments
to Administrative Agent on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such
subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have been unpaid if Administrative
Agent had not received dividends or payments upon the Guarantor Claims.

 

    	7

    	 

    

  

5.3           Payments
Held in Trust. In the event that, notwithstanding anything to the contrary in this Guaranty, Guarantor should receive
any funds, payment, claim or distribution which is prohibited by this Guaranty, then Guarantor agrees to hold in trust for Administrative
Agent an amount equal to the amount of all funds, payments, claims or distributions so received (but only to the extent of the
Guaranteed Obligations), and Guarantor further agrees that it shall have absolutely no dominion over (or equitable or beneficial
ownership of) the amount of such funds, payments, claims or distributions so received, and Guarantor covenants promptly to pay
the same to Administrative Agent.

 

5.4           Liens
Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances
upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens,
security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Loan Obligations
and the Guaranteed Obligations, regardless of whether such liens, security interests, judgment liens, charges or other encumbrances
in favor of Guarantor or Administrative Agent presently exist or are hereafter created or attach. Without the prior written consent
of Administrative Agent, Guarantor shall not (i) exercise or enforce any right it may have against Borrower, or (ii) foreclose,
repossess, sequester, or otherwise take steps, or institute any action or proceeding (judicial or otherwise, including, without
limitation, the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency
proceeding), to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances
on assets of Borrower securing payment of the Guarantor Claims held by Guarantor.

 

ARTICLE VI

COVENANTS

 

6.1           Financial
Information. The Guarantor hereby represents and warrants, as of the date hereof, that all financial statements of the
Guarantor heretofore delivered to the Administrative Agent by or on behalf of the Guarantor are true and correct in all material
respects and fairly present the financial condition of the Guarantor as of the respective dates of such financial statements. No
material adverse change has occurred in any financial condition reflected in any such financial statement since the date of such
financial statement. In addition, the Guarantor covenants that so long as the Loan Obligations remain outstanding and unpaid, the
Guarantor will, or will cause the Borrower to, furnish to the Administrative Agent, unless otherwise consented to in writing by
the Administrative Agent, all of the financial statements of the Guarantor specified in Section 5.3 of the Loan Agreement.

 

ARTICLE VII

MISCELLANEOUS

 

7.1           Waiver.
No failure to exercise, and no delay in exercising, on the part of Administrative Agent or any Lender, any right hereunder,
shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof
or the exercise of any other right. The rights of Administrative Agent hereunder shall be in addition to all other rights provided
by law. No modification or waiver of any provision of this Guaranty, nor any consent to departure therefrom, shall be effective
unless in writing, and no such consent or waiver shall extend beyond the particular case and purpose involved. No notice or demand
given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such
notice or demand except to the extent such a notice or demand is required by the terms hereof.

 

7.2           Notices.
All notices, consents, approvals and requests required or permitted hereunder shall be in writing, and shall be either hand
delivered or sent, by (a) certified or registered U.S. mail, Return Receipt Requested, first class postage prepaid, or (b) expedited
prepaid delivery service, either commercial (e.g., Federal Express or comparable national courier) or U.S. Postal Service, with
proof of attempted delivery. All notices to any party shall be addressed to such party at its following address:

 

If to the Administrative
Agent:

Sterling National Bank

400 Rella Blvd., P.O. Box 600

Montebello, New York 10901

Attention: Commercial Loan Department

 

    	8

    	 

    

 

With a copy to:

Windels Marx Lane & Mittendorf,
LLP

156 West 56th Street

New York, New York 10019

Attn: Michael Clain, Esq.

 

If to the Guarantor:

Trinity Place Holdings, Inc.

717 Fifth Avenue

New York, New York 10022

Attn: Mr. Matthew Messinger

 

With a copy to:

Kramer Levin Naftalis & Frankel
LLP

1177 Avenue of the Americas

New York, New York 10036

Attn: James P. Godman, Esq.

 

Any party may give notice, in the manner
permitted by this Section, designating a new address in the United States for all notices to such party pursuant to this Section,
and such notice shall become effective upon receipt of such notice by the other party or parties to this Guaranty.

 

7.3           Governing
Law; Submission to Jurisdiction. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE SUBSTANTIVE
LAWS OF THE STATE OF NEW YORK AND THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST
ADMINISTRATIVE AGENT OR GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN
NEW YORK COUNTY, NEW YORK, AND ADMINISTRATIVE AGENT, LENDERS (BY THEIR ACCEPTANCE HEREOF) AND GUARANTOR WAIVE ANY OBJECTIONS WHICH
THEY MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND ADMINISTRATIVE
AGENT, LENDERS (BY THEIR ACCEPTANCE HEREOF) AND GUARANTOR HEREBY IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF ANY SUCH COURT
IN ANY SUIT, ACTION OR PROCEEDING. FURTHERMORE, THE GUARANTOR AGREES AND CONSENTS THAT, IN ADDITION TO ANY METHODS OF SERVICE OF
PROCESS PROVIDED FOR UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING REFERRED TO ABOVE MAY
BE MADE BY CERTIFIED OR REGISTERED MAIL, POSTAGE PREPAID, RETURN RECEIPT REQUESTED, DIRECTED TO GUARANTOR AT THE ADDRESS INDICATED
IN THIS GUARANTY FOR SUCH PARTY.

 

7.4           Invalid
Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or
future laws effective during the term of this Guaranty, then such provision shall be fully severable, and this Guaranty shall be
construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and
the remaining provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid
or unenforceable provision or by its severance from this Guaranty.

 

7.5           Amendments
and Waivers. No term or provision of this Guaranty may be amended, waived or otherwise modified except pursuant
an instrument in writing executed by the party (or an authorized representative of the party) against whom enforcement of such
amendment, waiver or modification is sought.

 

7.6           Parties
Bound; Assignment; Joint and Several. This Guaranty shall be binding upon and inure to the benefit of the parties
hereto and their respective successors, permitted assigns and legal representatives; provided, however, that
Guarantor may not, without the prior written consent of Administrative Agent, assign any of its rights, powers, duties or obligations
hereunder. 

 

7.7           Headings.
Section headings are for convenience of reference only and shall in no way affect the interpretation of this Guaranty.

 

    	9

    	 

    

  

7.8           Consideration.
Guarantor is the direct, legal and beneficial owner of 100% of the direct equity interests in Borrower and will substantially
benefit from the Loans made by Lenders to Borrower pursuant to the Loan Agreement.

 

7.9           Counterparts.
To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required. It
shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all Persons required to bind
any party, appear on each counterpart. All counterparts shall collectively constitute a single instrument. It shall
not be necessary, in making proof of this Guaranty, to produce or account for more than a single counterpart containing the respective
signatures of, or on behalf of, each of the parties hereto. Any signature page to any counterpart may be detached from such
counterpart, without impairing the legal effect of the signatures thereon, and thereafter attached to another counterpart identical
thereto except having attached to it additional signature pages.

 

7.10         Rights
and Remedies. If Guarantor becomes liable for any indebtedness owing by Borrower to Administrative Agent or any
Lender, by endorsement or otherwise, other than under this Guaranty, then such liability shall not be in any manner impaired or
affected hereby, and the rights of Administrative Agent and Lenders hereunder shall be cumulative of any and all other rights that
Administrative Agent and Lenders may ever have against Guarantor. The exercise by Administrative Agent or any Lender of
any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent
exercise of any other right or remedy.

 

7.11         Entirety.
THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND ADMINISTRATIVE AGENT WITH RESPECT TO GUARANTOR’S GUARANTY
OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER
WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF, EXCEPT AS PROVIDED IN THE LOAN DOCUMENTS. THIS GUARANTY IS INTENDED BY
GUARANTOR AND ADMINISTRATIVE AGENT AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN
GUARANTOR AND ADMINISTRATIVE AGENT, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT
OR MODIFY ANY TERM OF THIS GUARANTY AGREEMENT. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR AND ADMINISTRATIVE AGENT OR ANY LENDER
RELATING TO THE GUARANTEED OBLIGATIONS.

 

7.12         Waiver
of Right To Trial By Jury. GUARANTOR, AND BY THEIR ACCEPTANCE HEREOF, ADMINISTRATIVE AGENT AND LENDERS, AGREE NOT TO ELECT
A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH
RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION
THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH OF ADMINISTRATIVE AGENT, LENDERS AND
GUARANTOR, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD
OTHERWISE ACCRUE. EACH PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF
THIS WAIVER.

 

7.13         No
Third Party Beneficiaries. This Guaranty is solely between the Guarantor and the Administrative Agent, and solely for the
benefit of the Administrative Agent, the Lenders and any subsequent holder or holders of any Note, and nothing in this Guaranty,
whether express or implied, shall be construed to give any other Person any legal or equitable right, remedy or claim under or
in respect of this Guaranty.

 

    	10

    	 

    

  

7.14         Release
of Maintenance Obligation on Cutoff Date. Guarantor shall have no obligations with respect to Maintenance Obligations first
occurring after the earlier to occur of (x) the first anniversary of the date, if any, on which Administrative Agent (or its designee)
takes title to the Property by foreclosure, deed-in-lieu of foreclosure or otherwise or (y) the first anniversary of the date,
if any, on which Borrower tenders a deed to the Property to Administrative Agent (or its designee)(the earlier of the forgoing
dates, the “Cut-Off Date”), and the term “Guaranteed Obligations” shall be deemed to exclude
any Maintenance Obligations first occurring after the Cut-off Date, notwithstanding anything to the contrary contained in this
Guaranty; provided that with respect to a tender of a deed that is not accepted by Administrative Agent (or its designee),
the Cut-Off Date shall not be deemed to occur until Borrower and Guarantor, at their sole cost and expense, shall have furnished
to Administrative Agent a Phase I environmental assessment of the Property (i) conducted by an environmental engineer or consultant
reasonably acceptable to Administrative Agent (but who shall in no event have less than ten (10) years’ experience in conducting
similar assessments on properties in the general geographical location of the Property); (ii) covering such subjects as are addressed
in the Environmental Report and (iii) that concludes, in the Administrative Agent’s reasonable discretion, that the Property
does not contain any Hazardous Substances in violation of applicable law.

 

[Balance of page intentionally left blank;
signature page follows]

 

    	11

    	 

    

 

IN WITNESS WHEREOF, the Guarantor
has executed this Guaranty as of the date above set forth.

 

	 	TRINITY PLACE HOLDINGS, INC.
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

ACKNOWLEDGMENT(S)

 

	STATE OF NEW YORK	)
	 	) ss.:
	COUNTY OF NEW YORK	)

 

On the _________ day of __________________,
______ before me, the undersigned, a notary public in and for said state, personally appeared ________________________________________
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose names) is (are) subscribed
to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by
his/her/their signatures) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed
the instrument.

 

	 	 	 
	 	Notary Public	 

 

[Signature page to Carveout Guaranty]

 

    	12

    	 

    

 

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	x	 
	 	:	 
	In re	:	Chapter 11
	 	:	 
	FILENE's BASEMENT, LLC, et al.,1	:	Case No. 11-13511 (KJC)
	 	:	 
	Reorganized Debtors.	:	Jointly Administered
	 	:	 
	 	:	Hearing Date:  January 21, 2015, at 11:00 a.m. (ET)
	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	x	Objections Due:  January 14, 2015, at 4:00 p.m. (ET)
	 	 	 

 

NOTICE OF REORGANIZED DEBTORS’
MOTION FOR AN ORDER (I) AUTHORIZING THE REORGANIZED DEBTORS TO ENTER INTO SECURED DEBT FINANCING AND EFFECTUATE THE TRANSACTIONS
CONTEMPLATED THEREIN; (II) AUTHORIZING THE REORGANIZED DEBTORS TO DEVELOP, SELL, AND/OR OTHERWISE TRANSFER SYMS OWNED REAL ESTATE,
INCLUDING THE TRINITY PROPERTY, PURSUANT TO THE PLAN; AND (III) GRANTING RELATED RELIEF

 

PLEASE TAKE
NOTICE that on December 31, 2014, the reorganized debtors in the above-captioned jointly administered cases (the “Reorganized
Debtors”) filed the Reorganized Debtors’ Motion For An Order (I) Authorizing The Reorganized Debtors To Enter
Into Secured Debt Financing And Effectuate The Transactions Contemplated Therein; (II) Authorizing The Reorganized Debtors To Develop,
Sell, And/Or Otherwise Transfer Syms Owned Real Estate, Including The Trinity Property, Pursuant To The Plan; And (III) Granting
Related Relief (the “Motion”).

 

PLEASE TAKE
FURTHER NOTICE that any party wishing to oppose the entry of an order granting the relief requested in the Motion must file
a response or objection (“Objection”) to the Motion with the Clerk of the United States Bankruptcy Court for
the District of Delaware, 824 N. Market Street, 3rd Floor, Wilmington, Delaware 19801 on or before January 14, 2015, at 4:00
p.m. (Eastern Time) (the “Objection Deadline”). At the same time, you must serve such Objection on the
undersigned counsel for the Reorganized Debtors so as to be received by the Objection Deadline.

 

PLEASE TAKE
FURTHER NOTICE THAT A HEARING ON THE RELIEF REQUESTED IN THE MOTION, IF NECESSARY, WILL BE HELD ON JANUARY 21, 2015,
AT 11:00 A.M. (EASTERN TIME) BEFORE THE HONORABLE KEVIN J. CAREY AT THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT
OF DELAWARE, 824 N. MARKET STREET, 5TH FLOOR, COURTROOM #5, WILMINGTON, DELAWARE 19801. ONLY PARTIES WHO HAVE FILED A TIMELY OBJECTION
WILL BE HEARD AT THE HEARING.

 

 

	1	The Reorganized Debtors and the last four digits of their respective taxpayer identification numbers
are as follows: Filene's Basement, LLC (8277), Syms Corp. (5228), Syms Clothing, Inc. (3869), and Syms Advertising Inc. (5234).
The Reorganized Debtors’ address is 717 Fifth Avenue, Suite 1303, New York, NY 10022.

 

    	 

    	 

    

 

IF YOU FAIL TO RESPOND
IN ACCORDANCE WITH THIS NOTICE, THE COURT MAY GRANT THE RELIEF REQUESTED IN THE MOTION WITHOUT FURTHER NOTICE OR HEARING.

 

	Dated: December 31, 2014	MORRIS, NICHOLS, ARSHT & TUNNELL LLP 
	Wilmington, Delaware	 
	 	/s/ William M. Alleman, Jr.
	 	Robert J. Dehney (Bar No. 3578)
	 	Curtis S. Miller (Bar No. 4583)
	 	William M. Alleman, Jr. (Bar No. 5449)
	 	1201 North Market Street 
	 	P.O. Box 1347
	 	Wilmington, DE 19899-1347
	 	Telephone: (302) 658-9200
	 	Fax: (302) 658-3989
	 	 
	 	Counsel for Reorganized Debtors

 

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]