Document:

EX-10.7

 Exhibit 10.7 

EXECUTION VERSION 

Published CUSIP Number: 
 Revolving
Credit CUSIP Number: 
  
 

 
  
  

 
 CREDIT AGREEMENT 

Dated as of October 24, 2018 

by and among 
 NUVEEN GLOBAL
CITIES REIT OP, LP, 

                        
                            as Borrower, 

NUVEEN GLOBAL CITIES REIT, INC., 

                        
                            as Parent, 

THE FINANCIAL INSTITUTIONS PARTY HERETO, ANY FINANCIAL INSTITUTIONS JOINING 

UNDER SECTION 2.17 
 AND THEIR
ASSIGNEES UNDER SECTION 13.5., 

                        
                                         
   as Lenders, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

                        
                                         
       as Administrative Agent 
  

 
 WELLS FARGO
SECURITIES, LLC, 

                        
                                         
               as sole Lead Arranger 

                        
                          and 

                        
                                         
      sole Bookrunner 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 Article I. Definitions
	  	 	1	 
			
	 Section 1.1.
	 	Definitions	  	 	1	 
	 Section 1.2.
	 	General; References to Central Time	  	 	29	 
	 Section 1.3.
	 	Financial Attributes of Non-Wholly Owned Subsidiaries	  	 	29	 
	 Section 1.4.
	 	Rates	  	 	30	 
		
	 Article II. Credit Facility
	  	 	30	 
			
	 Section 2.1.
	 	Revolving Loans	  	 	30	 
	 Section 2.2.
	 	[Reserved.]	  	 	31	 
	 Section 2.3.
	 	[Reserved.]	  	 	31	 
	 Section 2.4.
	 	Letters of Credit	  	 	31	 
	 Section 2.5.
	 	[Reserved.]	  	 	36	 
	 Section 2.6.
	 	Rates and Payment of Interest on Loans	  	 	36	 
	 Section 2.7.
	 	[Reserved.]	  	 	37	 
	 Section 2.8.
	 	Repayment of Loans	  	 	37	 
	 Section 2.9.
	 	Prepayments	  	 	37	 
	 Section 2.10.
	 	Continuation	  	 	37	 
	 Section 2.11.
	 	Conversion	  	 	38	 
	 Section 2.12.
	 	Notes	  	 	38	 
	 Section 2.13.
	 	Voluntary Reductions of the Revolving Commitments	  	 	39	 
	 Section 2.14.
	 	Extension of Revolving Termination Date	  	 	39	 
	 Section 2.15.
	 	Expiration Date of Letters of Credit Past Revolving Commitment Termination	  	 	40	 
	 Section 2.16.
	 	Amount Limitations	  	 	40	 
	 Section 2.17.
	 	Increase in Revolving Commitments	  	 	40	 
	 Section 2.18.
	 	Funds Transfer Disbursements	  	 	41	 
		
	 Article III. Payments, Fees and Other General Provisions
	  	 	41	 
			
	 Section 3.1.
	 	Payments	  	 	41	 
	 Section 3.2.
	 	Pro Rata Treatment	  	 	42	 
	 Section 3.3.
	 	Sharing of Payments by Lenders	  	 	42	 
	 Section 3.4.
	 	Several Obligations	  	 	43	 
	 Section 3.5.
	 	Fees	  	 	43	 
	 Section 3.6.
	 	Computations	  	 	44	 
	 Section 3.7.
	 	Usury	  	 	44	 
	 Section 3.8.
	 	Statements of Account	  	 	45	 
	 Section 3.9.
	 	Defaulting Lenders	  	 	45	 
	 Section 3.10.
	 	Taxes	  	 	48	 
		
	 Article IV. [Reserved.]
	  	 	52	 
		
	 Article V. Yield Protection, Etc.
	  	 	52	 
			
	 Section 5.1.
	 	Additional Costs; Capital Adequacy	  	 	52	 
	 Section 5.2.
	 	Suspension of LIBOR Loans	  	 	53	 
	 Section 5.3.
	 	Illegality; Replacement Rate	  	 	54	 
	 Section 5.4.
	 	Compensation	  	 	55	 
	 Section 5.5.
	 	Treatment of Affected Loans	  	 	55	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 5.6.
	 	Replacement of Lenders	  	 	56	 
	 Section 5.7.
	 	Change of Lending Office	  	 	57	 
	 Section 5.8.
	 	Assumptions Concerning Funding of LIBOR Loans	  	 	57	 
		
	 Article VI. Conditions Precedent
	  	 	57	 
			
	 Section 6.1.
	 	Initial Conditions Precedent	  	 	57	 
	 Section 6.2.
	 	Conditions Precedent to All Loans and Letters of Credit	  	 	59	 
		
	 Article VII. Representations and Warranties
	  	 	60	 
			
	 Section 7.1.
	 	Representations and Warranties	  	 	60	 
	 Section 7.2.
	 	Survival of Representations and Warranties, Etc.	  	 	66	 
		
	 Article VIII. Affirmative Covenants
	  	 	67	 
			
	 Section 8.1.
	 	Preservation of Existence and Similar Matters	  	 	67	 
	 Section 8.2.
	 	Compliance with Applicable Law	  	 	67	 
	 Section 8.3.
	 	Maintenance of Property	  	 	67	 
	 Section 8.4.
	 	Conduct of Business	  	 	67	 
	 Section 8.5.
	 	Insurance	  	 	67	 
	 Section 8.6.
	 	Payment of Taxes and Claims	  	 	68	 
	 Section 8.7.
	 	Books and Records; Inspections	  	 	68	 
	 Section 8.8.
	 	Use of Proceeds	  	 	68	 
	 Section 8.9.
	 	Environmental Matters	  	 	68	 
	 Section 8.10.
	 	Further Assurances	  	 	69	 
	 Section 8.11.
	 	Material Contracts	  	 	69	 
	 Section 8.12.
	 	REIT Status	  	 	69	 
	 Section 8.13.
	 	[Reserved.]	  	 	69	 
	 Section 8.14.
	 	Guarantors	  	 	69	 
		
	 Article IX. Information
	  	 	70	 
			
	 Section 9.1.
	 	Quarterly Financial Statements	  	 	70	 
	 Section 9.2.
	 	Year-End Statements	  	 	70	 
	 Section 9.3.
	 	Compliance Certificate	  	 	71	 
	 Section 9.4.
	 	Other Information	  	 	71	 
	 Section 9.5.
	 	Electronic Delivery of Certain Information	  	 	73	 
	 Section 9.6.
	 	Public/Private Information	  	 	74	 
	 Section 9.7.
	 	USA Patriot Act Notice; Compliance	  	 	75	 
		
	 Article X. Negative Covenants
	  	 	75	 
			
	 Section 10.1.
	 	Financial Covenants	  	 	75	 
	 Section 10.2.
	 	Negative Pledge	  	 	77	 
	 Section 10.3.
	 	Restrictions on Intercompany Transfers	  	 	77	 
	 Section 10.4.
	 	Merger, Consolidation, Sales of Assets and Other Arrangements	  	 	77	 
	 Section 10.5.
	 	Plans	  	 	78	 
	 Section 10.6.
	 	Fiscal Year	  	 	78	 
	 Section 10.7.
	 	Modifications of Organizational Documents and Material Contracts	  	 	78	 
	 Section 10.8.
	 	Use of Proceeds	  	 	79	 
	 Section 10.9.
	 	[Reserved.]	  	 	79	 
	 Section 10.10.
	 	Transactions with Affiliates	  	 	79	 
	 Section 10.11.
	 	Derivatives Contracts	  	 	79	 
	 Section 10.12.
	 	Holdings Covenant	  	 	79	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 Article XI. Default
	  	 	80	 
			
	 Section 11.1.
	 	Events of Default	  	 	80	 
	 Section 11.2.
	 	Remedies Upon Event of Default	  	 	83	 
	 Section 11.3.
	 	Remedies Upon Default	  	 	84	 
	 Section 11.4.
	 	Marshaling; Payments Set Aside	  	 	84	 
	 Section 11.5.
	 	Allocation of Proceeds	  	 	85	 
	 Section 11.6.
	 	Letter of Credit Collateral Account	  	 	86	 
	 Section 11.7.
	 	Rescission of Acceleration by Requisite Lenders	  	 	87	 
	 Section 11.8.
	 	Performance by Administrative Agent	  	 	87	 
	 Section 11.9.
	 	Rights Cumulative	  	 	87	 
		
	 Article XII. The Administrative Agent
	  	 	88	 
			
	 Section 12.1.
	 	Appointment and Authorization	  	 	88	 
	 Section 12.2.
	 	Administrative Agent as Lender	  	 	89	 
	 Section 12.3.
	 	Approvals of Lenders	  	 	89	 
	 Section 12.4.
	 	Notice of Events of Default	  	 	90	 
	 Section 12.5.
	 	Administrative Agent’s Reliance	  	 	90	 
	 Section 12.6.
	 	Indemnification of Administrative Agent	  	 	91	 
	 Section 12.7.
	 	Lender Credit Decision, Etc.	  	 	91	 
	 Section 12.8.
	 	Successor Administrative Agent	  	 	92	 
	 Section 12.9.
	 	[Reserved.]	  	 	93	 
	 Section 12.10.
	 	Specified Derivatives Contracts	  	 	93	 
		
	 Article XIII. Miscellaneous
	  	 	93	 
			
	 Section 13.1.
	 	Notices	  	 	93	 
	 Section 13.2.
	 	Expenses	  	 	95	 
	 Section 13.3.
	 	Setoff	  	 	96	 
	 Section 13.4.
	 	Litigation; Jurisdiction; Other Matters; Waivers	  	 	97	 
	 Section 13.5.
	 	Successors and Assigns	  	 	98	 
	 Section 13.6.
	 	Amendments and Waivers	  	 	102	 
	 Section 13.7.
	 	Nonliability of Administrative Agent and Lenders	  	 	104	 
	 Section 13.8.
	 	Confidentiality	  	 	104	 
	 Section 13.9.
	 	Indemnification	  	 	105	 
	 Section 13.10.
	 	Termination; Survival	  	 	106	 
	 Section 13.11.
	 	Severability of Provisions	  	 	107	 
	 Section 13.12.
	 	GOVERNING LAW	  	 	107	 
	 Section 13.13.
	 	Counterparts	  	 	107	 
	 Section 13.14.
	 	Obligations with Respect to Loan Parties and Subsidiaries	  	 	107	 
	 Section 13.15.
	 	Independence of Covenants	  	 	107	 
	 Section 13.16.
	 	Limitation of Liability	  	 	107	 
	 Section 13.17.
	 	Entire Agreement	  	 	108	 
	 Section 13.18.
	 	Construction	  	 	108	 
	 Section 13.19.
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	108	 
	 Section 13.20.
	 	Headings	  	 	108	 

  

  
 -iii- 

			
	 SCHEDULE I
	 	Revolving Commitments
	 SCHEDULE 1.1.
	 	List of Loan Parties
	 SCHEDULE 1.2.
	 	Permitted Liens
	 SCHEDULE 1.3.
	 	Schedule of Reserves
	 SCHEDULE 7.1.(b)
	 	Ownership Structure
	 SCHEDULE 7.1.(f)
	 	Title to Properties; Liens
	 SCHEDULE 7.1.(g)
	 	Existing Indebtedness; Total Liabilities
	 SCHEDULE 7.1.(h)
	 	Material Contracts
	 SCHEDULE 7.1.(i)
	 	Litigation
	 SCHEDULE 7.1.(s)
	 	Affiliate Transactions
		
	 EXHIBIT A
	 	Form of Assignment and Assumption Agreement
	 EXHIBIT B
	 	Form of Disbursement Instruction Agreement
	 EXHIBIT C
	 	Form of Guaranty
	 EXHIBIT D
	 	Form of Notice of Borrowing
	 EXHIBIT E
	 	Form of Notice of Continuation
	 EXHIBIT F
	 	Form of Notice of Conversion
	 EXHIBIT G
	 	Form of Revolving Note
	 EXHIBIT H-1
	 	Form of U.S. Tax Compliance Certificate (Foreign Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)
	 EXHIBIT H-2
	 	Form of U.S. Tax Compliance Certificate (Foreign Lenders that are Partnerships for U.S. Federal Income Tax Purposes)
	 EXHIBIT H-3
	 	Form of U.S. Tax Compliance Certificate (Foreign Participants that are not Partnerships for U.S. Federal Income Tax Purposes)
	 EXHIBIT H-4
	 	Form of U.S. Tax Compliance Certificate (Foreign Participants that are Partnerships for U.S. Federal Income Tax Purposes)
	 EXHIBIT I
	 	Form of Compliance Certificate
	 EXHIBIT J
	 	Form of Unencumbered Property Certificate

 THIS CREDIT AGREEMENT (this “Agreement”) dated as of October 24, 2018
by and among NUVEEN GLOBAL CITIES REIT OP, LP, a limited partnership formed under the laws of the State of Delaware (the “Borrower”), NUVEEN GLOBAL CITIES REIT, INC., a corporation formed under the laws of the State of Maryland
(“Parent”), each of the financial institutions initially a signatory hereto or which may join pursuant to Section 2.17, together with their respective successors and assignees under Section 13.5. (the
“Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, with WELLS FARGO SECURITIES, LLC, as sole Lead Arranger and sole Bookrunner (in such capacities, the “Arranger”). 

WHEREAS, the Administrative Agent, the Issuing Banks, and the Lenders desire to make available to the Borrower a revolving credit facility in
the initial amount of $60,000,000, with an initial $10,000,000 letter of credit subfacility, on the terms and conditions contained herein. 

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

Section 1.1. Definitions. 
 In
addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement: 

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

“Additional Costs” has the meaning given that term in Section 5.1.(b). 

“Administrative Agent” means Wells Fargo Bank, National Association in its capacity as contractual representative of the
Lenders under this Agreement, or any successor Administrative Agent appointed pursuant to Section 12.8. 
 “Administrative
Questionnaire” means the Administrative Questionnaire completed by each Lender and delivered to the Administrative Agent in a form supplied by the Administrative Agent to the Lenders from time to time. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. Unless explicitly set forth to the contrary, a reference to an “Affiliate” means an Affiliate of the Borrower. 

“Aggregate Property Adjusted NOI” means, for any period, Net Operating Income from all Properties for such period. 

“Agreement” has the meaning set forth in the introductory paragraph hereof. 

“Agreement Date” means the date as of which this Agreement is dated. 

“Anti-Corruption Laws” means all Applicable Laws of any jurisdiction concerning or relating to bribery or corruption,
including without limitation, the Foreign Corrupt Practices Act of 1977. 

 “Anti-Money Laundering Laws” means any and all Applicable Laws related to
the financing of terrorism, money laundering, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto, including without limitation, any applicable provision of the Patriot Act and The
Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959). 

“Applicable Law” means, as to any Person, all applicable Laws binding upon such Person or to which such Person is subject..

 “Applicable Margin” means the percentage rate set forth below corresponding to the ratio of Total Indebtedness to Total
Asset Value as determined in accordance with Section 10.1.(b): 
  

							
	 Level
	  	 Ratio of Total

Indebtedness to Total

Asset Value
	  	Applicable Margin for
LIBOR Loans	 	Applicable
Margin for Base
Rate Loans
	1	  	Less than 0.45 to 1.00	  	1.30%	 	0.30%
	2	  	Greater than or equal to 0.45 to 1.00 but less than 0.50 to 1.00	  	1.45%	 	0.45%
	3	  	Greater than or equal to 0.50 to 1.00 but less than 0.55 to 1.00	  	1.55%	 	0.55%
	4	  	Greater than or equal to 0.55 to 1.00 but less than or equal to 0.60 to 1.00	  	1.90%	 	0.90%

 The Applicable Margin shall be determined by the Administrative Agent from time to time, based on the ratio of Total
Indebtedness to Total Asset Value as set forth in the Compliance Certificate most recently delivered by the Borrower pursuant to Section 9.3. Any adjustment to the Applicable Margin shall be effective as of the first day of the calendar month
immediately following the month during which the Borrower delivers to the Administrative Agent the applicable Compliance Certificate pursuant to Section 9.3. If the Borrower fails to deliver a Compliance Certificate pursuant to
Section 9.3., the Applicable Margin shall equal the percentage corresponding to Level 4 until the first day of the calendar month immediately following the month that the required Compliance Certificate is delivered. Notwithstanding the
foregoing, for the period from the Effective Date through but excluding the date on which the Administrative Agent first determines the Applicable Margin as set forth above, the Applicable Margin shall be determined based on Level 1.
Thereafter, such Applicable Margin shall be adjusted from time to time as set forth in this definition. The provisions of this definition shall be subject to Section 2.6.(c). 

“Appraised Value” means, with respect to any Property, the “as is” market value of such Property as reflected in
the most recent Current Appraisal of such Property. 
 “Approved Fund” means any Fund that is administered or managed by
(a) a Lender, (b) an Affiliate of a Lender, or (c) an entity or an Affiliate of any entity that administers or manages a Lender. 

“Arranger” has the meaning set forth in the introductory paragraph hereof. 

  
 - 2 - 

 “Assignment and Assumption” means an Assignment and Assumption entered into
by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 13.5.), and accepted by the Administrative Agent, in substantially the form of Exhibit A or any other form approved by the Administrative
Agent. 
 “Bail-In Action” means the exercise of any Write-Down and Conversion
Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law
for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

“Bankruptcy Code” means the Bankruptcy Code of 1978. 

“Base Rate” means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and
(c) the LIBOR Market Index Rate plus 1.0%. Each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or the LIBOR Market Index Rate (provided
that clause (c) shall not be applicable during any period in which LIBOR is unavailable or unascertainable). 
 “Base Rate
Loan” means a Revolving Loan bearing interest at a rate based on the Base Rate. 
 “Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation. 

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

“Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is
not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group. 

“Borrower” has the meaning set forth in the introductory paragraph hereof and shall include the Borrower’s successors
and permitted assigns. 
 “Borrower Information” has the meaning given that term in Section 2.6.(c). 

“Business Day ” means (a) for all purposes other than as set forth in clause (b) below, any day (other than a
Saturday, Sunday or legal holiday) on which banks in New York, New York, are open for the conduct of their commercial banking business, and (b) with respect to all notices and determinations in connection with, and payments of principal and
interest on, any LIBOR Loan, or any Base Rate Loan as to which the interest rate is determined by reference to LIBOR, any day that is a Business Day described in clause (a) and that is also a day for trading by and between banks in Dollar
deposits in the London interbank market. Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be to calendar days. 

“Capitalization Rate” means (i) 6% in respect of multi-family Properties, (ii) 6.5% in respect of office, retail and
industrial Properties and (iii) 7.5% in respect of any other Properties not listed in clauses (i) and (ii) above. 

  
 - 3 - 

 “Capitalized Lease Obligations” means obligations under a lease (or other
arrangement conveying the right to use property) to pay rent or other amounts that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of
such obligation as would be required to be reflected on a balance sheet of the applicable Person prepared in accordance with GAAP as of the applicable date. 

“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more
of the Issuing Banks or the Lenders, as collateral for Letter of Credit Liabilities or obligations of Lenders to fund participations in respect of Letter of Credit Liabilities, cash or deposit account balances or, if the Administrative Agent and the
applicable Issuing Bank shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and each applicable Issuing Bank. “Cash Collateral”
shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“Cash Equivalents” means (a) securities issued, guaranteed or insured by the United States or any of its agencies with
maturities of not more than one year from the date acquired; (b) certificates of deposit, banker’s acceptances and time deposits with maturities of not more than one year from the date acquired issued or guaranteed by or placed with, and
money market deposit accounts issued or offered by, 
 (x) a United States federal or state chartered commercial bank that has a combined capital and surplus
and undivided profits of not less than $500,000,000, or (y) a commercial bank organized under the laws of any other country which is a member of the Organisation for Economic Co-operation and Development,
or a political subdivision of any such country, acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short-term commercial paper rating of at least A-2 or the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than thirty days from the
date acquired, for securities of the type described in clause (a) above and entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the
laws of the United States or any State thereof and rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, in
each case with maturities of not more than one year from the date acquired; and (e) investments in money market funds registered under the Investment Company Act of 1940 which have net assets of at least $500,000,000 and at least 85% of whose
assets consist of securities and other obligations of the type described in clauses (a) through (d) above. 
 “Commodity
Exchange Act” means the Commodity Exchange Act, 7 U.S.C. § 1 et seq. 
 “Compliance Certificate” has the
meaning given that term in Section 9.3. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on
or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Continue”,
“Continuation” and “Continued” each refers to the continuation of a LIBOR Loan from one Interest Period to another Interest Period pursuant to Section 2.10. 

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

“Convert”, “Conversion” and “Converted” each refers to the conversion of a Loan of one Type
into a Loan of another Type pursuant to Section 2.11. 

  
 - 4 - 

 “Credit Event” means any of the following: (a) the making (or deemed
making) of any Revolving Loan, (b) the Conversion of a Base Rate Loan into a LIBOR Loan, (c) the Continuation of a LIBOR Loan and (d) the issuance of a Letter of Credit or the amendment of a Letter of Credit that extends the maturity,
or increases the Stated Amount, of such Letter of Credit. 
 “Current Appraisal” means, as of any date of determination
with respect to any Property, an M.A.I. appraisal acceptable to the Administrative Agent as to form, prepared by a professional appraiser having at least the minimum qualifications required under Applicable Law governing the Administrative Agent and
the Lenders, including without limitation, FIRREA, or as otherwise reasonably acceptable to the Administrative Agent, and determining the “as is” market value of such Property as between a willing buyer and a willing seller of such
Property, which appraisal is dated as of a date that is no more than twelve months prior to such date of determination. The Administrative Agent hereby acknowledges and agrees that Situs RERC constitutes a professional appraiser acceptable to the
Administrative Agent for purposes of this Agreement. 
 “Debtor Relief Laws” means the Bankruptcy Code, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar Applicable Laws relating to the relief of debtors in the United States or other
applicable jurisdictions from time to time in effect. 
 “Default” means any of the events specified in Section 11.1.,
whether or not there has been satisfied any requirement for the giving of notice, the lapse of time, or both. 
 “Defaulting
Lender” means, subject to Section 3.9.(f), any Lender that (a) has failed to (i) fund all or any portion of its Loans within 2 Business Days of the date such Loans were required to be funded hereunder unless such Lender
notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable
default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Bank, or any other Lender any other amount required to be paid by it hereunder (including in respect of its
participation in Letters of Credit) within 2 Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, or any Issuing Bank in writing that it does not intend to comply with its funding obligations hereunder,
or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition
precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within 3 Business Days after written request by the
Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective 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 and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor
Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the
Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-in Action; 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 so long as such ownership interest does not result in or provide
such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or
disaffirm any contracts or agreements made 

  
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 with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under
any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 3.9.(f)) upon delivery of written notice of such
determination to the Borrower, each Issuing Banks, and each Lender. 
 “Derivatives Contract” means a “swap
agreement” as defined in Section 101 of the Bankruptcy Code. 
 “Derivatives Termination Value” means, in respect
of any one or more Derivatives Contracts, after taking into account the effect of any legally enforceable netting agreement or provision relating thereto, (a) for any date on or after the date such Derivatives Contracts have been terminated or
closed out, the termination amount or value determined in accordance therewith, and (b) for any date prior to the date such Derivatives Contracts have been terminated or closed out, the then-current mark-to-market value for such Derivatives Contracts, determined based upon one or more mid-market quotations or estimates provided by any recognized dealer in
Derivatives Contracts (which may include the Administrative Agent, any Lender, any Specified Derivatives Provider or any Affiliate of any of them). 

“Development Property ” means a Property currently under development that has not achieved an Occupancy Rate of 80.0% or more
or, subject to the last sentence of this definition, on which the improvements (other than tenant improvements on unoccupied space) related to the development have not been completed. The term “Development Property” shall include real
property of the type described in the immediately preceding sentence that satisfies both of the following conditions: (i) it is to be (but has not yet been) acquired by the Borrower, any Subsidiary or any Unconsolidated Affiliate upon
completion of construction pursuant to a contract in which the seller of such real property is required to develop or renovate prior to, and as a condition precedent to, such acquisition and (ii) a third party is developing such property using
the proceeds of a loan that is Guaranteed by, or is otherwise recourse to, the Borrower, any Subsidiary or any Unconsolidated Affiliate. 

“Disbursement Instruction Agreement” means an agreement substantially in the form of Exhibit B to be executed and delivered
by the Borrower pursuant to Section 6.1.(a), as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent. 

“Dollars” or “$” means the lawful currency of the United States. 

“EBITDA” means, with respect to a Person for any period and without duplication: (a) net income (loss) of such Person
for such period determined on a consolidated basis excluding the following (but only to the extent included in determining net income (loss) for such period): (i) depreciation and amortization; (ii) interest expense; (iii) income tax
expense; (iv) extraordinary or nonrecurring items, including without limitation, gains and losses from the sale of operating Properties; and (v) equity in net income (loss) of its Unconsolidated Affiliates; plus (b) such
Person’s Ownership Share of EBITDA of its Unconsolidated Affiliates. EBITDA shall be adjusted to remove any impact from straight line rent leveling adjustments required under GAAP and amortization of intangibles pursuant to FASB ASC 805. For
purposes of this definition, nonrecurring items shall be deemed to include (x) gains and losses on early extinguishment of Indebtedness, (y) non-cash severance and other non-cash restructuring charges and (z) transaction costs of acquisitions not permitted to be capitalized pursuant to GAAP. 

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

  
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 “EEA Member Country” means any of the member states of the European Union,
Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public administrative authority or any person
entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” means the date on which all of the conditions precedent set forth in Section 6.1. shall have been
fulfilled or waived by all of the Lenders. 
 “Eligible Assignee” means any Person that meets the requirements to be an
assignee under Section 13.5.(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 13.5.(b)(iii)). 

“Eligible Ground Lease” means a ground lease containing terms and conditions customarily required by mortgagees making a loan
secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease, including without limitation, the following: (a) a remaining term (exclusive of any unexercised extension options) of 40 years or more from the
date the applicable Property first becomes an Unencumbered Property; (b) the right of the lessee to mortgage and encumber its interest in the leased property, and to amend the terms of any such mortgage or encumbrance, in each case, without the
consent of the lessor; (c) the obligation of the lessor to give the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated
until such holder has had a reasonable opportunity to cure or complete foreclosures, and fails to do so; (d) acceptable transferability of the lessee’s interest under such lease, including ability to sublease; (e) acceptable
limitations on the use of the leased property; and (f) clearly determinable rental payment terms which in no event contain profit participation rights. 

“Eligible Property” means a Property which satisfies all of the following requirements: (a) such Property is fully
developed; (b) such Property is owned one hundred percent (100%), directly or indirectly, in fee simple, or leased under an Eligible Ground Lease, by the Borrower and/or a Guarantor; 

(c) such Property is located in a State of the United States (other than Alaska or Hawaii) or in the District of Columbia; (d) regardless of whether such
Property is owned by the Borrower or a Guarantor, the Borrower has the right directly, or indirectly, to take the following actions without the need to obtain the consent of any Person: (i) to create Liens on such Property as security for
Indebtedness of the Borrower or such Guarantor, as applicable, and (ii) to sell, transfer or otherwise dispose of such Property; (e) neither such Property, nor if such Property is owned by a Guarantor, any of the Borrower’s direct or
indirect ownership interest in such Guarantor, is subject to (i) any Lien other than Permitted Liens (but not Permitted Liens described in clause (g) of the definition of that term) or (ii) any Negative Pledge; (f) such Property
is not Land, a Development Property or a Major Redevelopment Property; and (g) such Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for
defects, deficiencies, conditions or other matters which, individually or collectively, are not material to the profitable operation of such Property. 

“Environmental Claims” means any and all administrative, regulatory or judicial actions, suits, demands, demand letters,
claims, liens, accusations, allegations, notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business and not in response to any third party action or request of any
kind) or proceedings relating in any way to any actual or alleged violation of or liability under any Environmental Law or relating to any permit issued, or 

  
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 any approval given, under any such Environmental Law, including, without limitation, any and all claims by
Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution, indemnification cost recovery, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged
injury or threat of injury to human health or the environment. 
 “Environmental Laws” means any Applicable Law relating to
environmental protection or the manufacture, storage, remediation, disposal or clean-up of Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.;
Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability
Act, 42 U.S.C. § 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency, any applicable rule of common law and any judicial interpretation thereof relating primarily to
the environment or Hazardous Materials, and any analogous or comparable state or local laws, regulations or ordinances that concern Hazardous Materials or protection of the environment. 

“Equity Interest” means, with respect to any Person, any share of capital stock of (or other ownership or profit interests
in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person, whether or not certificated, any security
convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests),
and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is
authorized or otherwise existing on any date of determination. 
 “Equity Issuance” means any issuance or sale by a Person
of any Equity Interest in such Person and shall in any event include the issuance of any Equity Interest upon the conversion or exchange of any security constituting Indebtedness that is convertible or exchangeable, or is being converted or
exchanged, for Equity Interests. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as in effect from
time to 
 time. 
 “ERISA
Event” means, with respect to the ERISA Group, (a) any “reportable event” as defined in Section 4043 of ERISA with respect to a Plan for which the notice obligations have not been waived by regulation; (b) the
withdrawal of a member of the ERISA Group from a Plan subject to Section 4063 of ERISA during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is
treated as such a withdrawal under Section 4062(e) of ERISA; (c) the incurrence by a member of the ERISA Group of any liability with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (d) the incurrence by any
member of the ERISA Group of any liability under Title IV of ERISA with respect to the termination of any Plan or Multiemployer Plan; (e) the institution of proceedings to terminate a Plan or Multiemployer Plan by the PBGC; (f) the failure
by any member of the ERISA Group to make when due required contributions to a Multiemployer Plan or Plan unless such failure is cured within 30 days or the filing pursuant to Section 412(c) of the Internal Revenue Code or Section 302(c) of
ERISA of an application for a waiver of the minimum funding standard; (g) any other event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Plan or Multiemployer Plan or the imposition of liability under Section 4069 or 4212(c) of ERISA; (h) the receipt by any member of the ERISA Group of any notice or the receipt by any Multiemployer Plan from any
member of the ERISA Group of any notice, concerning the imposition of Withdrawal Liability or a 

  
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 determination that a Multiemployer Plan is, or is expected to be, insolvent (within the meaning of
Section 4245 of ERISA), in reorganization (within the meaning of Section 4241 of ERISA), or in “critical” status (within the meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA); (i) the
imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any member of the ERISA Group or the imposition of any Lien in favor of the PBGC under Title IV of ERISA;
or (j) a determination that a Plan is in “at risk” status (within the meaning of Section 430 of the Internal Revenue Code or Section 303 of ERISA). 

“ERISA Group” means the Borrower, any Subsidiary and 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 or any Subsidiary, are treated as a single employer under Section 414 of the Internal Revenue Code. 

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

“Eurodollar Reserve Percentage” means, for any day during any Interest Period, the reserve percentage in effect on such day
as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any basic, supplemental or emergency reserves) in respect of eurocurrency
liabilities or any similar category of liabilities for a member bank of the Federal Reserve System in New York City. 
 “Event of
Default” means any of the events specified in Section 11.1., provided that any requirement for notice or lapse of time or any other condition has been satisfied. 

“Exchange Act” means the Securities Exchange Act of 1934. 

“Excluded Subsidiary” means any Subsidiary (a) holding title to assets that are or are to become collateral for any
Secured Indebtedness of such Subsidiary and (b) that is prohibited from Guarantying the Indebtedness of any other Person pursuant to (i) any document, instrument or agreement evidencing such Secured Indebtedness or (ii) a provision of
such Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as a condition to the extension of such Secured Indebtedness. 

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

  
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 “Excluded Taxes” means any of the following Taxes imposed on or with
respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result
of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that
are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Revolving Loan or Revolving Commitment pursuant
to an Applicable Law in effect on the date on which (i) such Lender acquires such interest in the Revolving Loan or Revolving Commitment (other than pursuant to an assignment request by the Borrower under Section 5.6.) or (ii) such
Lender changes its lending office, except in each case to the extent that, pursuant to Section 3.10., amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or
to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.10.(g) and 

(d) any U.S. federal withholding Taxes imposed under FATCA. 

“Extended Letter of Credit” has the meaning given that term in Section 2.4.(b). 

“Fair Market Value” means, (a) with respect to a security listed on a national securities exchange or the NASDAQ
National Market, the price of such security as reported on such exchange or market by any widely recognized reporting method customarily relied upon by financial institutions and (b) with respect to any other property, the price which could be
negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction. Except as
otherwise provided herein, Fair Market Value shall be determined by the Borrower acting in good faith conclusively evidenced by a certification thereof delivered to the Administrative Agent (together with supporting information regarding its
determination of such Fair Market Value as reasonably requested by the Administrative Agent) or, with respect to any asset valued at no more than $500,000, such determination may be made by the chief financial officer, chief executive officer or
head of portfolio management of the Borrower evidenced by an officer’s certificate delivered to the Administrative Agent. 

“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 

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

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

  
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 “Fee Letter” means that certain fee letter dated as of October 9,
2018, by and among the Borrower, the Arranger and the Administrative Agent. 
 “Fees” means the fees and commissions
provided for or referred to in Section 3.5. and any other fees payable by the Borrower hereunder or under any other Loan Document. 

“Fixed Charges” means, with respect to a Person and for a given period: (a) the Interest Expense of such Person for such
period, plus (b) the aggregate of all regularly scheduled principal payments on Indebtedness payable by such Person during such period (excluding balloon, bullet or similar payments of principal due upon the stated maturity of
Indebtedness), plus (c) the aggregate amount of all Preferred Dividends paid by such Person during such period, plus (d) Reserve for Replacements. The Parent’s Ownership Share of the Fixed Charges of its Unconsolidated
Affiliates will be included when determining the Fixed Charges of the Parent. 
 “Foreign Lender” means (a) if the
Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax
purposes. 
 “Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to an Issuing Bank, such
Defaulting Lender’s Revolving Commitment Percentage of the outstanding Letter of Credit Liabilities with respect to Letters of Credit issued by such Issuing Bank other than Letter of Credit Liabilities as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof. 

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities. 
 “Funds
From Operations” means, with respect to a Person and for a given period, (a) net income (loss) of such Person for such period determined on a consolidated basis, minus (or plus) (b) gains (or losses) from debt
restructuring and sales of property during such period, plus (c) depreciation with respect to such Person’s real estate assets and amortization (other than amortization of deferred financing costs) of such Person for such period,
all after adjustment for Unconsolidated Affiliates. Adjustments for Unconsolidated Affiliates will be calculated to reflect funds from operations on the same basis. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (including Statement of Financial Accounting Standards No. 168, “The
FASB Accounting Standards Codification”) or in such other statements by such other entity as may be approved by a significant segment of the accounting profession in the United States, which are applicable to the circumstances as of the date of
determination. 
 “Governmental Approvals” means all authorizations, consents, approvals, licenses and exemptions of,
registrations and filings with, and reports to, all Governmental Authorities. 
 “Governmental Authority” means the
government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

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

“Guarantor” means any Person that is party to the Guaranty as a “Guarantor” and shall in any event include
(i) each Subsidiary (other than an Excluded Subsidiary) that directly or indirectly owns an Unencumbered Property, (ii) each Subsidiary (other than an Excluded Subsidiary) that guarantees, or otherwise becomes obligated in respect of, any
Indebtedness of the Borrower or any other Subsidiary, and (iii) the Parent. 
 “Guaranteed” or to
“Guarantee” means, as to any Person (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another
Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of)
such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or
other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or
other obligation or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect
thereof (in whole or in part) or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right,
contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any
Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guaranty” means the guaranty executed and delivered to the Administrative Agent by the Guarantors pursuant to
Section 6.1. or 8.14. and substantially in the form of Exhibit C. 
 “Hazardous Materials” means all or any of the
following: (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic
substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity, or
“EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude
oil, natural gas or geothermal resources; (c) any flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and (f) electrical equipment which contains any oil or dielectric fluid
containing levels of polychlorinated biphenyls in excess of fifty parts per million. 
 “Indebtedness” means, with respect
to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed or for the deferred purchase price of property or services (excluding trade debt incurred in
the ordinary course of business that is not more than 60-days past due); (b) all obligations of such Person, whether or not for 

  
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 money borrowed (i) represented by notes payable, or drafts accepted, in each case representing
extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon
which interest charges are customarily paid or that are issued or assumed as full or partial payment for property or for services rendered; (c) Capitalized Lease Obligations of such Person; (d) all reimbursement obligations (contingent or
otherwise) of such Person under or in respect of any letters of credit or acceptances (whether or not the same have been presented for payment); (e) all Off-Balance Sheet Obligations of such Person;
(f) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Mandatorily Redeemable Stock issued by such Person or any other Person, valued at the greater of its voluntary or
involuntary liquidation preference plus accrued and unpaid dividends; (g) net obligations under any Derivatives Contract not entered into as a hedge against interest rate risk in respect of existing Indebtedness, in an amount equal to
the Derivatives Termination Value thereof at such time (but in no event less than zero); (h) all Indebtedness of other Persons which such Person has Guaranteed or is otherwise recourse to such Person (except for guaranties of customary exceptions
for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to non-recourse liability); and (i) all
Indebtedness of another Person secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property or assets owned by such Person, even though such Person has not assumed or
become liable for the payment of such Indebtedness or other payment obligation (provided the amount of such Indebtedness that is expressly made non-recourse or limited-recourse (limited solely to the assets
securing such Indebtedness) to such Person shall be deemed to be equal to the lesser of (i) the aggregate principal amount of such Indebtedness and (ii) the fair market value of the property encumbered thereby as determined by such Person
in good faith). Indebtedness of a Person shall include Indebtedness of any other Person to the extent such Indebtedness is recourse to such first Person. All Revolving Loans and Letter of Credit Liabilities shall constitute Indebtedness of the
Borrower. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment
made by or on account of any obligation of the Borrower or any other Loan Party under any Loan Document and (b) to the extent not otherwise described in the immediately preceding clause (a), Other Taxes. 

“Intellectual Property” has the meaning given that term in Section 7.1.(t). 

“Interest Expense” means, with respect to a Person and for any period, without duplication, total interest expense of such
Person, including capitalized interest not funded under a construction loan interest reserve account, determined on a consolidated basis in accordance with GAAP for such period. The Parent’s Ownership Share of the Interest Expense of its
Unconsolidated Affiliates will be included when determining the Interest Expense of the Parent. 
 “Interest Period” means,
with respect to each LIBOR Loan, each period commencing on the date such LIBOR Loan is made, or in the case of the Continuation of a LIBOR Loan the last day of the preceding Interest Period for such LIBOR Loan, and ending on the numerically
corresponding day in the first calendar month thereafter, as the Borrower may select in a Notice of Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, except that each Interest Period that commences on the last Business
Day of a calendar month (or on any day for which there is no numerically corresponding day in the appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent calendar month. Notwithstanding the foregoing:
(a) if any Interest Period would otherwise end after the Revolving Termination Date, such Interest Period shall end on the Revolving Termination Date and (b) each Interest Period that would otherwise end on a day which is not a Business
Day shall end on the immediately following Business Day (or, if such immediately following Business Day falls in the next calendar month, on the immediately preceding Business Day). 

  
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 “Internal Revenue Code” means the Internal Revenue Code of 1986. 

“Investment” means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by
such Person, by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital contribution to, Guarantee of Indebtedness of, or
purchase or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets
of another Person that constitute the business or a division or operating unit of another Person. Any commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall
constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment but giving effect to any returns or distributions of capital or repayment of principal actually received in case by such Person with respect thereto. 

“Issuing Bank” means Wells Fargo (and its successors and permitted assignees) in its capacity as an issuer of Letters of
Credit pursuant to Section 2.4. 
 “L/C Commitment Amount” has the meaning given to that term in Section 2.4.(a).

 “L/C Disbursement” has the meaning given to that term in Section 3.9.(b). 

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

“Lender” means each financial institution from time to time party hereto as a “Lender”, together with its
successors and permitted assigns; provided, however, that except as otherwise expressly provided herein, the term “Lender”, shall exclude any Lender (or its Affiliates) in its capacity as a Specified Derivatives Provider.

 “Lender Parties” means, collectively, the Administrative Agent, the Lenders, the Issuing Banks, the Specified
Derivatives Providers, and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 12.5., , in each case, their
respective successors and permitted assigns. 
 “Lending Office” means, for each Lender and for each Type of Loan, the
office of such Lender specified in such Lender’s Administrative Questionnaire or in the applicable Assignment and Assumption, or such other office of such Lender as such Lender may notify the Administrative Agent in writing from time to time.

 “Letter of Credit” has the meaning given that term in Section 2.4.(a). 

  
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 “Letter of Credit Collateral Account” means a special deposit account
maintained by the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Banks and the Lenders, and under the sole dominion and control of the Administrative Agent. 

“Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any application therefor, any
certificate or other document presented in connection with a drawing under such Letter of Credit and any other agreement, instrument or other document governing or providing for (a) the rights and obligations of the parties concerned or at risk
with respect to such Letter of Credit or (b) any collateral security for any of such obligations. 
 “Letter of Credit
Liabilities” means, without duplication, at any time and in respect of any Letter of Credit (a) the Stated Amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of
the Borrower at such time due and payable in respect of all drawings made under such Letter of Credit. For purposes of this Agreement, (i) a Lender (other than a Lender that is the Issuing Bank for the applicable Letter of Credit) shall be
deemed to hold a Letter of Credit Liability in an amount equal to its participation interest under Section 2.4. in the related Letter of Credit, and the Lender that is the Issuing Bank for such Letter of Credit shall be deemed to hold a Letter
of Credit Liability in an amount equal to its retained interest in the related Letter of Credit after giving effect to the acquisition by the other Lenders of their participation interests under such Section and (ii) if on any date of
determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining
available to be drawn. 
 “Level” has the meaning given that term in the definition of the term “Applicable
Margin.” 
 “LIBOR” means, subject to the implementation of a Replacement Rate in accordance with Section 5.3(b),
with respect to any LIBOR Loan for any Interest Period, the rate of interest obtained by dividing (i) the rate of interest per annum determined on the basis of the rate as set by the ICE Benchmark Administration (“ICE”) (or the
successor thereto if ICE is no longer making such rate available) for deposits in Dollars for a period equal to the applicable Interest Period which appears on Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00
a.m. (London time) two Business Days prior to the first day of the applicable Interest Period by (ii) a percentage equal to 1 minus the Eurodollar Reserve Percentage. If, for any reason, the rate referred to in the preceding clause
(i) does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then the rate to be used for such clause (i) shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which
deposits in Dollars would be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two Business Days prior to the first day of the applicable Interest Period for a period
equal to such Interest Period. Any change in the maximum rate of reserves described in the preceding clause (ii) shall result in a change in LIBOR on the date on which such change in such maximum rate becomes effective. Notwithstanding the
foregoing, (x) in no event shall LIBOR (including, without limitation, any Replacement Rate with respect thereto) be less than 0% and (y) unless otherwise specified in any amendment to this Agreement entered into in accordance with
Section 5.3(b), in the event that a Replacement Rate with respect to LIBOR is implemented then all references herein to LIBOR shall be deemed references to such Replacement Rate. 

“LIBOR Loan” means a Revolving Loan bearing interest at a rate based on LIBOR. 

“LIBOR Market Index Rate” means, for any day, LIBOR as of that day that would be applicable for a LIBOR Loan having a one-month Interest Period determined at approximately 10:00 a.m. Central time for such day (rather than 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period as otherwise provided
in the definition of “LIBOR”), or if such day is not a Business Day, the immediately preceding Business Day. The LIBOR Market Index Rate shall be determined on a daily basis. 

  
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 “Lien” as applied to the property of any Person means: (a) any
security interest, encumbrance, mortgage, deed to secure debt, deed of trust, assignment of leases and rents, pledge, lien, hypothecation, assignment, charge, conditional sale or other title retention agreement, or other security title or
encumbrance of any kind in respect of any property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise
identified for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; and (c) the filing of any financing statement
under the UCC or its equivalent in any jurisdiction, other than any precautionary filing not otherwise constituting or giving rise to a Lien, including a financing statement filed (i) in respect of a lease not constituting a Capitalized Lease
Obligation pursuant to Section 9-505 (or a successor provision) of the UCC or its equivalent as in effect in an applicable jurisdiction or (ii) in connection with a sale or other disposition of
accounts or other assets not prohibited by this Agreement in a transaction not otherwise constituting or giving rise to a Lien. 

“Loan Document” means this Agreement, each Revolving Note, the Guaranty, each Letter of Credit Document, the Fee Letter and
each other document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement (other than any Specified Derivatives Contract). 

“Loan Party” means each of the Borrower, the Parent, and each other Person who guarantees all or a portion of the Obligations
and/or who pledges any collateral to secure all or a portion of the Obligations. Schedule 1.1. sets forth the Loan Parties in addition to the Borrower as of the Agreement Date. 

“Mandatorily Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms of
such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (a) matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests at the option of the issuer of such Equity Interest), (b) is convertible into or exchangeable or
exercisable for Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity Interest which is redeemable solely in exchange for common stock or other
equivalent common Equity Interests), in the case of each of clauses (a) through (c), on or prior to the Revolving Termination Date. 

“Material Adverse Effect” means a materially adverse effect on (a) the business, assets, liabilities, condition
(financial or otherwise), results of operations or business of the Parent and its Subsidiaries taken as a whole, (b) the ability of the Borrower, any Guarantor or any other Loan Party to perform its obligations under any Loan Document to which
it is a party, (c) the validity or enforceability of any of the Loan Documents, (d) the rights and remedies of the Lenders, the Issuing Banks and the Administrative Agent under any of the Loan Documents or (e) the timely payment of
the principal of or interest on the Loans or other amounts payable in connection therewith or the timely payment of all Reimbursement Obligations. 

“Material Contract” means any Tenant Lease and any contract or other arrangement (other than Loan Documents and Specified
Derivatives Contracts), whether written or oral, to which the Borrower, or any other Loan Party is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material
Adverse Effect. 

  
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 “Moody’s” means Moody’s Investors Service, Inc. and its
successors. 
 “Mortgage” means a mortgage, deed of trust, deed to secure debt or similar security instrument made by a
Person owning an interest in real estate granting a Lien on such interest in real estate as security for the payment of Indebtedness. 

“Mortgage Receivable” means a promissory note secured by a Mortgage of which the Borrower or a Subsidiary is the holder and
retains the rights of collection of all payments thereunder. 
 “Multiemployer Plan” means at any time a multiemployer plan
within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding six plan years made contributions, including for these purposes
any Person which ceased to be a member of the ERISA Group during such six-year period. 

“Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any
Loan Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that an agreement that
conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the
encumbrance of specific assets, shall not constitute a Negative Pledge. 
 “Net Operating Income” means, for any Property
and for a given period, the following (without duplication and determined on a consistent basis with prior periods): (a) rents and other revenues received in the ordinary course from such Property (including proceeds from rent loss or business
interruption insurance (but not in excess of the actual rent otherwise payable) but excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’
obligations for rent), minus (b) all expenses paid (excluding interest but including an appropriate accrual for property taxes and insurance) related to the ownership, operation or maintenance of such Property, including but not limited
to property taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting,
advertising, marketing and other expenses incurred in connection with such Property, but specifically excluding general overhead expenses of the Parent and its Subsidiaries and any property management fees), minus (c) the Reserve for
Replacements for such Property as of the end of such period, minus (d) the greater of (i) the actual property management fee paid during such period with respect to such Property and (ii) an imputed management fee in an amount
equal to 3% of the gross revenues for such Property for such period. 
 “Net Proceeds” means with respect to an Equity
Issuance by a Person, the aggregate amount of all cash and the Fair Market Value of all other property (other than securities of such Person being converted or exchanged in connection with such Equity Issuance) received by such Person in respect of
such Equity Issuance net of investment banking fees, legal fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred by such Person in connection with such Equity Issuance. 

“Non-Consenting Lender” means any Lender that does not approve any consent, approval,
amendment or waiver that (a) requires the consent of all Lenders or all affected Lenders in accordance with the terms of Section 13.6. and (b) has been approved by the Requisite Lenders. 

  
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 “Non-Defaulting Lender” means, at
any time, each Lender that is not a Defaulting Lender at such time. 
 “Nonrecourse Indebtedness” means, with respect to a
Person, Indebtedness for borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar
customary exceptions to nonrecourse liability) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness. 

“Notice of Borrowing” means a notice substantially in the form of Exhibit D (or such other form reasonably acceptable to the
Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.1.(b) evidencing the Borrower’s request for a borrowing of Revolving Loans. 

“Notice of Continuation” means a notice substantially in the form of Exhibit E (or such other form reasonably acceptable to
the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.10. evidencing the Borrower’s request for the Continuation of a LIBOR Loan. 

“Notice of Conversion” means a notice substantially in the form of Exhibit F (or such other form reasonably acceptable to the
Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.11. evidencing the Borrower’s request for the Conversion of a Loan from one Type to another
Type. 
 “Obligations” means, individually and collectively: (a) the aggregate principal balance of, and all accrued
and unpaid interest on, all Revolving Loans; (b) all Reimbursement Obligations and all other Letter of Credit Liabilities; and (c) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other Loan
Parties owing to the Administrative Agent, any Issuing Bank or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification
obligations, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note. For the avoidance of doubt, “Obligations” shall not
include any indebtedness, liabilities, obligations, covenants or duties in respect of Specified Derivatives Contracts. 
 “Occupancy
Rate” means, with respect to a Property at any time, the ratio, expressed as a percentage, of (a) the net rentable square footage of such Property actually occupied by tenants that are not Affiliates of the Borrower and paying rent at
rates not materially less than rates generally prevailing at the time the applicable lease was entered into, pursuant to binding leases as to which no monetary default has occurred and has continued unremedied for thirty (30) or more days to
(b) the aggregate net rentable square footage of such Property. 
 “Off-Balance Sheet
Obligations” means, with respect to a Person: (a) obligations of such Person in respect of any financing transaction or series of financing transactions (including factoring arrangements) pursuant to which such Person or any Subsidiary
of such Person has sold, conveyed or otherwise transferred, or granted a security interest in, accounts, payments, receivables, rights to future lease payments or residuals or similar rights to payment to a special purpose Subsidiary or Affiliate of
such Person; (b) obligations of such Person under a sale and leaseback transaction that does not create a liability on the balance sheet of such Person; (c) obligations of such Person under any so-called “synthetic” lease
transaction; (d) obligations of such Person under any other transaction which is the functional equivalent of, or takes the place of, a borrowing but which does not constitute a liability on the 

  
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balance sheet of such Person; and (e) in the case of the Parent, liabilities and obligations of the Parent, any Subsidiary or any other Person in respect of
“off-balance sheet arrangements” (as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act) which the Parent would be required
to disclose in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the Parent’s report on Form 10 Q or Form 10 K (or their equivalents) which the Parent is required to file with
the SEC. 
 “OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control. 

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

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 5.6.). 

“Ownership Share” means, with respect to any Subsidiary of a Person (other than a Wholly Owned Subsidiary) or any
Unconsolidated Affiliate of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary or Unconsolidated Affiliate or (b) such Person’s
relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary or Unconsolidated Affiliate determined in accordance with the applicable provisions of the declaration of trust, articles or certificate of incorporation,
articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary or Unconsolidated Affiliate. 

“Parent” has the meaning set forth in the introductory paragraph hereof. 

“Participant” has the meaning given that term in Section 13.5.(d). 

“Participant Register” has the meaning given that term in Section 13.5.(d). 

“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. No. 107-56 (signed into law October 26, 2001)). 

“PBGC” means the Pension Benefit Guaranty Corporation and any successor agency. 

“Permitted Liens” means, with respect to any asset or property of a Person, (a) Liens securing taxes, assessments and
other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental Laws), which, in each case, are not at the time required to be paid or discharged
under Section 8.6.; (b) the claims of materialmen, mechanics, carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which, in each case, are not at the time required to be
paid or discharged under Section 8.6.; (c) Liens consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation, 

  
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unemployment insurance or similar Applicable Laws; (d) Liens consisting of encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of
real property, which do not materially detract from the value of such property or impair the intended use thereof in the business of such Person; (e) the rights of tenants under leases or subleases not interfering with the ordinary conduct of
business of such Person; (f) Liens in favor of the Administrative Agent for its benefit and the benefit of the other Lender Parties; (g) Liens in existence on the Agreement Date and set forth on Schedule 1.2.; and (h) so long as the
underlying obligations in respect thereof are not increased, replacements and renewals of the Liens set forth on Schedule 1.2. 

“Person ” means any natural person, corporation, limited partnership, general partnership, joint stock company, limited
liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, or any other nongovernmental entity, or any
Governmental Authority. 
 “Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan)
which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA Group for employees of any member
of the ERISA Group or (b) has at any time within the preceding six years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the
ERISA Group. 
 “Post-Default Rate” means, with respect to any principal of any Revolving Loan, any Reimbursement
Obligation, or any other Obligation, a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin for Base Rate Loans plus two percent (2.0%). 

“Preferred Dividends” means, for any period and without duplication, all Restricted Payments paid during such period on
Preferred Equity Interests issued by the Parent, the Borrower or any Subsidiary. Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable Stock) payable
to holders of such class of Equity Interests, (b) paid or payable to the Parent, the Borrower or a Subsidiary, or (c) constituting or resulting in the redemption of Preferred Equity Interests, other than scheduled redemptions not
constituting balloon, bullet or similar redemptions in full. 
 “Preferred Equity Interests” means, with respect to any
Person, Equity Interests in such Person which are entitled to preference or priority over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation or both. 

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

“Principal Office” means the office of the Administrative Agent located at 600 South 4th St., 9th Floor, Minneapolis, Minnesota 55415, or any other subsequent office that the Administrative Agent shall have specified as the Principal
Office by written notice to the Borrower and the Lenders. 
 “Property” means a parcel (or group of related parcels) of
real property owned or leased (in whole or in part) by the Parent, the Borrower, any Subsidiary or any Unconsolidated Affiliate. 

  
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 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each
Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible
contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act 
 “Qualified Plan” means a Benefit Arrangement that is
intended to be tax-qualified under Section 401(a) of the Internal Revenue Code. 

“Rating Agency” means S&P, Moody’s or any other nationally recognized securities rating agency selected by the
Borrower and approved of by the Administrative Agent in writing. 
 “Recipient” means (a) the Administrative Agent,
(b) any Lender and (c) the Issuing Bank, as applicable. 
 “Register” has the meaning given that term in
Section 13.5.(c). 
 “Regulatory Change” means the occurrence, after the Agreement Date, of any of the following: (a)
the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or
(c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Regulatory
Change”, regardless of the date enacted, adopted or issued. 
 “Reimbursement Obligation” means the absolute,
unconditional and irrevocable obligation of the Borrower to reimburse an Issuing Bank for any drawing honored by such Issuing Bank under a Letter of Credit issued by such Issuing Bank. 

“REIT” means a Person qualifying for treatment as a “real estate investment trust” under the Internal Revenue Code.

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

“Replacement Rate” has the meaning assigned thereto in Section 5.3(b) 

“Requisite Lenders” means, as of any date, (a) Lenders having at least 51% of the aggregate amount of the Revolving
Commitments of all Lenders or (b) if the Revolving Commitments have been terminated or reduced to zero, Lenders holding at least 51% of the principal amount of the aggregate outstanding Loans and Letter of Credit Liabilities; provided
that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and (ii) at all times when two or more Lenders (excluding Defaulting Lenders) are party to this Agreement,
the term “Requisite Lenders” shall in no event mean less than two Lenders. For purposes of this definition, a Lender shall be deemed to hold a Letter of Credit Liability to the extent such Lender has acquired a participation therein under
the terms of this Agreement and has not failed to perform its obligations in respect of such participation. 

  
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 “Reserve for Replacements” means, for any period and with respect to any
Property, an amount equal to (a) the amount set forth on Schedule 1.3. by Property type, times (b) the number of days in such period divided by (c) 365. If the term Reserve for Replacements is used without reference to any specific
Property, then it shall be determined on an aggregate basis with respect to all Properties and the applicable Ownership Shares of all Properties of all Unconsolidated Affiliates. 

“Responsible Officer” means with respect to the Borrower or any Subsidiary, the chief executive officer, the chief financial
officer, the lead portfolio manager and the assistant portfolio manager of the Borrower or such Subsidiary. 
 “Restricted
Payment” means (a) any dividend or other distribution, direct or indirect, on account of any Equity Interests of the Parent or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in shares of that
class of Equity Interests to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interests of the Parent or
any of its Subsidiaries now or hereafter outstanding; and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of the Parent or any of its Subsidiaries
now or hereafter outstanding. 
 “Revolving Commitment” means, as to each Lender, such Lender’s obligation to make
Revolving Loans pursuant to Section 2.1., to issue (in the case of an Issuing Bank) and to participate (in the case of the other Lenders) in Letters of Credit pursuant to Section 2.4.(i), in an amount up to, but not exceeding the amount
set forth for such Lender on Schedule I as such Lender’s “Revolving Commitment Amount” or as set forth in any applicable Assignment and Assumption, or agreement executed by a Person becoming a Lender in accordance with
Section 2.17., as the same may be reduced from time to time pursuant to Section 2.13. or Section 3.09 or increased or reduced as appropriate to reflect any assignments to or by such Lender effected in accordance with
Section 13.5. or increased as appropriate to reflect any increase effected in accordance with Section 2.17. 
 “Revolving
Commitment Percentage” means, as to each Lender with a Revolving Commitment, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Revolving Commitment to (b) the aggregate amount of the Revolving
Commitments of all Lenders; provided, however, that if at the time of determination the Revolving Commitments have been terminated or been reduced to zero, the “Revolving Commitment Percentage” of each Lender with a Revolving
Commitment shall be the “Revolving Commitment Percentage” of such Lender in effect immediately prior to such termination or reduction. 

“Revolving Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its
outstanding Revolving Loans and such Lender’s participation in Letter of Credit Liabilities at such time. 
 “Revolving
Loan” means a loan made by a Lender to the Borrower pursuant to Section 2.1.(a). 
 “Revolving Note” means a
promissory note of the Borrower substantially in the form of Exhibit G, payable to the order of a Lender in a principal amount equal to the amount of such Lender’s Revolving Commitment. 

  
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 “Revolving Termination Date” means October 24, 2021, or such later
date to which the Revolving Termination Date may be extended pursuant to Section 2.14. 
 “Sanctioned Country” means,
at any time, a country, territory or region which is, or whose government is, the subject or target of any Sanctions. 
 “Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by any Governmental Authority of the United States, including without limitation, OFAC or the U.S. Department of State, or
by the United Nations Security Council, Her Majesty’s Treasury, the European Union or any other Governmental Authority, (b) any Person located, operating, organized or resident in a Sanctioned Country, (c) an agency of the government
of a Sanctioned Country or (d) any Person Controlled by any Person or agency described in any of the preceding clauses (a) through (c). 

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

“SEC” means the U.S. Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 
 “Secured Indebtedness” means, with respect to a Person as of a given date, the aggregate principal amount of
all Indebtedness of such Person outstanding on such date that is secured in any manner by any Lien on any property and, in the case of the Parent, shall include (without duplication) the Parent’s Ownership Share of the Secured Indebtedness of
its Unconsolidated Affiliates. 
 “Securities Act” means the Securities Act of 1933. 

“Solvent” means, when used with respect to any Person on any relevant date of determination, that (a) the fair value and
the fair salable value of its assets (excluding any Indebtedness due from any Affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities computed at the amount which, in light of
all facts and circumstances existing at such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is able to pay its debts or other obligations in the ordinary course as they
mature; and (c) such Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. 

“Specified Derivatives Contract” means any Derivatives Contract that is made or entered into at any time, or in effect at any
time now or hereafter, whether as a result of an assignment or transfer or otherwise, between or among any Loan Party and any Specified Derivatives Provider. 

“Specified Derivatives Provider” means any Person that (a) at the time it enters into a Specified Derivatives Contract
with a Loan Party, is a Lender or an Affiliate of a Lender or (b) at the time it (or its Affiliate) becomes a Lender or the Administrative Agent (including on the Effective Date), is a party to a Specified Derivatives Contract with a Loan
Party, in each case in its capacity as a party to such Specified Derivatives Contract. 
 “S&P” means
Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or any successor. 

  
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 “Stated Amount ” means the amount available to be drawn by a beneficiary
under a Letter of Credit from time to time, as such amount may be increased or reduced from time to time in accordance with the terms of such Letter of Credit. 

“Subsidiary” means, for any Person, any corporation, partnership, limited liability company, trust or other entity of which
at least a majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors, trustees or other individuals performing similar functions of such corporation, partnership, limited
liability company, trust or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more
Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP. Unless explicitly set forth to the contrary, a reference to a “Subsidiary” means a direct or
indirect Subsidiary of the Borrower. 
 “Substantial Amount” means, at the time of determination thereof, an amount in
excess of (x) for the period from the Closing Date through the Trigger Date, 75% and (y) thereafter, 25% of total consolidated assets (exclusive of depreciation) at such time of the Borrower and its Subsidiaries determined on a consolidated
basis. 
 “Swap Obligation” means, with respect to any Loan Party, any obligation to pay or perform under any agreement,
contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 

“Tangible Net Worth” means, as of a given date, the stockholders’ equity of the Parent and its Subsidiaries determined
on a consolidated basis plus accumulated depreciation and amortization, minus (to the extent included when determining stockholders’ equity of the Parent and its Subsidiaries): (a) the amount of any write- up in the book value of
any assets reflected in any balance sheet resulting from revaluation thereof or any write up in excess of the cost of such assets acquired, and (b) the aggregate of all amounts appearing on the assets side of any such balance sheet for
franchises, licenses, permits, patents, patent applications, copyrights, trademarks, service marks, trade names, goodwill, treasury stock, experimental or organizational expenses and other like assets which would be classified as intangible assets
under GAAP, all determined on a consolidated basis. 
 “Taxes” means all present or future taxes, levies, imposts, duties,
deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Tenant Lease” means any lease entered into by the Borrower or any Loan Party with respect to any portion of a Property. 

“TIAA” means Teachers Insurance and Annuity Association of America. 

“TIAA Change of Control” means any material change, direct or indirect, in the management of TIAA, provided that the
following shall not constitute a TIAA Change of Control: (A) any merger, consolidation or reorganization in which TIAA is the surviving entity, or (B) any change in TIAA’s independent fiduciary or any change in the personnel
(including, without limitation, any portfolio managers) or ancillary services provided by TIAA or any Affiliate thereof. 
 “Total
Asset Value” means, at a given time, the sum (without duplication) of all of the following of the Parent and its Subsidiaries determined on a consolidated basis: 

  
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 (a) cash and Cash Equivalents (other than tenant deposits and other cash and Cash
Equivalents that are subject to a Lien or a Negative Pledge or the disposition of which is restricted in any way); plus 
 (b) with
respect to any Property owned as of the determination date and for which there is a Current Appraisal, the Appraised Value of such Property; plus 

(c) with respect to any Property owned as of the determination date and for which there does not exist a Current Appraisal (i) Net
Operating Income for such Property for the fiscal quarter most recently ended multiplied by 4 divided by (ii) the Capitalization Rate; plus 

(d) the purchase price paid by the Borrower or any Subsidiary (less any amounts paid to the Borrower or such Subsidiary as a purchase price
adjustment, held in escrow, retained as a contingency reserve, or in connection with other similar arrangements) for any Property acquired by the Borrower or such Subsidiary during the prior 12 calendar months; plus 

(e) the GAAP book value of all Development Properties; plus 

(f) the GAAP book value of Unimproved Land; plus 

(g) the Fair Market Value of marketable securities traded on a liquid exchange and other Investments in Persons that are not Unconsolidated
Affiliates or Subsidiaries; plus 
 (h) direct or indirect (e.g., through ownership of units in a debt fund) ownership of Mortgage
Receivables (to be valued based on aggregate book value); plus 
 (i) the net asset value as reported quarterly to the Borrower by the
applicable fund or investment manager of direct or indirect (e.g., through ownership of units in a fund) ownership interests in real property located outside of the United States. 

For purposes of determining Total Asset Value: 

(1) Development Properties and Properties acquired by the Borrower or any Subsidiary during the fiscal quarter most recently
ended shall be excluded from the immediately preceding clause (b); 
 (2) Net Operating Income from Development Properties,
Properties disposed of by the Borrower or any Subsidiary during the fiscal quarter most recently ended and Properties acquired by the Borrower or any Subsidiary during the fiscal quarter most recently ended shall be excluded from the immediately
preceding clause (c); 
 (3) to the extent the amount of Total Asset Value attributable to Properties leased under ground
leases would exceed 10.0% of Total Asset Value, such excess shall be excluded; 
 (4) to the extent the amount of Total Asset
Value attributable to Unimproved Land would exceed 5.0% of Total Asset Value, such excess shall be excluded; 
 (5) to the
extent the amount of Total Asset Value attributable to marketable securities that are traded on a liquid exchange and other Investments in Persons that are not Unconsolidated Affiliates or Subsidiaries would exceed 15.0% of Total Asset Value, such
excess shall be excluded; 

  
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 (6) to the extent the amount of Total Asset Value attributable to
Unconsolidated Affiliates would exceed 10.0% of Total Asset Value, such excess shall be excluded; 
 (7) to the extent the
amount of Total Asset Value attributable to direct or indirect (e.g., through ownership of units in a debt fund) ownership of Mortgage Receivables (to be valued based on aggregate book value) would exceed 10.0% of Total Asset Value, such excess
shall be excluded; 
 (8) to the extent the amount of Total Asset Value attributable to Development Properties and Properties
under construction (to be valued based on Total Budgeted Cost) would exceed 10.0% of Total Asset Value, such excess shall be excluded; 

(9) to the extent the amount of Total Asset Value attributable to direct or indirect (e.g., through ownership of units in a
fund) ownership interests in real property located outside the United States would exceed 15.0% of Total Asset Value, such excess shall be excluded; 

(10) In addition to the foregoing limitations, to the extent the amount of Total Asset Value attributable to the items
described in (1) through (9) above would exceed 30% of Total Asset Value, such excess shall be excluded; and 
 (11) The
Parent’s Ownership Share of assets held by Unconsolidated Affiliates (excluding assets of the type described in the immediately preceding clause (a)) shall be included in the calculation of Total Asset Value consistent with the above described
treatment for assets owned by the Borrower or a Subsidiary. 
 “Total Budgeted Cost” means, with respect to a Development
Property, and at any time, the aggregate amount of all costs budgeted to be paid, incurred or otherwise expended or accrued by the Borrower, a Subsidiary or an Unconsolidated Affiliate with respect to such Property to achieve an Occupancy Rate of
100%, including without limitation, all amounts budgeted with respect to all of the following: (a) acquisition of land and any related improvements; (b) a reasonable and appropriate reserve for construction interest; (c) a reasonable
and appropriate operating deficit reserve; (d) tenant improvements; (e) leasing commissions and (f) other hard and soft costs associated with the development or redevelopment of such Property. With respect to any Property to be
developed in more than one phase, the Total Budgeted Cost shall exclude budgeted costs (other than costs relating to acquisition of land and related improvements) to the extent relating to any phase for which (i) construction has not yet
commenced and (ii) a binding construction contract has not been entered into by the Borrower, any other Subsidiary or any Unconsolidated Affiliate, as the case may be. 

“Total Indebtedness” means, as to any Person as of a given date and without duplication: (a) all Indebtedness of such
Person and its Subsidiaries determined on a consolidated basis and (b) such Person’s Ownership Share of the Indebtedness of any Unconsolidated Affiliate of such Person. 

“Total Liabilities” means, as to any Person as of a given date, all liabilities which would, in conformity with GAAP, be
properly classified as a liability on a consolidated balance sheet of such Person as of such date, and in any event shall include (without duplication): (a) all Indebtedness of such Person; (b) all accounts payable and accrued expenses of such
Person; (c) all obligations of such Person in respect of any purchase obligation, repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a contractual agreement (excluding any such obligation
(i) to the extent the obligation can be satisfied by the issuance of Equity Interests (other than Mandatorily Redeemable Stock) and (ii) which such Person can terminate without incurring expenses and losses in excess of 5.0% of the
aggregate amount payable by such Person if the transaction contemplated by such 

  
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contractual agreement were to be consummated in accordance with its terms); (d) all liabilities of any Unconsolidated Affiliate of such Person, which liabilities such Person has Guaranteed or is
otherwise obligated on a recourse basis; and (e) such Person’s Ownership Share of the Total Liabilities of any Unconsolidated Affiliate of such Person. For purposes of clause (c) of this definition, the amount of Total Liabilities of
a Person at any given time in respect of (x) a contract to purchase or otherwise acquire unimproved or fully developed real property shall be equal to (i) the total purchase price payable by such Person under such contract if, at such
time, the seller of such real property would be entitled to specifically enforce such contract against such Person, otherwise, (ii) the aggregate amount of due diligence deposits, earnest money payments and other similar payments made by such
Person under such contract which, at such time, would be subject to forfeiture upon termination of the contract and (y) a contract relating to the acquisition of real property which the seller is required to develop or renovate prior to, and as
a condition precedent to, such acquisition, shall equal the maximum amount reasonably estimated to be payable by such Person under such contract assuming performance by the seller of its obligations under such contract, which amount shall include,
without limitation, any amounts payable after consummation of such acquisition which may be based on certain performance levels or other related criteria. For purposes of this definition, if the assets of a Subsidiary of a Person consist solely of
Equity Interests in one Unconsolidated Affiliate of such Person and such Person is not otherwise obligated in respect of the Indebtedness of such Unconsolidated Affiliate, then only such Person’s Ownership Share of the Indebtedness of such
Unconsolidated Affiliate shall be included as Total Liabilities of such Person. 
 “Trigger Date” means the date that is
eighteen months after the Closing Date. 
 “Type” with respect to any Revolving Loan refers to whether such Loan or portion
thereof is a LIBOR Loan or a Base Rate Loan. 
 “UCC” means the Uniform Commercial Code as in effect in any applicable
jurisdiction. 
 “Unconsolidated Affiliate” means, with respect to any Person, any other Person in whom such Person holds
an Investment, which Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such Person on the
consolidated financial statements of such Person. 
 “Unencumbered Adjusted NOI” means, for any period, Net Operating
Income from all Unencumbered Properties for such period. 
 “Unencumbered Asset Value” means, as of any date of
determination: 
 (a) with respect to any Unencumbered Property owned as of the determination date and for which there is a Current
Appraisal, the Appraised Value of such Property; plus 
 (b) with respect to any Unencumbered Property owned as of the determination
date and for which there does not exist a Current Appraisal, Unencumbered Adjusted NOI for the fiscal quarter most recently ended divided by the Capitalization Rate; plus 

(c) the purchase price paid by the Borrower or any Subsidiary (less any amounts paid to the Borrower or such Subsidiary as a purchase price
adjustment, held in escrow, retained as a contingency reserve, or in connection with other similar arrangements) for any Unencumbered Property acquired by the Borrower or such Subsidiary during the fiscal quarter most recently ended. 

  
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 For purposes of determining Unencumbered Asset Value: (i) Unencumbered Adjusted NOI
from Eligible Properties disposed of by the Borrower or any Subsidiary during the fiscal quarter most recently ended shall be excluded, (ii) to the extent any Property ceases to be an Eligible Property, such Property shall be excluded,
(iii) to the extent the amount of Unencumbered Asset Value attributable to Properties leased under ground leases would exceed 10% of the Unencumbered Asset Value, such excess amount shall be excluded, (iv) at all times after the Trigger
Date, to the extent the amount of Unencumbered Asset Value attributable to any one Unencumbered Property would exceed 15% of the Unencumbered Asset Value, such excess amount shall be excluded, and (v) at all times after the Trigger Date, to the
extent the amount of Unencumbered Asset Value attributable to any one tenant would exceed 15% of the Unencumbered Asset Value, such excess amount shall be excluded. 

“Unencumbered Property ” means each Eligible Property that is included by the Borrower in the calculation of Unencumbered
Asset Value. 
 “Unencumbered Property Certificate” has the meaning given that term in Section 9.4(d). 

“Unimproved Land” means land on which no development (other than improvements that are not material and are temporary in
nature) has occurred. 
 “United States” means the United States of America. 

“Unsecured Indebtedness” means, with respect to a Person, Indebtedness of such Person that is not Secured Indebtedness;
provided, however, that any Indebtedness that is secured only by a pledge of Equity Interests shall be deemed to be Unsecured Indebtedness. 

“Unsecured Interest Expense” means, with respect to a Person and for any period, the greater of (a) all Interest Expense of
such Person for such period attributable to Unsecured Indebtedness of such Person or (b) five percent (5.0%); provided that the 5% floor shall only be included for financial covenant calculation purposes, and not for other reporting.

 “U.S. Person ” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the
Internal Revenue Code. 
 “U.S. Tax Compliance Certificate” has the meaning assigned to such term in
Section 3.10.(g)(ii)(B)(III). 
 “Wells Fargo” means Wells Fargo Bank, National Association, and its successors and
assigns. 
 “Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of the Equity Interests
(other than, in the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned and controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one or more other
Subsidiaries of such Person. 
 “Withdrawal Liability” means any liability as a result of a complete or partial withdrawal
from a Multiemployer Plan as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Withholding Agent”
means (a) the Borrower, (b) any other Loan Party and (c) the Administrative Agent, as applicable. 
 “Write-Down and
Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the
applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

  
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 Section 1.2. General; References to Central Time. 

Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP as in
effect as of the Agreement Date; provided that, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Requisite Lenders shall so
request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the appropriate
Lenders pursuant to Section 13.6.); provided further that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide
to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and
after giving effect to such change in GAAP. Notwithstanding the preceding sentence, the calculation of liabilities shall not include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to
electing the fair value option election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or
other FASB standards allowing entities to elect fair value option for financial liabilities. References in this Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles,
exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any document, instrument or agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) except as expressly
provided otherwise in any Loan Document, shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean such document, instrument or agreement, or replacement
or predecessor thereto, as amended, supplemented, restated or otherwise modified from time to time to the extent not otherwise stated herein or prohibited hereby and in effect at any given time. Wherever from the context it appears appropriate, each
term stated in either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Except as expressly provided otherwise in
any Loan Document, (i) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law and any reference to any law or regulation shall, unless otherwise
specified, refer to such law or regulation as amended, modified, extended, restated, replaced or supplemented from time to time and (ii) any reference to any Person shall be construed to include such Person’s permitted successors and
permitted assigns. Titles and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to time are
references to Central time daylight or standard, as applicable. 
 Section 1.3. Financial Attributes of
Non-Wholly Owned Subsidiaries. 
 When determining the Applicable Margin and compliance by the
Parent or the Borrower with any financial covenant contained in any of the Loan Documents only the Ownership Share of the Parent or the Borrower, as applicable, of the financial attributes of a Subsidiary that is not a Wholly Owned Subsidiary shall
be included. 

  
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 Section 1.4. Rates. 

The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to, the administration,
submission or any other matter related to the rates in the definition of “LIBOR”. 
 ARTICLE II. CREDIT FACILITY 

Section 2.1. Revolving Loans. 
 (a)
Making of Revolving Loans. Subject to the terms and conditions set forth in this Agreement, including without limitation, Section 2.16., each Lender severally and not jointly agrees to make Revolving Loans denominated in Dollars to the
Borrower during the period from and including the Effective Date to but excluding the Revolving Termination Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding, the amount of such Lender’s Revolving
Commitment. Each borrowing of Revolving Loans shall be in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess thereof. Notwithstanding the immediately preceding two sentences but subject to Section 2.16., a
borrowing of Revolving Loans may be in the aggregate amount of the unused Revolving Commitments. Within the foregoing limits and subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Revolving Loans. 

(b) Requests for Revolving Loans. Not later than 11:00 a.m. Central time at least 1 Business Day prior to a borrowing of Revolving Loans
that are to be Base Rate Loans and not later than 11:00 a.m. Central time at least 3 Business Days prior to a borrowing of Revolving Loans that are to be LIBOR Loans, the Borrower shall deliver to the Administrative Agent a Notice of Borrowing. Each
Notice of Borrowing shall specify the aggregate principal amount of the Revolving Loans to be borrowed, the date such Revolving Loans are to be borrowed (which must be a Business Day), the use of the proceeds of such Revolving Loans, the Type of the
requested Revolving Loans, and if such Revolving Loans are to be LIBOR Loans, the initial Interest Period for such Revolving Loans. Each Notice of Borrowing shall be irrevocable once given and binding on the Borrower. Prior to delivering a Notice of
Borrowing, the Borrower may (without specifying whether a Revolving Loan will be a Base Rate Loan or a LIBOR Loan) request that the Administrative Agent provide the Borrower with the most recent LIBOR available to the Administrative Agent. The
Administrative Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as possible thereafter. 
 (c)
Funding of Revolving Loans. Promptly after receipt of a Notice of Borrowing under the immediately preceding subsection (b), the Administrative Agent shall notify each Lender of the proposed borrowing. Each Lender shall, in accordance with the
provisions of Section 3.2, deposit an amount equal to the Revolving Loan to be made by such Lender to the Borrower with the Administrative Agent at the Principal Office, in immediately available funds not later than 11:00 a.m. Central time on
the date of such proposed Revolving Loans. Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent shall make available to the Borrower in the account specified in the Disbursement Instruction Agreement, not
later than 2:00 p.m. Central time on the date of the requested borrowing of Revolving Loans, the proceeds of such amounts received by the Administrative Agent. 

(d) Assumptions Regarding Funding by Lenders. With respect to Revolving Loans to be made after the Effective Date, unless the
Administrative Agent shall have been notified by any Lender that such Lender will not make available to the Administrative Agent a Revolving Loan to be made by such Lender in connection with any borrowing, the Administrative Agent may assume that
such Lender will make the proceeds of such Revolving Loan available to the Administrative Agent in accordance with this Section, and the Administrative Agent may (but shall not be obligated to), in reliance upon such 

  
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assumption, make available to the Borrower the amount of such Revolving Loan to be provided by such Lender. In such event, if such Lender does not make available to the Administrative Agent the
proceeds of such Revolving Loan, then such Lender and the Borrower severally agree to pay to the Administrative Agent on demand the amount of such Revolving Loan with interest thereon, for each day from and including the date such Revolving Loan is
made available to the Borrower but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay the amount of such
interest to the Administrative Agent for the same or overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays to the Administrative Agent
the amount of such Revolving Loan, the amount so paid shall constitute such Lender’s Revolving Loan included in the borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall
have failed to make available the proceeds of a Revolving Loan to be made by such Lender. 
 Section 2.2. [Reserved.] 

Section 2.3. [Reserved.] 
 Section 2.4.
Letters of Credit. 
 (a) Letters of Credit. Subject to the terms and conditions of this Agreement, including without limitation,
Section 2.16., the Issuing Banks, on behalf of the Lenders, agree to issue for the account of the Borrower or any Subsidiary during the period from and including the Effective Date to, but excluding, the date 30 days prior to the Revolving
Termination Date, one or more standby letters of credit (each a “Letter of Credit”) denominated in Dollars up to a maximum aggregate Stated Amount at any one time outstanding not to exceed $10,000,000 as such amount may be reduced
from time to time in accordance with the terms hereof (the “L/C Commitment Amount”); provided, however, that an Issuing Bank shall not be obligated to issue any Letter of Credit if after giving effect to such issuance,
the aggregate Stated Amounts of Letters of Credit issued by such Issuing Bank and then outstanding would exceed such Issuing Bank’s pro rata share of the L/C Commitment Amount. 

(b) Terms of Letters of Credit. At the time of issuance, the amount, form, terms and conditions of each Letter of Credit, and of any
drafts or acceptances thereunder, shall be subject to the approval of the applicable Issuing Bank and the Borrower. Notwithstanding the foregoing, in no event may (i) the expiration date of any Letter of Credit extend beyond the date that is 30
days prior to the Revolving Termination Date, or (ii) any Letter of Credit have a duration in excess of one year; provided, however, a Letter of Credit may contain a provision providing for the automatic extension of the
expiration date in the absence of a notice of non-renewal from the applicable Issuing Bank but in no event shall any such provision permit the extension of the current expiration date of such Letter of Credit
beyond the earlier of (x) the date that is 30 days prior to the Revolving Termination Date and (y) the date one year after the current expiration date. Notwithstanding the foregoing, a Letter of Credit may, as a result of its express terms
or as the result of the effect of an automatic extension provision, have an expiration date of not more than one year beyond the Revolving Termination Date (any such Letter of Credit being referred to as an “Extended Letter of
Credit”), so long as the Borrower delivers to the Administrative Agent for its benefit and the benefit of the applicable Issuing Bank and the Lenders no later than 30 days prior to the Revolving Termination Date, Cash Collateral for such
Letter of Credit for deposit into the Letter of Credit Collateral Account in an amount equal to the Stated Amount of such Letter of Credit; provided, that the obligations of the Borrower under this Section in respect of such 

  
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Extended Letters of Credit shall survive the termination of this Agreement and shall remain in effect until no such Extended Letters of Credit remain outstanding. If the Borrower fails to provide
Cash Collateral with respect to any Extended Letter of Credit by the date 30 days prior to the Revolving Termination Date, such failure shall be treated as a drawing under such Extended Letter of Credit (in an amount equal to the maximum Stated
Amount of such Letter of Credit), which shall be reimbursed (or participations therein funded) by the Lenders in accordance with the immediately following subsections (i) and (j), with the proceeds being utilized to provide Cash Collateral for
such Letter of Credit. The initial Stated Amount of each Letter of Credit shall be at least $100,000 (or such lesser amount as may be acceptable to the applicable Issuing Bank, the Administrative Agent and the Borrower). 

(c) Requests for Issuance of Letters of Credit. The Borrower shall give the Issuing Bank it desires to issue a Letter of Credit and the
Administrative Agent written notice at least 5 Business Days prior to the requested date of issuance of such Letter of Credit, such notice to describe in reasonable detail the proposed terms of such Letter of Credit and the nature of the
transactions or obligations proposed to be supported by such Letter of Credit, and in any event shall set forth with respect to such Letter of Credit the proposed (i) initial Stated Amount, (ii) beneficiary, and (iii) expiration date.
The Borrower shall also execute and deliver such customary applications and agreements for standby letters of credit, and other forms as requested from time to time by the applicable Issuing Bank. Provided the Borrower has given the notice
prescribed by the first sentence of this subsection and delivered such applications and agreements referred to in the preceding sentence, subject to the other terms and conditions of this Agreement, including the satisfaction of any applicable
conditions precedent set forth in Section 6.2., the applicable Issuing Bank shall issue the requested Letter of Credit on the requested date of issuance for the benefit of the stipulated beneficiary but in no event prior to the date 5 Business
Days following the date after which such Issuing Bank has received all of the items required to be delivered to it under this subsection. An Issuing Bank shall not at any time be obligated to issue any Letter of Credit if such issuance would
conflict with, or cause such Issuing Bank or any Lender to exceed any limits imposed by, any Applicable Law. References herein to “issue” and derivations thereof with respect to Letters of Credit shall also include extensions or
modifications of any outstanding Letters of Credit, unless the context otherwise requires. Upon the written request of the Borrower, an Issuing Bank shall deliver to the Borrower a copy of each Letter of Credit issued by such Issuing Bank within a
reasonable time after the date of issuance thereof. To the extent any term of a Letter of Credit Document (excluding any certificate or other document presented by a beneficiary in connection with a drawing under such Letter of Credit) is
inconsistent with a term of any Loan Document, the term of such Loan Document shall control. 
 (d) Reimbursement Obligations. Upon
receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the
requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such
Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable
Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each Issuing Bank for the amount of each demand for payment under each Letter of Credit issued by such Issuing Bank at or prior to
the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement
Obligation owing with respect to a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Lender that has acquired a participation therein under the second sentence of
the immediately following subsection (i) such Lender’s Revolving Commitment Percentage of such payment. 

  
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 (e) Manner of Reimbursement. Upon its receipt of a notice referred to in the
immediately preceding subsection (d), the Borrower shall advise the Administrative Agent and the applicable Issuing Bank whether or not the Borrower intends to borrow hereunder to finance its obligation to reimburse such Issuing Bank for the amount
of the related demand for payment and, if it does, the Borrower shall submit a timely request for such borrowing as provided in the applicable provisions of this Agreement. If the Borrower fails to so advise the Administrative Agent and the
applicable Issuing Bank, or if the Borrower fails to reimburse the applicable Issuing Bank for a demand for payment under a Letter of Credit by the date of such payment, the failure of which the applicable Issuing Bank shall promptly notify the
Administrative Agent, then (i) if the applicable conditions contained in Article VI. would permit the making of Revolving Loans, the Borrower shall be deemed to have requested a borrowing of Revolving Loans (which shall be Base Rate Loans) in
an amount equal to the unpaid Reimbursement Obligation and the Administrative Agent shall give each Lender prompt notice of the amount of the Revolving Loan to be made available to the Administrative Agent not later than 12:00 noon Central time and
(ii) if such conditions would not permit the making of Revolving Loans, the provisions of subsection (j) of this Section shall apply. The limitations set forth in the second sentence of Section 2.1.(a) shall not apply to any borrowing
of Base Rate Loans under this subsection. 
 (f) Effect of Letters of Credit on Revolving Commitments. Upon the issuance by an Issuing
Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Commitment of each Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of
(i) such Lender’s Revolving Commitment Percentage and (ii) (A) the Stated Amount of such Letter of Credit plus (B) any related Reimbursement Obligations then outstanding. 

(g) Issuing Banks’ Duties Regarding Letters of Credit; Unconditional Nature of Reimbursement Obligations. In examining documents
presented in connection with drawings under Letters of Credit and making payments under Letters of Credit issued by an Issuing Bank against such documents, such Issuing Bank shall only be required to use the same standard of care as it uses in
connection with examining documents presented in connection with drawings under letters of credit in which it has not sold participations and making payments under such letters of credit. The Borrower assumes all risks of the acts and omissions of,
or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, none of the Administrative Agent, any of the Issuing Banks or any of the Lenders shall be
responsible for, and the Borrower’s obligations in respect of Letters of Credit shall not be affected in any manner by, (i) the form, validity, sufficiency, accuracy, genuineness or legal effects of any document submitted by any party in
connection with the application for and issuance of or any drawing honored under any Letter of Credit even if such document should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the
validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit, or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective
for any reason; (iii) failure of the beneficiary of any Letter of Credit to comply fully with conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of
any messages, by mail, cable, telex, telecopy, electronic mail or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in
order to make a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the misapplication by the beneficiary of any Letter of Credit or of the proceeds of any drawing under any Letter of Credit; or (viii) any consequences arising
from causes beyond the control of the Issuing Banks, the Administrative Agent or the Lenders. None of the above shall affect, impair or prevent the vesting of any of the Issuing Bank’s, the Administrative Agent’s or any Lender’s
rights or powers hereunder. Any action taken or omitted to be taken by an Issuing Bank under or in connection with any Letter of Credit issued by such Issuing Bank, if taken or omitted in the absence of gross negligence or willful misconduct (as
determined by a court of competent jurisdiction in a final, non-appealable 

  
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judgment), shall not create against such Issuing Bank any liability to the Borrower, the Administrative Agent or any Lender. In this connection, the obligation of the Borrower to reimburse an
Issuing Bank for any drawing made under any Letter of Credit issued by such Issuing Bank, and to repay any Revolving Loan made pursuant to the second sentence of the immediately preceding subsection (e), shall be absolute, unconditional and
irrevocable and shall be paid strictly in accordance with the terms of this Agreement and any other applicable Letter of Credit Document under all circumstances whatsoever, including without limitation, the following circumstances: (A) any lack
of validity or enforceability of any Letter of Credit Document or any term or provisions therein; (B) any amendment or waiver of or any consent to departure from all or any of the Letter of Credit Documents; (C) the existence of any claim,
setoff, defense or other right which the Borrower may have at any time against such Issuing Bank, any other Issuing Bank, the Administrative Agent, any Lender, any beneficiary of a Letter of Credit or any other Person, whether in connection with
this Agreement, the transactions contemplated hereby or in the Letter of Credit Documents or any unrelated transaction; (D) any breach of contract or dispute between the Borrower, the Issuing Bank, the Administrative Agent, any Lender or any
other Person; (E) any demand, statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein or made in connection therewith being untrue or
inaccurate in any respect whatsoever; (F) any non-application or misapplication by the beneficiary of a Letter of Credit or of the proceeds of any drawing under such Letter of Credit; (G) payment by such
Issuing Bank under any Letter of Credit against presentation of a draft or certificate which does not strictly comply with the terms of such Letter of Credit; and (H) any other act, omission to act, delay or circumstance whatsoever that might,
but for the provisions of this Section, constitute a legal or equitable defense to or discharge of, or provide a right of setoff against, the Borrower’s Reimbursement Obligations. Notwithstanding anything to the contrary contained in this
Section or Section 13.9., but not in limitation of the Borrower’s unconditional obligation to reimburse an Issuing Bank for any drawing made under a Letter of Credit as provided in this Section and to repay any Revolving Loan made pursuant
to the second sentence of the immediately preceding subsection (e), the Borrower shall have no obligation to indemnify the Administrative Agent, any Issuing Bank or any Lender in respect of any liability incurred by the Administrative Agent, such
Issuing Bank or such Lender arising solely out of the gross negligence or willful misconduct of the Administrative Agent, such Issuing Bank or such Lender in respect of a Letter of Credit as determined by a court of competent jurisdiction in a
final, non-appealable judgment. Except as otherwise provided in this Section, nothing in this Section shall affect any rights the Borrower may have with respect to the gross negligence or willful misconduct of
the Administrative Agent, any Issuing Bank or any Lender with respect to any Letter of Credit. 
 (h) Amendments, Etc. The issuance by
an Issuing Bank of any amendment, supplement or other modification to any Letter of Credit issued by such Issuing Bank shall be subject to the same conditions applicable under this Agreement to the issuance of new Letters of Credit (including,
without limitation, that the request therefor be made through the applicable Issuing Bank and the Administrative Agent), and no such amendment, supplement or other modification shall be issued unless either (i) the respective Letter of Credit
affected thereby would have complied with such conditions had it originally been issued hereunder in such amended, supplemented or modified form or (ii) the Administrative Agent and the Lenders, if any, required by Section 13.6. shall have
consented thereto. In connection with any such amendment, supplement or other modification, the Borrower shall pay the fees, if any, payable under the last sentence of Section 3.5.(c). 

(i) Lenders’ Participation in Letters of Credit. Immediately upon the issuance by an Issuing Bank of any Letter of Credit each
Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from such Issuing Bank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment
Percentage of the liability of such Issuing Bank with respect to such Letter of Credit and each Lender thereby shall 

  
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absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to such Issuing Bank to pay and discharge when due, such
Lender’s Revolving Commitment Percentage of such Issuing Bank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of an Issuing Bank in respect of
any Letter of Credit issued by it pursuant to the immediately following subsection (j), such Lender shall, automatically and without any further action on the part of such Issuing Bank, the Administrative Agent or such Lender, acquire (i) a
participation in an amount equal to such payment in the Reimbursement Obligation owing to such Issuing Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Revolving
Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to such Issuing Bank pursuant to the second and the last sentences of Section 3.5.(c)). 

(j) Payment Obligation of Lenders. Each Lender severally agrees to pay to the Administrative Agent, for the account of an Issuing Bank,
on demand in immediately available funds in Dollars the amount of such Lender’s Revolving Commitment Percentage of each drawing paid by such Issuing Bank under each Letter of Credit issued by it to the extent such amount is not reimbursed by
the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan
or as a participation, shall not exceed such Lender’s Revolving Commitment Percentage of such drawing except as otherwise provided in Section 3.9.(d). If the notice referenced in the second sentence of Section 2.4.(e) is received by a
Lender not later than 11:00 a.m. Central time, then such Lender shall make such payment available to the Administrative Agent not later than 2:00 p.m. Central time on the date of demand therefor; otherwise, such payment shall be made available to
the Administrative Agent not later than 1:00 p.m. Central time on the next succeeding Business Day. Each Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to
receive the same for the account of the applicable Issuing Bank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other
Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other Loan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 11.1.(e) or
(f), (iv) the termination of the Revolving Commitments or (v) the delivery of Cash Collateral in respect of any Extended Letter of Credit. Each such payment to the Administrative Agent for the account of the applicable Issuing Bank shall be
made without any offset, abatement, withholding or deduction whatsoever. 
 (k) Information to Lenders. Promptly following any change
in Letters of Credit outstanding issued by an Issuing Bank, such Issuing Bank shall provide to the Administrative Agent, which shall promptly provide the same to each Lender and the Borrower, a notice describing the aggregate amount of all Letters
of Credit issued by such Issuing Bank outstanding at such time. Upon the request of the Administrative Agent from time to time, an Issuing Bank shall deliver any other information reasonably requested by the Administrative Agent (or a Lender through
the Administrative Agent) with respect to such Letter of Credit that is the subject of the request. Other than as set forth in this subsection, the Issuing Banks and the Administrative Agent shall have no duty to notify the Lenders regarding the
issuance or other matters regarding Letters of Credit issued hereunder. The failure of any Issuing Bank or the Administrative Agent to perform its requirements under this subsection shall not relieve any Lender from its obligations under the
immediately preceding subsection (j). 
 (l) Extended Letters of Credit. Each Lender confirms that its obligations under the
immediately preceding subsections (i) and (j) shall be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter of Credit is subsequently invalidated, declared to be fraudulent or preferential, set
aside or required to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise. 

  
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 Section 2.5. [Reserved.] 

Section 2.6. Rates and Payment of Interest on Loans. 

(a) Rates. The Borrower promises to pay to the Administrative Agent for the account of each Lender in accordance with Section 3.2,
interest on the unpaid principal amount of each Loan made by such Lender for the period from and including the date of the making of such Loan to but excluding the date such Loan shall be paid in full, at the following per annum rates: 

(i) during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus the
Applicable Margin for Base Rate Loans; and 
 (ii) during such periods as such Loan is a LIBOR Loan, at LIBOR for such Loan
for the Interest Period therefor, plus the Applicable Margin for LIBOR Loans. 
 Notwithstanding the foregoing, while an Event of Default exists, the
Borrower shall pay to the Administrative Agent for the account of each Lender and the Issuing Bank, as the case may be, interest at the Post-Default Rate on the outstanding principal amount of any Revolving Loan made by such Lender, on all
Reimbursement Obligations and on any other amount payable by the Borrower hereunder or under the Revolving Notes held by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to the extent
permitted under Applicable Law). 
 (b) Payment of Interest. All accrued and unpaid interest on the outstanding principal amount of
each Loan shall be payable (i) monthly in arrears on the first day of each month, commencing with the first full calendar month occurring after the Effective Date and (ii) on any date on which the principal balance of such Loan is due and
payable in full (whether at maturity, due to acceleration or otherwise). Interest payable at the Post-Default Rate shall be payable from time to time on demand. All determinations by the Administrative Agent of an interest rate hereunder shall be
conclusive and binding on the Lenders and the Borrower for all purposes, absent manifest error. 
 (c) Borrower Information Used to
Determine Applicable Interest Rates. The parties understand that the applicable interest rate for the Obligations and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or
other information to be provided or certified to the Lenders by the Borrower (the “Borrower Information”). If it is subsequently determined that any such Borrower Information was incorrect (for whatever reason, including without limitation
because of a subsequent restatement of earnings by the Borrower) at the time it was delivered to the Administrative Agent, and if the applicable interest rate or fees calculated for any period were lower than they should have been had the correct
information been timely provided, then, such interest rate and such fees for such period shall be automatically recalculated using correct Borrower Information. The Administrative Agent shall promptly notify the Borrower in writing of any additional
interest and fees due because of such recalculation, and the Borrower shall pay such additional interest or fees due to the Administrative Agent, for the account of each Lender, within 10 Business Days of receipt of such written notice. Any
recalculation of interest or fees required by this provision shall survive the termination of this Agreement, and this provision shall not in any way limit any of the Administrative Agent’s, any Issuing Bank’s, or any Lender’s other
rights under this Agreement. 

  
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 Section 2.7. [Reserved.] 

Section 2.8. Repayment of Loans. 

The Borrower promises to repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Revolving Loans on the
Revolving Termination Date. 
 Section 2.9. Prepayments. 

(a) Optional. Subject to Section 5.4., the Borrower may prepay any Revolving Loan at any time without premium or penalty. The
Borrower shall give the Administrative Agent at least 3 Business Days prior written notice of the prepayment of any Revolving Loan. Each voluntary prepayment of Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of
$500,000 in excess thereof. 
 (b) Mandatory. 

(i) Revolving Commitment Overadvance. If at any time the aggregate principal amount of all outstanding Revolving Loans,
together with the aggregate amount of all Letter of Credit Liabilities, exceeds the aggregate amount of the Revolving Commitments, the Borrower shall immediately upon demand pay to the Administrative Agent for the account of the Lenders, the amount
of such excess. 
 (ii) Application of Mandatory Prepayments. Amounts paid under the preceding subsection (b)(i) shall
be applied to pay all amounts of principal outstanding on the Revolving Loans and any Reimbursement Obligations pro rata in accordance with Section 3.2. and if any Letters of Credit are outstanding at such time, the remainder, if any, shall be
deposited into the Letter of Credit Collateral Account for application to any Reimbursement Obligations. If the Borrower is required to pay any outstanding LIBOR Loans by reason of this Section prior to the end of the applicable Interest Period
therefor, the Borrower shall pay all amounts due under Section 5.4. 
 (c) No Effect on Derivatives Contracts. No repayment or
prepayment of the Revolving Loans pursuant to this Section shall affect any of the Borrower’s obligations under any Derivatives Contracts entered into with respect to the Revolving Loans. 

Section 2.10. Continuation. 
 So long
as no Default or Event of Default exists, the Borrower may on any Business Day, with respect to any LIBOR Loan, elect to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. Each
Continuation of a LIBOR Loan shall be in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount, and each new Interest Period selected under this Section shall commence on the last day of the immediately
preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than 11:00 a.m. Central time on the third Business Day prior to the date of any
such Continuation. Such notice by the Borrower of a Continuation shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation,
(b) the LIBOR Loans and portions thereof subject to such Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding
hereunder. Each Notice of Continuation shall be irrevocable by and binding on the Borrower 

  
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once given. Promptly after receipt of a Notice of Continuation, the Administrative Agent shall notify each Lender of the proposed Continuation. If the Borrower shall fail to select in a timely
manner a new Interest Period for any LIBOR Loan in accordance with this Section, such Loan will automatically, on the last day of the current Interest Period therefor, continue as a LIBOR Loan with an Interest Period of one month; provided,
however that if a Default or Event of Default exists, such Loan will automatically, on the last day of the current Interest Period therefor, Convert into a Base Rate Loan notwithstanding the first sentence of Section 2.11. or the
Borrower’s failure to comply with any of the terms of such Section. 
 Section 2.11. Conversion. 

The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy,
electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of
Default exists. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 11:00
a.m. Central time 3 Business Days prior to the date of any proposed Conversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified
above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted,
(c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of
Conversion shall be irrevocable by and binding on the Borrower once given. 
 Section 2.12. Notes. 

(a) Notes. Except in the case of a Lender that has notified the Administrative Agent in writing that it elects not to receive a
Revolving Note, the Revolving Loans made by each Lender shall, in addition to this Agreement, also be evidenced by a Revolving Note, payable to the order of such Lender in a principal amount equal to the amount of its Revolving Commitment as
originally in effect and otherwise duly completed. 
 (b) Records. The date, amount, interest rate, Type and duration of Interest
Periods (if applicable) of each Loan made by each Lender to the Borrower, and each payment made on account of the principal thereof, 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. 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 any Lender and the accounts and records of the Administrative Agent
in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. 
 (c)
Lost, Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of (i) written notice from a Lender that a Revolving Note of such Lender has been lost, stolen, destroyed or mutilated, and (ii)(A) in the case of loss, theft or
destruction, an unsecured agreement of indemnity from such Lender in form reasonably satisfactory to the Borrower, or (B) in the case of mutilation, upon surrender and cancellation of such Revolving Note, the Borrower shall at its own expense
execute and deliver to such Lender a new Revolving Note dated the date of such lost, stolen, destroyed or mutilated Revolving Note. 

  
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 Section 2.13. Voluntary Reductions of the Revolving Commitments. 

The Borrower shall have the right to terminate or reduce the aggregate unused amount of the Revolving Commitments (for which purpose use of the
Revolving Commitments shall be deemed to include the aggregate amount of all Letter of Credit Liabilities) at any time and from time to time without penalty or premium upon not less than 5 Business Days prior written notice to the Administrative
Agent of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction (which in the case of any partial reduction of the Revolving Commitments shall not be less than $1,000,000 and
integral multiples of $500,000 in excess of that amount in the aggregate) and shall be irrevocable once given and effective only upon receipt by the Administrative Agent (“Commitment Reduction Notice”); provided, however, the
Borrower may not reduce the aggregate amount of the Revolving Commitments below $50,000,000 unless the Borrower is terminating the Revolving Commitments in full. Promptly after receipt of a Commitment Reduction Notice the Administrative Agent shall
notify each Lender of the proposed termination or Revolving Commitment reduction. The Revolving Commitments, once reduced or terminated pursuant to this Section, may not be increased or reinstated. The Borrower shall pay all interest and fees on the
Revolving Loans accrued to the date of such reduction or termination of the Revolving Commitments to the Administrative Agent for the account of the Lenders, including but not limited to any applicable compensation due to each Lender in accordance
with Section 5.4. 
 Section 2.14. Extension of Revolving Termination Date. 

The Borrower shall have the right, exercisable two times, to request that the Administrative Agent and the Lenders agree to extend the
Revolving Termination Date by one year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the current Revolving Termination Date, a written request
for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Revolving
Termination Date shall be extended for one year effective upon receipt by the Administrative Agent of the Extension Request and payment of the fee referred to in the following clause (y): (x) immediately prior to such extension and immediately after
giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be
true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such extension
with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and
correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for
changes in factual circumstances not prohibited under the Loan Documents and (y) the Borrower shall have paid the Fees payable under Section 3.5.(c). At any time prior to the effectiveness of any such extension, upon the Administrative
Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from the chief executive officer or chief financial officer certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B). 

  
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 Section 2.15. Expiration Date of Letters of Credit Past Revolving Commitment Termination. 

If on the date the Revolving Commitments are terminated and amounts are owing hereunder or reduced to zero (whether voluntarily, by reason of
the occurrence of an Event of Default and the acceleration of the repayment obligations hereunder or otherwise) there are any Letters of Credit outstanding hereunder and the aggregate Stated Amount of such Letters of Credit exceeds the balance of
available funds on deposit in the Letter of Credit Collateral Account, then the Borrower shall, on such date, pay to the Administrative Agent, for its benefit and the benefit of the Lenders and the Issuing Banks, for deposit into the Letter of
Credit Collateral Account, an amount of money equal to the amount of such excess. 
 Section 2.16. Amount Limitations. 

Notwithstanding any other term of this Agreement or any other Loan Document, no Lender shall be required to make a Revolving Loan, no Issuing
Bank shall be required to issue a Letter of Credit and no reduction of the Revolving Commitments pursuant to Section 2.13. shall take effect, if immediately after the making of such Loan, the issuance of such Letter of Credit or such reduction
in the Revolving Commitments, the aggregate principal amount of all outstanding Revolving Loans, together with the aggregate amount of all Letter of Credit Liabilities, would exceed the aggregate amount of the Revolving Commitments at such time.

 Section 2.17. Increase in Revolving Commitments. 

The Borrower shall have the right to request increases in the aggregate amount of the Revolving Commitments by providing written notice to the
Administrative Agent, which notice shall be irrevocable once given; provided, however, that after giving effect to any such increases the aggregate amount of the Revolving Commitments shall not exceed $500,000,000. Each such increase
in the Revolving Commitments must be an aggregate minimum amount of $50,000,000 and integral multiples of $5,000,000 in excess thereof. The Administrative Agent, in consultation with the Borrower, shall manage all aspects of the syndication of such
increase in the Revolving Commitments, including decisions as to the selection of the existing Lenders and/or other banks, financial institutions and other institutional lenders to be approached with respect to such increase and the allocations of
the increase in the Revolving Commitments among such existing Lenders and/or other banks, financial institutions and other institutional lenders. No Lender shall be obligated in any way whatsoever to increase its Revolving Commitment or provide a
new Revolving Commitment, and any new Lender becoming a party to this Agreement in connection with any such requested increase must be an Eligible Assignee. If a Person becomes a new Lender under this Agreement, or if any existing Lender is
increasing its Revolving Commitment, such Lender shall on the date it becomes a Lender hereunder (or in the case of an existing Lender, increases its Revolving Commitment) (and as a condition thereto) purchase from the other Lenders its Revolving
Commitment Percentage (determined with respect to the Lenders’ respective Revolving Commitments and after giving effect to the increase of Revolving Commitments) of any outstanding Revolving Loans, by making available to the Administrative
Agent for the account of such other Lenders, in same day funds, an amount equal to (A) the portion of the outstanding principal amount of such Revolving Loans to be purchased by such Lender, plus (B) the aggregate amount of payments
previously made by the other Lenders under Section 2.4.(j) that have not been repaid, plus (C) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Revolving Loans. The
Borrower shall pay to the Lenders amounts payable, if any, to such Lenders under Section 5.4. as a result of the prepayment of any such Revolving Loans. Effecting the increase of the Revolving Commitments under this Section is subject to the
following conditions precedent: (x) no Default or Event of Default shall be in existence on the effective date of such increase, (y) the representations and warranties made or deemed made by the Borrower and any other Loan Party in any
Loan Document to which such Loan Party is a party shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and
correct in all respects) on the effective date of such increase except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and
correct in all material respects 

  
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(except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier
date) and except for changes in factual circumstances not prohibited under the Loan Documents, and (z) the Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent:
(i) if not previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of (A) all corporate, partnership, member or other necessary action taken by the Borrower to authorize such increase and
(B) all corporate, partnership, member or other necessary action taken by each Guarantor authorizing the guaranty of such increase; (ii) an opinion of counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent,
the Issuing Banks and the Lenders covering such matters as reasonably requested by the Administrative Agent; and (iii) new Revolving Notes executed by the Borrower, payable to any new Lenders and replacement Revolving Notes executed by the
Borrower, payable to any existing Lenders increasing their Revolving Commitments, in the amount of such Lender’s Revolving Commitment at the time of the effectiveness of the applicable increase in the aggregate amount of the Revolving
Commitments. In connection with any increase in the aggregate amount of the Revolving Commitments pursuant to this Section 2.17. any Lender becoming a party hereto shall (1) execute such documents and agreements as the Administrative Agent
may reasonably request and (2) in the case of any Lender that is organized under the laws of a jurisdiction outside of the United States, provide to the Administrative Agent, its name, address, tax identification number and/or such other
information as shall be necessary for the Administrative Agent to comply with “know your customer” and anti-money laundering rules and regulations, including without limitation, the Patriot Act. 

Section 2.18. Funds Transfer Disbursements. 

The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Revolving Loan made by the Lenders or any of their
Affiliates pursuant to the Loan Documents as requested by an authorized representative of the Borrower to any of the accounts designated in the Disbursement Instruction Agreement. 

ARTICLE III. PAYMENTS, FEES AND OTHER GENERAL PROVISIONS 

Section 3.1. Payments. 
 (a)
Payments by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts to be made by the Borrower under this Agreement, the Revolving Notes or any other Loan Document shall be made in
Dollars, in immediately available funds, without setoff, deduction or counterclaim (excluding Taxes required to be withheld pursuant to Section 3.10.), to the Administrative Agent at the Principal Office, not later than 1:00 p.m. Central time
on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Section 11.5., the Borrower shall, at the time of making
each payment under this Agreement or any other Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by the Administrative Agent for the account
of a Lender under this Agreement or any Revolving Note shall be paid to such Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the Administrative Agent from time to time, for
the account of such Lender at the applicable Lending Office of such Lender. Each payment received by the Administrative Agent for the account of an Issuing Bank under this Agreement shall be paid to such Issuing Bank by wire transfer of immediately
available funds in accordance with the wiring instructions provided by such Issuing Bank to the Administrative Agent from time to time, for the account of such Issuing Bank. In the event the Administrative Agent fails to pay such amounts to such
Lender or such Issuing Bank, as the case may be, within one Business Day of 

  
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 receipt of such amounts, the Administrative Agent shall pay interest on such amount until paid at a rate per
annum equal to the Federal Funds Rate from time to time in effect. If the due date of any payment under this Agreement or any other Loan Document would otherwise fall on a day which is not a Business Day such date shall be extended to the next
succeeding Business Day and interest shall continue to accrue at the rate, if any, applicable to such payment for the period of such extension. 

(b) Presumptions Regarding Payments by Borrower. Unless the Administrative Agent shall have received notice from the Borrower prior to
the date on which any payment is due to the Administrative Agent for the account of the Lenders or an Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on
such date in accordance herewith and may (but shall not be obligated to), in reliance upon such assumption, distribute to the Lenders or the Issuing Banks, as the case may be, the amount due. In such event, if the Borrower has not in fact made such
payment, then each of the Lenders or the Issuing Banks, as the case may be, severally agrees to repay to the Administrative Agent on demand that amount so distributed to such Lender or such Issuing Bank, with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation. 
 Section 3.2. Pro Rata Treatment. 

Except to the extent otherwise provided herein: (a) each borrowing from the Lenders under Sections 2.1. and 2.4.(e) shall be made from the
Lenders, each payment of the fees under Sections 3.5.(b), the first sentence of 3.5.(c), and 3.5.(e) shall be made for the account of the Lenders, and each termination or reduction of the amount of the Revolving Commitments under Section 2.13.
shall be applied to the respective Revolving Commitments of the Lenders, pro rata according to the amounts of their respective Revolving Commitments; (b) each payment or prepayment of principal of Revolving Loans shall be made for the account
of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans held by them, provided that, subject to Section 3.9., if immediately prior to giving effect to any such payment in respect of any
Revolving Loans the outstanding principal amount of the Revolving Loans shall not be held by the Lenders pro rata in accordance with their respective Revolving Commitments in effect at the time such Revolving Loans were made, then such payment shall
be applied to the Revolving Loans in such manner as shall result, as nearly as is practicable, in the outstanding principal amount of the Revolving Loans being held by the Lenders pro rata in accordance with such respective Revolving Commitments;
(c) each payment of interest on Revolving Loans shall be made for the account of the Lenders, pro rata in accordance with the amounts of interest on such Revolving Loans then due and payable to the respective Lenders; (d) the Conversion
and Continuation of Revolving Loans of a particular Type (other than Conversions provided for by Sections 5.1.(c) and 5.5.) shall be made pro rata among the Lenders according to the amounts of their respective Revolving Loans, and the then current
Interest Period for each Lender’s portion of each such Loan of such Type shall be coterminous; and (e) the Lenders’ participation in, and payment obligations in respect of, Letters of Credit under Section 2.4., shall be in
accordance with their respective Revolving Commitment Percentages. 
 Section 3.3. Sharing of Payments by Lenders. 

If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest
on any of its Loans or other Obligations owing to such Lender resulting in such Lender receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such Obligation greater than the share thereof as
provided in Section 3.2. or Section 11.5., as applicable, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in 

the Revolving Loans and such other Obligations owing to the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all
such payments shall be shared by the applicable Lenders ratably in accordance with Section 3.2. or Section 11.5., as applicable; provided that: 

  
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 (i) if any such participations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(ii) the provisions of this Section shall not be construed to apply to (x) any payment made by the Borrower pursuant to
and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral provided for in Section 3.9.(e) or (z) any payment
obtained by a Lender as consideration for the assignment of, or sale of a participation in, any of its Loans or participations in Letters of Credit to any assignee or participant, other than to the Borrower or any of its Subsidiaries or Affiliates
(as to which the provisions of this Section shall apply). 
 The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under
Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor
of the Borrower in the amount of such participation. 
 Section 3.4. Several Obligations. 

No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by
such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Revolving Loan or to perform any
other obligation to be made or performed by such other Lender. 
 Section 3.5. Fees. 

(a) Closing Fee. On the Effective Date, the Borrower agrees to pay to the Administrative Agent and each Lender all fees then due and
payable as have been agreed to in writing by the Borrower, the Arranger and the Administrative Agent in the Fee Letter or otherwise. 
 (b)
Facility Fees. During the period from the Effective Date to but excluding the Revolving Termination Date, the Borrower agrees to pay to the Administrative Agent for the account of the Lenders an unused facility fee equal to the sum of the
daily amount (the “Unused Amount”) by which the aggregate amount of the Revolving Commitments exceeds the aggregate outstanding principal balance of Revolving Loans and Letter of Credit Liabilities set forth in the table below
multiplied by the corresponding per annum rate: 
  

					
	 Unused Amount
	  	Unused Fee
(percent per
annum)	 
	 Greater than or equal to 50% of the aggregate amount of Revolving Commitments
	  	 	0.25	% 
	 Less than 50% of the aggregate amount of Revolving Commitments
	  	 	0.15	% 

  
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 Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each
January, April, July and October during the term of this Agreement and on the Revolving Termination Date or any earlier date of termination of the Revolving Commitments or reduction of the Revolving Commitments to zero. 

(c) Letter of Credit Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a letter of credit fee
at a rate per annum equal to the Applicable Margin for LIBOR Loans times the daily average Stated Amount of each Letter of Credit for the period from and including the date of issuance of such Letter of Credit (x) to and including the date such
Letter of Credit expires or is cancelled or terminated or (y) to but excluding the date such Letter of Credit is drawn in full; provided, however, notwithstanding anything to the contrary contained herein, while any Event of
Default exists, such letter of credit fees shall accrue at the Post-Default Rate. In addition to such fees, the Borrower shall pay to each Issuing Bank solely for its own account, a fronting fee in respect of each Letter of Credit issued by such
Issuing Bank equal to 0.25 percent (0.25%) of the initial Stated Amount of such Letter of Credit. The fees provided for in this subsection shall be nonrefundable and payable, in the case of the fee provided for in the first sentence, in arrears
(i) quarterly on the first day of January, April, July and October, (ii) on the Revolving Termination Date, (iii) on the date the Revolving Commitments are terminated or reduced to zero and (iv) thereafter from time to time on
demand of the Administrative Agent and in the case of the fee provided for in the second sentence, at the time of issuance of such Letter of Credit. The Borrower shall pay directly to each Issuing Bank from time to time on demand all commissions,
charges, costs and expenses in the amounts customarily charged or incurred by such Issuing Bank from time to time in like circumstances with respect to the issuance, amendment, renewal or extension of any Letter of Credit or any other transaction
relating thereto. 
 (d) [Reserved.] 

(e) Revolving Credit Extension Fee. If the Revolving Termination Date is being extended in accordance with Section 2.14., the
Borrower shall pay to the Administrative Agent for the account of each Lender a fee equal to 0.125% of the amount of such Lender’s Revolving Commitment (whether or not utilized). Such fee shall be due and payable in full on the effective date
of such extension. 
 (f) Administrative and Other Fees. The Borrower agrees to pay the administrative and other fees of the
Administrative Agent as provided in the Fee Letter and as may be otherwise agreed to in writing from time to time by the Borrower and the Administrative Agent. 

Section 3.6. Computations. 
 Unless
otherwise expressly set forth herein, any accrued interest on any Revolving Loan, any Fees or any other Obligations due hereunder shall be computed on the basis of a year of 360 days and the actual number of days elapsed. 

Section 3.7. Usury. 
 In no event
shall the amount of interest due or payable on the Revolving Loans or other Obligations exceed the maximum rate of interest allowed by Applicable Law and, if any such payment is paid by the Borrower or any other Loan Party or received by any Lender,
then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing that the Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties
hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under Applicable Law. The parties hereto hereby agree and stipulate
that the only charge imposed upon the Borrower for the use 

  
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 of money in connection with this Agreement is and shall be the interest specifically described in
Section 2.6.(a)(i) and (ii). Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, facility fees, closing fees, letter of credit fees, underwriting fees, default charges, late
charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any Lender to third parties or for damages incurred by the Administrative
Agent or any Lender, in each case, in connection with the transactions contemplated by this Agreement and the other Loan Documents, are charges made to compensate the Administrative Agent or any such Lender for underwriting or administrative
services and costs or losses performed or incurred, and to be performed or incurred, by the Administrative Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. All
charges other than charges for the use of money shall be fully earned and nonrefundable when due. 
 Section 3.8. Statements of Account. 

The Administrative Agent will account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made
pursuant to this Agreement and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive upon the Borrower absent manifest error. The failure of the Administrative Agent to deliver such a statement of
accounts shall not relieve or discharge the Borrower from any of its obligations hereunder. 
 Section 3.9. Defaulting Lenders. 

Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such
Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 
 (a) Waivers and Amendments. Such Defaulting
Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Requisite Lenders and in Section 13.6. 

(b) Defaulting Lender Waterfall. Any payment of principal, interest, Fees or other amounts received by the Administrative Agent for the
account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article XI. or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 13.3. shall be applied at such time or
times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts
owing by such Defaulting Lender to the Issuing Banks hereunder; third, to Cash Collateralize the Issuing Banks’ Fronting Exposures with respect to such Defaulting Lender in accordance with subsection (e) below; fourth, as the
Borrower may request (so long as no Default or Event of Default exists), to the funding of any Revolving Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the
Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations
with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Banks’ future Fronting Exposures with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance
with subsection (e) below; sixth, to the payment of any amounts owing to the Lenders or the Issuing Banks as a result of any judgment of a court of competent jurisdiction obtained by any Lender or any Issuing Bank against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of
a 

  
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 court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the
principal amount of any Revolving Loans or amounts owing by such Defaulting Lender under Section 2.4.(j) in respect of Letters of Credit (such amounts “L/C Disbursements”), in respect of which such Defaulting Lender has not fully
funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Article VI. were satisfied or waived, such payment shall be applied solely to pay the Revolving
Loans of, and L/C Disbursements owed to, all Non- Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Revolving Loans of, or L/C Disbursements owed to, such Defaulting Lender
until such time as all Revolving Loans and funded and unfunded participations in Letter of Credit Liabilities are held by the Lenders pro rata in accordance with their respective Revolving Commitment Percentages (determined without giving effect to
the immediately following subsection (d)). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this subsection
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents thereto. 
 (c) Certain Fees.

 (i) No Defaulting Lender shall be entitled to receive any Fee payable under Section 3.5.(b) for any period during
which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(ii) Each Defaulting Lender shall be entitled to receive the Fee payable under Section 3.5.(c) for any period during which
that Lender is a Defaulting Lender only to the extent allocable to its Revolving Commitment Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to the immediately following subsection (e). 

(iii) With respect to any Fee not required to be paid to any Defaulting Lender pursuant to the immediately preceding clauses
(i) or (ii), the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such Fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s
participation in Letter of Credit Liabilities that has been reallocated to such Non-Defaulting Lender pursuant to the immediately following subsection (d), 

(y) pay to the Issuing Banks the amount of any such Fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing
Bank’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such Fee. 
 (d)
Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in Letter of Credit Liabilities shall be reallocated among the Non-Defaulting
Lenders in accordance with their respective Revolving Commitment Percentages (determined without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving
Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 13.19., no reallocation hereunder
shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender
as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

  
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 (e) Cash Collateral. 

(i) If the reallocation described in the immediately preceding subsection (d) above cannot, or can only partially, be
effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize the Issuing Banks’ Fronting Exposures in accordance with the procedures set forth in this subsection. 

(ii) At any time that there shall exist a Defaulting Lender, within 1 Business Day following the written request of the
Administrative Agent or an Issuing Bank (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize such Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to the
immediately preceding subsection (d) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the aggregate Fronting Exposure of such Issuing Bank with respect to Letters of Credit issued and outstanding at such
time. 
 (iii) The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to the
Administrative Agent, for the benefit of the Issuing Banks, and agree to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of Letter of
Credit Liabilities, to be applied pursuant to the immediately following clause (iv). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the
Issuing Banks as herein provided, or that the total amount of such Cash Collateral is less than the aggregate Fronting Exposures of the Issuing Banks with respect to Letters of Credit issued and outstanding at such time, the Borrower will, promptly
upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). 

(iv) Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section in
respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of Letter of Credit Liabilities (including, as to Cash Collateral provided by a Defaulting Lender, any
interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein. 

(v) Cash Collateral (or the appropriate portion thereof) provided to reduce the Issuing Banks’ Fronting Exposures shall no
longer be required to be held as Cash Collateral pursuant to this subsection following (x) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (y) the
determination by the Administrative Agent and the Issuing Banks that there exists excess Cash Collateral; provided that, subject to the immediately preceding subsection (b), the Person providing Cash Collateral and the Issuing Banks may (but
shall not be obligated to) agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations and provided further that to the extent that such Cash Collateral was provided by the Borrower, such Cash
Collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 
 (f) Defaulting Lender Cure. If
the Borrower, the Administrative Agent, and the Issuing Banks agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice
and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such
other actions as the Administrative Agent may determine to be necessary to cause 

  
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 the Revolving Loans and funded and unfunded participations in Letters of Credit to be held pro rata by the
Lenders in accordance with their respective Revolving Commitment Percentages (determined without giving effect to the immediately preceding subsection (d)), whereupon such Lender will cease to be a Defaulting Lender; provided that no
adjustments will be made retroactively with respect to Fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed
by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

(g) New Letters of Credit. So long as any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or
increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. 
 (h) Purchase
of Defaulting Lender’s Commitment/Loans. During any period that a Lender is a Defaulting Lender, the Borrower may, by the Borrower giving written notice thereof to the Administrative Agent, such Defaulting Lender and the other Lenders,
demand that such Defaulting Lender assign its Revolving Commitment to an Eligible Assignee subject to and in accordance with the provisions of Section 13.5.(b). No party hereto shall have any obligation whatsoever to initiate any such
replacement or to assist in finding an Eligible Assignee. In addition, any Lender who is not a Defaulting Lender may, but shall not be obligated, in its sole discretion, to acquire the face amount of all or a portion of such Defaulting Lender’s
Revolving Commitment via an assignment subject to and in accordance with the provisions of Section 13.5.(b). In connection with any such assignment, such Defaulting Lender shall promptly execute all documents reasonably requested to effect such
assignment, including an appropriate Assignment and Assumption and, notwithstanding Section 13.5.(b), shall pay to the Administrative Agent an assignment fee in the amount of $7,500. The exercise by the Borrower of its rights under this Section
shall be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent or any of the Lenders. 
 Section 3.10.
Taxes. 
 (a) Issuing Bank. For purposes of this Section, the term “Lender” includes the Issuing Banks and the term
“Applicable Law” includes FATCA. 
 (b) Payments Free of Taxes. Any and all payments by or on account of any obligation of
the Borrower or any other Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of an applicable
Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower or other applicable Loan Party shall be increased as necessary so that after
such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such
deduction or withholding been made. 
 (c) Payment of Other Taxes by the Borrower. The Borrower and the other Loan Parties shall
timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

  
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 (d) Indemnification by the Borrower. The Borrower and the other Loan Parties shall
jointly and severally indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or
paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a
Lender, shall be conclusive absent manifest error. 
 (e) Indemnification by the Lenders. Each Lender shall severally indemnify the
Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or another Loan Party has not already indemnified the Administrative Agent for such
Indemnified Taxes and without limiting the obligation of the Borrower and the other Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 13.5. relating to the maintenance of
a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be
conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender
from any other source against any amount due to the Administrative Agent under this subsection. 
 (f) Evidence of Payments. As soon
as practicable after any payment of Taxes by the Borrower or any other Loan Party to a Governmental Authority pursuant to this Section, the Borrower or such other Loan Party shall deliver to the Administrative Agent the original or a certified copy
of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(g) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in the immediately following clauses
(ii)(A), (ii)(B) and (ii)(D)) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal
or commercial position of such Lender. 
 (ii) Without limiting the generality of the foregoing, in the event that the
Borrower is a U.S. Person: 

  
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 (A) any Lender that is a U.S. Person shall deliver to the Borrower and the
Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), an electronic copy (or an original if
requested by the Borrower or the Administrative Agent) of an executed IRS Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), whichever of the following is applicable: 
 (I) in the case of a Foreign Lender claiming the
benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed
IRS Form W-8BEN, or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(II) an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-8ECI; 
 (III) in the case of a Foreign Lender claiming the benefits of the exemption
for portfolio interest under Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign
corporation” described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of IRS
Form W-8BEN or W-8BEN-E, as applicable; or 

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

  
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 (C) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Administrative Agent), an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of any other form prescribed by Applicable Law as a basis for claiming exemption from
or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction
required to be made; and 
 (D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal
withholding Tax 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 Internal Revenue Code, as applicable), such Lender shall
deliver to the Borrower and the Administrative Agent at the time or times prescribed by Applicable 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 Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative
Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause
(D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or certification
it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

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

  
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 (i) Survival. Each party’s obligations under this Section shall survive the
resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Revolving Commitments and the repayment, satisfaction or discharge of all obligations under any Loan
Document. 
 ARTICLE IV. [RESERVED.] 

ARTICLE V. YIELD PROTECTION, ETC. 

Section 5.1. Additional Costs; Capital Adequacy. 

(a) Capital Adequacy. If any Lender determines that any Regulatory Change affecting such Lender or any lending office of such Lender or
such Lender’s holding company, if any, regarding capital or liquidity ratios or requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if
any, as a consequence of this Agreement, the Revolving Commitments of such Lender or the Revolving Loans made by, or participations in Letters of Credit held by, such Lender, to a level below that which such Lender or such Lender’s holding
company could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay
to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 

(b) Additional Costs. If any Regulatory Change shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in LIBOR) or any Issuing Bank; 

(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto; or 
 (iii) imposes on any Lender or any Issuing Bank or the London interbank market any other condition, cost or
expense (other than Taxes) affecting this Agreement or the Revolving 
 Loans made by such Lender or any Letter of Credit or participation
therein; 
 and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting
to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, such Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, Issuing Bank or other Recipient hereunder (whether of principal, interest or any other amount)
then, upon request of such Lender, Issuing Bank or other Recipient, the Borrower will pay to such Lender, Issuing Bank or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, Issuing Bank or other
Recipient, as the case may be, for such additional costs incurred or reduction suffered. 

  
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 (c) Lender’s Suspension of LIBOR Loans. Without limiting the effect of the
provisions of the immediately preceding subsections (a) and (b) or the Replacement Rate provisions of Section 5.3(b) below, if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by
the excess above a specified level of the amount of a category of deposits or other liabilities of such Lender that includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of
extensions of credit or other assets of such Lender that includes LIBOR Loans or (ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the
Borrower (with a copy to the Administrative Agent), the obligation of such Lender to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended until such Regulatory Change ceases to be in effect (in which case the
provisions of Section 5.5. shall apply). 
 (d) [Reserved.] 

(e) Notification and Determination of Additional Costs. Each of the Administrative Agent, the Issuing Banks and the Lenders, as the case
may be, agrees to notify the Borrower (and in the case of an Issuing Bank or a Lender, to notify the Administrative Agent) of any event occurring after the Agreement Date entitling the Administrative Agent, such Issuing Bank or such Lender to
compensation under any of the preceding subsections of this Section as promptly as practicable. The failure of the Administrative Agent, any Issuing Bank or any Lender to give such notice shall not release the Borrower from any of its obligations
hereunder; provided, however, that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs incurred or reductions suffered more than nine months prior to the date
that such Lender or such Issuing Bank, as the case may be, notifies the Borrower of the Regulatory Change giving rise to such increased costs or reductions, and of such Lender’s or such Issuing Bank’s intention to claim compensation
therefor (except that, if the Regulatory Change giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). The Administrative
Agent, each Issuing Bank and each Lender, as the case may be, agrees to furnish to the Borrower (and in the case of an Issuing Bank or a Lender to the Administrative Agent as well) a certificate setting forth the basis and amount of each request for
compensation under this Section. Determinations by the Administrative Agent, such Issuing Bank or such Lender, as the case may be, of the effect of any Regulatory Change shall be conclusive and binding for all purposes, absent manifest error. The
Borrower shall pay the Administrative Agent, any such Issuing Bank and or any such Lender, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

Section 5.2. Suspension of LIBOR Loans. 

Unless and until a Replacement Rate is implemented in accordance with Section 5.3.(b) below, anything herein to the contrary
notwithstanding, if, on or prior to the determination of LIBOR for any Interest Period: 
 (a) the Administrative Agent shall determine
(which determination shall be conclusive) that reasonable and adequate means do not exist for the ascertaining LIBOR for such Interest Period; 

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

  
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 (c) the Administrative Agent reasonably determines (which determination shall be conclusive)
that the relevant rates of interest referred to in the definition of LIBOR upon the basis of which the rate of interest for LIBOR Loans for such Interest Period is to be determined are not likely to adequately cover the cost to any Lender of making
or maintaining LIBOR Loans for such Interest Period; 
 then the Administrative Agent shall give the Borrower and each Lender prompt notice thereof and, so
long as such condition remains in effect, the Lenders shall be under no obligation to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrower shall, on the last day of each current
Interest Period for each outstanding LIBOR Loan, either prepay such Loan or Convert such Loan into a Base Rate Loan. 
 Section 5.3. Illegality;
Replacement Rate. 
 (a) Illegality. Notwithstanding any other provision of this Agreement, if any Lender shall determine (which
determination shall be conclusive and binding) that it is unlawful for such Lender to honor its obligation to make or maintain LIBOR Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy of such notice to the
Administrative Agent) and such Lender’s obligation to make or Continue, or to Convert Loans of any other Type into, LIBOR Loans shall be suspended until such time as such Lender may again make and maintain LIBOR Loans (in which case the
provisions of Section 5.5. shall be applicable). 
 (b) Alternative Rate of Interest. Notwithstanding anything to the contrary in
Section 5.2 above, if the Administrative Agent has made the determination (such determination to be conclusive absent manifest error) that (i) the circumstances described in Section 5.2 have arisen and that such circumstances are
unlikely to be temporary, (ii) any applicable interest rate specified herein is no longer a widely recognized benchmark rate for newly originated loans in the United States syndicated loan market in the applicable currency or (iii) the
applicable supervisor or administrator (if any) of any applicable interest rate specified herein or any Governmental Authority having, or purporting to have, jurisdiction over the Administrative Agent has made a public statement identifying a
specific date after which any applicable interest rate specified herein shall no longer be used for determining interest rates for loans in the United States syndicated loan market in the applicable currency, then the Administrative Agent may, to
the extent practicable (in consultation with the Borrower and as determined by the Administrative Agent to be generally in accordance with similar situations in other transactions in which it is serving as administrative agent or otherwise
consistent with market practice generally), establish a replacement interest rate (the “Replacement Rate”), in which case, the Replacement Rate shall, subject to the next two sentences, replace such applicable interest rate for all
purposes under the Loan Documents unless and until (A) an event described in Section 5.2 or subsections (i), (ii) or (iii) occurs with respect to the Replacement Rate or (B) the Requisite Lenders (directly, or through the
Administrative Agent) notify the Borrower that the Replacement Rate does not adequately and fairly reflect the cost to the Lenders of funding the Loans bearing interest at the Replacement Rate. In connection with the establishment and application of
the Replacement Rate, this Agreement and the other Loan Documents shall be amended solely with the consent of the Administrative Agent, as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this
Section 5.3(b) (including, without limitation, adjustments to the interest rate margins or interest rate benchmark floors as the Administrative Agent or the Requisite Lenders may request to equalize (to the extent practicable), as of the
effective date of such amendment, the sum of the Replacement Rate and any applicable interest rate margin with respect thereto (taking into account applicable currencies and/or interest periods) with the sum of the applicable interest rate being
replaced with such Replacement Rate and the interest rate margin applicable thereto). Notwithstanding anything to the contrary in this Agreement or the other Loan Documents (including, without limitation, Section 13.6), such amendment shall
become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, 

  
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within five (5) Business Days of the delivery of such amendment to the Lenders, written notices from such Lenders that in the aggregate constitute Requisite Lenders, with each such notice
stating that such Lender objects to such amendment (which such notice shall note with specificity the particular provisions of the amendment to which such Lender objects). To the extent the Replacement Rate is approved by the Administrative Agent in
connection with this clause (b), the Replacement Rate shall be applied in a manner consistent with market practice; provided that, in each case, to the extent such market practice is not administratively feasible for the Administrative Agent, such
Replacement Rate shall be applied as otherwise reasonably determined by the Administrative Agent (it being understood that any such modification by the Administrative Agent shall not require the consent of, or consultation with, any of the Lenders).

 Section 5.4. Compensation. 
 The
Borrower shall pay to the Administrative Agent for the account of each Lender, upon the request of the Administrative Agent, such amount or amounts as the Administrative Agent shall determine in its sole discretion shall be sufficient to compensate
such Lender for any loss, cost or expense attributable to: 
 (a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan,
or Conversion of a LIBOR Loan, made by such Lender for any reason (including, without limitation, acceleration or the exercise by the Borrower of its rights under Section 5.6.) on a date other than the last day of the Interest Period for such
Loan; or 
 (b) any failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions
precedent specified in Section 6.2. to be satisfied) to borrow a LIBOR Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such Conversion or
Continuation. 
 Not in limitation of the foregoing, such compensation shall include, without limitation, in the case of a LIBOR Loan, an amount equal to
the then present value of (A) the amount of interest that would have accrued on such LIBOR Loan for the remainder of the Interest Period at the rate applicable to such LIBOR Loan, less (B) the amount of interest that would accrue on the
same LIBOR Loan for the same period if LIBOR were set on the date on which such LIBOR Loan was repaid, prepaid or Converted or the date on which the Borrower failed to borrow, Convert or Continue such LIBOR Loan, as applicable, calculating present
value by using as a discount rate LIBOR quoted on such date. Upon the Borrower’s request, the Administrative Agent shall provide the Borrower with a statement setting forth the basis for requesting such compensation and the method for
determining the amount thereof. Any such statement shall be conclusive absent manifest error. 
 Section 5.5. Treatment of Affected Loans. 

If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant
to Section 5.1.(c), Section 5.2. or Section 5.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a
Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as
applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion
no longer exist: 

  
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 (a) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments
and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and 

(b) all Revolving Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate
Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. 
 If such Lender or the
Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such Lender’s
LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding,
then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Revolving
Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Revolving Commitments. 

Section 5.6. Replacement of Lenders. 

If (a) a Lender requests compensation pursuant to Section 5.1. or requires the Borrower to pay any Indemnified Taxes or additional
amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.10 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 5.7, or
if any Lender is a Defaulting Lender or a Non- Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign
and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 13.5), all of its interests, rights (other than its existing rights to payments pursuant to Section 3.10 or
Section 5.1) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: 

(i) the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in
Section 13.5.(b)(iv); 
 (ii) such Lender shall have received payment of (x) the aggregate principal balance of all
Revolving Loans then owing to the such Lender, plus (y) the aggregate amount of payments previously made by the such Lender under Section 2.4.(j) that have not been repaid, plus (z) any accrued but unpaid interest
thereon and accrued but unpaid fees owing to such Lender, or any other amount as may be mutually agreed upon by such Lender and Eligible Assignee; 

(iii) in the case of any such assignment resulting from a claim for compensation under Section 5.1. or payments required
to be made pursuant to Section 3.10., such assignment will result in a reduction in such compensation or payments thereafter; 

(iv) such assignment does not conflict with Applicable Law; and 

(v) in the case of any assignment resulting from a Lender becoming a Non-Consenting
Lender, the applicable assignee shall have consented to the applicable consent, approval, amendment or waiver. 

  
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 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. 

Section 5.7. Change of Lending Office. 

If any Lender requests compensation under Section 5.1., or requires the Borrower to pay any Indemnified Taxes or additional amounts to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.10., then such Lender shall (at the written request of the Borrower) use reasonable efforts to designate a different Lending Office for funding or booking
its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (a) would eliminate or reduce amounts payable pursuant
to Section 3.10. or Section 5.1., as the case may be, in the future, and (b) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to
pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 Section 5.8. Assumptions
Concerning Funding of LIBOR Loans. 
 Calculation of all amounts payable to a Lender under this Article shall be made as though such
Lender had actually funded LIBOR Loans through the purchase of deposits in the relevant market bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the
relevant Interest Period; provided, however, that each Lender may fund each of its LIBOR Loans in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article. 

ARTICLE VI. CONDITIONS PRECEDENT 

Section 6.1. Initial Conditions Precedent. 

The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the
issuance of a Letter of Credit, is subject to the satisfaction or waiver of the following conditions precedent: 
 (a) The Administrative
Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent: 
 (i)
counterparts of this Agreement executed by each of the parties hereto; 
 (ii) Revolving Notes executed by the Borrower,
payable to each applicable Lender (excluding any Lender that has requested that it not receive Revolving Notes) and complying with the terms of Section 2.12.(a); 

(iii) the Guaranty executed by each of the Guarantors initially to be a party thereto; 

(iv) an opinion of Morgan, Lewis & Bockius LLP, counsel to the Borrower and the other Loan Parties, addressed to the
Administrative Agent and the Lenders and covering such matters as the Administrative Agent may reasonably request; 
 (v) the
certificate or articles of incorporation or formation, articles of organization, certificate of limited partnership, declaration of trust or other comparable organizational instrument (if any) of each Loan Party certified as of a recent date by the
Secretary of State of the state of formation of such Loan Party; 

  
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 (vi) a certificate of good standing (or certificate of similar meaning) with
respect to each Loan Party issued as of a recent date by the Secretary of State of the state of formation of each such Loan Party and certificates of qualification to transact business or other comparable certificates issued as of a recent date by
each Secretary of State (and any state department of taxation, as applicable) of each state in which such Loan Party is required to be so qualified and where failure to be so qualified could reasonably be expected to have a Material Adverse Effect;

 (vii) a certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar
functions) of each Loan Party with respect to each of the officers of such Loan Party authorized to execute and deliver the Loan Documents to which such Loan Party is a party, and in the case of the Borrower, authorized to execute and deliver on
behalf of the Borrower Notices of Borrowing, requests for Letters of Credit, Notices of Conversion and Notices of Continuation; 

(viii) copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan
Party of (A) the by-laws of such Loan Party, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or other comparable
document in the case of any other form of legal entity and (B) all corporate, partnership, member or other necessary action taken by such Loan Party to authorize the execution, delivery and performance of the Loan Documents to which it is a
party; 
 (ix) an Unencumbered Property Certificate calculated as of the Effective Date; 

(x) a Compliance Certificate calculated on a pro forma basis for the Borrower’s fiscal quarter ending September 30,
2018; 
 (xi) a Disbursement Instruction Agreement effective as of the Agreement Date; 

(xii) copies of all Material Contracts (other than Tenant Leases) and Specified Derivatives Contracts in existence on the
Agreement Date; 
 (xiii) copies of the forms of Tenant Leases expected to be used for each Property from the Effective Date
until the Revolving Termination Date and each Tenant Lease, other than Tenant Leases which relate to multi-family Properties, entered into as of the Agreement Date with respect to such Property; 

(xiv) evidence that the Fees, if any, then due and payable under Section 3.5., together with all other fees, expenses and
reimbursement amounts due and payable to the Administrative Agent and any of the Lenders, including without limitation, the fees and expenses of counsel to the Administrative Agent, have been paid; 

(xv) a customary certificate, dated the Closing Date and signed by an authorized officer of the Borrower, certifying as to the
matters set forth in clauses (b), (c), (d) and (e) below (as of the Closing Date after giving effect to this Agreement and any borrowings or other extensions of credit hereunder that may be made on the Closing Date); and 

  
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 (xvi) such other documents, agreements and instruments as the Administrative
Agent, or any Lender through the Administrative Agent, may reasonably request; 
 (b) there shall not have occurred or become known to the
Administrative Agent or any of the Lenders any event, condition, situation or status since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning the Borrower and its
Subsidiaries delivered to the Administrative Agent and the Lenders prior to the Agreement Date that has had or could reasonably be expected to result in a Material Adverse Effect; 

(c) there shall not have occurred or become known to the Administrative Agent or any of the Lenders any material adverse change in the
financial condition of the Parent or the Borrower since June 30, 2018; 
 (d) no litigation, action, suit, investigation or other
arbitral, administrative or judicial proceeding shall be pending or threatened which could reasonably be expected to (i) result in a Material Adverse Effect or (ii) restrain or enjoin, impose materially burdensome conditions on, or
otherwise materially and adversely affect, the ability of the Parent, the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; 

(e) the Borrower, the other Loan Parties and the other Subsidiaries shall have received all approvals, consents and waivers, and shall have
made or given all necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict with or violation of (i) any Applicable Law or (ii) any
agreement, document or instrument to which any Loan Party is a party or by which any of them or their respective properties is bound; 
 (f)
Upon the reasonable request of any Lender made at least ten (10) days prior to the Closing Date, the Borrower shall have provided to such Lender the documentation and other information so requested in connection with applicable “know your
customer” and anti-money-laundering rules and regulations, including the PATRIOT Act, in each case at least five (5) days prior to the Closing Date; and 

(g) At least five (5) days prior to the Closing Date, any Borrower that qualifies as a “legal entity customer” under the
Beneficial Ownership Regulation shall deliver a Beneficial Ownership Certification in relation to such Borrower. 
 Section 6.2. Conditions
Precedent to All Loans and Letters of Credit. 
 In addition to satisfaction or waiver of the conditions precedent to the first Credit
Event contained in Section 6.1., the obligations of (i) Lenders to make any Revolving Loans and (ii) the Issuing Banks to issue Letters of Credit are each subject to the further conditions precedent that: (a) no Default or Event
of Default shall exist as of the date of the making of such Loan or date of issuance of such Letter of Credit or would exist immediately after giving effect thereto, and no violation of the limits described in Section 2.16. would occur after
giving effect thereto; (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the
case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of the making of such Loan or date of issuance of such Letter of Credit
with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and
correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for
changes in factual 

  
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circumstances not prohibited under the Loan Documents and (c) in the case of the borrowing of Revolving Loans, the Administrative Agent shall have received a timely Notice of Borrowing, and
in the case of the issuance of a Letter of Credit the applicable Issuing Bank and the Administrative Agent shall have received a timely request for the issuance of such Letter of Credit. Each Credit Event shall constitute a certification by the
Borrower to the effect set forth in the preceding sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of
the date of the occurrence of such Credit Event). In addition, the Borrower shall be deemed to have represented to the Administrative Agent and the Lenders at the time any Revolving Loan is made or any Letter of Credit is issued that all conditions
to the making of such Loan or issuing of such Letter of Credit contained in this Article VI. have been satisfied. Unless set forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a certification by such Lender
to the Administrative Agent for the benefit of the Administrative Agent and the Lenders that the conditions precedent for initial Loans set forth in Sections 6.1. and 6.2. that have not previously been waived by the Lenders in accordance with the
terms of this Agreement have been satisfied. 
 ARTICLE VII. REPRESENTATIONS AND WARRANTIES 

Section 7.1. Representations and Warranties. 

In order to induce the Administrative Agent and each Lender to enter into this Agreement and to make Loans and, in the case of the Issuing
Banks, to issue Letters of Credit, the Borrower represents and warrants to the Administrative Agent, each Issuing Bank and each Lender as follows: 

(a) Organization; Power; Qualification. Each of the Borrower and the other Loan Parties is a corporation, partnership or other legal
entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority to own or lease its respective properties and to carry on its respective business as now
being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and authorized to do business, in each jurisdiction in which the character of its properties or
the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect. None of the Borrower or any other Loan
Party is an EEA Financial Institution. As of the Closing Date, the information included in the Beneficial Ownership Certification is true and correct in all respects. 

(b) Ownership Structure. Part I of Schedule 7.1.(b) is, as of the Agreement Date, a complete and correct list of all Subsidiaries of the
Borrower setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding any Equity Interest in such Subsidiary, (iii) the nature of the Equity Interests held by each such
Person and (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests. As of the Agreement Date, except as disclosed in such Schedule, (A) the Borrower owns, free and clear of all Liens (other than Permitted
Liens of the types described in clause (a) of the definition of the term “Permitted Liens”), and has the unencumbered right to vote, all outstanding Equity Interests in each Subsidiary shown to be held by it on such Schedule,
(B) all of the issued and outstanding capital stock of each such Subsidiary organized as a corporation is validly issued, fully paid and nonassessable and (C) there are no outstanding subscriptions, options, warrants, commitments,
preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of
capital stock of any class, or partnership or other ownership interests of any type in, any such Subsidiary. As of the Agreement Date, Part II of Schedule 7.1.(b) correctly sets forth all Unconsolidated Affiliates of the Borrower, including the
correct legal name of such Person, the type of legal entity which each such Person is, and all Equity Interests in such Person held directly or indirectly by the Borrower. 

  
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 (c) Authorization of Loan Documents and Borrowings. The Borrower has the right and
power, and has taken all necessary action to authorize it, to borrow and obtain other extensions of credit hereunder. The Borrower and each other Loan Party has the right and power, and has taken all necessary action to authorize it, to execute,
deliver and perform each of the Loan Documents to which it is a party in accordance with their respective terms and to consummate the transactions contemplated hereby and thereby. The Loan Documents to which the Borrower or any other Loan Party is a
party have been duly executed and delivered by the duly authorized officers of such Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as the same
may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein
or therein and as may be limited by equitable principles generally. 
 (d) Compliance of Loan Documents with Laws. The execution,
delivery and performance of this Agreement and the other Loan Documents to which any Loan Party is a party in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and will not, by the passage of
time, the giving of notice, or both: (i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to the Borrower or any other Loan Party; 

(ii) conflict with, result in a breach of or constitute a default under the organizational documents of any Loan Party, or any indenture, agreement or other
instrument to which the Borrower or any other Loan Party is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now
owned or hereafter acquired by any Loan Party other than in favor of the Administrative Agent for its benefit and the benefit of the other Lender Parties. 

(e) Compliance with Law; Governmental Approvals. Each of the Borrower and the other Loan Parties is in compliance with each Governmental
Approval and all other Applicable Laws relating to it except for noncompliances which, and Governmental Approvals the failure to possess which, could not, individually or in the aggregate, reasonably be expected to cause a Default or Event of
Default or have a Material Adverse Effect. 
 (f) Title to Properties; Liens. Schedule 7.1.(f) is, as of the Agreement Date, a
complete and correct listing of all real estate assets of the Borrower and each other Loan Party, setting forth, for each such Property, the current occupancy status of such Property and whether such Property is a Development Property and, if such
Property is a Development Property, the status of completion of such Property. Each of the Borrower and each other Loan Party has good, marketable and legal title to, or a valid leasehold interest in, its respective assets. 

(g) Existing Indebtedness; Total Liabilities. Part I of Schedule 7.1.(g) is, as of the Agreement Date, a complete and correct listing of
all Indebtedness (including all Guarantees) of each of the Borrower and the other Loan Parties, and if such Indebtedness is secured by any Lien, a description of all of the property subject to such Lien. As of the Agreement Date, the Borrower and
the other Loan Parties have performed and are in compliance with all of the terms of such Indebtedness and all instruments and agreements relating thereto, and no default or event of default, or event or condition which with the giving of notice,
the lapse of time, or both, would constitute a default or event of default, exists with respect to any such Indebtedness. Part II of Schedule 7.1.(g) is, as of the Agreement Date, a complete and correct listing of all Total Liabilities of the
Borrower and the other Loan Parties (excluding any Indebtedness set forth on Part I of such Schedule). 

  
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 (h) Material Contracts. Schedule 7.1.(h) is, as of the Agreement Date, a true,
correct and complete listing of all Material Contracts (other than Tenant Leases). Each of the Borrower and the other Loan Parties that are parties to any Material Contract has performed and is in compliance with all of the terms of such Material
Contract, and no default or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute such a default or event of default, exists with respect to any such Material Contract. 

(i) Litigation. Except as set forth on Schedule 7.1.(i), there are no actions, suits or proceedings pending (or, to the knowledge of any
Loan Party, are there any actions, suits or proceedings threatened, nor is there any basis therefor) against or in any other way relating adversely to or affecting the Borrower or any other Loan Party or any of their respective property in any court
or before any arbitrator of any kind or before or by any other Governmental Authority which, (i) could reasonably be expected to have a Material Adverse Effect or (ii) in any manner draws into question the validity or enforceability of any
Loan Document. There are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to, any Loan Party which, if such event occurs, could reasonably be expected to have a Material Adverse Effect.

 (j) Taxes. All federal, state and other tax returns of the Borrower and each other Loan Party required by Applicable Law to be
filed have been duly filed, and all federal, state and other material taxes, assessments and other governmental charges or levies upon, each Loan Party and their respective properties, income, profits and assets which are due and payable have been
paid, except any such nonpayment or non-filing which is at the time permitted under Section 8.6. As of the Agreement Date, none of the United States income tax returns of the Borrower or any other Loan
Party is under audit. 
 (k) Financial Statements. The Parent has furnished to each Lender copies of (i) the audited consolidated
balance sheet of the Parent and its consolidated Subsidiaries for the fiscal year ended December 31, 2017, and the related audited consolidated statements of operations, shareholders’ equity and cash flows for the fiscal year ended on such
date, with the opinion thereon of PricewaterhouseCoopers LLP, (ii) the audited consolidated balance sheet of the Parent and its consolidated Subsidiaries for the fiscal quarter ended June 30, 2018, and the related audited consolidated
statements of operations, shareholders’ equity and cash flows for the fiscal quarter ended on such date, with the opinion thereon of PricewaterhouseCoopers LLP, and (iii) the unaudited consolidated balance sheet of the Parent and its
consolidated Subsidiaries for the fiscal quarter ended September 30, 2018, and the related unaudited consolidated statements of operations, shareholders’ equity and cash flows of the Parent and its consolidated Subsidiaries for the fiscal
quarter period ended on such date. Such financial statements (including in each case related schedules and notes) are complete and correct in all material respects and present fairly, in accordance with GAAP consistently applied throughout the
periods involved, the consolidated financial position of the Parent and its consolidated Subsidiaries as at their respective dates and the results of operations and the cash flows for such periods (subject, as to unaudited interim statements, to
changes resulting from normal year-end audit adjustments). Neither the Parent nor any of its Subsidiaries has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes,
unusual or long-term commitments or unrealized or forward anticipated losses from any unfavorable commitments that would be required to be set forth in its financial statements or notes thereto, except as referred to or reflected or provided for in
said financial statements. 
 (l) No Material Adverse Change. Since September 30, 2018, there has been no event, change,
circumstance or occurrence that could reasonably be expected to have a Material Adverse Effect. Each of the Borrower and the other Loan Parties is Solvent. 

(m) Operating Statements. Each of the operating summaries pertaining to each of the Properties then included in calculations of the
Unencumbered Asset Value delivered by the Borrower to the Administrative Agent in accordance with Section 9.4.(e) fairly presents the Net Operating Income and Occupancy Rate of each such Property for the period then ended. 

  
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 (n) ERISA. 

(i) Each Benefit Arrangement is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and other
Applicable Laws in all material respects. Except with respect to Multiemployer Plans, each Qualified Plan (A) has received a favorable determination from the Internal Revenue Service applicable to such Qualified Plan’s current remedial
amendment cycle (as defined in Revenue Procedure 2007-44 or “2007-44” for short), (B) has timely filed for a favorable determination letter from the Internal
Revenue Service during its staggered remedial amendment cycle (as defined in 2007-44) and such application is currently being processed by the Internal Revenue Service, (C) had filed for a determination
letter prior to its “GUST remedial amendment period” (as defined in 2007-44) and received such determination letter and the staggered remedial amendment cycle first following the GUST remedial
amendment period for such Qualified Plan has not yet expired, or (D) is maintained under a prototype plan and may rely upon a favorable opinion letter issued by the Internal Revenue Service with respect to such prototype plan. To the best
knowledge of the Borrower, nothing has occurred which would cause the loss of its reliance on each Qualified Plan’s favorable determination letter or opinion letter. 

(ii) With respect to any Benefit Arrangement that is a retiree welfare benefit arrangement, all amounts have been accrued on
the applicable ERISA Group’s financial statements in accordance with FASB ASC 715 in all material respects. The “benefit obligation” of all Plans does not exceed the “fair market value of plan assets” for such Plans by more
than $10,000,000 all as determined by and with such terms defined in accordance with FASB ASC 715. 
 (iii) Except as could
not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) no ERISA Event has occurred or is reasonably expected to occur; (ii) there are no pending, or to the best knowledge of the Borrower,
threatened, claims, actions or lawsuits or other action by any Governmental Authority, plan participant or beneficiary with respect to a Benefit Arrangement; (iii) to the best knowledge of the Borrower, there are no violations of the fiduciary
responsibility rules by a member of the ERISA Group with respect to any Benefit Arrangement; (iv) no member of the ERISA Group has engaged in a non-exempt “prohibited transaction,” as defined in
Section 406 of ERISA and Section 4975 of the Internal Revenue Code, in connection with any Plan, that would subject any member of the ERISA Group to a material tax on prohibited transactions imposed by Section 502(i) of ERISA or
Section 4975 of the Internal Revenue Code; and (v) no assessment or tax has been imposed under Section 4980H of the Internal Revenue Code. 

(o) Absence of Default. None of the Loan Parties is in default under its certificate or articles of incorporation or formation, bylaws,
partnership agreement or other similar organizational documents, and no event has occurred, which has not been remedied, cured or waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes, or which with the
passage of time, the giving of notice, or both, would constitute, a default or event of default by, any Loan Party under any agreement (other than this Agreement) or judgment, decree or order to which any such Person is a party or by which any such
Person or any of its respective properties may be bound where such default or event of default could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 (p) Environmental Laws. In the ordinary course of business and from time to time each
of the Borrower and each other Loan Party conducts reviews of the effect of Environmental Laws on its respective business, operations and properties, including without limitation, its respective Properties, in the course of which the Borrower or
such other Loan Party identifies and evaluates associated actual and potential liabilities and costs (including, without limitation, determining whether any capital or operating expenditures are required for
clean-up or closure of properties presently or previously owned, determining whether any capital or operating expenditures are required to achieve or maintain compliance in all material respects with
Environmental Laws or required as a condition of any Governmental Approval, any contract, or any related constraints on operating activities, determining whether any costs or liabilities exist in connection with
on-site or off-site treatment, storage, handling and disposal of wastes or Hazardous Materials, and determining whether any actual or potential liabilities to third
parties, including employees, and any related costs and expenses exist). Each of the Borrower and each other Loan Party: (i) is in compliance with all Environmental Laws applicable to its business, operations and the Properties, (ii) has obtained
all Governmental Approvals which are required under Environmental Laws, and each such Governmental Approval is in full force and effect, and (iii) is in compliance with all terms and conditions of such Governmental Approvals, where with respect
to each of the immediately preceding clauses (i) through (iii) the failure to obtain or to comply with could reasonably be expected to have a Material Adverse Effect. Except for any of the following matters that could not reasonably be expected
to have a Material Adverse Effect, no Loan Party has any knowledge of, nor has any Loan Party received notice of, any past, present, or pending releases, events, conditions, circumstances, activities, practices, incidents, facts, occurrences,
actions, or plans that, with respect to any Loan Party, their respective businesses, operations or with respect to the Properties, may: (x) cause or contribute to an actual or alleged violation of or noncompliance with Environmental Laws,
(y) cause or contribute to any other potential common-law or legal claim or other liability, or (z) cause any of the Properties to become subject to any restrictions on ownership, occupancy, use or
transferability under any Environmental Law or require the filing or recording of any notice, approval or disclosure document under any Environmental Law and, with respect to the immediately preceding clauses (x) through (z) is based on or
related to the on-site or off-site manufacture, generation, processing, distribution, use, treatment, storage, disposal, transport, removal, clean up or handling, or the
emission, discharge, release or threatened release of any Hazardous Material, or any other requirement under Environmental Law. There is no civil, criminal, or administrative action, suit, demand, claim, hearing, notice, or demand letter, mandate,
order, lien, request, investigation, or proceeding pending or, to the Borrower’s knowledge after due inquiry, threatened, against the Borrower or any other Loan Party relating in any way to Environmental Laws which, could reasonably be expected
to have a Material Adverse Effect. None of the Properties is listed on or proposed for listing on the National Priority List promulgated pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and its
implementing regulations, or any state or local priority list promulgated pursuant to any analogous state or local law. To the Borrower’s knowledge, no Hazardous Materials generated at or transported from the Properties are or have been
transported to, or disposed of at, any location that is listed or proposed for listing on the National Priority List or any analogous state or local priority list, or any other location that is or has been the subject of a clean-up, removal or remedial action pursuant to any Environmental Law, except to the extent that such transportation or disposal could not reasonably be expected to result in a Material Adverse Effect. 

(q) Investment Company. None of the Borrower or any other Loan Party is (i) required to register as an “investment
company” within the meaning of the Investment Company Act of 1940 or (ii) subject to any other Applicable Law which purports to regulate or restrict its ability to borrow money or obtain other extensions of credit or to consummate the
transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party. 
 (r) Margin
Stock. None of the Borrower or any other Loan Party is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin
stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System. 

  
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 (s) Affiliate Transactions. Except as permitted by Section 10.10. or as
otherwise set forth on Schedule 7.1.(s), none of the Borrower or any other Loan Party is a party to or bound by any agreement or arrangement with any Affiliate. 

(t) Intellectual Property. Each of the Loan Parties owns or has the right to use, under valid license agreements or otherwise, all
patents, licenses, franchises, trademarks, trademark rights, service marks, service mark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual Property”) necessary to the conduct of its
businesses, without known conflict with any patent, license, franchise, trademark, trademark right, service mark, service mark right, trade secret, trade name, copyright, or other proprietary right of any other Person. All such Intellectual Property
is fully protected and/or duly and properly registered, filed or issued in the appropriate office and jurisdictions for such registrations, filing or issuances. No material claim has been asserted by any Person with respect to the use of any such
Intellectual Property by the Borrower or any other Loan Party, or challenging or questioning the validity or effectiveness of any such Intellectual Property. The use of such Intellectual Property by the Borrower and the other Loan Parties does not
infringe on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on the part of the Borrower or any other Loan Party that could reasonably be expected to have a Material Adverse
Effect. 
 (u) Business. As of the Agreement Date, the Borrower and the other Loan Parties are engaged in the business of owning,
operating and maintaining Real Property Investments, together with other business activities incidental thereto. 
 (v) Broker’s
Fees. No broker’s or finder’s fee, commission or similar compensation will be payable with respect to the transactions contemplated hereby. No other similar fees or commissions will be payable by any Loan Party for any other services
rendered to the Borrower or any other Loan Party ancillary to the transactions contemplated hereby. 
 (w) Accuracy and Completeness of
Information. The Borrower has disclosed to the Administrative Agent, the Issuing Banks and the Lenders all agreements, instruments and corporate or other restrictions to which the Borrower or any other Loan Party is subject, and all other
matters known to them, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No financial statement, material report, material certificate or other material information furnished (whether in
writing or orally) by or on behalf of the Borrower or any other Loan Party to the Administrative Agent, any Issuing Bank or any Lender in connection with the transactions contemplated by the Loan Documents and the negotiation of the Loan Documents
or delivered hereunder or thereunder (as modified or supplemented by other information so furnished), taken together as a whole, contains any untrue statement of a material fact or omits to state any material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, pro forma financial information, estimated financial information and other
projected or estimated information, such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being recognized by the Lenders that projections are not to be viewed as facts and that the actual
results during the period or periods covered by such projections may vary from such projections). 
 (x) Not Plan Assets; No Prohibited
Transactions. None of the assets of the Borrower or any other Loan Party constitutes “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. Assuming the accuracy of
Section 13.5.(g), the execution, delivery and performance of this Agreement and the other Loan Documents, and the extensions of credit and repayment of amounts hereunder, do not and will not constitute
non-exempt “prohibited transactions” under ERISA or the Internal Revenue Code. 

  
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 (y) Anti-Corruption Laws and Sanctions. None of the Borrower, any Subsidiary, any of
their respective directors, officers, or employees, or, to the Borrower’s knowledge, its Affiliates or any agent or representative of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from this
Agreement, (i) is a Sanctioned Person or currently the subject or target of any Sanctions, (ii) is owned or controlled by, or is acting on behalf of, a Sanctioned Person, (iii) has its assets located in a Sanctioned Country in violation of
any Applicable Law, (iv) directly or indirectly derives revenues from investments in, or transactions with, Sanctioned Persons in violation of any Applicable Law, (v) has violated any Anti-Money Laundering Law in any material respect, or
(vi) to the best of the Borrower’s knowledge, after due care and inquiry, is under investigation for an alleged breach of Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws by a Governmental Authority that enforces such
Sanctions or laws, as applicable. Each of the Borrower and its Subsidiaries, and to the knowledge of Borrower, each director, officer, employee, agent and Affiliate of Borrower and each such Subsidiary, is in compliance with the Anti-Corruption Laws
in all material respects. The Borrower has implemented, maintains in effect and complies with policies and procedures designed to ensure compliance with the Anti-Money Laundering Laws, Anti-Corruption Laws and applicable Sanctions by the Borrower,
its Subsidiaries, their respective directors, officers, employees, Affiliates and agents and representatives of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from this Agreement. 

(z) REIT Status. The Parent qualifies as, and has elected to be treated as, a REIT and is in compliance with all requirements and
conditions imposed under the Internal Revenue Code to allow the Parent to maintain its status as a REIT. 
 (aa) Unencumbered
Properties. Each Property included in calculations of the Unencumbered Asset Value satisfies all of the requirements contained in the definition of “Unencumbered Properties” and Section 10.1(i) (except to the extent such
requirements were waived by the Requisite Lenders to the extent permitted under Section 10.1(i) or Section 13.6.). 
 Section 7.2.
Survival of Representations and Warranties, Etc. 
 All statements contained in any certificate, financial statement or other instrument
delivered by or on behalf of any Loan Party to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made in or in connection
with any amendment thereto or any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party prior to the Agreement Date and delivered to the Administrative Agent, any Issuing Bank or
any Lender in connection with the underwriting or closing the transactions contemplated hereby) shall constitute representations and warranties made by the Borrower under this Agreement. All representations and warranties made under this Agreement
and the other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date, the date on which any extension of the Revolving Termination Date is effectuated pursuant to Section 2.14, the date on which any
increase of the Revolving Commitments is effectuated pursuant to Section 2.17, and at and as of the date of the occurrence of each Credit Event, except to the extent that such representations and warranties expressly relate solely to an earlier
date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be
true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. All such representations and warranties shall survive the effectiveness of this Agreement, the
execution and delivery of the Loan Documents and the making of the Revolving Loans and the issuance of the Letters of Credit. 

  
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 ARTICLE VIII. AFFIRMATIVE COVENANTS 

For so long as this Agreement is in effect, the Borrower shall comply with the following covenants: 

Section 8.1. Preservation of Existence and Similar Matters. 

Except as otherwise permitted under Section 10.4., the Borrower shall, and shall cause each other Loan Party to, (a) preserve and
maintain its respective existence in the jurisdiction of its incorporation or formation, (b) preserve and maintain its respective rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and
(c) qualify and remain qualified and authorized to do business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization except in the case of clauses (a) (solely
with respect to Guarantors), (b) and (c), to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

Section 8.2. Compliance with Applicable Law. 

The Borrower shall comply, and shall cause each other Loan Party to comply, and the Borrower shall use, and shall cause each other Loan Party
to use, commercially reasonable efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Applicable Law, including the obtaining of all Governmental Approvals, the failure with which to comply could
reasonably be expected to have a Material Adverse Effect. The Borrower shall maintain in effect and enforce policies and procedures designed to ensure compliance with the Anti-Corruption Laws and applicable Sanctions by the Borrower, its
Subsidiaries, their respective directors, officers, employees, Affiliates and agents and representatives of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from this Agreement. 

Section 8.3. Maintenance of Property. 

In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Loan Party to, protect and
preserve all of its respective material properties, including, but not limited to, all Intellectual Property necessary to the conduct of its respective business, and maintain in good repair, working order and condition all tangible properties,
ordinary wear and tear excepted. 
 Section 8.4. Conduct of Business. 

The Borrower shall, and shall cause each other Loan Party to, carry on its respective businesses as described in Section 7.1.(u). 

Section 8.5. Insurance. 
 In addition
to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Loan Party to, maintain insurance (on a replacement cost basis) with financially sound and reputable insurance companies against such risks and in
such amounts as is customarily maintained by Persons engaged in similar businesses or as may be required by Applicable Law. The Borrower shall from time to time deliver to the Administrative Agent upon request a detailed list, together with copies
of all policies of the insurance then in effect, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby. Such insurance shall, in any
event, include terrorism coverage. 

  
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 Section 8.6. Payment of Taxes and Claims. 

The Borrower shall, and shall cause each other Loan Party to, pay and discharge when due (a) all taxes, assessments and governmental
charges or levies imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which,
if unpaid, might become a Lien on any properties of such Person; provided, however, that this Section shall not require the payment or discharge of any such tax, assessment, charge, levy or claim which is being contested in good faith
by appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves have been established on the books of such Person in accordance with GAAP. 

Section 8.7. Books and Records; Inspections. 

The Borrower shall, and shall cause each other Loan Party to, keep proper books of record and account in which full, true and correct entries
shall be made of all dealings and transactions in relation to its business and activities. The Borrower shall, and shall cause each other Loan Party to, permit representatives of the Administrative Agent or any Lender to visit and inspect any of
their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers, employees and independent public accountants (in
the presence of an officer of the Borrower), all at such reasonable times during business hours and as often as may reasonably be requested and so long as no Event of Default exists, with reasonable prior notice. The Borrower shall be obligated to
reimburse the Administrative Agent and the Lenders for their costs and expenses incurred in connection with the exercise of their rights under this Section only if such exercise occurs while a Default or Event of Default exists. The Borrower hereby
authorizes and instructs its accountants to discuss the financial affairs of the Borrower or any other Loan Party with the Administrative Agent or any Lender in the presence of an officer of the Borrower. 

Section 8.8. Use of Proceeds. 
 The
Borrower will use the proceeds of Loans only to provide for the working capital needs of the Borrower and its Subsidiaries and for other general organizational purposes of the Borrower and its Subsidiaries. The Borrower shall only use Letters of
Credit for the same purposes for which it may use the proceeds of Loans. 
 Section 8.9. Environmental Matters. 

The failure with which to comply could reasonably be expected to have a Material Adverse Effect. The Borrower shall comply, and shall cause
each other Loan Party to comply, and the Borrower shall use, and shall cause each other Loan Party to use, commercially reasonable efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Environmental
Laws the failure with which to comply could reasonably be expected to have a Material Adverse Effect. The Borrower shall, and shall cause each other Loan Party to, promptly take all actions and pay or arrange to pay all costs necessary for it and
for the Properties to comply in all material respects with all Environmental Laws and all Governmental Approvals, including actions to remove and dispose of all Hazardous Materials and to clean up the Properties as required under Environmental Laws.
The Borrower shall, and shall cause each other Loan Party to, promptly take all actions necessary to prevent the imposition of any Liens on any of their respective properties arising out of or related to any Environmental Laws. Nothing in this
Section shall impose any obligation or liability whatsoever on the Administrative Agent, any Issuing Bank or any Lender. 

  
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 Section 8.10. Further Assurances. 

At the Borrower’s cost and expense and upon request of the Administrative Agent, the Borrower shall, and shall cause each other Loan Party
to, duly execute and deliver or cause to be duly executed and delivered, to the Administrative Agent such further instruments, documents and certificates, and do and cause to be done such further acts that may be reasonably necessary or advisable in
the reasonable opinion of the Administrative Agent to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents. 

Section 8.11. Material Contracts. 

The Borrower shall, and shall cause each other Loan Party to, duly and punctually perform and comply with any and all material representations,
warranties, covenants and agreements expressed as binding upon any such Person under any Material Contract. The Borrower shall not, and shall not permit any other Loan Party to, do or knowingly permit to be done anything to impair materially the
value of any of the Material Contracts. 
 Section 8.12. REIT Status. 

The Parent shall maintain its status as, and election to be treated as, a REIT under the Internal Revenue Code. 

Section 8.13. [Reserved.] 
 Section 8.14.
Guarantors. 
 (a) Within five (5) Business Days following the date on which either of the following conditions in clauses (i), (ii)
or (iii) below first applies to any Person that is not already a Guarantor, the Borrower shall deliver or cause to be delivered to the Administrative Agent each of the following in form and substance satisfactory to the Administrative Agent:
(i) an Accession Agreement executed by such Person (or if the Guaranty is not then in effect, a guaranty agreement in form and substance satisfactory to the Administrative Agent) and (ii) the items that would have been delivered under
Sections 6.1.(a)(iv) through (viii) and (xvi) and Section 6.1.(f) if such Person had been a Loan Party on the Agreement Date: 

(i) such Person that is a Subsidiary (other than an Excluded Subsidiary) owns, directly or indirectly, an Unencumbered
Property; 
 (ii) such Person that is a Subsidiary (other than an Excluded Subsidiary) guarantees, or otherwise becomes
obligated in respect of any Indebtedness of the Borrower or any other Subsidiary; or 
 (iii) such Person acquires or
otherwise holds, directly, any Equity Interests in the Borrower. 

  
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 provided, however, promptly (and in any event within 5 Business Days) upon any Excluded
Subsidiary ceasing to be subject to the restriction which prevented it from becoming a Guarantor on the Effective Date or delivering an Accession Agreement pursuant to this Section, as the case may be, such Subsidiary shall comply with the
provisions of this Section. 
 (b) The Borrower may request in writing that the Administrative Agent release, and upon receipt of such
request the Administrative Agent shall release, a Guarantor (other than Parent) from the Guaranty so long as: (i) such Guarantor is not (or simultaneously upon its release as a Guarantor will not be) required to be a party to the Guaranty under
the immediately preceding subsection (a); (ii) no Default or Event of Default shall then be in existence or would occur as a result of such release, including without limitation, a Default or Event of Default resulting from a violation of any of the
covenants contained in Section 10.1.; (iii) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material
respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such release with the same force and effect as
if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects
(except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances
not prohibited under the Loan Documents; and (iv) the Administrative Agent shall have received such written request at least 10 Business Days (or such shorter period as may be acceptable to the Administrative Agent) prior to the requested date
of release. Delivery by the Borrower to the Administrative Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and as of
the date of the effectiveness of such request) are true and correct with respect to such request. 
 ARTICLE IX. INFORMATION 

For so long as this Agreement is in effect, the Borrower shall furnish to the Administrative Agent for distribution to each of the Lenders:

 Section 9.1. Quarterly Financial Statements. 

As soon as available and in any event within 5 days after the same is required to be filed with the SEC (but in no event later than 60 days
after the end of each of the first, second and third fiscal quarters of the Parent), the unaudited consolidated balance sheet of the Parent and its Subsidiaries as at the end of such period and the related unaudited consolidated statements of
operations, stockholders’ equity and cash flows of the Parent and its Subsidiaries for such period, setting forth to the extent required by the SEC in each case in comparative form the figures as of the end of and for the corresponding periods
of the previous fiscal year, all of which shall be certified by the chief executive officer or chief financial officer of the Parent, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the consolidated
financial position of the Parent and its Subsidiaries as at the date thereof and the results of operations for such period (subject to normal year-end audit adjustments). 

Section 9.2. Year-End Statements. 

As soon as available and in any event within 5 days after the same is required to be filed with the SEC (but in no event later than 105 days
after the end of each fiscal year of the Parent), the audited consolidated balance sheet of the Parent and its Subsidiaries as at the end of such fiscal year and the related audited consolidated statements of operations, stockholders’ equity
and cash flows of the Parent 

  
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and its Subsidiaries for such fiscal year, setting forth to the extent required by the SEC in comparative form the figures as at the end of and for the previous fiscal year, all of which shall be
(a) certified by the chief executive officer or chief financial officer of the Parent, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the financial position of the Parent and its Subsidiaries as
at the date thereof and the result of operations for such period and (b) accompanied by the report thereon of independent certified public accountants of recognized national standing acceptable to the Administrative Agent, whose report shall be
prepared in accordance with generally accepted auditing standards and shall not be subject to (i) any “going concern” or like qualification or exception or (ii) any qualification or exception as to the scope of such audit. 

Section 9.3. Compliance Certificate. 

At the time the financial statements are furnished pursuant to Sections 9.1. and 9.2., a certificate substantially in the form of Exhibit I (a
“Compliance Certificate”) executed on behalf of the Parent by the chief financial officer of the Parent (a) setting forth in reasonable detail as of the end of such fiscal quarter or fiscal year, as the case may be, the calculations
required to establish whether the Parent was in compliance with the covenants contained in Section 10.1.; and (b) stating that no Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default
and its nature, when it occurred and the steps being taken by the Borrower with respect to such event, condition or failure. 
 Section 9.4. Other
Information. 
 (a) Promptly upon receipt thereof, copies of all reports, if any, submitted to the Borrower or its Board of Directors by
its independent public accountants including, without limitation, any management report; 
 (b) Within 5 Business Days of the filing thereof,
copies of all registration statements (excluding the exhibits thereto (unless requested by the Administrative Agent) and any registration statements on Form S-8 or its equivalent), reports on Forms 10-K, 10-Q and 8-K (or their equivalents) and all other periodic reports which any Loan Party or any other Subsidiary shall file with
the SEC or any national securities exchange; 
 (c) Promptly upon the mailing thereof to the shareholders of the Borrower generally, copies
of all financial statements, reports and proxy statements so mailed and promptly upon the issuance thereof copies of all press releases issued by the Borrower, any other Loan Party or any other Subsidiary; 

(d) Within 45 days after the end of each fiscal quarter of the Borrower, a certificate substantially in the form of Exhibit J (an
“Unencumbered Property Certificate”) setting forth the information to be contained therein, including without limitation a calculation of the Net Operating Income of each Unencumbered Property as of the last day of such fiscal quarter;

 (e) Within 45 days after the end of each fiscal quarter of the Borrower from the Closing Date through the Trigger Date, an operating
summary with respect to each Property then included in calculations of the Unencumbered Asset Value, including without limitation, a quarterly and year-to-date statement
of Net Operating Income and a leasing/occupancy status report, including Occupancy Rate, together with a current rent roll for such Property; 

(f) No later than 60 days before the end of each fiscal year of the Borrower ending prior to the Revolving Termination Date, projected balance
sheets, operating statements, profit and loss projections and cash flow budgets of the Borrower and its Subsidiaries on a consolidated basis for each quarter of the next succeeding fiscal year, all itemized in reasonable detail, including in the
case of the 

  
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cash flow budgets, excess operating cash flow, availability under this Agreement, unused availability under committed development loans, unfunded committed equity and any other committed sources
of funds, as well as, cash obligations for acquisitions, unfunded development costs, capital expenditures, debt service, overhead, dividends, maturing Property loans, hedge settlements and other anticipated uses of cash. The foregoing shall be
accompanied by pro forma calculations, together with detailed assumptions, required to establish whether or not the Borrower, and when appropriate its consolidated Subsidiaries, will be in compliance with the covenants contained in Sections 10.1.
and at the end of each fiscal quarter of the next succeeding fiscal year; 
 (g) No later than 30 days before the end of each fiscal year of
the Borrower ending prior to the Revolving Termination Date, a property budget for each Property for the coming fiscal year of the Borrower, together with applicable investment memorandums; 

(h) If any ERISA Event shall occur that individually, or together with any other ERISA Event that has occurred, could reasonably be expected to
have a Material Adverse Effect, upon one of the Borrower’s officers or one of the Borrower’s management-level employees becoming aware of the occurrence of such ERISA Event, a certificate of a responsible officer of the Borrower setting
forth details as to such occurrence and the action, if any, which the Borrower or applicable member of the ERISA Group is required or proposes to take; 

(i) To the extent any Loan Party or any other Subsidiary is aware of the same, prompt notice of the commencement of any proceeding or
investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator against or in any other way relating to, or affecting, any Loan Party or any other Subsidiary or any of their
respective properties, assets or businesses which could reasonably be expected to have a Material Adverse Effect, and prompt notice of the receipt of notice that any United States income tax returns of any Loan Party or any other Subsidiary are
being audited; 
 (j) A copy of any amendment to the certificate or articles of incorporation or formation, bylaws, partnership agreement or
other similar organizational documents of the Borrower, any other Loan Party or any other Subsidiary within 30 Business Days after the effectiveness thereof; 

(k) Prompt notice of (i) any change in the senior management of the Borrower, any other Loan Party, (ii) any change in the business,
assets, liabilities, financial condition, results of operations or business prospects of any Loan Party or (iii) the occurrence of any other event which, in the case of any of the immediately preceding clauses (i) through (iii), has had,
or could reasonably be expected to have, a Material Adverse Effect; 
 (l) Prompt notice of the occurrence of any Default or Event of Default
or any event which constitutes or which with the passage of time, the giving of notice, or otherwise, would constitute a default or event of default by any Loan Party under any Material Contract to which any such Person is a party or by which any
such Person or any of its respective properties may be bound; 
 (m) Promptly upon entering into any Material Contract (excluding contracts
related to individual Properties entered into in the ordinary course of business) or Specified Derivatives Contract after the Agreement Date, a copy of such contract; 

(n) Prompt notice of any order, judgment or decree in excess of $100,000 having been entered against any Loan Party or any other Subsidiary or
any of their respective properties or assets; 

  
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 (o) Any notification of a material violation of any Applicable Law or any inquiry shall have
been received by any Loan Party from any Governmental Authority; 
 (p) Prompt notice of the acquisition, incorporation or other creation of
any Subsidiary, the purpose for such Subsidiary, the nature of the assets and liabilities thereof and whether such Subsidiary is a Wholly Owned Subsidiary of the Borrower; 

(q) Promptly upon the request of the Administrative Agent, evidence of the Borrower’s calculation of the Ownership Share with respect to a
Subsidiary or an Unconsolidated Affiliate, such evidence to be in form and detail satisfactory to the Administrative Agent; 
 (r) Promptly,
upon each request, such information and documentation as a Lender may request in order to comply with applicable “know your customer” and Anti-Money Laundering Laws, including without limitation, the Patriot Act; 

(s) Promptly, and in any event within 3 Business Days after the Borrower obtains knowledge thereof, written notice of the occurrence of any of
the following: (i) the Borrower or any Loan Party shall receive notice that any violation of or noncompliance with any Environmental Law has or may have been committed or is threatened; (ii) the Borrower or any Loan Party shall receive
notice that any administrative or judicial complaint, order or petition has been filed or other proceeding has been initiated, or is about to be filed or initiated against any such Person alleging any violation of or noncompliance with any
Environmental Law or requiring any such Person to take any action in connection with the release or threatened release of Hazardous Materials; (iii) the Borrower or any Loan Party shall receive any notice from a Governmental Authority or
private party alleging that any such Person may be liable or responsible for any costs associated with a response to, or remediation or cleanup of, a release or threatened release of Hazardous Materials or any damages caused thereby; or
(iv) the Borrower or any Loan Party shall receive notice of any other fact, circumstance or condition that could reasonably be expected to form the basis of an environmental claim, and the matters covered by notices referred to in any of the
immediately preceding clauses (i) through (iv), whether individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; 

(t) Promptly upon the request of the Administrative Agent, the Derivatives Termination Value in respect of any Specified Derivatives Contract
from time to time outstanding; 
 (u) To the extent the Borrower or any Loan Party is aware of the same, prompt notice of any matter that has
had, or which could reasonably be expected to have, a Material Adverse Effect; and 
 (v) From time to time and promptly upon each request,
such data, certificates, reports, statements, opinions of counsel, documents or further information regarding any Property or the business, assets, liabilities, condition (financial or otherwise), results of operations or business prospects of the
Borrower, any other Loan Party or any other Subsidiary as the Administrative Agent or any Lender may reasonably request; provided that, with respect to any additional information regarding a Property, the Borrower shall only be required to deliver
information which exists at the time such information is requested. 
 Section 9.5. Electronic Delivery of Certain Information. 

(a) Subject in all cases to clause (c) hereof, documents required to be delivered pursuant to the Loan Documents may be delivered by
electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a
website sponsored or hosted by the Administrative Agent or the 

  
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Borrower) provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Banks) pursuant to Article II. and (ii) any Lender that has notified the
Administrative Agent and the Borrower that it cannot or does not want to receive electronic communications. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by
electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered 24 hours after the date and time on which the
Administrative Agent or the Borrower posts such documents or the documents become available on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or
other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 11:00 a.m. Central time on the opening of business on the next business day for the
recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is
given by the Administrative Agent or such Lender. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to
monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents. 

(b) Documents required to be delivered pursuant to Article II. may be delivered electronically to a website provided for such purpose by the
Administrative Agent pursuant to the procedures provided to the Borrower by the Administrative Agent. 
 (c) Notwithstanding anything to the
contrary contained herein, documents or other information required to be delivered pursuant to this Section 9.1 – 9.4 (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically
and, if so delivered, shall be deemed to have been delivered on the date (i) on which such materials are publicly available as posted on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR); or (ii) on which such documents
are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent). 

Section 9.6. Public/Private Information. 

The Borrower shall cooperate with the Administrative Agent in connection with the publication of certain materials and/or information provided
by or on behalf of the Borrower. Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf of the Borrower to the Administrative Agent and the Lenders (collectively, “Information Materials”)
pursuant to this Article and the Borrower shall designate Information Materials (a) that are either available to the public or not material with respect to the Borrower and its Subsidiaries or any of their respective securities for purposes of
United States federal and state securities laws, as “Public Information” and (b) that are not Public Information as “Private Information”. Notwithstanding the foregoing, each Lender who does not wish to receive Private
Information agrees to cause at least one individual at or on behalf of such Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of any website provided pursuant to
Section 9.5. in order to enable such Lender or its delegate, in accordance with such Lender’s compliance procedures and Applicable Law, including United States federal and state securities laws, to make reference to Information Materials
that are not made available through the “Public Side Information” portion of such website provided pursuant to Section 9.5. and that may contain material non-public information with respect to the Borrower or its securities for
purposes of United States federal and state securities laws. 

  
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 Section 9.7. USA Patriot Act Notice; Compliance. 

The Patriot Act and federal regulations issued with respect thereto require all financial institutions to obtain, verify and record certain
information that identifies individuals or business entities which open an “account” with such financial institution. Consequently, a Lender (for itself and/or as agent for all Lenders hereunder) may from time-to-time request, and the Borrower shall, and shall cause the other Loan Parties to, provide promptly upon any such request to such Lender, such Loan Party’s name, address, tax identification number
and/or such other identification information as shall be necessary for such Lender to comply with federal law. An “account” for this purpose may include, without limitation, a deposit account, a cash management service, a transaction or
asset account, a credit account, a loan or other extension of credit, and/or other financial services product. 
 ARTICLE X. NEGATIVE
COVENANTS 
 For so long as this Agreement is in effect, the Borrower and/or other Loan Parties, as applicable, shall comply with the
following covenants: 
 Section 10.1. Financial Covenants. 

For so long as this Agreement is in effect, the Parent shall comply with the following financial covenants: 

(a) Minimum Tangible Net Worth. The Parent shall not permit Tangible Net Worth at any time to be less than (i) 75% of the Tangible Net
Worth as of the fiscal quarter most recently ended prior to the Closing Date plus (ii) 75% of the Net Proceeds of all Equity Issuances effected at any time after such fiscal quarter end by the Parent or any of its Subsidiaries to any Person
other than the Parent or any of its Subsidiaries. 
 (b) Ratio of Total Indebtedness to Total Asset Value. The Parent shall not permit
the ratio of 
 (i) Total Indebtedness of the Parent and its Subsidiaries to (ii) Total Asset Value to exceed 0.60 to 1.00 at any time. 

(c) Ratio of EBITDA to Fixed Charges. The Parent shall not permit the ratio of (i) EBITDA of the Parent and its Subsidiaries for
the fiscal quarter most recently ending to (ii) Fixed Charges of the Parent and its Subsidiaries for such period, to be less than 1.50 to 1.00 as of the last day of such period. 

(d) Ratio of Secured Indebtedness to Total Asset Value. The Parent shall not permit the ratio of (i) Secured Indebtedness of the
Parent and its Subsidiaries to (ii) Total Asset Value to exceed 0.40 to 1.00 at any time. 
 (e) Ratio of Secured Recourse
Indebtedness to Total Asset Value. The Parent shall not permit the ratio of (i) Secured Indebtedness that is recourse to the Borrower, any Guarantor or any of their respective Subsidiaries (other than Secured Indebtedness that is solely
recourse to a special purpose vehicle the only assets of which is the ownership of an individual Property and assets necessary to own and maintain such Property) to (ii) Total Asset Value to exceed 0.10 to 1.00 at any time. 

(f) Ratio of Unsecured Indebtedness to Unencumbered Asset Value. The Parent shall not permit the ratio of (i) Unsecured
Indebtedness of the Parent and its Subsidiaries for the fiscal quarter most recently ending to (ii) Unencumbered Asset Value for such period, to be less than 0.60 to 1.00 as of the last day of such period. 

  
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 (g) Ratio of Unencumbered Adjusted NOI to Unsecured Interest Expense. The Parent
shall not permit the ratio of (i) Unencumbered Adjusted NOI for the fiscal quarter most recently ending to 
 (ii) Unsecured Interest Expense of the
Parent and its Subsidiaries for such period, to be less than 2.00 to 1.00 as of the last day of such period. 
 (h) Ratio of Aggregate
Property Adjusted NOI to Total Indebtedness (Balance Sheet Debt Yield Test). The Parent shall not permit the ratio of (i) Aggregate Property Adjusted NOI for the fiscal quarter most recently ending multiplied by four (4) to (ii) Total
Indebtedness of the Parent and its Subsidiaries for such period, to be less than 0.10 to 1.00 as of the last day of such period. 
 (i)
Unencumbered Pool Requirements: 
 (i) At all times during the period commencing on the Closing Date and ending on the
Trigger Date: 
 (A) Each Unencumbered Property shall remain an Eligible Property; 

(B) Not more than 10% of Unencumbered Asset Value shall be attributable to Unencumbered Properties subject to a ground lease;

 (C) There shall be a minimum of four (4) Unencumbered Properties; and 

(D) Each Unencumbered Property shall have been approved by the Administrative Agent, such approval not to be unreasonably
withheld or delayed (and the Administrative Agent shall endeavor to respond to any request of approval within ten (10) Business Days following the date on which required diligence and property information is provided). 

(ii) At all times after the Trigger Date: 

(A) Each Unencumbered Property shall remain an Eligible Property; 

(B) Unencumbered Asset Value shall equal or be greater than $300,000,000; and 

(C) There shall be a minimum of eight (8) Unencumbered Properties. 

(j) Dividends and Other Restricted Payments. 

(i) Prior to a Default or Event of Default, there shall be no limitation on dividends or other Restricted Payments by the
Parent, the Borrower and their Subsidiaries, so long as no Default or Event of Default would result therefrom; 
 (ii) While
a Default or Event of Default exists, the Parent, the Borrower and their Subsidiaries will not declare or make any distributions or other Restricted Payments except that the Borrower may pay cash dividends to the Parent and other holders of
partnership interests in the Borrower with respect to any fiscal year ending during the term of this Agreement to the extent necessary for the Parent to distribute, and the Parent may so distribute, cash dividends to its shareholders in an aggregate
amount not to exceed the amount required for the Parent to remain in compliance with Section 8.12; provided, however, that if a Default or Event of Default under Sections 11.1(a), (e) or (f) exists or if the Obligations have
been accelerated as a result of an Event of Default, the Parent and the Borrower may not make any Restricted Payments; and 

  
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 (iii) Subsidiaries (other than the Borrower) may make Restricted Payments to
the Borrower and other Subsidiaries that are Guarantors at any time. 
 Section 10.2. Negative Pledge. 

The Borrower shall not, and shall not permit any other Loan Party to, (a) create, assume, incur, permit or suffer to exist any Lien on any
Unencumbered Property or any direct or indirect ownership interest of the Borrower in any Person owning any Unencumbered Property, now owned or hereafter acquired, except for Permitted Liens (but not Permitted Liens described in clause (g) of
the definition of that term) or (b) permit any Unencumbered Property or any direct or indirect ownership interest of the Borrower or in any Person owning a Unencumbered Property, to be subject to a Negative Pledge. 

Section 10.3. Restrictions on Intercompany Transfers. 

The Borrower shall not, and shall not permit any other Loan Party to, create or otherwise cause or suffer to exist or become effective any
consensual encumbrance or restriction of any kind on the ability of any Subsidiary to: (a) pay dividends or make any other distribution on any of such Subsidiary’s Equity Interests owned by the Borrower or any Subsidiary; (b) pay any
Indebtedness owed to the Borrower; (c) make loans or advances to the Borrower; or (d) transfer any of its property or assets to the Borrower; other than (i) with respect to clauses (a) through (d), those encumbrances or restrictions
contained in any Loan Document or, (ii) with respect to clause (d), customary provisions restricting assignment of any agreement entered into by the Borrower, any other Loan Party or any other Subsidiary in the ordinary course of business. 

Section 10.4. Merger, Consolidation, Sales of Assets and Other Arrangements. 

The Borrower shall not, and shall not permit any other Loan Party to, (a) enter into any transaction of merger or consolidation;
(b) liquidate, windup or dissolve itself (or suffer any liquidation or dissolution); (c) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any substantial part of its
business or assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, whether now owned or hereafter acquired; or (d) acquire the assets of, or make an Investment in, any other Person in excess of the Substantial
Amount; provided, however, that: 
 (i) any Loan Party (other than the Borrower or the Parent) may merge with
another Loan Party; 
 (ii) any Loan Party may sell, transfer or dispose of its assets to any other Loan Party; 

(iii) a Loan Party (other than the Borrower or the Parent) may convey, sell, transfer or otherwise dispose of, in one
transaction or a series of transactions, all or any substantial part of its business or assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, and immediately thereafter liquidate, provided that immediately
prior to any such conveyance, sale, transfer, disposition or liquidation and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence; 

  
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 (iv) any Loan Party may, directly or indirectly, (A) acquire (whether
by purchase, acquisition of Equity Interests of a Person, or as a result of a merger or consolidation) the assets of, or make an Investment in, any other Person in excess of the Substantial Amount and (B) sell, lease or otherwise transfer,
whether by one or a series of transactions, a Substantial Amount of assets (including capital stock or other securities of Subsidiaries) to any other Person, so long as, in each case, (1) the Borrower shall have given the Administrative Agent
and the Lenders at least 30-days’ prior written notice of such consolidation, merger, acquisition, Investment, sale, lease or other transfer; (2) immediately prior thereto, and immediately thereafter
and after giving effect thereto, no Default or Event of Default is or would be in existence, including, without limitation, a Default or Event of Default resulting from a breach of Section 10.1.; (3) in the case of a consolidation or merger
involving the Borrower or a Loan Party that owns an Unencumbered Property (if such Unencumbered Property is intended to continue to be included in Unencumbered Asset Value), the Borrower or such Loan Party shall be the survivor thereof and (4) at
the time the Borrower gives notice pursuant to clause (1) of this subsection, the Borrower shall have delivered to the Administrative Agent for distribution to each of the Lenders a Compliance Certificate, calculated on a pro forma basis,
evidencing the continued compliance by the Loan Parties with the terms and conditions of this Agreement and the other Loan Documents, including without limitation, the financial covenants contained in Section 10.1., after giving effect to such
consolidation, merger, acquisition, Investment, sale, lease or other transfer; and 
 (v) the Borrower and the other Loan
Parties may lease and sublease their respective assets, as lessor or sublessor (as the case may be), in the ordinary course of their business. 
 Further,
no Loan Party shall enter into any sale-leaseback transactions or other transaction by which such Person shall remain liable as lessee (or the economic equivalent thereof) of any real or personal property that it has sold or leased to another
Person. 
 Section 10.5. Plans. 

The Borrower shall not, and shall not permit any other Loan Party to, permit any of its respective assets to become or be deemed to be
“plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. The Borrower shall not cause or permit to occur, and shall not permit any other member of the ERISA Group to cause
or permit to occur, any ERISA Event (a) if the Borrower has the power to cause or permit such ERISA Event to occur, or if the Borrower has the power to prevent the other member of the ERISA Group from causing or permitting such ERISA Event to
occur, as the case may be, and (b) if such ERISA Event could reasonably be expected to have a Material Adverse Effect. 
 Section 10.6. Fiscal
Year. 
 The Borrower shall not, and shall not permit any other Loan Party to, change its fiscal year from that in effect as of the
Agreement Date. 
 Section 10.7. Modifications of Organizational Documents and Material Contracts. 

The Borrower shall not, and shall not permit any other Loan Party to, amend, supplement, restate or otherwise modify or waive the application
of any provision of its certificate or articles of incorporation or formation, by-laws, operating agreement, declaration of trust, partnership agreement or other applicable organizational document if such
amendment, supplement, restatement or other modification (a) is adverse to the interest of the Administrative Agent, the Issuing Banks or the Lenders or (b) could reasonably be expected to have a Material Adverse Effect. The Borrower shall not
enter into, and shall not permit any other Loan Party to enter into, any amendment or modification to any Material Contract which could reasonably be expected to have a Material Adverse Effect or default in the performance of any obligations of any
Loan Party in any Material Contract or permit any Material Contract to be canceled or terminated prior to its stated maturity. 

  
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 Section 10.8. Use of Proceeds. 

The Borrower shall not, and shall not permit any other Loan Party, or any of its of their respective directors, officers, employees and agents
to, use any proceeds of the Revolving Loans or any Letter of Credit to purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulation U or Regulation X of the Board
of Governors of the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying any such margin stock. The Borrower shall not, and shall not permit any other Loan Party to, use any proceeds of the Revolving Loans
or any Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, or (b) for the purpose
of funding, financing or facilitating any activities, business or transaction that would be prohibited by (i) Sanctions, (ii) United States Sanctions if conducted by a U.S. Person, or (iii) Sanctions if conducted by a Lender or any other
party hereto. 
 Section 10.9. [Reserved.] 

Section 10.10. Transactions with Affiliates. 

The Borrower shall not, and shall not permit any other Loan Party to, permit to exist or enter into any transaction (including the purchase,
sale, lease or exchange of any property or the rendering of any service) with any Affiliate, except (a) as set forth on Schedule 7.1.(s) or (b) transactions in the ordinary course of and pursuant to the reasonable requirements of the
business of the Borrower, such other Loan Party and upon fair and reasonable terms which are no less favorable to the Borrower or such other Loan Party than would be obtained in a comparable arm’s length transaction with a Person that is not an
Affiliate. Notwithstanding the foregoing, no payments may be made with respect to any items set forth on such Schedule 7.1.(s) if a Default or Event of Default exists or would result therefrom. 

Section 10.11. Derivatives Contracts. 

The Borrower shall not, and shall not permit any other Loan Party to, enter into or become obligated in respect of Derivatives Contracts other
than Derivatives Contracts entered into by the Borrower or any such Loan Party in the ordinary course of business and which establish an effective hedge in respect of liabilities, commitments or assets held or reasonably anticipated by the Borrower
or such other Loan Party. 
 Section 10.12. Holdings Covenant. 

With respect to any Person that is directly or indirectly controlled by the Parent and that directly or indirectly owns Equity Interests of the
Borrower, the Parent shall not permit any such Person to (x) own any material assets other than its ownership of Equity Interests of the Borrower or (y) engage in any material operations or business other than (i) activities and
contractual rights incidental to maintenance of its organizational existence (including the ability to incur fees, costs and expenses necessary to such maintenance) and (ii) guarantying the Obligations. 

  
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 ARTICLE XI. DEFAULT 

Section 11.1. Events of Default. 

Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary
or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 
 (a) Default in
Payment. (i) The Borrower shall fail to pay when due under this Agreement or any other Loan Document (whether upon demand, at maturity, by reason of acceleration or otherwise) the principal of any of the Revolving Loans or any Reimbursement
Obligation, or (ii) the Borrower shall fail to pay any interest payments or the Borrower or any other Loan Party shall fail to pay any other Obligations owing by the Borrower or such Loan Party under this Agreement or any other Loan Document
within five (5) business days after such amounts become due. 
 (b) Default in Performance. 

(i) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or
observed and contained in Section 8.1.(a) (solely with respect to the existence of the Borrower), Article IX. or Article X.; or 

(ii) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or
any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ii) only, such failure shall continue for a period of 30 days after the earlier of (x) the date upon which a
Responsible Officer of the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent. 

(c) Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of any Loan Party under
this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished by, or at the direction of, any Loan Party to the Administrative Agent, any Issuing Bank or any Lender,
shall at any time prove to have been incorrect or misleading in any material respect when furnished or made or deemed made. 
 (d)
Indebtedness Cross-Default. 
 (i) The maturity of other Indebtedness of the Parent, the Borrower or any of their
respective Subsidiaries (other than Indebtedness in respect of an individual Property or Indebtedness secured by a mortgage, deed of trust or similar security instrument where recourse is only against the real property subject thereto or recourse is
limited to a particular asset) having an aggregate outstanding principal amount of (x) for the period from the Closing Date through the Trigger Date, $25,000,000 or more and (y) thereafter, $50,000,000 or more, in each case, shall have
been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Indebtedness; 

(ii) The maturity of other Indebtedness of the Parent, the Borrower or any of their respective Subsidiaries constituting
Indebtedness in respect of an individual Property or Indebtedness secured by a mortgage, deed of trust or similar security instrument where recourse is only against the real property subject thereto, or recourse is limited to a particular asset,
having 

  
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an aggregate outstanding principal amount of (x) for the period from the Closing Date through the Trigger Date, $50,000,000 or more and (y) thereafter, $ 75,000,000 or more, in each
case, shall have been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Indebtedness; or 

(iii) The Parent, Borrower or any of their respective Subsidiaries shall default in the payment when due of amounts in respect
of Derivatives Contracts in excess of (x) for the period from the Closing Date through the Trigger Date, $25,000,000 in the aggregate and (y) thereafter, $50,000,000 in the aggregate 

(e) Voluntary Bankruptcy Proceeding. The Borrower, any other Loan Party or any other Subsidiary to which more than 5% of Total Asset
Value is attributable shall: (i) commence a voluntary case under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or
foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any petition filed
against it in an involuntary case under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection (f); (iv) apply for or consent to, or fail to contest in a timely and
appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts
as they become due; (vi) make a general assignment for the benefit of creditors; (vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii) take any corporate or partnership action for the purpose of effecting
any of the foregoing. 
 (f) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against the Borrower,
any other Loan Party or any other Subsidiary to which more than 5% of Total Asset Value is attributable in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter
in effect) or under any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment of a
trustee, receiver, custodian, liquidator or the like of such Person, or of all or any substantial part of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding shall continue
undismissed or unstayed for a period of 60 consecutive days, or an order granting the remedy or other relief requested in such case or proceeding (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal
bankruptcy laws) shall be entered. 
 (g) Revocation of Loan Documents. Any Loan Party shall (or shall attempt to) disavow, revoke or
terminate any Loan Document to which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document or any Loan Document
shall cease to be in full force and effect (except as a result of the express terms thereof). 
 (h) Judgment. A judgment or order for
the payment of money or for an injunction or other non-monetary relief shall be entered against the Borrower, any other Loan Party, or any other Subsidiary by any court or other tribunal and (i) such
judgment or order shall continue for a period of 30 days without being paid, stayed or dismissed through appropriate appellate proceedings and (ii) either (A) the amount of such judgment or order for which insurance coverage has not been
acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such judgments or orders entered against the Borrower, any other Loan Party or
any other Subsidiary, (1) for the period from the Closing Date through the Trigger Date, $25,000,000 and (2) thereafter, $50,000,000, or (B) in the case of an injunction or other non-monetary
relief, such injunction or judgment or order could reasonably be expected to have a Material Adverse Effect. 

  
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 (i) Attachment. A warrant, writ of attachment, execution or similar process shall be
issued against any property of the Borrower, any other Loan Party or any other Subsidiary, which exceeds, individually or together with all other such warrants, writs, executions and processes, the amount of (1) for the period from the Closing Date
through the Trigger Date, $25,000,000 and (2) thereafter, $50,000,000, and, in each case, such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or bonded for a period of 30 days; provided,
however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant, writ, execution or process, the issuer of such bond shall execute a waiver or subordination agreement in form and substance satisfactory
to the Administrative Agent pursuant to which the issuer of such bond subordinates its right of reimbursement, contribution or subrogation to the Obligations and waives or subordinates any Lien it may have on the assets of the Borrower, any other
Loan Party or any other Subsidiary. 
 (j) ERISA. 

(i) Any ERISA Event shall have occurred that results or could reasonably be expected to result in liability to any member of
the ERISA Group aggregating in excess of $25,000,000; or 
 (ii) The “benefit obligation” of all Plans exceeds the
“fair market value of plan assets” for such Plans by more than $25,000,000, all as determined, and with such terms defined, in accordance with FASB ASC 715. 

(k) Loan Documents. An Event of Default (as defined therein) shall occur under any of the other Loan Documents. 

(l) Change of Control/Change in Management. 

(i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act)
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial
ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 30% of the total voting power of the then outstanding
voting Equity Interest of the Parent, other than TIAA (or any affiliate thereof which is controlled by or under common control with TIAA); 

(ii) During any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any such 12-month period constituted the Board of Directors of the Parent (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Parent was approved by a
vote of a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of
Directors of the Parent then in office; 
 (iii) The Parent shall cease to own and control, directly or indirectly, at least fifty-one percent (51%) of the outstanding Equity Interests of the Borrower; 

  
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 (iv) The Parent or a Wholly Owned Subsidiary thereof shall cease to be the
sole general partner of the Borrower or shall cease to have the sole and exclusive power to exercise all management and control over the Borrower; 

(v) TH Real Estate Global Cities Advisors, LLC (which shall at all times be, directly or indirectly, wholly owned by Nuveen,
LLC) or another affiliate of Nuveen, LLC (x) of which Nuveen, LLC, directly or indirectly, holds at least 51% of the outstanding Equity Interests and 

(y) that is Controlled by Nuveen, LLC, in either case, ceases to be the manager of the Parent; 

(vi) TIAA shall cease to own, directly or indirectly, at least 51% of the outstanding Equity Interests of Nuveen, LLC and shall
cease to control Nuveen, LLC; or 
 (vii) A TIAA Change in Control shall occur. 

Notwithstanding anything to the contrary contained herein, any event described in the preceding clauses (vi) and (vii) shall not
constitute an Event of Default unless (x) such event occurs; and (y) the entity which owns and controls Nuveen, LLC (in the case of (vi) above) or the TIAA Change of Control (in the case of (vii) above), in each case, has not
been approved by the Administrative Agent and the Requisite Lenders, in their sole discretion; provided, that to the extent that the approval of the Administrative Agent and the Requisite Lenders is not obtained pursuant to clause
(y) above, it shall not constitute an Event of Default if all outstanding Obligations are indefeasibly repaid in full and the Commitments are terminated within 90 days from the date on which Administrative Agent provides notice to the Borrower
of such disapproval. 
 Section 11.2. Remedies Upon Event of Default. 

Upon the occurrence of an Event of Default the following provisions shall apply: 

(a) Acceleration; Termination of Facilities. 

(i) Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1.(e) or 11.1.(f), (1)(A) the
principal of, and all accrued interest on, the Revolving Loans and the Revolving Notes at the time outstanding, (B) an amount equal to 105% of the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such Event
of Default for deposit into the Letter of Credit Collateral Account and (C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Revolving
Notes or any of the other Loan Documents shall become immediately and automatically due and payable without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the
other Loan Parties, and (2) the Revolving Commitments and the obligation of the Issuing Banks to issue Letters of Credit hereunder, shall all immediately and automatically terminate. 

(ii) Optional. If any other Event of Default shall exist, the Administrative Agent may, and at the direction of the
Requisite Lenders shall: (1) declare (A) the principal of, and accrued interest on, the Revolving Loans and the Revolving Notes at the time outstanding, (B) an amount equal to 105% of the Stated Amount of all Letters of Credit outstanding
as of the date of the occurrence of such Event of Default for deposit into the Letter of Credit Collateral Account and (C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative
Agent under this Agreement, the Revolving Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately 

  
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become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the other Loan Parties, and (2)
terminate the Revolving Commitments and the obligation of the Issuing Banks to issue Letters of Credit hereunder. 
 (b) Loan
Documents. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise any and all of its rights under any and all of the other Loan Documents. 

(c) Applicable Law. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall,
exercise all other rights and remedies it may have under any Applicable Law. 
 (d) Appointment of Receiver. To the extent permitted
by Applicable Law, the Administrative Agent and the Lenders shall be entitled to the appointment of a receiver for the assets and properties of the Borrower and its Subsidiaries, without notice of any kind whatsoever and without regard to the
adequacy of any security for the Obligations or the solvency of any party bound for its payment, to take possession of all or any portion of the property and/or the business operations of the Borrower and its Subsidiaries and to exercise such power
as the court shall confer upon such receiver. 
 (e) Remedies in Respect of Specified Derivatives Contracts. Notwithstanding any other
provision of this Agreement or other Loan Document, each Specified Derivatives Provider shall have the right, without the approval or consent of or other action by the Administrative Agent, the Issuing Banks or the Lenders, and without limitation of
other remedies available to such Specified Derivatives Provider under contract or Applicable Law, to undertake any of the following: (a) to declare an event of default, termination event or other similar event under any Specified Derivatives
Contract and to create an “Early Termination Date” (as defined therein) in respect thereof, (b) to determine net termination amounts in respect of any and all Specified Derivatives Contracts in accordance with the terms thereof, and
to set off amounts among such contracts, (c) to set off or proceed against deposit account balances, securities account balances and other property and amounts held by such Specified Derivatives Provider and (d) to prosecute any legal
action against the Borrower, any Loan Party or other Subsidiary to enforce or collect net amounts owing to such Specified Derivatives Provider pursuant to any Specified Derivatives Contract. Each Specified Derivatives Provider shall provide notice
to the Administrative Agent of any of the actions described in clauses (a) through (d) above promptly following the occurrence thereof. 

Section 11.3. Remedies Upon Default. 

Upon the occurrence of a Default specified in Section 11.1.(f), the Revolving Commitments and the obligation of the Issuing Banks to issue
Letters of Credit shall immediately and automatically terminate. 
 Section 11.4. Marshaling; Payments Set Aside. 

No Lender Party shall be under any obligation to marshal any assets in favor of any Loan Party or any other party or against or in payment of
any or all of the Guaranteed Obligations. To the extent that any Loan Party makes a payment or payments to a Lender Party, or a Lender Party enforces its security interest or exercises its right of setoff, and such payment or payments or the
proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or
federal law, common law or equitable cause, then to the extent of such recovery, the Guaranteed Obligations, or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full
force and effect as if such payment had not been made or such enforcement or setoff had not occurred. 

  
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 Section 11.5. Allocation of Proceeds. 

If an Event of Default exists, all payments received by the Administrative Agent (or any Lender as a result of its exercise of remedies
permitted under Section 13.3.) under any of the Loan Documents in respect of any Guaranteed Obligations shall be applied in the following order and priority: 

(a) to payment of that portion of the Guaranteed Obligations constituting fees, indemnities, expenses and other amounts, including attorney
fees, payable to the Administrative Agent in its capacity as such, the Issuing Banks in their capacity as such, ratably among the Administrative Agent and the Issuing Banks in proportion to the respective amounts described in this clause
(a) payable to them; 
 (b) to payment of that portion of the Guaranteed Obligations constituting fees, indemnities and other amounts
(other than principal and interest) payable to the Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in proportion to the respective amounts described in this clause (b) payable to them; 

(c) [reserved]; 
 (d) to payment
of that portion of the Guaranteed Obligations constituting accrued and unpaid interest on the Revolving Loans and Reimbursement Obligations, ratably among the Lenders and the Issuing Banks in proportion to the respective amounts described in this
clause (d) payable to them; 
 (e) [reserved]; 

(f) to payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Revolving Loans, Reimbursement Obligations,
other Letter of Credit Liabilities and payment obligations then owing under Specified Derivatives Contracts, ratably among the Lenders, the Issuing Banks and the Specified Derivatives Providers in proportion to the respective amounts described in
this clause (f) payable to them; provided, however, to the extent that any amounts available for distribution pursuant to this clause are attributable to the issued but undrawn amount of an outstanding Letter of Credit, such amounts shall be
paid to the Administrative Agent for deposit into the Letter of Credit Collateral Account; and 
 (g) the balance, if any, after all of the
Guaranteed Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Applicable Law. 
 Notwithstanding the foregoing,
Guaranteed Obligations arising under Specified Derivatives Contracts shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the
Administrative Agent may request, from the applicable Specified Derivatives Provider, as the case may be. Each Specified Derivatives Provider not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by
such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article XII. for itself and its Affiliates as if a “Lender” party hereto. 

  
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 Section 11.6. Letter of Credit Collateral Account. 

(a) As collateral security for the prompt payment in full when due of all Letter of Credit Liabilities and the other Obligations, the Borrower
hereby pledges and grants to the Administrative Agent, for the ratable benefit of the Administrative Agent, the Issuing Banks and the Lenders as provided herein, a security interest in all of its right, title and interest in and to the Letter of
Credit Collateral Account and the balances from time to time in the Letter of Credit Collateral Account (including the investments and reinvestments therein provided for below). The balances from time to time in the Letter of Credit Collateral
Account shall not constitute payment of any Letter of Credit Liabilities until applied by the Issuing Banks as provided herein. Anything in this Agreement to the contrary notwithstanding, funds held in the Letter of Credit Collateral Account shall
be subject to withdrawal only as provided in this Section. 
 (b) Amounts on deposit in the Letter of Credit Collateral Account shall be
invested and reinvested by the Administrative Agent in such Cash Equivalents as the Administrative Agent shall determine in its sole discretion. All such investments and reinvestments shall be held in the name of and be under the sole dominion and
control of the Administrative Agent for the ratable benefit of the Administrative Agent, the Issuing Banks and the Lenders; provided, that all earnings on such investments will be credited to and retained in the Letter of Credit Collateral Account.
The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Letter of Credit Collateral Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially
equivalent to that which the Administrative Agent accords other funds deposited with the Administrative Agent, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary steps to preserve rights
against any parties with respect to any funds held in the Letter of Credit Collateral Account. 
 (c) If a drawing pursuant to any Letter of
Credit occurs on or prior to the expiration date of such Letter of Credit, the Borrower and the Lenders authorize the Administrative Agent to use the monies deposited in the Letter of Credit Collateral Account to reimburse such Issuing Bank for the
payment made by such Issuing Bank to the beneficiary with respect to such drawing. 
 (d) If an Event of Default exists, the Administrative
Agent may (and, if instructed by the Requisite Lenders, shall) in its (or their) discretion at any time and from time to time elect to liquidate any such investments and reinvestments and apply the proceeds thereof to the Obligations in accordance
with Section 11.5. Notwithstanding the foregoing, the Administrative Agent shall not be required to liquidate and release any such amounts if such liquidation or release would result in the amount available in the Letter of Credit Collateral
Account to be less than the Stated Amount of all Extended Letters of Credit that remain outstanding. 
 (e) So long as no Default or Event of
Default exists, and to the extent amounts on deposit in or credited to the Letter of Credit Collateral Account exceed the aggregate amount of the Letter of Credit Liabilities then due and owing, the Administrative Agent shall, from time to time, at
the written request of the Borrower, deliver to the Borrower within 10 Business Days after the Administrative Agent’s receipt of such request from the Borrower, against receipt but without any recourse, warranty or representation whatsoever,
such amount of the credit balances in the Letter of Credit Collateral Account as exceeds the aggregate amount of Letter of Credit Liabilities at such time. Upon the expiration, termination or cancellation of an Extended Letter of Credit for which
the Lenders reimbursed (or funded participations in) a drawing deemed to have occurred under the fourth sentence of Section 2.4.(b) for deposit into the Letter of Credit Collateral Account but in respect of which the Lenders have not otherwise
received payment for the amount so reimbursed or funded, the Administrative Agent shall promptly remit to the Lenders the amount so reimbursed or funded for such Extended Letter of Credit that remains in the Letter 

  
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of Credit Collateral Account, pro rata in accordance with the respective unpaid reimbursements or funded participations of the Lenders in respect of such Extended Letter of Credit, against
receipt but without any recourse, warranty or representation whatsoever. When all of the Obligations shall have been indefeasibly paid in full and no Letters of Credit remain outstanding, the Administrative Agent shall deliver to the Borrower,
against receipt but without any recourse, warranty or representation whatsoever, the balances remaining in the Letter of Credit Collateral Account. 

(f) The Borrower shall pay to the Administrative Agent from time to time such fees as the Administrative Agent normally charges for similar
services in connection with the Administrative Agent’s administration of the Letter of Credit Collateral Account and investments and reinvestments of funds therein. 

Section 11.7. Rescission of Acceleration by Requisite Lenders. 

If at any time after acceleration of the maturity of the Revolving Loans and the other Obligations, the Borrower shall pay all arrears of
interest and all payments on account of principal of the Obligations which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by Applicable Law, on overdue interest, at the rates specified
in this Agreement) and all Events of Default and Defaults (other than nonpayment of principal of and accrued interest on the Obligations due and payable solely by virtue of acceleration) shall become remedied or waived to the satisfaction of the
Requisite Lenders, then by written notice to the Borrower, the Requisite Lenders may elect, in the sole discretion of such Requisite Lenders, to rescind and annul the acceleration and its consequences. The provisions of the preceding sentence are
intended merely to bind all of the Lenders to a decision which may be made at the election of the Requisite Lenders, and are not intended to benefit the Borrower and do not give the Borrower the right to require the Lenders to rescind or annul any
acceleration hereunder, even if the conditions set forth herein are satisfied. 
 Section 11.8. Performance by Administrative Agent. 

If the Borrower or any other Loan Party shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the
Administrative Agent may, after notice to the Borrower, perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower or such other Loan Party after the expiration of any cure or grace periods set forth herein. In such
event, the Borrower shall, at the request of the Administrative Agent, promptly pay any amount reasonably expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent, together with interest thereon
at the applicable Post-Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, neither the Administrative Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any
obligation of the Borrower under this Agreement or any other Loan Document. 
 Section 11.9. Rights Cumulative. 

(a) Generally. The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders under this Agreement and each of
the other Loan Documents and of the Specified Derivatives Providers under the Specified Derivatives Contracts, shall be cumulative and not exclusive of any rights or remedies which any of them may otherwise have under Applicable Law. In exercising
their respective rights and remedies the Administrative Agent, the Issuing Banks, the Lenders and the Specified Derivatives Providers may be selective and no failure or delay by any such Lender Party in exercising any right shall operate as a waiver
of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of any other power or right. 

  
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 (b) Enforcement by Administrative Agent. Notwithstanding anything to the contrary
contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law
in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Article XI. for the benefit of all the Lenders and the Issuing Banks; provided that the foregoing shall not
prohibit (i) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (ii) the Issuing Banks
from exercising the rights and remedies that inure to their benefit (solely in their capacity as an Issuing Bank) hereunder or under the other Loan Documents, (iii) any Specified Derivatives Provider from exercising the rights and remedies that
inure to its benefit under any Specified Derivatives Contract, (iv) any Lender from exercising setoff rights in accordance with Section 13.3. (subject to the terms of Section 3.3.), or (v) any Lender from filing proofs of claim or
appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent
hereunder and under the other Loan Documents, then (x) the Requisite Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Article XI. and (y) in addition to the matters set forth in clauses (ii), (iv)
and (v) of the preceding proviso and subject to Section 3.3., any Lender may, with the consent of the Requisite Lenders, enforce any rights and remedies available to it and as authorized by the Requisite Lenders. 

ARTICLE XII. THE ADMINISTRATIVE AGENT 

Section 12.1. Appointment and Authorization. 

Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such
Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental
thereto. Not in limitation of the foregoing, each Lender authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any
action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably
incidental thereto, shall be authorized and binding upon all of the Lenders. Nothing herein shall be construed to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations
other than those expressly provided for herein. Without limiting the generality of the foregoing, the use of the terms “Agent”, “Administrative Agent”, “agent” and similar terms in the Loan Documents with reference to
the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, use of such terms is merely a matter of market custom, and is intended to
create or reflect only an administrative relationship between independent contracting parties. The Administrative Agent shall deliver or otherwise make available to each Lender, promptly upon receipt thereof by the Administrative Agent, copies of
each of the financial statements, certificates, notices and other documents delivered to the Administrative Agent pursuant to Article IX. that the Borrower is not otherwise required to deliver directly to the Lenders. The Administrative Agent will
furnish to any Lender, upon the request of such Lender, a copy (or, where appropriate, an original) of any document, instrument, agreement, certificate or notice furnished to the Administrative Agent by the Borrower, any other Loan Party or any
other Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document not already delivered or otherwise made available to such Lender pursuant to the terms of this Agreement or any such other Loan Document. As to any matters not
expressly provided for by the Loan Documents (including, without limitation, 

  
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enforcement or collection of any of the Obligations), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from
acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be
binding upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, the Administrative Agent shall not be required to take any action which exposes
the Administrative Agent to personal liability or which is contrary to this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the Administrative Agent may exercise any right or remedy it or the Lenders may
have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite Lenders have directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall 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 Requisite Lenders, or where applicable, all
the Lenders. 
 Section 12.2. Administrative Agent as Lender. 

The Lender acting as Administrative Agent shall have the same rights and powers as a Lender, a or a Specified Derivatives Provider, as the case
may be, under this Agreement, any other Loan Document or any Specified Derivatives Contract, as the case may be, as any other Lender or Specified Derivatives Provider and may exercise the same as though it were not the Administrative Agent; and the
term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include the Lender acting as Administrative Agent in each case in its individual capacity. Such Lender and its Affiliates may each accept deposits from,
maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with the Borrower, any other Loan Party or any other Affiliate
thereof as if it were any other bank and without any duty to account therefor to the Issuing Banks, the other Lenders or any Specified Derivatives Providers. Further, the Administrative Agent and any Affiliate may accept fees and other consideration
from the Borrower for services in connection with this Agreement or any Specified Derivatives Contract, or otherwise without having to account for the same to the Issuing Banks, the other Lenders or any Specified Derivatives Providers. The Issuing
Banks and the Lenders acknowledge that, pursuant to such activities, the Lender acting as Administrative Agent or its Affiliates may receive information regarding the Borrower, other Loan Parties, other Subsidiaries and other Affiliates (including
information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. 

Section 12.3. Approvals of Lenders. 

All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent or approval (a) shall
be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, consent or approval is requested, or shall advise such Lender where information, if any,
regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved and (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written
materials provided to the Administrative Agent by the Borrower in respect of the matter or issue to be resolved. Unless a Lender shall give written notice to the Administrative Agent that it specifically objects to the requested determination,
consent or approval (together with a reasonable written explanation of the reasons behind such objection) within 10 Business Days (or such lesser or greater period as may be specifically required under the express terms of the Loan Documents) of
receipt of such communication, such Lender shall be deemed to have conclusively approved such requested determination, consent or approval. The provisions of this Section shall not apply to any amendment, waiver or consent regarding any of the
matters described in Section 13.6.(c). 

  
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 Section 12.4. Notice of Events of Default. 

The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the
Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default.” If any
Lender (excluding the Lender which is also serving as the Administrative Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Administrative Agent such a “notice of default”; provided, a
Lender’s failure to provide such a “notice of default” to the Administrative Agent shall not result in any liability of such Lender to any other party to any of the Loan Documents. Further, if the Administrative Agent receives such a
“notice of default,” the Administrative Agent shall give prompt notice thereof to the Lenders. 
 Section 12.5. Administrative
Agent’s Reliance. 
 Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Administrative
Agent nor any of its Related Parties shall be liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct in connection with
its duties expressly set forth herein or therein as determined by a court of competent jurisdiction in a final non-appealable judgment. Without limiting the generality of the foregoing, the Administrative
Agent may consult with legal counsel (including its own counsel or counsel for the Borrower or any other Loan Party), independent public accountants and other experts selected by it 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 counsel, accountants or experts. Neither the Administrative Agent nor any of its Related Parties: (a) makes any warranty or representation to any Lender, any Issuing Bank or any other
Person, or shall be responsible to any Lender, any Issuing Bank or any other Person for any statement, warranty or representation made or deemed made by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement
or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions
precedent under this Agreement or any Loan Document on the part of the Borrower or other Persons, or to inspect the property, books or records of the Borrower or any other Person; (c) shall be responsible to any Lender or any Issuing Bank for
the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto or any collateral covered thereby or the perfection or
priority of any Lien in favor of the Administrative Agent on behalf of the Lender Parties in any such collateral; (d) shall have any liability in respect of any recitals, statements, certifications, representations or warranties contained in
any of the Loan Documents or any other document, instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any liability under or in respect of this Agreement or any other Loan Document by acting
upon any notice, consent, certificate or other instrument or writing (which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the proper party or parties. The Administrative Agent may execute
any of its duties under the Loan Documents by or through agents, employees or attorneys-in-fact and shall not be responsible for the negligence or misconduct of any
agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct in the selection of such agent or attorney-in-fact as determined by a court of competent jurisdiction in a final non-appealable judgment. 

  
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 Section 12.6. Indemnification of Administrative Agent. 

Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of
the Borrower to do so) pro rata in accordance with such Lender’s respective Revolving Commitment Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits and reasonable out-of-pocket costs and expenses of any kind or nature whatsoever which
may at any time be imposed on, incurred by, or asserted against the Administrative Agent (in its capacity as Administrative Agent but not as a Lender) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby
or thereby or any action taken or omitted by the Administrative Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable
Amounts to the extent resulting from the Administrative Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment;
provided, further, that no action taken in accordance with the directions of the Requisite Lenders (or all of the Lenders, if expressly required hereunder) shall be deemed to constitute gross negligence or willful misconduct for
purposes of this Section. Without limiting the generality of the foregoing, each Lender agrees to reimburse the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) promptly
upon demand for its Revolving Commitment Percentage (determined as of the time that the applicable reimbursement is sought) of any out-of-pocket expenses (including the
reasonable fees and expenses of the counsel to the Administrative Agent) incurred by the Administrative Agent in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal
proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect
any Obligations, any “lender liability” suit or claim brought against the Administrative Agent and/or the Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental Laws. Such
out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request of the Administrative Agent notwithstanding any claim or assertion that the Administrative Agent is not entitled
to indemnification hereunder upon receipt of an undertaking by the Administrative Agent that the Administrative Agent will reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Administrative
Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of the Revolving Loans and all other Obligations and the termination of this Agreement. If the Borrower shall reimburse the Administrative Agent
for any Indemnifiable Amount following payment by any Lender to the Administrative Agent in respect of such Indemnifiable Amount pursuant to this Section, the Administrative Agent shall share such reimbursement on a ratable basis with each Lender
making any such payment. 
 Section 12.7. Lender Credit Decision, Etc. 

Each of the Lenders and the Issuing Banks expressly acknowledges and agrees that neither the Administrative Agent nor any of its Related
Parties has made any representations or warranties to such Issuing Bank or such Lender and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, any other Loan Party or any other Subsidiary or
Affiliate, shall be deemed to constitute any such representation or warranty by the Administrative Agent to any Issuing Bank or any Lender. Each of the Lenders and the Issuing Banks acknowledges that it has made its own credit and legal analysis and
decision to enter into this Agreement and the transactions contemplated hereby, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent, or any of their respective Related Parties,
and based on the financial statements of the Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and 

  
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inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the other Loan Parties, the other Subsidiaries and other Persons, its review of the Loan
Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate. Each of the Lenders and the Issuing Banks also acknowledges that it will,
independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective Related Parties, and based on such review, advice, documents and information as it shall deem
appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative Agent shall not be required to keep itself informed as to the performance or observance by the Borrower or any
other Loan Party of the Loan Documents or any other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, the Borrower, any other Loan Party or any other Subsidiary. Except for
notices, reports and other documents and information expressly required to be furnished to the Lenders and the Issuing Banks by the Administrative Agent under this Agreement or any of the other Loan Documents, the Administrative Agent shall have no
duty or responsibility to provide any Lender or any Issuing Bank with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Loan Party or any other
Affiliate thereof which may come into possession of the Administrative Agent or any of its Related Parties. Each of the Lenders and the Issuing Banks acknowledges that the Administrative Agent’s legal counsel in connection with the transactions
contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel to any Lender or any Issuing Bank. 

Section 12.8. Successor Administrative Agent. 

The Administrative Agent may resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the
Lenders and the Borrower. Upon any such resignation, the Requisite Lenders shall have the right to appoint a successor Administrative Agent which appointment shall, provided no Default or Event of Default exists, be subject to the Borrower’s
approval, which approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed to have approved each Lender and any of its Affiliates as a successor Administrative Agent). If no successor
Administrative Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment, within 30 days after the current Administrative Agent’s giving of notice of resignation, then the
current Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be an Eligible Assignee (but in no event
shall any such successor Administrative Agent be a Defaulting Lender or an Affiliate of a Defaulting Lender); provided that if the Administrative Agent shall notify the Borrower and the Lenders that no Lender has accepted such appointment,
then such resignation shall nonetheless become effective in accordance with such notice and (1) the Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) all payments,
communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made to each Lender and each Issuing Bank directly, until such time as a successor Administrative Agent has been appointed as provided
for above in this Section; provided, further that such Lenders and such Issuing Banks so acting directly shall be and be deemed to be protected by all indemnities and other provisions herein for the benefit and protection of the
Administrative Agent as if each such Lender or Issuing Bank were itself the Administrative Agent. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall
thereupon succeed to and become vested with all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be discharged from its duties and obligations under the Loan Documents. Any
resignation by an Administrative Agent shall also constitute the resignation as an Issuing Bank by the Lender then acting as Administrative Agent (the “Resigning 

  
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Lender”). Upon the acceptance of a successor’s appointment as Administrative Agent hereunder (i) the Resigning Lender shall be discharged from all duties and obligations of an
Issuing Bank hereunder and under the other Loan Documents and (ii) the successor Issuing Bank shall issue letters of credit in substitution for all Letters of Credit issued by the Resigning Lender as Issuing Bank outstanding at the time of such
succession (which letters of credit issued in substitutions shall be deemed to be Letters of Credit issued hereunder) or make other arrangements satisfactory to the Resigning Lender to effectively assume the obligations of the Resigning Lender with
respect to such Letters of Credit. After any Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article XII. shall continue to inure to its benefit as to any actions taken or omitted to be taken by it
while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, the Administrative Agent may assign its rights and duties under the Loan Documents to any of its Affiliates by giving the Borrower
and each Lender prior written notice. 
 Section 12.9. [Reserved.] 

Section 12.10. Specified Derivatives Contracts. 

No Specified Derivatives Provider that obtains the benefits of Section 11.5. by virtue of the provisions hereof or of any Loan Document
shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of any Loan Document other than in its capacity as a Lender and, in such case, only to
the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made
with respect to Specified Derivatives Contracts unless the Administrative Agent has received written notice of such Specified Derivatives Contracts, together with such supporting documentation as the Administrative Agent may request, from the
applicable Specified Derivatives Provider, as the case may be. 
 ARTICLE XIII. MISCELLANEOUS 

Section 13.1. Notices. 
 Unless
otherwise provided herein (including without limitation as provided in Section 9.5.), communications provided for hereunder shall be in writing and shall be mailed, telecopied, or delivered as follows: 

If to the Borrower: 

Nuveen Global Cities REIT OP, LP 

c/o Nuveen Global Cities REIT, Inc. 

4675 MacArthur Court, Suite 1100 

Newport Beach, CA 92660 

Attention: Taylor Johnson 

Telephone Number: 949-809-2614 

Email: taylor.johnson@threalestate.com 

with a copy to: 

Nuveen Global Cities REIT OP, LP 

8625 Andrew Carnegie Blvd, E3-S3 

Charlotte, NC 28262 

  
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 Attention: Jim Sinople and Saad Sheikh 

Telephone: 704-988-6807 and 704-988-6912 
 Email:
James.Sinople@threalestate.com; saad.sheikh@threalestate.com 
 If to the Administrative Agent: 

Wells Fargo Bank, National Association 

1512 Eureka Road, Suite 350 

Roseville, CA 95661 

Attn: Ricky S. Nahal 

Telephone: 916-788-4700 

Email: Ricky.Nahal@wellsfargo.com 

with a copy to 

Wells Fargo Bank, National Association 

333 South Grand Avenue, 9th Floor 

Los Angeles, CA 90071 

Attn: Vernon H. Chi 

Telephone: 213-358-7453 

Email: Vernon.H.Chi@wellsfargo.com 

and 

Jones Day 

555 California Street, 26th Floor 

San Francisco, CA 94104-1500 

Attn: David Paulson, esq. 

Telecopier: 415-963-6883 

Telephone: 415-875-5794 

If to the Administrative Agent under Article II.: 

Wells Fargo Bank, National Association 

Minneapolis Loan Center 

600 S 4th St, 9th Floor 

Minneapolis, MN 55415 

Attn: Kirby D. Wilson 

Facsimile: 866-595-7863 

Telephone: 612-667-6009 

Email: Kirby.D.Wilson@wellsfargo.com 

If to Wells Fargo, as an Issuing Bank: 

Wells Fargo Bank, National Association 

1512 Eureka Road, Suite 350 

Roseville, CA 95661 

Attn: Ricky S. Nahal 

Telephone: 916-788-4700 

Email: Ricky.Nahal@wellsfargo.com 

  
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 with a copy to 

Wells Fargo Bank, National Association 

333 South Grand Avenue, 9th Floor 

Los Angeles, CA 90071 

Attn: Vernon H. Chi 

Telephone: 213-358-7453 

Email: Vernon.H.Chi@wellsfargo.com 

and 

Wells Fargo Bank, National Association 

550 South Tryon Street 

Charlotte, NC 28202 

Attn: Lindsey Hucks 

Telephone: 704-410-6810 

Email: Lindsey.Hucks@wellsfargo.com 

If to any other Lender: 

To such Lender’s address or telecopy number as set forth in the applicable Administrative Questionnaire 

or, as to each party at such other address as shall be designated by such party in a written notice to the other parties delivered in compliance with this
Section; provided, a Lender and an Issuing Bank shall only be required to give notice of any such other address to the Administrative Agent and the Borrower. All such notices and other communications shall be effective (i) if mailed,
upon the first to occur of receipt or the expiration of 3 days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of the Borrower or the Administrative Agent, the Issuing Banks and Lenders at the
addresses specified; (ii) if telecopied, when transmitted; (iii) if hand delivered or sent by overnight courier, when delivered; or (iv) if delivered in accordance with Section 9.5. to the extent applicable; provided,
however, that, in the case of the immediately preceding clauses (i), (ii) and (iii), non-receipt of any communication as of the result of any change of address of which the sending party was not
notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. Notwithstanding the immediately preceding sentence, all notices or communications to the Administrative Agent, any Issuing Bank or any Lender
under Article II. shall be effective only when actually received. None of the Administrative Agent, any Issuing Bank or any Lender shall incur any liability to any Loan Party (nor shall the Administrative Agent incur any liability to any Issuing
Bank or the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Administrative Agent, such Issuing Bank or such Lender, as the case may be, believes in good faith to have been given by a Person authorized to
deliver such notice or for otherwise acting in good faith hereunder. Failure of a Person designated to get a copy of a notice to receive such copy shall not affect the validity of notice properly given to another Person. 

Section 13.2. Expenses. 
 The
Borrower agrees (a) to pay or reimburse the Administrative Agent for all of its reasonable and documented out-of-pocket costs and expenses incurred in connection
with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents (including due diligence expenses and reasonable travel expenses related to closing), and the consummation of the
transactions contemplated hereby and thereby, including the reasonable fees and 

  
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disbursements of counsel to the Administrative Agent and all costs and expenses of the Administrative Agent in connection with the use of IntraLinks, SyndTrak or other similar information
transmission systems in connection with the Loan Documents and of the Administrative Agent in connection with the review of Properties for inclusion in calculations of the Unencumbered Asset Value and the reasonable fees and disbursements of counsel
to the Administrative Agent relating to all such activities, (b) to pay or reimburse the Administrative Agent, the Issuing Banks and the Lenders for all their reasonable costs and expenses incurred in connection with the enforcement or
preservation of any rights under the Loan Documents, including the reasonable fees and disbursements of their respective counsel (including the allocated fees and expenses of in-house counsel) and any payments
in indemnification or otherwise payable by the Lenders to the Administrative Agent pursuant to the Loan Documents, (c) to pay, and indemnify and hold harmless the Administrative Agent, the Issuing Banks and the Lenders from, any and all
recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in
connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document and (d) to the extent not already
covered by any of the preceding subsections, to pay or reimburse the fees and disbursements of counsel to the Administrative Agent, any Issuing Bank or any Lender incurred in connection with the representation of the Administrative Agent, such
Issuing Bank or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the type described in Sections 11.1.(e) or 11.1.(f), including, without limitation (i) any motion for relief from any stay or similar
order, (ii) the negotiation, preparation, execution and delivery of any document relating to the Obligations and (iii) the negotiation and preparation of any
debtor-in-possession financing or any plan of reorganization of the Borrower or any other Loan Party, whether proposed by the Borrower, such Loan Party, the Lenders or
any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding. If the Borrower shall fail to pay any amounts required to be
paid by it pursuant to this Section, the Administrative Agent and/or the Lenders may pay such amounts on behalf of the Borrower and such amounts shall be deemed to be Obligations owing hereunder. 

Section 13.3. Setoff. 
 Subject to
Section 3.3. and in addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, the Borrower hereby authorizes the Administrative Agent, each Issuing Bank, each Lender, each Affiliate of
the Administrative Agent, any Issuing Bank or any Lender, and each Participant, at any time or from time to time while an Event of Default exists, without notice to the Borrower or to any other Person, any such notice being hereby expressly waived,
but in the case of an Issuing Bank, a Lender, an Affiliate of an Issuing Bank or a Lender, or a Participant, subject to receipt of the prior written consent of the Requisite Lenders exercised in their sole discretion, to set off and to appropriate
and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent,
such Issuing Bank, such Lender, any Affiliate of the Administrative Agent, such Issuing Bank or such Lender, or such Participant, to or for the credit or the account of the Borrower against and on account of any of the Obligations, irrespective of
whether or not any or all of the Revolving Loans and all other Obligations have been declared to be, or have otherwise become, due and payable as permitted by Section 11.2., and although such Obligations shall be contingent or unmatured.
Notwithstanding anything to the contrary in this Section, if any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in
accordance with the provisions of Section 3.9. and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Banks and the Lenders
and (y) such Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. 

  
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 Section 13.4. Litigation; Jurisdiction; Other Matters; Waivers. 

(a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, ANY ISSUING BANK OR
ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT, THE
ISSUING BANKS AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, ANY ISSUING BANK OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN
DOCUMENTS. 
 (b) EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR
PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER PARTY HERETO OR ANY RELATED PARTY THEREOF IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE
TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF,
AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON
THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY OF THE PARTIES HERETO MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT AGAINST ANY OF THE PARTIES HERETO OR THEIR RESPECTIVE PROPERTIES IN THE COURTS OF ANY JURISDICTION. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY
SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. 
 (c) EACH
OF THE PARTIES HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED
MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS FOR NOTICES PROVIDED FOR HEREIN. SHOULD SUCH PARTY 

  
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FAIL TO APPEAR OR ANSWER ANY SUMMONS, COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN 30 DAYS AFTER THE MAILING THEREOF, SUCH PARTY SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE
ENTERED AGAINST IT AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS, COMPLAINT, PROCESS OR PAPERS. 
 (d) THE PROVISIONS OF THIS SECTION HAVE BEEN
CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE REVOLVING LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE
TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT. 
 Section 13.5. Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor Parent may assign or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document without the prior written
consent of the Administrative Agent and each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of the immediately following
subsection (b), (ii) by way of participation in accordance with the provisions of the immediately following subsection (d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of the immediately following
subsection (e) (and, subject to the last sentence of the immediately following subsection (b), any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in the immediately following subsection (d) and, to the extent expressly
contemplated hereby, the Related Parties of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Revolving Commitment and the Revolving Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of an assigning Lender’s Revolving Commitment and/or the
Revolving Loans at the time owing to it, or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments) that equal at least the amount specified in the immediately following clause (B) in the
aggregate, or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in the immediately preceding subsection (A), the aggregate amount of the Revolving Commitment
(which for this purpose includes Revolving Loans outstanding thereunder) or, if the applicable Revolving Commitment is not then in effect, the principal outstanding balance of the Revolving Loans of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the 

  
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Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000 in the case of any assignment of a
Revolving Commitment, unless each of the Administrative Agent and, so long as no Default or Event of Default shall exist, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided,
however, that if, after giving effect to such assignment, the amount of the Revolving Commitment held by such assigning Lender or the outstanding principal balance of the Revolving Loans of such assigning Lender, as applicable, would be less
than $5,000,000 in the case of a Revolving Commitment or Revolving Loans, then such assigning Lender shall assign the entire amount of its Revolving Commitment and the Revolving Loans at the time owing to it. 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Revolving Commitment assigned. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by clause (i)(B)
of this subsection (b) and, in addition: 
 (A) the consent of the Borrower (such consent not to be unreasonably
withheld or delayed) shall be required unless (x) a Default or Event of Default shall exist at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided, that the
Borrower shall within five (5) Business Days of receiving a written request from the Administrative Agent for consent to an assignment, give the Administrative Agent written notice of its consent or denial thereof and if the Borrower does not
respond within such five (5) Business Days, the Administrative Agent shall send a second notice to the Borrower that contains the following in bold, capitalized letters in the heading thereof “IMMEDIATE RESPONSE REQUIRED; CONSENT WILL BE
DEEMED GRANTED IF NO RESPONSE IS GIVEN WITHIN FIVE (5) BUSINESS DAYS OF THIS NOTICE.” 
 (B) the consent of the
Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of a Revolving Commitment if such assignment is to a Person that is not already a Lender with a Revolving Commitment, an
Affiliate of such a Lender or an Approved Fund with respect to such a Lender; and 
 (C) the consent of the Issuing Banks
shall be required for any assignment in respect of a Revolving Commitment. 
 (iv) Assignment and Assumption; Notes.
The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $4,500 for each assignment (which fee the Administrative Agent may, in its sole
discretion, elect to waive), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. If requested by the transferor Lender or the assignee, upon the consummation of any assignment, the
transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so that new Revolving Notes are issued to the assignee and such transferor Lender, as appropriate. 

(v) No Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the
Borrower’s Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or to any Person who, upon becoming a Lender hereunder, would constitute a Defaulting Lender or a Subsidiary thereof. 

  
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 (vi) No Assignment to Natural Persons. No such assignment shall be
made to a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person). 

(vii) Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender
hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount
sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the
Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all
payment liabilities then owed by such Defaulting Lender to the Administrative Agent, each Issuing Bank, and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all
Revolving Loans and participations in Letters of Credit in accordance with its Revolving Commitment Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become
effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to the immediately following subsection (c), from and after the effective
date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 5.4., 13.2. and 13.9. and the other provisions of this Agreement and
the other Loan Documents as provided in Section 13.10. with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected
parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under
this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with the immediately following subsection (d). 

(c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent
of the Borrower, shall maintain at the Principal Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Revolving Commitments of, and principal amounts
(and stated interest) of the Revolving Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative
Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any
Lender, at any reasonable time and from time to time upon reasonable prior notice. 

  
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 (d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person, or the Borrower or
any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Revolving Commitment and/or the
Revolving Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations and (iii) the Borrower, the Administrative Agent, the Issuing Banks and the 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 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 (w) increase such Lender’s Revolving Commitment, (x) extend the date fixed for the
payment of principal on the Revolving Loans or portions thereof owing to such Lender, (y) reduce the rate at which interest is payable thereon or (z) release any Guarantor from its Obligations under the Guaranty except as contemplated by
Section 8.14.(b), in each case, as applicable to that portion of such Lender’s rights and/or obligations that are subject to the participation. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.10.,
5.1., 5.4. (subject to the requirements and limitations therein, including the requirements under Section 3.10.(g) (it being understood that the documentation required under Section 3.10.(g) shall be delivered to the participating Lender))
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 5.6. as if
it were an assignee under subsection (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 5.1. or 3.10., with respect to any participation, than its participating Lender would have been entitled
to receive, except to the extent such entitlement to receive a greater payment results from a Regulatory Change that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the
Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 5.6. with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 13.3. as though it were a Lender; provided that such Participant agrees to be subject to Section 3.3. as though it were a Lender. Each Lender that sells a participation shall, acting solely for this
purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Revolving Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the
identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is
necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any
notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(e) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or
substitute any such pledgee or assignee for such Lender as a party hereto. 

  
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 (f) No Registration. Each Lender agrees that, without the prior written consent of
the Borrower and the Administrative Agent, it will not make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings in respect of, any Revolving Loan or Revolving Note under
the Securities Act or any other securities laws of the United States or of any other jurisdiction. 
 (g) Lender Use of Plan Assets.
Each Lender agrees that it will not fund any amount payable by it hereunder with “plan assets” as that term is defined in 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA, unless such
Lender is eligible for and satisfies a Department of Labor Prohibited Transaction Exemption so that the execution, delivery and performance of this Agreement and the other Loan Documents, and the extensions of credit and repayment of amounts
hereunder, would not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code. 

(h) USA Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with “know your customer” and
anti-money laundering rules and regulations, including without limitation, the Patriot Act, prior to any Lender that is organized under the laws of a jurisdiction outside of the United States becoming a party hereto, the Administrative Agent may
request, and such Lender shall provide to the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the Administrative Agent to comply with federal law. 

Section 13.6. Amendments and Waivers. 

(a) Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this
Agreement or any other Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be amended, (iii) the performance or observance by the Borrower, any other Loan Party or any other
Subsidiary of any terms of this Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or
prospectively) with, but only with, the written consent of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written consent of each Loan
Party which is party thereto. Notwithstanding anything to the contrary contained in this Section, the Fee Letter may only be amended, and the performance or observance by any Loan Party thereunder may only be waived, in a writing executed by the
parties thereto. 
 (b) Additional Lender Consents. In addition to the foregoing requirements, no amendment, waiver or consent shall:

 (i) increase, extend or reinstate the Revolving Commitments of a Lender (except as contemplated by Section 2.17.) or
subject a Lender to any additional obligations without the written consent of such Lender; 
 (ii) reduce the principal of,
or interest that has accrued or the rates of interest that will be charged on the outstanding principal amount of, any Revolving Loans or other Obligations without the written consent of each Lender directly affected thereby; provided,
however, only the written consent of the Requisite Lenders shall be required (x) for the waiver of interest payable at the Post-Default Rate, retraction of the imposition of interest at the Post-Default Rate and amendment of the
definition of “Post-Default Rate” and (y) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Revolving Loan or to reduce any
fee payable hereunder; 

  
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 (iii) reduce the amount of any Fees payable to a Lender without the written
consent of such Lender; 
 (iv) modify the definitions of “Revolving Termination Date” (except in accordance with
Section 2.14.) or “Revolving Commitment Percentage”, otherwise postpone any date fixed for, or forgive, any payment of principal of, or interest on, any Revolving Loans or for the payment of Fees or any other Obligations owing to the
Lenders, or extend the expiration date of any Letter of Credit beyond the Revolving Termination Date, in each case, without the written consent of each Lender; 

(v) [reserved]; 

(vi) [reserved]; 

(vii) amend or otherwise modify the provisions of Section 3.2. or Section 11.5. without the written consent of each
Lender; 
 (viii) amend this Section or amend the definitions of the terms used in this Agreement or the other Loan Documents
insofar as such definitions affect the substance of this Section without the written consent of each Lender; 
 (ix) modify
the definition of the term “Requisite Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof without the written
consent of each Lender; 
 (x) [reserved]; 

(xi) release any Guarantor from its obligations under the Guaranty (except as contemplated by Section 8.14.(b)) without
the written consent of each Lender; or 
 (xii) amend, or waive the Borrower’s compliance with, Section 2.16.
without the written consent of each Lender. 
 (c) Amendment of Administrative Agent’s Duties, Etc. No amendment, waiver or
consent unless in writing and signed by the Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under this Agreement or any of the other Loan
Documents. Any amendment, waiver or consent relating to Section 2.4. or the obligations of the Issuing Banks under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action, require the
written consent of the Issuing Banks. Any amendment, waiver or consent with respect to any Loan Document that (i) diminishes the rights of a Specified Derivatives Provider in a manner or to an extent dissimilar to that affecting the Lenders or
(ii) increases the liabilities or obligations of a Specified Derivatives Provider shall, in addition to the Lenders required hereinabove to take such action, require the consent of the Lender that is (or having an Affiliate that is) such Specified
Derivatives Provider. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires
the consent of all Lenders 

  
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 or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting
Lenders), except that (x) the Revolving Commitments of any Defaulting Lender may not be increased, reinstated or extended without the written consent of such Defaulting Lender and (y) any waiver, amendment or modification requiring the
consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the written consent of such Defaulting Lender. No waiver shall extend to or affect any obligation
not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part
of the Administrative Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Any Event of Default occurring hereunder shall continue to exist until such time as such Event of Default is
waived in writing in accordance with the terms of this Section, notwithstanding any attempted cure or other action by the Borrower, any other Loan Party or any other Person subsequent to the occurrence of such Event of Default. Except as otherwise
explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to other or further notice or demand in similar or other circumstances. 

(d) Technical Amendments. Notwithstanding anything to the contrary in this Section 13.6., if the Administrative Agent and the
Borrower have jointly identified an ambiguity, omission, mistake or defect in any provision of this Agreement or an inconsistency between provisions of this Agreement, the Administrative Agent and the Borrower shall be permitted to amend such
provision or provisions to cure such ambiguity, omission, mistake, defect or inconsistency so long as to do so would not adversely affect the interests of the Lenders and the Issuing Bank. Any such amendment shall become effective without any
further action or consent of any of other party to this Agreement. 
 (e) Replacement Rate Amendments. The Administrative Agent may,
without the consent of any Lender, enter into amendments or modifications to this Agreement or any of the other Loan Documents or to enter into additional Loan Documents as the Administrative Agent reasonably deems appropriate in order to implement
any Replacement Rate or otherwise effectuate the terms of Section 5.3.(b) in accordance with the terms of Section 5.3.(b). 

Section 13.7. Nonliability of Administrative Agent and Lenders. 

The relationship between the Borrower, on the one hand, and the Lenders, the Issuing Banks and the Administrative Agent, on the other hand,
shall be solely that of borrower and lender. None of the Administrative Agent, any Issuing Bank or any Lender shall have any fiduciary responsibilities to the Borrower and no provision in this Agreement or in any of the other Loan Documents, and no
course of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty owing by the Administrative Agent, any Issuing Bank or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan Party. None of
the Administrative Agent, any Issuing Bank or any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or operations. 

Section 13.8. Confidentiality. 
 The
Administrative Agent, each Issuing Bank and each Lender shall maintain the confidentiality of all Information (as defined below) but in any event may make disclosure: (a) to its Affiliates and to its and its Affiliates’ other respective
Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) subject to an agreement containing
provisions substantially the same as those of this Section, to (i) any actual or proposed assignee, Participant or other transferee in connection with a potential transfer of any Revolving Commitment or participation therein as permitted 

  
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hereunder, or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations; (c) as required or
requested by any Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings, or as otherwise required by Applicable Law; (d) to the Administrative Agent’s, such Issuing
Bank’s or such Lender’s independent auditors and other professional advisors (provided they shall be notified of the confidential nature of the information); (e) in connection with the exercise of any remedies under any Loan
Document (or any Specified Derivatives Contract) or any action or proceeding relating to any Loan Document (or any Specified Derivatives Contract) or the enforcement of rights hereunder or thereunder; (f) to the extent such Information
(i) becomes publicly available other than as a result of a breach of this Section actually known by the Administrative Agent, such Issuing Bank or such Lender to be a breach of this Section or (ii) becomes available to the Administrative
Agent, any Issuing Bank, any Lender or any Affiliate of the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower or any Affiliate of the Borrower; (g) to the extent requested by,
or required to be disclosed to, any regulatory or similar authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners); (h)
of deal terms and other information customarily reported to Thomson Reuters, other bank market data collectors and similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with
the administration of the Loan Documents; (i) to any other party hereto; (j) on a confidential basis to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loan
Documents; (k) for purposes of establishing a “due diligence” defense; and (l) with the consent of the Borrower. Notwithstanding the foregoing, the Administrative Agent, each Issuing Bank and each Lender may disclose any such
confidential information, without notice to the Borrower or any other Loan Party, to Governmental Authorities in connection with any regulatory examination of the Administrative Agent, such Issuing Bank or such Lender or in accordance with the
regulatory compliance policy of the Administrative Agent, such Issuing Bank or such Lender. As used in this Section, the term “Information” means all information received from the Borrower, any other Loan Party, any other Subsidiary or
Affiliate relating to any Loan Party or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any Issuing Bank on a nonconfidential basis prior to disclosure by the Borrower,
any other Loan Party, any other Subsidiary or any Affiliate, provided that, in the case of any such information received from the Borrower, any other Loan Party, any other Subsidiary or any Affiliate after the date hereof, such information is
clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised
the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

Section 13.9. Indemnification. 
 (a)
The Borrower shall indemnify the Administrative Agent, each Issuing Bank, each Lender and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnified Party”) against, and hold each Indemnified Party
harmless from, and shall pay or reimburse any such Indemnified Party for, any and all losses, claims (including without limitation, Environmental Claims), damages, liabilities and related expenses (including without limitation, the fees, charges and
disbursements of any counsel for any Indemnified Party (which counsel may be employees of any Indemnified Party)), incurred by any Indemnified Party or asserted against any Indemnified Party by any Person (including the Borrower, any other Loan
Party or any other Subsidiary) other than such Indemnified Party and its Related Parties, arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby or thereby, the performance by the parties hereto or thereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or 

  
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thereby, (ii) any Revolving Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a
Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or
operated by the Borrower, any other Loan Party or any other Subsidiary, or any Environmental Claim related in any way to the Borrower, any other Loan Party or any other Subsidiary, (iv) any actual or prospective claim, litigation, investigation
or proceeding (an “Indemnity Proceeding”) relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower, any other Loan Party or any other Subsidiary, and
regardless of whether any Indemnified Party is a party thereto, or (v) any claim (including without limitation, any Environmental Claims), investigation, litigation or other proceeding (whether or not the Administrative Agent, any Issuing Bank
or any Lender is a party thereto) and the prosecution and defense thereof, arising out of or in any way connected with the Revolving Loans, this Agreement, any other Loan Document, or any documents contemplated by or referred to herein or therein or
the transactions contemplated hereby or thereby, including without limitation, reasonable attorneys and consultant’s fees; provided, however, that such indemnity shall not, as to any Indemnified Party, be available to the extent that such
losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnified Party. 

(b) If and to the extent that the obligations of the Borrower under this Section are unenforceable for any reason, the Borrower hereby agrees
to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law. 
 (c) The
Borrower’s obligations under this Section shall survive any termination of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any of the other
obligations set forth in this Agreement or any other Loan Document to which it is a party. 
 References in this Section 13.9. to “Lender” or
“Lenders” shall be deemed to include such Persons (and their Affiliates) in their capacity as Specified Derivatives Providers, as applicable. 

Section 13.10. Termination; Survival. 

This Agreement shall terminate at such time as (a) all of the Revolving Commitments have been terminated, (b) all Letters of Credit
have terminated or expired or been canceled (other than Extended Letters of Credit in respect of which the Borrower has satisfied the requirements to provide Cash Collateral as required in Section 2.4.(b)), (c) none of the Lenders is obligated
any longer under this Agreement to make any Revolving Loans and the Issuing Banks are no longer obligated under this Agreement to issue Letters of Credit and (d) all Obligations (other than obligations which survive as provided in the following
sentence) have been paid and satisfied in full. The indemnities to which the Administrative Agent, the Issuing Banks and the Lenders are entitled under the provisions of Sections 3.10., 5.1., 5.4., 12.6., 13.2. and 13.9. and any other provision of
this Agreement and the other Loan Documents, and the provisions of Section 13.4., shall continue in full force and effect and shall protect the Administrative Agent, the Issuing Banks and the Lenders (i) notwithstanding any termination of
this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on
or prior to the date such party ceased to be a party to this Agreement. 

  
 - 106 - 

 Section 13.11. Severability of Provisions. 

If any provision of this Agreement or the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid or
unenforceable, that provision shall be deemed severed from the Loan Documents, and the validity, legality and enforceability of the remaining provisions shall remain in full force as though the invalid, illegal, or unenforceable provision had never
been part of the Loan Documents. 
 Section 13.12. GOVERNING LAW. 

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND
TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 13.13. Counterparts. 

To facilitate execution, this Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts as
may be convenient or required (which may be effectively delivered by facsimile, in portable document format (“PDF”) or other similar electronic means). 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 document. It shall not be necessary in making proof of this document to produce or account for more than a
single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. 
 Section 13.14. Obligations with Respect
to Loan Parties and Subsidiaries. 
 The obligations of the Borrower to direct or prohibit the taking of certain actions by the other
Loan Parties and Subsidiaries as specified herein shall be absolute and not subject to any defense the Borrower may have that the Borrower does not control such Loan Parties or Subsidiaries. 

Section 13.15. Independence of Covenants. 

All covenants hereunder shall be given in any jurisdiction 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 13.16. Limitation of Liability. 

None of the Administrative Agent, any Issuing Bank, any Lender, or any of their respective Related Parties shall have any liability with
respect to, and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, consequential or punitive damages suffered or incurred by the Borrower in connection with, arising out of,
or in any way related to, this Agreement, any of the other Loan Documents or any of the transactions contemplated by this Agreement or any of the other Loan Documents. 

  
 - 107 - 

 Section 13.17. Entire Agreement. 

This Agreement and the other Loan Documents embody the final, entire agreement among the parties hereto and supersede any and all prior
commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or
discussions of the parties hereto. To the extent any term of this Agreement is inconsistent with a term of any other Loan Document to which the parties of this Agreement are party, the term of this Agreement shall control to the extent of such
inconsistency. There are no oral agreements among the parties hereto. 
 Section 13.18. Construction. 

The Administrative Agent, each Issuing Bank, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of
its own choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Administrative
Agent, each Issuing Bank, the Borrower and each Lender. 
 Section 13.19. Acknowledgement and Consent to
Bail-In of EEA Financial Institutions. 
 Notwithstanding anything to the contrary in any Loan
Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any
Bail-in Action on any such liability, including, if applicable: 
 (i) a reduction in
full or in part or cancellation of any such liability; 
 (ii) a conversion of all, or a portion of, such liability into
shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

(iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of
any EEA Resolution Authority. 
 Section 13.20. Headings. 

The paragraph and section headings in this Agreement are provided for convenience of reference only and shall not affect its construction or
interpretation. 
 [Signatures on Following Pages] 

  
 - 108 - 

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

			
	NUVEEN GLOBAL CITIES REIT OP, LP
	 By: Nuveen Global Cities REIT, Inc., its general partner

By: TH Real Estate Global Cities Advisors, LLC, its Advisor

		
	By:	 	 /s/ William Miller

		 	Name: William Miller
		 	Title: Authorized Signatory
	
	 NUVEEN GLOBAL CITIES REIT, INC
 By:
TH Real Estate Global Cities Advisors, LLC, its Advisor

		
	By:	 	 /s/ William Miller

		 	Name: William Miller
		 	Title: Authorized Signatory

 [Signatures Continued on Next
Page] 
 [Signature Page to Credit Agreement with Nuveen Global Cities REIT OP, LP] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as Issuing Bank and as a Lender
		
	By:	 	 /s/ Vernon Chi 

		 	Name: Vernon Chi 

		 	Title: Senior Vice President

 [Signature Page to Credit Agreement with Nuveen Global Cities REIT OP, LP] 

 SCHEDULE I 

Revolving Commitments 
  

					
	 Lender
	  	Revolving Commitment
Amount	 
	 Wells Fargo Bank, National Association
	  	$	60,000,000	 
	 TOTAL
	  	$	60,000,000	 

 SCHEDULE 1.1. 

List of Loan Parties 
 Nuveen
Global Cities REIT, Inc., a Maryland corporation 
 NR Denver Industrial Portfolio LLC, a Delaware limited liability company 

NR 844 North LLC, a Delaware limited liability company 
 NR
Kirkland Crossing LLC, a Delaware limited liability company 
 NR Tacara at Steiner Ranch LLC, a Delaware limited liability company 

NR Defoor Hills LLC, a Delaware limited liability company 
 NR
Main Street at Kingwood LLC, a Delaware limited liability company 

 SCHEDULE 1.2. 

Permitted Liens 
 None. 

 SCHEDULE 1.3 

Schedule of Reserves 
 $0.25 psf
for office 
 $0.10 psf for industrial/warehouse/distribution 

$0.15 psf for retail 
 $0.20 psf for flex office/industrial 

4% of gross revenues for hotels 
 $200/unit for residential 

$350/unit for senior housing 
 $250/unit for student housing 

 SCHEDULE 7.1.(b) 

Ownership Structure 
 Part 1
– List of all Subsidiaries of Borrower 
  

											
	 Name of Entity
	  	Jurisdiction
of
Organization	  	Name of Person(s)
holding Equity
Interests	  	Type of Equity
Interests Held	 	Percentage
Ownership of Each
Person	 
	 NR Denver Industrial Portfolio LLC
	  	Delaware	  	Borrower	  	Membership Interests	 	 	100	% 
	 NR 844 North LLC
	  	Delaware	  	Borrower	  	Membership Interests	 	 	100	% 
	 NR Kirkland Crossing LLC
	  	Delaware	  	Borrower	  	Membership Interests	 	 	100	% 
	 NR Tacara at Steiner Ranch LLC
	  	Delaware	  	Borrower	  	Membership Interests	 	 	100	% 
	 NR Defoor Hills LLC
	  	Delaware	  	Borrower	  	Membership Interests	 	 	100	% 
	 NR Main Street at Kingwood LLC
	  	Delaware	  	Borrower	  	Membership Interests	 	 	100	% 
	 NR Henderson 215 LLC
	  	Delaware	  	Borrower	  	Membership Interests	 	 	100	% 
	 NR APCF Investor Ltd.
	  	Cayman Islands	  	Borrower	  	Limited Company Interests	 	 	100	% 
	 NR ECF Investor Ltd.
	  	Cayman Islands	  	Borrower	  	Limited Company Interests	 	 	100	% 

 Part II – List of all Unconsolidated Affiliates of Borrower 

None. 

 SCHEDULE 7.1.(f) 

Title to Properties; Liens 

Those real estate assets of the applicable Loan Parties as more fully described in the Parent’s Prospectus and Form
10-Q filing, which can be located at the following links: http://connect.rightprospectus.com/Nuveen/SPCD/ and https://documents.nuveen.com/Documents/NREIT/Default.aspx?fileId=74082, and including the
following: 
  

													
	 Identity of Property
	  	Current Occupancy Status	 	 	Development Property
(Y/N)	 	  	Status of Completion if
Development Property	 
	 3055 Riverbirch Drive, Aurora, IL 60502
	  	 	96	% Leased 	 	 	N	 	  	 	n/a	 
	 844 N. 47th Street, Phoenix, AZ 85043
	  	 	100	% Leased 	 	 	N	 	  	 	n/a	 
	 Denver Industrial Portfolio (16600 Table Mountain, 6400 Boradway and Bryan Street Quad) Denver,
CO 80219
	  	 	100	% Leased 	 	 	N	 	  	 	n/a	 
	 2282 Defoor Hills Rd NW, Atlanta, GA 30318
	  	 	100	% Leased 	 	 	N	 	  	 	n/a	 
	 4306 N. Quinlan Park Rd., Austin, TX 78732
	  	 	98	% Leased 	 	 	N	 	  	 	n/a	 

 SCHEDULE 7.1.(g) 

Existing Indebtedness; Total Liabilities 

Part 1 
 None. 

Part II 
 Those Total Liabilities of the Loan
Parties as more fully described in the Parent’s Form 10-Q filing, which can be located at the following link: https://documents.nuveen.com/Documents/NREIT/Default.aspx?fileId=74082 

 SCHEDULE 7.1.(h) 

Material Contracts other than Tenant Leases 

None. 

 SCHEDULE 7.1.(i) 

Litigation 
 None. 

 SCHEDULE 7.1.(s) 

Affiliate Transactions 
 Those
affiliate transactions are set forth in the Parent’s Prospectus, which can be located at the following link: http://connect.rightprospectus.com/Nuveen/SPCD/ 

 EXHIBIT A 

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 

This Assignment and Assumption Agreement (the “Assignment and Assumption”) is dated as of the Effective Date set forth below
and is entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and
[the][each]2 Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement
identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and
incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed
consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in
accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and
obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified
below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below (including without limitation any letters of credit, guarantees, and swingline loans included in
such facilities), and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the] [any] Assignor (in its capacity as a Lender)][the respective Assignors (in their respective
capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way
based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant
to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned
Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor. 

1. Assignor[s]:             ______________________________ 

 
  

	1	 For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a
single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language. 

	2	 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a
single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. 

	3	 Select as appropriate. 

	4	 Include bracketed language if there are either multiple Assignors or multiple Assignees. 

  
 A-1 

							
				
		  		  	  
	  	
		  	[Assignor [is] [is not] a Defaulting Lender]	  	
				
	2.	  	Assignee[s]:	  	  
	  	
				
		  		  	  
	  	
		  	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]	  	
			
	3.	  	Borrower:	  	Nuveen Global Cities REIT OP, LP, a Delaware limited partnership (the “Borrower”)
			
	4.	  	Administrative Agent:	  	Wells Fargo Bank, National Association, as the administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	The Credit Agreement dated as of October 24, 2018 among the Borrower, Nuveen Global Cities REIT, Inc. (“Parent”), the Lenders parties thereto, Wells Fargo Bank, National Association, as Administrative Agent,
and the other parties thereto
				
	6.	  	Assigned Interest[s]:	  		  	

  

																					
	
Assignor[s]5
	  	Assignee[s]6	 	  	Aggregate
Amount of
Revolving
Commitment/Loans
for all Lenders7	 	  	Amount of
Revolving
Commitment/Loans
Assigned8	 	  	Percentage
Assigned of
Revolving
Commitment/
Loans8	 	  	CUSIP Number	 
		  				  	$	 	 	  	$	 	 	  	 	%	 	  			
		  				  	$	 	 	  	$	 	 	  	 	%	 	  			
		  				  	$	 	 	  	$	 	 	  	 	%	 	  			

 [7. Trade Date:
______________]9 
 [Page break] 

 
  

	5	 List each Assignor, as appropriate. 

	6 	 List each Assignee, as appropriate. 

	7	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the
Trade Date and the Effective Date. 

	8	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

	9	 To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be
determined as of the Trade Date. 

  
 A-2 

 Effective Date: _____________ ___, 20___ 

The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	 ASSIGNOR[S]10

[NAME OF ASSIGNOR]

		
	By:	 	  

		 	Name:
		 	Title:
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	ASSIGNEE[S]11
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Name:
		 	Title:
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Name:
		 	Title:

  
  

	10	 Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if
applicable). 

	11	 Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if
applicable). 

  
 A-3 

			
	[Consented to and]12 Accepted:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	
                     
        

		 	Name:
		 	Title:
	
	[Consented to:]13
	
	[NAME OF RELEVANT PARTY]
		
	By:	 	  

		 	Name:
		 	Title:

  
  

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

	13	 To be added only if the consent of the Borrower and/or other parties (e.g. Issuing Bank) is required by the
terms of the Credit Agreement. 

  
 A-4 

 ANNEX 1 

NUVEEN GLOBAL CITIES REIT OP, LP 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1 Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is
the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] 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) assumes no responsibility with respect to (i) any statements,
warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral
thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries
or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
 1.2. Assignee[s]. [The][Each]
Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a
Lender under the Credit Agreement, (ii) it meets all the requirements to be an Eligible Assignee as defined in the Credit Agreement (subject to such consents, if any, as may be required under such definition), (iii) from and after the Effective
Date specified for this Assignment and Assumption, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder,
(iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in
acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 9.1 or 9.2
thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has,
independently and without reliance upon the Administrative Agent, the Assignor or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and
Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly
completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan
Documents are required to be performed by it as a Lender. 

  
 A-5 

 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignee whether such amounts have accrued prior to, on or after the Effective Date specified for
this Assignment and Assumption. The Assignor[s] and the Assignee[s] shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to such Effective Date or with respect to the making of this assignment directly
between themselves. 
 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 telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of
New York. 

  
 A-6 

 EXHIBIT B 

FORM OF DISBURSEMENT INSTRUCTION AGREEMENT 

Borrower: NUVEEN GLOBAL CITIES REIT OP, LP 

Administrative Agent: Wells Fargo Bank, National Association 

Loan: Loan number _______ made pursuant to that certain “Credit Agreement” dated as of October 24, 2018 among Borrower,
Administrative Agent, Wells Fargo Securities, LLC and Lenders, as amended from time to time 
 Effective Date: October 24, 2018 

Check applicable box: 
  

	 	☐	 New – This is the first Disbursement Instruction Agreement submitted in connection with the Loan.
 

  

	 	☐	 Replace Previous Agreement – This is a replacement Disbursement Instruction Agreement. All prior
instructions submitted in connection with this Loan are cancelled as of the Effective Date set forth above. 

 This Agreement must be
signed by the Borrower and is used for the following purposes: 
  

	 	(1)	 to designate an individual or individuals with authority to request disbursements of Loan proceeds, whether at
the time of Loan closing/origination or thereafter; 

  

	 	(2)	 to designate an individual or individuals with authority to request disbursements of funds from Restricted
Accounts (as defined in the Terms and Conditions attached to this Agreement), if applicable; and 

  

	 	(3)	 to provide Administrative Agent with specific instructions for wiring or transferring funds on Borrower’s
behalf. 

 Any of the disbursements, wires or transfers described above are referred to herein as a “Disbursement.” 

Specific dollar amounts for Disbursements must be provided to Administrative Agent at the time of the applicable Disbursement in the form of a signed closing
statement, an email instruction or other written communication (each, a “Disbursement Request”) from an applicable Authorized Representative (as defined in the Terms and Conditions attached to this Agreement). 

A new Disbursement Instruction Agreement must be completed and signed by the Borrower if (i) all or any portion of a Disbursement is to be transferred to
an account or an entity not described in this Agreement or (ii) Borrower wishes to add or remove any Authorized Representatives. 
 See the
Additional Terms and Conditions attached hereto for additional information and for definitions of certain capitalized terms used in this Agreement. 

  
 B-1 

 Disbursement of Loan Proceeds at
Origination/Closing14 
 Closing Disbursement Authorizers: Administrative Agent is authorized
to accept one or more Disbursement Requests from any of the individuals named below (each, a “Closing Disbursement Authorizer”) to disburse Loan proceeds on or about the date of the Loan origination/closing and to initiate
Disbursements in connection therewith (each, a “Closing Disbursement”): 
  

					
	 	  	 Individual’s Name
	  	 Title

	1.	  	Christopher McGibbon	  	Managing Director and Head, TH Real Estate, Americas
	2.	  	Richard M. Kimble	  	Senior Director and Authorized Signatory
	3.	  	James E. Sinople	  	Senior Manager and Authorized Signatory
	4.	  	William M. Miller	  	Managing Director, Assistant Secretary and Associate General Counsel

 Describe Restrictions, if any, on the authority of the Closing Disbursement Authorizers (dollar amount limits, wire/deposit
destinations, etc.): 
 N/A 
 Permitted Wire
Transfers: Disbursement Requests for the Closing Disbursement(s) to be made by wire transfer must specify the amount and applicable Receiving Party. Each Receiving Party included in any such Disbursement Request must be listed below.
Administrative Agent is authorized to use the wire instructions that have been provided directly to Administrative Agent by the Receiving Party or Borrower and attached as the Closing Exhibit. All wire instructions must be in the format specified
on the Closing Exhibit. 
 Names of Receiving Parties for the Closing Disbursement(s) (may include as many parties as needed; wire
instructions for each Receiving Party must be attached as the Closing Exhibit) 
 1. 

2. 
 3. 

 
  

	14	 Use this iteration of the form only for borrowings on the Closing Date. 

  
 B-2 

 Disbursements of Loan Proceeds Subsequent to Loan Closing/Origination15 
 Subsequent Disbursement Authorizers: Administrative Agent is authorized to accept one or
more Disbursement Requests from any of the individuals named below (each, a “Subsequent Disbursement Authorizer”) to disburse Loan proceeds after the date of the Loan origination/closing and to initiate Disbursements in connection
therewith (each, a “Subsequent Disbursement”): 
  

					
	 	  	 Individual’s Name
	  	 Title

	1.	  	Christopher McGibbon	  	Managing Director and Head, TH Real Estate, Americas
	2.	  	Richard M. Kimble	  	Senior Director and Authorized Signatory
	3.	  	James E. Sinople	  	Senior Manager and Authorized Signatory
	4.	  	William M. Miller	  	Managing Director, Assistant Secretary and Associate
		  		  	General Counsel

 Describe Restrictions, if any, on the authority of the Subsequent Disbursement Authorizers (dollar amount limits, wire/deposit
destinations, etc.): 
 [N/A] [Description of Restrictions] 

Permitted Wire Transfers: Disbursement Requests for Subsequent Disbursements to be made by wire transfer must specify the amount and applicable
Receiving Party. Each Receiving Party included in any such Disbursement Request must be listed below. Administrative Agent is authorized to use the wire instructions that have been provided directly to Administrative Agent by the Receiving Party or
Borrower and attached as the Subsequent Disbursement Exhibit. All wire instructions must be in the format specified on the Subsequent Disbursement Exhibit. 

Names of Receiving Parties for Subsequent Disbursements (may include as many parties as needed; wire instructions for each Receiving Party must
be attached as the Subsequent Disbursement Exhibit) 
 1. 
 2.

 3. 
 Direct Deposit: Disbursement Requests for
Subsequent Disbursements to be deposited into an account at Wells Fargo Bank, N.A. must specify the amount and applicable account. Each account included in any such Disbursement Request must be listed below. 

Name on Deposit Account: 
 Wells Fargo Bank, N.A. Deposit Account
Number: 
 Further Credit Information/Instructions: 
  

 

	15	 Use this iteration of the form only for borrowings after the Closing Date. 

  
 B-3 

 Borrower acknowledges that all of the information in this Agreement is correct and agrees to the terms and
conditions set forth herein and in the Additional Terms and Conditions on the following page. 
  

			
	NUVEEN GLOBAL CITIES REIT OP, LP
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 B-4 

 Additional Terms and Conditions to the Disbursement Instruction Agreement 

Definitions. The following capitalized terms shall have the meanings set forth below: 

“Authorized Representative” means any or all of the Closing Disbursement Authorizers, Subsequent Disbursement Authorizers
and Restricted Account Disbursement Authorizers, as applicable. 
 “Receiving Bank” means the financial institution
where a Receiving Party maintains its account. 
 “Receiving Party” means the ultimate recipient of funds pursuant to a
Disbursement Request. 
 “Restricted Account” means an account at Wells Fargo Bank, N.A. associated with the Loan to which
Borrower’s access is restricted. 
 Capitalized terms used in these Additional Terms and Conditions to Disbursement Instruction Agreement and
not otherwise defined herein shall have the meanings given to such terms in the body of the Agreement. 
 Disbursement Requests. Except as expressly
provided in the Credit Agreement, Administrative Agent must receive Disbursement Requests in writing. Disbursement Requests will only be accepted from the applicable Authorized Representatives designated in the Disbursement Instruction
Agreement. Disbursement Requests will be processed subject to satisfactory completion of Administrative Agent’s customer verification procedures. Administrative Agent is only responsible for making a good faith effort to execute each
Disbursement Request and may use agents of its choice to execute Disbursement Requests. Funds disbursed pursuant to a Disbursement Request may be transmitted directly to the Receiving Bank, or indirectly to the Receiving Bank through another bank,
government agency, or other third party that Administrative Agent considers to be reasonable. Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each Disbursement will be made.
Administrative Agent may delay or refuse to accept a Disbursement Request if the Disbursement would: (i) violate the terms of this Agreement; (ii) require use of a bank unacceptable to Administrative Agent or Lenders or prohibited by
government authority; (iii) cause Administrative Agent or Lenders to violate any Federal Reserve or other regulatory risk control program or guideline; or (iv) otherwise cause Administrative Agent or Lenders to violate any applicable law or
regulation. 
 Limitation of Liability. Administrative Agent , Issuing Bank, Swingline Lender and Lenders shall not be liable to Borrower or any
other parties for: (i) errors, acts or failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which Borrower’s requested Disbursements may be made or information received or
transmitted, and no such entity shall be deemed an agent of the Administrative Agent, Issuing Bank, Swingline Lender or any Lender; (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or
failures, acts of government, labor disputes, failures in communications networks, legal constraints or other events beyond Administrative Agent’s, Issuing Banks’s, Swingline Lender’s or any Lender’s control; or (iii) any
special, consequential, indirect or punitive damages, whether or not (A) any claim for these damages is based on tort or contract or (B) Administrative Agent, Issuing Bank, Swingline Lender any Lender or Borrower knew or should have known
the likelihood of these damages in any situation. Neither Administrative Agent, Issuing Bank, Swingline Lender nor any Lender makes any representations or warranties other than those expressly made in this Agreement. IN NO EVENT WILL ADMINISTRATIVE
AGENT, ISSUING BANK, SWINGLINE LENDER OR ANY LENDER BE LIABLE FOR DAMAGES ARISING DIRECTLY OR INDIRECTLY IF A DISBURSEMENT REQUEST IS EXECUTED BY ADMINISTRATIVE AGENT IN GOOD FAITH AN IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT. 

Reliance on Information Provided. Administrative Agent is authorized to rely on the information provided by Borrower or any Authorized
Representative in or in accordance with this Agreement when executing a Disbursement Request until Administrative Agent has received a new Agreement signed by Borrower. Borrower agrees to be bound by any Disbursement Request: (i) authorized
or transmitted by Borrower; or (ii) made in Borrower’s name and accepted by Administrative Agent in good faith and in compliance with this Agreement, even if not properly authorized by Borrower. Administrative Agent may rely solely
(i) on the account number of the Receiving Party, rather than the Receiving Party’s name, and (ii) on the bank routing number of the Receiving Bank, rather than the Receiving Bank’s name, in executing a Disbursement Request.
Administrative Agent is not obligated or required in any way to take any actions to detect errors in information provided by Borrower or an Authorized Representative. If Administrative Agent takes any actions in an attempt to detect errors in the
transmission or content of transfers or requests or takes any actions in an attempt to detect unauthorized Disbursement Requests, Borrower agrees that, no matter how many times Administrative Agent takes these actions, Administrative Agent will not
in any situation be liable for failing to take or correctly perform these actions in the future, and such actions shall not become any part of the Disbursement procedures authorized herein, in the Loan Documents, or in any agreement between
Administrative Agent and Borrower. 
 International Disbursements. A Disbursement Request expressed in US Dollars will be sent in US Dollars, even if
the Receiving Party or Receiving Bank is located outside the United States. Administrative Agent will not execute Disbursement Requests expressed in foreign currency unless permitted by the Credit Agreement. 

Errors. Borrower agrees to notify Administrative Agent of any errors in the Disbursement of any funds or of any unauthorized or improperly
authorized Disbursement Requests within fourteen (14) days after Administrative Agent’s confirmation to Borrower of such Disbursement. 

Finality of Disbursement Requests. Disbursement Requests will be final and will not be subject to stop payment or recall; provided that
Administrative Agent may, at Borrower’s request, make an effort to effect a stop payment or recall but will incur no liability whatsoever for its failure or inability to do so. 

  
 B-5 

 CLOSING EXHIBIT 

WIRE INSTRUCTIONS 

ADMINISTRATIVE AGENT TO ATTACH WIRE INSTRUCTIONS FROM RECEIVING PARTIES 

All wire instructions must contain the following information: 

Transfer/Deposit Funds to (Receiving Party Account Name) 
 Nuveen
Global Cities REIT OP, LP OP 
 Receiving Party Deposit Account Number 

XXXXXXXXXX 
 Receiving Bank Name, City and State 

The Bank of New York Mellon, New York, NY 10286 
 Receiving Bank
Routing (ABA) Number 
 021000018 
 Further identifying
information, if applicable (title escrow number, borrower name, loan number, etc.) 
 Property Name (if the payment is related to a particular property) 

  
 B-6 

 SUBSEQUENT DISBURSEMENT EXHIBIT 

WIRE INSTRUCTIONS 

ADMINISTRATIVE AGENT TO ATTACH WIRE INSTRUCTIONS FROM RECEIVING PARTIES 

All wire instructions must contain the following information: 

Transfer/Deposit Funds to (Receiving Party Account Name) 
 Nuveen
Global Cities REIT OP, LP OP 
 Receiving Party Deposit Account Number 

XXXXXXXXXX 
 Receiving Bank Name, City and State 

The Bank of New York Mellon, New York, NY 10286 
 Receiving Bank
Routing (ABA) Number 
 021000018 
 Further identifying
information, if applicable (title escrow number, borrower name, loan number, etc.) 
 Property Name (if the payment is related to a particular property) 

  
 B-7 

 EXHIBIT C 

FORM OF GUARANTY 
 [To be
attached.] 

  
 C-1 

 EXECUTION VERSION 

GUARANTY 
 THIS GUARANTY dated as of
October 24, 2018 (this “Guaranty”) executed and delivered by each of the undersigned and the other Persons from time to time party hereto pursuant to the execution and delivery of an Accession Agreement in the form of Annex I hereto
(all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the
“Administrative Agent”) for the Lenders under that certain Credit Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among NUVEEN
GLOBAL CITIES REIT OP, LP (the “Borrower”), NUVEEN GLOBAL CITIES REIT, INC. (“Parent”), the financial institutions party thereto (including any financial institution which joined pursuant to Section 2.17 thereof) and their
assignees under Section 13.5. thereof (the “Lenders”), the Administrative Agent, and the other parties from time to time party thereto, for its benefit and the benefit of the Lenders, the Issuing Bank, and the Specified Derivatives
Providers (the Administrative Agent, the Lenders, the Issuing Bank, and the Specified Derivatives Providers, each individually a “Guarantied Party” and collectively, the “Guarantied Parties”). 

WHEREAS, pursuant to the Credit Agreement, the Administrative Agent, the Issuing Bank, and the other Lenders have agreed to make available to
the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 
 WHEREAS, the Specified
Derivatives Providers may from time to time enter into Specified Derivatives Contracts with a Loan Party; 
 WHEREAS, each Guarantor is
owned or controlled by the Borrower, or is otherwise an Affiliate of the Borrower; 
 WHEREAS, the Borrower and the Guarantors, though
separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financial accommodations from the Guarantied
Parties through their collective efforts; 
 WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the
Guarantied Parties making such financial accommodations; and 
 WHEREAS, each Guarantor’s execution and delivery of this Guaranty is a
condition to the Guarantied Parties’ making, and continuing to make, such financial accommodations. 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees as follows: 

Section 1. Guaranty. Each Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due and punctual payment and
performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all indebtedness and obligations owing by the Borrower or any other
Loan Party to any Lender, the Issuing Bank or the Administrative Agent under or in connection with the Credit Agreement or any other Loan Document, including without limitation, the repayment of all principal of the Revolving Loans, and the
Reimbursement Obligations, and the payment of all interest, fees, charges, attorneys’ fees and other amounts payable to any Lender, the Issuing Bank or the Administrative Agent thereunder or in connection therewith; (b) all existing or
future payment and other obligations owing by any Loan Party under any Specified Derivatives Contract (other than any Excluded Swap Obligation); (c) any and all extensions, 

 
renewals, modifications, amendments or substitutions of the foregoing; and (d) all expenses, including, without limitation, attorneys’ fees and disbursements, that are incurred by the
Administrative Agent or any other Guarantied Party in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder. 

Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a debt of
each Guarantor for its own account. Accordingly, the Guarantied Parties shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy the Guarantied Parties may have against the
Borrower, any other Loan Party or any other Person or commence any suit or other proceeding against the Borrower, any other Loan Party or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of
the Borrower, any other Loan Party or any other Person; or (c) to make demand of the Borrower, any other Loan Party or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Guarantied Parties
which may secure any of the Guarantied Obligations. 
 Section 3. Guaranty Absolute. Each Guarantor guarantees that the
Guarantied Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the
Guarantied Parties with respect thereto. The liability of each Guarantor under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be
released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof): 

(a) (i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any change in
the time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document, any
Specified Derivatives Contract or any other document, instrument or agreement evidencing or relating to any Guarantied Obligations (the “Guarantied Documents”), or (iv) any waiver, renewal, extension, addition, or supplement to, or
deletion from, or any other action or inaction under or in respect of, any Guarantied Document or any assignment or transfer of any Guarantied Document; 

(b) any lack of validity or enforceability of any Guarantied Document or any assignment or transfer of any Guarantied Document; 

(c) any furnishing to any of the Guarantied Parties of any security for any of the Guarantied Obligations, or any sale, exchange, release or
surrender of, or realization on, any collateral securing any of the Guarantied Obligations; 
 (d) any settlement or compromise of any of the
Guarantied Obligations, any security therefor, or any liability of any other party with respect to any of the Guarantied Obligations, or any subordination of the payment of any of the Guarantied Obligations to the payment of any other liability of
the Borrower or any other Loan Party; 
 (e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or
other like proceeding relating to such Guarantor, any other Loan Party or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 

  
 2 

 (f) any act or failure to act by any Loan Party or any other Person which may adversely
affect such Guarantor’s subrogation rights, if any, against any other Loan Party or any other Person to recover payments made under this Guaranty; 

(g) any nonperfection or impairment of any security interest or other Lien on any collateral, if any, securing in any way any of the Guarantied
Obligations; 
 (h) any application of sums paid by any Loan Party or any other Person with respect to the liabilities of any Loan Party to
any of the Guarantied Parties, regardless of what liabilities of the Borrower remain unpaid; 
 (i) any defect, limitation or insufficiency
in the borrowing powers of the Borrower or in the exercise thereof; 
 (j) any defense, set off, claim or counterclaim (other than
indefeasible payment and performance in full) which may at any time be available to or be asserted by any Loan Party or any other Person against any Guarantied Party; 

(k) any change in the existence, structure or ownership of any Loan Party; 

(l) any statement, representation or warranty made or deemed made by or on behalf of any Loan Party under any Guarantied Document, or any
amendment hereto or thereto, proves to have been incorrect or misleading in any respect; or 
 (m) any other circumstance which might
otherwise constitute a defense available to, or a discharge of, a Guarantor hereunder (other than indefeasible payment and performance in full). 

Section 4. Action with Respect to Guarantied Obligations. The Guaranteed Parties may, at any time and from time to time, without
the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in Section 3. and may otherwise: (a) amend, modify, alter or supplement the terms of any
of the Guarantied Obligations, including, but not limited to, extending or shortening the time of payment of any of the Guarantied Obligations or changing the interest rate that may accrue on any of the Guarantied Obligations; (b) amend,
modify, alter or supplement any Guarantied Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the Guarantied Obligations; (d) release any Loan Party or other Person liable in
any manner for the payment or collection of any of the Guarantied Obligations; (e) exercise, or refrain from exercising, any rights against any Loan Party or any other Person; and (f) apply any sum, by whomsoever paid or however realized,
to the Guarantied Obligations in such order as the Guarantied Parties shall elect. 
 Section 5. Representations and Warranties.
Each Guarantor hereby makes to the Administrative Agent and the other Guarantied Parties all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other
Guarantied Documents, as if the same were set forth herein in full. 
 Section 6. Covenants. Each Guarantor will comply with all
covenants with which the Borrower is to cause such Guarantor to comply under the terms of the Credit Agreement or any of the other Guarantied Documents. 

  
 3 

 Section 7. Waiver. Each Guarantor, to the fullest extent permitted by Applicable
Law, hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such
Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder. 
 Section 8. Inability to
Accelerate. If the Guarantied Parties or any of them are prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise, the Administrative
Agent and/or the other Guarantied Parties shall be entitled to receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 

Section 9. Reinstatement of Guarantied Obligations. If claim is ever made on the Administrative Agent or any other Guarantied
Party for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and the Administrative Agent or such other Guarantied Party repays all or part of said amount by reason of (a) any
judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Administrative Agent or such other Guarantied Party with any such claimant (including
the Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the cancellation
of any of the Guarantied Documents and such Guarantor shall be and remain liable to the Administrative Agent or such other Guarantied Party for the amounts so repaid or recovered to the same extent as if such amount had never originally been paid to
the Administrative Agent or such other Guarantied Party. 
 Section 10. Subrogation. Upon the making by any Guarantor of any
payment hereunder for the account of another Loan Party, such Guarantor shall be subrogated to the rights of the payee against such Loan Party; provided, however, that such Guarantor shall not enforce any right or receive any payment
by way of subrogation or otherwise take any action in respect of any other claim or cause of action such Guarantor may have against such Loan Party arising by reason of any payment or performance by such Guarantor pursuant to this Guaranty, unless
and until all of the Guarantied Obligations have been indefeasibly paid and performed in full (other than contingent obligations for which no claim has been made). If any amount shall be paid to such Guarantor on account of or in respect of such
subrogation rights or other claims or causes of action, such Guarantor shall hold such amount in trust for the benefit of the Guarantied Parties and shall forthwith pay such amount to the Administrative Agent to be credited and applied against the
Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement or to be held by the Administrative Agent as collateral security for any Guarantied Obligations existing. 

Section 11. Payments Free and Clear. All sums payable by each Guarantor hereunder, whether of principal, interest, fees, expenses,
premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes), and if such Guarantor is required by Applicable Law or by any
Governmental Authority to make any such deduction or withholding such Guarantor shall pay to the Administrative Agent and the Lenders such additional amount as will result in the receipt by the Administrative Agent and the Lenders of the full amount
payable hereunder had such deduction or withholding not occurred or been required; provided, notwithstanding the foregoing, the provisions of Section 3.10 of the Credit Agreement shall apply to any payments to be made by a Guarantor
hereunder mutatis mutandis. 
 Section 12. Set-off. In addition to any rights now or
hereafter granted under any of the other Guarantied Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes each Guarantied Party and each Affiliate of a Guarantied Party, at any time while an
Event of Default exists, without any prior notice to such Guarantor or to any other Person, any such notice 

  
 4 

 
being hereby expressly waived, but in the case of a Guarantied Party (other than the Administrative Agent) or an Affiliate of a Guarantied Party (other than the Administrative Agent), subject to
receipt of the prior written consent of the Requisite Lenders exercised in their sole discretion, to set-off and to appropriate and to apply any and all deposits (general or special, including, but not limited
to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by a Guarantied Party or an Affiliate of a Guarantied Party to or for the credit or the account of such
Guarantor against and on account of any of the Guarantied Obligations, although such obligations shall be contingent or unmatured. 

Section 13. Subordination. Each Guarantor hereby expressly covenants and agrees for the benefit of the Guarantied Parties that all
obligations and liabilities of any other Loan Party to such Guarantor of whatever description, including without limitation, all intercompany receivables of such Guarantor from any other Loan Party (collectively, the “Junior Claims”) shall
be subordinate and junior in right of payment to all Guarantied Obligations. If an Event of Default shall exist, no Guarantor shall accept any direct or indirect payment (in cash, property or securities, by setoff or otherwise) from or any other
Loan Party on account of or in any manner in respect of any Junior Claim until all of the Guarantied Obligations have been indefeasibly paid in full. 

Section 14. Avoidance Provisions. It is the intent of each Guarantor and the Guarantied Parties that in any Proceeding, such
Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties) to be
avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including without limitation, (a) Section 548 of the Bankruptcy Code and (b) any state fraudulent transfer or fraudulent conveyance
act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any
other obligations of such Guarantor to the Guarantied Parties) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions”. Accordingly, to the extent that the obligations of any Guarantor hereunder would
otherwise be subject to avoidance under the Avoidance Provisions, the maximum Guarantied Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Guarantied Obligations are
deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of any Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties), to be subject to avoidance under the Avoidance
Provisions. This Section is intended solely to preserve the rights of the Administrative Agent and the other Guarantied Parties hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to
avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as against the Guarantied Parties that would not otherwise be available to such Person under the Avoidance Provisions.

 Section 15. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the financial
condition of the Loan Parties, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that
neither of the Administrative Agent nor any other Guarantied Party shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks. 

Section 16. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

  
 5 

 SECTION 17. WAIVER OF JURY TRIAL. 

(a) EACH GUARANTOR, AND EACH OF THE GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN
OR AMONG SUCH GUARANTOR AND ANY OF THE GUARANTIED PARTIES WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE
GUARANTORS, AND THE GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY
PARTY HERETO ARISING OUT OF THIS GUARANTY. 
 (b) EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE
ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER PARTY HERETO OR ANY RELATED PARTY THEREOF IN ANY WAY RELATING TO THIS GUARANTY OR ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH
NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS GUARANTY OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY PARTY HERETO MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS
GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST ANY OTHER PARTY HERETO OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY
SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM, AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY ANY PARTY
HERETO OR THE ENFORCEMENT BY ANY PARTY HERETO OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
 (c) THE
PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE
OTHER GUARANTIED DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS GUARANTY. 

  
 6 

 Section 18. Loan Accounts. The Administrative Agent and each other Guarantied
Party may maintain books and accounts setting forth the amounts of principal, interest and other sums paid and payable with respect to the Guarantied Obligations arising under or in connection with the Loan Documents, and in the case of any dispute
relating to any of the outstanding amount, payment or receipt of any of such Guarantied Obligations or otherwise, the entries in such books and accounts shall be binding on the Guarantors absent manifest error. The failure of the Administrative
Agent or any other Guarantied Party to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its obligations hereunder. 

Section 19. Waiver of Remedies. No delay or failure on the part of the Administrative Agent or any other Guarantied Party in the
exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Administrative Agent or any other Guarantied Party of any such right or remedy shall
preclude any other or further exercise thereof or the exercise of any other such right or remedy. 
 Section 20. Termination.
This Guaranty shall remain in full force and effect with respect to each Guarantor until indefeasible payment in full of the Guarantied Obligations and the termination or cancellation of all Guarantied Documents in accordance with their respective
terms. 
 Section 21. Successors and Assigns. Each reference herein to the Administrative Agent or any other Guarantied Party
shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each reference herein to
each Guarantor shall be deemed to include such Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Guarantied Parties may, in accordance with the applicable provisions of the Guarantied Documents, assign,
transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying any Guarantor’s
obligations hereunder. Each Guarantor hereby consents to the delivery by the Administrative Agent and any other Guarantied Party to any Assignee or Participant (or any prospective Assignee or Participant) of any financial or other information
regarding the Borrower or any Guarantor. No Guarantor may assign or transfer its obligations hereunder to any Person without the prior written consent of all Lenders and any such assignment or other transfer to which all of the Lenders have not so
consented shall be null and void. 
 Section 22. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS HEREUNDER
SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER. 

Section 23. Amendments. This Guaranty may not be amended except in writing signed by the Administrative Agent and each Guarantor,
subject to Section 13.6 of the Credit Agreement. 
 Section 24. Payments. All payments to be made by any Guarantor pursuant
to this Guaranty shall be made in Dollars, in immediately available funds to the Administrative Agent at its Principal Office, not later than 1:00 p.m. Central time, on the date one Business Day after demand therefor. 

Section 25. Notices. All notices, requests and other communications hereunder shall be in writing (including facsimile
transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Administrative Agent or any other Guarantied Party at its address for notices provided for in the
Guarantied Documents, as applicable, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if
mailed, upon the first to occur of receipt or the expiration of 3 days after the deposit in the United States Postal Service mail, postage prepaid and addressed 

  
 7 

 
to the address of a Guarantor or Guarantied Party at the addresses specified; (ii) if faxed, when transmitted; or (iii) if hand delivered or sent by overnight courier, when delivered;
provided, however, that in the case of the immediately preceding clauses (i) through (iii), non- receipt of any communication as the result of any change of address of which the sending
party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. 
 Section 26.
Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 Section 27. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction
of this Guaranty. 
 Section 28. Limitation of Liability. None of the Administrative Agent, any other Guarantied Party or any of
their respective Related Parties shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or
incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty, any of the other Guarantied Documents, or any of the transactions contemplated by this Guaranty or any of the other Guarantied Documents. Each
Guarantor hereby waives, releases, and agrees not to sue the Administrative Agent, any other Guarantied Party or any of their respective Related Parties for punitive damages in respect of any claim in connection with, arising out of, or in any way
related to, this Guaranty, any of the other Guarantied Documents, or any of the transactions contemplated by thereby. 
 Section 29.
Electronic Delivery of Certain Information. Each Guarantor acknowledges and agrees that information regarding the Guarantor may be delivered electronically pursuant to Section 9.5. of the Credit Agreement. 

Section 30. Right of Contribution. The Guarantors hereby agree as among themselves that, if any Guarantor shall make an Excess
Payment, such Guarantor shall have a right of contribution from each other Guarantor in an amount equal to such other Guarantor’s Contribution Share of such Excess Payment. The payment obligations of any Guarantor under this Section shall be
subordinate and subject in right of payment to the Guarantied Obligations until such time as the Guarantied Obligations have been indefeasibly paid and performed in full and the Commitments have expired or terminated, and none of the Guarantors
shall exercise any right or remedy under this Section against any other Guarantor until such Obligations have been indefeasibly paid and performed in full and the Commitments have expired or terminated. Subject to Section 10 of this Guaranty,
this Section shall not be deemed to affect any right of subrogation, indemnity, reimbursement or contribution that any Guarantor may have under Applicable Law against any other Loan Party in respect of any payment of Guarantied Obligations.
Notwithstanding the foregoing, all rights of contribution against any Guarantor shall terminate from and after such time, if ever, that such Guarantor shall cease to be a Guarantor in accordance with the applicable provisions of the Loan Documents.

 Section 31. Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor
shall only be liable under this Section for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section, or otherwise under this Guaranty, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until termination of this Guaranty in accordance with Section 20
hereof. Each Qualified ECP Guarantor intends that this Section constitute, and this Section shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  
 8 

 Section 32. Definitions. (a) For the purposes of this Guaranty: 

“Contribution Share” means, for any Guarantor in respect of any Excess Payment made by any other Guarantor, the ratio
(expressed as a percentage) as of the date of such Excess Payment of (i) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor
(including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to (ii) the amount by which the aggregate present fair salable value of all assets and other properties of
the Loan Parties other than the maker of such Excess Payment exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of the Loan Parties) of
the Loan Parties other than the maker of such Excess Payment; provided, however, that, for purposes of calculating the Contribution Shares of the Guarantors in respect of any Excess Payment, any Guarantor that became a Guarantor
subsequent to the date of any such Excess Payment shall be deemed to have been a Guarantor on the date of such Excess Payment and the financial information for such Guarantor as of the date such Guarantor became a Guarantor shall be utilized for
such Guarantor in connection with such Excess Payment. 
 “Excess Payment” means the amount paid by any Guarantor in excess
of its Ratable Share of any Guarantied Obligations. 
 “Proceeding” means any of the following: (i) a voluntary or
involuntary case concerning any Guarantor shall be commenced under the Bankruptcy Code; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial
part of the property of any Guarantor; (iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for
adjustment of debts, whether now or hereafter in effect, is commenced relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is
entered by a court of competent jurisdiction; (vi) any Guarantor makes a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts
generally as they become due; (viii) any Guarantor shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to,
approval of or acquiescence in any of the foregoing; or (x) any corporate action shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 

“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party (including the Borrower) that has total
assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under
the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the
Commodity Exchange Act. 
 “Ratable Share ” means, for any Guarantor in respect of any payment of Guarantied Obligations,
the ratio (expressed as a percentage) as of the date of such payment of Guarantied Obligations of (i) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts and
liabilities of such Guarantor (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to (ii) the amount by which the aggregate present fair salable value of all
assets and other properties of all of the Loan Parties 

  
 9 

 
exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of the Loan Parties hereunder)
of the Loan Parties; provided, however, that, for purposes of calculating the Ratable Shares of the Guarantors in respect of any payment of Guarantied Obligations, any Guarantor that became a Guarantor subsequent to the date of any
such payment shall be deemed to have been a Guarantor on the date of such payment and the financial information for such Guarantor as of the date such Guarantor became a Guarantor shall be utilized for such Guarantor in connection with such payment.

 (b) As used herein, “Guarantors” shall mean, as the context requires, collectively, (a) each Subsidiary identified
as a “Guarantor” on the signature pages hereto, (b) each Person that joins this Guaranty as a Guarantor pursuant to Section 8.14 of the Credit Agreement, (c) with respect to (i) any Specified
Derivatives Obligations between any Loan Party (other than the Borrower) and any Specified Derivatives Provider, the Borrower and (ii) the payment and performance by each other Loan Party of its obligations under the Guaranty with respect to
all Swap Obligations, the Borrower, and (d) the successors and permitted assigns of the foregoing. 
 (c) Terms not otherwise defined
herein are used herein with the respective meanings given them in the Credit Agreement. 
 [Signatures on Following Page] 

  
 10 

 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guaranty as of the
date and year first written above. 
  

			
	GUARANTORS:
	
	NUVEEN GLOBAL CITIES REIT, INC.
		
	By:	 	
                     
                            

		 	Name:
		 	Title:
	
	NR DENVER INDUSTRIAL PORTFOLIO LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	NR 844 NORTH LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	NR KIRKLAND CROSSING LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	NR TACARA AT STEINER RANCH LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	NR DEFOOR HILLS LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 11 

 
			
	NR MAIN STREET AT KINGWOOD LLC
		
	By:	 	
                     
                    

		 	Name:
		 	Title:
	
	Address for Notices for all Guarantors:
	
	 c/o NUVEEN GLOBAL CITIES REIT OP, LP

4675 MacArthur Court, Suite 1100
 Newport Beach, CA 92660

Attention: Taylor Johnson
 Telephone: 949-809-2614
 Email: taylor.johnson@threalestate.com

	
	with a copy to:
	
	 c/o NUVEEN GLOBAL CITIES REIT OP, LP

8625 Andrew Carnegie Blvd, E3-S3

Charlotte, NC 28262
 Attention: Jim Sinople and Saad Sheikh

Telephone: 704-988-6807 and 704-988-6912
 Email: James.Sinople@threalestate.com;

saad.sheikh@threalestate.com

	
	BORROWER:
	
	NUVEEN GLOBAL CITIES REIT OP, LP
		
	By:	 	  

		 	Name:
		 	Title:

  
 12 

 EXHIBIT D 

FORM OF NOTICE OF BORROWING 

                    ,
20         
 Wells Fargo Bank, National Association, as 

Administrative Agent 

[                          
                                       

                          
                                        

Attn:
                                         
               ] 
 Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of October 24, 2018 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), by and among Nuveen Global Cities REIT OP, LP (the “Borrower”), Nuveen Global Cities REIT, Inc. (“Parent”), the financial institutions party thereto (including any financial
institution which joined pursuant to Section 2.17 thereof) and their assignees under Section 13.5. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”),
and the other parties from time to time party thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

 

	 	1.	 Pursuant to Section 2.1.(b) of the Credit Agreement, the Borrower hereby requests that the Lenders make
Revolving Loans to the Borrower in an aggregate amount equal to $                    . 

 

	 	2.	 The Borrower requests that such Revolving Loans be made available to the Borrower on
                    , 20        . 

 

	 	3.	 The proceeds of such Revolving Loans will be used for
                                        .

  

	 	4.	 The Borrower hereby requests that such Revolving Loans be of the following Type: 

[Check one box only] 

☐ Base Rate Loan 
 ☐
LIBOR Loan, with an initial Interest Period for a duration of one month. 
 The Borrower hereby certifies to the Administrative Agent and
the Lenders that as of the date hereof, as of the date of the making of the requested Revolving Loans, and immediately after making such Revolving Loans, (a) no Default or Event of Default exists or would exist, and none of the limits specified
in Section 2.16. would be violated; and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party are and shall be true and correct in all
material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty is and shall be true and correct in all respects) with the same force and effect as if made on and as of
such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and correct in all material respects (except in the case of a
representation or warranty qualified by materiality, in which case such representation or warranty was true and correct in all respects) on and as of such earlier date) and except for changes in factual 

  
 D-1 

 
circumstances specifically and expressly permitted under the Loan Documents. In addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the making of
the requested Revolving Loans contained in Article VI. of the Credit Agreement will have been satisfied or waived in writing at the time such Revolving Loans are made. 

[Signatures on Following Page] 

  
 D-2 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Borrowing
as of the date first written above. 
  

			
	NUVEEN GLOBAL CITIES REIT OP, LP
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-3 

 EXHIBIT E 

FORM OF NOTICE OF CONTINUATION 

____________, 20__ 
 Wells Fargo Bank, National
Association, as 
     Administrative Agent 

                          
                       

                          
                       
 Attn:
___________________ 
 Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of October 24, 2018 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), by and among Nuveen Global Cities REIT OP, LP (the “Borrower”), Nuveen Global Cities REIT, Inc. (“Parent”), the financial institutions party thereto (including any financial
institution which joined pursuant to Section 2.17 thereof) and their assignees under Section 13.5. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”),
and the other parties from time to time party thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

Pursuant to Section 2.10. of the Credit Agreement, the Borrower hereby requests a Continuation of LIBOR Loans under the Credit Agreement,
and in that connection sets forth below the information relating to such Continuation as required by such Section of the Credit Agreement: 
  

	 	1.	 The requested date of such Continuation is ____________, 20__. 

 

	 	2.	 The aggregate principal amount of the Revolving Loans subject to such Continuation is $________________________
and the portion of such principal amount subject to such Continuation is $__________________________. 

  

	 	3.	 The current Interest Period of the Revolving Loans subject to such Continuation ends on________________, 20__.

  

	 	4.	 The duration of the Interest Period for the Revolving Loans or portion thereof subject to such Continuation is
one month. 

 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of
the proposed date of the requested Continuation, and immediately after giving effect to such Continuation, (a) no Default or Event of Default exists or will exist and (b) the representations and warranties made or deemed made by the
Borrower and each other Loan Party in the Loan Documents to which any of them is a party, are and shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such
representation or warranty is and shall be true and correct in all respects) with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date
(in which case such representations and warranties were true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty was true and correct in all
respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents. 

[Signatures on Following Page] 
  

  
 E-1 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of
Continuation as of the date first written above. 
  

					
	NUVEEN GLOBAL CITIES REIT OP, LP
		
	By:	 	
                 

		 	Name:	 	
                     

		 	Title:	 	
                 

  
 E-3 

 EXHIBIT F 

FORM OF NOTICE OF CONVERSION 

____________, 20__ 
 Wells Fargo Bank, National
Association, as 
     Administrative Agent 

                          
                       

                          
                       
 Attn:
__________________ 
 Ladies and Gentlemen: 

Reference is made to the Credit Agreement dated as of October 24, 2018 (as amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”), by and among Nuveen Global Cities REIT OP, LP (the “Borrower”), Nuveen Global Cities REIT, Inc. (“Parent”), the financial institutions party thereto (including any financial institution
which joined pursuant to Section 2.17 thereof) and their assignees under Section 13.5. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other
parties from time to time party thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

Pursuant to Section 2.11. of the Credit Agreement, the Borrower hereby requests a Conversion of Revolving Loans of one Type into
Revolving Loans of another Type under the Credit Agreement, and in that connection sets forth below the information relating to such Conversion as required by such Section of the Credit Agreement: 

 

	 	1.	 The requested date of such Conversion is ______________, 20__. 

 

	 	2.	 The Type of Revolving Loans to be Converted pursuant hereto is currently: 

[Check one box only] 
  

	 	☐	 Base Rate Loan 

	 	☐	 LIBOR Loan 

  

	 	3.	 The aggregate principal amount of the Revolving Loans subject to the requested Conversion is
$_____________________ and the portion of such principal amount subject to such Conversion is $___________________. 

  

	 	4.	 The amount of such Revolving Loans to be so Converted is to be converted into Revolving Loans of the following
Type: 

 [Check one box only] 
  

	 	☐	 Base Rate Loan 

	 	☐	 LIBOR Loan, with an initial Interest Period for a duration of one month. 

[The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the proposed date of the
requested Conversion, and immediately after giving effect to such 
  

  
 F-1 

 Conversion, (a) no Default or Event of Default exists or will exist and (b) the representations
and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, are and shall be true and correct in all material respects (except in the case of a representation or warranty
qualified by materiality, in which case such representation or warranty is and shall be true and correct in all respects) with the same force and effect as if made on and as of such date except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations and warranties were true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such
representation or warranty was true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents.]1 
 [Signatures on Following Page] 

 
  

	1	 Include this paragraph only in the case of a conversion of Base Rate Loans into LIBOR Loans.

  
 F-2 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of
Conversion as of the date first written above. 
  

					
	NUVEEN GLOBAL CITIES REIT OP, LP
		
	By:	 	
                 

		 	Name:	 	
                     

		 	Title:	 	
                 

  
 F-3 

 EXHIBIT G 

FORM OF REVOLVING NOTE 
  

					
	$                        	  		  	                        ,
20        

 FOR VALUE RECEIVED, the undersigned, NUVEEN GLOBAL CITIES REIT OP, LP (the “Borrower”) hereby
unconditionally promises to pay to ___________________________ or its registered assigns (the “Lender”), in care of Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), to its address 600
South 4th St., 9th Floor, Minneapolis, Minnesota 55415, or at such other address as may be specified by the Administrative Agent to the Borrower, the principal sum of ___________________ AND ___/100 DOLLARS ($_____________) (or such lesser amount as
shall equal the aggregate unpaid principal amount of Revolving Loans made by the Lender to the Borrower under the Credit Agreement (defined below)), on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on
the unpaid principal amount owing hereunder, at the rates and on the dates provided in the Credit Agreement. 
 This Revolving Note is one
of the “Revolving Notes” referred to in the Credit Agreement dated as of October 24, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the
financial institutions party thereto (including any financial institution which joined pursuant to Section 2.17 thereof) and their assignees under Section 13.5. thereof, the Administrative Agent, and the other parties from time to time
party thereto, and is subject to, and entitled to, all provisions and benefits thereof. Capitalized terms used herein and not defined herein shall have the respective meanings given to such terms in the Credit Agreement. The Credit Agreement
provides for the acceleration of the maturity of this Revolving Note upon the occurrence of certain events and for prepayments of Revolving Loans upon the terms and conditions specified therein. 

The Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to exercise, and no delay in exercising any rights
hereunder on the part of the holder hereof shall operate as a waiver of such rights. 
 Time is of the essence for this Revolving Note. 

[This Revolving Note is given in replacement of the Revolving Note dated _____ __, 20__, in the original principal amount of $_______
previously delivered to the Lender under the Credit Agreement. THIS REVOLVING NOTE IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE OTHER REVOLVING NOTE.]1 
 THIS REVOLVING NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 [Signatures on Following Page]

  
  

	1	 Language to be included in case of an assignment and need to issue a replacement note to an existing Lender,
either because such Lender’s Revolving Commitment has increased or decreased from what it was initially. 

  

  
 G-1 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Revolving Note under
seal as of the date written above. 
  

					
	NUVEEN GLOBAL CITIES REIT OP, LP
		
	By:	 	
                 

		 	Name:	 	
                     

		 	Title:	 	
                 

  

  
 G-2 

 EXHIBIT H-1 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

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

Reference is hereby made to the Credit Agreement dated as of October 24, 2018 (as amended, supplemented or otherwise modified from time
to time, the “Credit Agreement”), by and among Nuveen Global Cities REIT OP, LP (the “Borrower”), Nuveen Global Cities REIT, Inc. (“Parent”), each of the financial institutions initially a signatory thereto, any
financial institution which joined pursuant to Section 2.17 thereof and together with their respective assignees under Section 13.5. thereof (the “Lenders”), Wells Fargo Bank, National Association, as the Administrative Agent
(the “Administrative Agent”), and the other parties from time to time party thereto. 
 Pursuant to the provisions of
Section 3.10. of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this
certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a
controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the
Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate or in such Form W-8BEN or Form W-8BEN-E changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent
with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

					
	[NAME OF LENDER]
		
	By:	 	
                 

		 	Name:	 	
                     

		 	Title:	 	
                 

 Date: ________ __, 20__ 

  
 H-1-1 

 EXHIBIT H-2 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

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

Reference is hereby made to the Credit Agreement dated as of October 24, 2018 (as amended, supplemented or otherwise modified from time
to time, the “Credit Agreement”), by and among Nuveen Global Cities REIT OP, LP (the “Borrower”), Nuveen Global Cities REIT, Inc. (“Parent”), each of the financial institutions initially a signatory thereto, any
financial institution which joined pursuant to Section 2.17 thereof and together with their respective assignees under Section 13.5. thereof (the “Lenders”), Wells Fargo Bank, National Association, as the Administrative Agent
(the “Administrative Agent”), and the other parties from time to time party thereto. 
 Pursuant to the provisions of
Section 3.10. of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,
(ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan
Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A)
of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a
controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the
Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or Form W-8BEN-E, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest
exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate or in such Form W- 8IMY, such Form W-8BEN
or Form W- 8BEN-E changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times
furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to
them in the Credit Agreement. 
  

					
	[NAME OF LENDER]
		
	By:	 	
                 

		 	Name:	 	
                     

		 	Title:	 	
                 

 Date: ________ __, 20__ 

  
 H-2-1 

 EXHIBIT H-3 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

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

Reference is hereby made to the Credit Agreement dated as of October 24, 2018 (as amended, supplemented or otherwise modified from time
to time, the “Credit Agreement”), by and among Nuveen Global Cities REIT OP, LP (the “Borrower”), Nuveen Global Cities REIT, Inc. (“Parent”), each of the financial institutions initially a signatory thereto, any
financial institution which joined pursuant to Section 2.17 thereof and together with their respective assignees under Section 13.5. thereof (the “Lenders”), Wells Fargo Bank, National Association, as the Administrative Agent
(the “Administrative Agent”), and the other parties from time to time party thereto. 
 Pursuant to the provisions of
Section 3.10. of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the
meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower
as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or Form W-8BEN-E. By executing this certificate, the
undersigned agrees that (1) if the information provided on this certificate or in such Form W-8BEN or Form W-8BEN-E changes,
the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

					
	[NAME OF PARTICIPANT]
		
	By:	 	
                 

		 	Name:	 	
                     

		 	Title:	 	
                 

 Date: ________ __, 20__ 

  
 H-3-1 

 EXHIBIT H-4 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

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

Reference is hereby made to the Credit Agreement dated as of October 24, 2018 (as amended, supplemented or otherwise modified from time
to time, the “Credit Agreement”), by and among Nuveen Global Cities REIT OP, LP (the “Borrower”), Nuveen Global Cities REIT, Inc. (“Parent”), each of the financial institutions initially a signatory thereto, any
financial institution which joined pursuant to Section 2.17 thereof and together with their respective assignees under Section 13.5. thereof (the “Lenders”), Wells Fargo Bank, National Association, as the Administrative Agent
(the “Administrative Agent”), and the other parties from time to time party thereto. 
 Pursuant to the provisions of
Section 3.10. of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are
the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary
course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of
the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the
following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or Form
W-8BEN-E, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned
agrees that (1) if the information provided on this certificate or in such Form W-8IMY, such Form W-8BEN or Form W-8BEN-E changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

					
	[NAME OF PARTICIPANT]
		
	By:	 	
                 

		 	Name:	 	
                     

		 	Title:	 	
                 

 Date: ________ __, 20__ 

  
 H-4-1 

 EXHIBIT I 

FORM OF COMPLIANCE CERTIFICATE 

[______ __, 20__] 
 Reference is
made to the Credit Agreement dated as of October 24, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Nuveen Global Cities REIT OP, LP (the “Borrower”), Nuveen
Global Cities REIT, Inc. (“Parent”), the financial institutions party thereto (including any financial institution which joined pursuant to Section 2.17 thereof) and their assignees under Section 13.5. thereof (the
“Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties from time to time party thereto. Capitalized terms used herein, and not otherwise defined herein,
have their respective meanings given to them in the Credit Agreement. 
 Pursuant to Section 9.3. of the Credit Agreement, the
undersigned hereby certifies to the Administrative Agent, the Issuing Bank and the Lenders that: 
 1. The undersigned has reviewed the terms
of the Credit Agreement and has made a review of the transactions, financial condition and other affairs of Parent and its Subsidiaries as of, and during the relevant accounting period ending on, _________, 20__. 

2. Schedules 1 and 2 attached hereto set forth in reasonable detail as of the end of such fiscal quarter or fiscal year (the “Calculation
Date”), as the case may be, the calculations required to establish whether Parent was in compliance with the covenants contained in Section 10.1. of the Credit Agreement. 

3. As of the date hereof the aggregate outstanding principal amount of all outstanding Revolving Loans, together with the aggregate amount of
all Letter of Credit Liabilities, does not exceed the aggregate amount of the Revolving Commitments at such time. 
 4. No Default or Event
of Default exists [except as set forth on Attachment A hereto, which accurately describes the nature of the conditions(s) or event(s) that constitute (a) Default(s) or (an) Event(s) of Default and the actions which the
Borrower (is taking)(is planning to take) with respect to such condition(s) or event(s)]. 
 5. The representations and warranties of the
Borrower and the other Loan Parties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such
representation or warranty is and shall be true and correct in all respects), except to the extent such representations or warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and correct
in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty was true and correct in all respects) on and as of such earlier date) and except for changes in
factual circumstances specifically and expressly permitted under the Credit Agreement or the other Loan Documents. 
 IN WITNESS WHEREOF,
the undersigned has signed this Compliance Certificate on and as of ___________, 20__. 
  

  
 I-1 

 
					
	NUVEEN GLOBAL CITIES REIT, INC.
		
	By:	 	
                 

		 	Name:	 	
                     

		 	Title:	 	
                 

  

  
 I-2 

 SCHEDULE 1 

Covenant Compliance 

($ in 000’s) 
  

							
	 I.   Section 10.1(a) – Minimum Tangible Net
Worth
	     

			
	 A. 
	  	75% of the Tangible Net Worth as of the fiscal quarter most recently ended prior to the Closing Date	  	 	$______	 
			
	 B. 
	  	75% of the Net Proceeds of all Equity Issuances effected at any time after such fiscal quarter referenced in Line I.A. by the Parent or any of its Subsidiaries to any Person other than Parent or any of its Subsidiaries	  	 	$______	 
			
	 C. 
	  	Tangible Net Worth (from Schedule 2)	  	 	$______	 
			
		  	Minimum Required: (Line C must exceed Line I.A. + Line I.B.)	  	 	$______	 
	
	 II.   Section 10.1(b) – Ratio of Total Indebtedness to
Total Asset Value
	     

			
	 A. 
	  	Total Indebtedness of the Parent and its Subsidiaries (from Schedule 2)	  	 	$______	 
			
	 B. 
	  	Total Asset Value (from Schedule 2)	  	 	$______	 
			
	 C   
	  	Total Indebtedness to Total Asset Value (Line II.A. ÷ Line II.B.)	  	 	___ to 1:00	 
			
		  	Maximum Permitted:	  	 	0.60 to 1.00	 
	
	 III. Section 10.1(c) – Ratio of EBITDA to Fixed
Charges
	   

			
	 A. 
	  	EBITDA of the Parent and its Subsidiaries for such fiscal quarter (from Schedule 2)	  	 	$______	 
			
	 B. 
	  	Fixed Charges of the Parent and its Subsidiaries for such fiscal quarter (from Schedule 2)	  	 	$______	 
			
	 C   
	  	Ratio of EBITDA to Fixed Charges (Line III.A. ÷ Line III.B.)	  	 	____to 1:00	 
			
		  	Minimum Required:	  	 	1.50 to 1.00	 

  
 I-3 

 
							
	 IV.  Section 10.1(d) – Ratio of Secured Indebtedness to Total
Asset Value
	    

			
	 A. 
	  	Secured Indebtedness of the Parent and its Subsidiaries	  	 	$______	 
			
	 B. 
	  	Total Asset Value (from Schedule 2)	  	 	$______	 
			
	 C   
	  	Secured Indebtedness to Total Asset Value (Line IV.A. ÷ Line IV.B.)	  	 	____to 1:00	 
			
		  	Maximum Permitted:	  	 	0.40 to 1.00	 
	
	 V. Section 10.1(e) – Ratio of Secured Recourse Indebtedness to
Total Asset Value
	   

			
	 A. 
	  	Secured Indebtedness that is recourse to the Borrower, any Guarantor or any of their respective Subsidiaries (other than Secured Indebtedness that is solely recourse to a special purpose vehicle the only assets of which is the
ownership of an individual Property and assets necessary to own and maintain such Property)	  	 	$______	 
			
	 B. 
	  	Total Asset Value (from Schedule 2)	  	 	$______	 
			
	 C   
	  	Secured Recourse Indebtedness to Total Asset Value (Line V.A. ÷ Line V.B.)	  	 	____to 1:00	 
			
		  	Maximum Permitted:	  	 	0.10 to 1.00	 
	
	 VI.  Section 10.1(f) – Ratio of Unsecured Indebtedness to
Unencumbered Asset Value
	    

			
	 A. 
	  	Unsecured Indebtedness of the Parent and its Subsidiaries for such fiscal quarter	  	 	$______	 
			
	 B. 
	  	Unencumbered Asset Value for such fiscal quarter (from Schedule 2)	  	 	$______	 
			
	 C   
	  	Unsecured Indebtedness to Unencumbered Asset Value (Line VI.A. ÷ Line VI.B.)	  	 	____to 1:00	 
			
		  	Minimum Required:	  	 	0.60 to 1.00	 

  

  
 I-4 

							
	 VII. Section 10.1(g) – Ratio of Unencumbered Adjusted NOI to
Unsecured Interest Expense
	   

			
	 A. 
	  	Unencumbered Adjusted NOI for such fiscal quarter (from Schedule 2)	  	 	$______	 
			
	 B. 
	  	Unsecured Interest Expense of the Parent and its Subsidiaries for such fiscal quarter (from Schedule 2)	  	 	$______	 
			
	 C   
	  	Unencumbered Adjusted NOI to Unsecured Interest Expense (Line VII.A. ÷ Line VII.B.)	  	 	____to 1:00	 
			
		  	Minimum Required:	  	 	2:00 to 1.00	 
	
	 VIII.Section 10.1(h) – Ratio of Aggregate Property Adjusted NOI to Total
Indebtedness (Balance Sheet Debt Yield Test)
	  

			
	 A. 
	  	Aggregate Property Adjusted NOI for the applicable fiscal quarter (from Schedule 2 (i.e., Net Operating Income from all Properties)), multiplied by four	  	 
	$_____ x (4) =
$___________	 
 
			
	 B. 
	  	Total Indebtedness of the Parent and its Subsidiaries for such period	  	 	$___________	 
			
	 C   
	  	Aggregate Property Adjusted NOI to Total Indebtedness (Line VIII.A. ÷ Line VIII.B.)	  	 	____ to 1:00	 
			
		  	Minimum Required:	  	 	0:10 to 1.00	 

  

  
 I-5 

 SCHEDULE 2 

Additional Calculations 
 ($ in
000’s) 
 Unless otherwise indicated, the calculations below have been made as of the Calculation Date with respect to the most
recently ended fiscal quarter. 
  

	1.	 Tangible Net Worth equals the sum of the following: 

 

					
	(a)	  	stockholders’ equity of the Parent and its Subsidiaries determined on a consolidated basis plus accumulated depreciation and amortization	  	$______
			
	(b)	  	minus (to the extent included when determining stockholders’ equity of the Parent and its Subsidiaries) the amount of any write-up in the book value of any assets reflected in any
balance sheet resulting from revaluation thereof or any write up in excess of the cost of such assets acquired	  	$______
			
	(c)	  	minus (to the extent included when determining stockholders’ equity of the Parent and its Subsidiaries) the aggregate of all amounts appearing on the assets side of any such balance sheet for franchises, licenses,
permits, patents, patent applications, copyrights, trademarks, service marks, trade names, goodwill, treasury stock, experimental or organizational expenses and other like assets which would be classified as intangible assets under GAAP, all
determined on a consolidated basis	  	$______
			
		  	Tangible Net Worth:	  	$______

  

	2.	 Total Indebtedness equals the sum of the following: 

					
			
	(a)	  	all Indebtedness of Parent and its Subsidiaries determined on a consolidated basis	  	$______
			
	(b)	  	plus the Parent’s Ownership Share of the Indebtedness of any Unconsolidated Affiliate of the Parent	  	$______
			
		  	Total Indebtedness:	  	$______

  

	3.	 Total Asset Value equals the sum (without duplication) of all of the following of the Parent and
its Subsidiaries determined on a consolidated basis:18 

  

							
	(a)	  	cash and Cash Equivalents (other than tenant deposits and other cash and Cash Equivalents that are subject to a Lien or a Negative Pledge or the disposition of which is restricted in any way)	  	 	$______	 

  

	18	 The Parent’s Ownership Share of assets held by Unconsolidated Affiliates (excluding assets of the type
described in item (3)(a)) shall be included in the calculation of Total Asset Value consistent with the treatment for assets owned by the Borrower or a Subsidiary. 

 

  
 I-6 

					
	(b)	  	plus with respect to any Property owned as of the determination date and for which there is a Current Appraisal, the Appraised Value of such Property (excluding Development Properties and Properties acquired by the Borrower
or any Subsidiary during the fiscal quarter ending on the Calculation Date)	  	$______
			
	(c)	  	plus with respect to any Property owned as of the determination date and for which there does not exist a Current Appraisal (i) Net Operating Income for such Property for the fiscal quarter most recently ended multiplied
by 4 divided by (ii) the Capitalization Rate19 (excluding Net Operating Income from Development Properties, Properties disposed of by the Borrower or any Subsidiary during the fiscal quarter
ending on the Calculation Date and Properties acquired by the Borrower or any Subsidiary during the fiscal quarter ending on the Calculation Date)	  	$______
			
	(d)	  	plus the purchase price paid by the Borrower or any Subsidiary (less any amounts paid to the Borrower or such Subsidiary as a purchase price adjustment, held in escrow, retained as a contingency reserve, or in connection with
other similar arrangements) for any Property acquired by the Borrower or such Subsidiary during the prior 12 calendar months	  	$______
			
	(e)	  	plus the GAAP book value of all Development Properties	  	$______
			
	(f)	  	plus the GAAP book value of Unimproved Land	  	$______
			
	(g)	  	plus the Fair Market Value of marketable securities traded on a liquid exchange and other Investments in Persons that are not Unconsolidated Affiliates or Subsidiaries	  	$______
			
	(h)	  	plus direct or indirect (e.g., through ownership of units in a debt fund) ownership of Mortgage Receivables (to be valued based on aggregate book value)	  	$______
			
	(i)	  	plus the net asset value as reported quarterly to the Borrower by the applicable fund or investment manager of direct or indirect (e.g., through ownership of units in a fund) ownership interests in real property located
outside of the United States	  	$______
			
	(j)	  	Sum of (a) through (i)	  	$______
			
	(k)	  	less, if the amount of Total Asset Value attributable to Properties leased under ground leases exceeds 10% of the amount in line (3)(j), the amount of such excess	  	$______
			
	(l)	  	less, if the amount of Total Asset Value attributable to Unimproved Land exceeds 5% of the amount in line (3)(j), the amount of such excess	  	$______

  
  

	19	 Capitalization Rate equal to (i) 6% in respect of multi-family Properties, (ii) 6.5% in respect of office,
retail and industrial Properties and (iii) 7.5% in respect of any other Properties not listed in clauses (i) and (ii) above. 

  

  
 I-7 

					
	(m)	  	less, if the amount of Total Asset Value attributable to marketable securities that are traded on a liquid exchange and other Investments in Persons that are not Unconsolidated Affiliates or Subsidiaries exceeds 15% of the
amount in line (3)(j), the amount of such excess	  	$______
			
	(n)	  	less, if the amount of Total Asset Value attributable to Unconsolidated Affiliates exceeds 10% of the amount in line (3)(j), the amount of such excess	  	$______
			
	(o)	  	less, if the amount of Total Asset Value attributable to direct or indirect (e.g., through ownership of units in a debt fund) ownership of Mortgage Receivables (to be valued based on aggregate book value) exceeds 10% of the
amount in line (3)(j), the amount of such excess	  	$______
			
	(p)	  	less, if the amount of Total Asset Value attributable to Development Properties and Properties under construction (to be valued based on Total Budgeted Cost) exceeds 10% of the amount in line (3)(j), the amount of such
excess	  	$______
			
	(q)	  	less, if the amount of Total Asset Value attributable to direct or indirect (e.g., through ownership of units in a fund) ownership interests in real property located outside the United States exceeds 15% of the amount in line
(3)(j), the amount of such excess	  	$______
			
	(r)	  	less, if the amount of Total Asset Value attributable to the items described lines (3)(k) through (3)(q) exceeds 30% of the amount in line (3)(j), the amount of such excess	  	$______
			
	(s)	  	Sum of (k) through (r)	  	$______
			
		  	Total Asset Value [(3)(j) – (3)(s)]	  	$______

  

					
	 4.  EBITDA equals the sum of the following (without
duplication):
	  	

  

							
	 (a)
	  	 net income (loss) of the Parent and its Subsidiaries for such period determined on a consolidated
basis
	  	 	$______	 
			
		  	 less (but only to the extent included in determining net income (loss) for such
period):
	  			
			
		  	 (i) depreciation and amortization;
	  	 	$______	 
			
		  	 (ii) interest expense;
	  	 	$______	 
			
		  	 (iii) income tax expense;
	  	 	$______	 
			
		  	 (iv) extraordinary or nonrecurring items20,
including without limitation, gains and losses from the sale of operating Properties;
	  	 	$______	 
			
		  	 (v) equity in net income (loss) of its Unconsolidated Affiliates
	  	 	$______	 

  
  

	20	 Nonrecurring items include (x) gains and losses on early extinguishment of Indebtedness, (y) non-cash severance and other non-cash restructuring charges and (z) transaction costs of acquisitions not permitted to be capitalized pursuant to GAAP.

  

  
 I-8 

  

					
	(b)	  	plus the Parent and its Subsidiaries’ Ownership Share of EBITDA of its Unconsolidated Affiliates	  	$______
			
		  	EBITDA:	  	$______21

  

	5.	 Reserve for Replacements equals the following: 

 

							
	(a)	  	the amount set forth on Schedule 1.3. to the Credit Agreement with respect to all Properties	  	 	$______	 
			
	(b)	  	the number of days in such period	  	 	______	 
		  		  			
		  	Reserve for Replacements [Line (a) x Line (b) ÷ (365)]	  	 	$______	 

  

	6.	 Fixed Charges equals the sum of the following:22

  

					
	(a)	  	the Interest Expense of the Parent and its Subsidiaries for such period	  	$______
			
	(b)	  	plus the aggregate of all regularly scheduled principal payments on Indebtedness payable by the Parent or its Subsidiaries during such period (excluding balloon, bullet or similar payments of principal due upon the stated
maturity of Indebtedness)	  	$______
			
	(c)	  	plus the aggregate amount of all Preferred Dividends paid by such the Parent or its Subsidiaries during such period	  	$______
			
	(d)	  	plus Reserve for Replacements	  	$______
			
		  	Fixed Charges:	  	$______

  

	7.	 Unencumbered Asset Value equals the sum of the following: 

 

					
	(a)	  	with respect to any Unencumbered Property owned as of the determination date and for which there is a Current Appraisal, the Appraised Value of such Property	  	$______

  
  

	21	 EBITDA shall be adjusted to remove any impact from straight line rent leveling adjustments required under GAAP
and amortization of intangibles pursuant to FASB ASC 805. 

	22	 The Parent’s Ownership Share of the Fixed Charges of its Unconsolidated Affiliates will be included when
determining the Fixed Charges of the Parent. 

  

  
 I-9 

					
	(b)	  	plus, with respect to any Unencumbered Property owned as of the determination date and for which there does not exist a Current Appraisal, Unencumbered Adjusted NOI for the fiscal quarter ended on the Calculation Date divided
by the Capitalization Rate23 (excluding Unencumbered Adjusted NOI from Eligible Properties disposed of by the Borrower or any Subsidiary during such period)	  	$______
			
	(c)	  	plus the purchase price paid by the Borrower or any Subsidiary (less any amounts paid to the Borrower or such Subsidiary as a purchase price adjustment, held in escrow, retained as a contingency reserve, or in connection with
other similar arrangements) for any Unencumbered Property acquired by the Borrower or such Subsidiary during the fiscal quarter ended on the Calculation Date	  	$______
			
	(d)	  	Sum of (a) through (c)	  	$______
			
	(e)	  	less, if the amount of Unencumbered Asset Value attributable to Properties leased under ground leases exceeds 10% of the amount in line (7)(d), the amount of such excess	  	$______
			
	(f)	  	less, at any time after the Trigger Date, if the amount of Unencumbered Asset Value attributable to any one Unencumbered Property exceeds 15% of the amount in line (7)(d), the amount of such excess24	  	$______
			
	(g)	  	less, at any time after the Trigger Date, if the amount of Unencumbered Asset Value attributable to any one tenant exceeds 15% of the amount in line (7)(d), the amount of such excess25	  	$______
			
	(h)	  	Sum of (e) through (g)	  	$______
			
		  	Unencumbered Asset Value [(7)(d) – (7)(h)]	  	$______

  

	8.	 Net Operating Income for any Property equals the sum of the following (without duplication and
determined on a consistent basis with prior periods): 

  

					
	(a)	  	rents and other revenues received in the ordinary course from such Property (including proceeds from rent loss or business interruption insurance (but not in excess of the actual rent otherwise payable) but excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent)	  	$______
			
	(b)	  	minus all expenses paid (excluding interest but including an appropriate accrual for property taxes and insurance) related to the ownership, operation or maintenance of such Property, including but not limited to property
taxes, assessments and the like, insurance,	  	$______

  
  

	23	 Capitalization Rate equal to (i) 6% in respect of multi-family Properties, (ii) 6.5% in respect of office,
retail and industrial Properties and (iii) 7.5% in respect of any other Properties not listed in clauses (i) and (ii) above. 

	24	 Only applicable after the Trigger Date. For Calculation Dates prior to the Trigger Date, indicate zero.

	25	 Only applicable after the Trigger Date. For Calculation Dates prior to the Trigger Date, indicate zero.

  
 I-10 

							
		  	utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and
other expenses incurred in connection with such Property, but specifically excluding general overhead expenses of the Parent and its Subsidiaries and any property management fees)	  	
			
	(c)	  	minus the Reserve for Replacements for such Property as of the end of such period	  	$______
			
	(d)	  	minus the greater of (i) the actual property management fee paid during such period with respect to such Property and (ii) an imputed management fee in an amount equal to 3% of the gross revenues for
such Property for such period	  	$______
			
		  	Net Operating Income:	  	$______

  

	9.	 Unencumbered Adjusted NOI equals the following: 

 

							
	 (a)
	  	 Net Operating Income from all Unencumbered Properties
	  	 	$______	 
			
		  	 Unencumbered Adjusted NOI:
	  	 	$______	 

  

	10.	 Unsecured Interest Expense equals the greater of the following: 

 

					
	(a)	  	all Interest Expense of the Parent and its Subsidiaries for such period attributable to Unsecured Indebtedness of the Parent and its Subsidiaries	  	$______
			
	(b)	  	or 5% of such Unsecured Indebtedness of the Parent and its Subsidiaries	  	$______
			
		  	Unsecured Interest Expense (the greater of (a) or (b)):	  	$______

  

  
 I-11 

 EXHIBIT J 

FORM OF UNENCUMBERED PROPERTY CERTIFICATE 

[______ __, 20__] 
 Reference is
made to the Credit Agreement dated as of October 24, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Nuveen Global Cities REIT OP, LP (the “Borrower”), Nuveen
Global Cities REIT, Inc. (“Parent”), the financial institutions party thereto (including any financial institution which joined pursuant to Section 2.17 thereof) and their assignees under Section 13.5. thereof (the
“Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties from time to time party thereto. Capitalized terms used herein, and not otherwise defined herein,
have their respective meanings given to them in the Credit Agreement. 
 Pursuant to Section [6.1.(a)(ix)]26 [9.4.(d)]27 of the Credit Agreement, the undersigned hereby certifies to the Administrative Agent, the Issuing Bank and the
Lenders that: 
 1. Attached hereto as Annex 1 is a true, complete and correct list of all Unencumbered Properties as of the date hereof. The
Unencumbered Properties listed on Annex 1 conform and comply with the conditions, terms, representations and warranties, and covenants set forth in the Credit Agreement, including without limitation Section 10.1.(i). 

2. Attached hereto as Annex 2 is a reasonably detailed calculation of (i) the Unencumbered Asset Value and (ii) the Net Operating
Income of each Unencumbered Property, in each case together with supporting information required in connection with the calculation thereof. The information set forth in Annex 2 is true, complete and correct as of the close of business on
____________, 20___ (the “Statement Date”) and has been prepared in accordance with the provisions of the Credit Agreement. 

[Signatures on Following Page] 
  

 

	26	 Insert reference for Unencumbered Property Certificate delivered on the Closing Date. 

	27	 Insert reference for Unencumbered Property Certificates delivered after the Closing Date.

  
 J-1 

 IN WITNESS WHEREOF, the undersigned has signed this Unencumbered Property Certificate on and
as of ___________, 20__. 
  

					
	NUVEEN GLOBAL CITIES REIT OP, LP
		
	By:	 	
                 

		 	Name:	 	
                     

		 	Title:	 	
                 

  

  
 J-2 

 Annex 1 

List of Unencumbered Properties 

  
 J-3 

 Annex 2 

Calculations 
 ($ in
000’s) 
 Unless otherwise indicated, the calculations below have been made as of the Statement Date with respect to the most recently
ended fiscal quarter. 
  

	(1)	 Unencumbered Asset Value 

See calculation at Item 7 of Schedule 2 attached to Exhibit I (Form of Compliance Certificate) 

 

	(2)	 Net Operating Income of each Unencumbered Property 

 

					
		  	 Unencumbered Property:
                                         
                   
  

Net Operating Income for such Unencumbered Property equals the sum of the following (without duplication and determined on a consistent basis with prior
periods):
	  	
			
	(a)	  	rents and other revenues received in the ordinary course from such Property (including proceeds from rent loss or business interruption insurance (but not in excess of the actual rent otherwise payable) but excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent)	  	$            
			
	(b)	  	minus all expenses paid (excluding interest but including an appropriate accrual for property taxes and insurance) related to the ownership, operation or maintenance of such Property, including but not limited to property
taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising,
marketing and other expenses incurred in connection with such Property, but specifically excluding general overhead expenses of the Parent and its Subsidiaries and any property management fees)	  	$            
			
	(c)	  	minus the Reserve for Replacements for such Property as of the end of such period	  	$            
			
	(d)	  	minus the greater of (i) the actual property management fee paid during such period with respect to such Property and (ii) an imputed management fee in an amount equal to 3% of the gross revenues for such Property
for such period	  	$            
			
		  	Net Operating Income:	  	$            

  
 J-4 

					
	Unencumbered Property:
                                         
           
	
	Reserve for Replacements with respect to such Unencumbered Property equals:
			
	(a)	  	the amount set forth on Schedule 1.3. to the Credit Agreement by Property type	  	$            
			
	(b)	  	the number of days in such period	  	
			
		  	Reserve for Replacements [Line (a) x Line (b) ÷ (365)]	  	$            

  
 J-5EX-10.8

 Exhibit 10.8 

EXECUTION VERSION 
 GUARANTY

 THIS GUARANTY dated as of October 24, 2018 (this “Guaranty”) executed and delivered by each of the undersigned and the other Persons from
time to time party hereto pursuant to the execution and delivery of an Accession Agreement in the form of Annex I hereto (all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the
“Guarantors”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the Lenders under that certain Credit Agreement dated as of the date hereof (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among NUVEEN GLOBAL CITIES REIT OP, LP (the “Borrower”), NUVEEN GLOBAL CITIES REIT, INC. (“Parent”), the financial
institutions party thereto (including any financial institution which joined pursuant to Section 2.17 thereof) and their assignees under Section 13.5. thereof (the “Lenders”), the Administrative Agent, and the other parties from
time to time party thereto, for its benefit and the benefit of the Lenders, the Issuing Bank, and the Specified Derivatives Providers (the Administrative Agent, the Lenders, the Issuing Bank, and the Specified Derivatives Providers, each
individually a “Guarantied Party” and collectively, the “Guarantied Parties”). 
 WHEREAS, pursuant to the Credit
Agreement, the Administrative Agent, the Issuing Bank, and the other Lenders have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 

WHEREAS, the Specified Derivatives Providers may from time to time enter into Specified Derivatives Contracts with a Loan Party; 

WHEREAS, each Guarantor is owned or controlled by the Borrower, or is otherwise an Affiliate of the Borrower; 

WHEREAS, the Borrower and the Guarantors, though separate legal entities, are mutually dependent on each other in the conduct of their
respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financial accommodations from the Guarantied Parties through their collective efforts; 

WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the Guarantied Parties making such financial
accommodations; and 
 WHEREAS, each Guarantor’s execution and delivery of this Guaranty is a condition to the Guarantied Parties’
making, and continuing to make, such financial accommodations. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees as follows: 
 Section 1. Guaranty. Each
Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the
“Guarantied Obligations”): (a) all indebtedness and obligations owing by the Borrower or any other Loan Party to any Lender, the Issuing Bank or the Administrative Agent under or in connection with the Credit Agreement or any other Loan
Document, including without limitation, the repayment of all principal of the Revolving Loans, and the Reimbursement Obligations, and the payment of all interest, fees, charges, attorneys’ fees and other amounts payable to any Lender, the
Issuing Bank or the Administrative Agent thereunder or in connection therewith; (b) all existing or future payment and other obligations owing by any Loan Party under any Specified Derivatives Contract (other than any Excluded Swap Obligation);
(c) any and all extensions, 

 renewals, modifications, amendments or substitutions of the foregoing; and (d) all expenses, including,
without limitation, attorneys’ fees and disbursements, that are incurred by the Administrative Agent or any other Guarantied Party in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder. 

Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a debt of
each Guarantor for its own account. Accordingly, the Guarantied Parties shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy the Guarantied Parties may have against the
Borrower, any other Loan Party or any other Person or commence any suit or other proceeding against the Borrower, any other Loan Party or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of
the Borrower, any other Loan Party or any other Person; or (c) to make demand of the Borrower, any other Loan Party or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Guarantied Parties
which may secure any of the Guarantied Obligations. 
 Section 3. Guaranty Absolute. Each Guarantor guarantees that the
Guarantied Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the
Guarantied Parties with respect thereto. The liability of each Guarantor under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be
released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof): 

(a) (i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any change in the
time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document, any
Specified Derivatives Contract or any other document, instrument or agreement evidencing or relating to any Guarantied Obligations (the “Guarantied Documents”), or (iv) any waiver, renewal, extension, addition, or supplement to, or
deletion from, or any other action or inaction under or in respect of, any Guarantied Document or any assignment or transfer of any Guarantied Document; 

(b) any lack of validity or enforceability of any Guarantied Document or any assignment or transfer of any Guarantied Document; 

(c) any furnishing to any of the Guarantied Parties of any security for any of the Guarantied Obligations, or any sale, exchange, release or
surrender of, or realization on, any collateral securing any of the Guarantied Obligations; 
 (d) any settlement or compromise of any of the
Guarantied Obligations, any security therefor, or any liability of any other party with respect to any of the Guarantied Obligations, or any subordination of the payment of any of the Guarantied Obligations to the payment of any other liability of
the Borrower or any other Loan Party; 
 (e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or
other like proceeding relating to such Guarantor, any other Loan Party or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 

  
 2 

 (f) any act or failure to act by any Loan Party or any other Person which may adversely
affect such Guarantor’s subrogation rights, if any, against any other Loan Party or any other Person to recover payments made under this Guaranty; 

(g) any nonperfection or impairment of any security interest or other Lien on any collateral, if any, securing in any way any of the Guarantied
Obligations; 
 (h) any application of sums paid by any Loan Party or any other Person with respect to the liabilities of any Loan Party to
any of the Guarantied Parties, regardless of what liabilities of the Borrower remain unpaid; 
 (i) any defect, limitation or insufficiency
in the borrowing powers of the Borrower or in the exercise thereof; 
 (j) any defense, set off, claim or counterclaim (other than
indefeasible payment and performance in full) which may at any time be available to or be asserted by any Loan Party or any other Person against any Guarantied Party; 

(k) any change in the existence, structure or ownership of any Loan Party; 

(l) any statement, representation or warranty made or deemed made by or on behalf of any Loan Party under any Guarantied Document, or any
amendment hereto or thereto, proves to have been incorrect or misleading in any respect; or 
 (m) any other circumstance which might
otherwise constitute a defense available to, or a discharge of, a Guarantor hereunder (other than indefeasible payment and performance in full). 

Section 4. Action with Respect to Guarantied Obligations. The Guaranteed Parties may, at any time and from time to time, without
the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in Section 3. and may otherwise: (a) amend, modify, alter or supplement the terms of any
of the Guarantied Obligations, including, but not limited to, extending or shortening the time of payment of any of the Guarantied Obligations or changing the interest rate that may accrue on any of the Guarantied Obligations; (b) amend,
modify, alter or supplement any Guarantied Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the Guarantied Obligations; (d) release any Loan Party or other Person liable in
any manner for the payment or collection of any of the Guarantied Obligations; (e) exercise, or refrain from exercising, any rights against any Loan Party or any other Person; and (f) apply any sum, by whomsoever paid or however realized,
to the Guarantied Obligations in such order as the Guarantied Parties shall elect. 
 Section 5. Representations and Warranties.
Each Guarantor hereby makes to the Administrative Agent and the other Guarantied Parties all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other
Guarantied Documents, as if the same were set forth herein in full. 
 Section 6. Covenants. Each Guarantor will comply with all
covenants with which the Borrower is to cause such Guarantor to comply under the terms of the Credit Agreement or any of the other Guarantied Documents. 

Section 7. Waiver. Each Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of acceptance hereof or
any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such Guarantor or which otherwise might operate to
discharge such Guarantor from its obligations hereunder. 

  
 3 

 Section 8. Inability to Accelerate. If the Guarantied Parties or any of them are
prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise, the Administrative Agent and/or the other Guarantied Parties shall be entitled to
receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 

Section 9. Reinstatement of Guarantied Obligations. If claim is ever made on the Administrative Agent or any other Guarantied
Party for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and the Administrative Agent or such other Guarantied Party repays all or part of said amount by reason of (a) any
judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Administrative Agent or such other Guarantied Party with any such claimant (including
the Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the cancellation
of any of the Guarantied Documents and such Guarantor shall be and remain liable to the Administrative Agent or such other Guarantied Party for the amounts so repaid or recovered to the same extent as if such amount had never originally been paid to
the Administrative Agent or such other Guarantied Party. 
 Section 10. Subrogation. Upon the making by any Guarantor of any
payment hereunder for the account of another Loan Party, such Guarantor shall be subrogated to the rights of the payee against such Loan Party; provided, however, that such Guarantor shall not enforce any right or receive any payment
by way of subrogation or otherwise take any action in respect of any other claim or cause of action such Guarantor may have against such Loan Party arising by reason of any payment or performance by such Guarantor pursuant to this Guaranty, unless
and until all of the Guarantied Obligations have been indefeasibly paid and performed in full (other than contingent obligations for which no claim has been made). If any amount shall be paid to such Guarantor on account of or in respect of such
subrogation rights or other claims or causes of action, such Guarantor shall hold such amount in trust for the benefit of the Guarantied Parties and shall forthwith pay such amount to the Administrative Agent to be credited and applied against the
Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement or to be held by the Administrative Agent as collateral security for any Guarantied Obligations existing. 

Section 11. Payments Free and Clear. All sums payable by each Guarantor hereunder, whether of principal, interest, fees, expenses,
premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes), and if such Guarantor is required by Applicable Law or by any
Governmental Authority to make any such deduction or withholding such Guarantor shall pay to the Administrative Agent and the Lenders such additional amount as will result in the receipt by the Administrative Agent and the Lenders of the full amount
payable hereunder had such deduction or withholding not occurred or been required; provided, notwithstanding the foregoing, the provisions of Section 3.10 of the Credit Agreement shall apply to any payments to be made by a Guarantor
hereunder mutatis mutandis. 
 Section 12. Set-off. In addition to any rights now or
hereafter granted under any of the other Guarantied Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes each Guarantied Party and each Affiliate of a Guarantied Party, at any time while an
Event of Default exists, without any prior notice to such Guarantor or to any other Person, any such notice 

  
 4 

 being hereby expressly waived, but in the case of a Guarantied Party (other than the Administrative Agent)
or an Affiliate of a Guarantied Party (other than the Administrative Agent), subject to receipt of the prior written consent of the Requisite Lenders exercised in their sole discretion, to set-off and to
appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by a Guarantied
Party or an Affiliate of a Guarantied Party to or for the credit or the account of such Guarantor against and on account of any of the Guarantied Obligations, although such obligations shall be contingent or unmatured. 

Section 13. Subordination. Each Guarantor hereby expressly covenants and agrees for the benefit of the Guarantied Parties that all
obligations and liabilities of any other Loan Party to such Guarantor of whatever description, including without limitation, all intercompany receivables of such Guarantor from any other Loan Party (collectively, the “Junior Claims”) shall
be subordinate and junior in right of payment to all Guarantied Obligations. If an Event of Default shall exist, no Guarantor shall accept any direct or indirect payment (in cash, property or securities, by setoff or otherwise) from or any other
Loan Party on account of or in any manner in respect of any Junior Claim until all of the Guarantied Obligations have been indefeasibly paid in full. 

Section 14. Avoidance Provisions. It is the intent of each Guarantor and the Guarantied Parties that in any Proceeding, such
Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties) to be
avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including without limitation, (a) Section 548 of the Bankruptcy Code and (b) any state fraudulent transfer or fraudulent conveyance
act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any
other obligations of such Guarantor to the Guarantied Parties) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions”. Accordingly, to the extent that the obligations of any Guarantor hereunder would
otherwise be subject to avoidance under the Avoidance Provisions, the maximum Guarantied Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Guarantied Obligations are
deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of any Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties), to be subject to avoidance under the Avoidance
Provisions. This Section is intended solely to preserve the rights of the Administrative Agent and the other Guarantied Parties hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to
avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as against the Guarantied Parties that would not otherwise be available to such Person under the Avoidance Provisions.

 Section 15. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the financial
condition of the Loan Parties, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that
neither of the Administrative Agent nor any other Guarantied Party shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks. 

Section 16. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

  
 5 

 SECTION 17. WAIVER OF JURY TRIAL. 

(a) EACH GUARANTOR, AND EACH OF THE GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN
OR AMONG SUCH GUARANTOR AND ANY OF THE GUARANTIED PARTIES WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE
GUARANTORS, AND THE GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY
PARTY HERETO ARISING OUT OF THIS GUARANTY. 
 (b) EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE
ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER PARTY HERETO OR ANY RELATED PARTY THEREOF IN ANY WAY RELATING TO THIS GUARANTY OR ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH
NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS GUARANTY OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY PARTY HERETO MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS
GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST ANY OTHER PARTY HERETO OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY
SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM, AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY ANY PARTY
HERETO OR THE ENFORCEMENT BY ANY PARTY HERETO OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
 (c) THE
PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE
OTHER GUARANTIED DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS GUARANTY. 

  
 6 

 Section 18. Loan Accounts. The Administrative Agent and each other Guarantied
Party may maintain books and accounts setting forth the amounts of principal, interest and other sums paid and payable with respect to the Guarantied Obligations arising under or in connection with the Loan Documents, and in the case of any dispute
relating to any of the outstanding amount, payment or receipt of any of such Guarantied Obligations or otherwise, the entries in such books and accounts shall be binding on the Guarantors absent manifest error. The failure of the Administrative
Agent or any other Guarantied Party to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its obligations hereunder. 

Section 19. Waiver of Remedies. No delay or failure on the part of the Administrative Agent or any other Guarantied Party in the
exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Administrative Agent or any other Guarantied Party of any such right or remedy shall
preclude any other or further exercise thereof or the exercise of any other such right or remedy. 
 Section 20. Termination.
This Guaranty shall remain in full force and effect with respect to each Guarantor until indefeasible payment in full of the Guarantied Obligations and the termination or cancellation of all Guarantied Documents in accordance with their respective
terms. 
 Section 21. Successors and Assigns. Each reference herein to the Administrative Agent or any other Guarantied Party
shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each reference herein to
each Guarantor shall be deemed to include such Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Guarantied Parties may, in accordance with the applicable provisions of the Guarantied Documents, assign,
transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying any Guarantor’s
obligations hereunder. Each Guarantor hereby consents to the delivery by the Administrative Agent and any other Guarantied Party to any Assignee or Participant (or any prospective Assignee or Participant) of any financial or other information
regarding the Borrower or any Guarantor. No Guarantor may assign or transfer its obligations hereunder to any Person without the prior written consent of all Lenders and any such assignment or other transfer to which all of the Lenders have not so
consented shall be null and void. 
 Section 22. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS HEREUNDER
SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER. 

Section 23. Amendments. This Guaranty may not be amended except in writing signed by the Administrative Agent and each Guarantor,
subject to Section 13.6 of the Credit Agreement. 
 Section 24. Payments. All payments to be made by any Guarantor pursuant
to this Guaranty shall be made in Dollars, in immediately available funds to the Administrative Agent at its Principal Office, not later than 1:00 p.m. Central time, on the date one Business Day after demand therefor. 

Section 25. Notices. All notices, requests and other communications hereunder shall be in writing (including facsimile
transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Administrative Agent or any other Guarantied Party at its address for notices provided for in the
Guarantied Documents, as applicable, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if
mailed, upon the first to occur of receipt or the expiration of 3 days after the deposit in the United States Postal Service mail, postage prepaid and addressed 

  
 7 

 to the address of a Guarantor or Guarantied Party at the addresses specified; (ii) if faxed, when
transmitted; or (iii) if hand delivered or sent by overnight courier, when delivered; provided, however, that in the case of the immediately preceding clauses (i) through (iii), non-
receipt of any communication as the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. 

Section 26. Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 27. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction of
this Guaranty. 
 Section 28. Limitation of Liability. None of the Administrative Agent, any other Guarantied Party or any of
their respective Related Parties shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or
incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty, any of the other Guarantied Documents, or any of the transactions contemplated by this Guaranty or any of the other Guarantied Documents. Each
Guarantor hereby waives, releases, and agrees not to sue the Administrative Agent, any other Guarantied Party or any of their respective Related Parties for punitive damages in respect of any claim in connection with, arising out of, or in any way
related to, this Guaranty, any of the other Guarantied Documents, or any of the transactions contemplated by thereby. 
 Section 29.
Electronic Delivery of Certain Information. Each Guarantor acknowledges and agrees that information regarding the Guarantor may be delivered electronically pursuant to Section 9.5. of the Credit Agreement. 

Section 30. Right of Contribution. The Guarantors hereby agree as among themselves that, if any Guarantor shall make an Excess
Payment, such Guarantor shall have a right of contribution from each other Guarantor in an amount equal to such other Guarantor’s Contribution Share of such Excess Payment. The payment obligations of any Guarantor under this Section shall be
subordinate and subject in right of payment to the Guarantied Obligations until such time as the Guarantied Obligations have been indefeasibly paid and performed in full and the Commitments have expired or terminated, and none of the Guarantors
shall exercise any right or remedy under this Section against any other Guarantor until such Obligations have been indefeasibly paid and performed in full and the Commitments have expired or terminated. Subject to Section 10 of this Guaranty,
this Section shall not be deemed to affect any right of subrogation, indemnity, reimbursement or contribution that any Guarantor may have under Applicable Law against any other Loan Party in respect of any payment of Guarantied Obligations.
Notwithstanding the foregoing, all rights of contribution against any Guarantor shall terminate from and after such time, if ever, that such Guarantor shall cease to be a Guarantor in accordance with the applicable provisions of the Loan Documents.

 Section 31. Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor
shall only be liable under this Section for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section, or otherwise under this Guaranty, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until termination of this Guaranty in accordance with Section 20
hereof. Each Qualified ECP Guarantor intends that this Section constitute, and this Section shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  
 8 

 Section 32. Definitions. (a) For the purposes of this Guaranty: 

“Contribution Share” means, for any Guarantor in respect of any Excess Payment made by any other Guarantor, the ratio
(expressed as a percentage) as of the date of such Excess Payment of (i) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor
(including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to (ii) the amount by which the aggregate present fair salable value of all assets and other properties of
the Loan Parties other than the maker of such Excess Payment exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of the Loan Parties) of
the Loan Parties other than the maker of such Excess Payment; provided, however, that, for purposes of calculating the Contribution Shares of the Guarantors in respect of any Excess Payment, any Guarantor that became a Guarantor
subsequent to the date of any such Excess Payment shall be deemed to have been a Guarantor on the date of such Excess Payment and the financial information for such Guarantor as of the date such Guarantor became a Guarantor shall be utilized for
such Guarantor in connection with such Excess Payment. 
 “Excess Payment” means the amount paid by any Guarantor in excess
of its Ratable Share of any Guarantied Obligations. 
 “Proceeding” means any of the following: (i) a voluntary or
involuntary case concerning any Guarantor shall be commenced under the Bankruptcy Code; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial
part of the property of any Guarantor; (iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for
adjustment of debts, whether now or hereafter in effect, is commenced relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is
entered by a court of competent jurisdiction; (vi) any Guarantor makes a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts
generally as they become due; (viii) any Guarantor shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to,
approval of or acquiescence in any of the foregoing; or (x) any corporate action shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 

“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party (including the Borrower) that has total
assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under
the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the
Commodity Exchange Act. 
 “Ratable Share ” means, for any Guarantor in respect of any payment of Guarantied Obligations,
the ratio (expressed as a percentage) as of the date of such payment of Guarantied Obligations of (i) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts and
liabilities of such Guarantor (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to (ii) the amount by which the aggregate present fair salable value of all
assets and other properties of all of the Loan Parties 

  
 9 

 exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and
unliquidated liabilities, but excluding the obligations of the Loan Parties hereunder) of the Loan Parties; provided, however, that, for purposes of calculating the Ratable Shares of the Guarantors in respect of any payment of
Guarantied Obligations, any Guarantor that became a Guarantor subsequent to the date of any such payment shall be deemed to have been a Guarantor on the date of such payment and the financial information for such Guarantor as of the date such
Guarantor became a Guarantor shall be utilized for such Guarantor in connection with such payment. 
 (b) As used herein,
“Guarantors” shall mean, as the context requires, collectively, (a) each Subsidiary identified as a “Guarantor” on the signature pages hereto, (b) each Person that joins this Guaranty as a Guarantor pursuant to
Section 8.14 of the Credit Agreement, (c) with respect to (i) any Specified Derivatives Obligations between any Loan Party (other than the Borrower) and any Specified Derivatives Provider, the Borrower and
(ii) the payment and performance by each other Loan Party of its obligations under the Guaranty with respect to all Swap Obligations, the Borrower, and (d) the successors and permitted assigns of the foregoing. 

(c) Terms not otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement. 

[Signatures on Following Page] 

  
 10 

 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guaranty as of the
date and year first written above. 
  

			
	GUARANTORS:
	
	NUVEEN GLOBAL CITIES REIT, INC.
	By:	 	TH Real Estate Global Cities Advisors, LLC, its Advisor
		
	By:	 	 /s/ William Miller

		 	Name: William Miller
		 	Title: Authorized Signatory
	
	NR DENVER INDUSTRIAL PORTFOLIO LLC
	By:	 	Nuveen Global Cities REIT OP, LP, its sole Member
	By:	 	Nuveen Global Cities REIT, Inc., its general partner
	By:	 	TH Real Estate Global Cities Advisors, LLC, its Advisor
		
	By:	 	 /s/ William Miller

		 	Name: William Miller
		 	Title: Authorized Signatory
	
	NR 844 NORTH LLC
	By:	 	Nuveen Global Cities REIT OP, LP, its sole Member
	By:	 	Nuveen Global Cities REIT, Inc., its general partner
	By:	 	TH Real Estate Global Cities Advisors, LLC, its Advisor
		
	By:	 	 /s/ William Miller

		 	Name: William Miller
		 	Title: Authorized Signatory
	
	NR KIRKLAND CROSSING LLC
	By:	 	Nuveen Global Cities REIT OP, LP, its sole Member
	By:	 	Nuveen Global Cities REIT, Inc., its general partner
	By:	 	TH Real Estate Global Cities Advisors, LLC, its Advisor
		
	By:	 	 /s/ William Miller

		 	Name: William Miller
		 	Title: Authorized Signatory

  
 [Signature Page to
Guaranty] 

			
	NR TACARA AT STEINER RANCH LLC
	By:	 	Nuveen Global Cities REIT OP, LP, its sole Member
	By:	 	Nuveen Global Cities REIT, Inc., its general partner
	By:	 	TH Real Estate Global Cities Advisors, LLC, its Advisor
		
	By:	 	 /s/ William Miller

		 	Name: William Miller
		 	Title: Authorized Signatory
	
	NR DEFOOR HILLS LLC
	By:	 	Nuveen Global Cities REIT OP, LP, its sole Member
	By:	 	Nuveen Global Cities REIT, Inc., its general partner
	By:	 	TH Real Estate Global Cities Advisors, LLC, its Advisor
		
	By:	 	 /s/ William Miller

		 	Name: William Miller
		 	Title: Authorized Signatory
	
	NR MAIN STREET AT KINGWOOD LLC
	By:	 	Nuveen Global Cities REIT OP, LP, its sole Member
	By:	 	Nuveen Global Cities REIT, Inc., its general partner
	By:	 	TH Real Estate Global Cities Advisors, LLC, its Advisor
		
	By:	 	 /s/ William Miller

		 	Name: William Miller
		 	Title: Authorized Signatory
	
	Address for Notices for all Guarantors:
	
	c/o NUVEEN GLOBAL CITIES REIT OP, LP
	4675 MacArthur Court, Suite 1100
	Newport Beach, CA 92660
	Attention: Taylor Johnson
	Telephone: 949-809-2614
	Email: taylor.johnson@threalestate.com

  
 [Signature Page to
Guaranty] 

			
	
	with a copy to:
	
	c/o NUVEEN GLOBAL ClTIES REIT OP, LP
	8625 Andrew Carnegie Blvd, E3-S3
	Charlotte, NC 28262
	Attention: Jim Sinople and Saad Sheikh
	Telephone: 704-988-6807 and 704-988-6912
	Email: James.Sinople@threalestate.com;
	saad.sheikh@threalestate.com

  
 [Signature Page to
Guaranty] 

			
	BORROWER:
	
	NUVEEN GLOBAL CITIES REIT OP, LP
	By: Nuveen Global Cities REIT, Inc., its general partner
	By: TH Real Estate Global Cities Advisors, LLC, its Advisor
		
	By:	 	 /s/ William Miller

		 	Name: William Miller
		 	Title: Authorized Signatory

  
 [Signature Page to
Guaranty]

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